Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 16, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | lorl | ||
Entity Registrant Name | LORAL SPACE & COMMUNICATIONS INC. | ||
Entity Central Index Key | 1,006,269 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 828,380,884 | ||
Voting Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 21,427,078 | ||
Nonvoting Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,505,673 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 58,853 | $ 51,433 |
Notes receivable | 33,667 | |
Other current assets | 2,979 | 1,786 |
Total current assets | 61,832 | 86,886 |
Investments in affiliates | 104,792 | |
Long-term deferred tax assets | 152,676 | 112,898 |
Other assets | 110 | 50 |
Total assets | 214,618 | 304,626 |
Current liabilities: | ||
Accrued employment costs | 2,376 | 2,300 |
Other current liabilities | 12,055 | 13,424 |
Total current liabilities | 14,431 | 15,724 |
Pension and other postretirement liabilities | 18,119 | 20,793 |
Long-term liabilities | 73,578 | 92,469 |
Total liabilities | $ 106,128 | $ 128,986 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, 0.01 par value; 10,000,000 shares authorized, no shares issued and outstanding | ||
Common Stock: | ||
Paid-in capital | $ 1,020,129 | $ 1,017,520 |
Treasury stock (at cost), 154,494 shares of voting common stock | (9,592) | (9,592) |
Accumulated deficit | (873,660) | (803,378) |
Accumulated other comprehensive loss | (28,698) | (29,221) |
Total shareholders' equity | 108,490 | 175,640 |
Total liabilities and shareholders' equity | 214,618 | 304,626 |
Voting Common Stock [Member] | ||
Common Stock: | ||
Common stock, 0.01 par value | 216 | 216 |
Nonvoting Common Stock [Member] | ||
Common Stock: | ||
Common stock, 0.01 par value | $ 95 | $ 95 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 154,494 | 154,494 |
Voting Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 21,581,572 | 21,568,706 |
Nonvoting Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,505,673 | 9,505,673 |
Common stock, shares outstanding | 9,505,673 | 9,505,673 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Operations [Abstract] | |||
General and administrative expenses | $ (6,530) | $ (5,330) | $ (16,038) |
Operating income (loss) | (6,530) | (5,330) | (16,038) |
Interest and investment income | 138 | 581 | 1,238 |
Interest expense | (17) | (15) | (17) |
Other income (expense) | (3,779) | (3,266) | (713) |
Income (loss) from continuing operations before income taxes and equity in net income (loss) of affiliates | (10,188) | (8,030) | (15,530) |
Income tax (provision) benefit | 45,476 | 8,105 | (1,841) |
Income (loss) from continuing operations before equity in net income (loss) of affiliates | 35,288 | 75 | (17,371) |
Equity in net income (loss) of affiliates | (104,792) | (1,502) | 38,827 |
Income (loss) from continuing operations | (69,504) | (1,427) | 21,456 |
Income (loss) from discontinued operations, net of tax provision | (778) | (24,402) | (4,877) |
Net (loss) income | $ (70,282) | $ (25,829) | $ 16,579 |
Basic | |||
Income (loss) from continuing operations | $ (2.25) | $ (0.05) | $ 0.70 |
Income (loss) from discontinued operations, net of tax | (0.03) | (0.79) | (0.16) |
Net income (loss) | (2.28) | (0.84) | 0.54 |
Diluted | |||
Income (loss) from continuing operations | (2.25) | (0.05) | 0.67 |
Income (loss) from discontinued operations, net of tax | (0.03) | (0.79) | (0.16) |
Net income (loss) | $ (2.28) | $ (0.84) | $ 0.51 |
Weighted average common shares outstanding: | |||
Basic | 30,928 | 30,920 | 30,850 |
Diluted | 30,928 | 30,920 | 30,999 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||||||||||||
Net Income Loss | $ (1,885) | $ (3,555) | $ 17,800 | $ (82,642) | $ (31,685) | $ (32,320) | $ 53,001 | $ (14,825) | $ (70,282) | $ (25,829) | $ 16,579 | ||||||||
Post-retirement benefits | $ 523 | (4,811) | 8,482 | ||||||||||||||||
Proportionate share of Telesat other comprehensive income (loss) | (3,494) | 7,996 | |||||||||||||||||
Other comprehensive income (loss), Net-of-Tax Amount | $ 523 | (8,305) | 16,478 | ||||||||||||||||
Comprehensive (loss) income | $ (69,759) | $ (34,134) | $ 33,057 | ||||||||||||||||
[1] | The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Voting Common Stock [Member]Common Stock [Member] | Nonvoting Common Stock [Member]Common Stock [Member] | Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Shareholders' Equity Attributable to Loral [Member] | Total |
Balance at Dec. 31, 2012 | $ 214 | $ 95 | $ 1,027,266 | $ (9,592) | $ (794,128) | $ (37,394) | $ 186,461 | |
Balance, shares at Dec. 31, 2012 | 21,417 | 9,506 | 154 | |||||
Net income (loss) attributable to Loral common shareholders | 16,579 | $ 16,579 | ||||||
Other comprehensive income (loss) | 16,478 | 16,478 | ||||||
Comprehensive income (loss) | 33,057 | 33,057 | ||||||
Exercise of stock options | $ 2 | (2) | ||||||
Exercise of stock options, shares | 175 | |||||||
Equitable adjustment to restricted stock units for dividends and distributions | $ 1 | (1) | ||||||
Equitable adjustment to restricted stock units for dividends and distributions, shares | 120 | |||||||
Shares surrendered to fund withholding taxes | $ (1) | (8,896) | (8,897) | |||||
Shares surrendered to fund withholding taxes, shares | (143) | |||||||
Adjustment to tax benefit associated with stock-based compensation | (3,128) | (3,128) | ||||||
Stock-based compensation | 417 | 417 | ||||||
Balance at Dec. 31, 2013 | $ 216 | $ 95 | 1,015,656 | $ (9,592) | (777,549) | (20,916) | 207,910 | |
Balance, shares at Dec. 31, 2013 | 21,569 | 9,506 | 154 | |||||
Net income (loss) attributable to Loral common shareholders | (25,829) | (25,829) | ||||||
Other comprehensive income (loss) | (8,305) | (8,305) | ||||||
Comprehensive income (loss) | (34,134) | (34,134) | ||||||
Adjustment to tax benefit associated with stock-based compensation | 1,864 | 1,864 | ||||||
Balance at Dec. 31, 2014 | $ 216 | $ 95 | 1,017,520 | $ (9,592) | (803,378) | (29,221) | 175,640 | 175,640 |
Balance, shares at Dec. 31, 2014 | 21,569 | 9,506 | 154 | |||||
Net income (loss) attributable to Loral common shareholders | (70,282) | (70,282) | ||||||
Other comprehensive income (loss) | 523 | 523 | ||||||
Comprehensive income (loss) | (69,759) | (69,759) | ||||||
Exercise of restricted stock units, shares | 13 | |||||||
Adjustment to tax benefit associated with stock-based compensation | 2,609 | 2,609 | ||||||
Balance at Dec. 31, 2015 | $ 216 | $ 95 | $ 1,020,129 | $ (9,592) | $ (873,660) | $ (28,698) | $ 108,490 | $ 108,490 |
Balance, shares at Dec. 31, 2015 | 21,582 | 9,506 | 154 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ (70,282) | $ (25,829) | $ 16,579 |
(Income) loss from discontinued operations, net of tax provision | 778 | 24,402 | 4,877 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Non-cash operating items (Note 2) | 66,399 | (8,276) | (1,521) |
Changes in operating assets and liabilities: | |||
Other current assets and other assets | 25 | (125) | 2,012 |
Accrued expenses and other current liabilities | (988) | 1,152 | (8,442) |
Income taxes receivable and payable | (834) | 13,128 | (12,112) |
Pension and other postretirement liabilities | (3,504) | (3,930) | (21,183) |
Long-term liabilities | (7,586) | (2,903) | (1,750) |
Net cash provided by (used in) operating activities - continuing operations | (15,992) | (2,381) | (21,540) |
Net cash provided by (used in) operating activities - discontinued operations | (12,762) | (26,743) | (48,965) |
Net cash provided by (used in) operating activities | (28,754) | (29,124) | (70,505) |
Investing activities: | |||
Tax indemnification recovery from affiliate | 5,438 | ||
Proceeds from sale of investments, net | 1,150 | ||
Capital expenditures | (102) | (4) | (64) |
Net cash provided by (used in) investing activities - continuing operations | (102) | 5,434 | 1,086 |
Receipt of principal, Land Note - discontinued operations | 33,667 | 67,333 | |
Net cash provided by investing activities | 33,565 | 72,767 | 1,086 |
Financing activities: | |||
Funding of withholding taxes for stock-based compensation | (8,897) | ||
Adjustment to tax benefit associated with stock-based compensation | 2,609 | 1,864 | (3,128) |
Net cash provided by (used in) financing activities - continuing operations | $ 2,609 | $ 1,864 | $ (12,025) |
Net cash provided by (used in) financing activities - discontinued operations | |||
Net cash provided by (used in) financing activities | $ 2,609 | $ 1,864 | $ (12,025) |
Increase (decrease) in cash and cash equivalents | 7,420 | 45,507 | (81,444) |
Cash and cash equivalents - beginning of period | 51,433 | 5,926 | 87,370 |
Cash and cash equivalents - end of period | $ 58,853 | $ 51,433 | $ 5,926 |
Organization and Principal Busi
Organization and Principal Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization and Principal Business [Abstract] | |
Organization and Principal Business | 1. Organization and Principal Business Loral Space & Communications Inc., together with its subsidiaries (“Loral,” the “Company,” “we,” “our” and “us”) is a leading satellite communications company engaged, through our ownership interests in affiliates, in satellite-based communications services. Description of Business Loral has one operating segment consisting of satellite-based communications services. Loral participates in satellite services operations through its ownership interest in Telesat Holdings Inc. (“Telesat Holdco”) which owns Telesat Canada (“Telesat”), a global satellite services operator. Telesat owns and leases a satellite fleet that operates in geosynchronous earth orbit approximately 22,000 miles above the equator. In this orbit, satellites remain in a fixed position relative to points on the earth’s surface and provide reliable, high-bandwidth services anywhere in their coverage areas, serving as the backbone for many forms of telecommunications. Loral holds a 62.8 % economic interest and a 32.7 % voting interest in Telesat Holdco (see Note 5). We use the equity method of accounting for our ownership interest in Telesat Holdco. Loral, a Del aware corporation, was formed on June 24, 2005 , to succeed to the business conducted by its predecessor registrant, Loral Space & Communications Ltd., which emerged from chapter 11 of the federal bankruptcy laws on November 21, 2005 (the “Effective Date”) pursuant to the terms of the fourth amended joint plan of reorganization, as modified. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The consolidated financial statements include the results of Loral and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany transactions have been eliminated. Discontinued Operations On November 2, 2012 , Loral completed the sale (the “Sale”) of its wholly-owned subsidiary, Space Systems/Loral, LLC (formerly known as Space Systems/Loral, Inc.) (“SS/L”), to MDA Communications Holdings, Inc. (“MDA Holdings”), a subsidiary of MacDonald, Dettwiler and Associates Ltd. (“MDA”). Pursuant to the purchase agreement (the “Purchase Agreement”), dated as of June 26, 2012 , as amended on October 30, 2012 and March 28, 2013 , by and among Loral, SS/L, MDA and MDA Holdings, Loral agreed to indemnify MDA and its affiliates from (1) liabilities with respect to certain pre-closing taxes; and (2) certain litigation costs and litigation damages in a lawsuit (the “ViaSat Suit”) brought in 2012 by ViaSat, Inc. (“ViaSat”) against Loral and SS/L (see Note 14). Adjustments to amounts previously reported in discontinued operations and interest expense that is directly related to the Sale are classified as discontinued operations in the statements of operations and cash flows for the years ended December 31, 2015, 2014 and 2013. Investments in Affiliates Ownership interests in Telesat and XTAR, LLC (“XTAR”) are accounted for using the equity method of accounting. Income and losses of affiliates are recorded based on our beneficial interest. Our equity in net income or loss also reflects amortization of profits eliminated, to the extent of our economic interest in Telesat and XTAR, on satellites we constructed for them while we owned SS/L and on Loral’s sale to Telesat in April 2011 of its portion of the payload on the ViaSat-1 satellite and related assets. Equity in losses of affiliates is not recognized after the carrying value of an investment, including advances and loans, has been reduced to zero, unless guarantees or other funding obligations exist. The Company monitors its equity method investments for factors indicating other-than-temporary impairment. An impairment loss is recognized when there has been a loss in value of the affiliate that is other-than-temporary. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. 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 the amount of income (loss) reported for the period. Actual results could differ from estimates. Significant estimates also included the allowances for doubtful accounts, income taxes, including the valuation of deferred tax assets, the fair value of liabilities indemnified and our pension liabilities. Cash and Cash Equivalents As of December 31, 2015, the Company had $58. 9 million of cash and cash equivalents. Cash and cash equivalents include liquid investments, primarily money market funds, with maturities of less than 90 days at the time of purchase and no redemption limitations. Management determines the appropriate classification of its investments at the time of purchase and at each balance sheet date. Concentration of Credit Risk Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and receivables. Our cash and cash equivalents are maintained with high-credit-quality financial institutions. As a result, management believes that its potential credit risks are minimal. Fair Value Measurements U.S. GAAP defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. U.S. GAAP also establishes a fair value hierarchy that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are described below: Level 1: Inputs represent a fair value that is derived from unadjusted quoted prices for identical assets or liabilities traded in active markets at the measurement date. Level 2: Inputs represent a fair value that is derived from quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities, and pricing inputs, other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. Assets and Liabilities Measured at Fair Value The following table presents our assets and liabilities measured at fair value at December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Money market funds $ 53,129 $ — $ — $ 42,432 $ — $ — Note receivable: Land Note $ — $ — $ — $ — $ — $ 33,667 Other current assets: Indemnification - Sale of SS/L $ — $ — $ 1,953 $ — $ — $ 428 Liabilities Long term liabilities Indemnification - Globalstar do Brasil S.A. $ — $ — $ 1,006 $ — $ — $ 972 The carrying amount of cash equivalents approximates fair value as of each reporting date because of the short maturity of those instruments. The carrying amount of the Land Note (see Note 4) approximates fair value because the stated interest rate was consistent with then current market rates. The asset resulting from the indemnification of SS/L is for certain pre-closing taxes and reflects the excess of payments since inception over the estimated liability, which was originally determined using fair value objective approach. The estimated liability for indemnifications relating to Globalstar do Brasil S.A. (“GdB”), originally determined using expected value analysis, is net of payments since inception. The fair values of indemnification liabilities are not remeasured on a recurring basis. The Company does not have any non-financial assets or non-financial liabilities that are recognized or disclosed at fair value as of December 31, 2015. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis We review the carrying values of our equity method investments when events and circumstances warrant and consider all available evidence in evaluating when declines in fair value are other than temporary. The fair values of our investments are determined based on valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow projections. An impairment charge is recorded when the carrying amount of the investment exceeds its current fair value and is determined to be other than temporary. Contingencies Contingencies by their nature relate to uncertainties that require management to exercise judgment both in assessing the likelihood that a liability has been incurred as well as in estimating the amount of potential loss, if any. We accrue for costs relating to litigation, claims and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates may be based on advice from third parties or on management’s judgment, as appropriate. Actual amounts paid may differ from amounts estimated, and such differences will be charged to operations in the period in which the final determination of the liability is made. Income Taxes Loral and its subsidiaries are subject to U.S. federal, state and local income taxation on their worldwide income and foreign taxation on certain income from sources outside the United States. Telesat is subject to tax in Canada and other jurisdictions, and Loral will provide in operating earnings any additional U.S. current and deferred tax required on distributions received or deemed to be received from Telesat. Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying anticipated statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the deferred tax assets will not be realized. The tax benefit of an uncertain tax position (“UTP”) taken or expected to be taken in income tax returns is recognized only if it is “more likely than not” to be sustained on examination by the taxing authorities, based on its technical merits as of the reporting date. The tax benefit recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to income taxes in income tax expense on a quarterly basis. The unrecognized tax benefit of a UTP is recognized in the period when the UTP is effectively settled. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position would be sustained upon examination. Earnings per Share Basic earnings per share are computed based upon the weighted average number of shares of voting and non-voting common stock outstanding during each period. Shares of non-voting common stock are in all respects identical to and treated equally with shares of voting common stock except for the absence of voting rights (other than as provided in Loral’s Amended and Restated Certificate of Incorporation which was ratified by Loral’s stockholders on May 19, 2009). Diluted earnings per share are based on the weighted average number of shares of voting and non-voting common stock outstanding during each period, adjusted for the effect of unvested or unconverted restricted stock units. Additional Cash Flow Information The following represents non-cash activities and supplemental information to the consolidated statements of cash flows (in thousands): Year Ended December 31, 2015 2014 2013 Non-cash operating items: Equity in net loss (income) of affiliates $ 104,792 $ 1,502 $ (38,827) Deferred taxes (39,694) (10,276) 28,184 Depreciation and amortization 41 42 18 Stock-based compensation — — 417 Amortization of prior service credit and actuarial loss 1,260 456 8,687 Net non-cash operating items – continuing operations $ 66,399 $ (8,276) $ (1,521) Supplemental information: Interest paid – continuing operations $ 314 $ 15 $ 17 Interest paid – discontinued operations $ 1,549 $ 227 $ — Tax refunds, net of payments - continuing operations $ (233) $ (10,265) $ (10,061) Tax payments, net of refunds – discontinued operations $ — $ — $ 35,074 Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Income Taxes – Balance Sheet Classification of Deferred Taxes, which simplifies the balance sheet classification of deferred taxes. The new guidance requires that all deferred taxes be presented as noncurrent. The new guidance is effective in fiscal years beginning after December 15, 2016 with earlier application permitted. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company adopted the guidance for the 2015 annual reporting period and applied it prospectively. The new guidance did not have a material impact on our consolidated financial statements (see Note 7). In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items. ASU 2015 ‑01 simplifies income statement classification by removing the concept of extraordinary items from U.S. GAAP. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The existing requirement to separately present items that are of unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained. The new guidance also requires similar separate presentation of items that are both unusual and infrequent. The guidance, effective for the Company on January 1, 2016, with earlier application permitted as of the beginning of the fiscal year of adoption, is not expected to have a material impact on our consolidated financial statements. In August 2014, the FASB issued a new standard – ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern - that will explicitly require management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. According to the new standard, substantial doubt about an entity’s ability to continue as a going concern exists if it is probable that the entity will be unable to meet its obligations as they become due within one year after the date the entity’s financial statements are issued. In order to determine the specific disclosures, if any, that would be required, management will need to assess if substantial doubt exists, and, if so, whether its plans will alleviate such substantial doubt. The new standard requires assessment each annual and interim period and will be effective for the Company on December 31, 2016 with earlier application permitted. We do not expect this guidance to have a material impact on our consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, only those disposals that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the consolidated financial statements. Also, disposal of an equity method investment that meets the definition of a discontinued operation is to be reported in discontinued operations under the new guidance. The guidance, effective for the Company on January 1, 2015, did not have a material impact on our consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 3. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, are as follows (in thousands): Proportionate Share of Accumulated Telesat Other Other Postretirement Comprehensive Comprehensive Benefits Loss Loss Balance at January 1, 2013 $ (17,653) $ (19,741) $ (37,394) Other comprehensive income before reclassification 3,102 7,996 11,098 Amounts reclassified from accumulated other comprehensive loss 5,380 — 5,380 Net current-period other comprehensive income 8,482 7,996 16,478 Balance at December 31, 2013 (9,171) (11,745) (20,916) Other comprehensive loss before reclassification (5,147) (3,494) (8,641) Amounts reclassified from accumulated other comprehensive loss 336 — 336 Net current-period other comprehensive loss (4,811) (3,494) (8,305) Balance at December 31, 2014 (13,982) (15,239) (29,221) Other comprehensive loss before reclassification (265) — (265) Amounts reclassified from accumulated other comprehensive loss 788 — 788 Net current-period other comprehensive loss 523 — 523 Balance at December 31, 2015 $ (13,459) $ (15,239) $ (28,698) The components of other comprehensive (loss) income and related tax effects are as follows (in thousands): Before-Tax Amount Tax (Provision) Benefit Net-of-Tax Amount Year ended December 31, 2015 Postretirement Benefits: Net actuarial loss and prior service credits $ (424) $ 159 $ (265) Amortization of prior service credits and net actuarial loss 1,260 (a) (472) 788 Postretirement benefits 836 (313) 523 Proportionate share of Telesat Holdco other comprehensive loss (see Note 5) — — — Other comprehensive loss $ 836 $ (313) $ 523 Year ended December 31, 2014 Postretirement Benefits: Net actuarial loss and prior service credits $ (8,117) $ 2,970 $ (5,147) Amortization of prior service credits and net actuarial loss 456 (a) (120) 336 Postretirement benefits (7,661) 2,850 (4,811) Proportionate share of Telesat Holdco other comprehensive (loss) gain (5,563) 2,069 (3,494) Other comprehensive income $ (13,224) $ 4,919 $ (8,305) Year ended December 31, 2013 Postretirement Benefits: Net actuarial loss and prior service credits $ 5,012 $ (1,910) $ 3,102 Amortization of prior service credits and net actuarial loss 8,687 (a) (3,307) 5,380 Postretirement benefits 13,699 (5,217) 8,482 Proportionate share of Telesat Holdco other comprehensive (loss) income 12,906 (4,910) 7,996 Other comprehensive income $ 26,605 $ (10,127) $ 16,478 (a) Reclassifications are included in general and administrative expenses. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | 4. Receivables In connection with the Sale, Loral received a three-year promissory note in the principal amount of $101 million (the “Land Note”). Loral received principal payments under the Land Note of $33.7 million and $67.3 million on March 31, 2015 and 2014, respectively. Interest on the Land Note ranged from 1.0% to 1.5% . All amounts due under the Land Note had been received as of March 31, 2015. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Investments in Affiliates [Abstract] | |
