QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices and zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ☐ | Emerging growth company | |||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
Page | |||||
January 31, 2021 | July 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowances for credit losses of $ | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment—net | |||||||||||
Goodwill | |||||||||||
Other intangible assets | |||||||||||
Deferred income taxes | |||||||||||
Operating lease assets | |||||||||||
Other assets | |||||||||||
Total | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation and benefits | |||||||||||
Taxes, other than income taxes | |||||||||||
Accrued income taxes | |||||||||||
Current operating lease liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Class A nonvoting common stock—Issued | |||||||||||
Class B voting common stock—Issued and outstanding, | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock— | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total | $ | $ |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross margin | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Investment and other income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes and losses of unconsolidated affiliate | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Income before losses of unconsolidated affiliate | |||||||||||||||||||||||
Equity in losses of unconsolidated affiliate | ( | ( | |||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income per Class A Nonvoting Common Share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Dividends | $ | $ | $ | $ | |||||||||||||||||||
Net income per Class B Voting Common Share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Dividends | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Net gain recognized in other comprehensive income (loss) | |||||||||||||||||||||||
Reclassification adjustment for losses (gains) included in net income | ( | ( | |||||||||||||||||||||
Pension and other post-retirement benefits: | |||||||||||||||||||||||
Net loss recognized in other comprehensive income (loss) | ( | ( | ( | ( | |||||||||||||||||||
Net actuarial gain amortization | ( | ( | ( | ( | |||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss), before tax | ( | ( | |||||||||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Six months ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ||||||||||
Equity in losses of unconsolidated affiliate | |||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Accounts payable and accrued liabilities | ( | ||||||||||
Income taxes | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Payment of dividends | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Payments for employee taxes withheld from stock-based awards | ( | ( | |||||||||
Purchase of treasury stock | ( | ||||||||||
Other | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | |||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ |
January 31, 2021 | July 31, 2020 | ||||||||||
Finished products | $ | $ | |||||||||
Work-in-process | |||||||||||
Raw materials and supplies | |||||||||||
Total inventories | $ | $ |
January 31, 2021 | July 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||||||||||||||||||||
Definite-lived other intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships and tradenames | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Indefinite-lived other intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Tradenames | N/A | — | N/A | — | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Six months ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating cash outflows from operating leases | $ | $ | |||||||||
Operating lease assets obtained in exchange for new operating lease liabilities |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Balances at October 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of shares of Class A Common Stock under stock plan | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of shares of Class A Common Stock | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Cash dividends on Common Stock: | ||||||||||||||||||||||||||||||||||||||
Class A — $0.2200 per share | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Class B — $0.2200 per share | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Balances at January 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Balances at July 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of shares of Class A Common Stock under stock plan | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Tax benefit and withholdings from deferred compensation distributions | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of shares of Class A Common Stock | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Cash dividends on Common Stock: | ||||||||||||||||||||||||||||||||||||||
Class A — $0.4400 per share | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Class B — $0.4234 per share | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Balances at January 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Balances at October 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Issuance of shares of Class A Common Stock under stock plan | — | — | — | |||||||||||||||||||||||||||||||||||
