Stock-Based Compensation (Tables)

12 Months Ended

Jul. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

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

The fair value of these awards was determined using following inputs:

	Year Ended July 31,
	2021		2020		2019
Risk-free interest rate	0.5% - 1.3%		0.8% - 1.9%		2.1% - 3.1%
Expected volatility	25.4% - 26.6%		21.0% - 23.7%		16.0% - 21.5%
Expected dividend yield	1.6	%	1.6	%	1.6	%
Expected life:
Director and officer grants	8 years		8 years		8 years
Non-officer grants	7 years		7 years		7 years

Schedule of stock option activity

Option activity was as follows:

	Options Outstanding	Weighted Average Exercise Price
Balance as of July 31, 2018	6,785,812	$	34.93
Granted	908,925	58.02
Exercised	(1,103,054)	25.07
Canceled/forfeited	(60,433)	50.57
Balance as of July 31, 2019	6,531,250	39.66
Granted	944,094	51.94
Exercised	(845,086)	30.35
Canceled/forfeited	(96,279)	52.72
Balance as of July 31, 2020	6,533,979	42.44
Granted	1,004,631	46.61
Exercised	(1,030,938)	36.00
Canceled/forfeited	(62,929)	49.95
Balance as of July 31, 2021	6,444,743	$	44.05

Schedule of outstanding and exercisable options

Outstanding and exercisable stock options as of July 31, 2021 were as follows:

Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price
$28.00 to $32.49	701,597	4.4	$	28.22	701,597	4.4	$	28.22
$32.50 to $37.49	564,098	1.5	34.37		564,098	1.5	34.37
$37.50 to $42.49	1,133,867	3.2	40.29		1,133,867	3.2	40.29
$42.50 to $47.49	2,294,336	7.0	44.80		1,354,933	5.5	43.97
$47.50 and above	1,750,845	7.7	54.96		845,358	7.4	55.82
	6,444,743	5.7	$	44.05	4,599,853	4.6	$	41.66

Schedule of status of options that contain vesting provisions

For the year ended July 31, 2021, activity for non-vested stock options that contain vesting provisions was as follows:

	Options	Weighted Average Grant Date Fair Value
Balance as of beginning of year	1,744,931	$	11.18
Granted	1,004,631	10.23
Vested	(849,496)	10.94
Canceled	(55,176)	10.65
Balance as of end of year	1,844,890	$	10.79

Schedule of performance shares activity

The weighted average grant date fair value related to the Company’s performance-based awards was as follows:

	Year Ended July 31,
	2021		2020		2019
Weighted average grant date fair value	$	46.06	$	51.61	$	58.35

Performance-based award for non-vested activity was as follows:

	Performance Shares	Weighted Average Grant Date Fair Value
Balance as of beginning of year	198,200	$	54.93
Granted	106,100	46.06
Vested	(95,133)	58.35
Canceled	(8,600)	51.56
Balance as of end of year	200,567	$	48.76