Short-Term Borrowings and Long-Term Debt

12 Months Ended

Jul. 31, 2023

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 Program				U.S. Credit Facilities				European Operations Credit Facilities				Rest of the World Credit Facilities				Total
	Year Ended July 31,
	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022
Available credit facilities	$	110.3	$	102.1	$	100.0	$	100.0	$	45.0	$	42.4	$	50.8	$	52.8	$	306.1	$	297.3
Reductions to borrowing capacity:
Outstanding borrowings	24.3		—		9.8		—		—		—		—		3.7		34.1		3.7
Other non-borrowing reductions	—		—		—		—		28.8		27.0		18.8		19.1		47.6		46.1
Total reductions	24.3		—		9.8		—		28.8		27.0		18.8		22.8		81.7		49.8
Remaining borrowing capacity	$	86.0	$	102.1	$	90.2	$	100.0	$	16.2	$	15.4	$	32.0	$	30.0	$	224.4	$	247.5

Weighted average interest rate as of July 31, 2023 and 2022 4.09  % N/A 6.17  % N/A N/A N/A N/A 0.37  % 4.69  % 0.37  %

Other non-borrowing reductions include financial instruments such as bank guarantees and foreign currency exchange instruments. Commitment fees for the years ended July 31, 2023 and 2022 were not material.

Long-Term Debt

Long-term debt was as follows:

					Interest Rate				Outstanding Balance (in millions)
Financial Instrument	Fixed or Variable	Amount		Maturity Date	July 31, 2023		July 31, 2022		July 31, 2023		July 31, 2022
Unsecured senior notes	Fixed	$125.0 million		March 27, 2024	3.72	%	3.72	%	$	125.0	$	125.0
Unsecured senior notes	Fixed	$125.0 million		June 17, 2030	3.18	%	3.18	%	125.0		125.0
Unsecured senior notes	Fixed	$100.0 million		August 5, 2031	2.50	%	2.50	%	100.0		100.0
Unsecured revolving credit facility	Variable	$500.0 million		May 21, 2026	5.09	%	2.88	%	96.2		125.0
Unsecured term loan	Variable	€80.0 million		October 28, 2024	4.41	%	0.91	%	88.2		81.7
Unsecured senior notes	Fixed	$50.0 million		November 5, 2028	2.12	%	2.12	%	50.0		50.0
Unsecured senior notes	Fixed	$25.0 million		April 16, 2025	2.93	%	2.93	%	25.0		25.0
Unsecured term loan	Variable	¥1.0	billion	July 31, 2028	0.57	%	0.41	%	7.0		7.5
Unsecured term loan	Variable	¥1.0	billion	July 15, 2026	0.49	%	0.49	%	7.0		7.5
Debt issuance costs, net									(1.8)		(2.4)
Subtotal									621.6		644.3
Less current maturities									(125.0)		—
Total long-term debt									$	496.6	$	644.3

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, 2023, the Company was in compliance with all such covenants.

The Company has long-term borrowing capacity of $396.3 million available for further borrowing under the existing credit facility as of July 31, 2023. 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, 2023 were as follows (in millions):

2024	$	125.0
2025	113.2
2026	103.2
2027	—
2028	7.0
Thereafter	275.0
Total future maturities payments	623.4
Less debt issuance costs, net	(1.8)
Total future maturities payments, net of debt issuance costs	$	621.6