0000746598-22-000148 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Oct. 31, 2022	Nov. 15, 2022
Entity Information [Line Items]
Document Type	10-Q
Entity Registrant Name	BRADY CORP
Document Quarterly Report	true
Document Transition Report	false
Security Exchange Name	NYSE
Title of 12(b) Security	Class A Nonvoting Common Stock, par value $0.01 per share
Trading Symbol	BRC
Entity File Number	1-14959
Entity Interactive Data Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Tax Identification Number	39-0178960
Entity Address, Address Line One	6555 West Good Hope Road
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53233
Entity Incorporation, State or Country Code	WI
City Area Code	Milwaukee
City Area Code	414
Local Phone Number	358-6600
Document Period End Date	Oct. 31, 2022
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000746598
Current Fiscal Year End Date	--07-31
Class A Nonvoting Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		46,200,742
Class B Voting Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,538,628

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2022	Jul. 31, 2022
Current assets:
Cash and cash equivalents	$ 114,471	$ 114,069
Accounts receivable, net of allowance for credit losses of $6,938 and $7,355, respectively	180,183	183,233
Inventories	195,695	190,023
Prepaid expenses and other current assets	12,902	10,743
Total current assets	503,251	498,068
Assets, Noncurrent
Property, plant and equipment—net	136,320	139,511
Goodwill	579,404	586,832
Other intangible assets	69,494	74,028
Deferred income taxes	15,061	15,881
Operating lease assets	27,244	31,293
Other assets	19,855	21,719
Total	1,350,629	1,367,332
Current liabilities:
Accounts payable	79,604	81,116
Accrued compensation and benefits	57,095	76,764
Taxes, other than income taxes	13,495	12,539
Accrued income taxes	13,943	8,294
Current operating lease liabilities	14,126	15,003
Other current liabilities	65,350	61,458
Total current liabilities	243,613	255,174
Long-term debt	99,000	95,000
Long-term operating lease liabilities	15,558	19,143
Other liabilities	80,733	86,717
Total liabilities	438,904	456,034
Stockholders’ equity:
Additional paid-in capital	346,064	345,266
Retained earnings	920,482	892,417
Treasury stock—5,085,220 and 4,890,779 shares, respectively, of Class A nonvoting common stock, at cost	(228,855)	(217,856)
Accumulated other comprehensive loss	(126,514)	(109,077)
Total stockholders’ equity	911,725	911,298
Total	1,350,629	1,367,332
Class A Nonvoting Common Stock
Stockholders’ equity:
Common Stock, Value, Issued	513	513
Class B Voting Common Stock
Stockholders’ equity:
Common Stock, Value, Issued	$ 35	$ 35

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2022	Jul. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 6,938	$ 7,355
Class A Nonvoting Common Stock
Common stock, shares issued	51,261,487	51,261,487
Common stock, shares outstanding	46,176,267	46,370,708
Treasury stock, shares	5,085,220	4,890,779
Class B Voting Common Stock
Common stock, shares issued	3,538,628	3,538,628
Common stock, shares outstanding	3,538,628	3,538,628

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Net sales	$ 322,569	$ 321,475
Cost of goods sold	167,305	166,487
Gross margin	155,264	154,988
Operating expenses:
Research and development	13,933	13,907
Selling, general and administrative	89,945	96,746
Total operating expenses	103,878	110,653
Operating income	51,386	44,335
Other (expense) income:
Investment and other (expense) income	(157)	543
Interest expense	(894)	(182)
Income before income taxes	50,335	44,696
Income tax expense	10,894	9,650
Net income	$ 39,441	$ 35,046
Weighted average common shares outstanding:
Basic	49,868	51,973
Diluted	50,090	52,436
Class A Nonvoting Common Stock
Earnings Per Share
Basic	$ 0.79	$ 0.67
Diluted	0.79	0.67
Class B Voting Common Stock
Earnings Per Share
Basic	0.78	0.66
Diluted	$ 0.77	$ 0.65

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 39,441	$ 35,046
Other comprehensive loss:
Foreign currency translation adjustments	(17,672)	(3,918)
Cash flow hedges:
Net gain (loss) recognized in other comprehensive loss	893	(26)
Reclassification adjustment for gains included in net income	581	568
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	312	(594)
Pension and other post-retirement benefits:
Pension and other post-retirement benefits actuarial gain amortization	(143)	(107)
Other comprehensive loss, before tax	(17,503)	(4,619)
Income tax benefit (expense) related to items of other comprehensive loss	66	(99)
Other comprehensive loss, net of tax	(17,437)	(4,718)
Comprehensive income	$ 22,004	$ 30,328

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Nonvoting Common Stock	Class B Voting Common Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Class A Nonvoting Common Stock	Retained Earnings Class B Voting Common Stock	Treasury Stock	AOCI Attributable to Parent
Beginning Balances at Jul. 31, 2021	$ 963,028			$ 548	$ 339,125	$ 788,369			$ (109,061)	$ (55,953)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	35,046					35,046
Other comprehensive loss, net of tax	(4,718)									(4,718)
Issuance of shares of Class A Common Stock under stock plan	3,188				3,187				(1)
Tax benefit and withholdings from deferred compensation distributions	115				115
Stock-based compensation expense	4,129				4,129
Repurchase of shares of Class A Common Stock	(18,924)								18,924
Common Stock, Dividends, Per Share, Cash Paid		$ 0.2250	$ 0.2084
Dividends, Common Stock, Cash		$ 10,858	$ 737				$ 10,858	$ 737
Ending Balances at Oct. 31, 2021	963,893			548	340,182	811,820			(127,986)	(60,671)
Beginning Balances at Jul. 31, 2022	911,298			548	345,266	892,417			(217,856)	(109,077)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,441
Other comprehensive loss, net of tax	(17,437)									(17,437)
Issuance of shares of Class A Common Stock under stock plan	1,155				2,226				1,071
Tax benefit and withholdings from deferred compensation distributions	66				66
Stock-based compensation expense	2,958				2,958
Repurchase of shares of Class A Common Stock	(12,070)								12,070
Common Stock, Dividends, Per Share, Cash Paid		$ 0.2300	$ 0.2134
Dividends, Common Stock, Cash		$ 10,621	$ 755				$ 10,621	$ 755
Ending Balances at Oct. 31, 2022	$ 911,725			$ 548	$ 346,064	$ 920,482			$ (228,855)	$ (126,514)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Class A Nonvoting Common Stock
Common Stock, Dividends, Per Share, Cash Paid	$ 0.2300	$ 0.2250
Class B Voting Common Stock
Common Stock, Dividends, Per Share, Cash Paid	$ 0.2134	$ 0.2084