Tax benefit and withholdings from deferred compensation distributions | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cash dividends on Common Stock: | ||||||||||||||||||||||||||||||||||||||
Class A — $0.2175 per share | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Class B — $0.2175 per share | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Balances at January 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Balances at July 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Issuance of shares of Class A Common Stock under stock plan | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Tax benefit and withholdings from deferred compensation distributions | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cash dividends on Common Stock: | ||||||||||||||||||||||||||||||||||||||
Class A — $0.4350 per share | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Class B — $0.4184 per share | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Balances at January 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ |
Unrealized (loss) gain on cash flow hedges | Unamortized gain on post-retirement plans | Foreign currency translation adjustments | Accumulated other comprehensive loss | ||||||||||||||||||||
Beginning balance, July 31, 2020 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Ending balance, January 31, 2021 | $ | $ | $ | ( | $ | ( |
Unrealized gain on cash flow hedges | Unamortized gain on post-retirement plans | Foreign currency translation adjustments | Accumulated other comprehensive loss | ||||||||||||||||||||
Beginning balance, July 31, 2019 | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | ( | ||||||||||||||||||||
Ending balance, January 31, 2020 | $ | $ | $ | ( | $ | ( |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income (loss): | |||||||||||||||||||||||
Cash flow hedges | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||
Other income tax adjustments and currency translation | ( | ( | ( | ||||||||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income (loss) | $ | ( | $ | ( | $ | ( | $ |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
ID Solutions | |||||||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Europe | |||||||||||||||||||||||
Asia | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Workplace Safety | |||||||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Europe | |||||||||||||||||||||||
Australia | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Total Company | |||||||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Europe | |||||||||||||||||||||||
Asia-Pacific | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment profit: | |||||||||||||||||||||||
ID Solutions | $ | $ | $ | $ | |||||||||||||||||||
Workplace Safety | |||||||||||||||||||||||
Total Company | $ | $ | $ | $ |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total profit from reportable segments | $ | $ | $ | $ | |||||||||||||||||||
Unallocated amounts: | |||||||||||||||||||||||
Administrative costs | ( | ( | ( | ( | |||||||||||||||||||
Investment and other income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes and losses of unconsolidated affiliate | $ | $ | $ | $ |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator (in thousands): | |||||||||||||||||||||||
Net Income (Numerator for basic and diluted income per Class A Nonvoting Common Share) | $ | $ | $ | $ | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Preferential dividends | ( | ( | |||||||||||||||||||||
Preferential dividends on dilutive stock options | ( | ( | |||||||||||||||||||||
Numerator for basic and diluted income per Class B Voting Common Share | $ | $ | $ | $ | |||||||||||||||||||
Denominator: (in thousands) | |||||||||||||||||||||||
Denominator for basic income per share for both Class A and Class B | |||||||||||||||||||||||
Plus: Effect of dilutive equity awards | |||||||||||||||||||||||
Denominator for diluted income per share for both Class A and Class B | |||||||||||||||||||||||
Net income per Class A Nonvoting Common Share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Net income per Class B Voting Common Share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
January 31, 2021 | July 31, 2020 | Fair Value Hierarchy | |||||||||||||||
Assets: | |||||||||||||||||
Trading securities | $ | $ | Level 1 | ||||||||||||||
Foreign exchange contracts | Level 2 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Foreign exchange contracts | Level 2 |
January 31, 2021 | July 31, 2020 | ||||||||||
Designated as cash flow hedges | $ | $ | |||||||||
Non-designated hedges | |||||||||||
Total foreign exchange contracts | $ | $ |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Gains recognized in OCI | $ | $ | $ | $ | |||||||||||||||||||
(Losses) gains reclassified from OCI into cost of goods sold | ( | ( |
January 31, 2021 | July 31, 2020 | ||||||||||||||||||||||
Prepaid expenses and other current assets | Other current liabilities | Prepaid expenses and other current assets | Other current liabilities | ||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Foreign exchange contracts (cash flow hedges) | $ | $ | $ | $ | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Foreign exchange contracts (non-designated hedges) | |||||||||||||||||||||||
