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Defined Contribution Plans
12 Months Ended
Jul. 31, 2021
Retirement Benefits [Abstract]  
Defined Contribution Plans

Note 24—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 the maximum amount allowed by law. The plan provides for discretionary matching contributions that 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. On May 27, 2021, the Company contributed 35,839 newly issued shares of its Class B common stock to the Company’s 401(k) Plan for $1.0 million of matching contributions. In fiscal 2021 and fiscal 2020, the Company’s expense related to the plan was $0.8 million and $1.0 million, respectively. The Company’s Class A common stock and Class B common stock are not investment options for the plan’s participants.