Maxar (MAXR) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-38228
Entity Registrant Name	Maxar Technologies Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2809420
Entity Address, Address Line One	1300 W. 120th Avenue,
Entity Address, City or Town	Westminster
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80234
City Area Code	303
Local Phone Number	684-7660
Security 12b Title	Common stock par value of $0.0001 per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Trading Symbol	MAXR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		73,711,203
Entity Central Index Key	0001121142
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 405	$ 392
Costs and expenses:
Selling, general and administrative	104	84
Depreciation and amortization	68	74
Operating income (loss)	13	(7)
Interest expense, net	23	78
Other income, net	(3)	(1)
Loss before taxes	(7)	(84)
Net loss	$ (7)	$ (84)
Net loss per common share:
Basic (in dollars per share)	$ (0.10)	$ (1.30)
Diluted (in dollars per share)	$ (0.10)	$ (1.30)
Product
Revenues:
Total revenues	$ 154	$ 142
Costs and expenses:
Product and service costs, excluding depreciation and amortization	127	148
Service
Revenues:
Total revenues	251	250
Costs and expenses:
Product and service costs, excluding depreciation and amortization	$ 93	$ 93

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (7)	$ (84)
Other comprehensive income (loss), net of tax:
Unrealized gain on interest rate swaps	11	6
Foreign currency translation adjustments		(1)
Gain on pension and other postretirement benefit plans		1
Other comprehensive income, net of tax	11	6
Comprehensive income (loss), net of tax	$ 4	$ (78)

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 22	$ 47
Trade and other receivables, net	333	355
Inventory, net	36	39
Advances to suppliers	25	31
Prepaid assets	31	35
Other current assets	22	22
Total current assets	469	529
Non-current assets:
Orbital receivables, net	362	368
Property, plant and equipment, net	968	940
Intangible assets, net	761	787
Non-current operating lease assets	138	145
Goodwill	1,627	1,627
Other non-current assets	115	102
Total assets	4,440	4,498
Current liabilities:
Accounts payable	81	75
Accrued liabilities	62	43
Accrued compensation and benefits	71	111
Contract liabilities	250	289
Current portion of long-term debt	29	24
Current operating lease liabilities	40	42
Other current liabilities	37	38
Total current liabilities	570	622
Non-current liabilities:
Pension and other postretirement benefits	131	134
Operating lease liabilities	133	138
Long-term debt	2,060	2,062
Other non-current liabilities	71	79
Total liabilities	2,965	3,035
Commitments and contingencies
Stockholders' equity:
Common stock ($0.0001 par value, 240 million common shares authorized; 73.4 million and 72.7 million issued and outstanding at March 31, 2022 and December 31, 2021, respectively)
Additional paid-in capital	2,243	2,235
Accumulated deficit	(727)	(720)
Accumulated other comprehensive loss	(42)	(53)
Total Maxar stockholders' equity	1,474	1,462
Noncontrolling interest	1	1
Total stockholders' equity	1,475	1,463
Total liabilities and stockholders' equity	$ 4,440	$ 4,498

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized shares	240	240
Common stock, shares issued	73.4	72.7
Common stock, shares outstanding	73.4	72.7

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows (used in) provided by Operating activities:
Net loss	$ (7)	$ (84)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	68	74
Stock-based compensation expense	15	11
Amortization of debt issuance costs and other non-cash interest expense	3	4
Loss from extinguishment of debt		41
Cumulative adjustment to SXM-7 revenue		25
Other	5	4
Changes in operating assets and liabilities:
Trade and other receivables, net	29	3
Accounts payable and liabilities	(25)	(49)
Contract liabilities	(39)	6
Other	(1)	(8)
Cash provided by operating activities	48	27
Investing activities:
Purchase of property, plant and equipment and development or purchase of software	(64)	(50)
Acquisition of investment	(2)
Cash used in investing activities	(66)	(50)
Financing activities:
Net proceeds of revolving credit facility		25
Repurchase of 2023 Notes, including premium		(384)
Net proceeds from issuance of common stock		380
Settlement of securitization liability	(4)	(3)
Repayments of long-term debt	(1)	(2)
Other	(2)	1
Cash (used in) provided in financing activities	(7)	17
Decrease in cash, cash equivalents, and restricted cash	(25)	(6)
Cash, cash equivalents, and restricted cash, beginning of year	48	32
Cash, cash equivalents, and restricted cash, end of period	$ 23	$ 26

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of cash flow information:
Cash and cash equivalents	$ 22	$ 22
Restricted cash included in prepaid and other current assets	1	4
Total cash, cash equivalents, and restricted cash	$ 23	$ 26

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Common Stock	Additional paid in capital	Accumulated Deficit	Accumulated other comprehensive income (loss)	Noncontrolling interest	Total
Balance at the beginning of period at Dec. 31, 2020		$ 1,818	$ (763)	$ (120)	$ 1	$ 936
Balance at the beginning of period (in shares) at Dec. 31, 2020	61.2
Increase (Decrease) in Shareholders' Equity
Common stock issuance, net of transaction fees		380				380
Common stock issuance, net of transaction fees (in shares)	10
Common stock issued under employee stock purchase plan		2				2
Common stock issued under employee stock purchase plan (in shares)	0.1
Equity classified stock-based compensation expense		7				7
Equity classified stock-based compensation expense (in shares)	0.4
Comprehensive income (loss)			(84)	6		(78)
Balance at the end of period at Mar. 31, 2021		2,207	(847)	(114)	1	1,247
Balance at the end of period (in shares) at Mar. 31, 2021	71.7
Balance at the beginning of period at Dec. 31, 2021		2,235	(720)	(53)	1	$ 1,463
Balance at the beginning of period (in shares) at Dec. 31, 2021	72.7					72.7
Increase (Decrease) in Shareholders' Equity
Common stock issued under employee stock purchase plan		2				$ 2
Common stock issued under employee stock purchase plan (in shares)	0.1
Equity classified stock-based compensation expense		6				6
Equity classified stock-based compensation expense (in shares)	0.6
Comprehensive income (loss)			(7)	11		4
Balance at the end of period at Mar. 31, 2022		$ 2,243	$ (727)	$ (42)	$ 1	$ 1,475
Balance at the end of period (in shares) at Mar. 31, 2022	73.4					73.4

