Cantel Medical (CMD) 10-Q10 Dec 202021 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Oct. 31, 2020	Nov. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2020
Document Transition Report	false
Entity File Number	001-31337
Entity Registrant Name	Cantel Medical Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-1760285
Entity Address, Address Line One	150 Clove Road
Entity Address, City or Town	Little Falls
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07424
City Area Code	(973)
Local Phone Number	890-7220
Title of 12(b) Security	Common Stock
Trading Symbol	CMD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,244,649
Entity Central Index Key	0000019446
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020
Assets
Cash and cash equivalents	$ 258,021	$ 277,871
Accounts receivable, net of allowance for doubtful accounts of $4,029 and $3,905	158,763	148,419
Inventories, net	163,880	167,960
Prepaid expenses and other current assets	19,429	18,443
Income taxes receivable	27,036	33,933
Total current assets	627,129	646,626
Property and equipment, net	223,510	225,222
Right-of-use assets, net	47,901	48,684
Intangible assets, net	471,337	480,032
Goodwill	660,421	660,172
Other long-term assets	6,467	6,231
Deferred income taxes	3,738	4,787
Total assets	2,040,503	2,071,754
Liabilities and stockholders’ equity
Accounts payable	46,891	42,008
Compensation payable	47,788	47,769
Accrued expenses	45,525	41,480
Deferred revenue	28,454	26,223
Current portion of long-term debt	14,750	7,375
Income taxes payable	6,759	4,373
Current portion of lease liabilities	10,044	10,268
Total current liabilities	200,211	179,496
Long-term debt	845,142	926,834
Convertible debt	126,617	124,835
Deferred income taxes	49,533	49,533
Long-term lease liabilities	40,296	40,679
Other long-term liabilities	20,323	20,778
Total liabilities	1,282,122	1,342,155
Commitments and contingencies (Note 12)
Preferred Stock, par value $1.00 per share; authorized 1,000,000 shares; none issued	0	0
Common Stock, par value $0.10 per share; authorized 75,000,000 shares; issued 46,924,945 shares and outstanding 42,243,881 shares at October 31, 2020; issued 46,812,750 shares and outstanding 42,162,218 shares at July 31, 2020	4,693	4,681
Additional paid-in capital	276,450	273,040
Retained earnings	572,798	548,334
Accumulated other comprehensive loss	(25,249)	(27,599)
Treasury Stock; 4,681,064 shares at October 31, 2020; 4,650,532 shares at July 31, 2020	(70,311)	(68,857)
Total stockholders’ equity	758,381	729,599
Total liabilities and stockholders’ equity	$ 2,040,503	$ 2,071,754

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 4,029	$ 3,905
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, authorized (in shares)	1,000,000	1,000,000
Preferred Stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common Stock, authorized (in shares)	75,000,000	75,000,000
Common Stock, issued (in shares)	46,924,945	46,812,750
Common Stock, outstanding (in shares)	42,243,881	42,162,218
Treasury Stock (in shares)	4,681,064	4,650,532

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Net sales
Net sales	$ 297,029	$ 257,246
Cost of sales
Cost of sales	149,663	141,377
Gross profit	147,366	115,869
Expenses:
Selling	40,063	38,411
General and administrative	49,378	55,287
Research and development	7,573	7,747
Total operating expenses	97,014	101,445
Income from operations	50,352	14,424
Interest expense, net	16,293	5,719
Income before income taxes	34,059	8,705
Income taxes	9,595	2,938
Net income	$ 24,464	$ 5,767
Earnings per common share:
Basic (in dollars per share)	$ 0.58	$ 0.14
Diluted (in dollars per share)	0.57	0.14
Dividends per common share (in dollars per share)	$ 0	$ 0
Product sales
Net sales
Net sales	$ 263,570	$ 225,678
Cost of sales
Cost of sales	129,655	120,586
Product service
Net sales
Net sales	33,459	31,568
Cost of sales
Cost of sales	$ 20,008	$ 20,791

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 24,464	$ 5,767
Other comprehensive income:
Foreign currency translation	502	3,932
Interest rate swap, net of tax	1,848	1,245
Total other comprehensive income:	2,350	5,177
Comprehensive income	$ 26,814	$ 10,944

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury stock, at cost
Beginning Balance (in shares) at Jul. 31, 2019		41,771,228
Beginning Balance at Jul. 31, 2019	$ 661,537	$ 4,636	$ 204,795	$ 539,097	$ (22,197)	$ (64,794)
Increase (Decrease) in Stockholders' Equity
Repurchases of shares (in shares)		(49,614)
Repurchases of shares	(3,613)					(3,613)
Stock-based compensation	2,404		2,404
Issuance of shares (in shares)		751,471
Issuance of shares	60,000	$ 75	59,925
Equity vests/option exercises (in shares)		104,686
Equity vests/option exercises	919	$ 11	908
Cancellations of restricted stock (in shares)		(946)
Net income (loss)	5,767			5,767
Other comprehensive income (loss)	5,177				5,177
Ending Balance (in shares) at Oct. 31, 2019		42,576,825
Ending Balance at Oct. 31, 2019	$ 732,191	$ 4,722	268,032	544,864	(17,020)	(68,407)
Beginning Balance (in shares) at Jul. 31, 2020	42,162,218	42,162,218
Beginning Balance at Jul. 31, 2020	$ 729,599	$ 4,681	273,040	548,334	(27,599)	(68,857)
Increase (Decrease) in Stockholders' Equity
Repurchases of shares (in shares)		(30,532)
Repurchases of shares	(1,454)					(1,454)
Stock-based compensation	$ 3,422		3,422
Equity vests/option exercises (in shares)	15,000	112,195
Equity vests/option exercises		$ 12	(12)
Net income (loss)	$ 24,464			24,464
Other comprehensive income (loss)	$ 2,350				2,350
Ending Balance (in shares) at Oct. 31, 2020	42,243,881	42,243,881
Ending Balance at Oct. 31, 2020	$ 758,381	$ 4,693	$ 276,450	$ 572,798	$ (25,249)	$ (70,311)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Jul. 31, 2020
Cash flows from operating activities
Net income	$ 24,464	$ 5,767
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,409	6,338
Amortization	8,918	6,029
Stock-based compensation expense	3,422	2,404
Deferred income taxes	441	1,454
Amortization of right-of-use assets	2,982	2,310
Non-cash interest expense	4,445	925
Inventory step-up amortization	0	4,772
Other non-cash items, net	8	(1,061)
Changes in assets and liabilities, net of effects of acquisitions/dispositions:
Accounts receivable	(10,302)	(348)
Inventories	4,214	(6,254)
Prepaid expenses and other assets	(1,206)	1,147
Accounts payable and other liabilities	10,221	(13,664)
Income taxes	9,284	1,450
Operating lease payments	(3,293)	(2,338)
Net cash provided by operating activities	62,007	8,931
Cash flows from investing activities
Capital expenditures	(5,495)	(10,390)
Proceeds from sale of businesses, net of cash retained	348	0
Acquisition of businesses, net of cash acquired	0	(658,932)
Net cash used in investing activities	(5,147)	(669,322)
Cash flows from financing activities
Proceeds from issuance of long term debt	0	400,000
Repayments of long-term debt	0	(2,375)
Borrowings under revolving credit facility	0	291,400
Repayments under revolving credit facility	(75,000)	(10,900)
Dividends paid	0	(9,234)
Contingent consideration payments	(103)	(127)
Purchases of treasury stock	(1,454)	(3,613)
Net cash (used in) provided by financing activities	(76,557)	665,151
Effect of exchange rate changes on cash and cash equivalents	(153)	(10)
(Decrease) increase in cash and cash equivalents	(19,850)	4,750
Cash and cash equivalents at beginning of period	277,871	44,535	$ 44,535
Cash and cash equivalents at end of period	$ 258,021	$ 49,285	$ 277,871

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Oct. 31, 2020
Basis of Presentation
Basis of Presentation	Basis of Presentation Throughout this document, references to “Cantel,” “us,” “we,” “our,” and the “Company” are references to Cantel Medical Corp. and its subsidiaries, except where the context makes it clear the reference is to Cantel itself and not its subsidiaries. Cantel is a leading provider of infection prevention products and services in the healthcare market, specializing in the following reportable segments: Medical, Life Sciences, Dental and Dialysis. See Note 15, “Reportable Segments.” Most of our equipment, consumables and supplies are used to help prevent the occurrence or spread of infections. The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial reporting and the requirements of Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and note disclosures required by GAAP for annual financial reporting and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Annual Report of Cantel Medical Corp. on Form 10-K for the fiscal year ended July 31, 2020 (the “2020 Annual Report on Form 10-K”) and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere herein. The unaudited interim financial statements reflect all adjustments (of a normal and recurring nature) which management considers necessary for a fair presentation of the results of operations for these periods. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The Condensed Consolidated Balance Sheet at July 31, 2020 was derived from the audited Consolidated Balance Sheet of Cantel at that date. Certain prior year amounts have been reclassified to conform to the current year presentation. COVID-19 In March 2020, the World Health Organization categorized the novel Coronavirus disease 2019, or (COVID-19) as a pandemic. We are subject to risks and uncertainties as a result of the COVID-19 pandemic. Considerable uncertainty still surrounds the COVID-19 virus and its potential effects, and the extent of and effectiveness of responses taken on international, national and local levels. Measures taken to limit the impact of COVID-19, including shelter-in-place orders, social distancing measures, travel bans and restrictions, and business and government shutdowns, continue to create significant negative economic impacts on a global basis. The extent of the impact of the COVID-19 pandemic on our business remains uncertain and difficult to predict, as the response to the pandemic continues to evolve. During the second half of fiscal 2020, the COVID-19 pandemic negatively impacted net sales and the related operations of both our Medical and Dental segments as a result of the postponement of elective medical procedures and routine dental procedures. Towards the end of fiscal 2020, we experienced gradual improvements in these respective businesses as restrictions were lifted and limitations eased. In the first quarter of fiscal 2021, patient procedure volume trends have improved as demand for both medical and dental procedures have increase during this period. While we currently expect to see improvement in the remainder of fiscal 2021, the effects of the COVID-19 pandemic remains fluid and continues to evolve differently across various geographies. We believe it is likely to continue to experience unexpected impacts on our business due to the resurgence of the virus occurring in cities across the globe. In preparing the Condensed Consolidated Financial Statements, management is required to make estimates and assumptions, including estimates and assumptions specific to any impact that the COVID-19 pandemic will have on our operations and cash flows. The estimates and assumptions used by management affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of net sales and expenses during the reporting periods. Changes to estimates related to the COVID-19 disruptions could result in other impacts, including but not limited to goodwill and long-lived asset impairment charges, inventory write downs and bad debt expense. Actual results could differ from these estimates and the differences could be material. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, our results of operations, financial position and cash flows could be adversely impacted. Subsequent Events We performed a review of events subsequent to October 31, 2020 through the date of issuance of the accompanying unaudited consolidated interim financial statements.