Investments in Affiliates | 5. Investments in Affiliates Investments in affiliates consist of (in thousands): December 31, 2015 2014 Telesat Holdings Inc. $ — $ 74,329 XTAR, LLC — 30,463 $ — $ 104,792 Equity in net (loss) income of affiliates consists of (in thousands): Year Ended December 31, 2015 2014 2013 Telesat Holdings Inc. $ (74,329) $ 24,698 $ 47,251 XTAR, LLC (30,463) (26,200) (5,854) Other — — (2,570) $ (104,792) $ (1,502) $ 38,827 Telesat As of December 31, 2015 and 2014, we held a 62.8 % economic interest and a 32.7 % voting interest in Telesat. We use the equity method of accounting for our majority economic interest in Telesat because we own 32.7 % of the voting stock and do not exercise control by other means to satisfy the U.S. GAAP requirement for treatment as a consolidated subsidiary. We have also concluded that Telesat is not a variable interest entity for which we are the primary beneficiary. Loral’s equity in net income or loss of Telesat is based on our proportionate share of Telesat’s results in accordance with U.S. GAAP and in U.S. dollars. Our proportionate share of Telesat’s net income or loss is based on our economic interest as our holdings consist of common stock and non-voting participating preferred shares that have all the rights of common stock with respect to dividends, return of capital and surplus distributions, but have no voting rights. As of December 31, 2015, our investment in Telesat has been reduced to zero as a result of recording our interest in Telesat’s losses which were primarily driven by foreign exchange losses. In following the equity method of accounting, we will not record equity in net income of Telesat until our share of Telesat’s future net income exceeds the unrecognized loss of $57.9 million. In addition, we will not record our equity of $20.8 million in Telesat’s other comprehensive income until all unrecognized losses have been recorded. Our statements of operations and comprehensive (loss) income for the years ended December 31, 2015 and 2014 included equity in net (loss) income of affiliates of $(3.5) million and $0.3 million, respectively, and other comprehensive income of $5.3 million and $0.4 million, respectively, that should have been recognized in prior periods. These adjustments, which related to our investment in Telesat, consisted primarily of foreign exchange gains and losses. The Company has not revised previous financial statements for these adjustments based on its belief that the effect of such adjustments is not material to the financial statements taken as a whole. The ability of Telesat to pay dividends or certain other restricted payments as well as consulting fees in cash to Loral is governed by applicable covenants in Telesat’s debt and shareholder agreements. Under Telesat’s credit agreement and the indenture for Telesat’s 6 % senior notes, dividends or certain other restricted payments may be paid only if there is a sufficient capacity under a restricted payment basket, which is based on a formula of cumulative consolidated EBITDA less 1.4 times cumulative consolidated interest expense. Under the 6% senior note indenture and credit agreement, Telesat is generally permitted to pay consulting fees to Loral in cash (See Note 15). The contribution of Loral Skynet, a wholly owned subsidiary of Loral prior to its contribution to Telesat in 2007, was recorded by Loral at the historical book value of our retained interest combined with the gain recognized on the contribution. However, the contribution was recorded by Telesat at fair value. Accordingly, the amortization of Telesat fair value adjustments applicable to the Loral Skynet assets and liabilities is proportionately eliminated in determining our share of the net income or losses of Telesat. Our equity in net income or loss of Telesat also reflects amortization of profits eliminated, to the extent of our economic interest in Telesat, on satellites we constructed for Telesat while we owned SS/L and on Loral’s sale to Telesat in April 2011 of its portion of the payload on the ViaSat-1 satellite and related assets. In connection with the acquisition of our ownership interest in Telesat in 2007, Loral retained the benefit of tax recoveries related to transferred assets and indemnified Telesat (“Telesat Indemnification”) for certain liabilities including Loral Skynet’s tax liabilities arising prior to January 1, 2007. During the year ended December 31, 2014, Loral and Telesat settled several of the Telesat Indemnification tax disputes (see Note 15) resulting in a net cash recovery of $5.4 million which was received from Telesat in April 2014. Our investment in Telesat was reduced by $5.0 million as a result of this recovery. On April 2, 2013 , Telesat re-priced and amended the Telesat Credit Agreement. The amendment converted CAD 34 million from Canadian to U.S. dollars and decreased the interest rates on Telesat’s Canadian and U.S. term loan B facilities by 0.50% . The amendment also decreased the interest rate floors on the debt to 1.00% and 0.75% for the Canadian term loan B facility and U.S. term loan B facility, respectively. The permitted leverage ratio to incur first lien debt is now 4.25 :1.00 which represents a change from the prior 4.00 :1.00 senior secured leverage ratio in the credit agreement. On May 1, 2013 , Telesat redeemed its 12.5% senior subordinated notes due November 1, 2017 at a price of 106.25% of the principal amount of the senior subordinated notes. Expense of refinancing for the year ended December 31, 2013 primarily represents the premium paid and the write-off of deferred financing costs related to this note redemption. The following table presents summary financial data for Telesat in accordance with U.S. GAAP, for the years ended December 31, 2015, 2014 and 2013 and as of December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 2013 Statement of Operations Data: Revenues $ 751,684 $ 837,440 $ 867,914 Operating expenses (140,706) (161,944) (185,179) Depreciation, amortization and stock-based compensation (190,985) (231,849) (245,764) Loss on disposition of long lived assets (24) (276) (1,677) Operating income 419,969 443,371 435,294 Interest expense (138,783) (182,395) (210,180) Expense of refinancing — — (19,655) Foreign exchange loss (426,980) (232,275) (191,569) Gain on financial instruments 7,810 70,872 110,034 Other income 3,672 2,779 11,343 Income tax provision (74,447) (60,954) (39,039) Net (loss) income $ (208,759) $ 41,398 $ 96,228 December 31, 2015 2014 Balance Sheet Data: Current assets $ 568,106 $ 497,287 Total assets 4,009,352 4,552,613 Current liabilities 187,488 227,200 Long-term debt, including current portion 2,968,776 3,102,635 Total liabilities 3,635,918 3,921,887 Shareholders’ equity 373,434 630,726 Telesat had capital expenditures of $152.5 million, $86.6 million and $77.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. XTAR We own 56 % of XTAR, a joint venture between us and Hisdesat Servicios Estrategicos S.A. (“Hisdesat”) of Spain. We account for our ownership interest in XTAR under the equity method of accounting because we do not control certain of its significant operating decisions. We have also concluded that XTAR is not a variable interest entity for which we are the primary beneficiary. XTAR owns and operates an X-band satellite, XTAR-EUR, located at 29° E.L., which is designed to provide X-band communications services exclusively to United States, Spanish and allied government users throughout the satellite’s coverage area, including Europe, the Middle East and Asia. XTAR also leases 7.2 72MHz X-band transponders on the Spainsat satellite located at 30° W.L., owned by Hisdesat. These transponders, designated as XTAR-LANT, provide capacity to XTAR for additional X-band services and greater coverage and flexibility. As of December 31, 2015, the carrying value of our investment in XTAR was reduced to zero as a result of the decline in its fair value that was determined to be other-than-temporary. The value of our investment in XTAR was determined based on the income approach by discounting projected annual cash flows to their present value using a rate of return appropriate for the risk of achieving the projected cash flows . We recorded non-cash impairment charges of $21.2 million and $18.7 million for the years ended December 31, 2015 and 2014, respectively, related to our investment in XTAR. The impairment charge recorded in 2014 was primarily due to a decline in XTAR’s revenues by approximately 17% from 2013 to 2014 resulting in a reassessment of our revenue expectations for future years. In the third quarter of 2015, we recorded an impairment charge of $8 million primarily as a result of an increase in the discount rate used to value our investment in XTAR. We recorded an additional impairment charge of $13.2 million in the fourth quarter of 2015 primarily due to the reassessment of our revenue expectations for future years dictated by a decline in XTAR’s revenues by approximately 11% from 2014 to 2015. Beginning January 1, 2016, we will discontinue providing for our allocated share of XTAR’s net losses as our investment has been reduced to zero and we have no commitment to provide further financial support to XTAR. XTAR’s lease obligation to Hisdesat for the XTAR-LANT transponders requires payments by XTAR of $ 26 million in 2015, with increases thereafter to a maximum of $ 28 million per year through the end of the useful life of the satellite which is estimated to be in 2020. Under this lease agreement, Hisdesat may also be entitled under certain circumstances to a share of the revenues generated on the XTAR-LANT transponders. In March 2009, XTAR entered into an agreement with Hisdesat pursuant to which the past due balance on XTAR-LANT transponders of $ 32.3 million as of December 31, 2008, together with a deferral of $ 6.7 million in payments due in 2009, is payable to Hisdesat over 12 years through annual payments of $ 5 million (the “Catch Up Payments”). XTAR has a right to prepay, at any time, all unpaid Catch Up Payments discounted at 9 %. Cumulative amounts paid to Hisdesat for Catch-Up Payments through December 31, 2015 were $ 29.3 million. As of December 31, 2015 and 2014, XTAR has deferred payment of liabilities of $17.7 million and $5.4 million, respectively, for its lease obligation and Catch-Up Payments to Hisdesat. XTAR has also agreed that XTAR’s excess cash balance (as defined) will be applied towards making limited payments on future lease obligations, as well as payments of other amounts owed to Hisdesat, Telesat and Loral for services provided by them to XTAR (see Note 15). The ability of XTAR to pay dividends and management fees in cash to Loral is governed by XTAR’s operating agreement. The following table presents summary financial data for XTAR for the years ended December 31, 2015, 2014 and 2013 and as of December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 2013 Statement of Operations Data: Revenues $ 25,852 $ 29,171 $ 35,283 Operating expenses (31,933) (31,367) (33,763) Depreciation and amortization (8,874) (9,257) (9,247) Operating loss (14,955) (11,453) (7,727) Net loss (18,722) (13,835) (10,895) December 31, 2015 2014 Balance Sheet Data: Current assets $ 7,533 $ 4,992 Total assets 44,793 53,508 Current liabilities 41,712 28,585 Total liabilities 68,126 59,342 Members’ equity (23,333) (5,834) Other For the year ended December 31, 2013, we recorded a loss contingency and made a payment of $3.7 million for an indemnification of certain pre-closing liabilities related to our sale of GdB in 2008. We also recorded a gain of $1.1 million related to the sale of our ownership interest in an affiliate with no carrying value. As of December 31, 2015 and 2014, the Company held various indirect ownership interests in two foreign companies that currently serve as exclusive service providers for Globalstar service in Mexico and Russia. The Company accounts for these ownership interests using the equity method of accounting. Loral has written off its investments in these companies, and, because we have no future funding requirements relating to these investments, there is no requirement for us to provide for our allocated share of these companies’ net losses. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | 6. Other Current Liabilities Other current liabilities consists of (in thousands): December 31, 2015 2014 SS/L indemnification liability relating to ViaSat Suit settlement (see Note 14) $ 10,714 $ 10,081 Accrued professional fees 871 1,849 Pension and other postretirement liabilities 120 526 Deferred tax liability — 416 Accrued liabilities 350 552 $ 12,055 $ 13,424 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 7. Income Taxes The benefit (provision) for income taxes on the loss from continuing operations before income taxes and equity in net (loss) income of affiliates consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: U.S. Federal $ (1,089) $ (5,524) $ 25,567 State and local 7,106 3,573 976 Foreign (235) (220) (200) Total current 5,782 (2,171) 26,343 Deferred: U.S. Federal 35,721 8,531 (26,981) State and local 3,973 1,745 (1,203) Total deferred 39,694 10,276 (28,184) Total income tax benefit (provision) $ 45,476 $ 8,105 $ (1,841) Our current tax benefit (provision) includes a decrease (increase) to our liability for UTPs for (in thousands): Year Ended December 31, 2015 2014 2013 Decrease to unrecognized tax benefits $ 4,921 $ 3,062 $ 1,952 Interest expense (103) (1,757) (1,429) Penalties 1,393 1,250 521 Total $ 6,211 $ 2,555 $ 1,044 The deferred tax benefit (provision) for each period included the impact of equity in net (loss) income of affiliates from our consolidated statement of operations. During 2015, the statute of limitations for the assessment of additional tax expired with regard to several federal and state UTPs from 2007, 2010 and 2011, and certain other UTPs were settled. As a result, the reduction to our liability for UTPs provided a current tax benefit, partially offset by an additional provision for the potential payment of interest on our remaining UTPs. During 2014, the Company received a $10.6 million tax refund from the carryback of its 2013 federal tax loss against taxes previously paid for 2012. The current tax provision of $2.2 million for 2014 included a reduction to the benefit recorded in 2013 for this refund after having made lower contributions to our qualified pension plan in 2014 than originally anticipated. For 2014 and 2013, the deferred tax benefit (provision) also included an increase to our federal NOL carryforward from the enhanced extraterritorial income exclusion provided by former section 114 of the Internal Revenue Code . Without the Sale, we would not have remeasured the extraterritorial income exclusion because it would have provided only a minimal cash tax benefit. Also, the deferred tax provision for each period included the impact of our equity in net income of Telesat. During 2013, the current tax benefit of $26.3 million primarily relates to the refunds received from our federal and state income tax returns filed for 2012 (primarily as a result of the enhanced extraterritorial income exclusion) and the anticipated benefit from the carryback of the Company’s 2013 federal tax loss. In addition to the benefit (provision) for income taxes on the loss from continuing operations presented above, we also recorded the following items (in thousands): Year Ended December 31, 2015 2014 2013 Tax benefit on loss from discontinued operations $ 450 $ 14,482 $ 2,995 Adjustment to tax benefit associated with stock-based compensation recorded to paid-in-capital 2,609 1,864 (3,128) Deferred tax (provision) benefit for adjustments in other comprehensive loss (See Note 3) (313) 4,919 (10,127) The Company uses the with-and-without approach of determining when excess tax benefits from stock-based compensation have been realized. During 2015, the Company received a $2.1 million tax refund from the carryback of its 2014 U.S. federal NOL to 2012. The Company re-determined the excess tax benefit from stock-based compensation and recorded a $2.6 million increase, a $1.9 million increase and a $3.1 million decrease to paid-in-capital for the years ended December 31, 2015, 2014 and 2013, respectively. In addition to the deferred tax assets on the consolidated balance sheet as of December 31, 2015, the Company has $4.5 million of federal AMT credits that, when realized in the future, will also be recorded as an increase to paid-in-capital. The benefit (provision) for income taxes differs from the amount computed by applying the statutory U.S. Federal income tax rate on the loss from continuing operations before income taxes and equity in net (loss) income of affiliates because of the effect of the following items (in thousands): Year Ended December 31, 2015 2014 2013 Tax benefit at U.S. Statutory Rate of 35% $ 3,566 $ 2,811 $ 5,435 Permanent adjustments which change statutory amounts: State and local income taxes, net of federal income tax 7,821 4,497 155 Equity in net loss (income) of affiliates 36,677 526 (13,589) Extraterritorial income exclusion — 3,468 6,177 Domestic production activity benefit — — 2,317 Provision for unrecognized tax benefits (708) (833) (332) Interest on deferred installment sale — (216) (1,296) Nondeductible expenses (1,411) (1,359) (762) Change in valuation allowance (307) (624) (121) Federal research and development credit — — 402 Foreign income taxes (153) (143) (130) Other, net (9) (22) (97) Total income tax benefit (provision) $ 45,476 $ 8,105 $ (1,841) The following table summarizes the activity related to our unrecognized tax benefits (in thousands): Year Ended December 31, 2015 2014 2013 Balance at January 1 $ 78,333 $ 80,527 $ 76,080 Increases related to prior year tax positions 1,955 2,141 6,755 Decreases related to prior year tax positions — (423) (1,025) Decreases as a result of statute expirations (6,876) (3,043) (1,283) Decreases as a result of tax settlements (1,114) (869) — Balance at December 31 $ 72,298 $ 78,333 $ 80,527 With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years prior to 2011. Earlier years related to certain foreign jurisdictions remain subject to examination. Various federal, state and foreign income tax returns are currently under examination. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses were generated and carried forward, and make adjustments up to the amount of the net operating loss carryforward. While we intend to contest any future tax assessments for uncertain tax positions, no assurance can be provided that we would ultimately prevail. During the next twelve months, the statute of limitations for assessment of additional tax will expire with regard to certain UTPs related to our federal income tax return filed for 2012 and state income tax returns filed for 2011 and 2012, potentially resulting in a $31.3 million reduction to our unrecognized tax benefits. Pursuant to the Purchase Agreement for the Sale, we are obligated to indemnify SS/L for taxes related to periods prior to the closing of the transaction. Our liability for UTPs decreased from $77.1 million at December 31, 2014 to $69.5 million at December 31, 2015 and is included in long-term liabilities in the consolidated balance sheets. At December 31, 2015, we have accrued $5.6 million and $6.4 million for the potential payment of tax-related interest and penalties, respectively. If our positions are sustained by the taxing authorities, approximately $30.3 million of the tax benefits will reduce the Company’s income tax provision from continuing operations. Other than as described above, there were no significant changes to our unrecognized tax benefits during the year ended December 31, 2015, and we do not anticipate any other significant increases or decreases to our unrecognized tax benefits during the next twelve months. In connection with the acquisition of our ownership interest in Telesat, Loral indemnified Telesat for Loral Skynet tax liabilities relating to periods preceding 2007 and retained the benefit of tax recoveries related to the transferred assets. The unrecognized tax benefits related to the Loral Skynet subsidiaries were transferred to Telesat subject to the Telesat Indemnification. At December 31, 2015, Loral’s asset or liability for the Telesat Indemnification based upon the probable outcome of these matters is not expected to be material (see Notes 5 and 15). At December 31, 2015, we had federal NOL carryforwards of $252.2 million, state NOL carryforwards, primarily California ($77.8 million) and New York ( $1.1 million), and federal research credits of $1.2 million which expire from 2016 to 2024, as well as federal and state AMT and state research credit carryforwards of approximately $7.4 million that may be carried forward indefinitely. The reorganization of the Company on the Effective Date constituted an ownership change under section 382 of the Internal Revenue Code. Accordingly, use of our tax attributes, such as NOLs and tax credits generated prior to the ownership change, are subject to an annual limitation of approximately $32.6 million, subject to increase or decrease based on certain factors. Our annual limitation was increased significantly each year through 2010 , the last year allowed for the recognition of additional benefits from our “net unrealized built-in gains” (i.e., the excess of fair market value over tax basis for our assets) as of the Effective Date. We assess the recoverability of our NOLs and other deferred tax assets and based upon this analysis, record a valuation allowance to the extent recoverability does not satisfy the “more likely than not” recognition criteria. We continue to maintain our valuation allowance until sufficient positive evidence exists to support full or partial reversal. As of December 31, 2015, we had a valuation allowance totaling $8.2 million against our deferred tax assets for certain tax credit and loss carryovers due to the limited carryforward periods . During 2015, the valuation allowance increased by $0.3 million, which was recorded as a provision to continuing operations in our statement of operations. Subsequent to the Sale, to the extent that profitability from operations is not sufficient to realize the benefit from our remaining net deferred tax assets, we would generate sufficient taxable income from the appreciated value of our Telesat investment, which currently has a nominal tax basis, in order to prevent federal net operating losses from expiring and realize the benefit of all remaining deferred tax assets. During 2014, the valuation allowance increased by $0.7 million, of which $0.6 million was recorded as a provision to continuing operations in our statement of operations and $0.1 million was charged to other comprehensive loss. During 2013, the valuation allowance increased by $0.1 million which was recorded as a provision to continuing operations in our statement of operations. The significant components of the net deferred income tax assets are (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating loss and tax credit carryforwards $ 117,676 $ 122,152 Compensation and benefits 1,639 1,790 Indemnification liabilities 5,434 9,114 Other, net 2,023 2,413 Federal benefit of uncertain tax positions 7,818 10,026 Pension costs 6,294 6,752 Investments in and advances to affiliates 20,004 — Total deferred tax assets before valuation allowance 160,888 152,247 Less valuation allowance (8,212) (7,905) Deferred tax assets net of valuation allowance 152,676 144,342 Deferred tax liabilities: Deferred installment sale — (12,376) Investments in and advances to affiliates — (19,645) Total deferred tax liabilities — (32,021) Net deferred tax assets $ 152,676 $ 112,321 Classification on consolidated balance sheets: Other current assets $ — $ 654 Long-term deferred tax assets 152,676 112,898 Other current liabilities — (416) Long term liabilities — (815) Net deferred tax assets $ 152,676 $ 112,321 As discussed in Note 2, during the year ended December 31, 2015, the Company prospectively adopted ASU 2015-17, Income Taxes – Balance Sheet Classification of Deferred Taxes . If the accounting change were adopted on a retrospective basis, the current deferred tax assets and liabilities as of December 31, 2014 as per the table above would be classified as long ‑term deferred tax assets and liabilities, respectively. |
Long Term Liabilities
Long Term Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Long Term Liabilities [Abstract] | |