Total derivative instruments | $ | $ | $ | $ |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | % Sales | 2020 | % Sales | 2021 | % Sales | 2020 | % Sales | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | 265,838 | $ | 276,665 | $ | 543,065 | $ | 563,612 | |||||||||||||||||||||||||||||||||||||||
Gross margin | 129,522 | 48.7 | % | 139,127 | 50.3 | % | 264,950 | 48.8 | % | 280,532 | 49.8 | % | |||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 9,876 | 3.7 | % | 10,517 | 3.8 | % | 20,079 | 3.7 | % | 21,484 | 3.8 | % | |||||||||||||||||||||||||||||||||||
Selling, general and administrative | 82,234 | 30.9 | % | 87,366 | 31.6 | % | 165,271 | 30.4 | % | 176,913 | 31.4 | % | |||||||||||||||||||||||||||||||||||
Total operating expenses | 92,110 | 34.6 | % | 97,883 | 35.4 | % | 185,350 | 34.1 | % | 198,397 | 35.2 | % | |||||||||||||||||||||||||||||||||||
Operating income | $ | 37,412 | 14.1 | % | $ | 41,244 | 14.9 | % | $ | 79,600 | 14.7 | % | $ | 82,135 | 14.6 | % |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | % Sales | 2020 | % Sales | 2021 | % Sales | 2020 | % Sales | |||||||||||||||||||||||||||||||||||||||
Operating income | $ | 37,412 | 14.1 | % | $ | 41,244 | 14.9 | % | $ | 79,600 | 14.7 | % | $ | 82,135 | 14.6 | % | |||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income | 2,036 | 0.8 | % | 1,760 | 0.6 | % | 2,191 | 0.4 | % | 3,140 | 0.6 | % | |||||||||||||||||||||||||||||||||||
Interest expense | (51) | — | % | (647) | (0.2) | % | (157) | — | % | (1,348) | (0.2) | % | |||||||||||||||||||||||||||||||||||
Income before income tax and losses of unconsolidated affiliate | 39,397 | 14.8 | % | 42,357 | 15.3 | % | 81,634 | 15.0 | % | 83,927 | 14.9 | % | |||||||||||||||||||||||||||||||||||
Income tax expense | 8,206 | 3.1 | % | 8,804 | 3.2 | % | 16,788 | 3.1 | % | 12,876 | 2.3 | % | |||||||||||||||||||||||||||||||||||
Income before losses of unconsolidated affiliate | 31,191 | 11.7 | % | 33,553 | 12.1 | % | 64,846 | 11.9 | % | 71,051 | 12.6 | % | |||||||||||||||||||||||||||||||||||
Equity in losses of unconsolidated affiliate | (331) | (0.1) | % | — | — | % | (505) | (0.1) | % | — | — | % | |||||||||||||||||||||||||||||||||||
Net income | $ | 30,860 | 11.6 | % | $ | 33,553 | 12.1 | % | $ | 64,341 | 11.8 | % | $ | 71,051 | 12.6 | % |
Three months ended January 31, | Six months ended January 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
SALES GROWTH INFORMATION | |||||||||||||||||||||||
ID Solutions | |||||||||||||||||||||||
Organic | (6.9) | % | (1.3) | % | (7.6) | % | (0.7) | % | |||||||||||||||
Currency | 1.5 | % | (0.5) | % | 1.0 | % | (0.9) | % | |||||||||||||||
Total | (5.4) | % | (1.8) | % | (6.6) | % | (1.6) | % | |||||||||||||||
Workplace Safety | |||||||||||||||||||||||
Organic | (4.8) | % | (1.0) | % | 0.4 | % | (0.9) | % | |||||||||||||||
Currency | 5.2 | % | (1.6) | % | 4.8 | % | (2.5) | % | |||||||||||||||
Total | 0.4 | % | (2.6) | % | 5.2 | % | (3.4) | % | |||||||||||||||
Total Company | |||||||||||||||||||||||
Organic | (6.3) | % | (1.2) | % | (5.6) | % | (0.8) | % | |||||||||||||||
Currency | 2.4 | % | (0.8) | % | 2.0 | % | (1.3) | % | |||||||||||||||
Total | (3.9) | % | (2.0) | % | (3.6) | % | (2.1) | % | |||||||||||||||
SEGMENT PROFIT AS A PERCENT OF NET SALES | |||||||||||||||||||||||
ID Solutions | 20.1 | % | 19.8 | % | 20.2 | % | 19.8 | % | |||||||||||||||
Workplace Safety | 4.8 | % | 7.7 | % | 7.6 | % | 7.4 | % | |||||||||||||||
Total | 16.0 | % | 16.7 | % | 16.7 | % | 16.6 | % |
Six months ended January 31, | |||||||||||
(Dollars in thousands) | 2021 | 2020 | |||||||||
Net cash flow provided by (used in): | |||||||||||
Operating activities | $ | 98,889 | $ | 53,107 | |||||||
Investing activities | (16,392) | (16,506) | |||||||||
Financing activities | (28,828) | (26,049) | |||||||||
Effect of exchange rate changes on cash | 6,276 | 179 | |||||||||
Net increase in cash and cash equivalents | $ | 59,945 | $ | 10,731 |
Exhibit No. | Exhibit Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.) | |||||||
101.SCH | XBRL Taxonomy Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Presentation Label Linkbase Document | |||||||
104 | Cover Page Inline XBRL data (contained in Exhibit 101) | |||||||
BRADY CORPORATION | ||||||||||||||||||||
Date: February 18, 2021 | /s/ J. MICHAEL NAUMAN | |||||||||||||||||||
J. Michael Nauman | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
Date: February 18, 2021 | /s/ AARON J. PEARCE | |||||||||||||||||||
Aaron J. Pearce | ||||||||||||||||||||
Chief Financial Officer and Treasurer | ||||||||||||||||||||
(Principal Financial Officer) |
Date: February 18, 2021 | |||||
/s/ J. MICHAEL NAUMAN | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: February 18, 2021 | |||||
/s/ AARON J. PEARCE | |||||
Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
Date: February 18, 2021 | |||||
/s/ J. MICHAEL NAUMAN | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: February 18, 2021 | |||||
/s/ AARON J. PEARCE | |||||
Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Accounts Receivable, Allowance for Credit Loss, Current | $ 7,450 | $ 7,157 |
Class A nonvoting common stock | ||
Common stock, shares outstanding | 48,486,758 | 48,456,954 |
Treasury stock, shares | 2,774,729 | 2,804,533 |
Common stock, shares issued | 51,261,487 | 51,261,487 |
Common Class B [Member] | ||
Common stock, shares outstanding | 3,538,628 | 3,538,628 |