Accounting Pronouncements

Accounting Pronouncements	3 Months Ended
Accounting Pronouncements	Oct. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Accounting Pronouncements Newly Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, “(Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU 2020-04”) to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 was subject to election as of March 20, 2020 and can be elected for both interim and annual periods through December 31, 2022. We adopted ASU 2020-04 on August 1, 2020. The adoption of ASU 2020-04 did not have a material impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021), including interim periods within that reporting period. We adopted ASU 2018-15 on August 1, 2020. The adoption of ASU 2018-15 did not have a material impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) to modify the disclosure requirements on fair value measurements in ASC 820, “Fair Value Measurement.” ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021), including interim periods within that reporting period. We adopted ASU 2018-13 on August 1, 2020. The adoption of ASU 2018-13 did not have a material impact on our financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-04, “(Topic 350) Simplifying the Test for Goodwill Impairment,” (“ASU 2017-04”) to simplify the test for goodwill impairment. The revised guidance eliminates the existing Step 2 of the goodwill impairment test which required an entity to compute the implied fair value of its goodwill at the testing date in order to measure the amount of the impairment charge when the fair value of the reporting unit failed Step 1 of the goodwill impairment test. The guidance will be applied on a prospective basis on or after the effective date. ASU 2017-04 is effective for fiscal years beginning after December 31, 2019 (our fiscal year 2021) and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We adopted ASU 2017-04 on August 1, 2020. The adoption of ASU 2017-04 did not have a material impact on our financial position, results of operations or cash flows. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” (“ASU 2016-13”) to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021). We adopted ASU 2016-13 on August 1, 2020. The adoption of ASU 2016-13 did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, “(Subtopic 470-20): Debt—Debt with Conversion and Other Options” (“ASU 2020-06”) to address the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, the ASU will require entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 (our fiscal year 2022), including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2020-06 on our financial position, results of operations or cash flows. The impact on our diluted earnings per share could be material upon the adoption of ASU 2020-06. In December 2019, the FASB issued ASU 2019-12, “(Topic 740) Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”) to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC 740 by clarifying and

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Oct. 31, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions Hu-Friedy: On October 1, 2019, we purchased all of the issued and outstanding membership interests of Hu-Friedy Mfg. Co. LLC (“Hu-Friedy”), for total consideration (net of cash acquired), excluding acquisition-related costs, of $716,542, consisting of $662,151 of cash and $54,391 of common stock consideration (subject to adjustment), plus contingent consideration payable in cash. The additional contingent consideration payments are (i) subject to the achievement of certain commercial milestones through March 31, 2021 ranging from zero to a maximum of $50,000 and (ii) contingent upon changes in our stock price from the date of closing through a future date subject to a registration rights agreement. See Note 9, “Fair Value Measurements,” for further details regarding these contingent payments. Hu-Friedy is a leading global manufacturer of instruments and instrument reprocessing systems serving the dental industry and is included in our Dental segment. The following table presents our purchase price allocation of our material acquisition (which was accounted for as a business combination in accordance with ASC Topic 805 “ Business Combinations ”): 2020 Purchase Price Allocation Hu-Friedy (1)(2) (Final) Purchase Price: Cash paid $ 662,151 Fair value of contingent consideration 38,371 Common stock issued 54,391 Total $ 754,913 Allocation: Property and equipment 38,613 Intangible assets: Customer relationships 225,000 Technology 32,000 Brand names 112,000 Goodwill 276,744 Deferred income taxes (222) Inventories 63,680 Other working capital 7,098 Total $ 754,913 _______________________________________________ (1) During the second quarter of fiscal 2020, we paid $25,000 to settle a portion of the contingent consideration, and during the third quarter of fiscal 2020, we paid $35,000 to repurchase a portion of the common stock issued, both of which were included in Acquisitions, net of cash acquired in the Condensed Consolidated Statement of Cash Flows. See Note 9, “Fair Value Measurements” for additional information. (2) The excess purchase price over net assets acquired was assigned to goodwill, all of which is deductible for income tax purposes. Unaudited Pro Forma Summary of Operations The following pro forma summary of operations presents our operations as if the Hu-Friedy acquisition had occurred as of the beginning of fiscal 2019. In addition to including the results of operations of this acquisition, the pro forma information gives effect to amortization of the step-up in inventory, depreciation of the step-up in property and equipment, the interest on additional borrowings, the amortization of intangible assets and the issuance of shares of common stock. On an actual basis, the Hu-Friedy acquisition contributed $60,806 and $18,725 to our consolidated net sales for the three months ended October 31, 2020 and 2019 respectively. Pro Forma Summary of Operations Three Months Ended Net sales $ 296,454 Net income $ 952 Earnings per common share: Basic $ 0.02 Diluted $ 0.02 The pro forma information presented above does not purport to be indicative of the results that actually would have been attained had the Hu-Friedy acquisition occurred as of the beginning of fiscal 2019.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Oct. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2016 Equity Incentive Plan At October 31, 2020, 763,315 nonvested restricted stock awards were outstanding under the 2016 plan. No options were outstanding under the 2016 plan. At October 31, 2020, 51,760 shares were collectively available for issuance pursuant to restricted stock and other stock awards, stock options and stock appreciation rights. The following table shows the components of stock-based compensation expense recognized in the condensed consolidated statements of income: Three Months Ended October 31, 2020 2019 Cost of sales $ 299 $ 260 Operating expenses: Selling 826 536 General and administrative 2,208 1,527 Research and development 89 81 Total operating expenses 3,123 2,144 Stock-based compensation expense $ 3,422 $ 2,404 At October 31, 2020, total unrecognized stock-based compensation expense related to total nonvested stock options and restricted stock awards was $36,996 with a remaining weighted average period of 21 months over which such expense is expected to be recognized. We determined the fair value of our market-based restricted stock awards using a Monte Carlo simulation on the date of grant using the following assumptions: Three Months Ended October 31, 2020 2019 Volatility of common stock 57.27 % 30.73 % Average volatility of peer companies 45.37 % 36.28 % Average correlation coefficient of peer companies 34.81 % 24.63 % Risk-free interest rate 0.20 % 1.49 % A summary of nonvested stock award activity for the three months ended October 31, 2020 is as follows: Number of Number of Performance-based Awards Number of Market-based Awards Number of Weighted Average At July 31, 2020 318,702 29,174 63,839 411,715 $ 76.29 Granted 388,605 (4,455) 86,915 471,065 $ 46.80 Vested (1) (103,819) (3,037) (6,383) (113,239) $ 82.34 Forfeited (5,255) — (971) (6,226) $ 74.10 At October 31, 2020 598,233 21,682 143,400 763,315 $ 57.53 _______________________________________________ (1) The aggregate fair value of all nonvested stock awards which vested was approximately $9,328. A summary of stock option activity for the three months ended October 31, 2020 is as follows: Number of shares Weighted Average Exercise Price Outstanding at July 31, 2020 15,000 $ 55.36 Expired (15,000) $ 55.36 Outstanding at October 31, 2020 — $ — Excess tax benefits arise when the ultimate tax effect of the deduction for tax purposes is greater than the income tax benefit on stock-based compensation. For the three months ended October 31, 2020, income tax deductions of $1,698 were generated, of which $2,778 was recorded as a reduction in income tax expense over the equity awards’ vesting period and the remaining excess tax expense of $1,080 was recorded as an increase in income tax expense. For the three months ended October 31, 2019, income tax deductions of $2,022 were generated, of which $2,581 were recorded as a reduction in income tax expense over the equity awards’ vesting period and the remaining excess tax expense of $559 was recorded as an increase to income tax expense.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following table gives information as to the net sales disaggregated by geography and product line: Three Months Ended October 31, Net sales by geography 2020 2019 United States $ 215,087 $ 190,084 Europe/Africa/Middle East 47,785 41,018 Asia/Pacific 19,931 17,065 Canada 11,499 7,833 Latin America/South America 2,727 1,246 Total $ 297,029 $ 257,246 Net sales by product line Capital equipment $ 48,640 $ 58,748 Consumables 167,350 153,279 Product service 33,459 31,568 Instrument 45,430 13,520 All other (1) 2,150 131 Total $ 297,029 $ 257,246 _______________________________________________ (1) Primarily includes software licensing revenues. Remaining Performance Obligations At October 31, 2020, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $81,556, primarily within the Medical segment. We expect to recognize revenue on approximately 70% of these remaining performance obligations over the remainder of fiscal 2021 and fiscal 2022. These performance obligations primarily reflect the future product service revenues for multi-period service arrangements. Contract Liabilities A summary of contract liabilities activity follows: Three Months Ended October 31, 2020 2019 Beginning balance $ 26,520 $ 28,235 Revenue deferred in current year 18,300 2,007 Deferred revenue recognized (15,590) (2,982) Foreign currency translation 33 104 Ending balance 29,263 27,364 Contract liabilities included in Other long-term liabilities (809) (384) Deferred revenue $ 28,454 $ 26,980