Unaudited Condensed Consolida_8

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Change in Stockholders' Equity
Dividends per common share (in dollars per share)	$ 0.01	$ 0.01

General business description

General business description	3 Months Ended
	Mar. 31, 2022
General business description
General business description	1. GENERAL BUSINESS DESCRIPTION Maxar Technologies Inc. (the “Company” or “Maxar”) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. Maxar helps government and commercial customers monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. The Company’s approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with speed, scale and cost effectiveness.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2022
Summary of significant accounting policies
Summary of significant accounting policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation ​ The Unaudited Condensed Consolidated Financial Statements include the accounts of Maxar Technologies Inc., and all consolidated subsidiary entities. The Company’s Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions are eliminated on consolidation. ​ The Company’s Unaudited Condensed Consolidated Financial Statements are presented in U.S. dollars and have been prepared on a historical cost basis, except for certain financial assets and liabilities including derivative financial instruments which are stated at fair value. ​ The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s annual audited consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K filed with the SEC. Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. In management’s opinion, all adjustments of a normal recurring nature that are necessary for a fair statement of the accompanying Unaudited Condensed Consolidated Financial Statements have been included. ​ Use of estimates, assumptions and judgments ​ The preparation of the Unaudited Condensed Consolidated Financial Statements in accordance with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the reporting date, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared using the most current and best available information; however, actual results could differ materially from those estimates. Recent Accounting Guidance Not Yet Adopted ​ Reference Rate Reform ​ In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which together with subsequent amendments, is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition from the London Interbank Offered Rate and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company expects that it will elect to apply some of the expedients and exceptions in ASU 2020-04.

Trade and other receivables, ne

Trade and other receivables, net	3 Months Ended
	Mar. 31, 2022
Trade and other receivables, net
Trade and other receivables, net	3. TRADE AND OTHER RECEIVABLES, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Billed ​ $ 163 ​ $ 162 Unbilled ​ 123 ​ 143 Total trade receivables ​ ​ 286 ​ ​ 305 Orbital receivables, current portion ​ ​ 45 ​ ​ 49 Other ​ ​ 3 ​ ​ 2 Allowance for doubtful accounts ​ ​ (1) ​ ​ (1) Trade and other receivables, net ​ $ 333 ​ $ 355 ​ The Company had orbital receivables from 13 customers for which the largest customer’s value represented 30% of the stated current and non-current balance sheet values as of both March 31, 2022 and December 31, 2021. ​ During the first quarter of 2021, the Company reduced its outstanding receivables related to the SXM-7 satellite for the final milestone and expected orbital payments by $15 million and $14 million, respectively. ​ There have been no changes in the allowance for expected credit losses related to non-current orbital receivables for the three months ended March 31, 2022. ​ Securitization liabilities as of March 31, 2022 and December 31, 2021, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Current portion ​ $ 16 ​ $ 16 Non-current portion ​ 28 ​ 32 Total securitization liabilities ​ $ 44 ​ $ 48 ​

Inventory, net

Inventory, net	3 Months Ended
	Mar. 31, 2022
Inventory, net
Inventory, net	4 . INVENTORY, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Raw materials ​ $ 28 ​ $ 34 Work in process ​ ​ 9 ​ ​ 6 Total ​ $ 37 ​ $ 40 Inventory reserve ​ ​ (1) ​ ​ (1) Inventory, net ​ $ 36 ​ $ 39 ​

Property, plant and equipment,

Property, plant and equipment, net	3 Months Ended
	Mar. 31, 2022
Property, plant and equipment, net
Property, plant and equipment, net	5 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Satellites ​ $ 397 ​ $ 397 Equipment ​ ​ 220 ​ ​ 221 Computer hardware ​ ​ 98 ​ ​ 95 Leasehold improvements ​ ​ 83 ​ ​ 83 Furniture and fixtures ​ ​ 16 ​ ​ 16 Construction in process 1 ​ ​ 711 ​ ​ 668 Property, plant and equipment, at cost ​ ​ 1,525 ​ ​ 1,480 Accumulated depreciation ​ (557) ​ ​ (540) Property, plant and equipment, net ​ $ 968 ​ $ 940 ​ 1 ​ Depreciation expense for property, plant and equipment was $19 million and $23 million for the three months ended March 31, 2022 and 2021, respectively.

Intangible assets

Intangible assets	3 Months Ended
	Mar. 31, 2022
Intangible assets
Intangible assets	6. INTANGIBLE ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Customer relationships ​ $ 615 ​ $ (201) ​ $ 414 ​ $ 615 ​ $ (190) ​ $ 425 Software ​ ​ 402 ​ ​ (161) ​ ​ 241 ​ ​ 379 ​ ​ (152) ​ ​ 227 Technologies ​ ​ 367 ​ ​ (295) ​ ​ 72 ​ ​ 367 ​ ​ (278) ​ ​ 89 Backlog ​ 107 ​ (96) ​ 11 ​ 107 ​ (89) ​ 18 Image library ​ ​ 80 ​ ​ (74) ​ ​ 6 ​ ​ 80 ​ ​ (71) ​ ​ 9 Trade names and other ​ ​ 37 ​ ​ (20) ​ ​ 17 ​ ​ 37 ​ ​ (18) ​ ​ 19 Intangible assets ​ $ 1,608 ​ $ (847) ​ $ 761 ​ $ 1,585 ​ $ (798) ​ $ 787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization expense related to intangible assets was $49 million and $51 million for the three months ended March 31, 2022 and 2021, respectively.

