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Long-Term Debt | 6 Months Ended
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Jan. 31, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt The components of long-term debt are as follows:
|  | January 31, 2025 |  | July 31, 2024
Term loan |  | $ | 496,129 |  |  | $ | 594,361 |
Senior unsecured notes |  | 500,000 |  |  | 500,000 |
Unsecured notes |  | 25,983 |  |  | 27,070 |
Other debt |  | 23,268 |  |  | 29,848 |
Total long-term debt |  | 1,045,380 |  |  | 1,151,279 |
Debt issuance costs, net of amortization |  | (14,243) |  |  | (17,364) |
Total long-term debt, net of debt issuance costs |  | 1,031,137 |  |  | 1,133,915 |
Less: Current portion of long-term debt |  | (27,742) |  |  | (32,650) |
Total long-term debt, net, less current portion |  | $ | 1,003,395 |  |  | $ | 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 January 31, 2025, the outstanding USD term loan balance of $180,000 was subject to a Secured Overnight Financing Rate (“SOFR”)-based rate totaling 6.562%. The total interest rate on the January 31, 2025 outstanding Euro term loan tranche balance of $316,129 was 5.475%. 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 January 31, 2025 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. Based on January 31, 2025 eligible receivables and eligible inventory balances and net of amounts drawn, if any, totaled approximately $855,000. For the three and six months ended January 31, 2025, interest expense on total long-term debt was $15,452 and $33,037, respectively. These interest expense amounts include the amortization of capitalized debt issuance costs of $1,361 and $3,527, for the three and six months ended January 31, 2025, respectively. For the three and six months ended January 31, 2024, interest expense on total long-term debt was $30,548 and $53,747, respectively, which includes amortization of capitalized debt issuance costs and debt extinguishment charges related to the November 2023 debt refinancing totaling $8,992 and $11,864, respectively. The fair value of the Company’s term loan debt at January 31, 2025 and July 31, 2024 was $500,415 and $597,334, respectively. The fair value of the Company’s Senior Unsecured Notes at January 31, 2025 and July 31, 2024 was $456,950 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. Subsequent to January 31, 2025, the Company made a payment of $25,000 against the principal balance of its USD term loan.

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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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