v3.26.1
Employee Benefit Plans
 9 Months Ended
Apr. 30, 2026
Retirement Benefits, Description [Abstract]  
Employee Benefit Plans
Note 13. Employee Benefit Plans
The Company has defined benefit pension plans for certain hourly and salaried employees. They consist of plans in the U.S., Belgium, Germany, Mexico and the United Kingdom. These plans generally provide pension benefits based on years of service and compensation level. Components of net periodic pension costs other than the service cost component are included in other income, net in the Condensed Consolidated Statements of Earnings.
Net periodic pension costs for the Company’s pension plans were as follows (in millions):
 Three Months Ended
April 30,		Nine Months Ended
April 30,
 2026202520262025
Service cost$1.3 $1.2 $3.9 $3.6 
Interest cost4.6 4.9 14.5 14.6 
Expected return on assets(6.3)(6.4)(18.9)(19.2)
Actuarial loss amortization0.4 0.6 1.3 1.8 
Settlement charge3.2 — 3.2 — 
Net periodic pension costs$3.2 $0.3 $4.0 $0.8 
In the third quarter of fiscal 2026, the Company recorded a pension settlement charge of $3.2 million as a result of lump sum distributions exceeding the service and interest cost components of the annual net periodic pension cost. The corresponding remeasurement resulted in an increase in the Company’s pension assets and a corresponding adjustment to other comprehensive loss in the Condensed Consolidated Statements of Comprehensive Income of $0.1 million. See Note 11.
The Company’s general funding policy is to make at least the minimum required contributions under applicable regulations, plus any additional amounts it determines to be appropriate. Future required pension plan contributions may change significantly depending on the actual rate of return on plan assets, discount rates and regulatory requirements.