NOTES PAYABLE AND LONG-TERM DEBT

9 Months Ended

Apr. 30, 2011

Notes Payable and Long-Term Debt [Abstract]

NOTES PAYABLE AND LONG-TERM DEBT

NOTE 14 – NOTES PAYABLE AND LONG-TERM DEBT

     On November 30, 2010, the Company established a commercial paper program under which the Company may issue up to $600,000 of unsecured commercial paper notes. The Company’s board of directors has authorized debt financings through the issuance of commercial paper plus borrowings under the Company’s senior revolving credit facility of up to a maximum aggregate amount outstanding at any time of $600,000. The proceeds of the commercial paper issuances were used for general corporate purposes, including paying down existing balances under the Company’s senior revolving credit facility.

As of April 30, 2011, the Company had $150,000 of outstanding commercial paper, all of which is recorded as current liabilities under notes payable in the Company’s condensed consolidated balance sheet. Commercial paper issuances during the quarter carried interest rates ranging between 0.38% and 0.47% and original maturities between 22 and 61 days.

As of April 30, 2011, the Company does not have any outstanding borrowings under its existing senior revolving credit facility. As of July 31, 2010, the Company had $250,000 of borrowings under its existing senior revolving credit facility, which were recorded as non-current liabilities under long-term debt, net of current portion in the condensed consolidated balance sheet.

The consolidated weighted average borrowing rate was 3.45% as of April 30, 2011 and was 3.55% as of July 31, 2010.