Short-Term Borrowings

12 Months Ended

Jul. 31, 2020

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings consist of the following (in millions):

	U.S. Credit Facilities				European Commercial Paper Program				European Operations Credit Facilities				Rest of the World Credit Facilities				Total
	Year Ended July 31,
	2020		2019		2020		2019		2020		2019		2020		2019		2020		2019
Available credit facilities	$	190.0	$	90.0	$	118.4	$	111.5	$	55.4	$	74.4	$	54.6	$	63.6	$	418.4	$	339.5
Reductions to borrowing capacity:
Outstanding borrowings	—		2.1		—		—		—		—		3.8		—		3.8		2.1
Other non-borrowing reductions	—		—		—		—		20.9		34.7		21.1		23.0		42.0		57.7
Total reductions	—		2.1		—		—		20.9		34.7		24.9		23.0		45.8		59.8
Remaining borrowing capacity	$	190.0	$	87.9	$	118.4	$	111.5	$	34.5	$	39.7	$	29.7	$	40.6	$	372.6	$	279.7

Other non-borrowing reductions include financial instruments such as bank guarantees and foreign exchange instruments. The weighted average interest rate at July 31, 2020 for outstanding borrowings of the rest of the world credit facilities was 1.48%. The weighted average interest rate at July 31, 2019 for outstanding borrowings of U.S. credit facilities was 3.33%.

In the fourth quarter of fiscal 2020, the Company entered into a 364-day revolving credit agreement for $100.0 million, and the Company has the option to request a one year extension. The agreement is unsecured, and includes customary representations and warranties and covenants consistent with that facility. Interest is payable at the Company’s election of either the sum of the LIBOR rate and an applicable rate or the sum of the base rate and an applicable rate, as defined in the agreement.