Other Comprehensive (Loss) Income

9 Months Ended

Apr. 30, 2015

Accumulated Other Comprehensive Income (Loss), Net of 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 nine months ended April 30, 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	927			1,639			(57,296		)	(54,730		)
Amounts reclassified from accumulated other comprehensive (loss) income	(337		)	(2,331		)	(34,697		)	(37,365		)
Ending balance, April 30, 2015	$	578		$	4,162		$	(32,679	)	$	(27,939	)

The decrease in accumulated other comprehensive (loss) income ("AOCI") as of April 30, 2015 compared to July 31, 2014 was primarily due to the appreciation of the U.S. dollar against other currencies, most of which was realized during the six-month period ended January 31, 2015. The decrease was also a result of 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 foreign currency translation, foreign currency translation on intercompany notes and the impact of settlements of net investment hedges, net of tax. Of the total $37,365 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 $337 gain on cash flow hedges was reclassified into cost of products sold, and the $2,331 gain due to the curtailment of the postretirement medical benefit plan was reclassified into selling, general and administrative expenses ("SG&A") on the Condensed Consolidated Statement of Earnings for the nine months ended April 30, 2015.

The changes in accumulated other comprehensive income by component, net of tax, for the nine months ended April 30, 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 (loss) income before reclassification	(18		)	(41		)	8,116		8,057
Amounts reclassified from accumulated other comprehensive income	(82		)	(351		)	—		(433		)
Ending balance, April 30, 2014	$	(1	)	$	1,461		$	62,227	$	63,687

The increase in accumulated other comprehensive income for the nine months ended April 30, 2014 compared to July 31, 2013 was primarily due to the depreciation of the U.S. dollar against other currencies. Of the total $433 in amounts reclassified from accumulated other comprehensive income, the $82 gain on cash flow hedges was reclassified into cost of products sold and the $351 gain on post-retirement plans was reclassified into SG&A on the Condensed Consolidated Statement of Earnings for the nine months ended April 30, 2014.

The following table illustrates the income tax (expense) benefit on the components of other comprehensive income for the three and nine months ended April 30, 2015 and 2014:

	Three months ended April 30,						Nine months ended April 30,
	2015			2014			2015			2014
Income tax (expense) benefit related to items of other comprehensive income:
Net investment hedge translation adjustments	$	(158	)	$	787		$	(8,125	)	$	1,525
Long-term intercompany loan settlements	(61		)	(1,176		)	489			667
Cash flow hedges	352			84			(245		)	24
Other income tax adjustments and currency translation	117			56			151			6
Income tax benefit (expense) related to items of other comprehensive income	$	250		$	(249	)	$	(7,730	)	$	2,222