Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Jan. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VSAT | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | VIASAT, INC. | |
Entity Central Index Key | 0000797721 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 68,505,328 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-21767 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0174996 | |
Entity Address, Address Line One | 6155 El Camino Real | |
Entity Address, City or Town | Carlsbad | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92009 | |
City Area Code | 760 | |
Local Phone Number | 476-2200 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 317,344 | $ 304,309 |
Accounts receivable, net | 202,792 | 330,698 |
Inventories | 334,919 | 294,416 |
Prepaid expenses and other current assets | 112,548 | 116,281 |
Total current assets | 967,603 | 1,045,704 |
Property, equipment and satellites, net | 2,973,733 | 2,586,735 |
Operating lease right-of-use assets | 331,066 | 308,441 |
Other acquired intangible assets, net | 11,079 | 14,439 |
Goodwill | 122,448 | 121,197 |
Other assets | 842,777 | 807,352 |
Total assets | 5,248,706 | 4,883,868 |
Current liabilities: | ||
Accounts payable | 122,342 | 183,601 |
Accrued and other liabilities | 485,565 | 391,190 |
Current portion of long-term debt | 33,735 | 29,788 |
Total current liabilities | 641,642 | 604,579 |
Senior notes | 1,682,523 | 1,285,497 |
Other long-term debt | 121,225 | 536,166 |
Non-current operating lease liabilities | 303,950 | 286,550 |
Other liabilities | 152,040 | 120,934 |
Total liabilities | 2,901,380 | 2,833,726 |
Commitments and contingencies (Note 8) | ||
Viasat, Inc. stockholders’ equity | ||
Common stock | 7 | 6 |
Paid-in capital | 2,070,353 | 1,788,456 |
Retained earnings | 241,707 | 245,373 |
Accumulated other comprehensive income (loss) | 6,614 | (6,048) |
Total Viasat, Inc. stockholders’ equity | 2,318,681 | 2,027,787 |
Noncontrolling interest in subsidiary | 28,645 | 22,355 |
Total equity | 2,347,326 | 2,050,142 |
Total liabilities and equity | $ 5,248,706 | $ 4,883,868 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | ||||
Total revenues | $ 575,559 | $ 588,224 | $ 1,660,325 | $ 1,717,517 |
Operating expenses: | ||||
Selling, general and administrative | 132,394 | 136,005 | 378,884 | 388,528 |
Independent research and development | 28,803 | 32,164 | 83,970 | 99,952 |
Amortization of acquired intangible assets | 1,313 | 1,856 | 4,171 | 5,920 |
Income from operations | 21,760 | 13,969 | 29,129 | 24,329 |
Other income (expense): | ||||
Interest income | 114 | 179 | 474 | 1,517 |
Interest expense | (7,880) | (9,276) | (27,194) | (29,990) |
Income (loss) before income taxes | 13,994 | 4,872 | 2,409 | (4,144) |
(Provision for) benefit from income taxes | (7,008) | 3,911 | (573) | 8,731 |
Equity in income of unconsolidated affiliate, net | 774 | 1,807 | 788 | 4,328 |
Net income | 7,760 | 10,590 | 2,624 | 8,915 |
Less: net income attributable to noncontrolling interest, net of tax | 1,000 | 4,114 | 6,290 | 10,713 |
Net income (loss) attributable to Viasat, Inc. | $ 6,760 | $ 6,476 | $ (3,666) | $ (1,798) |
Basic net income (loss) per share attributable to Viasat, Inc. common stockholders | $ 0.10 | $ 0.10 | $ (0.06) | $ (0.03) |
Diluted net income (loss) per share attributable to Viasat, Inc. common stockholders | $ 0.10 | $ 0.10 | $ (0.06) | $ (0.03) |
Shares used in computing basic net income (loss) per share | 67,995 | 61,813 | 65,704 | 61,405 |
Shares used in computing diluted net income (loss) per share | 68,668 | 62,916 | 65,704 | 61,405 |
Comprehensive income (loss): | ||||
Net income | $ 7,760 | $ 10,590 | $ 2,624 | $ 8,915 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain on hedging, net of tax | 184 | 232 | ||
Foreign currency translation adjustments, net of tax | 9,047 | (2,371) | 12,662 | (6,091) |
Other comprehensive income (loss), net of tax | 9,047 | (2,187) | 12,662 | (5,859) |
Comprehensive income | 16,807 | 8,403 | 15,286 | 3,056 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | 1,000 | 4,114 | 6,290 | 10,713 |
Comprehensive income (loss) attributable to Viasat, Inc. | 15,807 | 4,289 | 8,996 | (7,657) |
Product [Member] | ||||
Revenues: | ||||
Total revenues | 266,514 | 303,090 | 773,128 | 873,535 |
Operating expenses: | ||||
Cost of revenues | 196,895 | 214,098 | 576,677 | 634,113 |
Service [Member] | ||||
Revenues: | ||||
Total revenues | 309,045 | 285,134 | 887,197 | 843,982 |
Operating expenses: | ||||
Cost of revenues | $ 194,394 | $ 190,132 | $ 587,494 | $ 564,675 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||||||
Net income | $ 7,760 | $ 10,590 | $ 2,624 | $ 8,915 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | 241,935 | 207,950 | ||||
Amortization of intangible assets | 50,181 | 47,159 | ||||
Stock-based compensation expense | 21,700 | 21,900 | 64,967 | 64,236 | ||
Loss on disposition of fixed assets | 29,841 | 33,578 | ||||
Other non-cash adjustments | 3,611 | (9,394) | ||||
Increase (decrease) in cash resulting from changes in operating assets and liabilities: | ||||||
Accounts receivable | 123,374 | (23,596) | ||||
Inventories | (39,988) | (47,897) | ||||
Other assets | 24,017 | 4,075 | ||||
Accounts payable | (39,004) | 8,384 | ||||
Accrued liabilities | 102,603 | 16,596 | ||||
Other liabilities | (6,787) | (16,644) | ||||
Net cash provided by operating activities | 557,374 | 293,362 | ||||
Cash flows from investing activities: | ||||||
Purchase of property, equipment and satellites | (655,672) | (548,225) | ||||
Cash paid for patents, licenses and other assets | (47,164) | (49,613) | ||||
Proceeds from insurance claims on ViaSat-2 satellite | 2,277 | $ 188,000 | $ 188,000 | |||
Net cash used in investing activities | (702,836) | (595,561) | ||||
Cash flows from financing activities: | ||||||
Proceeds from debt borrowings | 400,000 | 110,000 | ||||
Payments of debt borrowings | (414,604) | (27,142) | ||||
Payment of debt issuance costs | (5,060) | (2,479) | ||||
Proceeds from issuance of common stock under equity plans | 19,101 | 38,093 | ||||
Purchase of common stock in treasury (immediately retired) related to tax withholdings for stock-based compensation | (13,013) | (28,268) | ||||
Proceeds from common stock issued in private placement, net of issuance costs | 174,749 | |||||
Other financing activities | (4,280) | (1,746) | ||||
Net cash provided by financing activities | 156,893 | 88,458 | ||||
Effect of exchange rate changes on cash | 1,604 | (182) | ||||
Net increase (decrease) in cash and cash equivalents | 13,035 | (213,923) | ||||
Cash and cash equivalents at beginning of period | 304,309 | 261,701 | 261,701 | |||
Cash and cash equivalents at end of period | $ 317,344 | $ 47,778 | 317,344 | 47,778 | $ 304,309 | $ 261,701 |
Non-cash investing and financing activities: | ||||||
Right-of-use assets obtained in exchange for operating lease liabilities | 55,717 | 17,900 | ||||
Right-of-use assets obtained in exchange for finance lease liabilities | $ 1,931 | $ 72,711 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest in Subsidiary [Member] |
Beginning balance at Mar. 31, 2019 | $ 1,916,078 | $ 6 | $ 1,656,819 | $ 245,585 | $ 5,338 | $ 8,330 |
Beginning balance, shares at Mar. 31, 2019 | 60,550,093 | |||||
Exercise of stock options | 20,743 | 20,743 | ||||
Exercise of stock options, shares | 335,373 | |||||
Issuance of stock under Employee Stock Purchase Plan | 17,350 | 17,350 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 311,137 | |||||
Stock-based compensation | 73,523 | 73,523 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities | 22,829 | 22,829 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 255,615 | |||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (28,268) | (28,268) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 671,040 | |||||
Net (loss) income | 8,915 | (1,798) | 10,713 | |||
Other comprehensive income (loss), net of tax | (5,859) | (5,859) | ||||
Ending balance at Dec. 31, 2019 | 2,025,311 | $ 6 | 1,762,996 | 243,787 | (521) | 19,043 |
Ending balance, shares at Dec. 31, 2019 | 62,123,258 | |||||
Beginning balance at Sep. 30, 2019 | 2,005,836 | $ 6 | 1,751,924 | 237,311 | 1,666 | 14,929 |
Beginning balance, shares at Sep. 30, 2019 | 61,352,560 | |||||
Exercise of stock options | 2,033 | 2,033 | ||||
Exercise of stock options, shares | 33,642 | |||||
Issuance of stock under Employee Stock Purchase Plan | 9,044 | 9,044 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 145,367 | |||||
Stock-based compensation | 25,135 | 25,135 | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (25,140) | (25,140) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 591,689 | |||||
Net (loss) income | 10,590 | 6,476 | 4,114 | |||
Other comprehensive income (loss), net of tax | (2,187) | (2,187) | ||||
Ending balance at Dec. 31, 2019 | 2,025,311 | $ 6 | 1,762,996 | 243,787 | (521) | 19,043 |
Ending balance, shares at Dec. 31, 2019 | 62,123,258 | |||||
Beginning balance at Mar. 31, 2020 | 2,050,142 | $ 6 | 1,788,456 | 245,373 | (6,048) | 22,355 |
Beginning balance, shares at Mar. 31, 2020 | 62,147,140 | |||||
Issuance of stock under Employee Stock Purchase Plan | 19,101 | 19,101 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 638,792 | |||||
Common stock issued in private placement, net of issuance costs | 174,749 | $ 1 | 174,748 | |||
Common stock issued in private placement, net of issuance costs, shares | 4,474,559 | |||||
Stock-based compensation | 75,655 | 75,655 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities | 25,406 | 25,406 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 580,846 | |||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (13,013) | (13,013) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 662,991 | |||||
Net (loss) income | 2,624 | (3,666) | 6,290 | |||
Other comprehensive income (loss), net of tax | 12,662 | 12,662 | ||||
Ending balance at Dec. 31, 2020 | 2,347,326 | $ 7 | 2,070,353 | 241,707 | 6,614 | 28,645 |
Ending balance, shares at Dec. 31, 2020 | 68,504,328 | |||||
Beginning balance at Sep. 30, 2020 | 2,307,691 | $ 7 | 2,047,525 | 234,947 | (2,433) | 27,645 |
Beginning balance, shares at Sep. 30, 2020 | 67,532,869 | |||||
Issuance of stock under Employee Stock Purchase Plan | 9,895 | 9,895 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 356,523 | |||||
Stock-based compensation | 25,199 | 25,199 | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (12,266) | (12,266) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 614,936 | |||||
Net (loss) income | 7,760 | 6,760 | 1,000 | |||
Other comprehensive income (loss), net of tax | 9,047 | 9,047 | ||||
Ending balance at Dec. 31, 2020 | $ 2,347,326 | $ 7 | $ 2,070,353 | $ 241,707 | $ 6,614 | $ 28,645 |
Ending balance, shares at Dec. 31, 2020 | 68,504,328 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 — Basis of Presentation The accompanying condensed consolidated balance sheet at December 31, 2020, the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended December 31, 2020 and 2019, the condensed consolidated statements of cash flows for the nine months ended December 31, 2020 and 2019 and the condensed consolidated statements of equity for the three and nine months ended December 31, 2020 and 2019 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 March 31, 2020 and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement 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 March 31, 2020 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, its wholly owned subsidiaries and its majority-owned subsidiary, TrellisWare Technologies, Inc. (TrellisWare). All significant intercompany amounts have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the condensed consolidated balance sheets. During the second quarter of fiscal year 2021, the Company issued and sold an aggregate of 4,474,559 shares of the Company’s common stock at a purchase price of $39.11 per share to certain accredited investors in a private placement transaction exempt from registration under the Securities Act of 1933, as amended, resulting in net proceeds of approximately $174.7 million after deducting offering expenses. 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, allowance for doubtful accounts, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, contingencies and income taxes including the valuation allowance on deferred tax assets. Revenue recognition The Company applies the five-step model under Accounting Standards Codification (ASC) 606 to its contracts with its customers. Under this model the Company (1) identifies the contract with the customer, (2) identifies its performance obligations in the contract, (3) determines the transaction price for the contract, (4) allocates the transaction price to its performance obligations and (5) recognizes revenue when or as it satisfies its performance obligations. These performance obligations generally include the purchase of services (including broadband capacity and the leasing of broadband equipment), the purchase of products, and the development and delivery of complex equipment built to customer specifications under long-term contracts. Performance obligations The timing of satisfaction of performance obligations may require judgment. The Company derives a substantial portion of its revenues from contracts with customers for services, primarily consisting of connectivity services. These contracts typically require advance or recurring monthly payments by the customer. The Company’s obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is based upon either a period of time (e.g., over the estimated contractual term) or usage (e.g., bandwidth used/bytes of data processed). The Company evaluates whether broadband equipment provided to its customers as part of the delivery of connectivity services represents a lease in accordance with ASC 842. As discussed further below under “Leases - Lessor accounting”, for broadband equipment leased to consumer broadband customers in conjunction with the delivery of connectivity services, the Company accounts for the lease and non-lease components of connectivity service arrangement s as a single performance obligation as the connectivity services represent the predominant component . The Company also derives a portion of its revenues from contracts with customers to provide products. Performance obligations to provide products are satisfied at the point in time when control is transferred to the customer. These contracts typically require payment by the customer upon passage of control and determining the point at which control is transferred may require judgment. To identify the point at which control is transferred to the customer, the Company considers indicators that include, but are not limited to, whether (1) the Company has the present right to payment for the asset, (2) the customer has legal title to the asset, (3) physical possession of the asset has been transferred to the customer, (4) the customer has the significant risks and rewards of ownership of the asset, and (5) the customer has accepted the asset. For product revenues, control generally passes to the customer upon delivery of goods to the customer. The vast majority of the Company’s revenues from long-term contracts to develop and deliver complex equipment built to customer specifications are derived from contracts with the U.S. Government (including foreign military sales contracted through the U.S. Government). The Company’s contracts with the U.S. Government typically are subject to the Federal Acquisition Regulation (FAR) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. Government contracts. The pricing for non-U.S. Government contracts is based on the specific negotiations with each customer. Under the typical payment terms of the Company’s U.S. Government fixed-price contracts, the customer pays the Company either performance-based payments (PBPs) or progress payments. PBPs are interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments based on a percentage of the costs incurred as the work progresses. Because the customer can often retain a portion of the contract price until completion of the contract, the Company’s U.S. Government fixed-price contracts generally result in revenue recognized in excess of billings which the Company presents as unbilled accounts receivable on the balance sheet. Amounts billed and due from the Company’s customers are classified as receivables on the balance sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For the Company’s U.S. Government cost-type contracts, the customer generally pays the Company for its actual costs incurred within a short period of time. For non-U.S. Government contracts, the Company typically receives interim payments as work progresses, although for some contracts, the Company may be entitled to receive an advance payment. The Company recognizes a liability for these advance payments in excess of revenue recognized and presents it as collections in excess of revenues and deferred revenues on the balance sheet. An advance payment is not typically considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the Company from the other party failing to adequately complete some or all of its obligations under the contract. Performance obligations related to developing and delivering complex equipment built to customer specifications under long-term contracts are recognized over time as these performance obligations do not create assets with an alternative use to the Company and the Company has an enforceable right to payment for performance to date. To measure the transfer of control, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress for its contracts because that best depicts the transfer of control to the customer which occurs as the Company incurs costs on its contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity and the costs of overhead. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is determined. Contract costs on U.S. Government contracts are subject to audit and review by the Defense Contracting Management Agency (DCMA), the Defense Contract Audit Agency (DCAA), and other U.S. Government agencies, as well as negotiations with U.S. Government representatives. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal years 2019 or 2020. As of December 31, 2020, the DCAA had completed its incurred cost audit for fiscal years 2004 and 2016 and approved the Company’s incurred costs for those fiscal years, as well as approved the Company’s incurred costs for fiscal years 2005 through 2015 , 2017 and 2018 without further audit based on the determination of low risk. Although the Company has recorded contract revenues subsequent to fiscal year 2018 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. As of December 31, 2020 and March 31, 2020 , the Company had $ million and $ million , respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. G overnment cost reimbursable contracts (see Note 8 — Commitments and Contingencies for more information ). Evaluation of transaction price The evaluation of transaction price, including the amounts allocated to performance obligations, may require significant judgments. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue, and, where applicable, the cost at completion, is complex, subject to many variables and requires significant judgment. The Company’s contracts may contain award fees, incentive fees, or other provisions, including the potential for significant financing components, that can either increase or decrease the transaction price. These amounts, which are sometimes variable, can be dictated by performance metrics, program milestones or cost targets, the timing of payments, and customer discretion. The Company estimates variable consideration at the amount to which it expects to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. In the event an agreement includes embedded financing components, the Company recognizes interest expense or interest income on the embedded financing components using the effective interest method. This methodology uses an implied interest rate which reflects the incremental borrowing rate which would be expected to be obtained in a separate financing transaction. The Company has elected the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Estimating standalone selling prices may require judgment. When available, the Company utilizes the observable price of a good or service when the Company sells that good or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the standalone selling price by considering all information (including market conditions, specific factors, and information about the customer or class of customer) that is reasonably available. Transaction price allocated to remaining performance obligations The Company’s remaining performance obligations represent the transaction price of firm contracts and orders for which work has not been performed. The Company includes in its remaining performance obligations only those contracts and orders for which it has accepted purchase orders. Remaining performance obligations associated with the Company’s subscribers for fixed consumer and business broadband services in its satellite services segment exclude month-to-month service contracts in accordance with a practical expedient and are estimated using a portfolio approach in which the Company reviews all relevant promotional activities and calculates the remaining performance obligation using the average service component for the portfolio and the average time remaining under the contract. The Company’s future recurring in-flight connectivity service contracts in its satellite services segment do not have minimum service purchase requirements and therefore are not included in the Company’s remaining performance obligations. As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $2.4 billion, of which the Company expects to recognize a little over half over the next twelve months, with the balance recognized thereafter. Disaggregation of revenue The Company operates and manages its business in three reportable segments: satellite services, commercial networks and government systems. Revenue is disaggregated by products and services, customer type, contract type, and geographic area, respectively, as the Company believes this approach best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The following sets forth disaggregated reported revenue by segment and product and services for the three and nine months ended December 31, 2020 and 2019: Three Months Ended December 31, 2020 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 75,690 $ 190,824 $ 266,514 Service revenues 220,789 14,409 73,847 309,045 Total revenues $ 220,789 $ 90,099 $ 264,671 $ 575,559 Nine Months Ended December 31, 2020 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 197,560 $ 575,568 $ 773,128 Service revenues 638,660 38,561 209,976 887,197 Total revenues $ 638,660 $ 236,121 $ 785,544 $ 1,660,325 Three Months Ended December 31, 2019 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 73,182 $ 229,908 $ 303,090 Service revenues 211,700 11,544 61,890 285,134 Total revenues $ 211,700 $ 84,726 $ 291,798 $ 588,224 Nine Months Ended December 31, 2019 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 212,226 $ 661,309 $ 873,535 Service revenues 614,232 39,520 190,230 843,982 Total revenues $ 614,232 $ 251,746 $ 851,539 $ 1,717,517 Revenues from the U.S. Government as an individual customer comprised approximately 28% and 30% of total revenues for the three and nine months ended December 31, 2020, respectively, and approximately 30% of total revenues for both the three and nine months ended December 31, 2019, mainly reported within the government systems segment. Revenues from the Company’s other customers, mainly reported within the commercial networks and satellite services segments, comprised approximately 72% and 70% of total revenues for the three and nine months ended December 31, 2020, respectively, and approximately 70% of total revenues for both the three and nine months ended December 31, 2019. The Company’s satellite services segment revenues are primarily derived from the Company’s fixed broadband services and in-flight services. Revenues in the Company’s commercial networks and government systems segments are primarily derived from three types of contracts: fixed-price, cost-reimbursement and time-and-materials contracts. Fixed-price contracts (which require the Company to provide products and services under a contract at a specified price) comprised approximately 91% and 88% of the Company’s total revenues for these segments for the three and nine months ended December 31, 2020, respectively, and approximately 89% of the Company’s total revenues for these segments for both the three and nine months ended December 31, 2019. The remainder of the Company’s revenues in these segments for such periods was derived primarily from cost-reimbursement contracts (under which the Company is reimbursed for all actual costs incurred in performing the contract to the extent such costs are within the contract ceiling and allowable under the terms of the contract, plus a fee or profit) and from time-and-materials contracts (under which the Company is reimbursed for the number of labor hours expended at an established hourly rate negotiated in the contract, plus the cost of materials utilized in providing such products or services). Historically, a significant portion of the Company’s revenues in its commercial networks and government systems segments has been derived from customer contracts that include the development of products. The development efforts are conducted in direct response to the customer’s specific requirements and, accordingly, expenditures related to such efforts are included in cost of sales when incurred and the related funding (which includes a profit component) is included in revenues. Revenues for the Company’s funded development from its customer contracts were approximately 20% and 23% of its total revenues for the three and nine months ended December 31, 2020, respectively, and approximately 24% and 23% of its total revenues for the three and nine months ended December 31, 2019, respectively. Contract balances Contract balances consist of contract assets and contract liabilities. A contract asset, or with respect to the Company, an unbilled accounts receivable, is recorded when revenue is recognized in advance of the Company’s right to bill and receive consideration, typically resulting from sales under long-term contracts. Unbilled accounts receivable are generally expected to be billed and collected within one year. The unbilled accounts receivable will decrease as provided services or delivered products are billed. The Company receives payments from customers based on a billing schedule established in the Company’s contracts. When consideration is received in advance of the delivery of goods or services, a contract liability, or with respect to the Company, collections in excess of revenues or deferred revenues, is recorded. Reductions in the collections in excess of revenues or deferred revenues will be recorded as the Company satisfies the performance obligations. The following table presents contract assets and liabilities as of December 31, 2020 and March 31, 2020: As of December 31, 2020 As of March 31, 2020 (In thousands) Unbilled accounts receivable $ 60,951 $ 75,661 Collections in excess of revenues and deferred revenues 206,807 123,019 Deferred revenues, long-term portion 97,485 80,802 Unbilled accounts receivable decreased $14.7 million during the nine months ended December 31, 2020, primarily driven by an increase in billings in the Company’s government systems segment. Collections in excess of revenues and deferred revenues increased $83.8 million during the nine months ended December 31, 2020, primarily driven by advances on goods or services received in excess of revenue recognized in the Company’s commercial networks segment. During the three and nine months ended December 31, 2020, the Company recognized revenue of $7.6 million and $82.2 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2020. During the three and nine months ended December 31, 2019, the Company recognized revenue of $13.5 million and $84.7 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2019. Property, equipment and satellites Satellites and other property and equipment, including internally developed software, are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated useful lives are necessary. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. 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, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). The Company computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to 17 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. Costs related to internally developed software for internal uses are capitalized after the preliminary project stage is complete and are amortized over the estimated useful lives of the assets, which are approximately three to seven years. Capitalized costs for internal-use software are included in p roperty, equipment and satellites, net Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (ASC 835-20). With respect to the ViaSat-3 class satellites, gateway and networking equipment and other assets under construction, the Company capitalized $21.8 million and $57.7 million of interest expense for the three and nine months ended December 31, 2020, respectively, and $14.3 million and $38.6 million for the three and nine months ended December 31, 2019, respectively. The Company owns three satellites in service (ViaSat-2, ViaSat-1 and WildBlue-1) and has lifetime leases of Ka-band capacity on two satellites. The Company also has a global constellation of three third-generation ViaSat-3 class satellites under construction. In addition, the Company owns related earth stations and networking equipment for all of its satellites. The Company procures indoor and outdoor CPE units leased to subscribers under a retail leasing program as part of the Company’s satellite services segment, which are reflected in investing activities and property, equipment and satellites, net property, equipment and satellites, net property, equipment and satellites, net On June 1, 2017, the Company’s second-generation ViaSat-2 satellite was successfully launched into orbit. In the fourth quarter of fiscal year 2018, shortly before the launch of commercial broadband services on the satellite, the Company reported an antenna deployment issue. The Company worked with the satellite manufacturer to determine the root cause of the antenna deployment issue, potential corrective measures, and resulting damage. In the second quarter of fiscal year 2019, the root cause analysis was completed. Based on that analysis, during the second quarter of fiscal year 2019, the Company recorded a reduction to the carrying value of the ViaSat-2 satellite of $177.4 million, with a corresponding insurance receivable of $177.4 million, based on the Company’s estimated ViaSat-2 output capabilities as compared to the anticipated, potential and configured capacity of the ViaSat-2 satellite. During fiscal years 2019 and 2020, the Company received an aggregate of $188.0 million of insurance proceeds related to the ViaSat-2 satellite. The ViaSat-2 satellite was primarily financed by the Company’s direct loan facility with the Export-Import Bank of the United States for ViaSat-2 (the Ex-Im Credit Facility) (see Note 6 — Senior Notes and Other Long-Term Debt for more information). Pursuant to the terms of the Ex-Im Credit Facility, the proceeds received from the insurance claims for ViaSat-2 were used to pay down outstanding borrowings under the Ex-Im Credit Facility. Occasionally, the Company may enter into finance lease arrangements for various machinery, equipment, computer-related equipment, software, furniture, fixtures, or satellites. The Company records amortization of assets leased under finance lease arrangements within depreciation expense (see Note 1 — Basis of Presentation – Leases Leases Lessee accounting For contracts entered into on or after April 1, 2019, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, the Company determines that a lease exists when (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all economic benefits from use of the asset, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease when one or more of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset, (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset or (5) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying leases. Lease payments included in the measurement of lease liabilities consist of (1) fixed lease payments for the noncancelable lease term, (2) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (3) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate established at lease commencement. Such payments and changes in payments based on a rate or index are recognized in operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease expense for finance leases consists of the depreciation of assets obtained under finance leases on a straight-line basis over the lease term and interest expense on the lease liability based on the discount rate at lease commencement. For both operating and finance leases, lease payments are allocated between a reduction of the lease liability and interest expense. The Company’s operating leases consist primarily of leases for office space, data centers and satellite ground facilities and have remaining terms from less than one year to twelve years, some of which include renewal options, and some of which include options to terminate the leases within one year. Certain earth station leases have renewal terms that have been deemed to be reasonably certain to be exercised and as such have been recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covena |
Composition of Certain Balance
Composition of Certain Balance Sheet Captions | 9 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | Note 2 — Composition of Certain Balance Sheet Captions As of December 31, 2020 As of March 31, 2020 (In thousands) Accounts receivable, net: Billed $ 145,323 $ 260,431 Unbilled 60,951 75,661 Allowance for doubtful accounts (3,482 ) (5,394 ) $ 202,792 $ 330,698 Inventories: Raw materials $ 95,872 $ 83,353 Work in process 68,071 59,429 Finished goods 170,976 151,634 $ 334,919 $ 294,416 Prepaid expenses and other current assets: Prepaid expenses $ 82,455 $ 84,872 Other 30,093 31,409 $ 112,548 $ 116,281 Property, equipment and satellites, net: Equipment and software (estimated useful life of 3-7 years) $ 1,424,548 $ 1,229,926 CPE leased equipment (estimated useful life of 4-5 years) 410,879 399,343 Furniture and fixtures (estimated useful life of 7 years) 57,582 54,688 Leasehold improvements (estimated useful life of 2-17 years) 144,214 137,287 Building (estimated useful life of 12 years) 8,923 8,923 Land 2,291 2,291 Construction in progress 230,172 220,703 Satellites (estimated useful life of 12-17 years) 969,952 969,952 Satellite Ka-band capacity obtained under finance leases (estimated useful life of 7-11 years) 173,322 171,801 Satellites under construction 1,264,177 906,720 4,686,060 4,101,634 Less: accumulated depreciation and amortization (1,712,327 ) (1,514,899 ) $ 2,973,733 $ 2,586,735 Other acquired intangible assets, net: Technology (weighted average useful life of 6 years) $ 91,804 $ 89,228 Contracts and customer relationships (weighted average useful life of 7 years) 103,724 103,114 Satellite co-location rights (weighted average useful life of 9 years) 8,600 8,600 Trade name (weighted average useful life of 3 years) 5,940 5,940 Other (weighted average useful life of 8 years) 6,421 6,399 216,489 213,281 Less: accumulated amortization (205,410 ) (198,842 ) $ 11,079 $ 14,439 Other assets: Investment in unconsolidated affiliate $ 168,787 $ 160,204 Deferred income taxes 277,734 276,331 Capitalized software costs, net 239,104 242,741 Patents, orbital slots and other licenses, net 53,058 39,135 Other 104,094 88,941 $ 842,777 $ 807,352 Accrued and other liabilities: Collections in excess of revenues and deferred revenues $ 206,807 $ 123,019 Accrued employee compensation 61,479 72,654 Accrued vacation 53,758 48,963 Warranty reserve, current portion 6,115 6,233 Operating lease liabilities 49,370 42,146 Other 108,036 98,175 $ 485,565 $ 391,190 Other liabilities: Deferred revenues, long-term portion $ 97,485 $ 80,802 Warranty reserve, long-term portion 5,766 5,410 Satellite performance incentive obligations, long-term portion 23,005 24,349 Other 25,784 10,373 $ 152,040 $ 120,934 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [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 (ASC 820), the Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants, and prioritizes the inputs used to measure fair value from market-based assumptions to entity specific assumptions: • Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. The Company had $5.0 million in cash equivalents (Level 1) and no liabilities measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020. 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. Money market funds are valued using quoted prices for identical assets in an active market with sufficient volume and frequency of transactions (Level 1). Foreign currency forward 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 standard calculations/models that are primarily based on observable inputs, such as foreign currency exchange rates, or can be corroborated by observable market data (Level 2). Long-term debt — The Company’s long-term debt consists of borrowings under its Revolving Credit Facility and Ex-Im Credit Facility (collectively, the Credit Facilities), $700.0 million in aggregate principal amount of 2025 Notes, $600.0 million in aggregate principal amount of 2027 Notes, $400.0 million in aggregate principal amount of 2028 Notes and finance lease obligations reported at the present value of future minimum lease payments with current accrued interest. Long-term debt related to the Revolving Credit Facility is reported at the outstanding principal amount of borrowings, while long-term debt related to the Ex-Im Credit Facility, 2025 Notes, 2027 Notes and 2028 Notes is 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 Revolving Credit Facility approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. As of December 31, 2020 and March 31, 2020, the fair value of the Company’s long-term debt related to the Ex-Im Credit Facility was determined based on a discounted cash flow analysis using observable market interest rates for instruments with similar terms (Level 2) and was approximately $100.6 million and $118.1 million, respectively. As of December 31, 2020 and March 31, 2020, the estimated fair value of the Company’s outstanding long-term debt related to the 2025 Notes was determined based on actual or estimated bids and offers for the 2025 Notes in an over-the-counter market (Level 2) and was $716.0 million and $653.6 million, respectively. As of December 31, 2020 and March 31, 2020, the estimated fair value of the Company’s outstanding long-term debt related to the 2027 Notes was determined based on actual or estimated bids and offers for the 2027 Notes in an over-the-counter market (Level 2) and was $630.0 million and $603.2 million, respectively. As of December 31, 2020, the estimated fair value of the Company’s outstanding long-term debt related to the 2028 Notes (which were issued in June 2020) was determined based on actual or estimated bids and offers for the 2028 Notes in an over-the-counter market (Level 2) and was $432.1 million. Satellite performance incentive obligations — The Company’s contracts with the manufacturers of the ViaSat-1 and ViaSat-2 satellites require the Company to make monthly in-orbit satellite performance incentive payments, including interest, through fiscal year 2027 and fiscal year 2028, respectively, subject to the continued satisfactory performance of the applicable satellites. The Company records the net present value of these expected future payments as a liability and as a component of the cost of the satellites. However, for disclosure purposes, the Company is required to measure the fair value of outstanding satellite performance incentive obligations on a recurring basis. The fair value of the Company’s outstanding satellite performance incentive obligations is estimated to approximate their carrying value based on current rates (Level 2). As of December 31, 2020 and March 31, 2020, the Company’s estimated satellite performance incentive obligations relating to the ViaSat-1 and ViaSat-2 satellites, including accrued interest, were $27.7 million and $27.4 million, respectively. |
Shares Used In Computing Dilute
Shares Used In Computing Diluted Net Income (Loss) Per Share | 9 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net Income (Loss) Per Share | Note 4 — Shares Used In Computing Diluted Net Income (Loss) Per Share Three Months Ended Nine Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In thousands) Weighted average: Common shares outstanding used in calculating basic net income (loss) per share attributable to Viasat, Inc. common stockholders 67,995 61,813 65,704 61,405 Options to purchase common stock as determined by application of the treasury stock method — 90 — — Restricted stock units to acquire common stock as determined by application of the treasury stock method 108 773 — — Potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan 565 240 — — Shares used in computing diluted net income (loss) per share attributable to Viasat, Inc. common stockholders 68,668 62,916 65,704 61,405 Antidilutive shares excluded from the calculation for the three months ended December 31, 2020 and 2019 consisted of 1,082,081 and 489,293 shares related to stock options (other than TSR performance stock options), respectively, zero and 1,086,737 shares related to TSR performance stock options, respectively, and 2,928,601 and 68,256 shares related to restricted stock units, respectively. The weighted average number of shares used to calculate basic and diluted net loss per share attributable to Viasat, Inc. common stockholders is the same for the nine months ended December 31, 2020 and 2019, as the Company incurred a net loss attributable to Viasat, Inc. common stockholders for such periods and inclusion of potentially dilutive weighted average shares of common stock would be antidilutive. Potentially dilutive weighted average shares excluded from the calculation for the nine months ended December 31, 2020 consisted of 1,176,106 shares related to stock options (other than TSR performance stock options), zero shares related to TSR performance stock options, 2,514,857 shares related to restricted stock units and 496,869 shares related to certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan. Potentially dilutive weighted average shares excluded from the calculation for the nine months ended December 31, 2019 consisted of 201,761 shares related to stock options (other than TSR performance stock options), 910,494 shares related to TSR performance stock options, 949,324 shares related to restricted stock units, and 230,588 shares related to certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 9 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note 5 — Goodwill and Acquired Intangible Assets During the nine months ended December 31, 2020, the increase in the Company’s goodwill related to the effects of foreign currency translation recorded within all three of the Company’s segments. During the nine months ended December 31, 2019, the increase in the Company’s goodwill related to the effects of foreign currency translation recorded within all three of the Company’s segments. Other acquired intangible assets are amortized using the straight-line method over their estimated useful lives of two to ten years. Amortization expense related to other acquired intangible assets was $1.3 million and $1.9 million for the three months ended December 31, 2020 and 2019, respectively, and $4.2 million and $5.9 million for the nine months ended December 31, 2020 and 2019, respectively. |
