INVESTMENTS

12 Months Ended

Jul. 31, 2013

INVESTMENTS

INVESTMENTS

7. INVESTMENTS

        Investments in debt and equity securities held by our insurance subsidiaries are reported as other assets in the accompanying consolidated balance sheets. Investments are recorded at fair value based on quoted market prices for identical or similar securities. All investments are classified as available-for-sale.

        Our investments consist of the following (in thousands):

	Year Ended July 31, 2013				Year Ended July 31, 2012
	Cost		Fair Value		Cost		Fair Value
U.S. Treasury securities	$	13,501	$	14,436	$	19,423	$	21,109
U.S. government agency securities		2,543		2,687		2,673		2,920
Corporate bonds and notes		756		828		1,192		1,314
Corporate equity securities		1,942		2,669		3,501		3,993
	$	18,742	$	20,620	$	26,789	$	29,336

        At July 31, 2013 and 2012, the carrying value of investments included a net unrealized gain of $1.9 million and $2.5 million, respectively, which is included in accumulated other comprehensive income. Realized gains and losses on investments are determined on the specific identification basis. The net realized gains totaled $0.7 million in fiscal year 2013 and $0.2 million in fiscal years 2012 and 2011. Investments with a carrying value of $7.4 million were on deposit with various state insurance departments at both July 31, 2013 and 2012, respectively, as required by law.

        Debt securities outstanding as of July 31, 2013 mature as follows (in thousands):

	Year Ended July 31,
	Cost		Fair Value
Less than one year	$	3,610	$	3,682
Year two through year five		9,178		10,017
Year six through year ten		3,944		4,174
After ten years		68		78
	$	16,800	$	17,951