IDT (IDT) 10-Q 10 Dec 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 31, 2015	Dec. 06, 2015
Entity Registrant Name	IDT CORP
Entity Central Index Key	1,005,731
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Class A common stock
Entity Common Stock Shares Outstanding		1,574,326
Class B common stock
Entity Common Stock Shares Outstanding		21,752,240

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2015	Jul. 31, 2015
Current assets:
Cash and cash equivalents	$ 105,472	$ 110,361
Restricted cash and cash equivalents	81,688	91,035
Marketable securities	47,322	40,287
Trade accounts receivable, net of allowance for doubtful accounts of $5,623 at October 31, 2015 and $5,645 at July 31, 2015	59,044	58,543
Receivable from sale of interest in Fabrix Systems Ltd.	3,702	8,471
Prepaid expenses	15,797	17,304
Deferred income tax assets, net-current portion	843	843
Other current assets	13,688	14,344
Total current assets	327,556	341,188
Property, plant and equipment, net	91,757	91,316
Goodwill	14,394	14,388
Other intangibles, net	1,177	1,277
Investments	12,216	12,344
Deferred income tax assets, net-long-term portion	9,688	12,481
Other assets	12,548	12,688
Total assets	469,336	485,682
Current liabilities:
Trade accounts payable	30,942	29,140
Accrued expenses	132,345	139,272
Deferred revenue	86,262	86,302
Customer deposits	78,189	84,454
Income taxes payable	539	391
Notes payable-current portion		6,353
Other current liabilities	3,161	3,000
Total current liabilities	331,438	348,912
Other liabilities	1,795	1,830
Total liabilities	$ 333,233	$ 350,742
Commitments and contingencies
IDT Corporation stockholders' equity:
Preferred stock, $.01 par value; authorized shares-10,000; no shares issued
Additional paid-in capital	$ 403,917	$ 403,146
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 3,523 and 3,521 shares of Class B common stock at October 31, 2015 and July 31, 2015, respectively	(110,566)	(110,543)
Accumulated other comprehensive income	1,410	771
Accumulated deficit	(159,835)	(159,829)
Total IDT Corporation stockholders' equity	135,212	133,831
Noncontrolling interests	891	1,109
Total equity	136,103	134,940
Total liabilities and equity	469,336	485,682
Class A common stock
IDT Corporation stockholders' equity:
Common stock, value	33	33
Class B common stock
IDT Corporation stockholders' equity:
Common stock, value	$ 253	$ 253

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2015	Jul. 31, 2015
Allowance for doubtful accounts	$ 5,623	$ 5,645
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized shares	10,000	10,000
Preferred stock, shares issued
Class A common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	35,000	35,000
Common stock, shares issued	3,272	3,272
Common stock, shares outstanding	1,574	1,574
Treasury stock, common stock shares	1,698	1,698
Class B common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	25,275	25,276
Common stock, shares outstanding	21,752	21,755
Treasury stock, common stock shares	3,523	3,521

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Consolidated Statements of Income [Abstract]
Revenues	$ 390,578	$ 412,878
Costs and expenses:
Direct cost of revenues (exclusive of depreciation and amortization)	324,511	343,807
Selling, general and administrative (i)	53,090	56,999
Depreciation and amortization	$ 5,052	4,405
Research and development		1,656
Severance		1,549
Total costs and expenses	$ 382,653	408,416
Gain on sale of interest in Fabrix Systems Ltd.		75,145
Income from operations	$ 7,925	79,607
Interest income (expense), net	158	(90)
Other (expense) income, net	(610)	1,323
Income before income taxes	7,473	80,840
Provision for income taxes	(2,898)	(486)
Net income	4,575	80,354
Net income attributable to noncontrolling interests	(382)	(199)
Net income attributable to IDT Corporation	$ 4,193	$ 80,155
Earnings per share attributable to IDT Corporation common stockholders:
Basic	$ 0.18	$ 3.52
Diluted	$ 0.18	$ 3.47
Weighted-average number of shares used in calculation of earnings per share:
Basic	22,935	22,755
Diluted	22,969	23,091
Dividends declared per common share	$ 0.18	$ 0.85
(i) Stock-based compensation included in selling, general and administrative expenses	$ 771	$ 848

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 4,575	$ 80,354
Other comprehensive income (loss):
Change in unrealized gain on available-for-sale securities	528	7
Foreign currency translation adjustments	111	(1,858)
Other comprehensive income (loss)	639	(1,851)
Comprehensive income	5,214	78,503
Comprehensive income attributable to noncontrolling interests	(382)	(199)
Comprehensive income attributable to IDT Corporation	$ 4,832	$ 78,304

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Operating activities
Net income	$ 4,575	$ 80,354
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,052	4,405
Deferred income taxes	2,785	594
Provision for doubtful accounts receivable	$ 873	44
Gain on sale of interest in Fabrix Systems Ltd.		(75,145)
Realized (gain) loss on marketable securities	$ (543)	40
Interest in the equity of investments	155	(1,898)
Stock-based compensation	771	848
Change in assets and liabilities:
Restricted cash and cash equivalents	8,395	3,769
Trade accounts receivable	(2,091)	7,364
Prepaid expenses, other current assets and other assets	2,352	2,937
Trade accounts payable, accrued expenses, other current liabilities and other liabilities	(3,465)	(9,766)
Customer deposits	(4,985)	(3,939)
Income taxes payable	148	(291)
Deferred revenue	(69)	(1,025)
Net cash provided by operating activities	13,953	8,291
Investing activities
Capital expenditures	(5,519)	(6,111)
Proceeds from sale of interest in Fabrix Systems Ltd., net of cash and cash equivalents sold.	4,769	36,039
Purchase of investments		(218)
Proceeds from sale and redemption of investments	17	23
Purchases of marketable securities	(14,911)	(9,065)
Proceeds from maturities and sales of marketable securities	8,861	6,818
Net cash (used in) provided by investing activities	(6,783)	27,486
Financing activities
Dividends paid	(4,199)	(3,950)
Distributions to noncontrolling interests	(600)	(750)
Repayments of revolving credit loan payable and other borrowings	(6,353)	(13,065)
Repurchases of Class B common stock	(23)	(559)
Net cash used in financing activities	(11,175)	(18,324)
Effect of exchange rate changes on cash and cash equivalents	(884)	(3,074)
Net (decrease) increase in cash and cash equivalents	(4,889)	14,379
Cash and cash equivalents at beginning of period	110,361	153,823
Cash and cash equivalents at end of period	$ 105,472	168,202
Supplemental schedule of non-cash investing and financing activities
Net liabilities excluding cash and cash equivalents of Fabrix Systems Ltd. sold		$ 14,333