Senior Notes and Other Long-Ter
Senior Notes and Other Long-Term Debt | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Senior Notes and Other Long-Term Debt | Note 6 — Senior Notes and Other Long-Term Debt Total long-term debt consisted of the following as of December 31, 2020 and March 31, 2020: As of December 31, 2020 As of March 31, 2020 (In thousands) 2028 Notes $ 400,000 $ — 2027 Notes 600,000 600,000 2025 Notes 700,000 700,000 Revolving Credit Facility — 390,000 Ex-Im Credit Facility 98,261 117,913 Finance lease obligations (see Note 1) 61,927 64,956 Total debt 1,860,188 1,872,869 Unamortized discount and debt issuance costs (22,705 ) (21,418 ) Less: current portion of long-term debt 33,735 29,788 Total long-term debt $ 1,803,748 $ 1,821,663 Revolving Credit Facility As of December 31, 2020, the Revolving Credit Facility provided a $700.0 million revolving line of credit (including up to $150.0 million of letters of credit), with a maturity date of January 18, 2024. At December 31, 2020, the Company had no outstanding borrowings under the Revolving Credit Facility and $35.9 million outstanding under standby letters of credit, leaving borrowing availability under the Revolving Credit Facility as of December 31, 2020 of $664.1 million. Borrowings under the Revolving 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) the Eurodollar rate, plus, in the case of each of (1) and (2), an applicable margin that is based on the Company’s total leverage ratio. The Company has capitalized certain amounts of interest expense on the Revolving Credit Facility in connection with the construction of various assets during the construction period. The Revolving Credit Facility is required to be guaranteed by certain significant domestic subsidiaries of the Company (as defined in the Revolving Credit Facility) and secured by substantially all of the Company’s and any such subsidiaries’ assets. As of December 31, 2020, none of the Company’s subsidiaries guaranteed the Revolving Credit Facility. The Revolving Credit Facility contains financial covenants regarding a maximum total leverage ratio and a minimum interest coverage ratio. In addition, the Revolving 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 Revolving Credit Facility as of December 31, 2020. Ex-Im Credit Facility The Ex-Im Credit Facility originally provided a $362.4 million senior secured direct loan facility, which was fully drawn. Of the $362.4 million in principal amount of borrowings made under the Ex-Im Credit Facility, $321.2 million was used to finance up to 85% of the costs of construction, launch and insurance of the ViaSat-2 satellite and related goods and services (including costs incurred on or after September 18, 2012), with the remaining $41.2 million used to finance the total exposure fees incurred under the Ex-Im Credit Facility (which included all previously accrued completion exposure fees). As of December 31, 2020, the Company had $98.3 million in principal amount of outstanding borrowings under the Ex-Im Credit Facility. Borrowings under the Ex-Im Credit Facility bear interest at a fixed rate of 2.38%, payable semi-annually in arrears. The effective interest rate on the Company’s outstanding borrowings under the Ex-Im Credit Facility, which takes into account timing and amount of borrowings and payments, exposure fees, debt issuance costs and other fees, is 4.54%. Borrowings under the Ex-Im Credit Facility are required to be repaid in 16 semi-annual principal installments, which commenced on April 15, 2018, with a maturity date of October 15, 2025. Pursuant to the terms of the Ex-Im Credit Facility, certain insurance proceeds related to the ViaSat-2 satellite must be used to pay down outstanding borrowings under the Ex-Im Credit Facility upon receipt. During fiscal years 2019 and 2020, the Company received an aggregate of $188.0 million of insurance proceeds related to the ViaSat-2 satellite, all of which were used to pay down outstanding borrowings under the Ex-Im Credit Facility upon receipt (see Note 1 — Basis of Presentation – Property, equipment and satellites for more information). The Ex-Im Credit Facility is guaranteed by Viasat and is secured by first-priority liens on the ViaSat-2 satellite and related assets, as well as a pledge of the capital stock of the borrower under the facility. The Ex-Im Credit Facility contains financial covenants regarding Viasat’s maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im 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 Ex-Im Credit Facility as of December 31, 2020. Borrowings under the Ex-Im Credit Facility are recorded as current portion of long-term debt and as other long-term debt, net of unamortized discount and debt issuance costs, in the Company’s condensed consolidated financial statements. The discount of $42.3 million (consisting of the initial $6.0 million pre-exposure fee, $35.3 million of completion exposure fees, and other customary fees) and deferred financing cost associated with the issuance of the borrowings under the Ex-Im Credit Facility are amortized to interest expense on an effective interest rate basis over the weighted average term of the Ex-Im Credit Facility and in accordance with the related payment obligations. Senior Notes Senior Notes due 2028 In June 2020, the Company issued $400.0 million in principal amount of 2028 Notes in a private placement to institutional buyers. The 2028 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2028 Notes bear interest at the rate of 6.500% per year, payable semi-annually in cash in arrears, which interest payments commenced in January 2021. Debt issuance costs associated with the issuance of the 2028 Notes are amortized to interest expense on a straight-line basis over the term of the 2028 Notes, the results of which are not materially different from the effective interest rate basis. The 2028 Notes are required to be guaranteed on an unsecured senior basis by each of the Company’s existing and future subsidiaries that guarantees the Revolving Credit Facility. As of December 31, 2020, none of the Company’s subsidiaries guaranteed the 2028 Notes. The 2028 Notes are the Company’s general senior unsecured obligations and rank equally in right of payment with all of the Company’s existing and future unsecured unsubordinated debt. The 2028 Notes are effectively junior in right of payment to the Company’s existing and future secured debt, including under the Credit Facilities and the 2027 Notes (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 do not guarantee the 2028 Notes, and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2028 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 July 15, 2023, the Company may redeem up to 40% of the 2028 Notes at a redemption price of 106.500% 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. In the event a change of control triggering event occurs (as defined in the indenture governing the 2028 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2028 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2028 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). Senior Secured Notes due 2027 In March 2019, the Company issued $600.0 million in principal amount of 2027 Notes in a private placement to institutional buyers. The 2027 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2027 Notes bear interest at the rate of 5.625% per year, payable semi-annually in cash in arrears, which interest payments commenced in October 2019. Debt issuance costs associated with the issuance of the 2027 Notes are amortized to interest expense on a straight-line basis over the term of the 2027 Notes, the results of which are not materially different from the effective interest rate basis. The 2027 Notes are required to be guaranteed on a senior secured basis by each of the Company’s existing and future subsidiaries that guarantees the Revolving Credit Facility. As of December 31, 2020, none of the Company’s subsidiaries guaranteed the 2027 Notes. The 2027 Notes are secured, equally and ratably with the Revolving Credit Facility and any future parity lien debt, by liens on substantially all of the Company’s assets. The 2027 Notes are the Company’s general senior secured obligations and rank equally in right of payment with all of its existing and future unsubordinated debt. The 2027 Notes are effectively senior to all of the Company’s existing and future unsecured debt (including the 2025 Notes and the 2028 Notes) as well as to all of any permitted junior lien debt that may be incurred in the future, in each case to the extent of the value of the assets securing the 2027 Notes. The 2027 Notes are effectively subordinated to any obligations that are secured by liens on assets that do not constitute a part of the collateral securing the 2027 Notes, are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2027 Notes (including obligations of the borrower under the Ex-Im Credit Facility), and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2027 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 April 15, 2022, the Company may redeem up to 40% of the 2027 Notes at a redemption price of 105.625% 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 2027 Notes prior to April 15, 2022, 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 2027 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2027 Notes on April 15, 2022 plus (2) all required interest payments due on such 2027 Notes through April 15, 2022 (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 governing the 2027 Notes) plus 50 basis points, over (b) the then-outstanding principal amount of such 2027 Notes. The 2027 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on April 15, 2022 at a redemption price of 102.813%, during the 12 months beginning on April 15, 2023 at a redemption price of 101.406%, and at any time on or after April 15, 2024 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 triggering event occurs (as defined in the indenture governing the 2027 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2027 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2027 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). Senior Notes due 2025 In September 2017, the Company issued $700.0 million in principal amount of 2025 Notes in a private placement to institutional buyers. The 2025 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2025 Notes bear interest at the rate of 5.625% per year, payable semi-annually in cash in arrears, which interest payments commenced in March 2018. Debt issuance costs associated with the issuance of the 2025 Notes are amortized to interest expense on a straight-line basis over the term of the 2025 Notes, the results of which are not materially different from the effective interest rate basis. The 2025 Notes are required to be guaranteed on an unsecured senior basis by each of the Company’s existing and future subsidiaries that guarantees the Revolving Credit Facility. As of December 31, 2020, none of the Company’s subsidiaries guaranteed the 2025 Notes. The 2025 Notes are the Company’s general senior unsecured obligations and rank equally in right of payment with all of the Company’s existing and future unsecured unsubordinated debt. The 2025 Notes are effectively junior in right of payment to the Company’s existing and future secured debt, including under the Credit Facilities and the 2027 Notes (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 do not guarantee the 2025 Notes, and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2025 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 2025 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on September 15, 2020 at a redemption price of 102.813%, during the 12 months beginning on September 15, 2021 at a redemption price of 101.406%, and at any time on or after September 15, 2022 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 triggering event occurs (as defined in the indenture governing the 2025 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2025 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2025 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). |
Product Warranty
Product Warranty | 9 Months Ended |
Dec. 31, 2020 | |
Guarantees And Product Warranties [Abstract] | |
Product Warranty | Note 7 — 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 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 months are classified as other liabilities in the condensed consolidated financial statements. 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 costs, the Company bases its estimates on its experience with the technology involved and the types 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, 2020 and 2019: Nine Months Ended December 31, 2020 December 31, 2019 (In thousands) Balance, beginning of period $ 11,643 $ 7,584 Change in liability for warranties issued in period 4,120 6,216 Settlements made (in cash or in kind) during the period (3,882 ) (3,729 ) Balance, end of period $ 11,881 $ 10,071 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 — Commitments and Contingencies In July 2016, the Company entered into two separate agreements with The Boeing Company (Boeing) for the construction and purchase of the Company’s first two ViaSat-3 class satellites and the integration of Viasat’s payload technologies into the satellites. In July 2019, the Company entered into an agreement with Boeing for the construction and purchase of a third ViaSat-3 class satellite and the integration of Viasat’s payload technologies into the satellite. From time to time, the Company is involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of business, including government investigations and claims, and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. Such matters could result in fines; penalties, compensatory, treble or other damages; or non-monetary relief. A violation of government contract laws and regulations could also result in the termination of its government contracts or debarment from bidding on future government contracts. 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. The Company has contracts with various U.S. Government agencies. Accordingly, the Company is routinely subject to audit and review by the DCMA, the DCAA and other U.S. Government agencies of its performance on government contracts, indirect rates and pricing practices, accounting and management internal control business systems, and compliance with applicable contracting and procurement laws, regulations and standards. An adverse outcome to a review or audit or other failure to comply with applicable contracting and procurement laws, regulations and standards could result in material civil and criminal penalties and administrative sanctions being imposed on the Company, which may include termination of contracts, forfeiture of profits, triggering of price reduction clauses, suspension of payments, significant customer refunds, fines and suspension, or a prohibition on doing business with U.S. Government agencies. In addition, if the Company fails to obtain an “adequate” determination of its various accounting and management internal control business systems from applicable U.S. Government agencies or if allegations of impropriety are made against it, the Company could suffer serious harm to its business or its reputation, including its ability to bid on new contracts or receive contract renewals and its competitive position in the bidding process. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal years 2019 or 2020. As of December 31, 2020, the DCAA had completed its incurred cost audit for fiscal years 2004 and 2016 and approved the Company’s incurred costs for those fiscal years, as well as approved the Company’s incurred costs for fiscal years 2005 through 2015, 2017 and 2018 without further audit based on the determination of low risk. Although the Company has recorded contract revenues subsequent to fiscal year 2018 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. As of December 31, 2020 and March 31, 2020 , the Company had $ million and $ million , respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. G overnment cost reimbursable contracts. This reserve is classified as either an element of accrued liabilities or as a reduction of unbilled accounts receivable based on the status of the related contracts. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — Income Taxes Ordinarily, the Company calculates its provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. However, when a reliable estimate cannot be made, the Company computes its provision for income taxes using the actual effective tax rate (discrete method) for the year-to-date period. The Company’s effective tax rate is highly influenced by the amount of its R&D tax credits. A small change in estimated annual pretax income (loss) can produce a significant variance in the annual effective tax rate given the Company’s expected amount of R&D tax credits. This variability provides an unreliable estimate of the annual effective tax rate. As a result, and in accordance with the authoritative guidance for accounting for income taxes in interim periods, the Company has computed its provision for income taxes for the three and nine months ended December 31, 2020 and 2019 by applying the actual effective tax rate to the income (loss) for the three-month and nine-month periods. For the three and nine months ended December 31, 2020, the Company recorded an income tax provision of $7.0 million and an insignificant amount, respectively, resulting in effective tax rates of 50% and 24%, respectively. The effective tax rates for the periods differed from the U.S. statutory rate primarily due to the expense for tax deficiencies upon settlement of stock-based compensation during the periods, partially offset by the benefit of federal and state R&D tax credits. For the three and nine months ended December 31, 2019, the Company recorded an income tax benefit of $3.9 million and $8.7 million, respectively, resulting in effective tax benefit rates of negative 80% and positive 211%, respectively. The effective tax rates for the periods differed from the U.S. statutory rate due primarily to the benefit of federal and state R&D tax credits. Future realization of existing deferred tax assets ultimately depends on future profitability and the existence of sufficient taxable income of appropriate character (for example, ordinary income versus capital gains) within the carryforward period available under tax law. In the event that the Company’s estimate of taxable income is less than that required to utilize the full amount of any deferred tax asset, a valuation allowance is established, which would cause a decrease to income in the period such determination is made. For the three and nine months ended December 31, 2020, the Company’s gross unrecognized tax benefits increased by $5.1 million and $12.0 million, respectively. In the next 12 months it is reasonably possible that the amount of unrecognized tax benefits will not change significantly. In |
Equity Method Investments and R
Equity Method Investments and Related-Party Transactions | 9 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Related Party Transactions [Abstract] | |
