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Cost Reduction | 3 Months Ended
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Oct. 31, 2024
Restructuring and Related Activities [Abstract] |
Cost Reduction | Cost Reduction and Restructuring Related Activities As of July 31, 2024, our severance liability was $1,029,000. During the three months ended October 31, 2024, in connection with our transformation strategy, we actioned a reduction in force principally within our Satellite and Space Communications and Unallocated segments. Such reduction approximated 6% of our workforce as of July 31, 2024, or approximately $8,000,000 in annualized labor costs. During the three months ended October 31, 2024, we recorded $1,227,000 of severance costs within Selling, general and administrative e xpenses in our Condensed Consolidated Statements of Operations. After net payments of $1,620,000 during the three months ended October 31, 2024, our severance liability was $636,000 as of October 31, 2024. Subsequent Event Subsequent to quarter-end, we further reduced our workforce as of July 31, 2024 by another 7%, or approximately $18,000,000 in annualized labor costs. Such reductions were made within our Satellite and Space Communications and Unallocated segments. Severance associated with such actions of approximately $1,100,000 will be expensed in the second quarter of fiscal 2025. As of the issuance date, we had approximately 1,500 employees, compared to 1,676 employees as of July 31, 2024.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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