Long-term debt and interest exp

Long-term debt and interest expense, net	3 Months Ended
	Mar. 31, 2022
Long-term debt and interest expense, net
Long-term debt and interest expense, net	7 . LONG-TERM DEBT AND INTEREST EXPENSE , NET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Syndicated Credit Facility: ​ ​ ​ ​ ​ Term Loan B ​ $ 1,444 ​ $ 1,444 2023 Notes ​ ​ 500 ​ ​ 500 2027 Notes ​ ​ 150 ​ ​ 150 Deferred financing ​ ​ 24 ​ ​ 26 Obligations under finance leases and other ​ 7 ​ 5 Debt discount and issuance costs ​ (36) ​ (39) Total long-term debt ​ 2,089 ​ 2,086 Current portion of long-term debt ​ (29) ​ (24) Non-current portion of long-term debt ​ $ 2,060 ​ $ 2,062 ​ Syndicated Credit Facility ​ As of March 31, 2022, the Company’s senior secured syndicated credit facility (“Syndicated Credit Facility”) is composed of: (i) a senior secured first lien revolving credit facility in an aggregate capacity of up to $500 million maturing in December 2023 (“Revolving Credit Facility”) and (ii) a senior secured first lien term B facility in an original aggregate principal amount of $2.0 billion maturing in October 2024 (“Term Loan B”). ​ The maximum consolidated debt leverage ratios permitted under the Syndicated Credit Facility are 7.25x at the end of each fiscal quarter until the quarter ending September 30, 2022, 6.25x at the end of each fiscal quarter thereafter until the fiscal quarter ending March 31, 2023, and 5.50x for each fiscal quarter thereafter (subject to a 0.25x reduction in each maximum level upon a disposition of a business line for greater than $500 million). As of March 31, 2022 and December 31, 2021, the Company was in compliance with its debt covenants. ​ The Revolving Credit Facility includes an aggregate $200 million sub limit under which letters of credit can be issued. The Company had $28 million of issued and undrawn letters of credit outstanding under the Revolving Credit Facility as of March 31, 2022 and December 31, 2021. ​ Senior Secured Notes due 2023 ​ On December 2, 2019, the Company issued $1.0 billion in aggregate principal amount of 9.75% Senior Secured Notes due 2023 (“2023 Notes”). The 2023 Notes were offered and sold to qualified institutional buyers in the U.S. pursuant to Rule 144A and outside the U.S. pursuant to Regulation S under the Securities Act of 1933, as amended. The 2023 Notes were issued at a price of 98% and are recorded as long-term debt in the consolidated financial statements. The 2023 Notes bear interest at the rate of 9.75% per year, payable semi-annually in cash in arrears, which interest payments commenced in June 2020. The 2023 Notes will mature on December 31, 2023, unless earlier redeemed or repurchased. The 2023 Notes are guaranteed on a senior secured basis by each of the Company’s existing and future subsidiaries that guarantee the Syndicated Credit Facility. ​ On June 25, 2020, the Company repurchased $150 million aggregate principal amount of its 2023 Notes using proceeds from the sale of its former Canadian subsidiary. The 2023 Notes were repurchased (“2023 Notes Repurchase”) at a price of approximately 112.45% of the principal amount repurchased. ​ On March 26, 2021, the Company redeemed $350 million aggregate principal amount of its 2023 Notes using a portion of the net proceeds from an underwritten offering of 10 million shares of its common stock (“Offering”). The Company paid premiums of approximately $34 million related to the early redemption. This resulted in a loss on debt extinguishment of $41 million that was recorded in the first quarter of 2021, which is included as part of Interest expense, net within the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2021. See Note 9 for additional details on the Offering. ​ Senior Secured Notes due 2027 ​ On June 25, 2020, the Company issued $150 million in aggregate principal amount of 7.54% Senior Secured Notes due 2027 (“2027 Notes”). The 2027 Notes were offered and sold to qualified institutional buyers in the U.S. pursuant to Rule 144A and outside the U.S. pursuant to Regulation S under the Securities Act of 1933, as amended. The 2027 Notes were issued at a price of 98.25% and are recorded as long-term debt in the consolidated financial statements. The 2027 Notes bear interest at the rate of 7.54% per year, payable semi-annually in cash in arrears, for which interest payments commenced December 2020. The 2027 Notes will mature on December 31, 2027, unless earlier redeemed or repurchased. The 2027 Notes are guaranteed on a senior secured basis by each of the Company’s existing and future subsidiaries that guarantee the Syndicated Credit Facility and the 2023 Notes. ​ The Company accounted for the issuance of the 2027 Notes and the 2023 Notes Repurchase as debt modifications. As a result, the 12.45% premium paid on the repurchase of the $150 million aggregate principal amount of 2023 Notes is accounted for as an incremental discount that is amortized over the life of the 2027 Notes. Separately, the previously incurred unamortized debt discount and debt issuance costs are amortized over the remaining life of the outstanding 2023 Notes. ​ Interest expense, net on long-term debt and other obligations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Interest on long-term debt ​ $ 33 ​ $ 44 Interest on orbital securitization liability ​ ​ 1 ​ ​ 1 Loss on debt extinguishment ​ ​ — ​ ​ 41 Imputed interest and other ​ ​ — ​ ​ 1 Capitalized interest ​ ​ (11) ​ ​ (9) Interest expense, net ​ $ 23 ​ $ 78 ​

