XML 54 R40.htm IDEA: XBRL DOCUMENT v3.22.2.2
DEFINED BENEFIT PENSION PLANS (Tables)
 12 Months Ended
Jul. 31, 2022
Retirement Benefits [Abstract]  
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, 2022 and 2021, classified by fair value hierarchy:
Fair Value Measurements at Reporting Date Using
(In thousands)July 31, 2022Asset
Allocations		Level 1Level 2Level 3
Insurance contract$17,560 98 %$— $— $17,560 
Other investments416 2 %— — 416 
$17,976 100 %$— $— $17,976 
Fair Value Measurements at Reporting Date Using
(In thousands)July 31, 2021Asset
Allocations		Level 1Level 2Level 3
Insurance contract$28,554 98 %$— $— $28,554 
Other investments669 2 %— — 669 
$29,223 100 %$— $— $29,223 
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,
20222021
(In thousands)
Change in benefit obligation
Benefit obligation at beginning of year$33,584 $33,927 
Service cost11 16 
Interest cost462 501 
Actuarial gain(8,674)(664)
Benefits and administrative expenses paid(227)(216)
Settlements— (46)
Currency translation(4,053)66 
Benefit obligation at end of year$21,103 $33,584 
Change in plan assets
Fair value of plan assets at beginning of year$29,223 $29,050 
Actual return on plan assets(7,544)(29)
Employer contributions, net5 393 
Settlements— (46)
Benefits and administrative expenses paid(227)(216)
Currency translation(3,481)71 
Fair value of plan assets at end of year$17,976 $29,223 
Funded status
Current liabilities$(11)$(13)
Noncurrent liabilities(3,116)(4,348)
Net amounts recognized on the consolidated balance sheets$(3,127)$(4,361)
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,
20222021
(In thousands)
Projected benefit obligation$21,103 $33,584 
Accumulated benefit obligation$21,103 $33,584 
Fair value of plan assets$17,976 $29,223 
Components of Net Periodic Pension Cost
The following table summarizes the components of net periodic pension cost:
Fiscal Year Ended
July 31,
20222021
(In thousands)
Service cost$11 $16 
Interest costs462 501 
Expected return on plan assets(407)(437)
Amortization of net actuarial loss4 4 
Net periodic pension costs$70 $84 
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,
20222021
Discount rate2.96 %1.49 %
Rate of compensation increase— %— %

The table below summarizes weighted average assumptions used to determine net periodic pension cost:
Fiscal Year Ended
July 31,
20222021
Discount rate2.58 %1.24 %
Expected long-term rate of return on plan assets2.51 %1.20 %
Rate of compensation increase— %— %
Summary of Expected Benefit Payments from the Plans through Fiscal 2026
The following table summarizes expected benefit payments from the plans through fiscal year 2032. Actual benefit payments may differ from expected benefit payments. The minimum employer required contributions to the plans are expected to be approximately $0.2 million in fiscal year 2023.
Pension Benefit
Payments
(In thousands)
For the fiscal year ending July 31:
2023$265 
2024414 
2025340 
2026430 
2027413 
Thereafter2,896