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Stockholder's Equity (Tables) | 12 Months Ended
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Jul. 31, 2021
Equity [Abstract] |
Schedule of Capital Stock | Information as to the Company’s capital stock at July 31, 2021 and 2020 is as follows:
|  | July 31, 2021 |  | July 31, 2020
|  | 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, 2021, 2020, and 2019:
|  | Deferred Compensation |  | Shares Held in Rabbi Trust, at cost |  | Total
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 |  |  |
Sale of shares at cost |  | $ | (277) |  |  | $ | 277 |  |  | $ | — |
Purchase of shares at cost |  | 1,472 |  |  | (1,472) |  |  | — |
Balances at July 31, 2021 |  | $ | 10,534 |  |  | $ | (10,534) |  |  | $ | — |
Shares at July 31, 2021 |  | 315,916 |  |  | 315,916 |  |  |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:
Black-Scholes Option Valuation Assumptions |  | 2021 |  | 2020 |  | 2019
Expected term (in years) |  | 6.21 |  | 6.20 |  | 6.20
Expected volatility |  | 30.71 | % |  | 26.07 | % |  | 26.05 | %
Expected dividend yield |  | 2.49 | % |  | 2.63 | % |  | 2.71 | %
Risk-free interest rate |  | 0.38 | % |  | 1.64 | % |  | 3.01 | %
Weighted-average market value of underlying stock at grant date |  | $ | 39.92 |  |  | $ | 54.05 |  |  | $ | 43.96 |
Weighted-average exercise price |  | $ | 39.92 |  |  | $ | 54.05 |  |  | $ | 43.96 |
Weighted-average fair value of options granted during the period |  | $ | 8.65 |  |  | $ | 10.63 |  |  | $ | 9.70 |
Summary of Stock Option Activity under Company's Share-Based Compensation Plans | The following is a summary of stock option activity for the fiscal year ended July 31, 2021:
Time-Based Options |  | Option Price |  | Options Outstanding |  | Weighted Average Exercise Price
Balance as of July 31, 2020 |  | $ | 19.96 |  | — | $54.05 |  | 1,273,382 |  |  | $ | 37.84 |
New grants |  | 39.92 |  | 303,052 |  |  | 39.92 |
Exercised |  | 19.96 |  | — | 54.05 |  | (77,272) |  |  | 32.07 |
Forfeited |  | 39.92 |  | — | 54.05 |  | (25,094) |  |  | 44.82 |
Balance as of July 31, 2021 |  | $ | 19.96 |  | — | $54.05 |  | 1,474,068 |  |  | $ | 38.45 |
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, 2021:
|  | Options Outstanding |  | Options Outstanding and Exercisable
Range of Exercise Prices |  | Number of Shares Outstanding at July 31, 2021 |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Shares Exercisable at July 31, 2021 |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price
$19.96 - $29.99 |  | 217,913 |  |  | 3.8 |  | $ | 20.87 |  |  | 217,913 |  |  | 3.8 |  | $ | 20.87 |
$30.00 - $39.99 |  | 789,608 |  |  | 6.6 |  | 37.05 |  |  | 501,997 |  |  | 5.2 |  | 35.40 |
$40.00 - $54.05 |  | 466,547 |  |  | 7.7 |  | 49.02 |  |  | 229,758 |  |  | 7.5 |  | 47.39 |
Total |  | 1,474,068 |  |  | 6.5 |  | $ | 38.45 |  |  | 949,668 |  |  | 5.4 |  | $ | 34.97 |
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, 2021:
Time-Based RSUs | Shares |  | Weighted Average Grant Date Fair Value
Balance as of July 31, 2020 | 154,960 |  |  | $ | 47.39 |
New grants | 79,811 |  |  | 40.82 |
Vested | (69,436) |  |  | 44.48 |
Forfeited | (8,869) |  |  | 46.14 |
Balance as of July 31, 2021 | 156,466 |  |  | $ | 45.40 |
The time-based RSUs granted during the fiscal year ended July 31, 2020 and 2019, had a weighted-average grant-date fair value of $53.38 and $44.20, respectively.
Performance-Based RSUs | Shares |  | Weighted Average Grant Date Fair Value
Balance as of July 31, 2020 | 126,060 |  |  | $ | 50.61 |
New grants (1) | 64,634 |  |  | 60.73 |
Vested (1) | (71,413) |  |  | 33.12 |
Balance as of July 31, 2021 | 119,281 |  |  | $ | 61.05 |
(1) Includes 23,805 shares resulting from the payout of performance-based RSUs granted in fiscal year 2018 due to the achievement of performance metrics exceeding the target payout.

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