Basis of Presentation

Basis of Presentation	3 Months Ended
	Oct. 31, 2015
Basis of Presentation [Abstract]
Basis of Presentation	Note 1—Basis of Presentation The accompanying unaudited consolidated financial statements of IDT Corporation and its subsidiaries (the “Company” or “IDT”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended October 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2016. The balance sheet at July 31, 2015 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015, as filed with the U.S. Securities and Exchange Commission (“SEC”). The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2016 refers to the fiscal year ending July 31, 2016). In August 2015, the Company’s Board of Directors approved a plan to reorganize the Company into three separate entities by spinning off two business units to its stockholders. The three separate companies are expected to consist of (1) IDT Telecom, (2) Zedge Holdings, Inc. (“Zedge”) and (3) other holdings. The reorganization and the specific components are subject to change and both internal and third party contingencies, and must receive final approval from the Company’s Board of Directors and certain third parties. The Company is targeting completion of the Zedge spin-off in the second quarter of calendar year 2016 and the remainder of the reorganization in the second half of calendar year 2016.

Sale of Interest in Fabrix Syst

Sale of Interest in Fabrix Systems Ltd.	3 Months Ended
	Oct. 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 Systems Ltd. (“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 October 31, 2015, the Company had received cash of $64.4 million and had aggregate receivables of $3.7 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, of which $6.5 million was released in October 2015. Any remaining unclaimed escrow balance will be released in April 2016. The Company recorded a gain on the sale of its interest in Fabrix of $76.9 million, of which $75.1 million was recorded in the three months ended October 31, 2014. Fabrix’ income before income taxes and income before income taxes attributable to the Company, which is included in the accompanying consolidated statements of income, were as follows: Three Months Ended October 31, 2015 2014 (in thousands) Income before income taxes $ — $ 917 Income before income taxes attributable to IDT Corporation $ — $ 1,325

Marketable Securities

Marketable Securities	3 Months Ended
	Oct. 31, 2015
Marketable Securities [Abstract]
Marketable Securities	Note 3—Marketable Securities The following is a summary of marketable securities: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Available-for-sale securities: October 31, 2015: Certificates of deposit* $ 24,400 $ 6 $ — $ 24,406 Federal Home Loan Bank bonds 795 — — 795 Federal Home Loan Mortgage Corp. bonds 2,203 3 (2 ) 2,204 Mutual funds 5,025 — (82 ) 4,943 Corporate bonds 3,090 6 (2 ) 3,094 U.S. Treasury notes 2,644 11 — 2,655 Municipal bonds 9,212 13 — 9,225 Total $ 47,369 $ 39 $ (86 ) $ 47,322 July 31, 2015: Certificates of deposit* $ 22,736 $ 3 $ (2 ) $ 22,737 Federal Home Loan Bank bonds 795 — — 795 International agency notes 1,120 — (1 ) 1,119 Mutual funds 5,000 — (18 ) 4,982 Straight Path Communications Inc. common stock 2,086 — (563 ) 1,523 Municipal bonds 9,125 9 (3 ) 9,131 Total $ 40,862 $ 12 $ (587 ) $ 40,287 * Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market. In July 2015, the Company received 64,624 shares of Straight Path Communications Inc. (“Straight Path”) Class B common stock in connection with the lapsing of restrictions on awards of Straight Path restricted stock to certain of the Company’s employees. The Company spun-off Straight Path in July 2013. As part of the Straight Path spin-off, holders of the Company’s restricted Class B common stock received, in respect of those restricted shares, one share of Straight Path’s Class B common stock for every two restricted shares of the Company that they held as of the record date for the Straight Path spin-off. The Company received the Straight Path shares in exchange for the payment of an aggregate of $2.1 million for the employees’ tax withholding obligations upon the vesting event. The number of shares was determined based on their fair market value on the trading day immediately prior to the vesting date. In September and October 2015, the Company sold all of the shares for $2.6 million and recorded a gain on the sale of $0.5 million. Proceeds from maturities and sales of available-for-sale securities were $8.9 million and $6.8 million in the three months ended October 31, 2015 and 2014, respectively. The gross realized gains (losses) that were included in earnings as a result of sales were gains of $0.5 million in the three months ended October 31, 2015 and losses of $40,000 in the three months ended October 31, 2014. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of marketable securities. The contractual maturities of the Company’s available-for-sale debt securities at October 31, 2015 were as follows: Fair Value (in thousands) Within one year $ 21,613 After one year through five years 18,541 After five years through ten years 1,824 After ten years 401 Total $ 42,379 The following available-for-sale securities were in an unrealized loss position for which other-than-temporary impairments have not been recognized: Unrealized Losses Fair Value (in thousands) October 31, 2015: Federal Home Loan Mortgage Corp. bonds $ 2 $ 1,698 Mutual funds 82 4,943 Corporate bonds 2 886 Total $ 86 $ 7,527 July 31, 2015: Certificates of deposit $ 2 $ 2,194 International agency notes 1 1,119 Mutual funds 18 4,982 Straight Path Communications Inc. common stock 563 1,523 Municipal bonds 3 3,466 Total $ 587 $ 13,284 At October 31, 2015 and July 31, 2015, there were no securities in a continuous unrealized loss position for 12 months or longer.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Oct. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4—Fair Value Measurements The following tables present the balance of assets and liabilities measured at fair value on a recurring basis: Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) October 31, 2015 Assets: Available-for-sale securities $ 7,598 $ 39,724 $ — $ 47,322 Foreign exchange forwards — 144 — 144 Total $ 7,598 $ 39,868 $ — $ 47,466 Liabilities: Foreign exchange forwards $ — $ 247 $ — $ 247 July 31, 2015 Assets: Available-for-sale securities $ 6,505 $ 33,782 $ — $ 40,287 Foreign exchange forwards — 38 — 38 Total $ 6,505 $ 33,820 $ — $ 40,325 Liabilities: Foreign exchange forwards $ — $ 39 $ — $ 39 (1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market At October 31, 2015 and July 31, 2015, the Company had $8.9 million and $9.1 million, respectively, in investments in hedge funds, which were included in “Investments” in the accompanying consolidated balance sheets. The Company’s investments in hedge funds are accounted for using the equity method or the cost method; therefore investments in hedge funds are not measured at fair value. Fair Value of Other Financial Instruments The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. Cash and cash equivalents, restricted cash and cash equivalents, other current assets, customer deposits, notes payable—current portion and other current liabilities. Other assets and other liabilities. The Company’s investments at October 31, 2015 and July 31, 2015 included investments in the equity of certain privately held entities and other investments that are accounted for at cost. It is not practicable to estimate the fair value of these investments because of the lack of a quoted market price for the shares of these entities, and the inability to estimate their fair value without incurring excessive cost. The carrying value of these investments was $3.4 million at October 31, 2015 and July 31, 2015, which the Company believes was not impaired.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Oct. 31, 2015
Derivative Instruments [Abstract]
Derivative Instruments	Note 5—Derivative Instruments The primary risk managed by the Company using derivative instruments is foreign exchange risk. Foreign exchange forward contracts are entered into as hedges against unfavorable fluctuations in the U.S. dollar – Norwegian krone (“NOK”) exchange rate. Zedge is based in Norway and much of its operations are located in Norway. The Company does not apply hedge accounting to these contracts, therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in foreign exchange rates, the Company is exposed to credit risk from the failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit or repayment risk by entering into transactions with high-quality counterparties. The Company’s outstanding contracts at October 31, 2015 were as follows: Settlement Date U.S. Dollar Amount NOK Amount November 2015 3,750,000 30,426,025 December 2015 1,299,999 10,835,741 January 2016 3,000,000 24,257,100 February 2016 800,000 6,772,360 May 2016 1,000,000 8,238,600 July 2016 1,000,000 8,200,000 The fair value of outstanding derivative instruments recorded as assets in the accompanying consolidated balance sheets were as follows: Asset Derivatives Balance Sheet Location October 31, July 31, (in thousands) Derivatives not designated or not qualifying as hedging instruments: Foreign exchange forwards Other current assets $ 144 $ 38 The fair value of outstanding derivative instruments recorded as liabilities in the accompanying consolidated balance sheets were as follows: Liability Derivatives Balance Sheet Location October 31, 2015 July 31, 2015 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Foreign exchange forwards Other current liabilities $ 247 $ 39 The effects of derivative instruments on the consolidated statements of operations were as follows: Amount of Gain (Loss) Three Months Ended October 31, Derivatives not designated or not qualifying as hedging instruments Location of Gain (Loss) Recognized on Derivatives 2015 2014 (in thousands) Foreign exchange forwards Other (expense) income, net $ (102 ) $ —

