ACCRUED AND OTHER NON-CURRENT LIABILITIES

12 Months Ended

Jul. 31, 2014

Payables and Accruals [Abstract]

ACCRUED AND OTHER NON-CURRENT LIABILITIES

ACCRUED AND OTHER NON-CURRENT LIABILITIES

Accrued liabilities consist of the following:

	2014		2013
Payroll and related taxes	$	153,157	$	133,395
Customer advances	41,773		47,457
Restructuring reserve	27,400		27,713
Benefits	21,756		16,091
Interest payable	4,806		8,024
Other	79,505		80,149
	$	328,397	$	312,829

Other non-current liabilities consist of the following:

	2014		2013
Retirement benefits (a)	$	206,119	$	231,200
Interest payable – non-current (b)	7,895		6,524
Deferred revenue (c)	897		3,051
Environmental remediation (d)	16,102		15,340
Other	34,884		32,011
	$	265,897	$	288,126

(a) For discussion regarding retirement benefits refer to Note 13, Pension and Profit Sharing Plans and Arrangements.

(b) See Note 11, Income Taxes, for further discussion.

(c) On December 16, 2005, the Company sold the rights to its Americas commercial aerospace aftermarket distribution channel for the Company’s products for a ten-year period to Satair. The proceeds received for the distribution rights were recorded as deferred revenue and are being amortized as an increase to sales over the life of the distribution agreement.

(d) For further discussion regarding environmental remediation liabilities refer to Note 14, Contingencies and Commitments.