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Derivatives and Hedging | 6 Months Ended
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Jan. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging The fair value of our derivative instruments and the associated notional amounts, presented on a pre-tax basis, were as follows:
| January 31, 2020 |  |  |  | July 31, 2019 |  |
|  |  | Fair Value in |  |  |  | Fair Value in
|  |  | Other Current |  |  |  | Other Current
Cash Flow Hedges | Notional |  | Liabilities |  | Notional |  | Liabilities
Foreign currency forward contracts | $ | 32,824 |  |  | $ | 1,421 |  |  | $ | — |  |  | $ | — |
Interest rate swap agreements | 756,600 |  |  | 16,294 |  |  | 849,550 |  |  | 12,463 |
Total derivative financial instruments | $ | 789,424 |  |  | $ | 17,715 |  |  | $ | 849,550 |  |  | $ | 12,463 |
Foreign currency forward contracts accounted for as cash flow hedges and outstanding at January 31, 2020 mature over the next five months. The Company did not have any designated hedge instruments prior to February 1, 2019. Net Investment Hedges The foreign currency transaction gains on the Euro-denominated portion of the term loan, which is designated and effective as a hedge of the Company’s net investment in its Euro-denominated functional currency subsidiaries, are included as a component of the foreign currency translation adjustment. Gains for the three and six-month periods ended January 31, 2020, net of tax, were $3,802 and $2,843, respectively. There were no amounts reclassified out of accumulated other comprehensive income ("AOCI") pertaining to the net investment hedge during the three and six-month periods ended January 31, 2020. Derivatives Not Designated as Hedging Instruments The Company entered into a deal-contingent, foreign currency forward contract on the September 18, 2018 related to its acquisition of EHG. Hedge accounting was not applied to this instrument, and therefore all changes in fair value were recorded in earnings. This contract was settled in connection with the close of the EHG acquisition on February 1, 2019 in the amount of $70,777, resulting in a loss of the same amount. Of this $70,777 total loss, $31,152 and $73,707 in losses were recognized in the three and six-month periods ended January 31, 2019, respectively, and are included in Acquisition-related costs in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company also has certain other derivative instruments which have not been designated as hedges. These other derivative instruments had a notional amount totaling approximately $34,093 and a fair value of $1,446 which is included in Other current liabilities in the Condensed Consolidated Balance Sheet as of January 31, 2020. These other derivative instruments had a notional amount totaling approximately $35,700 and a fair value of $1,226, as of July 31, 2019. The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments are as follows:
|  | Three Months Ended |  | Six Months Ended
|  | January 31, 2020 |  | January 31, 2020
Gain (Loss) on Derivatives Designated as Cash Flow Hedges |  |  |  |
Gain (Loss) recognized in Other Comprehensive Income, net of tax |  |  |  |
Foreign currency forward contracts |  | $ | (490) |  |  | $ | (1,015) |
Interest rate swap agreements |  | 266 |  |  | (2,931) |
Total gain (loss) |  | $ | (224) |  |  | $ | (3,946) |
|  | Three Months Ended |  |  |  | Six Months Ended |  |
|  | January 31, 2020 |  |  |  | January 31, 2020 |  |
|  |  |  | Interest |  |  |  | Interest
|  | Sales |  | Expense |  | Sales |  | Expense
(Loss) Reclassified from AOCI, Net of Tax |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | (434) |  |  | $ | — |  |  | $ | (434) |  |  | $ | — |
Interest rate swap agreements |  | — |  |  | (1,019) |  |  | — |  |  | (1,514) |
(Loss) on Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Amount of gain (loss) recognized in income, net of tax |  |  |  |  |  |  |  |
Interest rate swap agreements |  | — |  |  | (93) |  |  | — |  |  | (168) |
Total (loss) |  | $ | (434) |  |  | $ | (1,112) |  |  | $ | (434) |  |  | $ | (1,682) |
Other than the deal-contingent foreign currency forward contract discussed above, there were no derivatives in place during the three and six-month periods ended January 31, 2019.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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