Copart (CPRT) 10-Q 28 May 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Apr. 30, 2020	May 26, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2020
Document Transition Report	false
Entity Registrant Name	COPART, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	000-23255
Entity Tax Identification Number	94-2867490
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	391-5000
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	CPRT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller reporting company	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000900075
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		234,777,526

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2020	Jul. 31, 2019
Current assets:
Cash and cash equivalents	$ 306,387	$ 186,319
Accounts receivable, net	346,244	367,265
Vehicle pooling costs	75,357	76,548
Inventories	19,809	20,941
Income taxes receivable	31,578	19,526
Prepaid expenses and other assets	14,777	16,568
Total current assets	794,152	687,167
Property and equipment, net	1,838,297	1,427,726
Operating lease right-of-use assets	106,634	0
Intangibles, net	48,671	55,156
Goodwill	338,039	333,321
Deferred income taxes	310	411
Other assets	35,480	43,836
Total assets	3,161,583	2,547,617
Current liabilities:
Accounts payable and accrued liabilities	250,841	270,918
Deferred revenue	7,884	6,466
Income taxes payable	905	3,482
Current portion of operating lease liabilities	23,395	0
Current portion of finance lease liabilities	3,543	1,138
Total current liabilities	286,568	282,004
Deferred income taxes	57,724	48,683
Income taxes payable	46,795	35,116
Operating lease liabilities, net of current portion	85,698	0
Long-term debt and finance lease liabilities, net of discount	403,653	400,091
Other liabilities	134	3,342
Total liabilities	880,572	769,236
Commitments and contingencies
Stockholders’ equity:
Preferred stock: $0.0001 par value - 5,000,000 shares authorized; none issued	0	0
Common stock: $0.0001 par value - 400,000,000 shares authorized; 234,701,014 and 229,790,268 shares issued and outstanding, respectively.	23	23
Additional paid-in capital	646,331	572,559
Accumulated other comprehensive loss	(138,923)	(132,529)
Retained earnings	1,773,580	1,338,328
Total stockholders’ equity	2,281,011	1,778,381
Total liabilities and stockholders’ equity	$ 3,161,583	$ 2,547,617

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 30, 2020	Jul. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	234,701,014	229,790,268
Common stock, shares outstanding	234,701,014	229,790,268

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Service revenues and vehicle sales:	$ 550,360	$ 553,116	$ 1,679,924	$ 1,499,382
Operating Costs and Expenses	355,259	345,622	1,069,540	975,709
Operating expenses:
Yard operations	253,760	230,553	751,902	653,707
Cost of vehicle sales	53,987	70,984	170,651	189,952
General and administrative	47,512	44,085	146,987	132,050
Total operating expenses	355,259	345,622	1,069,540	975,709
Other expense:
Interest expense	(5,803)	(5,324)	(15,328)	(15,208)
Interest income	225	240	1,260	1,878
Other income, net	2,277	1,719	2,640	7,538
Total other expense	(3,301)	(3,365)	(11,428)	(5,792)
Operating income	195,101	207,494	610,384	523,673
Income before income taxes	191,800	204,129	598,956	517,881
Income tax expense	(44,313)	(11,388)	(64,582)	(79,684)
Net income	$ 147,487	$ 192,741	$ 534,374	$ 438,197
Basic net income per common share	$ 0.63	$ 0.85	$ 2.30	$ 1.90
Weighted average common shares outstanding	234,133	227,984	232,647	230,922
Diluted net income per common share	$ 0.62	$ 0.81	$ 2.24	$ 1.82
Diluted weighted average common shares outstanding	238,591	237,892	238,564	241,158
Service revenues
Service revenues and vehicle sales:	$ 491,582	$ 473,682	$ 1,489,472	$ 1,285,295
Vehicle sales
Service revenues and vehicle sales:	$ 58,778	$ 79,434	$ 190,452	$ 214,087

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 147,487	$ 192,741	$ 534,374	$ 438,197
Other comprehensive income:
Foreign currency translation adjustments	(19,053)	(5,968)	(6,394)	(5,263)
Comprehensive income, net of tax:
Comprehensive income	$ 128,434	$ 186,773	$ 527,980	$ 432,934

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balances (in shares)		233,898,841
Stockholders' Equity Attributable to Parent	$ 1,581,099	$ 23	$ 526,858	$ (107,928)	$ 1,162,146
Net Income	114,083				114,083
Currency Translation Adjustment	(7,718)			(7,718)
Stockholders' Equity, Period Increase (Decrease)	(22,954)				(22,954)
Options Exercised		109,321
Exercise of stock options, net of repurchased shares	1,227		1,229
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation					(2)
Stock-based compensation	6,021		6,021
Net Income	438,197
Balances (in shares)		234,008,162
Stockholders' Equity Attributable to Parent	1,671,758	$ 23	534,108	(115,646)	1,253,273
Net Income	131,373				131,373
Currency Translation Adjustment	8,423			8,423
Options Exercised		241,896
Exercise of stock options, net of repurchased shares	3,966		3,991
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation					(25)
Stock-based compensation	5,929		5,929
Shares issued for Employee Stock Purchase Plan (in shares)		86,208
Shares issued for Employee Stock Purchase Plan	3,501		3,501
Stock Repurchased During Period, Shares		(7,635,596)
Stock Repurchased During Period, Value	(364,997)		(17,427)		(347,570)
Balances (in shares)		226,700,670
Stockholders' Equity Attributable to Parent	1,459,953	$ 23	530,102	(107,223)	1,037,051
Net Income	192,741				192,741
Currency Translation Adjustment	(5,968)			(5,968)
Options Exercised		2,112,977
Exercise of stock options, net of repurchased shares	(33,524)		10,143
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation					(43,667)
Stock-based compensation	5,650		5,650
Balances (in shares)		228,813,647
Stockholders' Equity Attributable to Parent	1,618,852	$ 23	545,895	(113,191)	1,186,125
Balances (in shares)		229,790,268
Stockholders' Equity Attributable to Parent	1,778,381	$ 23	572,559	(132,529)	1,338,328
Net Income	218,180				218,180
Currency Translation Adjustment	13,239			13,239
Options Exercised		2,643,310
Exercise of stock options, net of repurchased shares	(88,734)		9,551
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation					(98,285)
Stock-based compensation	5,533		5,533
Net Income	$ 534,374
Options Exercised	6,898,000
Balances (in shares)		232,433,578
Stockholders' Equity Attributable to Parent	$ 1,926,599	$ 23	587,643	(119,290)	1,458,223
Net Income	168,707				168,707
Currency Translation Adjustment	(580)			(580)
Options Exercised		1,141,040
Exercise of stock options, net of repurchased shares	19,907		19,975
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation					(68)
Stock-based compensation	6,141		6,141
Shares issued for Employee Stock Purchase Plan (in shares)		62,067
Shares issued for Employee Stock Purchase Plan	3,955		3,955
Balances (in shares)		233,636,685
Stockholders' Equity Attributable to Parent	2,124,729	$ 23	617,714	(119,870)	1,626,862
Net Income	147,487				147,487
Currency Translation Adjustment	(19,053)			(19,053)
Options Exercised		1,064,329
Exercise of stock options, net of repurchased shares	22,293		23,062
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation					(769)
Stock-based compensation	5,555		5,555
Balances (in shares)		234,701,014
Stockholders' Equity Attributable to Parent	$ 2,281,011	$ 23	$ 646,331	$ (138,923)	$ 1,773,580

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Statement of Cash Flows [Abstract]
Net Income (Loss) Attributable to Parent	$ 534,374	$ 438,197
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost	76,756	63,709
Allowance for doubtful accounts	1,332	341
Equity in losses (earnings) of unconsolidated affiliates	1,918	(1,852)
Stock-based compensation	17,229	17,600
Gain on sale of property and equipment	(1,745)	(3,753)
Deferred income taxes	9,265	14,583
Changes in operating assets and liabilities:
Accounts receivable	19,102	(69,920)
Vehicle pooling costs	661	(15,026)
Inventories	1,209	(5,721)
Prepaid expenses and other current and non-current assets	6,268	(8,605)
Operating lease right-of-use assets and lease liabilities	221	0
Accounts payable and accrued liabilities	(15,636)	17,747
Deferred revenue	1,365	3,512
Income taxes receivable	(12,076)	(3,578)
Income taxes payable	9,168	7,304
Other liabilities	1,999	(1,042)
Net Cash Provided by (Used in) Operating Activities	650,968	453,496
Cash flows from investing activities:
Purchases of property and equipment	(487,730)	(259,336)
Proceeds from sale of property and equipment	2,153	17,928
Payments to Acquire Businesses, Net of Cash Acquired	3,268	745
Net Cash Provided by (Used in) Investing Activities	(488,845)	(242,153)
Cash flows from financing activities:
Proceeds from the exercise of stock options	55,656	17,261
Proceeds from the issuance of Employee Stock Purchase Plan shares	3,955	3,501
Repurchases of common stock	0	(364,997)
Payments for employee stock-based tax withholdings	102,191	45,594
Proceeds from (Repayments of) Lines of Credit	0	7,000
Net Cash Provided by (Used in) Financing Activities	(42,580)	(382,829)
Effect of foreign currency translation	525	(208)
Net increase (decrease) in cash and cash equivalents	120,068	(171,694)
Cash and cash equivalents at beginning of period	186,319	274,520
Cash and cash equivalents at end of period	306,387	102,826
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	14,514	14,700
Income taxes paid, net of refunds	$ 59,302	$ 60,926

