Long-Term Debt

12 Months Ended

Jul. 31, 2015

Long-term Debt, Excluding Current Maturities [Abstract]

Long-Term Debt

NOTE D Long-Term Debt

Long-term debt consists of the following:

	2015		2014
	(thousands of dollars)
5.48% Unsecured senior notes, interest payable semi-annually,
principal payment of $50.0 million due June 1, 2017		50,000		50,000
5.48% Unsecured senior notes, interest payable semi-annually,
principal payment of $25.0 million due September 28, 2017		25,000		25,000
5.48% Unsecured senior notes, interest payable semi-annually,
principal payment of $25.0 million due November 30, 2017		25,000		25,000
3.72% Unsecured senior notes, interest payable semi-annually,
principal payment of $125.0 million due March 27, 2024		125,000		125,000
2.93% Unsecured senior notes, interest payable semi-annually,
principal payment of $25.0 million due April 16, 2025		25,000		-
3.18% Unsecured senior notes, interest payable semi-annually,
principal payment of $125.0 million due June 17, 2030		125,000		-
Variable Rate Guaranteed senior note, interest payable quarterly,
principal payment of ¥1.65 billion due May 19, 2019 and an
interest rate of 0.52% as of July 31, 2015		13,313		16,051
Capitalized lease obligations and other, with various maturity
dates and interest rates		1,928		3,177
Terminated interest rate swap contracts		826		1,236
Total		391,067		245,464
Less current maturities		1,849		1,738
Total long-term debt	$	389,218	$	243,726

Annual maturities of long-term debt are $1.8 million in Fiscal 2016, $50.8 million in Fiscal 2017, $50.1 million in Fiscal 2018, $13.3 million in Fiscal 2019, no maturities in Fiscal 2020, and $275.0 million thereafter. Certain note agreements contain debt covenants related to working capital levels and limitations on indebtedness. As of July 31, 2015, the Company was in compliance with all such covenants.

On April 16, 2015, the Company entered into a First Supplement to Note Purchase Agreement (First Supplement), dated April 16, 2015, with a group of institutional investors, which supplements a Note Purchase Agreement, dated March 27, 2014. Pursuant to the First Supplement, the Company issued $25.0 million of senior unsecured notes due April 16, 2025, and $125.0 million of senior unsecured notes due June 17, 2030. The debt was issued at face value and bears interest payable semi-annually at an annual rate of interest of 2.93 percent and 3.18 percent respectively. The proceeds from the notes primarily were used to refinance existing debt, and were also used for general corporate purposes. The notes contain debt covenants specifically related to maintaining a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of July 31, 2015, the Company was in compliance with all such covenants. The Company expects to remain in compliance with these covenants.

On March 27, 2014, the Company issued $125.0 million of senior unsecured notes due March 27, 2024. The debt was issued at face value and bears interest payable semi-annually at an annual rate of interest of 3.72 percent. The proceeds from the notes were used to refinance existing debt and for general corporate purposes. The notes contain debt covenants specifically related to maintaining a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of July 31, 2015, the Company was in compliance with all such covenants.

On May 19, 2014, the Company refinanced its 1.65 billion yen guaranteed note that matured on May 18, 2014. The debt that was issued at face value, or approximately $13.3 million as of July 31, 2015, is due May 19, 2019, and bears interest payable quarterly at a variable interest rate. The interest rate was 0.52 percent as of July 31, 2015.