IDT (IDT) 10-Q 11 Mar 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jan. 31, 2016	Mar. 08, 2016
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	Jan. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		21,355,714

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Current assets:
Cash and cash equivalents	$ 99,514	$ 110,361
Restricted cash and cash equivalents	88,792	91,035
Marketable securities	46,797	40,287
Trade accounts receivable, net of allowance for doubtful accounts of $4,939 at January 31, 2016 and $5,645 at July 31, 2015	55,384	58,543
Receivable from sale of interest in Fabrix Systems Ltd.	3,702	8,471
Prepaid expenses	13,769	17,304
Other current assets	15,530	14,344
Total current assets	323,488	340,345
Property, plant and equipment, net	90,394	91,316
Goodwill	13,452	14,388
Other intangibles, net	1,050	1,277
Investments	11,292	12,344
Deferred income tax assets, net	8,654	13,324
Other assets	7,513	12,688
Total assets	455,843	485,682
Current liabilities:
Trade accounts payable	28,687	29,140
Accrued expenses	122,190	139,272
Deferred revenue	86,269	86,302
Customer deposits	85,129	84,454
Income taxes payable	$ 550	391
Notes payable-current portion		6,353
Other current liabilities	$ 3,563	3,000
Total current liabilities	326,388	348,912
Other liabilities	1,765	1,830
Total liabilities	$ 328,153	$ 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	$ 404,790	$ 403,146
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 3,931 and 3,521 shares of Class B common stock at January 31, 2016 and July 31, 2015, respectively	(115,316)	(110,543)
Accumulated other comprehensive (loss) income	(2,744)	771
Accumulated deficit	(160,196)	(159,829)
Total IDT Corporation stockholders' equity	126,820	133,831
Noncontrolling interests	870	1,109
Total equity	127,690	134,940
Total liabilities and equity	455,843	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	Jan. 31, 2016	Jul. 31, 2015
Allowance for doubtful accounts	$ 4,939	$ 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	25,287	25,276
Common stock, shares outstanding	21,356	21,755
Treasury stock, common stock shares	3,931	3,521

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Consolidated Statements of Income [Abstract]
Revenues	$ 382,454	$ 394,173	$ 773,032	$ 807,051
Costs and expenses:
Direct cost of revenues (exclusive of depreciation and amortization)	319,724	328,737	644,235	672,544
Selling, general and administrative (i)	51,054	57,394	104,143	114,392
Depreciation and amortization	$ 4,973	$ 4,440	$ 10,025	8,845
Research and development				1,656
Severance		$ 351		1,899
Total costs and expenses	$ 375,751	$ 390,922	$ 758,403	$ 799,336
Loss on disposal of property, plant and equipment	$ (326)		$ (326)
Gain on sale of interest in Fabrix Systems Ltd.		$ 484		$ 75,629
Income from operations	$ 6,377	3,735	$ 14,303	83,344
Interest income (expense), net	534	(40)	692	(131)
Other (expense) income, net	(234)	967	(844)	2,290
Income before income taxes	6,677	4,662	14,151	85,503
Provision for income taxes	(2,014)	(1,905)	(4,911)	(2,392)
Net income	4,663	2,757	9,240	83,111
Net income attributable to noncontrolling interests	(598)	(247)	(981)	(445)
Net income attributable to IDT Corporation	$ 4,065	$ 2,510	$ 8,259	$ 82,666
Earnings per share attributable to IDT Corporation common stockholders:
Basic	$ 0.18	$ 0.11	$ 0.36	$ 3.63
Diluted	$ 0.18	$ 0.11	$ 0.36	$ 3.57
Weighted-average number of shares used in calculation of earnings per share:
Basic	22,799	22,818	22,867	22,783
Diluted	22,799	23,225	22,884	23,155
Dividends declared per common share	$ 0.19	$ 0.82	$ 0.37	$ 1.67
(i) Stock-based compensation included in selling, general and administrative expenses	$ 873	$ 2,172	$ 1,644	$ 3,020

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 4,663	$ 2,757	$ 9,240	$ 83,111
Other comprehensive (loss) income:
Change in unrealized gain on available-for-sale securities	(143)	8	385	15
Foreign currency translation adjustments	(4,011)	(2,119)	(3,900)	(3,977)
Other comprehensive loss	(4,154)	(2,111)	(3,515)	(3,962)
Comprehensive income	509	646	5,725	79,149
Comprehensive income attributable to noncontrolling interests	(598)	(247)	(981)	(445)
Comprehensive (loss) income attributable to IDT Corporation	$ (89)	$ 399	$ 4,744	$ 78,704

