0000897101-13-000845.txt : 20130603 0000897101-13-000845.hdr.sgml : 20130603 20130603164057 ACCESSION NUMBER: 0000897101-13-000845 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130430 FILED AS OF DATE: 20130603 DATE AS OF CHANGE: 20130603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DONALDSON CO INC CENTRAL INDEX KEY: 0000029644 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] IRS NUMBER: 410222640 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07891 FILM NUMBER: 13888431 BUSINESS ADDRESS: STREET 1: 1400 W. 94TH ST. CITY: MINNEAPOLIS STATE: MN ZIP: 55431 BUSINESS PHONE: 6128873131 MAIL ADDRESS: STREET 1: 1400 W 94TH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55431 10-Q 1 donaldson132148_10q.htm FORM 10-Q FOR THE QUARTER ENDED APRIL 30, 2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549




	FORM 10-Q


(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2013 OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ TO ______________.


Commission File Number 1-7891



DONALDSON COMPANY, INC.
(Exact name of registrant as specified in its charter)


Delaware	41-0222640
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)


1400 West 94th Street
Minneapolis, Minnesota 55431
(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (952) 887-3131

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


	Large accelerated filer x	Accelerated filer o

	Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).o Yes x No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, $5 Par Value – 146,949,730 shares as of April 30, 2013.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

DONALDSON COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Thousands of dollars, except share and per share amounts)
(Unaudited)


	Three Months Ended April 30,						Nine Months Ended April 30,
	2013			2012			2013			2012
Net sales	$	619,371		$	647,237		$	1,804,354		$	1,836,415
Cost of sales		397,870			419,008			1,185,583			1,192,435
Gross margin		221,501			228,229			618,771			643,980
Operating expenses		122,914			129,792			375,455			380,448
Operating income		98,587			98,437			243,316			263,532
Other income		(3,608	)		(4,340	)		(11,962	)		(13,750	)
Interest expense		2,719			2,787			8,275			8,856
Earnings before income taxes		99,476			99,990			247,003			268,426
Income taxes		29,634			29,044			72,235			75,106
Net earnings	$	69,842		$	70,946		$	174,768		$	193,320
Weighted average shares - basic		148,136,620			150,536,631			148,404,503			150,385,389
Weighted average shares - diluted		150,234,445			153,207,471			150,591,003			153,067,148
Net earnings per share - basic	$	0.47		$	0.47		$	1.18		$	1.29
Net earnings per share - diluted	$	0.46		$	0.46		$	1.16		$	1.26
Dividends paid per share	$	0.100		$	0.080		$	0.280		$	0.230

See Notes to Condensed Consolidated Financial Statements.

DONALDSON COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Thousands of dollars, except share amounts)
(Unaudited)


	April 30, 2013			July 31, 2012
Assets
Current assets
Cash and cash equivalents	$	263,988		$	225,789
Short-term investments		65,700			92,362
Accounts receivable, less allowance of $7,128 and $6,418		437,414			438,796
Inventories		240,476			256,116
Prepaids and other current assets		65,752			72,599
Total current assets		1,073,330			1,085,662
Property, plant, and equipment, at cost		1,020,391			949,619
Less accumulated depreciation		(607,570	)		(564,710	)
Property, plant, and equipment, net		412,822			384,909
Goodwill		165,511			162,949
Intangible assets, net		42,596			46,200
Other assets		63,349			50,362
Total assets	$	1,757,608		$	1,730,082

Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	30,000		$	95,147
Current maturities of long-term debt		82,002			2,346
Trade accounts payable		178,028			199,182
Other current liabilities		167,802			201,848
Total current liabilities		457,832			498,523
Long-term debt		119,079			203,483
Deferred income taxes		5,326			4,611
Other long-term liabilities		93,838			113,451
Total liabilities		676,075			820,068
Shareholders’ equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized, none issued		—			—
Common stock, $5.00 par value, 240,000,000 shares authorized, 151,643,194 shares issued		758,216			758,216
Retained earnings		499,808			366,788
Stock compensation plans		21,401			24,948
Accumulated other comprehensive loss		(40,926	)		(101,888	)
Treasury stock at cost, 4,585,928 and 3,980,832 shares at
April 30, 2013 and July 31, 2012, respectively		(156,967	)		(138,050	)
Total shareholders’ equity		1,081,533			910,014
Total liabilities and shareholders’ equity	$	1,757,608		$	1,730,082

See Notes to Condensed Consolidated Financial Statements.

DONALDSON COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Thousands of dollars)
(Unaudited)


	Three Months Ended April 30,						Nine Months Ended April 30,
	2013			2012			2013		2012
Net earnings	$	69,842		$	70,946		$	174,768	$	193,320
Foreign currency translation gain (loss)		(13,563	)		5,689			29,401		(57,392	)
Gain (loss) on hedging derivatives, net of deferred taxes of ($72), $145, ($269), and ($169), respectively		13			(448	)		144		(21	)
Pension and postretirement liability adjustment, net of deferred taxes of ($7,682), ($4,978), ($14,963), and ($9,219), respectively		16,214			8,810			31,417		3,449
Total comprehensive income	$	72,506		$	84,997		$	235,730	$	139,356

See Notes to Condensed Consolidated Financial Statements.

DONALDSON COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Thousands of dollars)
(Unaudited)


	Nine Months Ended April 30,
	2013			2012
Operating Activities
Net earnings	$	174,768		$	193,320
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		48,527			46,214
Changes in operating assets and liabilities		(8,346	)		(43,836	)
Tax benefit of equity plans		(9,483	)		(9,698	)
Stock compensation plan expense		7,363			8,624
Deferred taxes		(4,037	)		4,214
Other, net		8,597			(16,437	)
Net cash provided by operating activities		217,389			182,401

Investing Activities
Net expenditures on property, plant, and equipment		(69,425	)		(57,987	)
Change in short-term investments		30,781			(119,930	)
Net cash used in investing activities		(38,644	)		(177,917	)

Financing Activities
Purchase of treasury stock		(60,975	)		(82,573	)
Repayments of long-term debt		(1,093	)		(46,084	)
Change in short-term borrowings		(66,530	)		70,519
Dividends paid		(41,184	)		(34,277	)
Tax benefit of equity plans		9,483			9,698
Exercise of stock options		12,131			12,345
Net cash used in financing activities		(148,168	)		(70,372	)
Effect of exchange rate changes on cash		7,622			(18,586	)
Increase (Decrease) in cash and cash equivalents		38,199			(84,474	)
Cash and cash equivalents, beginning of year		225,789			273,494
Cash and cash equivalents, end of period	$	263,988		$	189,020

See Notes to Condensed Consolidated Financial Statements.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note A – Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Donaldson Company, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S.) (U.S. GAAP) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the three and nine month periods ended April 30, 2013, are not necessarily indicative of the results that may be expected for future periods. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2012.

Note B – Short-Term Investments

All short-term investments are time deposits and have original maturities in excess of three months but not more than twelve months. The Company had $65.7 million and $92.4 million in short-term investments as of April 30, 2013 and July 31, 2012, respectively.

Note C – Inventories

The components of inventory as of April 30, 2013 and July 31, 2012 are as follows (thousands of dollars):


	April 30, 2013		July 31, 2012
Materials	$	101,528	$	111,808
Work in process		32,847		30,767
Finished products		106,101		113,541
Total inventories	$	240,476	$	256,116

Note D – Accounting for Stock-Based Compensation

Stock-based compensation expense is recognized using the fair-value method for all awards. In addition to granting stock options, the Company also granted reload options related to options previously granted which were exercised during the nine months ended April 30, 2013. A reload stock option is granted for the number of shares tendered as payment for the exercise price and tax withholding obligation upon the exercise of a stock option with a reload provision. The exercise price of the reload option is equal to the market price of the stock on the date of grant and the reload option will expire on the same date as the original option which was exercised. The Company determined the fair value of its option awards using the Black-Scholes option pricing model. The following assumptions were used to value the options, including reload options which generally have a shorter contractual life, granted during the nine months ended April 30, 2013: range of less than 1 year to 8 years expected life; expected volatility range of 23.4 percent to 29.7 percent; risk-free interest rate range of 0.02 percent to 1.68 percent; and annual dividend yield of 1.0 percent. The expected life for options granted during the period represents the period of time that the options are expected to be outstanding based on the contractual life and historical data of option holder exercise and termination behavior. Expected volatilities are based upon historical volatility of the Company’s stock over a period at least equal to the expected life of each option grant. Option grants have exercise prices equivalent to the fair market value of the Company’s stock on the date of grant. The weighted average fair value for options granted during the nine months ended April 30, 2013 and 2012 was $8.37 per share and $9.38 per share, respectively. For the three and nine months ended April 30, 2013, the Company recorded pre-tax stock option expense of $1.4 million and $6.9 million, respectively, and recorded $0.4 million and $2.2 million, respectively, of related tax benefit. For the three and nine months ended April 30, 2012, the Company recorded pre-tax stock option expense of $1.3 million and $6.4 million, respectively, and recorded $0.4 million and $2.1 million, respectively, of related tax benefit.

The following table summarizes stock option activity during the nine months ended April 30, 2013:


	Options Outstanding			Weighted Average Exercise Price
Outstanding at July 31, 2012		8,056,327		$	20.97
Granted		934,436			33.84
Exercised		(1,314,912	)		14.48
Canceled		(78,726	)		34.07
Outstanding at April 30, 2013		7,597,125			23.54

The total intrinsic value of options exercised during the nine months ended April 30, 2013 and 2012 was $27.5 million and $27.6 million, respectively.

The following table summarizes information concerning outstanding and exercisable options as of April 30, 2013:


Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$0.00 to $15.89		1,402,473		1.37	$	15.27		1,402,473	$	15.27
$15.90 to $20.89		1,955,461		4.04		17.44		1,955,461		17.44
$20.90 to $25.89		1,391,656		5.99		21.78		1,391,656		21.78
$25.90 to $30.89		918,849		7.61		29.15		608,544		29.16
$30.90 and above		1,928,686		8.73		34.33		429,773		34.80
		7,597,125		5.53		23.54		5,787,907		20.48

At April 30, 2013, the aggregate intrinsic value of options outstanding and exercisable was $97.6 million and $92.0 million, respectively.

As of April 30, 2013, there was $8.9 million of total unrecognized compensation expense related to non-vested stock options granted under the 2010 Master Stock Incentive Plan. This unvested expense is expected to be recognized during the remainder of Fiscal Years 2013, 2014, 2015, and 2016.

Note E – Net Earnings Per Share

The Company’s basic net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares. The Company’s diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and stock incentive plans. Certain outstanding options were excluded from the diluted net earnings per share calculations because their exercise prices were greater than the average market price of the Company’s common stock during those periods. For the three and nine months ended April 30, 2013, there were 29,800 options and 80,486 options excluded from the diluted net earnings per share calculation, respectively. For the three and nine months ended April 30, 2012, there were 11,606 options and 1,061,741 options excluded from the diluted net earnings per share calculation, respectively.

The following table presents information necessary to calculate basic and diluted net earnings per common share (thousands, except per share amounts):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
Weighted average shares - basic		148,137		150,537		148,405		150,385
Common share equivalents		2,097		2,670		2,186		2,682
Weighted average shares - diluted		150,234		153,207		150,591		153,067
Net earnings for basic and diluted earnings
per share computation	$	69,842	$	70,946	$	174,768	$	193,320
Net earnings per share - basic	$	0.47	$	0.47	$	1.18	$	1.29
Net earnings per share - diluted	$	0.46	$	0.46	$	1.16	$	1.26

Note F – Shareholders’ Equity

Total accumulated other comprehensive income (loss) and its components at April 30, 2013 and July 31, 2012 are as follows (thousands of dollars):


	April 30, 2013			July 31, 2012
Foreign currency translation adjustment	$	62,377		$	32,976
Net loss on cash flow hedging derivatives, net of deferred taxes		(148	)		(292	)
Pension and postretirement liability adjustment, net of deferred taxes		(103,155	)		(134,572	)
Total accumulated other comprehensive loss	$	(40,926	)	$	(101,888	)

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, 2013, the Company did not repurchase any shares. During the nine months ended April 30, 2013, the Company repurchased 1,820,442 shares for $61.0 million at an average price of $33.49 per share. As of April 30, 2013, the Company had remaining authorization to repurchase up to 3.7 million shares pursuant to the current authorization.

On January 27, 2012, the Company announced 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 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 the table above and elsewhere in this Form 10-Q.

On May 22, 2013, the Company’s Board of Directors declared a cash dividend in the amount of $0.13 per common share, payable to stockholders of record on June 7, 2013. The dividend will be paid on June 21, 2013.

Note G – Segment Reporting

The Company has two reportable segments, Engine Products and Industrial Products, that have been identified based on the Company’s internal organization structure, management of operations, and performance evaluation by the Company’s management and Board of Directors. Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments, interest income, and interest expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the operating profit and other financial information shown below. Segment detail is summarized as follows (thousands of dollars):


	Engine Products		Industrial Products		Corporate & Unallocated			Total Company
Three Months Ended April 30, 2013:
Net sales	$	383,314	$	236,057	$	—		$	619,371
Earnings before income taxes		65,680		37,555		(3,759	)		99,476

Three Months Ended April 30, 2012:
Net sales	$	407,041	$	240,196	$	—		$	647,237
Earnings before income taxes		62,136		38,792		(938	)		99,990

Nine Months Ended April 30, 2013:
Net sales	$	1,107,814	$	696,540	$	—		$	1,804,354
Earnings before income taxes		152,129		102,709		(7,835	)		247,003
Assets		815,604		539,151		402,853			1,757,608

Nine Months Ended April 30, 2012:
Net sales	$	1,171,600	$	664,815	$	—		$	1,836,415
Earnings before income taxes		170,432		103,688		(5,694	)		268,426
Assets		879,228		534,686		340,359			1,754,273

The Industrial Products segment incurred $0.7 million and $1.7 million, respectively, of restructuring expenses during the three and nine months ended April 30, 2013. The Engine Products segment incurred $0.4 million and $1.1 million, respectively, of restructuring expenses during the three and nine months ended April 30, 2013.

No single Customer represented over 10 percent of the Company’s net sales for the three or nine months ended April 30, 2013 and 2012. As of April 30, 2013 and July 31, 2012, no single Customer represented more than 10 percent of the Company’s outstanding accounts receivable.

Note H – Goodwill and Other Intangible Assets

Goodwill is tested for impairment annually or whenever events or circumstances make it more likely than not that an impairment may have occurred. The Company’s most recent annual impairment assessment for goodwill was completed during the third quarter of Fiscal 2013. Based on a quantitative analysis, the results of this assessment showed that the fair values of the reporting units to which goodwill is assigned continue to significantly exceed the book values of the respective reporting units, resulting in no goodwill impairment. Following is a reconciliation of goodwill for the nine months ended April 30, 2013 (thousands of dollars):


	Engine Products		Industrial Products		Total Goodwill
Balance as of July 31, 2012	$	71,747	$	91,202	$	162,949
Foreign exchange translation		481		2,081		2,562
Balance as of April 30, 2013	$	72,228	$	93,283	$	165,511

As of April 30, 2013, other intangible assets were $42.6 million, a $3.6 million decrease from $46.2 million at July 31, 2012. The decrease in other intangible assets is due to amortization of existing assets of $4.1 million, which was slightly offset by a foreign exchange translation increase of $0.5 million. There were no intangible asset additions during the nine months ended April 30, 2013.

Note I – Guarantees

The Company and Caterpillar Inc. equally own the shares of Advanced Filtration Systems Inc. (AFSI), an unconsolidated joint venture, and guarantee certain debt of the joint venture. As of April 30, 2013, AFSI had $30.8 million of outstanding debt, of which the Company guarantees half. The Company had earnings of $0.7 million and $0.6 million, respectively, from this equity method investment during the three months ended April 30, 2013 and 2012. For the nine months ended April 30, 2013 and 2012, the Company recorded earnings of $1.4 million from this equity method investment. During the three and nine months ended April 30, 2013 and 2012, the Company also recorded royalty income of $1.4 million and $4.4 million, respectively, and $1.4 million and $4.6 million, respectively, related to AFSI.

As of April 30, 2013, the Company had a contingent liability for standby letters of credit totaling $13.2 million that have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of insurance contract terms as detailed in each letter of credit. At April 30, 2013, there were no amounts drawn upon these letters of credit.

Note J – Warranty

The Company estimates warranty expense using quantitative measures based on historical warranty claim experience and evaluation of specific Customer warranty issues. Following is a reconciliation of warranty reserves for the nine months ended April 30, 2013 and 2012 (thousands of dollars):


	April 30,
	2013			2012
Beginning balance	$	10,905		$	19,720
Accruals for warranties issued during the reporting period		5,479			4,188
Accruals related to pre-existing warranties (including changes in estimates)		(105	)		(1,416	)
Less settlements made during the period		(3,538	)		(7,841	)
Ending balance	$	12,741		$	14,651

There were no significant specific warranty matters accrued for in the periods ended April 30, 2013 or 2012. The Company’s warranty matters are not expected to have a material impact on its results of operations, liquidity, or financial position.

Note K – Employee Benefit Plans

The Company and certain of its international subsidiaries have defined benefit pension plans for many of their hourly and salaried employees. There are two types of U.S. plans. The first type of U.S. plan is a traditional defined benefit pension plan primarily for production employees. The second is a plan for salaried workers that provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit comprised of a percentage of current salary that varies with years of service, interest credits, and transition credits. The international plans generally provide pension benefits based on years of service and compensation level.

Net periodic pension costs for the Company’s pension plans include the following components (thousands of dollars):


	Three Months Ended April 30,						Nine Months Ended April 30,
	2013			2012			2013			2012
Net periodic cost:
Service cost	$	4,866		$	3,870		$	14,607		$	11,630
Interest cost		4,222			4,866			12,733			14,607
Expected return on assets		(7,008	)		(7,057	)		(21,100	)		(21,115	)
Prior service cost amortization		162			181			482			547
Actuarial loss amortization		2,563			1,393			7,712			4,274
Net periodic benefit cost	$	4,805		$	3,253		$	14,434		$	9,943

The Company’s general funding policy for its pension plans is to make at least the minimum contributions as required by applicable regulations. The Company may elect to make additional contributions up to the maximum tax deductible contribution. For the nine months ended April 30, 2013, the Company made contributions of $5.5 million to its non-U.S. pension plans and $0.4 million to its U.S. pension plans. The minimum funding requirement for the Company’s U.S. plans for Fiscal 2013 is $8.1 million. Per the Pension Protection Act of 2006, this obligation can be met with existing credit balances that resulted from payments above the minimum obligation in prior years. The Company is still considering whether an additional cash contribution will be made to its U.S. plans. The Company currently estimates that it will contribute an additional $1.6 million to its non-U.S. pension plans during the remainder of Fiscal 2013.

Note L – Financial Instruments

The Company uses forward exchange contracts to manage its exposure to fluctuations in foreign currency exchange rates. It is the Company’s policy to enter into derivative transactions only to the extent true exposures exist; the Company does not enter into derivative transactions for speculative or trading purposes. The Company enters into derivative transactions only with counterparties with high credit ratings. Concentration of counterparty risk is mitigated as the Company deals with a variety of major banks worldwide. In addition, only conventional derivative financial instruments are utilized. These transactions may expose the Company to credit risk to the extent the instruments have a positive fair value, but the Company has not experienced any material losses, nor does the Company anticipate any material losses. The Company would not be materially impacted if any of the counterparties to the derivative financial instruments outstanding failed to perform according to the terms of its agreement. At this time, the Company does not require collateral or any other form of securitization to be furnished by the counterparties to its derivative instruments.

