Employee Benefit Plans (Tables)

12 Months Ended

Jul. 31, 2020

Defined Benefit Plan Disclosure

Schedule of net periodic pension costs and amounts recognized in other comprehensive income

Net periodic pension costs and amounts recognized in other comprehensive (loss) income for the Company’s pension plans include the following components (in millions):

	Year Ended July 31,
	2020		2019		2018
Net periodic benefit cost
Service cost	$	9.5	$	6.0	$	8.1
Interest cost	13.5		16.4		14.8
Expected return on assets	(26.1)		(26.5)		(26.2)
Prior service cost and transition amortization	0.7		0.6		0.3
Actuarial loss amortization	6.5		4.4		4.6
Settlement loss	3.1		2.9		3.5
Net periodic benefit costs	7.2		3.8		5.1
Other changes recognized in other comprehensive (loss) income:
Net actuarial (loss) gain	(25.2)		(29.0)		7.2
Amortization of asset obligations	0.2		0.2		0.2
Amortization of prior service cost	0.6		0.4		0.1
Amortization of net actuarial loss	9.5		7.3		8.1
Total recognized in other comprehensive (loss) income	(14.9)		(21.1)		15.6
Total recognized in net periodic benefit costs and other comprehensive (loss) income	$	(22.1)	$	(24.9)	$	10.5

Schedule of changes in projected benefit obligations, fair value of plan assets and funded status

The changes in projected benefit obligations, fair value of plan assets and funded status of the Company’s pension plans for the years ended July 31, 2020 and 2019 are summarized as follows (in millions):

	Year Ended July 31,
	2020		2019
Change in projected benefit obligation:
Projected benefit obligation, beginning of fiscal year	$	520.4	$	488.2
Service cost	9.5		6.0
Interest cost	13.5		16.4
Plan amendments	—		1.2
Participant contributions	0.8		0.8
Actuarial loss	55.2		42.5
Currency exchange rates	12.8		(11.2)
Settlement	(10.7)		(10.5)
Net transfers	—		1.2
Benefits paid	(15.9)		(14.2)
Projected benefit obligation, end of fiscal year	$	585.6	$	520.4
Change in fair value of plan assets:
Fair value of plan assets, beginning of fiscal year	$	502.2	$	486.3
Actual return on plan assets	59.1		39.4
Company contributions	3.0		10.4
Participant contributions	0.8		0.8
Currency exchange rates	12.1		(11.2)
Settlement	(10.7)		(10.5)
Net transfers	—		1.2
Benefits paid	(15.9)		(14.2)
Fair value of plan assets, end of fiscal year	$	550.6	$	502.2
Funded status:
Projected benefit obligation in excess of plan assets, end of fiscal year	$	(35.0)	$	(18.2)
Amounts recognized on the Consolidated Balance Sheets consist of:
Other long-term assets	$	6.2	$	6.8
Other current liabilities	(1.5)		(1.5)
Other long-term liabilities	(39.7)		(23.5)
Net recognized liability	$	(35.0)	$	(18.2)

Schedule of weighted-average discount rates in determining actuarial present value of projected benefit obligation

The weighted average discount rate and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation are as follows:

Projected Benefit Obligation	Year Ended July 31,
Weighted average actuarial assumptions	2020		2019
All U.S. plans:
Discount rate	2.37	%	3.54	%
Non-U.S. plans:
Discount rate	1.48	%	1.79	%
Rate of compensation increase	2.88	%	2.69	%

Schedule of assumptions used to determine net periodic benefit cost

The weighted average discount rates, expected returns on plan assets and rates of increase in future compensation levels used to determine the net periodic benefit cost are as follows:

Net Periodic Benefit Cost	Year Ended July 31,
Weighted average actuarial assumptions	2020		2019		2018
All U.S. plans:
Discount rate	3.55	%	4.43	%	3.94	%
Expected return on plan assets	6.08	%	6.25	%	6.58	%
Rate of compensation increase	N/A		N/A		N/A
Non-U.S. plans:
Discount rate	1.85	%	2.43	%	2.40	%
Expected return on plan assets	3.78	%	4.08	%	4.19	%
Rate of compensation increase	2.72	%	2.69	%	2.70	%

Schedule of estimated fair value of pension plan assets and their respective levels in the fair value hierarchy

The plans’ investments are diversified to assist in managing risk. During the year ended July 31, 2020, the Company’s asset allocation guidelines targeted an allocation as follows:

