Short-Term Borrowings

12 Months Ended

Jul. 31, 2017

Line of Credit Facility [Abstract]

Short-Term Borrowings

Short-Term Borrowings

The Company has two uncommitted credit facilities in the U.S., which provide unsecured borrowings for general corporate purposes. There was $19.2 million outstanding at July 31, 2017 and $26.8 million outstanding at July 31, 2016, and all borrowings that were outstanding on those dates had maturities that were less than twelve months. The weighted average interest rate on the short-term borrowings outstanding at July 31, 2017 and 2016 was 2.00% and 1.25%, respectively. At July 31, 2017 and 2016, there was $45.7 million and $38.2 million, respectively, available under these two credit facilities.

The Company has a €100.0 million (approximately $117.3 million at July 31, 2017) program for issuing treasury notes for raising short-, medium- and long-term financing for its European operations. There were no amounts outstanding under this program at July 31, 2017 or 2016. Additionally, the Company’s European operations have lines of credit with an available limit of €43.5 million (approximately $51.0 million at July 31, 2017). There were no amounts outstanding at July 31, 2017 or 2016.

Other international subsidiaries may borrow under various credit facilities. There was approximately $4.1 million outstanding under these credit facilities as of July 31, 2017 and $8.7 million as of July 31, 2016. All borrowings that were outstanding on those dates had maturities that were less than twelve months. At July 31, 2017 and 2016, there was approximately $39.8 million and $45.5 million available for use, respectively, under these facilities. The weighted average interest rate on these short-term borrowings outstanding at July 31, 2017 and 2016 was 0.32%.

As of July 31, 2016, the Company had $130.0 outstanding on a revolving credit facility, described further in Note 7, that was classified as short-term borrowings.