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Operating activities
Net income	$ 9,240	$ 83,111
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,025	8,845
Deferred income taxes	4,708	2,441
Provision for doubtful accounts receivable	$ 486	35
Gain on sale of interest in Fabrix Systems Ltd.		(75,629)
Realized (gain) loss on marketable securities	$ (543)	54
Interest in the equity of investments	(79)	(1,459)
Stock-based compensation	1,644	3,020
Change in assets and liabilities:
Restricted cash and cash equivalents	(5,360)	(7,912)
Trade accounts receivable	(1,366)	3,285
Prepaid expenses, other current assets and other assets	7,644	5,787
Trade accounts payable, accrued expenses, other current liabilities and other liabilities	(10,814)	(7,478)
Customer deposits	8,200	8,193
Income taxes payable	159	(292)
Deferred revenue	1,202	(1,047)
Net cash provided by operating activities	25,146	20,954
Investing activities
Capital expenditures	(9,223)	(13,946)
Proceeds from sale of interest in Fabrix Systems Ltd., net of cash and cash equivalents sold.	4,769	36,039
Purchase of investments	(350)	(125)
Proceeds from sale and redemption of investments	626	43
Purchases of marketable securities	(24,480)	(18,382)
Proceeds from maturities and sales of marketable securities	18,720	12,104
Net cash (used in) provided by investing activities	(9,938)	15,733
Financing activities
Dividends paid	(8,626)	(38,891)
Distributions to noncontrolling interests	$ (1,220)	(750)
Proceeds from exercise of stock options.		2,896
Repayments of revolving credit loan payable and other borrowings	$ (6,353)	(13,132)
Repurchases of Class B common stock	(4,773)	(703)
Net cash used in financing activities	(20,972)	(50,580)
Effect of exchange rate changes on cash and cash equivalents	(5,083)	(6,789)
Net (decrease) increase in cash and cash equivalents	(10,847)	(20,682)
Cash and cash equivalents at beginning of period	110,361	153,823
Cash and cash equivalents at end of period	$ 99,514	133,141
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	6 Months Ended
	Jan. 31, 2016
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 and six months ended January 31, 2016 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 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, Inc. (formerly known as 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 before the end of fiscal 2016 and the remainder of the reorganization in the second half of calendar year 2016. On March 8, 2016, Zedge filed a Form 10 Registration Statement with the SEC related to the planned spin-off of the Company’s majority interest in Zedge to the Company’s stockholders. The Zedge spin-off is intended to be tax-free to the Company’s stockholders, and the Company expects to receive a legal opinion as to the spin-off’s tax-free status. In connection with the spin-off, it is expected that each of the Company’s stockholder will receive one share of Zedge Class A common stock for every three shares of the Company’s Class A common stock and one share of Zedge Class B common stock for every three shares of the Company’s Class B common stock. Upon completion of the spin-off, the Company’s expects that its stockholders as of the record date will hold approximately 83% of Zedge.

Sale of Interest in Fabrix Syst

Sale of Interest in Fabrix Systems Ltd.	6 Months Ended
	Jan. 31, 2016
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 January 31, 2016, 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 $75.6 million was recorded in the six months ended January 31, 2015. 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 Six Months Ended 2016 2015 2016 2015 (in thousands) Income before income taxes $ — $ — $ — $ 917 Income before income taxes attributable to IDT Corporation $ — $ — $ — $ 1,325

Marketable Securities

Marketable Securities	6 Months Ended
	Jan. 31, 2016
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: January 31, 2016: Certificates of deposit* $ 21,831 $ — $ (7 ) $ 21,824 Federal Government Sponsored Enterprise notes 5,813 10 — 5,823 Mutual funds 5,063 — (231 ) 4,832 Corporate bonds 2,467 6 (11 ) 2,462 U.S. Treasury notes 2,785 32 — 2,817 Municipal bonds 9,028 12 (1 ) 9,039 Total $ 46,987 $ 60 $ (250 ) $ 46,797 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 $9.9 million and $5.3 million in the three months ended January 31, 2016 and 2015, respectively, and $18.7 million and $12.1 million in the six months ended January 31, 2016 and 2015, respectively. The gross realized losses that were included in earnings as a result of sales were nil and $14,000 in the three months ended January 31, 2016 and 2015, respectively, and gains of $0.5 million and losses of $54,000 in the six months ended January 31, 2016 and 2015, respectively. 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 January 31, 2016 were as follows: Fair Value (in thousands) Within one year $ 19,311 After one year through five years 20,564 After five years through ten years 1,799 After ten years 291 Total $ 41,965 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) January 31, 2016: Certificates of deposit $ 7 $ 11,217 Mutual funds 231 4,832 Corporate bonds 11 1,083 Municipal bonds 1 1,550 Total $ 250 $ 18,682 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 January 31, 2016 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	6 Months Ended
	Jan. 31, 2016
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) January 31, 2016 Assets: Available-for-sale securities $ 7,649 $ 39,148 $ — $ 46,797 Liabilities: Foreign exchange forwards $ — $ 131 $ — $ 131 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 January 31, 2016 and July 31, 2015, the Company had $8.6 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 January 31, 2016 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 $3.9 million and $3.4 million at January 31, 2016 and July 31, 2015, respectively, which the Company believes was not impaired.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jan. 31, 2016
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 New York and 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 January 31, 2016 were as follows: Settlement Date U.S. Dollar Amount NOK Amount 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 January 31, 2016 July 31, 2015 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Foreign exchange forwards Other current assets $ — $ 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 January 31, 2016 July 31, 2015 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Foreign exchange forwards Other current liabilities $ 131 $ 39 The effects of derivative instruments on the consolidated statements of operations were as follows: Amount of Gain (Loss) Recognized on Derivatives Three Months Ended January 31, Six Months Ended January 31, Derivatives not designated or not qualifying as hedging instruments Location of Gain (Loss) Recognized on Derivatives 2016 2015 2016 2015 (in thousands) Foreign exchange forwards Other (expense) income, net $ (123 ) $ — $ (225 ) $ —

