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Segment Reporting | 12 Months Ended
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Jul. 31, 2015
Segment Reporting, Measurement Disclosures [Abstract] |
Segment Reporting | NOTE K Segment Reporting Consistent with FASB guidance related to segment reporting, the Company identified two reportable segments: Engine Products and Industrial Products. Segment selection was based on the internal organizational structure, management of operations, and performance evaluation by management and the Company’s Board of Directors. The Engine Products segment sells to original equipment manufacturers (OEM) in the construction, mining, agriculture, aerospace, defense, and truck end-markets, and to independent distributors, OEM dealer networks, private label accounts, and large equipment fleets. Products include air filtration systems, exhaust and emissions systems, liquid filtration systems including hydraulics, fuel, lube, and replacement filters. The Industrial Products segment sells to various industrial dealers, distributors, OEMs of gas-fired turbines, and OEMs and end-users requiring clean air. Products include dust, fume, and mist collectors, compressed air purification systems, air filtration systems for gas turbines, PTFE membrane-based products, and specialized air and gas filtration systems for applications including computer hard disk drives and semi-conductor manufacturing. Corporate and Unallocated includes corporate expenses determined to be non-allocable to the segments such as interest income and interest expense. Assets included in Corporate and Unallocated principally are cash and cash equivalents, inventory reserves, certain prepaids, certain investments, other assets, and assets allocated to general corporate purposes. The Company has an internal measurement system to evaluate performance and allocate resources based on profit or loss from operations before income taxes. The Company’s manufacturing facilities serve both reporting segments. Therefore, the Company uses an allocation methodology to assign costs and assets to the segments. A certain amount of costs and assets relate to general corporate purposes and are not assigned to either segment. The accounting policy applied to inventory for the reportable segments differs from that described in the summary of significant accounting policies. The reportable segments account for inventory on a standard cost basis, which is consistent with our internal reporting. Segment allocated assets are primarily accounts receivable, inventories, property, plant and equipment, and goodwill. Reconciling items included in Corporate and Unallocated are created based on accounting differences between segment reporting and the consolidated external reporting as well as internal allocation methodologies. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the operating profit and other financial information shown below. Segment detail is summarized as follows:
|  | Engine Products |  |  | Industrial Products |  |  | Corporate & Unallocated |  |  | Total Company |
|  | (thousands of dollars) |
2015 |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,484,132 |  |  | $ | 887,081 |  |  | $ | — |  |  | $ | 2,371,213 |
Depreciation and amortization |  |  | 43,279 |  |  |  | 26,408 |  |  |  | 4,611 |  |  |  | 74,298 |
Equity earnings in unconsolidated affiliates |  |  | 4,134 |  |  |  | 976 |  |  |  | — |  |  |  | 5,110 |
Earnings before income taxes |  |  | 186,274 |  |  |  | 123,362 |  |  |  | (21,033 | ) |  |  | 288,603 |
Assets |  |  | 887,698 |  |  |  | 633,977 |  |  |  | 287,859 |  |  |  | 1,809,534 |
Equity investments in unconsolidated affiliates |  |  | 15,120 |  |  |  | 3,224 |  |  |  | — |  |  |  | 18,344 |
Capital expenditures |  |  | 54,604 |  |  |  | 33,318 |  |  |  | 5,817 |  |  |  | 93,739 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,584,027 |  |  | $ | 889,439 |  |  | $ | — |  |  | $ | 2,473,466 |
