DONALDSON CO INC, 10-K filed on 9/27/2024
Annual Report
v3.24.3
Cover - USD ($)
 12 Months Ended
Jul. 31, 2024
Sep. 13, 2024
Jan. 31, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --07-31    
Document Period End Date Jul. 31, 2024    
Document Transition Report false    
Entity File Number 1-7891    
Entity Registrant Name DONALDSON COMPANY, INC.    
Entity Incorporation, State DE    
Entity Tax Identification Number 41-0222640    
Entity Address, Street Address 1400 West 94th Street    
Entity Address, City Minneapolis    
Entity Address, State MN    
Entity Address, Postal Zip Code 55431    
City Area Code 952    
Local Phone Number 887-3131    
Title of each class Common Stock, $5.00 par value    
Trading Symbol(s) DCI    
Name of each exchange on which registered NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error false    
Entity Shell Company false    
Entity Public Float     $ 7,729,445,706
Entity Common Stock, Shares Outstanding   119,732,101  
Documents Incorporated by Reference
Portions of the registrant’s Proxy Statement for its 2024 annual meeting of stockholders (the “2024 Proxy Statement”) are incorporated by reference in Part III, as specifically set forth in Part III.
    
Entity Central Index Key 0000029644    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.24.3
Audit Information
 12 Months Ended
Jul. 31, 2024
Auditor Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Minneapolis, Minnesota
Auditor Firm ID 238
v3.24.3
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Income Statement [Abstract]      
Net sales $ 3,586.3 $ 3,430.8 $ 3,306.6
Cost of sales 2,311.9 2,270.2 2,239.2
Gross profit 1,274.4 1,160.6 1,067.4
Selling, general and administrative 636.7 602.3 554.8
Research and development 93.6 78.1 69.1
Operating expenses 730.3 680.4 623.9
Operating income 544.1 480.2 443.5
Interest expense 21.4 19.2 14.9
Other income, net (12.6) (7.7) (9.8)
Earnings before income taxes 535.3 468.7 438.4
Income taxes 121.3 109.9 105.6
Net earnings $ 414.0 $ 358.8 $ 332.8
Weighted average shares – basic (in shares) 120.7 121.8 123.7
Weighted average shares – diluted (in shares) 122.6 123.6 125.2
Net earnings per share – basic (in usd per share) $ 3.43 $ 2.95 $ 2.69
Net earnings per share – diluted (in usd per share) $ 3.38 $ 2.90 $ 2.66
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net earnings $ 414.0 $ 358.8 $ 332.8
Other comprehensive income:      
Foreign currency translation (loss) income (24.2) 34.0 (99.6)
Pension liability adjustment, net of deferred taxes of $0.8, $(0.3) and $(2.1), respectively (1.9) 0.3 7.2
Derivatives:      
(Loss) gain on hedging derivatives, net of deferred taxes of $0.2, $0.5 and $(2.0), respectively (0.6) (1.4) 7.2
Reclassification of hedging derivatives to net earnings, net of taxes of $0.0, $(0.1) and $0.5, respectively 0.3 0.2 (2.2)
Total derivatives (0.3) (1.2) 5.0
Net other comprehensive (loss) income (26.4) 33.1 (87.4)
Comprehensive income $ 387.6 $ 391.9 $ 245.4
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Statement of Comprehensive Income [Abstract]      
Pension liability adjustment, net of deferred taxes $ 0.8 $ (0.3) $ (2.1)
(Loss) gain on hedging derivatives, net of deferred taxes 0.2 0.5 (2.0)
Reclassification of hedging derivatives to net earnings, net of taxes $ (0.0) $ (0.1) $ 0.5
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Current assets:    
Cash and cash equivalents $ 232.7 $ 187.1
Accounts receivable, less allowances of $6.3 and $8.3, respectively 629.7 599.7
Inventories, net 476.7 418.1
Prepaid expenses and other current assets 99.0 81.1
Total current assets 1,438.1 1,286.0
Property, plant and equipment, net 645.5 652.9
Goodwill 478.4 481.1
Intangible assets, net 171.9 188.1
Other long-term assets 180.4 162.4
Total assets 2,914.3 2,770.5
Current liabilities:    
Short-term borrowings 28.3 34.1
Current maturities of long-term debt 25.0 125.0
Accounts payable 379.4 304.9
Accrued employee compensation and related taxes 140.9 119.4
Deferred revenue 19.7 25.3
Income taxes payable 42.6 32.3
Dividend payable 32.5 30.4
Other current liabilities 114.1 85.0
Total current liabilities 782.5 756.4
Long-term debt 483.4 496.6
Non-current income taxes payable 39.8 56.5
Deferred income taxes 16.1 32.3
Other long-term liabilities 103.4 108.0
Total liabilities 1,425.2 1,449.8
Commitments and contingencies (Note 18)
Stockholders’ equity:    
Preferred stock, $1.00 par value, 1,000,000 shares authorized, none issued 0.0 0.0
Common stock, $5.00 par value, 240,000,000 shares authorized, 151,643,194 shares issued 758.2 758.2
Additional paid-in capital 26.8 24.8
Retained earnings 2,377.5 2,087.8
Accumulated other comprehensive loss (198.9) (172.5)
Treasury stock, 31,533,192 and 30,528,696 shares, respectively, at cost (1,474.5) (1,377.6)
Total stockholders’ equity 1,489.1 1,320.7
Total liabilities and stockholders’ equity $ 2,914.3 $ 2,770.5
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Statement of Financial Position [Abstract]    
Accounts receivable, allowance $ 6.3 $ 8.3
Preferred stock, par value (in usd per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in usd per share) $ 5.00 $ 5.00
Common stock, shares authorized (in shares) 240,000,000 240,000,000
Common stock, shares issued (in shares) 151,643,194 151,643,194
Treasury stock, shares (in shares) 31,533,192 30,528,696
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Operating Activities      
Net earnings $ 414.0 $ 358.8 $ 332.8
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 98.4 92.3 93.8
Equity in earnings of affiliates, net of distributions (4.7) (1.0) 0.3
Deferred income taxes (24.3) (15.3) (1.4)
Stock-based compensation expense 22.0 20.4 20.4
Other, net 3.7 7.3 10.6
Changes in operating assets and liabilities, excluding effect of acquired businesses:      
Accounts receivable, net (39.4) 30.1 (100.8)
Inventories, net (65.6) 99.8 (147.8)
Prepaid expenses and other current assets (28.3) 16.8 (10.5)
Accounts payable 80.3 (39.0) 51.1
Income taxes payable 4.4 (11.5) 4.9
Deferred revenue (5.3) 2.1 8.3
Accrued employee compensation and related taxes and other current liabilities 37.3 (16.3) (8.9)
Net cash provided by operating activities 492.5 544.5 252.8
Investing Activities      
Purchases of property, plant and equipment (85.6) (118.5) (85.5)
Proceeds from sale of property, plant and equipment 0.7 0.4 0.4
Acquisitions, net of cash acquired (2.0) (209.2) (68.9)
Net cash used in investing activities (86.9) (327.3) (154.0)
Financing Activities      
Proceeds from long-term debt 119.7 189.2 289.3
Repayments of long-term debt (228.8) (219.6) (90.0)
Change in short-term borrowings (5.7) 30.4 (43.9)
Purchase of treasury stock (162.7) (141.8) (170.6)
Payment of contingent consideration (1.7) 0.0 0.0
Dividends paid (122.8) (114.4) (110.1)
Tax withholding for stock compensation transactions (8.0) (4.3) (1.8)
Exercise of stock options 54.1 38.3 12.9
Net cash used in financing activities (355.9) (222.2) (114.2)
Effect of exchange rate changes on cash (4.1) (1.2) (14.1)
Increase (decrease) in cash and cash equivalents 45.6 (6.2) (29.5)
Cash and cash equivalents, beginning of year 187.1 193.3 222.8
Cash and cash equivalents, end of year 232.7 187.1 193.3
Supplemental Cash Flow Information      
Income taxes paid 147.8 140.9 102.4
Interest paid 23.4 20.9 12.2
Supplemental Disclosure of Non-Cash Operating and Investing Transactions      
Accrued property, plant and equipment additions 14.2 18.5 16.3
Leased assets obtained in exchange for new operating lease liabilities $ 22.7 $ 32.3 $ 17.0
v3.24.3
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance at Jul. 31, 2021 $ 1,137.1 $ 758.2 $ 3.2 $ 1,623.8 $ (118.2) $ (1,129.9)
Comprehensive income            
Net earnings 332.8     332.8    
Foreign currency translation (99.6)       (99.6)  
Pension liability adjustment, net of deferred taxes 7.2       7.2  
Gains (losses) on hedging derivatives, net of deferred taxes 7.2       7.2  
Reclassification of gains (losses) on hedging derivatives to net earnings (2.2)       (2.2)  
Comprehensive income 245.4          
Treasury stock acquired (170.6)         (170.6)
Stock options exercised 13.3   (2.5)     15.8
Stock compensation expense 20.4   20.5     (0.1)
Deferred stock and other activity (1.7)   (4.2) (0.2)   2.7
Dividends declared (110.7)     (110.7)    
Ending balance at Jul. 31, 2022 1,133.2 758.2 17.0 1,845.7 (205.6) (1,282.1)
Comprehensive income            
Net earnings 358.8     358.8    
Foreign currency translation 34.0       34.0  
Pension liability adjustment, net of deferred taxes 0.3       0.3  
Gains (losses) on hedging derivatives, net of deferred taxes (1.4)       (1.4)  
Reclassification of gains (losses) on hedging derivatives to net earnings 0.2       0.2  
Comprehensive income 391.9          
Treasury stock acquired (141.8)         (141.8)
Stock options exercised 36.9   (5.2)     42.1
Stock compensation expense 20.4   20.2     0.2
Deferred stock and other activity (3.5)   (7.2) (0.3)   4.0
Dividends declared (116.4)     (116.4)    
Ending balance at Jul. 31, 2023 1,320.7 758.2 24.8 2,087.8 (172.5) (1,377.6)
Comprehensive income            
Net earnings 414.0     414.0    
Foreign currency translation (24.2)       (24.2)  
Pension liability adjustment, net of deferred taxes (1.9)       (1.9)  
Gains (losses) on hedging derivatives, net of deferred taxes (0.6)       (0.6)  
Reclassification of gains (losses) on hedging derivatives to net earnings 0.3       0.3  
Comprehensive income 387.6          
Treasury stock acquired (163.3)         (163.3)
Stock options exercised 53.0   (6.4)     59.4
Stock compensation expense 22.0   21.8     0.2
Deferred stock and other activity (6.0)   (13.4) 0.6   6.8
Dividends declared (124.9)     (124.9)    
Ending balance at Jul. 31, 2024 $ 1,489.1 $ 758.2 $ 26.8 $ 2,377.5 $ (198.9) $ (1,474.5)
v3.24.3
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Jul. 31, 2024
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Statement of Stockholders' Equity [Abstract]        
Dividends declared (in usd per share) $ 0.270 $ 1.04 $ 0.96 $ 0.90
v3.24.3
Summary of Significant Accounting Policies
 12 Months Ended
Jul. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Note 1. Summary of Significant Accounting Policies
Description of Business
Donaldson Company, Inc. (the Company) is a global leader in technology-led filtration products and solutions. The Company’s core strengths include leading filtration technology, diverse business and a global presence. Products are manufactured and sold around the world to original equipment manufacturers (OEMs), distributors, dealers and directly to end users.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company and all its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s joint ventures are not majority-owned and are accounted for under the equity method. The Company is party to joint ventures with Advanced Filtration Systems Inc. (AFSI) and PT Panata Jaya Mandiri (PTPJM), both of which are considered related parties. The investment and earnings from joint ventures are not material.
Certain reclassifications to previously reported financial information on the Consolidated Balance Sheet, Consolidated Statements of Cash Flows and Consolidated Statements of Changes in Stockholders’ Equity have been made to conform to the current period presentation.
Use of Estimates
The preparation of the Company’s financial statements in conformity with generally accepted accounting principles (GAAP) in the United States (U.S.) requires management to make estimates and assumptions that affect the amount of assets and liabilities and the disclosures regarding contingent assets and liabilities at period end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Operating Environment
Foreign Currency Translation
For most foreign operations, local currencies are considered the functional currency. Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at fiscal year end exchange rates and the resulting gains and losses arising from the translation of net assets located outside the U.S. are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive loss on the Consolidated Balance Sheets. Elements of the Consolidated Statements of Earnings are translated at average exchange rates in effect during the fiscal year. Foreign currency transaction losses are included in other income, net in the Consolidated Statements of Earnings and were $1.7 million, $6.4 million and $6.3 million in the years ended July 31, 2024, 2023 and 2022, respectively.
Cash Equivalents
The Company considers all highly liquid temporary investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost which approximates market value.
Revenue Recognition
Revenue is measured as the amount of consideration the Company expects to receive in exchange for the fulfillment of performance obligations. The transaction price of a contract could be reduced by variable consideration including volume purchase rebates and discounts, product refunds and returns. At the time of sale to a customer, the Company records an estimate of variable consideration as a reduction from gross sales. The Company primarily relies on historical experience and anticipated future performance to estimate the variable consideration. Revenue is recognized to the extent it is probable a significant reversal of revenue will not occur when the contingency is resolved. The Company accounts for amounts billed to customers for reimbursement of shipping and handling costs by recording these amounts as revenue and accruing costs when the related revenue is recognized.
For most customer contracts, the Company recognizes revenue at a point in time when control of the goods or services is transferred to the customer. For product sales, control is typically deemed to have transferred in accordance with the shipping terms, either at the time of shipment from the plants or distribution centers or the time of delivery to the customers. Revenue is recognized for services upon completion of those services. Payment terms vary by customer and the geographic location of the customer. The Company’s contracts with customers do not include significant financing components or non-cash consideration.
The Company has some contracts with customers where the performance obligations are satisfied over time. Certain customer contracts provide the Company with an enforceable right to payment of the transaction price for performance completed to date and the Company uses either an input or an output method of production to measure the progress towards the completion of the performance obligation in these arrangements, depending on the nature of the contract. The timing of revenue recognized from these products is slightly accelerated compared to revenue recognized at the time of shipment or delivery.
The Company generally does not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. The Company may incur certain fulfillment costs such as initial design or mobilization costs which are capitalized if they relate directly to the contract, if they are expected to generate resources that will be used to satisfy the Company’s performance obligation under the contract and if they are expected to be recovered through revenues generated under the contract. Such costs, which are amortized over the life of the respective project, were not material for any period presented.
The Company does not pay upfront sales commissions on contracts when the related contract period is greater than one year and thus has not capitalized any amounts as of July 31, 2024 and 2023, see Note 3.
Shipping and Handling
Shipping and handling costs on products sold of $91.5 million, $91.2 million and $96.4 million are classified as a component of operating expenses in the Consolidated Statements of Earnings for the years ended July 31, 2024, 2023 and 2022, respectively.
Accounts Receivable, Net and Allowance for Doubtful Accounts
Accounts receivable, net are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in its existing accounts receivable. The Company determines the allowance based on utilization of a combination of aging schedules with reserve rates applied to both current and aged receivables using historical write-off experience, regional economic data and evaluation of specific customer accounts for risk of loss and changes in current or projected conditions to calculate the allowances related to accounts receivable, net. The Company reviews its allowance for doubtful accounts monthly. Account balances are reviewed on a pooled basis by reporting unit and geographic region and are reserved when the Company determines it is probable the receivable will not be recovered. The Company reduces the receivable and corresponding allowance when it confirms an account is uncollectible.
Factoring Arrangements
The Company has agreements with financial institutions to sell certain trade receivables from customers without recourse. The Company accounts for trade receivable transfers as sales and de-recognizes the sold receivables from the Consolidated Balance Sheets. During fiscal 2024, the Company sold $29.9 million receivables under factoring agreements. Costs incurred on these sales during the year ended July 31, 2024 were $1.7 million and are included in the cost of sales within the Consolidated Statements of Earnings. Cash received from selling receivables of $28.2 million is presented as a change in accounts receivable within the operating section of the Consolidated Statements of Cash Flow.
Inventories
Inventories are stated at the lower of cost and net realizable value. U.S. inventories are valued using the last-in, first-out (LIFO) method while the non-U.S. inventories are valued using the first-in, first-out (FIFO) method. Inventories valued at LIFO were approximately 35.3% and 29.7% of total inventories as of July 31, 2024 and 2023, respectively. For inventories valued under the LIFO method, the FIFO cost exceeded the LIFO carrying values by $51.3 million and $56.1 million as of July 31, 2024 and 2023, respectively. Results of operations for all periods presented were not materially affected by the liquidation of LIFO inventory.
Property, Plant and Equipment
Property, plant and equipment are stated at cost. Additions, improvements or major renewals are capitalized while expenditures that do not enhance or extend the asset’s useful life are expensed as incurred. Depreciation is computed using the straight-line method. Depreciation expense was $82.8 million, $80.9 million and $85.1 million in the years ended July 31, 2024, 2023 and 2022, respectively. The estimated useful lives of property, plant and equipment are 10 to 40 years for buildings, including building improvements and three to 10 years for machinery and equipment, see Note 5.
Internal-Use Software and Cloud Computing Arrangements
The Company capitalizes direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of five to seven years and are reported as a component of property, plant and equipment.
The Company capitalizes certain costs incurred during the application development stage of implementation of internal-use software in cloud computing arrangements. Amounts capitalized are amortized on a straight-line basis over a period of five to 10 years and are reported as a component of other long-term assets.
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations under the purchase method of accounting. Goodwill is assessed for impairment annually or if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company performed its annual impairment assessment during the third quarter of fiscal 2024. The goodwill impairment assessment is conducted at a reporting unit level, which is one level below the operating segment level and utilizes either a qualitative or quantitative assessment. The Company determined the fair value for all its reporting units was substantially in excess of their respective carrying values and there were no indicators of impairment for any of the reporting units evaluated. An impairment loss would be recognized when the carrying amount of a reporting unit’s net assets exceeds the estimated fair value of the reporting unit, see Note 6.
Intangible assets, comprised of customer relationships, trademarks, technology and patents and non-compete agreements, are amortized on a straight-line basis over their estimated useful lives of 2 to 22 years.
Business Combinations
The Company allocates the purchase price of acquired businesses to the estimated fair values of the assets acquired and liabilities assumed, as well as any contingent consideration, where applicable, as of the date of acquisition. The fair values of the long-lived assets acquired, primarily intangible assets, are determined using calculations which can be complex and require significant judgment. Estimates include many factors such as the nature of the acquired company’s business, its historical financial position and results, technology obsolescence, customer retention rates, discount rates, royalty rates and expected future performance. Independent valuation specialists are used to assist in determining certain fair value calculations.
During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Any adjustments required after the measurement period are recorded in the Consolidated Statements of Earnings.
Recoverability of Long-Lived Assets
The Company reviews its long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying value is reduced to the fair market value. There were no indicators of impairment or impairment charges recorded for the years ended July 31, 2024, 2023 and 2022.
Income Taxes
The provision for income taxes is computed based on the pretax income reported for financial statement purposes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributed to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are anticipated to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not a tax benefit will not be realized.
The Company maintains a reserve for uncertain tax benefits. Benefits of tax return positions are recognized in the financial statements when the position is more likely than not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that is greater than 50% likely to be realized, in the Company’s judgment, see Note 8.
Leases
The Company determines whether an arrangement that provides control over the use of an asset to the Company is a lease. The Company recognizes a lease liability and corresponding right-of-use asset on the Consolidated Balance Sheets based on the present value of future lease payments and recognizes lease expense on a straight-line basis over the lease term. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term (or at fair values in the case of those leases assumed in an acquisition). Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets and are expensed on a straight-line basis over the lease term. Variable lease expense is immaterial and primarily includes leases with payments indexed to inflation when the index changes after lease commencement.
The Company has elected to separate payments for lease components from non-lease components for all asset classes. Lease agreements may include extension, termination or purchase options, all of which are considered in calculating the lease liability and right-of-use asset when it is reasonably certain the Company will exercise an option. The Company’s incremental borrowing rate on the commencement date is used to calculate the present value of future payments for most leases since the rate implicit in the lease is generally not readily determinable. These rates are assessed on a quarterly basis for measurement of new lease obligations, see Note 9.
Stock-Based Compensation
Stock-based compensation expense is recognized using the fair value method for all awards, see Note 13.
Treasury Stock
Repurchased common stock is stated at cost, determined on an average cost basis and is presented as a reduction of stockholders’ equity on the Consolidated Balance Sheets.
Research and Development Expenses
Research and development expenses include scientific research costs such as salaries, facility costs, testing, technical information technology and administrative expenditures. Research and development expenses are for the application of scientific advances to the development of new and improved products and their uses. Substantially all research and development is performed in-house. Expenses are charged against earnings in the year incurred.
Foreign Currency Forward Contracts - Cash Flow Hedges and Derivatives Not Designated as Hedging Instruments
The Company buys materials from foreign suppliers. Those transactions can be denominated in those suppliers’ local currency. The Company also sells to customers in foreign countries. Those transactions can be denominated in those customers’ local currency. Both of these transaction types can create volatility in the Company’s financial statements. The Company uses foreign currency forward contracts to manage those exposures and fluctuations. These contracts generally mature in 12 months or less, which is consistent with the forecasts of the related purchases and sales. Certain contracts are designated as cash flow hedges, whereas the remaining contracts, most of which are related to certain intercompany transactions which offset balance sheet exposure, are not designated as hedging instruments, see Notes 12, 15 and 16.
Net Investment Hedges
The Company uses fixed-to-fixed cross-currency swap agreements to hedge its exposure to adverse foreign currency exchange rate movements for its operations in Europe. The Company has elected the spot method for designating these contracts as net investment hedges. The maturity dates range from 2027 to 2029, see Notes 12, 15 and 16.
Interest Rate Swaps - Cash Flow Hedges
The Company uses swap agreements to hedge exposure related to interest expense and to manage its exposure to interest rate movements. The Company enters into interest rate swap agreements designated as cash flow hedges to hedge future fixed-rate debt issuances, which effectively fix a portion of interest payments.
Product Warranties
The Company provides for estimated warranty expense at the time of sale and accrues for specific items at the time their existence is known and the amounts are determinable. The Company estimates warranty expense on certain products at the time of sale using quantitative measures based on historical warranty claim experience and evaluation of specific customer warranty issues, see Note 18.
New Significant Accounting Standards Recently Adopted
There were no new significant accounting standards adopted in fiscal 2024 or 2023 that had a material impact on the Company’s financial statements.
New Significant Accounting Standards Not Yet Adopted
The Company considers the applicability and impact of the FASB’s ASUs issued but not yet adopted.
In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 820), “Improvements to Income Tax Disclosures,” which enhances the transparency and decision usefulness of income tax disclosures. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect adoption of this standard will have a material impact on the related disclosures within its financial statements.
In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), “Improvements to Reportable Segment Disclosures,” which improves the segment disclosures to include reportable segment’s expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. This ASU is applicable to annual reporting for the Company’s fiscal 2025 and interim reporting for the first quarter of the Company’s fiscal 2026. The Company does not expect adoption of this standard will have a material impact on the related disclosures within its financial statements.
In October 2023, FASB issued ASU No. 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative," which modifies the disclosure or presentation requirements of various FASB topics in the Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-K becomes effective, with early adoption prohibited. The Company is in the process of evaluating the impact of the ASU on its related disclosures.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair values; it also requires additional disclosures, including the nature and remaining duration of such restrictions. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. This ASU is applicable to the Company’s fiscal year beginning in the first quarter of fiscal 2025. The Company does not expect adoption of this standard will have a material impact on its financial statements.
v3.24.3
Acquisitions and Equity Method Investments
 12 Months Ended
Jul. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Equity Method Investments
Note 2. Acquisitions and Equity Method Investments
Acquisitions
There have been no material acquisitions in fiscal 2024.
