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Guarantees | 3 Months Ended
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Oct. 31, 2021
Guarantees [Abstract] |
Guarantees | Guarantees Letters of Credit The Company has letters of credit which guarantee payment to third parties in the event the Company is in breach of contract terms as detailed in each letter of credit. The outstanding debt contingent liability for standby letters of credit was as follows (in millions):
|  | October 31, 2021 |  | July 31, 2021
Contingent liability for standby letters of credit issued under the Company’s revolving credit facility |  | $ | 7.5 |  |  | $ | 7.7 |
Amounts drawn for letters of credit under the Company’s revolving credit facility |  | $ | — |  |  | $ | — |
Advanced Filtration Systems Inc. (AFSI) The Company has an unconsolidated joint venture, AFSI, established by the Company and Caterpillar Inc. (Caterpillar) in 1986. AFSI designs and manufactures high-efficiency fluid filters used in Caterpillar’s machinery worldwide. The Company and Caterpillar equally own the shares of AFSI, and both companies guaran tee certain debt and banking services, including credit and debit cards, merchant processing and treasury management services, of the joint venture. The Company accounts for AFSI as an equity method investment. The outstanding debt relating to AFSI, which the Company guarantees half, was $38.6 million and $37.8 million as of October 31, 2021 and July 31, 2021, respectively. Earnings from AFSI, which are recorded in other expense, net in the Condensed Consolidated Statements of Earnings were $1.2 million and $2.0 million for the three months ended October 31, 2021 and 2020, respectively.

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- Definition The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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