Stock-Based Compensation (Tables)

12 Months Ended

Jul. 31, 2020

Share-based Payment Arrangement, Noncash Expense [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,
	2020		2019		2018
Risk-free interest rate	0.8% - 1.9%		2.1% - 3.1%		2.0% - 2.9%
Expected volatility	21.0% - 23.7%		16.0% - 21.5%		18.2% - 20.6%
Expected dividend yield	1.6	%	1.6	%	1.6	%
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, 2020, 2019 and 2018:

	Options Outstanding	Weighted Average Exercise Price (1)
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
Granted	944,094	51.94
Exercised	(845,086)	30.35
Canceled	(96,279)	52.72
Outstanding at July 31, 2020	6,533,979	$	42.44

(1)    Weighted average shares are calculated using the Black-Scholes model.

Schedule of outstanding and exercisable options

The following table summarizes information concerning outstanding and exercisable options as of July 31, 2020:

Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$28.00 to $32.49	956,847	4.3	$	28.43	956,847	$	28.43
$32.50 to $37.49	1,047,737	2.1	34.39		1,047,737	34.39
$37.50 to $42.49	1,225,700	4.2	40.30		1,225,700	40.30
$42.50 to $47.49	1,537,884	6.5	43.99		1,254,073	43.75
$47.50 and above	1,765,811	8.7	54.95		304,691	57.52
	6,533,979	5.6	$	42.44	4,789,048	$	38.63

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, 2019	1,711,438	$	11.06
Granted	944,094	10.93
Vested	(843,776)	10.68
Canceled	(66,825)	10.81
Non-vested at July 31, 2020	1,744,931	$	11.18

Schedule of performance shares activity

The weighted average grant date fair value related to the Company’s performance share awards are as follows:

	Year Ended July 31,
	2020		2019		2018
Weighted average grant date fair value	$	51.61	$	58.35	$	45.43

The table below summarizes the activity during fiscal 2020 for non-vested performance share awards:

	Performance Shares	Weighted Average Grant Date Fair Value
Non-vested at July 31, 2019	174,100	$	52.87
Granted	100,500	51.61
Vested	(73,900)	45.43
Canceled/forfeited	(2,500)	58.35
Non-vested at July 31, 2020	198,200	$	54.93