Univercells Technologies (UTEC)
In the fourth quarter of fiscal 2023, the Company acquired UTEC, headquartered in Nivelles, Belgium, for cash consideration of €134.6 million, or $147.2 million, net of cash acquired. UTEC is a global producer of innovative biomanufacturing solutions for cell and gene therapy research, development and commercial manufacturing. UTEC is reported within the Company’s Life Sciences segment. The Company assigned the fair values to the net assets acquired resulting in $95.8 million for goodwill and $52.5 million for intangible assets, the amortization of which is not deductible for tax purposes. The valuation resulted in a deferred tax liability of $13.1 million and a deferred tax asset of $7.0 million. Net working capital was a net liability of $0.9 million, and there were $6.6 million of other non-current assets and $0.7 million of other non-current liabilities. Purchase accounting was finalized in the third quarter of fiscal 2024. Net sales of UTEC were immaterial to the Consolidated Statements of Earnings for the year ended July 31, 2023.
Isolere Bio, Inc. (Isolere)
In the third quarter of fiscal 2023, the Company acquired Isolere, headquartered in Durham, North Carolina, for cash consideration of $62.4 million, net of cash acquired. Isolere develops reagents and accompanying filtration processes used for the purification and streamlined manufacturing of biopharmaceuticals. Isolere is reported within the Company’s Life Sciences segment. The Company assigned the fair values to the net assets acquired resulting in $28.2 million for goodwill and $44.5 million for intangible assets, the amortization of which is not deductible for tax purposes, resulting in a deferred tax liability of $10.9 million. Net working capital was a net liability of $0.4 million, and there were $1.2 million of other non-current assets and $0.2 million other non-current liabilities. Purchase accounting was finalized in the first quarter of fiscal 2024. Net sales of Isolere were immaterial to the Consolidated Statements of Earnings for the year ended July 31, 2023.
2023 Purchase Price Summary
The components of the UTEC and Isolere acquisitions, net of cash acquired, as of the acquisition date were as follows (in millions):
2023
Intangible assets:
Technology$84.9 
Trademarks and tradenames8.2 
Customer relationships1.2 
Non-competition agreements2.7 
Intangible assets acquired97.0 
Tangible assets, net10.4 
Assets acquired, net107.4 
Goodwill124.0 
Aggregate purchase price231.4 
Add deferred tax asset7.0 
Less deferred tax liability(24.0)
Less cash acquired(4.8)
Acquisitions, net of cash acquired$209.6 
Purilogics, LLC (Purilogics)
In the fourth quarter of fiscal 2022, the Company acquired Purilogics, headquartered in Greenville, South Carolina, for cash consideration of approximately $19.9 million, net of cash acquired. The transaction included a maximum payout of $29.0 million in contingent consideration related to developing manufacturing capabilities, creating future technologies and attaining certain business performance results. Purilogics is a biotechnology company that leverages a novel technology platform for the development of membrane chromatography products. Purilogics offers a broad portfolio of purification tools for a wide range of biologics. Purilogics’ proprietary formulations and processes create membranes that have significant competitive advantages, enabling faster and more cost-effective production of increasingly complex biologic drugs. Purilogics is reported within the Company’s Life Sciences segment. Purchase accounting was finalized in the second quarter of fiscal 2023. Net sales of Purilogics were immaterial to the Consolidated Statements of Earnings for the year ended July 31, 2022.
Solaris Biotechnology S.r.l. (Solaris)
In the second quarter of fiscal 2022, the Company acquired Solaris, headquartered in Porto Mantovano, Italy, with U.S. operations based in Berkeley, California, for cash consideration of approximately €41 million, or $45.7 million, net of cash acquired. Solaris designs and manufactures bioprocessing equipment, including bioreactors, fermenters and tangential flow filtration systems for use in food and beverage, biotechnology and other life sciences markets. Solaris is reported within the Company’s Life Sciences segment. Purchase accounting was finalized in the fourth quarter of fiscal 2022. Net sales of Solaris were immaterial to the Consolidated Statements of Earnings for the year ended July 31, 2022.
Pearson Arnold Industrial Services (PAIS)
In the second quarter of fiscal 2022, the Company acquired PAIS, headquartered in the U.S., for cash consideration of approximately $3.3 million, net of cash acquired. PAIS provides equipment, parts and services for dust, mist and fume collection systems, industrial fans and compressed air systems. PAIS is reported within the Company’s Industrial Filtration Solutions (IFS) business in the Industrial Solutions segment. Goodwill and intangible assets acquired are deductible for tax purposes. Purchase accounting was finalized in the fourth quarter of fiscal 2022. Net sales of PAIS were immaterial to the Consolidated Statements of Earnings for the year ended July 31, 2022.
Equity Method Investments
Subsequent to year end, on August 9, 2024, the Company acquired a 49% non-controlling stake in Medica S.p.A. (Medica), headquartered in Medolla, Italy, for cash consideration of approximately €62 million, or $68 million. Medica is a leader in hollow fiber membrane filtration technology for medical applications and water purification. The Company has the option to acquire the remaining 51% stake in four years.
Pro forma Financial Information
Pro forma financial information for these acquisitions has not been presented because the acquisitions were not material to the Company’s Consolidated Statements of Earnings. See Note 6 for goodwill and intangible assets acquired.
v3.24.3
Revenue
 12 Months Ended
Jul. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
Note 3. Revenue
The Company recognizes revenue on a wide range of filtration solutions sold to customers in many industries around the globe. Most of the Company’s performance obligations within customer sales contracts are for manufactured filtration systems and replacement parts. The Company also performs limited services and installation. Customer contracts may include multiple performance obligations and the transaction price is allocated to each distinct performance obligation based on its relative standalone selling price.
Revenue Disaggregation
Net sales, generally disaggregated by location where the customer’s order was placed, were as follows (in millions):
Year Ended July 31,
202420232022
U.S. and Canada$1,583.1 $1,464.7 $1,336.8 
Europe, Middle East and Africa (EMEA)1,012.9 1,007.8 963.6 
Asia Pacific (APAC)601.5 608.8 669.0 
Latin America (LATAM)388.8 349.5 337.2 
Total net sales$3,586.3 $3,430.8 $3,306.6 
See Note 19 for net sales disaggregated by segment and business unit.
Contract Assets and Liabilities
The satisfaction of performance obligations and the resulting recognition of revenue typically correspond with billing of the customer. In limited circumstances, the customer may be billed at a time later than when revenue is recognized, resulting in contract assets, which are reported in other current assets on the Consolidated Balance Sheets. Contract assets were $15.9 million and $13.3 million as of July 31, 2024 and 2023, respectively. In other limited circumstances, the customer may make a payment at a time earlier than when revenue is recognized and prior to the satisfaction of performance obligations, resulting in contract liabilities, which are reported in deferred revenue on the Consolidated Balance Sheets. Contract liabilities were $19.7 million and $25.3 million as of July 31, 2024 and 2023, respectively.
The Company will recognize revenue in future periods related to remaining performance obligations for certain open contracts. Generally, these contracts have terms of one year or less. The amount of revenue related to unsatisfied performance obligations in which the original duration of the contract is greater than one year is not significant. None of the Company’s contracts contained a significant financing component.
v3.24.3
Inventories, Net
 12 Months Ended
Jul. 31, 2024
Inventory Disclosure [Abstract]  
Inventories, Net
Note 4. Inventories, Net
The components of inventories, net were as follows (in millions):
July 31,
20242023
Raw materials$177.4 $155.1 
Work in process61.2 50.9 
Finished products238.1 212.1 
Total inventories, net$476.7 $418.1 
v3.24.3
Property, Plant and Equipment, Net
 12 Months Ended
Jul. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net
Note 5. Property, Plant and Equipment, Net
The components of property, plant and equipment, net were as follows (in millions):
July 31,
20242023
Land$29.5 $29.3 
Buildings451.9 430.8 
Machinery and equipment1,052.1 989.0 
Computer software134.7 142.0 
Construction in progress68.4 107.7 
Less accumulated depreciation(1,091.1)(1,045.9)
Total property, plant and equipment, net$645.5 $652.9 
v3.24.3
Goodwill and Intangible Assets
 12 Months Ended
Jul. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 6. Goodwill and Intangible Assets
Goodwill
The Company allocates goodwill to reporting units within its Mobile Solutions, Industrial Solutions and Life Sciences segments. There were no dispositions or impairment charges recorded during the years ended July 31, 2024, 2023 and 2022. Goodwill is assessed for impairment annually during the third quarter of the fiscal year, or more frequently if events or changes in circumstances indicate the asset may be impaired. The Company performed its annual impairment assessment during the third quarter of fiscal 2024 and did not record any impairment as a result of this assessment.
Goodwill by reportable segment was as follows (in millions):
Mobile
Solutions
Segment		Industrial
Solutions
Segment		Life Sciences SegmentTotal
Goodwill
Balance as of July 31, 2022$25.3 $282.1 $38.4 $345.8 
Goodwill acquired— — 125.1 125.1 
Foreign exchange translation0.2 7.0 3.0 10.2 
 Balance as of July 31, 2023$25.5 $289.1 $166.5 $481.1 
Goodwill acquired— 1.9 — 1.9 
Purchase price adjustments— — (1.1)(1.1)
Foreign exchange translation(0.1)(1.1)(2.3)(3.5)
Balance as of July 31, 2024$25.4 $289.9 $163.1 $478.4 
Intangible Assets
Intangible assets recognized from the UTEC acquisition in fiscal 2023 were $52.5 million, of which $43.2 million was technology with an 18 year useful life, $6.7 million was trademarks with a 10 year useful life, $1.4 million was non-competition agreements with a two year useful life and $1.2 million was customer relationships with a 10 year useful life. Purchase accounting was finalized in the third quarter of fiscal 2024.
Intangible assets recognized from the Isolere acquisition in fiscal 2023 were $44.5 million, of which $41.7 million was technology with a 20 year useful life, trademarks and tradenames were $1.5 million with a 10 year useful life and non-competition agreements were $1.3 million with a three year useful life. Purchase accounting was finalized in the first quarter of fiscal 2024.
There was a foreign currency translation loss of $1.4 million in fiscal 2024 and translation gain of $3.2 million in fiscal 2023.
Intangible asset classes were as follows (in millions):
Year Ended July 31, 2024
Weighted Amortizable Life (in Years)Gross Carrying AmountAccumulated AmortizationNet
Customer relationships9.4$77.4 $(39.9)$37.5 
Trademarks8.114.2 (3.8)10.4 
Technology and patents
16.7142.4 (20.4)122.0 
Non-compete agreements2.73.9 (1.9)2.0 
Total intangible assets$237.9 $(66.0)$171.9 
Year Ended July 31, 2023
Weighted Amortizable Life (in Years)Gross Carrying AmountAccumulated AmortizationNet
Customer relationships10.8$107.8 $(65.6)$42.2 
Trademarks9.015.9 (3.9)12.0 
Technology and patents
17.6149.7 (19.2)130.5 
Non-compete agreements3.14.0 (0.6)3.4 
Total intangible assets$277.4 $(89.3)$188.1 

Intangible asset amortization expense was $15.7 million, $11.4 million and $9.2 million for the fiscal 2024, 2023 and 2022, respectively and is included in operating expenses in the Consolidated Statements of Earnings. Amortization expense relating to existing intangible assets as of July 31, 2024 was as follows (in millions):
2025$15.3 
202614.1 
202713.7 
202813.2 
202912.1 
Thereafter103.5 
Total amortization expense$171.9 
v3.24.3
Short-Term Borrowings and Long-Term Debt
 12 Months Ended
Jul. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt
Note 7. Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings
Short-term borrowings were as follows (in millions):
European Commercial Paper ProgramU.S. Credit FacilitiesEuropean Operations Credit FacilitiesRest of the World Credit FacilitiesTotal
Year Ended July 31,
2024202320242023202420232024202320242023
Available credit facilities$108.3 $110.3 $100.0 $100.0 $48.4 $45.0 $46.7 $50.8 $303.4 $306.1 
Reductions to borrowing capacity:
Outstanding borrowings 22.8 24.3 0.2 9.8 — — 5.3 — 28.3 34.1 
Other non-borrowing reductions— — — — 38.9 28.8 25.7 18.8 64.6 47.6 
Total reductions22.8 24.3 0.2 9.8 38.9 28.8 31.0 18.8 92.9 81.7 
Remaining borrowing capacity$85.5 $86.0 $99.8 $90.2 $9.5 $16.2 $15.7 $32.0 $210.5 $224.4 
Weighted average interest rate as of July 31, 2024 and 2023
4.34 %4.09 %6.44 %6.17 %N/AN/A0.56 %N/A3.62 %4.69 %
Other non-borrowing reductions include financial instruments such as bank guarantees and foreign currency exchange instruments. Commitment fees for the years ended July 31, 2024 and 2023 were not material.
Long-Term Debt
Long-term debt was as follows:
Interest RateOutstanding Balance
(in millions)
Financial InstrumentFixed or VariableAmountMaturity DateJuly 31, 2024July 31, 2023July 31, 2024July 31, 2023
Unsecured senior notesFixed
$125.0 million
March 27, 20243.72 %3.72 %$— $125.0 
Unsecured senior notesFixed
$125.0 million
June 17, 20303.18 %3.18 %125.0 125.0 
Unsecured senior notes
Fixed
$100.0 million
August 5, 20312.50 %2.50 %100.0 100.0 
Unsecured revolving credit facilityVariable
$500.0 million
May 21, 20266.44 %5.09 %110.0 96.2 
Unsecured term loanVariable
 €80.0 million
March 26, 20294.69 %4.41 %86.6 88.2 
Unsecured senior notes
Fixed
$50.0 million
November 5, 20282.12 %2.12 %50.0 50.0 
Unsecured senior notesFixed
$25.0 million
April 16, 20252.93 %2.93 %25.0 25.0 
Unsecured term loanVariable¥1.0  billionJuly 31, 20280.76 %0.57 %6.7 7.0 
Unsecured term loanVariable¥1.0  billionJuly 15, 20260.68 %0.49 %6.7 7.0 
Debt issuance costs, net(1.6)(1.8)
Subtotal508.4 621.6 
Less current maturities(25.0)(125.0)
Total long-term debt$483.4 $496.6 
The Company’s $500.0 million revolving credit facility is with a group of lenders and allows for borrowings in multiple currencies. The interest rate is calculated using the appropriate benchmark rate plus the applicable rate. The borrowing availability can be reduced or the agreement terminated early at the option of the Company. The Company can request to increase the revolving credit facility by up to $250.0 million, subject to terms of the credit facility agreement, including written notification and lender acceptance, through an accordion feature. Borrowings are automatically rolled over until the credit facility maturity date, unless the agreement is terminated early or the Company is found to be in default. The total facility includes a commitment fee of 0.08% to 0.25%, depending on the Company’s leverage ratio.
Certain debt agreements contain financial covenants related to interest coverage and leverage ratios, as well as other non-financial covenants. As of July 31, 2024, the Company was in compliance with all such covenants.
The Company has long-term borrowing capacity of $382.5 million available for further borrowing under the existing credit facility as of July 31, 2024. The remaining borrowing capacity has been reduced for standby letters of credit as discussed in Note 17.
Future maturities of the Company’s long-term debt as of July 31, 2024 were as follows (in millions):
2025$25.0 
2026116.7 
2027— 
20286.7 
2029136.6 
Thereafter225.0 
Total future maturities payments510.0 
Less debt issuance costs, net(1.6)
Total future maturities payments, net of debt issuance costs$508.4 
v3.24.3
Income Taxes
 12 Months Ended
Jul. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Note 8. Income Taxes
The components of earnings before income taxes were as follows (in millions):
Year Ended July 31,
202420232022
U.S.$233.4 $178.0 $132.8 
Foreign301.9 290.7 305.6 
Total$535.3 $468.7 $438.4 
The components of the provision for income taxes were as follows (in millions):
Year Ended July 31,
202420232022
Current
Federal$47.2 $38.1 $17.4 
State8.8 7.3 4.9 
Foreign89.6 79.8 84.7 
Total current145.6 125.2 107.0 
Deferred
Federal(16.1)(13.3)2.8 
State(1.7)(1.8)(0.3)
Foreign(6.5)(0.2)(3.9)
Total deferred(24.3)(15.3)(1.4)
Total provision for income taxes$121.3 $109.9 $105.6 
The reconciliation of the U.S. statutory federal income tax rate with the effective income tax rate was as follows:
Year Ended July 31,
202420232022
U.S. statutory federal income tax rate21.0 %21.0 %21.0 %
State income taxes1.2 0.9 0.9 
Foreign operations2.7 3.8 3.6 
Global Intangible Low Tax Income0.2 0.2 0.3 
Foreign Derived Intangible Income(1.3)(1.6)(0.6)
Research and development credit(0.9)(0.7)(0.6)
Change in unrecognized tax benefits1.2 — (0.8)
Tax benefits on stock-based compensation (1.2)(0.7)(0.5)
Other(0.2)0.5 0.8 
Effective income tax rate22.7 %23.4 %24.1 %
The tax effects of temporary differences that give rise to deferred tax assets and liabilities were as follows (in millions):
July 31,
20242023
Deferred tax assets
Accrued expenses$14.3 $12.2 
Compensation and retirement plans26.6 24.7 
Capitalization of R&D costs32.9 17.6 
Net operating loss (NOL) and tax credit carryforwards17.6 15.1 
Operating lease assets15.6 15.0 
Other6.2 6.2 
Gross deferred tax assets113.2 90.8 
Valuation allowance(9.1)(6.4)
Deferred tax assets, net of valuation allowance104.1 84.4 
Deferred tax liabilities
Depreciation and amortization(74.5)(79.5)
Operating lease liabilities(14.9)(15.1)
Other(3.8)(4.2)
Deferred tax liabilities(93.2)(98.8)
Net deferred tax asset (liability)
$10.9 $(14.4)
The activity in the NOL and tax credit valuation allowances was as follows (in millions):
Year Ended July 31,
202420232022
Balance as of beginning of year$(6.4)$(3.4)$(4.6)
Additions charged to costs and expenses(3.6)(3.0)(0.9)
Deductions from reserves0.9 — 2.1 
Balance as of end of year$(9.1)$(6.4)$(3.4)

As of July 31, 2024, the Company had deferred tax assets related to U.S. federal foreign tax credits of $6.3 million, related to state research and development credits of $3.4 million and related to foreign operating loss carryovers of $6.4 million. The U.S. federal tax credits will expire after 10 years, the state portion after one to 20 years and the foreign portion has an indefinite carryover period. As of July 31, 2024, the Company had provided $9.1 million for a valuation allowance against certain of these deferred tax assets based on management’s determination it is more likely than not the tax benefits related to these assets will not be realized.
As of July 31, 2024, the total undistributed earnings of the Company’s non-U.S. subsidiaries were $1.4 billion, of which $1.0 billion were not considered indefinitely reinvested. The Company is subject to foreign withholding taxes on a small portion of these earnings distributable in the future in the form of dividends. Thus, the Company provides for foreign withholding taxes payable upon future dividend distributions of the earnings not considered indefinitely reinvested annually. For the year ended July 31, 2024, the Company recognized a tax charge of $6.6 million related to these foreign withholding taxes. The remaining $380.8 million of earnings are considered indefinitely reinvested and it is not practicable to estimate, within any reasonable range, the additional taxes that may be payable on the potential distribution of the portion of the undistributed earnings considered indefinitely reinvested.
The transition tax related to the U.S. Tax Cuts and Jobs Act of 2017 on undistributed earnings was accrued in fiscal 2018 and it is payable over an eight year period. The portion not due within 12 months classified in non-current income taxes payable on the Consolidated Balance Sheets as of July 31, 2024 was $22.1 million.
The reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows (in millions):
Year Ended July 31,
202420232022
Balance as of beginning of year$15.0 $15.2 $18.7 
Additions for tax positions of the current year2.8 2.5 2.7 
Additions for tax positions of prior years6.2 — — 
Reductions for tax positions of prior years(0.1)0.1 (1.1)
Reductions due to lapse of applicable statute of limitations(3.1)(2.8)(5.1)
Balance as of end of year$20.8 $15.0 $15.2 
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income taxes in the Consolidated Statements of Earnings. As of July 31, 2024 and 2023, accrued interest and penalties on a gross basis were $2.2 million and $1.7 million, respectively. During the year ended July 31, 2024, the Company recognized interest expense, net of tax benefit, of $0.8 million. If the Company were to prevail on all unrecognized tax benefits recorded, substantially all the unrecognized tax benefits would benefit the effective tax rate. With an average statute of limitations of five years, up to $3.1 million of the unrecognized tax benefits could potentially expire in the next 12 months, unless extended by an audit.
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The U.S. Internal Revenue Service has completed examinations of the Company’s U.S. federal income tax returns through fiscal 2020. With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before fiscal 2019.
The Company believes it is remote that any adjustment necessary to the reserve for income taxes for the next 12 months will be material. However, it is possible the ultimate resolution of audits or disputes may result in a material change to the Company’s reserve for income taxes, although the quantification of such potential adjustments cannot be made at this time.
v3.24.3
Leases
 12 Months Ended
Jul. 31, 2024
Leases [Abstract]  
Leases
Note 9. Leases
The Company enters into operating leases primarily for office, production and warehouse facilities, production and non-production equipment, automobiles and computer equipment. As of July 31, 2024 and 2023, the Company had no material financing lease obligations.
The Company’s operating lease costs were as follows (in millions):
Year Ended July 31,
20242023
Operating lease cost$29.5 $24.5 
Short-term lease cost3.0 3.2 
Total lease costs$32.5 $27.7 
Supplemental balance sheet information for the Company was as follows (in millions):
July 31,
Balance Sheet Location20242023
Right-of-use lease assetsOther long-term assets$59.7 $59.4 
Current lease liabilitiesOther current liabilities$20.2 $17.8 
Long-term lease liabilitiesOther long-term liabilities$41.3 $42.4 
Additional information related to operating leases was as follows:
July 31,
20242023
Weighted average remaining lease term (years)3.54.2
Weighted average discount rate4.61 %3.89 %
Remaining payments for operating leases having initial terms of more than one year as of July 31, 2024 were as follows (in millions):
2025$23.0 
202618.5 
202712.2 
20286.9 
20294.6 
Thereafter2.4 
Total future lease payments67.6 
Less imputed interest6.1 
Present value of future lease payments$61.5 
v3.24.3
Earnings Per Share
 12 Months Ended
Jul. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
Note 10. Earnings Per Share
Basic net earnings per share (EPS) is computed by dividing net earnings by the weighted average number of outstanding common shares. Diluted net EPS is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and other stock incentive plans.
Basic and diluted net EPS calculations were as follows (in millions, except per share amounts):
Year Ended July 31,
202420232022
Net earnings$414.0 $358.8 $332.8 
Weighted average common shares outstanding
Weighted average common shares – basic120.7 121.8 123.7 
Dilutive impact of stock-based awards1.9 1.8 1.5 
Weighted average common shares – diluted122.6 123.6 125.2 
Net EPS – basic$3.43 $2.95 $2.69 
Net EPS – diluted$3.38 $2.90 $2.66 
Stock options excluded from net EPS calculation0.00.01.6
v3.24.3
Stockholders' Equity
 12 Months Ended
Jul. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Note 11. Stockholders’ Equity
Share Repurchases
In November 2023, the Board of Directors authorized the repurchase of up to 12.0 million shares of common stock under the Company’s stock repurchase plan, replacing the Company’s previous stock repurchase plan dated May 31, 2019. This repurchase authorization is effective until terminated by the Board of Directors. During the year ended July 31, 2024, the Company repurchased 2.5 million shares for $163.3 million. During the year ended July 31, 2023, the Company repurchased 2.5 million shares for $141.8 million. As of July 31, 2024, the Company had remaining authorization to repurchase 10.7 million shares under the November 2023 stock repurchase plan.
