Fair Value Measurements

9 Months Ended

Apr. 30, 2016

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 4—Fair Value Measurements

The following tables present the balance of assets and liabilities measured at fair value on a recurring basis:

	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
	(in thousands)
April 30, 2016
Assets:
Available-for-sale securities	$	10,073	$	36,564	$	—	$	46,637
Foreign exchange forward contracts		—		46		—		46
Total	$	10,073	$	36,610	$	—	$	46,683
Liabilities:
Foreign exchange forward contracts	$	—	$	—	$	—	$	—
July 31, 2015
Assets:
Available-for-sale securities	$	6,505	$	33,782	$	—	$	40,287
Foreign exchange forward contracts		—		38		—		38
Total	$	6,505	$	33,820	$	—	$	40,325
Liabilities:
Foreign exchange forward contracts	$	—	$	39	$	—	$	39

(1) – quoted prices in active markets for identical assets or liabilities

(2) – observable inputs other than quoted prices in active markets for identical assets and liabilities

(3) – no observable pricing inputs in the market

At April 30, 2016 and July 31, 2015, the Company had $8.1 million and $9.1 million, respectively, in investments in hedge funds, which were included in “Investments” in the accompanying consolidated balance sheets. The Company’s investments in hedge funds are accounted for using the equity method or the cost method; therefore investments in hedge funds are not measured at fair value.

Fair Value of Other Financial Instruments

The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.

Cash and cash equivalents, restricted cash and cash equivalents, other current assets, customer deposits, notes payable—current portion and other current liabilities. At April 30, 2016 and July 31, 2015, the carrying amount of these assets and liabilities approximated fair value because of the short period of time to maturity. The fair value estimates for cash, cash equivalents and restricted cash and cash equivalents were classified as Level 1 and other current assets, customer deposits, notes payable—current portion and other current liabilities were classified as Level 2 of the fair value hierarchy.

Other assets and other liabilities. At April 30, 2016 and July 31, 2015, the carrying amount of these assets and liabilities approximated fair value. The fair values were estimated based on the Company’s assumptions, which were classified as Level 3 of the fair value hierarchy.

The Company’s investments at April 30, 2016 and July 31, 2015 included investments in the equity of certain privately held entities and other investments that are accounted for at cost. It is not practicable to estimate the fair value of these investments because of the lack of a quoted market price for the shares of these entities, and the inability to estimate their fair value without incurring excessive cost. The carrying value of these investments was $5.4 million and $3.4 million at April 30, 2016 and July 31, 2015, respectively, which the Company believes was not impaired.