Equity

Equity	6 Months Ended
	Jan. 31, 2016
Equity [Abstract]
Equity	Note 6—Equity Changes in the components of equity were as follows: Six Months Ended Attributable to IDT Corporation Noncontrolling Interests Total (in thousands) Balance, July 31, 2015 $ 133,831 $ 1,109 $ 134,940 Dividends declared ($0.37 per share) (8,626 ) — (8,626 ) Restricted Class B common stock purchased from employees (134 ) — (134 ) Repurchases of Class B common stock through repurchase program (4,639 ) — (4,639 ) Distributions to noncontrolling interests — (1,220 ) (1,220 ) Stock-based compensation 1,644 — 1,644 Comprehensive income: Net income 8,259 981 9,240 Other comprehensive loss (3,515 ) — (3,515 ) Comprehensive income 4,744 981 5,725 Balance, January 31, 2016 $ 126,820 $ 870 $ 127,690 Dividend Payments In the six months ended January 31, 2016, the Company paid aggregate cash dividends of $0.37 per share on its Class A common stock and Class B common stock, or $8.6 million in total. In the six months ended January 31, 2015, the Company paid aggregate cash dividends of $1.67 per share on its Class A common stock and Class B common stock, or $38.9 million in total. The aggregate cash dividends included special dividends of $0.68 per share and $0.64 per share paid in November 2014 and January 2015, respectively. In March 2016, the Company’s Board of Directors declared a dividend of $0.19 per share for the second 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 March 25, 2016 to stockholders of record as of the close of business on March 15, 2016. Stock Repurchases The Company had 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. In the six months ended January 31, 2016, the Company repurchased 398,376 shares of Class B common stock for an aggregate purchase price of $4.6 million. In the six months ended January 31, 2015, the Company repurchased 29,675 shares of Class B common stock for an aggregate purchase price of $0.4 million. On January 22, 2016, the Company’s Board of Directors approved a stock repurchase program to purchase up to 8.0 million shares of the Company’s Class B common stock and cancelled the previous stock repurchase program, which had 4.6 million shares remaining available for repurchase. At January 31, 2016, 8.0 million shares remained available for repurchase under the stock repurchase program. In the six months ended January 31, 2016 and 2015, the Company paid $0.1 million and $0.3 million, respectively, to repurchase 11,250 and 16,330 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 December 14, 2015, the Company’s stockholders approved an amendment to the Company’s 2015 Stock Option and Incentive Plan to 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jan. 31, 2016
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 Six Months Ended 2016 2015 2016 2015 (in thousands) Basic weighted-average number of shares 22,799 22,818 22,867 22,783 Effect of dilutive securities: Stock options — 52 — 40 Non-vested restricted Class B common stock — 355 17 332 Diluted weighted-average number of shares 22,799 23,225 22,884 23,155 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 Six Months Ended 2016 2015 2016 2015 (in thousands) Shares excluded from the calculation of diluted earnings per share 265 16 266 42

Revolving Credit Loan Payable

Revolving Credit Loan Payable	6 Months Ended
	Jan. 31, 2016
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. In January 2016, the maturity date was extended to January 31, 2018. At January 31, 2016 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 January 31, 2016 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 $83.2 million and $90.1 million, respectively.

Severance Expense

Severance Expense	6 Months Ended
	Jan. 31, 2016
Severance Expense [Abstract]
Severance Expense	Note 9—Severance Expense Severance expense of $0.4 million and $1.9 million in the three and six months ended January 31, 2015, respectively, 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 January 31, 2016 and July 31, 2015, there was accrued severance of $0.9 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 (Loss) Income	6 Months Ended
	Jan. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Note 10—Accumulated Other Comprehensive (Loss) Income The accumulated balances for each classification of other comprehensive income (loss) were as follows: Unrealized Gain (Loss) on Available-for-Sale Securities Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) Location of (Gain) Loss Recognized (in thousands) Balance, July 31, 2015 $ (575 ) $ 1,346 $ 771 Other comprehensive income (loss) attributable to IDT Corporation before reclassifications 928 (3,900 ) (2,972 ) Less: reclassification for gain included in net income (543 ) — (543 ) Other (expense) income, net Net other comprehensive income (loss) attributable to IDT Corporation 385 (3,900 ) (3,515 ) Balance, January 31, 2016 $ (190 ) $ (2,554 ) $ (2,744 )

Business Segment Information

Business Segment Information	6 Months Ended
	Jan. 31, 2016
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 termination. 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 that enables consumers to personalize their mobile devices with free, high quality ringtones, wallpapers, home screen app icons and notification sounds. 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 Consumer All Other Corporate Total Three Months Ended January 31, 2016 Revenues $ 376,692 $ 1,766 $ 3,996 $ — $ 382,454 Income (loss) from operations 6,302 289 1,845 (2,059 ) 6,377 Three Months Ended January 31, 2015 Revenues $ 388,970 $ 2,243 $ 2,960 $ — $ 394,173 Income (loss) from operations 6,870 306 (602 ) (2,839 ) 3,735 Gain on sale of interest in Fabrix Systems Ltd. — — 484 — 484 Six Months Ended January 31, 2016 Revenues $ 762,380 $ 3,595 $ 7,057 $ — $ 773,032 Income (loss) from operations 16,027 629 2,275 (4,628 ) 14,303 Six Months Ended January 31, 2015 Revenues $ 792,758 $ 4,554 $ 9,739 $ — $ 807,051 Income (loss) from operations 12,540 662 75,936 (5,794 ) 83,344 Gain on sale of interest in Fabrix Systems Ltd. — — 75,629 — 75,629