Treasury stock share activity was as follows:
Year Ended July 31,
20242023
Balance as of beginning of year30,528,696 29,089,612 
Stock repurchases2,465,000 2,485,000 
Net issuance upon exercise of stock options(1,294,475)(941,837)
Issuance under compensation plans(149,329)(84,942)
Other activity(16,700)(19,137)
Balance as of end of year31,533,192 30,528,696 
Dividends Paid and Declared
Dividends paid were $1.02 and 94.0 cents per common share for the years ended July 31, 2024 and 2023, respectively. On July 26, 2024, the Company’s Board of Directors declared a cash dividend in the amount of 27.0 cents per common share, payable August 28, 2024, to stockholders of record as of August 13, 2024.
v3.24.3
Accumulated Other Comprehensive Loss
 12 Months Ended
Jul. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss
Note 12. Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss for the years ended July 31, 2024 and 2023 were as follows (in millions):
Foreign
Currency
Translation
Adjustment		Pension
Benefits		Derivative
Financial
Instruments		Total
Balance as of July 31, 2023, net of tax$(109.6)$(67.2)$4.3 $(172.5)
Other comprehensive loss before reclassifications and tax
(24.2)(9.0)(1)(0.8)(34.0)
Tax benefit— 2.3 0.2 2.5 
Other comprehensive loss before reclassifications, net of tax
(24.2)(6.7)(0.6)(31.5)
Reclassifications, before tax— 6.3 (2)0.3 6.6 
Tax expense— (1.5)— (1.5)
Reclassifications, net of tax— 4.8 0.3 (3)5.1 
Other comprehensive loss, net of tax
(24.2)(1.9)(0.3)(26.4)
Balance as of July 31, 2024, net of tax$(133.8)$(69.1)$4.0 $(198.9)
Balance as of July 31, 2022, net of tax$(143.6)$(67.5)$5.5 $(205.6)
Other comprehensive income (loss) before reclassifications and tax
34.0 (6.9)(1)(1.9)25.2 
Tax benefit
— 2.2 0.5 2.7 
Other comprehensive income (loss) before reclassifications, net of tax
34.0 (4.7)(1.4)27.9 
Reclassifications, before tax— 7.5 (2)0.3 7.8 
Tax expense
— (2.5)(0.1)(2.6)
Reclassifications, net of tax— 5.0 0.2 (3)5.2 
Other comprehensive income (loss), net of tax
34.0 0.3 (1.2)33.1 
Balance as of July 31, 2023, net of tax$(109.6)$(67.2)$4.3 $(172.5)
(1)In fiscal 2024 and 2023, pension settlement accounting was triggered. In addition, pension curtailment accounting was triggered in fiscal 2024 and 2023. Remeasurements of the Company’s pension obligations resulted in an increase of $9.0 million and $6.9 million in fiscal 2024 and 2023, respectively, to accumulated other comprehensive loss on the Consolidated Balance Sheets, see Note 14.
(2)Amounts include reclassifications of $4.8 million and $6.6 million, a foreign currency translation loss of $0.1 million and gain of $1.4 million and net amortization of prior service costs and actuarial losses of $1.4 million and $2.3 million in fiscal 2024 and 2023, respectively. Amounts are included in other income, net in the Consolidated Statements of Earnings, see Note 14.
(3)Relates to designated foreign currency forward contracts that were reclassified from accumulated other comprehensive loss on the Consolidated Balance Sheets to net sales, cost of sales and operating expenses in the Consolidated Statements of Earnings, see Note 15.
v3.24.3
Stock-Based Compensation
 12 Months Ended
Jul. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation
Note 13. Stock-Based Compensation
The Company recognizes compensation expense for all stock-based awards based on the grant date fair value of the award. Stock-based awards consist primarily of non-qualified stock options, performance-based awards, restricted stock awards and restricted stock units. Grants related to restricted stock awards and restricted stock units are immaterial. The Company issues treasury shares for stock options and performance-based awards.
Stock Options
The exercise price of options granted is equal to the market price of the Company’s common stock at the date of the grant. Options are generally exercisable for up to ten years from the date of grant and vest in equal increments over three years.
Pretax stock-based compensation expense associated with options was $14.2 million, $12.4 million and $11.6 million for the years ended July 31, 2024, 2023 and 2022, respectively.
Fair value is calculated using the Black-Scholes option pricing model. The weighted average fair value for options granted during the years ended July 31, 2024, 2023 and 2022 was $19.00, $15.67 and $14.24 per share, respectively.
The fair value of these awards was determined using the following inputs:
Year Ended July 31,
202420232022
Risk-free interest rate
3.8% - 4.6%
3.8% - 4.2%
1.2% - 1.8%
Expected volatility
26.8% - 27.2%
26.8% - 27.5%
26.0% - 27.0%
Expected dividend yield1.6 %1.6 %1.6 %
Expected life:
Director grants8 years8 years8 years
Officer grants7 years7 years7 years
Non-officer grants7 years7 years7 years
Option activity was as follows:
 OptionsWeighted
Average Exercise
Price
Balance outstanding as of July 31, 20236,777,407 $47.80 
Granted809,278 59.95 
Exercised(1,372,191)42.30 
Expired/forfeited(51,438)54.14 
Balance outstanding as of July 31, 20246,163,056 $50.57 
The total intrinsic value of options exercised during the years ended July 31, 2024, 2023 and 2022 was $35.9 million, $20.2 million and $7.8 million, respectively.
The number of shares authorized as of July 31, 2024 for outstanding options and future grants was 11,954,309. Forfeited options are recorded as an offset to operating expenses in the Consolidated Statements of Earnings in the period in which they occur.
Outstanding and exercisable stock options as of July 31, 2024 were as follows:
Range of Exercise PricesNumber
Outstanding		Weighted
Average
Remaining
Contractual
Life (Years)		Weighted
Average
Exercise
Price		Number
Exercisable		Weighted
Average
Remaining
Contractual
Life (Years)		Weighted
Average
Exercise
Price
$28.00 to $37.99
494,960 1.3$29.54 494,960 1.3$29.54 
$38.00 to $43.99
620,682 2.342.25 620,682 2.342.25 
$44.00 to $49.99
1,255,623 4.945.97 1,255,623 4.945.97 
$50.00 to $55.99
1,538,333 6.851.33 977,432 6.051.58 
$56.00 and above
2,253,458 7.059.52 1,156,389 5.559.23 
6,163,056 5.6$50.57 4,505,086 4.5$48.27 
As of July 31, 2024, the aggregate intrinsic value of stock options outstanding and exercisable was $149.5 million and $119.6 million, respectively.
For the year ended July 31, 2024, activity for non-vested stock options that contain vesting provisions was as follows:
OptionsWeighted
Average Grant
Date Fair
Value
Balance outstanding as of beginning of year1,783,711 $14.27 
Granted809,278 19.00 
Vested(893,885)13.34 
Forfeited(41,134)16.61 
Balance outstanding as of end of year1,657,970 $17.02 
As of July 31, 2024, there was $8.6 million of total unrecognized compensation expense related to non-vested stock options, which is expected to be recognized over the remaining vesting period during fiscal 2025, 2026 and 2027.
Performance-Based Awards
Performance-based awards are payable in common stock and are based on a formula that measures Company performance over a three year period. These awards are settled after three years with payouts ranging from 0% to 200% of the target award depending on achievement. Pretax performance-based awards expense was $5.8 million, $6.3 million and $7.2 million for the years ended July 31, 2024, 2023 and 2022, respectively.
The weighted average grant date fair value related to the Company’s performance-based awards was as follows:
Year Ended July 31,
202420232022
Weighted average grant date fair value$59.66 $50.89 $59.40 
Performance-based awards for non-vested activity were as follows:
Performance SharesWeighted
Average Grant
Date Fair
Value
Balance outstanding as of July 31, 2023
194,761 $54.46 
Granted114,800 59.66 
Vested(81,661)59.40 
Forfeited— — 
Balance outstanding as of July 31, 2024
227,900 $55.31 
As of July 31, 2024, there was $6.2 million of total unrecognized compensation expense related to non-vested performance-based awards, which is expected to be recognized over the remaining vesting period during fiscal 2025 and 2026. Forfeited performance-based awards are recorded as an offset to operating expenses in the Consolidated Statements of Earnings in the period in which they occur.
v3.24.3
Employee Benefit Plans
 12 Months Ended
Jul. 31, 2024
Retirement Benefits, Description [Abstract]  
Employee Benefit Plans
Note 14. Employee Benefit Plans
Defined Benefit Pension Plans
The Company has defined benefit pension plans for certain hourly and salaried employees. They consist of plans in the U.S., Belgium, Germany, Mexico and the United Kingdom. These plans generally provide pension benefits based on years of service and compensation level. Components of net periodic pension costs other than the service cost component are included in other income, net in the Consolidated Statements of Earnings.
Net periodic pension costs for the Company’s pension plans were as follows (in millions):
Year Ended July 31,
202420232022
Net periodic pension costs
Service cost$5.2 $6.7 $6.9 
Interest cost20.4 17.0 10.6 
Expected return on assets(25.7)(25.3)(24.8)
Prior service cost amortization0.1 — 0.2 
Actuarial loss amortization1.5 2.1 6.9 
Settlement loss
4.9 5.5 3.0 
Curtailment loss
0.2 0.2 — 
Net periodic pension costs6.6 6.2 2.8 
Other changes recognized in other comprehensive (loss) income:
Prior service cost0.1 (0.4)— 
Net actuarial (loss) gain(9.1)(5.9)(1.3)
Amortization of prior service cost0.3 0.2 0.3 
Amortization of net actuarial loss6.4 7.7 9.9 
Total recognized in other comprehensive (loss) income
(2.3)1.6 8.9 
Total recognized in net periodic pension costs and other comprehensive (loss) income$(8.9)$(4.6)$6.1 
The changes in projected benefit obligations, fair value of plan assets and funded status of the Company’s pension plans for the years ended July 31, 2024 and 2023 were as follows (in millions):
Year Ended July 31,
20242023
Change in projected benefit obligation
Projected benefit obligation, beginning of year$401.1 $442.6 
Service cost5.2 6.7 
Interest cost20.4 17.0 
Plan amendments(0.1)0.2 
Participant contributions0.8 0.7 
Actuarial (gain) loss
11.7 (42.0)
Foreign currency exchange rates(1.8)9.2 
Settlements paid(15.6)(17.0)
Acquisition
0.6 1.2 
Benefits paid(18.6)(17.5)
Projected benefit obligation, end of year403.7 401.1 
Change in fair value of plan assets
Fair value of plan assets, beginning of year416.0 459.8 
Actual return on plan assets28.4 (22.1)
Company contributions2.8 2.6 
Participant contributions0.8 0.7 
Foreign currency exchange rates(1.1)8.3 
Settlements paid(15.6)(17.0)
Acquisition
0.6 1.2 
Benefits paid(18.6)(17.5)
Fair value of plan assets, end of year413.3 416.0 
Funded status of plans, end of year$9.6 $14.9 
Amounts recognized on the Consolidated Balance Sheets
Other long-term assets$35.8 $34.7 
Other current liabilities(1.5)(1.7)
Other long-term liabilities(24.7)(18.1)
Net recognized asset $9.6 $14.9 
The net overfunded status of $9.6 million and $14.9 million as of July 31, 2024 and 2023, respectively, is recognized on the Consolidated Balance Sheets. The pension-related accumulated other comprehensive loss as of July 31, 2024 and 2023, prior to the consideration of income taxes, was $111.3 million and $109.0 million, respectively, and consisted primarily of unrecognized actuarial losses. The accumulated benefit obligation for all defined benefit pension plans was $385.1 million and $384.4 million as of July 31, 2024 and 2023, respectively. The increase in the accumulated benefit obligation during fiscal 2024 is due to actuarial losses. Pension settlement accounting was triggered in fiscal 2024 and 2023 as a result of the amount of lump sum distributions in the defined benefit pension plans exceeding the service and interest cost threshold.
The projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were $75.3 million and $49.1 million, respectively, as of July 31, 2024 and $73.5 million and $53.7 million, respectively, as of July 31, 2023.
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $17.7 million, $16.4 million and $7.3 million, respectively, as of July 31, 2024 and $15.0 million, $15.0 million and $5.0 million, respectively, as of July 31, 2023.
Assumptions
The significant assumptions used in determining the actuarial present value of the projected benefit obligation were as follows:
Year Ended July 31,
20242023
U.S. plans
Discount rate5.44 %5.58 %
Rate of compensation increaseN/AN/A
Non-U.S. plans
Discount rate4.33 %4.80 %
Rate of compensation increase3.05 %3.12 %
The weighted average discount rates, expected returns on plan assets and rates of increase in future compensation levels used to determine the net periodic pension costs were as follows:
Year Ended July 31,
202420232022
U.S. plans
Discount rate5.58 %4.62 %2.55 %
Expected rate of return on plan assets6.16 %5.66 %5.41 %
Rate of compensation increaseN/AN/AN/A
Non-U.S. plans
Discount rate4.80 %3.26 %1.60 %
Expected rate of return on plan assets5.01 %4.39 %3.40 %
Rate of compensation increase3.05 %3.12 %2.99 %
Discount Rates
The Company’s objective in selecting a discount rate is to select the best estimate of the rate at which the benefit obligations could be effectively settled on the measurement date, taking into account the nature and duration of the benefit obligations of the plan. In making this best estimate, the Company looks at the rates of return on high-quality fixed-income investments currently available and expected to be available, during the period to maturity of the benefits. This process includes assessing the universe of bonds available on the measurement date with a quality rating of Aa or better. Similar appropriate benchmarks are used to determine the discount rate for the non-U.S. plans.
Expected Long-Term Rate of Return on Plan Assets
The Company considers historical returns and future expected returns for each asset class, as well as the target asset allocation to develop the assumption for each of its U.S. pension plans. The assumption for non-U.S. pension plans reflects the investment allocation and expected total portfolio returns specific to each plan and country.
Mortality Rates
The Company’s actuary uses the Pri-2012 mortality table issued by the Society of Actuaries during the pre-retirement period and the Mercer Industry Longevity Experience Study (MILES) table for the Auto, Industrial Goods and Transportation industry group for post-retirement mortality, both reflecting the Scale MMP-2021 mortality improvement projection scale for its U.S. pension plans. These assumptions were used for determining the benefit obligations as of July 31, 2024 and for developing the annual expense for its U.S. pension plans for the fiscal year ending July 31, 2025. The Company follows the local actuaries’ recommendations for non-U.S. pension plans.
Service and Interest Costs
The Company uses a full yield curve approach to estimate service and interest costs by applying specific spot rates along the yield curve used to determine the benefit obligation of relevant projected cash outflows. This method provides a precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rate on the yield curve.
Investments
Global Equity Securities 
Global equity securities consist primarily of publicly traded U.S. and non-U.S. equities, mutual funds, collective investment trusts, diversified growth investment funds and private equity. Publicly traded equities and index funds are valued at the closing price reported in the active market in which the individual securities are traded. Private equity consists of interests in partnerships that invest in U.S. and non-U.S. equity and debt securities. This may include a diversified mix of partnership interests including buyouts, restructured or distressed debt, growth equity, mezzanine or subordinated debt, real estate, special situation partnerships and venture capital investments. Interests in these funds are valued at net asset value (NAV).
Fixed Income Securities
Fixed income securities consist primarily of investment and non-investment grade debt securities, debt securities issued by the U.S. Treasury, multi-asset credit investment funds and exchange-traded funds. Government, corporate and other bonds and notes, interest rate and inflation swaps, physical inflation-linked and nominal gilts, synthetic gilts, money market instruments and cash are valued at the closing price reported if they are traded on an active market or if they are traded at yields currently available on comparable securities of issuers with similar credit ratings. Fixed income securities also include smaller allocations to alternative investments, private equity and alternative fixed income investments. Alternative investments consist primarily of private placement funds, private equity investments and alternative fixed income-like investments. Private equity consists of interests in partnerships that invest in U.S. and non-U.S. equity and debt securities. This may include a diversified mix of partnership interests including buyouts, restructured or distressed debt, growth equity, mezzanine or subordinated debt, real estate, special situation partnerships and venture capital investments. Alternative fixed income securities consist primarily of private partnership interests in hedge funds. Interests in these funds are valued at NAV, which is determined by the administrator or custodian of the fund based on the fair value of the underlying assets owned by the fund less its liabilities.
Insurance Contracts
Insurance contracts are individual contracts whereby an insurance company offers a guaranteed minimum interest return. The Company does not have any influence on the investment decisions made by the insurer. European insurers, in general, are strictly regulated by an external control mechanism and have to invest for their guaranteed interest products within certain boundaries. Typically, they have a strategic asset allocation with 80% to 90% fixed income products and 10% to 20% equity-type products, including real estate.
Real Assets Funds
Real assets funds consist of interests in partnerships that invest in private real estate and commodities investments. Interests in partnerships are valued using NAV.
Fair Value of Plan Assets
Fair value measurements of plan assets are reported in one of three levels based on the lowest level of significant input used. For Level 1, inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. For Level 2, inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. For Level 3, inputs to the fair value measurement are unobservable inputs or are based on valuation techniques.
The estimated fair value of pension plan assets and their respective levels in the fair value hierarchy by asset category were as follows (in millions):
Level 1Level 2Level 3Total
Balances as of July 31, 2024
Cash and cash equivalents$2.4 $0.5 $— $2.9 
Global equity securities58.2 54.5 — 112.7 
Fixed income securities80.4 128.0 — 208.4 
Insurance contracts— — 42.7 42.7 
Total investments in the fair value hierarchy$141.0 $183.0 $42.7 366.7 
Investments using NAV as practical expedient44.2 
Total investment, at fair value
410.9 
Accrued income
2.4 
Total assets
$413.3 
Balances as of July 31, 2023
Cash and cash equivalents$3.6 $0.7 $— $4.3 
Global equity securities61.2 55.7 — 116.9 
Fixed income securities90.1 117.2 — 207.3 
Insurance contracts— — 41.3 41.3 
Total investments in the fair value hierarchy$154.9 $173.6 $41.3 369.8 
Investments using NAV as practical expedient46.2 
Total investment, at fair value
$416.0 
Certain investments, valued at NAV, had the following unfunded commitments and/or redemption restrictions (in millions):
July 31, 2024July 31, 2023
NAVUnfunded CommitmentsNAVUnfunded CommitmentsRedemption Frequency
(If Currently Eligible)		Redemption Notice (Days)
Global equity securities$31.1 $1.8 $33.6 $1.8 Daily
0 - 5
Fixed income securities10.2 — 9.5 — Daily, Weekly and Quarterly
0 - 60
Real asset funds2.9 4.2 3.1 4.2 Not eligibleN/A
Total U.S. assets$44.2 $6.0 $46.2 $6.0 
The changes in the fair values of the pension plans’ Level 3 assets were as follows (in millions):
Year Ended July 31,
202420232022
Balance as of beginning of year$41.3 $35.4 $37.7 
Unrealized gains3.4 2.7 3.5 
Foreign currency exchange(0.8)3.0 (5.6)
Purchases and sales, net(1.2)0.2 (0.2)
Balance as of end of year$42.7 $41.3 $35.4 
Investment Policies and Strategies
For U.S. pension plans, the Company uses a total return on investment approach to achieve a long-term return on plan assets, with what the Company believes to be a prudent level of risk for the purpose of meeting its retirement income commitments to employees. The U.S. pension plans’ investments are diversified to assist in managing risk. During the year ended July 31, 2024, the Company’s asset allocation was as follows:
Salaried Pension PlanHourly Pension Plan
Global equity securities33 %32 %
Fixed income securities65 67 
Real asset funds1 — 
Cash and cash equivalents1 1 
Total100 %100 %
The target allocation guidelines are determined in conjunction with the Company’s investment consultant and through the use of modeling the risk/return trade-offs among asset classes utilizing assumptions about expected annual return, expected volatility/standard deviation of returns and expected correlations with other asset classes.
For non-U.S. plans, the general investment objectives are to maintain a suitably diversified portfolio of secure assets with appropriate liquidity that will generate income and capital growth to meet, together with any new contributions from members and the Company, the cost of current and future benefits. Investment policy and performance is measured and monitored on an ongoing basis.
Estimated Contributions and Future Payments
The Company’s general funding policy is to make at least the minimum required contributions as required by applicable regulations, plus any additional amounts it determines to be appropriate. The Company made contributions of $2.8 million to its pension plans during the year ended July 31, 2024. Future required pension plan contributions may change significantly depending on the actual rate of return on plan assets, discount rates and regulatory requirements.
Estimated future benefit required payments for the Company’s pension plans as of July 31, 2024 were as follows (in millions):
2025$27.8 
2026$27.6 
2027$28.6 
2028$28.0 
2029$31.7 
2030-2034$158.7 
Retirement Savings
The Company provides a contributory employee savings plan to U.S. employees that permits participants to make contributions by salary reduction pursuant to section 401(k) of the Internal Revenue Code. For eligible employees, employee contributions of up to 50% of compensation are matched at a rate equaling 100% of the first 3% contributed and 50% of the next 2% contributed. In addition, the Company contributes 3% of compensation annually for eligible employees. Total contribution expense for this plan was $32.7 million, $28.6 million and $27.2 million for the years ended July 31, 2024, 2023 and 2022, respectively.
Deferred Compensation and Other Benefit Plans
The Company provides various deferred compensation and other benefit plans to certain executives. The deferred compensation plan allows eligible employees to defer the receipt of all or a portion of their cash bonus and other stock-related compensation and up to 75% of their salary to future periods. Other benefit plans are provided to supplement the benefits for a select group of highly compensated individuals that are reduced because of compensation limitations set by the Internal Revenue Code. The Company has recorded a liability of $1.2 million and $1.9 million as of July 31, 2024 and 2023, respectively, related primarily to its deferred compensation plans.
v3.24.3
Derivative Instruments and Hedging
 12 Months Ended
Jul. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging
Note 15. Derivative Instruments and Hedging
Derivative Fair Value Measurements
The Company enters into derivative instrument agreements, including foreign currency forward contracts and net investment hedges, to manage risk in connection with changes in foreign currency. The Company only enters into derivative instrument agreements with counterparties who have highly rated credit. There is risk the counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors.
Contract provisions may require the posting of collateral or settlement of the contracts for various reasons, including if the Company’s credit ratings are downgraded below its investment grade credit rating by any of the major credit agencies or for cross default contractual provisions if there is a failure under other financing arrangements related to payment terms or covenants. As of July 31, 2024 and 2023, no collateral was posted.
The Company does not enter into derivative instrument agreements for trading or speculative purposes. For discussion on the fair value of the Company’s derivatives, see Note 16.
Foreign Currency Forward Contracts - Cash Flow Hedges and Derivatives Not Designated as Hedging Instruments
The Company buys materials from foreign suppliers. Those transactions can be denominated in those suppliers’ local currency. The Company also sells to customers in foreign countries. Those transactions can be denominated in those customers’ local currency. Both of these transaction types can create volatility in the Company’s financial statements. The Company uses foreign currency forward contracts to manage those exposures and fluctuations. These contracts generally mature in 12 months or less, which is consistent with the forecasts of the related purchases and sales. Certain contracts are designated as cash flow hedges, whereas the remaining contracts, most of which are related to certain intercompany transactions which offset balance sheet exposure, are not designated as hedging instruments. The total notional amounts of the foreign currency forward contracts designated as hedges as of July 31, 2024 and 2023 were $32.3 million and $84.9 million, respectively. The total notional amounts of the foreign currency forward contracts not designated as hedges as of July 31, 2024 and 2023 were $249.7 million and $147.5 million, respectively.
Changes in the fair value of the Company’s designated hedges are reported in accumulated other comprehensive loss on the Consolidated Balance Sheets until the related transaction occurs, see Note 12. Designated hedges are recognized as a component of net sales, cost of sales, operating expenses and other income, net in the Consolidated Statements of Earnings upon occurrence of the related hedged transaction.
Hedges which are not designated are recognized in other income, net in the Consolidated Statements of Earnings along with the related hedged transactions. Changes in the fair value of hedges which are not designated, are recognized in other income, net in the Consolidated Statements of Earnings.
Amounts related to foreign currency forward contracts designated as hedges are expected to be reclassified into earnings during the next 12 months based upon the timing of inventory purchases and sales.
Net Investment Hedges
The Company uses fixed-to-fixed cross-currency swap agreements to hedge its exposure to adverse foreign currency exchange rate movements for its operations in Europe. The Company has elected the spot method for designating these contracts as net investment hedges.
The total notional amount of net investment hedges as of July 31, 2024 and 2023 was €80 million, or $88.8 million. The maturity dates range from 2027 to 2029.
