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Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2020

Schedule of derivative on the balance sheet

The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the Company’s Condensed Consolidated Balance Sheets as of April 30, 2020 and July 31, 2019 (in millions):


					Fair Values Significant Other Observable Inputs
	Notional Amounts						Assets ⁽¹⁾						Liabilities^{(2) (3)}
	April 30,		July 31,		April 30,		July 31,		April 30,		July 31,
	2020		2019		2020		2019		2020		2019
Forward foreign currency exchange contracts	$	25.3	$	28.2	$	3.9	$	1.6	$	1.6	$	1.8
Net investment hedges	55.8		55.8		5.7		1.1		—		1.9
Total	$	81.1	$	84.0	$	9.6	$	2.7	$	1.6	$	3.7

(1)Amounts of $5.0 million and of $4.6 million, respectively, are recorded within prepaid expenses and other current assets, and in other long-term assets, in the Company’s Condensed Consolidated Balance Sheets as of April 30, 2020. Amount of $2.7 million is recorded within prepaid expenses and other current assets in the Company’s Condensed Consolidated Balance Sheets as of July 31, 2019.

(2)Forward foreign currency exchange contracts are recorded within other current liabilities in the Company’s Condensed Consolidated Balance Sheets.

(3) Net investment hedges are recorded within other long-term liabilities in the Company’s Condensed Consolidated Balance Sheets.

Schedule of cash flow hedges

The following table summarizes the pre-tax impact of the gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):


	Pre-tax Gains (Losses) Recognized in Accumulated Other Comprehensive Loss
	Three Months Ended April 30,						Nine Months Ended April 30,
	2020		2019		2020		2019
Forward foreign currency exchange contracts	$	(1.7)	$	0.1	$	(3.8)	$	1.1
Net investment hedges	$	4.0	$	—	$	6.2	$	—


	Pre-tax (Gains) Losses Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended April 30,						Nine Months Ended April 30,
	2020		2019		2020		2019
Forward foreign currency exchange contracts	$	3.3	$	(0.1)	$	5.3	$	(0.4)
Net investment hedges	$	—	$	—	$	—	$	—

Schedule of net investment hedges

The following table summarizes the pre-tax impact of the gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):


	Pre-tax Gains (Losses) Recognized in Accumulated Other Comprehensive Loss
	Three Months Ended April 30,						Nine Months Ended April 30,
	2020		2019		2020		2019
Forward foreign currency exchange contracts	$	(1.7)	$	0.1	$	(3.8)	$	1.1
Net investment hedges	$	4.0	$	—	$	6.2	$	—


	Pre-tax (Gains) Losses Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended April 30,						Nine Months Ended April 30,
	2020		2019		2020		2019
Forward foreign currency exchange contracts	$	3.3	$	(0.1)	$	5.3	$	(0.4)
Net investment hedges	$	—	$	—	$	—	$	—