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Derivatives and Hedging | 6 Months Ended
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Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the derivative instruments are as follows:
|  | Three Months Ended January 31,
|  | 2024 |  | 2023
Gain (Loss) on Derivatives Designated as Cash Flow Hedges |  |  |  |
Gain (Loss) recognized in Other Comprehensive Income, net of tax |  |  |  |
Interest rate swap agreements (1) |  | $ | — |  |  | $ | (661) |
Total gain (loss) |  | $ | — |  |  | $ | (661) |
(1)Other comprehensive income (loss), net of tax, before reclassification from accumulated other comprehensive income (“AOCI”) was $0 and $(136) for the three months ended January 31, 2024 and 2023, respectively.
|  | Six Months Ended January 31,
|  | 2024 |  | 2023
Gain (Loss) on Derivatives Designated as Cash Flow Hedges |  |  |  |
Gain (Loss) recognized in Other Comprehensive Income, net of tax |  |  |  |
Interest rate swap agreements (2) |  | $ | — |  |  | $ | 85 |
Total gain (loss) |  | $ | — |  |  | $ | 85 |
(2)Other comprehensive income (loss), net of tax, before reclassification from AOCI was $0 and $718 for the six months ended January 31, 2024 and 2023, respectively.
|  | Three Months Ended January 31,
|  | 2024 |  | 2023
|  |  |  |  | Interest |  |  |  |  | Interest
|  | Sales |  |  | Expense |  | Sales |  |  | Expense
Gain (Loss) Reclassified from AOCI, Net of Tax |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | — |  |  |  | $ | — |  |  | $ | — |  |  |  | $ | 525 |
Gain (Loss) on Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Gain (loss) recognized in income, net of tax |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | (236) |  |  |  | — |  |  | 1,118 |  |  |  | — |
Commodities swap agreements |  | — |  |  |  | — |  |  | (1,567) |  |  |  | — |
Interest rate swap agreements |  | — |  |  |  | (205) |  |  | — |  |  |  | (83) |
Total gain (loss) |  | $ | (236) |  |  |  | $ | (205) |  |  | $ | (449) |  |  |  | $ | 442 |
|  | Six Months Ended January 31,
|  | 2024 |  | 2023
|  |  |  |  | Interest |  |  |  |  | Interest
|  | Sales |  |  | Expense |  | Sales |  |  | Expense
Gain (Loss) Reclassified from AOCI, Net of Tax |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  |  | $ | — |  |  | $ | (58) |  |  |  | $ | — |
Interest rate swap agreements |  | — |  |  |  | — |  |  | — |  |  |  | 633 |
Gain (Loss) on Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Gain (loss) recognized in income, net of tax |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | (75) |  |  |  | — |  |  | 1,946 |  |  |  | — |
Commodities swap agreements |  | — |  |  |  | — |  |  | (2,229) |  |  |  | — |
Interest rate swap agreements |  | — |  |  |  | (139) |  |  | — |  |  |  | 171 |
Total gain (loss) |  | $ | (75) |  |  |  | $ | (139) |  |  | $ | (341) |  |  |  | $ | 804 |
As of January 31, 2024 and July 31, 2023 there were no derivative instruments designated as cash flow hedges. The Company has certain other derivative instruments which have not been designated as hedges. These other derivative instruments had a notional amount totaling approximately $78,772 and a fair value liability of $1,509 as of January 31, 2024. These other derivative instruments had a notional amount totaling approximately $25,248 and a fair value liability of $932 as of July 31, 2023. For these derivative instruments, changes in fair value are recognized in earnings. Net Investment Hedges The foreign currency transaction gains and losses 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. A loss, net of tax, was included in the foreign currency translation adjustment of $6,237 for the three months ended January 31, 2024 and a gain of $7,172 was included for the six months ended January 31, 2024. Losses, net of tax, included in the foreign currency translation adjustments were $30,297 for the three months ended January 31, 2023 and $20,912 for the six months ended January 31, 2023. There were no amounts reclassified out of AOCI pertaining to the net investment hedge during the three and six-month periods ended January 31, 2024 and January 31, 2023, respectively.

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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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