QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ☐ | Emerging growth company | |||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
Page | |||||
October 31, 2023 | July 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment—net | |||||||||||
Goodwill | |||||||||||
Other intangible assets | |||||||||||
Deferred income taxes | |||||||||||
Operating lease assets | |||||||||||
Other assets | |||||||||||
Total | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation and benefits | |||||||||||
Taxes, other than income taxes | |||||||||||
Accrued income taxes | |||||||||||
Current operating lease liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Class A nonvoting common stock—Issued | |||||||||||
Class B voting common stock—Issued and outstanding, | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock— | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total | $ | $ |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Net sales | $ | $ | |||||||||
Cost of goods sold | |||||||||||
Gross margin | |||||||||||
Operating expenses: | |||||||||||
Research and development | |||||||||||
Selling, general and administrative | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income (expense): | |||||||||||
Investment and other income (expense) | ( | ||||||||||
Interest expense | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income tax expense | |||||||||||
Net income | $ | $ | |||||||||
Net income per Class A Nonvoting Common Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Net income per Class B Voting Common Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted average common shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||
Cash flow hedges: | |||||||||||
Net (loss) gain recognized in other comprehensive loss | ( | ||||||||||
Reclassification adjustment for gains included in net income | ( | ( | |||||||||
( | |||||||||||
Pension and other post-retirement benefits actuarial gain amortization | ( | ( | |||||||||
Other comprehensive loss, before tax | ( | ( | |||||||||
Income tax (expense) benefit related to items of other comprehensive loss | ( | ||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||
Comprehensive income | $ | $ |
Three months ended October 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Balances at July 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Issuance of shares of Class A Common Stock under stock plan | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Tax benefit and withholdings from deferred compensation distributions | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of shares of Class A Common Stock, including excise taxes | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Cash dividends on Common Stock: | ||||||||||||||||||||||||||||||||||||||
Class A — $ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Class B — $ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Balances at October 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Three months ended October 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Balances at July 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Issuance of shares of Class A Common Stock under stock plan | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Tax benefit and withholdings from deferred compensation distributions | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of shares of Class A Common Stock | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Cash dividends on Common Stock: | ||||||||||||||||||||||||||||||||||||||
Class A — $ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Class B — $ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Balances at October 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Other | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Accounts payable and accrued liabilities | ( | ( | |||||||||
Income taxes | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Payment of dividends | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Payments for employee taxes withheld from stock-based awards | ( | ( | |||||||||
Purchase of treasury stock | ( | ( | |||||||||
Proceeds from borrowing on credit agreement | |||||||||||
Repayment of borrowing on credit agreement | ( | ( | |||||||||
Other | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ |
October 31, 2023 | July 31, 2023 | ||||||||||
Finished products | $ | $ | |||||||||
Work-in-process | |||||||||||
Raw materials and supplies | |||||||||||
Total inventories | $ | $ |
October 31, 2023 | July 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||||||||||||||||||||
Amortized other intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Tradenames | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Technology | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Unamortized other intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Tradenames | N/A | — | N/A | — | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Operating lease assets obtained in exchange for new operating lease liabilities (1) |
Unrealized gain (loss) on cash flow hedges | Unamortized gain on post-retirement plans | Foreign currency translation adjustments | Accumulated other comprehensive loss | ||||||||||||||||||||
Beginning balance, July 31, 2023 | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Other comprehensive loss before reclassification | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | ( | ||||||||||||||||||||
Ending balance, October 31, 2023 | $ | ( | $ | $ | ( | $ | ( |
Unrealized gain on cash flow hedges | Unamortized gain on post-retirement plans | Foreign currency translation adjustments | Accumulated other comprehensive loss | ||||||||||||||||||||
Beginning balance, July 31, 2022 | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | ( | ||||||||||||||||||||
Ending balance, October 31, 2022 | $ | $ | $ | ( | $ | ( |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Income tax (expense) benefit related to items of other comprehensive loss: | |||||||||||
Cash flow hedges | $ | ( | $ |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Net sales: | |||||||||||
Americas & Asia | |||||||||||
Americas | $ | $ | |||||||||
Asia | |||||||||||
Total | $ | $ | |||||||||
Europe & Australia | |||||||||||
Europe | |||||||||||
