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Accounts Payable and Accrued Liabilities | 12 Months Ended
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Jul. 31, 2020
Payables and Accruals [Abstract] |
Accounts Payable and Accrued Liabilities | NOTE 7 — Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following:
|  | July 31, |  |
(In thousands) |  | 2020 |  | 2019
Accounts payable to sellers |  | $ | 92,013 |  |  | $ | 68,427 |
Buyer deposits and prepayments |  | 89,020 |  |  | 73,421 |
Trade accounts payable |  | 40,906 |  |  | 45,520 |
Accrued compensation and benefits |  | 42,053 |  |  | 41,400 |
Taxes payable |  | 17,036 |  |  | 3,881 |
Accrued insurance |  | 9,315 |  |  | 8,507 |
Other accrued liabilities |  | 28,187 |  |  | 29,762 |
Total accounts payable and accrued expenses |  | $ | 318,530 |  |  | $ | 270,918 |
The Company is required to charge for and to collect value added taxes ("VAT") on its sales on behalf of the various international taxing authorities. The Company records VAT that the Company has billed to the buyers as VAT payable. In addition, the Company is required to pay VAT on our purchases. The Company records VAT that is charged by its vendors as VAT receivable. The Company is required to file VAT returns on at least a quarterly basis with the various international taxing authorities and are entitled to claim the VAT charged by the Company's vendors as VAT credit and these credits can be applied to the Company's VAT payables billed to the buyers. Accordingly, these VAT payables and receivables are presented as net amounts for financial statement purposes. The Company is partially self-insured for certain losses related to general liability, workers’ compensation and auto liability. Accrued insurance liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date, including an estimate for reported and unreported claims. The estimated liability is not discounted and is established based upon analysis of historical data, including the severity of the Company’s frequency of claims, actuarial estimates and is reviewed periodically by management to ensure that the liability is appropriate.

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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