Leases

Leases	3 Months Ended
Leases	Oct. 31, 2020
Leases [Abstract]
Leases	Leases Adoption of “Leases (ASC 842)” We adopted ASC 842, effective August 1, 2019, using the modified retrospective transition approach with optional transition relief, and recognized the cumulative effect of applying the new leasing standard to existing contracts on our condensed consolidated balance sheet on August 1, 2019. Our lease portfolio consists primarily of real estate, equipment and vehicles. We have approximately 90 real estate leases with lease terms ranging from 1 year to 16 years, which include our corporate headquarters, regional headquarters, and other facilities for sales and administration, warehousing, manufacturing and training. Our equipment leases primarily consist of furniture, computers and other office equipment. Supplemental balance sheet information related to our leases follows: Lease Type October 31, 2020 July 31, 2020 Assets: Operating lease assets $ 43,679 $ 44,267 Finance lease assets 4,222 4,417 Right-of-use assets, net $ 47,901 $ 48,684 Liabilities: Operating lease liabilities $ 9,602 $ 9,852 Finance lease liabilities 442 416 Current portion of lease liabilities 10,044 10,268 Operating lease liabilities 36,263 36,515 Finance lease liabilities 4,033 4,164 Long-term lease liabilities 40,296 40,679 Total lease liabilities $ 50,340 $ 50,947 Additional Lease Data Weighted average remaining lease term: Operating leases 6.04 years 6.11 years Finance leases 5.61 years 5.86 years Weighted average discount rate: Operating leases 2.75 % 2.73 % Finance leases 22.84 % 23.39 % At October 31, 2020, maturities of lease liabilities for the periods set forth below were as follows: Fiscal year Operating Finance Total Remaining 2021 $ 8,324 $ 1,086 $ 9,410 2022 9,410 1,432 10,842 2023 8,332 1,425 9,757 2024 7,037 1,434 8,471 2025 5,264 1,422 6,686 Thereafter 11,900 919 12,819 Total lease payments 50,267 7,718 57,985 Less: interest (4,402) (3,243) (7,645) Present value of lease liabilities $ 45,865 $ 4,475 $ 50,340 Supplemental income statement information related to our leases follows: Three Months Ended October 31, 2020 2019 Operating lease costs: Amortization of right-of-use assets $ 2,786 $ 2,239 Interest on lease obligations 312 412 Finance lease costs: Amortization of right-of-use assets 196 71 Interest on lease obligations 255 90 Variable lease costs 895 846 Short-term lease costs 286 248 Net lease cost $ 4,730 $ 3,906 Supplemental cash flow information related to leases follows: Three Months Ended October 31, 2020 2019 Right-of-use assets obtained in exchange for lease liabilities: Operating leases (1) $ 2,206 $ 14,153 Finance leases (2) $ — $ 4,798 _______________________________________________ (1) The three months ended October 31, 2019 primarily relates to new warehouse facility included in our Dental segment and operating leases acquired in the Hu-Friedy acquisition. (2) The three months ended October 31, 2019 includes finance leases acquired in the Hu-Friedy acquisition.
Leases	Leases Adoption of “Leases (ASC 842)” We adopted ASC 842, effective August 1, 2019, using the modified retrospective transition approach with optional transition relief, and recognized the cumulative effect of applying the new leasing standard to existing contracts on our condensed consolidated balance sheet on August 1, 2019. Our lease portfolio consists primarily of real estate, equipment and vehicles. We have approximately 90 real estate leases with lease terms ranging from 1 year to 16 years, which include our corporate headquarters, regional headquarters, and other facilities for sales and administration, warehousing, manufacturing and training. Our equipment leases primarily consist of furniture, computers and other office equipment. Supplemental balance sheet information related to our leases follows: Lease Type October 31, 2020 July 31, 2020 Assets: Operating lease assets $ 43,679 $ 44,267 Finance lease assets 4,222 4,417 Right-of-use assets, net $ 47,901 $ 48,684 Liabilities: Operating lease liabilities $ 9,602 $ 9,852 Finance lease liabilities 442 416 Current portion of lease liabilities 10,044 10,268 Operating lease liabilities 36,263 36,515 Finance lease liabilities 4,033 4,164 Long-term lease liabilities 40,296 40,679 Total lease liabilities $ 50,340 $ 50,947 Additional Lease Data Weighted average remaining lease term: Operating leases 6.04 years 6.11 years Finance leases 5.61 years 5.86 years Weighted average discount rate: Operating leases 2.75 % 2.73 % Finance leases 22.84 % 23.39 % At October 31, 2020, maturities of lease liabilities for the periods set forth below were as follows: Fiscal year Operating Finance Total Remaining 2021 $ 8,324 $ 1,086 $ 9,410 2022 9,410 1,432 10,842 2023 8,332 1,425 9,757 2024 7,037 1,434 8,471 2025 5,264 1,422 6,686 Thereafter 11,900 919 12,819 Total lease payments 50,267 7,718 57,985 Less: interest (4,402) (3,243) (7,645) Present value of lease liabilities $ 45,865 $ 4,475 $ 50,340 Supplemental income statement information related to our leases follows: Three Months Ended October 31, 2020 2019 Operating lease costs: Amortization of right-of-use assets $ 2,786 $ 2,239 Interest on lease obligations 312 412 Finance lease costs: Amortization of right-of-use assets 196 71 Interest on lease obligations 255 90 Variable lease costs 895 846 Short-term lease costs 286 248 Net lease cost $ 4,730 $ 3,906 Supplemental cash flow information related to leases follows: Three Months Ended October 31, 2020 2019 Right-of-use assets obtained in exchange for lease liabilities: Operating leases (1) $ 2,206 $ 14,153 Finance leases (2) $ — $ 4,798 _______________________________________________ (1) The three months ended October 31, 2019 primarily relates to new warehouse facility included in our Dental segment and operating leases acquired in the Hu-Friedy acquisition. (2) The three months ended October 31, 2019 includes finance leases acquired in the Hu-Friedy acquisition.

Inventories, Net

Inventories, Net	3 Months Ended
Inventories, Net	Oct. 31, 2020
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net A summary of inventories, net is as follows: October 31, 2020 July 31, 2020 Raw materials and parts $ 65,577 $ 64,888 Work-in-process 7,661 6,745 Finished goods 110,809 114,606 Reserve for excess and obsolete inventory (20,167) (18,279) Total inventories, net $ 163,880 $ 167,960

Derivatives

Derivatives	3 Months Ended
Derivatives	Oct. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Foreign Currency In order to hedge against the impact of fluctuations in the value of the Euro, British Pound, Canadian dollar, Australian dollar, Singapore dollar and Chinese Renminbi relative to the U.S. dollar on the conversion of such net assets into the functional currencies, we enter into short-term forward contracts to purchase or sell Euros, British Pounds, Canadian dollars, Australian dollars, Singapore dollars and Chinese Renminbi, which contracts are one-month in duration. These short-term contracts are designated as fair value hedge instruments. There were six foreign currency forward contracts with an aggregate notional value of $63,836 and $81,677 at October 31, 2020 and July 31, 2020, respectively, which covered certain assets and liabilities that were denominated in currencies other than each entity’s functional currency. For the three months ended October 31, 2020 and 2019, the settlements of our forward contracts resulted in immaterial amounts of currency conversion gains and losses on the hedged items in the aggregate. Variable Rate Borrowings In order to hedge against the impact of fluctuations in the interest rate associated with our variable rate borrowings, in fiscal 2019, we entered into two interest rate swaps with a combined notional value of $150,000, expiring on June 28, 2023. The swaps fixed interest rates at 2.265%. In March 2020, we terminated our existing interest rate swaps and entered into a new interest rate swap (the “March 2020 Swap”) with a notional value of $500,000, which fixed interest rates at 1.297% and was set to expire on September 6, 2024. As the original forecasted hedged transactions (interest payments on variable rate debt) are still probable to occur, the $8,534 net loss related to the terminated swaps reported in accumulated other comprehensive income on the termination date will be amortized to interest expense through June 28, 2023, the original maturity date of the swaps. On May 13, 2020, in connection with the Second Amendment to our credit agreement, we terminated the March 2020 Swap and entered into a new interest rate swap (the “May 2020 Swap”) with a notional value of $500,000, which included a LIBOR floor of 1.00%, fixed interest rates at 2.08% and will expire on September 6, 2024. As the original forecasted hedged transactions related to the March 2020 Swap (interest payments on variable rate debt) are still probable to occur, the $19,980 net loss related to the terminated swaps reported in accumulated other comprehensive income on the termination date will be amortized to interest expense through September 6, 2024, the original maturity date of the swap. The new interest rate swap reflects the 1.00% LIBOR floor included in the Amended Credit Agreement, which allows for continued hedge accounting treatment. Changes in the fair value of the amended interest rate swap contract will continue to be recognized in other comprehensive income. At October 31, 2020, the fair value of the interest rate swap was $20,119, which included $5,465 recorded in accrued expenses and $14,654 recorded in other long-term liabilities. As of July 31, 2020, the fair value of the interest rate swap was $21,156, which included $5,462 recorded in accrued expenses and $15,694 recorded in other long-term liabilities. The fair value of the interest rate swap is subject to movements in LIBOR and will fluctuate in future periods.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Oct. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy We apply the provisions of ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for our financial assets and liabilities that are re-measured and reported at fair value each reporting period and our nonfinancial assets and liabilities that are re-measured and reported at fair value on a non-recurring basis. We define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis Our financial assets that are re-measured at fair value on a recurring basis include money market funds that are classified as cash and cash equivalents in the condensed consolidated balance sheets. These money market funds are classified within Level 1 of the fair value hierarchy and are valued using quoted market prices for identical assets. The fair value of the interest rate swaps, all of which qualify for cash flow hedge accounting, is recorded on our condensed consolidated balance sheet as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive income. The changes in fair value are reclassified from accumulated other comprehensive income into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach. Under this approach, we use projected future interest rates, which fall into Level 2 of the fair value hierarchy as defined by ASC 820, as provided by counterparties to the interest rate swap agreements and the fixed rates that we are obligated to pay under the agreements. See Note 8, “Derivatives” for additional information. For the Hu-Friedy acquisition, additional purchase price payments were (i) contingent upon the achievement of certain commercial milestones through March 31, 2021, and (ii) contingent upon changes in our common stock price from the date of closing through a future date subject to a registration rights agreement. We estimated the aggregate fair value of these contingent consideration arrangements to be $38,371 at the date of acquisition, which was reported separately in our consolidated balance sheet. For the contingent consideration arrangements based upon the achievement of certain commercial milestones, the initial value assigned at the date of acquisition was determined on the basis of forecasted sales and gross profit percentage of Hu-Friedy products over the next twelve to eighteen months. During the second quarter of fiscal 2020, we paid $25,000 to settle a portion of this contingent consideration arrangement related to net sales achieved for the twelve month period ended December 31, 2019. For the remaining contingent consideration arrangement related to net sales and gross profit percentage, we reduced the fair value from a liability of approximately $17,210 to $0 due to the impact of the COVID-19 pandemic on Hu-Friedy’s current and expected performance. For the contingent consideration arrangement based upon changes in our common stock price through a future date, we were required to pay to the sellers of Hu-Friedy an amount in cash equal to $35,000 minus the aggregate net proceeds received by the seller in connection with a future equity issuance if the amount of such aggregate net proceeds was less than $35,000. The initial fair value assigned to this contingent consideration arrangement was determined based on the closing price of our common stock at the date that the acquisition closed (October 1, 2019) relative to the contracted stock price stipulated in the purchase agreement. On February 13, 2020, we entered into a stock repurchase agreement with Dental Holding LLC, the former owners of Hu-Friedy (the “Repurchase Agreement”). The Repurchase Agreement amended the Hu-Friedy purchase and sale agreement and the related registration rights agreement to provide that we repurchase a portion of the shares from the seller included in the equity consideration transferred at a price per share of $64.51 (the “Repurchase”), which equals the closing price of shares of our common stock traded on the New York Stock Exchange on February 12, 2020. The Repurchase of 438,359 common shares was completed on February 13, 2020, and the shares were thereafter canceled and retired. The Hu-Friedy purchase and sale agreement further required us to pay to the seller an amount in cash equal to $35,000 minus the aggregate net proceeds received by the seller from an equity issuance if the amount of such aggregate net proceeds was less than $35,000 (the “True-Up Obligation”). The Repurchase Agreement further amended the purchase and sale agreement to provide that in satisfaction of the True-Up Obligation, we make a payment to the sellers in an amount equal to $6,721 to settle the contingent obligation, which amount equals $35,000 minus the aggregate amount of $28,279 paid to Dental Holding as consideration for the Repurchase. These payments were made to Dental Holding on February 13, 2020. For the fiscal 2018 Aexis Medical BVBA acquisition, additional purchase price payments ranging from zero to $1,850 were contingent upon the achievement of certain purchase order targets through March 21, 2020. We estimated the original fair value of the contingent consideration using the weighted probabilities of the possible contingent payments. At the date of acquisition, we estimated the original fair value of the contingent consideration to be $1,292. In June 2020, we paid $1,691 to settle the contingent consideration. We are required to reassess the fair value of contingent consideration payments on a periodic basis. Although we believe our assumptions are reasonable, different assumptions or changes in the future may result in different estimated amounts. The fair values of our financial instruments measured on a recurring basis were categorized as follows: October 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money markets $ 106 $ — $ — $ 106 Total assets $ 106 $ — $ — $ 106 Accrued expenses: Interest rate swap $ — $ 5,465 $ — $ 5,465 Contingent consideration — — — — Other long-term liabilities: Interest rate swap — 14,654 — 14,654 Total liabilities $ — $ 20,119 $ — $ 20,119 July 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money markets $ 106 $ — $ — $ 106 Total assets $ 106 $ — $ — $ 106 Accrued expenses: Interest rate swap $ — $ 5,462 $ — $ 5,462 Other long-term liabilities: Interest rate swap — 15,694 — 15,694 Total liabilities $ — $ 21,156 $ — $ 21,156 Disclosure of Fair Value of Financial Instruments At October 31, 2020 and July 31, 2020, the carrying amounts for cash and cash equivalents (excluding money markets), accounts receivable and accounts payable approximated fair value due to the short maturity of these instruments.

