Document and Entity Information (USD $)
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9 Months Ended | ||
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Dec. 31, 2010
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Feb. 01, 2011
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Oct. 02, 2009
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Document and Entity Information [Abstract] | |||
Entity Registrant Name | VIASAT INC | ||
Entity Central Index Key | 0000797721 | ||
Document Type | 10-Q | ||
Document Period End Date | Dec. 31, 2010 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2011 | ||
Document Fiscal Period Focus | Q3 | ||
Current Fiscal Year End Date | --04-01 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 788,872,693 | ||
Entity Common Stock, Shares Outstanding | 41,598,623 |
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If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of long-term unsecured obligations issued by corporations and other borrowers to investors (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate sum of gross carrying value of a major finite-lived intangible asset class, less accumulated amortization and any impairment charges. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of the portion of long-term debt not otherwise specified in the taxonomy that is scheduled to be repaid within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of debt not otherwise defined (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year; and aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet due to materiality considerations. Current assets are expected to be realized or consumed within one year. No definition available.
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- Definition
Satellites and satellite(s)-under-construction that are held by an entity for use in the supply of services or for rental to others. The satellites are expected to provide economic benefit for more than one year; net of accumulated depreciation. No definition available.
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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2010
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Jan. 01, 2010
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Dec. 31, 2010
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Jan. 01, 2010
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Revenues: | ||||
Product revenues | $ 126,434 | $ 137,146 | $ 379,022 | $ 437,889 |
Service revenues | 69,507 | 19,218 | 206,812 | 37,549 |
Total revenues | 195,941 | 156,364 | 585,834 | 475,438 |
Operating expenses: | ||||
Cost of product revenues | 95,009 | 98,708 | 278,174 | 309,105 |
Cost of service revenues | 41,923 | 11,613 | 122,682 | 24,585 |
Selling, general and administrative | 40,413 | 34,416 | 121,286 | 90,259 |
Independent research and development | 6,661 | 7,864 | 21,597 | 21,559 |
Amortization of acquired intangible assets | 4,923 | 1,901 | 14,627 | 4,768 |
Income from operations | 7,012 | 1,862 | 27,468 | 25,162 |
Other income (expense): | ||||
Interest income | 46 | 382 | 248 | 580 |
Interest expense | (60) | (2,121) | (3,151) | (2,530) |
Income before income taxes | 6,998 | 123 | 24,565 | 23,212 |
(Benefit) provision for income taxes | (5,929) | (2,940) | 437 | 2,765 |
Net income | 12,927 | 3,063 | 24,128 | 20,447 |
Less: Net income (loss) attributable to the noncontrolling interest, net of tax | 3 | (183) | 157 | (243) |
Net income attributable to ViaSat, Inc. | $ 12,924 | $ 3,246 | $ 23,971 | $ 20,690 |
Basic net income per share attributable to ViaSat, Inc. common stockholders | $ 0.31 | $ 0.10 | $ 0.59 | $ 0.65 |
Diluted net income per share attributable to ViaSat, Inc. common stockholders | $ 0.30 | $ 0.09 | $ 0.56 | $ 0.62 |
Shares used in computing basic net income per share | 41,205 | 32,777 | 40,604 | 31,863 |
Shares used in computing diluted net income per share | 43,352 | 34,725 | 42,799 | 33,591 |
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs related to services rendered by an entity during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate amount of amortization expense recognized for intangible asset during the period. A recognized intangible asset shall be amortized over its estimated useful life to the reporting entity unless that life is determined to be indefinite. If an intangible asset has a finite useful life, but the precise length of that life is not known, that intangible asset shall be amortized over the best estimate of its useful life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Transactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by (used in) operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value of equity interests (such as common shares, preferred shares, or partnership interest) issued or issuable to acquire the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase during the period in capital lease obligations due to entering into new capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the reporting period in other operating obligations not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow (outflow) for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The value of the noncash (or part noncash) consideration given (for example, liability, equity) in a transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of a transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from the issuance of uncollateralized debt obligation (where debt is not backed by the pledge of collateral). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The fair value of stock issued in noncash financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. No definition available.
|
X | ||||||||||
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares of stock issued during the period pursuant to acquisitions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares issued during the period as a result of an employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of stock issued pursuant to acquisitions during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate change in value for stock issued during the period as a result of employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares issued during the period in settlement of certain accrued employee compensation liabilities. No definition available.
|
X | ||||||||||
- Definition
Value of stock issued during the period in settlement of certain accrued employee compensation liabilities. No definition available.
|
Basis of Presentation
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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Basis of Presentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation |
Note 1 — Basis of Presentation
The accompanying condensed consolidated balance sheet at December 31, 2010, the condensed
consolidated statements of operations for the three and nine months ended December 31, 2010 and
January 1, 2010, the condensed consolidated statements of cash flows for the nine months ended
December 31, 2010 and January 1, 2010, and the condensed consolidated statement of equity and
comprehensive income for the nine months ended December 31, 2010 have been prepared by the
management of ViaSat, Inc. (also referred to hereafter as the Company or ViaSat), and have not been
audited. These financial statements have been prepared on the same basis as the audited
consolidated financial statements for the fiscal year ended April 2, 2010 and, in the opinion of
management, include all adjustments (consisting only of normal recurring adjustments) necessary for
a fair presentation of the Company’s results for the periods presented. These financial statements
should be read in conjunction with the financial statements and notes thereto for the fiscal year
ended April 2, 2010 included in the Company’s Annual Report on Form 10-K. Interim operating results
are not necessarily indicative of operating results for the full year. The year-end condensed
consolidated balance sheet data was derived from audited financial statements, but does not include
all disclosures required by accounting principles generally accepted in the United States of
America (GAAP).
The Company’s condensed consolidated financial statements include the assets, liabilities and
results of operations of ViaSat and its wholly owned subsidiaries and of TrellisWare Technologies,
Inc. (TrellisWare), a majority-owned subsidiary. All significant intercompany amounts have been
eliminated.
The Company’s fiscal year is the 52 or 53 weeks ending on the Friday closest to March 31 of
the specified year. For example, references to fiscal year 2011 refer to the fiscal year ending on
April 1, 2011. The Company’s quarters for fiscal year 2011 end on July 2, 2010, October 1, 2010,
December 31, 2010 and April 1, 2011. This results in a 53 week fiscal year approximately every four
to five years. Fiscal years 2011 and 2010 are both 52 week years.
During the second quarter of fiscal year 2011, the Company completed the acquisition of
Stonewood Group Limited (Stonewood), a privately held company registered in England and Wales.
During the third quarter of fiscal year 2010, the Company completed the acquisition of WildBlue
Holding, Inc. (WildBlue), a privately held Delaware corporation. The acquisitions were accounted
for as purchases and accordingly, the condensed consolidated financial statements include the
operating results of Stonewood and WildBlue from the dates of
acquisition (see Note 11).
