Shareholders' Equity

9 Months Ended

Apr. 30, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

Note F – 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 EndedApril 30,					Nine Months EndedApril 30,
	2012			2011		2012			2011
Net earnings	$	70,946		$	61,811	$	193,320		$	159,524
Foreign currency translation gain (loss)		5,689			48,929		(57,392	)		80,930
Net gain (loss) on hedging derivatives, net of deferred taxes		(448	)		229		(21	)		363
Pension and postretirement liability adjustment, net of deferred taxes		8,810			664		3,449			1,967
Total comprehensive income	$	84,997		$	111,633	$	139,356		$	242,784

Total accumulated other comprehensive income (loss) and its components at April 30, 2012 and July 31, 2011 are as follows (thousands of dollars):

	April 30,2012			July 31,2011
Foreign currency translation adjustment	$	74,307		$	131,699
Net gain on hedging derivatives, net of deferred taxes		359			380
Pension and postretirement liability, net of deferred taxes		(88,603	)		(92,052	)
Total accumulated other comprehensive income (loss)	$	(13,937	)	$	40,027

The Company's Board of Directors authorized the repurchase of 16.0 million shares of common stock on March 26, 2010. During the three months ended April 30, 2012 the Company repurchased 261,213 shares for $9.0 million at an average price of $34.51 per share. During the nine months ended April 30, 2012 the Company repurchased 3,012,239 shares for $82.6 million at an average price of $27.41 per share. As of April 30, 2012, the Company had remaining authorization to repurchase up to 7.0 million shares pursuant to the current authorization.

At the Company's Annual Meeting of Stockholders on November 18, 2011, the shareholders approved an increase in the number of authorized shares of common stock, par value $5.00, from 120,000,000 to 240,000,000 and the total number of shares of stock which the Company has the authority to issue from 121,000,000 to 241,000,000.

On January 27, 2012, the Company announced that its Board of Directors declared a two-for-one stock split effected in the form of a 100 percent stock dividend. The stock split was distributed March 23, 2012, to stockholders of record as of March 2, 2012. Earnings and dividends declared per share and weighted average shares outstanding are presented in this Form 10-Q after the effect of the 100 percent stock dividend. The two-for-one stock split is reflected in the share amounts in all periods presented in this Form 10-Q.

On May 23, 2012, the Company's Board of Directors declared a cash dividend in the amount of $0.09 per common share, payable to stockholders of record on June 8, 2012. The dividend will be paid on June 29, 2012.