Australia | |||||||||||
Total | $ | $ | |||||||||
Total Company | $ | $ |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Segment profit: | |||||||||||
Americas & Asia | $ | $ | |||||||||
Europe & Australia | |||||||||||
Total Company | $ | $ |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Total profit from reportable segments | $ | $ | |||||||||
Unallocated amounts: | |||||||||||
Administrative costs | ( | ( | |||||||||
Investment and other income (expense) | ( | ||||||||||
Interest expense | ( | ( | |||||||||
Income before income taxes | $ | $ |
Three months ended October 31, | ||||||||||||||
Black-Scholes Option Valuation Assumptions | 2023 | 2022 | ||||||||||||
Expected term (in years) | ||||||||||||||
Expected volatility | % | % | ||||||||||||
Expected dividend yield | % | % | ||||||||||||
Risk-free interest rate | % | % |
Time-Based Options | Options Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||||
Outstanding at July 31, 2023 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||
Outstanding at October 31, 2023 | $ | $ | ||||||||||||||||||||||||
Exercisable at October 31, 2023 | $ | $ |
Three months ended October 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Weighted-average fair value of options granted during the period | $ | $ | ||||||||||||
Intrinsic value of options exercised during the period (in thousands) | ||||||||||||||
Fair value of options vested during the period (in thousands) | ||||||||||||||
Cash received from the exercise of stock options during the period (in thousands) | ||||||||||||||
Tax benefit on options exercised during the period (in thousands) |
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested RSUs as of July 31, 2023 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Non-vested RSUs as of October 31, 2023 | $ |
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested PRSUs as of July 31, 2023 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Non-vested PRSUs as of October 31, 2023 | $ |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
Numerator (in thousands): | |||||||||||
Net income (Numerator for basic and diluted income per Class A Nonvoting Common Share) | $ | $ | |||||||||
Less: | |||||||||||
Preferential dividends | ( | ( | |||||||||
Preferential dividends on dilutive stock options | ( | ( | |||||||||
Numerator for basic and diluted income per Class B Voting Common Share | $ | $ | |||||||||
Denominator (in thousands): | |||||||||||
Denominator for basic income per share for both Class A and Class B | |||||||||||
Plus: Effect of dilutive equity awards | |||||||||||
Denominator for diluted income per share for both Class A and Class B | |||||||||||
Net income per Class A Nonvoting Common Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Net income per Class B Voting Common Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
October 31, 2023 | July 31, 2023 | Fair Value Hierarchy | |||||||||||||||
Assets: | |||||||||||||||||
Deferred compensation plan assets | $ | $ | Level 1 | ||||||||||||||
Foreign exchange contracts | Level 2 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Foreign exchange contracts | Level 2 |
October 31, 2023 | July 31, 2023 | ||||||||||
Designated as cash flow hedges | $ | $ | |||||||||
Non-designated hedges | |||||||||||
Total foreign exchange contracts | $ | $ |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
(Losses) gains recognized in OCI: | |||||||||||
Forward exchange contracts (cash flow hedges) | $ | ( | $ | ||||||||
Foreign currency denominated debt (net investment hedges) | |||||||||||
Gains reclassified from OCI into cost of goods sold: | |||||||||||
Forward exchange contracts (cash flow hedges) |
October 31, 2023 | July 31, 2023 | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | Other current liabilities | Long-term Obligations | Prepaid expenses and other current assets | Other current liabilities | Long-term Obligations | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts (cash flow hedges) | $ | $ | $ | — | $ | $ | $ | — | |||||||||||||||||||||||||||
Foreign currency denominated debt (net investment hedges) | — | — | — | — | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts (non-designated hedges) | — | — | |||||||||||||||||||||||||||||||||
Total derivative instruments | $ | $ | $ | $ | $ | $ |
Three months ended October 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2023 | % Sales | 2022 | % Sales | |||||||||||||||||||
Net sales | $ | 331,983 | $ | 322,569 | |||||||||||||||||||
Gross margin | 171,719 | 51.7 | % | 155,264 | 48.1 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 15,702 | 4.7 | % | 13,933 | 4.3 | % | |||||||||||||||||
Selling, general and administrative | 96,287 | 29.0 | % | 89,945 | 27.9 | % | |||||||||||||||||
Total operating expenses | 111,989 | 33.7 | % | 103,878 | 32.2 | % | |||||||||||||||||
Operating income | $ | 59,730 | 18.0 | % | $ | 51,386 | 15.9 | % |
Three months ended October 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2023 | % Sales | 2022 | % Sales | |||||||||||||||||||
Operating income | $ | 59,730 | 18.0 | % | $ | 51,386 | 15.9 | % | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Investment and other income (expense) | 438 | 0.1 | % | (157) | — | % | |||||||||||||||||
Interest expense | (766) | (0.2) | % | (894) | (0.3) | % | |||||||||||||||||
Income before income taxes | 59,402 | 17.9 | % | 50,335 | 15.6 | % | |||||||||||||||||
Income tax expense | 12,161 | 3.7 | % | 10,894 | 3.4 | % | |||||||||||||||||
Net income | $ | 47,241 | 14.2 | % | $ | 39,441 | 12.2 | % |
Three months ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
SALES GROWTH INFORMATION | |||||||||||
Americas & Asia | |||||||||||
Organic | 3.3 | % | 4.0 | % | |||||||
Currency | — | % | (1.4) | % | |||||||
Divestiture | (1.9) | % | — | % | |||||||
Total | 1.4 | % | 2.6 | % | |||||||
Europe & Australia | |||||||||||
Organic | 1.4 | % | 12.8 | % | |||||||
Currency | 4.6 | % | (17.0) | % | |||||||
Total | 6.0 | % | (4.2) | % | |||||||
Total Company | |||||||||||
Organic | 2.7 | % | 6.9 | % | |||||||
Currency | 1.5 | % | (6.6) | % | |||||||
Divestiture | (1.3) | % | — | % | |||||||
Total | 2.9 | % | 0.3 | % | |||||||
SEGMENT PROFIT | |||||||||||
Americas & Asia | $ | 49,897 | $ | 41,145 | |||||||
