Short-Term Borrowings

12 Months Ended

Jul. 31, 2018

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 were no amounts outstanding at July 31, 2018 and $19.2 million was outstanding at July 31, 2017, and all borrowings that were outstanding on that date had maturities that were less than twelve months. At July 31, 2018 and 2017, there was $80.0 million and $45.7 million, respectively, available under these two credit facilities.

The Company has a €100.0 million (approximately $117.4 million at July 31, 2018) program for issuing treasury notes for raising short-term financing for its European operations. There was €24.0 million (approximately $28.2 million at July 31, 2018) outstanding under this program at July 31, 2018 and no amounts outstanding at July 31, 2017. The weighted average interest rate on these short-term borrowings outstanding at July 31, 2018 was 0.26%. Additionally, the Company’s European operations have lines of credit with an available limit of €39.9 million (approximately $46.8 million at July 31, 2018). There were no amounts outstanding at July 31, 2018 or 2017.

Other international subsidiaries may borrow under various credit facilities. There were no amounts outstanding under these credit facilities as of July 31, 2018 and $4.1 million was outstanding as of July 31, 2017. At July 31, 2018 and 2017, there was approximately $42.8 million and $39.8 million, respectively, available for use under these facilities.