Financial instruments and fair

Financial instruments and fair value disclosures	3 Months Ended
	Mar. 31, 2022
Financial instruments and fair value disclosures
Financial instruments and fair value disclosures	8. FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES Factors used in determining the fair value of financial assets and liabilities are summarized into three categories in accordance with Accounting Standards Codification 820 - Fair Value Measurements: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: Inputs for the asset or liability that are based on unobservable inputs ​ The following tables present assets and liabilities that are measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements as of March 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ Orbital receivables 1 ​ $ — ​ $ 469 ​ $ — ​ $ 469 Interest rate swaps ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 10 ​ ​ $ — ​ $ 479 ​ $ — ​ $ 479 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 1 ​ $ — ​ $ 1 Long-term debt 2 ​ ​ — ​ ​ 2,114 ​ ​ — ​ ​ 2,114 ​ ​ $ — ​ $ 2,115 ​ $ — ​ $ 2,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements as of December 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orbital receivables 1 ​ $ — ​ $ 481 ​ $ — ​ $ 481 Interest rate swaps ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 3 ​ ​ $ — ​ $ 484 ​ $ — ​ $ 484 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 4 ​ $ — ​ $ 4 Long-term debt 2 ​ ​ — ​ ​ 2,132 ​ ​ — ​ ​ 2,132 ​ ​ $ — ​ $ 2,136 ​ $ — ​ $ 2,136 ​ 1 The carrying value of orbital receivables was $407 million and $417 million as of March 31, 2022 and December 31, 2021, respectively. 2 Long-term debt excludes finance leases, borrowings under the Revolving Credit Facility, deferred financing and other and is carried at amortized cost. The outstanding carrying value was $2,058 million and $2,055 million as of March 31, 2022 and December 31, 2021, respectively. The carrying value of borrowings under the Revolving Credit Facility approximates their fair value. ​ As of March 31, 2022, an aggregate of $1.0 billion of the Company’s variable rate long-term debt is fixed at an average rate of 1.43% (excluding the margin specified in the Syndicated Credit Facility) pursuant to the Company’s outstanding interest rate swaps. On April 29, 2022, $500 million of the Company’s interest rate swaps matured. ​ The Company determines fair value of its derivative financial instruments and orbital receivables based on internal valuation models, such as a discounted cash flow analysis, using management estimates and observable market-based inputs, as applicable. Management estimates include assumptions concerning the amount and timing of estimated future cash flows and application of appropriate discount rates. Observable market-based inputs are sourced from third parties and include interest rates and yield curves, currency spot and forward rates and credit spreads, as applicable. ​ The Company determines fair value of long-term debt that is actively traded in the secondary market using external pricing data, including any available quoted market prices and other observable inputs from available market information. For debt that is not actively traded in the secondary market, the fair value is based on the Company’s indicative borrowing cost derived from dealer quotes or discounted cash flows. ​ Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are all short-term in nature; therefore, the carrying value of these items approximates their fair value. ​ There were no transfers into or out of each of the levels of the fair value hierarchy during the periods ended March 31, 2022 and December 31, 2021.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' equity
Stockholders' Equity	9. STOCKHOLDERS’ EQUITY Changes in the components of Accumulated other comprehensive income (loss) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency Translation Adjustments ​ Unrealized (Loss) Gain on Interest Rate Swaps ​ Loss on Pension and Other Postretirement Plans ​ Total Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2021 $ (1) $ (1) $ (51) $ (53) Other comprehensive income ​ ​ — ​ ​ 11 ​ ​ — ​ ​ 11 Tax benefit (expense) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance as of March 31, 2022 ​ $ (1) ​ $ 10 ​ $ (51) ​ $ (42) ​ On March 22, 2021, the Company completed the Offering of 10 million shares of common stock at a public offering price of $40 per share. The Company received proceeds of $380 million, net of $20 million of transaction fees.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
Revenues
Revenues	10. REVENUES As of March 31, 2022, the Company had $1.6 billion of remaining performance obligations, which represents the transaction price of firm orders less inception-to-date revenues recognized. Remaining performance obligations generally exclude unexercised contract options and indefinite delivery/indefinite quantity contracts. The Company expects to recognize revenues relating to existing performance obligations of approximately $1.0 billion , $0.4 billion and $0.2 billion for the remaining nine months ending December 31, 2022, the year ending December 31, 2023 and thereafter, respectively. ​ Contract liabilities by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 Earth Intelligence Space Infrastructure Total Contract liabilities ​ $ 36 ​ $ 214 ​ $ 250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 Earth Intelligence Space Infrastructure Total Contract liabilities ​ $ 32 ​ $ 257 ​ $ 289 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract liabilities decreased to $250 million as of March 31, 2022 from $289 million as of December 31, 2021. The decrease in contract liabilities is primarily due to revenues recognized based upon the satisfaction of performance obligations within the Space Infrastructure segment. The Company had an immaterial balance of non-current contract liabilities as of March 31, 2022 and December 31, 2021. Non-current contract liabilities are included in Other non-current liabilities on the Unaudited Condensed Consolidated Balance Sheets. ​ The Company’s primary sources of revenues are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 Earth Intelligence Space Infrastructure Eliminations Total Product revenues ​ $ — ​ $ 154 ​ $ — ​ $ 154 Service revenues ​ 251 ​ — ​ — ​ 251 Intersegment ​ ​ — ​ 23 ​ (23) ​ — ​ ​ $ 251 ​ $ 177 ​ $ (23) ​ $ 405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 Earth Intelligence Space Infrastructure Eliminations Total Product revenues ​ $ — ​ $ 142 ​ $ — ​ $ 142 Service revenues ​ 250 ​ — ​ — ​ 250 Intersegment ​ ​ — ​ ​ 13 ​ ​ (13) ​ ​ — ​ ​ $ 250 ​ $ 155 ​ $ (13) ​ $ 392 ​ Certain of the Company’s contracts with customers in the Space Infrastructure segment include a significant financing component since payments are received from the customer more than one year after delivery of the promised goods or services. The Company recognized orbital interest revenue of $6 million for the three months ended March 31, 2022, compared to $7 million for the three months ended March 31, 2021, related to these contracts, which is included in product revenues in the Unaudited Condensed Consolidated Statements of Operations. ​ Revenue in the Space Infrastructure segment is primarily generated from long-term construction contracts. Due to the long-term nature of these contracts, the Company generally recognizes revenue over time using the cost-to-cost method to measure progress. Under the cost-to-cost method, revenue is recognized based on the proportion of total costs incurred to estimated total costs-at-completion ("EAC"). Revenue recognition is also contingent on estimated contractual consideration. An EAC includes all direct costs and indirect costs directly attributable to a program or allocable based on program cost pooling arrangements. Estimates regarding the Company’s costs associated with the design, manufacture and delivery of products and services are used in determining the EAC. Changes to an EAC or estimated contractual consideration are recorded as a cumulative adjustment to revenue. ​ The Company recognized a cumulative adjustment to revenue of $25 million for the three months ended March 31, 2021 related to the Sirius XM contract with Sirius XM Holdings Inc. (“Sirius XM”). This adjustment resulted primarily from adjusting the EAC transaction price for the amount of the final milestone and expected orbital payments from Sirius XM due to the non-performance of the SXM-7 satellite and other adjustments. ​ The Company has certain programs in the Space Infrastructure segment which contain significant development efforts that have experienced delays and cost growth primarily due to the complexity of the programs resulting in an overall loss position. The Company recorded $9 million in EAC adjustments on loss contracts during the three months ended March 31, 2022 compared to $10 million for the three months ended March 31, 2021. ​ Revenues based on the geographic location of customers are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 United States ​ $ 335 ​ $ 323 Asia ​ ​ 22 ​ ​ 22 Europe ​ ​ 17 ​ ​ 15 Middle East ​ ​ 15 ​ ​ 11 Australia ​ ​ 7 ​ ​ 2 Canada ​ ​ 6 ​ ​ 14 Other ​ ​ 3 ​ ​ 5 Total revenues ​ $ 405 ​ $ 392 ​ Revenues from significant customers are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Earth Intelligence ​ Space Infrastructure ​ Eliminations ​ Total U.S. federal government and agencies $ 169 $ 63 $ — $ 232 Commercial and other ​ ​ 82 ​ ​ 114 ​ ​ (23) ​ 173 Total revenues ​ $ 251 ​ $ 177 ​ $ (23) ​ $ 405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 Earth Intelligence Space Infrastructure ​ Eliminations Total U.S. federal government and agencies $ 171 $ 66 $ — $ 237 Commercial and other ​ ​ 79 ​ ​ 89 ​ ​ (13) ​ 155 Total revenues ​ $ 250 ​ $ 155 ​ $ (13) ​ $ 392 ​ The Company had revenues from a commercial customer in the Space Infrastructure segment that represented 11% of total revenues for the three months ended March 31, 2022. The revenues from this commercial customer in the Space Infrastructure segment represented 19% of the Company’s total revenues for the three months ended March 31, 2021.

