Operating results were as follows (in millions, except per share amounts):

Geographic Net Sales by Origination

Net sales, generally disaggregated by location where the customer's order was received, were as follows (in millions):

Impact of Foreign Currency Translation on Net Sales

Net sales were impacted by fluctuations in foreign currency exchange rates. The impact was as follows (in millions):

(1)The impact of foreign currency translation was calculated by translating current fiscal year foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the prior fiscal year.

Cost of Sales and Gross Margin

Selling, General and Administrative Expenses

Interest expense for the year ended July 31, 2022 was $14.9 million, compared with $13.0 million, for the year ended July 31, 2021, an increase of $1.9 million, or 13.9%. The increase reflected a higher debt level.

Other income, net for the year ended July 31, 2022 was $9.8 million, compared with $9.3 million, for the year ended July 31, 2021, an increase of $0.5 million, or 5.0%.

(1)The impact of foreign currency translation was calculated by translating current fiscal year foreign currency net earnings into U.S. dollars using the average foreign currency exchange rates for the prior fiscal year.

Net sales and earnings before income taxes were as follows (in millions):

Net sales were as follows (in millions):

Net sales were as follows (in millions):

Liquidity, Capital Resources, Capital Requirements and Financial Condition

Cash flows were as follows (in millions):

Effect of exchange rate changes on cash (14.1) 5.9 (20.0) Decrease in cash and cash equivalents $ (29.5) $ (13.8) $ (15.7)

Other non-borrowing reductions include financial instruments such as bank guarantees and foreign exchange instruments.

Weighted average interest rate as of July 31, 2022 2.88 %

The Company's cash requirements greater than 12 months from various contractual obligations and commitments primarily include:

The Company's total capitalization components and debt-to-capitalization ratio were as follows (in millions):

As of July 31, 2022, total debt, including short-term borrowings and long-term debt, represented 36.4% of total capitalization, defined as total debt plus total stockholders' equity, compared with 30.9% as of July 31, 2021.

Revenue Recognition - Variable Consideration

Expected Long-Term Rate of Return on Plan Assets

New Accounting Standard Not Yet Adopted

For the new accounting standard not yet adopted, refer to Note 1 in the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

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