DEFINED BENEFIT PENSION PLANS (Tables)

12 Months Ended

Jul. 31, 2019

Plan Assets Measured at Fair Value on Recurring Basis Classified by Fair Value Hierarchy

The following table presents the plan assets measured at fair value on a recurring basis as of July 31, 2019 and 2018, classified by fair value hierarchy:



					Fair Value Measurements at Reporting Date Using
(In thousands)	July 31, 2019		Asset Allocations		Level 1		Level 2		Level 3
Insurance contract	$	26,651	98	%	$	—	$	—	$	26,651
Other investments	616		2	%	—		—		616
	$	27,267	100	%	$	—	$	—	$	27,267



					Fair Value Measurements at Reporting Date Using
(In thousands)	July 31, 2018		Asset Allocations		Level 1		Level 2		Level 3
Insurance contract	$	22,339	98	%	$	—	$	—	$	22,339
Other investments	521		2	%	—		—		521
	$	22,860	100	%	$	—	$	—	$	22,860

The following table presents the pension plan assets measured at fair value on a recurring basis as of July 31, 2019 and 2018, classified by fair value hierarchy:



					Fair Value Measurements at Reporting Date Using
(In thousands)	July 31, 2019		Asset Allocations		Level 1		Level 2		Level 3
Insurance contract	$	26,651	98	%	$	—	$	—	$	26,651
Other investments	616		2	%	—		—		616
	$	27,267	100	%	$	—	$	—	$	27,267



					Fair Value Measurements at Reporting Date Using
(In thousands)	July 31, 2018		Asset Allocations		Level 1		Level 2		Level 3
Insurance contract	$	22,339	98	%	$	—	$	—	$	22,339
Other investments	521		2	%	—		—		521
	$	22,860	100	%	$	—	$	—	$	22,860

Aggregate Change in Benefit Obligation and Plan Assets

The aggregate change in benefit obligation and plan assets related to these plans was as follows:



	July 31,
	2019			2018
	(In thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	29,849		$	27,464
Service cost	365			398
Interest cost	633			671
Actuarial loss	5,125			1,655
Employee contributions	72			93
Benefits and administrative expenses paid	(197		)	(372		)
Adjustments	(20		)	(54		)
Settlements	—			(21		)
Currency translation	(1,289		)	15
Benefit obligation at end of year	34,538			29,849
Change in plan assets
Fair value of plan assets at beginning of year	22,860			21,204
Actual return on plan assets	5,136			1,541
Employer contributions, net	422			402
Employee contributions	73			92
Settlements	(19		)	(21		)
Benefits and administrative expenses paid	(197		)	(372		)
Currency translation	(1,008		)	14
Fair value of plan assets at end of year	27,267			22,860
Funded status
Current liability	(13		)	(13		)
Noncurrent liability	(7,259		)	(6,976		)
Net amount recognized in statement of financial position as a noncurrent liability	$	(7,272	)	$	(6,989	)

Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:



	July 31,
	2019		2018
	(In thousands)
Projected benefit obligation	$	34,538	$	29,849
Accumulated benefit obligation	$	32,361	$	27,700
Fair value of plan assets	$	27,267	$	22,860

Components of Net Periodic Pension Cost

Components of net periodic pension cost were as follows:



	Twelve months ended July 31,
	2019			2018
	(In thousands)
Service cost	$	365		$	398
Interest costs	633			671
Expected return on plan assets	(492		)	(529		)
Amortization of net actuarial loss	127			125
Net periodic pension costs	$	633		$	665

Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost

Weighted-average assumptions used to determine benefit obligations was as follows:



	Twelve months ended July 31,
	2019		2018
Discount rate	1.48	%	2.22	%
Rate of compensation increase	1.97	%	1.93	%

Weighted-average assumptions used to determine net periodic pension cost was as follows:



	Twelve months ended July 31,
	2019		2018
Discount rate	1.46	%	2.21	%
Expected long-term rate of return on plan assets	1.45	%	2.20	%
Rate of compensation increase	1.92	%	1.94	%

Summary of Expected Benefit Payments from the Plans through Fiscal 2026

The following table summarizes expected benefit payments from the plans through fiscal year 2024. Actual benefit payments may differ from expected benefit payments. The minimum required contributions to the plans are expected to be approximately $0.4 million in fiscal year 2020.



	Pension Benefit Payments
	(in thousands)
For the fiscal year ended July 31:
2020	205
2021	247
2022	245
2023	294
2024	444
Next 5 years	2,436