Europe & Australia | 16,744 | 16,758 | |||||||||
Total | $ | 66,641 | $ | 57,903 | |||||||
SEGMENT PROFIT AS A PERCENT OF NET SALES | |||||||||||
Americas & Asia | 22.5 | % | 18.8 | % | |||||||
Europe & Australia | 15.2 | % | 16.1 | % | |||||||
Total | 20.1 | % | 18.0 | % |
Three months ended October 31, | |||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||
Net cash flow provided by (used in): | |||||||||||
Operating activities | $ | 62,273 | $ | 27,999 | |||||||
Investing activities | (11,279) | (3,861) | |||||||||
Financing activities | (21,494) | (20,535) | |||||||||
Effect of exchange rate changes on cash | (5,680) | (3,201) | |||||||||
Net increase in cash and cash equivalents | $ | 23,820 | $ | 402 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan (Dollars in Thousands) | ||||||||||||||||||||||
August 1, 2023 - August 31, 2023 | 187,186 | $ | 49.51 | 187,186 | $ | 100,747 | ||||||||||||||||||||
September 1, 2023 - September 30, 2023 | — | — | — | 100,747 | ||||||||||||||||||||||
October 1, 2023 - October 31, 2023 | 92,497 | 52.48 | 92,497 | 95,893 | ||||||||||||||||||||||
Total | 279,683 | $ | 50.49 | 279,683 | $ | 95,893 |
Exhibit No. | Exhibit Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.) | |||||||
101.SCH | XBRL Taxonomy Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Presentation Label Linkbase Document | |||||||
104 | Cover Page Inline XBRL data (contained in Exhibit 101) | |||||||
BRADY CORPORATION | ||||||||||||||||||||
Date: November 16, 2023 | /s/ RUSSELL R. SHALLER | |||||||||||||||||||
Russell R. Shaller | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
Date: November 16, 2023 | /s/ ANN E. THORNTON | |||||||||||||||||||
Ann E. Thornton | ||||||||||||||||||||
Chief Financial Officer, Chief Accounting Officer and Treasurer | ||||||||||||||||||||
(Principal Financial Officer and Principal Accounting Officer) |
Date: November 16, 2023 | |||||
/s/ RUSSELL R. SHALLER | |||||
President & Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: November 16, 2023 | |||||
/s/ ANN E. THORNTON | |||||
Chief Financial Officer, Chief Accounting Officer and Treasurer | |||||
(Principal Financial Officer and Principal Accounting Officer) |
Date: November 16, 2023 | |||||
/s/ RUSSELL R. SHALLER | |||||
President & Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: November 16, 2023 | |||||
/s/ ANN E. THORNTON | |||||
Chief Financial Officer, Chief Accounting Officer and Treasurer | |||||
(Principal Financial Officer and Principal Accounting Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
---|---|---|
Accounts Receivable, Allowance for Credit Loss, Current | $ 6,923 | $ 8,467 |
Class A Nonvoting Common Stock | ||
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common stock, shares outstanding | 44,868,082 | 45,008,724 |
Treasury Stock, Common, Shares | 6,393,405 | 6,252,763 |
Class B Voting Common Stock | ||
Common stock, shares issued | 3,538,628 | 3,538,628 |
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Net sales | $ 331,983 | $ 322,569 |
Cost of goods sold | 160,264 | 167,305 |
Gross margin | 171,719 | 155,264 |
Operating expenses: | ||
Research and development | 15,702 | 13,933 |
Selling, general and administrative | 96,287 | 89,945 |
Total operating expenses | 111,989 | 103,878 |
Operating income | 59,730 | 51,386 |
Other income (expense): | ||
Investment and other income (expense) | 438 | (157) |
Interest expense | (766) | (894) |
Income before income taxes | 59,402 | 50,335 |
Income tax expense | 12,161 | 10,894 |
Net income | $ 47,241 | $ 39,441 |
Weighted average common shares outstanding: | ||
Basic | 48,505 | 49,868 |
Diluted | 48,811 | 50,090 |
Class A Nonvoting Common Stock | ||
Earnings Per Share | ||
Basic | $ 0.97 | $ 0.79 |
Diluted | 0.97 | 0.79 |
Class B Voting Common Stock | ||
Earnings Per Share | ||
Basic | 0.96 | 0.78 |
Diluted | $ 0.95 | $ 0.77 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | |
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Oct. 31, 2023 |
Oct. 31, 2022 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 47,241 | $ 39,441 |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (20,364) | (17,672) |
Cash flow hedges: | ||
Net (loss) gain recognized in other comprehensive loss | (294) | 893 |
Reclassification adjustment for gains included in net income | 1,285 | 581 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (1,579) | 312 |
Pension and other post-retirement benefits: | ||
Pension and other post-retirement benefits actuarial gain amortization | (151) | (143) |
Other comprehensive loss, before tax | (22,094) | (17,503) |
Income tax (expense) benefit related to items of other comprehensive loss | (128) | 66 |
Other comprehensive loss, net of tax | (22,222) | (17,437) |
Comprehensive income | $ 25,019 | $ 22,004 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
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Oct. 31, 2023 |
Oct. 31, 2022 |
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Class A Nonvoting Common Stock | ||
Common Stock, Dividends, Per Share, Declared | $ 0.2350 | $ 0.2300 |
Class B Voting Common Stock | ||
Common Stock, Dividends, Per Share, Declared | $ 0.2184 | $ 0.2134 |
Basis of Presentation (Notes) |
3 Months Ended |
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Oct. 31, 2023 | |
Text Block [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Brady Corporation and subsidiaries (the "Company," "Brady," "we," or "our") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, the foregoing statements contain all adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial position of the Company as of October 31, 2023 and July 31, 2023, its results of operations, cash flows and comprehensive income for the three months ended October 31, 2023 and 2022. The condensed consolidated balance sheet as of July 31, 2023 has been derived from the audited consolidated financial statements as of that date. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from the estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to rules and regulations of the Securities and Exchange Commission. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statement presentation. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2023.
