SEGMENT INFORMATION AND GEOGRAPHIES

12 Months Ended

Jul. 31, 2014

Segment Reporting [Abstract]

SEGMENT INFORMATION AND GEOGRAPHIES

SEGMENT INFORMATION AND GEOGRAPHIES

The Company serves customers through two global businesses: Life Sciences and Industrial.

The Life Sciences business group is focused on developing, manufacturing and selling products to customers in the Medical, BioPharmaceuticals and Food & Beverage markets. The Industrial business group is focused on developing, manufacturing and selling products to customers in the Process Technologies, Aerospace and Microelectronics markets. The chief executive officer manages the Company and makes key decisions about the allocation of Company resources based on the two businesses. The Company’s reportable segments, which are also its operating segments, consist of its two businesses, Life Sciences and Industrial.

The Business Groups are supported by shared facilities and personnel (“Shared Services Group”) in the Company’s subsidiaries that sell into both Life Sciences and Industrial markets. The Shared Services Group and Corporate Services Group facilitate the Company’s corporate governance and business activities globally. Expenses associated with the Corporate Services Group, as well as interest expense, net, the provision for income taxes and restructuring and other charges are excluded from the measurement and evaluation of the profitability of the Company’s reportable segments.

Cash and cash equivalents, short-term investments, investments and retirement benefit assets and income taxes, all of which are managed at the Corporate level, are included in Corporate/Shared Services Groups’ assets. Furthermore assets not specifically identified to a business are also included in Corporate/Shared Services Groups’ assets. Accounts receivable and inventory are in all cases specifically identified to a segment.

SEGMENT INFORMATION:	2014		2013		2012
SALES:
Life Sciences	$	1,453,669	$	1,309,375	$	1,253,594
Industrial	1,335,478		1,338,688		1,418,062
Total	$	2,789,147	$	2,648,063	$	2,671,656
SEGMENT PROFIT:
Life Sciences	357,129		319,271		319,312
Industrial	219,172		214,798		198,747
Total segment profit	576,301		534,069		518,059
Corporate Services Group	67,200		66,640		64,114
ROTC	40,154		40,182		66,858
Interest expense, net	17,532		15,621		20,177
Earnings before income taxes from continuing operations	$	451,415	$	411,626	$	366,910
DEPRECIATION AND AMORTIZATION:
Life Sciences	$	71,670	$	61,709	$	55,489
Industrial	43,217		42,641		45,419
Subtotal	114,887		104,350		100,908
Corporate Services Group	1,505		1,934		2,479
Total depreciation and amortization from continuing operations	$	116,392	$	106,284	$	103,387
CAPITAL EXPENDITURES:
Life Sciences	$	29,278	$	40,589	$	47,694
Industrial	34,226		33,551		26,227
Subtotal	63,504		74,140		73,921
Corporate/Shared Services Groups	11,233		36,042		84,988
Total	$	74,737	$	110,182	$	158,909
IDENTIFIABLE ASSETS:
Life Sciences	$	1,390,447	$	1,090,585	$	1,274,036
Industrial	1,000,843		898,064		955,541
Subtotal	2,391,290		1,988,649		2,229,577
Corporate/Shared Services Groups	1,461,223		1,484,190		1,118,315
Total	$	3,852,513	$	3,472,839	$	3,347,892
GEOGRAPHIC INFORMATION:
SALES:
Americas	$	889,122	$	849,486	$	839,984
Europe	1,140,429		1,034,515		1,022,952
Asia	759,596		764,062		808,720
Total	$	2,789,147	$	2,648,063	$	2,671,656

SEGMENT INFORMATION:	2014			2013			2012
IDENTIFIABLE ASSETS:
Americas	$	1,084,247		$	1,127,364		$	1,318,312
Europe	1,024,969			590,893			644,721
Asia	340,146			322,483			350,510
Eliminations	(58,072		)	(52,091		)	(83,966		)
Subtotal	2,391,290			1,988,649			2,229,577
Corporate/Shared Services Groups	1,461,223			1,484,190			1,118,315
Total	$	3,852,513		$	3,472,839		$	3,347,892

Sales by the Company’s U.S. operations to unaffiliated customers totaled approximately $787,000, $750,000 and $733,000 in fiscal years 2014, 2013 and 2012, respectively. Included therein are export sales of approximately $45,000, $65,000 and $41,000 in fiscal years 2014, 2013 and 2012, respectively. Sales by the Company’s subsidiaries in the Eurozone amounted to approximately $799,000, $731,000 and $723,000 in fiscal years 2014, 2013 and 2012, respectively. No country in the Eurozone was individually material as a percentage of total Company sales in fiscal years 2014, 2013 and 2012. Sales by the Company’s subsidiary in Japan amounted to approximately $218,000, $225,000 and $259,000 in fiscal years 2014, 2013 and 2012, respectively. The Company considers its foreign operations to be of major importance to its future growth prospects. The risks related to the Company’s foreign operations include the local political and regulatory developments as well as the global and regional economic climate.