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Operating activities:
Net income	$ 39,441	$ 35,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,665	8,509
Stock-based compensation expense	2,958	4,129
Deferred income taxes	(1,705)	(625)
Other	(383)	(187)
Changes in operating assets and liabilities:
Accounts receivable	(627)	(13,302)
Inventories	(9,582)	(16,579)
Prepaid expenses and other assets	(2,563)	(655)
Accounts payable and accrued liabilities	(14,150)	9,499
Income taxes	5,945	1,656
Net cash provided by operating activities	27,999	27,491
Investing activities:
Purchases of property, plant and equipment	(3,861)	(11,328)
Other	0	2
Net cash used in investing activities	(3,861)	(11,326)
Financing activities:
Payment of dividends	(11,376)	(11,595)
Proceeds from exercise of stock options	349	151
Payments for employee taxes withheld from stock-based awards	(1,504)	(3,339)
Purchase of treasury stock	(12,070)	(18,924)
Proceeds from borrowing on credit facilities	36,000	56,200
Repayment of borrowing on credit facilities	(32,000)	(27,200)
Other	66	115
Net cash used in financing activities	(20,535)	(4,592)
Effect of exchange rate changes on cash and cash equivalents	(3,201)	(1,355)
Net increase in cash and cash equivalents	402	10,218
Cash and cash equivalents, beginning of period	114,069	147,335
Cash and cash equivalents, end of period	$ 114,471	$ 157,553

Basis of Presentation (Notes)	3 Months Ended
Basis of Presentation (Notes)	Oct. 31, 2022
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 October 31, 2022 and July 31, 2022, its results of operations, cash flows and comprehensive income for the three months ended October 31, 2022 and 2021. The condensed consolidated balance sheet as of July 31, 2022, 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, 2022.

New Accounting Pronouncements (Notes)	3 Months Ended
New Accounting Pronouncements (Notes)	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Adopted Standards In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities (e.g. deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, “Revenue from Contracts with Customers” as if the acquirer had originated the contracts. The guidance is applied prospectively to acquisitions occurring on or after the effective date. The Company early adopted ASU No. 2021-08 during the quarter ended October 31, 2022. The adoption of the new standard will only have an impact on the Company's condensed consolidated financial statements in the event of future acquisitions.

Additional Balance Sheet Disclosures (Notes)

3 Months Ended

Oct. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Balance Sheet Information

Inventories

Inventories as of October 31, 2022 and July 31, 2022 consisted of the following:


	October 31, 2022		July 31, 2022
Finished products	$	111,897	$	112,323
Work-in-process	30,359		29,272
Raw materials and supplies	53,439		48,428
Total inventories	$	195,695	$	190,023

Property, plant and equipment

Property, plant and equipment is presented net of accumulated depreciation in the amount of $273,922 and $272,376 as of October 31, 2022 and July 31, 2022, respectively.

Other Intangible Assets (Notes)

3 Months Ended

Oct. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Other Intangible Assets

Other intangible assets as of October 31, 2022 and July 31, 2022 consisted of the following:


	October 31, 2022							July 31, 2022
	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
Amortized other intangible assets:
Tradenames	3	$	1,728	$	(1,165)	$	563	3	$	1,749	$	(1,014)	$	735
Customer relationships	9	104,610		(51,312)		53,298		9	105,404		(48,428)		56,976
Technology	5	9,013		(2,686)		6,327		5	9,136		(2,241)		6,895
Unamortized other intangible assets:
Tradenames	N/A	9,306		—		9,306		N/A	9,422		—		9,422
Total		$	124,657	$	(55,163)	$	69,494		$	125,711	$	(51,683)	$	74,028

The change in the gross carrying amount of other intangible assets as of October 31, 2022 compared to July 31, 2022 was due to the effect of currency fluctuations during the three-month period. Amortization expense on intangible assets was $3,631 and $3,807 for the three months ended October 31, 2022 and 2021, respectively.

Leases (Notes)

3 Months Ended

Oct. 31, 2022

Leases [Abstract]

Leases

The Company leases certain manufacturing facilities, warehouse and office spaces, and vehicles accounted for as operating leases. Lease terms typically range from one year to ten years. As of October 31, 2022, the Company did not have any finance leases.

Operating lease expense was $3,780 and $4,765 for the three months ended October 31, 2022 and 2021, respectively, which 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 months ended October 31, 2022 and 2021.

Supplemental cash flow information related to the Company's operating leases for the three months ended October 31, 2022 and 2021, was as follows:


	Three months ended October 31,
	2022		2021
Operating cash flows from operating leases	$	4,202	$	4,999
Operating lease assets obtained in exchange for new operating lease liabilities (1) (2)	102		(868)

(1) Includes new leases and remeasurements or modifications of existing leases.

(2) During the three months ended October 31, 2021, the Company purchased two buildings which were previously leased. This resulted in a decrease in operating lease assets obtained in exchange for lease liabilities for the period as the remaining lease assets and liabilities were removed from the condensed consolidated balance sheets.