Equity

Equity	3 Months Ended
	Oct. 31, 2015
Equity [Abstract]
Equity	Note 6—Equity Changes in the components of equity were as follows: Three Months Ended Attributable to IDT Corporation Noncontrolling Interests Total (in thousands) Balance, July 31, 2015 $ 133,831 $ 1,109 $ 134,940 Dividends declared ($0.18 per share) (4,199 ) — (4,199 ) Restricted Class B common stock purchased from employees (23 ) — (23 ) Distributions to noncontrolling interests — (600 ) (600 ) Stock-based compensation 771 — 771 Comprehensive income: Net income 4,193 382 4,575 Other comprehensive income 639 — 639 Comprehensive income 4,832 382 5,214 Balance, October 31, 2015 $ 135,212 $ 891 $ 136,103 Dividend Payments In the three months ended October 31, 2015, the Company paid cash dividends of $0.18 per share on its Class A common stock and Class B common stock, or $4.2 million in total. In the three months ended October 31, 2014, the Company paid cash dividends of $0.17 per share on its Class A common stock and Class B common stock, or $4.0 million in total. In October 2014, the Company’s Board of Directors declared a special dividend of $0.68 per share to holders of the Company’s Class A common stock and Class B common stock, which was paid on November 21, 2014. On December 1, 2015, the Company’s Board of Directors declared a dividend of $0.19 per share for the first quarter of fiscal 2016 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about December 18, 2015 to stockholders of record as of the close of business on December 14, 2015. Stock Repurchases The Company has a stock repurchase program for the repurchase of up to an aggregate of 8.3 million shares of the Company’s Class B common stock. There were no repurchases under the program in the three months ended October 31, 2015. In the three months ended October 31, 2014, the Company repurchased 29,675 shares of Class B common stock for an aggregate purchase price of $0.4 million. As of October 31, 2015, 5.0 million shares remained available for repurchase under the stock repurchase program. In the three months ended October 31, 2015 and 2014, the Company paid $23,000 and $0.1 million, respectively, to repurchase 1,542 and 8,637 shares of Class B common stock, respectively, that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares are repurchased by the Company based on their fair market value on the trading day immediately prior to the vesting date. 2015 Stock Option and Incentive Plan On September 24, 2015, the Company’s Board of Directors adopted an amendment to the Company’s 2015 Stock Option and Incentive Plan that will increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 0.1 million shares. The amendment is subject to stockholder approval at the Company’s annual meeting on December 14, 2015.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Note 7—Earnings Per Share Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Three Months Ended October 31, 2015 2014 (in thousands) Basic weighted-average number of shares 22,935 22,755 Effect of dilutive securities: Stock options — 27 Non-vested restricted Class B common stock 34 309 Diluted weighted-average number of shares 22,969 23,091 The following outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise price of the stock option was greater than the average market price of the Company’s stock during the period: Three Months Ended October 31, 2015 2014 (in thousands) Shares excluded from the calculation of diluted earnings per share 267 466

Revolving Credit Loan Payable

Revolving Credit Loan Payable	3 Months Ended
	Oct. 31, 2015
Revolving Credit Loan Payable [Abstract]
Revolving Credit Loan Payable	Note 8—Revolving Credit Loan Payable The Company’s subsidiary, IDT Telecom, Inc., entered into a credit agreement, dated July 12, 2012, with TD Bank, N.A. for a line of credit facility for up to a maximum principal amount of $25.0 million. IDT Telecom may use the proceeds to finance working capital requirements, acquisitions and for other general corporate purposes. The line of credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding bears interest per annum, at the option of IDT Telecom, at either (a) the U.S. Prime Rate less 125 basis points, or (b) the LIBOR rate adjusted by the Regulation D maximum reserve requirement plus 150 basis points. Interest is payable monthly and all outstanding principal and any accrued and unpaid interest is due on the maturity date of January 31, 2017. At October 31, 2015 and July 31, 2015, there were no amounts outstanding under the facility. The Company intends to borrow under the facility from time to time. IDT Telecom pays a quarterly unused commitment fee of 0.375% per annum on the average daily balance of the unused portion of the $25.0 million commitment. IDT Telecom is required to comply with various affirmative and negative covenants as well as maintain certain financial targets and ratios during the term of the line of credit, including IDT Telecom may not pay any dividend on its capital stock and IDT Telecom’s aggregate loans and advances to affiliates or subsidiaries may not exceed $110.0 million. At October 31, 2015 and July 31, 2015, there were no amounts utilized for letters of credit under the line of credit, IDT Telecom was in compliance with all of the covenants, and IDT Telecom’s aggregate loans and advances to affiliates and subsidiaries was $85.9 million and $90.1 million, respectively.

