Accumulated Other Comprehensive Loss

9 Months Ended

Apr. 30, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in accumulated other comprehensive loss by component for the three months ended April 30, 2020 and 2019 are as follows (in millions):



	Foreign Currency Translation Adjustment		Pension Benefits			Derivative Financial Instruments			Total
Balance as of January 31, 2020, net of tax	$	(82.2)	$	(97.0)		$	0.9		$	(178.3)
Other comprehensive (loss) income before reclassifications and tax	(35.3)		(7.9)		⁽¹⁾	2.3			(40.9)
Tax benefit (expense)	—		1.9			(0.9)			1.0
Other comprehensive (loss) income before reclassifications, net of tax	(35.3)		(6.0)			1.4			(39.9)
Reclassifications, before tax	—		5.2		⁽¹⁾	3.3			8.5
Tax expense	—		(1.2)			(1.2)			(2.4)
Reclassifications, net of tax	—		4.0		⁽²⁾	2.1		⁽³⁾	6.1
Other comprehensive (loss) income, net of tax	(35.3)		(2.0)			3.5			(33.8)
Balance as of April 30, 2020, net of tax	$	(117.5)	$	(99.0)		$	4.4		$	(212.1)

Balance as of January 31, 2019, net of tax	$	(66.6)	$	(80.8)		$	(0.3)		$	(147.7)
Other comprehensive loss before reclassifications and tax	(11.9)		—			(0.1)			(12.0)

Other comprehensive loss before reclassifications, net of tax	(11.9)		—			(0.1)			(12.0)
Reclassifications, before tax	—		1.7			(0.2)			1.5
Tax (expense) benefit	—		(0.5)			0.1			(0.4)
Reclassifications, net of tax	—		1.2		⁽²⁾	(0.1)		⁽³⁾	1.1
Other comprehensive (loss) income, net of tax	(11.9)		1.2			(0.2)			(10.9)
Balance as of April 30, 2019, net of tax	$	(78.5)	$	(79.6)		$	(0.5)		$	(158.6)

(1)In the third quarter of fiscal 2020, pension settlement accounting was triggered and the Company recorded a pension settlement charge of $2.3 million (see Note 9). As a result of the related remeasurement, the Company’s pension obligations increased with a corresponding adjustment to other comprehensive loss of $7.9 million.

(2)Primarily includes net amortization of prior service costs and actuarial losses included in net periodic benefit cost (see Note 9) that were reclassified from accumulated other comprehensive loss in the Company’s Condensed Consolidated Balance Sheet to operating expenses or cost of sales in the Company’s Condensed Consolidated Statements of Earnings.

(3)Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net in the Company’s Condensed Consolidated Statements of Earnings.

Changes in accumulated other comprehensive loss by component for the nine months ended April 30, 2020 and 2019 are as follows (in millions):


	Foreign Currency Translation Adjustment		Pension Benefits			Derivative Financial Instruments			Total
Balance as of July 31, 2019, net of tax	$	(92.7)	$	(99.0)		$	(1.2)		$	(192.9)
Other comprehensive (loss) income before reclassifications and tax	(24.8)		(7.9)		⁽¹⁾	2.4			(30.3)
Tax benefit (expense)	—		1.9			(0.2)			1.7
Other comprehensive (loss) income before reclassifications, net of tax	(24.8)		(6.0)			2.2			(28.6)
Reclassifications, before tax	—		7.5		⁽¹⁾	5.3			12.8
Tax expense	—		(1.5)			(1.9)			(3.4)
Reclassifications, net of tax	—		6.0		⁽²⁾	3.4		⁽³⁾	9.4
Other comprehensive (loss) income, net of tax	(24.8)		—			5.6			(19.2)
Balance as of April 30, 2020, net of tax	$	(117.5)	$	(99.0)		$	4.4		$	(212.1)

Balance as of July 31, 2018, net of tax	$	(66.1)	$	(82.9)		$	(0.8)		$	(149.8)
Other comprehensive (loss) income before reclassifications and tax	(12.4)		—			1.0			(11.4)
Tax expense	—		—			(0.3)			(0.3)
Other comprehensive (loss) income before reclassifications, net of tax	(12.4)		—			0.7			(11.7)
Reclassifications, before tax	—		4.4			(0.6)			3.8
Tax (expense) benefit	—		(1.1)			0.2			(0.9)
Reclassifications, net of tax	—		3.3		⁽²⁾	(0.4)		⁽³⁾	2.9
Other comprehensive (loss) income, net of tax	(12.4)		3.3			0.3			(8.8)
Balance as of April 30, 2019, net of tax	$	(78.5)	$	(79.6)		$	(0.5)		$	(158.6)

(3)Relates to foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to other income, net in the Company’s Condensed Consolidated Statements of Earnings.