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Retirement benefit obligations (Tables)
12 Months Ended
Jul. 31, 2025
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)20252024
Change in net benefit obligations:
Beginning balance$1,251 $1,218 
Interest cost62 62 
Actuarial (gain) loss(119)36 
Benefits paid(68)(63)
Exchange rate adjustment30 (2)
Ending balance$1,156 $1,251 
Change in assets at fair value:
Beginning balance$1,308 $1,270 
Actual return on plan assets(123)68 
Company contributions31 34 
Benefits paid(68)(63)
Exchange rate adjustment34 (1)
Ending balance at fair value$1,182 $1,308 
Funded status of plans$26 $57 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consisted of:
As of July 31,
(In millions)20252024
Non-current asset$26 $57 
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)20252024
Net actuarial loss$667 $617 
Income tax impact(159)(147)
Accumulated other comprehensive loss$508 $470 
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)202520242023
Net actuarial loss (gain)$69 $31 $83 
Amortization of net actuarial loss(15)(15)(11)
Impact of exchange rates(4)(1)(7)
Income tax impact(12)(4)(16)
Other comprehensive loss, net of tax$38 $11 $49 
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)202520242023
Other expense (income), net
Amortization of net actuarial losses$15 $15 $11 
Interest cost62 62 51 
Expected return on plan assets(65)(63)(49)
Net periodic cost$12 $14 $13 
Weighted average assumptions:
Discount rate, net periodic benefit cost4.98 %5.05 %3.53 %
Discount rate, benefit obligations5.71 %4.98 %5.05 %
Expected return on plan assets5.02 %5.11 %3.41 %
Wage inflation growth rate2.40 %2.45 %2.50 %
Schedule of Allocation of Plan Assets
The Company’s weighted average asset allocations by asset category were as follows:
As of July 31,
20252024
Asset category:
Equity securities%%
Fixed income securities63 63
Cash, cash equivalents and other short-term investments2
Guaranteed insurance policies33 33
Total100 %100 %
The following tables present the fair value of the Company’s plan assets using the fair value hierarchy:
As of July 31, 2025
(In millions)TotalLevel 1Level 2Level 3
U.K. Plan assets:
Fixed income security: Government$705 $705 $— $— 
Cash and cash equivalents— — 
Insurance policies378 — — 378 
Canada Plan assets:
Equity securities34 34 — — 
Fixed income securities:
Corporate— — 
Government31 — 31 — 
Cash and cash equivalents— — 
Other21 13 — 
$1,182 $758 $46 $378 
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 
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)20252024
Beginning balance$521 $510 
Transfers into Level 3— 11 
Transfers out of Level 3(95)— 
Actual returns(26)31 
Purchases, sales and settlements, net(34)(32)
Impact of exchange rates12 
Ending balance$378 $521 
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)2025
2026$67 
202768 
202870 
202971 
203072 
2031-2035385 
Total$733