Leases

6 Months Ended

Jan. 31, 2023

Leases [Abstract]

Leases

Leases

The Company has operating leases principally for land, buildings and equipment, and has various finance leases for certain land and buildings expiring through 2035.

Certain of the Company’s leases include options to extend or terminate the leases, and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.

The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases.

The components of lease costs for the three and six-month periods ended January 31, 2023 and January 31, 2022 were as

follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2023		2022		2023		2022
Operating lease cost	$	7,584	$	6,908	$	14,463	$	13,216
Finance lease cost
Amortization of right-of-use assets	187		187		373		373
Interest on lease liabilities	100		120		205		245
Total lease cost	$	7,871	$	7,215	$	15,041	$	13,834

Other information related to leases was as follows:

	Six Months Ended January 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,405	$	13,193
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	12,464	$	11,598

Supplemental Balance Sheet Information	January 31, 2023		July 31, 2022
Operating leases:
Operating lease right-of-use assets	$	52,287	$	44,407
Operating lease liabilities:
Other current liabilities	$	11,490	$	9,406
Other long-term liabilities	40,716		34,830
Total operating lease liabilities	$	52,206	$	44,236
Finance leases:
Finance lease right-of-use assets	$	5,891	$	6,264
Finance lease liabilities:
Other current liabilities	$	976	$	1,215
Other long-term liabilities	3,111		3,476
Total finance lease liabilities	$	4,087	$	4,691

	January 31, 2023		July 31, 2022
Weighted-average remaining lease term:
Operating leases	9.3 years		10.2 years
Finance leases	4.1 years		4.4 years
Weighted-average discount rate:
Operating leases	4.6	%	3.6	%
Finance leases	9.4	%	9.2	%

Future minimum rental payments required under operating and finance leases as of January 31, 2023 were as follows:

	Operating Leases		Finance Leases
For the remainder of the fiscal year ending July 31, 2023	$	9,341	$	792
For the fiscal year ending July 31, 2024	15,697		1,059
For the fiscal year ending July 31, 2025	12,026		1,083
For the fiscal year ending July 31, 2026	8,301		1,107
For the fiscal year ending July 31, 2027	6,093		896
For the fiscal year ending July 31, 2028 and thereafter	20,155		58
Total future lease payments	71,613		4,995
Less: amount representing interest	(19,407)		(908)
Total reported lease liability	$	52,206	$	4,087

Leases

Leases

The Company has operating leases principally for land, buildings and equipment, and has various finance leases for certain land and buildings expiring through 2035.

Certain of the Company’s leases include options to extend or terminate the leases, and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.

The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases.

The components of lease costs for the three and six-month periods ended January 31, 2023 and January 31, 2022 were as

follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2023		2022		2023		2022
Operating lease cost	$	7,584	$	6,908	$	14,463	$	13,216
Finance lease cost
Amortization of right-of-use assets	187		187		373		373
Interest on lease liabilities	100		120		205		245
Total lease cost	$	7,871	$	7,215	$	15,041	$	13,834

Other information related to leases was as follows:

	Six Months Ended January 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,405	$	13,193
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	12,464	$	11,598

Supplemental Balance Sheet Information	January 31, 2023		July 31, 2022
Operating leases:
Operating lease right-of-use assets	$	52,287	$	44,407
Operating lease liabilities:
Other current liabilities	$	11,490	$	9,406
Other long-term liabilities	40,716		34,830
Total operating lease liabilities	$	52,206	$	44,236
Finance leases:
Finance lease right-of-use assets	$	5,891	$	6,264
Finance lease liabilities:
Other current liabilities	$	976	$	1,215
Other long-term liabilities	3,111		3,476
Total finance lease liabilities	$	4,087	$	4,691

	January 31, 2023		July 31, 2022
Weighted-average remaining lease term:
Operating leases	9.3 years		10.2 years
Finance leases	4.1 years		4.4 years
Weighted-average discount rate:
Operating leases	4.6	%	3.6	%
Finance leases	9.4	%	9.2	%

Future minimum rental payments required under operating and finance leases as of January 31, 2023 were as follows:

	Operating Leases		Finance Leases
For the remainder of the fiscal year ending July 31, 2023	$	9,341	$	792
For the fiscal year ending July 31, 2024	15,697		1,059
For the fiscal year ending July 31, 2025	12,026		1,083
For the fiscal year ending July 31, 2026	8,301		1,107
For the fiscal year ending July 31, 2027	6,093		896
For the fiscal year ending July 31, 2028 and thereafter	20,155		58
Total future lease payments	71,613		4,995
Less: amount representing interest	(19,407)		(908)
Total reported lease liability	$	52,206	$	4,087