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Derivatives and Hedging | 9 Months Ended
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Apr. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | NOTE 3 – Derivatives and Hedging The Company had entered into two interest rate swaps to exchange its variable interest rate payments commitment for fixed interest rate payments through December 2015. The swaps were designated effective cash flow hedges under ASC 815, Derivatives and Hedging. Each quarter, the Company measured hedge effectiveness using the “hypothetical derivative method” and recorded in earnings any hedge ineffectiveness with the effective portion of the change in fair value recorded in other comprehensive income or loss. The interest rate swaps expired in December 2015. The Company reclassified $0.4 million for the three months ended April 30, 2015, and $0.5 million and $1.3 million for the nine months ended April 30, 2016 and 2015, respectively, out of other comprehensive income into interest expense. The interest rate swaps were classified within Level II of the fair value hierarchy as the derivatives were valued using observable inputs. The Company determined fair value of the derivative utilizing observable market data of swap rates and basis rates. These inputs were placed into a pricing model using a discounted cash flow methodology in order to calculate the mark-to-market value of the interest rate swaps. As of July 31, 2015, the Company’s fair value of the interest rate swaps was $0.4 million and was classified as other liabilities in the consolidated balance sheets.

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