Accumulated Other Comprehensive Loss (Notes)

3 Months Ended

Oct. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Other comprehensive loss consists of foreign currency translation adjustments, the unrealized gain 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 three months ended October 31, 2022:


	Unrealized gain on cash flow hedges		Unamortized gain on post-retirement plans		Foreign currency translation adjustments		Accumulated other comprehensive loss
Beginning balance, July 31, 2022	$	954	$	1,436	$	(111,467)	$	(109,077)
Other comprehensive income (loss) before reclassification	813		—		(17,672)		(16,859)
Amounts reclassified from accumulated other comprehensive loss	(435)		(143)		—		(578)
Ending balance, October 31, 2022	$	1,332	$	1,293	$	(129,139)	$	(126,514)

The increase in accumulated other comprehensive loss as of October 31, 2022, compared to July 31, 2022, was primarily due to the appreciation of the U.S. dollar against certain other currencies during the three-month period.

The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended October 31, 2021, were as follows:


	Unrealized gain on cash flow hedges		Unamortized gain on post-retirement plans		Foreign currency translation adjustments		Accumulated other comprehensive loss
Beginning balance, July 31, 2021	$	729	$	1,888	$	(58,570)	$	(55,953)
Other comprehensive loss before reclassification	(273)		—		(3,913)		(4,186)
Amounts reclassified from accumulated other comprehensive loss	(425)		(107)		—		(532)
Ending balance, October 31, 2021	$	31	$	1,781	$	(62,483)	$	(60,671)

The increase in the accumulated other comprehensive loss as of October 31, 2021, compared to July 31, 2021, was primarily due to the appreciation of the U.S. dollar against certain other currencies during the three-month period.

Of the amounts reclassified from accumulated other comprehensive loss during the three months ended October 31, 2022 and 2021, unrealized gains on cash flow hedges were reclassified to "Cost of goods sold" and unamortized gains on post-retirement plans was reclassified into "Investment and other (expense) income" on the condensed consolidated statements of income.

The following table illustrates the income tax benefit (expense) on the components of other comprehensive loss for the three months ended October 31, 2022 and 2021:


	Three months ended October 31,
	2022		2021
Income tax benefit (expense) related to items of other comprehensive loss:
Cash flow hedges	$	66	$	(104)
Other income tax adjustments and currency translation	—		5
Income tax benefit (expense) related to items of other comprehensive loss	$	66	$	(99)

Revenue Recognition (Notes)	3 Months Ended
Revenue Recognition (Notes)	Oct. 31, 2022
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition The 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 H, “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 $2,727 and $2,675 as of October 31, 2022 and July 31, 2022, 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 $306 and $289 during the three months ended October 31, 2022 and 2021, 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 October 31, 2022, the Company expects to recognize 32% by the end of fiscal 2023, an additional 31% by the end of fiscal 2024, and the remaining balance thereafter.

Segment Information (Notes)

3 Months Ended

Oct. 31, 2022

Segment Reporting [Abstract]

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 months ended October 31, 2022 and 2021:


	Three months ended October 31,
	2022		2021
Net sales:
IDS
Americas	$	173,349	$	164,910
Europe	56,643		56,889
Asia	26,364		26,818
Total	$	256,356	$	248,617
WPS
Americas	$	18,782	$	21,142
Europe	33,549		38,022
Australia	13,882		13,694
Total	$	66,213	$	72,858
Total Company
Americas	$	192,131	$	186,052
Europe	90,192		94,911
Asia-Pacific	40,246		40,512
Total	$	322,569	$	321,475

The following is a summary of segment profit for the three months ended October 31, 2022 and 2021:


	Three months ended October 31,
	2022		2021
Segment profit:
IDS	$	51,525	$	48,816
WPS	6,378		2,293
Total Company	$	57,903	$	51,109

The following is a reconciliation of segment profit to income before income taxes for the three months ended October 31, 2022 and 2021:


	Three months ended October 31,
	2022		2021
Total profit from reportable segments	$	57,903	$	51,109
Unallocated amounts:
Administrative costs	(6,517)		(6,774)
Investment and other (expense) income	(157)		543
Interest expense	(894)		(182)
Income before income taxes	$	50,335	$	44,696

- 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

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+ Details

Stock-Based Compensation (Notes)

3 Months Ended

Oct. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stock-Based Compensation

Incentive Stock Plans

The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock units ("RSUs"), performance-based restricted stock units ("PRSUs"), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. Certain awards may be subject to pre-established performance goals. The majority of the Company’s annual share-based awards are granted in the first quarter of the fiscal year.

Total stock-based compensation expense recognized during the three months ended October 31, 2022 and 2021 was $2,958 and $4,129, respectively. The total income tax benefit recognized in the condensed consolidated statements of income was $192 and $199 during the three months ended October 31, 2022 and 2021, respectively.

Stock Options

The stock options issued under the plan have an exercise price equal to the market price of the Company's stock at the date of the grant and generally vest ratably over three years, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “time-based” options, generally expire ten years from the date of grant.

The Company has estimated the fair value of its time-based option awards granted during the three months ended October 31, 2022 and 2021, using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:


	Three months ended October 31,
Black-Scholes Option Valuation Assumptions	2022		2021
Expected term (in years)	5.7		6.1
Expected volatility	29.6	%	30.0	%
Expected dividend yield	2.0	%	2.3	%
Risk-free interest rate	3.7	%	1.0	%

The following is a summary of stock option activity for the three months ended October 31, 2022:


Time-Based Options	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2022	1,591,525	$	41.57
Granted	147,629	43.50
Exercised	(22,494)	30.48
Forfeited	(10,247)	45.41
Outstanding at October 31, 2022	1,706,413	$	41.86	6.4	$	9,729
Exercisable at October 31, 2022	1,270,763	$	40.67	5.4	$	8,851

The weighted-average grant date fair value of options granted during the three months ended October 31, 2022 and 2021 was $12.06 and $11.29, respectively. The total intrinsic value of stock options exercised during the three months ended October 31, 2022 and 2021 was $364 and $319, respectively. The total fair value of stock options vested during the three months ended October 31, 2022 and 2021 was $2,458 and $2,446, respectively.