The Company enters into forward exchange contracts of generally less than one year to hedge forecasted foreign currency transactions between its subsidiaries and to reduce potential exposure related to fluctuations in foreign exchange rates for existing recognized assets and liabilities. It also utilizes forward exchange contracts for anticipated intercompany and third-party transactions such as purchases, sales, and dividend payments denominated in local currencies. Forward exchange contracts are designated as cash flow hedges as they are designed to hedge the variability of cash flows associated with the underlying existing recognized or anticipated transactions. Changes in the value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) in shareholders’ equity until earnings are affected by the variability of the underlying cash flows. At that time, the applicable amount of gain or loss from the derivative instrument that is deferred in shareholders’ equity is reclassified to earnings. Effectiveness is measured using spot rates to value both the hedge contract and the hedged item. The excluded forward points, as well as any ineffective portions of hedges, are recorded in earnings through the same line as the underlying transaction. During the first nine months of Fiscal 2013, $0.3 million of losses were recorded due to hedge ineffectiveness.

Unrealized losses are reclassified, as appropriate, when earnings are affected by the variability of the underlying cash flows during the term of the hedges. The Company expects to record $0.2 million of net deferred losses from these forward exchange contracts during the next 12 months.

The impact on accumulated other comprehensive income (loss) and earnings from foreign exchange contracts that qualified as cash flow hedges for the nine months ended April 30, 2013 and 2012, was as follows (thousands of dollars):


	April 30,
	2013			2012
Net carrying amount at beginning of year	$	(373	)	$	241
Cash flow hedges deferred in other comprehensive income		297			2,131
Cash flow hedges reclassified to income (effective portion)		163			(1,938	)
Change in deferred taxes		(269	)		(169	)
Net carrying amount at April 30	$	(182	)	$	265

Note M – Credit Facilities

On December 7, 2012, the Company entered into a five-year, multi-currency revolving credit facility with a group of banks under which the Company may borrow up to $250.0 million. The agreement provides that loans may be made under a selection of currencies and rate formulas including Base Rate Loans or LIBOR Rate Loans. The interest rate on each advance is based on certain market interest rates and leverage ratios. Facility fees and other fees on the entire loan commitment are payable over the duration of this facility. As of April 30, 2013, there was $30.0 million of borrowings under this facility. The weighted average interest rate on short-term borrowings outstanding at April 30, 2013, was 1.1 percent. The multi-currency revolving facility contains debt covenants specifically related to maintaining a certain interest coverage ratio, and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of April 30, 2013, the Company was in compliance with all such covenants. The Company expects to remain in compliance with these covenants.

Note N – Fair Values

At April 30, 2013 and July 31, 2012, the Company’s financial instruments included cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, long-term debt, and derivative contracts. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximated carrying values because of the short-term nature of these instruments. As of April 30, 2013, the estimated fair value of long-term debt with fixed interest rates was $132.4 million compared to the carrying value of $116.9 million and the estimated fair value of short-term debt with fixed interest rates was $82.2 million compared to the carrying value of $80.0 million. The fair value is estimated by discounting projected cash flows using the rate that similar amounts of debt could currently be borrowed, which is classified as Level 2 in the fair value hierarchy.

Derivative contracts are reported at their fair values based on third-party quotes. The fair values of the Company’s financial assets and liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair values are based on inputs other than quoted prices that are observable for the asset or liability. These inputs include foreign currency exchange rates and interest rates. The financial assets and liabilities are primarily valued using standard calculations and models that use as their basis readily observable market parameters. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and currency rates.

The following summarizes the Company’s fair value of outstanding derivatives at April 30, 2013 and July 31, 2012 on the balance sheets (thousands of dollars):


	Significant Other Observable Inputs (Level 2)*
	April 30, 2013			July 31, 2012
Asset derivatives recorded under the caption Prepaids and other current assets
Foreign exchange contracts	$	834		$	526
Liability derivatives recorded under the caption Other current liabilities
Foreign exchange contracts		(898	)		(1,424	)
Forward exchange contracts - net liability position	$	(64	)	$	(898	)

*Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

The Company holds equity method investments which are classified in other assets in the condensed consolidated balance sheets. The aggregate carrying amount of these investments was $18.5 million as of April 30, 2013, and $20.1 million as of July 31, 2012. The fair value of the Company’s equity method investments has not been estimated as there have been no identified events or changes in circumstances that would have had an adverse impact on the value of these investments. In the event that these investments were required to be measured, these investments would fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value, as the investments are privately-held entities without quoted market prices.

Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. As there have been no events or circumstances that have had an adverse impact on the value of these assets, the Company has not been required to record an impairment and therefore these assets are not recorded at fair value. In the event that an impairment was recognized, the fair value would be classified within Level 3 of the fair value hierarchy. Refer to Note H for further discussion of the annual goodwill impairment analysis and carrying values of goodwill and other intangible assets.

The Company assesses the impairment of intangible assets and property, plant, and equipment whenever events or changes in circumstances indicate that the carrying amount of intangible assets and property, plant, and equipment assets may not be recoverable. There were no impairment charges recorded in the nine months ended April 30, 2013. Refer to Note H for further discussion of the carrying values of intangible assets.

Note O – Commitments and Contingencies

Litigation The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the recorded reserves in its condensed consolidated financial statements are adequate in light of the probable and estimable outcomes. The recorded liabilities were not material to the Company’s financial position, results of operations, or liquidity, and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations, or liquidity.

Note P – Income Taxes

The effective tax rate for the three and nine months ended April 30, 2013, was 29.8 percent and 29.2 percent, respectively. The effective tax rate for the three and nine months ended April 30, 2012, was 29.0 percent and 28.0 percent, respectively. The increase in our effective tax rate for the three months ended April 30, 2013, was primarily due to a statute of limitations expiration in the prior year’s three month period which resulted in recognition of income of $1.8 million. The increase in our effective tax rate for the nine months ended April 30, 2013, was primarily due to favorable settlements of tax audits of $4.3 million in the prior year’s nine month period. The unfavorable impact of these items was partially offset in the current year by the retroactive reinstatement of the Research and Experimentation Credit in the United States.

The Company’s uncertain tax positions are affected by the tax years that are under audit or remain subject to examination by the relevant taxing authorities. The following tax years, in addition to the current year, remain subject to examination, at least for certain issues, by the major tax jurisdictions indicated:


Major Jurisdictions		Open Tax Years
Belgium		2010 through 2012
China		2002 through 2012
France		2010 through 2012
Germany		2009 through 2012
Italy		2003 through 2012
Japan		2009 through 2012
Mexico		2007 through 2012
Thailand		2005 through 2012
United Kingdom		2011 through 2012
United States		2011 through 2012

At April 30, 2013, the total unrecognized tax benefits were $19.4 million, and accrued interest and penalties on these unrecognized tax benefits were $1.2 million. The Company recognizes accrued interest related to unrecognized tax benefits in income tax expense. If the Company were to prevail on all unrecognized tax benefits recorded, substantially all of the unrecognized tax benefits would benefit the effective tax rate. With an average statute of limitations of about 5 years, up to $1.1 million of the unrecognized tax benefits could potentially expire in the next 12 month period unless extended by an audit. It is possible that quicker than expected settlement of either current or future audits and disputes would cause additional reversals of previously recorded reserves in the next 12 month period. Currently, the Company has approximately $0.2 million of unrecognized tax benefits that are in formal dispute with various taxing authorities related to transfer pricing and deductibility of expenses. Quantification of an estimated range and timing of future audit settlements cannot be made at this time.

Note Q – Restructuring

The Company commenced certain headcount restructuring actions, particularly in Asia, during Fiscal 2013 in response to declining Customer demand and recorded employee severance costs for approximately 500 employees. The Company is continuing to assess the need for future restructuring activity based upon end market demand.

Restructuring expense detail is summarized as follows (in thousands):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
Cost of sales	$	625	$	—	$	1,330	$	—
Operating expenses		469		—		1,466		—
Total restructuring expenses	$	1,094	$	—	$	2,796	$	—

Note R – New Accounting Standards

In February 2013, the Financial Accounting Standards Board (FASB) updated the disclosure requirements for accumulated other comprehensive income. The updated guidance requires companies to disclose amounts reclassified out of accumulated other comprehensive income by component. The updated guidance does not affect how net income or other comprehensive income are calculated or presented. The updated guidance is effective for the Company beginning in the first quarter of fiscal year 2014. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

In February 2013, the FASB issued guidance related to obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. This guidance is effective for the Company beginning the first quarter of Fiscal 2015. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The Company is a worldwide manufacturer of filtration systems and replacement parts. The Company’s core strengths are leading filtration technology, strong Customer relationships, and its global presence. Products are manufactured at 40 plants around the world and through three joint ventures.

The Company has two reportable segments: Engine Products and Industrial Products. Products in the Engine Products segment consist of air filtration systems, exhaust and emissions systems, liquid filtration systems, and replacement filters. The Engine Products segment sells to original equipment manufacturers (OEMs) in the construction, mining, agriculture, aerospace, defense, and truck markets, and to OEM dealer networks, independent distributors, private label accounts, and large equipment fleets. Products in the Industrial Products segment consist of dust, fume and mist collectors, compressed air purification systems, air filtration systems for gas turbines, PTFE membrane-based products, and specialized air filtration systems for applications including computer hard disk drives. The Industrial Products segment sells to various industrial end-users, OEMs of gas-fired turbines, and OEMs and end-users requiring clean air.

The following discussion of the Company’s financial condition and results of operations should be read in conjunction with the Condensed Consolidated Financial Statements and Notes thereto and other financial information included elsewhere in this report.

Overview

The Company reported diluted net earnings per share of $0.46 for both third quarters of Fiscal 2013 and Fiscal 2012. Net earnings for the current quarter were $69.8 million compared to $70.9 million in the third quarter of the prior year. The Company reported sales in the third quarter of Fiscal 2013 of $619.4 million, a decrease of 4.3 percent from $647.2 million in the third quarter of the prior year. The impact of foreign currency translation decreased reported sales by 1.6 percent in the quarter compared to the prior year quarter.

The Company’s Gas Turbine Products sales increased 34.7 percent due to a number of large projects that were delivered during the quarter. This helped offset declines in the Company’s Engine Products OEM business in parts of the Americas and Asia. Overall, sales in the Company’s Engine Products’ segment decreased 5.8 percent, as many of the Company’s OEM Customers continue to reduce their equipment production schedules in response to their weaker end market demand.

Despite the sales decrease, operating margin increased to 15.9 percent compared to 15.2 percent in the prior year quarter. The increase in operating margin was driven by the Company’s continued cost containment actions, which helped align manufacturing and operating expenses with current and expected sales, savings resulting from the Company’s ongoing Continuous Improvement initiatives, and from lower incentive compensation.

The Company incurred $1.1 million of pre-tax restructuring charges for the quarter ended April 30, 2013, and year-to-date has incurred total restructuring costs of $2.8 million. The Company commenced certain headcount restructuring actions, particularly in Asia, during Fiscal 2013 in response to declining Customer demand and recorded employee severance costs for approximately 500 employees. The Company is continuing to assess the need for future restructuring activity based upon end market demand.

Results of Operations

The Company’s overall sales declined compared to the third quarter of the prior year as the global economic environment remained challenging. Sales in the Americas decreased $19.5 million or 6.2 percent compared to the third quarter of the prior year. Sales decreased in Asia by $13.4 million or 9.1 percent, which was partially offset by a sales increase in Europe of $4.1 million or 2.4 percent. For the nine month period ended April 30, 2013, sales in the Americas decreased $35.2 million or 4.0 percent from the prior year and by $2.1 million or 0.5 percent in Asia. These sales decreases were partially offset by a sales increase in Europe of $4.4 million or 0.9 percent from the prior year.

The impact of foreign currency translation during the third quarter of Fiscal 2013 decreased net sales by $10.0 million, or 1.6 percent, from the prior year third quarter. The impact of foreign currency translation on the year-to-date results as of the end of the third quarter of Fiscal 2013 decreased net sales by $28.6 million, or 1.6 percent. Worldwide sales for the third quarter of Fiscal 2013, excluding the impact of foreign currency translation, decreased 2.8 percent from the third quarter of the prior year and 0.2 percent year-to-date over the prior year. The impact of foreign currency translation decreased net earnings by $0.7 million, or 1.0 percent and by $1.9 million, or 1.0 percent for the three and nine months ended April 30, 2013, respectively.

Although net sales excluding foreign currency translation and net earnings excluding foreign currency translation are not measures of financial performance under U.S. GAAP, the Company believes they are useful in understanding its financial results. Both measures enable the Company to obtain a clearer understanding of the operating results of its foreign entities without the varying effects that changes in foreign currency exchange rates may have on those results. A shortcoming of these financial measures is that they do not reflect the Company’s actual results under U.S. GAAP. Management does not intend for these items to be considered in isolation or as a substitute for the related U.S. GAAP measures.

Following is a reconciliation to the most comparable U.S. GAAP financial measure of these non-U.S. GAAP financial measures (millions of dollars):


	Three Month Period						Nine Month Period
	Net Sales			Percent Change in Net Sales			Net Sales			Percent Change in Net Sales
Prior year period	$	594.6			NA		$	1,668.6			NA
Net sales change, excluding foreign currency translation impact		64.2			10.8	%		170.2			10.2	%
Foreign currency translation impact		(11.6	)		(2.0	)%		(2.4	)		(0.1	)%
Period ended April 30, 2012	$	647.2			8.8	%	$	1,836.4			10.1	%

Net sales change, excluding foreign currency translation impact		(17.8	)		(2.7	)%		(3.4	)		(0.1	)%
Foreign currency translation impact		(10.0	)		(1.6	)%		(28.6	)		(1.6	)%
Period ended April 30, 2013	$	619.4			(4.3	)%	$	1,804.4			(1.7	)%


	Three Month Period						Nine Month Period
	Net Earnings			Percent Change in Net Earnings			Net Earnings			Percent Change in Net Earnings
Prior year period	$	61.8			NA		$	159.5			NA
Net earnings change, excluding foreign currency translation impact		10.0			16.3	%		34.0			21.3	%
Foreign currency translation impact		(0.9	)		(1.5	)%		(0.2	)		(0.1	)%
Period ended April 30, 2012	$	70.9			14.8	%	$	193.3			21.2	%

Net earnings change, excluding foreign currency translation impact		(0.4	)		(0.6	)%		(16.6	)		(8.6	)%
Foreign currency translation impact		(0.7	)		(1.0	)%		(1.9	)		(1.0	)%
Period ended April 30, 2013	$	69.8			(1.6	)%	$	174.8			(9.6	)%

Gross margin was 35.8 percent for the third quarter of 2013 and 34.3 percent year-to-date, compared to the prior year margins of 35.3 percent and 35.1 percent, respectively. The increase in the gross margin for the three months ended April 30, 2013, was primarily attributable to approximately 100 basis points of benefit from the Company’s Continuous Improvement initiatives and a higher percentage of sales coming from replacement filters. Slightly offsetting these positive drivers of gross margin was a decrease due to the mix impact of large Gas Turbine project shipments and some impact from lower absorption of fixed costs due to the lower production volumes in the Company’s plants. Gross margin also included restructuring expenses of $0.6 million in the quarter and $1.3 million year-to-date.

Purchased raw materials generally represent approximately 60 to 65 percent of the Company’s cost of sales. Of that amount, steel, including fabricated parts, represents approximately 25 percent. Filter media represents approximately 15 to 20 percent and the remainder is primarily made up of petroleum-based products and other components. The cost the Company paid for steel during the nine months ended April 30, 2013, varied by grade, but in aggregate it decreased slightly compared to the prior year quarter in the U.S. and was comparable to the prior year at our other locations. The Company’s cost of filter media also varies by type but was down slightly compared to the third quarter of Fiscal 2012 and the cost of petroleum-based products in the U.S. was generally flat over the prior year quarter. Currently, the market prices for steel are expected to be flat to slightly down in the U.S. and filter media is expected to slightly increase over the near term. Some upward pressure is expected on petroleum-based products. The Company enters into selective supply arrangements with certain of our steel suppliers that allow us to reduce volatility in the Company’s costs. The Company currently has steel purchase arrangements in the U.S. with three to four month durations for approximately 70 percent of our requirements. The Company believes these arrangements will help keep steel prices fairly stable at current levels through July 2013. The Company does strive to recover or offset all material cost increases through a combination of selective price increases to its Customers and the Company’s Continuous Improvement initiatives, which include material substitutions, process improvements, and product redesigns.

Operating expenses were $122.9 million for the quarter, down 5.3 percent from $129.8 million in the prior year period. As a percent of sales, operating expenses for the third quarter were 19.8 percent of sales, down from 20.1 percent of sales during the prior year quarter. Operating expenses year-to-date were $375.5 million, or 20.8 percent of sales, compared to $380.4 million, or 20.7 percent of sales, in the prior year. Restructuring expenses included in operating expenses were $0.5 million for the third quarter and $1.5 million year-to-date. The Company’s ongoing discretionary cost containment actions and lower incentive compensation reduced operating expenses as a percent of sales by 120 basis points. These decreases helped offset the 90 basis points increase resulting from restructuring expenses, higher pension expenses, slightly higher insurance costs, and the incremental expenses related to its strategic business systems projects, including its design and implementation of a single, global ERP system.

Other income for the third quarter of Fiscal 2013 totaled $3.6 million compared to $4.3 million in the third quarter of the prior year. The decrease for the third quarter was driven by a decrease in interest income of $0.8 million, and a decrease of $0.6 million in royalty income. Year-to-date other income totaled $12.0 million compared to $13.8 million reported in the prior year. The decrease was driven by a $2.1 million decrease in foreign exchange gains, a $1.0 million decrease in interest income, a $0.9 million decrease in royalty income, a $0.2 million decrease in income from unconsolidated affiliates which was offset by an insurance recovery and other miscellaneous income of $0.4 million.

The effective tax rate for the three and nine months ended April 30, 2013, was 29.8 percent and 29.2 percent, respectively. The effective tax rate for the three and nine months ended April 30, 2012, was 29.0 percent and 28.0 percent, respectively. The increase in our effective tax rate for the three months ended April 30, 2013, was primarily from a statute of limitations expiration in the prior year’s three month period which resulted in recognition of income of $1.8 million. The increase in our effective tax rate for the nine months ended April 30, 2013, was primarily due to favorable settlements of tax audits of $4.3 million in the prior year’s nine month period. The unfavorable impact of these items was partially offset in the current year by the retroactive reinstatement of the Research and Experimentation Credit in the United States.

Operations by Segment

Following is financial information for the Company’s Engine and Industrial Products segments. Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments and interest income and expense. Segment detail is summarized as follows (thousands of dollars):


	Engine Products		Industrial Products		Corporate & Unallocated			Total Company
Three Months Ended April 30, 2013:
Net sales	$	383,314	$	236,057	$	—		$	619,371
Earnings before income taxes		65,680		37,555		(3,759	)		99,476

Three Months Ended April 30, 2012:
Net sales	$	407,041	$	240,196	$	—		$	647,237
Earnings before income taxes		62,136		38,792		(938	)		99,990

Nine Months Ended April 30, 2013:
Net sales	$	1,107,814	$	696,540	$	—		$	1,804,354
Earnings before income taxes		152,129		102,709		(7,835	)		247,003
Assets		815,604		539,151		402,853			1,757,608

Nine Months Ended April 30, 2012:
Net sales	$	1,171,600	$	664,815	$	—		$	1,836,415
Earnings before income taxes		170,432		103,688		(5,694	)		268,426
Assets		879,228		534,686		340,359			1,754,273

Following are net sales by product within the Engine and Industrial Products segments (thousands of dollars):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
Engine Products segment:
Off-Road Products	$	93,797	$	100,307	$	268,056	$	281,450
On-Road Products		30,288		42,133		96,207		124,134
Aftermarket Products*		228,452		231,298		658,710		672,265
Retrofit Emissions Products		3,295		4,038		9,554		13,326
Aerospace and Defense Products		27,482		29,265		75,287		80,425
Total Engine Products segment		383,314		407,041		1,107,814		1,171,600

Industrial Products segment:
Industrial Filtration Solutions Products		125,447		136,082		386,475		401,522
Gas Turbine Products		68,733		51,036		182,295		123,628
Special Applications Products		41,877		53,078		127,770		139,665
Total Industrial Products segment		236,057		240,196		696,540		664,815
Total Company	$	619,371	$	647,237	$	1,804,354	$	1,836,415

* Includes replacement part sales to the Company’s OEM Engine Products Customers.

