XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

Derivatives and Hedging | 3 Months Ended
--- | ---
Oct. 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:
| October 31, 2020 |  | July 31, 2020
|  |  |  | Fair Value in |  |  |  |  | Fair Value in
|  |  |  | Other Current |  |  |  |  | Other Current
Cash Flow Hedges | Notional |  |  | Liabilities |  | Notional |  |  | Liabilities
Interest rate swap agreements | $ | 631,800 |  |  |  | $ | 20,469 |  |  | $ | 673,400 |  |  |  | $ | 24,840 |
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 months ended October 31, 2020, net of tax, were $5,482, and losses for the three months ended October 31, 2019, net of tax, were $1,254. There were no amounts reclassified out of accumulated other comprehensive income ("AOCI") pertaining to the net investment hedge during the three-month periods ended October 31, 2020 and October 31, 2019, respectively. Derivatives Not Designated as Hedging Instruments The Company has certain other derivative instruments which have not been designated as hedges. These other derivative instruments had a notional amount totaling approximately $33,806 and a fair value of $1,854 which is included in Other current liabilities in the Condensed Consolidated Balance Sheet as of October 31, 2020. These other derivative instruments had a notional amount totaling approximately $34,862 and a fair value of $1,824, as of July 31, 2020. For these derivative instruments, changes in fair value are recognized in earnings. 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 October 31,
|  | 2020 |  | 2019
Gain (Loss) on Derivatives Designated as Cash Flow Hedges |  |  |  |
Gain (Loss) recognized in Other Comprehensive Income, net of tax |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | (525) |
Interest rate swap agreements |  | 3,332 |  |  | (3,197) |
Total gain (loss) |  | $ | 3,332 |  |  | $ | (3,722) |
|  | Three Months Ended October 31,
|  | 2020 |  | 2019
|  |  |  |  | Interest |  |  |  |  | Interest
|  | Sales |  |  | Expense |  | Sales |  |  | Expense
(Loss) Reclassified from AOCI, Net of Tax |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Interest rate swap agreements |  | — |  |  |  | (2,774) |  |  | — |  |  |  | (495) |
(Loss) on Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Amount of loss recognized in income, net of tax |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | — |  |  |  | (38) |  |  | — |  |  |  | (75) |
Total (loss) |  | $ | — |  |  |  | $ | (2,812) |  |  | $ | — |  |  |  | $ | (570) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration