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Debt Securities
 12 Months Ended
Jul. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Debt Securities

Note 7—Debt Securities

 

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

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair Value 
July 31, 2024                    
U.S. Treasury bills and notes  $16,641   $10   $(66)  $16,585 
Government sponsored enterprise notes   3,356    —    (3)   3,353 
Corporate bonds   3,821    1    (322)   3,500 
TOTAL  $23,818   $11   $(391)  $23,438 
July 31, 2023                    
Certificates of deposit*  $4,080   $—   $(4)  $4,076 
U.S. Treasury bills and notes   31,186    —    (148)   31,038 
Corporate bonds   3,881    —    (8)   3,873 
Municipal bonds   3,912    —    (485)   3,427 
TOTAL  $43,059   $—   $(645)  $42,414 

 

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

 

The gross unrealized losses in the table above are recorded in “Accumulated other comprehensive loss” in the consolidated balance sheets. As of July 31, 2024, the Company determined that the unrealized losses were due to changes in interest rates or market liquidity and were not due to credit losses. In addition, as of July 31, 2024 and 2023, the Company did not intend to sell any of the securities with unrealized losses, 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.

 

Proceeds from maturities and sales of debt securities and redemptions of equity investments were $50.1 million, $49.2 million, and $21.2 million in fiscal 2024, fiscal 2023, and fiscal 2022, respectively. There were no realized gains or realized losses from sales of debt securities in fiscal 2024, fiscal 2023, or fiscal 2022.

 

The contractual maturities of the Company’s available-for-sale debt securities at July 31, 2024 were as follows:

 

(in thousands)  Fair Value 
Within one year  $16,808 
After one year through five years   5,456 
After five years through ten years   1,137 
After ten years   37 
TOTAL  $23,438 

 

The following table includes the fair value of the Company’s available-for-sale debt securities that were in an unrealized loss position:

 

(in thousands)  Unrealized
Losses		   Fair
Value		 
July 31, 2024          
U.S. Treasury bills and notes  $66   $12,936 
Government sponsored enterprise notes   3    2,634 
Corporate bonds   322    3,310 
TOTAL  $391   $18,880 
July 31, 2023          
Certificates of deposit  $4   $3,356 
U.S. Treasury bills and notes   148    31,038 
Corporate bonds   8    3,873 
Municipal bonds   485    3,368 
TOTAL  $645   $41,635 

 

 

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

 

(in thousands)  Unrealized
Losses		   Fair
Value		 
July 31, 2024          
U.S. Treasury bills and notes  $60   $4,827 
Corporate bonds   307    3,209 
TOTAL  $367   $8,036 
July 31, 2023          
U.S. Treasury bills and notes  $86   $816 
Corporate bonds   484    3,299 
TOTAL  $570   $4,115