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Guarantees
12 Months Ended
Jul. 31, 2019
Product Warranties Disclosures [Abstract]  
Guarantees
Guarantees
The Company and Caterpillar Inc. equally own the shares of Advanced Filtration Systems Inc. (AFSI), an unconsolidated joint venture, and guarantee certain debt of the joint venture. As of July 31, 2019 and 2018, AFSI had $38.8 million and $35.5 million, respectively, of outstanding debt, of which the Company guarantees half. In addition, during the years ended July 31, 2019, 2018 and 2017, the Company recorded (losses) earnings from this equity method investment of $(0.3) million, $1.3 million and $2.1 million, respectively, and royalty income of $6.5 million, $7.0 million and $5.9 million, respectively.
At July 31, 2019 and 2018, the Company had a contingent liability for standby letters of credit totaling $11.0 million and $8.2 million, respectively, that have been issued and are outstanding. The letters of credit guarantee payment to third parties in the event the Company is in breach of contract terms as detailed in each letter of credit. At July 31, 2019 and 2018, there were no amounts drawn upon these letters of credit.