Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt On June 12, 2026, the Company and certain of its subsidiaries entered into a new credit agreement with a group of lenders party thereto, BMO Bank N.A., as administrative agent, swing line lender and letter of credit issuer, and Bank of America, N.A., as syndication agent and letter of credit issuer (the “new credit agreement”). The new credit agreement provides for an aggregate principal amount of $1.0 billion, consisting of a $500 million term loan facility and a $500 million revolving credit facility. The credit agreement replaced and terminated the Company’s previous credit agreement, which had been entered into on August 1, 2019 (the “previous credit agreement”). Upon execution, outstanding revolving loans under the previous credit agreement totaling €13.0 million were exchanged for revolving loans under the new credit agreement, and all other outstanding obligations thereunder were repaid in full. The Company paid $12.5 million of debt issuance costs during the year ended July 31, 2026. Prepaid financing costs of $5.9 million and $0.2 million are included in “Other assets” on the accompanying consolidated balance sheets as of July 31, 2026 and 2025, respectively. Under the new credit agreement, which has a final maturity date of June 12, 2031 for both the term loan and revolving credit facilities, the Company has the option to select either a base interest rate (based upon the highest of (i) the federal funds rate plus one-half of 1%, (ii) the prime rate of BMO Bank N.A., or (iii) the one-month Term SOFR rate plus 1%, plus a margin based on the Company’s consolidated net leverage ratio) or a term benchmark or risk-free interest rate (based on, as applicable, Term SOFR, Adjusted EURIBO, Adjusted TIBO, Adjusted Term CORRA, BBSY, or Daily Simple SONIA, plus a margin based on the Company’s consolidated net leverage ratio). Following the funding of the term loan in connection with the PSS acquisition, the term loan is subject to quarterly amortization payments of 1.25% of the original principal amount funded on the closing date of the PSS acquisition, commencing on the last business day of the fiscal quarter occurring at least three months following such closing date, with the remaining balance payable on the maturity date. Total availability under the revolving credit facility was capped at $300 million prior to the closing of the PSS acquisition and expanded to the full $500 million commitment thereafter. Additionally, the new credit agreement contains an incremental facility feature permitting the Company to request an increase to the revolving commitments or add one or more additional tranches of term loans by up to $550 million, plus an unlimited additional amount subject to compliance with a pro forma consolidated net leverage ratio not to exceed 2.50 to 1.00. The maximum amount outstanding on the previous credit agreement during the year ended July 31, 2026 was $119.6 million. As of July 31, 2026, the outstanding balance under the revolving credit facility was $15.0 million and approximately $283.2 million was available for future borrowing, subject to the $300 million pre-closing limitation on revolving credit availability. Borrowings are classified as long-term on the consolidated balance sheets. The new credit agreement is guaranteed by certain of the Company’s material domestic subsidiaries. The Company’s new credit agreement requires it to maintain certain financial covenants, including a maximum consolidated net leverage ratio of 3.50 to 1.00, which shall temporarily be increased to up to 4.00 to 1.00 for the four computation periods ending after the closing of the PSS acquisition, and a minimum consolidated interest coverage ratio of 3.00 to 1.00. As of July 31, 2026, the Company was in compliance with such financial covenants. Refer to Note 17, “Subsequent Events,” for additional information regarding the completion of the PSS acquisition and related financing. As of July 31, 2026 and 2025, borrowings under the new credit agreement and the previous credit agreement, respectively, were as follows:
(1)Borrowings under the new credit agreement as of July 31, 2026 included Euro-denominated borrowings of $15.0 million. The weighted average interest rate of the Euro-denominated borrowings was 3.9% as of July 31, 2026. (2)Borrowings under the previous credit agreement as of July 31, 2025 included USD-denominated, British pound-denominated and Euro-denominated borrowings of $39.0 million, $10.6 million and $50.2 million, respectively. The weighted average interest rate of the USD-denominated, British pound-denominated and Euro-denominated borrowings was 5.3%, 5.1% and 2.8%, respectively, as of July 31, 2025. Due to the variable interest rate pricing of the Company’s revolving debt, it is determined that the carrying value of the debt equals the fair value of the debt. The Company had outstanding letters of credit of $1.8 million and $2.1 million at July 31, 2026 and 2025, respectively.
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