NOTE 6 – Fair Value Measures

The following table summarizes the fair value of the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis based on inputs used to derive their fair values:



	October 31, 2015			July 31, 2015
(In thousands)	Fair Value Total	Observable Inputs (Level I)	Significant Observable Inputs (Level II)	Fair Value Total	Observable Inputs (Level I)	Significant Observable Inputs (Level II)
Assets
Cash equivalents	2,542	—	2,542	2,121	—	2,121
Marketable equity securities	21,893	21,893	—	—	—	—
Total Assets	24,435	21,893	2,542	2,121	—	2,121
Liabilities
Long-term variable rate debt, including current portion	225,000	—	225,000	243,750	—	243,750
Long-term fixed rate debt, including current portion	404,805	—	404,805	403,375	—	403,375
Interest rate swap derivative	156	—	156	446	—	446
Total Liabilities	629,961	—	629,961	647,571	—	647,571

During the three months ended October 31, 2015, no transfers were made between any levels within the fair value hierarchy. See Note 1 – Description of Business and Summary of Significant Accounting Policies, Note 3 – Long-Term Debt, Note 4 – Derivatives and Hedging, and Note 13 – Acquisitions.