Equity Method Investments and Related-Party Transactions | Note 10 — Equity Method Investments and Related-Party Transactions Euro Broadband Infrastructure Sàrl In March 2017, the Company acquired a 49% interest in Euro Broadband Infrastructure Sàrl (Euro Infrastructure Co.) for $139.5 million as part of the consummation of the Company’s strategic partnering arrangement with Eutelsat. The Company’s investment in Euro Infrastructure Co. is accounted for under the equity method and the total investment, including basis difference allocated to tangible assets, identifiable intangible assets, deferred income taxes and goodwill, is classified as a single line item, as an investment in unconsolidated affiliate, on the Company’s condensed consolidated balance sheets. Because the underlying net assets in Euro Infrastructure Co. and the related excess carrying value of investment over the proportionate share of net assets are denominated in Euros, foreign currency translation gains or losses impact the recorded value of the Company’s investment. The Company recorded a foreign currency translation gain, net of tax, of approximately $4.4 million and $5.9 million for the three and nine months ended December 31, 2020, respectively, in accumulated other comprehensive income (loss). The Company recorded foreign currency translation losses, net of tax, of approximately $4.2 million and $5.0 million for the three and nine months ended December 31, 2019, respectively, in accumulated other comprehensive income (loss). The Company records its proportionate share of the results of Euro Infrastructure Co., and any related basis difference amortization expense, within equity in income (loss) of unconsolidated affiliate, net, one quarter in arrears. Accordingly, the Company included its share of the results of Euro Infrastructure Co. for the three and nine months ended September 30, 2020 in its condensed consolidated financial statements for the three and nine months ended December 31, 2020, respectively, and the Company included its share of the results of Euro Infrastructure Co. for the three and nine months ended September 30, 2019 in its condensed consolidated financial statements for the three and nine months ended December 31, 2019, respectively. The Company’s investment in Euro Infrastructure Co. is presented at cost of investment plus its accumulated proportional share of income or loss, including amortization of the difference in the historical basis of the Company’s contribution, less any distributions it has received. On November 18, 2020, the Company entered into an agreement to purchase the remaining 51% interest in Euro Infrastructure Co. from Eutelsat (see Note 12 — Acquisitions for more information). The difference between the Company’s carrying value of its investment in Euro Infrastructure Co. and its proportionate share of the net assets of Euro Infrastructure Co. as of December 31, 2020 and March 31, 2020 is summarized as follows: As of December 31, 2020 As of March 31, 2020 (In thousands) Carrying value of investment in Euro Infrastructure Co. $ 168,787 $ 160,204 Less: proportionate share of net assets of Euro Infrastructure Co. 152,231 144,769 Excess carrying value of investment over proportionate share of net assets $ 16,556 $ 15,435 The excess carrying value has been primarily assigned to: Goodwill $ 22,838 $ 21,777 Identifiable intangible assets 8,231 8,799 Tangible assets (15,504 ) (16,142 ) Deferred income taxes 991 1,001 $ 16,556 $ 15,435 The identifiable intangible assets have useful lives of up to 11 years and a weighted average useful life of approximately The Company’s share of income on its investment in Euro Infrastructure Co. was an insignificant amount for the three and nine months ended December 31, 2020, and $1.8 million and $4.3 million for the three and nine months ended December 31, 2019, respectively, consisting of the Company’s share of equity in Euro Infrastructure Co.’s income, including amortization of the difference in the historical basis of the Company’s contribution. Since acquiring its initial interest in Euro Infrastructure Co., the Company has recorded $11.2 million in retained earnings of undistributed cumulative earnings in equity interests, net of tax, as of December 31, 2020. Related-party transactions Transactions with the equity method investee are considered related-party transactions. The following tables set forth the material related-party transactions entered into between Euro Infrastructure Co. and its subsidiaries, on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the time periods presented: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In thousands) Revenue – Euro Infrastructure Co. $ 8,319 $ * $ 9,743 $ 8,469 Expense – Euro Infrastructure Co. 4,163 1,815 12,331 10,720 Cash received – Euro Infrastructure Co. 1,773 6,253 9,995 8,605 Cash paid – Euro Infrastructure Co. 7,867 3,198 20,947 10,654 As of December 31, 2020 As of March 31, 2020 (In thousands) Collections in excess of revenues and deferred revenues – Euro Infrastructure Co. $ 6,084 $ 5,832 Accounts payable – Euro Infrastructure Co. * 5,446 * Amount was insignificant |
Segment Information
Segment Information | 9 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Note 11 — Segment Information The Company’s reporting segments, comprised of the satellite services, commercial networks and government systems segments, are primarily distinguished by the type of customer and the related contractual requirements. The Company’s satellite services segment provides satellite-based broadband and related services to residential customers, Community Internet hotspot users, enterprises, commercial airlines and other mobile broadband customers. The Company’s commercial networks segment develops and offers advanced satellite and wireless broadband platforms, ground networking equipment, radio frequency and advanced microwave solutions, Application-Specific Integrated Circuit chip design, satellite payload development and space-to-earth connectivity systems, some of which are ultimately used by the Company’s satellite services segment. The Company’s government systems segment provides global mobile broadband services to military and government users and develops and offers network-centric, internet protocol-based fixed and mobile secure communications products and solutions. The more regulated government environment is subject to unique contractual requirements and possesses economic characteristics which differ from the satellite services and commercial networks segments. 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. Segment revenues and operating profits (losses) for the three and nine months ended December 31, 2020 and 2019 were as follows: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In thousands) Revenues: Satellite services Product $ — $ — $ — $ — Service 220,789 211,700 638,660 614,232 Total 220,789 211,700 638,660 614,232 Commercial networks Product 75,690 73,182 197,560 212,226 Service 14,409 11,544 38,561 39,520 Total 90,099 84,726 236,121 251,746 Government systems Product 190,824 229,908 575,568 661,309 Service 73,847 61,890 209,976 190,230 Total 264,671 291,798 785,544 851,539 Elimination of intersegment revenues — — — — Total revenues $ 575,559 $ 588,224 $ 1,660,325 $ 1,717,517 Operating profits (losses): Satellite services $ 11,457 $ 3,600 $ 21,083 $ 6,648 Commercial networks (39,028 ) (46,917 ) (135,785 ) (143,559 ) Government systems 50,644 59,142 148,002 167,160 Elimination of intersegment operating profits — — — — Segment operating profit before corporate and amortization of acquired intangible assets 23,073 15,825 33,300 30,249 Corporate — — — — Amortization of acquired intangible assets (1,313 ) (1,856 ) (4,171 ) (5,920 ) Income from operations $ 21,760 $ 13,969 $ 29,129 $ 24,329 Assets identifiable to segments include: accounts receivable, unbilled accounts receivable, inventory, acquired intangible assets and goodwill. The Company’s property and equipment, including its satellites, earth stations and other networking equipment, are assigned to corporate assets as they are available for use by the various segments throughout their estimated useful lives. Segment assets as of December 31, 2020 and March 31, 2020 were as follows: As of December 31, 2020 As of March 31, 2020 (In thousands) Segment assets: Satellite services $ 57,706 $ 86,252 Commercial networks 169,946 188,269 Government systems 439,794 484,237 Total segment assets 667,446 758,758 Corporate assets 4,581,260 4,125,110 Total assets $ 5,248,706 $ 4,883,868 Other acquired intangible assets, net and goodwill included in segment assets as of December 31, 2020 and March 31, 2020 were as follows: Other Acquired Intangible Assets, Net Goodwill As of December 31, 2020 As of March 31, 2020 As of December 31, 2020 As of March 31, 2020 (In thousands) Satellite services $ 6,499 $ 7,368 $ 13,955 $ 13,489 Commercial networks — 257 44,146 43,981 Government systems 4,580 6,814 64,347 63,727 Total $ 11,079 $ 14,439 $ 122,448 $ 121,197 Amortization of acquired intangible assets by segment for the three and nine months ended December 31, 2020 and 2019 was as follows: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In thousands) Satellite services $ 557 $ 678 $ 1,612 $ 2,383 Commercial networks — 384 257 1,156 Government systems 756 794 2,302 2,381 Total amortization of acquired intangible assets $ 1,313 $ 1,856 $ 4,171 $ 5,920 Revenues by geographic area for the three and nine months ended December 31, 2020 and 2019 were as follows: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2020 (In thousands) U.S. customers $ 512,439 $ 1,523,969 Non-U.S. customers (each country individually insignificant) 63,120 136,356 Total revenues $ 575,559 $ 1,660,325 Three Months Ended Nine Months Ended December 31, 2019 December 31, 2019 (In thousands) U.S. customers $ 523,455 $ 1,521,022 Non-U.S. customers (each country individually insignificant) 64,769 196,495 Total revenues $ 588,224 $ 1,717,517 The Company distinguishes revenues from external customers by geographic area based on customer location. |
Acquisitions
Acquisitions | 9 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | N ote 12 — Acquisitions On November 18, 2020, the Company entered into an agreement to purchase the remaining 51% interest in Euro Infrastructure Co. from Eutelsat for €140.0 million subject to customary net working capital and net debt adjustments. The purchase price is expected to be funded with available cash, resulting in a cash outlay of €50.0 million, after consideration of approximately €90.0 million of Euro Infrastructure Co.’s cash on hand. Consummation of the acquisition is subject to customary closing conditions and is expected to close in the fourth quarter of fiscal year 2021. The initial accounting for this acquisition will begin after the closing of the acquisition. On December 20, 2020, the Company entered into an Agreement and Plan of Merger with RigNet, Inc. (RigNet), pursuant to which the Company has agreed to acquire RigNet in exchange for total consideration equal to the value of 0.1845 shares of the Company’s common stock for each share of RigNet common stock outstanding on the date of consummation of the acquisition. RigNet is a leading provider of ultra-secure, intelligent networking solutions and specialized applications. The Company will pay substantially all of the merger consideration The transaction implies an enterprise value for RigNet of approximately $221.8 million, based on the closing price of the Company’s common stock and the number of RigNet shares of common stock outstanding as of the date of the agreement and RigNet’s net debt as of September 30, 2020 (which consisted of approximately $92.2 million in principal amount of RigNet debt, net of cash). Assuming no material change in the number of RigNet shares outstanding at the closing, and no closing adjustments, and taking into account expected treatment of equity-based awards at the closing of the transaction, the Company would issue approximately 4.0 million shares of the Company’s common stock at the closing (which would have comprised approximately 5.5% of the Company’s outstanding common stock had the acquisition been consummated on December 31, 2020). |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation | The Company’s condensed consolidated financial statements include the assets, liabilities and results of operations of Viasat, its wholly owned subsidiaries and its majority-owned subsidiary, TrellisWare Technologies, Inc. (TrellisWare). All significant intercompany amounts have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the condensed consolidated balance sheets. |
Management estimates and assumptions | 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, allowance for doubtful accounts, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, contingencies and income taxes including the valuation allowance on deferred tax assets. |
Revenue recognition | Revenue recognition The Company applies the five-step model under Accounting Standards Codification (ASC) 606 to its contracts with its customers. Under this model the Company (1) identifies the contract with the customer, (2) identifies its performance obligations in the contract, (3) determines the transaction price for the contract, (4) allocates the transaction price to its performance obligations and (5) recognizes revenue when or as it satisfies its performance obligations. These performance obligations generally include the purchase of services (including broadband capacity and the leasing of broadband equipment), the purchase of products, and the development and delivery of complex equipment built to customer specifications under long-term contracts. Performance obligations The timing of satisfaction of performance obligations may require judgment. The Company derives a substantial portion of its revenues from contracts with customers for services, primarily consisting of connectivity services. These contracts typically require advance or recurring monthly payments by the customer. The Company’s obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is based upon either a period of time (e.g., over the estimated contractual term) or usage (e.g., bandwidth used/bytes of data processed). The Company evaluates whether broadband equipment provided to its customers as part of the delivery of connectivity services represents a lease in accordance with ASC 842. As discussed further below under “Leases - Lessor accounting”, for broadband equipment leased to consumer broadband customers in conjunction with the delivery of connectivity services, the Company accounts for the lease and non-lease components of connectivity service arrangement s as a single performance obligation as the connectivity services represent the predominant component . The Company also derives a portion of its revenues from contracts with customers to provide products. Performance obligations to provide products are satisfied at the point in time when control is transferred to the customer. These contracts typically require payment by the customer upon passage of control and determining the point at which control is transferred may require judgment. To identify the point at which control is transferred to the customer, the Company considers indicators that include, but are not limited to, whether (1) the Company has the present right to payment for the asset, (2) the customer has legal title to the asset, (3) physical possession of the asset has been transferred to the customer, (4) the customer has the significant risks and rewards of ownership of the asset, and (5) the customer has accepted the asset. For product revenues, control generally passes to the customer upon delivery of goods to the customer. The vast majority of the Company’s revenues from long-term contracts to develop and deliver complex equipment built to customer specifications are derived from contracts with the U.S. Government (including foreign military sales contracted through the U.S. Government). The Company’s contracts with the U.S. Government typically are subject to the Federal Acquisition Regulation (FAR) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. Government contracts. The pricing for non-U.S. Government contracts is based on the specific negotiations with each customer. Under the typical payment terms of the Company’s U.S. Government fixed-price contracts, the customer pays the Company either performance-based payments (PBPs) or progress payments. PBPs are interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments based on a percentage of the costs incurred as the work progresses. Because the customer can often retain a portion of the contract price until completion of the contract, the Company’s U.S. Government fixed-price contracts generally result in revenue recognized in excess of billings which the Company presents as unbilled accounts receivable on the balance sheet. Amounts billed and due from the Company’s customers are classified as receivables on the balance sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For the Company’s U.S. Government cost-type contracts, the customer generally pays the Company for its actual costs incurred within a short period of time. For non-U.S. Government contracts, the Company typically receives interim payments as work progresses, although for some contracts, the Company may be entitled to receive an advance payment. The Company recognizes a liability for these advance payments in excess of revenue recognized and presents it as collections in excess of revenues and deferred revenues on the balance sheet. An advance payment is not typically considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the Company from the other party failing to adequately complete some or all of its obligations under the contract. Performance obligations related to developing and delivering complex equipment built to customer specifications under long-term contracts are recognized over time as these performance obligations do not create assets with an alternative use to the Company and the Company has an enforceable right to payment for performance to date. To measure the transfer of control, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress for its contracts because that best depicts the transfer of control to the customer which occurs as the Company incurs costs on its contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity and the costs of overhead. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is determined. Contract costs on U.S. Government contracts are subject to audit and review by the Defense Contracting Management Agency (DCMA), the Defense Contract Audit Agency (DCAA), and other U.S. Government agencies, as well as negotiations with U.S. Government representatives. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal years 2019 or 2020. As of December 31, 2020, the DCAA had completed its incurred cost audit for fiscal years 2004 and 2016 and approved the Company’s incurred costs for those fiscal years, as well as approved the Company’s incurred costs for fiscal years 2005 through 2015 , 2017 and 2018 without further audit based on the determination of low risk. Although the Company has recorded contract revenues subsequent to fiscal year 2018 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. As of December 31, 2020 and March 31, 2020 , the Company had $ million and $ million , respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. G overnment cost reimbursable contracts (see Note 8 — Commitments and Contingencies for more information ). Evaluation of transaction price The evaluation of transaction price, including the amounts allocated to performance obligations, may require significant judgments. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue, and, where applicable, the cost at completion, is complex, subject to many variables and requires significant judgment. The Company’s contracts may contain award fees, incentive fees, or other provisions, including the potential for significant financing components, that can either increase or decrease the transaction price. These amounts, which are sometimes variable, can be dictated by performance metrics, program milestones or cost targets, the timing of payments, and customer discretion. The Company estimates variable consideration at the amount to which it expects to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. In the event an agreement includes embedded financing components, the Company recognizes interest expense or interest income on the embedded financing components using the effective interest method. This methodology uses an implied interest rate which reflects the incremental borrowing rate which would be expected to be obtained in a separate financing transaction. The Company has elected the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Estimating standalone selling prices may require judgment. When available, the Company utilizes the observable price of a good or service when the Company sells that good or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the standalone selling price by considering all information (including market conditions, specific factors, and information about the customer or class of customer) that is reasonably available. Transaction price allocated to remaining performance obligations The Company’s remaining performance obligations represent the transaction price of firm contracts and orders for which work has not been performed. The Company includes in its remaining performance obligations only those contracts and orders for which it has accepted purchase orders. Remaining performance obligations associated with the Company’s subscribers for fixed consumer and business broadband services in its satellite services segment exclude month-to-month service contracts in accordance with a practical expedient and are estimated using a portfolio approach in which the Company reviews all relevant promotional activities and calculates the remaining performance obligation using the average service component for the portfolio and the average time remaining under the contract. The Company’s future recurring in-flight connectivity service contracts in its satellite services segment do not have minimum service purchase requirements and therefore are not included in the Company’s remaining performance obligations. As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $2.4 billion, of which the Company expects to recognize a little over half over the next twelve months, with the balance recognized thereafter. Disaggregation of revenue The Company operates and manages its business in three reportable segments: satellite services, commercial networks and government systems. Revenue is disaggregated by products and services, customer type, contract type, and geographic area, respectively, as the Company believes this approach best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The following sets forth disaggregated reported revenue by segment and product and services for the three and nine months ended December 31, 2020 and 2019: Three Months Ended December 31, 2020 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 75,690 $ 190,824 $ 266,514 Service revenues 220,789 14,409 73,847 309,045 Total revenues $ 220,789 $ 90,099 $ 264,671 $ 575,559 Nine Months Ended December 31, 2020 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 197,560 $ 575,568 $ 773,128 Service revenues 638,660 38,561 209,976 887,197 Total revenues $ 638,660 $ 236,121 $ 785,544 $ 1,660,325 Three Months Ended December 31, 2019 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 73,182 $ 229,908 $ 303,090 Service revenues 211,700 11,544 61,890 285,134 Total revenues $ 211,700 $ 84,726 $ 291,798 $ 588,224 Nine Months Ended December 31, 2019 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 212,226 $ 661,309 $ 873,535 Service revenues 614,232 39,520 190,230 843,982 Total revenues $ 614,232 $ 251,746 $ 851,539 $ 1,717,517 Revenues from the U.S. Government as an individual customer comprised approximately 28% and 30% of total revenues for the three and nine months ended December 31, 2020, respectively, and approximately 30% of total revenues for both the three and nine months ended December 31, 2019, mainly reported within the government systems segment. Revenues from the Company’s other customers, mainly reported within the commercial networks and satellite services segments, comprised approximately 72% and 70% of total revenues for the three and nine months ended December 31, 2020, respectively, and approximately 70% of total revenues for both the three and nine months ended December 31, 2019. The Company’s satellite services segment revenues are primarily derived from the Company’s fixed broadband services and in-flight services. Revenues in the Company’s commercial networks and government systems segments are primarily derived from three types of contracts: fixed-price, cost-reimbursement and time-and-materials contracts. Fixed-price contracts (which require the Company to provide products and services under a contract at a specified price) comprised approximately 91% and 88% of the Company’s total revenues for these segments for the three and nine months ended December 31, 2020, respectively, and approximately 89% of the Company’s total revenues for these segments for both the three and nine months ended December 31, 2019. The remainder of the Company’s revenues in these segments for such periods was derived primarily from cost-reimbursement contracts (under which the Company is reimbursed for all actual costs incurred in performing the contract to the extent such costs are within the contract ceiling and allowable under the terms of the contract, plus a fee or profit) and from time-and-materials contracts (under which the Company is reimbursed for the number of labor hours expended at an established hourly rate negotiated in the contract, plus the cost of materials utilized in providing such products or services). Historically, a significant portion of the Company’s revenues in its commercial networks and government systems segments has been derived from customer contracts that include the development of products. The development efforts are conducted in direct response to the customer’s specific requirements and, accordingly, expenditures related to such efforts are included in cost of sales when incurred and the related funding (which includes a profit component) is included in revenues. Revenues for the Company’s funded development from its customer contracts were approximately 20% and 23% of its total revenues for the three and nine months ended December 31, 2020, respectively, and approximately 24% and 23% of its total revenues for the three and nine months ended December 31, 2019, respectively. Contract balances Contract balances consist of contract assets and contract liabilities. A contract asset, or with respect to the Company, an unbilled accounts receivable, is recorded when revenue is recognized in advance of the Company’s right to bill and receive consideration, typically resulting from sales under long-term contracts. Unbilled accounts receivable are generally expected to be billed and collected within one year. The unbilled accounts receivable will decrease as provided services or delivered products are billed. The Company receives payments from customers based on a billing schedule established in the Company’s contracts. When consideration is received in advance of the delivery of goods or services, a contract liability, or with respect to the Company, collections in excess of revenues or deferred revenues, is recorded. Reductions in the collections in excess of revenues or deferred revenues will be recorded as the Company satisfies the performance obligations. The following table presents contract assets and liabilities as of December 31, 2020 and March 31, 2020: As of December 31, 2020 As of March 31, 2020 (In thousands) Unbilled accounts receivable $ 60,951 $ 75,661 Collections in excess of revenues and deferred revenues 206,807 123,019 Deferred revenues, long-term portion 97,485 80,802 Unbilled accounts receivable decreased $14.7 million during the nine months ended December 31, 2020, primarily driven by an increase in billings in the Company’s government systems segment. Collections in excess of revenues and deferred revenues increased $83.8 million during the nine months ended December 31, 2020, primarily driven by advances on goods or services received in excess of revenue recognized in the Company’s commercial networks segment. During the three and nine months ended December 31, 2020, the Company recognized revenue of $7.6 million and $82.2 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2020. During the three and nine months ended December 31, 2019, the Company recognized revenue of $13.5 million and $84.7 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2019. |
Property, equipment and satellites | Property, equipment and satellites Satellites and other property and equipment, including internally developed software, are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated useful lives are necessary. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. 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, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). The Company computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to 17 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. Costs related to internally developed software for internal uses are capitalized after the preliminary project stage is complete and are amortized over the estimated useful lives of the assets, which are approximately three to seven years. Capitalized costs for internal-use software are included in p roperty, equipment and satellites, net Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (ASC 835-20). With respect to the ViaSat-3 class satellites, gateway and networking equipment and other assets under construction, the Company capitalized $21.8 million and $57.7 million of interest expense for the three and nine months ended December 31, 2020, respectively, and $14.3 million and $38.6 million for the three and nine months ended December 31, 2019, respectively. The Company owns three satellites in service (ViaSat-2, ViaSat-1 and WildBlue-1) and has lifetime leases of Ka-band capacity on two satellites. The Company also has a global constellation of three third-generation ViaSat-3 class satellites under construction. In addition, the Company owns related earth stations and networking equipment for all of its satellites. The Company procures indoor and outdoor CPE units leased to subscribers under a retail leasing program as part of the Company’s satellite services segment, which are reflected in investing activities and property, equipment and satellites, net property, equipment and satellites, net property, equipment and satellites, net On June 1, 2017, the Company’s second-generation ViaSat-2 satellite was successfully launched into orbit. In the fourth quarter of fiscal year 2018, shortly before the launch of commercial broadband services on the satellite, the Company reported an antenna deployment issue. The Company worked with the satellite manufacturer to determine the root cause of the antenna deployment issue, potential corrective measures, and resulting damage. In the second quarter of fiscal year 2019, the root cause analysis was completed. Based on that analysis, during the second quarter of fiscal year 2019, the Company recorded a reduction to the carrying value of the ViaSat-2 satellite of $177.4 million, with a corresponding insurance receivable of $177.4 million, based on the Company’s estimated ViaSat-2 output capabilities as compared to the anticipated, potential and configured capacity of the ViaSat-2 satellite. During fiscal years 2019 and 2020, the Company received an aggregate of $188.0 million of insurance proceeds related to the ViaSat-2 satellite. The ViaSat-2 satellite was primarily financed by the Company’s direct loan facility with the Export-Import Bank of the United States for ViaSat-2 (the Ex-Im Credit Facility) (see Note 6 — Senior Notes and Other Long-Term Debt for more information). Pursuant to the terms of the Ex-Im Credit Facility, the proceeds received from the insurance claims for ViaSat-2 were used to pay down outstanding borrowings under the Ex-Im Credit Facility. Occasionally, the Company may enter into finance lease arrangements for various machinery, equipment, computer-related equipment, software, furniture, fixtures, or satellites. The Company records amortization of assets leased under finance lease arrangements within depreciation expense (see Note 1 — Basis of Presentation – Leases |
Capitalized interest policy | Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (ASC 835-20). |
Lessee Accounting | Lessee accounting For contracts entered into on or after April 1, 2019, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, the Company determines that a lease exists when (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all economic benefits from use of the asset, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease when one or more of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset, (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset or (5) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying leases. Lease payments included in the measurement of lease liabilities consist of (1) fixed lease payments for the noncancelable lease term, (2) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (3) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate established at lease commencement. Such payments and changes in payments based on a rate or index are recognized in operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease expense for finance leases consists of the depreciation of assets obtained under finance leases on a straight-line basis over the lease term and interest expense on the lease liability based on the discount rate at lease commencement. For both operating and finance leases, lease payments are allocated between a reduction of the lease liability and interest expense. The Company’s operating leases consist primarily of leases for office space, data centers and satellite ground facilities and have remaining terms from less than one year to twelve years, some of which include renewal options, and some of which include options to terminate the leases within one year. Certain earth station leases have renewal terms that have been deemed to be reasonably certain to be exercised and as such have been recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognized right-of-use assets and lease liabilities for such leases in connection with its adoption of ASC 842 as of April 1, 2019. The Company reports operating lease right-of-use assets in operating lease right-of-use assets and the current and non-current portions of its operating lease liabilities in accrued and other liabilities and non-current operating lease liabilities, respectively. |
Lessor Accounting | Lessor accounting For broadband equipment leased to fixed broadband customers in conjunction with the delivery of connectivity services, the Company has made an accounting policy election not to separate the broadband equipment from the related connectivity services. The connectivity services are the predominant component of these arrangements. The connectivity services are accounted for in accordance with ASC 606. The Company is also a lessor for certain insignificant communications equipment. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. |
Patents, orbital slots and other licenses | Patents, orbital slots and other licenses The Company capitalizes the costs of obtaining or acquiring patents, orbital slots and other 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 $3.4 million and $3.3 million related to patents were included in other assets as of December 31, 2020 and March 31, 2020, respectively. The Company capitalized costs of $53.8 million and $39.5 million related to acquiring and obtaining orbital slots and other licenses included in other assets as of December 31, 2020 and March 31, 2020, respectively. Accumulated amortization related to these assets was $4.1 million and $3.7 million as of December 31, 2020 and March 31, 2020, respectively. Amortization expense related to these assets was an insignificant amount for the three and nine months ended December 31, 2020 and 2019. If a patent, orbital slot or other license is rejected, abandoned or otherwise invalidated, the unamortized cost is expensed in that period. During the three and nine months ended December 31, 2020 and 2019, the Company did not write off any significant costs due to abandonment or impairment. |
Debt issuance costs | Debt issuance costs Debt issuance costs are amortized and recognized as interest expense using the effective interest rate method, or, when the results are not materially different, on a straight-line basis over the expected term of the related debt. During the nine months ended December 31, 2020 and 2019, $5.1 million and no debt issuance costs were capitalized, respectively. Unamortized debt issuance costs related to extinguished debt are expensed at the time the debt is extinguished and recorded in loss on extinguishment of debt in the condensed consolidated statements of operations and comprehensive income (loss). Debt issuance costs related to the Company’s revolving credit facility (the Revolving Credit Facility) are recorded in prepaid expenses and other current assets and in other long-term assets in the condensed consolidated balance sheets in accordance with the authoritative guidance for imputation of interest (ASC 835-30). Debt issuance costs related to the Company’s 5.625% Senior Notes due 2025 (the 2025 Notes), the Company’s 5.625% Senior Secured Notes due 2027 (the 2027 Notes), the Company’s 6.500% Senior Notes due 2028 (the 2028 Notes) and the Ex-Im Credit Facility are recorded as a direct deduction from the carrying amount of the related debt, consistent with debt discounts, in accordance with the authoritative guidance for imputation of interest (ASC 835-30). |
Software development | Software development Costs of developing software for sale are charged to independent 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. Capitalized costs, net, of $239.1 million and $242.7 million related to software developed for resale were included in other assets as of December 31, 2020 and March 31, 2020, respectively. The Company capitalized $13.0 million and $41.5 million of costs related to software developed for resale for the three and nine months ended December 31, 2020, respectively. The Company capitalized $13.4 million and $37.0 million of costs related to software developed for resale for the three and nine months ended December 31, 2019, respectively. Amortization expense for capitalized software development costs was $17.1 million and $45.1 million for the three and nine months ended December 31, 2020, respectively, and $13.9 million and $39.6 million for the three and nine months ended December 31, 2019, respectively. |
Self-insurance liabilities | 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 plans include policies which 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 plan year. Based on these actuarial methods, along with currently available information and insurance industry statistics, the Company has recorded self-insurance liability for its plans of $6.9 million and $6.2 million in accrued and other liabilities in the condensed consolidated balance sheets as of December 31, 2020 and March 31, 2020, respectively. 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 a current liability in accrued and other liabilities in accordance with the estimated timing of the projected payments. |
Indemnification provisions | 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 material 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, 2020 and March 31, 2020, no such amounts were accrued related to the aforementioned provisions. |
Noncontrolling interests | Noncontrolling interests 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 (loss) and other comprehensive income (loss) are reported in the condensed consolidated financial statements at the consolidated amounts, which include the amounts attributable to both the controlling and noncontrolling interest. |
Investments in unconsolidated affiliate - equity method | Investments in unconsolidated affiliate — equity method Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the condensed consolidated balance sheets. The Company records its share of the results of such entities within equity in income (loss) of unconsolidated affiliate, net on the condensed consolidated statements of operations and comprehensive income (loss). The Company monitors such investments for other-than-temporary impairment by considering factors including the current economic and market conditions and the operating performance of the entities and records reductions in carrying values when necessary. The fair value of privately held investments is estimated using the best available information as of the valuation date, including current earnings trends, undiscounted cash flows, quoted stock prices of comparable public companies, and other company specific information, including recent financing rounds. |
Stock-based compensation | Stock-based compensation In accordance with the authoritative guidance for share-based payments (ASC 718), the Company measures stock-based compensation cost at the grant date, based on the estimated fair value of the award. Expense for restricted stock units and stock options is recognized on a straight-line basis over the employee’s requisite service period. Expense for total shareholder return (TSR) performance stock options that vest is recognized regardless of the actual TSR outcome achieved and is recognized on a graded-vesting basis. The Company accounts for forfeitures as they occur. |
Income taxes | Income taxes Accruals for uncertain tax positions are provided for in accordance with the authoritative guidance for accounting for uncertainty in income taxes (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 deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. Ordinarily, the Company calculates its provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. However, when a reliable estimate cannot be made, the Company computes its provision for income taxes using the actual effective tax rate (discrete method) for the year-to-date period. The Company’s effective tax rate is highly influenced by the amount of its research and development (R&D) tax credits. A small change in estimated annual pretax income (loss) can produce a significant variance in the annual effective tax rate given the Company’s expected amount of R&D tax credits. This variability provides an unreliable estimate of the annual effective tax rate. As a result, and in accordance with the authoritative guidance for accounting for income taxes in interim periods, the Company has computed its provision for income taxes for the three and nine months ended December 31, 2020 and 2019 by applying the actual effective tax rate to the pretax income (loss) for the three-month and nine-month periods. 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. |
