Equity Based Compensation (Tables)

12 Months Ended

Jul. 31, 2017

Schedule of valuation assumption used to determine fair value of stock-based compensation awards

The Company determined the fair value of these awards using the Black-Scholes option pricing model with the following assumptions:



	Year Ended July 31,
	2017		2016		2015
Risk-free interest rate	2.5 - 2.6%		1.6 - 2.3%		0.05 - 2.3%
Expected volatility	20.8 - 24.1%		21.8 - 25.9%		18.6 - 26.7%
Expected dividend yield	1.7	%	1.7	%	1.6	%

Expected life:
Director and officer grants	8 years		8 years		8 years
Non-officer original grants	7 years		7 years		7 years
Reload grants (1)	N/A		N/A		≤4 years

(1)

Grants made to officers or directors who exercised a reloadable option during the fiscal year and made payment of the purchase price using shares of previously owned Company stock. The reload grant is for the number of shares equal to the shares used in payment of the purchase price and/or withheld for minimum tax withholding. Options with a reload provision were no longer issued to officers with more than five years of service, and all directors beginning in fiscal 2006. The Company continued to issue options with a reload provision to officers with less than five years of service until fiscal 2011 when this provision was discontinued.

Schedule of stock option activity

The following table summarizes stock option activity for the years ended July 31, 2017, 2016 and 2015:



	Options Outstanding		Weighted Average Exercise Price
Outstanding at July 31, 2014	7,197,882		$	26.84
Granted	1,023,836		38.58
Exercised	(916,566	)	18.54
Canceled	(113,710	)	38.67
Outstanding at July 31, 2015	7,191,442		29.38
Granted	969,450		28.19
Exercised	(916,789	)	19.39
Canceled	(421,713	)	36.95
Outstanding at July 31, 2016	6,822,390		30.09
Granted	888,500		42.65
Exercised	(978,193	)	24.04
Canceled	(47,146	)	36.51
Outstanding at July 31, 2017	6,685,551		32.60

Schedule of outstanding and exercisable options

The following table summarizes information concerning outstanding and exercisable options as of July 31, 2017:



Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$0.00 to $22.69	1,209,231	1.92	$	19.63	1,209,231	$	19.63
$22.70 to $28.69	981,995	7.57	27.54		387,755	26.72
$28.70 to $34.69	1,457,982	4.40	31.61		1,440,251	31.61
$34.70 to $40.69	1,447,048	6.14	37.03		1,161,545	36.66
$40.70 and above	1,589,295	8.02	42.47		706,244	42.24
	6,685,551	5.65	32.60		4,905,026	31.00

Schedule of status of options that contain vesting provisions

The following table summarizes the status of options that contain vesting provisions:



	Options		Weighted Average Grant Date Fair Value
Non-vested at July 31, 2016	1,762,856		$	8.70
Granted	888,500		10.09
Vested	(834,806	)	9.41
Canceled	(36,025	)	8.61
Non-vested at July 31, 2017	1,780,525		9.06