Debt Securities

3 Months Ended

Oct. 31, 2020

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, 2020:
Certificates of deposit*	$	7,537	$	30	$	—		$	7,567
U.S. Treasury bills and notes		4,179		—		(8	)		4,171
Corporate bonds		6,238		14		(21	)		6,231
Municipal bonds		5,923		—		(2	)		5,921
Total	$	23,877	$	44	$	(31	)	$	23,890
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 $6.6 million and $0.8 million in the three months ended October 31, 2020 and 2019, respectively. There were no realized gains or realized losses from sales of debt securities in the three months ended October 31, 2020 and 2019. 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, 2020 were as follows:

	Fair Value
	(in thousands)
Within one year	$	12,644
After one year through five years		4,017
After five years through ten years		5,983
After ten years		1,246
Total	$	23,890

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, 2020:
U.S. Treasury bills and notes	$	8	$	1,673
Corporate bonds		21		3,593
Municipal bonds		2		4,623
Total	$	31	$	9,889
July 31, 2020:
Municipal bonds	$	16	$	1,963

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