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Subsequent Event | 6 Months Ended
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Jan. 31, 2024
Subsequent Events [Abstract] |
Subsequent Event |
13. Subsequent Events
On February 5, 2024, the existing 2021 Credit Facility described in Note 6, "Debt" was terminated. On February 5, 2024, we entered into a credit agreement with certain lenders providing for a $1.5 billion unsecured revolving credit facility that will expire on February 5, 2029 (2024 Credit Facility), which replaced the 2021 Credit Facility. Under this agreement, we may, subject to certain customary conditions, including approval of relevant lenders, on one or more occasions, increase commitments under the 2024 Credit Facility by an amount not to exceed $1 billion in the aggregate, and, on one or more occasions, extend the expiration date of the 2024 Credit Facility by one year. The 2024 Credit Facility includes a $250 million sublimit for the issuance of letters of credit and a $500 million sublimit for borrowing swingline loans. Borrowings under the revolving credit facility will accrue interest at rates equal to (a) in the case of U.S. dollar borrowings, at our election, either (i) the alternate base rate, or (ii) the adjusted term SOFR rate, or (b) in the case of foreign currency borrowings, the interest benchmark for the relevant currency specified in the credit agreement, in each case plus an applicable margin for such loans as defined in the credit agreement. Actual margins under either election will be based on our senior debt credit ratings. This agreement includes customary affirmative and negative covenants, including financial covenants, that require us to maintain a ratio of total gross debt to earnings before interest, taxes, depreciation, amortization, goodwill or other intangible asset impairments, and share-based compensation expense of not greater than 4.00 to 1.00 as measured on a rolling twelve month basis as of the last day of each fiscal quarter.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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