The preparation of financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements, and reported amounts
of revenues and expenses during the reporting period. Estimates have been prepared on the basis of
the most current and best available information and actual results could differ from those
estimates. Significant estimates made by management include revenue recognition, stock-based
compensation, self-insurance reserves, allowance for doubtful accounts, warranty accrual, valuation
of goodwill and other intangible assets, patents, orbital slots and orbital licenses, software
development, property, equipment and satellites, long-lived assets, derivatives, income taxes and
valuation allowance on deferred tax assets.
Property, equipment and satellites
Equipment, computers and software, furniture and fixtures and the Company’s satellite and
related gateway and networking equipment under construction are recorded at cost, net of
accumulated depreciation. The Company computes depreciation using the straight-line method over the
estimated useful lives of the assets ranging from two to twenty-four years. Leasehold improvements
are capitalized and amortized using the straight-line method over the shorter of the lease term or
the life of the improvement. Additions to property, equipment and satellites, together with major
renewals and betterments, are capitalized. Maintenance, repairs and minor renewals and betterments
are charged to expense. When assets are sold or otherwise disposed of, the cost and related
accumulated depreciation or amortization are removed from the accounts and any resulting gain or
loss is recognized in operations.
Satellite construction costs, including launch services and insurance, are generally procured
under long-term contracts that provide for payments over the contract periods and are capitalized
as incurred. The Company is also constructing gateway facilities and network operations systems to
support the satellite under construction and these construction costs are capitalized as incurred.
Interest expense is capitalized on the carrying value of the satellite, related gateway and
networking equipment and other assets during the construction period. With respect to ViaSat-1 (the
Company’s high-capacity satellite) and other assets currently under construction, the Company
capitalized $7.8 million and $20.5 million of interest expense during the three and nine months
ended December 31, 2010, respectively, and $3.8 million and $5.0 million of interest expense during
the three and nine months ended January 1, 2010, respectively.
As a result of the acquisition of WildBlue on December 15, 2009 (see Note 11), the Company
acquired the WildBlue-1 satellite (which was placed into service in March 2007) and an exclusive
prepaid lifetime capital lease of Ka-band capacity over the continental United States on Telesat
Canada’s Anik F2 satellite (which was placed into service in April 2005) and related gateway and
networking equipment on both satellites. The acquired assets also included the indoor and outdoor
customer premise equipment (CPE) units leased to subscribers under WildBlue’s retail leasing
program. The Company depreciates the satellites, gateway and networking equipment, CPE units and
related installation costs over their estimated useful lives. The total cost and accumulated
depreciation of CPE units included in property and equipment, net, as of December 31, 2010 was
$57.9 million and $15.2 million, respectively. The total cost and accumulated depreciation of CPE
units included in property and equipment, net, as of April 2, 2010 was $41.5 million and $4.2
million, respectively.
Occasionally, the Company may enter into capital lease arrangements for various machinery,
equipment, computer-related equipment, software, furniture or fixtures. As of December 31, 2010,
assets under capital leases totaled approximately $2.8 million. During the three and nine months
ended December 31, 2010, the Company recorded immaterial amounts of capital lease amortization in
depreciation expense. The Company had no capital lease arrangements as of April 2, 2010 and there
was no capital lease amortization for the three and nine months ended January 1, 2010.
Patents, orbital slots and orbital licenses
The Company capitalizes the costs of obtaining or acquiring patents, orbital slots and orbital
licenses. Amortization of intangible assets that have finite lives is provided for by the
straight-line method over the shorter of the legal or estimated economic life. Total capitalized
costs of $3.2 million and $3.0 million related to patents were included in other assets as of
December 31, 2010 and April 2, 2010, respectively. Accumulated amortization related to these
patents was $0.3 million as of December 31, 2010 and April 2, 2010. Amortization expense related to
these patents was less than $0.1 million for each of the three and nine months ended December 31,
2010 and January 1, 2010. The Company also capitalized $5.5 million and $5.2 million of costs
related to acquiring and obtaining licenses that were included in other assets as of December 31,
2010 and April 2, 2010, respectively, related to orbital slots and orbital licenses that have not
yet been placed into service. If a patent, orbital slot or orbital license is rejected, abandoned
or otherwise invalidated, the unamortized cost is expensed in that period.
Debt issuance costs
Debt issuance costs are amortized and recognized as interest expense on a straight-line basis
over the expected term of the related debt, which is not materially different from the effective
interest rate basis. During the three and nine months ended December 31, 2010, the Company did not
pay or capitalize any debt issuance costs. During the three and nine months ended January 1, 2010,
the Company paid and capitalized approximately $8.5 million and $11.3 million, respectively, in
debt issuance costs related to the Company’s 8.875% Senior Notes due 2016 (the Notes) and
additional debt issuance costs related to the Company’s revolving credit facility (the Credit
Facility). Unamortized debt issuance costs are recorded in prepaid expenses and other current
assets and in other long-term assets in the condensed consolidated balance sheets, depending on the
amounts expected to be amortized to interest expense within the next twelve months.
Software development
Costs of developing software for sale are charged to research and development expense when
incurred, until technological feasibility has been established. Software development costs incurred
from the time technological feasibility is reached until the product is available for general
release to customers are capitalized and reported at the lower of unamortized cost or net
realizable value. Once the product is available for general release, the software development costs
are amortized based on the ratio of current to
future revenue for each product with an annual minimum equal to straight-line amortization
over the remaining estimated economic life of the product, generally within five years. The Company
capitalized $3.4 million and $11.4 million of costs related to software developed for resale for
the three and nine months ended December 31, 2010, respectively. The Company capitalized $2.3
million and $5.3 million of costs related to software developed for resale for the three and nine
months ended January 1, 2010, respectively. There was no amortization expense of software
development costs for the three and nine months ended December 31, 2010 and January 1, 2010.
Self-insurance liabilities
The Company has self-insurance plans to retain a portion of the exposure for losses related to
employee medical benefits and workers’ compensation. The self-insurance policies provide for both
specific and aggregate stop-loss limits. The Company utilizes internal actuarial methods as well as
other historical information for the purpose of estimating ultimate costs for a particular policy
year. Based on these actuarial methods, along with currently available information and insurance
industry statistics, the Company’s self-insurance liability for the plans was $1.4 million as of
December 31, 2010 and April 2, 2010. The Company’s estimate, which is subject to inherent
variability, is based on average claims experience in the Company’s industry and its own experience
in terms of frequency and severity of claims, including asserted and unasserted claims incurred but
not reported, with no explicit provision for adverse fluctuation from year to year. This
variability may lead to ultimate payments being either greater or less than the amounts presented
above. Self-insurance liabilities have been classified as current in accordance with the estimated
timing of the projected payments.
Indemnification provisions
In the ordinary course of business, the Company includes indemnification provisions in certain
of its contracts, generally relating to parties with which the Company has commercial relations.
