Stock-Based Compensation (Tables)
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12 Months Ended |
Jul. 31, 2025 |
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
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Schedule of Valuation Assumption Used to Determine Fair Value of Stock-Based Compensation Awards |
The fair value of these awards was determined using the following inputs: | | | | | | | | | | | | | | | | | | | | | | | Year Ended July 31, | | | 2025 | | 2024 | | 2023 | Risk-free interest rate | | 3.6% - 4.5% | | 3.8% - 4.6% | | 3.8% - 4.2% | Expected volatility | | 26.1% - 27.0% | | 26.8% - 27.2% | | 26.8% - 27.5% | Expected dividend yield | | 1.6 | % | | 1.6 | % | | 1.6 | % | | | | | | | | Expected life: | | | | | | | Director grants | | 8 years | | 8 years | | 8 years | Officer grants | | 7 years | | 7 years | | 7 years | Non-officer grants | | 7 years | | 7 years | | 7 years |
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Schedule of Stock Option Activity |
Option activity was as follows: | | | | | | | | | | | | | | | | | Options | | Weighted Average Exercise Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance outstanding as of July 31, 2024 | | 6,163,056 | | | $ | 50.57 | | Granted | | 800,025 | | | 72.87 | | Exercised | | (692,308) | | | 42.46 | | Expired/forfeited | | (47,693) | | | 63.45 | | Balance outstanding as of July 31, 2025 | | 6,223,080 | | | $ | 54.24 | |
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Schedule of Outstanding and Exercisable Options |
Outstanding and exercisable stock options as of July 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Range of Exercise Prices | | Number Outstanding | | Weighted Average Remaining Contractual Life (Years) | | Weighted Average Exercise Price | | Number Exercisable | | Weighted Average Remaining Contractual Life (Years) | | Weighted Average Exercise Price | $28.00 to $37.99 | | 231,143 | | | 0.4 | | $ | 28.17 | | | 231,143 | | | 0.4 | | $ | 28.17 | | $38.00 to $47.99 | | 1,625,429 | | | 3.2 | | 44.85 | | | 1,625,429 | | | 3.2 | | 44.85 | | $48.00 to $57.99 | | 1,519,987 | | | 5.6 | | 51.44 | | | 1,251,934 | | | 5.3 | | 51.56 | | $58.00 to $67.99 | | 2,096,337 | | | 6.2 | | 59.66 | | | 1,537,904 | | | 5.4 | | 59.40 | | $68.00 and above | | 750,184 | | | 9.2 | | 73.13 | | | 1,629 | | | 8.7 | | 72.68 | | | | 6,223,080 | | | 5.4 | | $ | 54.24 | | | 4,648,039 | | | 4.4 | | $ | 50.65 | |
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Schedule of Status of Options that Contain Vesting Provisions |
For the year ended July 31, 2025, activity for non-vested stock options that contain vesting provisions was as follows: | | | | | | | | | | | | | | | | | Options | | Weighted Average Grant Date Fair Value | Balance outstanding as of beginning of year | | 1,657,970 | | | $ | 17.02 | | Granted | | 800,025 | | | 21.67 | | Vested | | (835,261) | | | 16.24 | | Forfeited | | (47,693) | | | 19.29 | | Balance outstanding as of end of year | | 1,575,041 | | | $ | 19.73 | |
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Schedule of Performance Shares Activity |
The weighted average grant date fair value related to the Company’s performance-based awards was as follows: | | | | | | | | | | | | | | | | | | | | | | | Year Ended July 31, | | | 2025 | | 2024 | | 2023 | Weighted average grant date fair value | | $ | 73.18 | | | $ | 59.66 | | | $ | 50.89 | |
Performance-based awards for non-vested activity were as follows: | | | | | | | | | | | | | | | | | Performance Shares | | Weighted Average Grant Date Fair Value | Balance outstanding as of July 31, 2024 | | 227,900 | | | $ | 55.31 | | Granted | | 111,900 | | | 73.18 | | Vested | | (106,723) | | | 50.89 | | Forfeited | | (35,393) | | | 64.39 | | Balance outstanding as of July 31, 2025 | | 197,684 | | | $ | 66.19 | |
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