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New Accounting Pronouncements (Notes) |
3 Months Ended |
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Oct. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting PronouncementsThe Company did not adopt any new accounting standards in the three months ended October 31, 2023. The Company also assessed recent Accounting Standard Updates issued by the Financial Accounting Standards Board, and the Company does not expect any of the standards to have a material impact on its condensed consolidated financial statements or disclosures. |
Additional Balance Sheet Disclosures (Notes) |
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Balance Sheet Information | Additional Balance Sheet Information Inventories Inventories consisted of the following as of October 31, 2023 and July 31, 2023:
Property, plant and equipment Property, plant and equipment is presented net of accumulated depreciation in the amount of $293,708 and $292,680 as of October 31, 2023 and July 31, 2023, respectively.
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Other Intangible Assets (Notes) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Other Intangible Assets Other intangible assets as of October 31, 2023 and July 31, 2023 consisted of the following:
The change in the gross carrying amount of other intangible assets as of October 31, 2023 compared to July 31, 2023 was due to the effect of currency fluctuations during the three-month period. Amortization expense on intangible assets was $2,355 and $3,631 for the three months ended October 31, 2023 and 2022, respectively.
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Leases (Notes) |
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases certain manufacturing facilities, warehouse and office spaces, and vehicles accounted for as operating leases. Lease terms typically range from one year to ten years. As of October 31, 2023, the Company did not have any finance leases. Operating lease expense was $4,065 and $3,780 for the three months ended October 31, 2023 and 2022, respectively, which was recognized in either "Cost of goods sold" or "Selling, general and administrative" expenses in the condensed consolidated statements of income, based on the nature of the lease. Short-term lease expense, variable lease expenses, and sublease income was immaterial to the condensed consolidated statements of income for the three months ended October 31, 2023 and 2022. Supplemental cash flow information related to the Company's operating leases for the three months ended October 31, 2023 and 2022 was as follows:
(1) Includes new leases and remeasurements or modifications of existing leases.
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Accumulated Other Comprehensive Loss (Notes) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Other comprehensive loss consists of foreign currency translation adjustments which includes net investment hedges and long-term intercompany loan translation adjustments, unrealized gains from cash flow 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, 2023:
The increase in accumulated other comprehensive loss as of October 31, 2023 compared to July 31, 2023 was primarily due to the appreciation of the U.S. dollar against certain other currencies during the three-month period. The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended October 31, 2022 were as follows:
The increase in the accumulated other comprehensive loss as of October 31, 2022 compared to July 31, 2022 was primarily due to the appreciation of the U.S. dollar against certain other currencies during the three-month period. Of the amounts reclassified from accumulated other comprehensive loss during the three months ended October 31, 2023 and 2022, unrealized gains on cash flow hedges were reclassified to "Cost of goods sold" and unamortized gains on post-retirement plans were reclassified into "Investment and other income (expense)" on the condensed consolidated statements of income. The following table illustrates the income tax (expense) benefit on the components of other comprehensive loss for the three months ended October 31, 2023 and 2022:
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Revenue Recognition (Notes) |
3 Months Ended |
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Oct. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when control of the product or service transfers to the customer at an amount that represents the consideration expected to be received in exchange for those products and services. The Company’s revenues are primarily from the sale of identification solutions and workplace safety products that are shipped and billed to customers. All revenue is from contracts with customers and is included in “Net sales” on the condensed consolidated statements of income. See Note H, “Segment Information,” for the Company’s disaggregated revenue disclosure. The Company offers extended warranty coverage that is included in the sales price of certain products, which it accounts for as service warranties. The Company accounts for the deferred revenue associated with extended service warranties as a contract liability. The balance of contract liabilities associated with service warranty performance obligations was $2,870 and $2,757 as of October 31, 2023 and July 31, 2023, respectively. The current portion and non-current portion of contract liabilities are included in “Other current liabilities” and “Other liabilities," respectively, on the condensed consolidated balance sheets. The Company recognized revenue of $314 and $306 during the three months ended October 31, 2023 and 2022, respectively, that was included in the contract liability balance at the beginning of the respective period from the amortization of extended service warranties. Of the contract liability balance outstanding at October 31, 2023, the Company expects to recognize 31% by the end of fiscal 2024, an additional 30% by the end of fiscal 2025, and the remaining balance thereafter.
