Accumulated Other Comprehensive Loss

6 Months Ended

Jan. 31, 2023

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

Note 11. Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss for the three months ended January 31, 2023 and 2022 were as follows (in millions):


	Foreign Currency Translation Adjustment		Pension Benefits			Derivative Financial Instruments			Total
Balance as of October 31, 2022, net of tax	$	(183.7)	$	(66.3)		$	10.1		$	(239.9)
Other comprehensive income (loss) before reclassifications and tax	65.3		—			(4.1)			61.2
Tax benefit	—		—			1.0			1.0
Other comprehensive income (loss) before reclassifications, net of tax	65.3		—			(3.1)			62.2

Reclassifications, before tax	—		(1.0)		(1)	(2.7)			(3.7)
Tax benefit	—		0.3			0.9			1.2
Reclassifications, net of tax	—		(0.7)			(1.8)		(2)	(2.5)
Other comprehensive income (loss), net of tax	65.3		(0.7)			(4.9)			59.7
Balance as of January 31, 2023, net of tax	$	(118.4)	$	(67.0)		$	5.2		$	(180.2)

Balance as of October 31, 2021, net of tax	$	(54.5)	$	(72.7)		$	1.8		$	(125.4)
Other comprehensive (loss) income before reclassifications and tax	(17.1)		(1.7)		(3)	0.9			(17.9)
Tax benefit (expense)	—		0.4			(0.2)			0.2
Other comprehensive (loss) income before reclassifications, net of tax	(17.1)		(1.3)			0.7			(17.7)

Reclassifications, before tax	—		4.3		(1)	(0.5)			3.8
Tax (expense) benefit	—		(1.0)			0.2			(0.8)
Reclassifications, net of tax	—		3.3			(0.3)		(2)	3.0
Other comprehensive (loss) income, net of tax	(17.1)		2.0			0.4			(14.7)
Balance as of January 31, 2022, net of tax	$	(71.6)	$	(70.7)		$	2.2		$	(140.1)

(1)Amounts include foreign currency translation gain of $1.5 million and loss of $1.2 million and net amortization of prior service costs and actuarial losses of $0.5 million and $1.9 million in fiscal 2023 and 2022, respectively, as well as reclassifications of $1.2 million in fiscal 2022, included in other income, net in the Condensed Consolidated Statements of Earnings, see Note 13.

(2)Relates to designated foreign currency forward contracts that were reclassified from accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets to net sales, cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings, see Note 14.

(3)In fiscal 2022, pension settlement accounting was triggered. Remeasurements of the Company’s pension obligations resulted in an increase of $1.7 million to accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets, see Note 13.

Changes in accumulated other comprehensive loss for the six months ended January 31, 2023 and 2022 were as follows (in millions):


	Foreign Currency Translation Adjustment		Pension Benefits			Derivative Financial Instruments			Total
Balance as of July 31, 2022, net of tax	$	(143.6)	$	(67.5)		$	5.5		$	(205.6)
Other comprehensive income before reclassifications and tax	25.2		—			0.4			25.6
Tax expense	—		—			(0.1)			(0.1)
Other comprehensive income before reclassifications, net of tax	25.2		—			0.3			25.5

Reclassifications, before tax	—		0.6		(1)	(0.9)			(0.3)
Tax (expense) benefit	—		(0.1)			0.3			0.2
Reclassifications, net of tax	—		0.5			(0.6)		(2)	(0.1)
Other comprehensive income (loss), net of tax	25.2		0.5			(0.3)			25.4
Balance as of January 31, 2023, net of tax	$	(118.4)	$	(67.0)		$	5.2		$	(180.2)

Balance as of July 31, 2021, net of tax	$	(44.0)	$	(74.7)		$	0.5		$	(118.2)
Other comprehensive (loss) income before reclassifications and tax	(27.6)		(1.7)		(3)	2.1			(27.2)
Tax benefit (expense)	—		0.4			(0.4)			—
Other comprehensive (loss) income before reclassifications, net of tax	(27.6)		(1.3)			1.7			(27.2)

Reclassifications, before tax	—		6.8		(1)	0.1			6.9
Tax expense	—		(1.5)			(0.1)			(1.6)
Reclassifications, net of tax	—		5.3			—		(2)	5.3
Other comprehensive (loss) income, net of tax	(27.6)		4.0			1.7			(21.9)
Balance as of January 31, 2022, net of tax	$	(71.6)	$	(70.7)		$	2.2		$	(140.1)

(1)Amounts include foreign currency translation gain of $0.5 million and loss of $1.7 million and net amortization of prior service costs and actuarial losses of $1.1 million and $3.9 million in fiscal 2023 and 2022, respectively, as well as reclassifications of $1.2 million in fiscal 2022, included in other income, net in the Condensed Consolidated Statements of Earnings, see Note 13.