Engine Products Segment For the third quarter of Fiscal 2013, worldwide Engine Products sales were $383.3 million, a decrease of 5.8 percent from $407.0 million in the third quarter of the prior year. Sales in the Americas decreased by 7.6 percent compared to the same period in the prior year and sales decreased by 12.7 percent in Asia, partially offset by an increase in Europe of 2.6 percent. The impact of foreign currency translation during the third quarter of Fiscal 2013 decreased sales by $7.6 million, or 1.9 percent. Except for the agricultural equipment markets, where conditions for large farm equipment remained strong, the Company’s other Engine OEM end-markets, particularly mining and construction, remained weak. Many of the Company’s OEM Customers experienced decreased production levels reflecting a drop-off in their end user demand along with a reduction of their finished equipment inventory levels. The Company saw better conditions in Aftermarket Products in the Americas and Europe, offset by declines in Asia. For the three months ended April 30, 2013, earnings before income taxes as a percentage of sales of 17.1 percent increased from 15.3 percent in the prior year period. The percentage earnings increase for the three months ended April 30, 2013 was primarily due to decreased expenses from cost containment actions undertaken during the quarter. Year-to-date, worldwide Engine Products sales were $1,107.8 million, a decrease of 5.4 percent from $1,171.6 million in the prior year. Engine Products sales decreased 10.9 percent in Asia, 3.7 percent in Europe, and 4.5 percent in the Americas from the prior year on a year-to-date basis. The impact of foreign currency translation on the year-to-date results as of the end of the third quarter of Fiscal 2013 decreased sales by $20.2 million, or 1.7 percent. Year-to-date earnings before income taxes as a percentage of Engine Products segment sales of 13.7 percent decreased from 14.5 percent in the prior year. The percentage earnings decrease for the nine months ended April 30, 2013 was driven by lower fixed cost absorption as a result of lower production volumes, increased incremental expenses related to the Company’s strategic business systems projects, and higher pension and insurance costs, partially offset by benefits from the Company’s ongoing Continuous Improvement initiatives. For the three and nine months ended April 30, 2013, the Engine Products segment incurred $0.4 million and $1.1 million, respectively, in restructuring charges.

Worldwide sales of Off-Road Products in the current quarter were $93.8 million, a decrease of 6.5 percent from $100.3 million in the third quarter of the prior year. Off-Road Products sales decreased 16.5 percent in the Americas and 14.0 percent in Asia, which was partially offset by a sales increase of 5.7 percent in Europe, compared to the third quarter of the prior year. Year-to-date worldwide Off-Road Products sales totaled $268.1 million, a decrease of 4.8 percent from $281.5 million in the prior year. Year-to-date sales of Off-Road Products decreased 5.0 percent in the Americas and 18.4 percent in Asia, while sales were relatively flat in Europe over the prior year. For the three and nine months ended April 30, 2013, the sales decreases were driven by a decline in the mining equipment markets and continued weak demand in the construction market, which were partially offset by strength in the agriculture market.

Worldwide sales of On-Road Products in the current quarter were $30.3 million, a decrease of 28.1 percent from $42.1 million in the third quarter of the prior year. Sales decreased 38.2 percent in the Americas, 27.2 percent in Asia, and were relatively flat in Europe. Year-to-date worldwide On-Road Products sales totaled $96.2 million, a decrease of 22.5 percent from $124.1 million in the prior year. The year-to-date On-Road Products sales decrease was driven by a 32.2 percent decrease in the Americas, a 20.1 percent decrease in Asia, and an 8.4 percent sales decrease in Europe from the prior year. For the three and nine months ended April 30, 2013, the sales decreases were a result of a decrease in global truck build rates. According to published industry data, North American Class 8 truck build rates decreased 21.4 percent for the nine months ended April 30, 2013 compared to the prior year.

Worldwide sales of Aftermarket Products in the current quarter were $228.5 million, a decrease of 1.2 percent from $231.3 million in the third quarter of the prior year. Sales decreases were driven by a 7.7 percent decrease in Asia, which was partially offset by a 2.6 percent increase in the Americas, while sales remained relatively flat in Europe. Year-to-date worldwide Aftermarket Products sales totaled $658.7 million, a decrease of 2.0 percent from $672.3 million in the prior year. Year-to-date Aftermarket Products sales decreased 5.8 percent in Europe and 3.2 percent in Asia, partially offset by a sales increase of 3.1 percent in the Americas. For the three and nine months ended April 30, 2013, sales decreases were primarily driven by lower utilization rates of equipment across the off-road equipment markets.

Sales of Retrofit Emissions Products in the third quarter were $3.3 million, a decrease of 18.4 percent from $4.0 million in the third quarter of the prior year. The Company’s Retrofit Emissions Products sales are solely in the U.S. Year-to-date Retrofit Emissions Products sales were $9.6 million, a decrease of 28.3 percent compared to $13.3 million in the prior year. The sales of these products are highly dependent on government regulations. Sales were impacted by a lack of government funding availability and government verification of new products during the three and nine months ended April 30, 2013.

Worldwide sales of Aerospace and Defense Products were $27.5 million, a decrease of 6.1 percent from $29.3 million in the third quarter of the prior year. Sales of Aerospace and Defense Products were relatively flat over the prior year in Europe and Asia, while sales in the Americas decreased 8.1 percent over the prior year. Year-to-date, worldwide Aerospace and Defense Products sales totaled $75.3 million, a decrease of 6.4 percent from $80.4 million in the prior year, primarily due to a continued slowdown in U.S. military spending.

Industrial Products Segment For the current quarter, worldwide sales in the Industrial Products segment were $236.1 million, a decrease of 1.7 percent from $240.2 million in the third quarter of the prior year. Current quarter Industrial Products sales decreases of 5.3 percent in Asia and 2.8 percent in the Americas were partially offset by a 2.1 percent sales increase in Europe. The impact of foreign currency translation during the third quarter decreased sales $2.5 million, or 1.0 percent. The sales decrease over the prior year quarter is primarily due to sales declines of 21.1 percent in Special Application Products and a decrease of 7.8 percent in Industrial Filtration Solutions Products sales, mostly offset by 34.7 percent sales growth in the Gas Turbine Products business. Year-to-date worldwide net sales were $696.5 million, up 4.8 percent from $664.8 million in the prior year. Industrial Products sales increased 11.2 percent in Asia and 6.9 percent in Europe while sales decreased 2.6 percent in the Americas from the prior year. The impact of foreign currency translation on the year-to-date results decreased sales by $8.4 million, or 1.3 percent. Earnings before income taxes as a percentage of sales for the current quarter of 15.9 percent decreased from 16.2 percent in the prior year period. Year-to-date earnings before income taxes as a percentage of Industrial Products segment sales of 14.7 percent decreased from 15.6 percent in the prior year. The decrease in earnings as a percentage of sales over the prior year for the three and nine months ended April 30, 2013, was driven by a shift in product mix to large Gas Turbine projects, increased incremental expenses related to the Company’s strategic business systems projects and higher pension and insurance costs, partially offset by benefits from the Company’s ongoing Continuous Improvement initiatives. The Industrial Products segment incurred $0.7 million and $1.7 million, respectively, in restructuring charges for the three and nine months ended April 30, 2013.

Worldwide sales of Industrial Filtration Solutions Products in the current quarter were $125.4 million, a decrease of 7.8 percent from $136.1 million in the prior year. Sales decreased 18.8 percent, 9.5 percent, and 1.7 percent in Asia, Europe, and the Americas, respectively, compared to the prior year period. Year-to-date worldwide sales of Industrial Filtration Solutions were $386.5 million, down 3.7 percent from $401.5 million in the prior year. Industrial Filtration Solutions sales decreased 12.3 percent and 7.5 percent in Asia and Europe, respectively, from the prior year on a year-to-date basis, partially offset by a sales increase in the Americas of 3.7 percent. Overall, for the three and nine months ended April 30, 2013, the Company experienced stable market conditions in the Americas, partially offset by the continued weak economic conditions in Asia and a decline in European market conditions. Sales were also negatively impacted by foreign currency translation.

Worldwide sales of the Company’s Gas Turbine Products in the third quarter were $68.7 million, an increase of 34.7 percent compared to sales of $51.0 million in the prior year quarter. Gas Turbine Products sales are typically large systems and, as a result, the Company’s shipments and revenues fluctuate from period to period. Year-to-date worldwide Gas Turbine Products sales were $182.3 million, an increase of 47.5 percent from $123.6 million in the prior year. Sales of Gas Turbine Products were strong due to high demand for the large systems used in power generation. The Company also experienced moderate growth for its smaller systems used in oil and gas applications and for replacement filters.

Worldwide sales of Special Application Products were $41.9 million in the current quarter, a decrease of 21.1 percent from $53.1 million in the prior year quarter primarily driven by a 28.8 percent decrease in Asia. Year-to-date worldwide Special Application Products sales were $127.8 million, a decrease of 8.5 percent from $139.7 million in the prior year due to sales decreases in Asia and Europe of 10.1 percent and 14.0 percent, respectively. For the three and nine months ended April 30, 2013, the sales decreases were primarily due to a global decline in computer sales which resulted in lower demand for the Company’s hard disk drive filters. In addition, weakness in industrial end markets resulted in lower sales of the Company’s membrane products, particularly in Asia.

Liquidity and Capital Resources

During the current fiscal year, $217.4 million of cash was generated from operating activities compared with $182.4 million in the first nine months of the prior year. The $35 million increase in cash provided by operating activities as compared to the prior year is driven by lower accounts receivable and inventory levels versus the prior year, partially offset by a decrease in accounts payable due to a reduction in purchasing activity.

The Company’s inventory balance was $240.5 million as of April 30, 2013, compared to $256.1 million as of July 31, 2012. The Company’s accounts receivable balance was $437.4 million as of April 30, 2013, compared to $438.8 million as of July 31, 2012.

In the first nine months of Fiscal 2013, operating cash flows and cash on hand were used to make $69.4 million in capital investments, to make $66.5 million of short-term debt repayments, to repurchase 1,820,442 shares of the Company’s common stock for $61.0 million, and to pay $41.2 million in dividends. For additional information regarding share repurchases see Part II, Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds.”

At the end of the third quarter, the Company held $264.0 million in cash and cash equivalents, up from $225.8 million at July 31, 2012. Short-term investments were $65.7 million compared to $92.4 million at July 31, 2012. Short-term borrowings totaled $30.0 million, down from $95.1 million at July 31, 2012. Current maturities of long-term debt were $82.0 million at quarter end, up from $2.3 million at July 31, 2012. Long-term debt was $119.1 million at April 30, 2013, which decreased from $203.5 million at July 31, 2012. Long-term debt represented 9.9 percent of total long-term capital, defined as long-term debt plus total shareholders’ equity, compared to 18.3 percent at July 31, 2012.

As of April 30, 2013, 98 percent of the Company’s cash and cash equivalents and short-term investments are held by its foreign subsidiaries, as over half of the Company’s earnings occur outside the U.S. Most of these funds are considered permanently reinvested outside the U.S., and will only be repatriated when it is tax effective to do so, as the cash generated from U.S. operations is sufficient for the U.S cash needs. If additional cash were required for the Company’s operations in the U.S., it may be subject to additional U.S. taxes if funds were repatriated from certain foreign subsidiaries.

The Company’s general funding policy for its pension plans is to make at least the minimum contributions as required by applicable regulations. The Company may elect to make additional contributions up to the maximum tax deductible contribution. For the nine months ended April 30, 2013, the Company made contributions of $5.5 million to its non-U.S. pension plans and $0.4 million to its U.S. pension plans. The minimum funding requirement for the Company’s U.S. plans for Fiscal 2013 is $8.1 million. Per the Pension Protection Act of 2006, this obligation can be met with existing credit balances that resulted from payments above the minimum obligation in prior years. The Company is still considering whether it will make an additional cash contribution to its U.S. plans. The Company currently estimates that it will contribute an additional $1.6 million to its non-U.S. pension plans during the remainder of Fiscal 2013.

The following table summarizes the Company’s contractual obligations as of April 30, 2013 (in thousands):


			Payments Due by Period
Contractual Obligations	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
Long-term debt obligations	$	196,936	$	80,000	$	16,936	$	100,000	$	—
Capital lease obligations		1,607		802		716		89		—
Interest on long-term debt obligations		31,042		11,134		11,003		8,905		—
Operating lease obligations		28,820		11,232		13,865		3,485		238
Purchase obligations ⁽¹⁾		196,551		187,493		8,774		283		1
Pension and deferred compensation ⁽²⁾		89,790		21,711		9,805		9,628		48,646
Total ⁽³⁾	$	544,746	$	312,372	$	61,099	$	122,390	$	48,885

⁽¹⁾Purchase obligations consist primarily of inventory, tooling, contract employment services, and capital expenditures. The Company’s purchase orders for inventory are based on expected Customer demand and quantities and dollar volumes are subject to change.

⁽²⁾Pension and deferred compensation consists of long-term pension liabilities and salary and bonus deferrals elected by certain executives under the Company’s deferred compensation plan. Deferred compensation balances earn interest based on a treasury bond rate as defined by the plan (10-year treasury bond STRIP rate plus two percent for deferrals prior to January 1, 2011 and 10-year treasury bond rates for deferrals after December 31, 2010) and approved by the Human Resources Committee of the Board of Directors, and are payable at the election of the participants.

⁽³⁾In addition to the above contractual obligations, the Company may be obligated for additional cash outflows of $20.6 million of potential tax obligations, including accrued interest and penalties. The payment and timing of any such payments is affected by the ultimate resolution of the tax years that are under audit or remain subject to examination by the relevant taxing authorities. Therefore, quantification of an estimated range and timing of future payments cannot be made at this time.

At April 30, 2013, the Company had a contingent liability for standby letters of credit totaling $13.2 million that have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of insurance contract terms as detailed in each letter of credit. At April 30, 2013, there were no amounts drawn upon these letters of credit.

The Company has approximately $465.1 million of unused lines of credit as of April 30, 2013. On December 7, 2012, the Company entered into a five-year, multi-currency revolving credit facility with a group of banks under which the Company may borrow up to $250.0 million. As of April 30, 2013, there were $30.0 million of borrowings under this facility. The weighted average interest rate on short-term borrowings outstanding at April 30, 2013, was 1.1 percent. The multi-currency revolving facility contains debt covenants specifically related to maintaining a certain interest coverage ratio, and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of April 30, 2013, the Company was in compliance with all such covenants. The Company expects to remain in compliance with these covenants.

During the quarter, credit in the global credit markets was accessible and market interest rates remained low. The Company believes that its current financial resources, together with cash generated by operations, are sufficient to continue financing its operations for the next twelve months. There can be no assurance, however, that the cost or availability of future borrowings will not be impacted by future capital market disruptions.

The Company does not have any off-balance sheet arrangements, with the exception of the guarantee of 50 percent of certain debt of its joint venture, AFSI, as further discussed in Note I of the Company’s Notes to Condensed Consolidated Financial Statements.

New Accounting Standards

In February 2013, the FASB updated the disclosure requirements for accumulated other comprehensive income. The updated guidance requires companies to disclose amounts reclassified out of accumulated other comprehensive income by component. The updated guidance does not affect how net income or other comprehensive income are calculated or presented. The updated guidance is effective for the Company beginning in the first quarter of fiscal year 2014. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Critical Accounting Policies

There have been no material changes to the Company’s critical accounting policies as disclosed in the Company’s Annual Report on Form 10-K for the year ended July 31, 2012.

Outlook


	•	The Company is forecasting its total Fiscal 2013 sales to be between $2.40 and $2.45 billion, a 2 to 4 percent decrease from last year’s record $2.5 billion. The Company’s current forecast is based on forecasted rates for the Euro at US$1.31 and 98 Yen to the US$.

	•	The Company is forecasting its full year operating margin to be 13.6 to 14.2 percent.

	•	The Fiscal 2013 tax rate is projected to be between 29 and 30 percent.

	•	The Company is forecasting Fiscal 2013 EPS to be between $1.57 and $1.65.

	•	The Company projects that cash generated by operating activities in Fiscal 2013 will be between $260 and $280 million. Capital spending is estimated to be approximately $85 million.

Engine Products Segment – The Company is forecasting full year Engine Product sales to decrease 4 to 6 percent compared to Fiscal 2012, including the impact of foreign currency translation.


	•	The Company’s On-Road OEM Customers are planning to build fewer heavy- and medium-duty trucks, although the rate of decline is expected to begin moderating in the Company’s fourth quarter. Demand from Off-Road OEM Customers is anticipated to be mixed: build rates of agriculture equipment are forecasted to remain good, build rates of construction equipment are expected to slowly improve in North America, but remain weak in Europe and China, and build rates of mining equipment are expected to decrease globally.

	•	The Company is anticipating slowly improving growth of its Aftermarket Products. Current utilization rates for off-road equipment and on-road heavy truck fleets have begun to stabilize and inventory levels at dealers and distributors are consistent with current end market utilization. The Company also expects to benefit from its continued expansion into emerging economies, from the increasing number of systems installed in the field with its proprietary filters, and from its increasing sales of liquid filtration products.

	•	The Company is anticipating a mid-single digit percent decrease in its Aerospace and Defense Products’ sales compared to the prior year as the continued slowdown in military activity is expected to be partially offset by growth from commercial aerospace sales.

Industrial Products Segment – The Company forecasts full year Industrial Product sales to be consistent with the prior year, including the impact of foreign currency translation.


	•	The Company is anticipating a mid-single digit decrease in its Industrial Filtration Solutions’ sales as compared to Fiscal 2012, assuming manufacturing activity will continue to increase moderately in the Americas, slowly improve in Asia, and continue to be weak in Europe.

	•	The Company anticipates its Gas Turbine Products’ sales will be up 27 to 30 percent for the full year due to the continuing strength in the large turbine power generation and in the oil and gas markets. In addition, while it remains a long-term growth opportunity for the Company, due to the absence of as many large projects and the ongoing weak global economic impact on the demand for new electricity power generation, we expect our Gas Turbine Products’ sales during Fiscal 2014 will be more similar to Fiscal 2012 at $180 million.

	•	Special Applications Products’ sales are projected to decrease 8 to 11 percent, with expected weaker market demand for hard disk drive filters and membranes products.

SAFE HARBOR STATEMENT UNDER THE SECURITIES REFORM ACT OF 1995

The Company, through its management, may make forward-looking statements reflecting the Company’s current views with respect to future events and financial performance. These forward-looking statements, which may be included in reports filed under the Securities Exchange Act of 1934, as amended (the Exchange Act), in press releases and in other documents and materials as well as in written or oral statements made by or on behalf of the Company, are subject to certain risks and uncertainties, including those discussed in Item 1A of the Company’s Annual Report on Form 10-K for the year ended July 31, 2012, which could cause actual results to differ materially from historical results or those anticipated. The words or phrases “will likely result,” “are expected to,” “will continue,” “estimate,” “project,” “believe,” “expect,” “anticipate,” “forecast,” and similar expressions are intended to identify forward-looking statements within the meaning of Section 21e of the Exchange Act and Section 27A of the Securities Act of 1933, as amended, as enacted by the Private Securities Litigation Reform Act of 1995 (PSLRA). In particular, the Company desires to take advantage of the protections of the PSLRA in connection with the forward-looking statements made in this Quarterly Report on Form 10-Q, including those contained in the “Outlook” section of Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made. In addition, the Company wishes to advise readers that the factors listed in Item 1A of the Company’s Annual Report on Form 10-K for the year ended July 31, 2012, as well as other factors, could affect the Company’s performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed. These factors include, but are not limited to, risks associated with: world economic factors and the ongoing global economic uncertainty, the reduced demand for hard disk drive products with the increased use of flash memory, the potential for some Customers to increase their reliance on their own filtration capabilities, currency fluctuations, commodity prices, political factors, the Company’s international operations, highly competitive markets, governmental laws and regulations, including the impact of the various economic stimulus and financial reform measures, the implementation of our new information technology systems, potential global events resulting in market instability including financial bailouts and defaults of sovereign nations, military and terrorist activities, health outbreaks, natural disasters, and all of the other risk factors included in Item 1A of the Company’s Annual Report on Form 10-K for the year ended July 31, 2012. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


Item 3.	Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in the reported market risk of the Company since July 31, 2012. See further discussion of these market risks in the Company’s Annual Report on Form 10-K for the year ended July 31, 2012.