Long Term Liabilities | 8. Long Term Liabilities Long term liabilities consists of (in thousands): December 31, 2015 2014 SS/L indemnification liability relating to ViaSat Suit settlement (see Note 14) $ 2,754 $ 13,242 Indemnification liabilities - other (see Note 14) 1,006 972 Deferred tax liability — 815 Liabilities for uncertain tax positions 69,511 77,133 Other 307 307 $ 73,578 $ 92,469 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 9. Shareholders’ Equity In June 2013, the Company settled 175,000 restricted stock units (“RSUs”) granted in 2009, 2010 and 2011 to Michael B. Targoff, Vice Chairman of the Company and former Chief Executive Officer and President. In connection with this settlement, the Company issued to Mr. Targoff 91,204 shares of its voting common stock, net of 83,796 shares to satisfy withholding taxes. The grant date fair value of these RSUs was previously recorded as stock-based compensation as the RSUs vested, and the stock issuance had no effect on our consolidated financial statements. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation Stock Plans The Loral amended and restated 2005 stock incentive plan (the “Stock Incentive Plan”) allows for the grant of several forms of stock-based compensation awards including stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses and other stock-based awards (collectively, the “Awards”). The total number of shares of voting common stock reserved and available for issuance under the Stock Incentive Plan is 1,390,880 shares of which 1,315,618 were available for future grant at December 31, 2015. This number of shares of voting common stock available for issuance would be reduced if restricted stock units are settled in voting common stock. In addition, shares of common stock that are issuable under awards that expire, are forfeited or canceled, or withheld in payment of the exercise price or taxes relating to an Award, will again be available for Awards under the Stock Incentive Plan. During the year ended December 31, 2013 the following activity occurred under the Stock Incentive Plan (in thousands): Year Ended December 31, 2013 Total fair value of restricted stock units vested $ 2,241 Stock-based compensation expense consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Stock-based compensation $ — $ 12 $ 488 As of December 31, 2015, there is no unrecognized compensation cost related to non-vested awards. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. Earnings Per Share Telesat has awarded employee stock options, which, if exercised, would result in dilution of Loral’s ownership interest in Telesat to approximately 61.7 %. The following table presents the dilutive impact of Telesat stock options on Loral’s reported income from continuing operations for the purpose of computing diluted earnings per share (in thousands): Year Ended December 31, 2013 Income from continuing operations — basic $ 21,456 Less: Adjustment for dilutive effect of Telesat stock options (641) Income from continuing operations — diluted $ 20,815 Telesat stock options are excluded from the calculation of diluted loss per share for the years ended December 31, 2015 and 2014 as the effect would be antidilutive. Basic earnings per share is computed based upon the weighted average number of shares of voting and non-voting common stock outstanding. The following is the computation of common shares outstanding for diluted earnings per share (in thousands): Year Ended December 31, 2013 Weighted average common shares outstanding 30,850 Unconverted restricted stock units 149 Common shares outstanding for diluted earnings per share 30,999 For the years ended December 31, 2015 and 2014, the following unconverted restricted stock units are excluded from the calculation of diluted loss per share as the effect would have been antidilutive (in thousands): Year Ended December 31, 2015 2014 Unconverted restricted stock units 78 84 |
Pensions and Other Employee Ben
Pensions and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Pensions and Other Employee Benefit Plans [Abstract] | |
Pensions and Other Employee Benefit Plans | 12. Pensions and Other Employee Benefit Plans Pensions We maintain a qualified defined benefit pension plan, to which members may contribute in order to receive enhanced pension benefits. Employees hired after June 30, 2006 do not participate in the defined benefit pension plan, but participate in our defined contribution savings plan with an additional Company contribution. Benefits are based primarily on members’ compensation and/or years of service. Our funding policy is to fund the qualified pension plan in accordance with the Internal Revenue Code and regulations thereon. Plan assets are generally invested in equity investments and fixed income investments. Pension plan assets are managed primarily by Russell Investment Corp. (“Russell”), which allocates the assets into funds as we direct. Other Benefits In addition to providing pension benefits, we provide certain health care and life insurance benefits for retired employees and dependents through plans sponsored by Telesat. Participants are eligible for these benefits generally when they retire from active service and meet the eligibility requirements for our pension plan. These benefits are funded primarily on a pay-as-you-go basis, with the retiree generally paying a portion of the cost through contributions, deductibles and coinsurance provisions. Effective January 1, 2015, retiree medical coverage for retirees age 65 or over and their dependents was discontinued. In 2015, the Company made discretionary lump sum payments to participants affected to assist them in purchasing alternate coverage. The effects on the consolidated financial statements of discontinuing this coverage and the lump sum payments were not significant. Termination of Supplemental Executive Retirement Plan (“SERP”) In connection with the corporate office restructuring as a result of the Sale, on December 13, 2012 , Loral’s Board of Directors approved termination of the SERP. The Company made lump sum payments of $17.7 million in December 2013 to the participants in the SERP in accordance with the requirements of Section 409A of the Internal Revenue Code and the regulations promulgated thereunder. The lump sum payouts were calculated based on plan provisions. Funded Status The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for 2015 and 2014, and a statement of the funded status as of December 31, 2015 and 2014. We use a December 31 measurement date for the pension plans and other post-retirement benefits (in thousands). Pension Benefits Other Benefits Year Ended December 31, Year Ended December 31, 2015 2014 2015 2014 Reconciliation of benefit obligation: Obligation at beginning of period $ 48,172 $ 40,242 $ 1,623 $ 1,517 Service cost 511 188 2 1 Interest cost 1,896 1,882 38 71 Participant contributions 22 21 38 58 Actuarial (gain) loss (1,930) 7,554 (1) 145 Benefit payments (1,695) (1,715) (92) (169) Curtailment and settlement — — (1,049) — Obligation at December 31, 46,976 48,172 559 1,623 Reconciliation of fair value of plan assets Fair value of plan assets at beginning of period 28,476 24,628 — — Actual return on plan assets (248) 1,464 — — Employer contributions 2,741 4,078 54 111 Participant contributions 22 21 38 58 Benefit payments (1,695) (1,715) (92) (169) Fair value of plan assets at December 31, 29,296 28,476 — — Funded status at end of period $ (17,680) $ (19,696) $ (559) $ (1,623) The benefit obligations for pensions and other employee benefits exceeded the fair value of plan assets by $18.2 million at December 31, 2015 (the “unfunded benefit obligations”). The unfunded benefit obligations were measured using a discount rate of 4.25% and 4.00% at December 31, 2015 and 2014, respectively. Lowering the discount rate by 0.5% would have increased the unfunded benefit obligations by approximately $3.6 million and $4.0 million as of December 31, 2015 and 2014, respectively. Market conditions and interest rates will significantly affect future assets and liabilities of Loral’s pension plan and other post-retirement benefits. The pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2015 and 2014 consist of (in thousands): Pension Benefits Other Benefits December 31, December 31, 2015 2014 2015 2014 Actuarial loss $ (16,830) $ (17,200) $ (95) $ (550) Amendments-prior service cost — — (69) (80) $ (16,830) $ (17,200) $ (164) $ (630) The amounts recognized in other comprehensive loss during the years ended December 31, 2015, 2014 and 2013 consist of (in thousands): Year Ended December 31, 2015 2014 2013 Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits Actuarial (loss) gain during the period $ (425) $ 1 $ (7,972) $ (145) $ 5,491 $ (249) Prior service credit during the period — — — — — (230) Amortization of actuarial loss 795 26 408 39 5,947 44 Amortization of prior service cost — 11 — 9 — 9 Recognition due to curtailment — 428 — — 2,624 63 Total recognized in other comprehensive income (loss) $ 370 $ 466 $ (7,564) $ (97) $ 14,062 $ (363) Amounts recognized in the balance sheet consist of (in thousands): Pension Benefits Other Benefits December 31, December 31, 2015 2014 2015 2014 Current Liabilities $ — $ — $ 120 $ 526 Long-Term Liabilities 17,680 19,696 439 1,097 $ 17,680 $ 19,696 $ 559 $ 1,623 The estimated actuarial loss for pension benefits that will be amortized from accumulated other comprehensive income into net periodic cost over the next fiscal year is $0.8 million. The accumulated pension benefit obligation was $46.0 million and $46.9 million at December 31, 2015 and 2014, respectively. During 2015, we contributed $2.7 million to the qualified pension plan and contributed $1.1 million for other employee post-retirement benefits including payments to participants affected by the discontinuation of retiree medical benefits at age 65. During 2016, based on current estimates, our minimum required contributions to the qualified pension plan will be approximately $2.2 million. We expect that our funding of other employee post-retirement benefits during 2016 will not be significant. The following table provides the components of net periodic cost included in income from continuing operations for the plans for the years ended December 31, 2015, 2014 and 2013 (in thousands): Pension Benefits Other Benefits Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Service cost $ 511 $ 188 $ 311 $ 2 $ 1 $ 2 Interest cost 1,896 1,882 1,843 38 71 65 Expected return on plan assets (2,107) (1,882) (1,503) — — — Recognition due to curtailment — — 1,671 428 — 78 Amortization of prior service cost — — — 11 9 9 Amortization of net actuarial loss 795 408 5,947 26 39 44 Net periodic cost $ 1,095 $ 596 $ 8,269 $ 505 $ 120 $ 198 Assumptions Assumptions used to determine net periodic cost: For the Year Ended December 31, 2015 2014 2013 Discount rate 4.00% 4.75% 4.00% Expected return on plan assets 7.25% 7.25% 7.25% Rate of compensation increase 4.25% 4.25% 4.25% Assumptions used to determine the benefit obligation: December 31, 2015 2014 2013 Discount rate 4.25% 4.00% 4.75% Rate of compensation increase 4.25% 4.25% 4.25% The expected long-term rate of return on pension plan assets is selected by taking into account the expected duration of the projected benefit obligation for the plans, the asset mix of the plans and the fact that the plan assets are actively managed to mitigate risk. Our expected long-term rate of return on plan assets for 2016 is 7.0% . As of December 31, 2015 and 2014, the Company contributions remaining for other benefits were primarily for fixed amounts. Therefore, future health care cost trend rates will not affect Company costs and accumulated postretirement benefit obligation. Plan Assets The Company has established the pension plan as a retirement vehicle for participants and as a funding vehicle to secure promised benefits. The investment goal is to provide a total return that over time will earn a rate of return to satisfy the benefit obligations given investment risk levels, contribution amounts and expenses. The pension plan invests in compliance with the Employee Retirement Income Security Act 1974, as amended (“ERISA”), and any subsequent applicable regulations and laws. The Company has adopted an investment policy for the management and oversight of the pension plan. It sets forth the objectives for the pension plans, the strategies to achieve these objectives, procedures for monitoring and control and the delegation of responsibilities for the oversight and management of pension plan assets. The Company’s Board of Directors has delegated primary fiduciary responsibility for pension assets to an investment committee. In carrying out its responsibilities, the investment committee establishes investment policy, makes asset allocation decisions, determines asset class strategies and retains investment managers to implement asset allocation and asset class strategy decisions. It is responsible for the investment policy and may amend such policy from time to time. Pension plan assets are invested in various asset classes in what we believe is a prudent manner for the exclusive purpose of providing benefits to participants. U.S. equities are held for their long-term expected return premium over fixed income investments and inflation. Non-U.S. equities are held for their expected return premium (along with U.S. equities), as well as diversification relative to U.S. equities and other asset classes. Fixed income investments are held for diversification relative to equities. Alternative investments are held for both diversification and higher returns than those typically available in traditional asset classes. Asset allocation policy is reviewed regularly. Asset allocation policy is the principal method for achieving the pension plan’s investment objectives stated above. Asset allocation policy is reviewed regularly by the investment committee. The pension plans’ actual and targeted asset allocations are as follows: December 31, Actual Allocation Target Allocation 2015 2014 Target Target Range Equities 57% 58% 56.5% 50 -70% Fixed Income 43% 42% 43.5% 30 -50% 100% 100% 100% 100% The target and target range levels can be further defined as follows: Target Allocation Target Target Range U.S. Large Cap Equities 23.0% 15 -40% U.S. Small Cap Equities 6.5% 0 -10% Global Equities 7.5% 5 -20% Non-U.S. Equities 12.0% 5 -20% Alternative Equity Investments 7.5% 0 -20% Total Equities 56.5% 50 -70% Fixed Income 34.5% 20 -40% Alternative Fixed Income Investments 9.0% 0 -20% Total Fixed Income 43.5% 30 -50% Total Target Allocation 100% 100% The pension plan’s assets are actively managed using a multi-asset, multi-style, multi-manager investment approach. Portfolio risk is controlled through this diversification process and monitoring of money managers. Consideration of such factors as differing rates of return, volatility and correlation are utilized in the asset and manager selection process. Diversification reduces the impact of losses in single investments. Performance results and fund accounting are provided to the Company by Russell on a monthly basis. Periodic reviews of the portfolio are performed by the investment committee with Russell. These reviews typically consist of a market and economic review, a performance review, an allocation review and a strategy review. Performance is judged by investment type against market indexes. Allocation adjustments or fund changes may occur after these reviews. Performance is reported to the Company’s Board of Directors at quarterly board meetings. Fair Value Measurements The values of the fund trusts are calculated using systems and procedures widely used across the investment industry. Generally, investments are valued based on information in financial publications of general circulation, statistical and valuation services, discounted cash flow methodology, records of security exchanges, appraisal by qualified persons, transactions and bona fide offers. The table below provides the fair values of the Company’s pension plan assets at December 31, 2015 and 2014, by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category. The Company’s pension plan assets are mainly held in commingled employee benefit fund trusts. Fair Value Measurements Quoted Prices In Active Markets Significant Significant For Identical Observable Unobservable Assets Inputs Inputs Asset Category Total Percentage Level 1 Level 2 Level 3 (In thousands) At December 31, 2015: Equity securities: U.S. large-cap (1) $ 7,159 24% $ 7,159 U.S. small-cap (2) 1,989 7% 1,989 Global (3) 2,333 8% 2,333 Non-U.S. (4) 3,704 13% 3,704 Alternative investments: Equity long/short fund (5) 847 3% $ 847 Real Estate Securities (6) 614 2% 614 Private equity fund (7) 174 0% 174 16,820 57% — 15,799 1,021 Fixed income securities: Commingled funds (8) 10,708 37% 10,708 Alternative investments: Distressed opportunity limited partnership (9) 313 1% 313 Multi-strategy limited partnerships (10) 1,455 5% 1,455 12,476 43% — 10,708 1,768 $ 29,296 100% — $ 26,507 $ 2,789 At December 31, 2014: Equity securities: U.S. large-cap (1) $ 7,031 25% $ 7,031 U.S. small-cap (2) 2,004 7% 2,004 Global (3) 2,288 8% 2,288 Non-U.S. (4) 3,494 12% 3,494 Alternative investments: Equity long/short fund (5) 801 3% $ 801 Real Estate Securities (6) 598 2% 598 Private equity fund (7) 249 1% 249 16,465 58% — 15,415 1,050 Fixed income securities: Commingled funds (8) 10,273 36% 10,273 Alternative investments: Distressed opportunity limited partnership (9) 368 1% 368 Multi-strategy limited partnerships (10) 1,370 5% 1,370 12,011 42% — 10,273 1,738 $ 28,476 100% — $ 25,688 $ 2,788 (1) Investments in common stocks that rank among the largest 1,000 companies in the U.S. stock market. (2) Investments in common stocks that rank among the small capitalization stocks in the U.S. stock market. (3) Investments in common stocks across the world without being limited by national borders or to specific regions. (4) Investments in common stocks of companies from developed and emerging countries outside the United States. (5) Investments primarily in long and short positions in equity securities of U.S. and non-U.S. companies. The fund has semi-annual tender offer redemption periods on June 30 and December 31 and is reported on a one month lag. (6) As of December 31, 2015 and 2014, the pension plan was invested in real estate through a fund of funds which invests in global public real estate securities (REITs). (7) Fund invests in portfolios of secondary interest in established venture capital, buyout, mezzanine and special situation funds on a global basis. Fund is valued on a quarterly lag with adjustment for subsequent cash activity. (8) Investments in bonds representing many sectors of the broad bond market with both short-term and intermediate-term maturities. (9) Investments mainly in discounted debt securities, bank loans, trade claims and other debt and equity securities of financially troubled companies. This partnership has semi-annual withdrawal rights on June 30 and December 31. This fund is reported on a one month lag. (10) Investments mainly in partnerships that have multi-strategy investment programs and do not rely on a single investment model. As of December 31, 2015 and 2014, investments include a partnership that has monthly liquidation rights with notice of 33 days. As of December 31, 2014, investments also included a second partnership that had quarterly liquidation rights with notice of 65 days. Both funds were reported on a one month lag. The significant amount of Level 2 investments in the table results from including in this category investments in commingled funds that contain investments with values based on quoted market prices, but for which the funds are not valued on a quoted market basis. These commingled funds are valued at their net asset values (NAVs) that are calculated by the investment manager or sponsor. Equity investments in both U.S and non-U.S. stocks as well as public real estate investment trusts are primarily valued using a market approach based on the quoted market prices of identical securities. Fixed income investments are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. Additional information pertaining to the changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2015 and 2014 is presented below: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Private Equity Fund Equity Long/Short Fund Distressed Opportunity Ltd. Partnership Other Limited Partnership Multi Strategy Funds Total (In thousands) Balance at January 1, 2014 $ 287 $ 842 $ 364 — $ 1,291 $ 2,784 Unrealized gain (loss) 12 (41) 4 — 79 54 Realized gain/(loss) — — — 16 — 16 Sales (50) — — (16) — (66) Balance at December 31, 2014 249 801 368 — 1,370 2,788 Unrealized gain (loss) 2 46 (55) — 26 19 Realized gain — — — — 59 59 Purchases — — — — 639 639 Sales (77) — — — (639) (716) Balance at December 31, 2015 $ 174 $ 847 $ 313 — $ 1,455 $ 2,789 Both the Equity Long/Short Fund and the Distressed Opportunity Limited Partnership are valued at each month-end based upon quoted market prices by the investment managers. They are included in Level 3 due to their restrictions on redemption to semi-annual periods on June 30 and December 31. The Multi-Strategy Funds invest in various underlying securities. Each fund’s net asset value is calculated by the fund manager and is not publicly available. The fund managers accumulate all the underlying security values and use them in determining the funds’ net asset values. The private equity fund and limited partnership valuations are primarily based on cost/price of recent investments, earnings/performance multiples, net assets, discounted cash flows, comparable transactions and industry benchmarks. The annual audited financial statements of all funds are reviewed by the Company. Benefit Payments The following benefit payments, which reflect future services, as appropriate, are expected to be paid (in thousands): Pension Benefits Other Benefits 2016 $ 1,738 $ 123 2017 1,733 59 2018 1,923 56 2019 1,917 48 2020 2,085 44 2021 to 2025 12,439 157 Employee Savings (401k) Plan We have an employee savings (401k) plan, to which the Company provides contributions which match up to 6% of a participant’s base salary at a rate of 66⅔% . The Company also makes retirement contributions to the savings (401k) plan, which provide added retirement benefits to employees hired on or after July 1, 2006, as they are not eligible to participate in our defined benefit pension plan. Retirement contributions are provided regardless of an employee’s contribution to the savings (401k) plan. Matching contributions and retirement contributions are collectively known as Company contributions. Company contributions are made in cash and placed in each participant’s age appropriate “life cycle” fund. For each of the years ended December 31, 2015 and 2014, Company contributions were $0.1 million and for the year ended December 31, 2013, Company contributions were $0.2 million. Participants of the savings (401k) plan are able to redirect Company contributions to any available fund within the plan. Participants are also able to direct their contributions to any available fund. |
Financial Instruments, Derivati
Financial Instruments, Derivative Instruments and Hedging | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments, Derivative Instruments and Hedging [Abstract] | |
