Fair Value Measurements

3 Months Ended

Oct. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

NOTE I — Fair Value Measurements

In accordance with fair value accounting guidance, the Company’s assets and liabilities measured at fair market value are classified in one of the following categories:

Level 1 — Assets or liabilities for which fair value is based on quoted market prices in active markets for identical instruments as of the reporting date.

Level 2 — Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable.

Level 3 — Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates.

The following tables set forth by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis at October 31, 2011, and July 31, 2011, according to the valuation techniques the Company used to determine their fair values.

	Fair Value Measurements Using Inputs
	Considered As
	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs		Fair		Balance Sheet
	(Level 1)		(Level 2)		(Level 3)		Values		Classifications
October 31, 2011:
Trading Securities	$	11,207	$	—	$	—	$	11,207	Other assets
Foreign exchange contracts — cash flow hedges		—		296		—		296	Prepaid expenses and other current assets
Foreign exchange contracts		—		21		—		21	Prepaid expenses and other current assets
Total Assets	$	11,207	$	317	$	—	$	11,524
Foreign exchange contracts — cash flow hedges	$	—	$	188	$	—	$	188	Other current liabilities
Foreign exchange contracts — net investment hedges				2,656				2,656	Other current liabilities
Foreign exchange contracts		—		1		—		1	Other current liabilities
Foreign currency denominated debt — net investment hedge		—		106,125		—		106,125	Long term obligations, less current maturities
Total Liabilities	$	—	$	108,970	$	—	$	108,970
July 31, 2011:
Trading Securities	$	10,897	$	—	$	—	$	10,897	Other assets
Foreign exchange contracts — cash flow hedges		—		16		—		16	Prepaid expenses and other current assets
Foreign exchange contracts		—		3		—		3	Prepaid expenses and other current assets
Total Assets	$	10,897	$	19	$	—	$	10,916
Foreign exchange contracts — cash flow hedges	$	—	$	830	$	—	$	830	Other current liabilities
Foreign exchange contracts — net investment hedges		—		5,295		—		5,295	Other current liabilities
Foreign exchange contracts		—		2		—		2	Other current liabilities
Foreign currency denominated debt — net investment hedge		—		107,985		—		107,985	Long term obligations, less current maturities
Total Liabilities	$	—	$	114,112	$	—	$	114,112

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Trading Securities: The Company’s deferred compensation investments consist of investments in mutual funds. These investments were classified as Level 1 as the shares of these investments trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis.

Foreign currency exchange contracts: The Company’s foreign currency exchange contracts were classified as Level 2, as the fair value was based on the present value of the future cash flows using external models that use observable inputs, such as interest rates, yield curves and foreign currency exchange rates. See Note K, “Derivatives and Hedging Activities” for additional information.

Foreign currency denominated debt — net investment hedge: The Company’s foreign currency denominated debt designated as a net investment hedge was classified as Level 2, as the fair value was based on the present value of the future cash flows using external models that use observable inputs, such as interest rates, yield curves and foreign currency exchange rates. See Note K, “Derivatives and Hedging Activities” for additional information.

There have been no transfers of assets or liabilities between the fair value hierarchy levels, outlined above, during the three months ended October 31, 2011.

The Company’s financial instruments, other than those presented in the disclosures above, include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and short-term and long-term debt. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximated carrying values because of the short-term nature of these instruments.

The estimated fair value of the Company’s short-term and long-term debt obligations, based on the quoted market prices for similar issues and on the current rates offered for debt of similar maturities, was $414,631 and $416,694 at October 31, 2011 and July 31, 2011, respectively, as compared to the carrying value of $391,318 and $393,178 at October 31, 2011 and July 31, 2011, respectively.

Disclosures for nonfinancial assets and liabilities that are measured at fair value, but are recognized and disclosed at fair value on a nonrecurring basis, were required prospectively beginning August 1, 2009. During the three months ended October 31, 2011, the Company had no significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.