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Cost Reduction Actions | 6 Months Ended
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Jan. 31, 2014
Cost Reduction Actions [Abstract] |
Cost Reduction Actions | (9) Cost Reduction Actions Wind-Down of Microsatellite Product Line During fiscal 2013, we completed our fiscal 2012 plan to wind-down our mobile data communications segment's microsatellite product line. In connection with this plan, we recorded a pre-tax benefit of $253,000 in the three months ended January 31, 2013, resulting from the reversal of previously accrued costs that were lower than expected. For the six months ended January 31, 2013, we recorded a net pre-tax restructuring charge of $569,000 related to this plan. Almost all of these amounts are reflected in selling, general and administrative expenses in our Condensed Consolidated Statements of Operations. There were no such charges or benefits in the three and six months ended January 31, 2014. The activity pertaining to the accruals with respect to this plan, since July 31, 2013, is summarized as follows:
| Facility exit costs |  | Other |  | Total
Balance as of July 31, 2013 | $ | 413,000 |  |  | 50,000 |  |  | $ | 463,000 |
Payments made | (75,000 | ) |  | — |  |  | (75,000 | )
Balance as of January 31, 2014 | $ | 338,000 |  |  | 50,000 |  |  | $ | 388,000 |
Of the total remaining microsatellite product line wind-down liabilities of $388,000, $282,000 is included in accrued expenses and other current liabilities and $106,000 is included in other long-term liabilities in our Condensed Consolidated Balance Sheet as of January 31, 2014. Radyne Acquisition-Related Restructuring Plan In connection with our August 1, 2008 acquisition of Radyne, we adopted a restructuring plan for which we recorded $2,713,000 of estimated restructuring costs. Of this amount, $613,000 related to severance for Radyne employees which was paid in fiscal 2009. The remaining estimated amounts relate to facility exit costs and were determined as follows:
| At August 1, 2008
Total non-cancelable lease obligations | $ | 12,741,000 |
Less: Estimated sublease income | 8,600,000 |
Total net estimated facility exit costs | 4,141,000 |
Less: Interest expense to be accreted | 2,041,000 |
Present value of estimated facility exit costs | $ | 2,100,000 |
Our total non-cancelable lease obligations were based on the actual lease term which runs from November 1, 2008 through October 31, 2018. We estimated sublease income based on (i) the terms of a fully executed sublease agreement, whose lease term runs from November 1, 2008 through October 31, 2015 and (ii) our assessment of future uncertainties relating to the commercial real estate market. Based on our assessment of commercial real estate market conditions, we currently believe that it is not probable that we will be able to sublease the facility beyond the current sublease terms. As such, in accordance with grandfathered accounting standards that were not incorporated into the FASB’s ASC, we recorded these costs, at fair value, as assumed liabilities as of August 1, 2008, with a corresponding increase to goodwill. As of January 31, 2014, the amount of the acquisition-related restructuring reserve is as follows:
| Cumulative Activity Through January 31, 2014
Present value of estimated facility exit costs at August 1, 2008 | $ | 2,100,000 |
Cash payments made | (5,855,000 | )
Cash payments received | 6,347,000 |
Accreted interest recorded | 956,000 |
Net liability as of January 31, 2014 | 3,548,000 |
Amount recorded as prepaid expenses in the Condensed Consolidated Balance Sheet | 454,000 |
Amount recorded as other liabilities in the Condensed Consolidated Balance Sheet | $ | 4,002,000 |
As of July 31, 2013, the present value of the estimated facility exit costs was $3,331,000. During the six months ended January 31, 2014, we made cash payments of $528,000 and we received cash payments of $625,000. Interest accreted for the three and six months ended January 31, 2014 and 2013 was $61,000 and $120,000, respectively, and $53,000 and $105,000, respectively, and is included in interest expense for each respective fiscal period. As of January 31, 2014, future cash payments associated with our restructuring plan are summarized below:
| As of
| January 31, 2014
Future lease payments to be made in excess of anticipated sublease payments | $ | 4,002,000 |
Less net cash to be received in next twelve months | (454,000 | )
Interest expense to be accreted in future periods | 1,084,000 |
Total remaining net cash payments | $ | 4,632,000 |

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- Definition The entire disclosure for aggregate costs incurred during the period for restructuring, remediation, implementation, integration and asset impairment activities. Description of restructuring activities such as exit and disposal activities, could include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This would also include disclosure of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. + References No definition available. + Details
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