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 31, 2016
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 arguments were held on March 9, 2016. The parties are now awaiting a decision from the Court. 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 $1.6 million at January 31, 2016. Letters of Credit At January 31, 2016, the Company had letters of credit outstanding totaling $0.3 million for IDT Telecom’s business. The letters of credit outstanding at January 31, 2016 expire in the twelve month period ending January 31, 2017. 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 January 31, 2016, the Company had aggregate performance bonds of $13.1 million outstanding. Customer Deposits At January 31, 2016 and July 31, 2015, “Customer deposits” in the Company’s consolidated balance sheets included refundable customer deposits of $85.1 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 January 31, 2016 and July 31, 2015, “Cash and cash equivalents” in the Company’s consolidated balance sheets included an aggregate of $9.1 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: January 31, 2016 July 31, 2015 (in thousands) IDT Financial Services customer deposits $ 88,335 $ 87,613 Related to letters of credit 272 3,163 Other 185 259 Total restricted cash and cash equivalents $ 88,792 $ 91,035

Other (Expense) Income, Net

Other (Expense) Income, Net	6 Months Ended
	Jan. 31, 2016
Other (Expense) Income, Net [Abstract]
Other (Expense) Income, Net	Note 13—Other (Expense) Income, Net Other (expense) income, net consists of the following: Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Foreign currency transaction (losses) gains $ (1,096 ) $ 322 $ (2,258 ) $ 1,089 (Loss) gain on marketable securities — (16 ) 543 (57 ) Gain (loss) on investments 236 (439 ) 80 1,459 Other 626 1,100 791 (201 ) Total other (expense) income, net $ (234 ) $ 967 $ (844 ) $ 2,290

Recently Adopted Accounting Sta

Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted	6 Months Ended
	Jan. 31, 2016
Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted [Abstract]
Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted	Note 14—Recently Adopted Accounting Standard and Recently Issued Accounting Standards 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 amendments in the ASU require that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet instead of separated into current and noncurrent amounts. The Company adopted the ASU on November 1, 2015 and retrospectively applied the change. As a result, $0.8 million of deferred income tax assets that were included in current assets at July 31, 2015 were reclassified to noncurrent in the accompanying 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. In January 2016, the FASB issued an ASU to provide more information about recognition, measurement, presentation and disclosure of financial instruments. The amendments in the ASU include, among other changes, the following: (1) equity investments (except those accounted for under the equity method or that result in consolidation) will be measured at fair value with changes in fair value recognized in net income, (2) a qualitative assessment each reporting period to identify impairment of equity investments without readily determinable fair values, (3) financial assets and financial liabilities will be presented separately by measurement category and form of financial asset on the balance sheet or the notes to the financial statements, and (4) an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified as available-for-sale in other comprehensive income. In addition, a practicability exception will be available for equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical expedient. These investments may be measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Entities will have to reassess at each reporting period whether an investment qualifies for this practicability exception. The Company will adopt the amendments in this ASU on August 1, 2018. The Company is evaluating the impact that the ASU will have on its consolidated financial statements. In February 2016, the FASB issued an ASU related to the accounting for leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company will adopt the new standard on August 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact that the new standard will have on its consolidated financial statements.

IDT Financial Services Ltd. Rec

IDT Financial Services Ltd. Recent Transactions	6 Months Ended
	Jan. 31, 2016
IDT Financial Services Ltd. Recent Transactions [Abstract]
IDT Financial Services Ltd. Recent Transactions	Note 15—IDT Financial Services Ltd. Recent Transactions In December 2015, MasterCard Europe released IDT Financial Services Ltd.’s security deposit. IDT Financial Services Ltd. received cash of $4.7 million from MasterCard Europe. At July 31, 2015, this security deposit was included in “Other assets” in the accompanying consolidated balance sheet. On November 2, 2015, Visa Inc. entered into an agreement to acquire Visa Europe Limited subject to regulatory approvals. IDT Financial Services Ltd. is a member of Visa Europe and, if the transaction is consummated, will receive part of the consideration from the intended acquisition. Visa Inc. will pay for the acquisition in two tranches. The first tranche will include cash and preferred stock convertible into Visa Inc. Class A common stock. Visa Europe estimated that IDT Financial Services Ltd. will receive, subject to adjustment, €4.7 million ($5.1 million at January 31, 2016) in cash and €1.6 million ($1.8 million at January 31, 2016) in Visa Inc. preferred stock. The first tranche is expected to be paid during the second quarter of calendar 2016. The second tranche is a potential earn-out, subject to certain achievements that if fulfilled, would be paid in 2020. The amount of consideration expected to be received is preliminary, the amounts may change, and the closing of the transaction cannot be assured. The Visa Inc. preferred stock would become fully convertible into Class A common stock of Visa Inc. twelve years after the closing. Beginning four years after closing, Visa Inc. will assess whether it is appropriate to effect a partial conversion. In addition, there will be restrictions on transferring the preferred stock until it is converted into Class A common stock. The preferred stock may only be transferred to other Visa Europe members, or to existing qualifying holders of Visa Inc.’s Class B common stock. Also, 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.

