Equity Based Compensation (Tables)

12 Months Ended

Jul. 31, 2016

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

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



	Year Ended July 31,
	2016		2015		2014
Risk-free interest rate	1.6 - 2.3%		0.05 - 2.3%		0.31 - 2.8%
Expected volatility	21.8 - 25.9%		18.6 - 26.7%		18.2 - 28.0%
Expected dividend yield	1.7	%	1.6	%	1.4 - 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		≤4 years		≤6 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 Share-based Compensation, Stock Options, Activity

The following table summarizes stock option activity for the years ended July 31, 2016, 2015 and 2014:



	Options Outstanding		Weighted Average Exercise Price
Outstanding at July 31, 2013	7,329,820		$	23.88
Granted	900,073		42.17
Exercised	(1,008,848	)	18.80
Canceled	(23,163	)	34.02
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

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information concerning outstanding and exercisable options as of July 31, 2016:



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 $17.69	701,940	1.85	$	17.14	701,940	$	17.14
$17.70 to $23.69	1,296,206	2.59	21.45		1,296,206	21.45
$23.70 to $29.69	1,656,585	7.11	28.55		746,735	29.13
$29.70 to $35.69	1,533,036	5.85	34.23		1,506,269	34.27
$35.70 and above	1,634,623	7.85	40.19		808,384	40.78
	6,822,390	5.60	30.09		5,059,534	28.89

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding

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



	Options		Weighted Average Grant Date Fair Value
Non - vested at July 31, 2015	1,757,140		$	10.36
Granted	969,450		7.10
Vested	(829,409	)	10.19
Canceled	(134,325	)	9.64
Non - vested at July 31, 2016	1,762,856		8.70