Common stock, shares issued | 3,538,628 | 3,538,628 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Cost of goods sold | $ 136,316 | $ 137,538 | $ 278,115 | $ 283,080 |
Gross margin | 129,522 | 139,127 | 264,950 | 280,532 |
Operating expenses: | ||||
Research and development | 9,876 | 10,517 | 20,079 | 21,484 |
Selling, general and administrative | 82,234 | 87,366 | 165,271 | 176,913 |
Total operating expenses | 92,110 | 97,883 | 185,350 | 198,397 |
Operating income | 37,412 | 41,244 | 79,600 | 82,135 |
Other income (expense): | ||||
Investment and other income | 2,036 | 1,760 | 2,191 | 3,140 |
Interest expense | (51) | (647) | (157) | (1,348) |
Income before income taxes and losses of unconsolidated affiliate | 39,397 | 42,357 | 81,634 | 83,927 |
Income tax expense | 8,206 | 8,804 | 16,788 | 12,876 |
Income before losses of unconsolidated affiliate | 31,191 | 33,553 | 64,846 | 71,051 |
Equity in losses of unconsolidated affiliate | (331) | 0 | (505) | 0 |
Net income | $ 30,860 | $ 33,553 | $ 64,341 | $ 71,051 |
Weighted average common shares outstanding: | ||||
Basic | 52,018 | 53,320 | 52,020 | 53,232 |
Diluted | 52,282 | 53,827 | 52,288 | 53,781 |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 265,838 | $ 276,665 | $ 543,065 | $ 563,612 |
Class A nonvoting common stock | ||||
Earnings Per Share | ||||
Net earnings per share, basic | $ 0.59 | $ 0.63 | $ 1.24 | $ 1.33 |
Net earnings per share, diluted | 0.59 | 0.62 | 1.23 | 1.32 |
Dividends | 0.22 | 0.22 | 0.44 | 0.44 |
Common Class B [Member] | ||||
Earnings Per Share | ||||
Net earnings per share, basic | 0.59 | 0.63 | 1.22 | 1.32 |
Net earnings per share, diluted | 0.59 | 0.62 | 1.21 | 1.31 |
Dividends | $ 0.22 | $ 0.22 | $ 0.42 | $ 0.42 |
Basis of Presentation |
6 Months Ended |
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Jan. 31, 2021 | |
Text Block [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Brady Corporation and subsidiaries (the "Company," "Brady," "we," or "our") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, the foregoing statements contain all adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial position of the Company as of January 31, 2021 and July 31, 2020, its results of operations and comprehensive income for the three and six months ended January 31, 2021 and 2020, and cash flows for the six months ended January 31, 2021 and 2020. The condensed consolidated balance sheet as of July 31, 2020, has been derived from the audited consolidated financial statements as of that date. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from the estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to rules and regulations of the Securities and Exchange Commission. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statement presentation. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2020.
|
New Accounting Pronouncements |
6 Months Ended |
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Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Pronouncements Adopted Standards In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which changes the impairment model for most financial instruments. Prior guidance required the recognition of credit losses based on an incurred loss impairment methodology that reflected losses once the losses were probable. Under ASU 2016-13, the Company is required to use a current expected credit loss model ("CECL") that immediately recognizes an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The Company adopted ASU 2016-13 effective August 1, 2020, which did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Goodwill and Other, Simplifying the Test for Goodwill Impairment." The new guidance removes Step 2 of the goodwill impairment test, which required a hypothetical purchase price allocation. A goodwill impairment is now the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance remains largely unchanged. The Company adopted ASC 2017-04 effective August 1, 2020. This guidance only impacts the Company's consolidated financial statements if there is a future impairment of goodwill. Standards not yet adopted In December 2019, the FASB issued ASU 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)." The new guidance removes certain exceptions to the general principles in ASC 740 such as recognizing deferred taxes for equity investments, the incremental approach to performing intraperiod tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under U.S. GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. This guidance is effective for annual periods beginning after December 15, 2020, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on the consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Inter-bank Offered Rate ("LIBOR") by the end of 2021. This guidance was effective upon issuance and allows application to contract changes as early as January 1, 2020. Some of the Company's contracts with respect to its borrowing agreements already contain comparable alternative reference rates that would automatically take effect upon the phasing out of LIBOR. The Company is in the process of reviewing its bank facilities and commercial contracts that utilize LIBOR as the reference rate and is currently evaluating the potential impact that the adoption of this ASU will have on the consolidated financial statements and related disclosures.