Item 4.	Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures: As of the end of the period covered by this report (the Evaluation Date), the Company carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in applicable rules and forms, and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control over Financial Reporting: There was no change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the fiscal quarter ended April 30, 2013, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION


Item 1.	Legal Proceedings

The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the recorded reserves in its consolidated financial statements are adequate in light of the probable and estimable outcomes. Any recorded liabilities were not material to the Company’s financial position, results of operations, or liquidity, and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations, or liquidity.


Item 1A.	Risk Factors

There are inherent risks and uncertainties associated with the Company’s global operations that involve the manufacturing and sale of products for highly demanding Customer applications throughout the world. These risks and uncertainties could adversely affect the Company’s operating performances or financial condition. The “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended July 31, 2012, includes a discussion of these risks and uncertainties.


Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

Repurchases of Equity Securities

The following table sets forth information in connection with purchases made by, or on behalf of, the Company or any affiliated purchaser of the Company, of shares of the Company’s common stock during the quarterly period ended April 30, 2013.


Period	Total Number of Shares Purchased (1)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
February 1 - February 28, 2013		—	$	—		—		3,737,155
March 1 - March 31, 2013		4,692	$	36.79		—		3,737,155
April 1 - April 30, 2013		—	$	—		—		3,737,155
Total		4,692	$	36.79		—		3,737,155

(1) On March 26, 2010, the Company announced that the Board of Directors authorized the repurchase of up to 16.0 million shares of common stock. This repurchase authorization, which is effective until terminated by the Board of Directors, replaced the existing authority that was authorized on March 31, 2006. There were no repurchases of common stock made outside of the Company’s current repurchase authorization during the quarter ended April 30, 2013. However, the “Total Number of Shares Purchased” column of the table above includes 4,692 previously owned shares tendered by option holders in payment of the exercise price of options during the quarter. While not considered repurchases of shares, the Company does at times withhold shares that would otherwise be issued under equity-based awards to cover the withholding taxes due as a result of exercising stock options or payment of equity-based awards.


Item 6.	Exhibits


	*3-A – Restated Certificate of Incorporation of Registrant as currently in effect (Filed as Exhibit 3-A to Form 10-Q Report for the Third Quarter ended January 31, 2012)

	*3-B – Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of Registrant, dated as of March 3, 2006 (Filed as Exhibit 3-B to 2011 Form 10-K Report)


	*3-C – Amended and Restated Bylaws of Registrant (as of January 30, 2009) (Filed as Exhibit 3-C to Form 10-Q Report for the Third Quarter ended January 31, 2009)

	4 – *

	*4-A – Preferred Stock Amended and Restated Rights Agreement between Registrant and Wells Fargo Bank, N.A., as Rights Agent, dated as of January 27, 2006 (Filed as Exhibit 4-A to 2011 Form 10-K Report)

	31-A – Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31-B – Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32 – Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	101 – The following information from the Donaldson Company, Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2013 as filed with the Securities and Exchange Commission, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) The Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

	* Exhibit has previously been filed with the Securities and Exchange Commission and is incorporated herein by reference as an exhibit.

	** Pursuant to the provisions of Regulation S-K Item 601(b)(4)(iii)(A) copies of instruments defining the rights of holders of certain long-term debts of the Company and its subsidiaries are not filed and in lieu thereof the Company agrees to furnish a copy thereof to the Securities and Exchange Commission upon request.

	*** Denotes compensatory plan or management contract.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	DONALDSON COMPANY, INC.
	(Registrant)

Date: June 3, 2013	By:	/s/ William M. Cook
		William M. Cook
		Chairman, President and
		Chief Executive Officer
		(duly authorized officer)

Date: June 3, 2013	By:	/s/ James F. Shaw
		James F. Shaw
		Vice President,
		Chief Financial Officer
		(principal financial officer)

Date: June 3, 2013	By:	/s/ Melissa A. Osland
		Melissa A. Osland
		Corporate Controller
		(principal accounting officer)

EX-31.A 2 donaldson132148_ex31-a.htm CERTIFICATION OF CEO PURSUANT TO SECTION 302

Exhibit 31-A

Certification of Chief Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


I, William M. Cook, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Donaldson Company, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: June 3, 2013	/s/ William M. Cook
	William M. Cook
	Chief Executive Officer

EX-31.B 3 donaldson132148_ex31-b.htm CERTIFICATION OF CFO PURSUANT TO SECTION 302

Exhibit 31-B

Certification of Chief Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, James F. Shaw, certify that:


1.	I have reviewed this quarterly report on Form 10-Q of Donaldson Company, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: June 3, 2013	/s/ James F. Shaw
	James F. Shaw
	Chief Financial Officer

EX-32 4 donaldson132148_ex32.htm CERTIFICATION OF CEO/CFO PURSUANT TO SECTION 906

Exhibit 32

Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the following certifications are being made to accompany the Form 10-Q for the quarter ended April 30, 2013 for Donaldson Company, Inc.:

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, William M. Cook, Chief Executive Officer of Donaldson Company, Inc., certify that:


	1.	The Form 10-Q of Donaldson Company, Inc. for the quarter ended April 30, 2013, (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Donaldson Company, Inc.


Date: June 3, 2013	/s/ William M. Cook
	William M. Cook
	Chief Executive Officer

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, James F. Shaw, Chief Financial Officer of Donaldson Company, Inc., certify that:


	1.	The Form 10-Q of Donaldson Company, Inc. for the quarter ended April 30, 2013, (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Donaldson Company, Inc.


Date: June 3, 2013	/s/ James F. Shaw
	James F. Shaw
	Chief Financial Officer

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cellspacing="0" cellpadding="0" width="100%" border="0"> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Significant Other Observable Inputs (Level 2)*</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> April 30, 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> July 31, 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Asset derivatives recorded under the caption Prepaids and other current assets</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Foreign exchange contracts</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 834</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 526</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Liability derivatives recorded under the caption Other current liabilities</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Foreign exchange contracts</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (898</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (1,424</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Forward exchange contracts - net liability position</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> (64</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> )</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> (898</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> )</td></tr></table>           *Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. </div> 1800000 P5Y 1100000 500 2 2010 through 2012 2002 through 2012 2009 through 2012 2010 through 2012 2011 through 2012 2003 through 2012 2009 through 2012 2007 through 2012 2005 through 2012 2011 through 2012 1.00 61000000 <div> Note B – Short-Term Investments           All short-term investments are time deposits and have original maturities in excess of three months but not more than twelve months. The Company had $65.7 million and $92.4 million in short-term investments as of April 30, 2013 and July 31, 2012, respectively. </div> P5Y 2 200000 P12M false --07-31 Q3 2013 2013-04-30 10-Q 0000029644 146949730 Large Accelerated Filer DONALDSON CO INC

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<div> Note R – New Accounting Standards           In February 2013, the Financial Accounting Standards Board (FASB) updated the disclosure requirements for accumulated other comprehensive income. The updated guidance requires companies to disclose amounts reclassified out of accumulated other comprehensive income by component. The updated guidance does not affect how net income or other comprehensive income are calculated or presented. The updated guidance is effective for the Company beginning in the first quarter of fiscal year 2014. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.           In February 2013, the FASB issued guidance related to obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. This guidance is effective for the Company beginning the first quarter of Fiscal 2015. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. </div>

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<div> Note O – Commitments and Contingencies           Litigation The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the recorded reserves in its condensed consolidated financial statements are adequate in light of the probable and estimable outcomes. The recorded liabilities were not material to the Company's financial position, results of operations, or liquidity, and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations, or liquidity. </div>

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<div> Note M – Credit Facilities           On December 7, 2012, the Company entered into a five-year, multi-currency revolving credit facility with a group of banks under which the Company may borrow up to $250.0 million. The agreement provides that loans may be made under a selection of currencies and rate formulas including Base Rate Loans or LIBOR Rate Loans. The interest rate on each advance is based on certain market interest rates and leverage ratios. Facility fees and other fees on the entire loan commitment are payable over the duration of this facility. As of April 30, 2013, there was $30.0 million of borrowings under this facility. The weighted average interest rate on short-term borrowings outstanding at April 30, 2013, was 1.1 percent. The multi-currency revolving facility contains debt covenants specifically related to maintaining a certain interest coverage ratio, and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company's ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of April 30, 2013, the Company was in compliance with all such covenants. The Company expects to remain in compliance with these covenants. </div>

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<div> Note D – Accounting for Stock-Based Compensation           Stock-based compensation expense is recognized using the fair-value method for all awards. In addition to granting stock options, the Company also granted reload options related to options previously granted which were exercised during the nine months ended April 30, 2013. A reload stock option is granted for the number of shares tendered as payment for the exercise price and tax withholding obligation upon the exercise of a stock option with a reload provision. The exercise price of the reload option is equal to the market price of the stock on the date of grant and the reload option will expire on the same date as the original option which was exercised. The Company determined the fair value of its option awards using the Black-Scholes option pricing model. The following assumptions were used to value the options, including reload options which generally have a shorter contractual life, granted during the nine months ended April 30, 2013: range of less than 1 year to 8 years expected life; expected volatility range of 23.4 percent to 29.7 percent; risk-free interest rate range of 0.02 percent to 1.68 percent; and annual dividend yield of 1.0 percent. The expected life for options granted during the period represents the period of time that the options are expected to be outstanding based on the contractual life and historical data of option holder exercise and termination behavior. Expected volatilities are based upon historical volatility of the Company's stock over a period at least equal to the expected life of each option grant. Option grants have exercise prices equivalent to the fair market value of the Company's stock on the date of grant. The weighted average fair value for options granted during the nine months ended April 30, 2013 and 2012 was $8.37 per share and $9.38 per share, respectively. For the three and nine months ended April 30, 2013, the Company recorded pre-tax stock option expense of $1.4 million and $6.9 million, respectively, and recorded $0.4 million and $2.2 million, respectively, of related tax benefit. For the three and nine months ended April 30, 2012, the Company recorded pre-tax stock option expense of $1.3 million and $6.4 million, respectively, and recorded $0.4 million and $2.1 million, respectively, of related tax benefit.           The following table summarizes stock option activity during the nine months ended April 30, 2013: <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="62%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="14%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="14%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Options Outstanding</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Weighted Average Exercise Price</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Outstanding at July 31, 2012</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 8,056,327</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 20.97</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Granted</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 934,436</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 33.84</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Exercised</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (1,314,912</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 14.48</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Canceled</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (78,726</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> 34.07</td> <td style="padding-bottom: 1px;" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Outstanding at April 30, 2013</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 7,597,125</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 23.54</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table>           The total intrinsic value of options exercised during the nine months ended April 30, 2013 and 2012 was $27.5 million and $27.6 million, respectively.           The following table summarizes information concerning outstanding and exercisable options as of April 30, 2013: <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="18%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td style="border-bottom: black 1px solid;" valign="bottom"> Range of Exercise Prices</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Number Outstanding</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Weighted Average Remaining Contractual Life (Years)</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Weighted Average Exercise Price</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Number Exercisable</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Weighted Average Exercise Price</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> $0.00 to $15.89</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1,402,473</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1.37</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 15.27</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1,402,473</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 15.27</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> $15.90 to $20.89</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 1,955,461</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 4.04</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 17.44</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 1,955,461</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 17.44</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> $20.90 to $25.89</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1,391,656</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 5.99</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 21.78</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1,391,656</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 21.78</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> $25.90 to $30.89</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 918,849</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 7.61</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 29.15</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 608,544</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 29.16</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> $30.90 and above</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> 1,928,686</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 8.73</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 34.33</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> 429,773</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 34.80</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> 7,597,125</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 5.53</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 23.54</td> <td valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> 5,787,907</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 20.48</td> <td valign="bottom">  </td></tr></table>           At April 30, 2013, the aggregate intrinsic value of options outstanding and exercisable was $97.6 million and $92.0 million, respectively.           As of April 30, 2013, there was $8.9 million of total unrecognized compensation expense related to non-vested stock options granted under the 2010 Master Stock Incentive Plan. This unvested expense is expected to be recognized during the remainder of Fiscal Years 2013, 2014, 2015, and 2016. </div>

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1.16

0.46

<div> Note E – Net Earnings Per Share           The Company's basic net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares. The Company's diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and stock incentive plans. Certain outstanding options were excluded from the diluted net earnings per share calculations because their exercise prices were greater than the average market price of the Company's common stock during those periods. For the three and nine months ended April 30, 2013, there were 29,800 options and 80,486 options excluded from the diluted net earnings per share calculation, respectively. For the three and nine months ended April 30, 2012, there were 11,606 options and 1,061,741 options excluded from the diluted net earnings per share calculation, respectively.           The following table presents information necessary to calculate basic and diluted net earnings per common share (thousands, except per share amounts): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="34%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Three Months Ended April 30,</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Nine Months Ended April 30,</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Weighted average shares - basic</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 148,137</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 150,537</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 148,405</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 150,385</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Common share equivalents</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,097</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,670</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,186</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,682</td> <td style="padding-bottom: 1px;" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Weighted average shares - diluted</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 150,234</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 153,207</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 150,591</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 153,067</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net earnings for basic and diluted earnings</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td></tr> <tr><td valign="bottom"> per share computation</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 69,842</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 70,946</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 174,768</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 193,320</td> <td valign="bottom">  </td></tr> <tr bgcolor="#d6f3e8"><td valign="bottom"> Net earnings per share - basic</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 0.47</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 0.47</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1.18</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1.29</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom"> Net earnings per share - diluted</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 0.46</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 0.46</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1.16</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1.26</td> <td valign="bottom">  </td></tr></table> </div>

0.280

0.290

0.292

0.298

-18586000

7622000

8900000

2100000

400000

2200000

400000

20100000

18500000

9698000

9483000

9698000

9483000

<div> Note N – Fair Values           At April 30, 2013 and July 31, 2012, the Company's financial instruments included cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, long-term debt, and derivative contracts. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximated carrying values because of the short-term nature of these instruments. As of April 30, 2013, the estimated fair value of long-term debt with fixed interest rates was $132.4 million compared to the carrying value of $116.9 million and the estimated fair value of short-term debt with fixed interest rates was $82.2 million compared to the carrying value of $80.0 million. The fair value is estimated by discounting projected cash flows using the rate that similar amounts of debt could currently be borrowed, which is classified as Level 2 in the fair value hierarchy.           Derivative contracts are reported at their fair values based on third-party quotes. The fair values of the Company's financial assets and liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair values are based on inputs other than quoted prices that are observable for the asset or liability. These inputs include foreign currency exchange rates and interest rates. The financial assets and liabilities are primarily valued using standard calculations and models that use as their basis readily observable market parameters. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and currency rates.           The following summarizes the Company's fair value of outstanding derivatives at April 30, 2013 and July 31, 2012 on the balance sheets (thousands of dollars): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="74%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="8%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="8%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Significant Other Observable Inputs (Level 2)*</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> April 30, 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> July 31, 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Asset derivatives recorded under the caption Prepaids and other current assets</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Foreign exchange contracts</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 834</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 526</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Liability derivatives recorded under the caption Other current liabilities</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Foreign exchange contracts</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (898</td> <td valign="bottom"> )</td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (1,424</td> <td valign="bottom"> )</td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Forward exchange contracts - net liability position</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> (64</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> (898</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td></tr></table>           *Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.           The Company holds equity method investments which are classified in other assets in the condensed consolidated balance sheets. The aggregate carrying amount of these investments was $18.5 million as of April 30, 2013, and $20.1 million as of July 31, 2012. The fair value of the Company's equity method investments has not been estimated as there have been no identified events or changes in circumstances that would have had an adverse impact on the value of these investments. In the event that these investments were required to be measured, these investments would fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value, as the investments are privately-held entities without quoted market prices.           Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. As there have been no events or circumstances that have had an adverse impact on the value of these assets, the Company has not been required to record an impairment and therefore these assets are not recorded at fair value. In the event that an impairment was recognized, the fair value would be classified within Level 3 of the fair value hierarchy. Refer to Note H for further discussion of the annual goodwill impairment analysis and carrying values of goodwill and other intangible assets.           The Company assesses the impairment of intangible assets and property, plant, and equipment whenever events or changes in circumstances indicate that the carrying amount of intangible assets and property, plant, and equipment assets may not be recoverable. There were no impairment charges recorded in the nine months ended April 30, 2013. Refer to Note H for further discussion of the carrying values of intangible assets. </div>

<div> Note L – Financial Instruments           The Company uses forward exchange contracts to manage its exposure to fluctuations in foreign currency exchange rates. It is the Company's policy to enter into derivative transactions only to the extent true exposures exist; the Company does not enter into derivative transactions for speculative or trading purposes. The Company enters into derivative transactions only with counterparties with high credit ratings. Concentration of counterparty risk is mitigated as the Company deals with a variety of major banks worldwide. In addition, only conventional derivative financial instruments are utilized. These transactions may expose the Company to credit risk to the extent the instruments have a positive fair value, but the Company has not experienced any material losses, nor does the Company anticipate any material losses. The Company would not be materially impacted if any of the counterparties to the derivative financial instruments outstanding failed to perform according to the terms of its agreement. At this time, the Company does not require collateral or any other form of securitization to be furnished by the counterparties to its derivative instruments.           The Company enters into forward exchange contracts of generally less than one year to hedge forecasted foreign currency transactions between its subsidiaries and to reduce potential exposure related to fluctuations in foreign exchange rates for existing recognized assets and liabilities. It also utilizes forward exchange contracts for anticipated intercompany and third-party transactions such as purchases, sales, and dividend payments denominated in local currencies. Forward exchange contracts are designated as cash flow hedges as they are designed to hedge the variability of cash flows associated with the underlying existing recognized or anticipated transactions. Changes in the value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) in shareholders' equity until earnings are affected by the variability of the underlying cash flows. At that time, the applicable amount of gain or loss from the derivative instrument that is deferred in shareholders' equity is reclassified to earnings. Effectiveness is measured using spot rates to value both the hedge contract and the hedged item. The excluded forward points, as well as any ineffective portions of hedges, are recorded in earnings through the same line as the underlying transaction. During the first nine months of Fiscal 2013, $0.3 million of losses were recorded due to hedge ineffectiveness.           Unrealized losses are reclassified, as appropriate, when earnings are affected by the variability of the underlying cash flows during the term of the hedges. The Company expects to record $0.2 million of net deferred losses from these forward exchange contracts during the next 12 months.           The impact on accumulated other comprehensive income (loss) and earnings from foreign exchange contracts that qualified as cash flow hedges for the nine months ended April 30, 2013 and 2012, was as follows (thousands of dollars): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="70%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> April 30,</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Net carrying amount at beginning of year</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> (373</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 241</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Cash flow hedges deferred in other comprehensive income</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 297</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 2,131</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Cash flow hedges reclassified to income (effective portion)</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 163</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (1,938</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Change in deferred taxes</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (269</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (169</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Net carrying amount at April 30</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> (182</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> )</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 265</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table> </div>

