RESTRUCTURING AND OTHER CHARGES, NET

6 Months Ended

Jan. 31, 2013

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER CHARGES, NET

RESTRUCTURING AND OTHER CHARGES, NET

The following tables summarize the restructuring and other charges (“ROTC”) recorded for in the three and six months ended January 31, 2013 and January 31, 2012:

	Three Months Ended Jan 31, 2013								Six Months Ended Jan 31, 2013
	Restructuring (1)			Other (Gains)/ Charges (2)		Total			Restructuring (1)			Other (Gains)/ Charges (2)		Total
Severance benefits and other employment contract obligations	$	1,916		$	1,451	$	3,367		$	5,195		$	1,451	$	6,646
(Gain)/loss on sale and impairment of assets, net	(49		)	—		(49		)	(6		)	—		(6		)
Professional fees and other costs, net of receipt of insurance claim payments	345			887		1,232			788			1,586		2,374
Reversal of excess restructuring reserves	(151		)	—		(151		)	(341		)	—		(341		)
	$	2,061		$	2,338	$	4,399		$	5,636		$	3,037	$	8,673
Cash	$	1,705		$	1,825	$	3,530		$	5,237		$	2,524	$	7,761
Non-cash	356			513		869			399			513		912
	$	2,061		$	2,338	$	4,399		$	5,636		$	3,037	$	8,673

	Three Months Ended Jan 31, 2012						Six Months Ended Jan 31, 2012
	Restructuring (1)		Other (Gains)/ Charges (2)		Total		Restructuring (1)			Other (Gains)/ Charges (2)			Total
Severance benefits and other employment contract obligations	$	2,894	$	862	$	3,756	$	28,302		$	8,832		$	37,134
(Gain)/loss on sale and impairment of assets, net	—		—		—		(1,515		)	(9,196		)	(10,711		)
Professional fees and other costs, net of receipt of insurance claim payments	591		809		1,400		1,366			397			1,763
Reversal of excess restructuring reserves	—		—		—		(46		)	—			(46		)
	$	3,485	$	1,671	$	5,156	$	28,107		$	33		$	28,140
Cash	$	3,485	$	1,302	$	4,787	$	28,107		$	(2,504	)	$	25,603
Non-cash	—		369		369		—			2,537			2,537
	$	3,485	$	1,671	$	5,156	$	28,107		$	33		$	28,140

(1) Restructuring:

Restructuring charges recorded in the three and six months ended January 31, 2013 reflect the expenses incurred in connection with the Company’s structural cost improvement initiatives impacting both segments as well as the Corporate Services Group.

Restructuring charges recorded in the three and six months ended January 31, 2012 reflect the expenses incurred in connection with the Company’s cost reduction initiatives, primarily in the Industrial segment. Restructuring charges in the six months ended ended January 31, 2012 also includes a gain on the divestiture of a non-strategic asset group.

(2) Other (Gains) / Charges:

Severance benefits and other employment contract obligations:

In the three and six months ended January 31, 2013 and January 31, 2012, the Company recorded charges related to certain employment contract obligations.

Gain on sale of assets:

The six months ended January 31, 2012 includes a gain of $9,196 on the sale of the Company’s investment in Satair A/S.

Professional fees and other:

In the three and six months ended January 31, 2013 and January 31, 2012, the Company recorded settlement related costs as well as legal and other professional fees, related to the Federal Securities Class Actions, Shareholder Derivative Lawsuits and Other Proceedings (see Note 14, Contingencies and Commitments in the 2012 Form 10-K) which pertain to matters that had been under audit committee inquiry as discussed in Note 2, Audit Committee Inquiry and Restatement, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2007 (“2007 Form 10-K”). The receipt of insurance claim payments partly offset the costs discussed above in the six months ended January 31, 2013 and the three and six months ended January 31, 2012.

The three and six months ended January 31, 2013 also includes a loss related to a fire at a manufacturing facility.

The following table summarizes the activity related to restructuring liabilities recorded for the Company’s structural cost improvement initiatives and Industrial cost reduction initiatives which began in fiscal year 2012:

	Severance			Other			Total
Original charge	$	61,852		$	3,448		$	65,300
Utilized	(27,365		)	(2,798		)	(30,163		)
Translation	(123		)	(47		)	(170		)
Balance at Jul 31, 2012	$	34,364		$	603		$	34,967
Additions	5,195			788			5,983
Utilized	(19,009		)	(949		)	(19,958		)
Reversal of excess reserves	(246		)	(19		)	(265		)
Translation	402			18			420
Balance at Jan 31, 2013	$	20,706		$	441		$	21,147

Excluded from the table above are restructuring liabilities relating to restructuring plans initiated in fiscal years 2009 and 2010. At January 31, 2013, the balance of these liabilities was $366.