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Sale of Interest in Fabrix Systems Ltd. | 12 Months Ended
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Jul. 31, 2015
Sale of Interest in Fabrix Systems Ltd. [Abstract] |
Sale of Interest in Fabrix Systems Ltd. | Note 2—Sale of Interest in Fabrix Systems Ltd. On October 8, 2014, the Company completed the sale of its interest in Fabrix to Telefonaktiebolget LM Ericsson (publ) (“Ericsson”). The final sale price for 100% of the shares in Fabrix was $95 million in cash, excluding transaction costs and working capital and other adjustments. The Company owned approximately 78% of Fabrix on a fully diluted basis. The Company’s share of the sale price was $68.1 million, after reflecting the impact of working capital and other adjustments. At July 31, 2015, the Company had received cash of $59.7 million and had aggregate receivables of $8.5 million, which was classified as “Receivable from sale of interest in Fabrix Systems Ltd.” in the accompanying consolidated balance sheet. The Company and the other shareholders placed $13.0 million of the proceeds in escrow for the resolution of post-closing claims that may arise. Any unclaimed escrow balance will be released in two tranches in October 2015 and April 2016. In fiscal 2015, the Company recorded gain on the sale of its interest in Fabrix of $76.9 million. Fabrix’ income (loss) before income taxes and income (loss) before income taxes attributable to the Company, which is included in the accompanying consolidated statements of income, were as follows:
Year ended July 31 (in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
INCOME (LOSS) BEFORE INCOME TAXES |  | $ | 917 |  |  | $ | (57 | ) |  | $ | (945 | )
INCOME (LOSS) BEFORE INCOME TAXES ATTRIBUTABLE TO IDT CORPORATION |  | $ | 1,325 |  |  | $ | 3 |  |  | $ | (811 | )

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