Long-Term Debt

6 Months Ended

Jan. 31, 2026

The components of long-term debt are as follows:


	January 31, 2026		July 31, 2025
Term loan	$	364,870	$	408,159

Senior unsecured notes	500,000		500,000
Unsecured notes	5,960		5,723
Other debt	18,708		19,930
Total long-term debt	889,538		933,812
Debt issuance costs, net of amortization	(8,847)		(10,833)
Total long-term debt, net of debt issuance costs	880,691		922,979
Less: Current portion of long-term debt	(2,920)		(3,367)
Total long-term debt, net, less current portion	$	877,771	$	919,612

As discussed in Note 12 to the Company’s Consolidated Financial Statements included in the Fiscal 2025 Form 10-K, the Company is a party to a term loan agreement, which consists of both a United States dollar-denominated term loan tranche (“USD term loan”) and a Euro-denominated term loan tranche (“Euro term loan”) and a $1,000,000 asset-based credit facility (“ABL”).

As of January 31, 2026, the outstanding USD term loan balance of $50,000 was subject to a Secured Overnight Financing Rate (“SOFR”)-based rate totaling 5.92%. The total interest rate on the January 31, 2026 outstanding Euro term loan tranche balance of $314,870 was 4.70%. The Senior Unsecured Notes were issued on October 14, 2021 in an aggregate principal amount of $500,000 and bear fixed interest at a rate of 4.00%.

As of January 31, 2026 and July 31, 2025, there were no outstanding ABL borrowings. ABL availability is based on borrowing base calculations of applicable eligible receivables and inventory, subject to certain limits. Availability based on January 31, 2026 borrowing base calculations was approximately $998,000.

For the three and six months ended January 31, 2026, interest expense on total long-term debt was $11,721 and $23,627, respectively. These interest expense amounts include the amortization of capitalized debt issuance costs of $1,460 and $2,392, for the three and six months ended January 31, 2026, respectively. For the three and six months ended January 31, 2025, interest expense on total long-term debt was $15,452 and $33,037, respectively, which includes amortization of capitalized debt issuance costs of $1,361 and $3,527, respectively.

The fair value of the Company’s term loan debt at January 31, 2026 and July 31, 2025 was $367,264 and $410,124, respectively. The fair value of the Company’s Senior Unsecured Notes at January 31, 2026 and July 31, 2025 was $478,750 and $469,100, respectively. The fair value of all other debt held by the Company approximates carrying value. The fair values of the Company’s long-term debt are primarily estimated using Level 2 inputs as defined by ASC 820, based on quoted prices in markets that are not active.