Other Comprehensive Income Other Comprehensive Income (Loss)

3 Months Ended

Oct. 31, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note

Comprehensive Income (Loss)

Other comprehensive income (loss) 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, net of tax, for the three months ended October 31, 2015:

	Unrealized gain on cash flow hedges			Unamortized gain on post-retirement plans			Foreign currency translation adjustments			Accumulated other comprehensive loss
Beginning balance, July 31, 2015	$	9		$	3,438		$	(48,481	)	$	(45,034	)
Other comprehensive income (loss) before reclassification	60			—			(7,390		)	(7,330		)
Amounts reclassified from accumulated other comprehensive loss	(279		)	(783		)	—			(1,062		)
Ending balance, October 31, 2015	$	(210	)	$	2,655		$	(55,871	)	$	(53,426	)

The increase in the accumulated other comprehensive loss as of October 31, 2015 compared to July 31, 2015 was primarily due to the appreciation of the U.S. dollar against other currencies. 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 $1,062 in amounts reclassified from accumulated other comprehensive loss, the $279 gain on cash flow hedges was reclassified into cost of products sold and the $783 gain on post-retirement plans was reclassified into selling, general and administrative expenses ("SG&A") on the Condensed Consolidated Statements of Earnings for the three months ended October 31, 2015.

The changes in accumulated other comprehensive income ("AOCI") by component, net of tax, for the three months ended October 31, 2014 were as follows:

	Unrealized (loss) gain on cash flow hedges			Unamortized gain on post-retirement plans			Foreign currency translation adjustments			Accumulated other comprehensive income
Beginning balance, July 31, 2014	$	(12	)	$	4,854		$	59,314		$	64,156
Other comprehensive income (loss) before reclassification	418			—			(21,030		)	(20,612		)
Amounts reclassified from accumulated other comprehensive income	13			(295		)	(34,697		)	(34,979		)
Ending balance, October 31, 2014	$	419		$	4,559		$	3,587		$	8,565

The decrease in AOCI as of October 31, 2014 compared to July 31, 2014 was primarily due 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 appreciation of the U.S. dollar against other currencies also contributed to the decrease in AOCI during the quarter. Of the total $34,979 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 $13 loss on cash flow hedges was reclassified into cost of products sold, and the $295 gain on post-retirement plans was reclassified into SG&A on the Condensed Consolidated Statements of Earnings for the three months ended October 31, 2014.

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

	Three months ended October 31,
	2015			2014
Income tax benefit (expense) related to items of other comprehensive loss:
Net investment hedge translation adjustments	$	(340	)	$	(3,179	)
Cash flow hedges	499			(203		)
Other income tax adjustments and currency translation	(15		)	56
Income tax benefit (expense) related to items of other comprehensive loss	$	144		$	(3,326	)

The income tax expense in the three months ended October 31, 2014 was primarily related to the foreign currency translation adjustment on the Company's Euro-denominated debt, which is designated as a net investment hedge, due to the appreciation of the U.S. dollar against the Euro during the three-month period.