Severance Expense

Severance Expense	3 Months Ended
	Oct. 31, 2015
Severance Expense [Abstract]
Severance Expense	Note 9—Severance Expense Severance expense of $1.5 million in the three months ended October 31, 2014 was due to a downsizing of certain IDT Telecom sales and administrative functions in Europe and the U.S. In addition, in February and March 2015, the Company completed a reduction of its workforce and incurred severance expense of $6.2 million in the third quarter of fiscal 2015. At October 31, 2015 and July 31, 2015, there was accrued severance of $2.5 million and $3.7 million, respectively, included in “Accrued expenses” in the accompanying consolidated balance sheets for the February and March 2015 headcount reductions.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Oct. 31, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Note 10—Accumulated Other Comprehensive Income The accumulated balances for each classification of other comprehensive income were as follows: Unrealized Gain (Loss) on Available-for-Sale Securities Foreign Currency Translation Accumulated Other Comprehensive Income Location of (Gain) Loss Recognized (in thousands) Balance, July 31, 2015 $ (575 ) $ 1,346 $ 771 Other comprehensive income attributable to IDT Corporation before reclassifications 1,071 111 1,182 Less: reclassification for gain included in net income (543 ) — (543 ) Other (expense) income, net Net other comprehensive income attributable to IDT Corporation 528 111 639 Balance, October 31, 2015 $ (47 ) $ 1,457 $ 1,410

Business Segment Information

Business Segment Information	3 Months Ended
	Oct. 31, 2015
Business Segment Information [Abstract]
Business Segment Information	Note 11—Business Segment Information The Company has two reportable business segments, Telecom Platform Services and Consumer Phone Services. Operating segments that are not reportable individually are included in All Other. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. The Telecom Platform Services segment provides retail telecommunications and payment offerings as well as wholesale international long distance traffic Carrier. The Consumer Phone Services segment provides consumer local and long distance services in certain U.S. states. Telecom Platform Services and Consumer Phone Services comprise the IDT Telecom division. All Other includes Zedge, which provides a content platform for mobile device personalization including ringtones, wallpapers, home screen icons and game recommendations. All Other also includes the Company’s real estate holdings and other, smaller, businesses. Until the sale of Fabrix in October 2014, All Other included Fabrix, a software development company offering a cloud-based scale-out storage and computing platform optimized for big data, virtualization and media storage, processing and delivery. Corporate costs include certain services, such as compensation, consulting fees, treasury and accounts payable, tax and accounting services, human resources and payroll, corporate purchasing, corporate governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate legal, business development, and other corporate-related general and administrative expenses including, among others, facilities costs, charitable contributions and travel, as well as depreciation expense on corporate assets. Corporate does not generate any revenues, nor does it incur any direct cost of revenues. The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. IDT Telecom depreciation and amortization are allocated to Telecom Platform Services and Consumer Phone Services because the related assets are not tracked separately by segment. There are no other significant asymmetrical allocations to segments. Operating results for the business segments of the Company are as follows: (in thousands) Telecom Platform Services Consumer Phone Services All Other Corporate Total Three Months Ended October 31, 2015 Revenues $ 385,688 $ 1,828 $ 3,062 $ – $ 390,578 Income (loss) from operations 9,726 339 429 (2,569 ) 7,925 Three Months Ended October 31, 2014 Revenues $ 403,787 $ 2,311 $ 6,780 $ – $ 412,878 Income (loss) from operations 5,670 355 76,537 (2,955 ) 79,607 Gain on sale of interest in Fabrix Systems Ltd. – – 75,145 – 75,145

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 12—Commitments and Contingencies Legal Proceedings On May 5, 2004, the Company filed a complaint in the Supreme Court of the State of New York, County of New York, seeking injunctive relief and damages against Tyco Group, S.A.R.L., Tyco Telecommunications (US) Inc. (f/k/a TyCom (US) Inc.), Tyco International, Ltd., Tyco International (US) Inc., and TyCom Ltd. (collectively “Tyco”). The Company alleged that Tyco breached a settlement agreement that it had entered into with the Company to resolve certain disputes and civil actions among the parties. The Company alleged that Tyco did not provide the Company, as required under the settlement agreement, free of charge and for the Company’s exclusive use, a 15-year indefeasible right to use four Wavelengths in Ring Configuration (as defined in the settlement agreement) on a global undersea fiber optic network that Tyco was deploying at that time. After extensive proceedings, including several decisions and appeals, the New York Court of Appeals affirmed a lower court decision to dismiss the Company’s claim and denied the Company’s motion for re-argument of that decision. On June 23, 2015, the Company filed a new summons and complaint against Tyco in the Supreme Court of the State of New York, County of New York alleging that Tyco breached the settlement agreement. In September 2015, Tyco filed a motion to dismiss the complaint, which the Company opposed. Oral argument has not been scheduled yet. In addition to the foregoing, the Company is subject to other legal proceedings that have arisen in the ordinary course of business and have not been finally adjudicated. Although there can be no assurance in this regard, the Company believes that none of the other legal proceedings to which the Company is a party will have a material adverse effect on the Company’s results of operations, cash flows or financial condition. Purchase Commitments The Company had purchase commitments of $2.3 million as of October 31, 2015, which includes commitments related to the renovations of the first four floors of the Company’s headquarters building located at 520 Broad Street, Newark, New Jersey. Letters of Credit As of October 31, 2015, the Company had letters of credit outstanding totaling $0.4 million for IDT Telecom’s business. The letters of credit outstanding as of October 31, 2015 expire in the twelve month period ending October 31, 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 October 31, 2015, the Company had aggregate performance bonds of $12.9 million outstanding. Customer Deposits As of October 31, 2015 and July 31, 2015, “Customer deposits” in the Company’s consolidated balance sheets included refundable customer deposits of $78.2 million and $84.5 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 October 31, 2015 and July 31, 2015, “Cash and cash equivalents” in the Company’s consolidated balance sheets included an aggregate of $11.8 million and $7.5 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: October 31, 2015 July 31, 2015 (in thousands) IDT Financial Services customer deposits $ 81,032 $ 87,613 Related to letters of credit 454 3,163 Other 202 259 Total restricted cash and cash equivalents $ 81,688 $ 91,035