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Additional Balance Sheet Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Balance Sheet Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures [Text Block] | Additional Balance Sheet Information Inventories Inventories as of January 31, 2021, and July 31, 2020, consisted of the following:
Property, plant and equipment Property, plant and equipment is presented net of accumulated depreciation in the amount of $272,945 and $276,248 as of January 31, 2021, and July 31, 2020, respectively.
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Intangible Assets, Goodwill and Other |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure | Other Intangible Assets Other intangible assets as of January 31, 2021 and July 31, 2020, consisted of the following:
The change in the gross carrying amount of other intangible assets as of January 31, 2021 compared to July 31, 2020 was mainly due to the effect of currency fluctuations during the six-month period. Amortization expense of intangible assets was $1,353 and $1,291 for the three months ended January 31, 2021 and 2020, respectively, and $2,704 and $2,582 for the six months ended January 31, 2021 and 2020, respectively. Amortization expense over each of the next three fiscal years is projected to be $5,407, $5,123, and $2,241 for the fiscal years ending July 31, 2021, 2022, and 2023. No amortization expense for intangible assets is projected after July 31, 2023.
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Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases [Text Block] | Leases The Company leases certain manufacturing facilities, warehouses and office space, computer equipment, and vehicles accounted for as operating leases. Lease terms typically range from one year to ten years. As of January 31, 2021, the Company did not have any finance leases. Operating lease expense was $4,169 and $4,274 for the three months ended January 31, 2021 and 2020, respectively, and $8,242 and $9,678 for the six months ended January 31, 2021 and 2020, respectively. Operating lease expense was recognized in either "Cost of goods sold" or "Selling, general and administrative" expenses in the condensed consolidated statements of income, based on the nature of the lease. Short-term lease expense, variable lease expenses, and sublease income was immaterial to the condensed consolidated statements of income for the three and six months ended January 31, 2021 and 2020. Supplemental cash flow information related to the Company's operating leases for the six months ended January 31, 2021 and 2020, was as follows:
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Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended January 31, 2021:
The following table illustrates the changes in the balances of each component of stockholders' equity for the six months ended January 31, 2021:
The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended January 31, 2020:
The following table illustrates the changes in the balances of each component of stockholders' equity for the six months ended January 31, 2020:
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Accumulated Other Comprehensive Loss |
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Other Comprehensive Income (Loss), Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note | Accumulated Other Comprehensive Loss Other comprehensive loss consists of foreign currency translation adjustments which includes the settlements of net investment hedges, unrealized gains and losses from cash flow hedges, and the unamortized gain on post-retirement plans, net of their related tax effects. The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the six months ended January 31, 2021:
The decrease in accumulated other comprehensive loss as of January 31, 2021 compared to July 31, 2020, was primarily due to the depreciation of the U.S. dollar against certain other currencies during the six-month period. The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the six months ended January 31, 2020:
The increase in accumulated other comprehensive loss as of January 31, 2020, compared to July 31, 2019, was primarily due to the appreciation of the U.S. dollar against certain other currencies during the six-month period. Of the amounts reclassified from accumulated other comprehensive loss during the six months ended January 31, 2021 and 2020, unrealized (losses) gains on cash flow hedges were reclassified to "Cost of goods sold" and net unamortized gains on post-retirement plans were reclassified into "Investment and other income" on the condensed consolidated statements of income. The following table illustrates the income tax (expense) benefit on the components of other comprehensive income (loss) for the three and six months ended January 31, 2021 and 2020:
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Revenue from Contracts with Customers |
6 Months Ended |
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Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue RecognitionThe Company recognizes revenue when control of the product or service transfers to the customer at an amount that represents the consideration expected to be received in exchange for those products and services. The Company’s revenues are primarily from the sale of identification solutions and workplace safety products that are shipped and billed to customers. All revenue is from contracts with customers and is included in “Net sales” on the condensed consolidated statements of income. See Note I, “Segment Information,” for the Company’s disaggregated revenue disclosure. The Company offers extended warranty coverage that is included in the sales price of certain products, which it accounts for as service warranties. The Company accounts for the deferred revenue associated with extended service warranties as a contract liability. The balance of contract liabilities associated with service warranty performance obligations was $2,531 and $2,559 as of January 31, 2021 and July 31, 2020, respectively. The current portion and non-current portion of contract liabilities are included in “Other current liabilities” and “Other liabilities," respectively, on the condensed consolidated balance sheets. The Company recognized revenue of $294 and $316 during the three months ended January 31, 2021 and 2020, respectively, and $591 and $631 during the six months ended January 31, 2021 and 2020, respectively, that was included in the contract liability balance at the beginning of the respective period from the amortization of extended service warranties. Of the contract liability balance outstanding at January 31, 2021, the Company expects to recognize 22% by the end of fiscal 2021, an additional 35% by the end of fiscal 2022, and the remaining balance thereafter. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company is organized and managed on a global basis within three operating segments, Identification Solutions ("IDS"), Workplace Safety ("WPS"), and People Identification ("PDC"), which aggregate into two reportable segments that are organized around businesses with consistent products and services: IDS and WPS. The IDS and PDC operating segments aggregate into the IDS reporting segment, while the WPS reporting segment is comprised solely of the Workplace Safety operating segment. The following is a summary of net sales by segment and geographic region for the three and six months ended January 31, 2021 and 2020:
