Debt Securities

6 Months Ended

Jan. 31, 2022

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, 2022:
Certificates of deposit*	$	2,000	$	—	$	(3	)	$	1,997
U.S. Treasury bills and notes		1,660		—		(57	)		1,603
Corporate bonds		6,362		10		(277	)		6,095
Municipal bonds		5,800		—		(5	)		5,795
Total	$	15,822	$	10	$	(342	)	$	15,490
July 31, 2021:
Certificates of deposit*	$	1,200	$	3	$	—		$	1,203
U.S. Treasury bills and notes		1,669		—		(17	)		1,652
Corporate bonds		6,327		38		(33	)		6,332
Municipal bonds		4,825		—		—			4,825
Total	$	14,021	$	41	$	(50	)	$	14,012

* 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 $2.2 million and $5.0 million in the three months ended January 31, 2022 and 2021, respectively, and $6.1 million and $11.6 million in the six months ended January 31, 2022 and 2021, respectively. There were no realized gains or realized losses from sales of debt securities in the three and six months ended January 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 January 31, 2022 were as follows:

	Fair Value
	(in thousands)
Within one year	$	3,568
After one year through five years		6,379
After five years through ten years		4,869
After ten years		674
Total	$	15,490

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, 2022:
Certificates of deposit	$	3	$	1,997
U.S. Treasury bills and notes		57		1,603
Corporate bonds		277		5,698
Municipal bonds		5		5,122
Total	$	342	$	14,420
July 31, 2021:
U.S. Treasury bills and notes	$	17	$	1,652
Corporate bonds		33		3,293
Total	$	50	$	4,945

At July 31, 2021, there were no securities in a continuous unrealized loss position for 12 months or longer. At January 31, 2022, the following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months or longer:

	Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury bills and notes	$	57	$	1,603
Corporate bonds		103		1,453
Total	$	160	$	3,056

At January 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.