Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2017

Share-based Arrangements with Employees and Nonemployees [Abstract]

Black-Scholes Option Valuation Assumptions

The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:

	Three months ended October 31,
Black-Scholes Option Valuation Assumptions	2017			2016
Expected term (in years)	6.07			6.11
Expected volatility	28.19		%	29.43		%
Expected dividend yield	2.72		%	2.70		%
Risk-free interest rate	1.96		%	1.26		%
Weighted-average market value of underlying stock at grant date	$	36.85		$	35.14
Weighted-average exercise price	$	36.85		$	35.14
Weighted-average fair value of options granted during the period	$	7.96		$	7.56

Summary of Stock Option Activity

A summary of stock option activity under the Company’s share-based compensation plans for the three months ended October 31, 2017, is presented below:

Service-Based Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2017	2,879,801	$	27.40
New grants	364,046	36.85
Exercised	(140,998)	28.02
Forfeited or expired	(10,719)	27.14
Outstanding at October 31, 2017	3,092,130	$	28.49	6.2	$	29,020
Exercisable at October 31, 2017	2,229,350	$	27.39	5.1	$	23,397

Summary of RSU Activity

The following tables summarize the RSU activity under the Company's share-based compensation plans for the three months ended October 31, 2017:

Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2017	517,108		$	25.61
New grants	83,388		36.65
Vested	(130,378	)	24.67
Forfeited	(4,412	)	26.28
Outstanding at October 31, 2017	465,706		$	27.84

The service-based RSUs granted during the three months ended October 31, 2016 had a weighted-average grant date fair value of $35.14. The total fair value of service-based RSUs vested during the three months ended October 31, 2017 and 2016, was $4,736 and $5,079, respectively.

Performance-Based RSUs	Shares	Weighted Average Grant Date Fair Value
Outstanding at July 31, 2017	58,206	$	32.03
New grants	56,290	33.12
Vested	—	—
Forfeited	—	—
Outstanding at October 31, 2017	114,496	$	32.57

The performance-based RSUs granted during the three months ended October 31, 2016 had a weighted-average grant date fair value of $32.03. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at October 31, 2017 and expected to vest was $22,077.