Sale of Interest in Fabrix Sy22

Sale of Interest in Fabrix Systems Ltd. (Tables)	6 Months Ended
	Jan. 31, 2016
Sale of Interest in Fabrix Systems Ltd. [Abstract]
Schedule of consolidated statements of income	Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Income before income taxes $ — $ — $ — $ 917 Income before income taxes attributable to IDT Corporation $ — $ — $ — $ 1,325

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jan. 31, 2016
Marketable Securities [Abstract]
Summary of marketable securities	Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Available-for-sale securities: January 31, 2016: Certificates of deposit* $ 21,831 $ — $ (7 ) $ 21,824 Federal Government Sponsored Enterprise notes 5,813 10 — 5,823 Mutual funds 5,063 — (231 ) 4,832 Corporate bonds 2,467 6 (11 ) 2,462 U.S. Treasury notes 2,785 32 — 2,817 Municipal bonds 9,028 12 (1 ) 9,039 Total $ 46,987 $ 60 $ (250 ) $ 46,797 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 $ 19,311 After one year through five years 20,564 After five years through ten years 1,799 After ten years 291 Total $ 41,965
Summary of available-for-sale securities, unrealized loss position	Unrealized Losses Fair Value (in thousands) January 31, 2016: Certificates of deposit $ 7 $ 11,217 Mutual funds 231 4,832 Corporate bonds 11 1,083 Municipal bonds 1 1,550 Total $ 250 $ 18,682 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)	6 Months Ended
	Jan. 31, 2016
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) January 31, 2016 Assets: Available-for-sale securities $ 7,649 $ 39,148 $ — $ 46,797 Liabilities: Foreign exchange forwards $ — $ 131 $ — $ 131 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)	6 Months Ended
	Jan. 31, 2016
Derivative Instruments [Abstract]
Schedule of derivative instruments outstanding contracts	Settlement Date U.S. Dollar Amount NOK Amount 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 January 31, 2016 July 31, 2015 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Foreign exchange forwards Other current assets $ — $ 38
Schedule of derivative liability fair value	Liability Derivatives Balance Sheet Location January 31, 2016 July 31, 2015 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Foreign exchange forwards Other current liabilities $ 131 $ 39
Schedule of derivative instruments on the consolidated statements of operations	Amount of Gain (Loss) Recognized on Derivatives Three Months Ended January 31, Six Months Ended January 31, Derivatives not designated Location of Gain (Loss) Recognized on Derivatives 2016 2015 2016 2015 (in thousands) Foreign exchange forwards Other (expense) income, net $ (123 ) $ — $ (225 ) $ —

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jan. 31, 2016
Equity [Abstract]
Summary of changes in the components of equity	Six Months Ended Attributable to IDT Corporation Noncontrolling Interests Total (in thousands) Balance, July 31, 2015 $ 133,831 $ 1,109 $ 134,940 Dividends declared ($0.37 per share) (8,626 ) — (8,626 ) Restricted Class B common stock purchased from employees (134 ) — (134 ) Repurchases of Class B common stock through repurchase program (4,639 ) — (4,639 ) Distributions to noncontrolling interests — (1,220 ) (1,220 ) Stock-based compensation 1,644 — 1,644 Comprehensive income: Net income 8,259 981 9,240 Other comprehensive loss (3,515 ) — (3,515 ) Comprehensive income 4,744 981 5,725 Balance, January 31, 2016 $ 126,820 $ 870 $ 127,690

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jan. 31, 2016
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 Six Months Ended 2016 2015 2016 2015 (in thousands) Basic weighted-average number of shares 22,799 22,818 22,867 22,783 Effect of dilutive securities: Stock options — 52 — 40 Non-vested restricted Class B common stock — 355 17 332 Diluted weighted-average number of shares 22,799 23,225 22,884 23,155
Shares excluded from the diluted earnings per share computations	Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Shares excluded from the calculation of diluted earnings per share 265 16 266 42

Accumulated Other Comprehensi28

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jan. 31, 2016
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 (Loss) Location of (Gain) Loss Recognized (in thousands) Balance, July 31, 2015 $ (575 ) $ 1,346 $ 771 Other comprehensive income (loss) attributable to IDT Corporation before reclassifications 928 (3,900 ) (2,972 ) Less: reclassification for gain included in net income (543 ) — (543 ) Other (expense) income, net Net other comprehensive income (loss) attributable to IDT Corporation 385 (3,900 ) (3,515 ) Balance, January 31, 2016 $ (190 ) $ (2,554 ) $ (2,744 )

