Income Taxes (Notes)

6 Months Ended

Jan. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Income Taxes

The income tax rate for the three months ended January 31, 2024 and 2023 was 21.8% and 21.7%, respectively. The income tax rate for the six months ended January 31, 2024 and 2023, was 21.1% and 21.7%, respectively. The decrease in the tax rate in the six-month period was primarily due to tax benefits from stock-based compensation and other permanent adjustments. The Company expects its ongoing annual income tax rate to be approximately 22% based on its current global business mix and based on tax laws and statutory rates currently in effect.