Segment information

Segment information	3 Months Ended
	Mar. 31, 2022
Segment information
Segment information	11. SEGMENT INFORMATION The Company’s business is organized into two reportable segments: Earth Intelligence and Space Infrastructure. The Earth Intelligence reportable segment is a supplier of high-resolution, high accuracy Earth imagery and other geospatial data sourced from the Company’s advanced satellite constellation and third-party providers, as well as a provider of advanced geospatial information applications and analytic services for national security and commercial solutions. The Space Infrastructure reportable segment is a supplier of space-based infrastructure, robotics, subsystems and information solutions to satellite operators and government agencies. ​ The Company’s Chief Operating Decision Maker measures the performance of each segment based on revenue and Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization (“EBITDA”) adjusted for certain items affecting comparability of the Company’s ongoing operating results as specified in the calculation. Certain items affecting the comparability of our ongoing operating results between periods include restructuring, impairments, insurance recoveries, gain (loss) on sale of assets, (gain) loss on orbital receivables allowance and transaction and integration related expense. Transaction and integration related expense includes costs associated with de-leveraging activities, acquisitions and dispositions and the integration of acquisitions. Corporate and other expenses include items such as corporate office costs, regulatory costs, executive and director compensation, foreign exchange gains and losses and fees for audit, legal and consulting services. ​ Intersegment sales are generally recorded at cost plus a specified margin, which may differ from what the segment may be able to obtain on sales to external customers. The following table summarizes the operating performance of the Company’s segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Revenues: ​ ​ ​ Earth Intelligence ​ $ 251 ​ $ 250 Space Infrastructure ​ 177 ​ 155 Intersegment eliminations ​ ​ (23) ​ ​ (13) Total revenues ​ $ 405 ​ $ 392 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA: ​ ​ ​ ​ ​ ​ Earth Intelligence $ 99 $ 107 Space Infrastructure ​ ​ 19 ​ ​ (12) Intersegment eliminations ​ ​ (9) ​ ​ (5) Corporate and other expenses ​ ​ (25) ​ ​ (23) Restructuring ​ ​ (1) ​ ​ — Depreciation and amortization ​ ​ (68) ​ ​ (74) Interest expense, net ​ ​ (23) ​ ​ (78) Interest income 1 ​ ​ 1 ​ ​ 1 Loss before taxes ​ $ (7) ​ $ (84) ​ 1 Included in Other income, net on the Unaudited Condensed Consolidated Statements of Operations. ​ The Company’s capital expenditures are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Earth Intelligence Space Infrastructure Corporate and Eliminations ​ Total Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ $ 28 ​ $ 3 ​ $ 12 ​ $ 43 Intangible assets ​ 19 ​ ​ — ​ ​ 2 ​ 21 ​ ​ $ 47 ​ $ 3 ​ $ 14 ​ $ 64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Earth Intelligence Space Infrastructure Corporate and Eliminations ​ Total Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ $ 13 ​ $ 4 ​ $ 9 ​ $ 26 Intangible assets ​ 20 ​ — ​ 4 ​ 24 ​ ​ $ 33 ​ $ 4 ​ $ 13 ​ $ 50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Substantially all of the Company’s long-lived tangible assets were in the United States as of March 31, 2022 and December 31, 2021.

Employee benefit plans

Employee benefit plans	3 Months Ended
	Mar. 31, 2022
Employee benefit plans
Employee benefit plans	12. EMPLOYEE BENEFIT PLANS ​ The following table summarizes the components of net periodic benefit (credit) cost for the Company’s pension plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Interest cost ​ $ 4 ​ $ 3 Expected return on plan assets ​ ​ (7) ​ ​ (7) Amortization of net loss ​ ​ — ​ ​ 1 Expenses paid ​ ​ 1 ​ ​ 1 Net periodic benefit credit ​ $ (2) ​ $ (2) ​ Contributions ​ The funding policy for the Company’s pension plans is to contribute at least the minimum required by applicable laws and regulations or to directly make benefit payments where appropriate. In 2021, the Company elected to take advantage of certain provisions of the American Rescue Plan Act of 2021 and due to the Company’s election, there are no required contributions for the Company’s qualified pension plan for the year ending December 31, 2022.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2022
Income taxes
Income taxes	13. INCOME TAXES For the three months ended March 31, 2022 and 2021, the effective tax rate on pre-tax income was 0.0%. The effective tax rates for the three months ended March 31, 2022 and 2021 differ from the statutory U.S. federal income tax rate of 21.0% primarily due to estimated permanent differences and changes in valuation allowance. The Company does not anticipate a significant change to the Company’s gross unrecognized tax benefits within the next 12 months. ​ The Company assesses the deferred tax assets for recoverability on a quarterly basis. Based upon all available positive and negative evidence, the Company maintains a valuation allowance to reduce the net U.S. deferred tax asset to the amount that is more-likely-than-not realizable. ​ The Company computes an estimated annual effective tax rate (“AETR”) each quarter based on the current and forecasted continuing operating results. The income tax expense or benefit associated with the interim period is computed using the most recent estimated AETR applied to the year-to-date ordinary income or loss, plus the tax effect of any significant or infrequently occurring items recorded during the interim period. The computation of the estimated AETR at each interim period requires certain estimates and significant judgments including, but not limited to, the expected operating income (loss) for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent differences and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur and additional information becomes known or as the tax environment changes. ​

