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Fair Value Measurements
 6 Months Ended
Jan. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes the carrying values and fair values of the Company’s financial instruments that were not carried at fair value in the consolidated balance sheets:
January 31, 2022July 31, 2021
(In thousands)Carrying Value TotalFair Value TotalCarrying Value TotalFair Value Total
Assets
Cash equivalents$709,241 $709,241 $754,300 $754,304 
Treasury Bills374,866 374,734 — — 
Total Assets$1,084,107 $1,083,975 $754,300 $754,304 
Liabilities
Long-term fixed rate debt, including current portion$399,726 $414,439 $399,733 $432,027 
Total Liabilities$399,726 $414,439 $399,733 $432,027 
The Company has investments in Treasury Bills some of which mature over a period greater than 90 days days and are classified as short-term investments. The Treasury bills are carried at amortized cost and classified as held-to-maturity as the Company has the intent and the ability to hold them until they mature. The carrying value of the Treasury bills are adjusted for accretion of discounts over the remaining life of the investment. Income related to the Treasury bills is recognized in interest income in the Company’s consolidated statement of income. The Treasury bills classified within Level I of the fair value hierarchy.

During the six months ended January 31, 2022, no transfers were made between any levels within the fair value hierarchy. The fair value of the Senior Notes is based on the discounted value of each interest and principal payment calculated utilizing market interest rates of similar types of borrowing arrangements and was classified within Level II of the fair value hierarchy. See Note 1 – Summary of Significant Accounting Policies, and Note 6 – Long-Term Debt.