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Stockholder's Investments (Tables) | 12 Months Ended
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Jul. 31, 2020
Equity [Abstract] |
Schedule of Capital Stock | Information as to the Company’s capital stock at July 31, 2020 and 2019 is as follows:
|  | July 31, 2020 |  |  |  |  |  | July 31, 2019 |  |  |  |
|  | 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 |
Schedule of Other Activity in Stockholders' Investment | The following is a summary of other activity in stockholders’ equity for the fiscal years ended July 31, 2020, 2019, and 2018:
|  | Deferred Compensation |  | Shares Held in Rabbi Trust, at cost |  | Total
Balances at July 31, 2017 |  | $ | 8,124 |  |  | $ | (8,124) |  |  | $ | — |
Shares at July 31, 2017 |  | 314,082 |  |  | 314,082 |  |  |
Sale of shares at cost |  | $ | (977) |  |  | $ | 977 |  |  | $ | — |
Purchase of shares at cost |  | 1,075 |  |  | (1,075) |  |  | — |
Balances at July 31, 2018 |  | $ | 8,222 |  |  | $ | (8,222) |  |  | $ | — |
Shares at July 31, 2018 |  | 299,916 |  |  | 299,916 |  |  |
Sale of shares at cost |  | $ | (928) |  |  | $ | 928 |  |  | $ | — |
Purchase of shares at cost |  | 1,212 |  |  | (1,212) |  |  | — |
Balances at July 31, 2019 |  | $ | 8,506 |  |  | $ | (8,506) |  |  | $ | — |
Shares at July 31, 2019 |  | 285,533 |  |  | 285,533 |  |  |
Sale of shares at cost |  | $ | (460) |  |  | $ | 460 |  |  | $ | — |
Purchase of shares at cost |  | 1,293 |  |  | (1,293) |  |  | — |
Balances at July 31, 2020 |  | $ | 9,339 |  |  | $ | (9,339) |  |  | $ | — |
Shares at July 31, 2020 |  | 292,329 |  |  | 292,329 |  |  |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
Black-Scholes Option Valuation Assumptions |  | 2020 |  | 2019 |  | 2018
Expected term (in years) |  | 6.20 |  | 6.20 |  | 6.07
Expected volatility |  | 26.07 | % |  | 26.05 | % |  | 28.19 | %
Expected dividend yield |  | 2.63 | % |  | 2.71 | % |  | 2.72 | %
Risk-free interest rate |  | 1.64 | % |  | 3.01 | % |  | 1.96 | %
Weighted-average market value of underlying stock at grant date |  | $ | 54.05 |  |  | $ | 43.96 |  |  | $ | 36.85 |
Weighted-average exercise price |  | $ | 54.05 |  |  | $ | 43.96 |  |  | $ | 36.85 |
Weighted-average fair value of options granted during the period |  | $ | 10.63 |  |  | $ | 9.70 |  |  | $ | 7.96 |
Summary of Stock Option Activity under Company's Share-Based Compensation Plans | for the fiscal year ended July 31, 2020:
Time-Based Options |  | Option Price |  |  |  | Options Outstanding |  | Weighted Average Exercise Price
Balance as of July 31, 2019 |  | $ | 19.96 |  | — | $43.98 |  | 1,594,716 |  |  | $ | 31.63 |
New grants |  | 54.05 |  |  |  | 247,297 |  |  | 54.05 |
Exercised |  | 19.96 |  | — | 43.98 |  | (556,143) |  |  | 27.21 |
Forfeited |  | 22.66 |  | — | 54.05 |  | (12,488) |  |  | 39.59 |
Balance as of July 31, 2020 |  | $ | 19.96 |  | — | $54.05 |  | 1,273,382 |  |  | $ | 37.84 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information about stock options outstanding at July 31, 2020:
|  | Options Outstanding |  |  |  |  |  | Options Outstanding and Exercisable |  |  |  |
Range of Exercise Prices |  | Number of Shares Outstanding at July 31, 2020 |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Shares Exercisable at July 31, 2020 |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price
$19.96 - $29.99 |  | 265,600 |  |  | 4.1 |  | $ | 22.07 |  |  | 265,600 |  |  | 4.1 |  | $ | 22.07 |
$30.00 - $39.99 |  | 519,870 |  |  | 6.2 |  | 35.36 |  |  | 433,576 |  |  | 6.0 |  | 35.07 |
$40.00 - $54.05 |  | 487,912 |  |  | 8.7 |  | 49.06 |  |  | 77,097 |  |  | 8.2 |  | 43.96 |
Total |  | 1,273,382 |  |  | 6.7 |  | $ | 37.84 |  |  | 776,273 |  |  | 5.5 |  | $ | 31.50 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following tables summarize the RSU activity for the fiscal year ended July 31, 2020:
Time-Based RSUs | Shares |  | Weighted Average Grant Date Fair Value
Balance as of July 31, 2019 | 188,638 |  |  | $ | 38.15 |
New grants | 76,358 |  |  | 53.38 |
Vested | (107,187) |  |  | 35.49 |
Forfeited | (2,849) |  |  | 43.73 |
Balance as of July 31, 2020 | 154,960 |  |  | $ | 47.39 |
The time-based RSUs granted during the fiscal year ended July 31, 2019, had a weighted-average grant-date fair value of $44.20. The total fair value of time-based RSUs vested during the years ended July 31, 2020 and 2019, was $9,776 and $9,859, respectively.
Performance-Based RSUs | Shares |  | Weighted Average Grant Date Fair Value
Balance as of July 31, 2019 | 158,410 |  |  | $ | 38.33 |
New grants (1) | 71,921 |  |  | 75.00 |
Vested | (87,928) |  |  | 32.03 |
Forfeited | (16,343) |  |  | 52.16 |
Balance as of July 31, 2020 | 126,060 |  |  | $ | 50.61 |
(1) Includes 32,975 shares resulting from the payout of performance-based RSUs granted in fiscal year 2018 due to achievement of performance metrics exceeding the target payout. The performance-based RSUs granted during the fiscal year ended July 31, 2020, had a weighted-average grant-date fair value determined by a third-party valuation involving the use of a Monte Carlo simulation. The performance-based RSUs granted during the fiscal year ended July 31, 2019, had a weighted-average grant-date fair value of $50.70. The aggregate intrinsic value of unvested time-based and performance-based RSUs outstanding at July 31, 2020 and 2019, and expected to vest, was $14,013 and $17,953, respectively.

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