RESTRUCTURING AND OTHER CHARGES, NET

The following tables summarize the restructuring and other charges (“ROTC”) recorded in the three and nine months ended April 30, 2013 and April 30, 2012:



	Three Months Ended Apr 30, 2013								Nine Months Ended Apr 30, 2013
	Restructuring (1)			Other (Gains)/ Charges (2)		Total			Restructuring (1)			Other (Gains)/ Charges (2)		Total
Severance benefits and other employment contract obligations	$	5,701		$	1,452	$	7,153		$	10,896		$	2,903	$	13,799
(Gain)/loss on sale and impairment of assets, net	999			1,357		2,356			993			1,357		2,350
Professional fees and other costs, net of receipt of insurance claim payments	361			531		892			1,149			2,117		3,266
Environmental matters	—			2,715		2,715			—			2,715		2,715
Reversal of excess restructuring reserves	(292		)	—		(292		)	(633		)	—		(633		)
	$	6,769		$	6,055	$	12,824		$	12,405		$	9,092	$	21,497

Cash	$	5,770		$	4,185	$	9,955		$	11,007		$	6,709	$	17,716
Non-cash	999			1,870		2,869			1,398			2,383		3,781
	$	6,769		$	6,055	$	12,824		$	12,405		$	9,092	$	21,497



	Three Months Ended Apr 30, 2012									Nine Months Ended Apr 30, 2012
	Restructuring (1)			Other (Gains)/ Charges (2)			Total			Restructuring (1)			Other (Gains)/ Charges (2)			Total
Severance benefits and other employment contract obligations	$	953		$	2,604		$	3,557		$	29,255		$	11,436		$	40,691
(Gain)/loss on sale and impairment of assets, net	—			(2,168		)	(2,168		)	(1,515		)	(11,364		)	(12,879		)
Professional fees and other costs, net of receipt of insurance claim payments	1,755			(252		)	1,503			3,121			145			3,266
Reversal of excess restructuring reserves	(31		)	—			(31		)	(77		)	—			(77		)
	$	2,677		$	184		$	2,861		$	30,784		$	217		$	31,001

Cash	$	2,677		$	(942	)	$	1,735		$	30,784		$	(3,446	)	$	27,338
Non-cash	—			1,126			1,126			—			3,663			3,663
	$	2,677		$	184		$	2,861		$	30,784		$	217		$	31,001

(1) Restructuring:

Restructuring charges recorded in the three and nine months ended April 30, 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 nine months ended April 30, 2012 reflect the expenses incurred in connection with the Company’s cost reduction initiatives, primarily in the Industrial segment. Restructuring charges in the nine months ended April 30, 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 nine months ended April 30, 2013 and April 30, 2012, the Company recorded charges related to certain employment contract obligations.

Gain/loss on sale and impairment of assets, net:

In the three months ended April 30, 2013 the Company recorded an impairment related to a software project.

In the three months ended April 30, 2012 the Company recorded a gain on the sale of assets related to a sale of a building in Europe. The nine months ended April 30, 2012 also 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 nine months ended April 30, 2013, the Company recorded legal and other professional fees, as well as adjustments to settlement reserves, 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 nine months ended April 30, 2013.

In the three and nine months ended April 30, 2012, the Company recorded legal and other professional fees, related to the matters discussed above. Furthermore, in the nine months ended April 30, 2012, the Company recorded settlement related costs pertaining to these matters. The receipt of insurance claim payments more than offset these costs in the three months ended April 30, 2012 and offset the majority of such costs in the nine months ended April 30, 2012.

The three and nine months ended April 30, 2013 also includes a loss related to a fire at a manufacturing facility and costs related to the demolition of a vacant facility.

Environmental Matters:

In the three months ended April 30, 2013, the Company increased its environmental reserves primarily related to a matter at its Glen Cove, New York site, as discussed in Note 5, Contingencies and Commitments above.

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	10,896			1,149			12,045
Utilized	(24,672		)	(1,314		)	(25,986		)
Reversal of excess reserves	(500		)	(57		)	(557		)
Translation	234			11			245
Balance at Apr 30, 2013	$	20,322		$	392		$	20,714

Excluded from the table above are restructuring liabilities relating to restructuring plans initiated in fiscal years 2009 and 2010. At April 30, 2013, the balance of these liabilities was $319.