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Quarterly Financial Information | 12 Months Ended
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Jul. 31, 2015
Quarterly Financial Data [Abstract] |
Quarterly Financial Information | NOTE O Quarterly Financial Information (Unaudited) Consolidated unaudited quarterly financial information for 2015 and 2014 is as follows:
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
|  | (thousands of dollars) |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 596,510 |  |  | $ | 588,537 |  |  | $ | 575,588 |  |  | $ | 610,578 |
Gross profit |  |  | 209,052 |  |  |  | 203,088 |  |  |  | 194,100 |  |  |  | 202,344 |
Net earnings |  |  | 55,947 |  |  |  | 47,955 |  |  |  | 47,776 |  |  |  | 56,433 |
Basic earnings per share |  |  | 0.40 |  |  |  | 0.35 |  |  |  | 0.35 |  |  |  | 0.41 |
Diluted earnings per share |  |  | 0.40 |  |  |  | 0.34 |  |  |  | 0.34 |  |  |  | 0.41 |
Dividends declared per share |  |  | — |  |  |  | 0.330 |  |  |  | — |  |  |  | 0.340 |
Dividends paid per share |  |  | 0.165 |  |  |  | 0.165 |  |  |  | 0.165 |  |  |  | 0.170 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 599,384 |  |  | $ | 581,622 |  |  | $ | 624,234 |  |  | $ | 668,226 |
Gross profit |  |  | 214,394 |  |  |  | 201,648 |  |  |  | 223,461 |  |  |  | 238,323 |
Net earnings |  |  | 61,592 |  |  |  | 58,340 |  |  |  | 67,336 |  |  |  | 72,956 |
Basic earnings per share |  |  | 0.42 |  |  |  | 0.40 |  |  |  | 0.46 |  |  |  | 0.51 |
Diluted earnings per share |  |  | 0.41 |  |  |  | 0.39 |  |  |  | 0.46 |  |  |  | 0.50 |
Dividends declared per share |  |  | 0.140 |  |  |  | 0.140 |  |  |  | 0.165 |  |  |  | 0.165 |
Dividends paid per share |  |  | 0.130 |  |  |  | 0.140 |  |  |  | 0.140 |  |  |  | 0.165 |
Revision to previously issued unaudited quarterly financial information During the fourth quarter of fiscal 2014 and the second and third quarters of fiscal 2015 revenue for certain transactions was accelerated and therefore inappropriately recognized in our European Gas Turbine Systems business through the alteration of documents by certain individuals with the intention to recognize revenue in periods earlier than would be allowable under generally accepted accounting principles. The Company assessed the impact of this inappropriately accelerated recognition and concluded that it was not material to any of its previously issued financial statements; however the Company has chosen to correct these misstatements by revising previously issued 2015 second and third quarter financial statements. The revision had no impact to total cash flows from operating, investing or financing activities. The impact of these misstatements on previously reported Accounts receivable (less allowance) was $8.4 million and $0.8 million, on Inventories was $6.0 million and $0.6 million, and on Retained earnings was $1.6 million and $0.2 million as of January 31, 2015 and April 30, 2015, respectively (the balance sheet dates of the Company’s second and third quarter of fiscal 2015). The following tables present the effects of the revisions on each of the affected Statement of Earnings and Statements of Comprehensive Income line items for the second and third quarter of fiscal 2015 reflecting the impact of correcting the transactions inappropriately recognized in those periods. The impact of the transaction inappropriately accelerated into the fourth quarter of fiscal 2014 was inconsequential and therefore, the revisions do not include the impact of correcting this transaction. The Company’s future filings of Form 10-Q associated with the second and third quarters of fiscal 2016 will reflect the revisions noted below.
|  | As Previously Reported |  |  | Effect of Revision |  |  | As Revised |
For the quarter ended January 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 596,944 |  |  | $ | (8,407 | ) |  | $ | 588,537 |
Cost of sales |  |  | 391,469 |  |  |  | (6,020 | ) |  |  | 385,449 |
Gross profit |  |  | 205,475 |  |  |  | (2,387 | ) |  |  | 203,088 |
Operating income |  |  | 68,226 |  |  |  | (2,387 | ) |  |  | 65,839 |
Earnings before income taxes |  |  | 67,811 |  |  |  | (2,387 | ) |  |  | 65,424 |
Income taxes |  |  | 18,281 |  |  |  | (812 | ) |  |  | 17,469 |
Net earnings |  |  | 49,530 |  |  |  | (1,575 | ) |  |  | 47,955 |
Basic earnings per share |  |  | 0.36 |  |  |  | (0.01 | ) |  |  | 0.35 |
Diluted earnings per share |  |  | 0.35 |  |  |  | (0.01 | ) |  |  | 0.34 |
Comprehensive income |  |  | 3,361 |  |  |  | (1,575 | ) |  |  | 1,786 |
|  | As Previously Reported |  |  | Effect of Revision |  |  | As Revised |
For the quarter ended April 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 568,013 |  |  | $ | 7,575 |  |  | $ | 575,588 |
Cost of sales |  |  | 376,040 |  |  |  | 5,448 |  |  |  | 381,488 |
Gross profit |  |  | 191,973 |  |  |  | 2,127 |  |  |  | 194,100 |
Operating income |  |  | 64,989 |  |  |  | 2,127 |  |  |  | 67,116 |
Earnings before income taxes |  |  | 65,722 |  |  |  | 2,127 |  |  |  | 67,849 |
Income taxes |  |  | 19,350 |  |  |  | 723 |  |  |  | 20,073 |
Net earnings |  |  | 46,372 |  |  |  | 1,404 |  |  |  | 47,776 |
Basic earnings per share |  |  | 0.34 |  |  |  | 0.01 |  |  |  | 0.35 |
Diluted earnings per share |  |  | 0.33 |  |  |  | 0.01 |  |  |  | 0.34 |
Comprehensive income |  |  | 45,585 |  |  |  | 1,404 |  |  |  | 46,989 |

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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