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Leases | 12 Months Ended
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Jul. 31, 2021
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 ten years. As of July 31, 2021 and 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 fiscal year ended July 31, 2021. The following table summarizes lease expense recognized for the fiscal years ended July 31, 2021 and 2020:
| Consolidated Statements of Income Location |  | July 31, 2021 |  | July 31, 2020
Operating lease cost | Cost of goods sold |  | $ | 8,268 |  |  | $ | 9,197 |
Operating lease cost | Selling, general, and administrative expenses |  | 8,625 |  |  | 8,974 |
Lease expense of $19,984 was recognized in operating expenses for the year ended July 31, 2019. The following table summarizes the maturity of the Company's lease liabilities as of July 31, 2021:
Years ending July 31, | Operating Leases
2022 | $ | 18,865 |
2023 | 15,286 |
2024 | 8,445 |
2025 | 3,750 |
2026 | 1,602 |
Thereafter | 225 |
Total lease payments | $ | 48,173 |
Less: interest | (2,159) |
Present value of lease liabilities | $ | 46,014 |
The weighted average remaining lease terms and discount rates for the Company's operating leases as of July 31, 2021 and 2020 were as follows:
| July 31, 2021 |  | July 31, 2020
Weighted average remaining lease term (in years) | 3.0 |  | 3.5
Weighted average discount rate | 3.3 | % |  | 3.5 | %
Supplemental cash flow information related to the Company's operating leases for the fiscal years July 31, 2021 and 2020, were as follows:
| Twelve months ended July 31,
| 2021 |  | 2020
Operating cash outflows from operating leases | $ | 18,334 |  |  | $ | 17,123 |
Operating lease assets obtained in exchange for new operating lease liabilities | 16,522 |  |  | 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 Company evaluates right-of-use assets for impairment in the same manner as long-lived assets. No impairment charges were recorded during the year ended July 31, 2021. Refer to Note 3, "Other Intangible and Long-Lived Assets" for information regarding impairment charges recognized during the year ended July 31, 2020.

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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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