LEASES

12 Months Ended

Jul. 31, 2021

Leases [Abstract]

LEASES

LEASES

The Company has operating leases primarily for land, buildings and equipment and has various finance leases for certain land and buildings principally expiring through 2035.

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.

The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases.

The components of lease costs for the fiscal years ended July 31, 2021 and July 31, 2020 were as follows:

	Fiscal Year Ended July 31,
	2021		2020
Operating lease cost	$	18,140	$	12,580
Finance lease cost
Amortization of right-of-use assets	662		544
Interest on lease liabilities	520		531
Total lease cost	$	19,322	$	13,655

Other information related to leases was as follows:

	Fiscal Year Ended July 31,
Supplemental Cash Flow Information	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18,054	$	12,487
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	16,636	$	4,655
Finance leases	$	4,000	$	—

	July 31,
Supplemental Balance Sheet Information	2021		2020
Operating leases:
Operating lease right-of-use assets	$	42,601	$	33,609
Operating lease liabilities
Other current liabilities	$	8,944	$	5,343
Other long-term liabilities	33,923		28,456
Total operating lease liabilities	$	42,867	$	33,799
Finance leases:
Finance lease right-of-use assets	$	7,010	$	3,672
Finance lease liabilities
Other current liabilities	$	1,081	$	505
Other long-term liabilities	4,694		4,743
Total finance lease liabilities	$	5,775	$	5,248

	July 31,
	2021		2020
Weighted-average remaining lease term
Operating leases	11.1 years		13.6 years
Finance leases	5.1 years		6.8 years
Weighted-average discount rate
Operating leases	3.2	%	3.4	%
Finance leases	8.9	%	9.7	%

Future minimum rental payments required under operating and finance leases as of July 31, 2021 were as follows:

	Operating Leases		Finance Leases
For the fiscal year ending July 31, 2022	$	13,923	$	1,555
For the fiscal year ending July 31, 2023	10,576		1,578
For the fiscal year ending July 31, 2024	7,763		1,059
For the fiscal year ending July 31, 2025	5,188		1,083
For the fiscal year ending July 31, 2026	3,530		1,107
For the fiscal year ending July 31, 2027 and thereafter	18,267		954
Total future lease payments	$	59,247	$	7,336
Less: amount representing interest	(16,380)		(1,561)
Total reported lease liability	$	42,867	$	5,775

Rent expense for the fiscal year ended July 31, 2019 was $8,825.

LEASES

LEASES

The Company has operating leases primarily for land, buildings and equipment and has various finance leases for certain land and buildings principally expiring through 2035.

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.

The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases.

The components of lease costs for the fiscal years ended July 31, 2021 and July 31, 2020 were as follows:

	Fiscal Year Ended July 31,
	2021		2020
Operating lease cost	$	18,140	$	12,580
Finance lease cost
Amortization of right-of-use assets	662		544
Interest on lease liabilities	520		531
Total lease cost	$	19,322	$	13,655

Other information related to leases was as follows:

	Fiscal Year Ended July 31,
Supplemental Cash Flow Information	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18,054	$	12,487
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	16,636	$	4,655
Finance leases	$	4,000	$	—

	July 31,
Supplemental Balance Sheet Information	2021		2020
Operating leases:
Operating lease right-of-use assets	$	42,601	$	33,609
Operating lease liabilities
Other current liabilities	$	8,944	$	5,343
Other long-term liabilities	33,923		28,456
Total operating lease liabilities	$	42,867	$	33,799
Finance leases:
Finance lease right-of-use assets	$	7,010	$	3,672
Finance lease liabilities
Other current liabilities	$	1,081	$	505
Other long-term liabilities	4,694		4,743
Total finance lease liabilities	$	5,775	$	5,248

	July 31,
	2021		2020
Weighted-average remaining lease term
Operating leases	11.1 years		13.6 years
Finance leases	5.1 years		6.8 years
Weighted-average discount rate
Operating leases	3.2	%	3.4	%
Finance leases	8.9	%	9.7	%

Future minimum rental payments required under operating and finance leases as of July 31, 2021 were as follows:

	Operating Leases		Finance Leases
For the fiscal year ending July 31, 2022	$	13,923	$	1,555
For the fiscal year ending July 31, 2023	10,576		1,578
For the fiscal year ending July 31, 2024	7,763		1,059
For the fiscal year ending July 31, 2025	5,188		1,083
For the fiscal year ending July 31, 2026	3,530		1,107
For the fiscal year ending July 31, 2027 and thereafter	18,267		954
Total future lease payments	$	59,247	$	7,336
Less: amount representing interest	(16,380)		(1,561)
Total reported lease liability	$	42,867	$	5,775

Rent expense for the fiscal year ended July 31, 2019 was $8,825.