Pursuant to these agreements, the Company will indemnify, hold harmless and agree to reimburse the
indemnified party for losses suffered or incurred by the indemnified party, including but not
limited to losses relating to third-party intellectual property claims. To date, there have not
been any costs incurred in connection with such indemnification clauses. The Company’s insurance
policies do not necessarily cover the cost of defending indemnification claims or providing
indemnification, so if a claim was filed against the Company by any party that the Company has
agreed to indemnify, the Company could incur substantial legal costs and damages. A claim would be
accrued when a loss is considered probable and the amount can be reasonably estimated. At December
31, 2010 and April 2, 2010, no such amounts were accrued.
Simultaneously with the execution of the merger agreement relating to the acquisition of
WildBlue, the Company entered into an indemnification agreement dated September 30, 2009 with
several of the former stockholders of WildBlue pursuant to which such former stockholders agreed to
indemnify the Company for costs which result from, relate to or arise out of potential claims and
liabilities under various WildBlue contracts, an existing appraisal action regarding WildBlue’s
2008 recapitalization, certain rights to acquire securities of WildBlue and a severance agreement.
Under the indemnification agreement, the Company is required to pay up to $0.5 million and has
recorded a liability of $0.5 million in the condensed consolidated balance sheets as of December
31, 2010 and April 2, 2010 as an element of accrued liabilities.
Noncontrolling interest
A noncontrolling interest represents the equity interest in a subsidiary that is not
attributable, either directly or indirectly, to the Company and is reported as equity of the
Company, separately from the Company’s controlling interest. Revenues, expenses, gains, losses, net
income or loss and other comprehensive income are reported in the condensed consolidated financial
statements at the consolidated amounts, which include the amounts attributable to both the
controlling and noncontrolling interest.
Common stock held in treasury
During the first nine months of fiscal year 2011 and during fiscal year 2010, the Company
issued 409,642 and 234,039 shares of common stock, respectively, based on the vesting terms of
certain restricted stock unit agreements. In order for employees to satisfy minimum statutory
employee tax withholding requirements related to the issuance of common stock underlying these
restricted stock unit agreements, the Company repurchased 144,871 and 88,438 shares of common stock
with a total value of $5.5 million and $2.3 million during the first nine months of fiscal year
2011 and during fiscal year 2010, respectively.
On January 4, 2010, the Company repurchased 251,731 shares of the Company’s common stock from
Intelsat USA Sales Corp for $8.0 million in cash. Repurchased shares of common stock of 552,008 and
407,137 were held in treasury as of December 31, 2010 and April 2, 2010, respectively.
Derivatives
The Company enters into foreign currency forward and option contracts from time to time to
hedge certain forecasted foreign currency transactions. Gains and losses arising from foreign
currency forward and option contracts not designated as hedging instruments are recorded in
interest income (expense) as gains (losses) on derivative instruments. Gains and losses arising
from the effective portion of foreign currency forward and option contracts that are designated as
cash-flow hedging instruments are recorded in accumulated other comprehensive income (loss) as
unrealized gains (losses) on derivative instruments until the underlying transaction affects the
Company’s earnings, at which time they are then recorded in the same income statement line as the
underlying transaction.
The fair values of the Company’s outstanding foreign currency forward contracts as of December
31, 2010 were as follows:
The Company had no foreign currency forward contracts outstanding as of April 2, 2010 and
therefore there was no balance in the Company’s accumulated other comprehensive income related to
hedging transactions as of April 2, 2010. The notional value of foreign currency forward contracts
outstanding as of December 31, 2010 was $6.1 million.
The effects of foreign currency forward contracts in cash flow hedging relationships during
the three months ended December 31, 2010 were as follows:
The effects of foreign currency forward contracts in cash flow hedging relationships during
the nine months ended December 31, 2010 were as follows:
During the three and nine months ended January 1, 2010, the Company did not settle any foreign
currency forward contracts; therefore, there were no realized gains or losses during the three and
nine months ended January 1, 2010 related to derivative instruments.
At December 31, 2010, the estimated net existing income that is expected to be reclassified
into income within the next twelve months is approximately $0.2 million. Foreign currency forward
contracts usually mature within approximately twelve months from their inception. There were no
gains or losses from ineffectiveness of these financial instruments recorded for the three and nine
months ended December 31, 2010 and January 1, 2010.
Stock-based compensation
The Company records compensation expense associated with stock options, restricted stock unit
awards and other stock-based compensation in accordance with the authoritative guidance for
share-based payments (Statement of Financial Accounting Standards (SFAS) No. 123R (SFAS 123R),
“Share-Based Payment” / Accounting Standards Codification (ASC) 718 (ASC 718)). The Company
recognizes these compensation costs on a straight-line basis over the requisite service period of
the award. The Company recognized $4.4 million and $12.7 million of stock-based compensation
expense for the three and nine months ended December 31, 2010, respectively. The Company recognized
$3.3 million and $8.4 million of stock-based compensation expense for the three and nine months
ended January 1, 2010, respectively.
For the nine months ended December 31, 2010 the Company recorded no incremental tax benefits
from stock options exercised and restricted stock unit award vesting as the excess tax benefit from
stock options exercised and restricted stock unit award vesting increased the Company’s net
operating loss carryforward. The Company recorded incremental tax benefits from stock options
exercised and restricted stock unit awards vesting of $1.1 million for the nine months ended
January 1, 2010 which were classified as part of cash flows from financing activities in the
condensed consolidated statements of cash flows.
Income taxes
Accruals for uncertain tax positions are provided for in accordance with the authoritative
guidance for accounting for uncertainty in income taxes (Financial Accounting Standards Board
(FASB) Interpretation No. 48 (FIN 48), “Accounting for Uncertainty in Income Taxes — an
interpretation of FASB Statement No. 109” / ASC 740). The Company may recognize the tax benefit
from an uncertain tax position only if it is more likely than not that the tax position will be
sustained on examination by the taxing authorities, based on the technical merits of the position.
The tax benefits recognized in the financial statements from such a position should be measured
based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate
settlement. The authoritative guidance for accounting for uncertainty in income taxes also provides
guidance on derecognition of income tax assets and liabilities, classification of current and
deferred income tax assets and liabilities, accounting for interest and penalties associated with
tax positions, and income tax disclosures.
Current income tax expense is the amount of income taxes expected to be payable for the
current year. A deferred income tax asset or liability is established for the expected future tax
consequences resulting from differences in the financial reporting and tax bases of assets and
liabilities and for the expected future tax benefit to be derived from tax credit and loss
carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that some portion or all of the deferred tax assets will not
be realized. Deferred income tax expense (benefit) is the net change during the year in the
deferred income tax asset or liability.
