ACCRUED AND OTHER NON-CURRENT LIABILITIES

12 Months Ended

Jul. 31, 2011

Other Liabilities Disclosure [Abstract]

ACCRUED AND OTHER NON-CURRENT LIABILITIES

NOTE 12 – ACCRUED AND OTHER NON-CURRENT LIABILITIES

Accrued liabilities consist of the following:

	2011		2010
Payroll and related taxes	$	148,063	$	128,953
Customer advances		40,203		31,590
Benefits		18,549		15,208
Interest payable		7,257		25,277
Environmental remediation (a)		2,985		3,452
Deferred income taxes		1,188		103
Other		76,240		65,661
	$	294,485	$	270,244
Other non-current liabilities consist of the following:
	2011		2010
Retirement benefits (b)	$	218,395	$	243,564
Interest payable – non-current		22,504		20,323
Deferred revenue (c)		7,359		9,513
Environmental remediation (a)		12,301		9,351
Other		14,224		12,838
	$	274,783	$	295,589

(a)	For further discussion regarding environmental remediation liabilities refer to Note 14, Contingencies and Commitments.
(b)	For discussion regarding retirement benefits refer to Note 13, Pension and Profit Sharing Plans and Arrangements.
(c)	On December 16, 2005, the Company sold the rights to its Western Hemisphere 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.