Net loss per common share

Net loss per common share	3 Months Ended
	Mar. 31, 2022
Net loss per common share
Net loss per common share	14. NET LOSS PER COMMON SHARE The following table includes the calculation of basic and diluted net loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (7) ​ $ (84) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding-basic ​ ​ 73.2 ​ ​ 64.8 Weighted dilutive effect of equity awards ​ — ​ — Weighted average number of common shares outstanding-diluted ​ ​ 73.2 ​ ​ 64.8 ​ ​ ​ ​ ​ ​ ​ Net loss per common share ​ ​ ​ ​ ​ ​ Basic ​ $ (0.10) ​ $ (1.30) Diluted ​ $ (0.10) ​ $ (1.30) ​ For the three months ended March 31, 2022 and 2021, approximately 3 million and 5 million shares subject to equity awards, respectively, were excluded from the diluted weighted average number of ordinary common shares outstanding calculation because their effect would have been anti-dilutive.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and contingencies
Commitments and contingencies	15. COMMITMENTS AND CONTINGENCIES Contingencies in the Normal Course of Business Satellite construction contracts may include performance incentives whereby payment for a portion of the purchase price of the satellite is contingent upon in-orbit performance of the satellite. The Company’s ultimate receipt of orbital performance incentives is subject to the continued performance of its satellites generally over the contractually stipulated life of the satellites. A complete or partial loss of a satellite’s functionality can result in loss of orbital receivable payments or repayment of amounts received by the Company under a warranty payback arrangement. The Company generally receives the present value of the orbital receivables if there is a launch failure or a failure caused by a customer error, but will forfeit some or all of the orbital receivables if the loss is caused by satellite failure or as a result of Company error. The Company recognizes orbital performance incentives in the financial statements based on the amounts that are expected to be received and believes that it will not incur a material loss relating to the incentives recognized. With respect to the Company’s securitized liability for the orbital receivables, upon the occurrence of an event of default under the securitization facility agreement or upon the occurrence of limited events, the Company may be required to repurchase on demand any effected receivables at their then net present value. ​ The Company may incur liquidated damages on programs as a result of delays due to slippage, or for programs which fail to meet all milestone requirements as outlined within the contractual arrangements with customers. Losses on programs related to liquidated damages result in a reduction of revenue. Changes in estimates related to contracts accounted for using the cost-to-cost method are recognized in the period in which such changes are made for the inception-to-date effect of the changes. Unrecoverable costs on contracts that are expected to be incurred in future periods are recorded in program cost in the current period. Additionally, construction contracts may have termination for default clauses, which if triggered, could result in potential losses and legal disputes. ​ The Company enters into agreements in the ordinary course of business with resellers and others. Most of these agreements require the Company to indemnify the other party against third-party claims alleging that one of its products infringes or misappropriates a patent, copyright, trademark, trade secret or other intellectual property right. Certain of these agreements require the Company to indemnify the other party against claims relating to property damage, personal injury or acts or omissions by the Company, its employees, agents or representatives. ​ From time to time, the Company has made guarantees regarding the performance of its systems to its customers. Some of these agreements do not limit the maximum potential future payments the Company could be obligated to make. The Company evaluates and estimates potential losses from such indemnification based on the likelihood that the future event will occur. The Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such indemnification and guarantees in the Unaudited Condensed Consolidated Financial Statements. ​ The Company has entered into industrial cooperation agreements, sometimes referred to as offset agreements, as a condition to entering into contracts for its products and services from certain customers in foreign countries. These agreements are designed to return economic value to the foreign country and may be satisfied through activities that do not require a direct cash payment, including transferring technology and providing manufacturing, training and other consulting support to in-country projects. These agreements may provide for penalties in the event the Company fails to perform in accordance with offset requirements. The Company has historically not been required to pay any such penalties. ​ Risks and uncertainties related to COVID-19 The near and long-term impacts of the pandemic on the cost and schedule of the numerous programs in the Company’s existing backlog and the timing of new awards remain uncertain. The Company is observing stress in its supplier base inside and outside the U.S. and will continue to monitor and assess the actual and potential COVID-19 impacts on employees, customers, suppliers and the productivity of the work being done, all of which to some extent could affect revenues, estimated costs to complete projects, earnings and cash flow. The Company has received some force majeure claims from suppliers related to COVID-19; however, at this time the Company does not expect the claims to result in a material financial impact. ​ Legal proceedings On January 14, 2019, a Maxar stockholder filed a putative class action lawsuit captioned Oregon Laborers Employers Pension Trust Fund, et al. v. Maxar Technologies Inc. ​ In January 2019, a Maxar stockholder resident in Canada issued a putative class action lawsuit captioned Charles O’Brien v. Maxar Technologies Inc. Charles O’Brien v. Maxar Technologies Inc. 2019 lawsuit alleges that the Company’s statements regarding the AMOS-8 contract, accounting for its GEO communications assets, and WorldView-4 were false and/or misleading during the class period and claims damages of $700 million. On April 24, 2020, the plaintiffs served their motion record for leave under the Securities Act (Ontario) and to certify the action as a class proceeding. By order dated September 23, 2021, the action against KPMG LLP was discontinued. On March 10, 2022, the plaintiffs’ motion for leave and certification was dismissed. The plaintiffs have not appealed the dismissal and the time period for such appeal expired on April 11, 2022. On October 21, 2019, a Maxar stockholder filed a putative class action lawsuit captioned McCurdy v. Maxar Technologies Inc., et al. On November 14, 2019, a derivative action was filed against Maxar and certain current and former members of management and the board of directors in United States District Court for the District of Delaware, captioned as Dorling, Derivatively on Behalf of Nominal Defendant Maxar Technologies Inc. v. Lance, et al. Golub, Derivatively on Behalf of Maxar Technologies Inc. v. Lance, et al. ​ On September 15, 2021, a derivative action was filed against Maxar and certain current and former members of management and the board of directors in the Court of Chancery of the State of Delaware, captioned as Egan, on behalf of Maxar Technologies, Inc., v. Lance et al. ​ The Company is a party to various other legal proceedings and claims that arise in the ordinary course of business as either a plaintiff or defendant. As a matter of course, the Company is prepared both to litigate these matters to judgment, as well as to evaluate and consider all reasonable settlement opportunities. The Company establishes accrued liabilities for these matters where losses are deemed probable and reasonably estimable. The outcome of any of these other proceedings, either individually or in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity. The Company expenses legal fees related to contingencies as incurred. ​ The Company maintains insurance policies for settlements and judgments, as well as legal defense costs, for lawsuits such as those described in the preceding paragraphs, although the amount of insurance coverage that the Company maintains may not be adequate to cover all claims or liabilities. In addition, provisions of the Company’s Certificate of Incorporation, Bylaws and indemnification agreements entered into with current and former directors and officers require the Company, among other things, to indemnify these directors and officers against certain liabilities that may arise by reason of their status or service as directors or officers and to advance expenses to such directors or officers in connection therewith.

