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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Apr. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured on Recurring Basis
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  
Cash130,564  
Total cash, cash equivalents and short-term investments$908,834  
As of April 30, 2020
Level ILevel IILevel 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  
Cash150,789  
Total cash, cash equivalents and short-term investments$732,137  
The carrying values and estimated fair values of financial instruments not recorded at fair value are as follows:
As of July 31, 2019As of April 30, 2020
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
(in thousands)
Convertible senior notes, net$458,910  $527,275  $482,200  $495,938