Intangibles and Goodwill

Intangibles and Goodwill	3 Months Ended
Intangibles and Goodwill	Oct. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles and Goodwill	Intangibles and Goodwill Our intangible assets consist of the following: October 31, 2020 July 31, 2020 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $ 373,183 $ (86,328) $ 286,855 $ 373,018 $ (79,386) $ 293,632 Technology 91,706 (32,288) 59,418 91,613 (30,552) 61,061 Brand names 8,738 (4,187) 4,551 8,721 (4,002) 4,719 Non-compete agreements 2,850 (1,866) 984 2,850 (1,818) 1,032 Patents and other registrations 2,696 (1,278) 1,418 2,637 (1,160) 1,477 479,173 (125,947) 353,226 478,839 (116,918) 361,921 Trademarks, trade names and brand names 118,111 — 118,111 118,111 — 118,111 Total intangible assets $ 597,284 $ (125,947) $ 471,337 $ 596,950 $ (116,918) $ 480,032 Amortization expense related to intangible assets was $8,918 and $6,029 for the three months ended October 31, 2020 and 2019, respectively. We expect to recognize an additional $26,434 of amortization expense related to intangible assets for the remainder of fiscal 2021, and thereafter $34,912, $33,641, $32,742, $29,985 and $28,260 of amortization expense for fiscal years 2022, 2023, 2024, 2025 and 2026, respectively. Goodwill changed during the three months ended October 31, 2020 as follows: Medical Life Sciences Dental Dialysis Total Balance, July 31, 2020 $ 185,922 $ 64,394 $ 401,723 $ 8,133 $ 660,172 Dispositions — (56) — — (56) Foreign currency translation 267 19 19 — 305 Balance, October 31, 2020 $ 186,189 $ 64,357 $ 401,742 $ 8,133 $ 660,421

Financing Arrangements

Financing Arrangements	3 Months Ended
Financing Arrangements	Oct. 31, 2020
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Long-term debt October 31, 2020 July 31, 2020 Revolving credit loans outstanding $ 324,000 $ 399,000 Tranche A term loans outstanding 546,375 546,375 Unamortized debt issuance costs (10,483) (11,166) Total long-term debt, net of unamortized debt issuance costs 859,892 934,209 Current portion of long-term debt (14,750) (7,375) Long-term debt, net of unamortized debt issuance costs and excluding current portion $ 845,142 $ 926,834 First Amendment to Credit Agreement On September 6, 2019, we entered into a First Amendment (the “First Amendment”), amending our Fourth Amended and Restated Credit Agreement. The First Amendment added a $400,000 delayed draw term loan facility (the “Delayed Draw Facility”), in addition to the existing tranche A term loan and existing revolving credit facility. The Delayed Draw Facility and a portion of the revolving credit facility were used to finance a portion of the cash consideration for our acquisition of Hu-Friedy. The remaining proceeds were used to refinance certain existing indebtedness of Cantel and Hu-Friedy, and to pay the fees and expenses incurred in connection therewith, as well as for working capital, capital expenditures and other corporate purposes. Second Amendment to Credit Agreement On May 11, 2020, we entered into a Second Amendment (the “Second Amendment”) further amending the Fourth Amended and Restated Credit Agreement (as amended, the “Amended Credit Agreement”). The Second Amendment’s principal changes include (i) increasing the maximum consolidated leverage ratio covenant for the fiscal quarter ended April 30, 2020 from 4.25x to 5.25x, (ii) suspending such financial maintenance covenant until October 31, 2021, (iii) maintaining a minimum liquidity (as defined in the Amended Credit Agreement) of at least $50,000 during the fiscal quarter ended July 31, 2020 and $75,000 during each of the following fiscal quarters ending with the fiscal quarter ending July 31, 2021, (iv) requiring us to maintain minimum consolidated EBITDA (as defined in the Amended Credit Agreement) for each period of four fiscal quarters ending on the last day of the fiscal quarters ended July 31, 2020 through July 31, 2021 and (v) limiting our ability to pay dividends and repurchase shares of our common stock during the period the consolidated leverage ratio and consolidated interest coverage ratio are suspended. The interest rates have been amended so that loans under the Amended Credit Agreement, until the third business day following the date on which a compliance certificate is delivered for the fiscal quarter ending October 31, 2021, bear interest at 2.00% above the base rate for base rate borrowings, or at 3.00% above LIBOR for LIBOR-based borrowings, and also provides for fees on the unused portion of the revolving credit facility at a rate of 0.50%. Thereafter, borrowings bear interest at rates ranging from 0.00% to 1.75% above base rate for base rate borrowings, or at rates ranging from 1.00% to 2.75% above LIBOR for LIBOR-based borrowings, depending on our consolidated leverage ratio, which is the consolidated ratio of total funded debt (minus certain unrestricted cash) to consolidated EBITDA. The Amended Credit Agreement also provides for fees on the unused portion of the revolving credit facility at rates ranging from 0.20% to 0.50%, depending on our consolidated leverage ratio. Interest rates have also been amended to include a 1.00% floor on all borrowings. As of October 31, 2020, the average interest rate on our outstanding borrowings was approximately 4.00%. The Amended Credit Agreement contains affirmative and negative covenants reasonably customary for similar credit facilities and is secured by (i) substantially all assets of Cantel and its U.S.-based subsidiaries, (ii) a pledge by Cantel and its U.S.-based subsidiaries that guarantees the obligations under the Amended Credit Agreement of all of the outstanding shares of its U.S.-based subsidiaries and 65% of the outstanding shares of certain of Cantel’s foreign-based subsidiaries and (iii) a guaranty by Cantel’s domestic subsidiaries. As of October 31, 2020, we were in compliance with all financial covenants under the Amended Credit Agreement. During the three months ended October 31, 2020, we were not required to make loan A principal payments. The tranche A term loan is subject to principal amortization, with $7,375 due and payable in the fourth quarter of fiscal 2021, $29,500 due and payable in each of fiscal 2022, 2023 and 2024, with the remaining $450,500 due and payable at maturity on September 6, 2024. During the three months ended October 31, 2019, we made principal payments of $2,375. During the three months ended October 31, 2020, we repaid $75,000 of the revolving credit facility under the Amended Credit Agreement. In November 2020, we repaid an additional $50,000 of borrowings under our revolving credit facility. Convertible Debt October 31, 2020 July 31, 2020 Convertible debt principal amount $ 168,000 $ 168,000 Unamortized original issue discount (37,282) (38,919) Unamortized debt issuance costs (4,101) (4,246) Total convertible debt, net of unamortized discount and debt issuance costs $ 126,617 $ 124,835 On May 15, 2020, we issued $168,000 aggregate principal amount of 3.25% convertible senior notes due 2025 (the “Notes”) in a private placement, including pursuant to the grant to the initial purchasers of $140,000 aggregate principal amount of the Notes, an option to purchase up to an additional $28,000 aggregate principal amount of Notes. The private placement offering closed on May 15, 2020. The initial conversion price is $41.51 per share of common stock (based on an initial conversion rate of 24.0912 shares of common stock per $1,000 principal amount of Notes) and will be subject to adjustment if certain events occur. The net proceeds from this offering were approximately $162,977 (including net proceeds relating to the issuance of the additional Notes), after deducting the initial purchasers’ discount and before the cost of offering expenses. As required by the Amended Credit Agreement, we were required to apply at least 50% of the amount by which the net proceeds exceed $100,000, or $31,500, to the repayment of debt under our credit facilities in fiscal 2020. Due to the cash conversion feature included in the Notes, the carrying value of the Notes was allocated between a liability and an equity component. Upon issuance, the liability component of the convertible debt was $123,346, net of a $40,289 discount and net of debt issuance costs of $4,365. The initial carrying value of the equity component recorded in additional paid-in-capital was $29,184, net of a $10,072 deferred tax liability, $1,377 of debt issuance costs and a $344 deferred tax asset. The $40,289 debt discount and $4,365 of debt issuance costs are amortized as non-cash interest expense over the contractual term of the convertible debt using the effective interest method, at a rate of 9.36%. Cash interest for the three months ended October 31, 2020 was $1,365. COVID-19 As further described in Note 1 “Basis of Presentation,” the magnitude and depth of disruption to our business resulting from the COVID-19 pandemic continue to remain highly uncertain. However, based on our current estimates, we do not anticipate these disruptions will impact our ability to maintain compliance with our debt covenants through the end of fiscal 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings In the normal course of business, we are subject to pending and threatened legal actions. It is our policy to accrue for amounts related to these legal matters if it is probable that a liability has been incurred and an amount of anticipated exposure can be reasonably estimated. We do not believe that any of these pending claims or legal actions will have a material effect on our business, financial condition, results of operations or cash flows. Restructuring Matters In connection with our response to COVID-19, our ongoing efforts to streamline and consolidate our global operations and integrate the Hu-Friedy acquisition with our legacy Dental business, we have incurred approximately $5,592 and $5,428 of restructuring-related charges in each of the three months periods ended October 31, 2020, and 2019, respectively. The majority of these charges consisted of onetime benefit-related costs (severance, accelerated stock-based compensation costs and other benefit costs) associated with actions taken to reduce headcount. At October 31, 2020 and July 31, 2020, $8,468 and $7,887 was included in compensation payable on our condensed consolidated balance sheet. For the three months ended October 31, 2020, we made $5,011 of severance-related cash payments. The remaining unpaid severance at October 31, 2020, will be paid out ratably during the remainder of fiscal 2021 and into fiscal 2022 in accordance with our employee separation policy.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Oct. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components and changes in accumulated other comprehensive loss follow: Three Months Ended October 31, 2020 2019 Beginning balance $ (27,599) $ (22,197) Foreign currency translation 502 3,932 Interest rate swap, net of taxes (1)(2) 1,848 1,245 Ending balance $ (25,249) $ (17,020) _______________________________________________ (1) Includes tax effect of $602 and $375 for the three months ended October 31, 2020 and 2019, respectively. (2) For the three months ended October 31, 2020, we recognized $1,413 in interest expense, net relating to the non-cash amortization of the net loss on terminated swaps reported in accumulated other comprehensive loss.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
Earnings Per Common Share	Oct. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share (“EPS”) is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. As we expect to settle the principal amount of our outstanding convertible debt in cash and any excess in shares of our common stock, we use the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted earnings per share, if applicable. The conversion spread will have a dilutive impact on diluted earnings per share of common stock when the average market price of our common stock for a given period exceeds the conversion price of $41.51 per share. Our convertible debt is further described in Note 11, “Financing Arrangements.” We include participating securities (nonvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of nonvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. The following table sets forth the computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities): Three Months Ended October 31, 2020 2019 Numerator for basic and diluted earnings per share: Net income $ 24,464 $ 5,767 Less income allocated to participating securities — (2) Net income available to common shareholders $ 24,464 $ 5,765 Denominator for basic and diluted earnings per share, adjusted for participating securities: Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock 42,184,486 42,022,383 Dilutive effect of stock awards using the treasury stock method and the average market price for the year 154,352 146,422 Dilutive effect of convertible debt outstanding 619,640 — Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 42,958,478 42,168,805 Earnings per share attributable to common stock: Basic earnings per share $ 0.58 $ 0.14 Diluted earnings per share $ 0.57 $ 0.14 Stock awards excluded because their inclusion would have been anti-dilutive — — A reconciliation of weighted average number of shares and common stock equivalents attributable to common stock, as determined above, to our total weighted average number of shares and common stock equivalents, including participating securities, is set forth in the following table: Three Months Ended October 31, 2020 2019 Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 42,958,478 42,168,805 Participating securities — 16,857 Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities 42,958,478 42,185,662