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	Apr. 30, 2020
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	NOTE 1 – Summary of Significant Accounting Policies Basis of Presentation and Description of Business Copart, Inc. (“the Company”) provides vehicle sellers with a full range of services to process and sell vehicles over the internet through the Company’s Virtual Bidding Third Generation (“VB3”) internet auction-style sales technology. Sellers are primarily insurance companies but also include banks, finance companies, charities, fleet operators, dealers and vehicles sourced directly from individual owners. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, and exporters; however, at certain locations, the Company sells directly to the general public. The majority of vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers a full range of services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price through the online auction process. In the United States (“U.S.”), Canada, Brazil, the Republic of Ireland, Finland, the United Arab Emirates (“U.A.E.”), Oman, and Bahrain, the Company sells vehicles primarily as an agent and derives revenue primarily from auction and auction related sales transaction fees charged for vehicle remarketing services as well as fees for services subsequent to the auction, such as delivery and storage. In the United Kingdom (“U.K.”), Germany, and Spain, the Company operates both as an agent and on a principal basis, in some cases purchasing salvage vehicles outright and reselling the vehicles for its own account. In Germany and Spain, the Company also derives revenue from listing vehicles on behalf of insurance companies and insurance experts to determine the vehicle’s residual value and/or to facilitate a sale for the insured. Principles of Consolidation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments of a normal recurring nature considered necessary for fair presentation of its financial position as of April 30, 2020 and July 31, 2019, its consolidated statements of income, comprehensive income and stockholders’ equity for the three and nine months ended April 30, 2020 and 2019, and its cash flows for the nine months ended April 30, 2020 and 2019. Interim results for the three and nine months ended April 30, 2020 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2020. These consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2019. Certain prior year amounts have been reclassified to conform to current year presentation. The consolidated financial statements of the Company include the accounts of the parent company and its wholly-owned subsidiaries. Significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates include, but are not limited to, vehicle pooling costs; income taxes; stock-based compensation; purchase price allocations; and contingencies. Actual results could differ from these estimates. Revenue Recognition The Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. Service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. Costs to prepare the vehicles for auction, including inbound transportation costs and titling fees, are deferred and recognized at the time of revenue recognition at auction. There were no contract liabilities on the consolidated balance sheets at April 30, 2020 and July 31, 2019. The Company’s disaggregation between service revenues and vehicle sales at the segment level reflects how the nature, timing, amount and uncertainty of its revenues and cash flows are impacted by economic factors. The Company reports sales taxes on relevant transactions on a net basis in the Company’s consolidated results of operations, and therefore does not include sales taxes in revenues or costs. Service revenues The Company’s service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services. Within this revenue category, the Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. These auction and auction related services may include a combination of vehicle purchasing fees, vehicle listing fees, and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price, tiered vehicle sales price driven fees, or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle; transportation fees for the cost of transporting the vehicle to or from the Company’s facility; title processing and preparation fees; vehicle storage fees; bidding fees; and vehicle loading fees. These services are not distinct within the context of the contract. Accordingly, revenue for these services is recognized when the single performance obligation is satisfied at the completion of the auction process. The Company does not take ownership of these consigned vehicles, which are stored at the Company’s facilities located throughout the U.S. and at its international locations. These fees are recognized as net revenue (not gross vehicle selling price) at the time of auction in the amount of such fees charged. The Company has a separate performance obligation related to providing access to its online auction platform as the Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. This fee is recognized ratably over the term of the arrangement, generally one year, as each day of access to the online auction platform represents the best depiction of the transfer of the service. No provision for returns has been established, as all sales are final with no right of return or warranty, although the Company provides for bad debt expense in the case of non-performance by its buyers or sellers. Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2020 2019 2020 2019 Service revenues United States $ 431,875 $ 416,874 $ 1,310,023 $ 1,122,470 International 59,707 56,808 179,449 162,825 Total service revenues $ 491,582 $ 473,682 $ 1,489,472 $ 1,285,295 Vehicle sales Certain vehicles are purchased and remarketed on the Company’s own behalf. The Company has a single performance obligation related to the sale of these vehicles, which is the completion of the online auction process. Vehicle sales revenue is recognized on the auction date. As the Company acts as a principal in vehicle sales transactions, the gross sales price at auction is recorded as revenue. Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2020 2019 2020 2019 Vehicle sales United States $ 35,323 $ 31,325 $ 104,076 $ 87,010 International 23,455 48,109 86,376 127,077 Total vehicle sales $ 58,778 $ 79,434 $ 190,452 $ 214,087 Contract assets The Company capitalizes certain contract assets related to obtaining a contract, where the amortization period for the related asset is greater than one year. These assets are amortized over the expected life of the customer relationship. Contract assets are classified as current or long-term other assets, based on the timing of when the Company expects to recognize the related revenues and are amortized as an offset to the associated revenues on a straight-line basis. The Company assesses these costs for impairment at least quarterly and as “triggering” events occur that indicate it is more likely than not that an impairment exists. The contract asset costs where the amortization period for the related asset is one year or less are expensed as incurred and recorded within general and administrative expenses in the accompanying statements of income. The change in the carrying amount of contract assets was as follows (In thousands): Balance as of July 31, 2019 $ 10,574 Capitalized contract assets during the period 2,875 Costs amortized during the period (2,557) Effect of foreign currency exchange rates (156) Balance as of April 30, 2020 $ 10,736 Vehicle Pooling Costs The Company defers costs that relate directly to the fulfillment of its contracts associated with vehicles consigned to and received by the Company, but not sold as of the end of the period. The Company quantifies the deferred costs using a calculation that includes the number of vehicles at its facilities at the beginning and end of the period, the number of vehicles sold during the period and an allocation of certain yard operation costs of the period. The primary expenses allocated and deferred are inbound transportation costs, titling fees, certain facility costs, labor, and vehicle processing. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed into yard operations expenses as vehicles are sold in subsequent periods on an average cost basis. Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The Canadian dollar, British pound, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, Bahraini dinar, and Indian rupee are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary’s operations are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary’s financial statements are reported in other comprehensive income. The cumulative effects of foreign currency exchange rate fluctuations were as follows (In thousands): Cumulative loss on foreign currency translation as of July 31, 2018 $ (107,928) Loss on foreign currency translation (24,601) Cumulative loss on foreign currency translation as of July 31, 2019 $ (132,529) Loss on foreign currency translation (6,394) Cumulative loss on foreign currency translation as of April 30, 2020 $ (138,923) Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in U.S. GAAP. In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , as amended by Accounting Standards Update (“ASU”) 2011-04, the Company considers fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants under current market conditions. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: Level I Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level II Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level III Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate. The amounts recorded for financial instruments in the Company’s consolidated financial statements, which included cash, accounts receivable, accounts payable, accrued liabilities, and Revolving Loan Facility approximated their fair values as of April 30, 2020 and July 31, 2019, due to the short-term nature of those instruments, and are classified within Level II of the fair value hierarchy. Cash equivalents are classified within Level II of the fair value hierarchy because they are valued using quoted market prices of the underlying investments. See Note 6 – Long-Term Debt and Note 7 – Fair Value Measures . Income Taxes and Deferred Tax Assets Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax basis, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company considers the need to maintain a valuation allowance on deferred tax assets based on an assessment of whether it is more likely than not that the Company would realize those deferred tax assets based on future reversals of existing taxable temporary differences and the ability to generate sufficient taxable income within the carryforward period available under the applicable tax law. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Excess tax benefits and deficiencies related to exercises of stock options are recognized as expense or benefit in the consolidated statements of income as discrete items in the reporting period in which they occur. The Company files annual income tax returns in multiple taxing jurisdictions. A number of years may elapse before an uncertain tax position is audited by the relevant tax authorities and finally resolved. The Company recognizes and measures uncertain tax positions in accordance with ASC 740, Income Taxes , pursuant to which the Company only recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. ASC 740 further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the quarter in which such change occurs. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company believes that its reserves for income taxes reflect the most likely outcome. The Company adjusts these reserves, as well as the related interest, where appropriate in light of changing facts and circumstances. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents include cash held in checking, domestic certificates of deposit, and money market accounts. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company’s cash and cash equivalents are placed with high credit quality financial institutions. Segments and Other Geographic Reporting The Company’s U.S. and International regions are considered two separate operating segments and are disclosed as two reportable segments. The segments represent geographic areas and reflect how the chief operating decision maker allocates resources and measures results, including total revenues and operating income. Capitalized Software Costs The Company capitalizes system development costs and website development costs related to the enterprise computing services during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three to seven years. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that impact the recoverability of these assets. Total gross capitalized software as of April 30, 2020 and July 31, 2019 was $49.0 million and $39.4 million, respectively. Accumulated amortization expense related to software as of April 30, 2020 and July 31, 2019 totaled $30.7 million and $23.6 million, respectively. Acquisitions The Company recognizes and measures identifiable assets acquired and liabilities assumed in acquired entities in accordance with ASC 805, Business Combinations . The allocation of the purchase consideration for acquisitions can require extensive use of accounting estimates and judgments to allocate the purchase consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. Critical estimates in valuing certain identifiable assets include but are not limited to expected long-term revenues; future expected operating expenses; cost of capital; appropriate attrition; and discount rates.

Accounts Receivable, net

Accounts Receivable, net	9 Months Ended
	Apr. 30, 2020
Accounts Receivable [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	NOTE 2 — Accounts Receivable, Net Accounts receivable, net consisted of: (In thousands) April 30, 2020 July 31, 2019 Advance charges receivable $ 270,289 $ 280,835 Trade accounts receivable 79,078 89,274 Other receivables 2,898 2,098 352,265 372,207 Less: Allowance for doubtful accounts (6,021) (4,942) Accounts receivable, net $ 346,244 $ 367,265 Advance charges receivable represents amounts paid to third parties on behalf of insurance companies for which the Company will be reimbursed when the vehicle is sold. As advance charges are recovered within one year, the Company has not adjusted the amount of consideration received from the customer for a significant financing component. Trade accounts receivable includes fees and gross auction proceeds to be collected from insurance companies and buyers.

Property and Equipment, Net Pro

Property and Equipment, Net Property and Equipment, Net	9 Months Ended
	Apr. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	NOTE 3 — Property and Equipment, Net Property and equipment, net consisted of the following: (In thousands) April 30, 2020 July 31, 2019 Land $ 1,149,026 $ 939,817 Buildings and improvements 902,420 686,615 Transportation and other equipment 268,780 236,282 Office furniture and equipment 68,074 63,200 Software 49,032 39,434 2,437,332 1,965,348 Less: Accumulated depreciation and amortization (599,035) (537,622) Property and equipment, net $ 1,838,297 $ 1,427,726 Depreciation expense on property and equipment was $24.5 million and $18.6 million for the three months ended April 30, 2020 and 2019, respectively, and $67.0 million and $55.3 million for the nine months ended April 30, 2020 and 2019, respectively.

