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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Apr. 30, 2020
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The fair value of our financial assets and liabilities measured on a recurring basis is as follows:
| As of July 31, 2019 |  |  |  |  |  |
| Level I |  | Level II |  | Level III |  | Total
| (in thousands) |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 33,156 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,156 |
Commercial paper | — |  |  | 103,029 |  |  | — |  |  | 103,029 |
U.S. government securities | — |  |  | 119,933 |  |  | — |  |  | 119,933 |
Corporate bonds | — |  |  | 9,996 |  |  | — |  |  | 9,996 |
Short-term investments: |  |  |  |  |  |  |
Corporate bonds | — |  |  | 354,549 |  |  | — |  |  | 354,549 |
Commercial paper | — |  |  | 92,851 |  |  | — |  |  | 92,851 |
U.S. government securities | — |  |  | 64,756 |  |  | — |  |  | 64,756 |
Total measured at fair value | $ | 33,156 |  |  | $ | 745,114 |  |  | $ | — |  |  | $ | 778,270 |
Cash |  |  |  |  |  |  | 130,564 |
Total cash, cash equivalents and short-term investments |  |  |  |  |  |  | $ | 908,834 |
| As of April 30, 2020 |  |  |  |  |  |
| Level I |  | Level II |  | Level III |  | Total
| (in thousands) |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 100,550 |  |  | $ | — |  |  | $ | — |  |  | $ | 100,550 |
Commercial paper | — |  |  | 10,992 |  |  | — |  |  | 10,992 |
Short-term investments: |  |  |  |  |  |  |
Corporate bonds | — |  |  | 370,210 |  |  | — |  |  | 370,210 |
Commercial paper | — |  |  | 46,375 |  |  | — |  |  | 46,375 |
U.S. government securities | — |  |  | 53,221 |  |  | — |  |  | 53,221 |
Total measured at fair value | $ | 100,550 |  |  | $ | 480,798 |  |  | $ | — |  |  | $ | 581,348 |
Cash |  |  |  |  |  |  | 150,789 |
Total cash, cash equivalents and short-term investments |  |  |  |  |  |  | $ | 732,137 |
Financial Instruments Not Recorded at Fair Value on a Recurring Basis We report our financial instruments at fair value, with the exception of the 0% Convertible Senior Notes, due in January 2023 (the "Notes"). Financial instruments that are not recorded at fair value on a recurring basis are measured at fair value on a quarterly basis for disclosure purposes. The carrying values and estimated fair values of financial instruments not recorded at fair value are as follows:
| As of July 31, 2019 |  |  |  | As of April 30, 2020 |  |
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
| (in thousands) |  |  |  |  |  |
Convertible senior notes, net | $ | 458,910 |  |  | $ | 527,275 |  |  | $ | 482,200 |  |  | $ | 495,938 |
The carrying value of the Notes as of April 30, 2020 was net of the unamortized debt discount of $87.9 million and unamortized debt issuance costs of $4.9 million. The total estimated fair value of the Notes was determined based on the closing trading price per $100 of the Notes as of the last day of trading for the period. We consider the fair value of the Notes to be a Level 2 measurement due to the limited trading activity.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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