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Discontinued Operations (Tables) | 12 Months Ended
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Jul. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Divested Businesses | Discontinued operations consist of the Asia Die-Cut and Balkhausen Die-cut businesses ("Die-Cut"), which were classified as held for sale beginning in the third quarter of fiscal 2013. In addition, the following previously divested businesses were reported within discontinued operations: Brady Medical and Varitronics (divested in fiscal 2013) and Etimark (divested in fiscal 2012). These divested businesses were part of the IDS business segment. The Company entered into an agreement with LTI Flexible Products, Inc. (d/b/a Boyd Corporation) on February 24, 2014, for the sale of its Die-Cut businesses. The first phase of the divestiture closed on May 1, 2014 and the Company received approximately $54.2 million of cash proceeds for its businesses in Korea, Thailand and Malaysia, and its Balkhausen business in Europe. The second phase included the remainder of the Die-Cut businesses located in China. This portion of the divestiture closed on August 1, 2014. The following table summarizes the operating results of discontinued operations for the fiscal years ending July 31, 2014, 2013, and 2012:
| 2014 |  | 2013 |  | 2012
Net sales | $ | 179,050 |  |  | $ | 214,137 |  |  | $ | 259,668 |
Earnings (loss) from discontinued operations (1) | 6,715 |  |  | 4,083 |  |  | (117,905 | )
(Loss) on write-down of disposal group (2) | — |  |  | (15,658 | ) |  | — |
Income tax (expense) (3) | (3,299 | ) |  | (4,703 | ) |  | (3,499 | )
Loss on sale of discontinued operations (4) | (1,602 | ) |  | — |  |  | — |
Income tax benefit on sale of discontinued operations (5) | 364 |  |  | — |  |  | — |
Earnings (loss) from discontinued operations, net of tax | $ | 2,178 |  |  | $ | (16,278 | ) |  | $ | (121,404 | )
(1) | The loss from operations of discontinued businesses in fiscal 2012 was primarily attributable to the $115.7 million goodwill impairment charge recorded during the three months ended January 31, 2012, which was related to the Die-Cut business.
(2) | The Company recorded a $15.7 million loss to write-down the Die-Cut business to its estimated fair value less costs to sell in the three months ended April 30, 2013.
(3) | Fiscal 2013 income tax expense was significantly impacted by the fiscal 2013 losses in China and Sweden, which had no tax benefit, and the increase in valuation allowance related to Shenzhen, China.
(4) | Represents the loss incurred on the sale of the Die-Cut business, recorded in the three months ended July 31, 2014 and includes $3.9 million in liabilities retained as part of the divestiture agreement.
(5) | The income tax benefit on the sale of discontinued operations was significantly impacted by the release of a reserve for uncertain tax positions of $4.0 million, which was triggered as a result of the Thailand stock sale during the three months ended July 31, 2014. This was offset by $3.6 million in tax expense related to the gain on the sale of the Balkhausen assets. The Thailand stock sale and the Balkhausen asset sale were included in the first phase of the Die-Cut divestiture.
The first phase of the Die-Cut sale closed in the fourth quarter of fiscal 2014 and the second phase closed in the first quarter of fiscal 2015. The assets and liabilities of the second phase were classified as held for sale as of July 31, 2014 and were as follows:
| July 31, 2014
Accounts receivable—net | $ | 20,174 |
Total inventories | 5,883 |
Prepaid expenses and other current assets | 52 |
Total current assets | 26,109 |
Other assets: |
Goodwill | 8,923 |
Other intangible assets | 280 |
Other | 89 |
Property, plant and equipment—net | 14,141 |
Total assets | $ | 49,542 |
Current liabilities: |
Accounts payable | $ | 9,199 |
Wages and amounts withheld from employees | 1,140 |
Other current liabilities | 301 |
Total current liabilities | 10,640 |
Net assets of disposal group at fair value | 38,902 |
In accordance with authoritative literature, accumulated other comprehensive income will be reclassified to the statement of earnings upon liquidation or substantial liquidation of the disposal group. As of July 31, 2014, the accumulated other comprehensive income attributable to the second phase of the Die-Cut divestiture was approximately $35,000, which reduces the net book value of the disposal group.
Asia Die-Cut & Balkhausen [Member] |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the operating results of discontinued operations for the fiscal years ending July 31, 2014, 2013, and 2012:
| 2014 |  | 2013 |  | 2012
Net sales | $ | 179,050 |  |  | $ | 214,137 |  |  | $ | 259,668 |
Earnings (loss) from discontinued operations (1) | 6,715 |  |  | 4,083 |  |  | (117,905 | )
(Loss) on write-down of disposal group (2) | — |  |  | (15,658 | ) |  | — |
Income tax (expense) (3) | (3,299 | ) |  | (4,703 | ) |  | (3,499 | )
Loss on sale of discontinued operations (4) | (1,602 | ) |  | — |  |  | — |
Income tax benefit on sale of discontinued operations (5) | 364 |  |  | — |  |  | — |
Earnings (loss) from discontinued operations, net of tax | $ | 2,178 |  |  | $ | (16,278 | ) |  | $ | (121,404 | )
(1) | The loss from operations of discontinued businesses in fiscal 2012 was primarily attributable to the $115.7 million goodwill impairment charge recorded during the three months ended January 31, 2012, which was related to the Die-Cut business.
(2) | The Company recorded a $15.7 million loss to write-down the Die-Cut business to its estimated fair value less costs to sell in the three months ended April 30, 2013.
(3) | Fiscal 2013 income tax expense was significantly impacted by the fiscal 2013 losses in China and Sweden, which had no tax benefit, and the increase in valuation allowance related to Shenzhen, China.
(4) | Represents the loss incurred on the sale of the Die-Cut business, recorded in the three months ended July 31, 2014 and includes $3.9 million in liabilities retained as part of the divestiture agreement.
(5) | The income tax benefit on the sale of discontinued operations was significantly impacted by the release of a reserve for uncertain tax positions of $4.0 million, which was triggered as a result of the Thailand stock sale during the three months ended July 31, 2014. This was offset by $3.6 million in tax expense related to the gain on the sale of the Balkhausen assets. The Thailand stock sale and the Balkhausen asset sale were included in the first phase of the Die-Cut divestiture.
The first phase of the Die-Cut sale closed in the fourth quarter of fiscal 2014 and the second phase closed in the first quarter of fiscal 2015. The assets and liabilities of the second phase were classified as held for sale as of July 31, 2014 and were as follows:
| July 31, 2014
Accounts receivable—net | $ | 20,174 |
Total inventories | 5,883 |
Prepaid expenses and other current assets | 52 |
Total current assets | 26,109 |
Other assets: |
Goodwill | 8,923 |
Other intangible assets | 280 |
Other | 89 |
Property, plant and equipment—net | 14,141 |
Total assets | $ | 49,542 |
Current liabilities: |
Accounts payable | $ | 9,199 |
Wages and amounts withheld from employees | 1,140 |
Other current liabilities | 301 |
Total current liabilities | 10,640 |
Net assets of disposal group at fair value | 38,902 |

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- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 + Details
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