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Stock-Based Compensation
 6 Months Ended
Jan. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recognizes stock-based compensation expense for all stock-based awards based on the grant date fair value of the award. Stock-based awards consist primarily of non-qualified stock options, performance-based awards, restricted stock awards and restricted stock units. Grants related to restricted stock awards and restricted stock units are immaterial.
Stock Options
The exercise price of options granted is equal to the market price of the Company’s common stock at the date of the grant. Options are generally exercisable for up to 10 years from the grant date and vest in equal increments over three years.
Stock option expense is as follows (in millions):
Three Months Ended
January 31,		Six Months Ended
January 31,
2021202020212020
Pretax compensation expense associated with stock options$2.3 $2.4 $7.4 $7.7 
Stock-based compensation expense is recognized using the fair value method for all stock option awards. The Company determines the fair value of these awards using the Black-Scholes option pricing model.
Stock option activity is as follows:
Options
Outstanding		Weighted
Average
Exercise Price
Outstanding as of July 31, 20206,533,979 $42.44 
Granted998,131 46.52 
Exercised(564,012)34.40 
Canceled/forfeited(23,049)50.18 
Outstanding as of January 31, 20216,945,049 $43.66 
Performance-Based Awards
Performance-based awards are payable in common stock and are based on a formula that measures Company performance over a three year period. These awards are settled after three years with payouts ranging from zero to 200% of the target award value depending on achievement.
Performance-based award expense is as follows (in millions):
Three Months Ended
January 31,		Six Months Ended
January 31,
2021202020212020
Pretax compensation expense associated with performance-based awards$1.2 $0.9 $2.1 $1.8 
Performance-based award activity is as follows:
Performance Shares
Outstanding		Weighted
Average Grant
Date Fair
Value
Non-vested at July 31, 2020198,200 $54.93 
Granted106,100 46.06 
Vested— — 
Canceled— — 
Non-vested at January 31, 2021304,300 $51.84