XML 39 R27.htm IDEA: XBRL DOCUMENT v3.23.3
Cost Reduction
3 Months Ended
Oct. 31, 2023
Restructuring and Related Activities [Abstract]  
Cost Reduction Cost Reduction
In fiscal 2023, we transformed and integrated our individual businesses into two segments to improve operational performance. This transformation has provided insight into opportunities to manage costs, streamline operations, improve efficiency, and accelerate decision-making by eliminating management layers and other redundancies. In doing so, during fiscal 2023, we recorded $3,872,000 of severance costs in selling, general and administrative expenses in our Consolidated Statements of Operations, of which $1,989,000, $1,220,000 and $663,000 related to our Satellite and Space Communications, Terrestrial and Wireless Networks and Unallocated segments, respectively. We paid $2,320,000 of severance costs during fiscal 2023 and our severance liability as of July 31, 2023 was $1,552,000. In the first quarter of fiscal 2024 the severance liability was further reduced by net payments of $952,000 resulting in a severance liability of $600,000 as of October 31, 2023.