SEGMENT INFORMATION AND GEOGRAPHIES

12 Months Ended

Jul. 31, 2012

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 business.

SEGMENT INFORMATION:	2012		2011		2010
SALES:
Life Sciences	$	1,253,594	$	1,184,142	$	1,021,582
Industrial	1,418,062		1,333,053		1,164,097
Total	$	2,671,656	$	2,517,195	$	2,185,679
OPERATING PROFIT:
Life Sciences	319,312		292,503		234,130
Industrial	198,747		182,749		155,377
Total segment profit	518,059		475,252		389,507
Corporate Services Group	64,114		61,125		53,411
Operating profit	453,945		414,127		336,096
ROTC	66,858		26,505		17,664
Interest expense, net	20,177		18,903		14,324
Loss on extinguishment of debt	—		—		31,513
Earnings before income taxes from continuing operations	$	366,910	$	368,719	$	272,595
DEPRECIATION AND AMORTIZATION:
Life Sciences	$	55,489	$	47,895	$	44,898
Industrial	45,419		38,585		36,922
Subtotal	100,908		86,480		81,820
Corporate Services Group	2,479		2,239		1,824
Total depreciation and amortization from continuing operations	$	103,387	$	88,719	$	83,644
CAPITAL EXPENDITURES:
Life Sciences	$	47,694	$	55,313	$	59,882
Industrial	26,227		41,361		32,175
Subtotal	73,921		96,674		92,057
Corporate/Shared Services Groups	84,988		64,097		44,256
Total	$	158,909	$	160,771	$	136,313
IDENTIFIABLE ASSETS:
Life Sciences	$	1,274,036	$	1,097,616	$	1,068,697
Industrial	955,541		1,011,778		903,740
Subtotal	2,229,577		2,109,394		1,972,437
Corporate/Shared Services Groups	1,118,315		1,123,022		1,026,775
Total	$	3,347,892	$	3,232,416	$	2,999,212
GEOGRAPHIC INFORMATION:
SALES:
Americas	$	839,984	$	779,763	$	655,388
Europe	1,022,952		995,521		889,233
Asia	808,720		741,911		641,058
Total	$	2,671,656	$	2,517,195	$	2,185,679

SEGMENT INFORMATION:	2012			2011			2010
IDENTIFIABLE ASSETS:
Americas	$	1,318,312		$	1,108,943		$	1,098,019
Europe	644,721			695,297			621,959
Asia	350,510			375,283			304,671
Eliminations	(83,966		)	(70,129		)	(52,212		)
Subtotal	2,229,577			2,109,394			1,972,437
Corporate/Shared Services Groups	1,118,315			1,123,022			1,026,775
Total	$	3,347,892		$	3,232,416		$	2,999,212

Sales by the Company’s U.S. operations to unaffiliated customers totaled approximately $733,000, $709,000 and $599,000 in fiscal years 2012, 2011 and 2010, respectively. Included therein are export sales of approximately $41,000, $56,000 and $43,000 in fiscal years 2012, 2011 and 2010, respectively. Sales by the Company’s subsidiaries in the Eurozone amounted to approximately $723,000, $689,000 and $631,000 in fiscal years 2012, 2011 and 2010, respectively. No country in the Eurozone was individually material as a percentage of total Company sales in fiscal years 2012, 2011 and 2010. Sales by the Company’s subsidiary in Japan amounted to approximately $259,000, $248,000 and $221,000 in fiscal years 2012, 2011 and 2010, 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.