The cash received from the exercise of stock options during the three months ended October 31, 2022 and 2021 was $349 and $151, respectively. The tax benefit from the exercise of stock options during the three months ended October 31, 2022 and 2021 was $91 and $80, respectively.

As of October 31, 2022, total unrecognized compensation cost related to stock options was $2,898 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.1 years.

RSUs

RSUs issued under the plan have a grant date fair value equal to the market price of the Company's stock at the date of grant and generally vest ratably over three years, with one-third vesting one year after the grant date and one-third additional in each of the succeeding two years.

The following is a summary of RSU activity for the three months ended October 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested RSUs as of July 31, 2022	173,230	$	47.45
Granted	62,197	44.70
Vested	(61,316)	47.50
Forfeited	(2,585)	45.03
Non-vested RSUs as of October 31, 2022	171,526	$	46.47

The RSUs granted during the three months ended October 31, 2021 had a weighted-average grant date fair value of $49.85. The total fair value of RSUs vested during three months ended October 31, 2022 and 2021 was $2,608 and $3,380, respectively.

As of October 31, 2022, total unrecognized compensation cost related to RSUs was $5,029 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.2 years.

PRSUs

PRSUs are contingent on the achievement of predetermined market and performance targets. The PRSUs granted under the plan vest at the end of a three-year performance period provided the specified market and performance targets are met. For the PRSUs granted during the three months ended October 31, 2022 and 2021, the vesting criteria for 50% of the grant is based upon the Company's total shareholder return ("TSR") relative to the S&P 600 SmallCap Industrials Index over a three-year performance period, and the vesting criteria for the other 50% of the grant is based upon Company revenue targets. All other previously granted non-vested PRSUs vest based upon the Company's TSR relative to the S&P 600 SmallCap Industrials Index.

The Company calculates the fair value of each component of the applicable PRSUs individually. The fair value of the revenue target metric, which is a performance condition, is equal to the average of the high and low stock price on the grant date. The fair value of the TSR metric, which is a market condition, is determined using a Monte Carlo valuation model. The assumptions used in the Monte Carlo valuation model are reflected in the following table:


	Three months ended October 31,
Monte Carlo Valuation Assumptions	2022		2021
Expected volatility	34.8	%	34.7	%
Risk-free interest rate	2.8	%	0.3	%

The following is a summary of PRSU activity for the three months ended October 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested PRSUs as of July 31, 2022	79,134	$	66.79
Granted	44,110	55.77
Vested	(18,959)	75.00
Forfeited	(16,332)	71.99
Non-vested PRSUs as of October 31, 2022	87,953	$	58.63

The PRSUs granted during the three months ended October 31, 2021 had a weighted-average grant date fair value of $61.76. The total fair value of PRSUs vested during three months ended October 31, 2022 and 2021 was $889 and $4,098, respectively.

As of October 31, 2022, total unrecognized compensation cost related to PRSUs was $2,889 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.4 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Net Income per Common Share (Notes)

3 Months Ended

Oct. 31, 2022

Earnings Per Share [Abstract]

Net Income per Common Share

Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows:


	Three months ended October 31,
	2022		2021
Numerator (in thousands):
Net income (Numerator for basic and diluted income per Class A Nonvoting Common Share)	$	39,441	$	35,046
Less:
Preferential dividends	(769)		(803)
Preferential dividends on dilutive stock options	(4)		(8)
Numerator for basic and diluted income per Class B Voting Common Share	$	38,668	$	34,235
Denominator (in thousands):
Denominator for basic income per share for both Class A and Class B	49,868		51,973
Plus: Effect of dilutive equity awards	222		463
Denominator for diluted income per share for both Class A and Class B	50,090		52,436
Net income per Class A Nonvoting Common Share:
Basic	$	0.79	$	0.67
Diluted	$	0.79	$	0.67
Net income per Class B Voting Common Share:
Basic	$	0.78	$	0.66
Diluted	$	0.77	$	0.65

Potentially dilutive securities attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value were greater than the average market price of the Company's Class A Nonvoting Common Stock because the effect would have been anti-dilutive. The amount of anti-dilutive shares were 583,533 and 479,602 for the three months ended October 31, 2022 and 2021, respectively.

Fair Value Measurements (Notes)

3 Months Ended

Oct. 31, 2022

Fair Value Disclosures [Abstract]

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 October 31, 2022 and July 31, 2022:


	October 31, 2022		July 31, 2022		Fair Value Hierarchy
Assets:
Deferred compensation plan assets	$	16,072	$	18,037	Level 1
Foreign exchange contracts	1,138		489		Level 2
Liabilities:
Foreign exchange contracts	—		32		Level 2

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Deferred compensation plan assets: 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivatives and Hedging Activities (Notes)

3 Months Ended

Oct. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 on 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:


	October 31, 2022		July 31, 2022
Designated as cash flow hedges	$	18,967	$	25,276
Non-designated hedges	4,190		4,057
Total foreign exchange contracts	$	23,157	$	29,333

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 October 31, 2022 and July 31, 2022, unrealized gains of $1,352 and $1,040 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:


	Three months ended October 31,
	2022		2021
Gains (losses) recognized in OCI	$	893	$	(26)
Gains reclassified from OCI into cost of goods sold	581		568

Fair values of derivative instruments in the condensed consolidated balance sheets were as follows:


	October 31, 2022				July 31, 2022
	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)	$	1,135	$	—	$	489	$	30
Derivatives not designated as hedging instruments:
Foreign exchange contracts (non-designated hedges)	3		—		—		2
Total derivative instruments	$	1,138	$	—	$	489	$	32