Gains and losses resulting from a change in fair value of the net investment hedge are offset by gains and losses on the underlying foreign currency exposure and are included in accumulated other comprehensive loss on the Consolidated Balance Sheets. Amounts related to excluded components associated with the net investment hedge are expected to be reclassified into earnings in interest expense in the Consolidated Statements of Earnings through their maturity.
Interest Rate Swaps - Cash Flow Hedges
As of July 31, 2024 and 2023, there were no outstanding interest rate swap arrangements.
Cash Flows
Cash flows from derivative transactions are recorded in operating activities in the Consolidated Statements of Cash Flows.
v3.24.3
Fair Value Measurements
 12 Months Ended
Jul. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 16. Fair Value Measurements
Fair value measurements of financial instruments are reported in one of three levels based on the lowest level of significant input used. For Level 1, inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. For Level 2, inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. For Level 3, inputs to the fair value measurement are unobservable inputs or are based on valuation techniques.
Short-Term Financial Instruments
As of July 31, 2024 and 2023, the carrying values of cash and cash equivalents, accounts receivable, short-term borrowings and accounts payable approximate fair value because of the short-term nature of these instruments and are classified as Level 1 in the fair value hierarchy.
Long-Term Debt
As of July 31, 2024, the estimated fair values of fixed interest rate long-term debt were $267.7 million compared to the carrying values of $300.0 million. As of July 31, 2023, the estimated fair values of fixed interest rate long-term debt were $378.9 million compared to the carrying values of $425.0 million. The fair values are estimated by discounting the projected cash flows using the interest rates at which similar amounts of debt could currently be borrowed. The carrying values of total variable interest rate long-term debt were $209.9 million and $198.4 million as of July 31, 2024 and 2023, respectively and approximate their fair values. Long-term debt is classified as Level 2 in the fair value hierarchy.
Investment in Joint Ventures
The Company holds investments in joint ventures, which are accounted for as equity method investments at fair value and are included in other long-term assets on the Consolidated Balance Sheets. The aggregate carrying amount of these investments was $26.9 million and $24.4 million as of July 31, 2024 and 2023, respectively. These equity method investments are measured at fair value on a non-recurring basis. The fair value of the Company’s equity method investments has not been adjusted as there have been no triggering events or changes in circumstance that would have had an adverse impact on the value of these investments. In the event these investments are required to be measured, they would fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value, as the investments are in privately-held entities.
Derivative Fair Value Measurements
The fair values of the Company’s foreign currency forward contracts, net investment hedges and interest rate swaps reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair values are based on inputs other than quoted prices that are observable for the asset or liability and are determined by standard calculations and models that use readily observable market parameters. These inputs include foreign currency exchange rates and interest rates. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and foreign currency exchange rates. The fair values of the Company’s foreign currency forward contracts, net investment hedges and interest rate swaps are classified as Level 2 in the fair value hierarchy. For discussion of the Company’s derivatives and hedging, see Note 15.
Fair Value of Derivative Contracts
The fair value of the Company’s derivative contracts, recorded on the Consolidated Balance Sheets, was as follows (in millions):
Assets
Liabilities
July 31,July 31,
Balance Sheet Location2024202320242023
Designated as hedging instruments
Foreign currency forward contracts
Other current assets, other current liabilities
$0.1 $0.6 $— $0.1 
Net investment hedges
Other current assets, other long-term assets
3.7 3.6 — — 
Total designated3.8 4.2 — 0.1 
Not designated as hedging instruments
Foreign currency forward contracts
Other current assets, other current liabilities
1.0 0.7 0.3 1.4 
Total not designated1.0 0.7 0.3 1.4 
Total$4.8 $4.9 $0.3 $1.5 
Fair Value of Contingent Consideration
The fair value of the contingent consideration liability is determined using a probability-weighted discounted cash flow method. This fair value measurement is based on unobservable inputs in the market and thus, represents a Level 3 measurement within the fair value hierarchy. This analysis reflects the contractual terms of the purchase agreement (e.g., potential payment amounts, length of measurement periods, manner of calculating any amounts due) and utilizes assumptions with regard to future cash flows, probabilities of achieving such future cash flows and a discount rate. Depending on the contractual terms of the purchase agreement, the probability of achieving future cash flows or earnings generally represent the only significant unobservable inputs. The contingent consideration liability is measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings.
A reconciliation of the fair value of the Company’s contingent consideration liability that use unobservable inputs was as follows (in millions):
Balance as of July 31, 2023$25.0 
Issuances1.0 
Settlements
(2.0)
Adjustments to fair value(2.2)
Balance as of July 31, 2024$21.8 
Maximum potential payout$29.7 
Balance as of July 31, 2022
$24.7 
Issuances— 
Adjustments to fair value0.3 
Balance as of July 31, 2023
$25.0 
Maximum potential payout$30.7 
v3.24.3
Guarantees
 12 Months Ended
Jul. 31, 2024
Product Warranties Disclosures [Abstract]  
Guarantees
Note 17. Guarantees
Letters of Credit
The Company has letters of credit which guarantee payment to third parties in the event the Company is in breach of contract terms as detailed in each letter of credit. The outstanding debt contingent liability for standby letters of credit was as follows (in millions):
Year Ended July 31,
20242023
Contingent liability for standby letters of credit issued under the Company’s revolving credit facility$7.5 $7.5 
Amounts drawn for letters of credit under the Company’s revolving credit facility$— $— 
Advanced Filtration Systems Inc. (AFSI)
The Company has an unconsolidated joint venture, AFSI, established by the Company and Caterpillar Inc. (Caterpillar) in 1986. AFSI designs and manufactures high-efficiency fluid filters used in Caterpillar’s machinery worldwide. The Company and Caterpillar equally own the shares of AFSI and both companies guarantee certain debt and banking services, including credit and debit cards, merchant processing and treasury management services, of the joint venture. The Company accounts for AFSI as an equity method investment.
The outstanding debt relating to AFSI, of which the Company guarantees half, was $51.0 million and $59.6 million as of July 31, 2024 and 2023, respectively. AFSI has $63.0 million in a revolving credit facility which expires on July 31, 2027 and $17.0 million in an additional multi-currency revolving credit facility which terminates upon notification of either party.
Earnings from AFSI, which are recorded in other income, net in the Consolidated Statements of Earnings were $12.3 million and $8.5 million as of July 31, 2024 and 2023, respectively
v3.24.3
Commitments and Contingencies
 12 Months Ended
Jul. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 18. Commitments and Contingencies
The Company records provisions when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and litigation are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the estimated liability in its Consolidated Financial Statements for claims or litigation is adequate and appropriate for the probable and estimable outcomes. Liabilities recorded were not material to the Company’s financial position, results of operations or liquidity. The Company believes it is remote that the settlement of any of the currently identified claims or litigation will be materially in excess of what is accrued.
Contingent Compensation and Consideration
Purilogics
The Company’s acquisition purchase agreement with Purilogics includes deferred payment provisions representing potential milestone payments for its former owners. The provisions are made up of two general types of arrangements, contingent compensation and contingent consideration. The contingent compensation arrangement is contingent on the former owner’s future employment with the Company and the related amounts are recognized over the required employment period. The contingent consideration is not contingent on employment and is recorded as purchase consideration in both other current and other long-term liabilities on the Consolidated Balance Sheets at the time of the initial acquisition based on the fair value of the estimated liability. The amounts are paid over a two to five year period, contingent on the achievement of certain revenue and manufacturing milestones.
The total contingent compensation arrangement liability was $2.1 million as of July 31, 2024, which was included in accrued employee compensation and related taxes on the Consolidated Balance Sheets. The total contingent compensation arrangement liability was $1.1 million as of July 31, 2023, which was included in other long-term liabilities on the Consolidated Balance Sheets. The maximum payout of the contingent compensation arrangement upon completion of the future performance periods was $3.0 million, inclusive of the $2.1 million and $1.1 million accrued as of July 31, 2024 and 2023, respectively.
The Company primarily determines the contingent consideration liability based on the forecasted probability of achieving certain milestones. The contingent consideration liability is measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings. The total contingent consideration liability was $19.0 million and $23.2 million as of July 31, 2024 and 2023, respectively and was included in other current and other long-term liabilities on the Consolidated Balance Sheets. The maximum payout of the contingent consideration was $27.0 million and $29.0 million as of July 31, 2024 and 2023, respectively, inclusive of the $19.0 million and $23.2 million accrued as of July 31, 2024 and 2023, respectively. The total contingent consideration paid was $2.0 million as of July 31, 2024, consisting of $2.0 million paid during fiscal 2024. For additional discussion regarding the fair value of the Company’s contingent consideration liability, see Note 16.
Other Acquisitions
For other acquisitions, the total contingent compensation arrangement liability was $0.3 million and $0.9 million as of July 31, 2024 and July 31, 2023 respectively, which was included in other long-term liabilities on the Consolidated Balance Sheets. The maximum payout of the contingent compensation arrangements upon completion of the future performance periods was $0.8 million as of July 31, 2024, which will expire in 2 to 4 years. This is inclusive of the $0.3 million accrued as of July 31, 2024.
The total contingent consideration liability was $2.8 million as of July 31, 2024 and was included in other current liabilities on the Consolidated Balance Sheets. The total contingent consideration liability was $1.7 million as of July 31, 2023 and was included in other long-term liabilities on the Consolidated Balance Sheets. The maximum payout of the contingent consideration was $2.8 million and $1.7 million as of July 31, 2024 and 2023, respectively.
Warranty Reserves
The Company estimates warranty expense on certain products at the time of sale using quantitative measures based on historical warranty claim experience and evaluation of specific customer warranty issues. The Company’s accrued warranty reserves were $10.2 million and $5.5 million as of July 31, 2024 and 2023, respectively. There was a $4.1 million specific warranty reserved for one customer as of July 31, 2024. There were no other individually or collectively material specific warranty matters accrued for, or significant settlements made, during the years ended July 31, 2024 and 2023.
v3.24.3
Segment Reporting
 12 Months Ended
Jul. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
Segment Reporting
Note 19. Segment Reporting
The Company’s reportable segments are: Mobile Solutions, Industrial Solutions and Life Sciences. The organizational structure also includes Corporate and Unallocated which includes interest expense and certain corporate expenses determined to be non-allocable to the segments, such as restructuring charges and business development expenses. The Company determines its operating segments consistent with the manner in which it manages its operations and evaluates performance for internal review and decision-making. In fiscal 2024, Corporate and Unallocated included a charge of $6.4 million related to restructuring, see Note 20.
The Mobile Solutions segment is organized based on a combination of customers and products and consists of the Off-Road, On-Road and Aftermarket business units. Within these business units, products consist of replacement filters for both air and liquid filtration applications and filtration housings for new equipment production and systems related to exhaust and emissions. Applications include air filtration systems, fuel, lube and hydraulic systems, emissions systems and sensors, indicators and monitoring systems. Mobile Solutions sells to original equipment manufacturers (OEMs) in the construction, mining, agriculture and transportation end markets and to independent distributors and OEM dealer networks.
The Industrial Solutions segment is organized based on product type and consists of Industrial Air Filtration, Industrial Gasses, Industrial Hydraulics, Power Generation and Aerospace and Defense products. These products are further organized by the Industrial Filtration Solutions and Aerospace and Defense business units. Within our industrial portfolio, Donaldson provides the widest product offering in the market to industrial customers consisting of equipment, ancillary components, replacement parts, performance monitoring and service globally, that cost-effectively enhances productivity and manufacturing efficiency. Industrial Air Filtration, Industrial Gasses and Industrial Hydraulics products consist of dust, fume and mist collectors, compressed air and industrial gasses purification systems, hydraulic and lubricated rotating filtration applications as well as gas and liquid filtration for industrial processes. Power Generation products consist of air inlet systems and filtration sold to gas compression, power generation and natural gas liquification industries. Aerospace and Defense products consist of air, fuel, lubrication and hydraulic filtration for fixed-wing and rotorcraft aerospace applications and ground defense vehicle and naval platforms. Industrial Solutions businesses sell through multiple channels which include OEMs, distributors and direct-to-consumer in some markets.
The Life Sciences segment is organized by end market and consists of the Bioprocessing Equipment and Consumables, Food and Beverage, Vehicle Electrification and Medical Device, Microelectronics and Disk Drive markets. Within these markets, products consist of micro-environment gas and liquid filtration for food and beverage and industrial processes, bioprocessing equipment, including bioreactors and fermenters, bioprocessing consumables including chromatography devices, reagents and filters, polytetrafluoroethylene membrane-based products, as well as specialized air and gas filtration systems for applications including hard disk drives, semiconductor manufacturing, sensors, battery systems and powertrain components. Life Sciences primarily sells to large OEMs and directly to various end users requiring cell growth, separation, purification, high purity filtration and device protection.
The Company has manufacturing facilities that serve multiple reportable segments. As such, capital expenditure information by reportable segment has not been provided because the Company does not produce or utilize such information internally. In addition, although depreciation and amortization expense is a component of each reportable segment’s operating results, it is not discretely identifiable.
The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and sharing of assets. Therefore, the Company does not represent these segments, if operated independently, would report earnings before income taxes and other financial information as stated below.
Segment details were as follows (in millions):
Mobile Solutions SegmentIndustrial Solutions SegmentLife Sciences SegmentCorporate and
Unallocated		Total
Company
Year ended July 31, 2024
Net sales$2,250.8 $1,066.5 $269.0 $— $3,586.3 
Equity earnings in unconsolidated affiliates$7.3 $0.1 $— $— $7.4 
Earnings (loss) before income taxes$404.5 $198.8 $(10.4)$(57.6)$535.3 
Assets$1,339.5 $821.7 $512.1 $241.0 $2,914.3 
Equity investments in unconsolidated affiliates$26.8 $0.1 $— $— $26.9 
Year ended July 31, 2023
Net sales$2,174.8 $1,014.7 $241.3 $— $3,430.8 
Equity earnings in unconsolidated affiliates$3.6 $— $— $— $3.6 
Earnings (loss) before income taxes$330.4 $186.2 $9.9 $(57.8)$468.7 
Assets$1,243.8 $788.1 $513.8 $224.8 $2,770.5 
Equity investments in unconsolidated affiliates$24.2 $0.2 $— $— $24.4 
Year ended July 31, 2022
Net sales$2,126.5 $901.0 $279.1 $— $3,306.6 
Equity earnings in unconsolidated affiliates$1.7 $— $— $— $1.7 
Earnings (loss) before income taxes$293.8 $133.0 $64.9 $(53.3)$438.4 
Assets$1,319.4 $816.0 $267.8 $197.1 $2,600.3 
Equity investments in unconsolidated affiliates$22.3 $0.1 $— $— $22.4 
Net sales by business unit were as follows (in millions):
Year Ended July 31,
202420232022
Mobile Solutions segment
Off-Road$380.8 $428.7 $390.5 
On-Road139.8 145.8 136.1 
Aftermarket1,730.2 1,600.3 1,599.9 
Total Mobile Solutions segment2,250.8 2,174.8 2,126.5 
Industrial Solutions segment
Industrial Filtration Solutions
901.1 872.2 780.5 
Aerospace and Defense165.4 142.5 120.5 
Total Industrial Solutions segment1,066.5 1,014.7 901.0 
Life Sciences segment
Total Life Sciences segment269.0 241.3 279.1 
Total Company$3,586.3 $3,430.8 $3,306.6 
Net sales, generally disaggregated by location where the customer’s order was received and property, plant and equipment, net by geographic region were as follows (in millions):
Net Sales Property, Plant and Equipment, Net
Year ended July 31, 2024
U.S. and Canada$1,583.1 $209.7 
EMEA1,012.9 199.6 
APAC601.5 75.5 
LATAM388.8 160.7 
Total$3,586.3 $645.5 
Year ended July 31, 2023
U.S. and Canada$1,464.7 $219.7 
EMEA1,007.8 202.4 
APAC608.8 76.5 
LATAM349.5 154.3 
Total$3,430.8 $652.9 
Year ended July 31, 2022
U.S. and Canada$1,336.8 $218.1 
EMEA963.6 184.3 
APAC669.0 59.5 
LATAM337.2 132.5 
Total$3,306.6 $594.4 
Concentrations
There were no customers that accounted for over 10% of net sales for the years ended July 31, 2024, 2023 or 2022. There were no customers that accounted for over 10% of gross accounts receivable as of July 31, 2024 or 2023.
v3.24.3
Restructuring
 12 Months Ended
Jul. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring
Note 20. Restructuring
During the fourth quarter of fiscal 2024, the Company initiated global footprint optimization and cost reduction actions to further improve its operating and manufacturing cost structure, primarily in EMEA. These activities resulted in restructuring expenses, primarily related to severance, of $6.4 million. Charges of $3.8 million were included in cost of sales and $2.6 million were included in operating expenses in the Consolidated Statement of Earnings for the year ended July 31, 2024. As of July 31, 2024, $6.4 million of accrued expenses were included in accrued employee compensation and related taxes in the Consolidated Balance Sheet. Estimated future costs associated with actions related to this restructuring initiative are not included due to the Company’s inability to reasonably quantify the anticipated restructuring charges.
During fiscal 2023, the Company announced a company-wide organizational redesign to further support the Company’s growth strategies and better serve its customers. In conjunction with the organizational redesign, the Company recorded $21.8 million of charges consisting of $15.3 million of severance charges and other organizational redesign costs and $6.5 million of costs mainly associated with the exiting of a lower-margin customer program and a lower-margin product. Charges of $2.9 million were included in cost of sales and $18.9 million were included in selling, general and administrative expenses in the accompanying Consolidated Statements of Earnings.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Pay vs Performance Disclosure      
Net earnings $ 414.0 $ 358.8 $ 332.8
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Jul. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Insider Trading Policies and Procedures
 12 Months Ended
Jul. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.3
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jul. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company and all its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s joint ventures are not majority-owned and are accounted for under the equity method. The Company is party to joint ventures with Advanced Filtration Systems Inc. (AFSI) and PT Panata Jaya Mandiri (PTPJM), both of which are considered related parties. The investment and earnings from joint ventures are not material.
Certain reclassifications to previously reported financial information on the Consolidated Balance Sheet, Consolidated Statements of Cash Flows and Consolidated Statements of Changes in Stockholders’ Equity have been made to conform to the current period presentation.
Use of Estimates
Use of Estimates
The preparation of the Company’s financial statements in conformity with generally accepted accounting principles (GAAP) in the United States (U.S.) requires management to make estimates and assumptions that affect the amount of assets and liabilities and the disclosures regarding contingent assets and liabilities at period end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Foreign Currency Translation
Foreign Currency Translation
For most foreign operations, local currencies are considered the functional currency. Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at fiscal year end exchange rates and the resulting gains and losses arising from the translation of net assets located outside the U.S. are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive loss on the Consolidated Balance Sheets. Elements of the Consolidated Statements of Earnings are translated at average exchange rates in effect during the fiscal year.
Cash Equivalents
Cash Equivalents
The Company considers all highly liquid temporary investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost which approximates market value.
Revenue Recognition
Revenue Recognition
Revenue is measured as the amount of consideration the Company expects to receive in exchange for the fulfillment of performance obligations. The transaction price of a contract could be reduced by variable consideration including volume purchase rebates and discounts, product refunds and returns. At the time of sale to a customer, the Company records an estimate of variable consideration as a reduction from gross sales. The Company primarily relies on historical experience and anticipated future performance to estimate the variable consideration. Revenue is recognized to the extent it is probable a significant reversal of revenue will not occur when the contingency is resolved. The Company accounts for amounts billed to customers for reimbursement of shipping and handling costs by recording these amounts as revenue and accruing costs when the related revenue is recognized.
For most customer contracts, the Company recognizes revenue at a point in time when control of the goods or services is transferred to the customer. For product sales, control is typically deemed to have transferred in accordance with the shipping terms, either at the time of shipment from the plants or distribution centers or the time of delivery to the customers. Revenue is recognized for services upon completion of those services. Payment terms vary by customer and the geographic location of the customer. The Company’s contracts with customers do not include significant financing components or non-cash consideration.
The Company has some contracts with customers where the performance obligations are satisfied over time. Certain customer contracts provide the Company with an enforceable right to payment of the transaction price for performance completed to date and the Company uses either an input or an output method of production to measure the progress towards the completion of the performance obligation in these arrangements, depending on the nature of the contract. The timing of revenue recognized from these products is slightly accelerated compared to revenue recognized at the time of shipment or delivery.
The Company generally does not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. The Company may incur certain fulfillment costs such as initial design or mobilization costs which are capitalized if they relate directly to the contract, if they are expected to generate resources that will be used to satisfy the Company’s performance obligation under the contract and if they are expected to be recovered through revenues generated under the contract. Such costs, which are amortized over the life of the respective project, were not material for any period presented.
The Company does not pay upfront sales commissions on contracts when the related contract period is greater than one year and thus has not capitalized any amounts as of July 31, 2024 and 2023, see Note 3.
Shipping and Handling
Shipping and Handling
Shipping and handling costs on products sold of $91.5 million, $91.2 million and $96.4 million are classified as a component of operating expenses in the Consolidated Statements of Earnings for the years ended July 31, 2024, 2023 and 2022, respectively.
Accounts Receivable, Net and Allowance for Doubtful Accounts
Accounts Receivable, Net and Allowance for Doubtful Accounts
Accounts receivable, net are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in its existing accounts receivable. The Company determines the allowance based on utilization of a combination of aging schedules with reserve rates applied to both current and aged receivables using historical write-off experience, regional economic data and evaluation of specific customer accounts for risk of loss and changes in current or projected conditions to calculate the allowances related to accounts receivable, net. The Company reviews its allowance for doubtful accounts monthly. Account balances are reviewed on a pooled basis by reporting unit and geographic region and are reserved when the Company determines it is probable the receivable will not be recovered. The Company reduces the receivable and corresponding allowance when it confirms an account is uncollectible.
Accounts Receivable, Net and Allowance for Doubtful Accounts
Accounts Receivable, Net and Allowance for Doubtful Accounts
Accounts receivable, net are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in its existing accounts receivable. The Company determines the allowance based on utilization of a combination of aging schedules with reserve rates applied to both current and aged receivables using historical write-off experience, regional economic data and evaluation of specific customer accounts for risk of loss and changes in current or projected conditions to calculate the allowances related to accounts receivable, net. The Company reviews its allowance for doubtful accounts monthly. Account balances are reviewed on a pooled basis by reporting unit and geographic region and are reserved when the Company determines it is probable the receivable will not be recovered. The Company reduces the receivable and corresponding allowance when it confirms an account is uncollectible.
Factoring Arrangements
Factoring Arrangements
The Company has agreements with financial institutions to sell certain trade receivables from customers without recourse. The Company accounts for trade receivable transfers as sales and de-recognizes the sold receivables from the Consolidated Balance Sheets. During fiscal 2024, the Company sold $29.9 million receivables under factoring agreements. Costs incurred on these sales during the year ended July 31, 2024 were $1.7 million and are included in the cost of sales within the Consolidated Statements of Earnings. Cash received from selling receivables of $28.2 million is presented as a change in accounts receivable within the operating section of the Consolidated Statements of Cash Flow.
Inventories
Inventories
Inventories are stated at the lower of cost and net realizable value. U.S. inventories are valued using the last-in, first-out (LIFO) method while the non-U.S. inventories are valued using the first-in, first-out (FIFO) method.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment are stated at cost. Additions, improvements or major renewals are capitalized while expenditures that do not enhance or extend the asset’s useful life are expensed as incurred. Depreciation is computed using the straight-line method.
Internal-Use Software
Internal-Use Software and Cloud Computing Arrangements
The Company capitalizes direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of five to seven years and are reported as a component of property, plant and equipment.
The Company capitalizes certain costs incurred during the application development stage of implementation of internal-use software in cloud computing arrangements. Amounts capitalized are amortized on a straight-line basis over a period of five to 10 years and are reported as a component of other long-term assets.
Cloud Computing Arrangements
Internal-Use Software and Cloud Computing Arrangements
The Company capitalizes direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of five to seven years and are reported as a component of property, plant and equipment.