The following is a summary of segment profit for the three and six months ended January 31, 2021 and 2020:
The following is a reconciliation of segment profit to income before income taxes and losses of unconsolidated affiliate for the three and six months ended January 31, 2021 and 2020:
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Net Income per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Common Share | Net Income per Common Share The following table summarizes the computation of basic and diluted net income per share for the Company’s Class A and Class B common stock:
Potentially dilutive securities attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted net income per share where the combined exercise price and average unamortized fair value were greater than the average market price of Brady's Class A Nonvoting Common Stock because the effect would have been anti-dilutive. The amount of anti-dilutive shares was 829,617 and 248,604 for the three months ended January 31, 2021 and 2020, respectively, and 785,181 and 286,161 for the six months ended January 31, 2021 and 2020, respectively.
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements In accordance with fair value accounting guidance, the Company determines fair value based on the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The inputs used to measure fair value are classified into the following hierarchy: Level 1 — Unadjusted quoted prices in active markets for identical instruments that are accessible as of the reporting date. Level 2 — Other significant pricing inputs that are either directly or indirectly observable. Level 3 — Significant unobservable pricing inputs, which result in the use of management's own assumptions. The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at January 31, 2021 and July 31, 2020:
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Trading securities: The Company’s deferred compensation investments consist of investments in mutual funds, which are included in "Other assets" on the condensed consolidated balance sheets. These investments were classified as Level 1 as the shares of these investments trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. Foreign exchange contracts: The Company’s foreign exchange contracts were classified as Level 2 as the fair value was based on the present value of the future cash flows using external models that use observable inputs, such as interest rates, yield curves and foreign exchange rates. See Note L, “Derivatives and Hedging Activities,” for additional information. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and other liabilities approximated carrying values due to their short-term nature.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes forward foreign exchange currency contracts to reduce the exchange rate risk of specific foreign currency denominated transactions. These contracts typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date, with maturities of less than 18 months, which qualify as cash flow hedges or net investment hedges under the accounting guidance for derivative instruments and hedging activities. The primary objective of the Company’s foreign currency exchange risk management program is to minimize the impact of currency movements due to transactions in other than the respective subsidiaries’ functional currency and to minimize the impact of currency movements on the Company’s net investment denominated in a currency other than the U.S. dollar. To achieve this objective, the Company hedges a portion of known exposures using forward foreign exchange currency contracts. Main foreign currency exposures are related to transactions denominated in the British Pound, Euro, Canadian dollar, Australian dollar, Mexican Peso, Chinese Yuan, Malaysian Ringgit and Singapore dollar. Generally, these risk management transactions will involve the use of foreign currency derivatives to minimize the impact of currency movements on non-functional currency transactions. The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows:
Cash Flow Hedges The Company has designated a portion of its forward foreign exchange contracts as cash flow hedges and recorded these contracts at fair value on the condensed consolidated balance sheets. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income ("OCI") and reclassified into income in the same period or periods during which the hedged transaction affects income. As of January 31, 2021 and July 31, 2020, unrealized gains of $1,034 and losses of $385 have been included in OCI, respectively. The following table summarizes the amount of pre-tax gains and losses related to foreign exchange contracts designated as cash flow hedging instruments:
Fair values of derivative instruments in the condensed consolidated balance sheets were as follows:
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Income Taxes |
6 Months Ended |
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Jan. 31, 2021 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The effective income tax rate for the three and six months ended January 31, 2021, was 20.8% and 20.6%, respectively. The Company expects its ongoing annual effective income tax rate to approximate 20% based on its current global business mix and based on current tax laws and statutory tax rates in effect. The effective income tax rate for the three and six months ended January 31, 2020, was 20.8% and 15.3%, respectively. The effective income tax rate for the six months ended January 31, 2020 was lower than the expected income tax rate due to the favorable settlement of a domestic income tax audit and tax benefits from stock-based compensation.
