v3.25.1
Fair Value Measurements
 9 Months Ended
Apr. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The financial assets and liabilities that are accounted for at fair value on a recurring basis at April 30, 2025 and July 31, 2024 are as follows:
Input LevelApril 30, 2025July 31, 2024
Cash equivalentsLevel 1$316,800$310,210
Deferred compensation plan mutual fund assetsLevel 1$13,007$28,985
Equity investmentsLevel 1$103$1,169
Foreign currency forward contract liabilityLevel 2$120$—
Interest rate swap liabilityLevel 2$1,261$1,137

Cash equivalents represent investments in short-term money market instruments that are direct obligations of the U.S. Treasury and/or repurchase agreements backed by U.S. Treasury obligations. These investments are reported as a component of Cash and cash equivalents in the Condensed Consolidated Balance Sheets.
Deferred compensation plan assets accounted for at fair value are investments in securities (primarily mutual funds) traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Additional plan investments in corporate-owned life insurance are recorded at their cash surrender value, not fair value, and therefore are not included above.

Equity investments represent stock investments that are publicly traded in an active market and are reported within Other assets in the Condensed Consolidated Balance Sheets.

The fair value of foreign currency forward contracts is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates.

The fair value of interest rate swaps is determined by discounting the estimated future cash flows based on the applicable observable yield curves.