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Fair Value Measurements | 3 Months Ended
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Oct. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The financial assets and liabilities that are accounted for at fair value on a recurring basis at October 31, 2022 and July 31, 2022 are as follows:
| Input Level |  | October 31, 2022 |  | July 31, 2022
Cash equivalents | Level 1 |  | $ | 80,584 |  | $ | —
Deferred compensation plan mutual fund assets | Level 1 |  | $ | 43,957 |  | $ | 42,312
Equity investments | Level 1 |  | $ | 11,956 |  | $ | —
Foreign currency forward contract asset | Level 2 |  | $ | 743 |  | $ | —
Foreign currency forward contract liability | Level 2 |  | $ | — |  | $ | 80
Interest rate swap asset, net | Level 2 |  | $ | 1,137 |  | $ | —
Interest rate swap liability, net | Level 2 |  | $ | — |  | $ | 227
Commodities swap agreements liability | Level 2 |  | $ | 871 |  | $ | —
Cash equivalents represent investments in short-term money market instruments that are direct obligations of the US Treasury and/or repurchase agreements backed by Treasury obligations. These investments are reported as a component of Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Deferred compensation plan assets accounted for at fair value are investments in securities (primarily mutual funds) traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Additional plan investments in corporate-owned life insurance are recorded at their cash surrender value, not fair value, and therefore are not included above. Equity investments represent stock investments that are publicly traded in an active market. The fair value of foreign currency forward contracts is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates. The fair value of interest rate swaps is determined by discounting the estimated future cash flows based on the applicable observable yield curves. The fair value of the commodities swaps is determined by discounting the estimated future cash flows based on the applicable observable commodity curves.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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