Income Taxes (Tables)

12 Months Ended

Jul. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Earnings Before Income Taxes

The components of earnings before income taxes were as follows (in millions):

	Year Ended July 31,
	2023		2022		2021
U.S.	$	178.0	$	132.8	$	114.1
Foreign	290.7		305.6		266.9
Total	$	468.7	$	438.4	$	381.0

Schedule of Components of the Provision For Income Taxes

The components of the provision for income taxes were as follows (in millions):

	Year Ended July 31,
	2023		2022		2021
Current
Federal	$	38.1	$	17.4	$	13.2
State	7.3		4.9		3.9
Foreign	79.8		84.7		82.9
Total current	125.2		107.0		100.0
Deferred
Federal	(13.3)		2.8		(1.9)
State	(1.8)		(0.3)		(0.2)
Foreign	(0.2)		(3.9)		(3.8)
Total deferred	(15.3)		(1.4)		(5.9)
Total provision for income taxes	$	109.9	$	105.6	$	94.1

Schedule of Reconciliation of the U.S. Statutory Income Tax Rate with the Effective Income Tax Rate

The reconciliation of the U.S. statutory federal income tax rate with the effective income tax rate was as follows:

	Year Ended July 31,
	2023		2022		2021
U.S. statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes	0.9		0.9		0.8
Foreign operations	3.8		3.6		4.4
Global Intangible Low Tax Income	0.2		0.3		0.6
Foreign Derived Intangible Income	(1.6)		(0.6)		(0.7)
Research and development credit	(0.7)		(0.6)		(0.7)
Change in unrecognized tax benefits	—		(0.8)		0.2
Tax benefits on stock-based compensation	(0.7)		(0.5)		(1.0)
Other	0.5		0.8		0.1
Effective income tax rate	23.4	%	24.1	%	24.7	%

Schedule of the Tax Effects of Temporary Differences that Give Rise to Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and liabilities were as follows (in millions):

	July 31,
	2023		2022
Deferred tax assets
Accrued expenses	$	12.2	$	11.6
Compensation and retirement plans	24.7		26.4
Capitalization of R&D costs	17.6		—
Net operating loss (NOL) and tax credit carryforwards	15.1		6.4
Operating lease assets	15.0		11.6
Other	6.2		6.4
Gross deferred tax assets	90.8		62.4
Valuation allowance	(6.4)		(3.4)
Deferred tax assets, net of valuation allowance	84.4		59.0
Deferred tax liabilities
Depreciation and amortization	(79.5)		(57.0)
Operating lease liabilities	(15.1)		(11.6)
Other	(4.2)		(2.4)
Deferred tax liabilities	(98.8)		(71.0)
Net deferred tax liability	$	(14.4)	$	(12.0)

Schedule of NOL and Tax Credit Valuation Allowances

The activity in the NOL and tax credit valuation allowances was as follows (in millions):

	Year Ended July 31,
	2023		2022		2021
Balance as of beginning of year	$	(3.4)	$	(4.6)	$	(8.1)
Additions charged to costs and expenses	(3.0)		(0.9)		(0.8)
Deductions from reserves	—		2.1		4.3
Balance as of end of year	$	(6.4)	$	(3.4)	$	(4.6)

Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits

The reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows (in millions):

	Year Ended July 31,
	2023		2022		2021
Balance as of beginning of year	$	15.2	$	18.7	$	16.9
Additions for tax positions of the current year	2.5		2.7		4.7
Additions for tax positions of prior years	—		—		2.7
Reductions for tax positions of prior years	0.1		(1.1)		(1.0)
Reductions due to lapse of applicable statute of limitations	(2.8)		(5.1)		(4.6)
Balance as of end of year	$	15.0	$	15.2	$	18.7