Discontinued Operations (Notes)

3 Months Ended

Oct. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

The Company announced its plan to divest its Asia Die-Cut business in the third quarter of fiscal 2013, and incorporated its Balkhausen business into that plan during the fourth quarter of fiscal 2013. As a result, the businesses have been classified as assets and liabilities held for sale in accordance with the authoritative literature as of October 31, 2013. The disposal groups have been recorded based on the estimated fair value less costs to sell, which resulted in a write down of $15,658, recorded in the third quarter of fiscal 2013. The operating results have been reported as discontinued operations for the comparative periods ended October 31, 2013 and 2012, including the operating results of the following two previously divested businesses:

Divestitures	Segment	Date Completed
Precision Converting, LLC (“Brady Medical”)	ID Solutions	August 2012
Varitronics	ID Solutions	October 2012

The following table summarizes the operating results of discontinued operations for the three months ended October 31, 2013 and 2012:

	Three Months Ended October 31,
	2013			2012
Net sales	$	67,413		$	68,141
Earnings from operations of discontinued businesses	9,185			1,807
Income tax expense	(2,680		)	(404		)
Earnings from discontinued operations, net of income tax	$	6,505		$	1,403

The following table details assets and liabilities of the Asia Die-Cut & Balkhausen disposal groups classified as held for sale as of October 31, 2013:

	October 31, 2013
Accounts receivable—net	$	55,677
Total inventories	24,459
Prepaid expenses and other current assets	459
Total current assets	80,595
Other assets:
Goodwill	37,772
Other intangible assets	914
Other	556
Property, plant and equipment—net	28,437
Total assets	$	148,274
Current liabilities:
Accounts payable	$	38,523
Wages and amounts withheld from employees	3,669
Other current liabilities	1,784
Total current liabilities	43,976
Net assets of disposal group	104,298
Less: write-down on disposal group	(15,658		)
Net assets of disposal group at fair value	$	88,640

In accordance with authoritative literature, accumulated other comprehensive income will be reclassified to the statement of earnings upon liquidation or substantial liquidation of the disposal group.