The Company capitalizes certain costs incurred during the application development stage of implementation of internal-use software in cloud computing arrangements. Amounts capitalized are amortized on a straight-line basis over a period of five to 10 years and are reported as a component of other long-term assets.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations under the purchase method of accounting. Goodwill is assessed for impairment annually or if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company performed its annual impairment assessment during the third quarter of fiscal 2024. The goodwill impairment assessment is conducted at a reporting unit level, which is one level below the operating segment level and utilizes either a qualitative or quantitative assessment. The Company determined the fair value for all its reporting units was substantially in excess of their respective carrying values and there were no indicators of impairment for any of the reporting units evaluated. An impairment loss would be recognized when the carrying amount of a reporting unit’s net assets exceeds the estimated fair value of the reporting unit, see Note 6.
Intangible assets, comprised of customer relationships, trademarks, technology and patents and non-compete agreements, are amortized on a straight-line basis over their estimated useful lives of 2 to 22 years.
Business Combinations
Business Combinations
The Company allocates the purchase price of acquired businesses to the estimated fair values of the assets acquired and liabilities assumed, as well as any contingent consideration, where applicable, as of the date of acquisition. The fair values of the long-lived assets acquired, primarily intangible assets, are determined using calculations which can be complex and require significant judgment. Estimates include many factors such as the nature of the acquired company’s business, its historical financial position and results, technology obsolescence, customer retention rates, discount rates, royalty rates and expected future performance. Independent valuation specialists are used to assist in determining certain fair value calculations.
During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Any adjustments required after the measurement period are recorded in the Consolidated Statements of Earnings.
Recoverability of Long-Lived Assets
Recoverability of Long-Lived Assets
The Company reviews its long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying value is reduced to the fair market value.
Income Taxes
Income Taxes
The provision for income taxes is computed based on the pretax income reported for financial statement purposes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributed to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are anticipated to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not a tax benefit will not be realized.
The Company maintains a reserve for uncertain tax benefits. Benefits of tax return positions are recognized in the financial statements when the position is more likely than not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that is greater than 50% likely to be realized, in the Company’s judgment,
Leases
Leases
The Company determines whether an arrangement that provides control over the use of an asset to the Company is a lease. The Company recognizes a lease liability and corresponding right-of-use asset on the Consolidated Balance Sheets based on the present value of future lease payments and recognizes lease expense on a straight-line basis over the lease term. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term (or at fair values in the case of those leases assumed in an acquisition). Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets and are expensed on a straight-line basis over the lease term. Variable lease expense is immaterial and primarily includes leases with payments indexed to inflation when the index changes after lease commencement.
The Company has elected to separate payments for lease components from non-lease components for all asset classes. Lease agreements may include extension, termination or purchase options, all of which are considered in calculating the lease liability and right-of-use asset when it is reasonably certain the Company will exercise an option. The Company’s incremental borrowing rate on the commencement date is used to calculate the present value of future payments for most leases since the rate implicit in the lease is generally not readily determinable. These rates are assessed on a quarterly basis for measurement of new lease obligations,
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense is recognized using the fair value method for all awards,
Treasury Stock
Treasury Stock
Repurchased common stock is stated at cost, determined on an average cost basis and is presented as a reduction of stockholders’ equity on the Consolidated Balance Sheets.
Research and Development Expenses
Research and Development Expenses
Research and development expenses include scientific research costs such as salaries, facility costs, testing, technical information technology and administrative expenditures. Research and development expenses are for the application of scientific advances to the development of new and improved products and their uses. Substantially all research and development is performed in-house. Expenses are charged against earnings in the year incurred.
Foreign Currency Forward Contracts - Cash Flow Hedges and Derivatives not Designated as Hedging Instruments
Foreign Currency Forward Contracts - Cash Flow Hedges and Derivatives Not Designated as Hedging Instruments
The Company buys materials from foreign suppliers. Those transactions can be denominated in those suppliers’ local currency. The Company also sells to customers in foreign countries. Those transactions can be denominated in those customers’ local currency. Both of these transaction types can create volatility in the Company’s financial statements. The Company uses foreign currency forward contracts to manage those exposures and fluctuations. These contracts generally mature in 12 months or less, which is consistent with the forecasts of the related purchases and sales. Certain contracts are designated as cash flow hedges, whereas the remaining contracts, most of which are related to certain intercompany transactions which offset balance sheet exposure, are not designated as hedging instruments, see Notes 12, 15 and 16.
Net Investment Hedges
The Company uses fixed-to-fixed cross-currency swap agreements to hedge its exposure to adverse foreign currency exchange rate movements for its operations in Europe. The Company has elected the spot method for designating these contracts as net investment hedges. The maturity dates range from 2027 to 2029, see Notes 12, 15 and 16.
Interest Rate Swaps - Cash Flow Hedges
The Company uses swap agreements to hedge exposure related to interest expense and to manage its exposure to interest rate movements. The Company enters into interest rate swap agreements designated as cash flow hedges to hedge future fixed-rate debt issuances, which effectively fix a portion of interest payments.
Product Warranties
Product Warranties
The Company provides for estimated warranty expense at the time of sale and accrues for specific items at the time their existence is known and the amounts are determinable. The Company estimates warranty expense on certain products at the time of sale using quantitative measures based on historical warranty claim experience and evaluation of specific customer warranty issues,
New Significant Accounting Standards Recently Adopted and Not Yet Adopted
New Significant Accounting Standards Recently Adopted
There were no new significant accounting standards adopted in fiscal 2024 or 2023 that had a material impact on the Company’s financial statements.
New Significant Accounting Standards Not Yet Adopted
The Company considers the applicability and impact of the FASB’s ASUs issued but not yet adopted.
In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 820), “Improvements to Income Tax Disclosures,” which enhances the transparency and decision usefulness of income tax disclosures. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect adoption of this standard will have a material impact on the related disclosures within its financial statements.
In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), “Improvements to Reportable Segment Disclosures,” which improves the segment disclosures to include reportable segment’s expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. This ASU is applicable to annual reporting for the Company’s fiscal 2025 and interim reporting for the first quarter of the Company’s fiscal 2026. The Company does not expect adoption of this standard will have a material impact on the related disclosures within its financial statements.
In October 2023, FASB issued ASU No. 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative," which modifies the disclosure or presentation requirements of various FASB topics in the Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-K becomes effective, with early adoption prohibited. The Company is in the process of evaluating the impact of the ASU on its related disclosures.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair values; it also requires additional disclosures, including the nature and remaining duration of such restrictions. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. This ASU is applicable to the Company’s fiscal year beginning in the first quarter of fiscal 2025. The Company does not expect adoption of this standard will have a material impact on its financial statements.
Earnings Per Share Basic net earnings per share (EPS) is computed by dividing net earnings by the weighted average number of outstanding common shares. Diluted net EPS is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and other stock incentive plans.
v3.24.3
Acquisitions and Equity Method Investments (Tables)
 12 Months Ended
Jul. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Components of Acquisitions, Net of Cash Acquired
The components of the UTEC and Isolere acquisitions, net of cash acquired, as of the acquisition date were as follows (in millions):
2023
Intangible assets:
Technology$84.9 
Trademarks and tradenames8.2 
Customer relationships1.2 
Non-competition agreements2.7 
Intangible assets acquired97.0 
Tangible assets, net10.4 
Assets acquired, net107.4 
Goodwill124.0 
Aggregate purchase price231.4 
Add deferred tax asset7.0 
Less deferred tax liability(24.0)
Less cash acquired(4.8)
Acquisitions, net of cash acquired$209.6 
v3.24.3
Revenue (Tables)
 12 Months Ended
Jul. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Net sales, generally disaggregated by location where the customer’s order was placed, were as follows (in millions):
Year Ended July 31,
202420232022
U.S. and Canada$1,583.1 $1,464.7 $1,336.8 
Europe, Middle East and Africa (EMEA)1,012.9 1,007.8 963.6 
Asia Pacific (APAC)601.5 608.8 669.0 
Latin America (LATAM)388.8 349.5 337.2 
Total net sales$3,586.3 $3,430.8 $3,306.6 
v3.24.3
Inventories, Net (Tables)
 12 Months Ended
Jul. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Components of Inventory
The components of inventories, net were as follows (in millions):
July 31,
20242023
Raw materials$177.4 $155.1 
Work in process61.2 50.9 
Finished products238.1 212.1 
Total inventories, net$476.7 $418.1 
v3.24.3
Property, Plant and Equipment, Net (Tables)
 12 Months Ended
Jul. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Plant And Equipment
The components of property, plant and equipment, net were as follows (in millions):
July 31,
20242023
Land$29.5 $29.3 
Buildings451.9 430.8 
Machinery and equipment1,052.1 989.0 
Computer software134.7 142.0 
Construction in progress68.4 107.7 
Less accumulated depreciation(1,091.1)(1,045.9)
Total property, plant and equipment, net$645.5 $652.9 
v3.24.3
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Jul. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Reconciliation of Goodwill
Goodwill by reportable segment was as follows (in millions):
Mobile
Solutions
Segment		Industrial
Solutions
Segment		Life Sciences SegmentTotal
Goodwill
Balance as of July 31, 2022$25.3 $282.1 $38.4 $345.8 
Goodwill acquired— — 125.1 125.1 
Foreign exchange translation0.2 7.0 3.0 10.2 
 Balance as of July 31, 2023$25.5 $289.1 $166.5 $481.1 
Goodwill acquired— 1.9 — 1.9 
Purchase price adjustments— — (1.1)(1.1)
Foreign exchange translation(0.1)(1.1)(2.3)(3.5)
Balance as of July 31, 2024$25.4 $289.9 $163.1 $478.4 
Schedule of Reconciliation of Intangibles
Intangible asset classes were as follows (in millions):
Year Ended July 31, 2024
Weighted Amortizable Life (in Years)Gross Carrying AmountAccumulated AmortizationNet
Customer relationships9.4$77.4 $(39.9)$37.5 
Trademarks8.114.2 (3.8)10.4 
Technology and patents
16.7142.4 (20.4)122.0 
Non-compete agreements2.73.9 (1.9)2.0 
Total intangible assets$237.9 $(66.0)$171.9 
Year Ended July 31, 2023
Weighted Amortizable Life (in Years)Gross Carrying AmountAccumulated AmortizationNet
Customer relationships10.8$107.8 $(65.6)$42.2 
Trademarks9.015.9 (3.9)12.0 
Technology and patents
17.6149.7 (19.2)130.5 
Non-compete agreements3.14.0 (0.6)3.4 
Total intangible assets$277.4 $(89.3)$188.1 
Schedule of Expected Amortization Expense Amortization expense relating to existing intangible assets as of July 31, 2024 was as follows (in millions):
2025$15.3 
202614.1 
202713.7 
202813.2 
202912.1 
Thereafter103.5 
Total amortization expense$171.9 
v3.24.3
Short-Term Borrowings and Long-Term Debt (Tables)
 12 Months Ended
Jul. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
Short-term borrowings were as follows (in millions):
European Commercial Paper ProgramU.S. Credit FacilitiesEuropean Operations Credit FacilitiesRest of the World Credit FacilitiesTotal
Year Ended July 31,
2024202320242023202420232024202320242023
Available credit facilities$108.3 $110.3 $100.0 $100.0 $48.4 $45.0 $46.7 $50.8 $303.4 $306.1 
Reductions to borrowing capacity:
Outstanding borrowings 22.8 24.3 0.2 9.8 — — 5.3 — 28.3 34.1 
Other non-borrowing reductions— — — — 38.9 28.8 25.7 18.8 64.6 47.6 
Total reductions22.8 24.3 0.2 9.8 38.9 28.8 31.0 18.8 92.9 81.7 
Remaining borrowing capacity$85.5 $86.0 $99.8 $90.2 $9.5 $16.2 $15.7 $32.0 $210.5 $224.4 
Weighted average interest rate as of July 31, 2024 and 2023
4.34 %4.09 %6.44 %6.17 %N/AN/A0.56 %N/A3.62 %4.69 %
Schedule of Long-term Debt
Long-term debt was as follows:
Interest RateOutstanding Balance
(in millions)
Financial InstrumentFixed or VariableAmountMaturity DateJuly 31, 2024July 31, 2023July 31, 2024July 31, 2023
Unsecured senior notesFixed
$125.0 million
March 27, 20243.72 %3.72 %$— $125.0 
Unsecured senior notesFixed
$125.0 million
June 17, 20303.18 %3.18 %125.0 125.0 
Unsecured senior notes
Fixed
$100.0 million
August 5, 20312.50 %2.50 %100.0 100.0 
Unsecured revolving credit facilityVariable
$500.0 million
May 21, 20266.44 %5.09 %110.0 96.2 
Unsecured term loanVariable
 €80.0 million
March 26, 20294.69 %4.41 %86.6 88.2 
Unsecured senior notes
Fixed
$50.0 million
November 5, 20282.12 %2.12 %50.0 50.0 
Unsecured senior notesFixed
$25.0 million
April 16, 20252.93 %2.93 %25.0 25.0 
Unsecured term loanVariable¥1.0  billionJuly 31, 20280.76 %0.57 %6.7 7.0 
Unsecured term loanVariable¥1.0  billionJuly 15, 20260.68 %0.49 %6.7 7.0 
Debt issuance costs, net(1.6)(1.8)
Subtotal508.4 621.6 
Less current maturities(25.0)(125.0)
Total long-term debt$483.4 $496.6 
Schedule of Maturities of Long-term Debt
Future maturities of the Company’s long-term debt as of July 31, 2024 were as follows (in millions):
2025$25.0 
2026116.7 
2027— 
20286.7 
2029136.6 
Thereafter225.0 
Total future maturities payments510.0 
Less debt issuance costs, net(1.6)
Total future maturities payments, net of debt issuance costs$508.4 
v3.24.3
Income Taxes (Tables)
 12 Months Ended
Jul. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Earnings Before Income Taxes
The components of earnings before income taxes were as follows (in millions):
Year Ended July 31,
202420232022
U.S.$233.4 $178.0 $132.8 
Foreign301.9 290.7 305.6 
Total$535.3 $468.7 $438.4 
Schedule of Components of the Provision For Income Taxes
The components of the provision for income taxes were as follows (in millions):
Year Ended July 31,
202420232022
Current
Federal$47.2 $38.1 $17.4 
State8.8 7.3 4.9 
Foreign89.6 79.8 84.7 
Total current145.6 125.2 107.0 
Deferred
Federal(16.1)(13.3)2.8 
State(1.7)(1.8)(0.3)
Foreign(6.5)(0.2)(3.9)
Total deferred(24.3)(15.3)(1.4)
Total provision for income taxes$121.3 $109.9 $105.6 
Schedule of Reconciliation of the U.S. Statutory Income Tax Rate with the Effective Income Tax Rate
The reconciliation of the U.S. statutory federal income tax rate with the effective income tax rate was as follows:
Year Ended July 31,
202420232022
U.S. statutory federal income tax rate21.0 %21.0 %21.0 %
State income taxes1.2 0.9 0.9 
Foreign operations2.7 3.8 3.6 
Global Intangible Low Tax Income0.2 0.2 0.3 
Foreign Derived Intangible Income(1.3)(1.6)(0.6)
Research and development credit(0.9)(0.7)(0.6)
Change in unrecognized tax benefits1.2 — (0.8)
Tax benefits on stock-based compensation (1.2)(0.7)(0.5)
Other(0.2)0.5 0.8 
Effective income tax rate22.7 %23.4 %24.1 %
Schedule of the Tax Effects of Temporary Differences that Give Rise to Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to deferred tax assets and liabilities were as follows (in millions):
July 31,
20242023
Deferred tax assets
Accrued expenses$14.3 $12.2 
Compensation and retirement plans26.6 24.7 
Capitalization of R&D costs32.9 17.6 
Net operating loss (NOL) and tax credit carryforwards17.6 15.1 
Operating lease assets15.6 15.0 
Other6.2 6.2 
Gross deferred tax assets113.2 90.8 
Valuation allowance(9.1)(6.4)
Deferred tax assets, net of valuation allowance104.1 84.4 
Deferred tax liabilities
Depreciation and amortization(74.5)(79.5)
Operating lease liabilities(14.9)(15.1)
Other(3.8)(4.2)
Deferred tax liabilities(93.2)(98.8)
Net deferred tax asset (liability)
$10.9 $(14.4)
Schedule of NOL and Tax Credit Valuation Allowances
The activity in the NOL and tax credit valuation allowances was as follows (in millions):
Year Ended July 31,
202420232022
Balance as of beginning of year$(6.4)$(3.4)$(4.6)
Additions charged to costs and expenses(3.6)(3.0)(0.9)
Deductions from reserves0.9 — 2.1 
Balance as of end of year$(9.1)$(6.4)$(3.4)
Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits
The reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows (in millions):
Year Ended July 31,
202420232022
Balance as of beginning of year$15.0 $15.2 $18.7 
Additions for tax positions of the current year2.8 2.5 2.7 
Additions for tax positions of prior years6.2 — — 
Reductions for tax positions of prior years(0.1)0.1 (1.1)
Reductions due to lapse of applicable statute of limitations(3.1)(2.8)(5.1)
Balance as of end of year$20.8 $15.0 $15.2 
v3.24.3
Leases (Tables)
 12 Months Ended
Jul. 31, 2024
Leases [Abstract]  
Schedule of Lease Cost
The Company’s operating lease costs were as follows (in millions):
Year Ended July 31,
20242023
Operating lease cost$29.5 $24.5 
Short-term lease cost3.0 3.2 
Total lease costs$32.5 $27.7 
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information for the Company was as follows (in millions):
July 31,
Balance Sheet Location20242023
Right-of-use lease assetsOther long-term assets$59.7 $59.4 
Current lease liabilitiesOther current liabilities$20.2 $17.8 
Long-term lease liabilitiesOther long-term liabilities$41.3 $42.4 
Additional information related to operating leases was as follows:
July 31,
20242023
Weighted average remaining lease term (years)3.54.2
Weighted average discount rate4.61 %3.89 %
Schedule of Operating Lease Liability
Remaining payments for operating leases having initial terms of more than one year as of July 31, 2024 were as follows (in millions):
2025$23.0 
202618.5 
202712.2 
20286.9 
20294.6 
Thereafter2.4 
Total future lease payments67.6 
Less imputed interest6.1 
Present value of future lease payments$61.5 
v3.24.3
Earnings Per Share (Tables)
 12 Months Ended
Jul. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Information Necessary to Calculate Basic and Diluted Earnings Per Share
Basic and diluted net EPS calculations were as follows (in millions, except per share amounts):
Year Ended July 31,
202420232022
Net earnings$414.0 $358.8 $332.8 
Weighted average common shares outstanding
Weighted average common shares – basic120.7 121.8 123.7 
Dilutive impact of stock-based awards1.9 1.8 1.5 
Weighted average common shares – diluted122.6 123.6 125.2 
Net EPS – basic$3.43 $2.95 $2.69 
Net EPS – diluted$3.38 $2.90 $2.66 
Stock options excluded from net EPS calculation0.00.01.6
v3.24.3
Stockholders' Equity (Tables)
 12 Months Ended
Jul. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Treasury Stock Activity
Treasury stock share activity was as follows:
Year Ended July 31,
20242023
Balance as of beginning of year30,528,696 29,089,612 
Stock repurchases2,465,000 2,485,000 
Net issuance upon exercise of stock options(1,294,475)(941,837)
Issuance under compensation plans(149,329)(84,942)
Other activity(16,700)(19,137)
Balance as of end of year31,533,192 30,528,696 
v3.24.3
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Jul. 31, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss By Component
Changes in accumulated other comprehensive loss for the years ended July 31, 2024 and 2023 were as follows (in millions):
Foreign
Currency
Translation
Adjustment		Pension
Benefits		Derivative
Financial
Instruments		Total
Balance as of July 31, 2023, net of tax$(109.6)$(67.2)$4.3 $(172.5)
Other comprehensive loss before reclassifications and tax
(24.2)(9.0)(1)(0.8)(34.0)
Tax benefit— 2.3 0.2 2.5 
Other comprehensive loss before reclassifications, net of tax
(24.2)(6.7)(0.6)(31.5)
Reclassifications, before tax— 6.3 (2)0.3 6.6 
Tax expense— (1.5)— (1.5)
Reclassifications, net of tax— 4.8 0.3 (3)5.1 
Other comprehensive loss, net of tax
(24.2)(1.9)(0.3)(26.4)
Balance as of July 31, 2024, net of tax$(133.8)$(69.1)$4.0 $(198.9)
Balance as of July 31, 2022, net of tax$(143.6)$(67.5)$5.5 $(205.6)
Other comprehensive income (loss) before reclassifications and tax
34.0 (6.9)(1)(1.9)25.2 
Tax benefit
— 2.2 0.5 2.7 
Other comprehensive income (loss) before reclassifications, net of tax
34.0 (4.7)(1.4)27.9 
Reclassifications, before tax— 7.5 (2)0.3 7.8 
Tax expense
— (2.5)(0.1)(2.6)
Reclassifications, net of tax— 5.0 0.2 (3)5.2 
Other comprehensive income (loss), net of tax
34.0 0.3 (1.2)33.1 
Balance as of July 31, 2023, net of tax$(109.6)$(67.2)$4.3 $(172.5)
(1)In fiscal 2024 and 2023, pension settlement accounting was triggered. In addition, pension curtailment accounting was triggered in fiscal 2024 and 2023. Remeasurements of the Company’s pension obligations resulted in an increase of $9.0 million and $6.9 million in fiscal 2024 and 2023, respectively, to accumulated other comprehensive loss on the Consolidated Balance Sheets, see Note 14.
(2)Amounts include reclassifications of $4.8 million and $6.6 million, a foreign currency translation loss of $0.1 million and gain of $1.4 million and net amortization of prior service costs and actuarial losses of $1.4 million and $2.3 million in fiscal 2024 and 2023, respectively. Amounts are included in other income, net in the Consolidated Statements of Earnings, see Note 14.