-200000

526000

834000

1424000

898000

-898000

-64000

162949000

71747000

91202000

165511000

72228000

93283000

<div> Note H – Goodwill and Other Intangible Assets           Goodwill is tested for impairment annually or whenever events or circumstances make it more likely than not that an impairment may have occurred. The Company's most recent annual impairment assessment for goodwill was completed during the third quarter of Fiscal 2013. Based on a quantitative analysis, the results of this assessment showed that the fair values of the reporting units to which goodwill is assigned continue to significantly exceed the book values of the respective reporting units, resulting in no goodwill impairment. Following is a reconciliation of goodwill for the nine months ended April 30, 2013 (thousands of dollars): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="56%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Engine Products</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Industrial Products</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Total Goodwill</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Balance as of July 31, 2012</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 71,747</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 91,202</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 162,949</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Foreign exchange translation</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 481</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,081</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,562</td> <td style="padding-bottom: 1px;" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Balance as of April 30, 2013</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 72,228</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 93,283</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 165,511</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table>           As of April 30, 2013, other intangible assets were $42.6 million, a $3.6 million decrease from $46.2 million at July 31, 2012. The decrease in other intangible assets is due to amortization of existing assets of $4.1 million, which was slightly offset by a foreign exchange translation increase of $0.5 million. There were no intangible asset additions during the nine months ended April 30, 2013. </div>

2562000

481000

2081000

643980000

228229000

618771000

221501000

<div> Note I – Guarantees           The Company and Caterpillar Inc. equally own the shares of Advanced Filtration Systems Inc. (AFSI), an unconsolidated joint venture, and guarantee certain debt of the joint venture. As of April 30, 2013, AFSI had $30.8 million of outstanding debt, of which the Company guarantees half. The Company had earnings of $0.7 million and $0.6 million, respectively, from this equity method investment during the three months ended April 30, 2013 and 2012. For the nine months ended April 30, 2013 and 2012, the Company recorded earnings of $1.4 million from this equity method investment. During the three and nine months ended April 30, 2013 and 2012, the Company also recorded royalty income of $1.4 million and $4.4 million, respectively, and $1.4 million and $4.6 million, respectively, related to AFSI.           As of April 30, 2013, the Company had a contingent liability for standby letters of credit totaling $13.2 million that have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of insurance contract terms as detailed in each letter of credit. At April 30, 2013, there were no amounts drawn upon these letters of credit. </div>

268426000

-5694000

170432000

103688000

99990000

-938000

62136000

38792000

247003000

-7835000

152129000

102709000

99476000

-3759000

65680000

37555000

<div> Note P – Income Taxes           The effective tax rate for the three and nine months ended April 30, 2013, was 29.8 percent and 29.2 percent, respectively. The effective tax rate for the three and nine months ended April 30, 2012, was 29.0 percent and 28.0 percent, respectively. The increase in our effective tax rate for the three months ended April 30, 2013, was primarily due to a statute of limitations expiration in the prior year's three month period which resulted in recognition of income of $1.8 million. The increase in our effective tax rate for the nine months ended April 30, 2013, was primarily due to favorable settlements of tax audits of $4.3 million in the prior year's nine month period. The unfavorable impact of these items was partially offset in the current year by the retroactive reinstatement of the Research and Experimentation Credit in the United States.           The Company's uncertain tax positions are affected by the tax years that are under audit or remain subject to examination by the relevant taxing authorities. The following tax years, in addition to the current year, remain subject to examination, at least for certain issues, by the major tax jurisdictions indicated: <table cellspacing="0" cellpadding="0" width="60%" border="0"> <tr style="font-size: 1px;"><td valign="top" width="45%">  </td> <td valign="top" width="10%">  </td> <td valign="top" width="45%">  </td></tr> <tr><td style="border-bottom: black 1px solid;" valign="top"> Major Jurisdictions</td> <td valign="top">  </td> <td style="border-bottom: black 1px solid;" valign="top"> Open Tax Years</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> Belgium</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2010 through 2012</td></tr> <tr><td valign="top"> China</td> <td valign="top">  </td> <td valign="top"> 2002 through 2012</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> France</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2010 through 2012</td></tr> <tr><td valign="top"> Germany</td> <td valign="top">  </td> <td valign="top"> 2009 through 2012</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> Italy</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2003 through 2012</td></tr> <tr><td valign="top"> Japan</td> <td valign="top">  </td> <td valign="top"> 2009 through 2012</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> Mexico</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2007 through 2012</td></tr> <tr><td valign="top"> Thailand</td> <td valign="top">  </td> <td valign="top"> 2005 through 2012</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> United Kingdom</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2011 through 2012</td></tr> <tr><td valign="top"> United States</td> <td valign="top">  </td> <td valign="top"> 2011 through 2012</td></tr></table>           At April 30, 2013, the total unrecognized tax benefits were $19.4 million, and accrued interest and penalties on these unrecognized tax benefits were $1.2 million. The Company recognizes accrued interest related to unrecognized tax benefits in income tax expense. If the Company were to prevail on all unrecognized tax benefits recorded, substantially all of the unrecognized tax benefits would benefit the effective tax rate. With an average statute of limitations of about 5 years, up to $1.1 million of the unrecognized tax benefits could potentially expire in the next 12 month period unless extended by an audit. It is possible that quicker than expected settlement of either current or future audits and disputes would cause additional reversals of previously recorded reserves in the next 12 month period. Currently, the Company has approximately $0.2 million of unrecognized tax benefits that are in formal dispute with various taxing authorities related to transfer pricing and deductibility of expenses. Quantification of an estimated range and timing of future audit settlements cannot be made at this time. </div>

-4300000

75106000

29044000

72235000

29634000

-3600000

43836000

8346000

500000

46200000

42596000

8856000

2787000

8275000

2719000

<div> Note C – Inventories           The components of inventory as of April 30, 2013 and July 31, 2012 are as follows (thousands of dollars): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="62%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="14%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="14%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> April 30, 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> July 31, 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Materials</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 101,528</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 111,808</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Work in process</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 32,847</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 30,767</td> <td valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> Finished products</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> 106,101</td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> 113,541</td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> Total inventories</td> <td valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" valign="bottom"> 240,476</td> <td style="padding-bottom: 3px;" valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" valign="bottom"> 256,116</td> <td style="padding-bottom: 3px;" valign="bottom">  </td></tr></table> </div>

113541000

106101000

256116000

240476000

111808000

101528000

30767000

32847000

13200000

820068000

676075000

1730082000

1757608000

498523000

457832000

30000000

250000000

203483000

119079000

2346000

82002000

300000

P1Y

-70372000

-148168000

-177917000

-38644000

182401000

217389000

193320000

70946000

174768000

69842000

380448000

129792000

375455000

122914000

263532000

98437000

243316000

98587000

<div> Note A – Basis of Presentation           The accompanying unaudited condensed consolidated financial statements of Donaldson Company, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S.) (U.S. GAAP) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the three and nine month periods ended April 30, 2013, are not necessarily indicative of the results that may be expected for future periods. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended July 31, 2012. </div>

50362000

63349000

-21000

-448000

144000

13000

-57392000

5689000

29401000

-13563000

-3449000

-8810000

-31417000

-16214000

-9219000

-4978000

-14963000

-7682000

201848000

167802000

113451000

93838000

16437000

-8597000

13750000

4340000

11962000

3608000

119930000

-30781000

82573000

60975000

34277000

41184000

57987000

69425000

<div> Note K – Employee Benefit Plans           The Company and certain of its international subsidiaries have defined benefit pension plans for many of their hourly and salaried employees. There are two types of U.S. plans. The first type of U.S. plan is a traditional defined benefit pension plan primarily for production employees. The second is a plan for salaried workers that provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit comprised of a percentage of current salary that varies with years of service, interest credits, and transition credits. The international plans generally provide pension benefits based on years of service and compensation level.           Net periodic pension costs for the Company's pension plans include the following components (thousands of dollars): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="42%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Three Months Ended April 30,</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Nine Months Ended April 30,</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Net periodic cost:</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Service cost</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 4,866</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 3,870</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 14,607</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 11,630</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Interest cost</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 4,222</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 4,866</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 12,733</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 14,607</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Expected return on assets</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> (7,008</td> <td valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> (7,057</td> <td valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> (21,100</td> <td valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> (21,115</td> <td valign="bottom"> )</td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Prior service cost amortization</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 162</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 181</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 482</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 547</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Actuarial loss amortization</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,563</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 1,393</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 7,712</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 4,274</td> <td style="padding-bottom: 1px;" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Net periodic benefit cost</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 4,805</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 3,253</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 14,434</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 9,943</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table>           The Company's general funding policy for its pension plans is to make at least the minimum contributions as required by applicable regulations. The Company may elect to make additional contributions up to the maximum tax deductible contribution. For the nine months ended April 30, 2013, the Company made contributions of $5.5 million to its non-U.S. pension plans and $0.4 million to its U.S. pension plans. The minimum funding requirement for the Company's U.S. plans for Fiscal 2013 is $8.1 million. Per the Pension Protection Act of 2006, this obligation can be met with existing credit balances that resulted from payments above the minimum obligation in prior years. The Company is still considering whether an additional cash contribution will be made to its U.S. plans. The Company currently estimates that it will contribute an additional $1.6 million to its non-U.S. pension plans during the remainder of Fiscal 2013. </div>

1000000

72599000

65752000

70519000

-66530000

12345000

12131000

19720000

14651000

10905000

12741000

-7841000

-3538000

-1416000

-105000

4188000

5479000

<div> Note J – Warranty           The Company estimates warranty expense using quantitative measures based on historical warranty claim experience and evaluation of specific Customer warranty issues. Following is a reconciliation of warranty reserves for the nine months ended April 30, 2013 and 2012 (thousands of dollars): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="70%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> April 30,</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Beginning balance</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 10,905</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 19,720</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Accruals for warranties issued during the reporting period</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 5,479</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 4,188</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Accruals related to pre-existing warranties (including changes in estimates)</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (105</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (1,416</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Less settlements made during the period</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (3,538</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (7,841</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Ending balance</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 12,741</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 14,651</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table>           There were no significant specific warranty matters accrued for in the periods ended April 30, 2013 or 2012. The Company's warranty matters are not expected to have a material impact on its results of operations, liquidity, or financial position. </div>

949619000

1020391000

384909000

412822000

46084000

1093000

<div> Note Q – Restructuring           The Company commenced certain headcount restructuring actions, particularly in Asia, during Fiscal 2013 in response to declining Customer demand and recorded employee severance costs for approximately 500 employees. The Company is continuing to assess the need for future restructuring activity based upon end market demand.           Restructuring expense detail is summarized as follows (in thousands): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="42%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Three Months Ended April 30,</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Nine Months Ended April 30,</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Cost of sales</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 625</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> —</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 1,330</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> —</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Operating expenses</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 469</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> —</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 1,466</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> —</td> <td style="padding-bottom: 1px;" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Total restructuring expenses</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 1,094</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> —</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 2,796</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> —</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table> </div>

2796000

1100000

1700000

1466000

1330000

1094000

400000

700000

469000

625000

366788000

499808000

4600000

1400000

4400000

1400000

1836415000

1171600000

664815000

647237000

407041000

240196000

1804354000

1107814000

696540000

619371000

383314000

236057000

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="66%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> April 30, 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> July 31, 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Foreign currency translation adjustment</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 62,377</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 32,976</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net loss on cash flow hedging derivatives, net of deferred taxes</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> (148</td> <td valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> (292</td> <td valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> Pension and postretirement liability adjustment, net of deferred taxes</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> (103,155</td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> )</td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> (134,572</td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> Total accumulated other comprehensive loss</td> <td valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" valign="bottom"> (40,926</td> <td style="padding-bottom: 3px;" valign="bottom"> )</td> <td style="border-bottom: black 3px double;" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" valign="bottom"> (101,888</td> <td style="padding-bottom: 3px;" valign="bottom"> )</td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td></tr></table> </div>

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="70%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> April 30,</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Net carrying amount at beginning of year</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> (373</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 241</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Cash flow hedges deferred in other comprehensive income</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 297</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 2,131</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Cash flow hedges reclassified to income (effective portion)</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 163</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (1,938</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Change in deferred taxes</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (269</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (169</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Net carrying amount at April 30</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> (182</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> )</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 265</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table> </div>

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="34%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Three Months Ended April 30,</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> Nine Months Ended April 30,</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Weighted average shares - basic</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 148,137</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 150,537</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 148,405</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 150,385</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Common share equivalents</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,097</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,670</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,186</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,682</td> <td style="padding-bottom: 1px;" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Weighted average shares - diluted</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 150,234</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 153,207</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 150,591</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 153,067</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net earnings for basic and diluted earnings</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td></tr> <tr><td valign="bottom"> per share computation</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 69,842</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 70,946</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 174,768</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 193,320</td> <td valign="bottom">  </td></tr> <tr bgcolor="#d6f3e8"><td valign="bottom"> Net earnings per share - basic</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 0.47</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 0.47</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1.18</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1.29</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom"> Net earnings per share - diluted</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 0.46</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 0.46</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1.16</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1.26</td> <td valign="bottom">  </td></tr></table> </div>

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="56%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Engine Products</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Industrial Products</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Total Goodwill</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Balance as of July 31, 2012</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 71,747</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 91,202</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 162,949</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Foreign exchange translation</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 481</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,081</td> <td style="padding-bottom: 1px;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> 2,562</td> <td style="padding-bottom: 1px;" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Balance as of April 30, 2013</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 72,228</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 93,283</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 165,511</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table> </div>

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="62%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="14%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="14%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> April 30, 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> July 31, 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Materials</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 101,528</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 111,808</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Work in process</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 32,847</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 30,767</td> <td valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> Finished products</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> 106,101</td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> 113,541</td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> Total inventories</td> <td valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" valign="bottom"> 240,476</td> <td style="padding-bottom: 3px;" valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" valign="bottom"> 256,116</td> <td style="padding-bottom: 3px;" valign="bottom">  </td></tr></table> </div>

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="70%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> April 30,</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Beginning balance</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 10,905</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 19,720</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Accruals for warranties issued during the reporting period</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 5,479</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 4,188</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Accruals related to pre-existing warranties (including changes in estimates)</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (105</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (1,416</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Less settlements made during the period</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (3,538</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (7,841</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Ending balance</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 12,741</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 14,651</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table> </div>

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="42%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Engine Products</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Industrial Products</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Corporate & Unallocated</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Total Company</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Three Months Ended April 30, 2013:</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 383,314</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 236,057</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> —</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 619,371</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Earnings before income taxes</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 65,680</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 37,555</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (3,759</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 99,476</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td></tr> <tr><td valign="bottom"> Three Months Ended April 30, 2012:</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Net sales</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 407,041</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 240,196</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> —</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 647,237</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Earnings before income taxes</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 62,136</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 38,792</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> (938</td> <td valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> 99,990</td> <td valign="bottom">  </td></tr> <tr><td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Nine Months Ended April 30, 2013:</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1,107,814</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 696,540</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> —</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1,804,354</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Earnings before income taxes</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 152,129</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 102,709</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (7,835</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 247,003</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Assets</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 815,604</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 539,151</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 402,853</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 1,757,608</td> <td valign="bottom">  </td></tr> <tr><td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Nine Months Ended April 30, 2012:</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1,171,600</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 664,815</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> —</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1,836,415</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Earnings before income taxes</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 170,432</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 103,688</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (5,694</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 268,426</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Assets</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 879,228</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 534,686</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 340,359</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 1,754,273</td> <td valign="bottom">  </td></tr></table> </div>

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="18%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td style="border-bottom: black 1px solid;" valign="bottom"> Range of Exercise Prices</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Number Outstanding</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Weighted Average Remaining Contractual Life (Years)</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Weighted Average Exercise Price</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Number Exercisable</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Weighted Average Exercise Price</td> <td valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2">  </td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> $0.00 to $15.89</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1,402,473</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1.37</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 15.27</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1,402,473</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 15.27</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> $15.90 to $20.89</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 1,955,461</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 4.04</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 17.44</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 1,955,461</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 17.44</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> $20.90 to $25.89</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1,391,656</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 5.99</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 21.78</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 1,391,656</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 21.78</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> $25.90 to $30.89</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 918,849</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 7.61</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 29.15</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 608,544</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 29.16</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> $30.90 and above</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> 1,928,686</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 8.73</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 34.33</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> 429,773</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 34.80</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> 7,597,125</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 5.53</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 23.54</td> <td valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> 5,787,907</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 20.48</td> <td valign="bottom">  </td></tr></table> </div>

<div> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="62%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="14%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="14%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Options Outstanding</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Weighted Average Exercise Price</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Outstanding at July 31, 2012</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 8,056,327</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 20.97</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Granted</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 934,436</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 33.84</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Exercised</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (1,314,912</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 14.48</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> Canceled</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom"> (78,726</td> <td style="padding-bottom: 1px;" valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> 34.07</td> <td style="padding-bottom: 1px;" valign="bottom">  </td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> Outstanding at April 30, 2013</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> 7,597,125</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 23.54</td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom">  </td></tr></table> </div>

<div> Note G – Segment Reporting           The Company has two reportable segments, Engine Products and Industrial Products, that have been identified based on the Company's internal organization structure, management of operations, and performance evaluation by the Company's management and Board of Directors. Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments, interest income, and interest expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the operating profit and other financial information shown below. Segment detail is summarized as follows (thousands of dollars): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="42%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="10%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Engine Products</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Industrial Products</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Corporate & Unallocated</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> Total Company</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Three Months Ended April 30, 2013:</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 383,314</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 236,057</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> —</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 619,371</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Earnings before income taxes</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 65,680</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 37,555</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (3,759</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 99,476</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td></tr> <tr><td valign="bottom"> Three Months Ended April 30, 2012:</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Net sales</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 407,041</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 240,196</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> —</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 647,237</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Earnings before income taxes</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 62,136</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 38,792</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> (938</td> <td valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> 99,990</td> <td valign="bottom">  </td></tr> <tr><td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Nine Months Ended April 30, 2013:</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1,107,814</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 696,540</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> —</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1,804,354</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Earnings before income taxes</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 152,129</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 102,709</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (7,835</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 247,003</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Assets</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 815,604</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 539,151</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 402,853</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 1,757,608</td> <td valign="bottom">  </td></tr> <tr><td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Nine Months Ended April 30, 2012:</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1,171,600</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 664,815</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> —</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom"> 1,836,415</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Earnings before income taxes</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 170,432</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 103,688</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> (5,694</td> <td bgcolor="#d6f3e8" valign="bottom"> )</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> 268,426</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Assets</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 879,228</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 534,686</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 340,359</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> 1,754,273</td> <td valign="bottom">  </td></tr></table>           The Industrial Products segment incurred $0.7 million and $1.7 million, respectively, of restructuring expenses during the three and nine months ended April 30, 2013. The Engine Products segment incurred $0.4 million and $1.1 million, respectively, of restructuring expenses during the three and nine months ended April 30, 2013.           No single Customer represented over 10 percent of the Company's net sales for the three or nine months ended April 30, 2013 and 2012. As of April 30, 2013 and July 31, 2012, no single Customer represented more than 10 percent of the Company's outstanding accounts receivable. </div>

8624000

7363000

0.010

P8Y

P1Y

0.297

0.234

0.0168

0.0002

92000000

5787907

429773

608544

1402473

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<div> Note F – Shareholders' Equity           Total accumulated other comprehensive income (loss) and its components at April 30, 2013 and July 31, 2012 are as follows (thousands of dollars): <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 1px;"><td valign="bottom" width="66%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="3%">  </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="12%">  </td> <td valign="bottom" width="1%">  </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> April 30, 2013</td> <td valign="bottom">  </td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> July 31, 2012</td> <td valign="bottom">  </td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> Foreign currency translation adjustment</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 62,377</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td bgcolor="#d6f3e8" valign="bottom"> $</td> <td bgcolor="#d6f3e8" valign="bottom"> 32,976</td> <td bgcolor="#d6f3e8" valign="bottom">  </td></tr> <tr><td valign="bottom"> Net loss on cash flow hedging derivatives, net of deferred taxes</td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> (148</td> <td valign="bottom"> )</td> <td valign="bottom">  </td> <td valign="bottom"> (292</td> <td valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> Pension and postretirement liability adjustment, net of deferred taxes</td> <td bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> (103,155</td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> )</td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">  </td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> (134,572</td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> )</td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> Total accumulated other comprehensive loss</td> <td valign="bottom">  </td> <td style="border-bottom: black 3px double;" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" valign="bottom"> (40,926</td> <td style="padding-bottom: 3px;" valign="bottom"> )</td> <td style="border-bottom: black 3px double;" valign="bottom"> $</td> <td style="border-bottom: black 3px double;" valign="bottom"> (101,888</td> <td style="padding-bottom: 3px;" valign="bottom"> )</td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td></tr></table>           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, 2013, the Company did not repurchase any shares. During the nine months ended April 30, 2013, the Company repurchased 1,820,442 shares for $61.0 million at an average price of $33.49 per share. As of April 30, 2013, the Company had remaining authorization to repurchase up to 3.7 million shares pursuant to the current authorization.           On January 27, 2012, the Company announced 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 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 the table above and elsewhere in this Form 10-Q.           On May 22, 2013, the Company's Board of Directors declared a cash dividend in the amount of $0.13 per common share, payable to stockholders of record on June 7, 2013. The dividend will be paid on June 21, 2013. </div>

