XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Stockholder's Investments | 12 Months Ended
--- | ---
Jul. 31, 2016
Equity [Abstract] |
Stockholder's Investments | Stockholders' Investment Information as to the Company’s capital stock at July 31, 2016 and 2015 is as follows:
|  | July 31, 2016 |  | July 31, 2015
|  | Shares Authorized |  | Shares Issued |  | (thousands) Amount |  | Shares Authorized |  | Shares Issued |  | (thousands) Amount
Preferred Stock, $.01 par value |  | 5,000,000 |  |  |  |  |  |  | 5,000,000 |  |  |  |  |
Cumulative Preferred Stock: 6% Cumulative |  | 5,000 |  |  |  |  |  |  | 5,000 |  |  |  |  |
1972 Series |  | 10,000 |  |  |  |  |  |  | 10,000 |  |  |  |  |
1979 Series |  | 30,000 |  |  |  |  |  |  | 30,000 |  |  |  |  |
Common Stock, $.01 par value: Class A Nonvoting |  | 100,000,000 |  |  | 51,261,487 |  |  | $ | 513 |  |  | 100,000,000 |  |  | 51,261,487 |  |  | $ | 513 |
Class B Voting |  | 10,000,000 |  |  | 3,538,628 |  |  | 35 |  |  | 10,000,000 |  |  | 3,538,628 |  |  | 35 |
|  |  |  |  |  | $ | 548 |  |  |  |  |  |  | $ | 548 |
Before any dividend may be paid on the Class B Common Stock, holders of the Class A Common Stock are entitled to receive an annual, noncumulative cash dividend of $.01665 per share. Thereafter, any further dividend in that fiscal year must be paid on each share of Class A Common Stock and Class B Common Stock on an equal basis. Other than as required by law, holders of the Class A Common Stock are not entitled to any vote on corporate matters, unless, in each of the three preceding fiscal years, the $.01665 preferential dividend described above has not been paid in full. Holders of the Class A Common Stock are entitled to one vote per share for the entire fiscal year immediately following the third consecutive fiscal year in which the preferential dividend is not paid in full. Holders of Class B Common Stock are entitled to one vote per share for the election of directors and for all other purposes. Upon liquidation, dissolution or winding up of the Company, and after distribution of any amounts due to holders of Preferred Stock, if any, holders of the Class A Common Stock are entitled to receive the sum of $0.835 per share before any payment or distribution to holders of the Class B Common Stock. Thereafter, holders of the Class B Common Stock are entitled to receive a payment or distribution of $0.835 per share. Thereafter, holders of the Class A Common Stock and Class B Common Stock share equally in all payments or distributions upon liquidation, dissolution or winding up of the Company. The preferences in dividends and liquidation rights of the Class A Common Stock over the Class B Common Stock will terminate at any time that the voting rights of Class A Common Stock and Class B Common Stock become equal. The following is a summary of other activity in stockholders’ investment for the fiscal years ended July 31, 2016, 2015, and 2014:
|  | Unearned Restricted Stock |  | Deferred Compensation |  | Shares Held in Rabbi Trust, at cost |  | Total
Balances at July 31, 2013 |  | $ | (1,137 | ) |  | $ | 11,040 |  |  | $ | (10,623 | ) |  | $ | (720 | )
Shares at July 31, 2013 |  |  |  | 469,797 |  |  | 469,797 |  |  |
Sale of shares at cost |  | — |  |  | (1,637 | ) |  | 1,496 |  |  | (141 | )
Purchase of shares at cost |  | — |  |  | 821 |  |  | (821 | ) |  | — |
Effect of plan amendment |  | — |  |  | (2,435 | ) |  | — |  |  | (2,435 | )
Amortization of restricted stock |  | 1,137 |  |  | — |  |  | — |  |  | 1,137 |
Balances at July 31, 2014 |  | — |  |  | $ | 7,789 |  |  | $ | (9,948 | ) |  | (2,159 | )
Shares at July 31, 2014 |  |  |  | 338,711 |  |  | 423,415 |  |  |
Sale of shares at cost |  | $ | — |  |  | (2,325 | ) |  | 2,235 |  |  | $ | (90 | )
Purchase of shares at cost |  | — |  |  | 220 |  |  | (1,035 | ) |  | (815 | )