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Segment Information (Notes) |
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Segment Information | Segment InformationThe Company is organized and managed within two regions: Americas & Asia and Europe & Australia, which are the reportable segments. The following is a summary of net sales by segment and geographic region for the three months ended October 31, 2023 and 2022:
The following is a summary of segment profit for the three months ended October 31, 2023 and 2022:
The following is a reconciliation of segment profit to income before income taxes for the three months ended October 31, 2023 and 2022:
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Stock-Based Compensation (Notes) |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stock-Based Compensation Incentive Stock Plans The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock units ("RSUs"), performance-based restricted stock units ("PRSUs"), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. Certain awards may be subject to pre-established performance goals. The majority of the Company’s annual share-based awards are granted in the first quarter of the fiscal year. Total stock-based compensation expense recognized during the three months ended October 31, 2023 and 2022 was $4,163 and $2,958, respectively. The total income tax benefit recognized in the condensed consolidated statements of income was $425 and $192 during the three months ended October 31, 2023 and 2022, respectively. Stock Options The stock options issued under the plan have an exercise price equal to the market price of the Company's stock at the date of the grant and generally vest ratably over three years, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “time-based” options, generally expire ten years from the date of grant. The Company has estimated the fair value of its time-based options granted during the three months ended October 31, 2023 and 2022, using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:
The following is a summary of stock option activity for the three months ended October 31, 2023:
The following table summarizes additional stock option information:
As of October 31, 2023, total unrecognized compensation cost related to stock options was $1,608 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.1 years. RSUs RSUs issued under the plan have a grant date fair value equal to the market price of the Company's stock at the date of grant and generally vest ratably over three years, with one-third vesting one year after the grant date and one-third additional in each of the succeeding two years. The following is a summary of RSU activity for the three months ended October 31, 2023:
The RSUs granted during the three months ended October 31, 2022 had a weighted-average grant date fair value of $44.70. The total fair value of RSUs vested during three months ended October 31, 2023 and 2022 was $2,974 and $2,608, respectively. As of October 31, 2023, total unrecognized compensation cost related to RSUs was $4,504 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.3 years. PRSUs PRSUs are contingent on the achievement of predetermined market and performance targets. The PRSUs granted under the plan vest at the end of a -year performance period provided the service period and specified performance targets are met. For the PRSUs granted during the three months ended October 31, 2023, awards will vest based on achievement of performance conditions relating to Company revenue and diluted EPS targets. For the PRSUs granted during the three months ended October 31, 2022 and 2021, the vesting criteria for 50% of the grant is based upon the Company's total shareholder return ("TSR") relative to the S&P 600 SmallCap Industrials Index over a three-year performance period, and the vesting criteria for the other 50% of the grant is based upon Company revenue targets. The PRSUs granted during the three months ended October 31, 2023 had a fair value determined by the average of the high and low stock price on the date of the grant. For unvested awards with a market value condition, a third-party valuation is utilized to determine the fair value using a Monte Carlo simulation for that portion of the award. The following is a summary of PRSU activity for the three months ended October 31, 2023:
The PRSUs granted during the three months ended October 31, 2022 had a weighted-average grant date fair value of $55.77. The total fair value of PRSUs vested during three months ended October 31, 2023 and 2022 was $141 and $889, respectively. As of October 31, 2023, total unrecognized compensation cost related to PRSUs was $4,167 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.5 years.
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Net Income per Common Share (Notes) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Common Share | Net Income per Common Share Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows:
Potentially dilutive securities attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value were greater than the average market price of the Company's Class A Nonvoting Common Stock because the effect would have been anti-dilutive. The amount of anti-dilutive shares were 313,787 and 583,533 for the three months ended October 31, 2023 and 2022, respectively.
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Fair Value Measurements (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements In accordance with fair value accounting guidance, the Company determines fair value based on the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The inputs used to measure fair value are classified into the following hierarchy: Level 1 — Unadjusted quoted prices in active markets for identical instruments that are accessible as of the reporting date. Level 2 — Other significant pricing inputs that are either directly or indirectly observable. Level 3 — Significant unobservable pricing inputs, which result in the use of management's own assumptions. The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at October 31, 2023 and July 31, 2023:
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Deferred compensation plan assets: The Company’s deferred compensation investments consist of investments in mutual funds, which are included in "Other assets" on the condensed consolidated balance sheets. These investments were classified as Level 1 as the shares of these investments trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. Foreign exchange contracts: The Company’s foreign exchange contracts were classified as Level 2 as the fair value was based on the present value of the future cash flows using external models that use observable inputs, such as interest rates, yield curves and foreign exchange rates. See Note L, “Derivatives and Hedging Activities,” for additional information. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and other liabilities approximated carrying values due to their short-term nature.
