NOTES PAYABLE AND LONG-TERM DEBT (Tables)

12 Months Ended

Jul. 31, 2013

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of: 

	2013			2012
Senior revolving credit facility, due in fiscal year 2015 (a)	$	—		$	—
Senior revolving credit facility, due in fiscal year 2018 (a)	—			—
5% Senior Notes, due in fiscal year 2020, net of discount (b)	373,629			373,428
Japanese Yen (“JPY”) denominated loan, due in fiscal year 2015	91,800			115,129
Other	2,310			2,602
Total long-term debt	467,739			491,159
Current portion	(420		)	(453		)
Long-term debt, net of current portion	$	467,319		$	490,706

(a) On April 11, 2013, the Company entered into a five-year $1,200,000 unsecured senior revolving credit facility (the “New Facility”) with a syndicate of banks, which expires on April 11, 2018. The Company terminated the existing $500,000 senior revolving credit facility, which would have expired in fiscal year 2015 (the “Prior Facility”). In connection with the New Facility, the Company incurred deferred financing costs of $3,043, which will be amortized to interest expense over the term of the New Facility. There were no amounts outstanding against the Prior Facility or the New Facility as of July 31, 2013 or July 31, 2012. Letters of credit outstanding against the New Facility as of July 31, 2013 were approximately $7,242.

Borrowings under the New Facility bear interest at either a variable rate based upon the London InterBank Offered Rate (U.S. dollar, British Pound, Euro, Swiss Franc and Japanese Yen borrowings) or the European Union Banking Federation Rate (Euro borrowings) or at the prime rate of the Facility Agent (U.S. dollar borrowing only). The New Facility does not permit the Company to exceed a maximum consolidated leverage ratio (Consolidated Funded Debt to Earnings Before Net Interest, Taxes, Depreciation, Amortization and the Non-Cash Portion of Non-Recurring Charges and Income (“EBITDA”)) of 3.50 to 1.00, based upon the trailing four quarters’ results.

In addition, the New Facility includes other covenants that under certain circumstances may restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, enter into sale and leaseback transactions, create liens and sell assets. As of July 31, 2013, the Company was in compliance with all related financial and other restrictive covenants, including limitations on indebtedness.

(b) On June 18, 2010, the Company issued $375,000 of publicly traded 5.00% Senior Notes, due 2020 (the “Notes”). After the closing of the Notes, the Company received proceeds (net of the discount on the Notes of $2,006 and underwriting fees of $2,438) of $370,556. The Company used the net proceeds from this offering principally (1) to repay its then outstanding balance on the Prior Facility, and (2) for general corporate purposes. The Prior Notes, originally due August 1, 2012, were fully redeemed in July 2010 after the satisfaction of a 30-day notice period. In connection with this redemption, the Company recorded a loss on extinguishment of debt totaling $31,374, primarily comprised of the aforementioned redemption premium and the recognition of previously deferred financing costs related to the Prior Notes. In connection with the Notes, the Company incurred deferred financing costs of $3,455, which are being amortized to interest expense over the term of the Notes. The Notes are unsecured and unsubordinated obligations of the Company and rank pari passu to its other outstanding unsecured and unsubordinated indebtedness.

Aggregate annual maturities of long-term debt

The aggregate annual maturities of long-term debt during fiscal years 2014 through 2018 are approximately as follows:

2014	$	420
2015	92,187
2016	388
2017	404
2018	421

Interest expense, Net

Interest expense, net, for fiscal years 2013, 2012 and 2011 is comprised of:

	2013		2012		2011
Interest expense(i)	$	24,074	$	28,704	$	26,055
Interest income	8,453		8,527		7,152
Interest expense, net	$	15,621	$	20,177	$	18,903

(i) For fiscal years 2013, 2012 and 2011, interest expense was (reduced)/increased by $(2,794), $1,653 and $(485), respectively, related to Income taxes payable. See Note 11, Income Taxes for further discussion.