Reportable Segments

Reportable Segments	3 Months Ended
Reportable Segments	Oct. 31, 2020
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments In accordance with ASC Topic 280, “ Segment Reporting,” (“ASC 280”), we have determined our reportable business segments based upon an assessment of product types, organizational structure, customers and internally prepared financial statements. The primary factors used by us in analyzing segment performance are net sales and income from operations. Our reportable segments are as follows: Medical: designs, develops, manufactures, sells and installs a comprehensive offering of products and services comprising a complete circle of infection prevention solutions. Our products include endoscope reprocessing and endoscopy procedure products. Life Sciences: designs, develops, manufactures, sells, and installs water purification systems for medical, pharmaceutical and other bacteria controlled applications. We also provide filtration/separation and disinfectant technologies to the medical and life science markets through a worldwide distributor network. Two customers collectively accounted for approximately 48.3% and 45.7% of our Life Sciences segment net sales for the three months ended October 31, 2020 and 2019, respectively. Dental: designs, manufactures, sells, supplies and distributes a broad selection of products used by the global dental profession comprising a complete circle of protection. Our products include hand and powered dental instruments, infection control products, personal protective equipment (PPE) and water quality products for the dental suite. Three customers collectively accounted for approximately 41.2% and 43.5% of our Dental segment net sales for the three months ended October 31, 2020 and 2019, respectively. Dialysis: designs, develops, manufactures, sells and services reprocessing systems and sterilants for dialyzers (a device serving as an artificial kidney), as well as dialysate concentrates and supplies utilized for renal dialysis. Three customers accounted for approximately 50.8% and 46.1% of our Dialysis segment net sales for the three months ended October 31, 2020 and 2019, respectively. These customers include one of the top two customers noted above under our Life Sciences segment. No customer accounted for 10% or more of our consolidated net sales for the three months ended October 31, 2020 and 2019. Information as to reportable segments is summarized below Three Months Ended October 31, Net sales 2020 2019 Medical $ 132,319 $ 133,353 Life Sciences 45,568 49,141 Dental 111,006 67,243 Dialysis 8,136 7,509 Total net sales $ 297,029 $ 257,246 Three Months Ended October 31, Income from operations 2020 2019 Medical $ 26,716 $ 21,119 Life Sciences 8,075 7,135 Dental 25,307 5,004 Dialysis 2,566 1,622 62,664 34,880 General corporate expenses (1) 12,312 20,456 Total income from operations $ 50,352 $ 14,424 _______________________________________________ (1) The three months ended October 31, 2019 includes acquisition-related charges incurred in connection with the Hu-Friedy acquisition.

Accounting Pronouncements (Poli

Accounting Pronouncements (Policies)	3 Months Ended
Accounting Pronouncements (Policies)	Oct. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Newly Adopted And Recently Issued Accounting Standards	Newly Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, “(Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU 2020-04”) to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 was subject to election as of March 20, 2020 and can be elected for both interim and annual periods through December 31, 2022. We adopted ASU 2020-04 on August 1, 2020. The adoption of ASU 2020-04 did not have a material impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021), including interim periods within that reporting period. We adopted ASU 2018-15 on August 1, 2020. The adoption of ASU 2018-15 did not have a material impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) to modify the disclosure requirements on fair value measurements in ASC 820, “Fair Value Measurement.” ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021), including interim periods within that reporting period. We adopted ASU 2018-13 on August 1, 2020. The adoption of ASU 2018-13 did not have a material impact on our financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-04, “(Topic 350) Simplifying the Test for Goodwill Impairment,” (“ASU 2017-04”) to simplify the test for goodwill impairment. The revised guidance eliminates the existing Step 2 of the goodwill impairment test which required an entity to compute the implied fair value of its goodwill at the testing date in order to measure the amount of the impairment charge when the fair value of the reporting unit failed Step 1 of the goodwill impairment test. The guidance will be applied on a prospective basis on or after the effective date. ASU 2017-04 is effective for fiscal years beginning after December 31, 2019 (our fiscal year 2021) and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We adopted ASU 2017-04 on August 1, 2020. The adoption of ASU 2017-04 did not have a material impact on our financial position, results of operations or cash flows. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” (“ASU 2016-13”) to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021). We adopted ASU 2016-13 on August 1, 2020. The adoption of ASU 2016-13 did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, “(Subtopic 470-20): Debt—Debt with Conversion and Other Options” (“ASU 2020-06”) to address the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, the ASU will require entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 (our fiscal year 2022), including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2020-06 on our financial position, results of operations or cash flows. The impact on our diluted earnings per share could be material upon the adoption of ASU 2020-06. In December 2019, the FASB issued ASU 2019-12, “(Topic 740) Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”) to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC 740 by clarifying and

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
Acquisitions (Tables)	Oct. 31, 2020
Business Combinations [Abstract]
Schedule of purchase price allocated to the assets acquired and assumed liabilities based on estimated fair values	The following table presents our purchase price allocation of our material acquisition (which was accounted for as a business combination in accordance with ASC Topic 805 “ Business Combinations ”): 2020 Purchase Price Allocation Hu-Friedy (1)(2) (Final) Purchase Price: Cash paid $ 662,151 Fair value of contingent consideration 38,371 Common stock issued 54,391 Total $ 754,913 Allocation: Property and equipment 38,613 Intangible assets: Customer relationships 225,000 Technology 32,000 Brand names 112,000 Goodwill 276,744 Deferred income taxes (222) Inventories 63,680 Other working capital 7,098 Total $ 754,913 _______________________________________________ (1) During the second quarter of fiscal 2020, we paid $25,000 to settle a portion of the contingent consideration, and during the third quarter of fiscal 2020, we paid $35,000 to repurchase a portion of the common stock issued, both of which were included in Acquisitions, net of cash acquired in the Condensed Consolidated Statement of Cash Flows. See Note 9, “Fair Value Measurements” for additional information. (2) The excess purchase price over net assets acquired was assigned to goodwill, all of which is deductible for income tax purposes.
Schedule of pro forma summary of operations	The following pro forma summary of operations presents our operations as if the Hu-Friedy acquisition had occurred as of the beginning of fiscal 2019. In addition to including the results of operations of this acquisition, the pro forma information gives effect to amortization of the step-up in inventory, depreciation of the step-up in property and equipment, the interest on additional borrowings, the amortization of intangible assets and the issuance of shares of common stock. On an actual basis, the Hu-Friedy acquisition contributed $60,806 and $18,725 to our consolidated net sales for the three months ended October 31, 2020 and 2019 respectively. Pro Forma Summary of Operations Three Months Ended Net sales $ 296,454 Net income $ 952 Earnings per common share: Basic $ 0.02 Diluted $ 0.02

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Oct. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of the income statement components of stock-based compensation expense recognized in the Condensed Consolidated Statements of Income	The following table shows the components of stock-based compensation expense recognized in the condensed consolidated statements of income: Three Months Ended October 31, 2020 2019 Cost of sales $ 299 $ 260 Operating expenses: Selling 826 536 General and administrative 2,208 1,527 Research and development 89 81 Total operating expenses 3,123 2,144 Stock-based compensation expense $ 3,422 $ 2,404
Schedule of weighted-average assumptions used to estimate fair value of stock options	We determined the fair value of our market-based restricted stock awards using a Monte Carlo simulation on the date of grant using the following assumptions: Three Months Ended October 31, 2020 2019 Volatility of common stock 57.27 % 30.73 % Average volatility of peer companies 45.37 % 36.28 % Average correlation coefficient of peer companies 34.81 % 24.63 % Risk-free interest rate 0.20 % 1.49 %
Summary of nonvested stock award activity	A summary of nonvested stock award activity for the three months ended October 31, 2020 is as follows: Number of Number of Performance-based Awards Number of Market-based Awards Number of Weighted Average At July 31, 2020 318,702 29,174 63,839 411,715 $ 76.29 Granted 388,605 (4,455) 86,915 471,065 $ 46.80 Vested (1) (103,819) (3,037) (6,383) (113,239) $ 82.34 Forfeited (5,255) — (971) (6,226) $ 74.10 At October 31, 2020 598,233 21,682 143,400 763,315 $ 57.53 _______________________________________________ (1) The aggregate fair value of all nonvested stock awards which vested was approximately $9,328.
Summary of stock option activity	A summary of stock option activity for the three months ended October 31, 2020 is as follows: Number of shares Weighted Average Exercise Price Outstanding at July 31, 2020 15,000 $ 55.36 Expired (15,000) $ 55.36 Outstanding at October 31, 2020 — $ —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of net sales disaggregated by geography and product line	The following table gives information as to the net sales disaggregated by geography and product line: Three Months Ended October 31, Net sales by geography 2020 2019 United States $ 215,087 $ 190,084 Europe/Africa/Middle East 47,785 41,018 Asia/Pacific 19,931 17,065 Canada 11,499 7,833 Latin America/South America 2,727 1,246 Total $ 297,029 $ 257,246 Net sales by product line Capital equipment $ 48,640 $ 58,748 Consumables 167,350 153,279 Product service 33,459 31,568 Instrument 45,430 13,520 All other (1) 2,150 131 Total $ 297,029 $ 257,246 _______________________________________________ (1) Primarily includes software licensing revenues.
Schedule of contract liabilities activity	A summary of contract liabilities activity follows: Three Months Ended October 31, 2020 2019 Beginning balance $ 26,520 $ 28,235 Revenue deferred in current year 18,300 2,007 Deferred revenue recognized (15,590) (2,982) Foreign currency translation 33 104 Ending balance 29,263 27,364 Contract liabilities included in Other long-term liabilities (809) (384) Deferred revenue $ 28,454 $ 26,980

