Long-Term Debt

12 Months Ended

Jul. 31, 2011

Long-Term Debt

Long-Term Debt

NOTE D
Long-Term Debt

          Long-term debt consists of the following:

	2011		2010
	(thousands of dollars)
6.39% Unsecured senior notes due August 15, 2010, interest payable semi-annually. This note was repaid on August 16, 2010	$	—	$	4,999
4.85% Unsecured senior notes, interest payable semi-annually, principal payment of $30.0 million due December 17, 2011		30,000		30,000
6.59% Unsecured senior notes, interest payable semi-annually, principal payment of $80.0 million due November 14, 2013		80,000		80,000
5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $50.0 million due June 1, 2017		50,000		50,000
5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due September 28, 2017		25,000		25,000
5.48% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due November 30, 2017		25,000		25,000
1.418% Guaranteed senior notes, interest payable semi-annually, principal payment of ¥1.2 billion due January 31, 2012		15,595		13,884
2.019% Guaranteed senior note, interest payable semi-annually, principal payment of ¥1.65 billion due May 18, 2014		21,442		19,091
Variable Rate Industrial Development Revenue Bonds ("Low Floaters") interest payable monthly, principal payment of $7.755 million due September 1, 2024, interest rate of 0.40% as of April 25, 2011. These bonds were repaid on April 25, 2011.		—		7,755
Capitalized lease obligations and other, with various maturity dates and interest rates		796		890
Terminated interest rate swap contracts		5,786		5,109
Total		253,619		261,728
Less current maturities		47,871		5,536
Total long-term debt	$	205,748	$	256,192

          Annual maturities of long-term debt are $46.0 million in 2012, $0.3 million in 2013, $101.5 million in 2014, and $100.0 million thereafter. There are no maturities in 2015 or 2016. As of July 31, 2011, the estimated fair value of long-term debt with fixed interest rates was $268.3 million compared to its carrying value of $247.0 million. On April 25, 2011, the Company paid off its Variable Rate Industrial Development Revenue Bond for $7.8 million.

          Certain note agreements contain debt covenants related to working capital levels and limitations on indebtedness. As of July 31, 2011, the Company was in compliance with all such covenants. The Company currently expects to remain in compliance with these covenants.