Subsequent Event |
9 Months Ended |
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Apr. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Event | Note 20. Subsequent Event On May 4, 2026, the Company acquired Filtration Group’s Facet Filtration business (Facet), consisting of Facet (Oklahoma) LLC and Facet Netherlands B.V., in an all-cash transaction valued at approximately $820.0 million, for cash consideration of $828.7 million. As part of this transaction, the Company issued approximately $820.0 million of new debt, increasing total long-term debt outstanding for the Company to approximately $1.4 billion, and remained in compliance with all applicable financial covenants. The new debt incurred in the fourth quarter of fiscal 2026 was at a rate of 4.6%. The new debt bears interest at a variable rate based on Term SOFR plus a spread that is based on the Company’s Leverage Ratio as defined by the agreements. Facet offers fuel and fluid filtration solutions for mission-critical applications primarily in aerospace and defense, as well as power generation. Headquartered in Tulsa, Oklahoma, Facet has approximately 250 employees across the U.S. and Europe with key manufacturing locations in Oklahoma and Spain. The Company has not yet obtained all the information required to finalize the valuations of the assets acquired and liabilities assumed, primarily because of the proximity of the acquisition to the balance sheet date of April 30, 2026.
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