Subsequent Events Subsequent Events (Notes)

12 Months Ended

Jul. 31, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

On August 1, 2019, the Company entered into a $200,000 multi-currency revolving loan agreement with a group of five banks that replaced and terminated the Company's previous loan agreement that had been entered into on September 25, 2015. Under the new revolving loan agreement, which has a final maturity date of August 1, 2024, the Company has the option to select either a base interest rate (based upon the higher of the federal funds rate plus one-half of 1%, the prime rate of Bank of Montreal plus a margin based on the Company’s consolidated net leverage ratio, or the one-month LIBOR rate plus 1%) or a Eurocurrency interest rate (at the LIBOR rate plus a margin based on the Company’s consolidated net leverage ratio). At the Company’s option, and subject to certain conditions, the available amount under the revolving loan agreement may be increased from $200,000 up to $400,000. The new credit agreement is guaranteed by certain of the Corporation’s domestic subsidiaries and contains various financial covenants, including a debt-to-EBITDA ratio of 3.50-to-1.0 and an interest coverage ratio of 3.0-to-1.0.

On September 5, 2019, the Company announced an increase in the annual dividend to shareholders of the Company's Class A Common Stock, from $0.85 to $0.87 per share. A quarterly dividend of $0.2175 will be paid on October 31, 2019, to shareholders of record at the close of business on October 10, 2019. This dividend represents an increase of 2.4% and is the 34th consecutive annual increase in dividends.