Recent authoritative guidance | Recent authoritative guidance In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments — Credit Losses (ASC 326). ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss model). It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to ASC 326, Financial Instruments — Credit Losses (ASC 326), which clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to ASC 326, Financial Instruments — Credit Losses, in May 2019, the FASB issued ASU 2019-05, Financial Instruments — Credit Losses (ASC 326) Targeted Relief, in November 2019, the FASB issued ASU 2019-11, Codification Improvements to ASC 326, Financial Instruments — Credit Losses, in February 2020, the FASB issued ASU 2020-02, Financial Instruments — Credit Losses (ASC 326) and Leases (ASC 842) Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to ASU 2016-02, Leases (ASC 842) and in March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments. These recently issued ASUs do not change the core principle of the guidance in ASU 2016-13 but rather are intended to clarify and improve operability of certain topics included within ASU 2016-13. ASU 2018-19, ASU 2019-04, required to recognize estimated credit losses expected to occur over the estimated life or remaining contractual life of an asset using a broader range of information including past events, current conditions and consideration of supportable forecasts about future economic conditions. The adoption of the standard had an insignificant In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The Company adopted the new guidance in the first quarter of fiscal year 2021 and the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various areas related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning in fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (ASC 321), Investments – Equity Method and Joint Ventures (ASC 323) and Derivatives and Hedging (ASC 815). ASU 2020-01 clarifies the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting under ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. The new standard will become effective for the Company beginning in fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional guidance to ease the potential accounting burden associated with the transition away from reference rates (such as the London Interbank Offered Rate) that are expected to be discontinued. ASU 2020-04 was effective upon issuance and can be applied for a limited time through December 31, 2022. The Company adopted the guidance upon issuance with no impact to the Company consolidated financial statements and disclosures. In May 2020, the SEC adopted Amendments to Financial Disclosures about Acquired and Disposed Businesses (the Final Rule). The Final Rule amends SEC rules related to separate financial statements of acquired businesses, and, among other things, revises the income test by adding a revenue component, which is one of the tests used to determine whether a subsidiary of an acquired or disposed business is significant. The Final Rule reduces the anomalous result that registrants with marginal or break-even net income (loss) may be more likely to have subsidiaries deemed significant where they otherwise would not. The Final Rule became effective on January 1, 2021, with early adoption permitted. The Company early adopted the provisions of the Final Rule in the first quarter of fiscal year 2021. The guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (ASC 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by removing the beneficial conversion and cash conversion accounting models for convertible instruments and removes certain settlement conditions that are required for contracts to qualify for equity classification. This new standard also simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method for convertible instruments and requires that the effect of potential share settlement be included in diluted earnings per share calculations when an instrument may be settled in cash or shares. The new standard requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity’s financial statements, and information about events, conditions, and circumstances that can affect how to assess the amount or timing of an entity’s future cash flows related to those instruments. The new standard will become effective for the Company beginning in fiscal year 2023, with early adoption permitted, but no earlier than fiscal year 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. ASU 2020-08 clarifies that a company should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The new standard will become effective for the Company beginning in fiscal year 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In October 2020, the FASB issued ASU 2020-09, Debt (ASC 740) to update the SEC guidance in the Codification related to the Final Rule (issued in March 2020). The SEC guidance in the Codification has updated financial disclosures about guarantors and issuers of guaranteed securities and affiliates whose securities collateralize a registrant’s securities. The final rules, among other things, allow omission of financial statements with respect to guaranteed securities when certain criteria are met and became effective on January 4, 2021. The guidance does not have a material impact on the Company’s consolidated financial statements and disclosures. In October 2020, the FASB issued ASU 2020- 10 , Codification Improvements, which is related to a project by the FASB to facilitate codification updates for technical corrections, clarifications and other minor improvements that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities . The new standard contains amendments that affect a wide variety of topics in the ASC. The various amendments in this new standard will become effective for the Company beginning in fiscal year 202 2 , with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. |
Fair value measurements | In accordance with the authoritative guidance for financial assets and liabilities measured at fair value on a recurring basis (ASC 820), the Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants, and prioritizes the inputs used to measure fair value from market-based assumptions to entity specific assumptions: • Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. The Company had $5.0 million in cash equivalents (Level 1) and no liabilities measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020. 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. Money market funds are valued using quoted prices for identical assets in an active market with sufficient volume and frequency of transactions (Level 1). Foreign currency forward 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 standard calculations/models that are primarily based on observable inputs, such as foreign currency exchange rates, or can be corroborated by observable market data (Level 2). Long-term debt — The Company’s long-term debt consists of borrowings under its Revolving Credit Facility and Ex-Im Credit Facility (collectively, the Credit Facilities), $700.0 million in aggregate principal amount of 2025 Notes, $600.0 million in aggregate principal amount of 2027 Notes, $400.0 million in aggregate principal amount of 2028 Notes and finance lease obligations reported at the present value of future minimum lease payments with current accrued interest. Long-term debt related to the Revolving Credit Facility is reported at the outstanding principal amount of borrowings, while long-term debt related to the Ex-Im Credit Facility, 2025 Notes, 2027 Notes and 2028 Notes is 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 Revolving Credit Facility approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. As of December 31, 2020 and March 31, 2020, the fair value of the Company’s long-term debt related to the Ex-Im Credit Facility was determined based on a discounted cash flow analysis using observable market interest rates for instruments with similar terms (Level 2) and was approximately $100.6 million and $118.1 million, respectively. As of December 31, 2020 and March 31, 2020, the estimated fair value of the Company’s outstanding long-term debt related to the 2025 Notes was determined based on actual or estimated bids and offers for the 2025 Notes in an over-the-counter market (Level 2) and was $716.0 million and $653.6 million, respectively. As of December 31, 2020 and March 31, 2020, the estimated fair value of the Company’s outstanding long-term debt related to the 2027 Notes was determined based on actual or estimated bids and offers for the 2027 Notes in an over-the-counter market (Level 2) and was $630.0 million and $603.2 million, respectively. As of December 31, 2020, the estimated fair value of the Company’s outstanding long-term debt related to the 2028 Notes (which were issued in June 2020) was determined based on actual or estimated bids and offers for the 2028 Notes in an over-the-counter market (Level 2) and was $432.1 million. Satellite performance incentive obligations — The Company’s contracts with the manufacturers of the ViaSat-1 and ViaSat-2 satellites require the Company to make monthly in-orbit satellite performance incentive payments, including interest, through fiscal year 2027 and fiscal year 2028, respectively, subject to the continued satisfactory performance of the applicable satellites. The Company records the net present value of these expected future payments as a liability and as a component of the cost of the satellites. However, for disclosure purposes, the Company is required to measure the fair value of outstanding satellite performance incentive obligations on a recurring basis. The fair value of the Company’s outstanding satellite performance incentive obligations is estimated to approximate their carrying value based on current rates (Level 2). As of December 31, 2020 and March 31, 2020, the Company’s estimated satellite performance incentive obligations relating to the ViaSat-1 and ViaSat-2 satellites, including accrued interest, were $27.7 million and $27.4 million, respectively. |
Other acquired intangible assets | Other acquired intangible assets are amortized using the straight-line method over their estimated useful lives of two to ten years. |
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 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 months are classified as other liabilities in the condensed consolidated financial statements. 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 costs, the Company bases its estimates on its experience with the technology involved and the types 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. |
Segment reporting | 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. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Disaggregation of Revenue by Segment and Product and Services | The following sets forth disaggregated reported revenue by segment and product and services for the three and nine months ended December 31, 2020 and 2019: Three Months Ended December 31, 2020 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 75,690 $ 190,824 $ 266,514 Service revenues 220,789 14,409 73,847 309,045 Total revenues $ 220,789 $ 90,099 $ 264,671 $ 575,559 Nine Months Ended December 31, 2020 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 197,560 $ 575,568 $ 773,128 Service revenues 638,660 38,561 209,976 887,197 Total revenues $ 638,660 $ 236,121 $ 785,544 $ 1,660,325 Three Months Ended December 31, 2019 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 73,182 $ 229,908 $ 303,090 Service revenues 211,700 11,544 61,890 285,134 Total revenues $ 211,700 $ 84,726 $ 291,798 $ 588,224 Nine Months Ended December 31, 2019 Satellite Services Commercial Networks Government Systems Total Revenues (In thousands) Product revenues $ — $ 212,226 $ 661,309 $ 873,535 Service revenues 614,232 39,520 190,230 843,982 Total revenues $ 614,232 $ 251,746 $ 851,539 $ 1,717,517 |
Summary of Contract Assets and Liabilities | The following table presents contract assets and liabilities as of December 31, 2020 and March 31, 2020: As of December 31, 2020 As of March 31, 2020 (In thousands) Unbilled accounts receivable $ 60,951 $ 75,661 Collections in excess of revenues and deferred revenues 206,807 123,019 Deferred revenues, long-term portion 97,485 80,802 |
Composition of Certain Balanc_2
Composition of Certain Balance Sheet Captions (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | As of December 31, 2020 As of March 31, 2020 (In thousands) Accounts receivable, net: Billed $ 145,323 $ 260,431 Unbilled 60,951 75,661 Allowance for doubtful accounts (3,482 ) (5,394 ) $ 202,792 $ 330,698 Inventories: Raw materials $ 95,872 $ 83,353 Work in process 68,071 59,429 Finished goods 170,976 151,634 $ 334,919 $ 294,416 Prepaid expenses and other current assets: Prepaid expenses $ 82,455 $ 84,872 Other 30,093 31,409 $ 112,548 $ 116,281 Property, equipment and satellites, net: Equipment and software (estimated useful life of 3-7 years) $ 1,424,548 $ 1,229,926 CPE leased equipment (estimated useful life of 4-5 years) 410,879 399,343 Furniture and fixtures (estimated useful life of 7 years) 57,582 54,688 Leasehold improvements (estimated useful life of 2-17 years) 144,214 137,287 Building (estimated useful life of 12 years) 8,923 8,923 Land 2,291 2,291 Construction in progress 230,172 220,703 Satellites (estimated useful life of 12-17 years) 969,952 969,952 Satellite Ka-band capacity obtained under finance leases (estimated useful life of 7-11 years) 173,322 171,801 Satellites under construction 1,264,177 906,720 4,686,060 4,101,634 Less: accumulated depreciation and amortization (1,712,327 ) (1,514,899 ) $ 2,973,733 $ 2,586,735 Other acquired intangible assets, net: Technology (weighted average useful life of 6 years) $ 91,804 $ 89,228 Contracts and customer relationships (weighted average useful life of 7 years) 103,724 103,114 Satellite co-location rights (weighted average useful life of 9 years) 8,600 8,600 Trade name (weighted average useful life of 3 years) 5,940 5,940 Other (weighted average useful life of 8 years) 6,421 6,399 216,489 213,281 Less: accumulated amortization (205,410 ) (198,842 ) $ 11,079 $ 14,439 Other assets: Investment in unconsolidated affiliate $ 168,787 $ 160,204 Deferred income taxes 277,734 276,331 Capitalized software costs, net 239,104 242,741 Patents, orbital slots and other licenses, net 53,058 39,135 Other 104,094 88,941 $ 842,777 $ 807,352 Accrued and other liabilities: Collections in excess of revenues and deferred revenues $ 206,807 $ 123,019 Accrued employee compensation 61,479 72,654 Accrued vacation 53,758 48,963 Warranty reserve, current portion 6,115 6,233 Operating lease liabilities 49,370 42,146 Other 108,036 98,175 $ 485,565 $ 391,190 Other liabilities: Deferred revenues, long-term portion $ 97,485 $ 80,802 Warranty reserve, long-term portion 5,766 5,410 Satellite performance incentive obligations, long-term portion 23,005 24,349 Other 25,784 10,373 $ 152,040 $ 120,934 |
Shares Used In Computing Dilu_2
Shares Used In Computing Diluted Net income (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net Income (Loss ) Per Share | Three Months Ended Nine Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In thousands) Weighted average: Common shares outstanding used in calculating basic net income (loss) per share attributable to Viasat, Inc. common stockholders 67,995 61,813 65,704 61,405 Options to purchase common stock as determined by application of the treasury stock method — 90 — — Restricted stock units to acquire common stock as determined by application of the treasury stock method 108 773 — — Potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan 565 240 — — Shares used in computing diluted net income (loss) per share attributable to Viasat, Inc. common stockholders 68,668 62,916 65,704 61,405 |
Senior Notes and Other Long-T_2
Senior Notes and Other Long-Term Debt (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Total long-term debt consisted of the following as of December 31, 2020 and March 31, 2020: As of December 31, 2020 As of March 31, 2020 (In thousands) 2028 Notes $ 400,000 $ — 2027 Notes 600,000 600,000 2025 Notes 700,000 700,000 Revolving Credit Facility — 390,000 Ex-Im Credit Facility 98,261 117,913 Finance lease obligations (see Note 1) 61,927 64,956 Total debt 1,860,188 1,872,869 Unamortized discount and debt issuance costs (22,705 ) (21,418 ) Less: current portion of long-term debt 33,735 29,788 Total long-term debt $ 1,803,748 $ 1,821,663 |
Product Warranty (Tables)
Product Warranty (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Guarantees And Product Warranties [Abstract] | |
Change in the Company's Warranty Accrual | The following table reflects the change in the Company’s warranty accrual during the nine months ended December 31, 2020 and 2019: Nine Months Ended December 31, 2020 December 31, 2019 (In thousands) Balance, beginning of period $ 11,643 $ 7,584 Change in liability for warranties issued in period 4,120 6,216 Settlements made (in cash or in kind) during the period (3,882 ) (3,729 ) Balance, end of period $ 11,881 $ 10,071 |
Equity Method Investments and_2
Equity Method Investments and Related-Party Transactions (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Related Party Transactions [Abstract] | |
The Difference Between Carrying Value of Investment in Euro Infrastructure Co. and Proportionate Share of Net Assets of Euro Infrastructure Co. and Summary of Condensed Financial Information of Significant Non-consolidated Equity Method Investment | The difference between the Company’s carrying value of its investment in Euro Infrastructure Co. and its proportionate share of the net assets of Euro Infrastructure Co. as of December 31, 2020 and March 31, 2020 is summarized as follows: As of December 31, 2020 As of March 31, 2020 (In thousands) Carrying value of investment in Euro Infrastructure Co. $ 168,787 $ 160,204 Less: proportionate share of net assets of Euro Infrastructure Co. 152,231 144,769 Excess carrying value of investment over proportionate share of net assets $ 16,556 $ 15,435 The excess carrying value has been primarily assigned to: Goodwill $ 22,838 $ 21,777 Identifiable intangible assets 8,231 8,799 Tangible assets (15,504 ) (16,142 ) Deferred income taxes 991 1,001 $ 16,556 $ 15,435 |
Schedule of Related Party Transactions | The following tables set forth the material related-party transactions entered into between Euro Infrastructure Co. and its subsidiaries, on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the time periods presented: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In thousands) Revenue – Euro Infrastructure Co. $ 8,319 $ * $ 9,743 $ 8,469 Expense – Euro Infrastructure Co. 4,163 1,815 12,331 10,720 Cash received – Euro Infrastructure Co. 1,773 6,253 9,995 8,605 Cash paid – Euro Infrastructure Co. 7,867 3,198 20,947 10,654 As of December 31, 2020 As of March 31, 2020 (In thousands) Collections in excess of revenues and deferred revenues – Euro Infrastructure Co. $ 6,084 $ 5,832 Accounts payable – Euro Infrastructure Co. * 5,446 * Amount was insignificant |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Revenues and Operating Profits (Losses) | Segment revenues and operating profits (losses) for the three and nine months ended December 31, 2020 and 2019 were as follows: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In thousands) Revenues: Satellite services Product $ — $ — $ — $ — Service 220,789 211,700 638,660 614,232 Total 220,789 211,700 638,660 614,232 Commercial networks Product 75,690 73,182 197,560 212,226 Service 14,409 11,544 38,561 39,520 Total 90,099 84,726 236,121 251,746 Government systems Product 190,824 229,908 575,568 661,309 Service 73,847 61,890 209,976 190,230 Total 264,671 291,798 785,544 851,539 Elimination of intersegment revenues — — — — Total revenues $ 575,559 $ 588,224 $ 1,660,325 $ 1,717,517 Operating profits (losses): Satellite services $ 11,457 $ 3,600 $ 21,083 $ 6,648 Commercial networks (39,028 ) (46,917 ) (135,785 ) (143,559 ) Government systems 50,644 59,142 148,002 167,160 Elimination of intersegment operating profits — — — — Segment operating profit before corporate and amortization of acquired intangible assets 23,073 15,825 33,300 30,249 Corporate — — — — Amortization of acquired intangible assets (1,313 ) (1,856 ) (4,171 ) (5,920 ) Income from operations $ 21,760 $ 13,969 $ 29,129 $ 24,329 |
Segment Assets | Segment assets as of December 31, 2020 and March 31, 2020 were as follows: As of December 31, 2020 As of March 31, 2020 (In thousands) Segment assets: Satellite services $ 57,706 $ 86,252 Commercial networks 169,946 188,269 Government systems 439,794 484,237 Total segment assets 667,446 758,758 Corporate assets 4,581,260 4,125,110 Total assets $ 5,248,706 $ 4,883,868 |
Other Acquired Intangible Assets, Net and Goodwill Included in Segment Assets and Amortization of Acquired Intangible Assets by Segment | Other acquired intangible assets, net and goodwill included in segment assets as of December 31, 2020 and March 31, 2020 were as follows: Other Acquired Intangible Assets, Net Goodwill As of December 31, 2020 As of March 31, 2020 As of December 31, 2020 As of March 31, 2020 (In thousands) Satellite services $ 6,499 $ 7,368 $ 13,955 $ 13,489 Commercial networks — 257 44,146 43,981 Government systems 4,580 6,814 64,347 63,727 Total $ 11,079 $ 14,439 $ 122,448 $ 121,197 Amortization of acquired intangible assets by segment for the three and nine months ended December 31, 2020 and 2019 was as follows: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In thousands) Satellite services $ 557 $ 678 $ 1,612 $ 2,383 Commercial networks — 384 257 1,156 Government systems 756 794 2,302 2,381 Total amortization of acquired intangible assets $ 1,313 $ 1,856 $ 4,171 $ 5,920 |
