During the fiscal year ended
Interest expense totaled approximately
$0.6 millionand $0.4 millionfor the fiscal years ended July 31, 2013and 2012, respectively. The increase in interest expense as compared to the prior year period relates to $0.2 millionof amortization of deferred financing charges associated with the Company's new credit facility, which commenced on October 31, 2012. Interest expense of $0.4 millionrecorded in both periods related to the Company's stadium obligation.
Other Gains (Losses), net:
Other losses, net were
$2.6 millionfor the fiscal year ended July 31, 2013. During the fiscal year ended July 31, 2013, the Company recorded foreign exchange losses of $2.1 millionrelated to realized and unrealized losses from foreign currency exposures and settled transactions in Europeand Asia, as well as other losses in the Americasof $0.5 million. Other gains, net were $14.4 millionfor the fiscal year ended July 31, 2012. During the fiscal year ended July 31, 2012, the Company recorded gains from the derecognition of accrued pricing liabilities related to the releases of claims received from certain clients of $11.8 millionand foreign exchange gains of $2.9 millionrelated to realized and unrealized gains from foreign currency exposures and settled transactions in Europeand Asia, partially offset by net losses in the Americas. These gains were offset by other net losses of $0.3 million.
Equity in Losses of Affiliates and Impairments:
Equity in losses of affiliates and impairments results from the Company's minority ownership in certain investments that are accounted for under the equity method and impairments on its equity method and cost method investments. Under the equity method of accounting, the Company's proportionate share of each affiliate's operating income or losses is included in equity in losses of affiliates. Equity in losses of affiliates and impairments was
$4.4 millionand $4.1 millionfor the fiscal years ended July 31, 2013and 2012, respectively. For the fiscal years ended July 31, 2013and 2012, the Company recorded its proportionate share of the affiliates' losses of $1.6 millionand $1.2 million, respectively. During the fiscal year ended July 31, 2013and 2012, the Company also recorded impairment charges of $2.8 millionand $2.9 million, respectively, on certain investments included in the @Ventures portfolio of companies. The Company assesses the need to record impairment losses on its investments and records such losses when the impairment of an investment is determined to be other than temporary in nature. The process of assessing whether a particular equity investment's net realizable value is less than its carrying cost requires a significant amount of judgment. In making this judgment, the Company carefully considers the investee's cash position, projected cash flows (both short and long-term), financing needs, recent financing rounds, most recent valuation data, the current investing environment, management/ownership changes and competition. The valuation process is based primarily on information that the Company requests from these privately held companies and is not subject to the same disclosure and audit requirements as the reports required of U.S. public companies.