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Long-Term Debt | 3 Months Ended
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Oct. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt The components of long-term debt are as follows:
|  | October 31, 2024 |  | July 31, 2024
Term loan |  | $ | 536,003 |  |  | $ | 594,361 |
Senior unsecured notes |  | 500,000 |  |  | 500,000 |
Unsecured notes |  | 27,205 |  |  | 27,070 |
Other debt |  | 28,189 |  |  | 29,848 |
Total long-term debt |  | 1,091,397 |  |  | 1,151,279 |
Debt issuance costs, net of amortization |  | (15,401) |  |  | (17,364) |
Total long-term debt, net of debt issuance costs |  | 1,075,996 |  |  | 1,133,915 |
Less: Current portion of long-term debt |  | (32,206) |  |  | (32,650) |
Total long-term debt, net, less current portion |  | $ | 1,043,790 |  |  | $ | 1,101,265 |
As discussed in Note 13 to the Company’s Consolidated Financial Statements included in the Fiscal 2024 Form 10-K, the Company is a party to a seven-year term loan (“term loan”) agreement, which consists of both a U.S. dollar-denominated term loan tranche (“USD term loan”) and a Euro-denominated term loan tranche (“Euro term loan”) and a five-year $1,000,000 asset-based credit facility (“ABL”). As of October 31, 2024, the outstanding USD term loan balance of $205,000 was subject to a Secured Overnight Financing Rate (“SOFR”)-based rate totaling 6.935%. The total interest rate on the October 31, 2024 outstanding Euro term loan tranche balance of $331,003 was 5.896%. The Senior Unsecured Notes were issued on October 14, 2021 in an aggregate principal amount of $500,000 and bear fixed interest at a rate of 4.000%. As of October 31, 2024 and July 31, 2024, 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, and based on October 31, 2024 eligible receivables and eligible inventory balances and net of amounts drawn, if any, totaled approximately $865,000. For the three-month periods ended October 31, 2024 and October 31, 2023, interest expense on total long-term debt was $17,585 and $23,199, respectively. These interest expense amounts include the amortization of capitalized debt issuance costs of $2,166 and $2,872, for the three-month periods ended October 31, 2024 and October 31, 2023 respectively. The fair value of the Company’s term loan debt at October 31, 2024 and July 31, 2024 was $537,028 and $597,334, respectively. The fair value of the Company’s Senior Unsecured Notes at October 31, 2024 and July 31, 2024 was $454,300 and $450,450, respectively. The fair value of all 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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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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