DEFINED BENEFIT PENSION PLANS (Tables)

12 Months Ended

Jul. 31, 2020

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, 2020 and 2019, classified by fair value hierarchy:



					Fair Value Measurements at Reporting Date Using
(In thousands)	July 31, 2020		Asset Allocations		Level 1		Level 2		Level 3
Insurance contract	$	28,388	98	%					$	28,388
Other investments	662		2	%	—		—		662
	$	29,050	100	%	$	—	$	—	$	29,050



					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

Aggregate Change in Benefit Obligation and Plan Assets

The following table summarizes the changes in benefit obligation, plan assets and funded status for these plans:



	July 31,
	2020			2019
	(In thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	34,538		$	29,849
Service cost	185			365
Interest cost	543			633
Actuarial (gain) loss	(691		)	5,125
Employee contributions	28			72
Benefits and administrative expenses paid	(212		)	(197		)
Adjustments	—			(20		)
Effect of curtailment	(2,390		)	—
Currency translation	1,926			(1,289		)
Benefit obligation at end of year	$	33,927		$	34,538

Change in plan assets
Fair value of plan assets at beginning of year	$	27,267		$	22,860
Actual return on plan assets	476			5,136
Employer contributions, net	(39		)	422
Employee contributions	28			73
Settlements	—			(19		)
Benefits and administrative expenses paid	(212		)	(197		)
Currency translation	1,530			(1,008		)
Fair value of plan assets at end of year	$	29,050		$	27,267

Funded status
Current liabilities	$	(31	)	$	(13	)
Noncurrent liabilities	(4,846		)	(7,259		)
Net amounts recognized on the consolidated balance sheet	$	(4,877	)	$	(7,272	)

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,
	2020		2019
	(In thousands)
Projected benefit obligation	$	33,927	$	34,538
Accumulated benefit obligation	$	33,927	$	32,361
Fair value of plan assets	$	29,050	$	27,267

Components of Net Periodic Pension Cost

The following table summarizes the components of net periodic pension cost:



	Fiscal Year Ended July 31,
	2020			2019
	(In thousands)
Service cost	$	185		$	365
Interest costs	543			633
Expected return on plan assets	(458		)	(492		)
Amortization of net actuarial loss	74			127
Curtailment gain	(143		)	—
Net periodic pension costs	$	201		$	633

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

The table below summarizes the weighted average assumptions used to determine benefit obligations:



	Fiscal Year Ended July 31,
	2020		2019
Discount rate	1.48	%	1.48	%
Rate of compensation increase	1.96	%	1.97	%

The table below summarizes weighted average assumptions used to determine net periodic pension cost:



	Fiscal Year Ended July 31,
	2020		2019
Discount rate	1.39	%	1.46	%
Expected long-term rate of return on plan assets	1.37	%	1.45	%
Rate of compensation increase	1.77	%	1.92	%

Summary of Expected Benefit Payments from the Plans through Fiscal 2026

The following table summarizes expected benefit payments from the plans through fiscal year 2025. Actual benefit payments may differ from expected benefit payments. The minimum employer required contributions to the plans are expected to be approximately $0.3 million in fiscal year 2021.



	Pension Benefit Payments
	(In thousands)
For the fiscal year ending July 31:
2021	247
2022	258
2023	309
2024	472
2025	396
Next 5 years	2,811