Accumulated Other Comprehensive Loss

12 Months Ended

Jul. 31, 2023

Note 12. Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss for the years ended July 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 (loss) before reclassifications and tax	34.0		(6.9)		(1)	(1.9)			25.2
Tax benefit	—		2.2			0.5			2.7
Other comprehensive income (loss) before reclassifications, net of tax	34.0		(4.7)			(1.4)			27.9

Reclassifications, before tax	—		7.5		(2)	0.3			7.8
Tax expense	—		(2.5)			(0.1)			(2.6)
Reclassifications, net of tax	—		5.0			0.2		(3)	5.2
Other comprehensive income (loss), net of tax	34.0		0.3			(1.2)			33.1
Balance as of July 31, 2023, net of tax	$	(109.6)	$	(67.2)		$	4.3		$	(172.5)

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	(99.6)		(6.2)		(1)	9.2			(96.6)
Tax benefit (expense)	—		1.4			(2.0)			(0.6)
Other comprehensive (loss) income before reclassifications, net of tax	(99.6)		(4.8)			7.2			(97.2)

Reclassifications, before tax	—		15.5		(2)	(2.7)			12.8
Tax (expense) benefit	—		(3.5)			0.5			(3.0)
Reclassifications, net of tax	—		12.0			(2.2)		(3)	9.8
Other comprehensive (loss) income, net of tax	(99.6)		7.2			5.0			(87.4)
Balance as of July 31, 2022, net of tax	$	(143.6)	$	(67.5)		$	5.5		$	(205.6)

(1)In fiscal 2023 and 2022, pension settlement accounting was triggered. In addition, pension curtailment accounting was triggered in fiscal 2023. Remeasurements of the Company’s pension obligations resulted in an increase of $6.9 million and $6.2 million in fiscal 2023 and 2022, respectively, to accumulated other comprehensive loss on the Consolidated Balance Sheets, see Note 14.

(2)Amounts include reclassifications of $6.6 million and $3.0 million, a foreign currency translation gain of $1.4 million and loss of $4.9 million and net amortization of prior service costs and actuarial losses of $2.3 million and $7.6 million in fiscal 2023 and 2022, respectively. Amounts are included in other income, net in the Consolidated Statements of Earnings, see Note 14.

(3)Relates to designated foreign currency forward contracts that were reclassified from accumulated other comprehensive loss on the Consolidated Balance Sheets to net sales, cost of sales and operating expenses in the Consolidated Statements of Earnings, see Note 15.