Income Taxes (Notes)	3 Months Ended
Income Taxes (Notes)	Oct. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax rate was 21.6% for the three months ended October 31, 2022 and 2021. The Company expects its ongoing annual income tax rate to be approximately 20% based on its current global business mix and based on tax laws and statutory rates currently in effect.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events (Notes)	3 Months Ended
Subsequent Events (Notes)	Oct. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 14, 2022, the Company and certain of its subsidiaries entered into a Second Amendment to Credit Agreement (“Amendment No. 2”) with a group of six banks, which amends the original credit agreement dated as of August 1, 2019. Amendment No. 2 amends the credit agreement to, among other items, (a) increase the lending commitments by $100,000 for total lending commitments of $300,000 (b) extend the final maturity date to November 14, 2027, (c) increase the interest rate on certain borrowings by 0.125%, and (d) increase the available amount under the credit agreement, at the Company's option and subject to certain conditions, from $300,000 up to (i) an amount equal to the incremental borrowing necessary to bring the Company's consolidated net debt-to-EBITDA ratio to 2.5 to 1.0 plus (ii) $200,000. Borrowings under Amendment No. 2 remain unsecured and are guaranteed by certain of the Company's domestic subsidiaries. The credit agreement (as amended by Amendment No. 2) continues to contain various financial covenants, including a consolidated net debt-to-EBITDA ratio of 3.5 to 1.0 and a consolidated interest coverage ratio of 3.0 to 1.0. On November 16, 2022, the Board of Directors declared a quarterly cash dividend to shareholders of the Company’s Class A and Class B Common Stock of $0.23 per share payable on January 31, 2023, to shareholders of record at the close of business on January 10, 2023.

Additional Balance Sheet Disclosures (Tables)

3 Months Ended

Oct. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventories as of October 31, 2022 and July 31, 2022 consisted of the following:


	October 31, 2022		July 31, 2022
Finished products	$	111,897	$	112,323
Work-in-process	30,359		29,272
Raw materials and supplies	53,439		48,428
Total inventories	$	195,695	$	190,023

Other Intangible Assets (Tables)

3 Months Ended

Oct. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Other Intangible Assets

Other intangible assets as of October 31, 2022 and July 31, 2022 consisted of the following:


	October 31, 2022							July 31, 2022
	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
Amortized other intangible assets:
Tradenames	3	$	1,728	$	(1,165)	$	563	3	$	1,749	$	(1,014)	$	735
Customer relationships	9	104,610		(51,312)		53,298		9	105,404		(48,428)		56,976
Technology	5	9,013		(2,686)		6,327		5	9,136		(2,241)		6,895
Unamortized other intangible assets:
Tradenames	N/A	9,306		—		9,306		N/A	9,422		—		9,422
Total		$	124,657	$	(55,163)	$	69,494		$	125,711	$	(51,683)	$	74,028

Leases (Tables)

3 Months Ended

Oct. 31, 2022

Leases [Abstract]

Schedule of Cash Flow, Supplemental Lease Disclosures

Supplemental cash flow information related to the Company's operating leases for the three months ended October 31, 2022 and 2021, was as follows:


	Three months ended October 31,
	2022		2021
Operating cash flows from operating leases	$	4,202	$	4,999
Operating lease assets obtained in exchange for new operating lease liabilities (1) (2)	102		(868)

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Oct. 31, 2022

Oct. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of 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 three months ended October 31, 2022:


	Unrealized gain on cash flow hedges		Unamortized gain on post-retirement plans		Foreign currency translation adjustments		Accumulated other comprehensive loss
Beginning balance, July 31, 2022	$	954	$	1,436	$	(111,467)	$	(109,077)
Other comprehensive income (loss) before reclassification	813		—		(17,672)		(16,859)
Amounts reclassified from accumulated other comprehensive loss	(435)		(143)		—		(578)
Ending balance, October 31, 2022	$	1,332	$	1,293	$	(129,139)	$	(126,514)

The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended October 31, 2021, were as follows:


	Unrealized gain on cash flow hedges		Unamortized gain on post-retirement plans		Foreign currency translation adjustments		Accumulated other comprehensive loss
Beginning balance, July 31, 2021	$	729	$	1,888	$	(58,570)	$	(55,953)
Other comprehensive loss before reclassification	(273)		—		(3,913)		(4,186)
Amounts reclassified from accumulated other comprehensive loss	(425)		(107)		—		(532)
Ending balance, October 31, 2021	$	31	$	1,781	$	(62,483)	$	(60,671)

Schedule of Income Tax Benefit on the Components of Other Comprehensive Loss

The following table illustrates the income tax benefit (expense) on the components of other comprehensive loss for the three months ended October 31, 2022 and 2021:


	Three months ended October 31,
	2022		2021
Income tax benefit (expense) related to items of other comprehensive loss:
Cash flow hedges	$	66	$	(104)
Other income tax adjustments and currency translation	—		5
Income tax benefit (expense) related to items of other comprehensive loss	$	66	$	(99)

Segment Information (Tables)

3 Months Ended

Oct. 31, 2022

Segment Reporting [Abstract]

Revenue from External Customers by Geographic Areas [Table Text Block]

The following is a summary of net sales by segment and geographic region for the three months ended October 31, 2022 and 2021:


	Three months ended October 31,
	2022		2021
Net sales:
IDS
Americas	$	173,349	$	164,910
Europe	56,643		56,889
Asia	26,364		26,818
Total	$	256,356	$	248,617
WPS
Americas	$	18,782	$	21,142
Europe	33,549		38,022
Australia	13,882		13,694
Total	$	66,213	$	72,858
Total Company
Americas	$	192,131	$	186,052
Europe	90,192		94,911
Asia-Pacific	40,246		40,512
Total	$	322,569	$	321,475

Schedule of Segment Reporting Information by Segment

The following is a summary of segment profit for the three months ended October 31, 2022 and 2021:


