Other Comprehensive Income Other Comprehensive Income, Tax (Notes)

6 Months Ended

Jan. 31, 2015

Other Comprehensive Income (Loss), Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

NOTE C — Other Comprehensive (Loss) Income

Other comprehensive (loss) income consists of foreign currency translation adjustments, unrealized gains and losses from cash flow hedges and net investment hedges, and the unamortized gain on post-retirement plans, net of their related tax effects.

The following table illustrates the changes in the balances of each component of accumulated other comprehensive (loss)income, net of tax, for the six months ended January 31, 2015:

	Unrealized gain on cash flow hedges			Unamortized gain on post-retirement plans			Foreign currency translation adjustments			Accumulated other comprehensive (loss) income
Beginning balance, July 31, 2014	$	(12	)	$	4,854		$	59,314		$	64,156
Other comprehensive (loss) income before reclassification	1,218			—			(57,598		)	(56,380		)
Amounts reclassified from accumulated other comprehensive (loss) income	(58		)	(590		)	(34,697		)	(35,345		)
Ending balance, January 31, 2015	$	1,148		$	4,264		$	(32,981	)	$	(27,569	)

The decrease in accumulated other comprehensive (loss) income ("AOCI") as of January 31, 2015 compared to July 31, 2014 was primarily due the appreciation of the U.S. dollar against other currencies during the six month period. The decrease was also attributable to the accumulated foreign currency translation gains in the China Die-Cut businesses, which were reclassified into net earnings upon the completion of the second phase of the Die-Cut divestiture during the three months ended October 31, 2014. The foreign currency translation adjustments column in the table above includes the impact of foreign currency translation, foreign currency translation on intercompany notes, and the settlements of net investment hedges, net of tax. Of the total $35,345 in amounts reclassified from accumulated other comprehensive income, the $34,697 gain was reclassified to the net loss on the sale of the Die-Cut business, the $58 gain on cash flow hedges was reclassified into cost of products sold, and the $590 gain on post-retirement plans was reclassified into SG&A on the condensed consolidated statement of earnings for the six months ended January 31, 2015.

The changes in accumulated other comprehensive income by component, net of tax, for the six months ended January 31, 2014 were as follows:

	Unrealized gain on cash flow hedges			Unamortized gain on post-retirement plans			Foreign currency translation adjustments			Accumulated other comprehensive income (loss)
Beginning balance, July 31, 2013	$	99		$	1,853		$	54,111		$	56,063
Other comprehensive income (loss) before reclassification	136			—			(1,481		)	(1,345		)
Amounts reclassified from accumulated other comprehensive income	(57		)	(234		)	—			(291		)
Ending balance, January 31, 2014	$	178		$	1,619		$	52,630		$	54,427

The decrease in accumulated other comprehensive income for the six months ended January 31, 2014 compared to July 31, 2013 was primarily due to the appreciation of the U.S. dollar against other currencies. Of the total $291 in amounts reclassified from accumulated other comprehensive income, the $57 gain on cash flow hedges was reclassified into cost of products sold and the $234 gain on post-retirement plans was reclassified into SG&A on the condensed consolidated statement of earnings for the six months ended January 31, 2014.

The following table illustrates the income tax (expense) benefit on the components of other comprehensive income for the three and six months ended January 31, 2015 and 2014:

	Three months ended January 31,						Six months ended January 31,
	2015			2014			2015			2014
Income tax (expense) benefit related to items of other comprehensive income:
Net investment hedge translation adjustments	$	(4,788	)	$	(576	)	$	(7,967	)	$	738
Long-term intercompany loan settlements	501			440			550			1,843
Cash flow hedges	(394		)	(78		)	(597		)	(60		)
Other income tax adjustments and currency translation	27			43			34			(50		)
Income tax (expense) benefit related to items of other comprehensive income	$	(4,654	)	$	(171	)	$	(7,980	)	$	2,471