ACCRUED AND OTHER NON-CURRENT LIABILITIES

12 Months Ended

Jul. 31, 2012

Other Liabilities Disclosure [Abstract]

ACCRUED AND OTHER NON-CURRENT LIABILITIES

ACCRUED AND OTHER NON-CURRENT LIABILITIES

Accrued liabilities consist of the following:

	2012		2011
Payroll and related taxes	$	132,024	$	148,063
Customer advances	47,583		40,203
Benefits	19,594		18,549
Interest payable	20,441		7,257
Environmental remediation (a)	2,631		2,985
Deferred income taxes (d)	1,052		1,188
Other	157,141		76,240
	$	380,466	$	294,485

Other non-current liabilities consist of the following:

	2012		2011
Retirement benefits (b)	$	279,610	$	218,395
Interest payable – non-current	7,861		22,504
Deferred revenue (c)	5,205		7,359
Environmental remediation (a)	9,737		12,301
Other	22,046		14,224
	$	324,459	$	274,783

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