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Subsequent Events |
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Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn February 17, 2021, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.22 per share payable on April 30, 2021, to shareholders of record at the close of business on April 9, 2021. |
Additional Balance Sheet Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Balance Sheet Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories as of January 31, 2021, and July 31, 2020, consisted of the following:
|
Intangible Assets, Goodwill and Other (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets | Other intangible assets as of January 31, 2021 and July 31, 2020, consisted of the following:
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Text Block] | Supplemental cash flow information related to the Company's operating leases for the six months ended January 31, 2021 and 2020, was as follows:
|
Stockholders' Equity Schedule of Stockholders' Equity (Tables) |
3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended January 31, 2021:
|
The following table illustrates the changes in the balances of each component of stockholders' equity for the three months ended January 31, 2020:
|
The following table illustrates the changes in the balances of each component of stockholders' equity for the six months ended January 31, 2021:
|
The following table illustrates the changes in the balances of each component of stockholders' equity for the six months ended January 31, 2020:
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Accumulated Other Comprehensive Loss (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 |
Jan. 31, 2020 |
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Other Comprehensive Income (Loss), Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the six months ended January 31, 2021:
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The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax, for the six months ended January 31, 2020:
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Other Comprehensive Income, Tax | The following table illustrates the income tax (expense) benefit on the components of other comprehensive income (loss) for the three and six months ended January 31, 2021 and 2020:
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Revenue from Contracts with Customers (Tables) |
6 Months Ended |
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Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Of the contract liability balance outstanding at January 31, 2021, the Company expects to recognize 22% by the end of fiscal 2021, an additional 35% by the end of fiscal 2022, and the remaining balance thereafter. |
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Segment and Geographic Region | The following is a summary of net sales by segment and geographic region for the three and six months ended January 31, 2021 and 2020:
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Segment Profit | The following is a summary of segment profit for the three and six months ended January 31, 2021 and 2020:
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Reconciliation of segment profit to earnings before income taxes | The following is a reconciliation of segment profit to income before income taxes and losses of unconsolidated affiliate for the three and six months ended January 31, 2021 and 2020:
|
Net Income per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliations of Numerator and Denominator of Basic and Diluted Per Share | The following table summarizes the computation of basic and diluted net income per share for the Company’s Class A and Class B common stock:
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Fair Value Measurements (Tables) |
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Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at January 31, 2021 and July 31, 2020:
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Derivatives and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows:
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the amount of pre-tax gains and losses related to foreign exchange contracts designated as cash flow hedging instruments:
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Fair Values of Derivative Instruments in Consolidated Balance Sheets | Fair values of derivative instruments in the condensed consolidated balance sheets were as follows:
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New Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Accounting Policies [Abstract] | ||
Operating lease assets | $ 38,849 | $ 41,899 |
Additional Balance Sheet Information (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Inventory [Line Items] | ||
Finished products | $ 79,100 | $ 85,547 |
Work-in-process | 19,262 | 24,044 |
Raw materials and supplies | 24,560 | 26,071 |
Total inventories | $ 122,922 | $ 135,662 |
Additional Balance Sheet Information Accumulated Depreciation (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Accumulated depreciation [Abstract] | ||
Accumulated Depreciation | $ 272,945 | $ 276,248 |
Other Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
Jul. 31, 2020 |
|
Other Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period | 9 years | 9 years | |||
