NOTE 5 – Fair Value Measures

The following table summarizes the fair value of the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis based on inputs used to derive their fair values:



	January 31, 2016						July 31, 2015
(In thousands)	Fair Value Total		Observable Inputs (Level I)		Significant Observable Inputs (Level II)		Fair Value Total		Significant Observable Inputs (Level II)
Assets
Cash equivalents	$	2,584	$	—	$	2,584	$	2,121	$	2,121
Marketable equity securities	17,465		17,465		—		—		—
Total Assets	$	20,049	$	17,465	$	2,584	$	2,121	$	2,121
Liabilities
Long-term variable rate debt, including current portion	$	206,250	$	—	$	206,250	$	243,750	$	243,750
Long-term fixed rate debt, including current portion	411,751		—		411,751		403,375		403,375
Revolving loan facility	68,000		—		68,000		—		—
Interest rate swap derivative	—		—		—		446		446
Total Liabilities	$	686,001	$	—	$	686,001	$	647,571	$	647,571

During the six months ended January 31, 2016, no transfers were made between any levels within the fair value hierarchy. See Note 1 – Description of Business and Summary of Significant Accounting Policies, Note 2 – Long-Term Debt, Note 3 – Derivatives and Hedging, and Note 12 – Acquisitions.