	Three months ended October 31,
	2022		2021
Segment profit:
IDS	$	51,525	$	48,816
WPS	6,378		2,293
Total Company	$	57,903	$	51,109

Reconciliation of Segment Profit

The following is a reconciliation of segment profit to income before income taxes for the three months ended October 31, 2022 and 2021:


	Three months ended October 31,
	2022		2021
Total profit from reportable segments	$	57,903	$	51,109
Unallocated amounts:
Administrative costs	(6,517)		(6,774)
Investment and other (expense) income	(157)		543
Interest expense	(894)		(182)
Income before income taxes	$	50,335	$	44,696

Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Weighted-Average Assumptions to Estimate Option Grant Date Fair Values

The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:


	Three months ended October 31,
Black-Scholes Option Valuation Assumptions	2022		2021
Expected term (in years)	5.7		6.1
Expected volatility	29.6	%	30.0	%
Expected dividend yield	2.0	%	2.3	%
Risk-free interest rate	3.7	%	1.0	%

Schedule of Stock Option Activity

The following is a summary of stock option activity for the three months ended October 31, 2022:


Time-Based Options	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2022	1,591,525	$	41.57
Granted	147,629	43.50
Exercised	(22,494)	30.48
Forfeited	(10,247)	45.41
Outstanding at October 31, 2022	1,706,413	$	41.86	6.4	$	9,729
Exercisable at October 31, 2022	1,270,763	$	40.67	5.4	$	8,851

Schedule of RSU Activity

The following is a summary of RSU activity for the three months ended October 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested RSUs as of July 31, 2022	173,230	$	47.45
Granted	62,197	44.70
Vested	(61,316)	47.50
Forfeited	(2,585)	45.03
Non-vested RSUs as of October 31, 2022	171,526	$	46.47

Schedule of Share-Based Payment Award, Performance Shares, Valuation Assumptions

The assumptions used in the Monte Carlo valuation model are reflected in the following table:


	Three months ended October 31,
Monte Carlo Valuation Assumptions	2022		2021
Expected volatility	34.8	%	34.7	%
Risk-free interest rate	2.8	%	0.3	%

Schedule of PRSU Activity

The following is a summary of PRSU activity for the three months ended October 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested PRSUs as of July 31, 2022	79,134	$	66.79
Granted	44,110	55.77
Vested	(18,959)	75.00
Forfeited	(16,332)	71.99
Non-vested PRSUs as of October 31, 2022	87,953	$	58.63

Net Income per Common Share (Tables)

3 Months Ended

Oct. 31, 2022

Earnings Per Share [Abstract]

Schedule of the Reconciliation for the Numerator and Denominator of Basic and Diluted Per Share

Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows:


	Three months ended October 31,
	2022		2021
Numerator (in thousands):
Net income (Numerator for basic and diluted income per Class A Nonvoting Common Share)	$	39,441	$	35,046
Less:
Preferential dividends	(769)		(803)
Preferential dividends on dilutive stock options	(4)		(8)
Numerator for basic and diluted income per Class B Voting Common Share	$	38,668	$	34,235
Denominator (in thousands):
Denominator for basic income per share for both Class A and Class B	49,868		51,973
Plus: Effect of dilutive equity awards	222		463
Denominator for diluted income per share for both Class A and Class B	50,090		52,436
Net income per Class A Nonvoting Common Share:
Basic	$	0.79	$	0.67
Diluted	$	0.79	$	0.67
Net income per Class B Voting Common Share:
Basic	$	0.78	$	0.66
Diluted	$	0.77	$	0.65

Fair Value Measurements (Tables)

3 Months Ended

Oct. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of 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 October 31, 2022 and July 31, 2022:


	October 31, 2022		July 31, 2022		Fair Value Hierarchy
Assets:
Deferred compensation plan assets	$	16,072	$	18,037	Level 1
Foreign exchange contracts	1,138		489		Level 2
Liabilities:
Foreign exchange contracts	—		32		Level 2

Derivatives and Hedging Activities (Tables)

3 Months Ended

Oct. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Forward Exchange Contracts

The U.S. dollar equivalent notional amounts of outstanding forward exchange contracts were as follows:


	October 31, 2022		July 31, 2022
Designated as cash flow hedges	$	18,967	$	25,276
Non-designated hedges	4,190		4,057
Total foreign exchange contracts	$	23,157	$	29,333

Schedule of Derivative Instruments, Effect on Other Comprehensive Loss

The following table summarizes the amount of pre-tax gains and losses related to foreign exchange contracts designated as cash flow hedging instruments:


	Three months ended October 31,
	2022		2021
Gains (losses) recognized in OCI	$	893	$	(26)
Gains reclassified from OCI into cost of goods sold	581		568

Schedule of Fair Values of Derivative Instruments in the Condensed Consolidated Balance Sheets

Fair values of derivative instruments in the condensed consolidated balance sheets were as follows:


	October 31, 2022				July 31, 2022
	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)	$	1,135	$	—	$	489	$	30
Derivatives not designated as hedging instruments:
Foreign exchange contracts (non-designated hedges)	3		—		—		2
Total derivative instruments	$	1,138	$	—	$	489	$	32

Additional Balance Sheet Disclosures - (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Jul. 31, 2022
Inventory Disclosure [Abstract]
Finished products	$ 111,897	$ 112,323
Work-in-process	30,359	29,272
Raw materials and supplies	53,439	48,428
Total inventories	195,695	190,023
Property, Plant and Equipment, Gross [Abstract]
Accumulated Depreciation of PPE	$ (273,922)	$ (272,376)

