Accumulated Other Comprehensive Loss

12 Months Ended

Jul. 31, 2014

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

NOTE H  Accumulated Other Comprehensive Loss

In the first quarter of Fiscal 2014, the Company prospectively adopted guidance issued by the FASB that requires additional disclosure related to the impact of reclassification adjustments out of accumulated other comprehensive income or loss on net income. Changes in accumulated other comprehensive loss by component are as follows:

(Thousands of dollars)		Foreign currency translation adjustment (a)		Pension benefits			Derivative financial instruments			Total
Balance as of July 31, 2013, net of tax	$	50,411	$	(87,712)		$	(172)		$	(37,473)
Other comprehensive (loss) income before reclassifications and tax		(2,949)		(16,120)			413			(18,656)
Tax benefit (expense)		-		4,391			(145)			4,246
Other comprehensive (loss) income before reclassifications, net of tax		$           (2,949)		$       (11,729)			$              268			(14,410)
Reclassifications, before tax		827		8,514			(273)			9,068
Tax benefit (expense)		-		(3,071)			76			(2,995)
Reclassifications, net of tax		827		5,443	(b)		(197)			6,073
Other comprehensive (loss) income, net of tax		(2,122)		(6,286)			71	(c)		(8,337)
Balance as of July 31, 2014, net of tax	$	48,289	$	(93,998)		$	(101)		$	(45,810)

(a)Taxes are not provided on cumulative translation adjustments as substantially all translation adjustments relate to earnings that are intended to be indefinitely reinvested outside the U.S.  Amounts were reclassified from accumulated other comprehensive loss to other income, net.

(b)Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note F) that were reclassified from accumulated other comprehensive loss to operating expenses or cost of sales.

(c)Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net (see Note E).