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jan. 31, 2016
Business Segment Information [Abstract]
Summary of operating results of business segments	(in thousands) Telecom Consumer All Other Corporate Total Three Months Ended January 31, 2016 Revenues $ 376,692 $ 1,766 $ 3,996 $ — $ 382,454 Income (loss) from operations 6,302 289 1,845 (2,059 ) 6,377 Three Months Ended January 31, 2015 Revenues $ 388,970 $ 2,243 $ 2,960 $ — $ 394,173 Income (loss) from operations 6,870 306 (602 ) (2,839 ) 3,735 Gain on sale of interest in Fabrix Systems Ltd. — — 484 — 484 Six Months Ended January 31, 2016 Revenues $ 762,380 $ 3,595 $ 7,057 $ — $ 773,032 Income (loss) from operations 16,027 629 2,275 (4,628 ) 14,303 Six Months Ended January 31, 2015 Revenues $ 792,758 $ 4,554 $ 9,739 $ — $ 807,051 Income (loss) from operations 12,540 662 75,936 (5,794 ) 83,344 Gain on sale of interest in Fabrix Systems Ltd. — — 75,629 — 75,629

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jan. 31, 2016
Commitments and Contingencies [Abstract]
Schedule of restricted cash and cash equivalents	January 31, July 31, (in thousands) IDT Financial Services customer deposits $ 88,335 $ 87,613 Related to letters of credit 272 3,163 Other 185 259 Total restricted cash and cash equivalents $ 88,792 $ 91,035

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	6 Months Ended
	Jan. 31, 2016
Other (Expense) Income, Net [Abstract]
Schedule of other (expense) income, net	Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Foreign currency transaction (losses) gains $ (1,096 ) $ 322 $ (2,258 ) $ 1,089 (Loss) gain on marketable securities — (16 ) 543 (57 ) Gain (loss) on investments 236 (439 ) 80 1,459 Other 626 1,100 791 (201 ) Total other (expense) income, net $ (234 ) $ 967 $ (844 ) $ 2,290

Sale of Interest in Fabrix Sy32

Sale of Interest in Fabrix Systems Ltd. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes	$ 6,677	$ 4,662	$ 14,151	$ 85,503
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 Sy33

Sale of Interest in Fabrix Systems Ltd. (Details Textual) - USD ($) $ in Thousands	Oct. 08, 2014	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Sale of Interest in Fabrix Systems Ltd. (Textual)
Gain on sale of interest in Fabrix Systems Ltd.			$ 484		$ 75,629
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		6,500
Gain on sale of interest in Fabrix Systems Ltd.				76,900	$ 75,600
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		$ 3,700

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands		Jan. 31, 2016	Jul. 31, 2015
Schedule of Available-For-Sale Securities [Line Items]
Amortized Cost		$ 46,987	$ 40,862
Gross Unrealized Gains		60	12
Gross Unrealized Losses		(250)	(587)
Fair Value		46,797	40,287
Certificates of Deposit [Member]
Schedule of Available-For-Sale Securities [Line Items]
Amortized Cost	[1]	$ 21,831	22,736
Gross Unrealized Gains	[1]		3
Gross Unrealized Losses	[1]	$ (7)	(2)
Fair Value	[1]	21,824	22,737
Federal Home Loan Bank bonds [Member]
Schedule of Available-For-Sale Securities [Line Items]
Amortized Cost			$ 795
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value			$ 795
Federal Government Sponsored Enterprise notes [Member]
Schedule of Available-For-Sale Securities [Line Items]
Amortized Cost		5,813
Gross Unrealized Gains		$ 10
Gross Unrealized Losses
Fair Value		$ 5,823
Mutual funds [Member]
Schedule of Available-For-Sale Securities [Line Items]
Amortized Cost		$ 5,063	$ 5,000
Gross Unrealized Gains
Gross Unrealized Losses		$ (231)	$ (18)
Fair Value		4,832	4,982
Corporate bonds [Member]
Schedule of Available-For-Sale Securities [Line Items]
Amortized Cost		2,467
Gross Unrealized Gains		6
Gross Unrealized Losses		(11)
Fair Value		2,462
U.S. Treasury notes [Member]
Schedule of Available-For-Sale Securities [Line Items]
Amortized Cost		2,785
Gross Unrealized Gains		$ 32
Gross Unrealized Losses
Fair Value		$ 2,817
Municipal Bonds [Member]
Schedule of Available-For-Sale Securities [Line Items]
Amortized Cost		9,028	9,125
Gross Unrealized Gains		12	9
Gross Unrealized Losses		(1)	(3)
Fair Value		$ 9,039	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	Jan. 31, 2016USD ($)
Marketable Securities [Abstract]
Within one year	$ 19,311
After one year through five years	20,564
After five years through ten years	1,799
After ten years	291
Total	$ 41,965

Marketable Securities (Detail36

Marketable Securities (Details 2) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	$ 250	$ 587
Fair Value	18,682	13,284
Mutual funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	231	18
Fair Value	4,832	4,982
Corporate bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	11
Fair Value	1,083
Certificates Of Deposit [Member]
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	7	2
Fair Value	11,217	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	1	3
Fair Value	$ 1,550	$ 3,466

Marketable Securities (Detail37

Marketable Securities (Details Textual) - USD ($)	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015
Marketable Securities (Textual)
Company received number of Straight Path Class B common stock, Value				$ 18,720,000	$ 12,104,000
Realized gains (losses) from sales of available-for-sale securities			$ 14,000	500,000	(54,000)
Proceeds from maturities of available-for-sale securities		$ 9,900,000	$ 5,300,000	$ 18,700,000	$ 12,100,000
Realized gains (losses) from sales excluding temporary impairment
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		Jan. 31, 2016	Jul. 31, 2015
Assets:
Available-for-sale securities		$ 46,797	$ 40,287
Foreign exchange forwards			38
Total			40,325
Liabilities:
Foreign exchange forwards		131	39
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets:
Available-for-sale securities	[1]	$ 7,649	$ 6,505
Foreign exchange forwards	[1]
Total	[1]		$ 6,505
Liabilities:
Foreign exchange forwards	[1]
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets:
Available-for-sale securities	[2]	$ 39,148	$ 33,782
Foreign exchange forwards	[2]		38
Total	[2]		33,820
Liabilities:
Foreign exchange forwards	[2]	$ 131	$ 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 (Deta39