Other Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Other Intangible Assets (Detail) - USD ($) $ in Thousands	Oct. 31, 2022	Jul. 31, 2022
Other Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 124,657	$ 125,711
Accumulated Amortization	(55,163)	(51,683)
Net Book Value	69,494	74,028
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 9,306	$ 9,422
Tradenames [Member]
Other Intangible Assets [Line Items]
Weighted Average Amortization Period	3 years	3 years
Finite-Lived Intangible Assets, Gross	$ 1,728	$ 1,749
Accumulated Amortization	(1,165)	(1,014)
Finite-Lived Intangible Assets, Net	$ 563	$ 735
Customer Relationships [Member]
Other Intangible Assets [Line Items]
Weighted Average Amortization Period	9 years	9 years
Finite-Lived Intangible Assets, Gross	$ 104,610	$ 105,404
Accumulated Amortization	(51,312)	(48,428)
Finite-Lived Intangible Assets, Net	$ 53,298	$ 56,976
Technology [Member]
Other Intangible Assets [Line Items]
Weighted Average Amortization Period	5 years	5 years
Finite-Lived Intangible Assets, Gross	$ 9,013	$ 9,136
Accumulated Amortization	(2,686)	(2,241)
Finite-Lived Intangible Assets, Net	$ 6,327	$ 6,895

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 3,631	$ 3,807

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Oct. 31, 2021
Leases [Abstract]
Operating Lease, Cost	$ 3,780	$ 4,765
Operating cash flows from operating leases	4,202	4,999
Operating lease assets obtained in exchange for new operating lease liabilities (1) (2)	$ 102	$ (868)

Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (109,077)	$ (55,953)
Other comprehensive loss before reclassification	(16,859)	(4,186)
Amounts reclassified from accumulated other comprehensive loss	578	532
Ending balance	(126,514)	(60,671)
Unrealized gain on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	954	729
Other comprehensive loss before reclassification	813	(273)
Amounts reclassified from accumulated other comprehensive loss	435	425
Ending balance	1,332	31
Unamortized gain on post-retirement plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,436	1,888
Other comprehensive loss before reclassification	0	0
Amounts reclassified from accumulated other comprehensive loss	143	107
Ending balance	1,293	1,781
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(111,467)	(58,570)
Other comprehensive loss before reclassification	(17,672)	(3,913)
Amounts reclassified from accumulated other comprehensive loss	0	0
Ending balance	$ (129,139)	$ (62,483)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Income, Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Other Comprehensive Income (Loss), Tax [Abstract]
Cash flow hedges	$ 66	$ (104)
Other income tax adjustments and currency translation	0	5
Income tax benefit (expense) related to items of other comprehensive loss	$ 66	$ (99)

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

Revenue Recognition (Details) - USD ($)	3 Months Ended
Revenue Recognition (Details) - USD ($)	Oct. 31, 2022	Oct. 31, 2021	Jul. 31, 2022
Revenue Recognition [Abstract]
Contract with Customer, Liability	$ 2,727,000		$ 2,675,000
Deferred Revenue, Revenue Recognized	$ 306,000	$ 289,000
Remaining Performance Obligations Expected as Revenue During the Remainder of the Current Fiscal Year	32.00%
Remaining Performance Obligations Expected as Revenue Over the Next Full Fiscal Year	31.00%

Segment Information - Schedule of Segment Reporting Information By Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 322,569	$ 321,475
Segment Profit	57,903	51,109
IDS
Segment Reporting Information [Line Items]
Net sales	256,356	248,617
Segment Profit	51,525	48,816
WPS
Segment Reporting Information [Line Items]
Net sales	66,213	72,858
Segment Profit	6,378	2,293
Americas
Segment Reporting Information [Line Items]
Net sales	192,131	186,052
Americas \| IDS
Segment Reporting Information [Line Items]
Net sales	173,349	164,910
Americas \| WPS
Segment Reporting Information [Line Items]
Net sales	18,782	21,142
Europe
Segment Reporting Information [Line Items]
Net sales	90,192	94,911
Europe \| IDS
Segment Reporting Information [Line Items]
Net sales	56,643	56,889
Europe \| WPS
Segment Reporting Information [Line Items]
Net sales	33,549	38,022
Asia-Pacific
Segment Reporting Information [Line Items]
Net sales	40,246	40,512
Asia-Pacific \| IDS
Segment Reporting Information [Line Items]
Net sales	26,364	26,818
Asia-Pacific \| WPS
Segment Reporting Information [Line Items]
Net sales	$ 13,882	$ 13,694

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Segment Information - Net Income Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Segment Reconciliation [Abstract]
Total profit from reportable segments	$ 57,903	$ 51,109
Unallocated amounts:
Administrative costs	(6,517)	(6,774)
Investment and other (expense) income	(157)	543
Interest expense	(894)	(182)
Income before income taxes	$ 50,335	$ 44,696

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,958	$ 4,129
Share-based Payment Arrangement, Expense, Tax Benefit	192	199
Proceeds from exercise of stock options	349	151
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrealized compensation cost related to share-based compensation, pre tax	$ 2,898
Weighted average period remaining	2 years 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Fair value of options vested	$ 2,458	$ 2,446
Weighted-average fair value of options granted during the period	$ 12.06	$ 11.29
Options, Exercises in Period, Intrinsic Value	$ 364	$ 319
Proceeds from exercise of stock options	349	151
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	91	$ 80
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrealized compensation cost related to share-based compensation, pre tax	$ 5,029
Weighted average period remaining	2 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrealized compensation cost related to share-based compensation, pre tax	$ 2,889
Weighted average period remaining	2 years 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Stock-Based Compensation - Stock Option Assumptions (Detail)	3 Months Ended
	Oct. 31, 2022 Rate	Oct. 31, 2021 Rate
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 8 months 12 days	6 years 1 month 6 days
Expected volatility	29.60%	30.00%
Expected dividend yield	2.00%	2.30%
Risk-free interest rate	3.70%	1.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.80%	34.70%
Risk-free interest rate	2.80%	0.30%

Stock-Based Compensation Stock Options Outstanding (Details)	3 Months Ended
	Oct. 31, 2022 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options Outstanding, Beginning Balance	1,591,525
Options, Grants in Period	147,629
Options, Exercised in Period	(22,494)
Options, Forfeited or expired in Period	10,247
Options Outstanding, Ending Balance	1,706,413
Options Exercisable	1,270,763

