Shareholders' Equity

3 Months Ended

Oct. 31, 2011

Shareholders' Equity [Abstract]

Shareholders' Equity

Note E – Shareholders' Equity

          The Company reports accumulated other comprehensive income (loss) as a separate item in the shareholders' equity section of the balance sheet.

          Total comprehensive income and its components are as follows (thousands of dollars):

	Three Months Ended October 31,
	2011			2010
Net earnings	$	68,553		$	53,134
Foreign currency translation gain (loss)		(33,938	)		35,772
Net gain (loss) on hedging derivatives, net of deferred taxes		418			(255	)
Pension and postretirement liability adjustment, net of deferred taxes		(15,249	)		(141	)
Total comprehensive income	$	19,784		$	88,510

          Total accumulated other comprehensive income (loss) and its components at October 31, 2011 and July 31, 2011 are as follows (thousands of dollars):

	October 31, 2011			July 31, 2011
Foreign currency translation adjustment	$	97,761		$	131,699
Net gain on cash flow hedging derivatives, net of deferred taxes		798			380
Pension liability adjustment, net of deferred taxes		(107,301	)		(92,052	)
Total accumulated other comprehensive income (loss)	$	(8,742	)	$	40,027

          The Company's Board of Directors authorized the repurchase of 8.0 million shares of common stock on March 26, 2010. During the three months ended October 31, 2011 the Company repurchased 1,375,513 shares for $73.6 million at an average price of $53.48 per share. As of October 31, 2011, the Company had remaining authorization to repurchase up to 3.7 million shares pursuant to the current authorization.

          On November 18, 2011, the Company's Board of Directors declared a cash dividend in the amount of $0.15 per common share payable to stockholders of record on December 5, 2011. The dividend will be paid on December 16, 2011.