DERIVATIVES AND HEDGING (Tables)

12 Months Ended

Jul. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The fair value of our derivative instruments designated as cash flow hedges and the associated notional amounts, presented on a pre-tax basis, were as follows:

 

	July 31, 2021				July 31, 2020
Cash Flow Hedges	Notional		Fair Value in Other Current Liabilities		Notional		Fair Value in Other Current Liabilities
Foreign currency forward contracts	$	41,899	$	88	$	—	$	—
Interest rate swap agreements	482,138		11,420		673,400		24,840
Total derivative financial instruments	$	524,037	$	11,508	$	673,400	$	24,840

Derivative Instruments, Gain (Loss)

The total amounts presented in the Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments for the fiscal years ended July 31, 2021, 2020 and 2019 are as follows:

	2021		2020		2019
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (loss) recognized in Other comprehensive income (loss), net of tax
Foreign currency forward contracts	$	(63)	$	—	$	129
Interest rate swap agreements (1)	10,231		(9,351)		(9,396)
Total gain (loss)	$	10,168	$	(9,351)	$	(9,267)

(1)Other comprehensive income (loss), net of tax, before reclassification from AOCI was $340, $(15,265) and $(9,320) for fiscal years 2021, 2020 and 2019, respectively.

	2021
	Sales		Interest Expense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts	$	(1,050)	$	—
Interest rate swap agreements	—		(9,891)
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Amount of gain (loss) recognized in income, net of tax
Interest rate swap agreements	—		(85)
Total gain (loss)	$	(1,050)	$	(9,976)

	2020
	Sales		Interest Expense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts	$	(386)	$	—
Interest rate swap agreements	—		(5,914)
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Amount of gain (loss) recognized in income, net of tax
Interest rate swap agreements	—		(376)
Total gain (loss)	$	(386)	$	(6,290)

	2019
	Sales		Acquisition-Related Costs		Interest Expense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts	$	129	$	—	$	—
Interest rate swap agreements	—		—		76
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Amount of gain (loss) recognized in income, net of tax
Foreign currency forward contracts	—		(70,777)		—
Interest rate swap agreements	—		—		(438)
Total gain (loss)	$	129	$	(70,777)	$	(362)