LEASES

12 Months Ended

Jul. 31, 2020

Leases [Abstract]

LEASES

LEASES

On August 1, 2019, the Company adopted new accounting guidance under Accounting Standards Codification Topic 842 ("ASC 842") Leases. ASC 842 established new criteria for recognizing right-of-use assets and lease liabilities for operating lease arrangements. The Company elected to adopt this guidance utilizing the optional transition method that allowed the Company to implement this new guidance prospectively, and to only include the disclosures required under ASC 842 for the periods subsequent to adoption.

The Company has operating leases principally for land, buildings and equipment and has various finance leases for certain land and buildings expiring between calendar 2020 and 2028. Leases with an initial term of twelve months or fewer and which do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.

Certain of the Company's leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.

	Fiscal Year Ended
	July 31, 2020
Operating lease cost	$	12,580
Finance lease cost
Amortization of right-of-use assets	544
Interest on lease liabilities	531
Total lease cost	$	13,655

Other information related to leases was as follows:

	Fiscal Year Ended
Supplemental Cash Flow Information	July 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	12,487
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,655

Supplemental Balance Sheet Information	July 31, 2020
Operating leases:
Operating lease right-of-use assets	$	33,609
Operating lease liabilities
Other current liabilities	$	5,343
Other long-term liabilities	28,456
Total operating lease liabilities	$	33,799
Finance leases:
Finance lease right-of-use assets	$	3,672
Finance lease liabilities
Other current liabilities	$	505
Other long-term liabilities	4,743
Total finance lease liabilities	$	5,248

	July 31, 2020
Weighted-average remaining lease term
Operating leases	13.6 years
Finance leases	6.8 years
Weighted-average discount rate
Operating leases	3.4	%
Finance leases	9.7	%

The Company has operating leases principally for land, buildings and equipment and also leases certain real estate and transportation equipment under various capital leases expiring between 2020 and 2028.

Future minimum rental payments required under operating and finance leases as of July 31, 2020 were as follows:

	Operating Leases		Finance Leases
For the fiscal year ending July 31, 2021	$	9,816	$	991
For the fiscal year ending July 31, 2022	8,030		1,013
For the fiscal year ending July 31, 2023	5,628		1,036
For the fiscal year ending July 31, 2024	4,370		1,059
For the fiscal year ending July 31, 2025	3,317		1,083
For the fiscal year ending July 31, 2026 and thereafter	18,727		2,061
Total future lease payments	$	49,888	$	7,243
Less: amount representing interest	(16,089)		(1,995)
Total reported lease liability	$	33,799	$	5,248

Future minimum rental payments required under operating and finance leases as of July 31, 2019 were as follows:

	Operating Leases		Finance Leases
For the fiscal year ending July 31, 2020	$	8,785	$	974
For the fiscal year ending July 31, 2021	6,809		993
For the fiscal year ending July 31, 2022	5,437		1,015
For the fiscal year ending July 31, 2023	3,980		1,037
For the fiscal year ending July 31, 2024	3,424		1,061
For the fiscal year ending July 31, 2025 and thereafter	20,745		3,037
Total future lease payments	$	49,180	8,117
Less: amount representing interest			(2,427)
Total lease liability			5,690
Less: current portion			(444)
Long-term finance lease obligations			$	5,246

Rent expense for the fiscal years ended July 31, 2019 and July 31, 2018 was $8,825 and $3,804, respectively.

LEASES

LEASES

On August 1, 2019, the Company adopted new accounting guidance under Accounting Standards Codification Topic 842 ("ASC 842") Leases. ASC 842 established new criteria for recognizing right-of-use assets and lease liabilities for operating lease arrangements. The Company elected to adopt this guidance utilizing the optional transition method that allowed the Company to implement this new guidance prospectively, and to only include the disclosures required under ASC 842 for the periods subsequent to adoption.

The Company has operating leases principally for land, buildings and equipment and has various finance leases for certain land and buildings expiring between calendar 2020 and 2028. Leases with an initial term of twelve months or fewer and which do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.

Certain of the Company's leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.

	Fiscal Year Ended
	July 31, 2020
Operating lease cost	$	12,580
Finance lease cost
Amortization of right-of-use assets	544
Interest on lease liabilities	531
Total lease cost	$	13,655

Other information related to leases was as follows:

	Fiscal Year Ended
Supplemental Cash Flow Information	July 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	12,487
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,655

Supplemental Balance Sheet Information	July 31, 2020
Operating leases:
Operating lease right-of-use assets	$	33,609
Operating lease liabilities
Other current liabilities	$	5,343
Other long-term liabilities	28,456
Total operating lease liabilities	$	33,799
Finance leases:
Finance lease right-of-use assets	$	3,672
Finance lease liabilities
Other current liabilities	$	505
Other long-term liabilities	4,743
Total finance lease liabilities	$	5,248

	July 31, 2020
Weighted-average remaining lease term
Operating leases	13.6 years
Finance leases	6.8 years
Weighted-average discount rate
Operating leases	3.4	%
Finance leases	9.7	%

The Company has operating leases principally for land, buildings and equipment and also leases certain real estate and transportation equipment under various capital leases expiring between 2020 and 2028.

Future minimum rental payments required under operating and finance leases as of July 31, 2020 were as follows:

	Operating Leases		Finance Leases
For the fiscal year ending July 31, 2021	$	9,816	$	991
For the fiscal year ending July 31, 2022	8,030		1,013
For the fiscal year ending July 31, 2023	5,628		1,036
For the fiscal year ending July 31, 2024	4,370		1,059
For the fiscal year ending July 31, 2025	3,317		1,083
For the fiscal year ending July 31, 2026 and thereafter	18,727		2,061
Total future lease payments	$	49,888	$	7,243
Less: amount representing interest	(16,089)		(1,995)
Total reported lease liability	$	33,799	$	5,248

Future minimum rental payments required under operating and finance leases as of July 31, 2019 were as follows:

	Operating Leases		Finance Leases
For the fiscal year ending July 31, 2020	$	8,785	$	974
For the fiscal year ending July 31, 2021	6,809		993
For the fiscal year ending July 31, 2022	5,437		1,015
For the fiscal year ending July 31, 2023	3,980		1,037
For the fiscal year ending July 31, 2024	3,424		1,061
For the fiscal year ending July 31, 2025 and thereafter	20,745		3,037
Total future lease payments	$	49,180	8,117
Less: amount representing interest			(2,427)
Total lease liability			5,690
Less: current portion			(444)
Long-term finance lease obligations			$	5,246

Rent expense for the fiscal years ended July 31, 2019 and July 31, 2018 was $8,825 and $3,804, respectively.