Stock-Based Compensation Stock Options Weighted Average Exercise Price (Details)	3 Months Ended
	Oct. 31, 2022 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options Outstanding, Beginning Balance, Weighted Average Exercise Price	$ 41.57
Options, Grants in Period, Weighted Average Exercise Price	43.50
Options, Exercises in Period, Weighted Average Exercise Price	30.48
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	45.41
Options Outstanding, Ending Balance, Weighted Average Exercise Price	41.86
Options Exercisable, Weighted Average Exercise Price	$ 40.67

Stock-Based Compensation Stock Options - Additional Disclosures (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2022 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options, Outstanding, Intrinsic Value	$ 9,729
Options, Exercisable, Intrinsic Value	$ 8,851
Options Outstanding, Weighted Average Remaining Contractual Term	6 years 4 months 24 days
Options Exercisable, Weighted Average Remaining Contractual Term	5 years 4 months 24 days

Stock-Based Compensation - Summary of RSU and PRSU Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at July 31, 2022	173,230
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	62,197
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(61,316)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(2,585)
Outstanding at October 31, 2022	171,526
Outstanding at July 31, 2022, Weighted Average Grant Date Fair Value	$ 47.45
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	44.70	$ 49.85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	47.50
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	45.03
Outstanding at October 31, 2022, Weighted Average Grant Date Fair Value	$ 46.47
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 2,608	$ 3,380
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at July 31, 2022	79,134
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	44,110
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(18,959)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(16,332)
Outstanding at October 31, 2022	87,953
Outstanding at July 31, 2022, Weighted Average Grant Date Fair Value	$ 66.79
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	55.77	$ 61.76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	75.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	71.99
Outstanding at October 31, 2022, Weighted Average Grant Date Fair Value	$ 58.63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 889	$ 4,098

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
	Oct. 31, 2022	Oct. 31, 2021
Earnings Per Share [Line Items]
Net income	$ 39,441	$ 35,046
Denominator for basic income per share for both Class A and Class B	49,868	51,973
Plus: Effect of dilutive equity awards	222	463
Denominator for diluted income per share for both Class A and Class B	50,090	52,436
Class A Nonvoting Common Stock
Earnings Per Share [Line Items]
Basic	$ 0.79	$ 0.67
Diluted	$ 0.79	$ 0.67
Class B Voting Common Stock
Earnings Per Share [Line Items]
Preferential dividends	$ (769)	$ (803)
Preferential dividends on dilutive stock options	(4)	(8)
Numerator for basic and diluted income per Class B Voting Common Share	$ 38,668	$ 34,235
Basic	$ 0.78	$ 0.66
Diluted	$ 0.77	$ 0.65

Net Income per Common Share - Additional Information (Detail) - shares	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive Shares	583,533	479,602

Fair Value Measurements - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Oct. 31, 2022	Jul. 31, 2022
Fair Value, Inputs, Level 1 [Member] \| Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 16,072	$ 18,037
Fair Value, Inputs, Level 2 [Member] \| Prepaid expenses and other current assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts	1,138	489
Fair Value, Inputs, Level 2 [Member] \| Other current liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts	$ 0	$ 32

Derivatives and Hedging Activities Notional Amount of Derivative Contracts (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Jul. 31, 2022
Derivative [Line Items]
Derivative, Notional Amount	$ 23,157	$ 29,333
Designated as hedging instruments [Member]
Derivative [Line Items]
Derivative, Notional Amount	18,967	25,276
Not designated as hedging Instruments [Member
Derivative [Line Items]
Derivative, Notional Amount	$ 4,190	$ 4,057

Derivative Instruments and Hedging Activities Pre-Tax Gains and Losses related to Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain (loss) recognized in other comprehensive loss	$ 893	$ (26)
Gains reclassified from OCI into cost of goods sold	$ 581	$ 568

Derivatives and Hedging Activities - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Oct. 31, 2022	Jul. 31, 2022
Prepaid expenses and other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivatives Assets	$ 1,138	$ 489
Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivatives Liabilities	0	32
Designated as hedging instruments [Member] \| Prepaid expenses and other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivatives Assets	1,135	489
Designated as hedging instruments [Member] \| Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivatives Liabilities	0	30
Not designated as hedging Instruments [Member \| Prepaid expenses and other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivatives Assets	3	0
Not designated as hedging Instruments [Member \| Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivatives Liabilities	$ 0	$ 2

Derivatives and Hedging Activities - Additional Information (Detail) - USD ($)	3 Months Ended
	Oct. 31, 2022	Jul. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative maturity	18 months
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	$ 1,352,000	$ 1,040,000

Income Taxes Effective Income Tax Rate (Details)	3 Months Ended
Income Taxes Effective Income Tax Rate (Details)	Oct. 31, 2022 Rate
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	21.60%

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jan. 31, 2023	Jan. 10, 2023	Nov. 16, 2022	Nov. 14, 2022
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 300,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share			$ 0.23
Dividends Payable, Date Declared			Nov. 16, 2022
Dividends Payable, Date to be Paid	Jan. 31, 2023
Dividends Payable, Date of Record		Jan. 10, 2023
Line of Credit Facility, Covenant Terms				The credit agreement (as amended by Amendment No. 2) continues to contain various financial covenants, including a consolidated net debt-to-EBITDA ratio of 3.5 to 1.0 and a consolidated interest coverage ratio of 3.0 to 1.0.
Line of Credit Facility, Borrowing Capacity, Description				increase the available amount under the credit agreement, at the Company's option and subject to certain conditions, from $300,000 up to (i) an amount equal to the incremental borrowing necessary to bring the Company's consolidated net debt-to-EBITDA ratio to 2.5 to 1.0 plus (ii) $200,000.