Other (Expense) Income, Net

Other (Expense) Income, Net	3 Months Ended
	Oct. 31, 2015
Other Income (Expense), Net [Abstract]
Other (Expense) Income, Net	Note 13—Other (Expense) Income, Net Other (expense) income, net consists of the following: Three Months Ended October 31, 2015 2014 (in thousands) Foreign currency transaction (losses) gains $ (1,162 ) $ 768 Gain (loss) on marketable securities 543 (40 ) (Loss) gain on investments (156 ) 1,897 Other 165 (1,302 ) Total other (expense) income, net $ (610 ) $ 1,323

Recently Issued Accounting Stan

Recently Issued Accounting Standard Not Yet Adopted	3 Months Ended
	Oct. 31, 2015
Recently Issued Accounting Standard Not Yet Adopted [Abstract]
Recently Issued Accounting Standard Not Yet Adopted	Note 14—Recently Issued Accounting Standard Not Yet Adopted In November 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to simplify the presentation of deferred income taxes, as well as align the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards (“IFRS”). The ASU requires that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet instead of separated into current and noncurrent amounts. The ASU is effective for the Company’s financial statements beginning August 1, 2017. Earlier application is permitted. The change may be applied either prospectively or retrospectively. The Company is evaluating when to apply the ASU for its consolidated balance sheet. In May 2014, the FASB and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that will supersede most of the current revenue recognition guidance under U.S. GAAP and IFRS. The goals of the revenue recognition project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements. The Company will adopt this standard on August 1, 2018. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company is evaluating the impact that the standard will have on its consolidated financial statements.

Sale of Interest in Fabrix Sy21

Sale of Interest in Fabrix Systems Ltd. (Tables)	3 Months Ended
	Oct. 31, 2015
Sale of Interest in Fabrix Systems Ltd. [Abstract]
Schedule of consolidated statements of income	Three Months Ended October 31, 2015 2014 (in thousands) Income before income taxes $ — $ 917 Income before income taxes attributable to IDT Corporation $ — $ 1,325

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Oct. 31, 2015
Marketable Securities [Abstract]
Summary of marketable securities	Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Available-for-sale securities: October 31, 2015: Certificates of deposit* $ 24,400 $ 6 $ – $ 24,406 Federal Home Loan Bank bonds 795 – – 795 Federal Home Loan Mortgage Corp. bonds 2,203 3 (2 ) 2,204 Mutual funds 5,025 – (82 ) 4,943 Corporate bonds 3,090 6 (2 ) 3,094 U.S. Treasury notes 2,644 11 – 2,655 Municipal bonds 9,212 13 – 9,225 Total $ 47,369 $ 39 $ (86 ) $ 47,322 July 31, 2015: Certificates of deposit* $ 22,736 $ 3 $ (2 ) $ 22,737 Federal Home Loan Bank bonds 795 – – 795 International agency notes 1,120 – (1 ) 1,119 Mutual funds 5,000 – (18 ) 4,982 Straight Path Communications Inc. common stock 2,086 – (563 ) 1,523 Municipal bonds 9,125 9 (3 ) 9,131 Total $ 40,862 $ 12 $ (587 ) $ 40,287 * Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market.
Summary of available-for-sale securities	Fair Value (in thousands) Within one year $ 21,613 After one year through five years 18,541 After five years through ten years 1,824 After ten years 401 Total $ 42,379
Summary of available-for-sale securities, unrealized loss position	Unrealized Losses Fair Value (in thousands) October 31, 2015: Federal Home Loan Mortgage Corp. bonds $ 2 $ 1,698 Mutual funds 82 4,943 Corporate bonds 2 886 Total $ 86 $ 7,527 July 31, 2015: Certificates of deposit $ 2 $ 2,194 International agency notes 1 1,119 Mutual funds 18 4,982 Straight Path Communications Inc. common stock 563 1,523 Municipal bonds 3 3,466 Total $ 587 $ 13,284

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Oct. 31, 2015
Fair Value Measurements [Abstract]
Summary of balance of assets and liabilities measured at fair value on a recurring basis	Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) October 31, 2015 Assets: Available-for-sale securities $ 7,598 $ 39,724 $ — $ 47,322 Foreign exchange forwards — 144 — 144 Total $ 7,598 $ 39,868 $ — $ 47,466 Liabilities: Foreign exchange forwards $ — $ 247 $ — $ 247 July 31, 2015 Assets: Available-for-sale securities $ 6,505 $ 33,782 $ — $ 40,287 Foreign exchange forwards — 38 — 38 Total $ 6,505 $ 33,820 $ — $ 40,325 Liabilities: Foreign exchange forwards $ — $ 39 $ — $ 39 (1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Oct. 31, 2015
Derivative Instruments [Abstract]
Schedule of derivative instruments outstanding contracts	Settlement Date U.S. Dollar Amount NOK Amount November 2015 3,750,000 30,426,025 December 2015 1,299,999 10,835,741 January 2016 3,000,000 24,257,100 February 2016 800,000 6,772,360 May 2016 1,000,000 8,238,600 July 2016 1,000,000 8,200,000
Schedule of derivative assets fair value	Asset Derivatives Balance Sheet Location October 31, 2015 July 31, 2015 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Foreign exchange forwards Other current assets $ 144 $ 38
Schedule of derivative liability fair value	Liability Derivatives Balance Sheet Location October 31, 2015 July 31, 2015 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Foreign exchange forwards Other current liabilities $ 247 $ 39
Schedule of derivative instruments on the consolidated statements of operations	Amount of Gain (Loss) Recognized on Derivatives Three Months Ended October 31, Derivatives not designated or not qualifying as hedging instruments Location of Gain (Loss) Recognized on Derivatives 2015 2014 (in thousands) Foreign exchange forwards Other (expense) income, net $ (102 ) $ —

Equity (Tables)

