Discontinued Operations (Tables)

3 Months Ended

Oct. 31, 2013

Operating Results of Discontinued Operations

The following table summarizes the results of discontinued operations:

	Three Months Ended October  31,
Discontinued Operations:	2013		2012
Net sales	$	83,903	$	114,188
Operating income (loss) of discontinued operations	$	(3,433)	$	3,443
Pre-tax gain on disposal of discontinued business		7,825		–
Income before income taxes		4,392		3,443
Income tax expense (benefit)		(322)		1,204
Income from discontinued operations, net of taxes	$	4,714	$	2,239

Assets and Liabilities of Discontinued Operations

The following is a summary of the assets and liabilities of discontinued operations, excluding cash, which were held for sale as of July 31, 2013:

Accounts and other receivable, net	$	29,894
Inventories, net of LIFO reserve of $9,683		61,800
Property, plant and equipment, cost		50,985
Accumulated depreciation, property, plant and equipment		(21,422)
Goodwill		5,559
Other intangibles, net		3,743
Deferred income taxes and other assets		2,540
Deferred compensation plan assets		3,407
Assets of discontinued operations	$	136,506
Accounts payable	$	23,427
Accrued compensation and related items		3,130
Product warranties		3,891
Deferred income taxes and other liabilities		1,252
Deferred compensation plan liabilities		3,407
Liabilities of discontinued operations	$	35,107