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Commitments And Contingencies | 12 Months Ended
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Jul. 31, 2015
Commitments and Contingencies Disclosure [Abstract] |
Commitments And Contingencies | NOTE N Commitments and Contingencies Operating LeasesThe Company enters into operating leases primarily for office and warehouse facilities, production and non-production equipment, automobiles, and computer equipment. Total expense recorded under operating leases for the periods ended July 31, 2015, 2014, and 2013, were $28.1 million, $28.0 million, and $27.5 million, respectively. Future commitments under operating leases are: $11.4 million in Fiscal 2016, $7.4 million in Fiscal 2017, $5.1 million in Fiscal 2018, $2.8 million in Fiscal 2019, $1.0 million in Fiscal 2020, and $0.2 million thereafter. LitigationThe Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the recorded estimated liability in its consolidated financial statements is adequate in light of the probable and estimable outcomes. The recorded liabilities were not material to the Company’s financial position, results of operations, or liquidity and the Company does not believe that any of the currently identified claims or litigation will materially affect its financial position, results of operations, or liquidity. Pending AcquisitionOn July 14, 2015, the Company entered into a binding contract to acquire 100 percent of the shares of Industrias Partmo S.A. in Columbia. Partmo is a leading manufacturer of replacement air, lube, and fuel filters in Columbia. The acquisition of Industrias Partmo reinforces the Company’s commitment to growth with a company that is an excellent strategic fit with its existing Engine Aftermarket business. The acquisition will allow the Company to leverage Industrias Partmo’s well-recognized replacement filters brand in South America. Founded in 1963, Partmo generates annual sales of approximately $15 million. The acquisition is expected to close in the second quarter of Fiscal 2016, subject to Columbian Government approvals and normal closing conditions.

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