1314912

16000000

3700000

<div> <table cellspacing="0" cellpadding="0" width="60%" border="0"> <tr style="font-size: 1px;"><td valign="top" width="45%">  </td> <td valign="top" width="10%">  </td> <td valign="top" width="45%">  </td></tr> <tr><td style="border-bottom: black 1px solid;" valign="top"> Major Jurisdictions</td> <td valign="top">  </td> <td style="border-bottom: black 1px solid;" valign="top"> Open Tax Years</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> Belgium</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2010 through 2012</td></tr> <tr><td valign="top"> China</td> <td valign="top">  </td> <td valign="top"> 2002 through 2012</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> France</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2010 through 2012</td></tr> <tr><td valign="top"> Germany</td> <td valign="top">  </td> <td valign="top"> 2009 through 2012</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> Italy</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2003 through 2012</td></tr> <tr><td valign="top"> Japan</td> <td valign="top">  </td> <td valign="top"> 2009 through 2012</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> Mexico</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2007 through 2012</td></tr> <tr><td valign="top"> Thailand</td> <td valign="top">  </td> <td valign="top"> 2005 through 2012</td></tr> <tr><td bgcolor="#d6f3e8" valign="top"> United Kingdom</td> <td bgcolor="#d6f3e8" valign="top">  </td> <td bgcolor="#d6f3e8" valign="top"> 2011 through 2012</td></tr> <tr><td valign="top"> United States</td> <td valign="top">  </td> <td valign="top"> 2011 through 2012</td></tr></table> </div>

33.49

3980832

4585928

1820442

138050000

156967000

19400000

1200000

2682000

2670000

2186000

2097000

153067148

153207471

150591003

150234445

150385389

150536631

148404503

148136620

Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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employee plans Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value Total intrinsic value of options exercised Aggregate intrinsic value of shares exercisable Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Aggregate intrinsic value of options outstanding Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value Intrinsic value of options exercised Aggregate intrinsic value of options exercisable Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Total Unrecognized compensation expense related to non-vested stock options granted Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Options Outstanding, Ending Balance Options Outstanding, Beginning Balance Options Outstanding Number Outstanding Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total Options Outstanding, Granted Options Outstanding, Exercised Net issuance upon exercise of stock options Options Outstanding, Exercised Options Outstanding, Exercised Stock options exercised Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Options Outstanding, Canceled Options Outstanding, Canceled Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Weighted Average Exercise Price, Outstanding, Ending Balance Weighted Average Exercise Price, Outstanding, Beginning Balance Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Weighted Average Exercise Price, Granted Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Weighted Average Exercise Price, Exercised Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price Weighted Average Exercise Price, Canceled Range [Axis] Range [Member] Range [Domain] Range One [Member] Range One [Member] Range Of Exercise Prices $0.00 To $15.89 [Member] Range Two [Member] Range Two [Member] Range Of Exercise Prices $15.90 To $20.89 [Member] Range Three [Member] Range Three [Member] Range Of Exercise Prices $20.90 To $25.89 [Member] Range Four [Member] Range Four [Member] Range Of Exercise Prices $25.90 To $30.89 [Member] Range Five [Member] Range Five [Member] Range Of Exercise Prices $30.90 And Above [Member] Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit Range of Exercise Prices, lower range Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit Range of Exercise Prices, upper range Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term1 Weighted Average Remaining Contractual Life (Years) Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, End of Period Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning of Period Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Net issuance upon exercise of stock options Number Exercisable Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price Weighted Average Exercise Price Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Options excluded from the diluted net earnings per share calculation Weighted Average Number Diluted Shares Outstanding Adjustment Diluted share equivalents Weighted Average Number Diluted Shares Outstanding Adjustment, Total Common share equivalents Schedule of Stock by Class [Table] EX-101.PRE 10 dci-20130430_pre.xml XBRL PRESENTATION FILE XML 11 R17.htm IDEA: XBRL DOCUMENT

Warranty

9 Months Ended

Apr. 30, 2013

Warranty [Abstract]

Warranty

Note J – Warranty


	April 30,
	2013			2012
Beginning balance	$	10,905		$	19,720
Accruals for warranties issued during the reporting period		5,479			4,188
Accruals related to pre-existing warranties (including changes in estimates)		(105	)		(1,416	)
Less settlements made during the period		(3,538	)		(7,841	)
Ending balance	$	12,741		$	14,651

There were no significant specific warranty matters accrued for in the periods ended April 30, 2013 or 2012. The Company's warranty matters are not expected to have a material impact on its results of operations, liquidity, or financial position.

XML 12 R53.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Narrative) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Apr. 30, 2013 agreement
Defined Benefit Plan Disclosure [Line Items]
Number of U.S Plans	2
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Company contributions	0.4
Estimated future contributions to pension plans	8.1
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Company contributions	5.5
Additional future contribution towards pension plans	1.6

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Apr. 30, 2013	Jul. 31, 2012
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance	$ 7,128	$ 6,418
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 5	$ 5
Common stock, shares authorized	240,000,000	240,000,000
Common stock, shares issued	151,643,194	151,643,194
Treasury stock, shares	4,585,928	3,980,832

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

XML 14 R10.htm IDEA: XBRL DOCUMENT

Inventories

9 Months Ended

Apr. 30, 2013

Inventories [Abstract]

Inventories

Note C – Inventories

The components of inventory as of April 30, 2013 and July 31, 2012 are as follows (thousands of dollars):


	April 30, 2013		July 31, 2012
Materials	$	101,528	$	111,808
Work in process		32,847		30,767
Finished products		106,101		113,541
Total inventories	$	240,476	$	256,116

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details

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Restructuring

9 Months Ended

Apr. 30, 2013

Restructuring [Abstract]

Restructuring

Note Q – Restructuring

Restructuring expense detail is summarized as follows (in thousands):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
Cost of sales	$	625	$	—	$	1,330	$	—
Operating expenses		469		—		1,466		—
Total restructuring expenses	$	1,094	$	—	$	2,796	$	—

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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Financial Instruments (Impact On Accumulated Other Comprehensive Income (Loss) And Earnings From Foreign Exchange Contracts That Qualified As Cash Flow Hedges) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Financial Instruments [Abstract]
Net carrying amount at beginning of year			$ (373)	$ 241
Cash flow hedges deferred in other comprehensive income			297	2,131
Cash flow hedges reclassified to income (effective portion)			163	(1,938)
Change in deferred taxes	(72)	145	(269)	(169)
Net carrying amount at April 30	$ (182)	$ 265	$ (182)	$ 265

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Employee Benefit Plans

9 Months Ended

Apr. 30, 2013

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note K – Employee Benefit Plans

Net periodic pension costs for the Company's pension plans include the following components (thousands of dollars):


	Three Months Ended April 30,						Nine Months Ended April 30,
	2013			2012			2013			2012
Net periodic cost:
Service cost	$	4,866		$	3,870		$	14,607		$	11,630
Interest cost		4,222			4,866			12,733			14,607
Expected return on assets		(7,008	)		(7,057	)		(21,100	)		(21,115	)
Prior service cost amortization		162			181			482			547
Actuarial loss amortization		2,563			1,393			7,712			4,274
Net periodic benefit cost	$	4,805		$	3,253		$	14,434		$	9,943

The Company's general funding policy for its pension plans is to make at least the minimum contributions as required by applicable regulations. The Company may elect to make additional contributions up to the maximum tax deductible contribution. For the nine months ended April 30, 2013, the Company made contributions of $5.5 million to its non-U.S. pension plans and $0.4 million to its U.S. pension plans. The minimum funding requirement for the Company's U.S. plans for Fiscal 2013 is $8.1 million. Per the Pension Protection Act of 2006, this obligation can be met with existing credit balances that resulted from payments above the minimum obligation in prior years. The Company is still considering whether an additional cash contribution will be made to its U.S. plans. The Company currently estimates that it will contribute an additional $1.6 million to its non-U.S. pension plans during the remainder of Fiscal 2013.

- Definition

The entire disclosure for pension and other postretirement benefits.

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+ Details

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Segment Reporting (Summary Of Segment Detail) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012	Jul. 31, 2012
Segment Reporting Information [Line Items]
Net sales	$ 619,371	$ 647,237	$ 1,804,354	$ 1,836,415
Earnings before income taxes	99,476	99,990	247,003	268,426
Assets	1,757,608	1,754,273	1,757,608	1,754,273	1,730,082
Engine Products [Member]
Segment Reporting Information [Line Items]
Net sales	383,314	407,041	1,107,814	1,171,600
Earnings before income taxes	65,680	62,136	152,129	170,432
Assets	815,604	879,228	815,604	879,228
Industrial Products [Member]
Segment Reporting Information [Line Items]
Net sales	236,057	240,196	696,540	664,815
Earnings before income taxes	37,555	38,792	102,709	103,688
Assets	539,151	534,686	539,151	534,686
Corporate & Unallocated [Member]
Segment Reporting Information [Line Items]
Earnings before income taxes	(3,759)	(938)	(7,835)	(5,694)
Assets	$ 402,853	$ 340,359	$ 402,853	$ 340,359

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Credit Facilities (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Apr. 30, 2013
Line of Credit Facility [Line Items]
Short-term borrowings, weighted average interest rate	1.10%
Multi-Currency Revolving Facility [Member]
Line of Credit Facility [Line Items]
Credit facility expiration period	5 years
Credit facilities, maximum borrowing capacity	$ 250.0
Credit facilities, amount outstanding	$ 30.0

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Short-Term Investments (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2013	Jul. 31, 2012
Short-Term Investments [Abstract]
Short-term Investments	$ 65,700	$ 92,362

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Accounting For Stock-Based Compensation (Tables)

9 Months Ended

Apr. 30, 2013

Accounting For Stock-Based Compenstation [Abstract]

Summary Of Stock Option Activity


	Options Outstanding			Weighted Average Exercise Price
Outstanding at July 31, 2012		8,056,327		$	20.97
Granted		934,436			33.84
Exercised		(1,314,912	)		14.48
Canceled		(78,726	)		34.07
Outstanding at April 30, 2013		7,597,125			23.54

Summary Of Information Concerning Outstanding And Exercisable Options


Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price

$0.00 to $15.89		1,402,473		1.37	$	15.27		1,402,473	$	15.27
$15.90 to $20.89		1,955,461		4.04		17.44		1,955,461		17.44
$20.90 to $25.89		1,391,656		5.99		21.78		1,391,656		21.78
$25.90 to $30.89		918,849		7.61		29.15		608,544		29.16
$30.90 and above		1,928,686		8.73		34.33		429,773		34.80
		7,597,125		5.53		23.54		5,787,907		20.48

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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Inventories (Tables)

9 Months Ended

Apr. 30, 2013

Inventories [Abstract]

Components Of Inventory


	April 30, 2013		July 31, 2012
Materials	$	101,528	$	111,808
Work in process		32,847		30,767
Finished products		106,101		113,541
Total inventories	$	240,476	$	256,116

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Shareholders' Equity (Schedule Of Total Accumulated Other Comprehensive Income (Loss) And Its Components) (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2013	Jul. 31, 2012
Shareholders' Equity [Abstract]
Foreign currency translation adjustment	$ 62,377	$ 32,976
Net loss on cash flow hedging derivatives, net of deferred taxes	(148)	(292)
Pension and postretirement liability adjustment, net of deferred taxes	(103,155)	(134,572)
Total accumulated other comprehensive loss	$ (40,926)	$ (101,888)

- Definition

Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References+ Details

- Definition

The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

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+ Details

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 52

-Paragraph 12, 13

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-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

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-Number 133

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+ Details

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 14, 17, 26

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-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

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-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

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-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

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-Number FAS115-1/124-1

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Financial Instruments (Tables)

9 Months Ended

Apr. 30, 2013

Financial Instruments [Abstract]

Impact On Accumulated Other Comprehensive Income (Loss) And Earnings From Foreign Exchange Contracts That Qualified As Cash Flow Hedges


	April 30,
	2013			2012
Net carrying amount at beginning of year	$	(373	)	$	241
Cash flow hedges deferred in other comprehensive income		297			2,131
Cash flow hedges reclassified to income (effective portion)		163			(1,938	)
Change in deferred taxes		(269	)		(169	)
Net carrying amount at April 30	$	(182	)	$	265

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Accounting For Stock-Based Compensation (Narrative) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual dividend yield			1.00%
Weighted average fair value for options granted, per share			$ 8.37	$ 9.38
Pretax compensation expense associated with stock options	$ 1.4	$ 1.3	$ 6.9	$ 6.4
Tax benefit associated with stock options	0.4	0.4	2.2	2.1
Total intrinsic value of options exercised			27.5	27.6
Aggregate intrinsic value of options outstanding	97.6		97.6
Aggregate intrinsic value of options exercisable	92.0		92.0
Unrecognized compensation expense related to non-vested stock options granted	$ 8.9		$ 8.9
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)			8 years
Expected volatility			29.70%
Risk-free interest rate			1.68%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)			1 year
Expected volatility			23.40%
Risk-free interest rate			0.02%

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Goodwill And Other Intangible Assets (Narrative) (Details) (USD $)	9 Months Ended
	Apr. 30, 2013	Jul. 31, 2012
Goodwill And Other Intangible Assets [Abstract]
Intangible assets, net	$ 42,596,000	$ 46,200,000
Decrease of balance from other intangible assets	3,600,000
Amortization of existing intangible assets	4,100,000
Foreign exchange translation increase of intangible assets	$ 500,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.

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Goodwill And Other Intangible Assets (Tables)

9 Months Ended

Apr. 30, 2013

Goodwill And Other Intangible Assets [Abstract]

Reconciliation Of Goodwill


	Engine Products		Industrial Products		Total Goodwill
Balance as of July 31, 2012	$	71,747	$	91,202	$	162,949
Foreign exchange translation		481		2,081		2,562
Balance as of April 30, 2013	$	72,228	$	93,283	$	165,511

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Restructuring (Schedule Of Restructuring Expense) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	9 Months Ended
	Apr. 30, 2013	Apr. 30, 2013
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 1,094	$ 2,796
Cost Of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	625	1,330
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 469	$ 1,466

- Definition

Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations.

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Net Earnings Per Share (Narrative) (Details)	3 Months Ended		9 Months Ended
Net Earnings Per Share (Narrative) (Details)	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Net Earnings Per Share [Abstract]
Options excluded from the diluted net earnings per share calculation	29,800	11,606	80,486	1,061,741

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

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-URI http://asc.fasb.org/extlink&oid=6510752

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-URI http://asc.fasb.org/extlink&oid=6508534

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-URI http://asc.fasb.org/extlink&oid=6505113

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-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

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New Accounting Standards	9 Months Ended
New Accounting Standards	Apr. 30, 2013
New Accounting Standards [Abstract]
New Accounting Standards	Note R – New Accounting Standards In February 2013, the Financial Accounting Standards Board (FASB) updated the disclosure requirements for accumulated other comprehensive income. The updated guidance requires companies to disclose amounts reclassified out of accumulated other comprehensive income by component. The updated guidance does not affect how net income or other comprehensive income are calculated or presented. The updated guidance is effective for the Company beginning in the first quarter of fiscal year 2014. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. In February 2013, the FASB issued guidance related to obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. This guidance is effective for the Company beginning the first quarter of Fiscal 2015. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.

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Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Gain on hedging derivatives, deferred taxes	$ (72)	$ 145	$ (269)	$ (169)
Pension and postretirement liability adjustment, deferred taxes	$ (7,682)	$ (4,978)	$ (14,963)	$ (9,219)

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Basis Of Presentation	9 Months Ended
Basis Of Presentation	Apr. 30, 2013
Basis Of Presentation [Abstract]
Basis Of Presentation	Note A – Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Donaldson Company, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S.) (U.S. GAAP) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the three and nine month periods ended April 30, 2013, are not necessarily indicative of the results that may be expected for future periods. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended July 31, 2012.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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-SubTopic 10

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-Number 94-6

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-Name Accounting Research Bulletin (ARB)

-Number 51

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Accounting For Stock-Based Compensation

9 Months Ended

Apr. 30, 2013

Accounting For Stock-Based Compenstation [Abstract]

Accounting For Stock-Based Compensation

Note D – Accounting for Stock-Based Compensation

Stock-based compensation expense is recognized using the fair-value method for all awards. In addition to granting stock options, the Company also granted reload options related to options previously granted which were exercised during the nine months ended April 30, 2013. A reload stock option is granted for the number of shares tendered as payment for the exercise price and tax withholding obligation upon the exercise of a stock option with a reload provision. The exercise price of the reload option is equal to the market price of the stock on the date of grant and the reload option will expire on the same date as the original option which was exercised. The Company determined the fair value of its option awards using the Black-Scholes option pricing model. The following assumptions were used to value the options, including reload options which generally have a shorter contractual life, granted during the nine months ended April 30, 2013: range of less than 1 year to 8 years expected life; expected volatility range of 23.4 percent to 29.7 percent; risk-free interest rate range of 0.02 percent to 1.68 percent; and annual dividend yield of 1.0 percent. The expected life for options granted during the period represents the period of time that the options are expected to be outstanding based on the contractual life and historical data of option holder exercise and termination behavior. Expected volatilities are based upon historical volatility of the Company's stock over a period at least equal to the expected life of each option grant. Option grants have exercise prices equivalent to the fair market value of the Company's stock on the date of grant. The weighted average fair value for options granted during the nine months ended April 30, 2013 and 2012 was $8.37 per share and $9.38 per share, respectively. For the three and nine months ended April 30, 2013, the Company recorded pre-tax stock option expense of $1.4 million and $6.9 million, respectively, and recorded $0.4 million and $2.2 million, respectively, of related tax benefit. For the three and nine months ended April 30, 2012, the Company recorded pre-tax stock option expense of $1.3 million and $6.4 million, respectively, and recorded $0.4 million and $2.1 million, respectively, of related tax benefit.

The following table summarizes stock option activity during the nine months ended April 30, 2013:


	Options Outstanding			Weighted Average Exercise Price
Outstanding at July 31, 2012		8,056,327		$	20.97
Granted		934,436			33.84
Exercised		(1,314,912	)		14.48
Canceled		(78,726	)		34.07
Outstanding at April 30, 2013		7,597,125			23.54

The total intrinsic value of options exercised during the nine months ended April 30, 2013 and 2012 was $27.5 million and $27.6 million, respectively.

The following table summarizes information concerning outstanding and exercisable options as of April 30, 2013:


Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price

$0.00 to $15.89		1,402,473		1.37	$	15.27		1,402,473	$	15.27
$15.90 to $20.89		1,955,461		4.04		17.44		1,955,461		17.44
$20.90 to $25.89		1,391,656		5.99		21.78		1,391,656		21.78
$25.90 to $30.89		918,849		7.61		29.15		608,544		29.16
$30.90 and above		1,928,686		8.73		34.33		429,773		34.80
		7,597,125		5.53		23.54		5,787,907		20.48

At April 30, 2013, the aggregate intrinsic value of options outstanding and exercisable was $97.6 million and $92.0 million, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

XML 35 R9.htm IDEA: XBRL DOCUMENT

Short-Term Investments	9 Months Ended
Short-Term Investments	Apr. 30, 2013
Short-Term Investments [Abstract]
Short-Term Investments	Note B – Short-Term Investments All short-term investments are time deposits and have original maturities in excess of three months but not more than twelve months. The Company had $65.7 million and $92.4 million in short-term investments as of April 30, 2013 and July 31, 2012, respectively.