Recent authoritative guidance
In October 2009, the FASB issued authoritative guidance for revenue recognition with multiple
deliverables (Emerging Issues Task Force 08-1 (EITF 08-1), “Revenue Arrangements with Multiple
Deliverables”). This new guidance impacts the determination of
when the individual deliverables included in a multiple-element arrangement may be treated as
separate units of accounting. Additionally, this guidance modifies the manner in which the
transaction consideration is allocated across the separately identified deliverables by no longer
permitting the residual method of allocating arrangement consideration. This guidance will be
effective for the Company beginning in the first quarter of fiscal year 2012; however, early
adoption is permitted. The Company is currently evaluating the impact that the authoritative
guidance may have on its consolidated financial statements and disclosures.
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- Definition
This element may be used to describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Revenue Recognition
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9 Months Ended |
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Dec. 31, 2010
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Revenue Recognition [Abstract] | |
Revenue Recognition |
Note 2 — Revenue Recognition
A substantial portion of the Company’s revenues are derived from long-term contracts requiring
development and delivery of complex equipment built to customer specifications. Sales related to
long-term contracts are accounted for under authoritative guidance for the percentage-of-completion
method of accounting (the AICPA’s Statement of Position 81-1 (SOP 81-1), “Accounting for
Performance of Construction-Type and Certain Production-Type Contracts” / ASC 605-35). Sales and
earnings under these contracts are recorded either based on the ratio of actual costs incurred to
date to total estimated costs expected to be incurred related to the contract or as products are
shipped under the units-of-delivery method. Anticipated losses on contracts are recognized in full
in the period in which losses become probable and estimable. Changes in estimates of profit or loss
on contracts are included in earnings on a cumulative basis in the period the estimate is changed.
In June 2010, the Company performed extensive integration testing of numerous system
components that had been separately developed as part of a government satellite communication
program. As a result of this testing and subsequent internal reviews and analyses, the Company
determined that significant additional rework was required in order to complete the program
requirements and specifications and to prepare for a scheduled customer test in the Company’s
fiscal second quarter. This additional rework and engineering effort resulted in a substantial
increase in estimated labor and material costs to complete the program. Accordingly, the Company
recorded an additional forward loss of $8.5 million in the three months ended July 2, 2010 related
to this estimate of program costs. While the Company believes the additional forward loss is
adequate to cover known risks to date and that steps taken to improve the program performance will
be effective, the program is on going and the Company’s efforts and the end results must be
satisfactory to the customer. The Company believes that its estimate of costs to complete the
program is appropriate based on known information, but cannot provide absolute assurance that
additional costs will not be incurred. Including this program, during the three months ended
December 31, 2010 and January 1, 2010, the Company recorded losses of approximately $2.3 million
and $0.6 million, respectively, related to loss contracts. Including this program, during the nine
months ended December 31, 2010 and January 1, 2010, the Company recorded losses of approximately
$11.5 million and $5.7 million, respectively, related to loss contracts.
The Company also has contracts and purchase orders where revenue is recorded on delivery of
products or performance of services in accordance with authoritative guidance for revenue
recognition (Staff Accounting Bulletin No. 104, “Revenue Recognition” / ASC 605). Under this
standard, the Company recognizes revenue when an arrangement exists, prices are determinable,
collectability is reasonably assured and the goods or services have been delivered.
The Company also enters into certain leasing arrangements with customers and evaluates the
contracts in accordance with the authoritative guidance for leases (SFAS 13, “Leases” / ASC 840).
The Company’s accounting for equipment leases involves specific determinations under the
authoritative guidance for leases, which often involve complex provisions and significant
judgments. In accordance with the authoritative guidance for leases, the Company classifies the
transactions as sales type or operating leases based on (1) review for transfers of ownership of
the property to the lessee by the end of the lease term, (2) review of the lease terms to determine
if it contains an option to purchase the leased property for a price which is sufficiently lower
than the expected fair value of the property at the date of the option, (3) review of the lease
term to determine if it is equal to or greater than 75% of the economic life of the equipment and
(4) review of the present value of the minimum lease payments to determine if they are equal to or
greater than 90% of the fair market value of the equipment at the inception of the lease.
Additionally, the Company considers the cancelability of the contract and any related uncertainty
of collections or risk in recoverability of the lease investment at lease inception. Revenue from
sales type leases is recognized at the inception of the lease or when the equipment has been
delivered and installed at the customer site, if installation is required. Revenues from equipment
rentals under operating leases are recognized as earned over the lease term, which is generally on
a straight-line basis.
When a sale involves multiple elements, such as sales of products that include services, the
entire fee from the arrangement is allocated to each respective element based on its relative fair
value in accordance with authoritative guidance for accounting for multiple element revenue
arrangements, (EITF 00-21, “Accounting for Multiple Element Revenue Arrangements” / ASC 605-25),
and recognized when the applicable revenue recognition criteria for each element have been met. The
amount of product and service revenue recognized is impacted by the Company’s judgments as to
whether an arrangement includes multiple elements and, if so, whether sufficient objective and
reliable evidence of fair value exists for those elements. Changes to the elements in an
arrangement and the Company’s ability to establish evidence of fair value for those elements could
affect the timing of the revenue recognition.
In accordance with authoritative guidance for shipping and handling fees and costs (EITF
00-10, “Accounting for Shipping and Handling Fees and Costs” / ASC 605-45), the Company records
shipping and handling costs billed to customers as a component of revenues, and shipping and
handling costs incurred by the Company for inbound and outbound freight are recorded as a component
of cost of revenues.
Collections in excess of revenues and deferred revenues represent cash collected from
customers in advance of revenue recognition and are recorded in accrued liabilities for obligations
within the next twelve months. Amounts for obligations extending beyond the twelve months are
recorded within other liabilities in the condensed consolidated financial statements.
Contract costs on U.S. government contracts, including indirect costs, are subject to audit
and negotiations with U.S. government representatives. These audits have been completed and agreed
upon through fiscal year 2002. Contract revenues and accounts receivable are stated at amounts
which are expected to be realized upon final settlement.
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- Definition
Describes an entity's accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction should be disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
Note 3 — Fair Value Measurements
In accordance with the authoritative guidance for financial assets and liabilities measured at
fair value on a recurring basis (SFAS 157, “Fair Value Measurements” / ASC 820), the Company
prioritizes the inputs used to measure fair value from market-based assumptions to entity specific
assumptions:
Effective April 4, 2009, the Company adopted the authoritative guidance for non-financial
assets and liabilities that are remeasured at fair value on a non-recurring basis without material
impact on its consolidated financial statements and disclosures.
The following tables present the Company’s hierarchy for its assets and liabilities measured
at fair value on a recurring basis as of December 31, 2010 and April 2, 2010:
The following section describes the valuation methodologies the Company uses to measure
financial instruments at fair value:
Cash equivalents - The Company’s cash equivalents consist of money market funds and certified
deposit investments. Money market funds are valued using quoted prices for identical assets in an
active market with sufficient volume and frequency of transactions (Level 1). Certified deposit
investments are valued based on quoted prices for similar assets, quoted prices in markets with
insufficient volume or infrequent transactions (less active markets), or brokers’ model driven
valuations in which all significant inputs are observable or can be obtained from or corroborated
by observable market data for substantially the full term of the assets (Level 2).