Depreciation and amortization |  |  | 38,925 |  |  |  | 23,942 |  |  |  | 4,296 |  |  |  | 67,163 |
Equity earnings in unconsolidated affiliates |  |  | 5,596 |  |  |  | 940 |  |  |  | — |  |  |  | 6,536 |
Earnings before income taxes |  |  | 233,920 |  |  |  | 133,978 |  |  |  | (7,195 | ) |  |  | 360,703 |
Assets |  |  | 900,083 |  |  |  | 572,000 |  |  |  | 470,328 |  |  |  | 1,942,411 |
Equity investments in unconsolidated affiliates |  |  | 17,439 |  |  |  | 3,959 |  |  |  | — |  |  |  | 21,398 |
Capital expenditures |  |  | 56,340 |  |  |  | 34,652 |  |  |  | 6,218 |  |  |  | 97,210 |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,504,188 |  |  | $ | 932,760 |  |  | $ | — |  |  | $ | 2,436,948 |
Depreciation and amortization |  |  | 35,815 |  |  |  | 22,447 |  |  |  | 6,028 |  |  |  | 64,290 |
Equity earnings in unconsolidated affiliates |  |  | 4,000 |  |  |  | 693 |  |  |  | — |  |  |  | 4,693 |
Earnings before income taxes |  |  | 220,892 |  |  |  | 139,108 |  |  |  | (11,819 | ) |  |  | 348,181 |
Assets |  |  | 826,151 |  |  |  | 527,416 |  |  |  | 389,989 |  |  |  | 1,743,556 |
Equity investments in unconsolidated affiliates |  |  | 15,563 |  |  |  | 3,277 |  |  |  | — |  |  |  | 18,840 |
Capital expenditures |  |  | 52,864 |  |  |  | 33,134 |  |  |  | 8,897 |  |  |  | 94,895 |
Following are net sales by product within the Engine Products segment and Industrial Products segment:
|  | 2015 |  |  | 2014 |  |  | 2013 |
|  | (thousands of dollars) |
Engine Products segment: |  |  |  |  |  |  |  |  |  |  |  |
Off-Road Products |  | $ | 261,120 |  |  | $ | 342,205 |  |  | $ | 358,834 |
On-Road Products |  |  | 138,405 |  |  |  | 130,029 |  |  |  | 128,446 |
Aftermarket Products* |  |  | 980,756 |  |  |  | 1,012,165 |  |  |  | 912,717 |
Aerospace and Defense Products |  |  | 103,851 |  |  |  | 99,628 |  |  |  | 104,191 |
Total Engine Products segment |  |  | 1,484,132 |  |  |  | 1,584,027 |  |  |  | 1,504,188 |
Industrial Products segment: |  |  |  |  |  |  |  |  |  |  |  |
Industrial Filtration Solutions Products |  |  | 528,917 |  |  |  | 553,356 |  |  |  | 529,751 |
Gas Turbine Products |  |  | 186,919 |  |  |  | 156,860 |  |  |  | 232,922 |
Special Applications Products |  |  | 171,245 |  |  |  | 179,223 |  |  |  | 170,087 |
Total Industrial Products segment |  |  | 887,081 |  |  |  | 889,439 |  |  |  | 932,760 |
Total Company |  | $ | 2,371,213 |  |  | $ | 2,473,466 |  |  | $ | 2,436,948 |
__________________
| * | Includes replacement part sales to the Company’s OEM Customers.
Geographic sales by origination and property, plant, and equipment:
|  | Net Sales |  |  | Property, Plant, & Equipment - Net |
|  | (thousands of dollars) |
2015 |  |  |  |  |  |
United States |  | $ | 1,007,253 |  |  | $ | 208,996 |
Europe |  |  | 671,296 |  |  |  | 141,738 |
Asia Pacific |  |  | 470,661 |  |  |  | 63,775 |
Other |  |  | 222,003 |  |  |  | 56,102 |
Total |  | $ | 2,371,213 |  |  | $ | 470,611 |
2014 |  |  |  |  |  |  |  |
United States |  | $ | 1,019,926 |  |  | $ | 196,712 |
Europe |  |  | 728,554 |  |  |  | 128,904 |
Asia Pacific |  |  | 517,305 |  |  |  | 72,089 |
Other |  |  | 207,681 |  |  |  | 53,960 |
Total |  | $ | 2,473,466 |  |  | $ | 451,665 |
2013 |  |  |  |  |  |  |  |
United States |  | $ | 1,010,934 |  |  | $ | 166,614 |
Europe |  |  | 678,996 |  |  |  | 123,710 |
Asia Pacific |  |  | 546,406 |  |  |  | 75,206 |
Other |  |  | 200,612 |  |  |  | 53,750 |
Total |  | $ | 2,436,948 |  |  | $ | 419,280 |
ConcentrationsThere were no Customers over 10 percent of net sales during Fiscal 2015, 2014, and 2013. There were no Customers over 10 percent of gross accounts receivable in Fiscal 2015 or Fiscal 2014.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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