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Commitments and Contingencies | 9 Months Ended
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Apr. 30, 2015
Legal Proceedings and Commitments and Contingencies [Abstract] |
Commitments and Contingencies | Note 12—Commitments and Contingencies Purchase Commitments The Company had purchase commitments of $3.8 million at April 30, 2015, which includes commitments related to the renovations of the first four floors of the Company’s building located at 520 Broad Street, Newark, New Jersey. Letters of Credit At April 30, 2015, the Company had letters of credit outstanding totaling $3.3 million for collateral to secure mortgage repayments and for IDT Telecom’s business. The letters of credit outstanding at April 30, 2015 expire in the twelve month period ending April 30, 2016. Performance Bonds IDT Payment Services and IDT Telecom have performance bonds issued through third parties for the benefit of various states in order to comply with the states’ financial requirements for money remittance licenses and telecommunications resellers, respectively. At April 30, 2015, the Company had aggregate performance bonds of $11.0 million outstanding. Customer Deposits At April 30, 2015 and July 31, 2014, “Customer deposits” in the Company’s consolidated balance sheets included refundable customer deposits of $68.8 million and $62.7 million, respectively, related to IDT Financial Services Ltd., the Company’s Gibraltar-based bank. Substantially Restricted Cash and Cash Equivalents The Company treats unrestricted cash and cash equivalents held by IDT Payment Services and IDT Financial Services Ltd. as substantially restricted and unavailable for other purposes. At April 30, 2015 and July 31, 2014, “Cash and cash equivalents” in the Company’s consolidated balance sheets included an aggregate of $9.5 million and $12.9 million, respectively, held by IDT Payment Services and IDT Financial Services Ltd. that was unavailable for other purposes. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consist of the following:
|  | April 30, 2015 |  |  | July 31, 2014 |
|  | (in thousands) |
Restricted cash and cash equivalents-short-term |  |  |  |  |  |
Related to letters of credit |  | $ | 3,201 |  |  | $ | 665 |
IDT Financial Services customer deposits |  |  | 70,189 |  |  |  | 64,415 |
Other |  |  | 255 |  |  |  | 626 |
Total short-term |  |  | 73,645 |  |  |  | 65,706 |
Restricted cash and cash equivalents-long-term |  |  |  |  |  |  |  |
Related to letters of credit |  |  | — |  |  |  | 2,763 |
Total restricted cash and cash equivalents |  | $ | 73,645 |  |  | $ | 68,469 |
Estimated Liability to Straight Path Communications Inc. On July 31, 2013, the Company completed a pro rata distribution of the common stock of the Company’s subsidiary, Straight Path Communications Inc. (“Straight Path”), to the Company’s stockholders (the “Straight Path Spin-Off”). The Company entered into various agreements with Straight Path prior to the Straight Path Spin-Off including a Separation and Distribution Agreement to effect the separation and provide a framework for the Company’s relationship with Straight Path after the spin-off. The Separation and Distribution Agreement includes that the Company is obligated to reimburse Straight Path for the payment of any liabilities of Straight Path arising or related to the period prior to the Straight Path Spin-Off. The following table summarizes the change in the balance of the Company’s estimated liability to Straight Path, which is included in “Other current liabilities” in the accompanying consolidated balance sheet:
|  | Nine Months Ended April 30, 2015 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 1,860 |
Additional liability |  |  | 1,732 |
Adjustments |  |  | (540 | )
Payments |  |  | (2,104 | )
Balance, end of period |  | $ | 948 |

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