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Oct. 31, 2020
Leases [Abstract]
Schedule of supplemental balance sheet information	Supplemental balance sheet information related to our leases follows: Lease Type October 31, 2020 July 31, 2020 Assets: Operating lease assets $ 43,679 $ 44,267 Finance lease assets 4,222 4,417 Right-of-use assets, net $ 47,901 $ 48,684 Liabilities: Operating lease liabilities $ 9,602 $ 9,852 Finance lease liabilities 442 416 Current portion of lease liabilities 10,044 10,268 Operating lease liabilities 36,263 36,515 Finance lease liabilities 4,033 4,164 Long-term lease liabilities 40,296 40,679 Total lease liabilities $ 50,340 $ 50,947 Additional Lease Data Weighted average remaining lease term: Operating leases 6.04 years 6.11 years Finance leases 5.61 years 5.86 years Weighted average discount rate: Operating leases 2.75 % 2.73 % Finance leases 22.84 % 23.39 %
Schedule of operating lease maturity	At October 31, 2020, maturities of lease liabilities for the periods set forth below were as follows: Fiscal year Operating Finance Total Remaining 2021 $ 8,324 $ 1,086 $ 9,410 2022 9,410 1,432 10,842 2023 8,332 1,425 9,757 2024 7,037 1,434 8,471 2025 5,264 1,422 6,686 Thereafter 11,900 919 12,819 Total lease payments 50,267 7,718 57,985 Less: interest (4,402) (3,243) (7,645) Present value of lease liabilities $ 45,865 $ 4,475 $ 50,340
Schedule of finance lease maturity	At October 31, 2020, maturities of lease liabilities for the periods set forth below were as follows: Fiscal year Operating Finance Total Remaining 2021 $ 8,324 $ 1,086 $ 9,410 2022 9,410 1,432 10,842 2023 8,332 1,425 9,757 2024 7,037 1,434 8,471 2025 5,264 1,422 6,686 Thereafter 11,900 919 12,819 Total lease payments 50,267 7,718 57,985 Less: interest (4,402) (3,243) (7,645) Present value of lease liabilities $ 45,865 $ 4,475 $ 50,340
Schedule of supplemental income statement and cash flow information	Supplemental income statement information related to our leases follows: Three Months Ended October 31, 2020 2019 Operating lease costs: Amortization of right-of-use assets $ 2,786 $ 2,239 Interest on lease obligations 312 412 Finance lease costs: Amortization of right-of-use assets 196 71 Interest on lease obligations 255 90 Variable lease costs 895 846 Short-term lease costs 286 248 Net lease cost $ 4,730 $ 3,906 Supplemental cash flow information related to leases follows: Three Months Ended October 31, 2020 2019 Right-of-use assets obtained in exchange for lease liabilities: Operating leases (1) $ 2,206 $ 14,153 Finance leases (2) $ — $ 4,798 _______________________________________________ (1) The three months ended October 31, 2019 primarily relates to new warehouse facility included in our Dental segment and operating leases acquired in the Hu-Friedy acquisition. (2) The three months ended October 31, 2019 includes finance leases acquired in the Hu-Friedy acquisition.

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
Inventories, Net (Tables)	Oct. 31, 2020
Inventory Disclosure [Abstract]
Summary of inventories	A summary of inventories, net is as follows: October 31, 2020 July 31, 2020 Raw materials and parts $ 65,577 $ 64,888 Work-in-process 7,661 6,745 Finished goods 110,809 114,606 Reserve for excess and obsolete inventory (20,167) (18,279) Total inventories, net $ 163,880 $ 167,960

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Oct. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of fair values of financial instruments measured on a recurring basis	The fair values of our financial instruments measured on a recurring basis were categorized as follows: October 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money markets $ 106 $ — $ — $ 106 Total assets $ 106 $ — $ — $ 106 Accrued expenses: Interest rate swap $ — $ 5,465 $ — $ 5,465 Contingent consideration — — — — Other long-term liabilities: Interest rate swap — 14,654 — 14,654 Total liabilities $ — $ 20,119 $ — $ 20,119 July 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money markets $ 106 $ — $ — $ 106 Total assets $ 106 $ — $ — $ 106 Accrued expenses: Interest rate swap $ — $ 5,462 $ — $ 5,462 Other long-term liabilities: Interest rate swap — 15,694 — 15,694 Total liabilities $ — $ 21,156 $ — $ 21,156

Intangibles and Goodwill (Table

Intangibles and Goodwill (Tables)	3 Months Ended
Intangibles and Goodwill (Tables)	Oct. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Our intangible assets consist of the following: October 31, 2020 July 31, 2020 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $ 373,183 $ (86,328) $ 286,855 $ 373,018 $ (79,386) $ 293,632 Technology 91,706 (32,288) 59,418 91,613 (30,552) 61,061 Brand names 8,738 (4,187) 4,551 8,721 (4,002) 4,719 Non-compete agreements 2,850 (1,866) 984 2,850 (1,818) 1,032 Patents and other registrations 2,696 (1,278) 1,418 2,637 (1,160) 1,477 479,173 (125,947) 353,226 478,839 (116,918) 361,921 Trademarks, trade names and brand names 118,111 — 118,111 118,111 — 118,111 Total intangible assets $ 597,284 $ (125,947) $ 471,337 $ 596,950 $ (116,918) $ 480,032
Schedule of changes in goodwill	Goodwill changed during the three months ended October 31, 2020 as follows: Medical Life Sciences Dental Dialysis Total Balance, July 31, 2020 $ 185,922 $ 64,394 $ 401,723 $ 8,133 $ 660,172 Dispositions — (56) — — (56) Foreign currency translation 267 19 19 — 305 Balance, October 31, 2020 $ 186,189 $ 64,357 $ 401,742 $ 8,133 $ 660,421

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
Financing Arrangements (Tables)	Oct. 31, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt October 31, 2020 July 31, 2020 Revolving credit loans outstanding $ 324,000 $ 399,000 Tranche A term loans outstanding 546,375 546,375 Unamortized debt issuance costs (10,483) (11,166) Total long-term debt, net of unamortized debt issuance costs 859,892 934,209 Current portion of long-term debt (14,750) (7,375) Long-term debt, net of unamortized debt issuance costs and excluding current portion $ 845,142 $ 926,834
Schedule of convertible debt	Convertible Debt October 31, 2020 July 31, 2020 Convertible debt principal amount $ 168,000 $ 168,000 Unamortized original issue discount (37,282) (38,919) Unamortized debt issuance costs (4,101) (4,246) Total convertible debt, net of unamortized discount and debt issuance costs $ 126,617 $ 124,835

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Oct. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Schedule of the components and changes in accumulated other comprehensive income (loss)	The components and changes in accumulated other comprehensive loss follow: Three Months Ended October 31, 2020 2019 Beginning balance $ (27,599) $ (22,197) Foreign currency translation 502 3,932 Interest rate swap, net of taxes (1)(2) 1,848 1,245 Ending balance $ (25,249) $ (17,020) _______________________________________________ (1) Includes tax effect of $602 and $375 for the three months ended October 31, 2020 and 2019, respectively. (2) For the three months ended October 31, 2020, we recognized $1,413 in interest expense, net relating to the non-cash amortization of the net loss on terminated swaps reported in accumulated other comprehensive loss.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
Earnings Per Common Share (Tables)	Oct. 31, 2020
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities)	The following table sets forth the computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities): Three Months Ended October 31, 2020 2019 Numerator for basic and diluted earnings per share: Net income $ 24,464 $ 5,767 Less income allocated to participating securities — (2) Net income available to common shareholders $ 24,464 $ 5,765 Denominator for basic and diluted earnings per share, adjusted for participating securities: Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock 42,184,486 42,022,383 Dilutive effect of stock awards using the treasury stock method and the average market price for the year 154,352 146,422 Dilutive effect of convertible debt outstanding 619,640 — Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 42,958,478 42,168,805 Earnings per share attributable to common stock: Basic earnings per share $ 0.58 $ 0.14 Diluted earnings per share $ 0.57 $ 0.14 Stock awards excluded because their inclusion would have been anti-dilutive — —
Schedule of reconciliation of weighted average number of shares and common stock equivalents attributable to common stock to the Company's total weighted average number of shares and common stock equivalents including participating securities	A reconciliation of weighted average number of shares and common stock equivalents attributable to common stock, as determined above, to our total weighted average number of shares and common stock equivalents, including participating securities, is set forth in the following table: Three Months Ended October 31, 2020 2019 Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 42,958,478 42,168,805 Participating securities — 16,857 Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities 42,958,478 42,185,662

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
Reportable Segments (Tables)	Oct. 31, 2020
Segment Reporting [Abstract]
Information as to reportable segments	Information as to reportable segments is summarized below Three Months Ended October 31, Net sales 2020 2019 Medical $ 132,319 $ 133,353 Life Sciences 45,568 49,141 Dental 111,006 67,243 Dialysis 8,136 7,509 Total net sales $ 297,029 $ 257,246 Three Months Ended October 31, Income from operations 2020 2019 Medical $ 26,716 $ 21,119 Life Sciences 8,075 7,135 Dental 25,307 5,004 Dialysis 2,566 1,622 62,664 34,880 General corporate expenses (1) 12,312 20,456 Total income from operations $ 50,352 $ 14,424 _______________________________________________ (1) The three months ended October 31, 2019 includes acquisition-related charges incurred in connection with the Hu-Friedy acquisition.

Acquisitions - Hu-Friedy (Detai

Acquisitions - Hu-Friedy (Details) - USD ($)	Oct. 01, 2019	Oct. 31, 2020	Oct. 31, 2019
Business Acquisition [Line Items]
Cash consideration		$ 0	$ 658,932,000
Hu-Friedy
Business Acquisition [Line Items]
Consideration, excluding contingent consideration	$ 716,542,000
Cash consideration	662,151,000
Stock consideration	54,391,000
Contingent consideration	38,371,000	$ 0
Minimum \| Hu-Friedy
Business Acquisition [Line Items]
Contingent consideration	0
Maximum \| Hu-Friedy
Business Acquisition [Line Items]
Contingent consideration	$ 50,000,000

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisitions (Details) - USD ($) $ in Thousands	Oct. 01, 2019	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2020	Jul. 31, 2020
Business Acquisition [Line Items]
Goodwill				$ 660,421	$ 660,172
Hu-Friedy
Business Acquisition [Line Items]
Cash paid	$ 662,151
Fair value of contingent consideration	38,371
Common stock issued	54,391
Total consideration	754,913
Property and equipment	38,613
Goodwill	276,744
Deferred income taxes	(222)
Inventories	63,680
Other working capital	7,098
Total	754,913
Payment to settle portion of contingent consideration		$ 35	$ 25
Hu-Friedy \| Customer relationships
Business Acquisition [Line Items]
Intangible assets:	225,000
Hu-Friedy \| Technology
Business Acquisition [Line Items]
Intangible assets:	32,000
Hu-Friedy \| Brand names
Business Acquisition [Line Items]
Intangible assets:	$ 112,000

Acquisitions - Pro Forma Summar

Acquisitions - Pro Forma Summary of Operations (Details) - Hu-Friedy - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Actual revenue from acquiree	$ 60,806	$ 18,725
Pro forma net sales		296,454
Pro forma net income		$ 952
Pro forma earnings per common share, basic (in dollars per share)		$ 0.02
Pro forma earnings per common share, diluted (in dollars per share)		$ 0.02

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Jul. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock shares (in shares)	763,315		411,715
Outstanding options (in shares)	0		15,000
Total unrecognized stock-based compensation cost	$ 36,996
Remaining weighted average period for unrecognized compensation cost	21 months
Deduction in income tax due to exercise of options and vesting of restricted stock	$ 1,698	$ 2,022
Reduction in income tax expense over the equity awards' vesting period	2,778	2,581
Excess tax expense (benefit)	$ 1,080	$ 559
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock shares (in shares)	763,315
Outstanding options (in shares)	0
Shares available under Plan (in shares)	51,760

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	$ 3,422	$ 2,404
Cost of sales
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	299	260
Total operating expenses
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	3,123	2,144
Selling
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	826	536
General and administrative
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	2,208	1,527
Research and development
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	$ 89	$ 81

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Monte Carlo Simulation (Details) - Restricted Stock	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility of common stock	57.27%	30.73%
Average volatility of peer companies	45.37%	36.28%
Average correlation coefficient of peer companies	34.81%	24.63%
Risk-free interest rate	0.20%	1.49%

