Defined Contribution Plans

12 Months Ended

Jul. 31, 2017

Defined Contribution Plans [Abstract]

Defined Contribution Plans

Note 23—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 2017, fiscal 2016 and fiscal 2015, the Company’s cost for contributions to the Plan was $1.2 million, $1.4 million and $1.3 million, respectively. In fiscal 2016 and fiscal 2015, the Company contributed 94,712 shares and 70,843 shares, respectively, of the Company’s Class B common stock to the Plan for matching contributions. The Company’s Class A common stock and Class B common stock are not investment options for the Plan’s participants.