NOTES PAYABLE AND LONG-TERM DEBT (Tables)

12 Months Ended

Jul. 31, 2014

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of: 

	2014			2013
Senior revolving credit facility, due in fiscal year 2018 (a)	$	—		$	—
5% Senior Notes, due in fiscal year 2020, net of discount (b)	373,830			373,629
Japanese Yen (“JPY”) denominated loan, due in fiscal year 2015	87,570			91,800
Other	2,381			2,310
Total long-term debt	463,781			467,739
Current portion	(87,955		)	(420		)
Long-term debt, net of current portion	$	375,826		$	467,319

(a) On April 11, 2013, the Company entered into a five-year $1,200,000 unsecured senior revolving credit facility (the “2013 Facility”) with a syndicate of banks, which was to mature on April 11, 2018. In connection with the 2013 Facility, the Company incurred deferred financing costs of $3,043, which were being amortized to interest expense over the term of the 2013 Facility. There were no amounts outstanding against the 2013 Facility as of July 31, 2014 or July 31, 2013. Letters of credit outstanding against the 2013 Facility as of July 31, 2014 were approximately $6,146.

Borrowings under the 2013 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 2013 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 2013 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, 2014, the Company was in compliance with all related financial and other restrictive covenants, including limitations on indebtedness.

Subsequent to the end of fiscal year 2014, the Company amended and extended the 2013 Facility into a five-year $1,500,000 unsecured senior revolving credit facility with a syndicate of banks, which matures on August 11, 2019 (the “2015 Facility”). In connection with the 2015 Facility, the Company incurred deferred financing costs of $1,535 which, in addition to the unamortized costs from the 2013 Facility, will be amortized to interest expense over the term of the 2015 Facility. The covenants for the 2015 Facility are the same as in the 2013 Facility.

(b) On June 18, 2010, the Company issued $375,000 of publicly traded 5.00% Senior Notes, due 2020 (the “Notes”). The Company’s senior notes (“ 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 a 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 2015 through 2019 are approximately as follows:

2015	$	87,955
2016	834
2017	444
2018	425
2019	293

Interest expense, Net

Interest expense, net, for fiscal years 2014, 2013 and 2012 is comprised of:

	2014		2013		2012
Interest expense(i)	$	26,544	$	24,074	$	28,704
Interest income	9,012		8,453		8,527
Interest expense, net	$	17,532	$	15,621	$	20,177

(i) For fiscal years 2014, 2013 and 2012, interest expense was (reduced)/increased by $(781), $(2,794) and $1,653, respectively, related to Income taxes payable. See Note 11, Income Taxes for further discussion.