Derivatives and Hedging (Tables)

6 Months Ended

Jan. 31, 2022

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:

	January 31, 2022				July 31, 2021
			Fair Value in				Fair Value in
			Other Current				Other Current
Cash Flow Hedges	Notional		Liabilities		Notional		Liabilities
Foreign currency forward contracts	$	40,249	$	943	$	41,899	$	88
Interest rate swap agreements	379,275		4,713		482,138		11,420
Total derivative financial instruments	$	419,524	$	5,656	$	524,037	$	11,508

Derivative instruments, gain (loss)

The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments are as follows:

	Three Months Ended January 31,
	2022		2021
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts	$	(479)	$	(66)
Interest rate swap agreements (1)	2,608		2,417
Total gain (loss)	$	2,129	$	2,351

(1) Other comprehensive income (loss), net of tax, before reclassification from AOCI was $795 and $(206) for the three months ended January 31, 2022 and 2021, respectively.

	Six Months Ended January 31,
	2022		2021
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts	$	(620)	$	(66)
Interest rate swap agreements (2)	5,104		5,749
Total gain (loss)	$	4,484	$	5,683

(2) Other comprehensive income (loss), net of tax, before reclassification from AOCI was $1,402 and $352 for the six months ended January 31, 2022 and 2021, respectively.

	Three Months Ended January 31,
	2022				2021
			Interest				Interest
	Sales		Expense		Sales		Expense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts	$	(271)	$	—	$	7	$	—
Interest rate swap agreements	—		(1,813)		—		(2,623)
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Gain ( loss) recognized in income, net of tax
Interest rate swap agreements	—		2		—		(8)
Total gain (loss)	$	(271)	$	(1,811)	$	7	$	(2,631)

	Six Months Ended January 31,
	2022				2021
			Interest				Interest
	Sales		Expense		Sales		Expense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts	$	(284)	$	—	$	7	$	—
Interest rate swap agreements	—		(3,702)		—		(5,397)
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Gain (loss) recognized in income, net of tax
Interest rate swap agreements	—		89		—		(46)
Total gain (loss)	$	(284)	$	(3,613)	$	7	$	(5,443)