Shareholders' Equity

9 Months Ended

Apr. 30, 2019

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

The Company’s Board of Directors authorized the repurchase of up to 14.0 million shares of common stock under the Company's stock repurchase plan. This repurchase authorization is effective until terminated by the Board of Directors. During the nine months ended April 30, 2019, the Company repurchased 2.1 million shares for $104.4 million. As of April 30, 2019, the Company had remaining authorization to repurchase 2.4 million shares under this plan. On May 31, 2019, the Company's Board of Directors canceled the existing repurchase authorization and authorized a new purchase authorization of 13.0 million shares of common stock.

On May 31, 2019, the Company's Board of Directors declared a cash dividend in the amount of 21.0 cents per common share, payable June 28, 2019, to shareholders of record as of June 13, 2019.