Revenue by Geographic Area | Revenues by geographic area for the three and nine months ended December 31, 2020 and 2019 were as follows: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2020 (In thousands) U.S. customers $ 512,439 $ 1,523,969 Non-U.S. customers (each country individually insignificant) 63,120 136,356 Total revenues $ 575,559 $ 1,660,325 Three Months Ended Nine Months Ended December 31, 2019 December 31, 2019 (In thousands) U.S. customers $ 523,455 $ 1,521,022 Non-U.S. customers (each country individually insignificant) 64,769 196,495 Total revenues $ 588,224 $ 1,717,517 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020USD ($)shares | Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($)Segmentshares | Dec. 31, 2019USD ($)shares | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($) | |
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Net proceeds form sale of shares after deducting offering expenes | $ 174,700,000 | $ 174,749,000 | ||||||
Revenue, practical expedient, financing component | true | |||||||
Remaining performance obligations | $ 2,400,000,000 | $ 2,400,000,000 | ||||||
Number of reportable segments | Segment | 3 | |||||||
Decrease in unbilled accounts receivable | $ 14,700,000 | |||||||
Increase in collections in excess of revenues and deferred revenues | 83,800,000 | |||||||
Collections in excess of revenues and deferred revenues, recognized revenue | 7,600,000 | $ 13,500,000 | 82,200,000 | $ 84,700,000 | ||||
Capitalized interest expense | 21,800,000 | 14,300,000 | 57,700,000 | 38,600,000 | ||||
Property, equipment and satellites | 4,686,060,000 | 4,686,060,000 | $ 4,101,634,000 | |||||
Accumulated depreciation and amortization | 1,712,327,000 | $ 1,712,327,000 | 1,514,899,000 | |||||
Proceeds from insurance claims on ViaSat-2 satellite | 2,277,000 | 188,000,000 | $ 188,000,000 | |||||
Operating lease, existence of option to terminate | true | |||||||
Operating lease, option to terminate, description | some of which include renewal options, and some of which include options to terminate the leases within one year. | |||||||
Total capitalized costs related to patents | 3,400,000 | $ 3,400,000 | 3,300,000 | |||||
Total capitalized costs related to orbital slots and other licenses | 53,800,000 | 53,800,000 | 39,500,000 | |||||
Accumulated amortization of patents, orbital slots and other licenses | 4,100,000 | 4,100,000 | 3,700,000 | |||||
Debt issuance costs capitalized | 5,100,000 | 0 | ||||||
Capitalized costs, net, related to software developed for resale | 239,104,000 | 239,104,000 | 242,741,000 | |||||
Capitalized cost related to software development for resale | 13,000,000 | 13,400,000 | 41,500,000 | 37,000,000 | ||||
Amortization expense of capitalized software development costs | 17,100,000 | 13,900,000 | 45,100,000 | 39,600,000 | ||||
Self-insurance liability | 6,900,000 | 6,900,000 | 6,200,000 | |||||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | 12,266,000 | 25,140,000 | 13,013,000 | 28,268,000 | ||||
Stock-based compensation expense | 21,700,000 | $ 21,900,000 | $ 64,967,000 | $ 64,236,000 | ||||
Accounting Standards Update 2016-13 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments — Credit Losses (ASC 326). ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss model). It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to ASC 326, Financial Instruments — Credit Losses (ASC 326), which clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to ASC 326, Financial Instruments — Credit Losses, in May 2019, the FASB issued ASU 2019-05, Financial Instruments — Credit Losses (ASC 326) Targeted Relief, in November 2019, the FASB issued ASU 2019-11, Codification Improvements to ASC 326, Financial Instruments — Credit Losses, in February 2020, the FASB issued ASU 2020-02, Financial Instruments — Credit Losses (ASC 326) and Leases (ASC 842) Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to ASU 2016-02, Leases (ASC 842) and in March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments. These recently issued ASUs do not change the core principle of the guidance in ASU 2016-13 but rather are intended to clarify and improve operability of certain topics included within ASU 2016-13. ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02, and ASU 2020-03 have the same effective date and transition requirements as ASU 2016-13. The Company adopted the new guidance in the first quarter of fiscal year 2021 using the modified retrospective approach with application of the model to the Company’s accounts receivables. Under the new standard, the Company is required to recognize estimated credit losses expected to occur over the estimated life or remaining contractual life of an asset using a broader range of information including past events, current conditions and consideration of supportable forecasts about future economic conditions. The adoption of the standard had an insignificant impact on the Company’s consolidated financial statements and disclosures. | |||||||
Accounting Standards Update 2018-13 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The Company adopted the new guidance in the first quarter of fiscal year 2021 and the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. | |||||||
Accounting Standards Update 2019-12 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various areas related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning in fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||||||
Accounting Standards Update 2020-01 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (ASC 321), Investments – Equity Method and Joint Ventures (ASC 323) and Derivatives and Hedging (ASC 815). ASU 2020-01 clarifies the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting under ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. The new standard will become effective for the Company beginning in fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||||||
Accounting Standards Update 2020-04 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional guidance to ease the potential accounting burden associated with the transition away from reference rates (such as the London Interbank Offered Rate) that are expected to be discontinued. ASU 2020-04 was effective upon issuance and can be applied for a limited time through December 31, 2022. The Company adopted the guidance upon issuance with no impact to the Company consolidated financial statements and disclosures. | |||||||
Accounting Standards Update 2020-09 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In October 2020, the FASB issued ASU 2020-09, Debt (ASC 740) to update the SEC guidance in the Codification related to the Final Rule (issued in March 2020). The SEC guidance in the Codification has updated financial disclosures about guarantors and issuers of guaranteed securities and affiliates whose securities collateralize a registrant’s securities. The final rules, among other things, allow omission of financial statements with respect to guaranteed securities when certain criteria are met and became effective on January 4, 2021. The guidance does not have a material impact on the Company’s consolidated financial statements and disclosures. | |||||||
Accounting Standards Update 2020-06 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (ASC 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by removing the beneficial conversion and cash conversion accounting models for convertible instruments and removes certain settlement conditions that are required for contracts to qualify for equity classification. This new standard also simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method for convertible instruments and requires that the effect of potential share settlement be included in diluted earnings per share calculations when an instrument may be settled in cash or shares. The new standard requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity’s financial statements, and information about events, conditions, and circumstances that can affect how to assess the amount or timing of an entity’s future cash flows related to those instruments. The new standard will become effective for the Company beginning in fiscal year 2023, with early adoption permitted, but no earlier than fiscal year 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||||||
Accounting Standards Update 2020-08 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. ASU 2020-08 clarifies that a company should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The new standard will become effective for the Company beginning in fiscal year 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||||||
Accounting Standards Update 2020-10 [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Description of new accounting pronouncements | In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which is related to a project by the FASB to facilitate codification updates for technical corrections, clarifications and other minor improvements that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The new standard contains amendments that affect a wide variety of topics in the ASC. The various amendments in this new standard will become effective for the Company beginning in fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||||||
CPE Leased Equipment [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, equipment and satellites | 410,879,000 | $ 410,879,000 | 399,343,000 | |||||
Accumulated depreciation and amortization | $ 186,800,000 | $ 186,800,000 | 165,700,000 | |||||
ViaSat-2 Satellite [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Reduction in property and equipment, net | $ 177,400,000 | |||||||
Estimated insurance claim receivable | $ 177,400,000 | |||||||
Proceeds from insurance claims on ViaSat-2 satellite | 188,000,000 | $ 188,000,000 | ||||||
Minimum [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, equipment and satellites, estimated useful life (years) | 2 years | |||||||
Financing lease, remaining lease term | 1 year | 1 year | ||||||
Operating lease, remaining lease term | 1 year | 1 year | ||||||
Estimated useful life, years | 2 years | |||||||
Minimum [Member] | Internally Developed Software [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, equipment and satellites, estimated useful life (years) | 3 years | |||||||
Minimum [Member] | CPE Leased Equipment [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, equipment and satellites, estimated useful life (years) | 4 years | |||||||
Maximum [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, equipment and satellites, estimated useful life (years) | 17 years | |||||||
Financing lease, remaining lease term | 6 years | 6 years | ||||||
Operating lease, remaining lease term | 12 years | 12 years | ||||||
Estimated useful life, years | 10 years | |||||||
Maximum [Member] | Software Development Costs [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Estimated useful life, years | 5 years | |||||||
Maximum [Member] | Internally Developed Software [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, equipment and satellites, estimated useful life (years) | 7 years | |||||||
Maximum [Member] | CPE Leased Equipment [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, equipment and satellites, estimated useful life (years) | 5 years | |||||||
Funded Research and Development from Customer Contracts [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of revenue | 20.00% | 24.00% | 23.00% | 23.00% | ||||
Operating Segments [Member] | Commercial Networks and Government Systems [Member] | Fixed-price Contract [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of revenue | 91.00% | 89.00% | 88.00% | 89.00% | ||||
U.S. Government as an Individual Customer [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of revenue | 28.00% | 30.00% | 30.00% | 30.00% | ||||
Other Customers [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of revenue | 72.00% | 70.00% | 70.00% | 70.00% | ||||
Unfavorable Regulatory Action [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accrued reserves | $ 8,800,000 | $ 8,800,000 | 7,800,000 | |||||
Indemnification Agreement [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accrued reserves | $ 0 | $ 0 | $ 0 | |||||
Common Stock [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of shares issued and sold | shares | 4,474,559 | 4,474,559 | ||||||
Shares sold, purchase price | $ / shares | $ 39.11 | |||||||
Common stock issued based on the vesting terms of certain restricted stock unit agreements | shares | 963,565 | 932,074 | 1,028,535 | 1,047,557 | ||||
Common Stock Held in Treasury [Member] | ||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Shares of common stock outstanding | shares | 0 | 0 | 0 | |||||
Purchase of treasury shares pursuant to vesting of certain RSU agreements | shares | 348,629 | 340,385 | 365,544 | 376,517 | ||||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | $ 12,300,000 | $ 25,100,000 | $ 13,000,000 | $ 28,300,000 |
Basis of Presentation - Addit_2
Basis of Presentation - Additional Information (Detail 1) | 9 Months Ended |
Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Company And Summary Of Significant Accounting Policies [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | Company expects to recognize a little over half over the next twelve months, with the balance recognized thereafter |
Basis of Presentation - Summary
Basis of Presentation - Summary of Disaggregation of Revenue by Segment and Product and Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 575,559 | $ 588,224 | $ 1,660,325 | $ 1,717,517 |
Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 266,514 | 303,090 | 773,128 | 873,535 |
Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 309,045 | 285,134 | 887,197 | 843,982 |
Operating Segments [Member] | Satellite Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 220,789 | 211,700 | 638,660 | 614,232 |
Operating Segments [Member] | Satellite Services [Member] | Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 220,789 | 211,700 | 638,660 | 614,232 |
Operating Segments [Member] | Commercial Networks [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 90,099 | 84,726 | 236,121 | 251,746 |
Operating Segments [Member] | Commercial Networks [Member] | Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 75,690 | 73,182 | 197,560 | 212,226 |
Operating Segments [Member] | Commercial Networks [Member] | Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 14,409 | 11,544 | 38,561 | 39,520 |
Operating Segments [Member] | Government Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 264,671 | 291,798 | 785,544 | 851,539 |
Operating Segments [Member] | Government Systems [Member] | Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 190,824 | 229,908 | 575,568 | 661,309 |
Operating Segments [Member] | Government Systems [Member] | Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 73,847 | $ 61,890 | $ 209,976 | $ 190,230 |
Basis of Presentation - Summa_2
Basis of Presentation - Summary of Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Accounting Policies [Abstract] | ||
Unbilled accounts receivable | $ 60,951 | $ 75,661 |
Collections in excess of revenues and deferred revenues | 206,807 | 123,019 |
Deferred revenues, long-term portion | $ 97,485 | $ 80,802 |
Composition of Certain Balanc_3
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts receivable, net: | ||
Accounts receivable, Billed | $ 145,323 | $ 260,431 |
Accounts receivable, Unbilled | 60,951 | 75,661 |
Allowance for doubtful accounts | (3,482) | (5,394) |
Accounts receivable, net | 202,792 | 330,698 |
Inventories: | ||
Raw materials | 95,872 | 83,353 |
Work in process | 68,071 | 59,429 |
Finished goods | 170,976 | 151,634 |
Inventories | 334,919 | 294,416 |
Prepaid expenses and other current assets: | ||
Prepaid expenses | 82,455 | 84,872 |
Other | 30,093 | 31,409 |
Prepaid expenses and other current assets | 112,548 | 116,281 |
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 4,686,060 | 4,101,634 |
Less: accumulated depreciation and amortization | (1,712,327) | (1,514,899) |
Property and equipment, net | 2,973,733 | 2,586,735 |
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 216,489 | 213,281 |
Less: accumulated amortization | (205,410) | (198,842) |
Other acquired intangible assets, net | 11,079 | 14,439 |
Other assets: | ||
Investment in unconsolidated affiliate | 168,787 | 160,204 |
Deferred income taxes | 277,734 | 276,331 |
Capitalized software costs, net | 239,104 | 242,741 |
Patents, orbital slots and other licenses, net | 53,058 | 39,135 |
Other | 104,094 | 88,941 |
Other assets | 842,777 | 807,352 |
Accrued and other liabilities: | ||
Collections in excess of revenues and deferred revenues | 206,807 | 123,019 |
Accrued employee compensation | 61,479 | 72,654 |
Accrued vacation | 53,758 | 48,963 |
Warranty reserve, current portion | 6,115 | 6,233 |
Operating lease liabilities | $ 49,370 | $ 42,146 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | vsat:AccruedAndOtherLiabilitiesCurrent | vsat:AccruedAndOtherLiabilitiesCurrent |
Other | $ 108,036 | $ 98,175 |
Accrued and other liabilities | 485,565 | 391,190 |
Other liabilities: | ||
Deferred revenues, long-term portion | 97,485 | 80,802 |
Warranty reserve, long-term portion | 5,766 | 5,410 |
Satellite performance incentive obligations, long-term portion | 23,005 | 24,349 |
Other | 25,784 | 10,373 |
Other liabilities | 152,040 | 120,934 |
Technology [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 91,804 | 89,228 |
Contracts and Customer Relationships [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 103,724 | 103,114 |
Satellite Co-Location Rights [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 8,600 | 8,600 |
Trade Name [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 5,940 | 5,940 |
Other [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 6,421 | 6,399 |
Satellites [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 969,952 | 969,952 |
Satellites under Construction [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 1,264,177 | 906,720 |
Equipment and Software [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 1,424,548 | 1,229,926 |
CPE Leased Equipment [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 410,879 | 399,343 |
Less: accumulated depreciation and amortization | (186,800) | (165,700) |
Satellite Ka-band Capacity Obtained under Finance Leases [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 173,322 | 171,801 |
Furniture and Fixtures [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 57,582 | 54,688 |
Leasehold Improvements [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 144,214 | 137,287 |
Building [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 8,923 | 8,923 |
Land [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 2,291 | 2,291 |
Construction in Progress [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | $ 230,172 | $ 220,703 |
Composition of Certain Balanc_4
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Parenthetical) (Detail) | 9 Months Ended |
Dec. 31, 2020 | |
Technology [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 6 years |
Contracts and Customer Relationships [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 7 years |
Satellite Co-Location Rights [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 9 years |
Trade Name [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 3 years |
Other [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 8 years |
Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Equipment and Software [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 3 years |
Equipment and Software [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
CPE Leased Equipment [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 4 years |
CPE Leased Equipment [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 5 years |
Furniture and Fixtures [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Building [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 12 years |
Satellites [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 12 years |
Satellites [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Satellite Ka-band Capacity Obtained under Finance Leases [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
Satellite Ka-band Capacity Obtained under Finance Leases [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 11 years |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | ||||
Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2017 | |
Satellite Performance Incentives Obligation [Member] | ViaSat-1 Satellite [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Expiration year of in-orbit satellite performance incentive obligation | 2027 | ||||
Satellite Performance Incentives Obligation [Member] | ViaSat-2 Satellite [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Expiration year of in-orbit satellite performance incentive obligation | 2028 | ||||
2025 Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Principal amount of senior notes issued | $ 700,000,000 | $ 700,000,000 | |||
2027 Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Principal amount of senior notes issued | 600,000,000 | $ 600,000,000 | |||
