Debt Securities

12 Months Ended

Jul. 31, 2022

Debt Securities, Trading and Available-for-Sale [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, 2022
Certificates of deposit*	$	2,000	$	—	$	(14	)	$	1,986
U.S. Treasury bills and notes		13,848		—		(114	)		13,734
Corporate bonds		3,966		1		(416	)		3,551
Municipal bonds		3,035		—		(3	)		3,032
TOTAL	$	22,849	$	1	$	(547	)	$	22,303
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 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.

Proceeds from maturities and sales of debt securities and redemptions of equity investments were $21.2 million, $26.2 million, and $6.5 million in fiscal 2022, fiscal 2021, and fiscal 2020, respectively. There were no realized gains or realized losses from sales of debt securities in fiscal 2022, fiscal 2021, and fiscal 2020.

The contractual maturities of the Company’s available-for-sale debt securities at July 31, 2022 were as follows:

(in thousands)	Fair Value
Within one year	$	15,374
After one year through five years		3,729
After five years through ten years		2,634
After ten years		566
TOTAL	$	22,303

IDT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments were not recognized:

(in thousands)	Unrealized Losses		Fair Value
July 31, 2022
Certificates of deposit	$	14	$	1,986
U.S. Treasury bills and notes		114		13,734
Corporate bonds		416		3,514
Municipal bonds		3		2,412
TOTAL	$	547	$	21,646
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 July 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:

(in thousands)	Unrealized Losses		Fair Value
July 31, 2022
U.S. Treasury bills and notes	$	72	$	892
Corporate bonds		234		1,731
TOTAL	$	306	$	2,623

At July 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.