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Stock-Based Compensation (Tables)
 3 Months Ended
Oct. 31, 2020
Share-based Payment Arrangement, Disclosure [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 Assumptions20202019
Expected term (in years)6.216.20
Expected volatility30.71 %25.85 %
Expected dividend yield2.49 %2.63 %
Risk-free interest rate0.38 %1.64 %
Weighted-average market value of underlying stock at grant date$39.92 $54.05 
Weighted-average exercise price$39.92 $54.05 
Weighted-average fair value of options granted during the period$8.65 $10.63 
Summary of Stock Option Activity
The following is a summary of stock option activity for the three months ended October 31, 2020:
Time-Based OptionsOptions OutstandingWeighted Average Exercise PriceWeighted Average
Remaining
Contractual Term		Aggregate
Intrinsic Value
Outstanding at July 31, 20201,273,382$37.84 
New grants303,05239.92 
Exercised(22,300)29.10 
Forfeited or expired—— 
Outstanding at October 31, 20201,554,134$38.37 7.2$5,410 
Exercisable at October 31, 20201,004,641$34.88 6.1$5,410 
Summary of RSU Activity
The following tables summarize the RSU activity for the three months ended October 31, 2020:
Time-Based RSUsSharesWeighted Average Grant Date Fair Value
Outstanding at July 31, 2020154,960 $47.39 
New grants75,352 39.92 
Vested(63,339)44.85 
Forfeited— — 
Outstanding at October 31, 2020166,973 $44.98 
Schedule of Nonvested Performance-based Units Activity [Table Text Block]
Performance-Based RSUsSharesWeighted Average Grant Date Fair Value
Outstanding at July 31, 2020126,060 $50.61 
New grants (1)
64,634 60.73 
Vested (1)
(71,413)33.12 
Forfeited— — 
Outstanding at October 31, 2020119,281 $61.05 
(1) Includes 23,805 shares granted and vested during the three months ended October 31, 2020, resulting from the payout of performance-based RSUs granted in fiscal year 2018 due to achievement of performance metrics exceeding the target payout.