The following table summarizes the carrying values and fair values of the Company’s financial instruments that were not carried at fair value in the consolidated balance sheets:


	January 31, 2026				July 31, 2025
(In thousands)	Carrying Value Total		Fair Value Total		Carrying Value Total		Fair Value Total
Assets
Cash equivalents	$	4,389,083	$	4,394,687	$	2,196,593	$	2,204,512
Investment in held to maturity securities		—		—		2,008,539		2,024,114
Total Assets	$	4,389,083	$	4,394,687	$	4,205,132	$	4,228,626

The Company has investments in U.S. Treasury Bills some of which mature over a period greater than 90 days and are classified as short-term investments. The U.S. Treasury Bills are carried at amortized cost and classified as held to maturity as the Company has the intent and the ability to hold them until they mature. The carrying value of the U.S. Treasury Bills are adjusted for accretion of

discounts over the remaining life of the investment. Income related to the Treasury Bills is recognized in interest income in the Company’s consolidated statement of income. The U.S. Treasury Bills are classified within Level I of the fair value hierarchy.

During the six months ended January 31, 2026, no transfers were made between any levels within the fair value hierarchy.