Discontinued Operations (Notes)

3 Months Ended

Oct. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

Discontinued Operations

The Company entered into an agreement with LTI Flexible Products, Inc. (d/b/a Boyd Corporation) on February 24, 2014, for the sale of the Die-Cut business. The first phase of this divestiture closed on May 1, 2014 and included the Die-Cut businesses in Korea, Thailand and Malaysia, and the Balkhausen business in Europe. The remainder of the Die-Cut business was located in China and it was divested on August 1, 2014. The operating results have been reported as discontinued operations for the three month comparative periods ended October 31, 2014 and 2013.

The following table summarizes the operating results of discontinued operations for the three months ended October 31, 2014 and 2013:

	Three months ended October 31,
	2014			2013
Net sales	$	—		$	65,857
(Loss) earnings from operations of discontinued businesses	(1,201		)	8,329
Income tax expense	(288		)	(2,535		)
Loss on sale of discontinued operations	(487		)	—
Income tax benefit on sale of discontinued operations	61			—
(Loss) earnings from discontinued operations, net of income tax	$	(1,915	)	$	5,794

There were no assets or liabilities held for sale as of October 31, 2014. In accordance with authoritative literature, accumulated other comprehensive income of $34,697 was reclassified to the statement of earnings upon the closing of the second phase of the Die-Cut divestiture during the three months ended October 31, 2014.