Foreign currency forward exchange contracts - The Company uses derivative financial
instruments to manage foreign currency risk relating to foreign exchange rates. The Company does
not use these instruments for speculative or trading purposes. The Company’s objective is to reduce
the risk to earnings and cash flows associated with changes in foreign currency exchange rates.
Derivative instruments are recognized as either assets or liabilities in the accompanying
condensed consolidated
financial
statements and are measured at fair value. Gains and losses resulting from changes in the fair
values of those derivative instruments are recorded to earnings or other comprehensive income
(loss) depending on the use of the derivative instrument and whether it qualifies for hedge
accounting. The Company’s foreign currency forward contracts are valued using quoted prices for
similar assets and liabilities in active markets or other inputs that are observable or can be
corroborated by observable market data.
Long-term debt - As of December 31, 2010 and April 2, 2010, the Company’s long-term debt
consisted of borrowings under the Credit Facility reported at the borrowed outstanding amount with
current accrued interest, capital lease obligations reported at the present value of future minimum
lease payments with current accrued interest, and the Notes reported at amortized cost. However,
for disclosure purposes, the Company is required to measure the fair value of outstanding debt on a
recurring basis. The fair value of the Company’s long-term debt related to the Notes is determined
using quoted prices in active markets and was approximately $292.9 million and $281.2 million as of
December 31, 2010 and April 2, 2010, respectively. The fair value of the Company’s long-term debt
related to the Credit Facility approximates its carrying amount due to its variable interest rate
on the revolving line of credit which approximates a market interest rate. The fair value of the
Company’s capital lease obligations is estimated at their carrying value based on current rates.
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- Definition
This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Shares Used In Computing Diluted Net Income Per Share
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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Shares Used In Computing Diluted Net Income Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Used In Computing Diluted Net Income Per Share |
Note 4 — Shares Used In Computing Diluted Net Income Per Share
Antidilutive shares relating to stock options excluded from the calculation were 165,000 and
56,099 shares for the three and nine months ended December 31, 2010, respectively. Antidilutive
shares relating to stock options excluded from the calculation were 523,295 and 468,153 shares for
the three and nine months ended January 1, 2010, respectively.
Antidilutive shares relating to restricted stock units excluded from the calculation were none
and 109,652 shares for the three and nine months ended December 31, 2010, respectively.
Antidilutive shares relating to restricted stock units excluded from the calculation were 364 and
136,704 shares for the three and nine months ended January 1, 2010, respectively.
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- Definition
This element may be used to capture the complete disclosure pertaining to an entity's diluted earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Composition of Certain Balance Sheet Captions
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Composition of Certain Balance Sheet Captions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Certain Balance Sheet Captions |
Note 5 — Composition of Certain Balance Sheet Captions
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- Definition
The aggregate carrying amount, as of the balance sheet date, of balance sheet captions not separately disclosed in the balance sheet. No definition available.
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Goodwill and Acquired Intangible Assets
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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Goodwill and Acquired Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Acquired Intangible Assets |
Note 6 — Goodwill and Acquired Intangible Assets
During
fiscal year 2011, the Company's goodwill increased by approximately
$7.5 million, net, of which $7.9 million was related to the acquisition of Stonewood recorded within the Company's
government systems segment. The Company also recorded a $0.7 million decrease to goodwill for the tax
effect of certain pre-acquisition net operating loss carryovers with a corresponding adjustment to deferred
tax assets within the Company's satellite service segment. The remaining change in goodwill of $0.3
million relates to the effect of foreign currency translation recorded within the Company's government
systems and commercial networks segments.
The other acquired intangible assets are amortized using the straight-line method over their
estimated useful lives of eight months to ten years. Amortization expense related to other acquired
intangible assets was $4.9 million and $1.9 million for the three months ended December 31, 2010
and January 1, 2010, respectively, and $14.6 million and $4.8 million for the nine months ended
December 31, 2010 and January 1, 2010, respectively.
The expected amortization expense of amortizable acquired intangible assets may change due to
the effects of foreign currency fluctuations as a result of the international businesses acquired.
Current and expected amortization expense for acquired intangible assets for each of the following
periods is as follows:
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- Definition
Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Senior Notes and Other Long-Term Debt
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Dec. 31, 2010
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Senior Notes and Other Long-Term Debt |
Note 7 — Senior Notes and Other Long-Term Debt
Total long-term debt consisted of the following as of December 31, 2010 and April 2, 2010:
The aggregate payments on the Company’s long-term debt obligations excluding the effects of
discount accretion on its $275.0 million of Notes as of December 31, 2010 were as follows:
Senior Notes due 2016
On October 22, 2009, the Company issued $275.0 million in principal amount of Notes in a
private placement to institutional buyers, which Notes were exchanged in May 2010 for substantially
identical Notes that had been registered with the Securities and Exchange Commission (SEC). The
Notes bear interest at the rate of 8.875% per year, payable semi-annually in cash in arrears, which
interest payments commenced in March 2010. The Notes were issued with an original issue discount of
1.24%, or $3.4 million. The Notes are recorded as long-term debt, net of original issue discount,
in the Company’s consolidated financial statements. The original issue discount and deferred
financing cost associated with the issuance of the Notes is amortized to interest expense on a
straight-line basis over the term of the Notes.
The Notes are guaranteed on an unsecured senior basis by each of the Company’s existing and
future subsidiaries that guarantees the Credit Facility (the Guarantor Subsidiaries). The Notes and
the guarantees are the Company’s and the Guarantor Subsidiaries’ general senior unsecured
obligations and rank equally in right of payment with all of the Company’s existing and future
unsecured unsubordinated debt. The Notes and the guarantees are effectively junior in right of
payment to their existing and future secured debt, including under the Credit Facility (to the
extent of the value of the assets securing such debt), are structurally subordinated to all
existing and future liabilities (including trade payables) of the Company’s subsidiaries that are
not guarantors of the Notes, and are senior in right of payment to all of their existing and future
subordinated indebtedness.
The indenture agreement governing the Notes limits, among other things, the Company’s and its
restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable
stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock;
prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens;
restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise
dispose of assets; enter into transactions with affiliates; reduce the Company’s satellite
insurance; and consolidate or merge with, or sell substantially all of their assets to, another
person.