	Salaried Pension Plan		Hourly Pension Plan
Global equities	33	%	37	%
Fixed income	65		60
Real assets	1		2
Cash and cash equivalents	1		1
Total	100	%	100	%

Schedule of certain investments at NAV

Certain investments held by the U.S. pension plans as of July 31, 2020, valued at net asset value (NAV), had the following unfunded commitments and/or redemption restrictions (in millions):

	U.S Pension Plans
Asset Category	Measured Using NAV Per Share as Practical Expedient		Unfunded Commitments		Redemption Frequency (If Currently Eligible)	Redemption Notice Period
July 31, 2020
Global equity securities	$	40.5	$	1.8	Monthly, Weekly	10 - 90 days
Private equity and other funds	26.8		—		Quarterly, Semi-Annually	60 - 90 days
Real asset funds	3.0		4.3		Not eligible	N/A
Total U.S. assets	$	70.3	$	6.1

Schedule of estimated future benefit payments

The estimated future benefit payments for the Company’s U.S. and non-U.S. plans are as follows (in millions):

Year Ending July 31,	Estimated Future Benefit Payments
2021	$	30.0
2022	27.3
2023	27.5
2024	25.9
2025	29.7
2025-2029	147.3

U.S. Plan

Defined Benefit Plan Disclosure

Schedule of estimated fair value of pension plan assets and their respective levels in the fair value hierarchy

The estimated fair value of U.S. pension plan assets and their respective levels in the fair value hierarchy at July 31, 2020 and 2019 by asset category are as follows (in millions):

	U.S Pension Plans
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV Per Share as Practical Expedient		Total
July 31, 2020
Cash and cash equivalents	$	6.7	$	3.3	$	—	$	—	$	10.0
Global equity securities	79.3		—		—		40.5		119.8
Fixed income securities	99.9		110.8		—		—		210.7
Private equity and other funds	—		—		—		26.8		26.8
Real asset funds	—		—		—		3.0		3.0
Total U.S. assets	$	185.9	$	114.1	$	—	$	70.3	$	370.3
July 31, 2019
Cash and cash equivalents	$	3.6	$	0.4	$	—	$	—	$	4.0
Global equity securities	76.3		—		—		35.8		112.1
Fixed income securities	95.2		96.7		—		—		191.9
Private equity and other funds	—		—		—		33.1		33.1
Real asset funds	—		—		—		3.4		3.4
Total U.S. assets	$	175.1	$	97.1	$	—	$	72.3	$	344.5

Non - U.S. Plan

Defined Benefit Plan Disclosure

Schedule of estimated fair value of pension plan assets and their respective levels in the fair value hierarchy

The estimated fair values of non-U.S. pension plan assets and their respective levels in the fair value hierarchy at July 31, 2020 and 2019 by asset category are as follows (in millions):

	Non-U.S. Pension Plans
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
July 31, 2020
Cash and cash equivalents	$	0.1	$	—	$	—	$	0.1
Global equity securities	91.6		—		—		91.6
Fixed income securities	11.5		—		—		11.5
Investment funds	—		41.7		—		41.7
Insurance contracts	—		—		35.4		35.4
Total Non-U.S. assets	$	103.2	$	41.7	$	35.4	$	180.3
July 31, 2019
Cash and cash equivalents	$	0.4	$	—	$	—	$	0.4
Global equity securities	79.4		—		—		79.4
Fixed income securities	11.9		—		—		11.9
Investment funds	—		35.2		—		35.2
Insurance contracts	—		—		30.8		30.8
Total Non-U.S. assets	$	91.7	$	35.2	$	30.8	$	157.7

Summary of the changes in the fair value of non-U.S. pension plans' assets with unobservable inputs

The following table summarizes the changes in the fair values of the non-U.S. pension plans’ Level 3 assets for the years ended July 31, 2020, 2019 and 2018 (in millions):

	Non-U.S. Pension Plans
Ending balance at July 31, 2017	$	34.3
Unrealized losses	(4.0)
Foreign currency exchange	0.2
Purchases	0.5
Sales	(2.4)
Ending balance at July 31, 2018	28.6
Unrealized gains	3.5
Foreign currency exchange	(1.5)
Purchases	0.5
Sales	(0.3)
Ending balance at July 31, 2019	30.8
Unrealized gains	4.1
Foreign currency exchange	2.1
Purchases	0.5
Sales	(2.1)
Ending balance at July 31, 2020	$	35.4