Finite-Lived Intangible Assets, Gross | $ 45,498 | $ 45,498 | $ 45,385 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 9,742 | 9,742 | 9,619 | ||
Net Book Value | 19,809 | 19,809 | 22,334 | ||
Intangible Assets, Gross (Excluding Goodwill) | 55,240 | 55,240 | 55,004 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (35,431) | (35,431) | (32,670) | ||
Finite-Lived Intangible Assets, Net | 10,067 | 10,067 | $ 12,715 | ||
Amortization of Intangible Assets | 1,353 | $ 1,291 | 2,704 | $ 2,582 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,407 | 5,407 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,123 | 5,123 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 2,241 | $ 2,241 |
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Leases [Abstract] | ||||
Operating Lease, Cost | $ 4,169 | $ 4,274 | $ 8,242 | $ 9,678 |
Operating Lease, Payments | 8,762 | 8,216 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 3,297 | $ 10,637 |
Accumulated Other Comprehensive Loss, Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | $ 47 | $ (5) | $ (1) | $ 30 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 6 | 93 | 246 | 93 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (1,304) | (130) | (1,297) | 46 |
Income tax (expense) benefit related to items of other comprehensive income | $ (1,251) | $ (42) | $ (1,052) | $ 169 |
Revenue from Contracts with Customers (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2021 |
Jul. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Liability | $ 2,531,000 | $ 2,531,000 | $ 2,559,000 |
Deferred Revenue, Revenue Recognized | $ 294,000 | $ 316,000 |
Segment Information Segment Profit (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Segment Profit | ||||
Segment profit | $ 42,463 | $ 46,110 | $ 90,730 | $ 93,710 |
ID Solutions | ||||
Segment Profit | ||||
Segment profit | 39,000 | 40,655 | 79,279 | 83,098 |
Workplace Safety | ||||
Segment Profit | ||||
Segment profit | $ 3,463 | $ 5,455 | $ 11,451 | $ 10,612 |
Segment Information - Net Income Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit | $ 42,463 | $ 46,110 | $ 90,730 | $ 93,710 |
Unallocated amounts: | ||||
Administrative costs | (5,051) | (4,866) | (11,130) | (11,575) |
Investment and other income | 2,036 | 1,760 | 2,191 | 3,140 |
Interest expense | (51) | (647) | (157) | (1,348) |
Income before income taxes and losses of unconsolidated affiliate | 39,397 | 42,357 | 81,634 | 83,927 |
Workplace Safety | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit | 3,463 | 5,455 | 11,451 | 10,612 |
ID Solutions | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit | $ 39,000 | $ 40,655 | $ 79,279 | $ 83,098 |
Net Income per Common Share - Reconciliation of Numerator and Denominator of Basic and Diluted Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Earnings Per Share [Line Items] | ||||
Net income | $ 30,860 | $ 33,553 | $ 64,341 | $ 71,051 |
Denominator for basic earnings per share for both Class A and Class B | 52,018 | 53,320 | 52,020 | 53,232 |
Plus: Effect of dilutive stock options | 264 | 507 | 268 | 549 |
Diluted | 52,282 | 53,827 | 52,288 | 53,781 |
Class A nonvoting common stock | ||||
Earnings Per Share [Line Items] | ||||
Net earnings per share, basic | $ 0.59 | $ 0.63 | $ 1.24 | $ 1.33 |
Net earnings per share, diluted | $ 0.59 | $ 0.62 | $ 1.23 | $ 1.32 |
Common Class B [Member] | ||||
Earnings Per Share [Line Items] | ||||
Preferential dividends | $ 0 | $ 0 | $ 808 | $ 828 |
Preferential dividends on dilutive stock options | 0 | 0 | 4 | (10) |
Numerator for basic and diluted earnings per Class B Voting Common Share | $ 30,860 | $ 33,553 | $ 63,529 | $ 70,213 |
Net earnings per share, basic | $ 0.59 | $ 0.63 | $ 1.22 | $ 1.32 |
Net earnings per share, diluted | $ 0.59 | $ 0.62 | $ 1.21 | $ 1.31 |
Net Income per Common Share - Additional Informations (Detail) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Earnings Per Share [Abstract] | ||||
Common stock of Class A shares excluded from computations of diluted net earnings per share | 829,617 | 248,604 | 785,181 | 286,161 |
Derivatives and Hedging Activities Notional Value of Derivatives Outstanding (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jul. 31, 2020 |
|
Derivative [Line Items] | ||
Document Period End Date | Jan. 31, 2021 | |
Derivative, Notional Amount | $ 15,727 | $ 27,707 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 12,300 | 24,600 |
Not designated as hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 3,427 | $ 3,107 |
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jul. 31, 2020 |
|
Derivatives, Fair Value [Line Items] | ||
Document Period End Date | Jan. 31, 2021 | |
Derivative Maturities | 18 months | |
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 1,034 | $ (385) |
Derivative Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net gain recognized in other comprehensive income (loss) | $ 451 | $ 363 | $ 1,148 | $ 559 |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (60) | $ 105 | $ (271) | $ 486 |
Income Taxes Income Taxes (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2021
Rate
|
Jan. 31, 2020
Rate
|
Jan. 31, 2021
Rate
|
Jan. 31, 2020
Rate
|
|
Income Taxes [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 20.80% | 20.80% | 20.60% | 15.30% |
Subsequent Events (Detail) |
Feb. 17, 2021
$ / shares
|
---|---|
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividend declared (USD per share) | $ 0.22 |
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