Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 31, 2021

The change in the carrying amount of contract assets was as follows (In thousands):


Balance as of July 31, 2019	$	10,574
Capitalized contract assets during the period	2,875
Costs amortized during the period	(3,541)
Effect of foreign currency exchange rates	172
Balance as of July 31, 2020	$	10,080
Capitalized contract assets during the period	265
Costs amortized during the period	(3,188)
Effect of foreign currency exchange rates	328
Balance as of July 31, 2021	$	7,485

The cumulative effects of foreign currency exchange rate fluctuations were as follows (In thousands):


Cumulative loss on foreign currency translation as of July 31, 2019	$	(132,529)
Gain on foreign currency translation	11,441
Cumulative loss on foreign currency translation as of July 31, 2020	$	(121,088)
Gain on foreign currency translation	20,228
Cumulative loss on foreign currency translation as of July 31, 2021	$	(100,860)

The Black-Scholes Merton option-pricing model utilized the following assumptions:


	July 31,
	2021						2020						2019
Expected life (in years)	5.2			—	6.3		5.4			—	5.7		5.3			—	6.6
Risk-free interest rate	0.42		%	—	1.23	%	0.29		%	—	1.67	%	1.80		%	—	2.69	%
Estimated volatility	26.3		%	—	28.7	%	21.7		%	—	27.6	%	21.6		%	—	22.1	%
Expected dividends	—					%	—					%	—					%
Weighted average fair value at measurement date	$	30.43					$	21.54					$	15.47