Derivatives and Hedging (Tables)

6 Months Ended

Jan. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The fair value of our derivative instruments and the associated notional amounts, presented on a pre-tax basis, were as follows:

	January 31, 2021				July 31, 2020
			Fair Value in				Fair Value in
			Other Current				Other Current
Cash Flow Hedges	Notional		Liabilities		Notional		Liabilities
Foreign currency forward contracts	$	13,731	$	92	$	—	$	—
Interest rate swap agreements	581,913		17,387		673,400		24,840
Total derivative financial instruments	$	595,644	$	17,479	$	673,400	$	24,840

Derivative instruments, gain (loss)

The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments are as follows:

	Three Months Ended January 31,
	2021		2020
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts	$	(66)	$	(490)
Interest rate swap agreements	2,417		266
Total gain (loss)	$	2,351	$	(224)

	Six Months Ended January 31,
	2021		2020
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts	$	(66)	$	(1,015)
Interest rate swap agreements	5,749		(2,931)
Total gain (loss)	$	5,683	$	(3,946)

	Three Months Ended January 31,
	2021				2020
			Interest				Interest
	Sales		Expense		Sales		Expense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts	$	7	$	—	$	(434)	$	—
Interest rate swap agreements	—		(2,623)		—		(1,019)
(Loss) on Derivatives Not Designated as Hedging Instruments
Amount of loss recognized in income, net of tax
Interest rate swap agreements	—		(8)		—		(93)
Total gain (loss)	$	7	$	(2,631)	$	(434)	$	(1,112)

	Six Months Ended January 31,
	2021				2020
			Interest				Interest
	Sales		Expense		Sales		Expense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts	$	7	$	—	$	(434)	$	—
Interest rate swap agreements	—		(5,397)		—		(1,514)
(Loss) on Derivatives Not Designated as Hedging Instruments
Amount of loss recognized in income, net of tax
Interest rate swap agreements	—		(46)		—		(168)
Total gain (loss)	$	7	$	(5,443)	$	(434)	$	(1,682)