Supplemental cash flow

Supplemental cash flow	3 Months Ended
	Mar. 31, 2022
Supplemental cash flow
Supplemental cash flow	16. SUPPLEMENTAL CASH FLOW Selected cash payments and non-cash activities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Supplemental cash flow information: ​ ​ ​ ​ ​ ​ Cash paid for interest ​ $ 15 ​ $ 27 Income tax payments, net of (refunds) ​ ​ (8) ​ ​ — Supplemental non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Accrued capital expenditures ​ ​ 19 ​ ​ 13 ​

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2022
Summary of significant accounting policies
Basis of presentation	Basis of presentation ​ The Unaudited Condensed Consolidated Financial Statements include the accounts of Maxar Technologies Inc., and all consolidated subsidiary entities. The Company’s Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions are eliminated on consolidation. ​ The Company’s Unaudited Condensed Consolidated Financial Statements are presented in U.S. dollars and have been prepared on a historical cost basis, except for certain financial assets and liabilities including derivative financial instruments which are stated at fair value. ​ The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s annual audited consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K filed with the SEC. Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. In management’s opinion, all adjustments of a normal recurring nature that are necessary for a fair statement of the accompanying Unaudited Condensed Consolidated Financial Statements have been included.
Use of estimates, assumptions and judgments	Use of estimates, assumptions and judgments ​ The preparation of the Unaudited Condensed Consolidated Financial Statements in accordance with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the reporting date, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared using the most current and best available information; however, actual results could differ materially from those estimates.
Recent Accounting Guidance Not Yet Adopted	Recent Accounting Guidance Not Yet Adopted ​ Reference Rate Reform ​ In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which together with subsequent amendments, is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition from the London Interbank Offered Rate and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company expects that it will elect to apply some of the expedients and exceptions in ASU 2020-04.

Trade and other receivables, _2

Trade and other receivables, net (Tables)	3 Months Ended
	Mar. 31, 2022
Trade and other receivables, net
Schedule of trade and other receivables, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Billed ​ $ 163 ​ $ 162 Unbilled ​ 123 ​ 143 Total trade receivables ​ ​ 286 ​ ​ 305 Orbital receivables, current portion ​ ​ 45 ​ ​ 49 Other ​ ​ 3 ​ ​ 2 Allowance for doubtful accounts ​ ​ (1) ​ ​ (1) Trade and other receivables, net ​ $ 333 ​ $ 355
Schedule of securitization liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Current portion ​ $ 16 ​ $ 16 Non-current portion ​ 28 ​ 32 Total securitization liabilities ​ $ 44 ​ $ 48

Inventory, net (Tables)

Inventory, net (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory, net
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Raw materials ​ $ 28 ​ $ 34 Work in process ​ ​ 9 ​ ​ 6 Total ​ $ 37 ​ $ 40 Inventory reserve ​ ​ (1) ​ ​ (1) Inventory, net ​ $ 36 ​ $ 39

Property, plant and equipment_2

Property, plant and equipment, net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, plant and equipment, net
Schedule of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Satellites ​ $ 397 ​ $ 397 Equipment ​ ​ 220 ​ ​ 221 Computer hardware ​ ​ 98 ​ ​ 95 Leasehold improvements ​ ​ 83 ​ ​ 83 Furniture and fixtures ​ ​ 16 ​ ​ 16 Construction in process 1 ​ ​ 711 ​ ​ 668 Property, plant and equipment, at cost ​ ​ 1,525 ​ ​ 1,480 Accumulated depreciation ​ (557) ​ ​ (540) Property, plant and equipment, net ​ $ 968 ​ $ 940 ​ 1

Intangible assets (Tables)

Intangible assets (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Customer relationships ​ $ 615 ​ $ (201) ​ $ 414 ​ $ 615 ​ $ (190) ​ $ 425 Software ​ ​ 402 ​ ​ (161) ​ ​ 241 ​ ​ 379 ​ ​ (152) ​ ​ 227 Technologies ​ ​ 367 ​ ​ (295) ​ ​ 72 ​ ​ 367 ​ ​ (278) ​ ​ 89 Backlog ​ 107 ​ (96) ​ 11 ​ 107 ​ (89) ​ 18 Image library ​ ​ 80 ​ ​ (74) ​ ​ 6 ​ ​ 80 ​ ​ (71) ​ ​ 9 Trade names and other ​ ​ 37 ​ ​ (20) ​ ​ 17 ​ ​ 37 ​ ​ (18) ​ ​ 19 Intangible assets ​ $ 1,608 ​ $ (847) ​ $ 761 ​ $ 1,585 ​ $ (798) ​ $ 787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Long-term debt and interest e_2

Long-term debt and interest expense, net (Tables)	3 Months Ended
	Mar. 31, 2022
Long-term debt and interest expense, net
Summary of long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Syndicated Credit Facility: ​ ​ ​ ​ ​ Term Loan B ​ $ 1,444 ​ $ 1,444 2023 Notes ​ ​ 500 ​ ​ 500 2027 Notes ​ ​ 150 ​ ​ 150 Deferred financing ​ ​ 24 ​ ​ 26 Obligations under finance leases and other ​ 7 ​ 5 Debt discount and issuance costs ​ (36) ​ (39) Total long-term debt ​ 2,089 ​ 2,086 Current portion of long-term debt ​ (29) ​ (24) Non-current portion of long-term debt ​ $ 2,060 ​ $ 2,062
Schedule of interest expense, net on long term debt and other obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Interest on long-term debt ​ $ 33 ​ $ 44 Interest on orbital securitization liability ​ ​ 1 ​ ​ 1 Loss on debt extinguishment ​ ​ — ​ ​ 41 Imputed interest and other ​ ​ — ​ ​ 1 Capitalized interest ​ ​ (11) ​ ​ (9) Interest expense, net ​ $ 23 ​ $ 78