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Stock Award Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2020USD ($)$ / sharesshares
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	411,715
Granted (in shares)	471,065
Vested (in shares)	(113,239)
Forfeited (in shares)	(6,226)
Nonvested stock awards at the end of the period (in shares)	763,315
Weighted Average Fair Value
Nonvested stock awards at the beginning of the period (in dollars per share) \| $ / shares	$ 76.29
Granted (in dollars per share) \| $ / shares	46.80
Vested (in dollars per share) \| $ / shares	82.34
Forfeited (in dollars per share) \| $ / shares	74.10
Nonvested stock awards at the end of the period (in dollars per share) \| $ / shares	$ 57.53
Aggregate fair value of nonvested stock awards that vested \| $	$ 9,328
Time-based awards
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	318,702
Granted (in shares)	388,605
Vested (in shares)	(103,819)
Forfeited (in shares)	(5,255)
Nonvested stock awards at the end of the period (in shares)	598,233
Performance-based awards
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	29,174
Granted (in shares)	(4,455)
Vested (in shares)	(3,037)
Forfeited (in shares)	0
Nonvested stock awards at the end of the period (in shares)	21,682
Market-based awards
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	63,839
Granted (in shares)	86,915
Vested (in shares)	(6,383)
Forfeited (in shares)	(971)
Nonvested stock awards at the end of the period (in shares)	143,400

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details)	3 Months Ended
Stock-Based Compensation - Stock Option Activity (Details)	Oct. 31, 2020$ / sharesshares
Number of shares
Outstanding, beginning balance (in shares) \| shares	15,000
Expired (in shares) \| shares	(15,000)
Outstanding, ending balance (in shares) \| shares	0
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 55.36
Expired (in dollars per share) \| $ / shares	55.36
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 0

Revenue Recognition - Summary o

Revenue Recognition - Summary of Net Sales by Geography and Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 297,029	$ 257,246
Capital equipment
Disaggregation of Revenue [Line Items]
Net sales	48,640	58,748
Consumables
Disaggregation of Revenue [Line Items]
Net sales	167,350	153,279
Product service
Disaggregation of Revenue [Line Items]
Net sales	33,459	31,568
Instrument
Disaggregation of Revenue [Line Items]
Net sales	45,430	13,520
All other
Disaggregation of Revenue [Line Items]
Net sales	2,150	131
United States
Disaggregation of Revenue [Line Items]
Net sales	215,087	190,084
Europe/Africa/Middle East
Disaggregation of Revenue [Line Items]
Net sales	47,785	41,018
Asia/Pacific
Disaggregation of Revenue [Line Items]
Net sales	19,931	17,065
Canada
Disaggregation of Revenue [Line Items]
Net sales	11,499	7,833
Latin America/South America
Disaggregation of Revenue [Line Items]
Net sales	$ 2,727	$ 1,246

Revenue Recognition - Remaining

Revenue Recognition - Remaining performance obligations (Details) $ in Thousands	Oct. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 81,556
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	70.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year 9 months

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Contract Liabilities Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Jul. 31, 2020	Oct. 31, 2019
Contract Liability Activity
Beginning Balance	$ 26,520	$ 28,235
Revenue deferred in current year	18,300	2,007
Deferred revenue recognized	(15,590)	(2,982)
Foreign currency translation	33	104
Ending balance	$ 26,520	$ 28,235	$ 29,263	$ 26,520	$ 27,364
Contract liabilities included in Other long-term liabilities			(809)		(384)
Deferred revenue			$ 28,454	$ 26,223	$ 26,980

Leases - Narrative (Details)

Leases - Narrative (Details) - Real Estate	3 Months Ended
Leases - Narrative (Details) - Real Estate	Oct. 31, 2020contract
Lessee, Lease, Description [Line Items]
Number of lease contracts (in contracts)	90
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	16 years

Leases - Supplemental balance s

Leases - Supplemental balance sheet (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020
Assets:
Operating lease assets	$ 43,679	$ 44,267
Finance lease assets	4,222	4,417
Right-of-use assets, net	47,901	48,684
Liabilities:
Operating lease liabilities	9,602	9,852
Finance lease liabilities	442	416
Current portion of lease liabilities	10,044	10,268
Operating lease liabilities	36,263	36,515
Finance lease liabilities	4,033	4,164
Long-term lease liabilities	40,296	40,679
Total lease liabilities	$ 50,340	$ 50,947
Weighted average remaining lease term:
Operating leases	6 years 14 days	6 years 1 month 9 days
Finance leases	5 years 7 months 9 days	5 years 10 months 9 days
Weighted average discount rate:
Operating leases	2.75%	2.73%
Finance leases	22.84%	23.39%

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020
Operating
Remaining 2021	$ 8,324
2022	9,410
2023	8,332
2024	7,037
2025	5,264
Thereafter	11,900
Total lease payments	50,267
Less: interest	(4,402)
Present value of lease liabilities	45,865
Finance
Remaining 2021	1,086
2022	1,432
2023	1,425
2024	1,434
2025	1,422
Thereafter	919
Total lease payments	7,718
Less: interest	(3,243)
Present value of lease liabilities	4,475
Total
Remaining 2021	9,410
2022	10,842
2023	9,757
2024	8,471
2025	6,686
Thereafter	12,819
Total lease payments	57,985
Less: interest	(7,645)
Total lease liabilities	$ 50,340	$ 50,947

Leases - Supplemental income st

Leases - Supplemental income statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Operating lease costs:
Amortization of right-of-use assets	$ 2,786	$ 2,239
Interest on lease obligations	312	412
Finance lease costs:
Amortization of right-of-use assets	196	71
Interest on lease obligations	255	90
Variable lease costs	895	846
Short-term lease costs	286	248
Net lease cost	$ 4,730	$ 3,906

Leases - Supplemental cash flow

Leases - Supplemental cash flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Leases [Abstract]
Operating leases	$ 2,206	$ 14,153
Finance leases	$ 0	$ 4,798

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and parts	$ 65,577	$ 64,888
Work-in-process	7,661	6,745
Finished goods	110,809	114,606
Reserve for excess and obsolete inventory	(20,167)	(18,279)
Total inventories, net	$ 163,880	$ 167,960

Derivatives (Details)

Derivatives (Details)	May 13, 2020USD ($)	Mar. 31, 2020USD ($)	Oct. 31, 2020USD ($)instrument	Jul. 31, 2020USD ($)instrument	Jul. 31, 2019USD ($)instrument
Foreign currency forward contracts \| Designated as hedging instrument \| Fair value hedge instruments
Derivatives
Average remaining maturity			1 month
Number of contracts \| instrument			6	6
Aggregate value of contracts			$ 63,836,000	$ 81,677,000
Interest rate swap
Derivatives
Net loss related to terminated swaps	$ (19,980,000)	$ (8,534,000)
Floor interest rate	1.00%
Fair value derivative liability			20,119,000	21,156,000
Interest rate swap			5,465,000	5,462,000
Derivative long-term liability			$ 14,654,000	$ 15,694,000
Interest rate swap \| Designated as hedging instrument
Derivatives
Number of contracts \| instrument					2
Notional value	$ 500,000,000	$ 500,000,000			$ 150,000,000
Fixed interest rate	2.08%	1.297%			2.265%
Derivative, floor interest rate	1.00%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Feb. 13, 2020	Jun. 30, 2020	Apr. 30, 2020	Jan. 31, 2020	Jul. 31, 2020	Oct. 31, 2020	Feb. 12, 2020	Oct. 01, 2019	Jul. 31, 2018	Mar. 21, 2018
Convertible notes
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Fair value, convertible debt					$ 224,330,000	$ 226,066,000
Hu-Friedy
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Contingent consideration						0		$ 38,371,000
Payment to settle portion of contingent consideration			$ 35,000	$ 25,000
Decrease in contingent consideration liability					$ 17,210,000
Contingent consideration, high end of range						$ 35,000
Hu-Friedy \| Dental Holdings
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Contingent consideration, high end of range	$ 35,000
Repurchase of shares (in dollars per share)							$ 64.51
Shares repurchased (in shares)	438,359
Payment to settle portion of contingent consideration	$ 6,721,000
Consideration for the repurchase	$ 28,279,000
Aexis
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Contingent consideration										$ 1,292,000
Payment to settle portion of contingent consideration		$ 1,691,000
Contingent consideration, high end of range									$ 1,850,000
Contingent consideration, low end of range									$ 0

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy Levels (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020
Recurring basis
Cash and cash equivalents:
Total assets	$ 106	$ 106
Accrued expenses:
Contingent consideration	0
Other long-term liabilities:
Total liabilities	20,119	21,156
Recurring basis \| Money markets
Cash and cash equivalents:
Cash and cash equivalents	106	106
Recurring basis \| Level 1
Cash and cash equivalents:
Total assets	106	106
Accrued expenses:
Contingent consideration	0
Other long-term liabilities:
Total liabilities	0	0
Recurring basis \| Level 1 \| Money markets
Cash and cash equivalents:
Cash and cash equivalents	106	106
Recurring basis \| Level 2
Cash and cash equivalents:
Total assets	0	0
Accrued expenses:
Contingent consideration	0
Other long-term liabilities:
Total liabilities	20,119	21,156
Recurring basis \| Level 2 \| Money markets
Cash and cash equivalents:
Cash and cash equivalents	0	0
Recurring basis \| Level 3
Cash and cash equivalents:
Total assets	0	0
Accrued expenses:
Contingent consideration	0
Other long-term liabilities:
Total liabilities	0	0
Recurring basis \| Level 3 \| Money markets
Cash and cash equivalents:
Cash and cash equivalents	0	0
Interest Rate Swap
Accrued expenses:
Interest rate swap	5,465	5,462
Interest Rate Swap \| Recurring basis
Accrued expenses:
Interest rate swap	5,465	5,462
Other long-term liabilities:
Interest rate swap	14,654	15,694
Interest Rate Swap \| Recurring basis \| Level 1
Accrued expenses:
Interest rate swap	0	0
Other long-term liabilities:
Interest rate swap	0	0
Interest Rate Swap \| Recurring basis \| Level 2
Accrued expenses:
Interest rate swap	5,465	5,462
Other long-term liabilities:
Interest rate swap	14,654	15,694
Interest Rate Swap \| Recurring basis \| Level 3
Accrued expenses:
Interest rate swap	0	0
Other long-term liabilities:
Interest rate swap	$ 0	$ 0

Intangibles and Goodwill - Inta

Intangibles and Goodwill - Intangible Assets Summary (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020
Intangible assets with finite lives:
Gross	$ 479,173	$ 478,839
Accumulated Amortization	(125,947)	(116,918)
Net	353,226	361,921
Intangible assets with indefinite lives:
Trademarks, trade names and brand names	118,111	118,111
Total intangible assets
Gross	597,284	596,950
Accumulated Amortization	(125,947)	(116,918)
Net	471,337	480,032
Customer relationships
Intangible assets with finite lives:
Gross	373,183	373,018
Accumulated Amortization	(86,328)	(79,386)
Net	286,855	293,632
Total intangible assets
Accumulated Amortization	(86,328)	(79,386)
Technology
Intangible assets with finite lives:
Gross	91,706	91,613
Accumulated Amortization	(32,288)	(30,552)
Net	59,418	61,061
Total intangible assets
Accumulated Amortization	(32,288)	(30,552)
Brand names
Intangible assets with finite lives:
Gross	8,738	8,721
Accumulated Amortization	(4,187)	(4,002)
Net	4,551	4,719
Total intangible assets
Accumulated Amortization	(4,187)	(4,002)
Non-compete agreements
Intangible assets with finite lives:
Gross	2,850	2,850
Accumulated Amortization	(1,866)	(1,818)
Net	984	1,032
Total intangible assets
Accumulated Amortization	(1,866)	(1,818)
Patents and other registrations
Intangible assets with finite lives:
Gross	2,696	2,637
Accumulated Amortization	(1,278)	(1,160)
Net	1,418	1,477
Total intangible assets
Accumulated Amortization	$ (1,278)	$ (1,160)

