Fair value measurements

12 Months Ended

Jul. 31, 2025

Fair Value Disclosures [Abstract]

Fair value measurements

Note 10. Fair value measurements

Derivative Instruments

The Company’s derivatives relate principally to interest rate swaps, designated as fair value hedges, to manage its exposure to interest rate movements on its debt. They are measured at fair value on a recurring basis through profit and loss using forward interest curves which are Level 2 inputs. The Company’s derivatives are not material. The notional amount of the Company’s outstanding fair value hedges as of July 31, 2025 was $150 million (2024: $300 million).

Equity investments

The fair value of the Company’s equity investments is measured on a recurring basis using market derived valuation methods upon occurrence of orderly transactions for identical or similar assets which is deemed a Level 3 input. The fair value of equity investments was $39 million as of July 31, 2025 (2024: $28 million) and the activity during fiscal 2025 was not material.

Other Fair Value Disclosures

Due to their short maturities, or their insignificance, the carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and short-term debt approximated their fair values at July 31, 2025 and 2024.

Non-recurring fair value measurements

Fair value estimates are made in connection with the Company’s acquisitions. See Note 16, Acquisitions of the Consolidated Financial Statements for further details.

Liabilities for which fair value is only disclosed

Carrying amounts and the related estimated fair value of the Company’s long-term debt were as follows:

	As of July 31,
	2025		2024
(In millions)	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Unsecured Senior Notes	$3,081	$3,033	$2,333	$2,263
Private Placement Notes	700	698	849	837

The difference in fair values results from changes, since issuance, in the corporate debt markets and investor preferences. The fair value of the Unsecured Senior Notes and Private Placement Notes are classified as Level 2 fair value measurements, and were estimated using observable market prices as provided in secondary markets that consider the Company’s credit risk and market-related conditions.

Due to its variable rate nature, the carrying value of the Company’s variable rate debt approximates its fair value.