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v3.22.2.2

Leases (Tables) | 12 Months Ended
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Jul. 31, 2022
Leases [Abstract] |
Lease cost | Components of lease expense were as follows:
|  |  | Year Ended July 31,
(In thousands) |  | 2022 |  | 2021 |  |
Operating lease expense |  | $ | 27,668 |  |  | $ | 28,302 |  |  |
Finance lease expense: |  |  |  |  |  |
| Amortization of right-of-use assets |  | 520 |  |  | 612 |  |  |
| Interest on finance lease liabilities |  | 5 |  |  | 65 |  |  |
Short-term lease expense |  | 5,649 |  |  | 4,472 |  |  |
Variable lease expense |  | 1,466 |  |  | 1,586 |  |  |
Total lease expense |  | $ | 35,308 |  |  | $ | 35,037 |  |  |
The weighted-average remaining lease terms and discount rates as of July 31, 2022 were as follows:
|  | Weighted-Average Remaining Lease Term (In years) |  | Weighted-Average Discount Rate(1)
Operating leases |  | 9.12 |  | 2.77 | %
Finance leases |  | 1.54 |  | 2.8 | %
(1)The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s corporate credit rating for a secured or collateralized instrument.
Right-of use assets and lease liabilities | The components of right-of-use assets and lease liabilities on the consolidated balance sheet are as follows (In thousands):
Lease Asset and Liabilities |  | Balance Sheet Classification (In thousands) |  | July 31, 2022 |  | July 31, 2021
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 116,303 |  |  | $ | 119,487 |
Finance lease right-of-use assets |  | Property and equipment, net |  | 50 |  |  | 563 |
Total lease assets, net |  | $ | 116,353 |  |  | $ | 120,050 |
Operating lease liabilities - current |  | Current portion of operating and finance lease liabilities |  | $ | 21,771 |  |  | $ | 21,942 |
Finance lease liabilities - current |  | Current portion of operating and finance lease liabilities |  | 23 |  |  | 530 |
Operating lease liabilities - non-current |  | Operating and finance lease liabilities, net of current portion |  | 95,670 |  |  | 97,925 |
Finance lease liabilities - non-current |  | Operating and finance lease liabilities, net of current portion |  | 13 |  |  | 36 |
Total lease liabilities |  | $ | 117,477 |  |  | $ | 120,433 |
Schedule of cash flow, supplemental disclosures | Supplemental cash flow information related to leases as of July 31, 2022 were as follows (In thousands):
|  |  | Year Ended July 31,
(In thousands) |  | 2022 |  | 2021 |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
| Operating cash flows related to operating leases |  | $ | 26,620 |  |  | $ | 28,576 |  |  |
| Operating cash flows related to finance leases |  | 5 |  |  | 65 |  |  |
| Financing cash flows related to finance leases |  | 530 |  |  | 1,118 |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 24,217 |  |  | 41,770 |  |  |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | — |  |  | — |  |  |
Finance leases | The annual maturities of the Company’s lease liabilities as of July 31, 2022 were as follows:
Fiscal year (In thousands) |  | Finance leases |  | Operating leases
2023 |  | $ | 24 |  |  | $ | 24,650 |
2024 |  | 13 |  |  | 20,119 |
2025 |  | — |  |  | 17,683 |
2026 |  | — |  |  | 14,403 |
2027 |  | — |  |  | 10,428 |
Thereafter |  | — |  |  | 48,447 |
Total future lease commitments |  | $ | 37 |  |  | $ | 135,730 |
Less: imputed interest |  | (1) |  |  | (18,289) |
Present value of lease liabilities |  | $ | 36 |  |  | $ | 117,441 |
Maturity of operating lease liability | The annual maturities of the Company’s lease liabilities as of July 31, 2022 were as follows:
Fiscal year (In thousands) |  | Finance leases |  | Operating leases
2023 |  | $ | 24 |  |  | $ | 24,650 |
2024 |  | 13 |  |  | 20,119 |
2025 |  | — |  |  | 17,683 |
2026 |  | — |  |  | 14,403 |
2027 |  | — |  |  | 10,428 |
Thereafter |  | — |  |  | 48,447 |
Total future lease commitments |  | $ | 37 |  |  | $ | 135,730 |
Less: imputed interest |  | (1) |  |  | (18,289) |
Present value of lease liabilities |  | $ | 36 |  |  | $ | 117,441 |
Schedule of future lease payments receivable | Future lease payments receivable under operating leases with terms greater than one year as of July 31, 2022 were as follows:
Fiscal year (In thousands) |  | Operating leases
2023 |  | $ | 5,671 |
2024 |  | 5,533 |
2025 |  | 5,490 |
2026 |  | 5,194 |
2027 |  | 5,209 |
Thereafter |  | 9,365 |
Total future lease payments receivable |  | $ | 36,462 |

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