Other Comprehensive Income Other Comprehensive Income, Tax (Notes)

9 Months Ended

Apr. 30, 2016

Other Comprehensive Income (Loss), Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

NOTE C — Other Comprehensive Income (Loss)

Other comprehensive income (loss) ("OCI") 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 nine months ended April 30, 2016:

	Unrealized (loss) 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 (loss) income before reclassification	(368		)	(2		)	4,634			4,264
Amounts reclassified from accumulated other comprehensive loss	(106		)	(1,520		)	—			(1,626		)
Ending balance, April 30, 2016	$	(465	)	$	1,916		$	(43,847	)	$	(42,396	)

The decrease in accumulated other comprehensive loss as of April 30, 2016 compared to July 31, 2015 was primarily due to the depreciation of the U.S. dollar against certain other currencies during the nine-month period. 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 $1,626 in amounts reclassified from accumulated other comprehensive loss, the $106 gain on cash flow hedges was reclassified into cost of products sold, and the $1,520 gain on post-retirement plans was reclassified into selling, general and administrative expenses ("SG&A") on the condensed consolidated statement of earnings for the nine months ended April 30, 2016.

The changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended April 30, 2015 were as follows:

	Unrealized gain (loss) on cash flow hedges			Unamortized gain on post-retirement plans			Foreign currency translation adjustments			Accumulated other comprehensive income (loss)
Beginning balance, July 31, 2014	$	(12	)	$	4,854		$	59,314		$	64,156
Other comprehensive income (loss) before reclassification	927			1,639			(57,296		)	(54,730		)
Amounts reclassified from accumulated other comprehensive income (loss)	(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 income (loss) as of April 30, 2015 compared to July 31, 2014 was primarily due 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 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 $37,365 in amounts reclassified from accumulated other comprehensive income (loss), 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 curtailment of the post-retirement medical benefit plan was reclassified into SG&A on the condensed consolidated statement of earnings for the nine months ended April 30, 2015.

The following table illustrates the income tax expense on the components of other comprehensive income (loss) for the three and nine months ended April 30, 2016 and 2015:

	Three months ended April 30,						Nine months ended April 30,
	2016			2015			2016			2015
Income tax benefit (expense) related to items of other comprehensive income (loss):
Net investment hedge translation adjustments	$	1,456		$	(158	)	$	75		$	(8,125	)
Long-term intercompany loan settlements	—			(61		)	—			489
Cash flow hedges	(126		)	352			428			(245		)
Pension and other post-retirement benefits	25			—			27			—
Other income tax adjustments and currency translation	(42		)	117			(52		)	151
Income tax benefit (expense) related to items of other comprehensive income (loss)	$	1,313		$	250		$	478		$	(7,730	)