Guarantees	9 Months Ended
Apr. 30, 2011
Guarantees
Guarantees	Note I – 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 April 30, 2011 the joint venture had $13.4 million of outstanding debt of which the Company guarantees half. For the three and nine months ended April 30, 2011, the Company recorded $0.3 million and $1.2 million of earnings for this equity method investment, respectively. The Company recorded $0.3 million and $0.1 million of earnings for this equity method investment during the three and nine months ended April 30, 2010, respectively. During the three and nine months ended April 30, 2011 and 2010, the Company also recorded royalty income of $1.4 million and $4.7 million, respectively, and $1.3 million and $3.8 million, respectively, related to AFSI. At April 30, 2011, the Company had a contingent liability for standby letters of credit totaling $20.0 million 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 a specified bond financing agreement and insurance contract terms as detailed in each letter of credit. At April 30, 2011, there were no amounts drawn upon these letters of credit.

Guarantees

9 Months Ended

Apr. 30, 2011

Note I – 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 April 30, 2011 the joint venture had $13.4 million of outstanding debt of which the Company guarantees half. For the three and nine months ended April 30, 2011, the Company recorded $0.3 million and $1.2 million of earnings for this equity method investment, respectively. The Company recorded $0.3 million and $0.1 million of earnings for this equity method investment during the three and nine months ended April 30, 2010, respectively. During the three and nine months ended April 30, 2011 and 2010, the Company also recorded royalty income of $1.4 million and $4.7 million, respectively, and $1.3 million and $3.8 million, respectively, related to AFSI.

At April 30, 2011, the Company had a contingent liability for standby letters of credit totaling $20.0 million 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 a specified bond financing agreement and insurance contract terms as detailed in each letter of credit. At April 30, 2011, there were no amounts drawn upon these letters of credit.