Financial Instruments, Derivative Instruments and Hedging | 13 . Financial Instruments, Derivative Instruments and Hedging Financial Instruments The carrying amount of cash equivalents approximates fair value because of the short maturity of those instruments. The carrying amount of the Land Note approximates fair value because the stated interest rate is consistent with current market rates. Foreign Currency We are subject to the risks associated with fluctuations in foreign currency exchange rates. To limit this foreign exchange rate exposure, we attempt to denominate all contracts in U.S. dollars. Where appropriate, derivatives are used to minimize the risk of foreign exchange rate fluctuations to operating results and cash flows. We do not use derivative instruments for trading or speculative purposes. Derivatives and Hedging Transactions There were no derivative instruments as of December 31, 201 5 and 201 4 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 1 4 . Commitments and Contingencies Financial Matters In the fourth quarter of 2012, we sold our former subsidiary, SS/L, to MDA pursuant to the Purchase Agreement. Under the terms of the Purchase Agreement, we are obligated to indemnify MDA and its affiliates from (1) liabilities with respect to certain pre-closing taxes; and (2) certain litigation costs and litigation damages relating to the ViaSat Suit. Our consolidated balance sheets include an indemnification refund receivable of $2.0 million and 0.4 million as of December 31, 201 5 and 2014, respectively. This receivable represents payments to date net of the estimated fair value of the liability for our indemnification for our obligation with respect to certain pre-closing taxes. The final amounts for indemnification claims related to pre-closing taxes have not yet been determined. Where appropriate, we intend vigorously to contest the underlying tax assessments, but there can be no assurance that we will be successful. Although no assurance can be provided, we do not believe that these tax-related matters will have a material adverse effect on our financial position or results of operations. For a discussion of the ViaSat Suit and our indemnification obligations related thereto, see Legal Proceedings, below. In connection with the sale in 2008 by Loral and certain of its subsidiaries and DASA Globalstar LLC to Globalstar Inc. of their respective interests in GdB, the Globalstar Brazilian service provider, Loral agreed to indemnify Globalstar Inc. and GdB for certain GdB pre-closing liabilities, primarily related to Brazilian taxes. As a result of an April 2013 adverse court decision in Brazil relating to a potential tax liability, an adverse outcome for which was previously believed to be remote, Loral recorded a loss contingency and made a payment of $3.7 million in 2013. Our consolidated balance sheets include liabilities of $1.0 million as of December 31, 2015 and December 31, 2014, for indemnification liabilities relating to the sale of GdB. See Note 1 5 — Related Party Transactions — Transactions with Affiliates — Telesat for commitments and contingencies relating to our agreement to indemnify Telesat for certain liabilities and our arrangements with ViaSat and Telesat. Lease Arrangements We lease certain facilities and equipment under agreements expiring at various dates. Certain leases covering facilities contain renewal and/or purchase options which may be exercised by us. We have no sublease income in any of the periods presented. Rent expense is as follows (in thousands): Rent Expense Year ended December 31, 2015 $ 679 Year ended December 31, 2014 595 Year ended December 31, 2013 876 The following is a schedule of future minimum payments, by year and in the aggregate, under leases with initial or remaining terms of one year or more as of December 31, 201 5 (in thousands): Operating Leases 2016 $ 585 2017 292 Legal Proceedings ViaSat Under the terms of the Purchase Agreement, Loral agreed to indemnify MDA and its affiliates from certain damages in the ViaSat Suit brought in 2012 by ViaSat against Loral and SS/L. In September 2014 , Loral, SS/L and ViaSat entered into a settlement agreement (“the Settlement Agreement”) pursuant to which the ViaSat Suit and an additional patent infringement and breach of contract lawsuit brought by ViaSat against SS/L in September 2013 were settled. Loral was also released by MDA, MDA Holdings and SS/L from indemnification claims relating to the ViaSat lawsuits under the Purchase Agreement. The terms of the Settlement Agreement provide, among other things, for payment by Loral and SS/L to ViaSat on a joint and several basis of $100 million, $40 million of which was paid in September 2014 in connection with entering into the Settlement Agreement, with the remaining $60 million payable with interest in ten equal quarterly installments of $6.9 million from October 15, 2014 through January 15, 2017 . As of December 31, 2015 and 2014, the total principal and interest accrued amount payable by Loral and SS/L to ViaSat, on a joint and several basis, was $32.4 million and $55.2 million, respectively . Following a mediation session held on December 1, 2014, Loral and MDA entered into an agreement titled “MDA/Loral Dispute Resolution” dated December 1, 2014 (the “Allocation Agreement”), pursuant to which Loral and MDA agreed that Loral will be responsible for $45 million , and MDA and SS/L will be responsible for $55 million, of the $100 million litigation settlement with ViaSat . As of December 31, 2015 , Loral has paid $32.0 million , including interest, toward the ViaSat settlement. Pursuant to the Allocation Agreement, Loral paid ViaSat $2.8 million in January 2016 and is obligated to make four additional equal quarterly payments to the ViaSat through January 2017 totaling $11.2 million inclusive of interest at 3.25% per year. Our consolidated balance sheet as of December 31, 2015 and 2014 includes indemnification liabilities related to the ViaSat Settlement Agreement of $13.5 million and $23.3 million, respectively. As Loral’s payment obligations to ViaSat are on a joint and several basis with MDA and SS/L , if MDA and SS/L were to default on all or part of their payment obligations to ViaSat, Loral would be obligated to pay ViaSat any amounts not paid by MDA and SS/L. Other Litigation We are not currently subject to any legal proceedings that, if decided adversely, could have a material adverse effect on our financial position or results of operations. In the future, however, we may become subject to legal proceedings and claims, either asserted or unasserted, that may arise in the ordinary course of business or otherwise. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 1 5 . Related Party Tra nsactions MHR Fund Management LLC Mark H. Rachesky, President of MHR Fund Management LLC (“MHR”), and Janet T. Yeung, a principal and the General Counsel of MHR, are members of Loral’s board of directors. Hal Goldstein, a former managing principal of MHR, was a member of the Loral Board until May 2015. Various funds affiliated with MHR and Dr. Rachesky held, as of December 31, 2015 and December 31, 2014 , approximately 38.0% of the outstanding voting common stock and 57.1 % of the combined outstanding voting and non-voting common stock of Loral. Transactions with Affiliates Telesat As described in Note 5 , we own 62.8 % of Telesat and account for our ownership interest under the equity method of accounting. In connection with the acquisition of our ownership interest in Telesat (which we refer to as the Telesat transaction), Loral and certain of its subsidiaries, our Canadian co-owner, Public Sector Pension Investment Board (“PSP”) and one of its subsidiaries, Telesat Holdco and certain of its subsidiaries, including Telesat, and MHR entered into a Shareholders Agreement (the “Shareholders Agreement”). The Shareholders Agreement provides for, among other things, the manner in which the affairs of Telesat Holdco and its subsidiaries will be conducted and the relationships among the parties thereto and future shareholders of Telesat Holdco. The Shareholders Agreement also contains an agreement by Loral not to engage in a competing satellite communications business and agreements by the parties to the Shareholders Agreement not to solicit employees of Telesat Holdco or any of its subsidiaries. Additionally, the Shareholders Agreement details the matters requiring the approval of the shareholders of Telesat Holdco (including veto rights for Loral over certain extraordinary actions) and provides for preemptive rights for certain shareholders upon the issuance of certain capital shares of Telesat Holdco. The Shareholders Agreement also (i) restricts the ability of holders of certain shares of Telesat Holdco to transfer such shares unless certain conditions are met or approval of the transfer is granted by the directors of Telesat Holdco, (ii) provides for a right of first offer to certain Telesat Holdco shareholders if a holder of equity shares of Telesat Holdco wishes to sell any such shares to a third party and (iii) provides for, in certain circumstances, tag-along rights in favor of shareholders that are not affiliated with Loral if Loral sells equity shares and drag-along rights in favor of Loral in case Loral or its affiliate enters into an agreement to sell all of its Telesat Holdco equity securities. In addition, the Shareholders Agreement provides for either PSP or Loral to initiate the process of conducting an initial public offering of the equity shares of Telesat Holdco (a “Telesat IPO”). In connection with our exploration of strategic initiatives to alter the status quo in our ownership of Telesat Holdco, in July 2015, we exercised our rights under the Shareholders Agreement to require Telesat Holdco to conduct a Telesat IPO. Specifically, we requested that Telesat Holdco issue not more than 25 million newly issued shares of Telesat Holdco voting common stock. We also requested the termination of the Shareholders Agreement and the elimination of certain provisions in Telesat Holdco’s Articles of Incorporation, both of which we believe are necessary to accommodate a successful public offering. If those provisions are eliminated, an impediment to the conversion of our non-voting Telesat Holdco shares to voting shares would be eliminated. Termination or modification of the Shareholders Agreement and conversion of our non-voting shares to voting shares would enable us, after the Telesat IPO and subject to the receipt of any necessary regulatory approvals, to obtain majority voting control of Telesat Holdco. Telesat Holdco has selected two co-managing underwriters and has informed us that it is working to implement the Telesat IPO. In addition, we are in discussions with PSP to attempt to agree on our requests regarding the Shareholders Agreement and Telesat Holdco’s Articles of Incorporation. If we are unable to reach agreement with PSP on these matters, the advice of the lead underwriters selected for the Telesat IPO will be sought to assist resolution. There can be no assurance as to whether, when or on what terms the Telesat IPO, termination or modification of the Shareholders Agreement or any requested changes to Telesat Holdco’s Articles of Incorporation may occur. If the Telesat IPO proceeds under unfavorable terms or at an unfavorable price, we may withdraw our demand for an IPO or otherwise seek to enforce our rights. There can be no assurance that the Telesat IPO will occur, or that any particular economic, tax, structural or other objectives or benefits with respect to the Telesat IPO will be achieved. Under the Shareholders Agreement, in the event that, except in certain limited circumstances, either (i) ownership or control, directly or indirectly, by Dr. Rachesky of Loral’s voting stock falls below certain levels other than in connection with certain specified circumstances, including an acquisition by a Strategic Competitor (as defined in the Shareholders Agreement) or (ii) there is a change in the composition of a majority of the members of the Loral Board of Directors over a consecutive two-year period without the approval of the incumbent directors, Loral will lose its veto rights relating to certain extraordinary actions by Telesat Holdco and its subsidiaries. In addition, after either of these events, PSP will have certain rights to enable it to exit from its investment in Telesat Holdco, including a right to cause Telesat Holdco to conduct an initial public offering in which PSP’s shares would be the first shares offered or, if no such offering has occurred within one year due to a lack of cooperation from Loral or Telesat Holdco, to cause the sale of Telesat Holdco and to drag along the other shareholders in such sale, subject to Loral’s right to call PSP’s shares at fair market value. The Shareholders Agreement provides for a board of directors of each of Telesat Holdco and certain of its subsidiaries, including Telesat, consisting of 10 directors, three nominated by Loral, three nominated by PSP and four independent directors to be selected by a nominating committee comprised of one PSP nominee, one nominee of Loral and one of the independent directors then in office. Each party to the Shareholders Agreement is obligated to vote all of its Telesat Holdco shares for the election of the directors nominated by the nominating committee. Pursuant to action by the board of directors taken on October 31, 2007, Dr. Rachesky, who is non-executive Chairman of the Board of Directors of Loral, was appointed non-executive Chairman of the Board of Directors of Telesat Holdco and certain of its subsidiaries, including Telesat. In addition, Michael B. Targoff, Loral’s Vice Chairman, serves on the board of directors of Telesat Holdco and certain of its subsidiaries, including Telesat. On October 31, 2007 , Loral and Telesat entered into a consulting services agreement (the “Consulting Agreement”). Pursuant to the terms of the Consulting Agreement, Loral provides to Telesat certain non-exclusive consulting services in relation to the business of Loral Skynet which was transferred to Telesat as part of the Telesat transaction as well as with respect to certain aspects of the satellite communications business of Telesat. The Consulting Agreement has a term of seven-years with an automatic renewal for an additional seven-year term if Loral is not then in material default under the Shareholders Agreement. Upon expiration of the initial term on October 31, 2014, the Consulting Agreement was automatically renewed for the additional seven-year term. In exchange for Loral’s services under the Consulting Agreement, Telesat pays Loral an annual fee of $ 5.0 million, payable quarterly in arrears on the last day of March, June, September and December of each year during the term of the Consulting Agreement. If the terms of Telesat’s bank or bridge facilities or certain other debt obligations prevent Telesat from paying such fees in cash, Telesat may issue junior subordinated promissory notes to Loral in the amount of such payment, with interest on such promissory notes payable at the rate of 7 % per annum , compounded quarterly, from the date of issue of such promissory note to the date of payment thereof. Our general and administrative expenses for each of the years ended December 31, 2015, 2014 and 2013, are net of income of $ 5.0 million related to the Consulting Agreement. Loral received payments in cash from Telesat, net of withholding taxes, of $4. 8 million for each of the years ended December 31, 2015 and 2014 and $3.5 million for the year ended December 31, 2013 for consulting fees, and for the year ended December 31, 2013, Loral received interest and payments in promissory notes of $1.3 million for consulting fees and interest. Loral also received cash payments of $2.6 million from Telesat for the year ended December 31, 2013 for redemption of notes receivable. T elesat was not permitted to pay these amounts in cash previously because Telesat did not meet the leverage ratio required for cash payment under the indenture for its 12.5% senior subordinated notes due November 1, 2017 . These notes were redeemed in May 2013 . We had no notes receivable from Telesat as of December 31, 2015 and 2014 related to the Consulting Agreement. The Telesat Indemnification (as defined in Note 5 above) includes certain tax disputes currently under review in various jurisdictions including Brazil. The Brazilian tax authorities challenged Loral Skynet’s historical characterization of its revenue generated in Brazil for the years 2003 to 2006. Telesat received and challenged, on Loral Skynet’s behalf, tax assessments from Brazil totaling approximately $2 million. The Company believes that Loral Skynet’s filing position will ultimately be sustained requiring no payment under the Telesat Indemnification. In addition, the tax authority in Hong Kong had previously challenged Loral Skynet’s and Telesat’s offshore claim for exempt income for the years 1999 to 2009, issuing assessments which required Loral Skynet to deposit approximately $6.5 million of taxes in 2006 and 2007 in order to retain its right to appeal. During the first quarter of 2014, Loral’s portion of this tax liability in Hong Kong and various other claims under the Telesat Indemnification were settled for approximately $1.1 million resulting in a cash recovery of $5.4 million which was received from Telesat in April 2014. There can be no assurance that there will be no future claims under the Telesat Indemnification related to tax disputes. Loral’s employees and retirees participate in certain welfare plans sponsored by Telesat. Loral pays Telesat an annual administrative fee of $0.1 million and reimburses Telesat for the plan costs attributable to Loral participants. Loral, along with Telesat Holdco, Telesat, PSP and 4440480 Canada Inc., an indirect wholly-owned subsidiary of Loral (the “Special Purchaser”), entered into grant agreements (the “Grant Agreements”) with certain executives of Telesat (each, a “Participant” and collectively, the “Participants”). Each of the Participants is or was, at the time, an executive of Telesat. The Grant Agreements confirm grants of Telesat Holdco stock options (including tandem SAR rights) to the Participants and provide for certain rights, obligations and restrictions related to such stock options, which include, among other things: (w) the possible obligation of the Special Purchaser to purchase the shares in the place of Telesat Holdco should Telesat Holdco be prohibited by applicable law or under the terms of any credit agreement applicable to Telesat Holdco from purchasing such shares, or otherwise default on such purchase obligation, pursuant to the terms of the Grant Agreements; and (x) the obligation of the Special Purchaser to purchase shares upon exercise by Telesat Holdco of its call right under Telesat Holdco's Management Stock Incentive Plan in the event of a Participant’s termination of employment; and, in the case of certain executives, (y) the right of each such Participant to require the Special Purchaser or Loral to purchase a portion of the shares in Telesat Holdco owned by him in the event of exercise after termination of employment to cover taxes that are greater than the minimum withholding amount; and (z) the right of each such Participant to require Telesat Holdco to cause the Special Purchaser or Loral to purchase a portion of the shares in Telesat Holdco owned by him, or that are issuable to him under Telesat Holdco's Management Stock Incentive Plan at the relevant time, in the event that more than 90 % of Loral's common stock is acquired by an unaffiliated third party that does not also purchase all of PSP's and its affiliates' interest in Telesat Holdco. The Grant Agreements further provide that, in the event the Special Purchaser is required to purchase shares, such shares, together with the obligation to pay for such shares, shall be transferred to a subsidiary of the Special Purchaser, which subsidiary shall be wound up into Telesat Holdco, with Telesat Holdco agreeing to the acquisition of such subsidiary by Telesat Holdco from the Special Purchaser for nominal consideration and with the purchase price for the shares being paid by Telesat Holdco within ten (10) business days after completion of the winding-up of such subsidiary into Telesat Holdco. ViaSat/Telesat In connection with an agreement entered into between SS/L and ViaSat for the construction by SS/L for ViaSat of a high capacity broadband satellite called ViaSat-1, on January 11, 2008, we entered into certain agreements, pursuant to which we invested in the Canadian coverage portion of the ViaSat-1 satellite. Until his resignation in February 2012, Michael B. Targoff served, and another Loral director currently serves, as a member of the ViaSat Board of Directors. On April 11, 2011, Loral assigned to Telesat and Telesat assumed from Loral all of Loral’s rights and obligations with respect to the ViaSat-1 satellite payload providing coverage into Canada and all related agreements. Loral also assigned to Telesat and Telesat assumed Loral’s 15 -year contract with Xplornet Communications, Inc. (“Xplornet”) (formerly known as Barrett Xplore Inc.) for delivery of high throughput satellite Ka-band capacity and gateway services for broadband services in Canada. In connecti on with the assignments, Loral wa s entitled to receive one-half of any net revenue earned by Telesat in connection with the leasing of certain supplemental capacity on the payload to its customers during the first four years after the commencement of service using the supplemental capacity. Under this arrangement, which expired in December 2015, we earned approximately $0.8 million, $ 1.0 million and $ 1.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. We had a receivable from Telesat of $0.2 million and $ 0.3 million as of December 31, 2015 and 2014, respectively. Other As described in Note 5, we own 56% of XTAR, a joint venture between Loral and Hisdesat and account for our investment in XTAR under the equity method of accounting. SS/L constructed XTAR’s satellite, which was successfully launched in February 2005. XTAR and Loral have entered into a management agreement whereby Loral provides general and specific services of a technical, financial and administrative nature to XTAR. For the services provided by Loral, XTAR, until December 31, 2013, was charged a quarterly management fee equal to 3.7% of XTAR’s quarterly gross revenues. Amounts due to Loral primarily due to the management agreement were $ 6.8 million as of December 31, 2015 and 2014. Beginning in 2008, Loral and XTAR agreed to defer amounts owed to Loral under this agreement, and XTAR has agreed that its excess cash balance (as defined), will be applied at least quarterly towards repayment of receivables owed to Loral, as well as to Hisdesat and Telesat. No cash was received under this agreement for the years ended December 31, 2015, 2014 and 201 3 , and we had a full allowance against these receivables as of December 31, 2015 and 201 4 . Loral and Hisdesat have agreed to waive future management fees for an indefinite period starting January 1, 2014. Consulting Agreement On December 14, 2012 , Loral entered into a consulting agreement with Michael B. Targoff, Vice Chairman of the Company and former Chief Executive Officer and President. Pursuant to this agreement, Mr. Targoff is engaged as a part-time consultant to the Board to assist the Board with respect to the oversight of strategic matters relating to Telesat and XTAR . During 2013 and 2014, Mr. Targoff also assisted the Board with respect to the ViaSat Suit . Under the agreement, Mr. Targoff receives consulting fees of $ 120,000 per month and reimburses the Company for certain expenses. For the year ended December 31, 2015, Mr. Targoff earned $1,440,000 and reimbursed Loral net expenses of $63,000 , and for each of the years ended December 31, 2014 and 2013, he earned $ 1,440,000 and reimbursed Loral net expenses of $204,000 . |
Selected Quarterly Financial In
Selected Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Information | 16. Selected Quarterly Financial Information (unaudited, in thousands, except per share amounts) Quarter Ended Year ended December 31, 2015 (1) March 31, June 30, September 30, December 31, Operating loss $ (1,617) $ (2,080) $ (1,652) $ (1,181) Loss from continuing operations before income taxes and equity in net (loss) income of affiliates (1,904) (4,781) (1,806) (1,697) Equity in net (loss) income of affiliates (2) (76,845) 25,087 (38,475) (14,559) (Loss) income from continuing operations (3) (82,503) 18,027 (3,347) (1,681) Loss from discontinued operations, net of tax (4) (139) (227) (208) (204) Net (loss) income (82,642) 17,800 (3,555) (1,885) Net (loss) income per share: Basic (Loss) income from continuing operations $ (2.67) $ 0.58 $ (0.11) $ (0.05) Loss from discontinued operations, net of tax — (0.01) (0.01) (0.01) Net (loss) income $ (2.67) $ 0.57 $ (0.12) $ (0.06) Diluted (Loss) income from continuing operations $ (2.67) $ 0.56 $ (0.11) $ (0.05) Loss from discontinued operations, net of tax — (0.01) (0.01) (0.01) Net (loss) income $ (2.67) $ 0.55 $ (0.12) $ (0.06) Quarter Ended Year ended December 31, 2014 (1) March 31, June 30, September 30, December 31, Operating loss $ (1,340) $ (1,336) $ (1,281) $ (1,373) Loss from continuing operations before income taxes and equity in net (loss) income of affiliates (1,977) (1,881) (1,643) (2,529) Equity in net (loss) income of affiliates (2) (2,169) 64,363 (19,283) (44,413) (Loss) income from continuing operations (3) (14,818) 53,002 (25,880) (13,731) Loss from discontinued operations, net of tax (4) (7) (1) (6,440) (17,954) Net (loss) income (14,825) 53,001 (32,320) (31,685) Net (loss) income per share: Basic (Loss) income from continuing operations $ (0.48) $ 1.71 $ (0.84) $ (0.44) Loss from discontinued operations, net of tax — — (0.21) (0.58) Net (loss) income $ (0.48) $ 1.71 $ (1.05) $ (1.02) Diluted (Loss) income from continuing operations $ (0.48) $ 1.67 $ (0.84) $ (0.44) Loss from discontinued operations, net of tax — — (0.21) (0.58) Net (loss) income $ (0.48) $ 1.67 $ (1.05) $ (1.02) (1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. (2) Amounts include net income (loss) of affiliates of $1.8 million, $(1.5) million and $(3.5) million for the quarters ended June 30, 2014, September 30, 2014 and September 30, 2015, respectively, that should have been recognized in prior periods. These adjustments, which related to our investment in Telesat, consisted primarily of foreign exchange gains and losses. The Company has not revised previously reported amounts based on its belief that the effect of such adjustments is not material to the quarterly financial statements taken as a whole. (3) Variations in income from continuing operations among quarters in 2015 and 2014 are primarily the result of (i) the effect of changes in foreign exchange rates between the Canadian dollar and the U.S. dollar on our equity in net income or loss of Telesat and (ii) the limitation on recording our portion of Telesat’s net income or loss due to the reduction of the carrying amount of our investment in Telesat to zero. Equity in net (loss) income of affiliates for the quarters ended December 31, 2015, September 30, 2015 and December 31, 2014 included an impairment charge to reduce our investment in XTAR to its fair value. (4) Loss from discontinued operations, net of tax, for the quarters ended September 30, 2014 and December 31, 2014 includes the effects of the settlement of the ViaSat Suit and the allocation of the settlement between Loral and MDA, parent of SS/L (see Note 14). |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Schedule II Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS For the Year Ended December 31, 2015, 2014 and 2013 (In thousands) Additions Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts (1) Period Year ended 2013 Allowance for affiliate receivables $ 5,246 $ 1,446 $ — $ 6,692 Deferred tax valuation allowance $ 7,108 $ 120 $ — $ 7,228 Year ended 2014 Allowance for affiliate receivables $ 6,692 $ — $ — $ 6,692 Deferred tax valuation allowance $ 7,228 $ 624 $ 53 $ 7,905 Year ended 2015 Allowance for affiliate receivables $ 6,692 $ — $ — $ 6,692 Deferred tax valuation allowance $ 7,905 $ 307 $ — $ 8,212 (1) Changes in the deferred tax valuation allowance which have been charged to other accounts have been recorded in other comprehensive loss |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
