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Long-Term Debt | 3 Months Ended
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Oct. 31, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt The components of long-term debt are as follows:
|  | October 31, 2023 |  | July 31, 2023
Term loan |  | $ | 740,275 |  |  | $ | 758,094 |
Senior unsecured notes |  | 500,000 |  |  | 500,000 |
Unsecured notes |  | 26,548 |  |  | 27,558 |
Other debt |  | 38,474 |  |  | 41,753 |
Total long-term debt |  | 1,305,297 |  |  | 1,327,405 |
Debt issuance costs, net of amortization |  | (22,468) |  |  | (24,726) |
Total long-term debt, net of debt issuance costs |  | 1,282,829 |  |  | 1,302,679 |
Less: Current portion of long-term debt |  | (10,952) |  |  | (11,368) |
Total long-term debt, net, less current portion |  | $ | 1,271,877 |  |  | $ | 1,291,311 |
As discussed in Note 13 to the Company’s Consolidated Financial Statements included in the Fiscal 2023 Form 10-K, the Company is a party to a term loan (“term loan”) agreement, which consists of both a U.S. dollar-denominated term loan tranche and a Euro-denominated term loan tranche, and a $1,000,000 revolving asset-based credit facility (“ABL”). Effective November 15, 2023, the Company amended its term loan and ABL agreements to extend maturities and lower the applicable margins used to determine the interest rate on the U.S. dollar-denominated term loan tranche. See Note 19 for additional details on these amendments. As of October 31, 2023, the entire outstanding U.S. term loan tranche balance of $271,900 was subject to a Secured Overnight Financing Rate (“SOFR”)-based rate totaling 8.439%. As of July 31, 2023, the entire outstanding U.S. term loan tranche balance of $271,900 was subject to a SOFR-based rate totaling 8.433%. The total interest rate on the October 31, 2023 outstanding Euro term loan tranche balance of $468,375 was 6.94%, and the total interest rate on the July 31, 2023 outstanding Euro term loan tranche of $486,194 was 6.625%. As of October 31, 2023 and July 31, 2023, there were no outstanding ABL borrowings. Availability under the ABL agreement is subject to a borrowing base based on a percentage of applicable eligible receivables and eligible inventory. The unused availability under the ABL is generally available to the Company for general operating purposes, and based on October 31, 2023 eligible receivables and eligible inventory balances and net of amounts drawn, if any, totaled approximately $998,000. As discussed in Note 13 to the Company’s Consolidated Financial Statements included in the Fiscal 2023 Form 10-K, on October 14, 2021, the Company issued an aggregate principal amount of $500,000 of 4.000% Senior Unsecured Notes due 2029 (“Senior Unsecured Notes”) that will mature on October 15, 2029 unless redeemed or repurchased earlier. Interest on the Senior Unsecured Notes is payable in semi-annual installments on April 15 and October 15 of each year. The unsecured notes of 25,000 Euro ($26,548) relate to long-term debt of our European segment. There are two series, 20,000 Euro ($21,238) with an interest rate of 1.945% maturing in March 2025, and 5,000 Euro ($5,310) with an interest rate of 2.534% maturing March 2028. Other debt relates primarily to real estate loans with varying maturity dates through September 2032 and interest rates ranging from 2.38% to 2.87%. Total contractual gross debt maturities as of October 31, 2023, prior to the November 15, 2023 amendments discussed above and in Note 19, are as follows:
For the remainder of the fiscal year ending July 31, 2024 | $ | 9,073
For the fiscal year ending July 31, 2025 | 31,895
For the fiscal year ending July 31, 2026 | 743,337
For the fiscal year ending July 31, 2027 | 2,602
For the fiscal year ending July 31, 2028 | 7,975
For the fiscal year ending July 31, 2029 and thereafter | 510,415
| $ | 1,305,297
For the three-month periods ended October 31, 2023 and October 31, 2022, interest expense on the term loan, ABL, Senior Unsecured Notes and other debt facilities totaled $20,327 and $20,179, respectively, and also included the amortization of capitalized fees to secure the term loan, ABL and Senior Unsecured Notes, which are being amortized over the respective terms of those arrangements, of $2,872 and $2,835, respectively. The fair value of the Company’s term loan debt at October 31, 2023 and July 31, 2023 approximates carrying value. The fair value of the Company’s Senior Unsecured Notes at October 31, 2023 and July 31, 2023 was $406,100 and $430,650, respectively. The fair value of other debt held by the Company approximates carrying value. The fair values of the Company’s long-term debt are primarily estimated using Level 2 inputs as defined by ASC 820, based on quoted prices in markets that are not active.

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