v3.25.2
Employee Benefit Plans (Tables)
12 Months Ended
Jul. 31, 2025
Defined Benefit Plan Disclosure  
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,
202520242023
Net periodic pension costs
Service cost$4.3 $5.2 $6.7 
Interest cost19.6 20.4 17.0 
Expected return on assets(25.7)(25.7)(25.3)
Prior service cost amortization— 0.1 — 
Actuarial loss amortization2.3 1.5 2.1 
Settlement loss
— 4.9 5.5 
Curtailment loss
— 0.2 0.2 
Net periodic pension costs0.5 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 loss2.3 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)
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,
20252024
Change in projected benefit obligation
Projected benefit obligation, beginning of year$403.7 $401.1 
Service cost4.3 5.2 
Interest cost19.6 20.4 
Plan amendments— (0.1)
Participant contributions0.8 0.8 
Actuarial (gain) loss
(7.1)11.7 
Foreign currency exchange rates6.5 (1.8)
Settlements paid— (15.6)
Acquisition
— 0.6 
Benefits paid(25.4)(18.6)
Projected benefit obligation, end of year402.4 403.7 
Change in fair value of plan assets
Fair value of plan assets, beginning of year413.3 416.0 
Actual return on plan assets8.1 28.4 
Company contributions2.7 2.8 
Participant contributions0.8 0.8 
Foreign currency exchange rates5.6 (1.1)
Settlements paid— (15.6)
Acquisition
— 0.6 
Benefits paid(25.4)(18.6)
Fair value of plan assets, end of year405.1 413.3 
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 
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,
20252024
U.S. plans
Discount rate5.60 %5.44 %
Rate of compensation increaseN/AN/A
Non-U.S. plans
Discount rate4.82 %4.33 %
Rate of compensation increase3.07 %3.05 %
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,
202520242023
U.S. plans
Discount rate5.44 %5.58 %4.62 %
Expected rate of return on plan assets6.41 %6.16 %5.66 %
Rate of compensation increaseN/AN/AN/A
Non-U.S. plans
Discount rate4.33 %4.80 %3.26 %
Expected rate of return on plan assets4.88 %5.01 %4.39 %
Rate of compensation increase3.02 %3.05 %3.12 %
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 PlanHourly Pension Plan
Global equity securities15 %15 %
Fixed income securities85 85 
Total100 %100 %
Schedule of Certain Investments at NAV
Certain investments, valued at NAV, had the following unfunded commitments and/or redemption restrictions (in millions):
July 31, 2025July 31, 2024
NAVUnfunded CommitmentsNAVUnfunded CommitmentsRedemption 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 securities228.6 — 10.2 — Daily and Quarterly
0 - 60
Real asset funds2.9 4.2 2.9 4.2 
Not Eligible(1)
N/A
Total U.S. assets$269.3 $6.0 $44.2 $6.0 
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,
202520242023
Balance as of beginning of year$42.7 $41.3 $35.4 
Unrealized gains3.3 3.4 2.7 
Foreign currency exchange2.6 (0.8)3.0 
Purchases and sales, net0.9 (1.2)0.2 
Balance as of end of year$49.5 $42.7 $41.3 
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 
U.S. Plan  
Defined Benefit Plan Disclosure  
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 1Level 2Level 3Total
Balances as of July 31, 2025
Cash and cash equivalents$0.3 $2.9 $— $3.2 
Global equity securities3.9 55.2 — 59.1 
Fixed income securities5.0 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 expedient269.3 
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 securities58.2 54.5 — 112.7 
Fixed income securities80.4 128.0 — 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 expedient44.2 
Total investment, at fair value
410.9 
Accrued income
2.4 
Total assets
$413.3