Discontinued Operations | Discontinued Operations On November 2, 2012 , Loral completed the sale (the “Sale”) of its wholly-owned subsidiary, Space Systems/Loral, LLC (formerly known as Space Systems/Loral, Inc.) (“SS/L”), to MDA Communications Holdings, Inc. (“MDA Holdings”), a subsidiary of MacDonald, Dettwiler and Associates Ltd. (“MDA”). Pursuant to the purchase agreement (the “Purchase Agreement”), dated as of June 26, 2012 , as amended on October 30, 2012 and March 28, 2013 , by and among Loral, SS/L, MDA and MDA Holdings, Loral agreed to indemnify MDA and its affiliates from (1) liabilities with respect to certain pre-closing taxes; and (2) certain litigation costs and litigation damages in a lawsuit (the “ViaSat Suit”) brought in 2012 by ViaSat, Inc. (“ViaSat”) against Loral and SS/L (see Note 14). Adjustments to amounts previously reported in discontinued operations and interest expense that is directly related to the Sale are classified as discontinued operations in the statements of operations and cash flows for the years ended December 31, 2015, 2014 and 2013. |
Investments in Affiliates | Investments in Affiliates Ownership interests in Telesat and XTAR, LLC (“XTAR”) are accounted for using the equity method of accounting. Income and losses of affiliates are recorded based on our beneficial interest. Our equity in net income or loss also reflects amortization of profits eliminated, to the extent of our economic interest in Telesat and XTAR, on satellites we constructed for them while we owned SS/L and on Loral’s sale to Telesat in April 2011 of its portion of the payload on the ViaSat-1 satellite and related assets. Equity in losses of affiliates is not recognized after the carrying value of an investment, including advances and loans, has been reduced to zero, unless guarantees or other funding obligations exist. The Company monitors its equity method investments for factors indicating other-than-temporary impairment. An impairment loss is recognized when there has been a loss in value of the affiliate that is other-than-temporary. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. 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 the amount of income (loss) reported for the period. Actual results could differ from estimates. Significant estimates also included the allowances for doubtful accounts, income taxes, including the valuation of deferred tax assets, the fair value of liabilities indemnified and our pension liabilities. |
Cash and Cash Equivalents | Cash and Cash Equivalents As of December 31, 2015, the Company had $58. 9 million of cash and cash equivalents. Cash and cash equivalents include liquid investments, primarily money market funds, with maturities of less than 90 days at the time of purchase and no redemption limitations. Management determines the appropriate classification of its investments at the time of purchase and at each balance sheet date. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and receivables. Our cash and cash equivalents are maintained with high-credit-quality financial institutions. As a result, management believes that its potential credit risks are minimal. |
Fair Value Measurements | Fair Value Measurements U.S. GAAP defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. U.S. GAAP also establishes a fair value hierarchy that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are described below: Level 1: Inputs represent a fair value that is derived from unadjusted quoted prices for identical assets or liabilities traded in active markets at the measurement date. Level 2: Inputs represent a fair value that is derived from quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities, and pricing inputs, other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. Assets and Liabilities Measured at Fair Value The following table presents our assets and liabilities measured at fair value at December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Money market funds $ 53,129 $ — $ — $ 42,432 $ — $ — Note receivable: Land Note $ — $ — $ — $ — $ — $ 33,667 Other current assets: Indemnification - Sale of SS/L $ — $ — $ 1,953 $ — $ — $ 428 Liabilities Long term liabilities Indemnification - Globalstar do Brasil S.A. $ — $ — $ 1,006 $ — $ — $ 972 The carrying amount of cash equivalents approximates fair value as of each reporting date because of the short maturity of those instruments. The carrying amount of the Land Note (see Note 4) approximates fair value because the stated interest rate was consistent with then current market rates. The asset resulting from the indemnification of SS/L is for certain pre-closing taxes and reflects the excess of payments since inception over the estimated liability, which was originally determined using fair value objective approach. The estimated liability for indemnifications relating to Globalstar do Brasil S.A. (“GdB”), originally determined using expected value analysis, is net of payments since inception. The fair values of indemnification liabilities are not remeasured on a recurring basis. The Company does not have any non-financial assets or non-financial liabilities that are recognized or disclosed at fair value as of December 31, 2015. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis We review the carrying values of our equity method investments when events and circumstances warrant and consider all available evidence in evaluating when declines in fair value are other than temporary. The fair values of our investments are determined based on valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow projections. An impairment charge is recorded when the carrying amount of the investment exceeds its current fair value and is determined to be other than temporary. |
Contingencies | Contingencies Contingencies by their nature relate to uncertainties that require management to exercise judgment both in assessing the likelihood that a liability has been incurred as well as in estimating the amount of potential loss, if any. We accrue for costs relating to litigation, claims and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates may be based on advice from third parties or on management’s judgment, as appropriate. Actual amounts paid may differ from amounts estimated, and such differences will be charged to operations in the period in which the final determination of the liability is made. |
Income Taxes | Income Taxes Loral and its subsidiaries are subject to U.S. federal, state and local income taxation on their worldwide income and foreign taxation on certain income from sources outside the United States. Telesat is subject to tax in Canada and other jurisdictions, and Loral will provide in operating earnings any additional U.S. current and deferred tax required on distributions received or deemed to be received from Telesat. Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying anticipated statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the deferred tax assets will not be realized. The tax benefit of an uncertain tax position (“UTP”) taken or expected to be taken in income tax returns is recognized only if it is “more likely than not” to be sustained on examination by the taxing authorities, based on its technical merits as of the reporting date. The tax benefit recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to income taxes in income tax expense on a quarterly basis. The unrecognized tax benefit of a UTP is recognized in the period when the UTP is effectively settled. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position would be sustained upon examination. |
Earnings Per Share | Earnings per Share Basic earnings per share are computed based upon the weighted average number of shares of voting and non-voting common stock outstanding during each period. Shares of non-voting common stock are in all respects identical to and treated equally with shares of voting common stock except for the absence of voting rights (other than as provided in Loral’s Amended and Restated Certificate of Incorporation which was ratified by Loral’s stockholders on May 19, 2009). Diluted earnings per share are based on the weighted average number of shares of voting and non-voting common stock outstanding during each period, adjusted for the effect of unvested or unconverted restricted stock units. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Income Taxes – Balance Sheet Classification of Deferred Taxes, which simplifies the balance sheet classification of deferred taxes. The new guidance requires that all deferred taxes be presented as noncurrent. The new guidance is effective in fiscal years beginning after December 15, 2016 with earlier application permitted. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company adopted the guidance for the 2015 annual reporting period and applied it prospectively. The new guidance did not have a material impact on our consolidated financial statements (see Note 7). In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items. ASU 2015 ‑01 simplifies income statement classification by removing the concept of extraordinary items from U.S. GAAP. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The existing requirement to separately present items that are of unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained. The new guidance also requires similar separate presentation of items that are both unusual and infrequent. The guidance, effective for the Company on January 1, 2016, with earlier application permitted as of the beginning of the fiscal year of adoption, is not expected to have a material impact on our consolidated financial statements. In August 2014, the FASB issued a new standard – ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern - that will explicitly require management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. According to the new standard, substantial doubt about an entity’s ability to continue as a going concern exists if it is probable that the entity will be unable to meet its obligations as they become due within one year after the date the entity’s financial statements are issued. In order to determine the specific disclosures, if any, that would be required, management will need to assess if substantial doubt exists, and, if so, whether its plans will alleviate such substantial doubt. The new standard requires assessment each annual and interim period and will be effective for the Company on December 31, 2016 with earlier application permitted. We do not expect this guidance to have a material impact on our consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, only those disposals that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the consolidated financial statements. Also, disposal of an equity method investment that meets the definition of a discontinued operation is to be reported in discontinued operations under the new guidance. The guidance, effective for the Company on January 1, 2015, did not have a material impact on our consolidated financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents our assets and liabilities measured at fair value at December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Money market funds $ 53,129 $ — $ — $ 42,432 $ — $ — Note receivable: Land Note $ — $ — $ — $ — $ — $ 33,667 Other current assets: Indemnification - Sale of SS/L $ — $ — $ 1,953 $ — $ — $ 428 Liabilities Long term liabilities Indemnification - Globalstar do Brasil S.A. $ — $ — $ 1,006 $ — $ — $ 972 |
Additional Cash Flow Information | The following represents non-cash activities and supplemental information to the consolidated statements of cash flows (in thousands): Year Ended December 31, 2015 2014 2013 Non-cash operating items: Equity in net loss (income) of affiliates $ 104,792 $ 1,502 $ (38,827) Deferred taxes (39,694) (10,276) 28,184 Depreciation and amortization 41 42 18 Stock-based compensation — — 417 Amortization of prior service credit and actuarial loss 1,260 456 8,687 Net non-cash operating items – continuing operations $ 66,399 $ (8,276) $ (1,521) Supplemental information: Interest paid – continuing operations $ 314 $ 15 $ 17 Interest paid – discontinued operations $ 1,549 $ 227 $ — Tax refunds, net of payments - continuing operations $ (233) $ (10,265) $ (10,061) Tax payments, net of refunds – discontinued operations $ — $ — $ 35,074 |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of tax, are as follows (in thousands): Proportionate Share of Accumulated Telesat Other Other Postretirement Comprehensive Comprehensive Benefits Loss Loss Balance at January 1, 2013 $ (17,653) $ (19,741) $ (37,394) Other comprehensive income before reclassification 3,102 7,996 11,098 Amounts reclassified from accumulated other comprehensive loss 5,380 — 5,380 Net current-period other comprehensive income 8,482 7,996 16,478 Balance at December 31, 2013 (9,171) (11,745) (20,916) Other comprehensive loss before reclassification (5,147) (3,494) (8,641) Amounts reclassified from accumulated other comprehensive loss 336 — 336 Net current-period other comprehensive loss (4,811) (3,494) (8,305) Balance at December 31, 2014 (13,982) (15,239) (29,221) Other comprehensive loss before reclassification (265) — (265) Amounts reclassified from accumulated other comprehensive loss 788 — 788 Net current-period other comprehensive loss 523 — 523 Balance at December 31, 2015 $ (13,459) $ (15,239) $ (28,698) |
Schedule of Comprehensive Income (Loss) [Table Text Block] | The components of other comprehensive (loss) income and related tax effects are as follows (in thousands): Before-Tax Amount Tax (Provision) Benefit Net-of-Tax Amount Year ended December 31, 2015 Postretirement Benefits: Net actuarial loss and prior service credits $ (424) $ 159 $ (265) Amortization of prior service credits and net actuarial loss 1,260 (a) (472) 788 Postretirement benefits 836 (313) 523 Proportionate share of Telesat Holdco other comprehensive loss (see Note 5) — — — Other comprehensive loss $ 836 $ (313) $ 523 Year ended December 31, 2014 Postretirement Benefits: Net actuarial loss and prior service credits $ (8,117) $ 2,970 $ (5,147) Amortization of prior service credits and net actuarial loss 456 (a) (120) 336 Postretirement benefits (7,661) 2,850 (4,811) Proportionate share of Telesat Holdco other comprehensive (loss) gain (5,563) 2,069 (3,494) Other comprehensive income $ (13,224) $ 4,919 $ (8,305) Year ended December 31, 2013 Postretirement Benefits: Net actuarial loss and prior service credits $ 5,012 $ (1,910) $ 3,102 Amortization of prior service credits and net actuarial loss 8,687 (a) (3,307) 5,380 Postretirement benefits 13,699 (5,217) 8,482 Proportionate share of Telesat Holdco other comprehensive (loss) income 12,906 (4,910) 7,996 Other comprehensive income $ 26,605 $ (10,127) $ 16,478 (a) Reclassifications are included in general and administrative expenses. |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments in and Advances to Affiliates [Line Items] | |
Investments in Affiliates | Investments in affiliates consist of (in thousands): December 31, 2015 2014 Telesat Holdings Inc. $ — $ 74,329 XTAR, LLC — 30,463 $ — $ 104,792 |
Equity in Net (Loss) Income of Affiliates | Equity in net (loss) income of affiliates consists of (in thousands): Year Ended December 31, 2015 2014 2013 Telesat Holdings Inc. $ (74,329) $ 24,698 $ 47,251 XTAR, LLC (30,463) (26,200) (5,854) Other — — (2,570) $ (104,792) $ (1,502) $ 38,827 |
Telesat Holdings Inc [Member] | |
Investments in and Advances to Affiliates [Line Items] | |
Summary Financial Data, Equity Method Investment | The following table presents summary financial data for Telesat in accordance with U.S. GAAP, for the years ended December 31, 2015, 2014 and 2013 and as of December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 2013 Statement of Operations Data: Revenues $ 751,684 $ 837,440 $ 867,914 Operating expenses (140,706) (161,944) (185,179) Depreciation, amortization and stock-based compensation (190,985) (231,849) (245,764) Loss on disposition of long lived assets (24) (276) (1,677) Operating income 419,969 443,371 435,294 Interest expense (138,783) (182,395) (210,180) Expense of refinancing — — (19,655) Foreign exchange loss (426,980) (232,275) (191,569) Gain on financial instruments 7,810 70,872 110,034 Other income 3,672 2,779 11,343 Income tax provision (74,447) (60,954) (39,039) Net (loss) income $ (208,759) $ 41,398 $ 96,228 December 31, 2015 2014 Balance Sheet Data: Current assets $ 568,106 $ 497,287 Total assets 4,009,352 4,552,613 Current liabilities 187,488 227,200 Long-term debt, including current portion 2,968,776 3,102,635 Total liabilities 3,635,918 3,921,887 Shareholders’ equity 373,434 630,726 |
XTAR, LLC [Member] | |
Investments in and Advances to Affiliates [Line Items] | |
Summary Financial Data, Equity Method Investment | The following table presents summary financial data for XTAR for the years ended December 31, 2015, 2014 and 2013 and as of December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 2013 Statement of Operations Data: Revenues $ 25,852 $ 29,171 $ 35,283 Operating expenses (31,933) (31,367) (33,763) Depreciation and amortization (8,874) (9,257) (9,247) Operating loss (14,955) (11,453) (7,727) Net loss (18,722) (13,835) (10,895) December 31, 2015 2014 Balance Sheet Data: Current assets $ 7,533 $ 4,992 Total assets 44,793 53,508 Current liabilities 41,712 28,585 Total liabilities 68,126 59,342 Members’ equity (23,333) (5,834) |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Current Liabilities [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consists of (in thousands): December 31, 2015 2014 SS/L indemnification liability relating to ViaSat Suit settlement (see Note 14) $ 10,714 $ 10,081 Accrued professional fees 871 1,849 Pension and other postretirement liabilities 120 526 Deferred tax liability — 416 Accrued liabilities 350 552 $ 12,055 $ 13,424 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Summary of Income Tax Benefit (Provision) | The benefit (provision) for income taxes on the loss from continuing operations before income taxes and equity in net (loss) income of affiliates consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: U.S. Federal $ (1,089) $ (5,524) $ 25,567 State and local 7,106 3,573 976 Foreign (235) (220) (200) Total current 5,782 (2,171) 26,343 Deferred: U.S. Federal 35,721 8,531 (26,981) State and local 3,973 1,745 (1,203) Total deferred 39,694 10,276 (28,184) Total income tax benefit (provision) $ 45,476 $ 8,105 $ (1,841) |
Summary of Uncertain Tax Positions Included in Income Tax Provision | Our current tax benefit (provision) includes a decrease (increase) to our liability for UTPs for (in thousands): Year Ended December 31, 2015 2014 2013 Decrease to unrecognized tax benefits $ 4,921 $ 3,062 $ 1,952 Interest expense (103) (1,757) (1,429) Penalties 1,393 1,250 521 Total $ 6,211 $ 2,555 $ 1,044 |
Summary of Additional Income Tax Disclosures | In addition to the benefit (provision) for income taxes on the loss from continuing operations presented above, we also recorded the following items (in thousands): Year Ended December 31, 2015 2014 2013 Tax benefit on loss from discontinued operations $ 450 $ 14,482 $ 2,995 Adjustment to tax benefit associated with stock-based compensation recorded to paid-in-capital 2,609 1,864 (3,128) Deferred tax (provision) benefit for adjustments in other comprehensive loss (See Note 3) (313) 4,919 (10,127) |
Schedule of Effective Income Tax Rate Reconciliation | The benefit (provision) for income taxes differs from the amount computed by applying the statutory U.S. Federal income tax rate on the loss from continuing operations before income taxes and equity in net (loss) income of affiliates because of the effect of the following items (in thousands): Year Ended December 31, 2015 2014 2013 Tax benefit at U.S. Statutory Rate of 35% $ 3,566 $ 2,811 $ 5,435 Permanent adjustments which change statutory amounts: State and local income taxes, net of federal income tax 7,821 4,497 155 Equity in net loss (income) of affiliates 36,677 526 (13,589) Extraterritorial income exclusion — 3,468 6,177 Domestic production activity benefit — — 2,317 Provision for unrecognized tax benefits (708) (833) (332) Interest on deferred installment sale — (216) (1,296) Nondeductible expenses (1,411) (1,359) (762) Change in valuation allowance (307) (624) (121) Federal research and development credit — — 402 Foreign income taxes (153) (143) (130) Other, net (9) (22) (97) Total income tax benefit (provision) $ 45,476 $ 8,105 $ (1,841) |
Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits (in thousands): Year Ended December 31, 2015 2014 2013 Balance at January 1 $ 78,333 $ 80,527 $ 76,080 Increases related to prior year tax positions 1,955 2,141 6,755 Decreases related to prior year tax positions — (423) (1,025) Decreases as a result of statute expirations (6,876) (3,043) (1,283) Decreases as a result of tax settlements (1,114) (869) — Balance at December 31 $ 72,298 $ 78,333 $ 80,527 |
Schedule of Net Deferred Tax Assets | The significant components of the net deferred income tax assets are (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating loss and tax credit carryforwards $ 117,676 $ 122,152 Compensation and benefits 1,639 1,790 Indemnification liabilities 5,434 9,114 Other, net 2,023 2,413 Federal benefit of uncertain tax positions 7,818 10,026 Pension costs 6,294 6,752 Investments in and advances to affiliates 20,004 — Total deferred tax assets before valuation allowance 160,888 152,247 Less valuation allowance (8,212) (7,905) Deferred tax assets net of valuation allowance 152,676 144,342 Deferred tax liabilities: Deferred installment sale — (12,376) Investments in and advances to affiliates — (19,645) Total deferred tax liabilities — (32,021) Net deferred tax assets $ 152,676 $ 112,321 Classification on consolidated balance sheets: Other current assets $ — $ 654 Long-term deferred tax assets 152,676 112,898 Other current liabilities — (416) Long term liabilities — (815) Net deferred tax assets $ 152,676 $ 112,321 |
Long Term Liabilities (Tables)
Long Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long Term Liabilities [Abstract] | |
Schedule of Long Term Liabilities | Long term liabilities consists of (in thousands): December 31, 2015 2014 SS/L indemnification liability relating to ViaSat Suit settlement (see Note 14) $ 2,754 $ 13,242 Indemnification liabilities - other (see Note 14) 1,006 972 Deferred tax liability — 815 Liabilities for uncertain tax positions 69,511 77,133 Other 307 307 $ 73,578 $ 92,469 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Schedule of Stock Incentive Plan Activity | During the year ended December 31, 2013 the following activity occurred under the Stock Incentive Plan (in thousands): Year Ended December 31, 2013 Total fair value of restricted stock units vested $ 2,241 |