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Jan. 31, 2016	Jul. 31, 2015
Fair Value Assets Liabilities Quantitative Information [Line Items]
Carrying value of investments	$ 3.9	$ 3.4
Long-term Investments [Member]
Fair Value Assets Liabilities Quantitative Information [Line Items]
Fair value of investments in hedge funds	$ 8.6	$ 9.1

Derivative Instruments (Details

Derivative Instruments (Details)	6 Months Ended
	Jan. 31, 2016USD ($)	Jan. 31, 2016NOK
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 (Detai41

Derivative Instruments (Details 1) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Derivatives not designated or not qualifying as hedging instruments:
Foreign exchange forwards		$ 38

Derivative Instruments (Detai42

Derivative Instruments (Details 2) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Derivatives not designated or not qualifying as hedging instruments:
Foreign exchange forwards	$ 131	$ 39

Derivative Instruments (Detai43

Derivative Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Derivatives not designated or not qualifying as hedging instruments
Foreign exchange forwards	$ (123)		$ (225)

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Changes in the components of equity [Abstract]
Beginning Balance			$ 134,940
Dividends declared ($0.37 per share)			(8,626)
Restricted Class B common stock purchased from employees			(134)
Repurchases of Class B common stock through repurchase program			(4,639)
Distributions to noncontrolling interests			(1,220)
Stock-based compensation			1,644
Comprehensive income:
Net income	$ 4,663	$ 2,757	9,240	$ 83,111
Other comprehensive income	(4,154)	(2,111)	(3,515)	(3,962)
Comprehensive income	509	$ 646	5,725	$ 79,149
Ending Balance	127,690		127,690
Attributable to IDT Corporation [Member]
Changes in the components of equity [Abstract]
Beginning Balance			133,831
Dividends declared ($0.37 per share)			(8,626)
Restricted Class B common stock purchased from employees			(134)
Repurchases of Class B common stock through repurchase program			$ (4,639)
Distributions to noncontrolling interests
Stock-based compensation			$ 1,644
Comprehensive income:
Net income			8,259
Other comprehensive income			(3,515)
Comprehensive income			4,744
Ending Balance	126,820		126,820
Noncontrolling Interests [Member]
Changes in the components of equity [Abstract]
Beginning Balance			$ 1,109
Dividends declared ($0.37 per share)
Restricted Class B common stock purchased from employees
Repurchases of Class B common stock through repurchase program
Distributions to noncontrolling interests			$ (1,220)
Stock-based compensation
Comprehensive income:
Net income			$ 981
Other comprehensive income
Comprehensive income			$ 981
Ending Balance	$ 870		$ 870

Equity (Details Textual)

Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Dec. 14, 2015	Mar. 31, 2016	Jan. 31, 2015	Nov. 30, 2014	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jan. 22, 2016
Equity (Textual)
Dividends paid							$ 8.6	$ 38.9
Dividends paid per share in cash			$ 0.64	$ 0.68
Dividends declared, per share					$ 0.19	$ 0.82	$ 0.37	$ 1.67
Class A common stock [Member]
Equity (Textual)
Dividends paid per share in cash							0.37	1.67
Class A common stock [Member] | Subsequent Event [Member]
Equity (Textual)
Common stock dividends declared		$ 0.19
Paid date of declared dividend		Mar. 25, 2016
Record date of declared dividend		Mar. 15, 2016
Class B common stock [Member]
Equity (Textual)
Dividends paid per share in cash							$ 0.37	$ 1.67
Stock repurchase program, remaining number of shares authorized to be repurchased					8,000,000		8,000,000		4,600,000
Restricted Class B common stock purchased from employees, Shares					8,300,000		8,300,000		8,000,000
Number of options granted	100,000
Aggregate purchase price of shares repurchased							$ 4.6	$ 0.4
Class B common stock shares repurchased							398,376	29,675
Class B common stock [Member] | Employees
Equity (Textual)
Aggregate purchase price of shares repurchased							$ 0.1	$ 0.3
Class B common stock shares repurchased							11,250	16,330
Class B common stock [Member] | Subsequent Event [Member]
Equity (Textual)
Common stock dividends declared		$ 0.19
Paid date of declared dividend		Mar. 25, 2016
Record date of declared dividend		Mar. 15, 2016

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Weighted-average number of shares used in the calculation of basic and diluted earnings per share
Basic weighted-average number of shares	22,799	22,818	22,867	22,783
Effect of dilutive securities:
Stock options		52		40
Non-vested restricted Class B common stock		355	17	332
Diluted weighted-average number of shares	22,799	23,225	22,884	23,155

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Stock options excluded from the diluted earnings per share computations
Shares excluded from the calculation of diluted earnings per share	265	16	266	16

