Fair value measurements of financial instruments are reported in one of three levels based on the lowest level of significant input used. For Level 1, inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. For Level 2, inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. For Level 3, inputs to the fair value measurement are unobservable inputs or are based on valuation techniques.

As of July 31, 2025 and 2024, the carrying values of cash and cash equivalents, accounts receivable, short-term borrowings and accounts payable approximate fair value because of the short-term nature of these instruments. Short-term financial instruments are classified as Level 1 in the fair value hierarchy.

As of July 31, 2025, the estimated fair values of fixed interest rate long-term debt were $247.5 million compared to the carrying values of $275.0 million. As of July 31, 2024, the estimated fair values of fixed interest rate long-term debt were $267.7 million compared to the carrying values of $300.0 million. The fair values are estimated by discounting the projected cash flows using the interest rates at which similar amounts of debt could currently be borrowed. The carrying values of total variable interest rate long-term debt were $364.9 million and $209.9 million as of July 31, 2025 and 2024, respectively and approximate their fair values. Long-term debt is classified as Level 2 in the fair value hierarchy.

The Company holds investments in joint ventures and a non-controlling interest, which are accounted for as equity method investments at fair value and are included in other long-term assets on the Consolidated Balance Sheets. The aggregate carrying amount of these investments was $103.6 million and $26.9 million as of July 31, 2025 and 2024, respectively. The increase is primarily driven by the $69.7 million equity method investment in Medica as of July 31, 2025. These equity method investments are measured at fair value on a non-recurring basis. The fair value of the Company’s equity method investments has not been adjusted as there have been no triggering events or changes in circumstance that would have had an adverse impact on the value of these investments. In the event these investments are required to be measured, they would fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value, as the investments are in privately-held entities.

The fair values of the Company’s foreign currency forward contracts, net investment hedges and interest rate swaps reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair values are based on inputs other than quoted prices that are observable for the asset or liability and are determined by standard calculations and models that use readily observable market parameters. These inputs include foreign currency exchange rates and interest rates. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and foreign currency exchange rates. The fair values of the Company’s foreign currency forward contracts, net investment hedges and interest rate swaps are classified as Level 2 in the fair value hierarchy. For discussion of the Company’s derivatives and hedging, see Note 15.



		Assets			Liabilities
		July 31,			July 31,
	Balance Sheet Location		2025		2024		2025		2024
Designated as hedging instruments
Foreign currency forward contracts	Other current assets, other current liabilities		$	0.4	$	0.1	$	0.3	$	—
Net investment hedges	Other current assets, other long-term assets, other long-term liabilities		1.6		3.7		2.9		—

Total designated			2.0		3.8		3.2		—

Not designated as hedging instruments
Foreign currency forward contracts	Other current assets, other current liabilities		0.9		1.0		0.4		0.3
Total not designated			0.9		1.0		0.4		0.3
Total			$	2.9	$	4.8	$	3.6	$	0.3

Amounts related to excluded components, such as forward points, are excluded from the assessment of hedge effectiveness of net investment hedges and are expected to be reclassified into earnings throughout their maturity dates. See Note 12 for additional information on accumulated other comprehensive loss.

The fair value of the contingent consideration liability is determined using a probability-weighted discounted cash flow method. This fair value measurement is based on unobservable inputs in the market and thus, represents a Level 3 measurement within the fair value hierarchy. This analysis reflects the contractual terms of the purchase agreement (e.g., potential payment amounts, length of measurement periods, manner of calculating any amounts due) and utilizes assumptions with regard to future financial and operational milestones, probabilities of achieving such milestones and a discount rate. Depending on the contractual terms of the purchase agreement, the probability of achieving milestones generally represents the only significant unobservable input. The contingent consideration liability is measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings.

The fair value of the Company’s contingent consideration liability that uses unobservable inputs was $11.3 million as of July 31, 2025 and $21.8 million as of July 31, 2024. The decrease of the contingent consideration liability was driven by a reduction in the assessed probability of achieving certain milestones and $5.8 million of total contingent consideration paid during fiscal 2025. The maximum potential payout of the contingent consideration was $22.5 million and $29.8 million as of July 31, 2025 and July 31, 2024, respectively, see Note 18.