Components of Stock-Based Compensation | Stock-based compensation expense consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Stock-based compensation $ — $ 12 $ 488 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Dilutive Impact of Equity Method Investee Stock Options | The following table presents the dilutive impact of Telesat stock options on Loral’s reported income from continuing operations for the purpose of computing diluted earnings per share (in thousands): Year Ended December 31, 2013 Income from continuing operations — basic $ 21,456 Less: Adjustment for dilutive effect of Telesat stock options (641) Income from continuing operations — diluted $ 20,815 Telesat stock options are excluded from the calculation of diluted loss per share for the years ended December 31, 2015 and 2014 as the effect would be antidilutive. |
Schedule of Weighted Average Number of Shares for Calculating Diluted Earnings per Share | The following is the computation of common shares outstanding for diluted earnings per share (in thousands): Year Ended December 31, 2013 Weighted average common shares outstanding 30,850 Unconverted restricted stock units 149 Common shares outstanding for diluted earnings per share 30,999 |
Summary of Unvested Restricted Stock Units Excluded from the Calculation of Diluted Loss Per Share | For the years ended December 31, 2015 and 2014, the following unconverted restricted stock units are excluded from the calculation of diluted loss per share as the effect would have been antidilutive (in thousands): Year Ended December 31, 2015 2014 Unconverted restricted stock units 78 84 |
Pensions and Other Employee B34
Pensions and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pensions and Other Employee Benefit Plans [Abstract] | |
Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for 2015 and 2014, and a statement of the funded status as of December 31, 2015 and 2014. We use a December 31 measurement date for the pension plans and other post-retirement benefits (in thousands). Pension Benefits Other Benefits Year Ended December 31, Year Ended December 31, 2015 2014 2015 2014 Reconciliation of benefit obligation: Obligation at beginning of period $ 48,172 $ 40,242 $ 1,623 $ 1,517 Service cost 511 188 2 1 Interest cost 1,896 1,882 38 71 Participant contributions 22 21 38 58 Actuarial (gain) loss (1,930) 7,554 (1) 145 Benefit payments (1,695) (1,715) (92) (169) Curtailment and settlement — — (1,049) — Obligation at December 31, 46,976 48,172 559 1,623 Reconciliation of fair value of plan assets Fair value of plan assets at beginning of period 28,476 24,628 — — Actual return on plan assets (248) 1,464 — — Employer contributions 2,741 4,078 54 111 Participant contributions 22 21 38 58 Benefit payments (1,695) (1,715) (92) (169) Fair value of plan assets at December 31, 29,296 28,476 — — Funded status at end of period $ (17,680) $ (19,696) $ (559) $ (1,623) |
Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Loss | The pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2015 and 2014 consist of (in thousands): Pension Benefits Other Benefits December 31, December 31, 2015 2014 2015 2014 Actuarial loss $ (16,830) $ (17,200) $ (95) $ (550) Amendments-prior service cost — — (69) (80) $ (16,830) $ (17,200) $ (164) $ (630) |
Amounts Recognized in Other Comprehensive Loss | The amounts recognized in other comprehensive loss during the years ended December 31, 2015, 2014 and 2013 consist of (in thousands): Year Ended December 31, 2015 2014 2013 Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits Actuarial (loss) gain during the period $ (425) $ 1 $ (7,972) $ (145) $ 5,491 $ (249) Prior service credit during the period — — — — — (230) Amortization of actuarial loss 795 26 408 39 5,947 44 Amortization of prior service cost — 11 — 9 — 9 Recognition due to curtailment — 428 — — 2,624 63 Total recognized in other comprehensive income (loss) $ 370 $ 466 $ (7,564) $ (97) $ 14,062 $ (363) |
Amounts Recognized in the Balance Sheets | Amounts recognized in the balance sheet consist of (in thousands): Pension Benefits Other Benefits December 31, December 31, 2015 2014 2015 2014 Current Liabilities $ — $ — $ 120 $ 526 Long-Term Liabilities 17,680 19,696 439 1,097 $ 17,680 $ 19,696 $ 559 $ 1,623 |
Components of Net Periodic Cost | The following table provides the components of net periodic cost included in income from continuing operations for the plans for the years ended December 31, 2015, 2014 and 2013 (in thousands): Pension Benefits Other Benefits Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Service cost $ 511 $ 188 $ 311 $ 2 $ 1 $ 2 Interest cost 1,896 1,882 1,843 38 71 65 Expected return on plan assets (2,107) (1,882) (1,503) — — — Recognition due to curtailment — — 1,671 428 — 78 Amortization of prior service cost — — — 11 9 9 Amortization of net actuarial loss 795 408 5,947 26 39 44 Net periodic cost $ 1,095 $ 596 $ 8,269 $ 505 $ 120 $ 198 |
Assumptions Used to Determine Net Periodic Cost | Assumptions used to determine net periodic cost: For the Year Ended December 31, 2015 2014 2013 Discount rate 4.00% 4.75% 4.00% Expected return on plan assets 7.25% 7.25% 7.25% Rate of compensation increase 4.25% 4.25% 4.25% |
Assumptions Used to Determine Benefit Obligation | Assumptions used to determine the benefit obligation: December 31, 2015 2014 2013 Discount rate 4.25% 4.00% 4.75% Rate of compensation increase 4.25% 4.25% 4.25% |
Pension Plans' Actual and Targeted Asset Allocations | The pension plans’ actual and targeted asset allocations are as follows: December 31, Actual Allocation Target Allocation 2015 2014 Target Target Range Equities 57% 58% 56.5% 50 -70% Fixed Income 43% 42% 43.5% 30 -50% 100% 100% 100% 100% |
Target Asset Allocations and Ranges of Post Retirement Benefit Plan | The target and target range levels can be further defined as follows: Target Allocation Target Target Range U.S. Large Cap Equities 23.0% 15 -40% U.S. Small Cap Equities 6.5% 0 -10% Global Equities 7.5% 5 -20% Non-U.S. Equities 12.0% 5 -20% Alternative Equity Investments 7.5% 0 -20% Total Equities 56.5% 50 -70% Fixed Income 34.5% 20 -40% Alternative Fixed Income Investments 9.0% 0 -20% Total Fixed Income 43.5% 30 -50% Total Target Allocation 100% 100% |
Fair Values of Pension Plan Assets | The Company’s pension plan assets are mainly held in commingled employee benefit fund trusts. Fair Value Measurements Quoted Prices In Active Markets Significant Significant For Identical Observable Unobservable Assets Inputs Inputs Asset Category Total Percentage Level 1 Level 2 Level 3 (In thousands) At December 31, 2015: Equity securities: U.S. large-cap (1) $ 7,159 24% $ 7,159 U.S. small-cap (2) 1,989 7% 1,989 Global (3) 2,333 8% 2,333 Non-U.S. (4) 3,704 13% 3,704 Alternative investments: Equity long/short fund (5) 847 3% $ 847 Real Estate Securities (6) 614 2% 614 Private equity fund (7) 174 0% 174 16,820 57% — 15,799 1,021 Fixed income securities: Commingled funds (8) 10,708 37% 10,708 Alternative investments: Distressed opportunity limited partnership (9) 313 1% 313 Multi-strategy limited partnerships (10) 1,455 5% 1,455 12,476 43% — 10,708 1,768 $ 29,296 100% — $ 26,507 $ 2,789 At December 31, 2014: Equity securities: U.S. large-cap (1) $ 7,031 25% $ 7,031 U.S. small-cap (2) 2,004 7% 2,004 Global (3) 2,288 8% 2,288 Non-U.S. (4) 3,494 12% 3,494 Alternative investments: Equity long/short fund (5) 801 3% $ 801 Real Estate Securities (6) 598 2% 598 Private equity fund (7) 249 1% 249 16,465 58% — 15,415 1,050 Fixed income securities: Commingled funds (8) 10,273 36% 10,273 Alternative investments: Distressed opportunity limited partnership (9) 368 1% 368 Multi-strategy limited partnerships (10) 1,370 5% 1,370 12,011 42% — 10,273 1,738 $ 28,476 100% — $ 25,688 $ 2,788 (1) Investments in common stocks that rank among the largest 1,000 companies in the U.S. stock market. (2) Investments in common stocks that rank among the small capitalization stocks in the U.S. stock market. (3) Investments in common stocks across the world without being limited by national borders or to specific regions. (4) Investments in common stocks of companies from developed and emerging countries outside the United States. (5) Investments primarily in long and short positions in equity securities of U.S. and non-U.S. companies. The fund has semi-annual tender offer redemption periods on June 30 and December 31 and is reported on a one month lag. (6) As of December 31, 2015 and 2014, the pension plan was invested in real estate through a fund of funds which invests in global public real estate securities (REITs). (7) Fund invests in portfolios of secondary interest in established venture capital, buyout, mezzanine and special situation funds on a global basis. Fund is valued on a quarterly lag with adjustment for subsequent cash activity. (8) Investments in bonds representing many sectors of the broad bond market with both short-term and intermediate-term maturities. (9) Investments mainly in discounted debt securities, bank loans, trade claims and other debt and equity securities of financially troubled companies. This partnership has semi-annual withdrawal rights on June 30 and December 31. This fund is reported on a one month lag. (10) Investments mainly in partnerships that have multi-strategy investment programs and do not rely on a single investment model. As of December 31, 2015 and 2014, investments include a partnership that has monthly liquidation rights with notice of 33 days. As of December 31, 2014, investments also included a second partnership that had quarterly liquidation rights with notice of 65 days. Both funds were reported on a one month lag. |
Changes in Fair Value of Pension Plan Assets | Additional information pertaining to the changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2015 and 2014 is presented below: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Private Equity Fund Equity Long/Short Fund Distressed Opportunity Ltd. Partnership Other Limited Partnership Multi Strategy Funds Total (In thousands) Balance at January 1, 2014 $ 287 $ 842 $ 364 — $ 1,291 $ 2,784 Unrealized gain (loss) 12 (41) 4 — 79 54 Realized gain/(loss) — — — 16 — 16 Sales (50) — — (16) — (66) Balance at December 31, 2014 249 801 368 — 1,370 2,788 Unrealized gain (loss) 2 46 (55) — 26 19 Realized gain — — — — 59 59 Purchases — — — — 639 639 Sales (77) — — — (639) (716) Balance at December 31, 2015 $ 174 $ 847 $ 313 — $ 1,455 $ 2,789 |
Benefit Payments Expected to be Paid | The following benefit payments, which reflect future services, as appropriate, are expected to be paid (in thousands): Pension Benefits Other Benefits 2016 $ 1,738 $ 123 2017 1,733 59 2018 1,923 56 2019 1,917 48 2020 2,085 44 2021 to 2025 12,439 157 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Operating Leases Expense Net of Sublease Income | Rent expense is as follows (in thousands): Rent Expense Year ended December 31, 2015 $ 679 Year ended December 31, 2014 595 Year ended December 31, 2013 876 |
Schedule of Future Minimum Payments | The following is a schedule of future minimum payments, by year and in the aggregate, under leases with initial or remaining terms of one year or more as of December 31, 201 5 (in thousands): Operating Leases 2016 $ 585 2017 292 |
Selected Quarterly Financial 36
Selected Quarterly Financial Information (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | ||
Schedule of Quarterly Financial Information | Selected Quarterly Financial Information (unaudited, in thousands, except per share amounts) Quarter Ended Year ended December 31, 2015 (1) March 31, June 30, September 30, December 31, Operating loss $ (1,617) $ (2,080) $ (1,652) $ (1,181) Loss from continuing operations before income taxes and equity in net (loss) income of affiliates (1,904) (4,781) (1,806) (1,697) Equity in net (loss) income of affiliates (2) (76,845) 25,087 (38,475) (14,559) (Loss) income from continuing operations (3) (82,503) 18,027 (3,347) (1,681) Loss from discontinued operations, net of tax (4) (139) (227) (208) (204) Net (loss) income (82,642) 17,800 (3,555) (1,885) Net (loss) income per share: Basic (Loss) income from continuing operations $ (2.67) $ 0.58 $ (0.11) $ (0.05) Loss from discontinued operations, net of tax — (0.01) (0.01) (0.01) Net (loss) income $ (2.67) $ 0.57 $ (0.12) $ (0.06) Diluted (Loss) income from continuing operations $ (2.67) $ 0.56 $ (0.11) $ (0.05) Loss from discontinued operations, net of tax — (0.01) (0.01) (0.01) Net (loss) income $ (2.67) $ 0.55 $ (0.12) $ (0.06) Quarter Ended Year ended December 31, 2014 (1) March 31, June 30, September 30, December 31, Operating loss $ (1,340) $ (1,336) $ (1,281) $ (1,373) Loss from continuing operations before income taxes and equity in net (loss) income of affiliates (1,977) (1,881) (1,643) (2,529) Equity in net (loss) income of affiliates (2) (2,169) 64,363 (19,283) (44,413) (Loss) income from continuing operations (3) (14,818) 53,002 (25,880) (13,731) Loss from discontinued operations, net of tax (4) (7) (1) (6,440) (17,954) Net (loss) income (14,825) 53,001 (32,320) (31,685) Net (loss) income per share: Basic (Loss) income from continuing operations $ (0.48) $ 1.71 $ (0.84) $ (0.44) Loss from discontinued operations, net of tax — — (0.21) (0.58) Net (loss) income $ (0.48) $ 1.71 $ (1.05) $ (1.02) Diluted (Loss) income from continuing operations $ (0.48) $ 1.67 $ (0.84) $ (0.44) Loss from discontinued operations, net of tax — — (0.21) (0.58) Net (loss) income $ (0.48) $ 1.67 $ (1.05) $ (1.02) (1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. (2) Amounts include net income (loss) of affiliates of $1.8 million, $(1.5) million and $(3.5) million for the quarters ended June 30, 2014, September 30, 2014 and September 30, 2015, respectively, that should have been recognized in prior periods. These adjustments, which related to our investment in Telesat, consisted primarily of foreign exchange gains and losses. The Company has not revised previously reported amounts based on its belief that the effect of such adjustments is not material to the quarterly financial statements taken as a whole. (3) Variations in income from continuing operations among quarters in 2015 and 2014 are primarily the result of (i) the effect of changes in foreign exchange rates between the Canadian dollar and the U.S. dollar on our equity in net income or loss of Telesat and (ii) the limitation on recording our portion of Telesat’s net income or loss due to the reduction of the carrying amount of our investment in Telesat to zero. Equity in net (loss) income of affiliates for the quarters ended December 31, 2015, September 30, 2015 and December 31, 2014 included an impairment charge to reduce our investment in XTAR to its fair value. (4) Loss from discontinued operations, net of tax, for the quarters ended September 30, 2014 and December 31, 2014 includes the effects of the settlement of the ViaSat Suit and the allocation of the settlement between Loral and MDA, parent of SS/L (see Note 14). | 16. Selected Quarterly Financial Information (unaudited, in thousands, except per share amounts) Quarter Ended Year ended December 31, 2015 (1) March 31, June 30, September 30, December 31, Operating loss $ (1,617) $ (2,080) $ (1,652) $ (1,181) Loss from continuing operations before income taxes and equity in net (loss) income of affiliates (1,904) (4,781) (1,806) (1,697) Equity in net (loss) income of affiliates (2) (76,845) 25,087 (38,475) (14,559) (Loss) income from continuing operations (3) (82,503) 18,027 (3,347) (1,681) Loss from discontinued operations, net of tax (4) (139) (227) (208) (204) Net (loss) income (82,642) 17,800 (3,555) (1,885) Net (loss) income per share: Basic (Loss) income from continuing operations $ (2.67) $ 0.58 $ (0.11) $ (0.05) Loss from discontinued operations, net of tax — (0.01) (0.01) (0.01) Net (loss) income $ (2.67) $ 0.57 $ (0.12) $ (0.06) Diluted (Loss) income from continuing operations $ (2.67) $ 0.56 $ (0.11) $ (0.05) Loss from discontinued operations, net of tax — (0.01) (0.01) (0.01) Net (loss) income $ (2.67) $ 0.55 $ (0.12) $ (0.06) Quarter Ended Year ended December 31, 2014 (1) March 31, June 30, September 30, December 31, Operating loss $ (1,340) $ (1,336) $ (1,281) $ (1,373) Loss from continuing operations before income taxes and equity in net (loss) income of affiliates (1,977) (1,881) (1,643) (2,529) Equity in net (loss) income of affiliates (2) (2,169) 64,363 (19,283) (44,413) (Loss) income from continuing operations (3) (14,818) 53,002 (25,880) (13,731) Loss from discontinued operations, net of tax (4) (7) (1) (6,440) (17,954) Net (loss) income (14,825) 53,001 (32,320) (31,685) Net (loss) income per share: Basic (Loss) income from continuing operations $ (0.48) $ 1.71 $ (0.84) $ (0.44) Loss from discontinued operations, net of tax — — (0.21) (0.58) Net (loss) income $ (0.48) $ 1.71 $ (1.05) $ (1.02) Diluted (Loss) income from continuing operations $ (0.48) $ 1.67 $ (0.84) $ (0.44) Loss from discontinued operations, net of tax — — (0.21) (0.58) Net (loss) income $ (0.48) $ 1.67 $ (1.05) $ (1.02) (1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. (2) Amounts include net income (loss) of affiliates of $1.8 million, $(1.5) million and $(3.5) million for the quarters ended June 30, 2014, September 30, 2014 and September 30, 2015, respectively, that should have been recognized in prior periods. These adjustments, which related to our investment in Telesat, consisted primarily of foreign exchange gains and losses. The Company has not revised previously reported amounts based on its belief that the effect of such adjustments is not material to the quarterly financial statements taken as a whole. (3) Variations in income from continuing operations among quarters in 2015 and 2014 are primarily the result of (i) the effect of changes in foreign exchange rates between the Canadian dollar and the U.S. dollar on our equity in net income or loss of Telesat and (ii) the limitation on recording our portion of Telesat’s net income or loss due to the reduction of the carrying amount of our investment in Telesat to zero. Equity in net (loss) income of affiliates for the quarters ended December 31, 2015, September 30, 2015 and December 31, 2014 included an impairment charge to reduce our investment in XTAR to its fair value. (4) Loss from discontinued operations, net of tax, for the quarters ended September 30, 2014 and December 31, 2014 includes the effects of the settlement of the ViaSat Suit and the allocation of the settlement between Loral and MDA, parent of SS/L (see Note 14). |
Organization and Principal Bu37
Organization and Principal Business (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Organization And Principal Business [Line Items] | |
Date of incorporation | Jun. 24, 2005 |
Date of emergence from bankruptcy proceedings | Nov. 21, 2005 |
Telesat Holdco [Member] | |
Organization And Principal Business [Line Items] | |
Economic interest in affiliates | 62.80% |
Voting interest in affiliate | 32.70% |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands | Nov. 02, 2012 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents | $ 58,853 | $ 51,433 | $ 5,926 | $ 87,370 | ||
Maximum [Member] | ||||||
Cash and cash equivalent maturity term | 90 days | |||||
Sale of SS/L [Member] | ||||||
Disposal segment, sale date | Nov. 2, 2012 | |||||
Date purchase agreement entered into | Jun. 26, 2012 | |||||
Date of first modification of purchase agreement | Oct. 30, 2012 | |||||
Date of second modification of purchase agreement | Mar. 28, 2013 | |||||
ViaSat Lawsuit [Member] | Sale of SS/L [Member] | ||||||
Settlement agreement, plaintiff's name | ViaSat, Inc. | ViaSat, Inc. | ||||
Settlement agreement, counterparty's name | SS/L | SS/L |
Basis of Presentation (Assets a
Basis of Presentation (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Level 3 [Member] | ||
Assets and Liabilities | ||
Note receivable, Land Note | $ 33,667 | |
Money Market Funds [Member] | Level 1 [Member] | ||
Assets and Liabilities | ||
Cash equivalents | $ 53,129 | 42,432 |
Sale of SS/L [Member] | Level 3 [Member] | ||
Assets and Liabilities | ||
Indemnifications liabilities | (1,953) | (428) |
Globalstar do Brasil S.A. [Member] | Level 3 [Member] | ||
Assets and Liabilities | ||
Indemnifications liabilities | $ 1,006 | $ 972 |
Basis of Presentation (Addition
Basis of Presentation (Additional Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2] | Jun. 30, 2015 | [1],[2] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [1],[2] | Sep. 30, 2014 | [1],[2] | Jun. 30, 2014 | [1],[2] | Mar. 31, 2014 | [1],[2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-cash operating items: | |||||||||||||||||||
Equity in net (income) loss of affiliates | $ 14,559 | $ 38,475 | $ (25,087) | $ 76,845 | $ 44,413 | $ 19,283 | $ (64,363) | $ 2,169 | $ 104,792 | $ 1,502 | $ (38,827) | ||||||||
Deferred taxes | (39,694) | (10,276) | 28,184 | ||||||||||||||||
Depreciation and amortization | 41 | 42 | 18 | ||||||||||||||||
Stock-based compensation | 417 | ||||||||||||||||||
Amortization of prior service credit and actuarial (gain) loss | 1,260 | 456 | 8,687 | ||||||||||||||||
Net non-cash operating items | 66,399 | (8,276) | (1,521) | ||||||||||||||||
Continuing Operations [Member] | |||||||||||||||||||
Non-cash operating items: | |||||||||||||||||||
Net non-cash operating items | 66,399 | (8,276) | (1,521) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Interest paid | 314 | 15 | 17 | ||||||||||||||||
Tax (refunds) payments, net | (233) | (10,265) | (10,061) | ||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||
Supplemental information: | |||||||||||||||||||
Interest paid | $ 1,549 | $ 227 | |||||||||||||||||
Tax (refunds) payments, net | $ 35,074 | ||||||||||||||||||
[1] | Amounts include net income (loss) of affiliates of $1.8 million, $(1.5) million and $(3.5) million for the quarters ended June 30, 2014, September 30, 2014 and September 30, 2015, respectively, that should have been recognized in prior periods. These adjustments, which related to our investment in Telesat, consisted primarily of foreign exchange gains and losses. The Company has not revised previously reported amounts based on its belief that the effect of such adjustments is not material to the quarterly financial statements taken as a whole. | ||||||||||||||||||
[2] | The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated other comprehensive income (loss), beginning balance | $ (29,221) | ||
Net current-period other comprehensive income (loss) | 523 | $ (8,305) | $ 16,478 |
Accumulated other comprehensive income (loss), ending balance | (28,698) | (29,221) | |
Postretirement Benefits [Member] | |||
Accumulated other comprehensive income (loss), beginning balance | (13,982) | (9,171) | (17,653) |
Other comprehensive income (loss) before reclassification | (265) | (5,147) | 3,102 |
Amounts reclassified from accumulated other comprehensive income (loss) | 788 | 336 | 5,380 |
Net current-period other comprehensive income (loss) | 523 | (4,811) | 8,482 |
Accumulated other comprehensive income (loss), ending balance | (13,459) | (13,982) | (9,171) |
Proportionate Share of Telesat Other Comprehensive Loss [Member] | |||
Accumulated other comprehensive income (loss), beginning balance | (15,239) | (11,745) | (19,741) |
Other comprehensive income (loss) before reclassification | (3,494) | 7,996 | |
Net current-period other comprehensive income (loss) | (3,494) | 7,996 | |
Accumulated other comprehensive income (loss), ending balance | (15,239) | (15,239) | (11,745) |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated other comprehensive income (loss), beginning balance | (29,221) | (20,916) | (37,394) |
Other comprehensive income (loss) before reclassification | (265) | (8,641) | 11,098 |
Amounts reclassified from accumulated other comprehensive income (loss) | 788 | 336 | 5,380 |
Net current-period other comprehensive income (loss) | 523 | (8,305) | 16,478 |
Accumulated other comprehensive income (loss), ending balance | $ (28,698) | $ (29,221) | $ (20,916) |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) (Components of Other Comprehensive Income and Related Tax Effects) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated Other Comprehensive Loss [Abstract] | ||||
Net actuarial gain (loss) and prior service credits, Before-Tax Amount | $ (424) | $ (8,117) | $ 5,012 | |
Amortization of prior service credits and net actuarial loss, Before-Tax Amount | [1] | 1,260 | 456 | 8,687 |
Postretirement benefits, Before-Tax Amount | 836 | (7,661) | 13,699 | |
Proportionate share of Telesat Holdco other comprehensive income (loss), Before-Tax Amount | (5,563) | 12,906 | ||
Other comprehensive income (loss), Before-Tax Amount | 836 | (13,224) | 26,605 | |
Net actuarial gain (loss) and prior service credits, Tax (Provision) Benefit | 159 | 2,970 | (1,910) | |
Amortization of prior service credits and net actuarial loss, Tax (Provision) Benefit | (472) | (120) | (3,307) | |
Post retirement benefits, Tax (Provision) Benefit | (313) | 2,850 | (5,217) | |
Proportionate share of Telesat Holdco other comprehensive income (loss), Tax (Provision) Benefit | 2,069 | (4,910) | ||
Other comprehensive income, Tax (Provision) Benefit | (313) | 4,919 | (10,127) | |
Net actuarial gain (loss) and prior service credits, Net-of-Tax Amount | (265) | (5,147) | 3,102 | |
Amortization of prior service credits and net actuarial gain (loss), Net-of-Tax Amount | 788 | 336 | 5,380 | |