Leases

Leases	9 Months Ended
	Apr. 30, 2020
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	NOTE 4 – Leases The Company has both lessee and lessor arrangements. The Company determines whether a contract is or contains a lease at the inception of the contract or at any subsequent modification. A contract will be deemed to be or contain a lease if the contract conveys the right to control and direct the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from the use of the property, plant, and equipment. Depending on the terms, leases are classified as either operating or finance leases if the Company is the lessee, or as operating, sales-type, or direct financing leases if the Company is the lessor. Certain of the Company’s lessee and lessor leases have renewal options to extend the leases for additional periods at the Company’s discretion. Leases - Lessee The Company leases certain facilities and certain equipment under non-cancelable finance and operating leases, which are recorded as right-of-use assets and lease liabilities. Certain leases provide the Company with either a right of first refusal to acquire or an option to purchase a facility at fair value. Certain leases also contain escalation clauses and renewal option clauses calling for increased rents. Where a lease contains an escalation clause or a concession, such as a rent holiday or tenant improvement allowance, the Company includes these items in the determination of the right-of-use asset and the lease liabilities. The effects of these escalation clauses or concessions have been reflected in lease expense on a straight-line basis over the expected lease term and any variable lease payments subsequent to establishing the lease liability are expensed as incurred. The lease term commences on the date when the Company has the right to control the use of the leased property, which is typically before lease payments are due under the terms of the lease. Certain of the Company’s leases have renewal periods up to 40 years, exercisable at the Company’s option, and generally require the Company to pay property taxes, insurance, and maintenance costs, in addition to the lease payments. At lease inception, the Company includes all renewals or option periods that are reasonably certain to exercise when determining the expected lease term, as failure to renew the lease would impose an economic penalty. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the expected lease term. To determine the present value of lease payments not yet paid, the Company estimates incremental borrowing rates based on the information available at lease commencement date, as rates are not implicitly stated in the Company’s leases. Components of lease expense were as follows (In thousands): Three Months Ended Nine Months Ended Operating lease expense $ 8,755 $ 24,437 Finance lease expense: Amortization of right-of-use assets 341 653 Interest on finance lease liabilities 37 51 Short-term lease expense 3,784 7,076 Variable lease expense 382 1,201 Total lease expense $ 13,299 $ 33,418 The components of right-of-use assets and lease liabilities on the consolidated balance sheet were as follows: Lease Asset and Liabilities Balance Sheet Classification (In thousands) April 30, 2020 Operating lease right-of-use assets Operating lease right-of-use assets $ 106,634 Finance lease right-of-use assets Property and equipment, net 8,128 Total lease assets, net $ 114,762 Operating lease liabilities - current Current portion of operating lease liabilities $ 23,395 Finance lease liabilities - current Current portion of finance lease liabilities 3,543 Operating lease liabilities - non-current Operating lease liabilities, net of current portion 85,698 Finance lease liabilities - non-current Long-term debt and finance lease liabilities, net of discount 4,496 Total lease liabilities $ 117,132 The weighted-average remaining lease terms and discount rates as of April 30, 2020 were as follows: Weighted-Average Remaining Lease Term (In years) Weighted-Average Discount Rate (1) Operating leases 9.04 3.04 % Finance leases 5.15 3.57 % (1) The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s corporate credit rating for a secured or collateralized instrument. Supplemental cash flow information related to leases as of April 30, 2020 were as follows (In thousands): Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 22,035 Operating cash flows related to finance leases 46 Financing cash flows related to finance leases 748 Right-of-use assets obtained in exchange for new operating lease liabilities 25,301 Right-of-use assets obtained in exchange for new finance lease liabilities 7,053 The annual maturities of the Company’s lease liabilities as of April 30, 2020 were as follows: Fiscal year (In thousands) Finance leases Operating leases 2020 (remaining three months) $ 581 $ 6,992 2021 3,474 24,650 2022 1,036 19,976 2023 544 16,950 2024 558 12,608 Thereafter 2,738 46,668 Total future lease commitments $ 8,931 $ 127,844 Less: imputed interest (892) (18,751) Present value of lease liabilities $ 8,039 $ 109,093 Leases - Lessor The Company’s lessor arrangements include certain facilities and various land locations, of which each qualifies as an operating lease. Certain leases also contain escalation clauses and renewal option clauses calling for increased rents. Where a lease contains an escalation clause or a concession, such as a rent holiday or tenant improvement allowance, the Company includes these items in the determination of the straight-line rental income. The effects of these escalation clauses or concessions have been reflected in lease payments receivable on a straight-line basis over the expected lease term and any variable lease income subsequent to establishing the receivable will be recognized as earned. Future lease payments receivable under operating leases with terms greater than one year as of April 30, 2020 were as follows: Fiscal year (In thousands) Operating leases 2020 (remaining three months) $ 1,808 2021 7,028 2022 5,691 2023 4,842 2024 4,904 Thereafter 21,888 Total future lease payments receivable $ 46,161

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Apr. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 5 – Goodwill and Intangible Assets The following table sets forth amortizable intangible assets by major asset class: (In thousands) April 30, 2020 July 31, 2019 Amortized intangibles: Supply contracts and customer relationships $ 49,455 $ 49,109 Trade names 23,477 23,501 Licenses and databases 7,817 7,688 Accumulated amortization (32,078) (25,142) Net intangibles $ 48,671 $ 55,156 Aggregate amortization expense on amortizable intangible assets was $2.2 million and $2.5 million for the three months ended April 30, 2020 and 2019, respectively, and $7.0 million and $8.0 million for the nine months ended April 30, 2020 and 2019, respectively. The change in the carrying amount of goodwill was as follows (In thousands): Balance as of July 31, 2019 $ 333,321 Acquisitions during the period 3,672 Effect of foreign currency exchange rates 1,046 Balance as of April 30, 2020 $ 338,039

Long-Term Debt

Long-Term Debt	9 Months Ended
	Apr. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 6 – Long-Term Debt Credit Agreement On December 3, 2014, the Company entered into a Credit Agreement (as amended from time to time, the “Credit Amendment”) with Wells Fargo Bank, National Association, as administrative agent, and Bank of America, N.A., as syndication agent. The Credit Agreement provided for (a) a secured revolving loan facility in an aggregate principal amount of up to $300.0 million (the “Revolving Loan Facility”), and (b) a secured term loan facility in an aggregate principal amount of $300.0 million (the “Term Loan”), which was fully drawn at closing. The Term Loan amortized $18.8 million per quarter. On March 15, 2016, the Company entered into a First Amendment to Credit Agreement (the “Amendment to Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent and Bank of America, N.A. The Amendment to Credit Agreement amended certain terms of the Credit Agreement, dated as of December 3, 2014. The Amendment to Credit Agreement provided for (a) an increase in the secured revolving credit commitments by $50.0 million, bringing the aggregate principal amount of the revolving credit commitments under the Credit Agreement to $350.0 million, (b) a new secured term loan (the “Incremental Term Loan”) in the aggregate principal amount of $93.8 million having a maturity date of March 15, 2021, and (c) an extension of the termination date of the Revolving Loan Facility and the maturity date of the Term Loan from December 3, 2019 to March 15, 2021. The Amendment to Credit Agreement extended the amortization period for the Term Loan and decreased the quarterly amortization payments for that loan to $7.5 million per quarter. The Amendment to Credit Agreement additionally reduced the pricing levels under the Credit Agreement to a range of 0.15% to 0.30% in the case of the commitment fee, 1.125% to 2.0% in the case of the applicable margin for LIBOR loans, and 0.125% to 1.0% in the case of the applicable margin for base rate loans, based on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter. The Company borrowed the entire $93.8 million principal amount of the Incremental Term Loan concurrent with the closing of the Amendment to Credit Agreement. On July 21, 2016, the Company entered into a Second Amendment to Credit Agreement (the “Second Amendment to Credit Agreement”) with Wells Fargo Bank, National Association, SunTrust Bank, and Bank of America, N.A., as administrative agent (as successor in interest to Wells Fargo Bank). The Second Amendment to Credit Agreement amends certain terms of the Credit Agreement, dated as of December 3, 2014 as amended by the Amendment to Credit Agreement, dated as of March 15, 2016. The Second Amendment to Credit Agreement provides for, among other things, (a) an increase in the secured revolving credit commitments by $500.0 million, bringing the aggregate principal amount of the revolving credit commitments under the Credit Agreement to $850.0 million, (b) the repayment of existing term loans outstanding under the Credit Agreement, (c) an extension of the termination date of the revolving credit facility under the Credit Agreement from March 15, 2021 to July 21, 2021, and (d) increased covenant flexibility. Concurrent with the closing of the Second Amendment to Credit Agreement, the Company prepaid in full the outstanding $242.5 million principal amount of the Term Loan and Incremental Term Loan under the Credit Agreement without premium or penalty. The Second Amendment to Credit Agreement reduced the pricing levels under the Credit Agreement to a range of 0.125% to 0.20% in the case of the commitment fee, 1.00% to 1.75% in the case of the applicable margin for LIBOR loans, and 0.0% to 0.75% in the case of the applicable margin for base rate loans, in each case depending on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter. The principal purposes of these financing transactions were to increase the size and availability under the Company’s Revolving Loan Facility and to provide additional long-term financing. The proceeds are being used for general corporate purposes, including working capital and capital expenditures, potential share repurchases, acquisitions, or other investments relating to the Company’s expansion strategies in domestic and international markets. The Revolving Loan Facility under the Credit Agreement bears interest, at the election of the Company, at either (a) the Base Rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the Prime Rate in effect on such day; (ii) the Federal Funds Rate in effect on such date plus 0.50%; or (iii) the LIBOR rate plus 1.0%, in each case plus an applicable margin ranging from 0.0% to 0.75% based on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter; or (b) the LIBOR rate plus an applicable margin ranging from 1.00% to 1.75% depending on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter. Interest is due and payable quarterly, in arrears, for loans bearing interest at the Base Rate, and at the end of an interest period (or at each three month interval in the case of loans with interest periods greater than three months) in the case of loans bearing interest at the LIBOR rate. The interest rate as of April 30, 2020 on the Company’s Revolving Loan Facility was the LIBOR Rate of 0.33% plus an applicable margin of 1.00%. The carrying amount of the Credit Agreement is comprised of borrowings under which interest accrues under a fluctuating interest rate structure. Accordingly, the carrying value approximated fair value at April 30, 2020, and was classified within Level II of the fair value hierarchy. Amounts borrowed under the Revolving Loan Facility may be repaid and reborrowed until the maturity date of July 21, 2021. The Company is obligated to pay a commitment fee on the unused portion of the Revolving Loan Facility. The commitment fee rate ranges from 0.125% to 0.20%, depending on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter, on the average daily unused portion of the revolving credit commitment under the Credit Agreement. The Company had no outstanding borrowings under the Revolving Loan Facility as of April 30, 2020 and July 31, 2019. The Company’s obligations under the Credit Agreement are guaranteed by certain of the Company’s domestic subsidiaries meeting materiality thresholds set forth in the Credit Agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and the assets of the subsidiary guarantors pursuant to a Security Agreement as part of the Second Amendment to Credit Agreement, dated July 21, 2016, among the Company, the subsidiary guarantors from time to time party thereto, and Bank of America, N.A., as collateral agent. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends, or make distributions on and repurchase stock, in each case subject to certain exceptions. The Company is also required to maintain compliance, measured at the end of each fiscal quarter, with a consolidated total net leverage ratio and a consolidated interest coverage ratio. The Credit Agreement contains no restrictions on the payment of dividends and other restricted payments, as defined, as long as (1) the consolidated total net leverage ratio, as defined, both before and after giving effect to any such dividend or restricted payment on a pro forma basis, is less than 3.25:1, in an unlimited amount, (2) if clause (1) is not available, so long as the consolidated total net leverage ratio both before and after giving effect to any such dividend on a pro forma basis is less than 3.50:1, in an aggregate amount not to exceed the available amount, as defined, and (3) if clauses (1) and (2) are not available, in an aggregate amount not to exceed $50.0 million; provided, that, minimum liquidity, as defined, shall be not less than $75.0 million both before and after giving effect to any such dividend or restricted payment. As of April 30, 2020, the consolidated total net leverage ratio was 0.15:1. Minimum liquidity as of April 30, 2020 was $1.1 billion. Accordingly, the Company does not believe that the provisions of the Credit Agreement represent a significant restriction to its ability to pay dividends or to the successful future operations of the business. The Company has not paid a cash dividend since becoming a public company in 1994. The Company was in compliance with all covenants related to the Credit Agreement as of April 30, 2020. Note Purchase Agreement On December 3, 2014, the Company entered into a Note Purchase Agreement and sold to certain purchasers (collectively, the “Purchasers”) $400.0 million in aggregate principal amount of senior secured notes (the “Senior Notes”) consisting of (i) $100.0 million aggregate principal amount of 4.07% Senior Notes, Series A, due December 3, 2024; (ii) $100.0 million aggregate principal amount of 4.19% Senior Notes, Series B, due December 3, 2026; (iii) $100.0 million aggregate principal amount of 4.25% Senior Notes, Series C, due December 3, 2027; and (iv) $100.0 million aggregate principal amount of 4.35% Senior Notes, Series D, due December 3, 2029. Interest is due and payable quarterly, in arrears, on each of the Senior Notes. Proceeds from the Note Purchase Agreement are being used for general corporate purposes. On July 21, 2016, the Company entered into Amendment No. 1 to Note Purchase Agreement (the “First Amendment to Note Purchase Agreement”) which amended certain terms of the Note Purchase Agreement, including providing for increased flexibility substantially consistent with the changes included in the Second Amendment to Credit Agreement, including among other things increased covenant flexibility. The Company may prepay the Senior Notes, in whole or in part, at any time, subject to certain conditions, including minimum amounts and payment of a make-whole amount equal to the discounted value of the remaining scheduled interest payments under the Senior Notes. The Company’s obligations under the Note Purchase Agreement are guaranteed by certain of the Company’s domestic subsidiaries meeting materiality thresholds set forth in the Note Purchase Agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and assets of the subsidiary guarantors. The obligations of the Company and its subsidiary guarantors under the Note Purchase Agreement will be treated on a pari passu basis with the obligations of those entities under the Credit Agreement as well as any additional debt the Company may obtain. The Note Purchase Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends, or make distributions and repurchase stock, in each case subject to certain exceptions. The Company is also required to maintain compliance, measured at the end of each fiscal quarter, with a consolidated total net leverage ratio and a consolidated interest coverage ratio. The Note Purchase Agreement contains no restrictions on the payment of dividends and other restricted payments, as defined, as long as (1) the consolidated total net leverage ratio, as defined, both before and after giving effect to any such dividend or restricted payment on a pro forma basis, is less than 3.25:1, in an unlimited amount, (2) if clause (1) is not available, so long as the consolidated total net leverage ratio both before and after giving effect to any such dividend on a pro forma basis is less than 3.50:1, in an aggregate amount not to exceed the available amount, as defined, and (3) if clauses (1) and (2) are not available, in an aggregate amount not to exceed $50.0 million; provided, that, minimum liquidity, as defined, shall be not less than $75.0 million both before and after giving effect to any such dividend or restricted payment on a pro forma basis. As of April 30, 2020, the consolidated total net leverage ratio was 0.15:1. Minimum liquidity as of April 30, 2020 was $1.1 billion. Accordingly, the Company does not believe that the provisions of the Note Purchase Agreement represent a significant restriction to its ability to pay dividends or to the successful future operations of the

