Shareholders’ equity

12 Months Ended

Jul. 31, 2024

Equity [Abstract]

Shareholders’ equity

Note 14. Shareholders’ equity

The following table presents a summary of the Company’s share activity:

	For the years ended July 31,
	2024	2023	2022
Ordinary shares:
Balance at beginning of period	232,171,182	232,171,182	232,171,182
Change in shares issued	—	—	—
Balance at end of period	232,171,182	232,171,182	232,171,182
Treasury shares:
Balance at beginning of period	(27,893,680)	(21,078,577)	(9,862,816)
Repurchases of ordinary shares	(3,317,654)	(7,022,242)	(11,413,180)
Treasury shares used to settle share-based compensation awards	383,405	207,139	197,419
Balance at end of period	(30,827,929)	(27,893,680)	(21,078,577)
Employee Benefit Trust:
Balance at beginning of period	(274,031)	(846,491)	(833,189)
New shares purchased	—	—	(600,000)
Employee Benefit Trust shares used to settle share-based compensation awards	253,212	572,460	586,698
Shares sold upon termination of Employee Benefit Trust	20,819	—	—
Balance at end of period	—	(274,031)	(846,491)
Total shares outstanding at end of period	201,343,253	204,003,471	210,246,114

Employee Benefit Trusts

Two Employee Benefit Trusts had been previously established in connection with the Company’s discretionary share award plans and long-term incentive plans. During fiscal 2024, each of these trusts were terminated with all shares disbursed or sold. The proceeds from shares sold upon termination of the Employee Benefit Trusts were $4 million and included in other financing activities in the statement of cash flow.

Share Repurchases

Share repurchases are being made under an authorization that allows up to $4.0 billion in share repurchases. As of July 31, 2024, the Company has completed $3.1 billion of the total announced $4.0 billion share repurchase program.

Treasury shares

As of August 1, 2024, the Company canceled all ordinary shares held in treasury in connection with its completion of the Merger. As a result, the fiscal 2025 beginning balance for the number of shares issued and outstanding of Ferguson Enterprises Inc. will consist of 201,343,253 shares of common stock.