Accumulated Other Comprehensive Loss

9 Months Ended

Apr. 30, 2024

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 April 30, 2024 and 2023 were as follows (in millions):


	Foreign Currency Translation Adjustment		Pension Benefits			Derivative Financial Instruments			Total
Balance as of January 31, 2024, net of tax	$	(126.3)	$	(66.4)		$	3.5		$	(189.2)
Other comprehensive (loss) income before reclassifications and tax	(13.5)		—		(1)	0.2			(13.3)
Tax benefit	—		—			0.1			0.1
Other comprehensive (loss) income before reclassifications, net of tax	(13.5)		—			0.3			(13.2)

Reclassifications, before tax	—		3.6		(2)	(0.5)			3.1
Tax (expense) benefit	—		(0.9)			0.1			(0.8)
Reclassifications, net of tax	—		2.7			(0.4)		(3)	2.3
Other comprehensive (loss) income, net of tax	(13.5)		2.7			(0.1)			(10.9)
Balance as of April 30, 2024, net of tax	$	(139.8)	$	(63.7)		$	3.4		$	(200.1)

Balance as of January 31, 2023, net of tax	$	(118.4)	$	(67.0)		$	5.2		$	(180.2)
Other comprehensive income (loss) before reclassifications and tax	1.2		(4.4)		(1)	(0.5)			(3.7)
Tax benefit	—		1.0			0.1			1.1
Other comprehensive income (loss) before reclassifications, net of tax	1.2		(3.4)			(0.4)			(2.6)

Reclassifications, before tax	—		3.6		(2)	0.8			4.4
Tax expense	—		(0.9)			(0.2)			(1.1)
Reclassifications, net of tax	—		2.7			0.6		(3)	3.3
Other comprehensive income (loss), net of tax	1.2		(0.7)			0.2			0.7
Balance as of April 30, 2023, net of tax	$	(117.2)	$	(67.7)		$	5.4		$	(179.5)

(1)In fiscal 2024 and 2023, pension settlement accounting was triggered. Remeasurements of the Company’s pension obligations resulted in an increase of $0.0 million and $4.4 million in fiscal 2024 and 2023, respectively, to accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets, see Note 13.

(2)Amounts include foreign currency translation loss of $0.1 million and gain of $0.3 million, net amortization of prior service costs and actuarial losses of $0.4 million and $0.6 million and reclassifications due to settlement charges of $3.1 million and $3.3 million in fiscal 2024 and 2023, respectively, included in other income, net in the Condensed Consolidated Statements of Earnings, see Note 13.

(3)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.

Changes in accumulated other comprehensive loss for the nine months ended April 30, 2024 and 2023 were as follows (in millions):


	Foreign Currency Translation Adjustment		Pension Benefits			Derivative Financial Instruments			Total
Balance as of July 31, 2023, net of tax	$	(109.6)	$	(67.2)		$	4.3		$	(172.5)
Other comprehensive loss before reclassifications and tax	(30.2)		—		(1)	(0.5)			(30.7)
Tax benefit	—		—			0.1			0.1
Other comprehensive loss before reclassifications, net of tax	(30.2)		—			(0.4)			(30.6)

Reclassifications, before tax	—		4.6		(2)	(0.7)			3.9
Tax (expense) benefit	—		(1.1)			0.2			(0.9)
Reclassifications, net of tax	—		3.5			(0.5)		(3)	3.0
Other comprehensive (loss) income, net of tax	(30.2)		3.5			(0.9)			(27.6)
Balance at April 30, 2024, net of tax	$	(139.8)	$	(63.7)		$	3.4		$	(200.1)

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	26.4		(4.4)		(1)	(0.1)			21.9
Tax benefit	—		1.0			—			1.0
Other comprehensive income (loss) before reclassifications, net of tax	26.4		(3.4)			(0.1)			22.9

Reclassifications, before tax	—		4.2		(2)	(0.1)			4.1
Tax (expense) benefit	—		(1.0)			0.1			(0.9)
Reclassifications, net of tax	—		3.2			—		(3)	3.2
Other comprehensive income (loss), net of tax	26.4		(0.2)			(0.1)			26.1
Balance at April 30, 2023, net of tax	$	(117.2)	$	(67.7)		$	5.4		$	(179.5)

(2)Amounts include foreign currency translation loss of $0.3 million and gain of $0.8 million, net amortization of prior service costs and actuarial losses of $1.2 million and $1.7 million and reclassifications due to settlement charges of $3.1 million and $3.3 million in fiscal 2024 and 2023, respectively, included in other income, net in the Condensed Consolidated Statements of Earnings, see Note 13.