Discontinued Operations Discontinued Operations

6 Months Ended

Jan. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

The Company entered into an agreement with LTI Flexible Products, Inc. (d/b/a Boyd Corporation) on February 24, 2014, for the sale of the Die-Cut business. The first phase of this divestiture closed on May 1, 2014 and included the Die-Cut businesses in Korea, Thailand and Malaysia, and the Balkhausen business in Europe. The remainder of the Die-Cut business was located in China and it was divested on August 1, 2014. The operating results have been reported as discontinued operations for the three and six month comparative periods ended January 31, 2015 and 2014.

The following table summarizes the operating results of discontinued operations for the three and six months ended January 31, 2015 and 2014:

	Three months ended January 31,				Six months ended January 31,
	2015		2014		2015			2014
Net sales	$	—	$	49,759	$	—		$	115,616
Earnings (loss) from operations of discontinued businesses	—		4,432		(1,201		)	12,761
Income tax benefit (expense)	—		1,475		(288		)	(1,060		)
Loss on sale of discontinued operations	—		—		(487		)	—
Income tax benefit on sale of discontinued operations	—		—		61			—
Earnings (loss) from discontinued operations, net of income tax	$	—	$	5,907	$	(1,915	)	$	11,701

There were no assets or liabilities held for sale as of January 31, 2015. In accordance with authoritative literature, accumulated other comprehensive income of $34,697 was reclassified to the statement of earnings upon the closing of the second phase of the Die-Cut divestiture during the six months ended January 31, 2015.