XML 36 R41.htm IDEA: XBRL DOCUMENT

Accounting For Stock-Based Option Activity (Summary Of Stock Option Activity) (Details) (USD $)	9 Months Ended
	Apr. 30, 2013
Accounting For Stock-Based Compenstation [Abstract]
Options Outstanding, Beginning Balance	8,056,327
Options Outstanding, Granted	934,436
Options Outstanding, Exercised	(1,314,912)
Options Outstanding, Canceled	(78,726)
Options Outstanding, Ending Balance	7,597,125
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 20.97
Weighted Average Exercise Price, Granted	$ 33.84
Weighted Average Exercise Price, Exercised	$ 14.48
Weighted Average Exercise Price, Canceled	$ 34.07
Weighted Average Exercise Price, Outstanding, Ending Balance	$ 23.54

- Definition

The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.

+ References+ Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References+ Details

XML 37 R28.htm IDEA: XBRL DOCUMENT

Net Earnings Per Share (Tables)

9 Months Ended

Apr. 30, 2013

Net Earnings Per Share [Abstract]

Schedule Of Information Necessary To Calculate Basic And Diluted Net Earnings Per Common Share


	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
Weighted average shares - basic		148,137		150,537		148,405		150,385
Common share equivalents		2,097		2,670		2,186		2,682
Weighted average shares - diluted		150,234		153,207		150,591		153,067
Net earnings for basic and diluted earnings
per share computation	$	69,842	$	70,946	$	174,768	$	193,320
Net earnings per share - basic	$	0.47	$	0.47	$	1.18	$	1.29
Net earnings per share - diluted	$	0.46	$	0.46	$	1.16	$	1.26

XML 38 R32.htm IDEA: XBRL DOCUMENT

Warranty (Tables)

9 Months Ended

Apr. 30, 2013

Warranty [Abstract]

Reconciliation Of Warranty Reserves


	April 30,
	2013			2012
Beginning balance	$	10,905		$	19,720
Accruals for warranties issued during the reporting period		5,479			4,188
Accruals related to pre-existing warranties (including changes in estimates)		(105	)		(1,416	)
Less settlements made during the period		(3,538	)		(7,841	)
Ending balance	$	12,741		$	14,651

XML 39 R37.htm IDEA: XBRL DOCUMENT

Restructuring (Tables)

9 Months Ended

Apr. 30, 2013

Restructuring [Abstract]

Schedule Of Restructuring Expense


	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
Cost of sales	$	625	$	—	$	1,330	$	—
Operating expenses		469		—		1,466		—
Total restructuring expenses	$	1,094	$	—	$	2,796	$	—

- Definition

Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost.

+ References+ Details

XML 40 R55.htm IDEA: XBRL DOCUMENT

Financial Instruments (Narrative) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Apr. 30, 2013
Financial Instruments [Abstract]
Maximum length of forward exchange contracts	1 year
Losses recorded due to hedge ineffectiveness	$ 0.3
Expected net deferred losses from forward exchange contracts	$ 0.2

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Shareholders' Equity (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	0 Months Ended		9 Months Ended
	May 22, 2013	Jan. 27, 2012	Apr. 30, 2013
Shareholders' Equity [Abstract]
Common stock authorized for repurchase			16,000,000
Stock repurchased during the period, shares			1,820,442
Stock repurchases during the period, value			$ 61.0
Average price per share			$ 33.49
Shares with remaining authorization for repurchase under stock repurchase plan			3,700,000
Percentage of stock dividend effected due to stock split		100.00%
Stock split ratio		2
Cash dividend declared per common share	$ 0.13

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Apr. 30, 2013	Jul. 31, 2012
Assets
Cash and cash equivalents	$ 263,988	$ 225,789
Short-term investments	65,700	92,362
Accounts receivable, less allowance of $7,128 and $6,418	437,414	438,796
Inventories	240,476	256,116
Prepaids and other current assets	65,752	72,599
Total current assets	1,073,330	1,085,662
Property, plant, and equipment, at cost	1,020,391	949,619
Less accumulated depreciation	(607,570)	(564,710)
Property, plant and equipment, net	412,822	384,909
Goodwill	165,511	162,949
Intangible assets, net	42,596	46,200
Other assets	63,349	50,362
Total assets	1,757,608	1,730,082
Liabilities and shareholders' equity
Short-term borrowings	30,000	95,147
Current maturities of long-term debt	82,002	2,346
Trade accounts payable	178,028	199,182
Other current liabilities	167,802	201,848
Total current liabilities	457,832	498,523
Long-term debt	119,079	203,483
Deferred income taxes	5,326	4,611
Other long-term liabilities	93,838	113,451
Total liabilities	676,075	820,068
Shareholders' equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized, none issued
Common stock, $5.00 par value, 240,000,000 shares authorized, 151,643,194 shares issued	758,216	758,216
Retained earnings	499,808	366,788
Stock compensation plans	21,401	24,948
Accumulated other comprehensive loss	(40,926)	(101,888)
Treasury stock at cost, 4,585,928 and 3,980,832 shares at April 30, 2013 and July 31, 2012, respectively	(156,967)	(138,050)
Total shareholders' equity	1,081,533	910,014
Total liabilities and shareholders' equity	$ 1,757,608	$ 1,730,082

XML 46 R14.htm IDEA: XBRL DOCUMENT

Segment Reporting

9 Months Ended

Apr. 30, 2013

Segment Reporting [Abstract]

Segment Reporting

Note G – Segment Reporting

The Company has two reportable segments, Engine Products and Industrial Products, that have been identified based on the Company's internal organization structure, management of operations, and performance evaluation by the Company's management and Board of Directors. Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments, interest income, and interest expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the operating profit and other financial information shown below. Segment detail is summarized as follows (thousands of dollars):


	Engine Products		Industrial Products		Corporate & Unallocated			Total Company
Three Months Ended April 30, 2013:
Net sales	$	383,314	$	236,057	$	—		$	619,371
Earnings before income taxes		65,680		37,555		(3,759	)		99,476

Three Months Ended April 30, 2012:
Net sales	$	407,041	$	240,196	$	—		$	647,237
Earnings before income taxes		62,136		38,792		(938	)		99,990

Nine Months Ended April 30, 2013:
Net sales	$	1,107,814	$	696,540	$	—		$	1,804,354
Earnings before income taxes		152,129		102,709		(7,835	)		247,003
Assets		815,604		539,151		402,853			1,757,608

Nine Months Ended April 30, 2012:
Net sales	$	1,171,600	$	664,815	$	—		$	1,836,415
Earnings before income taxes		170,432		103,688		(5,694	)		268,426
Assets		879,228		534,686		340,359			1,754,273

No single Customer represented over 10 percent of the Company's net sales for the three or nine months ended April 30, 2013 and 2012. As of April 30, 2013 and July 31, 2012, no single Customer represented more than 10 percent of the Company's outstanding accounts receivable.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 131

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+ Details

XML 47 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements Of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net earnings	$ 69,842	$ 70,946	$ 174,768	$ 193,320
Foreign currency translation gain (loss)	(13,563)	5,689	29,401	(57,392)
Gain (loss) on hedging derivatives, net of deferred taxes of ($72), $145, ($269), and ($169), respectively	13	(448)	144	(21)
Pension and postretirement liability adjustment, net of deferred taxes of ($7,682), ($4,978), ($14,963), and ($9,219), respectively	16,214	8,810	31,417	3,449
Total comprehensive income	$ 72,506	$ 84,997	$ 235,730	$ 139,356

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Regulation S-X (SX)

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-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation.

+ References+ Details

XML 48 R58.htm IDEA: XBRL DOCUMENT

Fair Values (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Apr. 30, 2013	Jul. 31, 2012
Debt Instrument [Line Items]
Aggregate carrying amount of equity method investments	$ 18.5	$ 20.1
Long-term Debt [Member]
Debt Instrument [Line Items]
Fair value of debt	132.4
Debt carrying amount	116.9
Short-term Debt [Member]
Debt Instrument [Line Items]
Fair value of debt	82.2
Debt carrying amount	$ 80.0

- Definition

Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References+ Details

XML 49 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements Of Earnings (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Condensed Consolidated Statements Of Earnings [Abstract]
Net sales	$ 619,371	$ 647,237	$ 1,804,354	$ 1,836,415
Cost of sales	397,870	419,008	1,185,583	1,192,435
Gross margin	221,501	228,229	618,771	643,980
Operating expenses	122,914	129,792	375,455	380,448
Operating income	98,587	98,437	243,316	263,532
Other income	(3,608)	(4,340)	(11,962)	(13,750)
Interest expense	2,719	2,787	8,275	8,856
Earnings before income taxes	99,476	99,990	247,003	268,426
Income taxes	29,634	29,044	72,235	75,106
Net earnings	$ 69,842	$ 70,946	$ 174,768	$ 193,320
Weighted average shares - basic	148,136,620	150,536,631	148,404,503	150,385,389
Weighted average shares - diluted	150,234,445	153,207,471	150,591,003	153,067,148
Net earnings per share - basic	$ 0.47	$ 0.47	$ 1.18	$ 1.29
Net earnings per share - diluted	$ 0.46	$ 0.46	$ 1.16	$ 1.26
Dividends paid per share	$ 0.100	$ 0.080	$ 0.280	$ 0.230

XML 50 R51.htm IDEA: XBRL DOCUMENT

Guarantees (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Guarantor Obligations [Line Items]
Contingent liability for standby letters of credit, issued and outstanding	$ 13.2		$ 13.2
Advanced Filtration Systems, Inc. [Member]
Guarantor Obligations [Line Items]
Outstanding debt of joint venture	30.8		30.8
Joint venture investment earnings	0.7	0.6	1.4	1.4
Royalty income	$ 1.4	$ 1.4	$ 4.4	$ 4.6

- Definition

+ References+ Details

XML 51 R29.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Tables)

9 Months Ended

Apr. 30, 2013

Shareholders' Equity [Abstract]

Schedule Of Total Accumulated Other Comprehensive Income (Loss) And Its Components


	April 30, 2013			July 31, 2012
Foreign currency translation adjustment	$	62,377		$	32,976
Net loss on cash flow hedging derivatives, net of deferred taxes		(148	)		(292	)
Pension and postretirement liability adjustment, net of deferred taxes		(103,155	)		(134,572	)
Total accumulated other comprehensive loss	$	(40,926	)	$	(101,888	)

XML 52 R23.htm IDEA: XBRL DOCUMENT

Income Taxes

9 Months Ended

Apr. 30, 2013

Income Taxes [Abstract]

Income Taxes

Note P – Income Taxes

The effective tax rate for the three and nine months ended April 30, 2013, was 29.8 percent and 29.2 percent, respectively. The effective tax rate for the three and nine months ended April 30, 2012, was 29.0 percent and 28.0 percent, respectively. The increase in our effective tax rate for the three months ended April 30, 2013, was primarily due to a statute of limitations expiration in the prior year's three month period which resulted in recognition of income of $1.8 million. The increase in our effective tax rate for the nine months ended April 30, 2013, was primarily due to favorable settlements of tax audits of $4.3 million in the prior year's nine month period. The unfavorable impact of these items was partially offset in the current year by the retroactive reinstatement of the Research and Experimentation Credit in the United States.

The Company's uncertain tax positions are affected by the tax years that are under audit or remain subject to examination by the relevant taxing authorities. The following tax years, in addition to the current year, remain subject to examination, at least for certain issues, by the major tax jurisdictions indicated:


Major Jurisdictions		Open Tax Years
Belgium		2010 through 2012
China		2002 through 2012
France		2010 through 2012
Germany		2009 through 2012
Italy		2003 through 2012
Japan		2009 through 2012
Mexico		2007 through 2012
Thailand		2005 through 2012
United Kingdom		2011 through 2012
United States		2011 through 2012

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

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-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

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-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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-Topic 740

-SubTopic 10

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-Topic 740

-SubTopic 10

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-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

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XML 53 R44.htm IDEA: XBRL DOCUMENT

Net Earnings Per Share (Schedule Of Information Necessary To Calculate Basic And Diluted Net Earnings Per Common Share) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Net Earnings Per Share [Abstract]
Weighted average shares - basic	148,136,620	150,536,631	148,404,503	150,385,389
Common share equivalents	2,097,000	2,670,000	2,186,000	2,682,000
Weighted average shares - diluted	150,234,445	153,207,471	150,591,003	153,067,148
Net earnings for basic and diluted earnings per share computation	$ 69,842	$ 70,946	$ 174,768	$ 193,320
Net earnings per share - basic	$ 0.47	$ 0.47	$ 1.18	$ 1.29
Net earnings per share - diluted	$ 0.46	$ 0.46	$ 1.16	$ 1.26

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

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-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 36, 37, 38

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-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

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-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

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-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

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-Name Emerging Issues Task Force (EITF)

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-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

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-Number 210

-Section 04

-Paragraph 18

-Article 7

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-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.

+ References+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References+ Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

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-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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-Paragraph 8

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-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

XML 54 R54.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Components Of Net Periodic Pension Costs) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013	Apr. 30, 2012
Employee Benefit Plans [Abstract]
Service cost	$ 4,866	$ 3,870	$ 14,607	$ 11,630
Interest cost	4,222	4,866	12,733	14,607
Expected return on assets	(7,008)	(7,057)	(21,100)	(21,115)
Prior service cost amortization	162	181	482	547
Actuarial loss amortization	2,563	1,393	7,712	4,274
Net periodic benefit cost	$ 4,805	$ 3,253	$ 14,434	$ 9,943

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 30

-Glossary Expected Return on Plan Assets

-URI http://asc.fasb.org/extlink&oid=6512136

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 60

-Glossary Expected Return on Plan Assets

-URI http://asc.fasb.org/extlink&oid=6512171

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-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)(3)

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-Number 106

-Paragraph 518

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-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References+ Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a, h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Service Cost (Component of Net Periodic Pension Cost)

-URI http://asc.fasb.org/extlink&oid=6525008

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

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-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (a)(1)

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-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

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-Paragraph 1

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-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

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Inventories (Components Of Inventory) (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2013	Jul. 31, 2012
Inventories [Abstract]
Materials	$ 101,528	$ 111,808
Work in process	32,847	30,767
Finished products	106,101	113,541
Total inventories	$ 240,476	$ 256,116

XML 56 R35.htm IDEA: XBRL DOCUMENT

Fair Values (Tables)

9 Months Ended

Apr. 30, 2013

Fair Values [Abstract]

Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets

	Significant Other Observable Inputs (Level 2)*
	April 30, 2013			July 31, 2012
Asset derivatives recorded under the caption Prepaids and other current assets
Foreign exchange contracts	$	834		$	526
Liability derivatives recorded under the caption Other current liabilities
Foreign exchange contracts		(898	)		(1,424	)
Forward exchange contracts - net liability position	$	(64	)	$	(898	)

XML 57 R36.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

9 Months Ended

Apr. 30, 2013

Income Taxes [Abstract]

Schedule Of Tax Years Affecting Uncertain Tax Positions By Major Tax Jurisdictions


Major Jurisdictions		Open Tax Years
Belgium		2010 through 2012
China		2002 through 2012
France		2010 through 2012
Germany		2009 through 2012
Italy		2003 through 2012
Japan		2009 through 2012
Mexico		2007 through 2012
Thailand		2005 through 2012
United Kingdom		2011 through 2012
United States		2011 through 2012

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References+ Details

XML 58 R13.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

9 Months Ended

Apr. 30, 2013

Shareholders' Equity [Abstract]

Shareholders' Equity

Note F – Shareholders' Equity

Total accumulated other comprehensive income (loss) and its components at April 30, 2013 and July 31, 2012 are as follows (thousands of dollars):


	April 30, 2013			July 31, 2012
Foreign currency translation adjustment	$	62,377		$	32,976
Net loss on cash flow hedging derivatives, net of deferred taxes		(148	)		(292	)
Pension and postretirement liability adjustment, net of deferred taxes		(103,155	)		(134,572	)
Total accumulated other comprehensive loss	$	(40,926	)	$	(101,888	)

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, 2013, the Company did not repurchase any shares. During the nine months ended April 30, 2013, the Company repurchased 1,820,442 shares for $61.0 million at an average price of $33.49 per share. As of April 30, 2013, the Company had remaining authorization to repurchase up to 3.7 million shares pursuant to the current authorization.

On May 22, 2013, the Company's Board of Directors declared a cash dividend in the amount of $0.13 per common share, payable to stockholders of record on June 7, 2013. The dividend will be paid on June 21, 2013.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

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+ Details

XML 59 R62.htm IDEA: XBRL DOCUMENT

Restructuring (Narrative) (Details)	Apr. 30, 2013 employee
Restructuring [Abstract]
Number of employees terminated	500

XML 60 R30.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

9 Months Ended

Apr. 30, 2013

Segment Reporting [Abstract]

Summary Of Segment Detail


	Engine Products		Industrial Products		Corporate & Unallocated			Total Company
Three Months Ended April 30, 2013:
Net sales	$	383,314	$	236,057	$	—		$	619,371
Earnings before income taxes		65,680		37,555		(3,759	)		99,476

Three Months Ended April 30, 2012:
Net sales	$	407,041	$	240,196	$	—		$	647,237
Earnings before income taxes		62,136		38,792		(938	)		99,990

Nine Months Ended April 30, 2013:
Net sales	$	1,107,814	$	696,540	$	—		$	1,804,354
Earnings before income taxes		152,129		102,709		(7,835	)		247,003
Assets		815,604		539,151		402,853			1,757,608

Nine Months Ended April 30, 2012:
Net sales	$	1,171,600	$	664,815	$	—		$	1,836,415
Earnings before income taxes		170,432		103,688		(5,694	)		268,426
Assets		879,228		534,686		340,359			1,754,273

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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Accounting For Stock-Based Option Activity (Summary Of Information Concerning Outstanding And Exercisable Options) (Details) (USD $)
9 Months Ended

Apr. 30, 2013

Jul. 31, 2012

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number Outstanding 7,597,125 8,056,327

Weighted Average Remaining Contractual Life (Years) 5 years 6 months 11 days

Weighted Average Exercise Price $ 23.54

Number Exercisable 5,787,907

Weighted Average Exercise Price $ 20.48

Range Of Exercise Prices $0.00 To $15.89 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Range of Exercise Prices, lower range $ 0.00

Range of Exercise Prices, upper range $ 15.89

Number Outstanding 1,402,473

Weighted Average Remaining Contractual Life (Years) 1 year 4 months 13 days

Weighted Average Exercise Price $ 15.27

Number Exercisable 1,402,473

Weighted Average Exercise Price $ 15.27

Range Of Exercise Prices $15.90 To $20.89 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Range of Exercise Prices, lower range $ 15.90

Range of Exercise Prices, upper range $ 20.89

Number Outstanding 1,955,461

Weighted Average Remaining Contractual Life (Years) 4 years 15 days

Weighted Average Exercise Price $ 17.44

Number Exercisable 1,955,461

Weighted Average Exercise Price $ 17.44

Range Of Exercise Prices $20.90 To $25.89 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Range of Exercise Prices, lower range $ 20.90

Range of Exercise Prices, upper range $ 25.89

Number Outstanding 1,391,656

Weighted Average Remaining Contractual Life (Years) 5 years 11 months 27 days

Weighted Average Exercise Price $ 21.78

Number Exercisable 1,391,656

Weighted Average Exercise Price $ 21.78

Range Of Exercise Prices $25.90 To $30.89 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Range of Exercise Prices, lower range $ 25.90

Range of Exercise Prices, upper range $ 30.89

Number Outstanding 918,849

Weighted Average Remaining Contractual Life (Years) 7 years 7 months 10 days

Weighted Average Exercise Price $ 29.15

Number Exercisable 608,544

Weighted Average Exercise Price $ 29.16

Range Of Exercise Prices $30.90 And Above [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Range of Exercise Prices, lower range $ 30.90

Number Outstanding 1,928,686

Weighted Average Remaining Contractual Life (Years) 8 years 8 months 23 days

Weighted Average Exercise Price $ 34.33

Number Exercisable 429,773

Weighted Average Exercise Price $ 34.80

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The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.

