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OTHER CURRENT AND NON-CURRENT ASSETS (Tables)
 12 Months Ended
Jul. 31, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of other assets, current and non-current
Other current assets consist of the following:
 
 
2012

 
2011

Deferred income taxes (a)
$
80,259

 
$
67,140

Income taxes receivable (a)
5,089

 
6,237

Prepaid income taxes (a)
5,615

 
5,532

Prepaid expenses
40,814

 
39,322

Other receivables
63,687

 
41,600

 
$
195,464

 
$
159,831


Other non-current assets consist of the following:

 
2012

 
2011

Deferred income taxes
$
95,182

 
$
97,767

Retirement benefit assets (b)
95,898

 
102,152

Investments (b)
630

 
11,779

Prepaid income taxes (a)
10,760

 
10,828

Income taxes receivable (a)
35,317

 
36,469

Other
16,570

 
17,273

 
$
254,357

 
$
276,268


(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. These include guaranteed investment contracts of $17,963 and $20,992 as of July 31, 2012 and July 31, 2011, respectively. The guaranteed investment contracts were established to pay for supplementary retirement benefits related to plans in Germany. The July 31, 2012 and July 31, 2011 consolidated balance sheets reflect related liabilities in the amounts of $57,363 and $55,859, respectively. Also included within retirement benefit assets is a benefits protection trust, with assets aggregating $77,935 and $81,160 as of July 31, 2012 and July 31, 2011, 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, and debt obligations of corporations and financial institutions with high credit ratings. Contractual maturity dates of debt securities held by the trust range from 2012 to 2044. Such debt and equity securities are classified as available-for-sale and aggregated $75,795 and $79,979 as of July 31, 2012 and July 31, 2011, respectively. The July 31, 2012 and July 31, 2011 consolidated balance sheets reflect retirement benefit assets held in the trust of $74,601 and $76,000 that relate to retirement benefit liabilities of $128,979 and $100,157, respectively.

Included in investments at July 31, 2011 is the Company’s investment in Satair A/S (“Satair”) of $11,044. In fiscal year 2012, the Company sold its investment in Satair. For more detail on this transaction, refer to Note 2, Restructuring and Other Charges, Net.
Summary of the Company's available-for-sale investments by category
The following is a summary of the Company’s available-for-sale investments by category:
 
 
Cost/
Amortized
Cost Basis

 
Fair Value

 
Gross
Unrealized
Holding
Gains

 
Gross
Unrealized
Holding
Losses

 
Net
Unrealized
Holding
Gains

2012
 
 
 
 
 
 
 
 
 
Equity securities
$
212

 
$
206

 
$
—

 
$
(6
)
 
$
(6
)
Debt securities:
 
 
 
 
 
 
 
 
 
Corporate
30,548

 
32,378

 
1,838

 
(8
)
 
1,830

U.S. Treasury
8,049

 
8,610

 
562

 
(1
)
 
561

Federal Agency
25,454

 
27,231

 
1,777

 
—

 
1,777

Mortgage-backed
6,129

 
6,392

 
290

 
(27
)
 
263

Municipal government
1,000

 
1,004

 
4

 
—

 
4

 
$
71,392

 
$
75,821

 
$
4,471

 
$
(42
)
 
$
4,429

 
 
 
 
 
 
 
 
 
 
2011
 
 
 
 
 
 
 
 
 
Equity securities
$
2,381

 
$
12,064

 
$
9,683

 
$
—

 
$
9,683

Debt securities:
 
 
 
 
 
 
 
 
 
Corporate
30,239

 
32,020

 
1,814

 
(33
)
 
1,781

U.S. Treasury
9,544

 
10,210

 
666

 
—

 
666

Federal Agency
28,042

 
29,404

 
1,362

 
—

 
1,362

Mortgage-backed
6,242

 
6,356

 
144

 
(30
)
 
114

Municipal government
1,000

 
1,002

 
2

 
—

 
2

 
$
77,448

 
$
91,056

 
$
13,671

 
$
(63
)
 
$
13,608
Gross unrealized losses and fair value of Company's available-for-sale investments with unrealized losses aggregated by investment category and length of time
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
 
Fair
Value

 
Gross
Unrealized
Holding
Losses

 
Fair
Value

 
Gross
Unrealized
Holding
Losses

 
Fair
Value

 
Gross
Unrealized
Holding
Losses

2012
 

 
 

 
 

 
 

 
 

 
 

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
Corporate
$
—

 
$
—

 
$
462

 
$
8

 
$
462

 
$
8

Mortgage-backed
—

 
—

 
1,504

 
27

 
1,504

 
27

U.S. Treasury
589

 
1

 
—

 
—

 
589

 
1

Equity securities
27

 
6

 
—

 
—

 
27

 
6

 
$
616

 
$
7

 
$
1,966

 
$
35

 
$
2,582

 
$
42


 
Less than 12 months
 
12 months or greater
 
Total
 
Fair
Value

 
Gross
Unrealized
Holding
Losses

 
Fair
Value

 
Gross
Unrealized
Holding
Losses

 
Fair
Value

 
Gross
Unrealized
Holding
Losses

2011
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed
1,502

 
30

 
—

 
—

 
1,502

 
30

Corporate
1,985

 
33

 
—

 
—

 
1,985

 
33

 
$
3,487

 
$
63

 
$
—

 
$
—

 
$
3,487

 
$
63
Proceeds and gross gains and losses from the sale of available-for-sale investments
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, 2012, July 31, 2011 and July 31, 2010:
 
 
2012

 
2011

 
2010

Proceeds from sales
$
35,973

 
$
26,941

 
$
15,375

Realized gross gains on sales
9,828

 
949

 
1,175

Realized gross losses on sales
55

 
21

 
38