Stock-Based Compensation (Tables)

12 Months Ended

Jul. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Valuation Assumption Used to Determine Fair Value of Stock-Based Compensation Awards

The fair value of these awards was determined using the following inputs:

	Year Ended July 31,
	2023		2022		2021
Risk-free interest rate	3.8% - 4.2%		1.2% - 1.8%		0.5% - 1.3%
Expected volatility	26.8% - 27.5%		26.0% - 27.0%		25.4% - 26.6%
Expected dividend yield	1.6	%	1.6	%	1.6	%
Expected life:
Director grants	8 years		8 years		8 years
Officer grants	7 years		7 years		8 years
Non-officer grants	7 years		7 years		7 years

Schedule of Stock Option Activity

Option activity was as follows:

	Options	Weighted Average Exercise Price
Balance outstanding as of July 31, 2020	6,533,979	$	42.44
Granted	1,004,631	46.61
Exercised	(1,030,938)	36.00
Expired/forfeited	(62,929)	49.95
Balance outstanding as of July 31, 2021	6,444,743	44.05
Granted	898,726	59.18
Exercised	(365,267)	37.02
Expired/forfeited	(51,041)	53.15
Balance outstanding as of July 31, 2022	6,927,161	46.32
Granted	920,816	51.35
Exercised	(1,006,602)	40.48
Expired/forfeited	(63,968)	53.47
Balance outstanding as of July 31, 2023	6,777,407	$	47.80

Schedule of Outstanding and Exercisable Options

Outstanding and exercisable stock options as of July 31, 2023 were as follows:

Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price
$28.00 to $37.99	672,703	2.3	$	29.24	672,703	2.3	$	29.24
$38.00 to $43.99	1,393,425	2.3	41.29		1,393,425	2.3	41.29
$44.00 to $49.99	1,452,757	5.9	45.96		1,162,081	5.5	45.93
$50.00 to $55.99	1,656,918	7.8	51.34		769,671	6.2	51.75
$56.00 and above	1,601,604	6.9	59.27		995,816	6.0	59.17
	6,777,407	5.5	$	47.80	4,993,696	4.4	$	45.93

Schedule of Status of Options that Contain Vesting Provisions

For the year ended July 31, 2023, activity for non-vested stock options that contain vesting provisions was as follows:

	Options	Weighted Average Grant Date Fair Value
Balance outstanding as of beginning of year	1,809,473	$	12.31
Granted	920,816	15.67
Vested	(895,862)	11.78
Forfeited	(50,716)	13.61
Balance outstanding as of end of year	1,783,711	$	14.27

Schedule of Performance Shares Activity

The weighted average grant date fair value related to the Company’s performance-based awards was as follows:

	Year Ended July 31,
	2023		2022		2021
Weighted average grant date fair value	$	50.89	$	59.40	$	46.06

Performance-based awards for non-vested activity were as follows:

	Performance Shares	Weighted Average Grant Date Fair Value
Balance outstanding as of July 31, 2022	188,206	$	52.20
Granted	113,100	50.89
Vested	(98,853)	46.06
Forfeited	(7,692)	54.76
Balance outstanding as of July 31, 2023	194,761	$	54.46