Fair Value Measures

Fair Value Measures	9 Months Ended
	Apr. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measures	NOTE 7 – Fair Value Measures The following table summarizes the carrying values and fair values of financial instruments that were not carried at fair value in the consolidated balance sheets: April 30, 2020 July 31, 2019 (In thousands) Fair Value Total Significant Observable Inputs (Level II) Fair Value Total Significant Observable Inputs (Level II) Assets Cash equivalents $ 8,933 $ 8,933 $ 12,389 $ 12,389 Total Assets $ 8,933 $ 8,933 $ 12,389 $ 12,389 Liabilities Long-term fixed rate debt, including current portion $ 447,908 $ 447,908 $ 411,510 $ 411,510 Total Liabilities $ 447,908 $ 447,908 $ 411,510 $ 411,510 During the nine months ended April 30, 2020, no transfers were made between any levels within the fair value hierarchy. See Note 1 – Summary of Significant Accounting Policies, and Note 6 – Long-Term Debt .

Net Income Per Share

Net Income Per Share	9 Months Ended
	Apr. 30, 2020
Earnings Per Share [Abstract]
Net Income Per Share	NOTE 8 – Net Income Per Share The table below reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2020 2019 2020 2019 Weighted average common shares outstanding 234,133 227,984 232,647 230,922 Effect of dilutive securities 4,458 9,908 5,917 10,236 Weighted average common and dilutive potential common shares outstanding 238,591 237,892 238,564 241,158 There were no material adjustments to net income required in calculating diluted net income per share. Excluded from the dilutive earnings per share calculation were 200,167 and 1,785,000 options to purchase the Company’s common stock for the three months ended April 30, 2020 and 2019, respectively, and 400,167 and 2,245,000 options to purchase the Company’s common stock for the nine months ended April 30, 2020 and 2019, respectively, because their inclusion would have been anti-dilutive.

Stock-based Payment Compensatio

Stock-based Payment Compensation	9 Months Ended
	Apr. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Payment Compensation	NOTE 9 – Stock-based Compensation The Company recognizes compensation expense for stock option awards on a straight-line basis over the requisite service period of the award. The following is a summary of activity for the Company’s stock options for the nine months ended April 30, 2020: (In thousands, except per share and term data) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value Outstanding as of July 31, 2019 14,552 $ 26.29 6.04 $ 745,592 Grants of options 150 88.58 Exercises (6,898) 18.40 Forfeitures or expirations (192) 29.77 Outstanding as of April 30, 2020 7,612 $ 34.59 6.51 $ 347,769 Exercisable as of April 30, 2020 4,946 $ 27.20 5.72 $ 262,110 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. The number of options that were in-the-money was 7,461,573 at April 30, 2020. The Company recognizes compensation expense for restricted stock awards on a straight-line basis over the requisite service period of the award. The following is a summary of activity for the Company’s restricted stock for the nine months ended April 30, 2020: (In thousands, except per share data) Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2019 134 $ 56.62 Grants of restricted stock 69 82.33 Vested restricted stock (34) 57.64 Forfeited restricted stock (20) 59.01 Outstanding as of April 30, 2020 149 $ 67.87 The table below sets forth the stock-based compensation recognized by the Company for stock options and restricted stock awards: Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2020 2019 2020 2019 General and administrative $ 4,113 $ 4,299 $ 13,258 $ 13,979 Yard operations 1,442 1,351 3,971 3,621 Total stock-based compensation $ 5,555 $ 5,650 $ 17,229 $ 17,600 In accordance with ASC 718 , Compensation – Stock Compensation , the Company made an estimate of expected forfeitures and recognized compensation cost only for those equity awards expected to vest.

Stock Repurchases

Stock Repurchases	9 Months Ended
	Apr. 30, 2020
Equity [Abstract]
Common Stock Repurchases	NOTE 10 – Stock Repurchases On September 22, 2011, the Company’s Board of Directors approved an 80 million share increase in the stock repurchase program, bringing the total current authorization to 196 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the stock repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as the Company deems appropriate and may be discontinued at any time. The Company did not repurchase any shares of its common stock under the program during the nine months ended April 30, 2020. During fiscal 2019, the Company repurchased 7,635,596 shares of its common stock under the program at a weighted average price of $47.81 per share totaling $365.0 million. As of April 30, 2020, the total number of shares repurchased under the program was 114,549,198, and 81,450,802 shares were available for repurchase under the program. In fiscal 2019, the Company’s former President exercised all of his vested stock options through a cashless exercise. In fiscal 2020, the Company's Chief Executive Officer exercised all of his vested stock options through a cashless exercise. A portion of the options exercised were net settled in satisfaction of the exercise price. The Company remitted $101.3 million and $45.6 million for the nine months ended April 30, 2020 and 2019, respectively, to the proper taxing authorities in satisfaction of the employees’ statutory withholding requirements. The exercised stock options, utilizing a cashless exercise, are summarized in the following table: Period Options Exercised Weighted Average Exercise Price Shares Net Settled for Exercise Shares Withheld for Taxes (1) Net Shares to Employees Weighted Average Share Price for Withholding Employee Stock-Based Tax Withholding (in 000s) FY 2019—Q3 3,000,000 $ 17.81 945,162 806,039 1,248,799 $ 56.53 $ 45,565 FY 2020—Q1 4,000,000 17.81 865,719 1,231,595 1,902,686 82.29 101,348 (1) Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Company’s stock repurchase program.

