Investments in Affiliates

12 Months Ended

Jul. 31, 2012

The Company held the following investments in equity method affiliates as of July 31, 2012:



Equity Method Affiliates	Ownership Interest
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”)	50%
KRED	50%
Clinton Ditch and Reservoir Company	43%

The Company had total net investments in equity method affiliates of $6.9 million and $6.7 million as of July 31, 2012 and 2011, respectively, classified as “deferred charges and other assets” in the accompanying Consolidated Balance Sheets. The amount of retained earnings that represent undistributed earnings of 50-percent-or-less-owned entities accounted for by the equity method was $3.6 million and $3.5 million as of July 31, 2012 and 2011, respectively. During the years ended July 31, 2012, 2011 and 2010, distributions in the amounts of $0.8 million, $1.0 million and $3.2 million, respectively, were received from equity method affiliates.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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