Assets and liabilities at fair value

3 Months Ended

Oct. 31, 2025

Fair Value Disclosures [Abstract]

Assets and liabilities at fair value

Assets and liabilities at fair value

The Company has not changed its valuation techniques for measuring the fair value of any financial assets or liabilities during the periods presented. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and other debt instruments, such as the Receivables Facility due to its variable interest rate, approximated their fair values as of October 31, 2025 and July 31, 2025.

The Company’s derivatives (interest rate swaps which are considered fair value hedges) and investments in equity instruments are carried at fair value on the condensed consolidated balance sheets (Level 2 and Level 3 fair value inputs, respectively) and are not material. The notional amount of the Company’s outstanding fair value hedges was $150 million as of October 31, 2025 and July 31, 2025.

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

	October 31, 2025		July 31, 2025
(In millions)	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Unsecured senior notes	$3,827	$3,829	$3,081	$3,033
Private placement notes	300	300	700	698