Discontinued Operations (Notes)

6 Months Ended

Jan. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

Discontinued Operations

The Company announced its plan to divest its Die-Cut business in fiscal 2013. As a result, the business has been classified as assets and liabilities held for sale in accordance with the authoritative literature as of January 31, 2014 and July 31, 2013. The disposal group has 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 three and six month comparative periods ended January 31, 2014 and 2013, 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 and six months ended January 31, 2014 and 2013:

	Three months ended January 31,					Six months ended January 31,
	2014		2013			2014			2013
Net sales	$	49,759	$	52,846		$	115,616		$	119,839
Earnings from operations of discontinued businesses	4,432		3,653			12,761			4,853
Income tax benefit (expense)	1,475		(1,666		)	(1,060		)	(1,969		)
Earnings from discontinued operations, net of income tax	$	5,907	$	1,987		$	11,701		$	2,884

The following table details the assets and liabilities of the Die-Cut disposal group classified as held for sale as of January 31, 2014:

	January 31, 2014
Accounts receivable—net	$	51,266
Total inventories	19,699
Prepaid expenses and other current assets	1,410
Total current assets	72,375
Other assets:
Goodwill	37,826
Other intangible assets	914
Other	926
Property, plant and equipment—net	28,125
Total assets	$	140,166
Current liabilities:
Accounts payable	$	25,332
Wages and amounts withheld from employees	3,231
Other current liabilities	2,158
Total current liabilities	30,721
Other liabilities	1,034
Total liabilities	$	31,755
Net assets of disposal group	108,411
Less: write-down on disposal group	(15,658		)
Net assets of disposal group at fair value	$	92,753

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. As of January 31, 2014, the accumulated other comprehensive income attributable to the disposal group is approximately $30 million.