Fair Value of Financial Instruments (Tables)

3 Months Ended

Oct. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale investments within cash equivalents and investments consist of the following (in thousands):

	October 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. Government agency securities	$	209,058	$	132	$	(74)	$	209,116
Commercial paper	225,521		—		—		225,521
Corporate bonds	446,845		2,297		(12)		449,130
U.S. Government bonds	154,795		339		(8)		155,126
Asset-backed securities	47,369		149		—		47,518
Foreign government bonds	7,474		1		(3)		7,472
Certificates of deposit	73,148		—		—		73,148
Money market funds	173,069		—		—		173,069
Total	$	1,337,279	$	2,918	$	(97)	$	1,340,100

	July 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. Government agency securities	$	242,153	$	202	$	(81)	$	242,274
Commercial paper	222,578		—		—		222,578
Corporate bonds	474,646		3,448		(38)		478,056
U.S. Government bonds	68,332		476		—		68,808
Asset-backed securities	58,564		306		—		58,870
Certificates of deposit	56,296		—		—		56,296
Money market funds	231,063		—		—		231,063
Total	$	1,353,632	$	4,432	$	(119)	$	1,357,945

Investments Classified by Contractual Maturity Date

The following table summarizes the contractual maturities of the Company’s available-for-sale investments measured at fair value (in thousands):

	October 31, 2020
	Less Than 12 Months		12 Months or Greater		Total
U.S. Government agency securities	$	143,491	$	65,625	$	209,116
Commercial paper	225,521		—		225,521
Corporate bonds	339,403		109,727		449,130
U.S. Government bonds	134,771		20,355		155,126
Asset-backed securities	2,494		45,024		47,518
Foreign government bonds	—		7,472		7,472
Certificates of deposit	67,398		5,750		73,148
Money market funds	173,069		—		173,069
Total	$	1,086,147	$	253,953	$	1,340,100

Fair Value, Assets Measured on Recurring Basis

The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands):

	October 31, 2020
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	41,688	$	—	$	41,688
U.S. Government bonds	—		15,013		—		15,013
Money market funds	173,069		—		—		173,069
Total cash equivalents	173,069		56,701		—		229,770
Short-term investments:
U.S. Government agency securities	—		143,491		—		143,491
Commercial paper	—		183,833		—		183,833
Corporate bonds	—		339,403		—		339,403
U.S. Government bonds	—		119,758		—		119,758
Asset-backed securities	—		2,494		—		2,494
Certificates of deposit	—		67,398		—		67,398
Total short-term investments	—		856,377		—		856,377
Long-term investments:
U.S. Government agency securities	—		65,625		—		65,625
Corporate bonds	—		109,727		—		109,727
U.S. Government bonds	—		20,355		—		20,355
Asset-backed securities	—		45,024		—		45,024
Foreign government bonds	—		7,472		—		7,472
Certificates of deposit	—		5,750		—		5,750
Total long-term investments	—		253,953		—		253,953
Total	$	173,069	$	1,167,031	$	—	$	1,340,100

	July 31, 2020
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	60,584	$	—	$	60,584
Money market funds	231,063		—		—		231,063
Total cash equivalents	231,063		60,584		—		291,647
Short-term investments:
U.S. Government agency securities	—		110,089		—		110,089
Commercial paper	—		161,994		—		161,994
Corporate bonds	—		358,175		—		358,175
U.S. Government bonds	—		63,773		—		63,773
Asset-backed securities	—		25,448		—		25,448
Certificates of deposit	—		47,048		—		47,048
Total short-term investments	—		766,527		—		766,527
Long-term investments:
U.S. Government agency securities	—		132,185		—		132,185
Corporate bonds	—		119,881		—		119,881
U.S. Government bonds	—		5,035		—		5,035
Asset-backed securities	—		33,422		—		33,422
Certificates of deposit	—		9,248		—		9,248
Total long-term investment	—		299,771		—		299,771
Total	$	231,063	$	1,126,882	$	—	$	1,357,945