Prior to September 15, 2012, the Company may redeem up to 35% of the Notes at a redemption
price of 108.875% of the principal amount thereof, plus accrued and unpaid interest, if any,
thereon to the redemption date, from the net cash proceeds of specified equity offerings. The
Company may also redeem the Notes prior to September 15, 2012, in whole or in part, at a redemption
price equal to 100% of the principal amount thereof plus the applicable premium and any accrued and
unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as
the greater of: (i) 1.0% of the principal amount of such Notes and (ii) the excess, if any, of (a)
the present value at such date of redemption of (1) the redemption price of such Notes on September
15, 2012 plus (2) all required interest payments due on such Notes through September 15, 2012
(excluding accrued but unpaid interest to the date of redemption), computed using a discount rate
equal to the treasury rate (as defined under the indenture) plus 50 basis points, over (b) the
then-outstanding principal amount of such Notes. The Notes may be redeemed, in whole or in part, at
any time during the twelve months beginning on September 15, 2012 at a redemption price of
106.656%, during the twelve months beginning on September 15, 2013 at a redemption price of
104.438%, during the twelve months beginning on September 15, 2014 at a redemption price of
102.219%, and at any time on or after September 12, 2015 at a redemption price of 100%, in each
case plus accrued and unpaid interest, if any, thereon to the redemption date.
In the event a change of control occurs (as defined under the indenture), each holder will
have the right to require the Company to repurchase all or any part (equal to $2,000 or larger
integral multiples of $1,000) of such holder’s Notes at a purchase price in cash equal to 101% of
the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any,
to the date of purchase (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date).
Credit Facility
As of December 31, 2010, the Credit Facility provided a revolving line of credit of $275.0
million (including up to $35.0 million in letters of credit). Borrowings under the Credit Facility
bear interest, at the Company’s option, at either (1) the highest of the Federal Funds rate plus
0.50%, the Eurodollar rate plus 1.00% or the administrative agent’s prime rate as announced from
time to time, or (2) at the Eurodollar rate plus, in the case of each of (1) and (2), an applicable
margin that is based on the ratio of the Company’s debt to earnings before interest, taxes,
depreciation and amortization (EBITDA). At December 31, 2010, the weighted average effective
interest rate on the Company’s outstanding borrowings under the
Credit Facility was 4.28%. The
Company has capitalized certain amounts of interest expense on the Credit Facility in connection
with the construction of ViaSat-1 and other assets currently under construction. The Credit
Facility is guaranteed by certain of the Company’s domestic subsidiaries and collateralized by
substantially all of the Company’s and the Guarantor Subsidiaries’ assets. The Credit Facility
contains financial covenants regarding a maximum leverage ratio, a maximum senior secured leverage
ratio and a minimum interest coverage ratio. In addition, the Credit Facility contains covenants
that restrict, among other things, the Company’s ability to sell assets, make investments and
acquisitions, make capital expenditures, grant liens, pay dividends and make certain other
restricted payments.
The Company was in compliance with its financial covenants under the Credit Facility as of
December 31, 2010. At December 31, 2010, the Company had $50.0 million in principal amount of
outstanding borrowings under the Credit Facility and $14.8 million outstanding under standby
letters of credit, leaving borrowing availability under the Credit Facility as of December 31, 2010
of $210.2 million.
On January 25, 2011, subsequent to the third quarter of fiscal year 2011, the Company further
amended the Credit Facility to (1) increase the Company’s revolving line of credit from $275.0
million to $325.0 million, (2) extend the maturity date of the Credit Facility from July 1, 2012
to January 25, 2016, (3) decrease the commitment fee and the applicable margin for Eurodollar and
base rate loans under the Credit Facility, and (4) amend certain financial and other covenants to
provide the Company with increased flexibility.
Capital leases
Occasionally the Company may enter into capital lease agreements for various machinery,
equipment, computer-related equipment, software, furniture or fixtures. As of December 31, 2010,
the Company had approximately $2.8 million outstanding under capital leases payable over a weighted
average period of 36 months. These lease agreements bear interest at a weighted average rate of
4.78% and can be extended on a month-to-month basis after the original term. The Company had no
capital lease arrangements as of April 2, 2010.
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Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Product Warranty
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Dec. 31, 2010
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Product Warranty [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty |
Note 8 — Product Warranty
The Company provides limited warranties on its products for periods of up to five years. The
Company records a liability for its warranty obligations when products are shipped or they are
included in long-term construction contracts based upon an estimate of expected warranty costs.
Amounts expected to be incurred within twelve months are classified as a current liability. For
mature products, the warranty cost estimates are based on historical experience with the particular
product. For newer products that do not have a history of warranty cost, the Company bases its
estimates on its experience with the technology involved and the type of failures that may occur.
It is possible that the Company’s underlying assumptions will not reflect the actual experience and
in that case, future adjustments will be made to the recorded warranty obligation. The following
table reflects the change in the Company’s warranty accrual during the nine months ended December
31, 2010 and January 1, 2010.
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- Definition
Disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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9 Months Ended |
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Dec. 31, 2010
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Commitments and Contingencies [Abstract] | |
Commitments and Contingencies |
Note 9 — Commitments and Contingencies
The Company is involved in a variety of claims, suits, investigations and proceedings arising
in the ordinary course of business, including actions with respect to intellectual property claims,
breach of contract claims, labor and employment claims, tax and other matters. Although claims,
suits, investigations and proceedings are inherently uncertain and their results cannot be
predicted with certainty, the Company believes that the resolution of its current pending matters
will not have a material adverse effect on its business, financial condition, results of operations
or liquidity.
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- Definition
Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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9 Months Ended |
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Dec. 31, 2010
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Income Taxes [Abstract] | |
Income Taxes |
Note 10 — Income Taxes
The Company currently estimates its annual effective income tax rate to be approximately 7.7%
for fiscal year 2011, as compared to the actual 15.0% effective income tax rate in fiscal year
2010. The effective income tax rate of approximately 1.8% for the first nine months of fiscal year 2011 was
lower than the expected annual effective tax rate primarily due to the recording of research and
development tax credits allowed for in the third quarter of fiscal year 2011 by the Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of 2010, enacted on December 17, 2010,
which extended the research and development tax credit from January 1, 2010 to December 31, 2011.
In the first two quarters of fiscal year 2011, the Company’s estimated annual effective income tax
rate did not include the effect of the extension of the research and development tax credit, which
resulted in a catch-up adjustment of approximately $2.8 million in the third quarter of fiscal year
2011. Also as a result of the extension of the research and development tax credit, approximately
$1.5 million of research and development tax credit generated in the fourth quarter of fiscal year
2010 was recognized as a discrete tax benefit in the third quarter of fiscal year 2011. In
addition, in the third quarter of fiscal year 2011, approximately $2.1 million of previously
unrecognized tax benefits were recognized due to the expiration of the statute of limitations for
certain previously filed tax returns.
For the three and nine months ended December 31, 2010, the Company’s gross unrecognized tax
benefits increased by $2.9 million and $3.5 million, respectively. In the next twelve months, it is
reasonably possible that the amount of unrecognized tax benefits will decrease by $3.3 million as a
result of the expiration of the statute of limitations for previously filed tax returns.