Income Taxes

Income Taxes	9 Months Ended
	Apr. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11 – Income Taxes The Company applies the provisions of the accounting standard for uncertain tax positions to its income taxes. For benefits to be realized, a tax position must be more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company is currently under examination by certain taxing authorities in the U.S. for fiscal years between 2014 and 2018. At this time, the Company does not believe that the outcome of any examination will have a material impact on the Company’s consolidated results of operations and financial position.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Apr. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	NOTE 12 – Recent Accounting Pronouncements Pending In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350). ASU 2017-04 amends the requirement that entities compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, entities should perform their annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment if the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 is effective for annual periods beginning after December 15, 2019. The Company’s adoption of ASU 2017-04 will not have a material impact on the Company’s consolidated results of operations and financial position. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) . ASU 2016-13 requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, and must be applied on a modified retrospective basis. The Company is continuing its assessment, which may identify additional impacts of ASU 2016-13 on the Company’s consolidated results of operations, financial position, and related disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company’s adoption of ASU 2019-12 will not have a material impact on the Company’s consolidated results of operations and financial position. Adopted In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The current standard, ASC Topic 740 - Income Taxes , requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. This includes the tax effects of items in accumulated other comprehensive income ("AOCI") that were originally recognized in other comprehensive income, subsequently creating stranded tax effects. ASU 2018-02 allows a reclassification from AOCI to retained earnings for stranded tax effects specifically resulting from the U.S. federal government's recently enacted tax bill, the Tax Cuts and Jobs Act. The adoption of ASU 2018-02, in the first quarter of fiscal 2020, did not result in a reclassification from AOCI to retained earnings and did not have an impact on the Company’s consolidated results of operations, financial position or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , that supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for annual and interim periods within those annual reporting periods beginning after December 15, 2018 and adoption is to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. Most of the Company’s operating lease commitments are subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in a significant increase in the assets and liabilities on the Company’s consolidated balance sheets. The Company implemented the policy elections and practical expedients as part of adopting ASU 2016-02 including: (i) excluding from the balance sheet leases with terms that are less than one year; (ii) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease; (iii) the package of practical expedients, which allowed the Company to avoid reassessing contracts that commenced prior to adoption that were properly evaluated under legacy U.S. GAAP; and (iv) the policy election that eliminated the need for adjusting prior period comparable financial statements prepared under legacy lease accounting guidance. The adoption of ASU 2016-02 resulted in the recording of a right-of-use asset and a lease liability in the first quarter of fiscal 2020, as a result of the application of the standard and did not have a material impact to the Company’s consolidated results of operations. See Note 4 – Leases for additional disclosures as a result of the adoption of the standard.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Apr. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	NOTE 13 – Legal Proceedings The Company is subject to threats of litigation and is involved in actual litigation and damage claims arising in the ordinary course of business, such as actions related to injuries, property damage, contract disputes, and handling or disposal of vehicles. There are no material pending legal proceedings to which the Company is a party, or with respect to which any of the Company’s property is subject.

Segments and Other Geographic R

Segments and Other Geographic Reporting Segment Reporting	9 Months Ended
	Apr. 30, 2020
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 14 – Segments and Other Geographic Reporting The Company’s U.S. and International regions are considered two separate operating segments and are disclosed as two reportable segments. The segments represent geographic areas and reflect how the chief operating decision maker allocates resources and measures results, including total revenues, operating income and income before income taxes. Intercompany income (expense) is primarily related to charges for services provided by the U.S. segment. The following table presents financial information by segment: Three Months Ended April 30, 2020 Three Months Ended April 30, 2019 (In thousands) United States International Total United States International Total Service revenues $ 431,875 $ 59,707 $ 491,582 $ 416,874 $ 56,808 $ 473,682 Vehicle sales 35,323 23,455 58,778 31,325 48,109 79,434 Total service revenues and vehicle sales 467,198 83,162 550,360 448,199 104,917 553,116 Yard operations 216,879 36,881 253,760 194,228 36,325 230,553 Cost of vehicle sales 34,032 19,955 53,987 29,032 41,952 70,984 General and administrative 35,600 11,912 47,512 36,681 7,404 44,085 Operating income $ 180,687 $ 14,414 $ 195,101 $ 188,258 $ 19,236 $ 207,494 Depreciation and amortization $ 23,703 $ 3,012 $ 26,715 $ 18,636 $ 2,476 $ 21,112 Capital expenditures, including acquisitions 86,423 4,223 90,646 107,569 15,785 123,354 Nine Months Ended April 30, 2020 Nine Months Ended April 30, 2019 (In thousands) United States International Total United States International Total Service revenues $ 1,310,023 $ 179,449 $ 1,489,472 $ 1,122,470 $ 162,825 $ 1,285,295 Vehicle sales 104,076 86,376 190,452 87,010 127,077 214,087 Total service revenues and vehicle sales 1,414,099 265,825 1,679,924 1,209,480 289,902 1,499,382 Yard operations 640,987 110,915 751,902 553,205 100,502 653,707 Cost of vehicle sales 98,991 71,660 170,651 81,858 108,094 189,952 General and administrative 114,299 32,688 146,987 110,465 21,585 132,050 Operating income $ 559,822 $ 50,562 $ 610,384 $ 463,952 $ 59,721 $ 523,673 Depreciation and amortization $ 65,968 $ 8,043 $ 74,011 $ 55,905 $ 7,475 $ 63,380 Capital expenditures, including acquisitions 460,846 30,152 490,998 209,723 50,358 260,081 April 30, 2020 July 31, 2019 (In thousands) United States International Total United States International Total Total assets $ 2,666,911 $ 494,672 $ 3,161,583 $ 2,094,592 $ 453,025 $ 2,547,617 Goodwill 260,670 77,369 338,039 256,998 76,323 333,321

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Apr. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments of a normal recurring nature considered necessary for fair presentation of its financial position as of April 30, 2020 and July 31, 2019, its consolidated statements of income, comprehensive income and stockholders’ equity for the three and nine months ended April 30, 2020 and 2019, and its cash flows for the nine months ended April 30, 2020 and 2019. Interim results for the three and nine months ended April 30, 2020 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2020. These consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2019. Certain prior year amounts have been reclassified to conform to current year presentation.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates include, but are not limited to, vehicle pooling costs; income taxes; stock-based compensation; purchase price allocations; and contingencies. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition The Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. Service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. Costs to prepare the vehicles for auction, including inbound transportation costs and titling fees, are deferred and recognized at the time of revenue recognition at auction. There were no contract liabilities on the consolidated balance sheets at April 30, 2020 and July 31, 2019. The Company’s disaggregation between service revenues and vehicle sales at the segment level reflects how the nature, timing, amount and uncertainty of its revenues and cash flows are impacted by economic factors. The Company reports sales taxes on relevant transactions on a net basis in the Company’s consolidated results of operations, and therefore does not include sales taxes in revenues or costs. Service revenues The Company’s service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services. Within this revenue category, the Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. These auction and auction related services may include a combination of vehicle purchasing fees, vehicle listing fees, and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price, tiered vehicle sales price driven fees, or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle; transportation fees for the cost of transporting the vehicle to or from the Company’s facility; title processing and preparation fees; vehicle storage fees; bidding fees; and vehicle loading fees. These services are not distinct within the context of the contract. Accordingly, revenue for these services is recognized when the single performance obligation is satisfied at the completion of the auction process. The Company does not take ownership of these consigned vehicles, which are stored at the Company’s facilities located throughout the U.S. and at its international locations. These fees are recognized as net revenue (not gross vehicle selling price) at the time of auction in the amount of such fees charged. The Company has a separate performance obligation related to providing access to its online auction platform as the Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. This fee is recognized ratably over the term of the arrangement, generally one year, as each day of access to the online auction platform represents the best depiction of the transfer of the service. No provision for returns has been established, as all sales are final with no right of return or warranty, although the Company provides for bad debt expense in the case of non-performance by its buyers or sellers. Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2020 2019 2020 2019 Service revenues United States $ 431,875 $ 416,874 $ 1,310,023 $ 1,122,470 International 59,707 56,808 179,449 162,825 Total service revenues $ 491,582 $ 473,682 $ 1,489,472 $ 1,285,295 Vehicle sales Certain vehicles are purchased and remarketed on the Company’s own behalf. The Company has a single performance obligation related to the sale of these vehicles, which is the completion of the online auction process. Vehicle sales revenue is recognized on the auction date. As the Company acts as a principal in vehicle sales transactions, the gross sales price at auction is recorded as revenue. Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2020 2019 2020 2019 Vehicle sales United States $ 35,323 $ 31,325 $ 104,076 $ 87,010 International 23,455 48,109 86,376 127,077 Total vehicle sales $ 58,778 $ 79,434 $ 190,452 $ 214,087 Contract assets
Vehicle Pooling Costs	Vehicle Pooling CostsThe Company defers costs that relate directly to the fulfillment of its contracts associated with vehicles consigned to and received by the Company, but not sold as of the end of the period. The Company quantifies the deferred costs using a calculation that includes the number of vehicles at its facilities at the beginning and end of the period, the number of vehicles sold during the period and an allocation of certain yard operation costs of the period. The primary expenses allocated and deferred are inbound transportation costs, titling fees, certain facility costs, labor, and vehicle processing. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed into yard operations expenses as vehicles are sold in subsequent periods on an average cost basis.
Foreign Currency Translation	Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The Canadian dollar, British pound, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, Bahraini dinar, and Indian rupee are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary’s operations are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary’s financial statements are reported in other comprehensive income.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in U.S. GAAP. In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , as amended by Accounting Standards Update (“ASU”) 2011-04, the Company considers fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants under current market conditions. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: Level I Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level II Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level III Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate. The amounts recorded for financial instruments in the Company’s consolidated financial statements, which included cash, accounts receivable, accounts payable, accrued liabilities, and Revolving Loan Facility approximated their fair values as of April 30, 2020 and July 31, 2019, due to the short-term nature of those instruments, and are classified within Level II of the fair value hierarchy. Cash equivalents are classified within Level II of the fair value hierarchy because they are valued using quoted market prices of the underlying investments. See Note 6 – Long-Term Debt and Note 7 – Fair Value Measures .
Income Taxes and Deferred Tax Assets	Income Taxes and Deferred Tax Assets Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax basis, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company considers the need to maintain a valuation allowance on deferred tax assets based on an assessment of whether it is more likely than not that the Company would realize those deferred tax assets based on future reversals of existing taxable temporary differences and the ability to generate sufficient taxable income within the carryforward period available under the applicable tax law. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Excess tax benefits and deficiencies related to exercises of stock options are recognized as expense or benefit in the consolidated statements of income as discrete items in the reporting period in which they occur. The Company files annual income tax returns in multiple taxing jurisdictions. A number of years may elapse before an uncertain tax position is audited by the relevant tax authorities and finally resolved. The Company recognizes and measures uncertain tax positions in accordance with ASC 740, Income Taxes
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents include cash held in checking, domestic certificates of deposit, and money market accounts. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company’s cash and cash equivalents are placed with high credit quality financial institutions.
Segments and Other Geographic Reporting	Segments and Other Geographic ReportingThe Company’s U.S. and International regions are considered two separate operating segments and are disclosed as two reportable segments. The segments represent geographic areas and reflect how the chief operating decision maker allocates resources and measures results, including total revenues and operating income.
Capitalized Software Costs	Capitalized Software CostsThe Company capitalizes system development costs and website development costs related to the enterprise computing services during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three to seven years. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that impact the recoverability of these assets.
Acquisitions	Acquisitions The Company recognizes and measures identifiable assets acquired and liabilities assumed in acquired entities in accordance with ASC 805, Business Combinations . The allocation of the purchase consideration for acquisitions can require extensive use of accounting estimates and judgments to allocate the purchase consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. Critical estimates in valuing certain identifiable assets include but are not limited to expected long-term revenues; future expected operating expenses; cost of capital; appropriate attrition; and discount rates.
Recent Accounting Pronouncements	Pending In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350). ASU 2017-04 amends the requirement that entities compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, entities should perform their annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment if the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 is effective for annual periods beginning after December 15, 2019. The Company’s adoption of ASU 2017-04 will not have a material impact on the Company’s consolidated results of operations and financial position. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) . ASU 2016-13 requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, and must be applied on a modified retrospective basis. The Company is continuing its assessment, which may identify additional impacts of ASU 2016-13 on the Company’s consolidated results of operations, financial position, and related disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company’s adoption of ASU 2019-12 will not have a material impact on the Company’s consolidated results of operations and financial position. Adopted In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The current standard, ASC Topic 740 - Income Taxes , requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. This includes the tax effects of items in accumulated other comprehensive income ("AOCI") that were originally recognized in other comprehensive income, subsequently creating stranded tax effects. ASU 2018-02 allows a reclassification from AOCI to retained earnings for stranded tax effects specifically resulting from the U.S. federal government's recently enacted tax bill, the Tax Cuts and Jobs Act. The adoption of ASU 2018-02, in the first quarter of fiscal 2020, did not result in a reclassification from AOCI to retained earnings and did not have an impact on the Company’s consolidated results of operations, financial position or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , that supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for annual and interim periods within those annual reporting periods beginning after December 15, 2018 and adoption is to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. Most of the Company’s operating lease commitments are subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in a significant increase in the assets and liabilities on the Company’s consolidated balance sheets. The Company implemented the policy elections and practical expedients as part of adopting ASU 2016-02 including: (i) excluding from the balance sheet leases with terms that are less than one year; (ii) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease; (iii) the package of practical expedients, which allowed the Company to avoid reassessing contracts that commenced prior to adoption that were properly evaluated under legacy U.S. GAAP; and (iv) the policy election that eliminated the need for adjusting prior period comparable financial statements prepared under legacy lease accounting guidance. The adoption of ASU 2016-02 resulted in the recording of a right-of-use asset and a lease liability in the first quarter of fiscal 2020, as a result of the application of the standard and did not have a material impact to the Company’s consolidated results of operations. See Note 4 – Leases for additional disclosures as a result of the adoption of the standard.

