Stock-Based Compensation (Tables)

12 Months Ended

Jul. 31, 2019

Share-based Compensation [Abstract]

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,
	2019		2018		2017
Risk-free interest rate	2.1 - 3.1%		2.0 - 2.9%		2.5 - 2.6%
Expected volatility	16.0 - 21.5%		18.2 - 20.6%		20.8 - 24.1%
Expected dividend yield	1.6	%	1.6	%	1.7	%
Expected life:
Director and officer grants	8 years		8 years		8 years
Non-officer original grants	7 years		7 years		7 years

Schedule of stock option activity

The following table summarizes stock option activity for the years ended July 31, 2019, 2018 and 2017:

	Options Outstanding		Weighted Average Exercise Price (1)
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
Granted	881,050		45.70
Exercised	(738,635	)	26.47
Canceled	(42,154	)	39.52
Outstanding at July 31, 2018	6,785,812		34.93
Granted	908,925		58.02
Exercised	(1,103,054	)	25.07
Canceled	(60,433	)	50.57
Outstanding at July 31, 2019	6,531,250		39.66

Schedule of outstanding and exercisable options

The following table summarizes information concerning outstanding and exercisable options as of July 31, 2019:

Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$16.91 to $32.49	1,493,111	3.9	$	27.46	1,493,111	$	27.46
$32.50 to $37.49	1,211,064	3.0	34.41		1,211,064	34.41
$37.50 to $42.49	1,283,417	5.2	40.30		1,239,817	40.23
$42.50 to $47.49	1,653,643	7.6	44.00		840,920	43.56
$47.50 and above	890,015	9.0	58.27		34,900	52.08
	6,531,250	5.6	39.66		4,819,812	35.48

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, 2018	1,741,316		$	9.20
Granted	908,925		12.27
Vested	(890,816	)	8.70
Canceled	(47,987	)	10.09
Non-vested at July 31, 2019	1,711,438		11.06

Schedule of performance shares activity

Factors related to the Company’s performance share awards are as follows:

	Year Ended July 31,
	2019		2018		2017
Weighted-average per award fair value at grant date	$	58.35	$	45.43	$	37.39

The table below summarizes the activity during fiscal 2019 for non-vested performance share awards:

	Performance Shares		Weighted Average Grant Date Fair Value
Non-vested at July 31, 2018	174,900		$	40.79
Granted	100,200		58.35
Vested	(101,000	)	37.39
Canceled/forfeited	—		—
Non-vested at July 31, 2019	174,100		52.87