Employee Benefit Plans (Tables)
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12 Months Ended |
Jul. 31, 2025 |
Defined Benefit Plan Disclosure |
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Schedule of Net Periodic Pension Costs and Amounts Recognized in Other Comprehensive Income |
Net periodic pension costs for the Company’s pension plans were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | Year Ended July 31, | | | 2025 | | 2024 | | 2023 | Net periodic pension costs | | | | | | | Service cost | | $ | 4.3 | | | $ | 5.2 | | | $ | 6.7 | | Interest cost | | 19.6 | | | 20.4 | | | 17.0 | | Expected return on assets | | (25.7) | | | (25.7) | | | (25.3) | | Prior service cost amortization | | — | | | 0.1 | | | — | | Actuarial loss amortization | | 2.3 | | | 1.5 | | | 2.1 | | Settlement loss | | — | | | 4.9 | | | 5.5 | | Curtailment loss | | — | | | 0.2 | | | 0.2 | | Net periodic pension costs | | 0.5 | | | 6.6 | | | 6.2 | | Other changes recognized in other comprehensive loss: | | | | | | | Prior service cost | | — | | | 0.1 | | | (0.4) | | Net actuarial loss | | (11.6) | | | (9.1) | | | (5.9) | | | | | | | | | Amortization of prior service cost | | — | | | 0.3 | | | 0.2 | | Amortization of net actuarial loss | | 2.3 | | | 6.4 | | | 7.7 | | Total recognized in other comprehensive loss | | (9.3) | | | (2.3) | | | 1.6 | | Total recognized in net periodic pension costs and other comprehensive loss | | $ | (9.8) | | | $ | (8.9) | | | $ | (4.6) | |
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Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status |
The changes in projected benefit obligations, fair value of plan assets and funded status of the Company’s pension plans for the years ended July 31, 2025 and 2024 were as follows (in millions): | | | | | | | | | | | | | | | | | Year Ended July 31, | | | 2025 | | 2024 | Change in projected benefit obligation | | | | | Projected benefit obligation, beginning of year | | $ | 403.7 | | | $ | 401.1 | | Service cost | | 4.3 | | | 5.2 | | Interest cost | | 19.6 | | | 20.4 | | Plan amendments | | — | | | (0.1) | | Participant contributions | | 0.8 | | | 0.8 | | Actuarial (gain) loss | | (7.1) | | | 11.7 | | Foreign currency exchange rates | | 6.5 | | | (1.8) | | Settlements paid | | — | | | (15.6) | | Acquisition | | — | | | 0.6 | | | | | | | Benefits paid | | (25.4) | | | (18.6) | | Projected benefit obligation, end of year | | 402.4 | | | 403.7 | | Change in fair value of plan assets | | | | | Fair value of plan assets, beginning of year | | 413.3 | | | 416.0 | | Actual return on plan assets | | 8.1 | | | 28.4 | | Company contributions | | 2.7 | | | 2.8 | | Participant contributions | | 0.8 | | | 0.8 | | Foreign currency exchange rates | | 5.6 | | | (1.1) | | Settlements paid | | — | | | (15.6) | | Acquisition | | — | | | 0.6 | | | | | | | Benefits paid | | (25.4) | | | (18.6) | | Fair value of plan assets, end of year | | 405.1 | | | 413.3 | | | | | | | Funded status of plans, end of year | | $ | 2.7 | | | $ | 9.6 | | | | | | | Amounts recognized on the Consolidated Balance Sheets | | | | | Other long-term assets | | $ | 33.9 | | | $ | 35.8 | | Other current liabilities | | (1.4) | | | (1.5) | | Other long-term liabilities | | (29.8) | | | (24.7) | | Net recognized asset | | $ | 2.7 | | | $ | 9.6 | |
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Schedule of Weighted-Average Discount Rates in Determining Actuarial Present Value of Projected Benefit Obligation |
The significant assumptions used in determining the actuarial present value of the projected benefit obligation were as follows: | | | | | | | | | | | | | | | | | Year Ended July 31, | | | 2025 | | 2024 | U.S. plans | | | | | Discount rate | | 5.60 | % | | 5.44 | % | Rate of compensation increase | | N/A | | N/A | | | | | | Non-U.S. plans | | | | | Discount rate | | 4.82 | % | | 4.33 | % | Rate of compensation increase | | 3.07 | % | | 3.05 | % | | | | | | | | | | | | | | | | | | | | | | | | | |
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Schedule of Assumptions Used to Determine Net Periodic Benefit Cost |
The weighted average discount rates, expected returns on plan assets and rates of increase in future compensation levels used to determine the net periodic pension costs were as follows: | | | | | | | | | | | | | | | | | | | | | | | Year Ended July 31, | | | 2025 | | 2024 | | 2023 | U.S. plans | | | | | | | Discount rate | | 5.44 | % | | 5.58 | % | | 4.62 | % | Expected rate of return on plan assets | | 6.41 | % | | 6.16 | % | | 5.66 | % | Rate of compensation increase | | N/A | | N/A | | N/A | Non-U.S. plans | | | | | | | Discount rate | | 4.33 | % | | 4.80 | % | | 3.26 | % | Expected rate of return on plan assets | | 4.88 | % | | 5.01 | % | | 4.39 | % | Rate of compensation increase | | 3.02 | % | | 3.05 | % | | 3.12 | % |