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Apr. 30, 2020
Accounting Policies [Abstract]
Contract with Customer, Asset and Liability	The change in the carrying amount of contract assets was as follows (In thousands): Balance as of July 31, 2019 $ 10,574 Capitalized contract assets during the period 2,875 Costs amortized during the period (2,557) Effect of foreign currency exchange rates (156) Balance as of April 30, 2020 $ 10,736
Schedule of Foreign Currency Translation	The cumulative effects of foreign currency exchange rate fluctuations were as follows (In thousands): Cumulative loss on foreign currency translation as of July 31, 2018 $ (107,928) Loss on foreign currency translation (24,601) Cumulative loss on foreign currency translation as of July 31, 2019 $ (132,529) Loss on foreign currency translation (6,394) Cumulative loss on foreign currency translation as of April 30, 2020 $ (138,923)

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Apr. 30, 2020
Accounts Receivable [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Accounts receivable, net consisted of: (In thousands) April 30, 2020 July 31, 2019 Advance charges receivable $ 270,289 $ 280,835 Trade accounts receivable 79,078 89,274 Other receivables 2,898 2,098 352,265 372,207 Less: Allowance for doubtful accounts (6,021) (4,942) Accounts receivable, net $ 346,244 $ 367,265

Property and Equipment, Net P_2

Property and Equipment, Net Property and Equipment, Net (Tables)	9 Months Ended
	Apr. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment, net consisted of the following: (In thousands) April 30, 2020 July 31, 2019 Land $ 1,149,026 $ 939,817 Buildings and improvements 902,420 686,615 Transportation and other equipment 268,780 236,282 Office furniture and equipment 68,074 63,200 Software 49,032 39,434 2,437,332 1,965,348 Less: Accumulated depreciation and amortization (599,035) (537,622) Property and equipment, net $ 1,838,297 $ 1,427,726

Leases (Tables)

Leases (Tables)	9 Months Ended
	Apr. 30, 2020
Leases [Abstract]
Lease, Cost [Table Text Block]	Components of lease expense were as follows (In thousands): Three Months Ended Nine Months Ended Operating lease expense $ 8,755 $ 24,437 Finance lease expense: Amortization of right-of-use assets 341 653 Interest on finance lease liabilities 37 51 Short-term lease expense 3,784 7,076 Variable lease expense 382 1,201 Total lease expense $ 13,299 $ 33,418
Lessee, Operating Leases [Text Block]	The components of right-of-use assets and lease liabilities on the consolidated balance sheet were as follows: Lease Asset and Liabilities Balance Sheet Classification (In thousands) April 30, 2020 Operating lease right-of-use assets Operating lease right-of-use assets $ 106,634 Finance lease right-of-use assets Property and equipment, net 8,128 Total lease assets, net $ 114,762 Operating lease liabilities - current Current portion of operating lease liabilities $ 23,395 Finance lease liabilities - current Current portion of finance lease liabilities 3,543 Operating lease liabilities - non-current Operating lease liabilities, net of current portion 85,698 Finance lease liabilities - non-current Long-term debt and finance lease liabilities, net of discount 4,496 Total lease liabilities $ 117,132
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Supplemental cash flow information related to leases as of April 30, 2020 were as follows (In thousands): Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 22,035 Operating cash flows related to finance leases 46 Financing cash flows related to finance leases 748 Right-of-use assets obtained in exchange for new operating lease liabilities 25,301 Right-of-use assets obtained in exchange for new finance lease liabilities 7,053
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The annual maturities of the Company’s lease liabilities as of April 30, 2020 were as follows: Fiscal year (In thousands) Finance leases Operating leases 2020 (remaining three months) $ 581 $ 6,992 2021 3,474 24,650 2022 1,036 19,976 2023 544 16,950 2024 558 12,608 Thereafter 2,738 46,668 Total future lease commitments $ 8,931 $ 127,844 Less: imputed interest (892) (18,751) Present value of lease liabilities $ 8,039 $ 109,093
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]	Future lease payments receivable under operating leases with terms greater than one year as of April 30, 2020 were as follows: Fiscal year (In thousands) Operating leases 2020 (remaining three months) $ 1,808 2021 7,028 2022 5,691 2023 4,842 2024 4,904 Thereafter 21,888 Total future lease payments receivable $ 46,161

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Apr. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of aggregate amortization expense on intangible assets	The following table sets forth amortizable intangible assets by major asset class: (In thousands) April 30, 2020 July 31, 2019 Amortized intangibles: Supply contracts and customer relationships $ 49,455 $ 49,109 Trade names 23,477 23,501 Licenses and databases 7,817 7,688 Accumulated amortization (32,078) (25,142) Net intangibles $ 48,671 $ 55,156
Schedule of change in carrying amount of goodwill (in thousands)	The change in the carrying amount of goodwill was as follows (In thousands): Balance as of July 31, 2019 $ 333,321 Acquisitions during the period 3,672 Effect of foreign currency exchange rates 1,046 Balance as of April 30, 2020 $ 338,039

Fair Value Measures (Tables)

Fair Value Measures (Tables)	9 Months Ended
	Apr. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Financial Assets and Liabilities	The following table summarizes the carrying values and fair values of financial instruments that were not carried at fair value in the consolidated balance sheets: April 30, 2020 July 31, 2019 (In thousands) Fair Value Total Significant Observable Inputs (Level II) Fair Value Total Significant Observable Inputs (Level II) Assets Cash equivalents $ 8,933 $ 8,933 $ 12,389 $ 12,389 Total Assets $ 8,933 $ 8,933 $ 12,389 $ 12,389 Liabilities Long-term fixed rate debt, including current portion $ 447,908 $ 447,908 $ 411,510 $ 411,510 Total Liabilities $ 447,908 $ 447,908 $ 411,510 $ 411,510

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Apr. 30, 2020
Earnings Per Share [Abstract]
Schedule of reconciliation of basic weighted shares outstanding to diluted weighted average shares outstanding	The table below reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2020 2019 2020 2019 Weighted average common shares outstanding 234,133 227,984 232,647 230,922 Effect of dilutive securities 4,458 9,908 5,917 10,236 Weighted average common and dilutive potential common shares outstanding 238,591 237,892 238,564 241,158

Stock-based Payment Compensat_2

Stock-based Payment Compensation (Tables)	9 Months Ended
	Apr. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of option activity for stock options	The following is a summary of activity for the Company’s stock options for the nine months ended April 30, 2020: (In thousands, except per share and term data) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value Outstanding as of July 31, 2019 14,552 $ 26.29 6.04 $ 745,592 Grants of options 150 88.58 Exercises (6,898) 18.40 Forfeitures or expirations (192) 29.77 Outstanding as of April 30, 2020 7,612 $ 34.59 6.51 $ 347,769 Exercisable as of April 30, 2020 4,946 $ 27.20 5.72 $ 262,110
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	The following is a summary of activity for the Company’s restricted stock for the nine months ended April 30, 2020: (In thousands, except per share data) Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2019 134 $ 56.62 Grants of restricted stock 69 82.33 Vested restricted stock (34) 57.64 Forfeited restricted stock (20) 59.01 Outstanding as of April 30, 2020 149 $ 67.87
Recognized stock-based compensation expense	The table below sets forth the stock-based compensation recognized by the Company for stock options and restricted stock awards: Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2020 2019 2020 2019 General and administrative $ 4,113 $ 4,299 $ 13,258 $ 13,979 Yard operations 1,442 1,351 3,971 3,621 Total stock-based compensation $ 5,555 $ 5,650 $ 17,229 $ 17,600

Stock Repurchases (Tables)

Stock Repurchases (Tables)	9 Months Ended
	Apr. 30, 2020
Equity [Abstract]
Summary of stock options exercised	The exercised stock options, utilizing a cashless exercise, are summarized in the following table: Period Options Exercised Weighted Average Exercise Price Shares Net Settled for Exercise Shares Withheld for Taxes (1) Net Shares to Employees Weighted Average Share Price for Withholding Employee Stock-Based Tax Withholding (in 000s) FY 2019—Q3 3,000,000 $ 17.81 945,162 806,039 1,248,799 $ 56.53 $ 45,565 FY 2020—Q1 4,000,000 17.81 865,719 1,231,595 1,902,686 82.29 101,348	[1]
[1]	Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Company’s stock repurchase program.