Balances at July 31, 2015 |  | $ | — |  |  | $ | 5,684 |  |  | $ | (8,748 | ) |  | $ | (3,064 | )
Shares at July 31, 2015 |  |  |  | 252,261 |  |  | 362,025 |  |  |
Sale of shares at cost |  | — |  |  | (1,238 | ) |  | 1,278 |  |  | 40 |
Purchase of shares at cost |  | — |  |  | 178 |  |  | (1,017 | ) |  | (839 | )
Balances at July 31, 2016 |  | $ | — |  |  | $ | 4,624 |  |  | $ | (8,487 | ) |  | $ | (3,863 | )
Shares at July 31, 2016 |  |  |  | 201,418 |  |  | 347,081 |  |  |
Deferred Compensation Plans The Company has two deferred compensation plans, the Executive Deferred Compensation Plan and the Director Deferred Compensation Plan. Both plans allow for compensation to be deferred into either the Company's Class A Nonvoting Common Stock or in other investment funds. The Executive Deferred Compensation Plan does not allow funds to be transferred between the Company's Class A Nonvoting Common Stock and the other investment funds. The Director Deferred Compensation Plan allows participants to transfer funds from other investment funds into the Company’s Class A Nonvoting Common Stock. Funds are not permitted to be transferred from the Company’s Class A Nonvoting Common Stock into other investment funds until six months after the Director resigns from the Board. At July 31, 2016, the deferred compensation balance in stockholders’ investment represents the investment at the original cost of shares held in the Company’s Class A Nonvoting Common Stock for the deferred compensation plans. The balance of shares held in the Rabbi Trust represents the investment in the Company’s Class A Nonvoting Common Stock at the original cost of all the Company’s Class A Nonvoting Common Stock held in deferred compensation plans. Incentive Stock Plans The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock units ("RSUs"), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. As of July 31, 2016, the Company has reserved 4,387,087 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs and restricted shares and 2,391,385 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs and restricted and unrestricted shares under the active plans. The Company uses treasury stock or will issue new Class A Nonvoting Common Stock to deliver shares under these plans. Total stock-based compensation expense recognized by the Company during the years ended July 31, 2016, 2015, and 2014 was $8,154 ($5,056 net of taxes), $4,471 ($2,772 net of taxes), and $5,214 ($3,232 net of taxes), respectively. As of July 31, 2016, total unrecognized compensation cost related to share-based compensation awards that are expected to vest was $15,318 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.4 years. Stock options The stock options issued under the plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and generally vest ratably over a three-year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “service-based” options, generally expire 10 years from the date of grant. The Company has estimated the fair value of its service-based stock option awards granted during the years ended July 31, 2016, 2015, and 2014 using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:
Black-Scholes Option Valuation Assumptions |  | 2016 |  | 2015 |  | 2014
Expected term (in years) |  | 6.11 |  |  | 6.05 |  |  | 5.97 |
Expected volatility |  | 29.95 | % |  | 34.01 | % |  | 37.32 | %
Expected dividend yield |  | 2.59 | % |  | 2.48 | % |  | 2.35 | %
Risk-free interest rate |  | 1.64 | % |  | 1.90 | % |  | 1.80 | %
Weighted-average market value of underlying stock at grant date |  | $ | 20.02 |  |  | $ | 22.76 |  |  | $ | 30.98 |
Weighted-average exercise price |  | $ | 20.02 |  |  | $ | 22.76 |  |  | $ | 30.98 |
Weighted-average fair value of options granted during the period |  | $ | 4.58 |  |  | $ | 6.12 |  |  | $ | 9.17 |
The following is a summary of stock option activity for the fiscal year ended July 31, 2016:
