2013 | 2012 | ||||||
Deferred income taxes (a) | $ | 37,653 | $ | 63,656 | |||
Income taxes receivable (a) | 5,141 | 5,089 | |||||
Prepaid income taxes (a) | 33,761 | 22,218 | |||||
Prepaid expenses | 39,047 | 40,814 | |||||
Other receivables | 50,159 | 63,687 | |||||
$ | 165,761 | $ | 195,464 | ||||
2013 | 2012 | ||||||
Deferred income taxes (a) | $ | 16,998 | $ | 95,182 | |||
Retirement benefit assets (b) | 91,031 | 95,898 | |||||
Prepaid income taxes (a) | 8,187 | 10,760 | |||||
Income taxes receivable (a) | 35,194 | 35,317 | |||||
Other | 16,717 | 17,200 | |||||
$ | 168,127 | $ | 254,357 | ||||
(a) | See Note 11, Income Taxes, for further discussion. |
(b) | Retirement benefit assets are held to satisfy obligations related to certain retirement benefit plans, which provide benefits to eligible employees in Germany and the U.S. These include guaranteed investment contracts of $18,111 and $17,963 as of July 31, 2013 and July 31, 2012, respectively. The guaranteed investment contracts were established to pay for supplementary retirement benefits related to plans in Germany. The July 31, 2013 and July 31, 2012 consolidated balance sheets reflect related liabilities in the amounts of $65,428 and $57,363, respectively. Also included within retirement benefit assets are benefits protection trusts, with assets aggregating $71,990 and $77,935 as of July 31, 2013 and July 31, 2012, respectively. The trust was established for the primary purpose of satisfying certain supplemental post-employment benefit obligations in the U.S. for eligible executives in the event of a change of control of the Company. In addition to holding cash equivalents primarily to satisfy short-term cash requirements relating to benefit payments, the trust primarily invests in U.S. and Municipal government obligations, and debt obligations of corporations and financial institutions with high credit ratings. Contractual maturity dates of debt securities held by the trust range from 2013 to 2044. Such debt and equity securities are classified as available-for-sale and trading and aggregated $70,901 and $75,795 as of July 31, 2013 and July 31, 2012, respectively. The July 31, 2013 and July 31, 2012 consolidated balance sheets reflect retirement benefit assets held in the trust of $70,669 and $74,601 that relate to retirement benefit liabilities of $112,508 and $128,979, respectively. |
Cost/ Amortized Cost Basis | Fair Value | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Net Unrealized Holding Gains | |||||||||||||||
2013 | |||||||||||||||||||
Equity securities | $ | 176 | $ | 176 | $ | — | $ | — | $ | — | |||||||||
Debt securities: | |||||||||||||||||||
Corporate | 31,546 | 32,393 | 1,274 | (427 | ) | 847 | |||||||||||||
U.S. Treasury | 11,339 | 11,543 | 294 | (90 | ) | 204 | |||||||||||||
Federal Agency | 19,810 | 20,642 | 1,131 | (299 | ) | 832 | |||||||||||||
Mortgage-backed | 5,752 | 5,990 | 238 | — | 238 | ||||||||||||||
$ | 68,623 | $ | 70,744 | $ | 2,937 | $ | (816 | ) | $ | 2,121 | |||||||||
2012 | |||||||||||||||||||
Equity securities | $ | 212 | $ | 206 | $ | — | $ | (6 | ) | $ | (6 | ) | |||||||
Debt securities: | |||||||||||||||||||
Corporate | 30,548 | 32,378 | 1,838 | (8 | ) | 1,830 | |||||||||||||
U.S. Treasury | 8,049 | 8,610 | 562 | (1 | ) | 561 | |||||||||||||
Federal Agency | 25,454 | 27,231 | 1,777 | — | 1,777 | ||||||||||||||
Mortgage-backed | 6,129 | 6,392 | 290 | (27 | ) | 263 | |||||||||||||
Municipal government | 1,000 | 1,004 | 4 | — | 4 | ||||||||||||||
$ | 71,392 | $ | 75,821 | $ | 4,471 | $ | (42 | ) | $ | 4,429 | |||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized Holding Losses | Fair Value | Gross Unrealized Holding Losses | Fair Value | Gross Unrealized Holding Losses | ||||||||||||||||||
2013 | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Corporate | $ | 10,990 | $ | (427 | ) | $ | — | $ | — | $ | 10,990 | $ | (427 | ) | |||||||||
U.S. Treasury | 3,778 | (90 | ) | — | — | 3,778 | (90 | ) | |||||||||||||||
Federal Agency | 3,701 | (299 | ) | — | — | 3,701 | (299 | ) | |||||||||||||||
$ | 18,469 | $ | (816 | ) | $ | — | $ | — | $ | 18,469 | $ | (816 | ) | ||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized Holding Losses | Fair Value | Gross Unrealized Holding Losses | Fair Value | Gross Unrealized Holding Losses | ||||||||||||||||||
2012 | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Corporate | $ | — | $ | — | $ | 462 | $ | (8 | ) | $ | 462 | $ | (8 | ) | |||||||||
Mortgage-backed | — | — | 1,504 | (27 | ) | 1,504 | (27 | ) | |||||||||||||||
U.S. Treasury | 589 | (1 | ) | — | — | 589 | (1 | ) | |||||||||||||||
Equity Securities | 27 | (6 | ) | — | — | 27 | (6 | ) | |||||||||||||||
$ | 616 | $ | (7 | ) | $ | 1,966 | $ | (35 | ) | $ | 2,582 | $ | (42 | ) | |||||||||
2013 | 2012 | 2011 | |||||||||
Proceeds from sales | $ | 15,018 | $ | 35,973 | $ | 26,941 | |||||
Realized gross gains on sales | 427 | 9,828 | 949 | ||||||||
Realized gross losses on sales | 5 | 55 | 21 | ||||||||
2013 | |||
Equity securities | $ | 190 | |
Total trading securities | $ | 190 | |
Gains/(losses), net recognized for securities held | $ | 3 | |
Gains/(losses), net recognized for securities sold | — | ||
Total gains/(losses), net recognized | $ | 3 | |