Segments and Other Geographic_2

Segments and Other Geographic Reporting Segment Reporting (Tables)	9 Months Ended
	Apr. 30, 2020
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table presents financial information by segment: Three Months Ended April 30, 2020 Three Months Ended April 30, 2019 (In thousands) United States International Total United States International Total Service revenues $ 431,875 $ 59,707 $ 491,582 $ 416,874 $ 56,808 $ 473,682 Vehicle sales 35,323 23,455 58,778 31,325 48,109 79,434 Total service revenues and vehicle sales 467,198 83,162 550,360 448,199 104,917 553,116 Yard operations 216,879 36,881 253,760 194,228 36,325 230,553 Cost of vehicle sales 34,032 19,955 53,987 29,032 41,952 70,984 General and administrative 35,600 11,912 47,512 36,681 7,404 44,085 Operating income $ 180,687 $ 14,414 $ 195,101 $ 188,258 $ 19,236 $ 207,494 Depreciation and amortization $ 23,703 $ 3,012 $ 26,715 $ 18,636 $ 2,476 $ 21,112 Capital expenditures, including acquisitions 86,423 4,223 90,646 107,569 15,785 123,354 Nine Months Ended April 30, 2020 Nine Months Ended April 30, 2019 (In thousands) United States International Total United States International Total Service revenues $ 1,310,023 $ 179,449 $ 1,489,472 $ 1,122,470 $ 162,825 $ 1,285,295 Vehicle sales 104,076 86,376 190,452 87,010 127,077 214,087 Total service revenues and vehicle sales 1,414,099 265,825 1,679,924 1,209,480 289,902 1,499,382 Yard operations 640,987 110,915 751,902 553,205 100,502 653,707 Cost of vehicle sales 98,991 71,660 170,651 81,858 108,094 189,952 General and administrative 114,299 32,688 146,987 110,465 21,585 132,050 Operating income $ 559,822 $ 50,562 $ 610,384 $ 463,952 $ 59,721 $ 523,673 Depreciation and amortization $ 65,968 $ 8,043 $ 74,011 $ 55,905 $ 7,475 $ 63,380 Capital expenditures, including acquisitions 460,846 30,152 490,998 209,723 50,358 260,081 April 30, 2020 July 31, 2019 (In thousands) United States International Total United States International Total Total assets $ 2,666,911 $ 494,672 $ 3,161,583 $ 2,094,592 $ 453,025 $ 2,547,617 Goodwill 260,670 77,369 338,039 256,998 76,323 333,321

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales:	$ 550,360	$ 553,116	$ 1,679,924	$ 1,499,382
Cumulative Translation Adjustment Summary [Roll Forward]
Cumulative loss on foreign currency translation, beginning balance			(132,529)	(107,928)	$ (107,928)
(Loss) Gain on foreign currency translation			(6,394)		(24,601)
Cumulative loss on foreign currency translation, ending balance	(138,923)		(138,923)		$ (132,529)
Service revenues
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales:	491,582	473,682	1,489,472	1,285,295
Vehicle sales
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales:	$ 58,778	$ 79,434	$ 190,452	$ 214,087

Description of Business and S_5

Description of Business and Summary of Significant Accounting Policies (Details Textual)	9 Months Ended
	Apr. 30, 2020USD ($)	Jul. 31, 2019USD ($)
Description Of Business and Summary Of Significant Accounting Policies [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 10,574,000
Capitalized Contract Cost, Gross	2,875,000
Capitalized Contract Cost, Amortization	(2,557,000)
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(156,000)
Contract with Customer, Asset, after Allowance for Credit Loss	10,736,000
Contract with Customer, Liability	0
Capitalized software costs	49,000,000	$ 39,400,000
Accumulated amortization expense	$ 30,700,000	$ 23,600,000
Number of operating segments	2
Number of reportable segment	2

Accounts Receivable Accounts Re

Accounts Receivable Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2020	Jul. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, Practical Expedient, Financing Component [true false]	true
Accounts Receivable, before Allowance for Credit Loss, Current	$ 352,265	$ 372,207
Less: Allowance for doubtful accounts	6,021	4,942
Accounts receivable, net	346,244	367,265
Advance charges receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	270,289	280,835
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	79,078	89,274
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	$ 2,898	$ 2,098

Property and Equipment, Net P_3

Property and Equipment, Net Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 2,437,332		$ 2,437,332		$ 1,965,348
Less: Accumulated depreciation and amortization	(599,035)		(599,035)		(537,622)
Property, Plant and Equipment, Net	1,838,297		1,838,297		1,427,726
Depreciation	24,500	$ 18,600	67,000	$ 55,300
Land
Property, Plant and Equipment [Line Items]
Property and Equipment	1,149,026		1,149,026		939,817
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and Equipment	902,420		902,420		686,615
Transportation and other equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	268,780		268,780		236,282
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	68,074		68,074		63,200
Software
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 49,032		$ 49,032		$ 39,434

Leases Lease Cost (Details)

Leases Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 30, 2020	Apr. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 8,755	$ 24,437
Amortization of right-of-use assets	341	653
Interest on finance lease liabilities	37	51
Short-term lease expense	3,784	7,076
Variable lease expense	382	1,201
Total lease expense	$ 13,299	$ 33,418

Leases Balance Sheet Presentati

Leases Balance Sheet Presentation of Operating and Financing Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jul. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 106,634	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	8,128
Lease Assets, net	114,762
Current portion of operating lease liabilities	23,395	0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	3,543
Operating lease liabilities, net of current portion	85,698	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	4,496
Lease liabilities	$ 117,132

Leases Weighted Average Term an

Leases Weighted Average Term and Discount Rate (Details)	Apr. 30, 2020
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	9 years 14 days
Finance Lease, Weighted Average Remaining Lease Term	5 years 1 month 24 days
Operating Lease, Weighted Average Discount Rate, Percent	3.04%	[1]
Finance Lease, Weighted Average Discount Rate, Percent	3.57%	[1]
[1]	The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s corporate credit rating for a secured or collateralized instrument.

Leases Supplemental Cash Flow D

Leases Supplemental Cash Flow Disclosures (Details) $ in Thousands	9 Months Ended
	Apr. 30, 2020USD ($)
Lessee, Lease, Description [Line Items]
Operating cash flows related to operating leases	$ 22,035
Operating cash flows related to finance leases	46
Financing cash flows related to finance leases	748
Right-of-use assets obtained in exchange for new operating lease liabilities	25,301
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 7,053

Leases Lessee, Operating and Fi

Leases Lessee, Operating and Financing Lease Maturity (Details) $ in Thousands	Apr. 30, 2020USD ($)
Finance Lease Liability, Payment Due, Rolling Maturity
2020 (remaining three months)	$ 581
2021	3,474
2022	1,036
2023	544
2024	558
Thereafter	2,738
Total future lease commitments	8,931
Less: imputed interest	(892)
Present value of lease liabilities	8,039
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
2020 (remaining three months)	6,992
2021	24,650
2022	19,976
2023	16,950
2024	12,608
Thereafter	46,668
Total future lease commitments	127,844
Less: imputed interest	(18,751)
Present value of operating lease liabilities	$ 109,093

Leases Lessor (Details)

Leases Lessor (Details) $ in Thousands	Apr. 30, 2020USD ($)
Lessor, Lease, Description [Line Items]
2020 (remaining three months)	$ 1,808
2021	7,028
2022	5,691
2023	4,842
2024	4,904
Thereafter	21,888
Total future lease payments receivable	46,161
Property Subject to or Available for Operating Lease, Gross	69,600
Property Subject to or Available for Operating Lease, Accumulated Depreciation	$ 500

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill, acquired during period			$ 3,672
Effect of foreign currency exchange rates			1,046
Amortization of Intangible Assets	$ 2,200	$ 2,500	7,000	$ 8,000
Amortized intangibles:
Accumulated amortization	(32,078)		(32,078)		$ (25,142)
Net intangibles	48,671		48,671		55,156
Supply contracts and customer relationships
Amortized intangibles:
Gross carrying amount	49,455		49,455		49,109
Trade names
Amortized intangibles:
Gross carrying amount	23,477		23,477		23,501
Licenses and databases
Amortized intangibles:
Gross carrying amount	$ 7,817		$ 7,817		$ 7,688

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Details 1) $ in Thousands	9 Months Ended
	Apr. 30, 2020USD ($)
Goodwill [Roll Forward]
Balance as of July 31, 2019	$ 333,321
Goodwill, acquired during period	3,672
Effect of foreign currency exchange rates	1,046
Balance as of April 30, 2020	$ 338,039

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 2.2	$ 2.5	$ 7	$ 8

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions	Jul. 21, 2016	Jul. 21, 2016	Apr. 30, 2020	Mar. 14, 2016	Apr. 30, 2017	Mar. 15, 2016	Dec. 03, 2014
Line of Credit Facility [Line Items]
Maturity date		Mar. 15, 2021
Scenario 3
Line of Credit Facility [Line Items]
Long-term Debt			not to exceed $50.0 million
Scenario 4
Line of Credit Facility [Line Items]
Long-term Debt			not less than $75.0 million
Credit Agreement | Term Loan Facility
Line of Credit Facility [Line Items]
Maturity date		Dec. 3, 2019
Note Purchase Agreement | Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount							$ 400
Note Purchase Agreement | Senior Notes, Series A
Line of Credit Facility [Line Items]
Debt instrument, interest rate							4.07%
Note Purchase Agreement | Senior Notes, Series B
Line of Credit Facility [Line Items]
Debt instrument, interest rate							4.19%
Note Purchase Agreement | Senior Notes, Series C
Line of Credit Facility [Line Items]
Debt instrument, interest rate							4.25%
Note Purchase Agreement | Senior Notes, Series D
Line of Credit Facility [Line Items]
Debt instrument, interest rate							4.35%
Senior Notes, Series A [Member] | Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount							$ 100
Senior Notes, Series B [Member] | Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount							100
Senior Notes, Series C [Member] | Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount							100
Senior Notes, Series D [Member] | Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount							100
Wells Fargo and Bank of America, N.A. | Line of Credit
Line of Credit Facility [Line Items]
Repayments of Lines of Credit	$ 242.5
Wells Fargo and Bank of America, N.A. | Revolving Credit Facility | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.15%
Wells Fargo and Bank of America, N.A. | Revolving Credit Facility | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.30%
Wells Fargo and Bank of America, N.A. | Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Quarterly amortization for term loan		$ 7.5
Wells Fargo and Bank of America, N.A. | Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity							300
Wells Fargo and Bank of America, N.A. | Credit Agreement | Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 300
Wells Fargo and Bank of America, N.A. | Credit Agreement | Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Quarterly amortization for term loan				$ 18.8
Wells Fargo and Bank of America, N.A. | First Amendment To Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 350
Line of Credit, Maximum Borrowing Capacity, Increase						50
Wells Fargo and Bank of America, N.A. | First Amendment To Credit Agreement | Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity						93.8
Outstanding borrowings						$ 93.8
Wells Fargo and Bank of America, N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR One | Minimum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate		0.125%
Wells Fargo and Bank of America, N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR One | Maximum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate		1.00%
Wells Fargo and Bank of America, N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR Two | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate		1.125%
Wells Fargo and Bank of America, N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR Two | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate		2.00%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A.
Line of Credit Facility [Line Items]
Maturity date			Jul. 21, 2021
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage			0.125%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage			0.20%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Outstanding borrowings			$ 0
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Scenario 3
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms			not to exceed $50.0 million
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Scenario 4
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms			not less than $75.0 million
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Credit Agreement | Term Loan Facility
Line of Credit Facility [Line Items]
LIBOR variable interest rate			LIBOR Rate of 0.33% plus an applicable margin of 1.00%.
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Second Amendment To Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500	$ 500			$ 850
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Federal Funds Effective Swap Rate | Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			0.50%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR) | Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			1.00%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR One | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			0.00%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR One | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			0.75%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR Two | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			1.00%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR Two | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			1.75%