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Derivatives and Hedging Activities (Notes) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes forward foreign exchange currency contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate on a future date, with maturities of less than 18 months, which qualify as cash flow hedges or net investment hedges under the accounting guidance for derivative instruments and hedging activities. The primary objective of the Company’s foreign currency exchange risk management program is to minimize the impact of currency movements due to transactions in other than the respective subsidiaries’ functional currency and to minimize the impact of currency movements on the Company’s net investment denominated in a currency other than the U.S. dollar. To achieve this objective, the Company hedges a portion of known exposures using forward foreign exchange currency contracts. Main foreign currency exposures are related to transactions denominated in the British Pound, Euro, Canadian dollar, Australian dollar, Mexican Peso, Chinese Yuan, Malaysian Ringgit and Singapore dollar. Generally, these risk management transactions will involve the use of foreign currency derivatives to minimize the impact of currency movements on non-functional currency transactions. The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows:
Cash Flow Hedges The Company has designated a portion of its forward foreign exchange contracts as cash flow hedges and recorded these contracts at fair value on the condensed consolidated balance sheets. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income ("OCI") and reclassified into income in the same period or periods during which the hedged transaction affects income. As of October 31, 2023 and July 31, 2023, unrealized gains of $2 and $1,580 have been included in OCI, respectively. Net Investment Hedges The Company has designated certain third party foreign currency denominated debt borrowed under its credit agreement as net investment hedges. These debt obligations, denominated in Euros and British Pounds, were designated as net investment hedges to hedge portions of the Company's net investment in its European operations. The Company’s foreign currency denominated debt obligations are valued under a market approach using publicized spot prices, and the net gains or losses attributable to the changes in spot prices are recorded as cumulative translation within AOCI and are included in the foreign currency translation adjustments section of the condensed consolidated statements of comprehensive income. As of October 31, 2023 and July 31, 2023, the cumulative balance recognized in accumulated other comprehensive income were losses of $238 and $1,746, respectively, on any outstanding foreign currency denominated debt obligations. The following table summarizes the amount of pre-tax gains and losses related to derivatives designated as hedging instruments:
Fair values of derivative instruments in the condensed consolidated balance sheets were as follows:
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Income Taxes (Notes) |
3 Months Ended |
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Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe income tax rate for the three months ended October 31, 2023 and 2022 was 20.5% and 21.6%, respectively. The decrease in income tax rate for three months ended October 31, 2023 was primarily due to tax benefits from stock-based compensation and other permanent adjustments. The Company expects its ongoing annual income tax rate to be approximately 22% based on its current global business mix and based on tax laws and statutory rates currently in effect. |
Commitment and Contingencies (Notes) |
3 Months Ended |
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Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | ContingenciesIn the normal course of business, the Company is subject to a variety of investigations, claims, suits, and other legal proceedings, including but not limited to, intellectual property, employment, unclaimed property, tort, and breach of contract matters. Any legal proceedings are subject to inherent uncertainties, and these matters and their potential effects may change in the future. The Company records a liability for contingencies when a loss is deemed to be probable and the loss can be reasonably estimated. The Company currently believes that the outcomes of such proceedings will not have a material adverse impact on its business, financial position, results of operations or cash flows. |
Subsequent Events (Notes) |
3 Months Ended |
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Oct. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn November 14, 2023, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.235 per share payable on January 31, 2024 to shareholders of record at the close of business on January 10, 2024. |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Oct. 31, 2023 |
Oct. 31, 2022 |
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Pay vs Performance Disclosure | ||
Net income | $ 47,241 | $ 39,441 |
Insider Trading Arrangements |
3 Months Ended |
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Oct. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Revenue Recognition and Deferred Revenue (Policies) |
3 Months Ended |
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Oct. 31, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when control of the product or service transfers to the customer at an amount that represents the consideration expected to be received in exchange for those products and services. The Company’s revenues are primarily from the sale of identification solutions and workplace safety products that are shipped and billed to customers. All revenue is from contracts with customers and is included in “Net sales” on the condensed consolidated statements of income. See Note H, “Segment Information,” for the Company’s disaggregated revenue disclosure. The Company offers extended warranty coverage that is included in the sales price of certain products, which it accounts for as service warranties. The Company accounts for the deferred revenue associated with extended service warranties as a contract liability. The balance of contract liabilities associated with service warranty performance obligations was $2,870 and $2,757 as of October 31, 2023 and July 31, 2023, respectively. The current portion and non-current portion of contract liabilities are included in “Other current liabilities” and “Other liabilities," respectively, on the condensed consolidated balance sheets. The Company recognized revenue of $314 and $306 during the three months ended October 31, 2023 and 2022, respectively, that was included in the contract liability balance at the beginning of the respective period from the amortization of extended service warranties. Of the contract liability balance outstanding at October 31, 2023, the Company expects to recognize 31% by the end of fiscal 2024, an additional 30% by the end of fiscal 2025, and the remaining balance thereafter.