(3)Relates to designated foreign currency forward contracts that were reclassified from accumulated other comprehensive loss on the Consolidated Balance Sheets to net sales, cost of sales and operating expenses in the Consolidated Statements of Earnings, see Note 15.
v3.24.3
Stock-Based Compensation (Tables)
 12 Months Ended
Jul. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Valuation Assumption Used to Determine Fair Value of Stock-Based Compensation Awards
The fair value of these awards was determined using the following inputs:
Year Ended July 31,
202420232022
Risk-free interest rate
3.8% - 4.6%
3.8% - 4.2%
1.2% - 1.8%
Expected volatility
26.8% - 27.2%
26.8% - 27.5%
26.0% - 27.0%
Expected dividend yield1.6 %1.6 %1.6 %
Expected life:
Director grants8 years8 years8 years
Officer grants7 years7 years7 years
Non-officer grants7 years7 years7 years
Schedule of Stock Option Activity
Option activity was as follows:
 OptionsWeighted
Average Exercise
Price
Balance outstanding as of July 31, 20236,777,407 $47.80 
Granted809,278 59.95 
Exercised(1,372,191)42.30 
Expired/forfeited(51,438)54.14 
Balance outstanding as of July 31, 20246,163,056 $50.57 
Schedule of Outstanding and Exercisable Options
Outstanding and exercisable stock options as of July 31, 2024 were as follows:
Range of Exercise PricesNumber
Outstanding		Weighted
Average
Remaining
Contractual
Life (Years)		Weighted
Average
Exercise
Price		Number
Exercisable		Weighted
Average
Remaining
Contractual
Life (Years)		Weighted
Average
Exercise
Price
$28.00 to $37.99
494,960 1.3$29.54 494,960 1.3$29.54 
$38.00 to $43.99
620,682 2.342.25 620,682 2.342.25 
$44.00 to $49.99
1,255,623 4.945.97 1,255,623 4.945.97 
$50.00 to $55.99
1,538,333 6.851.33 977,432 6.051.58 
$56.00 and above
2,253,458 7.059.52 1,156,389 5.559.23 
6,163,056 5.6$50.57 4,505,086 4.5$48.27 
Schedule of Status of Options that Contain Vesting Provisions
For the year ended July 31, 2024, activity for non-vested stock options that contain vesting provisions was as follows:
OptionsWeighted
Average Grant
Date Fair
Value
Balance outstanding as of beginning of year1,783,711 $14.27 
Granted809,278 19.00 
Vested(893,885)13.34 
Forfeited(41,134)16.61 
Balance outstanding as of end of year1,657,970 $17.02 
Schedule of Performance Shares Activity
The weighted average grant date fair value related to the Company’s performance-based awards was as follows:
Year Ended July 31,
202420232022
Weighted average grant date fair value$59.66 $50.89 $59.40 
Performance-based awards for non-vested activity were as follows:
Performance SharesWeighted
Average Grant
Date Fair
Value
Balance outstanding as of July 31, 2023
194,761 $54.46 
Granted114,800 59.66 
Vested(81,661)59.40 
Forfeited— — 
Balance outstanding as of July 31, 2024
227,900 $55.31 
v3.24.3
Employee Benefit Plans (Tables)
 12 Months Ended
Jul. 31, 2024
Defined Benefit Plan Disclosure  
Schedule of Net Periodic Pension Costs and Amounts Recognized in Other Comprehensive Income
Net periodic pension costs for the Company’s pension plans were as follows (in millions):
Year Ended July 31,
202420232022
Net periodic pension costs
Service cost$5.2 $6.7 $6.9 
Interest cost20.4 17.0 10.6 
Expected return on assets(25.7)(25.3)(24.8)
Prior service cost amortization0.1 — 0.2 
Actuarial loss amortization1.5 2.1 6.9 
Settlement loss
4.9 5.5 3.0 
Curtailment loss
0.2 0.2 — 
Net periodic pension costs6.6 6.2 2.8 
Other changes recognized in other comprehensive (loss) income:
Prior service cost0.1 (0.4)— 
Net actuarial (loss) gain(9.1)(5.9)(1.3)
Amortization of prior service cost0.3 0.2 0.3 
Amortization of net actuarial loss6.4 7.7 9.9 
Total recognized in other comprehensive (loss) income
(2.3)1.6 8.9 
Total recognized in net periodic pension costs and other comprehensive (loss) income$(8.9)$(4.6)$6.1 
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status
The changes in projected benefit obligations, fair value of plan assets and funded status of the Company’s pension plans for the years ended July 31, 2024 and 2023 were as follows (in millions):
Year Ended July 31,
20242023
Change in projected benefit obligation
Projected benefit obligation, beginning of year$401.1 $442.6 
Service cost5.2 6.7 
Interest cost20.4 17.0 
Plan amendments(0.1)0.2 
Participant contributions0.8 0.7 
Actuarial (gain) loss
11.7 (42.0)
Foreign currency exchange rates(1.8)9.2 
Settlements paid(15.6)(17.0)
Acquisition
0.6 1.2 
Benefits paid(18.6)(17.5)
Projected benefit obligation, end of year403.7 401.1 
Change in fair value of plan assets
Fair value of plan assets, beginning of year416.0 459.8 
Actual return on plan assets28.4 (22.1)
Company contributions2.8 2.6 
Participant contributions0.8 0.7 
Foreign currency exchange rates(1.1)8.3 
Settlements paid(15.6)(17.0)
Acquisition
0.6 1.2 
Benefits paid(18.6)(17.5)
Fair value of plan assets, end of year413.3 416.0 
Funded status of plans, end of year$9.6 $14.9 
Amounts recognized on the Consolidated Balance Sheets
Other long-term assets$35.8 $34.7 
Other current liabilities(1.5)(1.7)
Other long-term liabilities(24.7)(18.1)
Net recognized asset $9.6 $14.9 
Schedule of Weighted-Average Discount Rates in Determining Actuarial Present Value of Projected Benefit Obligation
The significant assumptions used in determining the actuarial present value of the projected benefit obligation were as follows:
Year Ended July 31,
20242023
U.S. plans
Discount rate5.44 %5.58 %
Rate of compensation increaseN/AN/A
Non-U.S. plans
Discount rate4.33 %4.80 %
Rate of compensation increase3.05 %3.12 %
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost
The weighted average discount rates, expected returns on plan assets and rates of increase in future compensation levels used to determine the net periodic pension costs were as follows:
Year Ended July 31,
202420232022
U.S. plans
Discount rate5.58 %4.62 %2.55 %
Expected rate of return on plan assets6.16 %5.66 %5.41 %
Rate of compensation increaseN/AN/AN/A
Non-U.S. plans
Discount rate4.80 %3.26 %1.60 %
Expected rate of return on plan assets5.01 %4.39 %3.40 %
Rate of compensation increase3.05 %3.12 %2.99 %
Schedule of Estimated Fair Value of Pension Plan Assets and their Respective Levels in the Fair Value Hierarchy During the year ended July 31, 2024, the Company’s asset allocation was as follows:
Salaried Pension PlanHourly Pension Plan
Global equity securities33 %32 %
Fixed income securities65 67 
Real asset funds1 — 
Cash and cash equivalents1 1 
Total100 %100 %
Schedule of Certain Investments at NAV
Certain investments, valued at NAV, had the following unfunded commitments and/or redemption restrictions (in millions):
July 31, 2024July 31, 2023
NAVUnfunded CommitmentsNAVUnfunded CommitmentsRedemption Frequency
(If Currently Eligible)		Redemption Notice (Days)
Global equity securities$31.1 $1.8 $33.6 $1.8 Daily
0 - 5
Fixed income securities10.2 — 9.5 — Daily, Weekly and Quarterly
0 - 60
Real asset funds2.9 4.2 3.1 4.2 Not eligibleN/A
Total U.S. assets$44.2 $6.0 $46.2 $6.0 
Schedule of Estimated Future Benefit Payments
Estimated future benefit required payments for the Company’s pension plans as of July 31, 2024 were as follows (in millions):
2025$27.8 
2026$27.6 
2027$28.6 
2028$28.0 
2029$31.7 
2030-2034$158.7 
U.S. Plan  
Defined Benefit Plan Disclosure  
Schedule of Estimated Fair Value of Pension Plan Assets and their Respective Levels in the Fair Value Hierarchy
The estimated fair value of pension plan assets and their respective levels in the fair value hierarchy by asset category were as follows (in millions):
Level 1Level 2Level 3Total
Balances as of July 31, 2024
Cash and cash equivalents$2.4 $0.5 $— $2.9 
Global equity securities58.2 54.5 — 112.7 
Fixed income securities80.4 128.0 — 208.4 
Insurance contracts— — 42.7 42.7 
Total investments in the fair value hierarchy$141.0 $183.0 $42.7 366.7 
Investments using NAV as practical expedient44.2 
Total investment, at fair value
410.9 
Accrued income
2.4 
Total assets
$413.3 
Balances as of July 31, 2023
Cash and cash equivalents$3.6 $0.7 $— $4.3 
Global equity securities61.2 55.7 — 116.9 
Fixed income securities90.1 117.2 — 207.3 
Insurance contracts— — 41.3 41.3 
Total investments in the fair value hierarchy$154.9 $173.6 $41.3 369.8 
Investments using NAV as practical expedient46.2 
Total investment, at fair value
$416.0 
Non - U.S. Plan  
Defined Benefit Plan Disclosure  
Schedule of the Changes in the Fair Value of Non-U.S. Pension Plans' Assets with Unobservable Inputs
The changes in the fair values of the pension plans’ Level 3 assets were as follows (in millions):
Year Ended July 31,
202420232022
Balance as of beginning of year$41.3 $35.4 $37.7 
Unrealized gains3.4 2.7 3.5 
Foreign currency exchange(0.8)3.0 (5.6)
Purchases and sales, net(1.2)0.2 (0.2)
Balance as of end of year$42.7 $41.3 $35.4 
v3.24.3
Fair Value Measurements (Tables)
 12 Months Ended
Jul. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Derivatives on Balance Sheet
The fair value of the Company’s derivative contracts, recorded on the Consolidated Balance Sheets, was as follows (in millions):
Assets
Liabilities
July 31,July 31,
Balance Sheet Location2024202320242023
Designated as hedging instruments
Foreign currency forward contracts
Other current assets, other current liabilities
$0.1 $0.6 $— $0.1 
Net investment hedges
Other current assets, other long-term assets
3.7 3.6 — — 
Total designated3.8 4.2 — 0.1 
Not designated as hedging instruments
Foreign currency forward contracts
Other current assets, other current liabilities
1.0 0.7 0.3 1.4 
Total not designated1.0 0.7 0.3 1.4 
Total$4.8 $4.9 $0.3 $1.5 
Schedule of Company’s Contingent Consideration Obligations
A reconciliation of the fair value of the Company’s contingent consideration liability that use unobservable inputs was as follows (in millions):
Balance as of July 31, 2023$25.0 
Issuances1.0 
Settlements
(2.0)
Adjustments to fair value(2.2)
Balance as of July 31, 2024$21.8 
Maximum potential payout$29.7 
Balance as of July 31, 2022
$24.7 
Issuances— 
Adjustments to fair value0.3 
Balance as of July 31, 2023
$25.0 
Maximum potential payout$30.7 
v3.24.3
Guarantees (Tables)
 12 Months Ended
Jul. 31, 2024
Product Warranties Disclosures [Abstract]  
Schedule of Guarantor obligations The outstanding debt contingent liability for standby letters of credit was as follows (in millions):
Year Ended July 31,
20242023
Contingent liability for standby letters of credit issued under the Company’s revolving credit facility$7.5 $7.5 
Amounts drawn for letters of credit under the Company’s revolving credit facility$— $— 
v3.24.3
Segment Reporting (Tables)
 12 Months Ended
Jul. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
Schedule of Segment Details
Segment details were as follows (in millions):
Mobile Solutions SegmentIndustrial Solutions SegmentLife Sciences SegmentCorporate and
Unallocated		Total
Company
Year ended July 31, 2024
Net sales$2,250.8 $1,066.5 $269.0 $— $3,586.3 
Equity earnings in unconsolidated affiliates$7.3 $0.1 $— $— $7.4 
Earnings (loss) before income taxes$404.5 $198.8 $(10.4)$(57.6)$535.3 
Assets$1,339.5 $821.7 $512.1 $241.0 $2,914.3 
Equity investments in unconsolidated affiliates$26.8 $0.1 $— $— $26.9 
Year ended July 31, 2023
Net sales$2,174.8 $1,014.7 $241.3 $— $3,430.8 
Equity earnings in unconsolidated affiliates$3.6 $— $— $— $3.6 
Earnings (loss) before income taxes$330.4 $186.2 $9.9 $(57.8)$468.7 
Assets$1,243.8 $788.1 $513.8 $224.8 $2,770.5 
Equity investments in unconsolidated affiliates$24.2 $0.2 $— $— $24.4 
Year ended July 31, 2022
Net sales$2,126.5 $901.0 $279.1 $— $3,306.6 
Equity earnings in unconsolidated affiliates$1.7 $— $— $— $1.7 
Earnings (loss) before income taxes$293.8 $133.0 $64.9 $(53.3)$438.4 
Assets$1,319.4 $816.0 $267.8 $197.1 $2,600.3 
Equity investments in unconsolidated affiliates$22.3 $0.1 $— $— $22.4 
Schedule of Reconciliation of Net Sales by Product Group Per Segment
Net sales by business unit were as follows (in millions):
Year Ended July 31,
202420232022
Mobile Solutions segment
Off-Road$380.8 $428.7 $390.5 
On-Road139.8 145.8 136.1 
Aftermarket1,730.2 1,600.3 1,599.9 
Total Mobile Solutions segment2,250.8 2,174.8 2,126.5 
Industrial Solutions segment
Industrial Filtration Solutions
901.1 872.2 780.5 
Aerospace and Defense165.4 142.5 120.5 
Total Industrial Solutions segment1,066.5 1,014.7 901.0 
Life Sciences segment
Total Life Sciences segment269.0 241.3 279.1 
Total Company$3,586.3 $3,430.8 $3,306.6 
Schedule of Net Sales by Origination and Property, Plant and Equipment by Geographic Region
Net sales, generally disaggregated by location where the customer’s order was received and property, plant and equipment, net by geographic region were as follows (in millions):
Net Sales Property, Plant and Equipment, Net
Year ended July 31, 2024
U.S. and Canada$1,583.1 $209.7 
EMEA1,012.9 199.6 
APAC601.5 75.5 
LATAM388.8 160.7 
Total$3,586.3 $645.5 
Year ended July 31, 2023
U.S. and Canada$1,464.7 $219.7 
EMEA1,007.8 202.4 
APAC608.8 76.5 
LATAM349.5 154.3 
Total$3,430.8 $652.9 
Year ended July 31, 2022
U.S. and Canada$1,336.8 $218.1 
EMEA963.6 184.3 
APAC669.0 59.5 
LATAM337.2 132.5 
Total$3,306.6 $594.4 
v3.24.3
Summary of Significant Accounting Policies (Details) - USD ($)
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative      
Foreign currency transaction losses $ 1,700,000 $ 6,400,000 $ 6,300,000
Cost of sales 2,311,900,000 $ 2,270,200,000 2,239,200,000
Accounts receivable, sale 29,900,000    
Loss on sales of receivables 1,700,000    
Proceeds from sale of other receivables $ 28,200,000    
LIFO inventory (as a percent) 35.30% 29.70%  
Excess of FIFO over LIFO inventory $ 51,300,000 $ 56,100,000  
Depreciation 82,800,000 80,900,000 85,100,000
Asset impairment charges $ 0 $ 0 0
Customer relationships      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 9 years 4 months 24 days 10 years 9 months 18 days  
Patents and technology      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 16 years 8 months 12 days 17 years 7 months 6 days  
Trademarks      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 8 years 1 month 6 days 9 years  
Non-competition agreements      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 2 years 8 months 12 days 3 years 1 month 6 days  
Foreign currency forward contracts      
Collaborative Arrangement and Arrangement Other than Collaborative      
Derivative instrument term (in months) 12 months    
Minimum      
Collaborative Arrangement and Arrangement Other than Collaborative      
Capitalization of direct cost, amortization period (in years) 5 years    
Minimum | Customer relationships      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 2 years    
Minimum | Patents and technology      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 2 years    
Minimum | Trademarks      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 2 years    
Minimum | Non-competition agreements      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 2 years    
Minimum | Building and Building Improvements      
Collaborative Arrangement and Arrangement Other than Collaborative      
Property, plant and equipment, useful life (in years) 10 years    
Minimum | Machinery and equipment      
Collaborative Arrangement and Arrangement Other than Collaborative      
Property, plant and equipment, useful life (in years) 3 years    
Minimum | Computer software      
Collaborative Arrangement and Arrangement Other than Collaborative      
Property, plant and equipment, useful life (in years) 5 years    
Maximum      
Collaborative Arrangement and Arrangement Other than Collaborative      
Capitalization of direct cost, amortization period (in years) 10 years    
Maximum | Customer relationships      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 22 years    
Maximum | Patents and technology      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 22 years    
Maximum | Trademarks      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 22 years    
Maximum | Non-competition agreements      
Collaborative Arrangement and Arrangement Other than Collaborative      
Finite lived intangible asset estimated useful life (in years) 22 years    
Maximum | Building and Building Improvements      
Collaborative Arrangement and Arrangement Other than Collaborative      
Property, plant and equipment, useful life (in years) 40 years    
Maximum | Machinery and equipment      
Collaborative Arrangement and Arrangement Other than Collaborative      
Property, plant and equipment, useful life (in years) 10 years    
Maximum | Computer software      
Collaborative Arrangement and Arrangement Other than Collaborative      
Property, plant and equipment, useful life (in years) 7 years    
Shipping and Handling      
Collaborative Arrangement and Arrangement Other than Collaborative      
Cost of sales $ 91,500,000 $ 91,200,000 $ 96,400,000
v3.24.3
Acquisitions and Equity Method Investments (Narrative) (Details)
€ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Aug. 09, 2024
USD ($)
Aug. 09, 2024
EUR (€)
Jul. 31, 2023
USD ($)
Jul. 31, 2023
EUR (€)
Apr. 30, 2023
USD ($)
Jul. 31, 2022
USD ($)
Jan. 31, 2022
USD ($)
Jan. 31, 2022
EUR (€)
Jul. 31, 2024
USD ($)
Jul. 31, 2023
USD ($)
Jul. 31, 2022
USD ($)
Business Acquisition                      
Acquisitions, net of cash acquired                 $ 2.0 $ 209.2 $ 68.9
Goodwill     $ 481.1     $ 345.8     $ 478.4 481.1 345.8
Medica S.p.A | Subsequent Event                      
Business Acquisition                      
Remaining equity interest (as a percent) 51.00% 51.00%                  
Additional ownership acquisition, term (in years) 4 years 4 years                  
Medica S.p.A | Subsequent Event                      
Business Acquisition                      
Equity method investment (as a percent) 49.00% 49.00%                  
Payments to acquire equity method investments $ 68.0 € 62.0                  
Univercells Technologies                      
Business Acquisition                      
Acquisitions, net of cash acquired     147.2 € 134.6              
Goodwill     95.8             95.8  
Intangible assets acquired     52.5             52.5  
Deferred tax liabilities     13.1             13.1  
Deferred tax assets     7.0             7.0  
Net working capital     (0.9)             (0.9)  
Other non-current assets     6.6             6.6  
Other non-current liabilities     $ 0.7             $ 0.7  
Isolere                      
Business Acquisition                      
Acquisitions, net of cash acquired         $ 62.4            
Goodwill         28.2            
Intangible assets acquired         44.5            
Deferred tax liabilities         10.9            
Net working capital         (0.4)            
Other non-current assets         1.2            
Other non-current liabilities         $ 0.2            
Purilogics, LLC                      
Business Acquisition                      
Acquisitions, net of cash acquired           19.9          
Maximum payout of contingent consideration           $ 29.0         $ 29.0
Solaris Biotechnology Srl                      
Business Acquisition                      
Acquisitions, net of cash acquired             $ 45.7 € 41.0      
Pearson Arnold Industrial Services                      
Business Acquisition                      
Acquisitions, net of cash acquired             $ 3.3        
v3.24.3
Acquisitions and Equity Method Investments (Schedule of Components of Acquisitions, Net of Cash Acquired) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Business Acquisition      
Goodwill $ 478.4 $ 481.1 $ 345.8
Acquisitions, net of cash acquired $ 2.0 209.2 $ 68.9
Isolere and Univercells      
Business Acquisition      
Intangible assets acquired   97.0  
Tangible assets, net   10.4  
Assets acquired, net   107.4  
Goodwill   124.0  
Aggregate purchase price   231.4  
Add deferred tax asset   7.0  
Less deferred tax liability   (24.0)  
Less cash acquired   (4.8)  
Acquisitions, net of cash acquired   209.6  
Isolere and Univercells | Technology      
Business Acquisition      
Intangible assets acquired   84.9  
Isolere and Univercells | Trademarks and tradenames      
Business Acquisition      
Intangible assets acquired   8.2  
Isolere and Univercells | Customer relationships      
Business Acquisition      
Intangible assets acquired   1.2  
Isolere and Univercells | Non-competition agreements      
Business Acquisition      
Intangible assets acquired   $ 2.7  
v3.24.3
Revenue (Disaggregation of Revenue by Geographic Region) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Disaggregation of Revenue      
Net sales $ 3,586.3 $ 3,430.8 $ 3,306.6
U.S. and Canada      
Disaggregation of Revenue      
Net sales 1,583.1 1,464.7 1,336.8
Europe, Middle East and Africa (EMEA)      
Disaggregation of Revenue      
Net sales 1,012.9 1,007.8 963.6
Asia Pacific (APAC)      
Disaggregation of Revenue      
Net sales 601.5 608.8 669.0
Latin America (LATAM)      
Disaggregation of Revenue      
Net sales $ 388.8 $ 349.5 $ 337.2
v3.24.3
Revenue (Narrative) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract with customer asset $ 15.9 $ 13.3
Contract with customer liability $ 19.7 $ 25.3
v3.24.3
Inventories, Net (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Inventory, Net [Abstract]    
Raw materials $ 177.4 $ 155.1
Work in process 61.2 50.9
Finished products 238.1 212.1
Total inventories, net $ 476.7 $ 418.1
v3.24.3
Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Property, Plant and Equipment      
Less accumulated depreciation $ (1,091.1) $ (1,045.9)  
Total property, plant and equipment, net 645.5 652.9 $ 594.4
Land      
Property, Plant and Equipment      
Property, plant and equipment, gross 29.5 29.3  
Buildings      
Property, Plant and Equipment      
Property, plant and equipment, gross 451.9 430.8  
Machinery and equipment      
Property, Plant and Equipment      
Property, plant and equipment, gross 1,052.1 989.0  
Computer software      
Property, Plant and Equipment      
Property, plant and equipment, gross 134.7 142.0  
Construction in progress      
Property, Plant and Equipment      
Property, plant and equipment, gross $ 68.4 $ 107.7  
v3.24.3
Goodwill and Intangible Assets (Reconciliation of Goodwill) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Goodwill    
Beginning balance $ 481.1 $ 345.8
Goodwill acquired 1.9 125.1
Purchase price adjustments (1.1)  
Foreign exchange translation (3.5) 10.2
Ending balance 478.4 481.1
Mobile Solutions Segment    
Goodwill    
Beginning balance 25.5 25.3
Goodwill acquired 0.0 0.0
Purchase price adjustments 0.0  
Foreign exchange translation (0.1) 0.2
Ending balance 25.4 25.5
Industrial Solutions Segment    
Goodwill    
Beginning balance 289.1 282.1
Goodwill acquired 1.9 0.0
Purchase price adjustments 0.0  
Foreign exchange translation (1.1) 7.0
Ending balance 289.9 289.1
Life Sciences Segment    
Goodwill    
Beginning balance 166.5 38.4
Goodwill acquired 0.0 125.1
Purchase price adjustments (1.1)  
Foreign exchange translation (2.3) 3.0
Ending balance $ 163.1 $ 166.5
v3.24.3
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Finite-Lived Intangible Assets      
Finite-lived intangible assets, foreign currency translation gain (loss) $ (1.4) $ 3.2  
Intangible asset amortization expense $ 15.7 $ 11.4 $ 9.2
Non-competition agreements      
Finite-Lived Intangible Assets      
Finite lived intangible asset estimated useful life (in years) 2 years 8 months 12 days 3 years 1 month 6 days  
Customer relationships      
Finite-Lived Intangible Assets      
Finite lived intangible asset estimated useful life (in years) 9 years 4 months 24 days 10 years 9 months 18 days  
Univercells Technologies      
Finite-Lived Intangible Assets      
Intangible assets   $ 52.5  
Univercells Technologies | Technology      
Finite-Lived Intangible Assets      
Intangible assets   $ 43.2  
Finite lived intangible asset estimated useful life (in years)   18 years  
Univercells Technologies | Trademarks and tradenames      
Finite-Lived Intangible Assets      
Intangible assets   $ 6.7  
Finite lived intangible asset estimated useful life (in years)   10 years  
Univercells Technologies | Non-competition agreements      
Finite-Lived Intangible Assets      
Intangible assets   $ 1.4  
Finite lived intangible asset estimated useful life (in years)   2 years  
Univercells Technologies | Customer relationships      
Finite-Lived Intangible Assets      
Intangible assets   $ 1.2  
Finite lived intangible asset estimated useful life (in years)   10 years  
Isolere      
Finite-Lived Intangible Assets      
Intangible assets   $ 44.5  
