Stockholders' Equity

9 Months Ended

Apr. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 10. Stockholders’ Equity

Share Repurchases

In November 2023, the Board of Directors authorized the repurchase of up to 12.0 million shares of common stock under the Company’s stock repurchase plan, replacing the Company’s previous stock repurchase plan dated May 31, 2019. This repurchase authorization is effective until terminated by the Board of Directors. During the nine months ended April 30, 2024, the Company repurchased 1.8 million shares for $114.0 million. During the nine months ended April 30, 2023, the Company repurchased 2.1 million shares for $119.3 million. As of April 30, 2024, the Company had remaining authorization to repurchase 11.4 million shares under the November 2023 stock repurchase plan.

Dividends

Dividends paid were 25.0 cents and 75.0 cents per common share for the three and nine months ended April 30, 2024 and were 23.0 cents and 69.0 cents per common share for the three and nine months ended April 30, 2023, respectively.

On May 31, 2024, the Company’s Board of Directors declared a cash dividend in the amount of 27.0 cents per common share, payable June 28, 2024, to shareholders of record as of June 17, 2024.