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Disposition | 3 Months Ended
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Oct. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Disposition | Business Divestiture On November 7, 2023, we completed the divestiture of our solid-state RF microwave high power amplifiers and control components ("Power Systems Technology") product line, which was included in our Satellite and Space Communications segment, pursuant to a stock sale agreement entered into on October 11, 2023 (the "PST Sale"). The preliminary sales price for this divestiture was $35,700,000 in cash (including adjustments for estimated closing date net working capital and cash on hand), plus contingent consideration of up to $5,000,000 based on the achievement of a revenue target or the receipt of an anticipated contract award as specified in the stock sale agreement. The sales price is subject to adjustment based on the final closing date net working capital of the divested business. We received cash proceeds of $32,500,000 at closing, net of $2,200,000 of transaction costs and $1,000,000 held in escrow until finalization of closing date net working capital. During the three months ended October 31, 2023, we determined the criteria to be classified as held for sale were met with respect to the Power Systems Technology product line ("PST disposal group") and classified the assets and liabilities of the PST disposal group as held for sale as of October 31, 2023. The carrying amount of the major classes of assets and liabilities classified as held for sale as of October 31, 2023 are as follows:
|  | October 31, 2023
Cash and cash equivalents |  | $ | 52,000 |
Accounts receivable, net |  | 4,220,000 |
Inventories, net |  | 17,671,000 |
Prepaid expenses and other current assets |  | 161,000 |
Property, plant and equipment, net |  | 2,789,000 |
Operating lease right-of-use assets, net |  | 5,379,000 |
Goodwill |  | 14,587,000 |
Other assets, net |  | 35,000 |
Total assets of disposal group held for sale |  | $ | 44,894,000 |
Accounts payable |  | $ | 3,160,000 |
Accrued expenses and other current liabilities |  | 1,753,000 |
Operating lease liabilities, current |  | 545,000 |
Contract liabilities |  | 656,000 |
Operating lease liabilities, non-current |  | 4,894,000 |
Deferred tax liability, net |  | (451,000) |
Total liabilities of disposal group held for sale |  | $ | 10,557,000 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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