|  | Option Price |  | Options Outstanding |  | Weighted Average Exercise Price
Balance as of July 31, 2015 |  | $ | 20.95 |  | — | $38.31 |  | 3,500,951 |  |  | $ | 29.64 |
Options granted |  | 19.96 |  | — | 25.35 |  | 881,744 |  |  | 20.02 |
Options exercised |  | 20.95 |  | — | 31.07 |  | (194,419 | ) |  | 26.98 |
Options cancelled |  | 19.96 |  | — | 38.31 |  | (479,570 | ) |  | 30.89 |
Balance as of July 31, 2016 |  | $ | 19.96 |  | — | $38.31 |  | 3,708,706 |  |  | $ | 27.33 |
The total fair value of options vested during the fiscal years ended July 31, 2016, 2015, and 2014, was $3,203, $3,950, and $6,605, respectively. The total intrinsic value of options exercised during the fiscal years ended July 31, 2016, 2015, and 2014 was $811, $208, and $2,452, respectively. There were 2,488,527, 2,642,955, and 3,004,348 options exercisable with a weighted average exercise price of $30.18, $30.88, and $31.15 at July 31, 2016, 2015, and 2014, respectively. The cash received from the exercise of options during the fiscal years ended July 31, 2016, 2015, and 2014, was $5,243, $1,644, and $12,113, respectively. The tax benefit on options exercised during the fiscal years ended July 31, 2016, 2015, and 2014 was $308, $79, and $952, respectively. The following table summarizes information about stock options outstanding at July 31, 2016:
|  | Options Outstanding |  | Options Outstanding and Exercisable
Range of Exercise Prices |  | Number of Shares Outstanding at July 31, 2016 |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Shares Exercisable at July 31, 2016 |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price
$19.96 - $26.99 |  | 1,433,278 |  |  | 8.1 |  | $ | 21.80 |  |  | 291,899 |  |  | 5.2 |  | $ | 20.97 |
$27.00 - $32.99 |  | 1,696,428 |  |  | 4.9 |  | 29.05 |  |  | 1,617,628 |  |  | 4.7 |  | 29.12 |
$33.00 - $38.31 |  | 579,000 |  |  | 1.3 |  | 37.78 |  |  | 579,000 |  |  | 1.3 |  | 37.78 |
Total |  | 3,708,706 |  |  | 5.6 |  | 27.61 |  |  | 2,488,527 |  |  | 4.0 |  | $ | 30.18 |
As of July 31, 2016, the aggregate intrinsic value (defined as the amount by which the fair value of the underlying stock exceeds the exercise price of an option) of options outstanding and the options exercisable was $21,358 and $8,164, respectively. Restricted Shares and RSUs Restricted shares and RSUs issued under the plan have an issuance price equal to the fair market value of the underlying stock at the date of grant. Beginning in fiscal 2014, the Company awarded RSUs that vest solely upon meeting specified service conditions, referred to herein as “service-based RSUs.” The RSUs issued under the plan generally vest ratably over a three-year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. In fiscal 2015, the Company also awarded 63,668 service-based RSUs that vest ratably at the end of years 3, 4, and 5 and 395,617 service-based RSUs that vest in increments of 10%, 20%, 30%, and 40% at the end of years 1, 2, 3, and 4, respectively. The following tables summarize the RSU and restricted share activity for the fiscal year ended July 31, 2016:
Service-Based Restricted Shares and RSUs |  | Shares |  | Weighted Average Grant Date Fair Value
Balance as of July 31, 2015 |  | 677,454 |  |  | $ | 24.72 |
New grants |  | 173,394 |  |  | 20.07 |
Vested |  | (113,640 | ) |  | 24.97 |
Forfeited |  | (58,827 | ) |  | 23.81 |
Balance as of July 31, 2016 |  | 678,381 |  |  | $ | 23.57 |
The aggregate intrinsic value of unvested RSU's expected to vest at July 31, 2016, was $21,803. The total fair value of RSU's vested during the twelve months ended July 31, 2016 and 2015, was $2,797 and $805, respectively. The service-based RSUs granted during the fiscal year ended July 31, 2015, had a weighted-average grant-date fair value of $24.28.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration