Debt Securities

12 Months Ended

Jul. 31, 2023

Investments, Debt and Equity Securities [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, 2023
Certificates of deposit*	$	4,080	$	—	$	(4	)	$	4,076
U.S. Treasury bills and notes		31,186		—		(148	)		31,038
Government sponsored enterprise notes		3,881		—		(8	)		3,873
Corporate bonds		3,912		—		(485	)		3,427
TOTAL	$	43,059	$	—	$	(645	)	$	42,414
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

* 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 $49.2 million, $21.2 million, and $26.2 million in fiscal 2023, fiscal 2022, and fiscal 2021, respectively. There were no realized gains or realized losses from sales of debt securities in fiscal 2023, fiscal 2022, and fiscal 2021.

IDT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The contractual maturities of the Company’s available-for-sale debt securities at July 31, 2023 were as follows:

(in thousands)	Fair Value
Within one year	$	35,176
After one year through five years		6,019
After five years through ten years		1,172
After ten years		47
TOTAL	$	42,414

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, 2023
Certificates of deposit	$	4	$	3,356
U.S. Treasury bills and notes		148		31,038
Government sponsored enterprise notes		8		3,873
Corporate bonds		485		3,368
TOTAL	$	645	$	41,635
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

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, 2023
U.S. Treasury bills and notes	$	86	$	816
Corporate bonds		484		3,299
TOTAL	$	570	$	4,115
July 31, 2022
U.S. Treasury bills and notes	$	72	$	892
Corporate bonds		234		1,731
TOTAL	$	306	$	2,623

At July 31, 2023 and 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.

IDT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)