Postretirement benefits, Net- of-Tax | $ 523 | (4,811) | 8,482 | |
Proportionate share of Telesat Holdco other comprehensive income (loss), Net-of-Tax Amount | (3,494) | 7,996 | ||
Other comprehensive income (loss), Net-of-Tax Amount | $ 523 | $ (8,305) | $ 16,478 | |
[1] | Reclassifications are included in general and administrative expenses. |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Mar. 31, 2014 | Nov. 02, 2012 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | |||||
Land Note for sale of real estate of disposal group | $ 101,000 | ||||
Proceeds From Collection Of Notes Receivable | $ 33,700 | $ 67,300 | $ 33,667 | $ 67,333 | |
Interest rate on Land Note, start | 1.00% | ||||
Interest rate on Land Note, end | 1.50% |
Investments in Affiliates (Narr
Investments in Affiliates (Narrative) (Details) CAD in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2009USD ($) | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013CAD | Dec. 31, 2013USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Investments in affiliates | $ 104,792,000 | ||||||||||
Error corrections and prior period adjustments | $ (3,500,000) | $ (1,500,000) | $ 1,800,000 | ||||||||
Proceeds from sale of investments, net | $ 1,150,000 | ||||||||||
Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Economic interest in affiliates | 62.80% | 62.80% | 62.80% | ||||||||
Voting interest in affiliate | 32.70% | 32.70% | 32.70% | ||||||||
Investments in affiliates | $ 0 | $ 0 | $ 74,329,000 | ||||||||
Equity Method Investment Unrecognized Loss In Equity | 57,900,000 | 57,900,000 | |||||||||
Equity method investment unrecognized gain in other comprehensive income | 20,800,000 | ||||||||||
Capital expenditures | 152,500,000 | 86,600,000 | $ 77,700,000 | ||||||||
XTAR, LLC [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Investments in affiliates | $ 0 | $ 0 | 30,463,000 | ||||||||
Percentage of ownership interest | 56.00% | 56.00% | |||||||||
Equity Method Investment, Other than Temporary Impairment | $ 13,200,000 | $ 8,000,000 | $ 21,200,000 | $ 18,700,000 | |||||||
Percentage of revenue declined in related party | 11.00% | 17.00% | |||||||||
Lease obligation | 26,000,000 | $ 26,000,000 | |||||||||
Maximum annual lease obligation | 28,000,000 | 28,000,000 | |||||||||
Lease agreement, past due | $ 32,300,000 | ||||||||||
Lease agreement, deferred amount | $ 6,700,000 | ||||||||||
Repayment term past due and deferred lease obligation, years | 12 years | ||||||||||
Deferred lease obligation, annual payment | $ 5,000,000 | ||||||||||
Discount rate for prepayment of restructured past due and deferred lease obligation | 9.00% | ||||||||||
Cumulative payments of restructured past due and deferred lease obligation | 29,300,000 | ||||||||||
Equity Method Investment Investee Past Due Liability | $ 17,700,000 | $ 17,700,000 | $ 5,400,000 | ||||||||
12.5% Senior Subordinated Notes Due November 2017 [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Redemption date of debt instrument | May 1, 2013 | May 1, 2013 | |||||||||
Equity method investment senior subordinated notes interest rate stated percentage | 12.50% | 12.50% | |||||||||
Indenture maturity date | Nov. 1, 2017 | Nov. 1, 2017 | |||||||||
Redemption rate relative to principal amount | 106.25% | 106.25% | |||||||||
6% Senior Notes Due May 2017 [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Interest on notes | 6.00% | 6.00% | |||||||||
Interest expense multiplier to determine EBITDA available for dividend distribution, maximum | item | 1.40 | ||||||||||
Credit Agreement Dated March 28, 2012 [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Debt instrument amendment date | Apr. 2, 2013 | Apr. 2, 2013 | |||||||||
Debt amount converted into U.S. dollars | CAD | CAD 34 | ||||||||||
Leverage ratio after amendment | 4.25 | 4.25 | |||||||||
Leverage ratio before amendment | 4 | 4 | |||||||||
Transaction, Tax Indemnification [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Transaction payments received during the period | 5,400,000 | ||||||||||
Equity method investment reduction carrying value | 5,000,000 | ||||||||||
Term Loan B [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Interest rate reduction after amendment | 0.50% | 0.50% | |||||||||
Term Loan B - Canadian Facility [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Interest rate floor after amendment | 1.00% | 1.00% | |||||||||
Term Loan B - U.S. Facility [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Interest rate floor after amendment | 0.75% | 0.75% | |||||||||
Other Comprehensive Income (Loss) [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Error corrections and prior period adjustments | $ 5,300,000 | 400,000 | |||||||||
Investment Income [Member] | Telesat Holdings Inc [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Error corrections and prior period adjustments | $ (3,500,000) | $ 300,000 | |||||||||
Globalstar do Brasil S.A. [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Loss Contingency Accrual, Payments | $ 3,700,000 |
Investments in Affiliates (Inve
Investments in Affiliates (Investments in Affiliates) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates | $ 104,792,000 | |
Telesat Holdings Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates | $ 0 | 74,329,000 |
XTAR, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates | $ 0 | $ 30,463,000 |
Investments in Affiliates (Equi
Investments in Affiliates (Equity in Net Income (Losses) of Affiliates) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2] | Jun. 30, 2015 | [1],[2] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [1],[2] | Sep. 30, 2014 | [1],[2] | Jun. 30, 2014 | [1],[2] | Mar. 31, 2014 | [1],[2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity in net income (loss) of affiliates | $ (14,559) | $ (38,475) | $ 25,087 | $ (76,845) | $ (44,413) | $ (19,283) | $ 64,363 | $ (2,169) | $ (104,792) | $ (1,502) | $ 38,827 | ||||||||
Telesat Holdings Inc [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity in net income (loss) of affiliates | (74,329) | 24,698 | 47,251 | ||||||||||||||||
XTAR, LLC [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity in net income (loss) of affiliates | $ (30,463) | $ (26,200) | (5,854) | ||||||||||||||||
Other Affiliates [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity in net income (loss) of affiliates | $ (2,570) | ||||||||||||||||||
[1] | Amounts include net income (loss) of affiliates of $1.8 million, $(1.5) million and $(3.5) million for the quarters ended June 30, 2014, September 30, 2014 and September 30, 2015, respectively, that should have been recognized in prior periods. These adjustments, which related to our investment in Telesat, consisted primarily of foreign exchange gains and losses. The Company has not revised previously reported amounts based on its belief that the effect of such adjustments is not material to the quarterly financial statements taken as a whole. | ||||||||||||||||||
[2] | The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. |
Investments in Affiliates (Eq47
Investments in Affiliates (Equity Method Investment, Summarized Financial Data) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Telesat Holdings Inc [Member] | |||
Summary Financial Data: | |||
Revenues | $ 751,684 | $ 837,440 | $ 867,914 |
Operating expenses | (140,706) | (161,944) | (185,179) |
Depreciation, amortization and stock-based compensation | (190,985) | (231,849) | (245,764) |
Gain (loss) on disposition of long lived asset | (24) | (276) | (1,677) |
Operating income (loss) | 419,969 | 443,371 | 435,294 |
Interest expense | (138,783) | (182,395) | (210,180) |
Expense of refinancing | (19,655) | ||
Foreign exchange gains (losses) | (426,980) | (232,275) | (191,569) |
Gains (losses) on financial instruments | 7,810 | 70,872 | 110,034 |
Other income (expense) | 3,672 | 2,779 | 11,343 |
Income tax provision | (74,447) | (60,954) | (39,039) |
Net income (loss) | (208,759) | 41,398 | 96,228 |
Current assets | 568,106 | 497,287 | |
Total assets | 4,009,352 | 4,552,613 | |
Current liabilities | 187,488 | 227,200 | |
Long-term debt, including current portion | 2,968,776 | 3,102,635 | |
Total liabilities | 3,635,918 | 3,921,887 | |
Shareholders' equity/Members' equity | 373,434 | 630,726 | |
XTAR, LLC [Member] | |||
Summary Financial Data: | |||
Revenues | 25,852 | 29,171 | 35,283 |
Operating expenses | (31,933) | (31,367) | (33,763) |
Depreciation, amortization and stock-based compensation | (8,874) | (9,257) | (9,247) |
Operating income (loss) | (14,955) | (11,453) | (7,727) |
Net income (loss) | (18,722) | (13,835) | $ (10,895) |
Current assets | 7,533 | 4,992 | |
Total assets | 44,793 | 53,508 | |
Current liabilities | 41,712 | 28,585 | |
Total liabilities | 68,126 | 59,342 | |
Shareholders' equity/Members' equity | $ (23,333) | $ (5,834) |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule of Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Professional Fees, Current | $ 871 | $ 1,849 |
Pension and other post retirement liabilities | 120 | 526 |
Deferred tax liability | 416 | |
Accrued liabilities | 350 | 552 |
Other current liabilities, total | 12,055 | 13,424 |
Indemnification Liability ViaSat Lawsuit Settlement [Member] | ||
Indemnification liabilities (see Note 14) | $ 10,714 | $ 10,081 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Current tax (benefit) provision | $ (5,782) | $ 2,171 | $ (26,343) |
Benefit to income tax provision | 2,100 | 10,600 | |
Potential change in unrecognized tax benefits during next twelve months | (31,300) | ||
Liability for UTPs | 69,511 | 77,133 | |
Unrecognized tax benefits, interest on income taxes accrued | 5,600 | ||
Unrecognized tax benefits, income tax penalties accrued | 6,400 | ||
Unrecognized tax benefits that would reduce the income tax provision | 30,300 | ||
Excess tax benefit associated with stock based compensation | 2,609 | 1,864 | (3,128) |
Valuation allowance | 8,212 | 7,905 | |
Changes in valuation allowance | $ 300 | 700 | $ 100 |
Internal Revenue Service (IRS) [Member] | |||
Income Tax Contingency [Line Items] | |||
Statute of limitations to expire during next twelve months | 2,010 | ||
Operating loss carryforwards | $ 252,200 | ||
Operating loss carryforwards, limitations on use | 32,600 | ||
New York [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 1,100 | ||
California [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 77,800 | ||
Research Credit [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal AMT credits | 1,200 | ||
Other Tax Carryforward, AMT Tax Credits [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal AMT credits | 4,500 | ||
Other Tax Carryforward, AMT Tax Credits [Member] | State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal AMT credits | $ 7,400 | ||
Continuing Operations [Member] | |||
Income Tax Contingency [Line Items] | |||
Changes in valuation allowance | 600 | ||
Other Comprehensive Income (Loss) [Member] | |||
Income Tax Contingency [Line Items] | |||
Changes in valuation allowance | $ 100 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
U.S. Federal | $ (1,089) | $ (5,524) | $ 25,567 |
State and local | 7,106 | 3,573 | 976 |
Foreign | (235) | (220) | (200) |
Total current | 5,782 | (2,171) | 26,343 |
Deferred: | |||
U.S. Federal | 35,721 | 8,531 | (26,981) |
State and local | 3,973 | 1,745 | (1,203) |
Total deferred | 39,694 | 10,276 | (28,184) |
Income tax benefit (provision) | $ 45,476 | $ 8,105 | $ (1,841) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Decrease to unrecognized tax benefits | $ 4,921 | $ 3,062 | $ 1,952 |
Interest expense | (103) | (1,757) | (1,429) |
Penalties | 1,393 | 1,250 | 521 |
Total | $ 6,211 | $ 2,555 | $ 1,044 |
Income Taxes (Summary of Additi
Income Taxes (Summary of Additional Income Tax Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Tax benefit (provision) on (loss) income from discontinued operations | $ 450 | $ 14,482 | $ 2,995 |
Excess tax benefit from equity compensation recorded to paid-in-capital | 2,609 | 1,864 | (3,128) |
Deferred tax (provision) benefit for adjustments in other comprehensive income (loss) (See Note 3) | $ (313) | $ 4,919 | $ (10,127) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Tax benefit at U.S. Statutory Rate of 35% | $ 3,566 | $ 2,811 | $ 5,435 |
State and local income taxes, net of federal income tax | 7,821 | 4,497 | 155 |
Equity in net income of affiliates | 36,677 | 526 | (13,589) |
Extraterritorial income exclusion | 3,468 | 6,177 | |
Domestic production activity benefit | 2,317 | ||
Provision for unrecognized tax benefits | (708) | (833) | (332) |
interest on deferred installment sale | (216) | (1,296) | |
Nondeductible expenses | (1,411) | (1,359) | (762) |
Change in valuation allowance | (307) | (624) | (121) |
Federal research and development credit | 402 | ||
Foreign income taxes | (153) | (143) | (130) |
Other, net | (9) | (22) | (97) |
Income tax benefit (provision) | $ 45,476 | $ 8,105 | $ (1,841) |
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Income Taxes (Unrecognized Ta54
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ 78,333 | $ 80,527 | $ 76,080 |
Increases related to prior year tax positions | 1,955 | 2,141 | 6,755 |
Decreases related to prior year tax positions | (423) | (1,025) | |
Decreases as a result of statute expirations | (6,876) | (3,043) | (1,283) |
Decreases as a result of tax settlements | (1,114) | (869) | |
Balance at December 31 | $ 72,298 | $ 78,333 | $ 80,527 |
Income Taxes (Schedule of Net D
Income Taxes (Schedule of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Net operating loss and tax credit carryforwards | $ 117,676 | $ 122,152 |
Compensation and benefits | 1,639 | 1,790 |
Indemnification liabilities | 5,434 | 9,114 |
Other, net | 2,023 | 2,413 |
Federal benefit of uncertain tax positions | 7,818 | 10,026 |
Pension costs | 6,294 | 6,752 |
Investments in and advances to affiliates | 20,004 | |
Total deferred tax assets before valuation allowance | 160,888 | 152,247 |
Less valuation allowance | (8,212) | (7,905) |
Deferred tax assets net of valuation allowance | 152,676 | 144,342 |
Deferred installment sale | (12,376) | |
Investments in and advances to affiliates | (19,645) | |
Total deferred tax liabilities | (32,021) | |
Current deferred tax assets | 654 | |
Long-term deferred tax assets | 152,676 | 112,898 |
Other current liabilities | (416) | |
Long-term liabilities | (815) | |
Net deferred tax assets | $ 152,676 | $ 112,321 |
Long Term Liabilities (Schedule
Long Term Liabilities (Schedule of Long Term Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax liability | $ 815 | |
Liabilities for uncertain tax positions | $ 69,511 | 77,133 |
Other | 307 | 307 |
Long term liabilities | 73,578 | 92,469 |
Indemnification Liability ViaSat Lawsuit Settlement [Member] | ||
Indemnification liabilities (see Note 14) | 2,754 | 13,242 |
Indemnification Liabilities Other [Member] | ||
Indemnification liabilities (see Note 14) | $ 1,006 | $ 972 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shareholders' Equity [Line Items] | |||
Treasury stock, shares | 154,494 | 154,494 | |
Treasury stock | $ 9,592 | $ 9,592 | |
Director [Member] | Restricted Stock Units (RSUs) [Member] | Stock Compensation Plan [Member] | |||
Shareholders' Equity [Line Items] | |||
Shares, Vested | 175,000 | ||
Restricted stock, shares issued net of shares for tax withholdings | 91,204 | ||
Shares surrendered to fund withholding taxes, shares | 83,796 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($)shares |
Stock-Based Compensation [Abstract] | |
Maximum number of shares authorized for issuance under stock incentive plan | 1,390,880 |
Common stock available for future grant | 1,315,618 |
Total unrecognized compensation costs related to non-vested awards | $ | $ 0 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock Incentive Plan Activity) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Stock-Based Compensation [Abstract] | |
Total fair value of restricted stock units vested | $ 2,241 |
Stock-Based Compensation (Compo
Stock-Based Compensation (Components of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-Based Compensation [Abstract] | ||
Stock-based compensation | $ 12 | $ 488 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Telesat Holdings Inc [Member] | |
Percentage of economic interest as result of dilution upon exercise of stock options | 61.70% |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Dilutive Impact of Equity Method Investee Stock Options) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2] | Jun. 30, 2015 | [1],[2] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [1],[2] | Sep. 30, 2014 | [1],[2] | Jun. 30, 2014 | [1],[2] | Mar. 31, 2014 | [1],[2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||||||||||
Income (loss) from continuing operations | $ (1,681) | $ (3,347) | $ 18,027 | $ (82,503) | $ (13,731) | $ (25,880) | $ 53,002 | $ (14,818) | $ (69,504) | $ (1,427) | $ 21,456 | ||||||||
Less: Adjustment for dilutive effect of Telesat stock options | (641) | ||||||||||||||||||
Income (loss) from continuing operations - diluted | $ 20,815 | ||||||||||||||||||
[1] | The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. | ||||||||||||||||||
[2] | Variations in income from continuing operations among quarters in 2015 and 2014 are primarily the result of (i) the effect of changes in foreign exchange rates between the Canadian dollar and the U.S. dollar on our equity in net income or loss of Telesat and (ii) the limitation on recording our portion of Telesat's net income or loss due to the reduction of the carrying amount of our investment in Telesat to zero. Equity in net (loss) income of affiliates for the quarters ended December 31, 2015, September 30, 2015 and December 31, 2014 included an impairment charge to reduce our investment in XTAR to its fair value. |
Earnings Per Share (Schedule 63
Earnings Per Share (Schedule of Weighted Average Number of Shares for Calculating Diluted Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common and potential common shares outstanding for diluted earnings per share | |||
Weighted average common shares outstanding | 30,928 | 30,920 | 30,850 |
Common shares outstanding for diluted earnings per share | 30,928 | 30,920 | 30,999 |
Unvested Restricted Stock Units [Member] | |||
Common and potential common shares outstanding for diluted earnings per share | |||
Potential common shares outstanding for diluted earnings per share | 149 |
Earnings Per Share (Summary of
Earnings Per Share (Summary of Unvested Restricted Stock Units Excluded from the Calculation of Diluted Loss Per Share) (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share Diluted [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 78 | 84 |
Pensions and Other Employee B65
Pensions and Other Employee Benefits Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Unfunded status at end of period | $ (18,200) | ||
Unfunded benefit obligations, discount rate | 4.25% | 4.00% | 4.75% |
Unfunded benefit obligations, decrease in discount rate | 0.50% | 0.50% | |
Change in unfunded benefit obligation as a result of decrease in half percentage point assumed discount rate | $ 3,600 | $ 4,000 | |
Accumulated pension benefit obligation | $ 46,000 | 46,900 | |
Expected long-term rate of return on plan assets | 7.00% | ||
Employee Savings (401K) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions to employee savings (401K) plan, maximum | 6.00% | ||
Participant's base salary rate | 66.70% | ||
Employer contributions | $ 100 | $ 100 | $ 200 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated actuarial loss to be amortized from accumulated other comprehensive income over next fiscal year | 800 | ||
Contribution to qualified pension plan | 2,741 | ||
Estimated employer contribution next fiscal year | 2,200 | ||
Other Benefits [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution to qualified pension plan | $ 1,100 | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Termination date SERP | Dec. 13, 2012 | ||
Lump sum payment to plan participants | $ 17,700 |
Pensions and Other Employee B66
Pensions and Other Employee Benefits Plans (Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of period | $ 28,476 | ||
Fair value of plan assets at December 31, | 29,296 | $ 28,476 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 511 | 188 | $ 311 |
Interest cost | 1,896 | 1,882 | 1,843 |
Employer contributions | 2,741 | ||
Funded status at end of period | (17,680) | (19,696) | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2 | 1 | 2 |
Interest cost | 38 | 71 | 65 |
Funded status at end of period | (559) | (1,623) | |
Reconciliation of Benefit Obligation [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Obligation at beginning of period | 48,172 | 40,242 | |
Service cost | 511 | 188 | |
Interest cost | 1,896 | 1,882 | |
Participant contributions | 22 | 21 | |
Actuarial (gain) loss | (1,930) | 7,554 | |
Benefit payments | (1,695) | (1,715) | |
Obligation at December 31 | 46,976 | 48,172 | 40,242 |
Reconciliation of Benefit Obligation [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Obligation at beginning of period | 1,623 | 1,517 | |
Service cost | 2 | 1 | |
Interest cost | 38 | 71 | |
Participant contributions | 38 | 58 | |
Actuarial (gain) loss | (1) | 145 | |
Benefit payments | (92) | (169) | |
Curtailment and settlement | (1,049) | ||
Obligation at December 31 | 559 | 1,623 | 1,517 |
Reconciliation of Fair Value of Plan Assets [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Participant contributions | 22 | 21 | |
Benefit payments | (1,695) | (1,715) | |
Fair value of plan assets at beginning of period | 28,476 | 24,628 | |
Actual return on plan assets | (248) | 1,464 | |
Employer contributions | 2,741 | 4,078 | |
Fair value of plan assets at December 31, | 29,296 | 28,476 | $ 24,628 |
Reconciliation of Fair Value of Plan Assets [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Participant contributions | 38 | 58 | |
Benefit payments | (92) | (169) | |
Employer contributions | $ 54 | $ 111 |
Pensions and Other Employee B67
Pensions and Other Employee Benefits Plans (Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial loss | $ (16,830) | $ (17,200) |
Pre-tax amounts recognized in accumulated other comprehensive income (loss) | (16,830) | (17,200) |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial loss | (95) | (550) |
Amendments-prior service (cost) credit | (69) | (80) |
Pre-tax amounts recognized in accumulated other comprehensive income (loss) | $ (164) | $ (630) |
Pensions and Other Employee B68
Pensions and Other Employee Benefits Plans (Amounts Recognized in Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Post Retirement Benefits, Before-Tax Amount | $ (836) | $ 7,661 | $ (13,699) |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial gain (loss) during the period | (425) | (7,972) | 5,491 |
Amortization of actuarial loss (gain) | 795 | 408 | 5,947 |
Recognition due to curtailment and amount reclassified | 2,624 | ||
Post Retirement Benefits, Before-Tax Amount | 370 | (7,564) | 14,062 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial gain (loss) during the period | 1 | (145) | (249) |
Prior service cost (credit) during the period | (230) | ||
Amortization of actuarial loss (gain) | 26 | 39 | 44 |
Amortization of prior service cost (credit) | 11 | 9 | 9 |
Recognition due to curtailment and amount reclassified | 428 | 63 | |
Post Retirement Benefits, Before-Tax Amount | $ 466 | $ (97) | $ (363) |
Pensions and Other Employee B69
Pensions and Other Employee Benefits Plans (Amounts Recognized in the Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Long-Term Liabilities | $ 17,680 | $ 19,696 |
Amounts recognized in the balance sheet | 17,680 | 19,696 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current Liabilities | 120 | 526 |
Long-Term Liabilities | 439 | 1,097 |
Amounts recognized in the balance sheet | $ 559 | $ 1,623 |
Pensions and Other Employee B70
Pensions and Other Employee Benefits Plans (Components of Net Periodic Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 511 | $ 188 | $ 311 |
Interest cost | 1,896 | 1,882 | 1,843 |
Expected return on plan assets | (2,107) | (1,882) | (1,503) |
Recognition due to curtailment | 1,671 | ||
Amortization of net actuarial loss (gain) | 795 | 408 | 5,947 |
Net periodic cost | 1,095 | 596 | 8,269 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2 | 1 | 2 |
Interest cost | 38 | 71 | 65 |
Recognition due to curtailment | 428 | 78 | |
Amortization of prior service cost (credit) | 11 | 9 | 9 |
Amortization of net actuarial loss (gain) | 26 | 39 | 44 |
Net periodic cost | $ 505 | $ 120 | $ 198 |
Pensions and Other Employee B71
Pensions and Other Employee Benefits Plans (Assumptions Used to Determine Net Periodic Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pensions and Other Employee Benefit Plans [Abstract] | |||
Discount rate | 4.00% | 4.75% | 4.00% |
Expected return on plan assets | 7.25% | 7.25% | 7.25% |
Rate of compensation increase | 4.25% | 4.25% | 4.25% |
