v3.25.2
Short-Term Borrowings and Long-Term Debt
12 Months Ended
Jul. 31, 2025
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt
Note 7. Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings
Short-term borrowings were as follows (in millions):
European Commercial Paper ProgramU.S. Credit FacilitiesEuropean Operations Credit FacilitiesRest of the World Credit FacilitiesTotal
Year Ended July 31,
2025202420252024202520242025202420252024
Available credit facilities$114.5 $108.3 $100.0 $100.0 $50.3 $48.4 $52.7 $46.7 $317.5 $303.4 
Reductions to borrowing capacity:
Outstanding borrowings — 22.8 31.2 0.2 — — — 5.3 31.2 28.3 
Other non-borrowing reductions— — — — 30.1 38.9 28.7 25.7 58.8 64.6 
Total reductions— 22.8 31.2 0.2 30.1 38.9 28.7 31.0 90.0 92.9 
Remaining borrowing capacity$114.5 $85.5 $68.8 $99.8 $20.2 $9.5 $24.0 $15.7 $227.5 $210.5 
Weighted average interest rate as of July 31, 2025 and 2024
N/A4.34 %5.20 %6.44 %N/AN/AN/A0.56 %5.20 %3.62 %
Other non-borrowing reductions include financial instruments such as bank guarantees and foreign currency exchange instruments. Commitment fees for the years ended July 31, 2025 and 2024 were not material.
Long-Term Debt
Long-term debt was as follows:
Interest RateOutstanding Balance
(in millions)
Financial InstrumentFixed or VariableAmountMaturity DateJuly 31, 2025July 31, 2024July 31, 2025July 31, 2024
Unsecured term loan
Variable
$200.0  millionJune 12, 20285.57 %— %200.0 — 
Unsecured senior notesFixed
$125.0 million
June 17, 20303.18 %3.18 %125.0 125.0 
Unsecured senior notes
Fixed
$100.0 million
August 5, 20312.50 %2.50 %100.0 100.0 
Unsecured revolving credit facilityVariable
$600.0 million
June 12, 20305.44 %6.44 %60.0 110.0 
Unsecured term loanVariable
 €80.0 million
March 26, 20292.83 %4.69 %91.6 86.6 
Unsecured senior notes
Fixed
$50.0 million
November 5, 20282.12 %2.12 %50.0 50.0 
Unsecured senior notesFixed
$25.0 million
April 16, 20252.93 %2.93 %— 25.0 
Unsecured term loanVariable¥1.0  billionJuly 31, 20281.28 %0.76 %6.7 6.7 
Unsecured term loanVariable¥1.0  billionJuly 15, 20261.20 %0.68 %6.7 6.7 
Debt issuance costs, net(2.9)(1.6)
Subtotal637.1 — 508.4 
Less current maturities(6.7)(25.0)
Total long-term debt$630.4 $483.4 
During the fourth quarter of fiscal 2025, the Company entered into an amendment to its $500.0 million revolving credit facility. The amendment provides for the following modifications to the existing agreement: (i) the maturity date of the revolving credit facility was extended from May 21, 2026 to June 12, 2030, (ii) the aggregate revolving credit limit was increased from $500.0 million to $600.0 million, (iii) a new term loan facility was added in the amount of $200.0 million with a maturity date of June 12, 2028, which was fully advanced on the closing date, (iv) the revolving credit facility was repaid in part with the proceeds of the term loan facility, and (v) the incremental credit facility option was increased from $250.0 million to $350.0 million and may be in the form of an increase to the revolving credit facility and/or incremental term loans. The Company’s $600.0 million revolving credit facility is with a group of lenders and allows for borrowings in multiple currencies. The interest rate is calculated using the appropriate benchmark rate plus the applicable rate, which varies depending on the Company’s leverage ratio and the applicable benchmark rate. The borrowing availability can be reduced or terminated early at the option of the Company. The Company can request to increase the revolving credit facility by up to $350.0 million through an accordion feature, subject to terms of the credit facility agreement, including written notification and lender acceptance. Borrowings are automatically rolled over until the credit facility maturity date, unless the agreement is terminated early or the Company is found to be in default. The total facility includes a commitment fee of 0.08% to 0.25%, depending on the Company’s leverage ratio.
Certain debt agreements contain financial covenants related to interest coverage and leverage ratios, as well as other non-financial covenants. As of July 31, 2025, the Company was in compliance with all such covenants.
The Company has long-term borrowing capacity of $532.1 million available for further borrowing under the existing credit facility as of July 31, 2025. The remaining borrowing capacity has been reduced for standby letters of credit as discussed in Note 17.
Future maturities of the Company’s long-term debt as of July 31, 2025 were as follows (in millions):
2026$6.7 
2027— 
2028206.7 
2029141.6 
2030185.0 
Thereafter100.0 
Total future maturities payments640.0 
Less debt issuance costs, net(2.9)
Total future maturities payments, net of debt issuance costs$637.1