Debt Securities

6 Months Ended

Jan. 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)
January 31, 2021:
Certificates of deposit*	$	4,608	$	15	$	—		$	4,623
U.S. Treasury bills and notes		3,676		—		(9	)		3,667
Corporate bonds		6,233		68		(17	)		6,284
Municipal bonds		6,925		2		—			6,927
Total	$	21,442	$	85	$	(26	)	$	21,501
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 $5.0 million and $1.9 million in the three months ended January 31, 2021 and 2020, respectively, and $11.6 million and $2.7 million in the six months ended January 31, 2021 and 2020, respectively. There were no realized gains or realized losses from sales of debt securities in the three and six months ended January 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 January 31, 2021 were as follows:

	Fair Value
	(in thousands)
Within one year	$	9,688
After one year through five years		6,447
After five years through ten years		4,611
After ten years		755
Total	$	21,501

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)
January 31, 2021:
U.S. Treasury bills and notes	$	9	$	1,667
Corporate bonds		17		1,690
Total	$	26	$	3,357
July 31, 2020:
Municipal bonds	$	16	$	1,963

At January 31, 2021 and July 31, 2020, there were no securities in a continuous unrealized loss position for 12 months or longer.