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Guarantees
9 Months Ended

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Guarantees [Abstract]

Guarantees

Note I – Guarantees

 The Company and Caterpillar Inc. equally own the shares of Advanced Filtration Systems Inc. (AFSI), an unconsolidated joint venture, and guarantee certain debt of the joint venture. As of April 30, 2013, AFSI had $30.8 million of outstanding debt, of which the Company guarantees half. The Company had earnings of $0.7 million and $0.6 million, respectively, from this equity method investment during the three months ended April 30, 2013 and 2012. For the nine months ended April 30, 2013 and 2012, the Company recorded earnings of $1.4 million from this equity method investment. During the three and nine months ended April 30, 2013 and 2012, the Company also recorded royalty income of $1.4 million and $4.4 million, respectively, and $1.4 million and $4.6 million, respectively, related to AFSI.

 As of April 30, 2013, the Company had a contingent liability for standby letters of credit totaling $13.2 million that have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of insurance contract terms as detailed in each letter of credit. At April 30, 2013, there were no amounts drawn upon these letters of credit.

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Net Earnings Per Share
9 Months Ended

Apr. 30, 2013

Net Earnings Per Share [Abstract]

Net Earnings Per Share

Note E – Net Earnings Per Share

 The Company's basic net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares. The Company's diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and stock incentive plans. Certain outstanding options were excluded from the diluted net earnings per share calculations because their exercise prices were greater than the average market price of the Company's common stock during those periods. For the three and nine months ended April 30, 2013, there were 29,800 options and 80,486 options excluded from the diluted net earnings per share calculation, respectively. For the three and nine months ended April 30, 2012, there were 11,606 options and 1,061,741 options excluded from the diluted net earnings per share calculation, respectively.

 The following table presents information necessary to calculate basic and diluted net earnings per common share (thousands, except per share amounts):

Three Months Ended
April 30,

Nine Months Ended
April 30,

2013

2012

2013

2012

Weighted average shares - basic

148,137

150,537

148,405

150,385

Common share equivalents

2,097

2,670

2,186

2,682

Weighted average shares - diluted

150,234

153,207

150,591

153,067

Net earnings for basic and diluted earnings

per share computation

$

69,842

$

70,946

$

174,768

$

193,320

Net earnings per share - basic

$

0.47

$

0.47

$

1.18

$

1.29

Net earnings per share - diluted

$

0.46

$

0.46

$

1.16

$

1.26

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Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Operating Activities

Net earnings $ 174,768 $ 193,320

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization 48,527 46,214

Changes in operating assets and liabilities (8,346) (43,836)

Tax benefit of equity plans (9,483) (9,698)

Stock compensation plan expense 7,363 8,624

Deferred taxes (4,037) 4,214

Other, net 8,597 (16,437)

Net cash provided by operating activities 217,389 182,401

Investing Activities

Net expenditures on property, plant, and equipment (69,425) (57,987)

Change in short-term investments 30,781 (119,930)

Net cash used in investing activities (38,644) (177,917)

Financing Activities

Purchase of treasury stock (60,975) (82,573)

Repayments of long-term debt (1,093) (46,084)

Change in short-term borrowings (66,530) 70,519

Dividends paid (41,184) (34,277)

Tax benefit of equity plans 9,483 9,698

Exercise of stock options 12,131 12,345

Net cash used in financing activities (148,168) (70,372)

Effect of exchange rate changes on cash 7,622 (18,586)

Increase (Decrease) in cash and cash equivalents 38,199 (84,474)

Cash and cash equivalents, beginning of year 225,789 273,494

Cash and cash equivalents, end of period $ 263,988 $ 189,020

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Employee Benefit Plans (Tables)
9 Months Ended

Apr. 30, 2013

Employee Benefit Plans [Abstract]

Components Of Net Periodic Pension Costs

Three Months Ended
April 30,

Nine Months Ended
April 30,

2013

2012

2013

2012

Net periodic cost:

Service cost

$

4,866

$

3,870

$

14,607

$

11,630

Interest cost

4,222

4,866

12,733

14,607

Expected return on assets

(7,008

)

(7,057

)

(21,100

)

(21,115

)

Prior service cost amortization

162

181

482

547

Actuarial loss amortization

2,563

1,393

7,712

4,274

Net periodic benefit cost

$

4,805

$

3,253

$

14,434

$

9,943

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Fair Values (Fair Value Of Outstanding Derivatives In Consolidated Balance Sheets) (Details) (Significant Other Observable Inputs (Level 2) [Member], USD $)
In Thousands, unless otherwise specified

Apr. 30, 2013

Jul. 31, 2012

Significant Other Observable Inputs (Level 2) [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Asset derivatives recorded under the caption Prepaids and other current assets, Foreign exchange contracts $ 834 ^[1] $ 526 ^[1]

Liability derivatives recorded under the caption Other current liabilities, Foreign exchange contracts (898) ^[1] (1,424) ^[1]

Forward exchange contracts - net liability position $ (64) ^[1] $ (898) ^[1]

[1] Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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Financial Instruments
9 Months Ended

Apr. 30, 2013

Financial Instruments [Abstract]

Financial Instruments

Note L – Financial Instruments

 The Company uses forward exchange contracts to manage its exposure to fluctuations in foreign currency exchange rates. It is the Company's policy to enter into derivative transactions only to the extent true exposures exist; the Company does not enter into derivative transactions for speculative or trading purposes. The Company enters into derivative transactions only with counterparties with high credit ratings. Concentration of counterparty risk is mitigated as the Company deals with a variety of major banks worldwide. In addition, only conventional derivative financial instruments are utilized. These transactions may expose the Company to credit risk to the extent the instruments have a positive fair value, but the Company has not experienced any material losses, nor does the Company anticipate any material losses. The Company would not be materially impacted if any of the counterparties to the derivative financial instruments outstanding failed to perform according to the terms of its agreement. At this time, the Company does not require collateral or any other form of securitization to be furnished by the counterparties to its derivative instruments.

 The Company enters into forward exchange contracts of generally less than one year to hedge forecasted foreign currency transactions between its subsidiaries and to reduce potential exposure related to fluctuations in foreign exchange rates for existing recognized assets and liabilities. It also utilizes forward exchange contracts for anticipated intercompany and third-party transactions such as purchases, sales, and dividend payments denominated in local currencies. Forward exchange contracts are designated as cash flow hedges as they are designed to hedge the variability of cash flows associated with the underlying existing recognized or anticipated transactions. Changes in the value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) in shareholders' equity until earnings are affected by the variability of the underlying cash flows. At that time, the applicable amount of gain or loss from the derivative instrument that is deferred in shareholders' equity is reclassified to earnings. Effectiveness is measured using spot rates to value both the hedge contract and the hedged item. The excluded forward points, as well as any ineffective portions of hedges, are recorded in earnings through the same line as the underlying transaction. During the first nine months of Fiscal 2013, $0.3 million of losses were recorded due to hedge ineffectiveness.

 Unrealized losses are reclassified, as appropriate, when earnings are affected by the variability of the underlying cash flows during the term of the hedges. The Company expects to record $0.2 million of net deferred losses from these forward exchange contracts during the next 12 months.

 The impact on accumulated other comprehensive income (loss) and earnings from foreign exchange contracts that qualified as cash flow hedges for the nine months ended April 30, 2013 and 2012, was as follows (thousands of dollars):

April 30,

2013

2012

Net carrying amount at beginning of year

$

(373

)

$

241

Cash flow hedges deferred in other comprehensive income

297

2,131

Cash flow hedges reclassified to income (effective portion)

163

(1,938

)

Change in deferred taxes

(269

)

(169

)

Net carrying amount at April 30

$

(182

)

$

265

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Goodwill And Other Intangible Assets
9 Months Ended

Apr. 30, 2013

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

Note H – Goodwill and Other Intangible Assets

 Goodwill is tested for impairment annually or whenever events or circumstances make it more likely than not that an impairment may have occurred. The Company's most recent annual impairment assessment for goodwill was completed during the third quarter of Fiscal 2013. Based on a quantitative analysis, the results of this assessment showed that the fair values of the reporting units to which goodwill is assigned continue to significantly exceed the book values of the respective reporting units, resulting in no goodwill impairment. Following is a reconciliation of goodwill for the nine months ended April 30, 2013 (thousands of dollars):

Engine
Products

Industrial
Products

Total
Goodwill

Balance as of July 31, 2012

$

71,747

$

91,202

$

162,949

Foreign exchange translation

481

2,081

2,562

Balance as of April 30, 2013

$

72,228

$

93,283

$

165,511

 As of April 30, 2013, other intangible assets were $42.6 million, a $3.6 million decrease from $46.2 million at July 31, 2012. The decrease in other intangible assets is due to amortization of existing assets of $4.1 million, which was slightly offset by a foreign exchange translation increase of $0.5 million. There were no intangible asset additions during the nine months ended April 30, 2013.

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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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Commitments And Contingencies
9 Months Ended

Apr. 30, 2013

Commitments And Contingencies [Abstract]

Commitments And Contingencies

Note O – Commitments and Contingencies

 Litigation The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the recorded reserves in its condensed consolidated financial statements are adequate in light of the probable and estimable outcomes. The recorded liabilities were not material to the Company's financial position, results of operations, or liquidity, and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations, or liquidity.

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Credit Facilities
9 Months Ended

Apr. 30, 2013

Credit Facilities [Abstract]

Credit Facilities

Note M – Credit Facilities

 On December 7, 2012, the Company entered into a five-year, multi-currency revolving credit facility with a group of banks under which the Company may borrow up to $250.0 million. The agreement provides that loans may be made under a selection of currencies and rate formulas including Base Rate Loans or LIBOR Rate Loans. The interest rate on each advance is based on certain market interest rates and leverage ratios. Facility fees and other fees on the entire loan commitment are payable over the duration of this facility. As of April 30, 2013, there was $30.0 million of borrowings under this facility. The weighted average interest rate on short-term borrowings outstanding at April 30, 2013, was 1.1 percent. The multi-currency revolving facility contains debt covenants specifically related to maintaining a certain interest coverage ratio, and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company's ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of April 30, 2013, the Company was in compliance with all such covenants. The Company expects to remain in compliance with these covenants.

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Document And Entity Information
9 Months Ended

Apr. 30, 2013

Document And Entity Information [Abstract]

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Document Fiscal Year Focus 2013

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Entity Registrant Name DONALDSON CO INC

Entity Central Index Key 0000029644

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Fair Values
9 Months Ended

Apr. 30, 2013

Fair Values [Abstract]

Fair Values

Note N – Fair Values

 At April 30, 2013 and July 31, 2012, the Company's financial instruments included cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, long-term debt, and derivative contracts. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximated carrying values because of the short-term nature of these instruments. As of April 30, 2013, the estimated fair value of long-term debt with fixed interest rates was $132.4 million compared to the carrying value of $116.9 million and the estimated fair value of short-term debt with fixed interest rates was $82.2 million compared to the carrying value of $80.0 million. The fair value is estimated by discounting projected cash flows using the rate that similar amounts of debt could currently be borrowed, which is classified as Level 2 in the fair value hierarchy.

 Derivative contracts are reported at their fair values based on third-party quotes. The fair values of the Company's financial assets and liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair values are based on inputs other than quoted prices that are observable for the asset or liability. These inputs include foreign currency exchange rates and interest rates. The financial assets and liabilities are primarily valued using standard calculations and models that use as their basis readily observable market parameters. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and currency rates.

 The following summarizes the Company's fair value of outstanding derivatives at April 30, 2013 and July 31, 2012 on the balance sheets (thousands of dollars):

Significant Other Observable
Inputs (Level 2)*

April 30,
2013

July 31,
2012

Asset derivatives recorded under the caption Prepaids and other current assets

Foreign exchange contracts

$

834

$

526

Liability derivatives recorded under the caption Other current liabilities

Foreign exchange contracts

(898

)

(1,424

)

Forward exchange contracts - net liability position

$

(64

)

$

(898

)

 *Inputs to the valuation methodology of Level 2 assets include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 The Company holds equity method investments which are classified in other assets in the condensed consolidated balance sheets. The aggregate carrying amount of these investments was $18.5 million as of April 30, 2013, and $20.1 million as of July 31, 2012. The fair value of the Company's equity method investments has not been estimated as there have been no identified events or changes in circumstances that would have had an adverse impact on the value of these investments. In the event that these investments were required to be measured, these investments would fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value, as the investments are privately-held entities without quoted market prices.

 Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. As there have been no events or circumstances that have had an adverse impact on the value of these assets, the Company has not been required to record an impairment and therefore these assets are not recorded at fair value. In the event that an impairment was recognized, the fair value would be classified within Level 3 of the fair value hierarchy. Refer to Note H for further discussion of the annual goodwill impairment analysis and carrying values of goodwill and other intangible assets.

 The Company assesses the impairment of intangible assets and property, plant, and equipment whenever events or changes in circumstances indicate that the carrying amount of intangible assets and property, plant, and equipment assets may not be recoverable. There were no impairment charges recorded in the nine months ended April 30, 2013. Refer to Note H for further discussion of the carrying values of intangible assets.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Income Taxes (Schedule Of Tax Years Affecting Uncertain Tax Positions By Major Tax Jurisdictions) (Details)
9 Months Ended

Apr. 30, 2013

Belgium [Member]

Income Tax Examination [Line Items]

Open Tax Years 2010 through 2012

China [Member]

Income Tax Examination [Line Items]

Open Tax Years 2002 through 2012

France [Member]

Income Tax Examination [Line Items]

Open Tax Years 2010 through 2012

Germany [Member]

Income Tax Examination [Line Items]

Open Tax Years 2009 through 2012

Italy [Member]

Income Tax Examination [Line Items]

Open Tax Years 2003 through 2012

Japan [Member]

Income Tax Examination [Line Items]

Open Tax Years 2009 through 2012

Mexico [Member]

Income Tax Examination [Line Items]

Open Tax Years 2007 through 2012

Thailand [Member]

Income Tax Examination [Line Items]

Open Tax Years 2005 through 2012

United Kingdom [Member]

Income Tax Examination [Line Items]

Open Tax Years 2011 through 2012

United States [Member]

Income Tax Examination [Line Items]

Open Tax Years 2011 through 2012

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Income Taxes (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended

Apr. 30, 2013

Apr. 30, 2012

Apr. 30, 2013

Apr. 30, 2012

Income Taxes [Abstract]

Effective tax rate 29.80% 29.00% 29.20% 28.00%

Recognized income from statute of limitations expiration $ 1.8

Adjustment from settlements of tax audits 4.3 4.3

Unrecognized tax benefits 19.4 19.4

Accrued interest and penalties on unrecognized tax benefits 1.2 1.2

Statute of limitations period, average, years 5 years

Maximum possible reduction in amount of unrecognized tax benefits 1.1

Unrecognized tax benefits potential expiration period 12 months

Unrecognized tax benefits in dispute with various taxing authorities $ 0.2 $ 0.2

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Goodwill And Other Intangible Assets (Reconciliation Of Goodwill) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Apr. 30, 2013
Goodwill [Line Items]
Beginning Balance	$ 162,949
Foreign exchange translation	2,562
Ending Balance	165,511
Engine Products [Member]
Goodwill [Line Items]
Beginning Balance	71,747
Foreign exchange translation	481
Ending Balance	72,228
Industrial Products [Member]
Goodwill [Line Items]
Beginning Balance	91,202
Foreign exchange translation	2,081
Ending Balance	$ 93,283

Guarantees	9 Months Ended
Guarantees	Apr. 30, 2013
Guarantees [Abstract]
Guarantees	Note I – Guarantees The Company and Caterpillar Inc. equally own the shares of Advanced Filtration Systems Inc. (AFSI), an unconsolidated joint venture, and guarantee certain debt of the joint venture. As of April 30, 2013, AFSI had $30.8 million of outstanding debt, of which the Company guarantees half. The Company had earnings of $0.7 million and $0.6 million, respectively, from this equity method investment during the three months ended April 30, 2013 and 2012. For the nine months ended April 30, 2013 and 2012, the Company recorded earnings of $1.4 million from this equity method investment. During the three and nine months ended April 30, 2013 and 2012, the Company also recorded royalty income of $1.4 million and $4.4 million, respectively, and $1.4 million and $4.6 million, respectively, related to AFSI. As of April 30, 2013, the Company had a contingent liability for standby letters of credit totaling $13.2 million that have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of insurance contract terms as detailed in each letter of credit. At April 30, 2013, there were no amounts drawn upon these letters of credit.

Segment Reporting (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	9 Months Ended
	Apr. 30, 2013	Apr. 30, 2013 segment
Number of reportable segments		2
Restructuring expenses	$ 1,094	$ 2,796
Industrial Products [Member]
Restructuring expenses	700	1,700
Engine Products [Member]
Restructuring expenses	$ 400	$ 1,100

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Apr. 30, 2013
Commitments And Contingencies [Abstract]
Commitments And Contingencies	Note O – Commitments and Contingencies Litigation The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the recorded reserves in its condensed consolidated financial statements are adequate in light of the probable and estimable outcomes. The recorded liabilities were not material to the Company's financial position, results of operations, or liquidity, and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations, or liquidity.

Credit Facilities	9 Months Ended
Credit Facilities	Apr. 30, 2013
Credit Facilities [Abstract]
Credit Facilities	Note M – Credit Facilities On December 7, 2012, the Company entered into a five-year, multi-currency revolving credit facility with a group of banks under which the Company may borrow up to $250.0 million. The agreement provides that loans may be made under a selection of currencies and rate formulas including Base Rate Loans or LIBOR Rate Loans. The interest rate on each advance is based on certain market interest rates and leverage ratios. Facility fees and other fees on the entire loan commitment are payable over the duration of this facility. As of April 30, 2013, there was $30.0 million of borrowings under this facility. The weighted average interest rate on short-term borrowings outstanding at April 30, 2013, was 1.1 percent. The multi-currency revolving facility contains debt covenants specifically related to maintaining a certain interest coverage ratio, and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company's ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of April 30, 2013, the Company was in compliance with all such covenants. The Company expects to remain in compliance with these covenants.

Document And Entity Information	9 Months Ended
Document And Entity Information	Apr. 30, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Entity Registrant Name	DONALDSON CO INC
Entity Central Index Key	0000029644
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	146,949,730

Income Taxes (Schedule Of Tax Years Affecting Uncertain Tax Positions By Major Tax Jurisdictions) (Details)	9 Months Ended
	Apr. 30, 2013
Belgium [Member]
Income Tax Examination [Line Items]
Open Tax Years	2010 through 2012
China [Member]
Income Tax Examination [Line Items]
Open Tax Years	2002 through 2012
France [Member]
Income Tax Examination [Line Items]
Open Tax Years	2010 through 2012
Germany [Member]
Income Tax Examination [Line Items]
Open Tax Years	2009 through 2012
Italy [Member]
Income Tax Examination [Line Items]
Open Tax Years	2003 through 2012
Japan [Member]
Income Tax Examination [Line Items]
Open Tax Years	2009 through 2012
Mexico [Member]
Income Tax Examination [Line Items]
Open Tax Years	2007 through 2012
Thailand [Member]
Income Tax Examination [Line Items]
Open Tax Years	2005 through 2012
United Kingdom [Member]
Income Tax Examination [Line Items]
Open Tax Years	2011 through 2012
United States [Member]
Income Tax Examination [Line Items]
Open Tax Years	2011 through 2012