Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2018

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	2018			2017
Expected term (in years)	6.20			6.07
Expected volatility	25.83		%	28.19		%
Expected dividend yield	2.71		%	2.72		%
Risk-free interest rate	3.01		%	1.96		%
Weighted-average market value of underlying stock at grant date	$	43.96		$	36.85
Weighted-average exercise price	$	43.96		$	36.85
Weighted-average fair value of options granted during the period	$	9.70		$	7.96

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, 2018, is presented below:

Service-Based Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2018	2,504,633	$	28.23
New grants	276,238	43.96
Exercised	(551,919)	26.88
Forfeited or expired	(5,407)	36.24
Outstanding at October 31, 2018	2,223,545	$	30.50	6.5	$	23,842
Exercisable at October 31, 2018	1,621,317	$	27.06	5.6	$	22,340

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, 2018:

Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2018	342,856		$	29.05
New grants	76,356		44.04
Vested	(111,194	)	28.15
Forfeited	(7,339	)	29.97
Outstanding at October 31, 2018	300,679		$	33.16

The service-based RSUs granted during the three months ended October 31, 2017, 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, 2018 and 2017, was $4,795 and $4,736, respectively.

Performance-Based RSUs	Shares	Weighted Average Grant Date Fair Value
Outstanding at July 31, 2018	108,097	$	32.57
New grants	50,313	50.70
Vested	—	—
Forfeited	—	—
Outstanding at October 31, 2018	158,410	$	38.33

The performance-based RSUs granted during the three months ended October 31, 2017, had a weighted-average grant date fair value of $33.12. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at October 31, 2018 and expected to vest was $18,497.