Revolving Credit Loan Payable (

Revolving Credit Loan Payable (Details) $ in Thousands	Jul. 12, 2012USD ($)BasisPoint	Jan. 31, 2016USD ($)	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, 2018
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		$ 83,200	$ 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			6 Months Ended
	Jan. 31, 2016	Apr. 30, 2015	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015
Severance Expense (Textual)
Severance expense			$ 351		$ 1,899
Accrued severance	$ 900			$ 900		$ 3,700
IDT Telecom [Member]
Severance Expense (Textual)
Severance expense		$ 6,200	$ 400		$ 1,900

Accumulated Other Comprehensi50

Accumulated Other Comprehensive (Loss) Income (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2016USD ($)
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning balance	$ 771
Ending balance	(2,744)
Unrealized Gain (Loss) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning balance	(575)
Other comprehensive income (loss) attributable to IDT Corporation before reclassifications	928
Less: reclassification for gain included in net income	(543)
Net other comprehensive income (loss) attributable to IDT Corporation	385
Ending balance	(190)
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | Other (expense) income, net [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Less: reclassification for gain included in net income	(543)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning balance	1,346
Other comprehensive income (loss) attributable to IDT Corporation before reclassifications	(3,900)
Net other comprehensive income (loss) attributable to IDT Corporation	(3,900)
Ending balance	$ (2,554)
Foreign Currency Translation [Member] | Other (expense) income, net [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Less: reclassification for gain included in net income
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning balance	$ 771
Other comprehensive income (loss) attributable to IDT Corporation before reclassifications	(2,972)
Less: reclassification for gain included in net income	(543)
Net other comprehensive income (loss) attributable to IDT Corporation	(3,515)
Ending balance	(2,744)
Accumulated Other Comprehensive Income (Loss) [Member] | Other (expense) income, net [Member]
Accumulated Other Comprehensive (Loss) Income [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		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 382,454	$ 394,173	$ 773,032	$ 807,051
Income (loss) from operations	$ 6,377	3,735	$ 14,303	83,344
Gain on sale of interest in Fabrix Systems Ltd.		484		75,629
Operating Segments [Member] | Telecom Platform Services [Member]
Segment Reporting Information [Line Items]
Revenues	$ 376,692	388,970	$ 762,380	792,758
Income (loss) from operations	6,302	$ 6,870	16,027	$ 12,540
Gain on sale of interest in Fabrix Systems Ltd.
Operating Segments [Member] | Consumer Phone Services [Member]
Segment Reporting Information [Line Items]
Revenues	1,766	$ 2,243	3,595	$ 4,554
Income (loss) from operations	289	$ 306	629	$ 662
Gain on sale of interest in Fabrix Systems Ltd.
Operating Segments [Member] | All Other [Member]
Segment Reporting Information [Line Items]
Revenues	3,996	$ 2,960	7,057	$ 9,739
Income (loss) from operations	$ 1,845	(602)	$ 2,275	75,936
Gain on sale of interest in Fabrix Systems Ltd.		$ 484		$ 75,629
Operating Segments [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Revenues
Income (loss) from operations	$ (2,059)	$ (2,839)	$ (4,628)	$ (5,794)
Gain on sale of interest in Fabrix Systems Ltd.

Commitments and Contingencies52

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	$ 88,792	$ 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	88,335	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	272	3,163
Cash and Cash Equivalents [Member] | Other [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	$ 185	$ 259

Commitments and Contingencies53

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jul. 31, 2015
Commitments and Contingencies (Textual)
Purchase commitment of company	$ 1,600
Letters of credit outstanding	300
Performance bonds outstanding	13,100
Customer deposits	85,129	$ 84,454
IDT Payment Services and IDT Financial Services [Member]
Commitments and Contingencies (Textual)
Restricted cash and cash equivalents	$ 9,100	$ 7,500
Expire on January 31, 2017 [Member]
Commitments and Contingencies (Textual)
Letters of credit expiration date	Jan. 31, 2017

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Other (Expense) Income, Net [Abstract]
Foreign currency transaction (losses) gains	$ (1,096)	$ 322	$ (2,258)	$ 1,089
(Loss) gain on marketable securities		(16)	543	(57)
Gain (loss) on investments	$ 236	(439)	80	1,459
Other	626	1,100	791	(201)
Total other (expense) income, net	$ (234)	$ 967	$ (844)	$ 2,290

Recently Adopted Accounting S55

Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted (Details) $ in Millions	1 Months Ended
	Jul. 31, 2015USD ($)
Recently Adopted Accounting Standard And Recently Issued Accounting Standards Not Yet Adopted (Textual)
Deferred income tax assets	$ 0.8

IDT Financial Services Ltd. R56

IDT Financial Services Ltd. Recent Transactions (Details) - IDT Financial Services Ltd. [Member] € in Millions, $ in Millions	6 Months Ended
	Jan. 31, 2016USD ($)	Jan. 31, 2016EUR (€)	Dec. 31, 2015USD ($)
IDT Financial Services Ltd. Recent Transactions (Textual)
Received cash from MasterCard Europe			$ 4.7
Estimated adjustments to be received	$ 5.1	€ 4.7
Preferred stock [Member]
IDT Financial Services Ltd. Recent Transactions (Textual)
Estimated adjustments to be received	$ 1.8	€ 1.6