Stockholders' Equity

12 Months Ended

Jul. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 11. Stockholders’ Equity

Share Repurchases

The Company’s Board of Directors has authorized the repurchase of up to 13.0 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 year ended July 31, 2023, the Company repurchased 2.5 million shares for $141.8 million. During the year ended July 31, 2022, the Company repurchased 2.9 million shares for $170.6 million. As of July 31, 2023, the Company had remaining authorization to repurchase 2.9 million shares under this plan.

Treasury stock share activity was as follows:

	Year Ended July 31,
	2023	2022
Balance as of beginning of year	29,089,612	26,620,560
Stock repurchases	2,485,000	2,900,000
Net issuance upon exercise of stock options	(941,837)	(360,448)
Issuance under compensation plans	(84,942)	(52,678)
Other activity	(19,137)	(17,822)
Balance as of end of year	30,528,696	29,089,612

Dividends Paid and Declared

Dividends paid were 94.0 cents and 89.0 cents per common share for the years ended July 31, 2023 and 2022, respectively. On July 28, 2023, the Company’s Board of Directors declared a cash dividend in the amount of 25.0 cents per common share, payable August 30, 2023, to stockholders of record as of August 15, 2023.