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Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions
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Dec. 31, 2010
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Acquisitions |
Note 11 — Acquisitions
Stonewood acquisition
On July 8, 2010, the Company completed the acquisition of all outstanding shares of the parent
company of Stonewood. Stonewood is a leader in the design, manufacture and delivery of data at rest
encryption products and services. Stonewood products are used to encrypt data on computer hard
drives so that a lost or stolen laptop does not result in the compromise of classified information
or the loss of intellectual property, which enhances the Company’s current encryption security
offerings within the Company’s information assurance products in the government systems segment.
The purchase price of approximately $18.8 million was comprised of $4.6 million related to the fair
value of 144,962 shares of the Company’s common stock issued at the closing and $14.2 million in
cash consideration paid to former Stonewood stockholders. The $14.2 million in cash consideration
paid to the former Stonewood stockholders less cash acquired of $0.7 million resulted in a net cash
outlay of approximately $13.5 million.
The Company accounts for business combinations pursuant to the authoritative guidance for
business combinations (SFAS 141R, “Business Combinations,” / ASC 805). Accordingly, the Company
allocated the purchase price of the acquired company to the net tangible assets and intangible
assets acquired based upon their estimated fair values. Under the authoritative guidance for
business combinations, acquisition-related transaction costs and acquisition-related restructuring
charges are not included as components of consideration transferred but are accounted for as
expenses in the period in which the costs are incurred. Total merger-related transaction costs
incurred by the Company were approximately $0.9 million, of which none and $0.9 million were
incurred and recorded in selling, general and administrative expenses in the three and nine months
ended December 31, 2010, respectively.
The preliminary purchase price allocation of the acquired assets and assumed liabilities based
on the estimated fair values as of July 8, 2010 is as follows:
Amounts assigned to identifiable intangible assets are being amortized on a straight-line
basis over their estimated useful lives and are as follows:
The intangible assets acquired in the Stonewood business combination were determined, in
accordance with the authoritative guidance for business combinations, based on the estimated fair
values using valuation techniques consistent with the market approach and/or income approach to
measure fair value. The remaining useful lives were estimated based on the underlying agreements
and/or the future economic benefit expected to be received from the assets.
The acquisition of Stonewood is beneficial to the Company as it enhances the Company’s current
encryption security offerings within the Company’s information assurance products and provides
additional solutions in the design, manufacture and delivery of data at rest encryption products
and services. These benefits and additional opportunities were among the factors that contributed
to a purchase price resulting in the recognition of preliminary estimated goodwill, which was
recorded within the Company’s government systems segment. The intangible assets and goodwill
recognized are not deductible for federal income tax purposes. The purchase price allocation is
preliminary due to pending resolution of certain Stonewood tax attributes.
The
condensed consolidated financial statements include the operating results of Stonewood from the date
of acquisition. Pro forma results of operations have not been presented because the effect of the
acquisition was insignificant to the financial statements for all periods presented.
WildBlue acquisition
On December 15, 2009, the Company completed the acquisition of all outstanding shares of
WildBlue, a privately held provider of broadband internet service, delivering two-way broadband
internet access via satellite in the contiguous United States. The purchase price of approximately
$574.6 million was comprised primarily of $131.9 million related to the fair value of 4,286,250
shares of the Company’s common stock issued at the closing date and $442.7 million in cash
consideration. The $442.7 million in cash consideration paid to the former WildBlue stockholders
less cash and restricted cash acquired of $64.7 million resulted in a net cash outlay of
approximately $378.0 million. As of April 2, 2010, all of the acquired restricted cash had become
unrestricted. The acquisition was accounted for as a purchase and accordingly, the condensed
consolidated financial statements include the operating results of WildBlue from the date of
acquisition. During the third quarter of fiscal year 2011, the Company recorded a $0.7 million
adjustment to the final purchase price allocation for WildBlue related to pre-acquisition net
operating loss carryovers, reducing the Company’s satellite
services segment goodwill with a
corresponding adjustment to deferred tax assets.
Unaudited pro forma financial information
The unaudited financial information in the table below summarizes the combined results of
operations for the Company and WildBlue on a pro forma basis, as though the companies had been
combined as of the beginning of fiscal year 2010. The pro forma financial information is presented
for informational purposes only and may not be indicative of the results of operations that would
have been achieved if the acquisition had taken place at the beginning of fiscal year 2010. The pro
forma financial information for the
three and nine month periods ended January 1, 2010 includes the business combination
accounting effect on historical WildBlue revenue, elimination of the historical ViaSat revenues and
related costs of revenues derived from sales of CPE units to WildBlue, amortization and
depreciation charges from acquired intangible and tangible assets, the difference between
WildBlue’s and ViaSat’s historical interest expense/interest income due to ViaSat’s new
capitalization structure as a result of the acquisition, related tax effects and adjustment to
shares outstanding for shares issued for the acquisition.
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- Definition
Description of a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. This element may be used as a single block of text to encapsulate the entire disclosure (including data and tables) regarding business combinations, including leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Restructuring
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9 Months Ended |
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Dec. 31, 2010
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Restructuring [Abstract] | |
Restructuring |
Note 12 — Restructuring
In the third quarter of fiscal year 2010, the Company initiated a post-acquisition
restructuring plan related to the termination of certain duplicative employee positions upon the
acquisition of WildBlue. Under the terms of the plan, the Company recorded no restructuring charges
and restructuring charges of approximately $0.5 million as part of selling, general and
administrative expenses within the satellite services segment during the three and nine months
ended December 31, 2010, respectively, and approximately $2.7 million as part of selling, general, and
administrative expenses within the satellite services segment during the three and nine months
ended January 1, 2010. As of December 31, 2010 and April 2, 2010, $0.3 million of restructuring
charges remained unpaid and were recorded in accrued liabilities. During the nine months
ended December 31, 2010 and January 1, 2010, the Company paid
approximately $0.5 million and $2.4 million of the
outstanding restructuring liabilities, respectively.
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- Definition
Description and amounts of restructuring activities for an acquired entity, including the amount of acquisition costs allocated to restructuring activities, and the period in which such costs will be incurred. The type of major actions that comprise the plan to exit an activity or involuntarily terminate employees of the acquired entity including activities of the acquired entity that will not continue, method of disposition, and description of employee groups that will be terminated. If the entity has not finalized plans for the restructuring activities, a description of the unresolved issues, the types of additional liabilities that might arise, and how any adjustment would be reported in the financial statements. Disclosure may also include timeframe when the registrant began formulating exit plans for which accrual may be necessary, and the types and amounts of liabilities included in the acquisition cost allocation. Disclosure may include the nature and amount of losses relating to asset impairments from the exit or disposal activity. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. No definition available.
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Segment Information
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Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
Note 13 — Segment Information
The Company’s reporting segments, comprised of the government systems, commercial networks and
satellite services segments, are primarily distinguished by the type of customer and the related
contractual requirements. The Company’s government systems segment develops and produces
network-centric, IP-based secure government communications systems, products and solutions. The
more regulated government environment is subject to unique contractual requirements and possesses
economic characteristics which differ from the commercial networks and satellite services segments.