Intangibles and Goodwill - Narr

Intangibles and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 8,918	$ 6,029
Future amortization - remainder of 2021	26,434
Future amortization - 2022	34,912
Future amortization - 2023	33,641
Future amortization - 2024	32,742
Future amortization - 2025	29,985
Future amortization - 2026	$ 28,260

Intangibles and Goodwill - Good

Intangibles and Goodwill - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2020USD ($)
Changes in Goodwill
Balance at the beginning of the period	$ 660,172
Dispositions	(56)
Foreign currency translation	305
Balance at the end of the period	660,421
Medical
Changes in Goodwill
Balance at the beginning of the period	185,922
Dispositions	0
Foreign currency translation	267
Balance at the end of the period	186,189
Life Sciences
Changes in Goodwill
Balance at the beginning of the period	64,394
Dispositions	(56)
Foreign currency translation	19
Balance at the end of the period	64,357
Dental
Changes in Goodwill
Balance at the beginning of the period	401,723
Dispositions	0
Foreign currency translation	19
Balance at the end of the period	401,742
Dialysis
Changes in Goodwill
Balance at the beginning of the period	8,133
Dispositions	0
Foreign currency translation	0
Balance at the end of the period	$ 8,133

Financing Arrangements - Schedu

Financing Arrangements - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020
Debt Instrument [Line Items]
Total long-term debt, net of unamortized debt issuance costs	$ 859,892	$ 934,209
Current portion of long-term debt	(14,750)	(7,375)
Long-term debt, net of unamortized debt issuance costs and excluding current portion	845,142	926,834
Line of Credit
Debt Instrument [Line Items]
Unamortized debt issuance costs	(10,483)	(11,166)
Revolving credit loan \| Line of Credit
Debt Instrument [Line Items]
Loans outstanding	324,000	399,000
Tranche A term loan \| Line of Credit
Debt Instrument [Line Items]
Loans outstanding	$ 546,375	$ 546,375

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details)	May 15, 2020USD ($)$ / shares	May 11, 2020USD ($)	Nov. 30, 2020USD ($)	Oct. 31, 2020USD ($)	Oct. 31, 2019USD ($)	Jul. 31, 2020USD ($)	May 10, 2020	Sep. 06, 2019USD ($)
Debt Instrument [Line Items]
Principal payment made				$ 0	$ 2,375,000
Long-term debt				859,892,000		$ 934,209,000
Deferred income taxes				49,533,000		49,533,000
Deferred income taxes				$ 3,738,000		4,787,000
Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate				4.00%
Debt issuance costs, net				$ 10,483,000		11,166,000
Line of Credit \| Second Amendment
Debt Instrument [Line Items]
Maximum consolidated leverage ratio		5.25					4.25
Minimum liquidity during next fiscal quarter		$ 50,000,000
Minimum liquidity year one		$ 75,000,000
Floor interest rate		1.00%
Shares of foreign subsidiaries pledged as security (as a percent)		65.00%
Line of Credit \| Lender's base rate \| Second Amendment \| Debt Instrument, Covenant, Period One
Debt Instrument [Line Items]
Margin on reference rate (as a percent)		2.00%
Line of Credit \| Lender's base rate \| Minimum \| Second Amendment \| Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Margin on reference rate (as a percent)		0.00%
Line of Credit \| Lender's base rate \| Maximum \| Second Amendment \| Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Margin on reference rate (as a percent)		1.75%
Line of Credit \| LIBOR \| Second Amendment \| Debt Instrument, Covenant, Period One
Debt Instrument [Line Items]
Margin on reference rate (as a percent)		3.00%
Line of Credit \| LIBOR \| Minimum \| Second Amendment \| Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Margin on reference rate (as a percent)		1.00%
Line of Credit \| LIBOR \| Maximum \| Second Amendment \| Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Margin on reference rate (as a percent)		2.75%
Line of Credit \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Loans outstanding								$ 400,000
Line of Credit \| Revolving credit loan
Debt Instrument [Line Items]
Loans outstanding				324,000,000		399,000,000
Repayments of debt				75,000,000
Line of Credit \| Revolving credit loan \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt			$ 50,000,000
Line of Credit \| Revolving credit loan \| Second Amendment \| Debt Instrument, Covenant, Period One
Debt Instrument [Line Items]
Fees on unused portion of credit facilities (as a percent)		0.50%
Line of Credit \| Revolving credit loan \| Minimum \| Second Amendment \| Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Fees on unused portion of credit facilities (as a percent)		0.20%
Line of Credit \| Revolving credit loan \| Maximum \| Second Amendment \| Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Fees on unused portion of credit facilities (as a percent)		0.50%
Line of Credit \| Tranche A term loan
Debt Instrument [Line Items]
Loans outstanding				546,375,000		546,375,000
Remainder of fiscal year				7,375,000
Principal payment due 2021				29,500,000
Principal payment due 2022				29,500,000
Principal payment due 2023				29,500,000
Principal payment due at maturity				450,500,000
Principal payment made					$ 2,375,000	31,500,000
Convertible notes \| 3.25% Convertible Senior Notes
Debt Instrument [Line Items]
Loans outstanding				168,000,000		168,000,000
Aggregate principal	$ 168,000,000
Interest rate (as a percent)	3.25%
Conversion price (in dollars per share) \| $ / shares	$ 41.51
Conversion rate	0.0240912
Proceeds from issuance of convertible debt	$ 162,977,000
Percent of proceeds used to repay debt	50.00%
Net proceeds not used to repay debt	$ 100,000,000
Long-term debt	123,346,000			126,617,000		124,835,000
Unamortized original issue discount	40,289,000			37,282,000		38,919,000
Debt issuance costs, net	4,365,000			4,101,000		$ 4,246,000
Equity component of convertible debt	29,184,000
Deferred income taxes	10,072,000
Equity component of debt issuance costs	1,377,000
Deferred income taxes	$ 344,000
Effective interest rate	9.36%
Cash interest				$ 1,365,000
Convertible notes \| Initial Purchase
Debt Instrument [Line Items]
Aggregate principal	$ 140,000,000
Convertible notes \| Over Allotment Option
Debt Instrument [Line Items]
Aggregate principal	$ 28,000,000

Financing Arrangements - Sche_2

Financing Arrangements - Schedule of convertible debt (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jul. 31, 2020	May 15, 2020
Debt Instrument [Line Items]
Total long-term debt, net of unamortized debt issuance costs	$ 859,892	$ 934,209
3.25% Convertible Senior Notes \| Convertible notes
Debt Instrument [Line Items]
Loans outstanding	168,000	168,000
Unamortized original issue discount	(37,282)	(38,919)	$ (40,289)
Unamortized debt issuance costs	(4,101)	(4,246)	(4,365)
Total long-term debt, net of unamortized debt issuance costs	$ 126,617	$ 124,835	$ 123,346

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Restructuring charges	$ 5,592	$ 5,428
Restructuring reserve	8,468		$ 7,887
Severance-related cash payments	$ 5,011

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Components and changes in accumulated other comprehensive (loss) income
Beginning Balance	$ 729,599	$ 661,537
Other comprehensive income (loss)	2,350	5,177
Ending Balance	758,381	732,191
Tax effect on interest rate swap	602	375
Interest rate swap \| Interest Expense
Components and changes in accumulated other comprehensive (loss) income
Interest expense, net relating to non-cash amortization of net loss	1,413
Accumulated Other Comprehensive Loss
Components and changes in accumulated other comprehensive (loss) income
Beginning Balance	(27,599)	(22,197)
Other comprehensive income (loss)	2,350	5,177
Ending Balance	(25,249)	(17,020)
Foreign Currency Translation
Components and changes in accumulated other comprehensive (loss) income
Other comprehensive income (loss)	502	3,932
Interest Rate Swap, net of taxes
Components and changes in accumulated other comprehensive (loss) income
Other comprehensive income (loss)	$ 1,848	$ 1,245

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details)	May 15, 2020$ / shares
3.25% Convertible Senior Notes \| Convertible notes
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Conversion price (in dollars per share)	$ 41.51

Earnings Per Common Share - Com

Earnings Per Common Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Numerator for basic and diluted earnings per share:
Net income	$ 24,464	$ 5,767
Less income allocated to participating securities	0	(2)
Net income available to common shareholders	$ 24,464	$ 5,765
Denominator for basic and diluted earnings per share, adjusted for participating securities:
Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock (in shares)	42,184,486	42,022,383
Dilutive effect of stock awards using the treasury stock method and the average market price for the year (in shares)	154,352	146,422
Dilutive effect of convertible debt outstanding (in shares)	619,640	0
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock (in shares)	42,958,478	42,168,805
Earnings per share attributable to common stock:
Basic earnings per share (in dollars per share)	$ 0.58	$ 0.14
Diluted earnings per share (in dollars per share)	$ 0.57	$ 0.14
Stock awards excluded because their inclusion would have been anti-dilutive (in shares)	0	0

Earnings Per Common Share - Wei

Earnings Per Common Share - Weighted Average Shares (Details) - shares	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Reconciliation of weighted average number of shares and common stock equivalents attributable to common stock, to the entity's total weighted average number of shares and common stock equivalents, including participating securities
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock (in shares)	42,958,478	42,168,805
Participating securities (in shares)	0	16,857
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities (in shares)	42,958,478	42,185,662

Reportable Segments - Narrative

Reportable Segments - Narrative (Details) - Segment sales - Customer concentration	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Two customers \| Life Sciences
Information as to operating segments
Concentration risk within segment (as a percent)	48.30%	45.70%
Three customers \| Dental
Information as to operating segments
Concentration risk within segment (as a percent)	41.20%	43.50%
Three customers \| Dialysis
Information as to operating segments
Concentration risk within segment (as a percent)	50.80%	46.10%

Reportable Segments - Results (

Reportable Segments - Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Information as to operating segments
Net sales	$ 297,029	$ 257,246
Income from operations	50,352	14,424
General corporate expenses	49,378	55,287
Operating Segment
Information as to operating segments
Income from operations	62,664	34,880
General corporate expenses
Information as to operating segments
General corporate expenses	12,312	20,456
Medical
Information as to operating segments
Net sales	132,319	133,353
Medical \| Operating Segment
Information as to operating segments
Income from operations	26,716	21,119
Life Sciences
Information as to operating segments
Net sales	45,568	49,141
Life Sciences \| Operating Segment
Information as to operating segments
Income from operations	8,075	7,135
Dental
Information as to operating segments
Net sales	111,006	67,243
Dental \| Operating Segment
Information as to operating segments
Income from operations	25,307	5,004
Dialysis
Information as to operating segments
Net sales	8,136	7,509
Dialysis \| Operating Segment
Information as to operating segments
Income from operations	$ 2,566	$ 1,622