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Leases, Codification Topic 842 | 12 Months Ended
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Jul. 31, 2020
Leases [Abstract] |
Lessee, Operating Leases | Leases The Company leases certain manufacturing facilities, warehouses and office space, computer equipment, and vehicles accounted for as operating leases. Lease terms typically range from one year to fifteen years. As of July 31, 2020, the Company did not have any finance leases. The Company evaluates right-of-use assets for impairment in the same manner as long-lived assets. Refer to Note 3, "Other Intangible and Long-Lived Assets" for information regarding impairment charges recognized during the fiscal year ended July 31, 2020. Short-term lease expense, variable lease expenses, and sublease income were immaterial to the Consolidated Statements of Income for the for the fiscal year ended July 31, 2020. The following table summarizes lease expense recognized for the fiscal year ended July 31, 2020:
| Consolidated Statements of Income Location |  | 2020
Operating lease cost | Cost of goods sold |  | $ | 9,197 |
Operating lease cost | Selling, general, and administrative expenses |  | 8,974 |
Lease expense of $19,984 and $15,938 was recognized in operating expenses for the years ended July 31, 2019 and 2018, respectively. The following table summarizes the maturity of the Company's lease liabilities as of July 31, 2020:
Years ended July 31, | Operating Leases
2021 | $ | 16,684 |
2022 | 14,703 |
2023 | 9,819 |
2024 | 5,677 |
2025 | 2,413 |
Thereafter | 955 |
Total lease payments | $ | 50,251 |
Less: interest | (2,965) |
Present value of lease liabilities | $ | 47,286 |
The weighted average remaining lease terms and discount rates for the Company's operating leases as of July 31, 2020 were as follows:
| July 31, 2020
Weighted average remaining lease term (in years) | 3.5
Weighted average discount rate | 3.5 | %
Supplemental cash flow information related to the Company's operating leases for the twelve months ended July 31, 2020, was as follows:
| Twelve months ended
| July 31, 2020
Operating cash outflows from operating leases | $ | 17,123 |
Operating lease assets obtained in exchange for new operating lease liabilities | 12,641 |
Operating lease assets obtained in exchange for new operating lease liabilities include $9,769 of operating lease assets related to leases that commenced on August 1, 2019, which were included in the adoption impact of the new lease accounting standard. The following table summarizes future minimum lease payments under operating leases as of July 31, 2019:
Years ended July 31, | Operating Leases
2020 | $ | 18,450 |
2021 | 16,132 |
2022 | 13,439 |
2023 | 10,065 |
2024 | 5,656 |
Thereafter | 3,502 |
Total future minimum lease payments | $ | 67,244 |
Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to the Company's operating leases for the twelve months ended July 31, 2020, was as follows:
| Twelve months ended
| July 31, 2020
Operating cash outflows from operating leases | $ | 17,123 |
Operating lease assets obtained in exchange for new operating lease liabilities | 12,641 |

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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -URI http://asc.fasb.org/topic&trid=2134446 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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