Pensions and Other Employee B72
Pensions and Other Employee Benefits Plans (Assumptions Used to Determine Benefit Obligation) (Details) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Pensions and Other Employee Benefit Plans [Abstract] | |||
Discount rate | 4.25% | 4.00% | 4.75% |
Rate of compensation increase | 4.25% | 4.25% | 4.25% |
Pensions and Other Employee B73
Pensions and Other Employee Benefits Plans (Pension Plans' Actual and Targeted Asset Allocations) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 100.00% | 100.00% |
Target Allocation | 100.00% | |
Target allocation range, maximum | 100.00% | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 57.00% | 58.00% |
Target Allocation | 56.50% | |
Target allocation range, maximum | 70.00% | |
Target allocation range, minimum | 50.00% | |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 43.00% | 42.00% |
Target Allocation | 43.50% | |
Target allocation range, maximum | 50.00% | |
Target allocation range, minimum | 30.00% |
Pensions and Other Employee B74
Pensions and Other Employee Benefits Plans (Target Asset Allocations and Ranges of Post Retirement Benefit Plan) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 100.00% |
Target allocation range, maximum | 100.00% |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 56.50% |
Target allocation range, maximum | 70.00% |
Target allocation range, minimum | 50.00% |
Equity Securities [Member] | U.S. Large Cap [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 23.00% |
Target allocation range, maximum | 40.00% |
Target allocation range, minimum | 15.00% |
Equity Securities [Member] | U.S. Small Cap [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 6.50% |
Target allocation range, maximum | 10.00% |
Target allocation range, minimum | 0.00% |
Equity Securities [Member] | Global [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 7.50% |
Target allocation range, maximum | 20.00% |
Target allocation range, minimum | 5.00% |
Equity Securities [Member] | Non-U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 12.00% |
Target allocation range, maximum | 20.00% |
Target allocation range, minimum | 5.00% |
Equity Securities [Member] | Alternative Equity Investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 7.50% |
Target allocation range, maximum | 20.00% |
Target allocation range, minimum | 0.00% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 43.50% |
Target allocation range, maximum | 50.00% |
Target allocation range, minimum | 30.00% |
Fixed Income Securities [Member] | Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 34.50% |
Target allocation range, maximum | 40.00% |
Target allocation range, minimum | 20.00% |
Fixed Income Securities [Member] | Alternative Fixed Income Investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 9.00% |
Target allocation range, maximum | 20.00% |
Target allocation range, minimum | 0.00% |
Pensions and Other Employee B75
Pensions and Other Employee Benefits Plans (Fair Values of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 29,296 | $ 28,476 | ||
Pension plans' actual assets allocation | 100.00% | 100.00% | ||
Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 26,507 | $ 25,688 | ||
Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 2,789 | 2,788 | $ 2,784 | |
Level 3 [Member] | Equity Long/Short Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 847 | 801 | 842 | |
Level 3 [Member] | Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 174 | 249 | 287 | |
Level 3 [Member] | Distressed Opportunity Ltd. Partnership [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 313 | $ 368 | $ 364 | |
Level 3 [Member] | Other Limited Partnership [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | ||||
Level 3 [Member] | Multi Strategy Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 1,455 | $ 1,370 | $ 1,291 | |
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 16,820 | $ 16,465 | ||
Pension plans' actual assets allocation | 57.00% | 58.00% | ||
Equity Securities [Member] | U.S. Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [1] | $ 7,159 | $ 7,031 | |
Pension plans' actual assets allocation | [1] | 24.00% | 25.00% | |
Equity Securities [Member] | U.S. Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [2] | $ 1,989 | $ 2,004 | |
Pension plans' actual assets allocation | [2] | 7.00% | 7.00% | |
Equity Securities [Member] | Global [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [3] | $ 2,333 | $ 2,288 | |
Pension plans' actual assets allocation | [3] | 8.00% | 8.00% | |
Equity Securities [Member] | Non-U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [4] | $ 3,704 | $ 3,494 | |
Pension plans' actual assets allocation | [4] | 13.00% | 12.00% | |
Equity Securities [Member] | Equity Long/Short Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [5] | $ 847 | $ 801 | |
Pension plans' actual assets allocation | [5] | 3.00% | 3.00% | |
Equity Securities [Member] | Real Estate Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [6] | $ 614 | $ 598 | |
Pension plans' actual assets allocation | [6] | 2.00% | 2.00% | |
Equity Securities [Member] | Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [7] | $ 174 | $ 249 | |
Pension plans' actual assets allocation | [7] | 0.00% | 1.00% | |
Equity Securities [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 15,799 | $ 15,415 | ||
Equity Securities [Member] | Level 2 [Member] | U.S. Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [1] | 7,159 | 7,031 | |
Equity Securities [Member] | Level 2 [Member] | U.S. Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [2] | 1,989 | 2,004 | |
Equity Securities [Member] | Level 2 [Member] | Global [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [3] | 2,333 | 2,288 | |
Equity Securities [Member] | Level 2 [Member] | Non-U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [4] | 3,704 | 3,494 | |
Equity Securities [Member] | Level 2 [Member] | Real Estate Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [6] | 614 | 598 | |
Equity Securities [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,021 | 1,050 | ||
Equity Securities [Member] | Level 3 [Member] | Equity Long/Short Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [5] | 847 | 801 | |
Equity Securities [Member] | Level 3 [Member] | Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [7] | 174 | 249 | |
Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 12,476 | $ 12,011 | ||
Pension plans' actual assets allocation | 43.00% | 42.00% | ||
Fixed Income Securities [Member] | Commingled Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [8] | $ 10,708 | $ 10,273 | |
Pension plans' actual assets allocation | [8] | 37.00% | 36.00% | |
Fixed Income Securities [Member] | Distressed Opportunity Ltd. Partnership [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [9] | $ 313 | $ 368 | |
Pension plans' actual assets allocation | [9] | 1.00% | 1.00% | |
Fixed Income Securities [Member] | Multi-Strategy Limited Partnerships [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [10] | $ 1,455 | $ 1,370 | |
Pension plans' actual assets allocation | [10] | 5.00% | 5.00% | |
Fixed Income Securities [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 10,708 | $ 10,273 | ||
Fixed Income Securities [Member] | Level 2 [Member] | Commingled Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [8] | 10,708 | 10,273 | |
Fixed Income Securities [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,768 | 1,738 | ||
Fixed Income Securities [Member] | Level 3 [Member] | Distressed Opportunity Ltd. Partnership [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [9] | 313 | 368 | |
Fixed Income Securities [Member] | Level 3 [Member] | Multi-Strategy Limited Partnerships [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [10] | $ 1,455 | $ 1,370 | |
[1] | Investments in common stocks that rank among the largest 1,000 companies in the U.S. stock market. | |||
[2] | Investments in common stocks that rank among the small capitalization stocks in the U.S. stock market. | |||
[3] | Investments in common stocks across the world without being limited by national borders or to specific regions. | |||
[4] | Investments in common stocks of companies from developed and emerging countries outside the United States. | |||
[5] | Investments primarily in long and short positions in equity securities of U.S. and non-U.S. companies. The fund has semi-annual tender offer redemption periods on June 30 and December 31 and is reported on a one month lag. | |||
[6] | As of December 31, 2015 and 2014, the pension plan was invested in real estate through a fund of funds which invests in global public real estate securities (REITs). | |||
[7] | Fund invests in portfolios of secondary interest in established venture capital, buyout, mezzanine and special situation funds on a global basis. Fund is valued on a quarterly lag with adjustment for subsequent cash activity. | |||
[8] | Investments in bonds representing many sectors of the broad bond market with both short-term and intermediate-term maturities. | |||
[9] | Investments mainly in discounted debt securities, bank loans, trade claims and other debt and equity securities of financially troubled companies. This partnership has semi-annual withdrawal rights on June 30 and December 31. This fund is reported on a one month lag. | |||
[10] | Investments mainly in partnerships that have multi-strategy investment programs and do not rely on a single investment model. As of December 31, 2015 and 2014, investments include a partnership that has monthly liquidation rights with notice of 33 days. As of December 31, 2014, investments also included a second partnership that had quarterly liquidation rights with notice of 65 days. Both funds were reported on a one month lag. |
Pensions and Other Employee B76
Pensions and Other Employee Benefits Plans (Changes in Fair Value of Pension Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of plan assets at beginning of period | $ 28,476 | |
Fair value of plan assets at December 31, | 29,296 | $ 28,476 |
Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of plan assets at beginning of period | 2,788 | 2,784 |
Fair value of plan assets at December 31, | 2,789 | 2,788 |
Private Equity Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of plan assets at beginning of period | 249 | 287 |
Fair value of plan assets at December 31, | 174 | 249 |
Equity Long/Short Fund [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of plan assets at beginning of period | 801 | 842 |
Fair value of plan assets at December 31, | 847 | 801 |
Distressed Opportunity Ltd. Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of plan assets at beginning of period | 368 | 364 |
Fair value of plan assets at December 31, | $ 313 | $ 368 |
Other Limited Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of plan assets at beginning of period | ||
Fair value of plan assets at December 31, | ||
Multi Strategy Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of plan assets at beginning of period | $ 1,370 | $ 1,291 |
Fair value of plan assets at December 31, | 1,455 | 1,370 |
Unrealized Gain/(Loss) [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | 19 | 54 |
Unrealized Gain/(Loss) [Member] | Private Equity Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | 2 | 12 |
Unrealized Gain/(Loss) [Member] | Equity Long/Short Fund [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | 46 | (41) |
Unrealized Gain/(Loss) [Member] | Distressed Opportunity Ltd. Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | $ (55) | $ 4 |
Unrealized Gain/(Loss) [Member] | Other Limited Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | ||
Unrealized Gain/(Loss) [Member] | Multi Strategy Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | $ 26 | $ 79 |
Realized Gain/(Loss) [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | $ 59 | $ 16 |
Realized Gain/(Loss) [Member] | Private Equity Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | ||
Realized Gain/(Loss) [Member] | Equity Long/Short Fund [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | ||
Realized Gain/(Loss) [Member] | Distressed Opportunity Ltd. Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | ||
Realized Gain/(Loss) [Member] | Other Limited Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | $ 16 | |
Realized Gain/(Loss) [Member] | Multi Strategy Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized and unrealized gain/(loss) | $ 59 | |
Purchases [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | $ 639 | |
Purchases [Member] | Private Equity Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | ||
Purchases [Member] | Equity Long/Short Fund [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | ||
Purchases [Member] | Distressed Opportunity Ltd. Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | ||
Purchases [Member] | Other Limited Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | ||
Purchases [Member] | Multi Strategy Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | $ 639 | |
Sales [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | (716) | $ (66) |
Sales [Member] | Private Equity Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | $ (77) | $ (50) |
Sales [Member] | Equity Long/Short Fund [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | ||
Sales [Member] | Distressed Opportunity Ltd. Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | ||
Sales [Member] | Other Limited Partnership [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | $ (16) | |
Sales [Member] | Multi Strategy Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases and sales | $ (639) |
Pensions and Other Employee B77
Pensions and Other Employee Benefits Plans (Benefit Payments Expected to be Paid) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 1,738 |
2,017 | 1,733 |
2,018 | 1,923 |
2,019 | 1,917 |
2,020 | 2,085 |
2021 to 2025 | 12,439 |
Gross Benefit Payments [Member] | Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 123 |
2,017 | 59 |
2,018 | 56 |
2,019 | 48 |
2,020 | 44 |
2021 to 2025 | $ 157 |
Commitments and Contingencies78
Commitments and Contingencies (Narrative) (Details) $ in Millions | Nov. 02, 2012 | Jan. 31, 2016USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Pre Closing Taxes Indemnification [Member] | Sale of SS/L [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Loss contingency accrual | $ (2) | $ (0.4) | ||||
ViaSat Lawsuit [Member] | Sale of SS/L [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Settlement agreement date | September 2,014 | |||||
Settlement agreement, plaintiff's name | ViaSat, Inc. | ViaSat, Inc. | ||||
Settlement agreement, counterparty's name | SS/L | SS/L | ||||
Lawsuit settlement amount, joint & several liability | $ 100 | |||||
Lawsuit settlement initial payment, joint & several liability | 40 | |||||
Lawsuit settlement future payments, joint & several liability | $ 60 | 32.4 | 55.2 | |||
Lawsuit settlement installment number, joint and several liability | 10 | |||||
Lawsuit settlement installment frequency, joint & several liability | quarterly | |||||
Lawsuit settlement amount of each installment, joint & several liability | $ 6.9 | |||||
Lawsuit settlement installment start date, joint & several liability | Oct. 15, 2014 | |||||
Lawsuit settlement installment end date, joint & several liability | Jan. 15, 2017 | |||||
Obligation with joint and several liability arrangement, amount recognized | 45 | |||||
Obligation with joint and several liability amount payable by counterparty | 55 | |||||
Payments for legal settlements, cummulative | 32 | |||||
Payments for legal settlements | $ 2.8 | |||||
Lawsuit settlement installments remaining | 4 | |||||
Lawsuit settlement, total amount outstanding installments | $ 11.2 | |||||
Lawsuit settlement installment discount rate | 3.25% | |||||
Lawsuit settlement obligation carrying value | 13.5 | 23.3 | ||||
Globalstar do Brasil S.A. [Member] | ||||||
Contingencies And Commitments [Line Items] | ||||||
Loss contingency accrual | $ 1 | $ 1 | ||||
Loss Contingency Accrual, Payments | $ 3.7 |
Commitments and Contingencies79
Commitments and Contingencies (Operating Leases Expense Net of Sublease Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | |||
Operating leases, rent expense | $ 679 | $ 595 | $ 876 |
Commitments and Contingencies80
Commitments and Contingencies (Schedule of Future Minimum Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
Operating leases, 2016 | $ 585 |
Operating leases, 2017 | $ 292 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | Apr. 11, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 |
Telesat Holdings Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Economic interest in affiliates | 62.80% | ||||
Common stock, percentage acquired by an unaffiliated third party | 90.00% | ||||
Duration for shares to be paid, days | 10 days | ||||
Xtar [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 56.00% | ||||
MHR Funds [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of outstanding voting common stock | 38.00% | 38.00% | |||
Percentage of combined ownership of voting and non-voting common stock | 57.10% | 57.10% | |||
Transaction, Consulting Agreement [Member] | Telesat Holdings Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, date | Oct. 31, 2007 | ||||
Related party annual transaction rate | 7.00% | ||||
Transaction income during the period | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||
Transaction payments received during the period | 4,800,000 | 4,800,000 | 3,500,000 | ||
Transaction payment in promissory notes | 1,300,000 | ||||
Redemption of notes receivable - related party | 2,600,000 | ||||
Transaction, notes receivable | $ 0 | 0 | |||
Transaction, Consulting Agreement [Member] | Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, date | Dec. 14, 2012 | ||||
Transaction income during the period | $ 63,000 | 204,000 | 204,000 | ||
Expenses on transactions with related party | 1,440,000 | 1,440,000 | 1,440,000 | ||
Transaction, Tax Indemnification [Member] | Telesat Holdings Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Tax Indemnification settlement liability | 1,100,000 | ||||
Tax indemnification settlement refund | 5,400,000 | ||||
Transaction, Supplemental Capacity Revenue Share [Member] | Viasat and Telesat [Member] | |||||
Related Party Transaction [Line Items] | |||||
Transaction term | 4 years | ||||
Transaction income during the period | 800,000 | 1,000,000 | 1,300,000 | ||
Amounts due under the transaction | 200,000 | 300,000 | |||
Duration of contract assigned to Telesat | 15 years | ||||
Percentage of entity's entitlement to net revenue of related party | 50.00% | ||||
Transaction, Management Agreement [Member] | Xtar [Member] | |||||
Related Party Transaction [Line Items] | |||||
Transaction payments received during the period | 0 | 0 | 0 | ||
Amounts due under the transaction | 6,800,000 | 6,800,000 | |||
Allowance For Doubtful Accounts Receivable Current | $ 6,800,000 | $ 6,800,000 | |||
Management fee charged as a percentage of revenue | 3.70% | ||||
Annual Fee [Member] | Transaction, Consulting Agreement [Member] | Telesat Holdings Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Transaction fee | $ 5,000,000 | ||||
Annual Fee [Member] | Transaction Participation In Welfare Plans Administrative Fee [Member] | Telesat Holdings Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Transaction fee | 100,000 | ||||
Monthly Fee [Member] | Transaction, Consulting Agreement [Member] | Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Transaction fee | $ 120,000 | ||||
Years 2003 to 2006 [Member] | Telesat Holdings Inc [Member] | Brazil [Member] | |||||
Related Party Transaction [Line Items] | |||||
Tax assessment imposed audit | $ 2,000,000 | ||||
Years 1999 to 2009 [Member] | Telesat Holdings Inc [Member] | Hong Kong [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount deposited with taxing authority | $ 6,500,000 | ||||
12.5% Senior Subordinated Notes Due November 2017 [Member] | Telesat Holdings Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment senior subordinated notes interest rate stated percentage | 12.50% | ||||
Indenture maturity date | Nov. 1, 2017 | ||||
Redemption date of debt instrument | May 1, 2013 |
Selected Quarterly Financial 82
Selected Quarterly Financial Information (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Operating loss | $ (1,181) | $ (1,652) | [1] | $ (2,080) | $ (1,617) | $ (1,373) | $ (1,281) | [1] | $ (1,336) | [1] | $ (1,340) | $ (6,530) | $ (5,330) | $ (16,038) | |||||
Loss from continuing operations before income taxes and equity in net income (loss) of affiliates | (1,697) | (1,806) | [1] | (4,781) | (1,904) | (2,529) | (1,643) | [1] | (1,881) | [1] | (1,977) | (10,188) | (8,030) | (15,530) | |||||
Equity in net income (loss)of affiliates | (14,559) | [2] | (38,475) | [1],[2] | 25,087 | [2] | (76,845) | [2] | (44,413) | [2] | (19,283) | [1],[2] | 64,363 | [1],[2] | (2,169) | [2] | (104,792) | (1,502) | 38,827 |
Income (loss) from continuing operations | (1,681) | [3] | (3,347) | [1],[3] | 18,027 | [3] | (82,503) | [3] | (13,731) | [3] | (25,880) | [1],[3] | 53,002 | [1],[3] | (14,818) | [3] | (69,504) | (1,427) | 21,456 |
Income (loss) from discontinued operations, net of tax provision | (204) | [4] | (208) | [1],[4] | (227) | [4] | (139) | [4] | (17,954) | [4] | (6,440) | [1],[4] | (1) | [1],[4] | (7) | [4] | (778) | (24,402) | (4,877) |
Net income (loss) attributable to Loral common shareholders | $ (1,885) | $ (3,555) | [1] | $ 17,800 | $ (82,642) | $ (31,685) | $ (32,320) | [1] | $ 53,001 | [1] | $ (14,825) | $ (70,282) | $ (25,829) | $ 16,579 | |||||
Basic income (loss) per share from continuing operations | $ (0.05) | $ (0.11) | [1] | $ 0.58 | $ (2.67) | $ (0.44) | $ (0.84) | [1] | $ 1.71 | [1] | $ (0.48) | $ (2.25) | $ (0.05) | $ 0.70 | |||||
Basic income (loss) per share from discontinued operations, net of tax | (0.01) | (0.01) | [1] | (0.01) | (0.58) | (0.21) | [1] | (0.03) | (0.79) | (0.16) | |||||||||
Basic income (loss) per share | (0.06) | (0.12) | [1] | 0.57 | (2.67) | (1.02) | (1.05) | [1] | 1.71 | [1] | (0.48) | (2.28) | (0.84) | 0.54 | |||||
Diluted income (loss) per share from continuing operations | (0.05) | (0.11) | [1] | 0.56 | (2.67) | (0.44) | (0.84) | [1] | 1.67 | [1] | (0.48) | (2.25) | (0.05) | 0.67 | |||||
Diluted income (loss) per share from discontinued operations, net of tax | (0.01) | (0.01) | [1] | (0.01) | (0.58) | (0.21) | [1] | (0.03) | (0.79) | (0.16) | |||||||||
Diluted income (loss) per share | $ (0.06) | $ (0.12) | [1] | $ 0.55 | $ (2.67) | $ (1.02) | $ (1.05) | [1] | $ 1.67 | [1] | $ (0.48) | $ (2.28) | $ (0.84) | $ 0.51 | |||||
Error corrections and prior period adjustments | $ (3,500) | $ (1,500) | $ 1,800 | ||||||||||||||||
[1] | The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. | ||||||||||||||||||
[2] | Amounts include net income (loss) of affiliates of $1.8 million, $(1.5) million and $(3.5) million for the quarters ended June 30, 2014, September 30, 2014 and September 30, 2015, respectively, that should have been recognized in prior periods. These adjustments, which related to our investment in Telesat, consisted primarily of foreign exchange gains and losses. The Company has not revised previously reported amounts based on its belief that the effect of such adjustments is not material to the quarterly financial statements taken as a whole. | ||||||||||||||||||
[3] | Variations in income from continuing operations among quarters in 2015 and 2014 are primarily the result of (i) the effect of changes in foreign exchange rates between the Canadian dollar and the U.S. dollar on our equity in net income or loss of Telesat and (ii) the limitation on recording our portion of Telesat's net income or loss due to the reduction of the carrying amount of our investment in Telesat to zero. Equity in net (loss) income of affiliates for the quarters ended December 31, 2015, September 30, 2015 and December 31, 2014 included an impairment charge to reduce our investment in XTAR to its fair value. | ||||||||||||||||||
[4] | Loss from discontinued operations, net of tax, for the quarters ended September 30, 2014 and December 31, 2014 includes the effects of the settlement of the ViaSat Suit and the allocation of the settlement between Loral and MDA, parent of SS/L (see Note 14). |
Schedule II Valuation and Qua83
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Allowance for Affiliate Receivables [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 6,692 | $ 6,692 | $ 5,246 | |
Charged to Costs and Expenses | 1,446 | |||
Balance at End of Period | $ 6,692 | $ 6,692 | 6,692 | |
Deferred Tax Valuation Allowance [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 7,905 | 7,228 | 7,108 | |
Charged to Costs and Expenses | 307 | 624 | 120 | |
Charged to Other Accounts | [1] | 53 | ||
Balance at End of Period | $ 8,212 | $ 7,905 | $ 7,228 | |
[1] | Changes in the deferred tax valuation allowance which have been charged to other accounts have been recorded in other comprehensive loss. |