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Debt Securities

9 Months Ended

Apr. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Debt Securities

Note 6—Debt Securities

The following is a summary of available-for-sale debt securities:

 Schedule of Available-for-sale Securities

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
April 30, 2021:
Certificates of deposit*		$	1,927			$	—			$	—			$	1,927
U.S. Treasury bills and notes			1,672				—				(28	)			1,644
Corporate bonds			6,283				21				(112	)			6,192
Municipal bonds			7,091				—				(2	)			7,089
Total		$	16,973			$	21			$	(142	)		$	16,852
July 31, 2020:
Certificates of deposit*		$	13,844			$	58			$	—			$	13,902
U.S. Treasury bills			2,498				—				—				2,498
Municipal bonds			1,979				—				(16	)			1,963
Total		$	18,321			$	58			$	(16	)		$	18,363

* Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market.

Proceeds from maturities and sales of debt securities and redemptions of equity investments were $7.1 million and $1.6 million in the three months ended April 30, 2021 and 2020, respectively, and $18.7 million and $4.3 million in the nine months ended April 30, 2021 and 2020, respectively. There were no realized gains or realized losses from sales of debt securities in the three and nine months ended April 30, 2021 and 2020. The Company uses the specific identification method in computing the realized gains and realized losses on the sales of debt securities.

The contractual maturities of the Company’s available-for-sale debt securities at April 30, 2021 were as follows:

 Schedule of Contractual Maturities of Available-for-sale Debt Securities

		Fair Value
		(in thousands)
Within one year		$	5,048
After one year through five years			5,986
After five years through ten years			5,399
After ten years			419
Total		$	16,852

The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments were not recognized:

 Schedule of Available-for-sale Securities, Unrealized Loss Position

		Unrealized Losses				Fair Value
		(in thousands)
April 30, 2021:
U.S. Treasury bills and notes		$	28			$	1,644
Corporate bonds			112				5,535
Municipal bonds			2				5,399
Total		$	142			$	12,578
July 31, 2020:
Municipal bonds		$	16			$	1,963

At April 30, 2021 and July 31, 2020, there were no securities in a continuous unrealized loss position for 12 months or longer.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2324412

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2176304

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