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Schedule of Estimated Fair Value of Pension Plan Assets and their Respective Levels in the Fair Value Hierarchy |
During the year ended July 31, 2025, the Company’s asset allocation was as follows: | | | | | | | | | | | | | | | | | Salaried Pension Plan | | Hourly Pension Plan | Global equity securities | | 15 | % | | 15 | % | Fixed income securities | | 85 | | | 85 | | | | | | | | | | | | Total | | 100 | % | | 100 | % |
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Schedule of Certain Investments at NAV |
Certain investments, valued at NAV, had the following unfunded commitments and/or redemption restrictions (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | July 31, 2025 | | July 31, 2024 | | | | | | | NAV | | Unfunded Commitments | | NAV | | Unfunded Commitments | | Redemption Frequency (If Currently Eligible) | | Redemption Notice (Days) | | | | | | | | | | | | | | Global equity securities | | $ | 37.8 | | | $ | 1.8 | | | $ | 31.1 | | | $ | 1.8 | | | Daily and Not Eligible(1) | | N/A | Fixed income securities | | 228.6 | | | — | | | 10.2 | | | — | | | Daily and Quarterly | | 0 - 60 | | | | | | | | | | | | | | Real asset funds | | 2.9 | | | 4.2 | | | 2.9 | | | 4.2 | | | Not Eligible(1) | | N/A | Total U.S. assets | | $ | 269.3 | | | $ | 6.0 | | | $ | 44.2 | | | $ | 6.0 | | | | | |
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Schedule of the Changes in the Fair Value of Non-U.S. Pension Plans' Assets with Unobservable Inputs |
The changes in the fair values of the pension plans’ Level 3 assets were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | Year Ended July 31, | | | 2025 | | 2024 | | 2023 | Balance as of beginning of year | | $ | 42.7 | | | $ | 41.3 | | | $ | 35.4 | | Unrealized gains | | 3.3 | | | 3.4 | | | 2.7 | | Foreign currency exchange | | 2.6 | | | (0.8) | | | 3.0 | | Purchases and sales, net | | 0.9 | | | (1.2) | | | 0.2 | | Balance as of end of year | | $ | 49.5 | | | $ | 42.7 | | | $ | 41.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Schedule of Estimated Future Benefit Payments |
Estimated future benefit required payments for the Company’s pension plans as of July 31, 2025 were as follows (in millions): | | | | | | | | | | | | 2026 | | $ | 26.8 | | 2027 | | $ | 28.2 | | 2028 | | $ | 29.4 | | 2029 | | $ | 30.1 | | 2030 | | $ | 31.0 | | 2031-2035 | | $ | 159.1 | |
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U.S. Plan |
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Defined Benefit Plan Disclosure |
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Schedule of Estimated Fair Value of Pension Plan Assets and their Respective Levels in the Fair Value Hierarchy |
The estimated fair value of pension plan assets and their respective levels in the fair value hierarchy by asset category were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | | | Total | Balances as of July 31, 2025 | | | | | | | | | | | Cash and cash equivalents | | $ | 0.3 | | | $ | 2.9 | | | $ | — | | | | | $ | 3.2 | | Global equity securities | | 3.9 | | | 55.2 | | | — | | | | | 59.1 | | Fixed income securities | | 5.0 | | | 22.1 | | | — | | | | | 27.1 | | | | | | | | | | | | | Insurance contracts | | — | | | — | | | 49.5 | | | | | 49.5 | | | | | | | | | | | | | | | | | | | | | | | | Total investments in the fair value hierarchy | | $ | 9.2 | | | $ | 80.2 | | | $ | 49.5 | | | | | 138.9 | | Investments using NAV as practical expedient | | | | | | | | | | 269.3 | | Total investment, at fair value | | | | | | | | | | 408.2 | | Accrued expense | | | | | | | | | | (3.1) | | Total assets | | | | | | | | | | $ | 405.1 | | | | | | | | | | | | | Balances as of July 31, 2024 | | | | | | | | | | | Cash and cash equivalents | | $ | 2.4 | | | $ | 0.5 | | | $ | — | | | | | $ | 2.9 | | Global equity securities | | 58.2 | | | 54.5 | | | — | | | | | 112.7 | | Fixed income securities | | 80.4 | | | 128.0 | | | — | | | | | 208.4 | | | | | | | | | | | | | Insurance contracts | | — | | | — | | | 42.7 | | | | | 42.7 | | Total investments in the fair value hierarchy | | $ | 141.0 | | | $ | 183.0 | | | $ | 42.7 | | | | | 366.7 | | Investments using NAV as practical expedient | | | | | | | | | | 44.2 | | Total investment, at fair value | | | | | | | | | | 410.9 | | Accrued income | | | | | | | | | | 2.4 | | Total assets | | | | | | | | | | $ | 413.3 | | | | | | | | | | | | |
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