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Debt Securities

3 Months Ended

Oct. 31, 2022

Debt Securities, Trading and Available-for-Sale [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, 2022:
Certificates of deposit*		$	2,000			$	—			$	(3	)		$	1,997
U.S. Treasury bills and notes			13,894				—				(114	)			13,780
Corporate bonds			3,954				—				(650	)			3,304
Municipal bonds			731				—				(1	)			730
Total		$	20,579			$	—			$	(768	)		$	19,811

July 31, 2022:
Certificates of deposit*		$	2,000			$	—			$	(14	)		$	1,986
U.S. Treasury bills and notes			13,848				—				(114	)			13,734
Corporate bonds			3,966				1				(416	)			3,551
Municipal bonds			3,035				—				(3	)			3,032
Total		$	22,849			$	1			$	(547	)		$	22,303

*	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 $11.5 million and $3.9 million in the three months ended October 31, 2022 and 2021, respectively. There were no realized gains or realized losses from sales of debt securities in the three months ended October 31, 2022 and 2021. 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, 2022 were as follows:

		Fair Value
			(in thousands)
Within one year		$	15,160
After one year through five years			2,840
After five years through ten years			1,568
After ten years			243
Total		$	19,811

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, 2022:
Certificates of deposit		$	3			$	1,997
U.S. Treasury bills and notes			114				13,780
Corporate bonds			650				3,304
Municipal bonds			1				250
Total		$	768			$	19,331

July 31, 2022:
Certificates of deposit		$	14			$	1,986
U.S. Treasury bills and notes			114				13,734
Corporate bonds			416				3,514
Municipal bonds			3				2,412
Total		$	547			$	21,646

The following available-for-sale debt securities included in the tables above were in a continuous unrealized loss position for 12 months or longer:

		Unrealized Losses				Fair Value
		(in thousands)
October 31, 2022:
U.S. Treasury bills and notes		$	106			$	856
Corporate bonds			605				3,018
Total		$	711			$	3,874
July 31, 2022:
U.S. Treasury bills and notes		$	72			$	892
Corporate bonds			234				1,731
Total		$	306			$	2,623

At October 31, 2022 and July 31, 2022, 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.