Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2019

Share-based Arrangements with Employees and Nonemployees [Abstract]

Black-Scholes Option Valuation Assumptions

	Three months ended October 31,
Black-Scholes Option Valuation Assumptions	2019			2018
Expected term (in years)	6.20			6.20
Expected volatility	25.85		%	25.83		%
Expected dividend yield	2.63		%	2.71		%
Risk-free interest rate	1.64		%	3.01		%
Weighted-average market value of underlying stock at grant date	$	54.05		$	43.96
Weighted-average exercise price	$	54.05		$	43.96
Weighted-average fair value of options granted during the period	$	10.63		$	9.70

Summary of Stock Option Activity

Time-Based Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2019	1,594,716	$	31.63
New grants	247,297	54.05
Exercised	(381,698)	27.05
Forfeited or expired	(2,221)	40.25
Outstanding at October 31, 2019	1,458,094	$	36.62	7.2	$	28,976
Exercisable at October 31, 2019	933,905	$	30.59	6.0	$	24,192

Summary of RSU Activity

Time-Based RSUs	Shares		Weighted Average Grant Date  Fair Value
Outstanding at July 31, 2019	188,638		$	38.15
New grants	69,328		54.10
Vested	87,002		36.00
Forfeited	(454	)	40.43
Outstanding at October 31, 2019	344,514		$	45.72

Schedule of Nonvested Performance-based Units Activity [Table Text Block]

Performance-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2019	158,410		$	38.33
New grants	38,946		75.00
Vested	(87,928	)	32.03
Outstanding at October 31, 2019	109,428		$	50.79