Employee Benefit Plans (Tables)

12 Months Ended

Jul. 31, 2021

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 were as follows (in millions):

	Year Ended July 31,
	2021		2020		2019
Net periodic benefit cost
Service cost	$	7.5	$	9.5	$	6.0
Interest cost	10.2		13.5		16.4
Expected return on assets	(23.7)		(26.1)		(26.5)
Prior service cost and transition amortization	0.3		0.7		0.6
Actuarial loss amortization	8.2		6.5		4.4
Settlement charge	2.0		3.1		2.9
Curtailment charge	0.8		—		—
Net periodic benefit costs	5.3		7.2		3.8
Other changes recognized in other comprehensive income (loss):
Net actuarial gain (loss)	35.9		(25.2)		(29.0)
Amortization of asset obligations	—		0.2		0.2
Amortization of prior service cost	1.2		0.6		0.4
Amortization of net actuarial loss	10.2		9.5		7.3
Total recognized in other comprehensive income (loss)	47.3		(14.9)		(21.1)
Total recognized in net periodic benefit costs and other comprehensive income (loss)	$	42.0	$	(22.1)	$	(24.9)

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, 2021 and 2020 were as follows (in millions):

	Year Ended July 31,
	2021		2020
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	585.6	$	520.4
Service cost	7.5		9.5
Interest cost	10.2		13.5
Participant contributions	0.8		0.8
Actuarial (gain) loss	(5.7)		55.2
Currency exchange rates	8.4		12.8
Settlements paid	(10.7)		(10.7)
Benefits paid	(16.2)		(15.9)
Projected benefit obligation, end of year	579.9		585.6
Change in fair value of plan assets
Fair value of plan assets, beginning of year	550.6		502.2
Actual return on plan assets	55.6		59.1
Company contributions	3.1		3.0
Participant contributions	0.8		0.8
Currency exchange rates	8.1		12.1
Settlements paid	(10.7)		(10.7)
Benefits paid	(16.2)		(15.9)
Fair value of plan assets, end of year	591.3		550.6
Funded status of plans, end of year	$	11.4	$	(35.0)
Amounts recognized on the Consolidated Balance Sheets
Other long-term assets	$	37.5	$	6.2
Other current liabilities	(1.3)		(1.5)
Other long-term liabilities	(24.8)		(39.7)
Net recognized asset (liability)	$	11.4	$	(35.0)

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

The significant assumptions used in determining the actuarial present value of the projected benefit obligation were as follows:

	Year Ended July 31,
	2021		2020
All U.S. plans
Discount rate	2.55	%	2.37	%
Expected rate of return on plan assets	5.33	%	6.08	%
Rate of compensation increase	N/A		N/A
Non-U.S. plans
Discount rate	1.55	%	1.48	%
Expected rate of return on plan assets	3.13	%	3.78	%
Rate of compensation increase	2.86	%	2.88	%

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 were as follows:

	Year Ended July 31,
	2021		2020		2019
All U.S. plans
Discount rate	2.37	%	3.55	%	4.43	%
Expected rate of return on plan assets	5.33	%	6.08	%	6.25	%
Rate of compensation increase	N/A		N/A		N/A
Non-U.S. plans
Discount rate	1.52	%	1.85	%	2.43	%
Expected rate of return on plan assets	3.13	%	3.78	%	4.08	%
Rate of compensation increase	2.86	%	2.72	%	2.69	%

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

During the year ended July 31, 2021, the Company’s asset allocation were as follows:

	Salaried Pension Plan		Hourly Pension Plan
Global equities	33	%	29	%
Fixed income	65		70
Real assets	1		—
Cash and cash equivalents	1		1
Total	100	%	100	%

Schedule of certain investments at NAV

Certain investments, valued at NAV, had the following unfunded commitments and/or redemption restrictions (in millions):

	July 31, 2021				July 31, 2020
	NAV		Unfunded Commitments		NAV		Unfunded Commitments		Redemption Frequency (If Currently Eligible)	Redemption Notice (Days)
Global equity securities	$	50.7	$	1.8	$	49.5	$	1.8	Monthly, Weekly	10 - 90
Fixed income securities	20.4		—		—		—		Quarterly, Semi-Annually	60 - 90
Private equity and other funds	—		—		17.8		—		Quarterly, Semi-Annually	60 - 90
Real asset funds	2.4		4.3		3.0		4.3		Not eligible	N/A
Total U.S. assets	$	73.5	$	6.1	$	70.3	$	6.1

Schedule of estimated future benefit payments

Estimated future benefit required payments for the Company’s pension plans as of July 31, 2021 were as follows (in millions):

2022	$	30.7
2023	$	26.1
2024	$	28.1
2025	$	30.1
2026	$	28.3
2027-2031	$	145.4

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 pension plan assets and their respective levels in the fair value hierarchy by asset category were as follows (in millions):

	Level 1		Level 2		Level 3		Total
Balances of July 31, 2021
Cash and cash equivalents	$	2.2	$	1.0	$	—	$	3.2
Global equity securities	184.1		—		—		184.1
Fixed income securities	134.4		158.4		—		292.8
Insurance contracts	—		—		37.7		37.7
Total investments in the fair value hierarchy	$	320.7	$	159.4	$	37.7	517.8
Investments using NAV per share as practical expedient							73.5
Total assets							$	591.3
Balances as of July 31, 2020
Cash and cash equivalents	$	6.8	$	3.3	$	—	$	10.1
Global equity securities	170.9		—		—		170.9
Fixed income securities	111.4		110.8		—		222.2
Investment funds	—		41.7		—		41.7
Insurance contracts	—		—		35.4		35.4
Total investments in the fair value hierarchy	$	289.1	$	155.8	$	35.4	480.3
Investments using NAV per share as practical expedient							70.3
Total assets							$	550.6

Non - U.S. Plan

Defined Benefit Plan Disclosure

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

The changes in the fair values of the pension plans’ Level 3 assets were as follows (in millions):

Ending balance as of July 31, 2018	$	28.6
Unrealized gains	3.5
Foreign currency exchange	(1.5)
Purchases	0.5
Sales	(0.3)
Ending balance as of July 31, 2019	30.8
Unrealized gains	4.1
Foreign currency exchange	2.1
Purchases	0.5
Sales	(2.1)
Ending balance as of July 31, 2020	35.4
Unrealized gains	3.6
Foreign currency exchange	0.1
Purchases	0.6
Sales	(2.0)
Ending balance as of July 31, 2021	$	37.7