Isolere | Technology      
Finite-Lived Intangible Assets      
Intangible assets   $ 41.7  
Finite lived intangible asset estimated useful life (in years)   20 years  
Isolere | Trademarks and tradenames      
Finite-Lived Intangible Assets      
Intangible assets   $ 1.5  
Finite lived intangible asset estimated useful life (in years)   10 years  
Isolere | Non-competition agreements      
Finite-Lived Intangible Assets      
Intangible assets   $ 1.3  
Finite lived intangible asset estimated useful life (in years)   3 years  
v3.24.3
Goodwill and Intangible Assets (Reconciliation of Intangible Assets) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Finite-Lived Intangible Assets    
Gross Carrying Amount $ 237.9 $ 277.4
Accumulated Amortization (66.0) (89.3)
Net $ 171.9 $ 188.1
Customer relationships    
Finite-Lived Intangible Assets    
Weighted Amortizable Life (in Years) 9 years 4 months 24 days 10 years 9 months 18 days
Gross Carrying Amount $ 77.4 $ 107.8
Accumulated Amortization (39.9) (65.6)
Net $ 37.5 $ 42.2
Trademarks    
Finite-Lived Intangible Assets    
Weighted Amortizable Life (in Years) 8 years 1 month 6 days 9 years
Gross Carrying Amount $ 14.2 $ 15.9
Accumulated Amortization (3.8) (3.9)
Net $ 10.4 $ 12.0
Technology and patents    
Finite-Lived Intangible Assets    
Weighted Amortizable Life (in Years) 16 years 8 months 12 days 17 years 7 months 6 days
Gross Carrying Amount $ 142.4 $ 149.7
Accumulated Amortization (20.4) (19.2)
Net $ 122.0 $ 130.5
Non-competition agreements    
Finite-Lived Intangible Assets    
Weighted Amortizable Life (in Years) 2 years 8 months 12 days 3 years 1 month 6 days
Gross Carrying Amount $ 3.9 $ 4.0
Accumulated Amortization (1.9) (0.6)
Net $ 2.0 $ 3.4
v3.24.3
Goodwill and Intangible Assets (Expected Amortization Expense Relating to Existing Intangible Assets) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity    
2025 $ 15.3  
2026 14.1  
2027 13.7  
2028 13.2  
2029 12.1  
Thereafter 103.5  
Net $ 171.9 $ 188.1
v3.24.3
Short-Term Borrowings and Long-Term Debt (Short-term Borrowings) (Details) - USD ($)
Jul. 31, 2024
Jul. 31, 2023
Short-term Debt    
Short-term borrowings $ 28,300,000 $ 34,100,000
Line of Credit    
Short-term Debt    
Available credit facilities 303,400,000 306,100,000
Short-term borrowings 92,900,000 81,700,000
Remaining borrowing capacity $ 210,500,000 $ 224,400,000
Weighted average interest rate (as a percent) 3.62% 4.69%
Line of Credit | Outstanding borrowings    
Short-term Debt    
Short-term borrowings $ 28,300,000 $ 34,100,000
Line of Credit | Other non-borrowing reductions    
Short-term Debt    
Short-term borrowings 64,600,000 47,600,000
European | European Commercial Paper Program    
Short-term Debt    
Available credit facilities 108,300,000 110,300,000
Short-term borrowings 22,800,000 24,300,000
Remaining borrowing capacity $ 85,500,000 $ 86,000,000.0
Weighted average interest rate (as a percent) 4.34% 4.09%
European | European Commercial Paper Program | Outstanding borrowings    
Short-term Debt    
Short-term borrowings $ 22,800,000 $ 24,300,000
European | European Commercial Paper Program | Other non-borrowing reductions    
Short-term Debt    
Short-term borrowings 0 0
European | Line of Credit    
Short-term Debt    
Available credit facilities 48,400,000 45,000,000.0
Short-term borrowings 38,900,000 28,800,000
Remaining borrowing capacity 9,500,000 16,200,000
European | Line of Credit | Outstanding borrowings    
Short-term Debt    
Short-term borrowings 0 0
European | Line of Credit | Other non-borrowing reductions    
Short-term Debt    
Short-term borrowings 38,900,000 28,800,000
U.S. Credit Facilities | Line of Credit    
Short-term Debt    
Available credit facilities 100,000,000.0 100,000,000.0
Short-term borrowings 200,000 9,800,000
Remaining borrowing capacity $ 99,800,000 $ 90,200,000
Weighted average interest rate (as a percent) 6.44% 6.17%
U.S. Credit Facilities | Line of Credit | Outstanding borrowings    
Short-term Debt    
Short-term borrowings $ 200,000 $ 9,800,000
U.S. Credit Facilities | Line of Credit | Other non-borrowing reductions    
Short-term Debt    
Short-term borrowings 0 0
Rest of the World Credit Facilities | Line of Credit    
Short-term Debt    
Available credit facilities 46,700,000 50,800,000
Short-term borrowings 31,000,000.0 18,800,000
Remaining borrowing capacity $ 15,700,000 32,000,000.0
Weighted average interest rate (as a percent) 0.56%  
Rest of the World Credit Facilities | Line of Credit | Outstanding borrowings    
Short-term Debt    
Short-term borrowings $ 5,300,000 0
Rest of the World Credit Facilities | Line of Credit | Other non-borrowing reductions    
Short-term Debt    
Short-term borrowings $ 25,700,000 $ 18,800,000
v3.24.3
Short-Term Borrowings and Long-Term Debt (Long-term Debt) (Details)
Jul. 31, 2024
USD ($)
Jul. 31, 2024
EUR (€)
Jul. 31, 2024
JPY (¥)
Jul. 31, 2023
USD ($)
Debt Instrument        
Debt issuance costs, net $ (1,600,000)     $ (1,800,000)
Subtotal 508,400,000     621,600,000
Less current maturities (25,000,000.0)     (125,000,000.0)
Long-term debt 483,400,000     $ 496,600,000
Unsecured Senior Notes Due March 2024 | Unsecured Notes        
Debt Instrument        
Amount $ 125,000,000.0      
Debt instrument interest rate (as a percent) 3.72% 3.72% 3.72% 3.72%
Long-term debt, gross $ 0     $ 125,000,000.0
Unsecured Senior Notes Due June 2030 | Unsecured Notes        
Debt Instrument        
Amount $ 125,000,000.0      
Debt instrument interest rate (as a percent) 3.18% 3.18% 3.18% 3.18%
Long-term debt, gross $ 125,000,000.0     $ 125,000,000.0
Unsecured Senior Notes Due 2031 | Unsecured Notes        
Debt Instrument        
Amount $ 100,000,000.0      
Debt instrument interest rate (as a percent) 2.50% 2.50% 2.50% 2.50%
Long-term debt, gross $ 100,000,000.0     $ 100,000,000.0
Variable Rate Committed Revolving Credit Facility Due 2026 | Unsecured Notes | Unsecured Revolving Credit Facility        
Debt Instrument        
Amount $ 500,000,000.0      
Debt instrument interest rate (as a percent) 6.44% 6.44% 6.44% 5.09%
Long-term debt, gross $ 110,000,000.0     $ 96,200,000
Variable Rate Committed Unsecured Term Loan Due 2029 | Unsecured Notes        
Debt Instrument        
Amount | €   € 80,000,000.0    
Debt instrument interest rate (as a percent) 4.69% 4.69% 4.69% 4.41%
Long-term debt, gross $ 86,600,000     $ 88,200,000
Unsecured Senior Notes Due 2028 | Unsecured Notes        
Debt Instrument        
Amount $ 50,000,000.0      
Debt instrument interest rate (as a percent) 2.12% 2.12% 2.12% 2.12%
Long-term debt, gross $ 50,000,000.0     $ 50,000,000.0
Unsecured Senior Notes Due 2025 | Unsecured Notes        
Debt Instrument        
Amount $ 25,000,000.0      
Debt instrument interest rate (as a percent) 2.93% 2.93% 2.93% 2.93%
Long-term debt, gross $ 25,000,000.0     $ 25,000,000.0
Variable Rate Guaranteed Senior Note Due 2028 | Unsecured Notes        
Debt Instrument        
Amount | ¥     ¥ 1,000,000,000  
Debt instrument interest rate (as a percent) 0.76% 0.76% 0.76% 0.57%
Long-term debt, gross $ 6,700,000     $ 7,000,000.0
Variable Rate Guaranteed Senior Note Due 2026 | Unsecured Notes        
Debt Instrument        
Amount | ¥     ¥ 1,000,000,000  
Debt instrument interest rate (as a percent) 0.68% 0.68% 0.68% 0.49%
Long-term debt, gross $ 6,700,000     $ 7,000,000.0
v3.24.3
Short-Term Borrowings and Long-Term Debt (Narrative) (Details) - USD ($)
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Line of Credit    
Debt Instrument    
Borrowing capacity $ 303,400,000 $ 306,100,000
Unsecured Revolving Credit Facility    
Debt Instrument    
Borrowing capacity 63,000,000  
Long-term remaining borrowing capacity $ 382,500,000  
Unsecured Revolving Credit Facility | Minimum    
Debt Instrument    
Commitment fee (as a percent) 0.08%  
Unsecured Revolving Credit Facility | Maximum    
Debt Instrument    
Commitment fee (as a percent) 0.25%  
Unsecured Revolving Credit Facility | 1.29 % Variable Rate Unsecured Revolving Credit Facility Maturing 2026    
Debt Instrument    
Borrowing capacity $ 500,000,000  
Multi-currency revolving credit facility    
Debt Instrument    
Borrowing capacity 17,000,000  
Multi-currency revolving credit facility | Line of Credit    
Debt Instrument    
Additional borrowing capacity on line of credit under certain conditions $ 250,000,000.0  
v3.24.3
Short-Term Borrowings and Long-Term Debt (Future Maturities of Long Term Debt) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Maturities of Long-term Debt    
2025 $ 25.0  
2026 116.7  
2027 0.0  
2028 6.7  
2029 136.6  
Thereafter 225.0  
Total future maturities payments 510.0  
Debt issuance costs, net (1.6) $ (1.8)
Subtotal $ 508.4  
v3.24.3
Income Taxes (Components of Earnings Before Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Earnings before income taxes:      
U.S. $ 233.4 $ 178.0 $ 132.8
Foreign 301.9 290.7 305.6
Total $ 535.3 $ 468.7 $ 438.4
v3.24.3
Income Taxes (Components of the Provision for Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Current      
Federal $ 47.2 $ 38.1 $ 17.4
State 8.8 7.3 4.9
Foreign 89.6 79.8 84.7
Total current 145.6 125.2 107.0
Deferred      
Federal (16.1) (13.3) 2.8
State (1.7) (1.8) (0.3)
Foreign (6.5) (0.2) (3.9)
Total deferred (24.3) (15.3) (1.4)
Total provision for income taxes $ 121.3 $ 109.9 $ 105.6
v3.24.3
Income Taxes (Reconciliation of U.S. Statutory Income Tax Rate with Effective Income Tax Rate) (Details)
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. statutory federal income tax rate 21.00% 21.00% 21.00%
State income taxes 1.20% 0.90% 0.90%
Foreign operations 2.70% 3.80% 3.60%
Global Intangible Low Tax Income 0.20% 0.20% 0.30%
Foreign Derived Intangible Income (1.30%) (1.60%) (0.60%)
Research and development credit (0.90%) (0.70%) (0.60%)
Change in unrecognized tax benefits 1.20% 0.00% (0.80%)
Tax benefits on stock-based compensation (1.20%) (0.70%) (0.50%)
Other (0.20%) 0.50% 0.80%
Effective income tax rate 22.70% 23.40% 24.10%
v3.24.3
Income Taxes (Temporary Differences that Give Rise to Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Jul. 31, 2021
Deferred tax assets        
Accrued expenses $ 14.3 $ 12.2    
Compensation and retirement plans 26.6 24.7    
Capitalization of R&D costs 32.9 17.6    
Net operating loss (NOL) and tax credit carryforwards 17.6 15.1    
Operating lease assets 15.6 15.0    
Other 6.2 6.2    
Gross deferred tax assets 113.2 90.8    
Valuation allowance (9.1) (6.4) $ (3.4) $ (4.6)
Deferred tax assets, net of valuation allowance 104.1 84.4    
Deferred tax liabilities        
Depreciation and amortization (74.5) (79.5)    
Operating lease liabilities (14.9) (15.1)    
Other (3.8) (4.2)    
Deferred tax liabilities (93.2) (98.8)    
Net deferred tax asset (liability) $ 10.9      
Net deferred tax asset (liability)   $ (14.4)    
v3.24.3
Income Taxes (NOL and Tax Credit Valuation Allowances) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Valuation Allowance, Deferred Tax Asset      
Balance as of beginning of year $ (6.4) $ (3.4) $ (4.6)
Additions charged to costs and expenses (3.6) (3.0) (0.9)
Deductions from reserves 0.9 0.0 2.1
Balance as of end of year $ (9.1) $ (6.4) $ (3.4)
v3.24.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Jul. 31, 2021
Income Tax Contingency        
Deferred tax asset, federal foreign tax credit $ 6.3      
Deferred tax asset, research and development credit 3.4      
Tax credit carryforwards 6.4      
Operating losses and tax credit carryforward valuation allowance 9.1 $ 6.4 $ 3.4 $ 4.6
Undistributed earnings 1,400.0      
Undistributed earnings not considered reinvested 1,000.0      
Undistributed earnings tax charge 6.6      
Undistributed earnings considered reinvested 380.8      
Transition tax not due within 12 months 22.1      
Gross accrued interest and penalties 2.2 $ 1.7    
Interest expense recognized $ 0.8      
Unrecognized tax benefits, statue of limitation term (in years) 5 years      
Unrecognized tax benefits $ 3.1      
Federal Tax Credits | Minimum        
Income Tax Contingency        
Credit carry forward term (in years) 10 years      
Research And Development Credits | Minimum        
Income Tax Contingency        
Credit carry forward term (in years) 1 year      
Research And Development Credits | Maximum        
Income Tax Contingency        
Credit carry forward term (in years) 20 years      
v3.24.3
Income Taxes (Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits      
Balance as of beginning of year $ 15.0 $ 15.2 $ 18.7
Additions for tax positions of the current year 2.8 2.5 2.7
Additions for tax positions of prior years 6.2 0.1 0.0
Reductions for tax positions of prior years (0.1)   (1.1)
Reductions due to lapse of applicable statute of limitations (3.1) (2.8) (5.1)
Balance as of end of year $ 20.8 $ 15.0 $ 15.2
v3.24.3
Leases (Lease Cost) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Leases [Abstract]    
Operating lease cost $ 29.5 $ 24.5
Short-term lease cost 3.0 3.2
Total lease costs $ 32.5 $ 27.7
v3.24.3
Leases (Supplemental Information) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Leases [Abstract]    
Right-of-use lease assets $ 59.7 $ 59.4
Current lease liabilities 20.2 17.8
Long-term lease liabilities $ 41.3 $ 42.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other long-term assets Other long-term assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Weighted average remaining lease term (years) 3 years 6 months 4 years 2 months 12 days
Weighted average discount rates (as a percentage) 4.61% 3.89%
v3.24.3
Leases (Maturities) (Details)
$ in Millions
Jul. 31, 2024
USD ($)
Lessee, Operating Lease, Liability, Payment, Due  
2025 $ 23.0
2026 18.5
2027 12.2
2028 6.9
2029 4.6
Thereafter 2.4
Total future lease payments 67.6
Less imputed interest 6.1
Present value of future lease payments $ 61.5
v3.24.3
Earnings Per Share (Information Necessary to Calculate Basic and Diluted Net Earnings Per Common Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Earnings Per Share [Abstract]      
Net earnings $ 414.0 $ 358.8 $ 332.8
Weighted average common shares outstanding      
Weighted average common shares – basic (in shares) 120.7 121.8 123.7
Dilutive impact of share-based awards (in shares) 1.9 1.8 1.5
Weighted average common shares – diluted (in shares) 122.6 123.6 125.2
Net EPS – basic (in usd per share) $ 3.43 $ 2.95 $ 2.69
Net EPS– diluted (in usd per share) $ 3.38 $ 2.90 $ 2.66
Stock options excluded from net EPS calculation (in shares) 0.0 0.0 1.6
v3.24.3
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jul. 31, 2024
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Nov. 30, 2023
Stockholders' Equity Note [Abstract]          
Stock repurchase program, additional shares authorized for repurchase (in shares)         12,000,000
Stock repurchases (in shares)   2,500,000 2,500,000    
Stock repurchased during the period including excise tax   $ 163.3      
Purchase of treasury stock   $ 162.7 $ 141.8 $ 170.6  
Remaining number of shares authorized to be repurchased (in shares) 10,700,000 10,700,000      
Dividends paid per share (in usd per share)   $ 1.02 $ 0.940    
Cash dividend declared per common share (in usd per share) $ 0.270 $ 1.04 $ 0.96 $ 0.90  
v3.24.3
Stockholders' Equity (Treasury Stock) (Details) - shares
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Schedule of Treasury Shares Activity    
Balance as of beginning of year (in shares) 30,528,696  
Stock repurchases (in shares) 2,500,000 2,500,000
Net issuance upon exercise of stock options (in shares) (1,372,191)  
Balance as of end of year (in shares) 31,533,192 30,528,696
Treasury Stock    
Schedule of Treasury Shares Activity    
Balance as of beginning of year (in shares) 30,528,696 29,089,612
Stock repurchases (in shares) 2,465,000 2,485,000
Net issuance upon exercise of stock options (in shares) (1,294,475) (941,837)
Issuance under compensation plans (in shares) (149,329) (84,942)
Other activity (in shares) (16,700) (19,137)
Balance as of end of year (in shares) 31,533,192 30,528,696
v3.24.3
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax      
Beginning balance $ 1,320.7 $ 1,133.2 $ 1,137.1
Other comprehensive loss before reclassifications and tax (34.0) 25.2  
Tax benefit 2.5 2.7  
Other comprehensive loss before reclassifications, net of tax (31.5) 27.9  
Reclassifications, before tax 6.6 7.8  
Tax expense (1.5) (2.6)  
Reclassifications, net of tax 5.1 5.2  
Net other comprehensive (loss) income (26.4) 33.1 (87.4)
Ending balance 1,489.1 1,320.7 1,133.2
Total      
Accumulated Other Comprehensive Income (Loss), Net of Tax      
Beginning balance (172.5) (205.6) (118.2)
Ending balance (198.9) (172.5) (205.6)
Foreign Currency Translation Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax      
Beginning balance (109.6) (143.6)  
Other comprehensive loss before reclassifications and tax (24.2) 34.0  
Tax benefit 0.0 0.0  
Other comprehensive loss before reclassifications, net of tax (24.2) 34.0  
Reclassifications, before tax 0.0 0.0  
Tax expense 0.0 0.0  
Reclassifications, net of tax 0.0 0.0  
Net other comprehensive (loss) income (24.2) 34.0  
Ending balance (133.8) (109.6) (143.6)
Pension Benefits      
Accumulated Other Comprehensive Income (Loss), Net of Tax      
Beginning balance (67.2) (67.5)  
Other comprehensive loss before reclassifications and tax (9.0) (6.9)  
Tax benefit 2.3 2.2  
Other comprehensive loss before reclassifications, net of tax (6.7) (4.7)  
Reclassifications, before tax 6.3 7.5  
Tax expense (1.5) (2.5)  
Reclassifications, net of tax 4.8 5.0  
Net other comprehensive (loss) income (1.9) 0.3  
Ending balance (69.1) (67.2) (67.5)
Pension Benefits | Adjustments      
Accumulated Other Comprehensive Income (Loss), Net of Tax      
Reclassifications, before tax 4.8 6.6  
Derivative Financial Instruments      
Accumulated Other Comprehensive Income (Loss), Net of Tax      
Beginning balance 4.3 5.5  
Other comprehensive loss before reclassifications and tax (0.8) (1.9)  
Tax benefit 0.2 0.5  
Other comprehensive loss before reclassifications, net of tax (0.6) (1.4)  
Reclassifications, before tax 0.3 0.3  
Tax expense 0.0 (0.1)  
Reclassifications, net of tax 0.3 0.2  
Net other comprehensive (loss) income (0.3) (1.2)  
Ending balance 4.0 4.3 $ 5.5
Accumulated Defined Benefit Plans Adjustment, Foreign Currency Translation Attributable To Parent | Adjustments      
Accumulated Other Comprehensive Income (Loss), Net of Tax      
Reclassifications, before tax 0.1 (1.4)  
Net Amortization of Prior Service Cost and Actuarial Losses | Adjustments      
Accumulated Other Comprehensive Income (Loss), Net of Tax      
Other comprehensive loss before reclassifications and tax $ (1.4) $ (2.3)  
v3.24.3
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award      
Stock options, weighted average grant date fair value (in usd per share) $ 19.00 $ 15.67 $ 14.24
Intrinsic value of stock options exercised $ 35.9 $ 20.2 $ 7.8
Intrinsic value of shares outstanding 149.5    
Intrinsic value of shares exercisable 119.6    
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award      
Pre-tax compensation expense associated with stock options $ 14.2 12.4 11.6
Shares reserved for outstanding options and future grants (in shares) 11,954,309    
Total unrecognized compensation expense related to non-vested stock options $ 8.6    
Stock Options | 2019 Master Stock Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award      
Stock options exercisable term (in years) 10 years    
Stock option, award vesting period (in years) 3 years    
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award      
Total unrecognized compensation expense related to non-vested stock options $ 6.2    
Performance Shares | 2019 Master Stock Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award      
Pre-tax compensation expense associated with stock options $ 5.8 $ 6.3 $ 7.2
Performance awards measurement period (in years) 3 years    
Expiration period (in years) 3 years    
Performance Shares | 2019 Master Stock Incentive Plan | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award      
Payout percentage based on target award (as a percent) 0.00%    
Performance Shares | 2019 Master Stock Incentive Plan | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award      
Payout percentage based on target award (as a percent) 200.00%    
v3.24.3
Stock-Based Compensation (Weighted Average Assumptions for Recognized Fair Value of Stock-Based Employee Compensation Cost) (Details)
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award      
Risk-free interest rate, min (as a percent) 3.80% 3.80% 1.20%
Risk-free interest rate, max (as a percent) 4.60% 4.20% 1.80%
Expected volatility, min (as a percent) 26.80% 26.80% 26.00%
Expected volatility, max (as a percent) 27.20% 27.50% 27.00%
Expected dividend yield (as a percent) 1.60% 1.60% 1.60%
Director grants      
Share-based Compensation Arrangement by Share-based Payment Award      
Expected life (in years) 8 years 8 years 8 years
Officer grants      
Share-based Compensation Arrangement by Share-based Payment Award      
Expected life (in years) 7 years 7 years 7 years
Non-officer grants      
Share-based Compensation Arrangement by Share-based Payment Award      
Expected life (in years) 7 years 7 years 7 years
v3.24.3
Stock-Based Compensation (Stock Option Activity) (Details)
 12 Months Ended
Jul. 31, 2024
$ / shares
shares
Options  
Beginning balance (in shares) | shares 6,777,407
Granted (in shares) | shares 809,278
Exercised (in shares) | shares (1,372,191)
Expired/forfeited (in shares) | shares (51,438)
Ending balance (in shares) | shares 6,163,056
Weighted Average Exercise Price  
Beginning balance (in usd per share) | $ / shares $ 47.80
Granted (in usd per share) | $ / shares 59.95
Exercised (in usd per share) | $ / shares 42.30
Expired/forfeited (in usd per share) | $ / shares 54.14
Ending balance (in usd per share) | $ / shares $ 50.57
v3.24.3
Stock-Based Compensation (Information Concerning Outstanding and Exercisable Options) (Details) - $ / shares
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range    
Number outstanding (in shares) 6,163,056 6,777,407
Weighted average remaining contractual life (in years) 5 years 7 months 6 days  
Weighted average exercise price (in usd per share) $ 50.57  
Number exercisable (in shares) 4,505,086  
Weighted average remaining contractual life (in years) 4 years 6 months  
Weighted average exercise price (in usd per share) $ 48.27  
$28.00 to $37.99    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range    
Stock options, exercise price range, lower range limit (in usd per share) 28.00  
Share options, exercise price range, upper range limit (in usd per share) $ 37.99  
Number outstanding (in shares) 494,960  
Weighted average remaining contractual life (in years) 1 year 3 months 18 days  
Weighted average exercise price (in usd per share) $ 29.54  
Number exercisable (in shares) 494,960  
Weighted average remaining contractual life (in years) 1 year 3 months 18 days  
Weighted average exercise price (in usd per share) $ 29.54  
$38.00 to $43.99    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range    
Stock options, exercise price range, lower range limit (in usd per share) 38.00  
Share options, exercise price range, upper range limit (in usd per share) $ 43.99  
Number outstanding (in shares) 620,682  
Weighted average remaining contractual life (in years) 2 years 3 months 18 days  
Weighted average exercise price (in usd per share) $ 42.25  
Number exercisable (in shares) 620,682  
Weighted average remaining contractual life (in years) 2 years 3 months 18 days  
Weighted average exercise price (in usd per share) $ 42.25  
$44.00 to $49.99    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range    
Stock options, exercise price range, lower range limit (in usd per share) 44.00  
Share options, exercise price range, upper range limit (in usd per share) $ 49.99  
Number outstanding (in shares) 1,255,623  
Weighted average remaining contractual life (in years) 4 years 10 months 24 days  
Weighted average exercise price (in usd per share) $ 45.97  
Number exercisable (in shares) 1,255,623  
Weighted average remaining contractual life (in years) 4 years 10 months 24 days  
Weighted average exercise price (in usd per share) $ 45.97  
$50.00 to $55.99    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range    
Stock options, exercise price range, lower range limit (in usd per share) 50.00  
Share options, exercise price range, upper range limit (in usd per share) $ 55.99  
Number outstanding (in shares) 1,538,333  