The Company’s commercial networks segment develops and produces a variety of advanced end-to-end
satellite communication systems and ground networking equipment and products. The Company’s
satellite services segment complements both the government systems and commercial networks segments
by providing wholesale and retail satellite-based broadband internet services in the United States
via our satellite and capacity agreements, as well as managed network services for the satellite
communication systems of the Company’s consumer, enterprise and mobile broadband customers. The
Company’s satellite services segment includes the Company’s recently acquired WildBlue business and
the Company’s ViaSat-1 satellite-related activities. The Company’s segments are determined
consistent with the way management currently organizes and evaluates financial information
internally for making operating decisions and assessing performance.
As discussed further in Note 2, included in the government systems segment operating profit
for the nine months ended December 31, 2010 is an $8.5 million forward loss recorded during the
first quarter of fiscal year 2011 on a government satellite communications program.
Amortization of acquired intangible assets by segment for the three and nine months ended
December 31, 2010 and January 1, 2010 was as follows:
Assets identifiable to segments include: accounts receivable, unbilled accounts receivable,
inventory, acquired intangible assets and goodwill. Segment assets as of December 31, 2010 and
April 2, 2010 were as follows:
Net acquired intangible assets and goodwill included in segment assets as of December 31, 2010
and April 2, 2010 were as follows:
Revenue information by geographic area for the three and nine months ended December 31, 2010
and January 1, 2010 was as follows:
The Company distinguishes revenues from external customers by geographic area based on
customer location.
The net book value of long-lived assets located outside the United States was $5.4 million and
$4.4 million at December 31, 2010 and April 2, 2010, respectively.
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This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Certain Relationships and Related-Party Transactions
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9 Months Ended |
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Certain Relationships and Related-Party Transactions [Abstract] | |
Certain Relationships and Related-Party Transactions |
Note 14 — Certain Relationships and Related-Party Transactions
Michael Targoff, a director of the Company since February 2003, currently serves as the Chief
Executive Officer and the Vice Chairman of the board of directors of Loral Space & Communications,
Inc. (Loral), the parent of Space Systems/Loral, Inc. (SS/L), and is also a director of Telesat
Holdings Inc., a joint venture company formed by Loral and the Public Sector Pension Investment
Board to acquire Telesat Canada in October 2007. John Stenbit, a director of the Company since
August 2004, also currently serves on the board of directors of Loral.
In January 2008, the Company entered into a satellite construction contract with SS/L under
which the Company purchased a new high-capacity Ka-band spot-beam satellite (ViaSat-1) designed by
the Company and currently under construction by SS/L for approximately $209.1 million, subject to
purchase price adjustments based on satellite performance. In addition, the Company entered into a
beam sharing agreement with Loral, whereby Loral is responsible for contributing 15% of the total
costs (estimated at approximately $57.6 million) associated with the ViaSat-1 satellite project.
The Company’s purchase of the ViaSat-1 satellite from SS/L was approved by the disinterested
members of the Company’s Board of Directors, after a determination by the disinterested members of
the Company’s Board that the terms and conditions of the purchase were fair to and in the best
interests of the Company and its stockholders.
During the nine months ended December 31, 2010 and January 1, 2010, under the satellite
construction contract, the Company paid $23.1 million and $51.3 million, respectively, to SS/L and
had no outstanding payables and $3.8 million payable to SS/L as of December 31, 2010 and April 2,
2010, respectively. During the nine months ended December 31, 2010 and January 1, 2010, the Company
also received $8.2 million and $2.4 million, respectively, from SS/L under the beam sharing
agreement with Loral. Accounts receivable due from SS/L under the beam sharing agreement with Loral
were less than $0.1 million and $3.8 million as of December 31, 2010 and April 2, 2010, respectively.
From time to time the Company enters into various contracts in the ordinary course of business
with SS/L and Telesat Canada. Under a contract with SS/L, the Company
recognized $1.2 million and
$1.4 million in revenue during the three and nine months ended
December 31, 2010,
respectively, and received $3.9 million of cash during the nine months ended December 31, 2010. The Company
recognized no revenue during the three and nine months ended
January 1, 2010 and had no cash receipts
during the nine months ended January 1, 2010 related to a contract with SS/L. Collections in excess
of revenues and deferred revenues related to a contract with SS/L were $2.5 million and $0.8
million as of December 31, 2010 and April 2, 2010, respectively. Accounts receivable due from
Telesat Canada as of December 31, 2010 and April 2, 2010 were $0.1 million and $0.9 million,
respectively. The Company also recognized $1.0 million and $6.0 million of expense related to
Telesat Canada during the three and nine months ended December 31, 2010, respectively, and no
material amounts during the three and nine months ended January 1, 2010. All other amounts related
to SS/L and Telesat Canada, excluding activities under the ViaSat-1 related satellite contracts,
were not material.
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This element may be used for the entire related party transactions disclosure as a single block of text. Disclosure may include: the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Statements of Parent and Subsidiary Guarantors
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Dec. 31, 2010
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Financial Statements of Parent and Subsidiary Guarantors [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statements of Parent and Subsidiary Guarantors |
Note 15 — Financial Statements of Parent and Subsidiary Guarantors
On October 22, 2009, the Company issued $275.0 million in principal amount of Notes in a
private placement to institutional buyers. The Notes were exchanged in May 2010 for substantially
identical Notes that had been registered with the SEC. The Notes are jointly and severally
guaranteed on a full and unconditional basis by each of the Guarantor Subsidiaries, which are 100%
owned by the Company. The indenture governing the Notes limits, among other things, the Company’s
and its restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue
redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase
capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or
incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or
otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s
satellite insurance; and consolidate or merge with, or sell substantially all of their assets to,
another person.
The following supplemental financial information sets forth, on a condensed consolidating
basis, the balance sheets, statements of operations and statements of cash flows for the Company
(as “Issuing Parent Company”), the Guarantor Subsidiaries, the non-guarantor subsidiaries and total consolidated Company and subsidiaries as of December 31, 2010
and April 2, 2010 and for the three and nine months ended December 31, 2010 and January 1, 2010.
Condensed
Consolidated Balance Sheet as of December 31, 2010
Condensed
Consolidated Balance Sheet as of April 2, 2010
Condensed
Consolidated Statement of Operations for the Three Months Ended December 31, 2010
Condensed
Consolidated Statement of Operations for the Nine Months Ended December 31, 2010
Condensed
Consolidated Statement of Operations for the Three Months Ended January 1, 2010
Condensed
Consolidated Statement of Operations for the Nine Months Ended January 1, 2010
Condensed
Consolidated Statement of Cash Flows for the Nine Months Ended December 31, 2010
Condensed
Consolidated Statement of Cash Flows for the Nine Months Ended January 1, 2010
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- Definition
Text block that encapsulates the detailed table comprising the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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