OTHER CURRENT AND NON-CURRENT ASSETS

12 Months Ended

Jul. 31, 2011

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

NOTE 7 – OTHER CURRENT AND NON-CURRENT ASSETS

Other current assets consist of the following:

	2011		2010
Deferred income taxes	$	67,140	$	62,797
Income taxes receivable		6,237		10,262
Prepaid income taxes (a)		5,532		73,664
Prepaid expenses		39,322		31,288
Other receivables		41,600		44,640
	$	159,831	$	222,651

Other non-current assets consist of the following:

	2011		2010
Deferred income taxes	$	97,767	$	98,282
Retirement benefit assets (b)		102,152		90,031
Investments (b)		11,779		4,667
Prepaid income taxes		10,828		–
Income taxes receivable		36,469		24,964
Other		17,273		19,425
	$	276,268	$	237,369

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

(b)	Retirement benefit assets are held to satisfy obligations related to certain retirement benefit plans, which provide benefits to eligible employees in Germany and the U.S. Included therein are guaranteed investment contracts of $20,992 and $19,753 as of July 31, 2011 and July 31, 2010, respectively. The guaranteed investment contracts were established to pay for supplementary retirement benefits related to plans in Germany. The July 31, 2011 and July 31, 2010 consolidated balance sheets reflect related liabilities in the amounts of $55,859 and $52,063, respectively. Also included within retirement benefit assets is a benefits protection trust, with assets aggregating $81,160 and $70,278 as of July 31, 2011 and July 31, 2010, respectively. The trust was established for the primary purpose of satisfying certain supplemental post-employment benefit obligations in the U.S. for eligible executives in the event of a change of control of the Company. In addition to holding cash equivalents primarily to satisfy short-term cash requirements relating to benefit payments, the trust primarily invests in U.S. and Municipal government obligations, debt obligations of corporations and financial institutions with high credit ratings. Contractual maturity dates of debt securities held by the trust range from 2011 to 2044. Such debt and equity securities are classified as available-for-sale and aggregated $79,979 and $69,287 as of July 31, 2011 and July 31, 2010, respectively. The July 31, 2011 and July 31, 2010 consolidated balance sheets reflect retirement benefit assets held in the trust of $76,000 and $62,669 that relate to retirement benefit liabilities of $100,157 and $86,345, respectively.

Included in investments is the Company’s investment in Satair A/S (“Satair”) of $11,044 and $4,209, at July 31, 2011 and July 31, 2010, respectively, which is classified as available-for-sale.

The following is a summary of the Company’s available-for-sale investments by category:

					Gross		Gross			Net
	Cost/				Unrealized		Unrealized			Unrealized
	Amortized				Holding		Holding			Holding
	Cost Basis		Fair Value		Gains		Losses			Gains
2011
Equity securities	$	2,381	$	12,064	$	9,683	$	–		$	9,683
Debt securities:
Corporate		36,608		38,505		1,960		(63	)		1,897
U.S. Treasury		9,544		10,210		666		–			666
Other U.S.
government		27,749		29,089		1,340		–			1,340
Municipal government		1,000		1,002		2		–			2
CMO/mortgage-
backed		166		186		20		–			20
	$	77,448	$	91,056	$	13,671	$	(63	)	$	13,608

2010
Equity securities	$	2,375	$	5,224	$	2,849	$	–		$	2,849
Debt securities:
Corporate		25,769		27,676		1,912		(5	)		1,907
U.S. Treasury		17,905		19,209		1,304		–			1,304
Other U.S.
government		19,009		20,163		1,159		(5	)		1,154
Municipal government		1,000		1,001		1		–			1
CMO/mortgage-
backed		230		256		26		–			26
	$	66,288	$	73,529	$	7,251	$	(10	)	$	7,241

The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair		Holding		Fair		Holding		Fair		Holding
	Value		Losses		Value		Losses		Value		Losses
2011
Debt securities:
Corporate	$	3,487	$	63	$	–	$	–	$	3,487	$	63
	$	3,487	$	63	$	–	$	–	$	3,487	$	63

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair		Holding		Fair		Holding		Fair		Holding
	Value		Losses		Value		Losses		Value		Losses
2010
Debt securities:
Other U.S.
government	$	723	$	5	$	–	$	–	$	723	$	5
Corporate		634		5		–		–		634		5
	$	1,357	$	10	$	–	$	–	$	1,357	$	10

The following table shows the proceeds and gross gains and losses from the sale of available-for-sale investments for the years ended July 31, 2011, July 31, 2010 and July 31, 2009:

	2011		2010		2009
Proceeds from sales	$	26,941	$	15,375	$	11,229
Realized gross gains on sales		949		1,175		497
Realized gross losses on sales		21		38		376