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Fair Value of Financial Instruments
 3 Months Ended
Oct. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Available-for-sale investments within cash equivalents and investments consist of the following (in thousands):
October 31, 2022
Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
Commercial paper$177,719 $— $— $177,719 
Corporate bonds302,449 7 (5,973)296,483 
Certificates of deposit54,997 — — 54,997 
U.S. Government bonds67,793 6 (1,760)66,039 
Money market funds67,752 — — 67,752 
U.S. Government agency securities49,354 — (642)48,712 
Asset-backed securities50,438 2 (786)49,654 
Foreign government bonds10,346 — (456)9,890 
     Total$780,848 $15 $(9,617)$771,246 
July 31, 2022
Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
Commercial paper$197,998 $— $— $197,998 
Corporate bonds320,474 8 (4,880)315,602 
Certificates of deposit43,715 — — 43,715 
U.S. Government bonds47,014 — (1,312)45,702 
Money market funds349,492 — — 349,492 
U.S. Government agency securities37,572 — (586)36,986 
Asset-backed securities54,782 — (611)54,171 
Foreign government bonds15,109 — (361)14,748 
Municipal bonds205 — — 205 
    Total$1,066,361 $8 $(7,750)$1,058,619 
The Company does not consider any portion of the unrealized losses at October 31, 2022 to be credit losses. The Company has recorded the securities at fair value in its condensed consolidated balance sheets, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). The amount of unrealized gains and losses reclassified into earnings are based on the specific identification of the securities sold. The realized gains and losses from sales of securities are presented in the condensed consolidated statements of comprehensive income (loss).
The following table summarizes the contractual maturities of the Company’s available-for-sale investments measured at fair value (in thousands):
October 31, 2022
Less Than 12 Months12 Months or GreaterTotal
Commercial paper$177,719 $— $177,719 
Corporate bonds222,767 73,716 296,483 
Certificates of deposit54,997 — 54,997 
U.S. Government bonds30,490 35,549 66,039 
Money market funds67,752 — 67,752 
U.S. Government agency securities44,880 3,832 48,712 
Asset-backed securities1,427 48,227 49,654 
Foreign government bonds7,879 2,011 9,890 
     Total$607,911 $163,335 $771,246 
Fair Value Measurement
Available-for-sale investments
The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands):
October 31, 2022
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $77,178 $— $77,178 
Certificates of deposit— 3,000 — 3,000 
Money market funds67,752 — — 67,752 
U.S. Government agency securities— 17,958 — 17,958 
Total cash equivalents67,752 98,136 — 165,888 
Short-term investments:
Commercial paper— 100,541 — 100,541 
Corporate bonds— 222,767 — 222,767 
Certificates of deposit— 51,997 — 51,997 
U.S. Government bonds— 30,490 — 30,490 
U.S. Government agency securities— 26,922 — 26,922 
Asset-backed securities— 1,427 — 1,427 
Foreign government bonds— 7,879 — 7,879 
Total short-term investments— 442,023 — 442,023 
Long-term investments:
Corporate bonds— 73,716 — 73,716 
U.S. Government bonds— 35,549 — 35,549 
U.S. Government agency securities— 3,832 — 3,832 
Asset-backed securities— 48,227 — 48,227 
Foreign government bonds— 2,011 — 2,011 
Total long-term investments— 163,335 — 163,335 
       Total$67,752 $703,494 $— $771,246 
July 31, 2022
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $132,066 $— $132,066 
Certificates of deposit— 9,689 — 9,689 
Money market funds349,492 — — 349,492 
U.S. Government agency securities— 10,000 — 10,000 
Total cash equivalents349,492 151,755 — 501,247 
Short-term investments:
Commercial paper— 65,932 — 65,932 
Corporate bonds— 203,960 — 203,960 
Certificates of deposit— 34,026 — 34,026 
U.S. Government bonds— 25,429 — 25,429 
U.S. Government agency securities— 26,986 — 26,986 
Asset-backed securities— 8,627 — 8,627 
Foreign government bonds— 4,700 — 4,700 
Municipal bonds— 205 — 205 
Total short-term investments— 369,865 — 369,865 
Long-term investments:
Corporate bonds— 111,642 — 111,642 
U.S. Government bonds— 20,273 — 20,273 
Asset-backed securities— 45,544 — 45,544 
Foreign government bonds— 10,048 — 10,048 
Total long-term investments— 187,507 — 187,507 
      Total$349,492 $709,127 $— $1,058,619 
Convertible Senior Notes
The fair value of the Convertible Senior Notes was $362.2 million and $387.6 million at October 31, 2022 and July 31, 2022, respectively. The Company estimates the fair value of the Convertible Senior Notes using commonly accepted valuation methodologies and market-based risk measurements that are directly observable, such as unadjusted quoted prices in markets that are not active (Level 2). The Company carries the Convertible Senior Notes at initial fair value less unamortized debt issuance costs on its condensed consolidated balance sheets. For further information on the Convertible Senior Notes, see Note 5.
Strategic Equity Investments
The Company’s other assets include strategic equity investments in privately-held companies in which the Company does not have a controlling interest or the ability to exert significant influence. The strategic investments consist of non-marketable equity securities that do not have readily determinable market values (Level 3). The Company records these strategic investments at cost less impairment and adjusts cost for subsequent observable changes in fair value. During the three months ended October 31, 2022, the Company invested $0.2 million in an existing strategic equity investment. At October 31, 2022 and July 31, 2022, the Company’s total strategic equity investments was $18.2 million and $18.0 million, respectively.

No impairment charges or unrealized gain or loss related to strategic investments were recognized during the three months ended October 31, 2022 and 2021.