PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Jul. 31, 2023

EMPLOYEE BENEFIT PLANS [Abstract]

Schedule of Obligations and Funded Status

The following tables provide a reconciliation of changes in the plans’ benefit obligations, asset fair values and funded status by fiscal year (in thousands):

	Pension Benefits				Postretirement Health Benefits
	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation, beginning of year	$	33,741	$	42,267	$	2,119	$	3,125
Service cost	—		—		84		123
Interest cost	1,009		1,068		73		58
Actuarial gain	(3,054)		(8,386)		(429)		(1,155)
Benefits paid	(941)		(1,208)		6		(32)
Settlements	(30,755)		—		—		—
Benefit obligation, end of year	—		33,741		1,853		2,119
Change in plan assets:
Fair value of plan assets, beginning of year	34,989		40,388		—		—
Actual return on plan assets	502		(4,191)		—		—
Employer contribution	—		—		(6)		32
Benefits paid	(941)		(1,208)		6		(32)
Settlements	(30,755)		—		—		—
Surplus Transfer	(3,647)		—		—		—
Fair value of plan assets, end of year	148		34,989		—		—
Funded status, recorded in Consolidated Balance Sheets	$	148	$	1,248	$	(1,853)	$	(2,119)

Schedule of Amounts Recognized in Balance Sheet

The following table shows amounts recognized in the Consolidated Balance Sheets as of July 31 (in thousands):

	Pension Benefits				Postretirement Health Benefits
	2023		2022		2023		2022
Deferred income taxes	$	—	$	(335)	$	478	$	544
Other current assets	$	148	$	—	$	—	$	—
Other current liabilities	$	—	$	—	$	(100)	$	(73)
Other noncurrent liabilities	$	—	$	1,248	$	(1,753)	$	(2,046)
Accumulated other comprehensive loss – net of tax:
Net actuarial loss (gain)	$	—	$	2,998	$	(1,012)	$	(756)

Schedule of Net Benefit Costs

The following table shows the components of the net periodic pension and postretirement health benefit costs by fiscal year (in thousands):

	Pension Cost				Postretirement Health Benefit Cost
	2023		2022		2023		2022
Service cost	$	—	$	—	$	84	$	123
Interest cost	1,009		1,068		73		58
Expected return on plan assets	(1,673)		(2,586)		—		—
Amortization of:
Prior service income	—		—		(6)		(6)
Other actuarial loss	42		145		(83)		—
Settlement cost	5,544		—		—		—
Net periodic benefit (income) cost	$	4,922	$	(1,373)	$	68	$	175

Service cost is recorded in Other, net within Other Income (Expense) in the Consolidated Statements of Operations. As the pension plan was frozen, there was no service cost recorded in fiscal years 2022 or 2023.

Schedule of Amounts Recognized in Other Comprehensive Income

The following table shows amounts, net of tax, that are recognized in other comprehensive income by fiscal year (in thousands):

	Pension Benefits				Postretirement Health Benefits
	2023		2022		2023		2022
Net actuarial gain	$	(1,412)	$	(1,203)	$	(324)	$	(878)
Amortization of:
Prior service income	—		—		5		5
Amortization of actuarial loss	(32)		(110)		63		—
Curtailment/Settlement	$	(1,554)	$	—	$	—	$	—
Total recognized in other comprehensive income	$	(2,998)	$	(1,313)	$	(256)	$	(873)

Schedule of Expected Benefit Payments

The following table shows the estimated future benefit payments by fiscal year (in thousands):

	Postretirement Health Benefits
2024	$	100
2025	$	132
2026	$	129
2027	$	133
2028	$	136
2029-2033	$	867

Schedule of Assumptions Used

The assumptions used in the previous calculations by fiscal year were as follows:

	Pension Benefits		Postretirement Health Benefits
	2023	2022	2023	2022
Discount rate for net periodic benefit costs	—%	2.57%	3.82%	2.10%
Discount rate for year-end obligations	—%	4.05%	4.90%	3.82%
Rate of increase in compensation levels for net periodic benefit costs	—%	—%	—%	—%
Rate of increase in compensation levels for year-end obligations	—%	—%	—%	—%
Long-term expected rate of return on assets	—%	6.50%	—%	—%

Schedule of Allocation of Plan Assets

The actual allocation percentages of plan assets as of July 31, 2023:

Asset Allocation	2023	2022
Cash and accrued income	100%	—%
Fixed income	—%	36%
Equity	—%	64%

    The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets carried at fair value (in thousands):

	Fair Value At July 31, 2022
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents(a)	$	51	$	51	$	—
Equity securities(b):
U.S. companies	15,389		10,387		5,002
International companies	521		521		—
Equity securities - international mutual funds:
Developed market(c)	4,025		923		3,102
Emerging markets(d)	1,517		1,149		368
Commodities(e)	1,137		1,137		—
Fixed Income:
U.S. Treasuries	3,019		904		2,115
Debt securities(f)	1,656		—		1,656
Government sponsored entities(g)	1,256		—		1,256
Multi-strategy bond fund(h)	5,079		—		5,079
Money market fund(i)	389		—		389
Other(j)	950		—		950
Total	$	34,989	$	15,072	$	19,917

(a)Cash and cash equivalents consists of highly liquid investments which are traded in active markets.

(b)This class represents equities traded on regulated exchanges, as well as funds that invest in a portfolio of such stocks.

(c)These mutual funds seek long-term capital growth by investing no less than 80% of their assets in stocks of non- U.S. companies that are primarily in developed markets, but also may invest in emerging and less developed markets.

(d)These mutual funds seek to track the performance of a benchmark index that measures the investment return of stock issued by companies located in emerging market countries.

(e)These investments seek attractive total return by investing primarily in a diversified portfolio of commodity futures contracts and fixed income investments.

(f)This class includes bonds and loans of U.S. and non-U.S. corporate issuers from diverse industries and bonds of domestic and foreign municipalities.

(g)This class represents a beneficial ownership interest in a pool of single-family residential mortgage loans. These investments are generally not backed by the full faith and credit of the United States government, except for securities valued at $114,000 in our portfolio as of July 31, 2022.

(h)This class invests at least 80% of its net assets in bonds and other fixed income instruments issued by governmental or private-sector entities. More than 30% of its net assets are invested in asset-backed and mortgage-backed securities. The fund may invest up to 20% of its net assets in securities below investment grade.

(i)These money market mutual funds seek to provide current income consistent with liquidity and stability of principal by investing in a diversified portfolio of high quality, short-term, dollar-denominated debt securities. These funds may include securities issued or guaranteed as to principal and interest by the U.S. government or its agencies, short-term securities issued by domestic or foreign banks, domestic and dollar-denominated foreign commercial papers, and other short-term corporate obligations and obligations issued or guaranteed by one or more foreign governments.

(j)This class includes funds that use a number of other strategies, including arbitrage, to obtain long-term positive returns. The portfolio of instruments may include equities, debt securities, real estate properties, warrants, options, swaps, future contracts, forwards or other types of derivative instruments.