Discontinued Operations Discontinued Operations

9 Months Ended

Apr. 30, 2016

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 and nine month periods ended April 30, 2015.

The following table summarizes the operating results of discontinued operations for the nine months ended April 30, 2015:

	Nine months ended April 30, 2015
Net sales	$	—
Loss from operations of discontinued businesses	(1,201		)
Income tax expense	(288		)
Loss on sale of discontinued operations	(487		)
Income tax benefit on sale of discontinued operations	61
Loss from discontinued operations, net of income tax	$	(1,915	)

There were no assets or liabilities held for sale as of April 30, 2016 or July 31, 2015. In accordance with authoritative literature, accumulated other comprehensive income of $34,697 was reclassified to the condensed consolidated statements of earnings upon the closing of the second phase of the Die-Cut divestiture during the three months ended October 31, 2014.