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Debt Securities
 3 Months Ended
Oct. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Debt Securities

Note 6—Debt Securities

 

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

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Value 
   (in thousands) 
October 31, 2021:                
Certificates of deposit*  $-   $-   $—   $- 
U.S. Treasury bills and notes  $1,663   $—   $(36)  $1,627 
Corporate bonds   6,276    33    (116)   6,193 
Municipal bonds   5,814    —    (1)   5,813 
Total  $13,753   $33   $(153)  $13,633 
                     
July 31, 2021:                    
Certificates of deposit*  $1,200   $3   $—   $1,203 
U.S. Treasury bills and notes   1,669    —    (17)   1,652 
Corporate bonds   6,327    38    (33)   6,332 
Municipal bonds   4,825    —    —    4,825 
Total  $14,021   $41   $(50)  $14,012 

 

* 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 $3.9 million and $6.6 million in the three months ended October 31, 2021 and 2020, respectively. There were no realized gains or realized losses from sales of debt securities in the three months ended October 31, 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 October 31, 2021 were as follows:

 

   Fair Value 
   (in thousands) 
Within one year  $1,258 
After one year through five years   6,326 
After five years through ten years   5,249 
After ten years   800 
Total  $13,633 

 

 

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

 

   Unrealized Losses   Fair Value 
   (in thousands)     
October 31, 2021:          
U.S. Treasury bills and notes  $36   $1,627 
Corporate bonds   116    5,572 
Municipal bonds   1    4,569 
Total  $153   $11,768 
           
July 31, 2021:          
U.S. Treasury bills and notes  $17   $1,652 
Corporate bonds   33    3,293 
Total  $50   $4,945 

   

At July 31, 2021, there were no securities in a continuous unrealized loss position for 12 months or longer. At October 31, 2021, the following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months or longer:

   Unrealized Losses Fair Value 
   (in thousands) 
U.S. Treasury bills and notes  $36   $1,627 
Corporate bonds   44    1,219 
Total  $80   $2,846 

 

At October 31, 2021, the Company did not intend to sell any of the debt securities included in the table above, and it is not more likely than not that the Company will be required to sell any of these securities before recovery of the unrealized losses, which may be at maturity.