XML 39 R20.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Sale of Member Interest in Visa Europe Ltd. | 12 Months Ended
--- | ---
Jul. 31, 2017
Sale of Member Interest in Visa Europe Ltd [Abstract] |
Sale of Member Interest in Visa Europe Ltd. | Note 11—Sale of Member Interest in Visa Europe Ltd. In June 2016, Visa Inc. acquired Visa Europe Limited for cash, shares of Visa Inc. Series C preferred stock and a deferred cash payment. IDT Financial Services Limited was a member of Visa Europe and received cash of €5.0 million ($5.6 million on the acquisition date), 1,830 shares of Series C preferred stock and deferred payment receivable of €0.4 million ($0.5 million on the acquisition date). The Visa Inc. Series C preferred stock is accounted for using the cost method. At July 31, 2017 and 2016, the carrying value of these shares was $1.6 million. The 1,830 shares of Visa Inc. Series C preferred stock are convertible into 25,532 shares of Visa Inc. Class A common stock. The shares of preferred stock become fully convertible in 2028. Beginning in 2020, Visa Inc. will assess whether it is appropriate to effect a partial conversion. The preferred stock shares may only be transferred to other former Visa Europe members, or to existing qualifying holders of Visa Inc.’s Class B common stock. In addition, the preferred stock will not be registered under the U.S. Securities Act of 1933 and therefore is not transferable unless such transfer is registered or an exemption from registration is available. The deferred payment receivable plus 4% compounded annual interest is due in June 2019. In fiscal 2016, the Company recorded a gain of $7.5 million from the sale of its member interest in Visa Europe.

X
- References No definition available. + Details
Name: | idt_SaleOfMemberInterestInVisaEuropeLtdAbstract
Namespace Prefix: | idt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for sale of member interest. + References No definition available. + Details
Name: | idt_SaleOfMemberInterestTextBlock
Namespace Prefix: | idt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration