NOTE 5 – 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:



	April 30, 2016				July 31, 2015
(In thousands)	Fair Value Total		Significant Observable Inputs (Level II)		Fair Value Total		Significant Observable Inputs (Level II)
Assets
Cash equivalents	$	5,824	$	5,824	$	2,121	$	2,121
Total Assets	$	5,824	$	5,824	$	2,121	$	2,121
Liabilities
Long-term variable rate debt, including current portion	$	300,000	$	300,000	$	243,750	$	243,750
Long-term fixed rate debt, including current portion	416,723		416,723		403,375		403,375
Interest rate swap derivative	—		—		446		446
Total Liabilities	$	716,723	$	716,723	$	647,571	$	647,571

During the nine months ended April 30, 2016, 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 2 – Long-Term Debt, Note 3 – Derivatives and Hedging, and Note 12 – Acquisitions.