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Retirement benefit obligations (Tables)
12 Months Ended
Jul. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The funded status of the Company’s plans was as follows, valued with a measurement date of July 31 for each year:
For the years ended July 31,
(In millions)20242023
Change in net benefit obligations:
Beginning balance$1,218 $1,402 
Interest cost62 51 
Actuarial loss (gain)36 (245)
Benefits paid(63)(57)
Exchange rate adjustment(2)67 
Ending balance$1,251 $1,218 
Change in assets at fair value:
Beginning balance$1,270 $1,508 
Actual return on plan assets68 (279)
Company contributions34 24 
Benefits paid(63)(57)
Exchange rate adjustment(1)74 
Ending balance at fair value$1,308 $1,270 
Funded status of plans$57 $52 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consisted of:
As of July 31,
(In millions)20242023
Non-current asset$57 $55 
Non-current liability— (3)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive loss:
As of July 31,
(In millions)20242023
Net actuarial loss$617 $602 
Income tax impact(147)(143)
Accumulated other comprehensive loss$470 $459 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Components of other comprehensive loss (income) consisted of the following:
For the years ended July 31,
(In millions)202420232022
Net actuarial loss (gain)$31 $83 ($3)
Amortization of net actuarial loss(15)(11)(10)
Impact of exchange rates(1)(7)12 
Income tax impact(4)(16)11 
Other comprehensive loss, net of tax$11 $49 $10 
Schedule of Net Benefit Costs
The components of net periodic pension costs associated with all of the Company’s plans were as follows:
For the years ended July 31,
(In millions)202420232022
Other expense (income), net
Amortization of net actuarial losses15 11 10 
Interest cost62 51 41 
Expected return on plan assets(63)(49)(45)
Net periodic cost$14 $13 $6 
Weighted average assumptions:
Discount rate, net periodic benefit cost5.05 %3.53 %1.78 %
Discount rate, benefit obligations4.98 %5.05 %3.53 %
Expected return on plan assets5.11 %3.41 %2.12 %
Wage inflation growth rate2.45 %2.50 %2.35 %
Schedule of Allocation of Plan Assets
The Company’s weighted average asset allocations by asset category were as follows:
As of July 31,
20242023
Asset category:
Equity securities%%
Fixed income securities63 61 
Cash, cash equivalents and other short-term investments
Guaranteed insurance policies33 34 
Total100 %100 %
The following tables present the fair value of the Company’s plan assets using the fair value hierarchy:
As of July 31, 2024
(In millions)TotalLevel 1Level 2Level 3
U.K. Plan assets:
Fixed income securities:
Corporate$340 $1 $227 $112 
Asset backed— — 
Government439 439 — — 
Cash, cash equivalents and other short-term investments23 22 — 
Insurance policies409 — — 409 
Canada Plan assets:
Equity securities34 34 — — 
Fixed income securities:
Corporate— — 
Government33 — 33 — 
Cash and cash equivalents— — 
Other20 12 — 
$1,308 $510 $277 $521 
As of July 31, 2023
(In millions)TotalLevel 1Level 2Level 3
U.K. Plan assets:
Fixed income securities:
Corporate$319 $2 $224 $93 
Asset backed— — 
Government410 406 — 
Cash and cash equivalents29 28 — 
Insurance policies417 — — 417 
Canada Plan assets:
Equity securities33 33 — — 
Fixed income securities:
Corporate— — 
Government32 — 32 — 
Cash and cash equivalents— — 
Other19 11 — 
$1,270 $481 $279 $510 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3):
For the years ended July 31,
(In millions)20242023
Beginning balance$510 $570 
Transfers into Level 311 67 
Transfers out of Level 3— (131)
Actual returns31 
Purchases, sales and settlements, net(32)(24)
Impact of exchange rates27 
Ending balance$521 $510 
Schedule of Expected Benefit Payments
The Company expects the following benefit payments related to its defined benefit pension plans over the next 10 years:
As of July 31,
(In millions)2024
2025$63 
202665 
202766 
202868 
202969 
2030-2034369 
Total$700