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Income Taxes
9 Months Ended
Apr. 30, 2021
Income Tax Disclosure [Abstract]  
Income Tax Disclosure Income Taxes
The effective income tax rate for the three and nine months ended April 30, 2021, was 21.4% and 20.9%, respectively. The Company expects its annual effective income tax rate to approximate 20% over the long-term based on its current global business mix and based on current tax laws and statutory tax rates in effect. However, quarterly tax rates could vary substantially based on the respective facts and circumstances at that point in time.
The effective income tax rate for the three and nine months ended April 30, 2020, was 38.5% and 20.2%, respectively. The effective income tax rate for the three months ended April 30, 2020 was higher than the expected income tax rate due to an increase in the valuation allowance against foreign tax credit carryforwards resulting from a decrease in the Company's expectations of future foreign source income.