Equity (Tables)	3 Months Ended
	Oct. 31, 2015
Equity [Abstract]
Summary of changes in the components of equity	Three Months Ended October 31, 2015 Attributable to IDT Corporation Noncontrolling Interests Total (in thousands) Balance, July 31, 2015 $ 133,831 $ 1,109 $ 134,940 Dividends declared ($0.18 per share) (4,199 ) – (4,199 ) Restricted Class B common stock purchased from employees (23 ) – (23 ) Distributions to noncontrolling interests – (600 ) (600 ) Stock-based compensation 771 – 771 Comprehensive income: Net income 4,193 382 4,575 Other comprehensive income 639 – 639 Comprehensive income 4,832 382 5,214 Balance, October 31, 2015 $ 135,212 $ 891 $ 136,103

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
Summary of weighted-average number of shares used in the calculation of basic and diluted earnings per share	Three Months Ended October 31, 2015 2014 (in thousands) Basic weighted-average number of shares 22,935 22,755 Effect of dilutive securities: Stock options — 27 Non-vested restricted Class B common stock 34 309 Diluted weighted-average number of shares 22,969 23,091
Shares excluded from the diluted earnings per share computations	Three Months Ended October 31, 2015 2014 (in thousands) Shares excluded from the calculation of diluted earnings per share 267 466

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Oct. 31, 2015
Accumulated Other Comprehensive Income [Abstract]
Schedule of accumulated balances for each classification of other comprehensive income (loss)	Unrealized Gain (Loss) on Available-for-Sale Securities Foreign Currency Translation Accumulated Other Comprehensive Income Location of (Gain) Loss Recognized (in thousands) Balance, July 31, 2015 $ (575 ) $ 1,346 $ 771 Other comprehensive income attributable to IDT Corporation before reclassifications 1,071 111 1,182 Less: reclassification for gain included in net income (543 ) – (543 ) Other (expense) income, net Net other comprehensive income attributable to IDT Corporation 528 111 639 Balance, October 31, 2015 $ (47 ) $ 1,457 $ 1,410

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Oct. 31, 2015
Business Segment Information [Abstract]
Summary of operating results of business segments	(in thousands) Telecom Platform Services Consumer Phone Services All Other Corporate Total Three Months Ended October 31, 2015 Revenues $ 385,688 $ 1,828 $ 3,062 $ – $ 390,578 Income (loss) from operations 9,726 339 429 (2,569 ) 7,925 Three Months Ended October 31, 2014 Revenues $ 403,787 $ 2,311 $ 6,780 $ – $ 412,878 Income (loss) from operations 5,670 355 76,537 (2,955 ) 79,607 Gain on sale of interest in Fabrix Systems Ltd. – – 75,145 – 75,145

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Oct. 31, 2015
Commitments and Contingencies [Abstract]
Schedule of restricted cash and cash equivalents	October 31, 2015 July 31, 2015 (in thousands) IDT Financial Services customer deposits $ 81,032 $ 87,613 Related to letters of credit 454 3,163 Other 202 259 Total restricted cash and cash equivalents $ 81,688 $ 91,035

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	3 Months Ended
	Oct. 31, 2015
Other Income (Expense), Net [Abstract]
Schedule of other income (expense) , net	Three Months Ended October 31, 2015 2014 (in thousands) Foreign currency transaction (losses) gains $ (1,162 ) $ 768 Gain (loss) on marketable securities 543 (40 ) (Loss) gain on investments (156 ) 1,897 Other 165 (1,302 ) Total other (expense) income, net $ (610 ) $ 1,323

Sale of Interest in Fabrix Sy31

Sale of Interest in Fabrix Systems Ltd. (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes	$ 7,473	$ 80,840
Fabrix Subsidiary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes		917
Income before income taxes attributable to IDT Corporation		$ 1,325

Sale of Interest in Fabrix Sy32

Sale of Interest in Fabrix Systems Ltd. (Details Textual) - USD ($) $ in Thousands	Oct. 08, 2014	Oct. 31, 2015	Oct. 31, 2014
Sale of Interest in Fabrix Systems Ltd (Textual)
Gain on sale of interest in Fabrix Systems Ltd.			$ 75,145
Cash received from divestiture of interest in consolidated subsidiaries parent only portion		$ 4,769	36,039
Fabrix Subsidiary [Member]
Sale of Interest in Fabrix Systems Ltd (Textual)
Common stock sold to Ericsson	$ 95,000
Sale of stock to Ericsson in percentage	100.00%
Company owns in Fabrix in percentage	78.00%
Escrow deposit	$ 13,000
Escrow deposit disbursement		6,500
Gain on sale of interest in Fabrix Systems Ltd.		76,900	$ 75,100
Proceeds from divestiture of interest in consolidated subsidiaries	$ 68,100
Cash received from divestiture of interest in consolidated subsidiaries parent only portion		64,400
Other receivables		$ 3,700

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands		Oct. 31, 2015	Jul. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 47,369	$ 40,862
Gross Unrealized Gains		39	12
Gross Unrealized Losses		(86)	(587)
Fair Value		47,322	40,287
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	[1]	24,400	22,736
Gross Unrealized Gains	[1]	$ 6	3
Gross Unrealized Losses	[1]		(2)
Fair Value	[1]	$ 24,406	22,737
Federal Home Loan Bank bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 795	$ 795
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value		$ 795	$ 795
Federal Home Loan Mortgage Corp. bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,203
Gross Unrealized Gains		3
Gross Unrealized Losses		(2)
Fair Value		2,204
Mutual funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 5,025	$ 5,000
Gross Unrealized Gains
Gross Unrealized Losses		$ (82)	$ (18)
Fair Value		4,943	4,982
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		3,090
Gross Unrealized Gains		6
Gross Unrealized Losses		(2)
Fair Value		3,094
U.S. Treasury notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,644
Gross Unrealized Gains		$ 11
Gross Unrealized Losses
Fair Value		$ 2,655
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		9,212	9,125
Gross Unrealized Gains		$ 13	9
Gross Unrealized Losses			(3)
Fair Value		$ 9,225	9,131
International agency notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost			$ 1,120
Gross Unrealized Gains
Gross Unrealized Losses			$ (1)
Fair Value			1,119
Straight Path Communications Inc. common stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost			$ 2,086
Gross Unrealized Gains
Gross Unrealized Losses			$ (563)
Fair Value			$ 1,523
[1]	Each of the Company's certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market.