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Additional Balance Sheet Disclosures (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories consisted of the following as of October 31, 2023 and July 31, 2023:
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Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Intangible Assets | Other intangible assets as of October 31, 2023 and July 31, 2023 consisted of the following:
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Lease Disclosures | Supplemental cash flow information related to the Company's operating leases for the three months ended October 31, 2023 and 2022 was as follows:
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Accumulated Other Comprehensive Loss (Tables) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | 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, 2023:
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The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended October 31, 2022 were as follows:
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Schedule of Income Tax Benefit on the Components of Other Comprehensive Loss | The following table illustrates the income tax (expense) benefit on the components of other comprehensive loss for the three months ended October 31, 2023 and 2022:
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Geographic Areas [Table Text Block] | The following is a summary of net sales by segment and geographic region for the three months ended October 31, 2023 and 2022:
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Schedule of Segment Reporting Information by Segment | The following is a summary of segment profit for the three months ended October 31, 2023 and 2022:
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Reconciliation of Segment Profit | The following is a reconciliation of segment profit to income before income taxes for the three months ended October 31, 2023 and 2022:
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted-Average Assumptions to Estimate Option Grant Date Fair Values | The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:
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Schedule of Stock Option Activity | The following is a summary of stock option activity for the three months ended October 31, 2023:
The following table summarizes additional stock option information:
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Schedule of RSU Activity | The following is a summary of RSU activity for the three months ended October 31, 2023:
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Schedule of PRSU Activity | The following is a summary of PRSU activity for the three months ended October 31, 2023:
|
Net Income per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Reconciliation for the Numerator and Denominator of Basic and Diluted Per Share | Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows:
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at October 31, 2023 and July 31, 2023:
|
Derivatives and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Forward Exchange Contracts | The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows:
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Schedule of Derivative Instruments, Effect on Other Comprehensive Loss | The following table summarizes the amount of pre-tax gains and losses related to derivatives designated as hedging instruments:
|
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Schedule of Fair Values of Derivative Instruments in the Condensed Consolidated Balance Sheets | Fair values of derivative instruments in the condensed consolidated balance sheets were as follows:
|
Additional Balance Sheet Disclosures - (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished products | $ 97,311 | $ 103,350 |
Work-in-process | 26,960 | 26,884 |
Raw materials and supplies | 42,645 | 46,844 |
Total inventories | 166,916 | 177,078 |
Property, Plant and Equipment, Gross [Abstract] | ||
Accumulated Depreciation of PPE | $ (293,708) | $ (292,680) |
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 2,355 | $ 3,631 |
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Leases [Abstract] | ||
Operating Lease, Cost | $ 4,065 | $ 3,780 |
Operating cash flows from operating leases | 4,431 | 4,202 |
Operating lease assets obtained in exchange for new operating lease liabilities (1) | $ 1,656 | $ 102 |
Accumulated Other Comprehensive Income, Tax (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Cash flow hedges | $ (128) | $ 66 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2023 |
|
Revenue Recognition [Abstract] | |||
Contract with Customer, Liability | $ 2,870 | $ 2,757 | |
Deferred Revenue, Revenue Recognized | $ 314 | $ 306 | |
Remaining Performance Obligations Expected as Revenue During the Remainder of the Current Fiscal Year | 31.00% | ||
Remaining Performance Obligations Expected as Revenue Over the Next Full Fiscal Year | 30.00% |
Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Net sales | $ 331,983 | $ 322,569 |
Segment Profit | 66,641 | 57,903 |
Americas & Asia | ||
Segment Reporting Information [Line Items] | ||
Net sales | 221,626 | 218,495 |
Segment Profit | 49,897 | 41,145 |
Europe & Australia | ||
Segment Reporting Information [Line Items] | ||
Net sales | 110,357 | 104,074 |
Segment Profit | 16,744 | 16,758 |
Americas | Americas & Asia | ||
Segment Reporting Information [Line Items] | ||
Net sales | 196,286 | 191,329 |
Asia | Americas & Asia | ||
Segment Reporting Information [Line Items] | ||
Net sales | 25,340 | 27,166 |
Europe | Europe & Australia | ||
Segment Reporting Information [Line Items] | ||
Net sales | 96,333 | 90,192 |
Australia | Europe & Australia | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 14,024 | $ 13,882 |
Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Segment Reconciliation [Abstract] | ||
Total profit from reportable segments | $ 66,641 | $ 57,903 |
Unallocated amounts: | ||
Administrative costs | (6,911) | (6,517) |
Investment and other income (expense) | 438 | (157) |
Interest expense | (766) | (894) |
Income before income taxes | $ 59,402 | $ 50,335 |
Stock-Based Compensation - Stock Option Assumptions (Detail) - Stock Option [Member] |
3 Months Ended | |
---|---|---|
Oct. 31, 2023
Rate
|
Oct. 31, 2022
Rate
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 4 months 24 days | 5 years 8 months 12 days |
Expected volatility | 30.20% | 29.60% |
Expected dividend yield | 1.90% | 2.00% |
Risk-free interest rate | 4.70% | 3.70% |
Stock-Based Compensation Stock Options Outstanding (Details) |
3 Months Ended |
---|---|
Oct. 31, 2023
shares
| |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Beginning Balance | 1,546,783 |
Options, Grants in Period | 52,097 |
Options, Exercised in Period | (174,370) |
Options, Forfeited or expired in Period | 5,433 |
Options Outstanding, Ending Balance | 1,419,077 |
Options Exercisable | 1,195,029 |
Stock-Based Compensation Stock Options Weighted Average Exercise Price (Details) |
3 Months Ended |
---|---|
Oct. 31, 2023
$ / shares
| |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Options Outstanding, Beginning Balance, Weighted Average Exercise Price | $ 42.05 |
Options, Grants in Period, Weighted Average Exercise Price | 54.80 |
Options, Exercises in Period, Weighted Average Exercise Price | 36.57 |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 48.82 |
Options Outstanding, Ending Balance, Weighted Average Exercise Price | 43.17 |
Options Exercisable, Weighted Average Exercise Price | $ 42.17 |
Stock-Based Compensation Stock Options - Additional Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years | |
Options Exercisable, Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | |
Options, Outstanding, Intrinsic Value | $ 12,727 | |
Options, Exercisable, Intrinsic Value | 11,851 | |
Proceeds from exercise of stock options | $ 2,598 | $ 349 |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of options granted during the period | $ 16.42 | $ 12.06 |
Options, Exercises in Period, Intrinsic Value | $ 3,410 | $ 364 |
Fair value of options vested | 1,729 | 2,458 |
Proceeds from exercise of stock options | 2,598 | 349 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 841 | $ 91 |
Net Income per Common Share - Reconciliation of Numerator and Denominator of Basic and Diluted Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Earnings Per Share [Line Items] | ||
Net income | $ 47,241 | $ 39,441 |
Denominator for basic income per share for both Class A and Class B | 48,505 | 49,868 |
Plus: Effect of dilutive equity awards | 306 | 222 |
Denominator for diluted income per share for both Class A and Class B | 48,811 | 50,090 |
Class A Nonvoting Common Stock | ||
Earnings Per Share [Line Items] | ||
Basic | $ 0.97 | $ 0.79 |
Diluted | $ 0.97 | $ 0.79 |
Class B Voting Common Stock | ||
Earnings Per Share [Line Items] | ||
Preferential dividends | $ (748) | $ (769) |
Preferential dividends on dilutive stock options | (5) | (4) |
Numerator for basic and diluted income per Class B Voting Common Share | $ 46,488 | $ 38,668 |
Basic | $ 0.96 | $ 0.78 |
Diluted | $ 0.95 | $ 0.77 |
Net Income per Common Share - Additional Information (Detail) - shares |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Anti-dilutive Shares | 313,787 | 583,533 |
Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
---|---|---|
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | $ 16,584 | $ 18,288 |
Fair Value, Inputs, Level 2 [Member] | Prepaid expenses and other current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange contracts | 247 | 492 |
Fair Value, Inputs, Level 2 [Member] | Other current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange contracts | $ 488 | $ 189 |
Derivatives and Hedging Activities Notional Amount of Derivative Contracts (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 68,245 | $ 44,464 |
Designated as hedging instruments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 63,760 | 39,661 |
Not designated as hedging Instruments [Member | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 4,485 | $ 4,803 |
Derivative Instruments and Hedging Activities Pre-Tax Gains and Losses related to Foreign Exchange Contracts (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net (loss) gain recognized in other comprehensive loss | $ (294) | $ 893 |
Foreign currency denominated debt (net investment hedges) | 1,508 | 0 |
Forward exchange contracts (cash flow hedges) | $ 1,285 | $ 581 |
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
---|---|---|---|---|
Derivative [Line Items] | ||||
Derivative maturity | 18 months | |||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 2 | $ 1,580 | ||
Accumulated other comprehensive loss | (115,283) | (93,061) | $ (126,514) | $ (109,077) |
Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Accumulated other comprehensive loss | $ (238) | $ (1,746) |
Income Taxes Effective Income Tax Rate (Details) |
3 Months Ended | |
---|---|---|
Oct. 31, 2023
Rate
|
Oct. 31, 2022
Rate
|
|
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 20.50% | 21.60% |
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - $ / shares |
Jan. 31, 2024 |
Jan. 10, 2024 |
Nov. 14, 2023 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Dividends Payable, Amount Per Share | $ 0.235 | ||
Dividends Payable, Date Declared | Nov. 14, 2023 | ||
Dividends Payable, Date to be Paid | Jan. 31, 2024 | ||
Dividends Payable, Date of Record | Jan. 10, 2024 |
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