Stock-Based Compensation (Tables)

12 Months Ended

Jul. 31, 2022

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 the following inputs:

	Year Ended July 31,
	2022		2021		2020
Risk-free interest rate	1.2% - 1.8%		0.5% - 1.3%		0.8% - 1.9%
Expected volatility	26.0% - 27.0%		25.4% - 26.6%		21.0% - 23.7%
Expected dividend yield	1.6	%	1.6	%	1.6	%
Expected life:
Director grants	8 years		8 years		8 years
Officer grants	7 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	Weighted Average Exercise Price
Balance outstanding as of July 31, 2019	6,531,250	$	39.66
Granted	944,094	51.94
Exercised	(845,086)	30.35
Expired/forfeited	(96,279)	52.72
Balance outstanding as of July 31, 2020	6,533,979	42.44
Granted	1,004,631	46.61
Exercised	(1,030,938)	36.00
Expired/forfeited	(62,929)	49.95
Balance outstanding as of July 31, 2021	6,444,743	44.05
Granted	898,726	59.18
Exercised	(365,267)	37.02
Expired/forfeited	(51,041)	53.15
Balance outstanding as of July 31, 2022	6,927,161	$	46.32

Schedule of outstanding and exercisable options

Outstanding and exercisable stock options as of July 31, 2022 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 $38.99	1,596,910	2.5	$	33.38	1,596,910	2.5	$	33.38
$39.00 to $44.99	1,255,615	3.2	42.51		1,255,615	3.2	42.51
$45.00 to $50.99	1,567,885	6.9	45.98		960,561	6.1	45.89
$51.00 to $56.99	867,614	7.2	51.82		547,355	7.2	51.71
$57.00 and above	1,639,137	7.7	59.24		757,247	6.2	59.13
	6,927,161	5.4	$	46.32	5,117,688	4.4	$	43.74

Schedule of status of options that contain vesting provisions

For the year ended July 31, 2022, activity for non-vested stock options that contain vesting provisions was as follows:

	Options	Weighted Average Grant Date Fair Value
Balance outstanding as of beginning of year	1,844,890	$	10.79
Granted	898,726	14.24
Vested	(893,304)	11.15
Forfeited	(40,839)	11.88
Balance outstanding as of end of year	1,809,473	$	12.31

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,
	2022		2021		2020
Weighted average grant date fair value	$	59.40	$	46.06	$	51.61

Performance-based awards for non-vested activity were as follows:

	Performance Shares	Weighted Average Grant Date Fair Value
Balance outstanding as of July 31, 2021	200,567	$	48.76
Granted	88,400	59.40
Vested	(97,181)	51.61
Forfeited	(3,580)	53.23
Balance outstanding as of July 31, 2022	188,206	$	52.20