Marketable Securities (Details

Marketable Securities (Details 1) $ in Thousands	Oct. 31, 2015USD ($)
Marketable Securities [Abstract]
Within one year	$ 21,613
After one year through five years	18,541
After five years through ten years	1,824
After ten years	401
Total	$ 42,379

Marketable Securities (Detail35

Marketable Securities (Details 2) - USD ($) $ in Thousands	Oct. 31, 2015	Jul. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	$ 86	$ 587
Fair Value	7,527	13,284
Federal Home Loan Mortgage Corp. bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	2
Fair Value	1,698
Mutual funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	82	18
Fair Value	4,943	4,982
Corporate bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	2
Fair Value	886
Certificates Of Deposit [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses		2
Fair Value		2,194
International agency notes [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses		1
Fair Value		1,119
Straight Path Communications Inc. common stock [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses		563
Fair Value		1,523
Municipal Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	0	3
Fair Value	$ 0	$ 3,466

Marketable Securities (Detail36

Marketable Securities (Details Textual) - USD ($)	2 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2015	Oct. 31, 2014	Jul. 31, 2015
Marketable Securities (Textual)
Company received number of Straight Path Class B common stock, Value		$ 8,861,000	$ 6,818,000
Realized gains (losses) from sales of available-for-sale securities		500,000	(40,000)
Proceeds from maturities of available-for-sale securities		8,900,000	$ 6,800,000
Realized gains (losses) from sales excluding temporary impairment		$ 0
Straight Path Class B shares [Member]
Marketable Securities (Textual)
Company received number of Straight Path Class B common stock, shares				64,624
Company received number of Straight Path Class B common stock, Value	$ 2,600,000
Realized gains (losses) from sales of available-for-sale securities	$ 500,000
Payment of an aggregate for employee tax withholding on Straight Path shares				$ 2,100,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands		Oct. 31, 2015	Jul. 31, 2015
Assets:
Available-for-sale securities		$ 47,322	$ 40,287
Foreign exchange forwards		144	38
Total		47,466	40,325
Liabilities:
Foreign exchange forwards		247	39
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets:
Available-for-sale securities	[1]	$ 7,598	$ 6,505
Foreign exchange forwards	[1]
Total	[1]	$ 7,598	$ 6,505
Liabilities:
Foreign exchange forwards	[1]
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets:
Available-for-sale securities	[2]	$ 39,724	$ 33,782
Foreign exchange forwards	[2]	144	38
Total	[2]	39,868	33,820
Liabilities:
Foreign exchange forwards	[2]	$ 247	$ 39
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets:
Available-for-sale securities	[3]
Foreign exchange forwards	[3]
Total	[3]
Liabilities:
Foreign exchange forwards	[3]
[1]	quoted prices in active markets for identical assets or liabilities
[2]	observable inputs other than quoted prices in active markets for identical assets and liabilities
[3]	no observable pricing inputs in the market

Fair Value Measurements (Deta38

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Oct. 31, 2015	Jul. 31, 2015
Fair Value Assets Liabilities Quantitative Information [Line Items]
Fair value of investments in hedge funds	$ 8.9	$ 9.1
Carrying value of investments	3.4	3.4
Long-term Investments [Member]
Fair Value Assets Liabilities Quantitative Information [Line Items]
Fair value of investments in hedge funds	$ 8.9	$ 9.1

Derivative Instruments (Details

Derivative Instruments (Details)	3 Months Ended
	Oct. 31, 2015USD ($)	Oct. 31, 2015NOK
November 2015 [Member]
Derivative [Line Items]
Settlement Date	Nov. 30, 2015	Nov. 30, 2015
Amount	$ 3,750,000	NOK 30,426,025
December 2015 [Member]
Derivative [Line Items]
Settlement Date	Dec. 31, 2015	Dec. 31, 2015
Amount	$ 1,299,999	NOK 10,835,741
January 2016 [Member]
Derivative [Line Items]
Settlement Date	Jan. 31, 2016	Jan. 31, 2016
Amount	$ 3,000,000	NOK 24,257,100
February 2016 [Member]
Derivative [Line Items]
Settlement Date	Feb. 29, 2016	Feb. 29, 2016
Amount	$ 800,000	NOK 6,772,360
May 2016 [Member]
Derivative [Line Items]
Settlement Date	May 31, 2016	May 31, 2016
Amount	$ 1,000,000	NOK 8,238,600
July 2016 [Member]
Derivative [Line Items]
Settlement Date	Jul. 31, 2016	Jul. 31, 2016
Amount	$ 1,000,000	NOK 8,200,000

Derivative Instruments (Detai40

Derivative Instruments (Details 1) - USD ($) $ in Thousands	Oct. 31, 2015	Jul. 31, 2015
Derivatives not designated or not qualifying as hedging instruments:
Foreign exchange forwards	$ 144	$ 38

Derivative Instruments (Detai41

Derivative Instruments (Details 2) - USD ($) $ in Thousands	Oct. 31, 2015	Jul. 31, 2015
Derivatives not designated or not qualifying as hedging instruments:
Foreign exchange forwards	$ 247	$ 39

Derivative Instruments (Detai42

Derivative Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Derivatives not designated or not qualifying as hedging instruments
Foreign exchange forwards	$ (102)

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Changes in the components of equity [Abstract]
Beginning Balance	$ 134,940
Dividends declared ($0.18 per share)	(4,199)
Restricted Class B common stock purchased from employees	(23)
Distributions to noncontrolling interests	(600)
Stock-based compensation	771
Comprehensive income:
Net income	4,575	$ 80,354
Other comprehensive income	639	(1,851)
Comprehensive income	5,214	$ 78,503
Ending Balance	136,103
Attributable to IDT Corporation [Member]
Changes in the components of equity [Abstract]
Beginning Balance	133,831
Dividends declared ($0.18 per share)	(4,199)
Restricted Class B common stock purchased from employees	$ (23)
Distributions to noncontrolling interests
Stock-based compensation	$ 771
Comprehensive income:
Net income	4,193
Other comprehensive income	639
Comprehensive income	4,832
Ending Balance	135,212
Noncontrolling Interests [Member]
Changes in the components of equity [Abstract]
Beginning Balance	$ 1,109
Dividends declared ($0.18 per share)
Restricted Class B common stock purchased from employees
Distributions to noncontrolling interests	$ (600)
Stock-based compensation
Comprehensive income:
Net income	$ 382
Other comprehensive income
Comprehensive income	$ 382
Ending Balance	$ 891

Equity (Details Textual)

Equity (Details Textual) - USD ($)	Dec. 01, 2015	Sep. 24, 2015	Oct. 31, 2015	Oct. 31, 2014
Equity (Textual)
Dividends paid			$ 4,200,000	$ 4,000,000
Dividends declared, per share			$ 0.18	$ 0.85
Class A common stock
Equity (Textual)
Dividends paid per share in cash			0.18	0.17
Class A common stock | Board of Directors [Member]
Equity (Textual)
Dividends declared, per share				0.68
Class A common stock | Subsequent Event [Member]
Equity (Textual)
Common stock dividends declared	$ 0.19
Paid date of declared dividend	Dec. 18, 2015
Record date of declared dividend	Dec. 14, 2015
Class B common stock
Equity (Textual)
Dividends paid per share in cash			$ 0.18	$ 0.17
Stock repurchase program, remaining number of shares authorized to be repurchased			5,000,000
Restricted Class B common stock purchased from employees, Shares			8,300,000
Aggregate purchase price of shares repurchased				$ 400,000
Class B common stock shares repurchased				29,675
Class B common stock | Board of Directors [Member]
Equity (Textual)
Number of options granted		100,000
Dividends declared, per share				$ 0.68
Class B common stock | Employees
Equity (Textual)
Aggregate purchase price of shares repurchased			$ 23,000	$ 100,000
Class B common stock shares repurchased			1,542	8,637
Class B common stock | Subsequent Event [Member]
Equity (Textual)
Common stock dividends declared	$ 0.19
Paid date of declared dividend	Dec. 18, 2015
Record date of declared dividend	Dec. 14, 2015

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Weighted-average number of shares used in the calculation of basic and diluted earnings per share
Basic weighted-average number of shares	22,935	22,755
Effect of dilutive securities:
Stock options		27
Non-vested restricted Class B common stock	34	309
Diluted weighted-average number of shares	22,969	23,091

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - shares shares in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Stock options excluded from the diluted earnings per share computations
Shares excluded from the calculation of diluted earnings per share	267	466

Revolving Credit Loan Payable (

Revolving Credit Loan Payable (Details) $ in Thousands	Jul. 12, 2012USD ($)BasisPoint	Oct. 31, 2015USD ($)	Jul. 31, 2015USD ($)
Debt Instrument [Line Items]
Maximum principal amount of credit agreement	$ 25,000
Unused outstanding amount	$ 25,000
Line of credit maturity date		Jan. 31, 2017
Line of credit facility, outstanding
Average percentage of commitment fee per annum	0.375%
Maximum amount of investments in and advances to affiliates, at fair value	$ 110,000
Aggregate loans and advances to affiliates and subsidiaries		$ 85,900	$ 90,100
Line of credit utilized for letters of credit outstanding amount		0	0
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, outstanding		$ 0	$ 0
July 30, 2012 [Member]
Debt Instrument [Line Items]
Interest rate description		The principal outstanding bears interest per annum, at the option of IDT Telecom, at either (a) the U.S. Prime Rate less 125 basis points, or (b) the LIBOR rate adjusted by the Regulation D maximum reserve requirement plus 150 basis points.
Prime Rate [Member]
Debt Instrument [Line Items]
U.S Prime Rate basis points | BasisPoint	125

Severance Expense (Details)

Severance Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Jul. 31, 2015
Severance Expense (Textual)
Severance expense		$ 1,549
Accrued severance	$ 2,500		$ 3,700
IDT Telecom [Member]
Severance Expense (Textual)
Severance expense	$ 6,200	$ 1,500

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2015USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 771
Ending balance	1,410
Unrealized Gain (Loss) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(575)
Other comprehensive income attributable to IDT Corporation before reclassifications	1,071
Net other comprehensive income attributable to IDT Corporation	528
Ending balance	(47)
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | Other (expense) income, net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: reclassification for gain included in net income	(543)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,346
Other comprehensive income attributable to IDT Corporation before reclassifications	111
Net other comprehensive income attributable to IDT Corporation	111
Ending balance	$ 1,457
Foreign Currency Translation [Member] | Other (expense) income, net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: reclassification for gain included in net income
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 771
Other comprehensive income attributable to IDT Corporation before reclassifications	1,182
Net other comprehensive income attributable to IDT Corporation	639
Ending balance	1,410
Accumulated Other Comprehensive Income [Member] | Other (expense) income, net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: reclassification for gain included in net income	$ (543)

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 390,578	$ 412,878
Income (loss) from operations	$ 7,925	79,607
Gain on sale of interest in Fabrix Systems Ltd.		75,145
Operating Segments [Member] | Telecom Platform Services [Member]
Segment Reporting Information [Line Items]
Revenues	$ 385,688	403,787
Income (loss) from operations	9,726	$ 5,670
Gain on sale of interest in Fabrix Systems Ltd.
Operating Segments [Member] | Consumer Phone Services [Member]
Segment Reporting Information [Line Items]
Revenues	1,828	$ 2,311
Income (loss) from operations	339	$ 355
Gain on sale of interest in Fabrix Systems Ltd.
Operating Segments [Member] | All Other [Member]
Segment Reporting Information [Line Items]
Revenues	3,062	$ 6,780
Income (loss) from operations	$ 429	76,537
Gain on sale of interest in Fabrix Systems Ltd.		$ 75,145
Operating Segments [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Revenues
Income (loss) from operations	$ (2,569)	$ (2,955)
Gain on sale of interest in Fabrix Systems Ltd.

Commitments and Contingencies51

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Jul. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	$ 81,688	$ 91,035
Cash and Cash Equivalents [Member] | IDT Financial Services customer deposits [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	81,032	87,613
Cash and Cash Equivalents [Member] | Related to letters of credit [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	454	3,163
Cash and Cash Equivalents [Member] | Other [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	$ 202	$ 259

Commitments and Contingencies52

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Jul. 31, 2015
Commitments and Contingencies (Textual)
Purchase commitment of company	$ 2,300
Letters of credit outstanding	400
Performance bonds outstanding	12,900
Customer deposits	78,189	$ 84,454
IDT Payment Services and IDT Financial Services [Member]
Commitments and Contingencies (Textual)
Restricted cash and cash equivalents	$ 11,800	$ 7,500
Expire on October 31, 2016 [Member]
Commitments and Contingencies (Textual)
Letters of credit expiration date	Oct. 31, 2016

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Other Income (Expense), Net [Abstract]
Foreign currency transaction (losses) gains	$ (1,162)	$ 768
Gain (loss) on marketable securities	543	(40)
(Loss) gain on investments	(156)	1,897
Other	165	(1,302)
Total other (expense) income, net	$ (610)	$ 1,323