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Employee Benefit Plans | 3 Months Ended
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Oct. 31, 2021
Retirement Benefits, Description [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Pension Plans The Company has defined benefit pension plans for many of its hourly and salaried employees. These plans generally provide pension benefits based on years of service and compensation level. Components of net periodic benefit cost other than the service cost component are included in other expense, net in the Condensed Consolidated Statements of Earnings. Net periodic pension (benefits) costs for the Company’s pension plans were as follows (in millions):
| Three Months Ended October 31, |  |
| 2021 |  | 2020 |  |  |  |
Service cost | $ | 1.8 |  |  | $ | 2.2 |  |  |  |  |
Interest cost | 2.5 |  |  | 2.4 |  |  |  |  |
Expected return on assets | (6.3) |  |  | (5.8) |  |  |  |  |
Prior service cost amortization | 0.1 |  |  | 0.1 |  |  |  |  |
Actuarial loss amortization | 1.8 |  |  | 2.2 |  |  |  |  |
Curtailment charge | — |  |  | 0.8 |  |  |  |  |
Net periodic pension (benefits) costs | $ | (0.1) |  |  | $ | 1.9 |  |  |  |  |
In fiscal 2021, the Company recorded a pension curtailment charge of $0.8 million as a result of freezing the pension benefits to certain employees. The corresponding remeasurement resulted in a decrease in the Company’s pension obligation and an adjustment to other comprehensive income in the Condensed Consolidated Statement of Comprehensive Income of $4.0 million. See Note 11. The Company’s general funding policy is to make at least the minimum required contributions as required by applicable regulations, plus any additional amounts that it determines to be appropriate. Future required pension plan contributions may change significantly depending on the actual rate of return on plan assets, discount rates and regulatory requirements.

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