2028 Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Principal amount of senior notes issued | 400,000,000 | $ 400,000,000 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities measured at fair value on a recurring basis | 0 | $ 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash equivalents measured at fair value on a recurring basis | 5,000,000 | 5,000,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Satellite Performance Incentives Obligation [Member] | ViaSat-1 and ViaSat-2 Satellites [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Satellite performance incentives obligation | 27,700,000 | 27,400,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | 2025 Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of long term debt | 716,000,000 | 653,600,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | 2027 Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of long term debt | 630,000,000 | 603,200,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | 2028 Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of long term debt | 432,100,000 | ||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Ex-Im Credit Facility [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of long term debt | $ 100,600,000 | $ 118,100,000 |
Shares Used In Computing Dilu_3
Shares Used In Computing Diluted Net Income (Loss) Per Share - Shares Used In Computing Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding used in calculating basic net income (loss) per share attributable to Viasat, Inc. common stockholders | 67,995 | 61,813 | 65,704 | 61,405 |
Weighted average options to purchase common stock as determined by application of the treasury stock method | 90 | |||
Weighted average restricted stock units to acquire common stock as determined by application of the treasury stock method | 108 | 773 | ||
Weighted average potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan | 565 | 240 | ||
Weighted average shares used in computing diluted net income (loss) per share attributable to Viasat, Inc. common stockholders | 68,668 | 62,916 | 65,704 | 61,405 |
Shares Used In Computing Dilu_4
Shares Used In Computing Diluted Net Income (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 1,082,081 | 489,293 | 1,176,106 | 201,761 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 2,928,601 | 68,256 | 2,514,857 | 949,324 |
ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 496,869 | 230,588 | ||
Total Shareholder Return Performance Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 0 | 1,086,737 | 0 | 910,494 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangible assets | $ 1,313 | $ 1,856 | $ 4,171 | $ 5,920 |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other acquired intangible assets estimated useful lives | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other acquired intangible assets estimated useful lives | 10 years |
Senior Notes and Other Long-T_3
Senior Notes and Other Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Debt Instrument [Line Items] | ||
Finance lease obligations (see Note 1) | $ 61,927,000 | $ 64,956,000 |
Total debt | 1,860,188,000 | 1,872,869,000 |
Unamortized discount and debt issuance costs | (22,705,000) | (21,418,000) |
Less: current portion of long-term debt | 33,735,000 | 29,788,000 |
Total long-term debt | 1,803,748,000 | 1,821,663,000 |
2028 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 400,000,000 | |
2027 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 600,000,000 | 600,000,000 |
2025 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 700,000,000 | 700,000,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 390,000,000 | |
Ex-Im Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | $ 98,261,000 | $ 117,913,000 |
Senior Notes and Other Long-T_4
Senior Notes and Other Long-Term Debt - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020USD ($)Installment | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||
Proceeds from insurance claims on ViaSat-2 satellite | $ 2,277,000 | $ 188,000,000 | $ 188,000,000 | |||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility maximum borrowing capacity | $ 700,000,000 | |||||
Maturity date of the Credit Facility | Jan. 18, 2024 | |||||
Outstanding borrowings under the Credit Facility | $ 0 | |||||
Borrowing availability under the Credit Facility | $ 664,100,000 | |||||
Credit Facility interest rate description | Borrowings under the Revolving 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) the Eurodollar rate, plus, in the case of each of (1) and (2), an applicable margin that is based on the Company’s total leverage ratio. | |||||
Credit facility description | The Revolving Credit Facility contains financial covenants regarding a maximum total leverage ratio and a minimum interest coverage ratio. In addition, the Revolving 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 Revolving Credit Facility as of December 31, 2020. | |||||
Ex-Im Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility maximum borrowing capacity | $ 362,400,000 | |||||
Outstanding borrowings under the Credit Facility | $ 98,300,000 | |||||
Credit facility description | The Ex-Im Credit Facility contains financial covenants regarding Viasat’s maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im 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. | |||||
Amount of qualified ViaSat-2 satellite costs limited to finance | $ 321,200,000 | |||||
Percent of qualified ViaSat-2 expenses used to finance | 85.00% | |||||
The maximum exposure fees under Ex-Im Credit Facility | $ 41,200,000 | |||||
Interest rate on the outstanding borrowings | 2.38% | |||||
Required number of installment repayments | Installment | 16 | |||||
Debt maturity date | Oct. 15, 2025 | |||||
Effective interest rate on the Ex-Im Credit Facility | 4.54% | |||||
Ex-Im credit facility repayment commenced date | Apr. 15, 2018 | |||||
Cumulative Ex-Im Credit Facility loan discount | $ 42,300,000 | |||||
Exposure fees included in the principal | 35,300,000 | |||||
The exposure fees paid under Ex-Im Credit Facility borrowings | $ 6,000,000 | |||||
2028 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on the outstanding borrowings | 6.50% | |||||
Principal amount of senior notes issued | $ 400,000,000 | $ 400,000,000 | ||||
Debt maturity year | 2028 | |||||
2028 Notes [Member] | Debt Instrument, Redemption, Other Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 106.50% | |||||
Redemption description of Senior Notes | Prior to July 15, 2023, the Company may redeem up to 40% of the 2028 Notes at a redemption price of 106.500% 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. | |||||
2028 Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 100.00% | |||||
Redemption description of Senior Notes | The Company may also redeem the 2028 Notes prior to July 15, 2023, 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 2028 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2028 Notes on July 15, 2023 plus (2) all required interest payments due on such 2028 Notes through July 15, 2023 (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 governing the 2028 Notes) plus 50 basis points, over (b) the then-outstanding principal amount of such 2028 Notes. | |||||
2028 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 103.25% | |||||
Redemption description of Senior Notes | in whole or in part, at any time during the 12 months beginning on July 15, 2023 at a redemption price of 103.250% | |||||
2028 Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 100.00% | |||||
Redemption description of Senior Notes | at any time on or after July 15, 2025 at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. | |||||
2028 Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 101.625% | |||||
Redemption description of Senior Notes | during the 12 months beginning on July 15, 2024 at a redemption price of 101.625% | |||||
2028 Notes [Member] | Change of Control [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 101.00% | |||||
Redemption description of Senior Notes | In the event a change of control triggering event occurs (as defined in the indenture governing the 2028 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2028 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2028 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). | |||||
2027 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on the outstanding borrowings | 5.625% | |||||
Principal amount of senior notes issued | $ 600,000,000 | $ 600,000,000 | ||||
Debt maturity year | 2027 | |||||
2027 Notes [Member] | Debt Instrument, Redemption, Other Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 105.625% | |||||
Redemption description of Senior Notes | Prior to April 15, 2022, the Company may redeem up to 40% of the 2027 Notes at a redemption price of 105.625% 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. | |||||
2027 Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 100.00% | |||||
Redemption description of Senior Notes | The Company may also redeem the 2027 Notes prior to April 15, 2022, 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 2027 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2027 Notes on April 15, 2022 plus (2) all required interest payments due on such 2027 Notes through April 15, 2022 (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 governing the 2027 Notes) plus 50 basis points, over (b) the then-outstanding principal amount of such 2027 Notes. | |||||
2027 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 102.813% | |||||
Redemption description of Senior Notes | in whole or in part, at any time during the 12 months beginning on April 15, 2022 at a redemption price of 102.813% | |||||
2027 Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 100.00% | |||||
Redemption description of Senior Notes | at any time on or after April 15, 2024 at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. | |||||
2027 Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 101.406% | |||||
Redemption description of Senior Notes | during the 12 months beginning on April 15, 2023 at a redemption price of 101.406% | |||||
2027 Notes [Member] | Change of Control [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 101.00% | |||||
Redemption description of Senior Notes | In the event a change of control triggering event occurs (as defined in the indenture governing the 2027 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2027 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2027 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). | |||||
2025 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on the outstanding borrowings | 5.625% | |||||
Principal amount of senior notes issued | $ 700,000,000 | $ 700,000,000 | ||||
Debt maturity year | 2025 | |||||
2025 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 102.813% | |||||
Redemption description of Senior Notes | in whole or in part, at any time during the 12 months beginning on September 15, 2020 at a redemption price of 102.813% | |||||
2025 Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 100.00% | |||||
Redemption description of Senior Notes | at any time on or after September 15, 2022 at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. | |||||
2025 Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 101.406% | |||||
Redemption description of Senior Notes | during the 12 months beginning on September 15, 2021 at a redemption price of 101.406% | |||||
2025 Notes [Member] | Change of Control [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 101.00% | |||||
Redemption description of Senior Notes | In the event a change of control triggering event occurs (as defined in the indenture governing the 2025 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2025 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2025 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). | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility maximum borrowing capacity | $ 150,000,000 | |||||
Standby letters of credit outstanding amount | $ 35,900,000 |
Product Warranty - Additional I
Product Warranty - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Maximum warranty periods provided on limited warranty | 5 years |
Product Warranty - Change in th
Product Warranty - Change in the Company's Warranty Accrual (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance, beginning of period | $ 11,643 | $ 7,584 |
Change in liability for warranties issued in period | 4,120 | 6,216 |
Settlements made (in cash or in kind) during the period | (3,882) | (3,729) |
Balance, end of period | $ 11,881 | $ 10,071 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Unfavorable Regulatory Action [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
U.S. government contract-related reserves | $ 8.8 | $ 7.8 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) from income taxes | $ 7,008 | $ (3,911) | $ 573 | $ (8,731) |
Effective income tax rate | 50.00% | (80.00%) | 24.00% | 211.00% |
Increase (decrease) in gross unrecognized tax benefits | $ 5,100 | $ 12,000 |
Equity Method Investments and_3
Equity Method Investments and Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 18, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Foreign currency translation adjustments, net of tax | $ 9,047 | $ (2,371) | $ 12,662 | $ (6,091) | ||
Income from equity method investments | 774 | 1,807 | 788 | 4,328 | ||
Euro Infrastructure Co [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments, net of transaction costs, to acquire the issued shares in investment | $ 139,500 | |||||
Equity method investment ownership percentage | 49.00% | |||||
Foreign currency translation adjustments, net of tax | 4,400 | 4,200 | $ 5,900 | 5,000 | ||
Maximum useful life of intangible assets basis difference, years | 11 years | |||||
Weighted average useful life of intangible assets basis difference, years | 10 years | |||||
Maximum useful life of tangible assets basis difference, years | 11 years | |||||
Weighted average useful life of tangible assets basis difference, years | 11 years | |||||
Income from equity method investments | $ 1,800 | $ 4,300 | ||||
Retained earnings of undistributed cumulative earnings in equity interests, net of tax | $ 11,200 | $ 11,200 | ||||
Euro Infrastructure Co [Member] | Euro Infrastructure Co Step Acquisition [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of additional interest in subsidiary acquired | 51.00% |
Equity Method Investments and_4
Equity Method Investments and Related-Party Transactions - The Difference Between Carrying Value of Investment in Euro Infrastructure Co. and Proportionate Share of Net Assets of Euro Infrastructure Co. (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated affiliate | $ 168,787 | $ 160,204 |
Euro Infrastructure Co [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated affiliate | 168,787 | 160,204 |
Less: proportionate share of net assets of Euro Infrastructure Co. | 152,231 | 144,769 |
Excess carrying value of investment over proportionate share of net assets | 16,556 | 15,435 |
Euro Infrastructure Co [Member] | Goodwill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | 22,838 | 21,777 |
Euro Infrastructure Co [Member] | Identifiable Intangible Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | 8,231 | 8,799 |
Euro Infrastructure Co [Member] | Tangible Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | (15,504) | (16,142) |
Euro Infrastructure Co [Member] | Deferred Income Taxes [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | $ 991 | $ 1,001 |
Equity Method Investments and_5
Equity Method Investments and Related-Party Transactions - Schedule of Related Party Transactions (Detail) - Euro Infrastructure Co [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Revenue | $ 8,319 | $ 9,743 | $ 8,469 | ||
Expense | 4,163 | $ 1,815 | 12,331 | 10,720 | |
Cash received | 1,773 | 6,253 | 9,995 | 8,605 | |
Cash paid | 7,867 | $ 3,198 | 20,947 | $ 10,654 | |
Collections in excess of revenues and deferred revenues | $ 6,084 | $ 6,084 | $ 5,832 | ||
Accounts payable | $ 5,446 |
Segment Information - Segment R
Segment Information - Segment Revenues and Operating Profits (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | ||||
Total revenues | $ 575,559 | $ 588,224 | $ 1,660,325 | $ 1,717,517 |
Operating profits (losses): | ||||
Income (loss) from operations | 21,760 | 13,969 | 29,129 | 24,329 |
Amortization of acquired intangible assets | (1,313) | (1,856) | (4,171) | (5,920) |
Product [Member] | ||||
Revenues: | ||||
Total revenues | 266,514 | 303,090 | 773,128 | 873,535 |
Service [Member] | ||||
Revenues: | ||||
Total revenues | 309,045 | 285,134 | 887,197 | 843,982 |
Operating Segments [Member] | ||||
Operating profits (losses): | ||||
Income (loss) from operations | 23,073 | 15,825 | 33,300 | 30,249 |
Operating Segments [Member] | Satellite Services [Member] | ||||
Revenues: | ||||
Total revenues | 220,789 | 211,700 | 638,660 | 614,232 |
Operating profits (losses): | ||||
Income (loss) from operations | 11,457 | 3,600 | 21,083 | 6,648 |
Amortization of acquired intangible assets | (557) | (678) | (1,612) | (2,383) |
Operating Segments [Member] | Satellite Services [Member] | Service [Member] | ||||
Revenues: | ||||
Total revenues | 220,789 | 211,700 | 638,660 | 614,232 |
Operating Segments [Member] | Commercial Networks [Member] | ||||
Revenues: | ||||
Total revenues | 90,099 | 84,726 | 236,121 | 251,746 |
Operating profits (losses): | ||||
Income (loss) from operations | (39,028) | (46,917) | (135,785) | (143,559) |
Amortization of acquired intangible assets | (384) | (257) | (1,156) | |
Operating Segments [Member] | Commercial Networks [Member] | Product [Member] | ||||
Revenues: | ||||
Total revenues | 75,690 | 73,182 | 197,560 | 212,226 |
Operating Segments [Member] | Commercial Networks [Member] | Service [Member] | ||||
Revenues: | ||||
Total revenues | 14,409 | 11,544 | 38,561 | 39,520 |
Operating Segments [Member] | Government Systems [Member] | ||||
Revenues: | ||||
Total revenues | 264,671 | 291,798 | 785,544 | 851,539 |
Operating profits (losses): | ||||
Income (loss) from operations | 50,644 | 59,142 | 148,002 | 167,160 |
Amortization of acquired intangible assets | (756) | (794) | (2,302) | (2,381) |
Operating Segments [Member] | Government Systems [Member] | Product [Member] | ||||
Revenues: | ||||
Total revenues | 190,824 | 229,908 | 575,568 | 661,309 |
Operating Segments [Member] | Government Systems [Member] | Service [Member] | ||||
Revenues: | ||||
Total revenues | 73,847 | 61,890 | 209,976 | 190,230 |
Material Reconciling Items [Member] | ||||
Operating profits (losses): | ||||
Amortization of acquired intangible assets | $ (1,313) | $ (1,856) | $ (4,171) | $ (5,920) |
Segment Information - Segment A
Segment Information - Segment Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 5,248,706 | $ 4,883,868 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 667,446 | 758,758 |
Operating Segments [Member] | Satellite Services [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 57,706 | 86,252 |
Operating Segments [Member] | Commercial Networks [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 169,946 | 188,269 |
Operating Segments [Member] | Government Systems [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 439,794 | 484,237 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 4,581,260 | $ 4,125,110 |
Segment Information - Other Acq
Segment Information - Other Acquired Intangible Assets, Net and Goodwill Included in Segment Assets and Amortization of Acquired Intangible Assets by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Other acquired intangible assets, net | $ 11,079 | $ 11,079 | $ 14,439 | ||
Goodwill | 122,448 | 122,448 | 121,197 | ||
Amortization of acquired intangible assets | 1,313 | $ 1,856 | 4,171 | $ 5,920 | |
Operating Segments [Member] | Satellite Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other acquired intangible assets, net | 6,499 | 6,499 | 7,368 | ||
Goodwill | 13,955 | 13,955 | 13,489 | ||
Amortization of acquired intangible assets | 557 | 678 | 1,612 | 2,383 | |
Operating Segments [Member] | Commercial Networks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other acquired intangible assets, net | 257 | ||||
Goodwill | 44,146 | 44,146 | 43,981 | ||
Amortization of acquired intangible assets | 384 | 257 | 1,156 | ||
Operating Segments [Member] | Government Systems [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other acquired intangible assets, net | 4,580 | 4,580 | 6,814 | ||
Goodwill | 64,347 | 64,347 | $ 63,727 | ||
Amortization of acquired intangible assets | $ 756 | $ 794 | $ 2,302 | $ 2,381 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 575,559 | $ 588,224 | $ 1,660,325 | $ 1,717,517 |
U.S. Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 512,439 | 523,455 | 1,523,969 | 1,521,022 |
Non U.S. Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 63,120 | $ 64,769 | $ 136,356 | $ 196,495 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) € in Millions, shares in Millions, $ in Millions | Dec. 31, 2020 | Dec. 20, 2020USD ($)shares | Nov. 18, 2020EUR (€) | Dec. 31, 2020EUR (€) | Sep. 30, 2020USD ($) |
RigNet, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Assumed debt on business combination in principal amount | $ | $ 92.2 | ||||
Euro Infrastructure Co Step Acquisition [Member] | Euro Infrastructure Co [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of additional interest in subsidiary acquired | 51.00% | ||||
Payments, net of transaction costs, to acquire the issued shares in investment | € 140 | ||||
Payments to acquire additional interest in subsidiary, after consideration | € 50 | ||||
Euro Infrastructure Co.’s cash on hand | € 90 | ||||
RigNet, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Dec. 20, 2020 | ||||
Total consideration | $ | $ 221.8 | ||||
RigNet, Inc [Member] | Common Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, share conversion ratio | 0.1845 | ||||
Shares issuable for consideration payable in shares | shares | 4 | ||||
Percentage of outstanding common stock compromised | 5.50% |