Long-Term Debt Leverage Ratios

Long-Term Debt Leverage Ratios (Details) $ in Millions	9 Months Ended
	Apr. 30, 2020USD ($)
Line of Credit Facility [Line Items]
Total Consolidated Net Leverage Ratio	15.00%
Minimum Liquidity	$ 1,100
Scenario 1
Line of Credit Facility [Line Items]
Note Agreement, Covenant Terms	325.00%
Line of Credit Facility, Covenant Terms 1	325.00%
Scenario 2
Line of Credit Facility [Line Items]
Note Agreement, Covenant Terms	350.00%
Line of Credit Facility, Covenant Terms 1	350.00%

Fair Value Measures (Details)

Fair Value Measures (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Apr. 30, 2020	Jul. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 8,933	$ 12,389
Assets, Fair Value Disclosure	8,933	12,389
Total Liabilities	447,908	411,510
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,933	12,389
Assets, Fair Value Disclosure	8,933	12,389
Total Liabilities	447,908	411,510
Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term variable rate debt, including current portion	447,908	411,510
Long-term fixed rate debt, including current portion	447,908	411,510
Fixed Rate Debt | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term variable rate debt, including current portion	447,908	411,510
Long-term fixed rate debt, including current portion	$ 447,908	$ 411,510

Net Income Per Share (Details)

Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Earnings Per Share [Abstract]
Weighted average common shares outstanding	234,133	227,984	232,647	230,922
Effect of dilutive securities	4,458	9,908	5,917	10,236
Weighted average common and dilutive potential common shares outstanding	238,591	237,892	238,564	241,158

Net Income Per Share (Details T

Net Income Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from the calculation of dilutive earnings per share	200,167	1,785,000	400,167	2,245,000

Stock-based Payment Compensat_3

Stock-based Payment Compensation (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Apr. 30, 2020USD ($)$ / sharesshares	Jul. 31, 2019USD ($)$ / sharesshares
Shares
Outstanding as of July 31, 2019 | shares	14,552,000
Grants of options (in shares) | shares	150,000
Exercises (in shares) | shares	(6,898,000)
Forfeitures or expirations (in shares) | shares	(192,000)
Outstanding as of April 30, 2020 | shares	7,612,000	14,552,000
Exercisable as of April 30, 2020 | shares	4,946,000
Weighted Average Exercise Price
Outstanding as of July 31, 2019 | $ / shares	$ 26.29
Grants of options (in dollars per share) | $ / shares	88.58
Exercises (in dollars per share) | $ / shares	18.40
Forfeitures (in dollars per share) | $ / shares	(29.77)
Outstanding as of January 31, 2020 | $ / shares	34.59	$ 26.29
Exercisable as of January 31, 2020 | $ / shares	$ 27.20
Weighted Average Remaining Contractual Term (In years)
Outstanding as of July 31, 2019		6 years 14 days
Outstanding as of January 31, 2020	6 years 6 months 3 days
Exercisable as of January 31, 2020	5 years 8 months 19 days
Aggregate Intrinsic Value
Outstanding as of July 31, 2019 | $	$ 745,592
Outstanding as of January 31, 2020 | $	347,769	$ 745,592
Exercisable as of January 31, 2020 | $	$ 262,110
Restricted Shares
Outstanding as of July 31, 2019 | shares	134,000
Grants of restricted stock (in shares) | shares	69,000
Vested restricted stock (in shares) | shares	(34,000)
Forfeited restricted stock (in shares) | shares	(20,000)
Outstanding as of April 30, 2020 | shares	149,000	134,000
Outstanding as of July 31, 2019, Weighted Average Grant Date Fair Value | $ / shares	$ 56.62
Granted restricted stock, Weighted Average Grant Date Fair Value | $ / shares	82.33
Vested restricted stock, Weighted Average Grant Date Fair Value | $ / shares	57.64
Forfeited restricted stock, Weighted Average Grant Date Fair Value | $ / shares	59.01
Outstanding as of April 30, 2020, Weighted Average Grant Date Fair Value | $ / shares	$ 67.87	$ 56.62

Stock-based Payment Compensat_4

Stock-based Payment Compensation (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 5,555	$ 5,650	$ 17,229	$ 17,600
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	4,113	4,299	13,258	13,979
Yard Operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,442	$ 1,351	$ 3,971	$ 3,621

Stock-based Payment Compensat_5

Stock-based Payment Compensation (Details Textual)	9 Months Ended
	Apr. 30, 2020shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of stock options exercised	6,898,000
Stock Based Compensation (Textual)
Shares available for calculating intrinsic value (in shares)	7,461,573

Stock Repurchases (Details)

Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2019	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Options Exercised			6,898,000
Weighted Average Exercise Price			$ 18.40
Employee Stock-Based Tax Withholding (in 000s)			$ 101,300	$ 45,600
Chief Executive Officer [Member] | Common Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Options Exercised	4,000,000
Weighted Average Exercise Price	$ 17.81
Shares Net Settled for Exercise	865,719
Shares Withheld for Taxes(1)	1,231,595
Net Shares to Employees	1,902,686
Weighted Average Share Price for Withholding	$ 82.29
Employee Stock-Based Tax Withholding (in 000s)	$ 101,348
President | Common Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Options Exercised		3,000,000
Weighted Average Exercise Price		$ 17.81
Shares Net Settled for Exercise		945,162
Shares Withheld for Taxes(1)		806,039
Net Shares to Employees		1,248,799
Weighted Average Share Price for Withholding		$ 56.53
Employee Stock-Based Tax Withholding (in 000s)		$ 45,565

Stock Repurchases (Details Text

Stock Repurchases (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended	223 Months Ended
	Oct. 31, 2018	Apr. 30, 2020	Apr. 30, 2020	Jul. 31, 2019	Sep. 22, 2011
Stock Repurchased and Retired During Period, Shares	7,635,596
Stock Repurchased and Retired During Period, Value	$ 365
Stock Repurchased and Retired During Period Cost Per Share				$ 47.81
Number of stock options exercised		6,898,000
Stock Repurchase Program 2011
Stock Repurchase Program Additional Number Of Shares Authorized Approved					80,000,000
Stock Repurchased and Retired During Period, Shares			114,549,198
Number of shares available for repurchase under stock repurchase program		81,450,802	81,450,802
Common Stock | Stock Repurchase Program 2011
Common stock authorized for repurchase (in shares)					196,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Tax benefits recognized provided percentage of likelihood of realization is more than			50.00%
Share-based Payment Arrangement, Expense, Tax Benefit	$ 8.8	$ 29.1	$ 86	$ 34.1
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	23.10%	5.60%	10.80%	15.40%

Segments and Other Geographic_3

Segments and Other Geographic Reporting Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020USD ($)	Apr. 30, 2019USD ($)	Apr. 30, 2020USD ($)	Apr. 30, 2019USD ($)	Jul. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments			2
Number of Reportable Segments			2
Service revenues and vehicle sales:	$ 550,360	$ 553,116	$ 1,679,924	$ 1,499,382
Yard operations	253,760	230,553	751,902	653,707
Cost of vehicle sales	53,987	70,984	170,651	189,952
General and administrative	47,512	44,085	146,987	132,050
Operating income	195,101	207,494	610,384	523,673
Depreciation and amortization	26,715	21,112	74,011	63,380
Capital expenditures, including acquisitions	90,646	123,354	490,998	260,081
Total assets	3,161,583		3,161,583		$ 2,547,617
Goodwill	338,039		338,039		333,321
Operating Segments | United States | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	467,198	448,199	1,414,099	1,209,480
Yard operations	216,879	194,228	640,987	553,205
Cost of vehicle sales	34,032	29,032	98,991	81,858
General and administrative	35,600	36,681	114,299	110,465
Operating income	180,687	188,258	559,822	463,952
Depreciation and amortization	23,703	18,636	65,968	55,905
Capital expenditures, including acquisitions	86,423	107,569	460,846	209,723
Total assets	2,666,911		2,666,911		2,094,592
Goodwill	260,670		260,670		256,998
Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	83,162	104,917	265,825	289,902
Yard operations	36,881	36,325	110,915	100,502
Cost of vehicle sales	19,955	41,952	71,660	108,094
General and administrative	11,912	7,404	32,688	21,585
Operating income	14,414	19,236	50,562	59,721
Depreciation and amortization	3,012	2,476	8,043	7,475
Capital expenditures, including acquisitions	4,223	15,785	30,152	50,358
Total assets	494,672		494,672		453,025
Goodwill	77,369		77,369		$ 76,323
Service revenues
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	491,582	473,682	1,489,472	1,285,295
Service revenues | Operating Segments | United States | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	431,875	416,874	1,310,023	1,122,470
Service revenues | Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	59,707	56,808	179,449	162,825
Vehicle sales
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	58,778	79,434	190,452	214,087
Vehicle sales | Operating Segments | United States | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	35,323	31,325	104,076	87,010
Vehicle sales | Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	$ 23,455	$ 48,109	$ 86,376	$ 127,077