Weighted average remaining contractual life (in years) 6 years 9 months 18 days  
Weighted average exercise price (in usd per share) $ 51.33  
Number exercisable (in shares) 977,432  
Weighted average remaining contractual life (in years) 6 years  
Weighted average exercise price (in usd per share) $ 51.58  
$56.00 and above    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range    
Stock options, exercise price range, lower range limit (in usd per share) $ 56.00  
Number outstanding (in shares) 2,253,458  
Weighted average remaining contractual life (in years) 7 years  
Weighted average exercise price (in usd per share) $ 59.52  
Number exercisable (in shares) 1,156,389  
Weighted average remaining contractual life (in years) 5 years 6 months  
Weighted average exercise price (in usd per share) $ 59.23  
v3.24.3
Stock-Based Compensation (Status for Options Which Contain Vesting Provisions) (Details) - $ / shares
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Options      
Balance outstanding as of beginning of year (in shares) 1,783,711    
Granted (in shares) 809,278    
Vested (in shares) (893,885)    
Forfeited (in shares) (41,134)    
Balance outstanding as of ending of year (in shares) 1,657,970 1,783,711  
Weighted Average Grant Date Fair Value      
Balance outstanding as of beginning of year (in usd per share) $ 14.27    
Granted (in usd per share) 19.00 $ 15.67 $ 14.24
Vested (in usd per share) 13.34    
Forfeited (in usd per share) 16.61    
Balance outstanding as of beginning of year (in usd per share) $ 17.02 $ 14.27  
v3.24.3
Stock-Based Compensation (Status for Performance-Based Awards Which Contain Vesting Provisions) (Details) - Performance Shares - $ / shares
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Performance Shares      
Beginning balance (in shares) 194,761    
Granted (in shares) 114,800    
Vested (in shares) (81,661)    
Forfeited (in shares) 0    
Ending balance (in shares) 227,900 194,761  
Weighted Average Grant Date Fair Value      
Beginning balance (in usd per share) $ 54.46    
Granted (in usd per share) 59.66 $ 50.89 $ 59.40
Vested (in usd per share) 59.40    
Forfeited (in usd per share) 0    
Ending balance (in usd per share) $ 55.31 $ 54.46  
v3.24.3
Employee Benefit Plans (Components of Net Periodic Pension Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Net periodic pension costs      
Service cost $ 5.2 $ 6.7 $ 6.9
Interest cost 20.4 17.0 10.6
Expected return on assets (25.7) (25.3) (24.8)
Prior service cost amortization 0.1 0.0 0.2
Actuarial loss amortization 1.5 2.1 6.9
Settlement loss 4.9 5.5 3.0
Curtailment loss 0.2 0.2 0.0
Net periodic pension costs $ 6.6 $ 6.2 $ 2.8
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Other changes recognized in other comprehensive (loss) income:      
Prior service cost $ 0.1 $ (0.4) $ 0.0
Net actuarial (loss) gain (9.1) (5.9) (1.3)
Amortization of prior service cost 0.3 0.2 0.3
Amortization of net actuarial loss 6.4 7.7 9.9
Total recognized in other comprehensive (loss) income (2.3) 1.6 8.9
Total recognized in net periodic pension costs and other comprehensive (loss) income $ (8.9) $ (4.6) $ 6.1
v3.24.3
Employee Benefit Plans (Obligations and Funded Status of Company's Pension Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Change in projected benefit obligation      
Service cost $ 5.2 $ 6.7 $ 6.9
Interest cost 20.4 17.0 10.6
Actuarial (gain) loss 1.5 2.1 6.9
Pension Plan      
Change in projected benefit obligation      
Projected benefit obligation, beginning of year 401.1 442.6  
Service cost 5.2 6.7  
Interest cost 20.4 17.0  
Plan amendments (0.1) 0.2  
Participant contributions 0.8 0.7  
Actuarial (gain) loss 11.7 (42.0)  
Foreign currency exchange rates (1.8) 9.2  
Settlements paid (15.6) (17.0)  
Acquisition 0.6 1.2  
Benefits paid (18.6) (17.5)  
Projected benefit obligation, end of year 403.7 401.1 442.6
Change in fair value of plan assets      
Fair value of plan assets, beginning of year 416.0 459.8  
Actual return on plan assets 28.4 (22.1)  
Company contributions 2.8 2.6  
Participant contributions 0.8 0.7  
Foreign currency exchange rates (1.1) 8.3  
Settlements paid (15.6) (17.0)  
Acquisition 0.6 1.2  
Benefits paid (18.6) (17.5)  
Fair value of plan assets, end of year 413.3 416.0 $ 459.8
Defined Benefit Plan, Funded (Unfunded) Status of Plan      
Funded status of plans, end of year 9.6 14.9  
Amounts recognized on the Consolidated Balance Sheets      
Other long-term assets 35.8 34.7  
Other current liabilities (1.5) (1.7)  
Other long-term liabilities (24.7) (18.1)  
Net recognized asset $ 9.6 $ 14.9  
v3.24.3
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Defined Benefit Plan Disclosure      
Deferred compensation arrangement with individual, maximum future deferred receipts allowed (as a percent) 75.00%    
Deferred compensation arrangement with individual, recorded liability $ 1.2 $ 1.9  
Pension Plan      
Defined Benefit Plan Disclosure      
Net underfunded status (9.6) (14.9)  
Unrealized losses recognized 111.3 109.0  
Accumulated benefit obligation 385.1 384.4  
Projected benefit obligation for pension plans with projected benefit obligations in excess of plan assets 75.3 73.5  
Fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets 49.1 53.7  
Projected benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets 17.7 15.0  
Accumulated benefit obligation for plans with projected benefit obligations in excess of plan assets 16.4 15.0  
Fair value of plan assets for plans with projected benefit obligations in excess of plan assets 7.3 5.0  
Cash and credit contributions 2.8    
Company contributions $ 2.8 2.6  
Pension Plan | Minimum | Fixed income securities | Level 3 | Independent Insurance Company      
Defined Benefit Plan Disclosure      
Pension plan target allocation (as a percent) 80.00%    
Pension Plan | Minimum | Global equity securities | Level 3 | Independent Insurance Company      
Defined Benefit Plan Disclosure      
Pension plan target allocation (as a percent) 10.00%    
Pension Plan | Maximum | Fixed income securities | Level 3 | Independent Insurance Company      
Defined Benefit Plan Disclosure      
Pension plan target allocation (as a percent) 90.00%    
Pension Plan | Maximum | Global equity securities | Level 3 | Independent Insurance Company      
Defined Benefit Plan Disclosure      
Pension plan target allocation (as a percent) 20.00%    
Retirement Savings and Employee Stock Ownership Plan | U.S. Plan      
Defined Benefit Plan Disclosure      
Contributory employee saving plan, employee contribution threshold limit from compensation, maximum (as a percent) 50.00%    
Contributory employee saving plan, percentage match of participants, first contributions (as a percent) 100.00%    
Contributory employee saving plan, percentage of participants, first eligible compensation (as a percent) 3.00%    
Contributory employee saving plan, percentage match of participants, second contributions (as a percent) 50.00%    
Contributory employee saving plan, percentage of participants, second eligible compensation (as a percent) 2.00%    
Defined contribution plan, annual retirement contributions (as a percent) 3.00%    
Company contributions $ 32.7 $ 28.6 $ 27.2
v3.24.3
Employee Benefit Plans (Weighted-Average Discount Rates in Determining Actuarial Present Value of Projected Benefit Obligation) (Details) - Pension Plan
Jul. 31, 2024
Jul. 31, 2023
U.S. Plan    
Defined Benefit Plan Disclosure    
Discount rate (as a percent) 5.44% 5.58%
Non - U.S. Plan    
Defined Benefit Plan Disclosure    
Discount rate (as a percent) 4.33% 4.80%
Rate of compensation increase (as a percent) 3.05% 3.12%
v3.24.3
Employee Benefit Plans (Assumptions Used to Determine Net Periodic Benefit Cost) (Details) - Pension Plan
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
U.S. Plan      
Defined Benefit Plan Disclosure      
Discount rate (as a percent) 5.58% 4.62% 2.55%
Expected rate of return on plan assets (as a percent) 6.16% 5.66% 5.41%
Non - U.S. Plan      
Defined Benefit Plan Disclosure      
Discount rate (as a percent) 4.80% 3.26% 1.60%
Expected rate of return on plan assets (as a percent) 5.01% 4.39% 3.40%
Rate of compensation increase (as a percent) 3.05% 3.12% 2.99%
v3.24.3
Employee Benefit Plans (Fair Value of Assets Held) (Details) - Pension Plan - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Jul. 31, 2021
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy $ 413.3 $ 416.0 $ 459.8  
U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 366.7 369.8    
Total investment, at fair value 410.9 416.0    
Accrued income 2.4      
Total assets 413.3      
Level 1 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 141.0 154.9    
Level 2 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 183.0 173.6    
Level 3        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 42.7 41.3 $ 35.4 $ 37.7
Level 3 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 42.7 41.3    
Investments using NAV as practical expedient | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy   46.2    
Investments using NAV as practical expedient 44.2 46.2    
Cash and cash equivalents | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 2.9 4.3    
Cash and cash equivalents | Level 1 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 2.4 3.6    
Cash and cash equivalents | Level 2 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 0.5 0.7    
Cash and cash equivalents | Level 3 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 0.0 0.0    
Global equity securities | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 112.7 116.9    
Global equity securities | Level 1 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 58.2 61.2    
Global equity securities | Level 2 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 54.5 55.7    
Global equity securities | Level 3 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 0.0 0.0    
Global equity securities | Investments using NAV as practical expedient | U.S. Plan        
Defined Benefit Plan Disclosure        
Investments using NAV as practical expedient 31.1 33.6    
Fixed income securities | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 208.4 207.3    
Fixed income securities | Level 1 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 80.4 90.1    
Fixed income securities | Level 2 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 128.0 117.2    
Fixed income securities | Level 3 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 0.0 0.0    
Fixed income securities | Investments using NAV as practical expedient | U.S. Plan        
Defined Benefit Plan Disclosure        
Investments using NAV as practical expedient 10.2 9.5    
Insurance contracts | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 42.7 41.3    
Insurance contracts | Level 1 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 0.0 0.0    
Insurance contracts | Level 2 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy 0.0 0.0    
Insurance contracts | Level 3 | U.S. Plan        
Defined Benefit Plan Disclosure        
Total investments in the fair value hierarchy $ 42.7 $ 41.3    
v3.24.3
Employee Benefit Plans (Unfunded Commitments and Redemption Restrictions) (Details) - U.S. Plan - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Unfunded Commitments $ 6.0 $ 6.0
NAV    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
NAV 44.2 46.2
Global equity securities    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Unfunded Commitments $ 1.8 1.8
Global equity securities | Minimum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Redemption Notice (Days) 0 days  
Global equity securities | Maximum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Redemption Notice (Days) 5 days  
Global equity securities | NAV    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
NAV $ 31.1 33.6
Fixed income securities    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Unfunded Commitments $ 0.0 0.0
Fixed income securities | Minimum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Redemption Notice (Days) 0 days  
Fixed income securities | Maximum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Redemption Notice (Days) 60 days  
Fixed income securities | NAV    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
NAV $ 10.2 9.5
Real asset funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Unfunded Commitments 4.2 4.2
Real asset funds | NAV    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
NAV $ 2.9 $ 3.1
v3.24.3
Employee Benefit Plans (Changes in Fair Value of U.S. Pension Plans' Level 3 Assets) (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Change in fair value of plan assets      
Fair value of plan assets, beginning of year $ 416.0 $ 459.8  
Fair value of plan assets, end of year 413.3 416.0 $ 459.8
Level 3      
Change in fair value of plan assets      
Fair value of plan assets, beginning of year 41.3 35.4 37.7
Unrealized gains 3.4 2.7 3.5
Foreign currency exchange (0.8) 3.0 (5.6)
Purchases and sales, net (1.2) 0.2 (0.2)
Fair value of plan assets, end of year $ 42.7 $ 41.3 $ 35.4
v3.24.3
Employee Benefit Plans (Pension Plan Target Allocation) (Details) - Pension Plan
Jul. 31, 2024
Salaried Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 100.00%
Hourly Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 100.00%
Global equity securities | Salaried Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 33.00%
Global equity securities | Hourly Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 32.00%
Fixed income securities | Salaried Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 65.00%
Fixed income securities | Hourly Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 67.00%
Real asset funds | Salaried Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 1.00%
Real asset funds | Hourly Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 0.00%
Cash and cash equivalents | Salaried Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 1.00%
Cash and cash equivalents | Hourly Pension Plan  
Defined Benefit Plan Disclosure  
Pension plan target allocation (as a percent) 1.00%
v3.24.3
Employee Benefit Plans (Estimated Future Benefit Payments for U.S. and Non U.S. Plans) (Details)
$ in Millions
Jul. 31, 2024
USD ($)
Defined Benefit Plan, Expected Future Benefit Payment  
2025 $ 27.8
2026 27.6
2027 28.6
2028 28.0
2029 31.7
2030-2034 $ 158.7
v3.24.3
Derivative Instruments and Hedging (Details)
€ in Millions, $ in Millions
 12 Months Ended
Jul. 31, 2024
USD ($)
derivative
Jul. 31, 2024
EUR (€)
derivative
Jul. 31, 2023
USD ($)
derivative
Designated as hedging instruments | Cash Flow Hedging      
Derivative      
Number of contracts (derivative) | derivative 0 0 0
Level 2 | Designated as hedging instruments | Net investment hedges      
Derivative      
Notional amount $ 88.8 € 80  
Foreign Currency Forward Contracts      
Derivative      
Derivative instrument term (in months) 12 months    
Foreign Currency Forward Contracts | Level 2 | Designated as hedging instruments      
Derivative      
Notional amount $ 32.3   $ 84.9
Foreign Currency Forward Contracts | Level 2 | Not designated as hedging instruments      
Derivative      
Notional amount $ 249.7   $ 147.5
v3.24.3
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Level 3    
Debt Instrument    
Equity method investments $ 26.9 $ 24.4
Fixed Interest Rate | Level 2 | Fair Value    
Debt Instrument    
Debt instrument, fair value disclosure 267.7 378.9
Fixed Interest Rate | Level 2 | Carrying Value    
Debt Instrument    
Debt instrument, fair value disclosure 300.0 425.0
Variable Interest Rate | Level 2 | Fair Value    
Debt Instrument    
Debt instrument, fair value disclosure 209.9 198.4
Variable Interest Rate | Level 2 | Carrying Value    
Debt Instrument    
Debt instrument, fair value disclosure $ 209.9 $ 198.4
v3.24.3
Fair Value Measurements (Fair Value of Outstanding Derivatives in Consolidated Balance Sheets) (Details) - Fair Value, Inputs, Level 2 - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Assets $ 4.8 $ 4.9
Liabilities 0.3 1.5
Designated as hedging instruments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Assets 3.8 4.2
Liabilities 0.0 0.1
Designated as hedging instruments | Net investment hedges    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Assets 3.7 3.6
Liabilities 0.0 0.0
Not designated as hedging instruments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Assets 1.0 0.7
Liabilities 0.3 1.4
Foreign currency forward contracts | Designated as hedging instruments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Assets 0.1 0.6
Liabilities 0.0 0.1
Foreign currency forward contracts | Not designated as hedging instruments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Assets 1.0 0.7
Liabilities $ 0.3 $ 1.4
v3.24.3
Fair Value Measurements (Company’s Contingent Consideration Obligations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation    
Balance at the beginning $ 25.0 $ 24.7
Issuances 1.0 0.0
Settlements $ (2.0)  
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest  
Adjustments to fair value $ (2.2) 0.3
Balance at the end 21.8 25.0
Maximum potential payout $ 29.7 $ 30.7
v3.24.3
Guarantees (Balance Sheet) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 31, 2023
Product Warranties Disclosures [Abstract]    
Contingent liability for standby letters of credit issued under the Company’s revolving credit facility $ 7.5 $ 7.5
Amounts drawn for letters of credit under the Company’s revolving credit facility $ 0.0 $ 0.0
v3.24.3
Guarantees (Narrative) (Details) - USD ($)
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Guarantor Obligations      
Investment earnings $ 7,400,000 $ 3,600,000 $ 1,700,000
Advanced Filtration Systems Inc.      
Guarantor Obligations      
Investment earnings 12,300,000 8,500,000  
Unsecured Revolving Credit Facility      
Guarantor Obligations      
Available credit facilities 63,000,000    
Multi-currency revolving credit facility      
Guarantor Obligations      
Available credit facilities 17,000,000    
Advanced Filtration Systems Inc.      
Guarantor Obligations      
AFSI outstanding debt (the Company guarantees half) $ 51,000,000.0 $ 59,600,000  
v3.24.3
Commitments and Contingencies (Details)
$ in Millions
 12 Months Ended
Jul. 31, 2024
USD ($)
customer
Jul. 31, 2023
USD ($)
Business Acquisition    
Accrued warranty reserves $ 10.2 $ 5.5
Revenue Benchmark | Customer Concentration Risk    
Business Acquisition    
Number of customer | customer 1  
Customer One | Revenue Benchmark | Customer Concentration Risk    
Business Acquisition    
Accrued warranty reserves $ 4.1  
Purilogics | Contingent compensation    
Business Acquisition    
Contingent consideration accrued 2.1  
Contingent consideration, non current   1.1
Maximum payout of contingent consideration 3.0  
Purilogics | Future Performance    
Business Acquisition    
Contingent consideration, liability, current 19.0  
Contingent consideration, non current   23.2
Maximum payout of contingent consideration 27.0 29.0
Payment for contingent consideration liability, investing activities 2.0  
Other Acquisitions    
Business Acquisition    
Contingent consideration accrued 0.3 0.9
Contingent consideration, liability, current 2.8  
Contingent consideration, non current   1.7
Maximum payout of contingent consideration 2.8 $ 1.7
Other Acquisitions | Future Performance    
Business Acquisition    
Maximum payout of contingent consideration $ 0.8  
Minimum | Purilogics    
Business Acquisition    
Contingent consideration, terminating (in years) 2 years  
Minimum | Other Acquisitions    
Business Acquisition    
Business combination, contingent consideration arrangements, term (in years) 2 years  
Maximum | Purilogics    
Business Acquisition    
Contingent consideration, terminating (in years) 5 years  
Maximum | Other Acquisitions    
Business Acquisition    
Business combination, contingent consideration arrangements, term (in years) 4 years  
v3.24.3
Segment Reporting (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Segment Reporting, Measurement Disclosures [Abstract]    
Restructuring charges $ 6.4 $ 21.8
v3.24.3
Segment Reporting (Summary of Segment Details) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Segment Reporting Information      
Net sales $ 3,586.3 $ 3,430.8 $ 3,306.6
Equity earnings in unconsolidated affiliates 7.4 3.6 1.7
Earnings (loss) before income taxes 535.3 468.7 438.4
Assets 2,914.3 2,770.5 2,600.3
Equity investments in unconsolidated affiliates 26.9 24.4 22.4
Operating Segments | Mobile Solutions Segment      
Segment Reporting Information      
Net sales 2,250.8 2,174.8 2,126.5
Equity earnings in unconsolidated affiliates 7.3 3.6 1.7
Earnings (loss) before income taxes 404.5 330.4 293.8
Assets 1,339.5 1,243.8 1,319.4
Equity investments in unconsolidated affiliates 26.8 24.2 22.3
Operating Segments | Industrial Solutions Segment      
Segment Reporting Information      
Net sales 1,066.5 1,014.7 901.0
Equity earnings in unconsolidated affiliates 0.1 0.0 0.0
Earnings (loss) before income taxes 198.8 186.2 133.0
Assets 821.7 788.1 816.0
Equity investments in unconsolidated affiliates 0.1 0.2 0.1
Operating Segments | Life Sciences Segment      
Segment Reporting Information      
Net sales 269.0 241.3 279.1
Equity earnings in unconsolidated affiliates 0.0 0.0 0.0
Earnings (loss) before income taxes (10.4) 9.9 64.9
Assets 512.1 513.8 267.8
Equity investments in unconsolidated affiliates 0.0 0.0 0.0
Corporate and Unallocated      
Segment Reporting Information      
Net sales 0.0 0.0 0.0
Equity earnings in unconsolidated affiliates 0.0 0.0 0.0
Earnings (loss) before income taxes (57.6) (57.8) (53.3)
Assets 241.0 224.8 197.1
Equity investments in unconsolidated affiliates $ 0.0 $ 0.0 $ 0.0
v3.24.3
Segment Reporting (Net Sales by Product Within Engine Products Segment and Industrial Products Segment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Segment Reporting Information      
Net sales $ 3,586.3 $ 3,430.8 $ 3,306.6
Mobile Solutions Segment | Operating Segments      
Segment Reporting Information      
Net sales 2,250.8 2,174.8 2,126.5
Mobile Solutions Segment | Off-Road | Operating Segments      
Segment Reporting Information      
Net sales 380.8 428.7 390.5
Mobile Solutions Segment | On-Road | Operating Segments      
Segment Reporting Information      
Net sales 139.8 145.8 136.1
Mobile Solutions Segment | Aftermarket | Operating Segments      
Segment Reporting Information      
Net sales 1,730.2 1,600.3 1,599.9
Industrial Solutions Segment | Operating Segments      
Segment Reporting Information      
Net sales 1,066.5 1,014.7 901.0
Industrial Solutions Segment | Industrial Filtration Solutions | Operating Segments      
Segment Reporting Information      
Net sales 901.1 872.2 780.5
Industrial Solutions Segment | Aerospace and Defense | Operating Segments      
Segment Reporting Information      
Net sales 165.4 142.5 120.5
Life Sciences Segment | Operating Segments      
Segment Reporting Information      
Net sales $ 269.0 $ 241.3 $ 279.1
v3.24.3
Segment Reporting (Geographic Sales by Origination and Property, Plant and Equipment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Segment Reporting Information      
Net sales $ 3,586.3 $ 3,430.8 $ 3,306.6
Property, plant and equipment, net 645.5 652.9 594.4
U.S. and Canada      
Segment Reporting Information      
Net sales 1,583.1 1,464.7 1,336.8
Property, plant and equipment, net 209.7 219.7 218.1
EMEA      
Segment Reporting Information      
Net sales 1,012.9 1,007.8 963.6
Property, plant and equipment, net 199.6 202.4 184.3
APAC      
Segment Reporting Information      
Net sales 601.5 608.8 669.0
Property, plant and equipment, net 75.5 76.5 59.5
LATAM      
Segment Reporting Information      
Net sales 388.8 349.5 337.2
Property, plant and equipment, net $ 160.7 $ 154.3 $ 132.5
v3.24.3
Restructuring (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Restructuring Cost and Reserve    
Severance costs $ 6.4 $ 15.3
Restructuring charges 6.4 21.8
Lower Margin Customer Programs    
Restructuring Cost and Reserve    
Business exit cost   6.5
Cost of Sales    
Restructuring Cost and Reserve    
Severance costs 3.8  
Restructuring charges   $ 2.9
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Cost of sales
Operating Expense    
Restructuring Cost and Reserve    
Severance costs $ 2.6  
Selling, General and Administrative Expenses    
Restructuring Cost and Reserve    
Restructuring charges   $ 18.9
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Selling, general and administrative