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Credit Facilities
12 Months Ended
Jul. 31, 2016
Line of Credit Facility [Abstract]  
Credit Facilities
Credit Facilities
On October 28, 2014, the Company entered into an Amendment to its 5 year, multi-currency revolving credit facility with a group of banks. The Amendment increased the Company's borrowing availability up to $400.0 million. The agreement provides that loans may be made under a selection of currencies and rate formulas including Base Rate Loans or LIBOR Rate Loans, as defined in the Amendment. The interest rate on each advance is based on certain market interest rates and leverage ratios. Facility fees and other fees on the entire loan commitment are payable over the duration of this facility. There was $130.0 million outstanding at July 31, 2016, and $160.0 million outstanding at July 31, 2015 and all borrowings which were outstanding on those dates had maturities which were less than twelve months. At July 31, 2016 and 2015, $262.7 million and $232.2 million, respectively, were available for further borrowing under such facilities. The amount available for further borrowing reflects a reduction for issued standby letters of credit, as discussed in Note 16. The Company’s multi-currency revolving facility contains financial covenants specifically related to maintaining a certain interest coverage ratio and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens and sell assets. As of July 31, 2016, the Company was in compliance with all such covenants.
The Company has two uncommitted credit facilities in the U.S., which provide unsecured borrowings for general corporate purposes. There was $26.8 million outstanding at July 31, 2016, and $15.3 million outstanding at July 31, 2015 and all borrowings which were outstanding on those dates had maturities which were less than twelve months. The weighted average interest rate on the short-term borrowings outstanding at July 31, 2016, was 1.25%. At July 31, 2016 and 2015, there was $38.2 million and $49.7 million, respectively, available for under these two credit facilities.
The Company has a €100.0 million (approximately $111.1 million at July 31, 2016) 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, 2016 or 2015. Additionally, the Company’s European operations have lines of credit with an available limit of €44.0 million (approximately $48.9 million at July 31, 2016). There were no amounts outstanding at July 31, 2016, and there was $10.4 million amount outstanding on these lines of July 31, 2015, which had a maturity date of less than twelve months.
Other international subsidiaries may borrow under various credit facilities. There was approximately $8.7 million outstanding under these credit facilities as of July 31, 2016, and $1.6 million as of July 31, 2015 and all borrowings which were outstanding on those dates had maturities which were less than twelve months. At July 31, 2016 and 2015, there was approximately $45.5 million and $47.2 million available for use, respectively, under these facilities. The weighted average interest rate on these short-term borrowings outstanding at July 31, 2016 and July 31, 2015, was 0.32% and 0.41%, respectively.