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Defined Contribution Plans
12 Months Ended
Jul. 31, 2020
Disclosure Text Block Supplement [Abstract]  
Defined Contribution Plans

Note 22—Defined Contribution Plans

 

The Company maintains a 401(k) Plan available to all employees meeting certain eligibility criteria. The plan permits participants to contribute up to 20% of their salary, not to exceed the limits established by the Internal Revenue Code. The plan provides for discretionary matching contributions of 50%, up to the first 6% of compensation. The discretionary matching contributions vest over the first five years of employment. The plan permits the discretionary matching contributions to be granted as of December 31 of each year. All contributions made by participants vest immediately into the participant’s account. In fiscal 2020 and fiscal 2019, the Company’s expense related to the plan was $1.0 million and $1.2 million, respectively. The Company’s Class A common stock and Class B common stock are not investment options for the plan’s participants.