Financial instruments and fai_2

Financial instruments and fair value disclosures (Tables)	3 Months Ended
	Mar. 31, 2022
Financial instruments and fair value disclosures
Summary of financial instruments measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements as of March 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ Orbital receivables 1 ​ $ — ​ $ 469 ​ $ — ​ $ 469 Interest rate swaps ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 10 ​ ​ $ — ​ $ 479 ​ $ — ​ $ 479 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 1 ​ $ — ​ $ 1 Long-term debt 2 ​ ​ — ​ ​ 2,114 ​ ​ — ​ ​ 2,114 ​ ​ $ — ​ $ 2,115 ​ $ — ​ $ 2,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements as of December 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orbital receivables 1 ​ $ — ​ $ 481 ​ $ — ​ $ 481 Interest rate swaps ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 3 ​ ​ $ — ​ $ 484 ​ $ — ​ $ 484 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 4 ​ $ — ​ $ 4 Long-term debt 2 ​ ​ — ​ ​ 2,132 ​ ​ — ​ ​ 2,132 ​ ​ $ — ​ $ 2,136 ​ $ — ​ $ 2,136 ​ 1 The carrying value of orbital receivables was $407 million and $417 million as of March 31, 2022 and December 31, 2021, respectively. 2 Long-term debt excludes finance leases, borrowings under the Revolving Credit Facility, deferred financing and other and is carried at amortized cost. The outstanding carrying value was $2,058 million and $2,055 million as of March 31, 2022 and December 31, 2021, respectively. The carrying value of borrowings under the Revolving Credit Facility approximates their fair value.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' equity
Schedule of changes in the components of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency Translation Adjustments ​ Unrealized (Loss) Gain on Interest Rate Swaps ​ Loss on Pension and Other Postretirement Plans ​ Total Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2021 $ (1) $ (1) $ (51) $ (53) Other comprehensive income ​ ​ — ​ ​ 11 ​ ​ — ​ ​ 11 Tax benefit (expense) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance as of March 31, 2022 ​ $ (1) ​ $ 10 ​ $ (51) ​ $ (42)

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenues
Summary of contract assets and contract liabilities by segment	Contract liabilities by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 Earth Intelligence Space Infrastructure Total Contract liabilities ​ $ 36 ​ $ 214 ​ $ 250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 Earth Intelligence Space Infrastructure Total Contract liabilities ​ $ 32 ​ $ 257 ​ $ 289 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of revenue by primary sources	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 Earth Intelligence Space Infrastructure Eliminations Total Product revenues ​ $ — ​ $ 154 ​ $ — ​ $ 154 Service revenues ​ 251 ​ — ​ — ​ 251 Intersegment ​ ​ — ​ 23 ​ (23) ​ — ​ ​ $ 251 ​ $ 177 ​ $ (23) ​ $ 405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 Earth Intelligence Space Infrastructure Eliminations Total Product revenues ​ $ — ​ $ 142 ​ $ — ​ $ 142 Service revenues ​ 250 ​ — ​ — ​ 250 Intersegment ​ ​ — ​ ​ 13 ​ ​ (13) ​ ​ — ​ ​ $ 250 ​ $ 155 ​ $ (13) ​ $ 392
Summary of revenue by geographic location of customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 United States ​ $ 335 ​ $ 323 Asia ​ ​ 22 ​ ​ 22 Europe ​ ​ 17 ​ ​ 15 Middle East ​ ​ 15 ​ ​ 11 Australia ​ ​ 7 ​ ​ 2 Canada ​ ​ 6 ​ ​ 14 Other ​ ​ 3 ​ ​ 5 Total revenues ​ $ 405 ​ $ 392
Schedule of revenue from significant customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Earth Intelligence ​ Space Infrastructure ​ Eliminations ​ Total U.S. federal government and agencies $ 169 $ 63 $ — $ 232 Commercial and other ​ ​ 82 ​ ​ 114 ​ ​ (23) ​ 173 Total revenues ​ $ 251 ​ $ 177 ​ $ (23) ​ $ 405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 Earth Intelligence Space Infrastructure ​ Eliminations Total U.S. federal government and agencies $ 171 $ 66 $ — $ 237 Commercial and other ​ ​ 79 ​ ​ 89 ​ ​ (13) ​ 155 Total revenues ​ $ 250 ​ $ 155 ​ $ (13) ​ $ 392

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment information
Summary of operating performance of the reporting segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Revenues: ​ ​ ​ Earth Intelligence ​ $ 251 ​ $ 250 Space Infrastructure ​ 177 ​ 155 Intersegment eliminations ​ ​ (23) ​ ​ (13) Total revenues ​ $ 405 ​ $ 392 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA: ​ ​ ​ ​ ​ ​ Earth Intelligence $ 99 $ 107 Space Infrastructure ​ ​ 19 ​ ​ (12) Intersegment eliminations ​ ​ (9) ​ ​ (5) Corporate and other expenses ​ ​ (25) ​ ​ (23) Restructuring ​ ​ (1) ​ ​ — Depreciation and amortization ​ ​ (68) ​ ​ (74) Interest expense, net ​ ​ (23) ​ ​ (78) Interest income 1 ​ ​ 1 ​ ​ 1 Loss before taxes ​ $ (7) ​ $ (84) ​ 1 Included in Other income, net on the Unaudited Condensed Consolidated Statements of Operations.
Schedule of capital expenditures by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Earth Intelligence Space Infrastructure Corporate and Eliminations ​ Total Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ $ 28 ​ $ 3 ​ $ 12 ​ $ 43 Intangible assets ​ 19 ​ ​ — ​ ​ 2 ​ 21 ​ ​ $ 47 ​ $ 3 ​ $ 14 ​ $ 64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Earth Intelligence Space Infrastructure Corporate and Eliminations ​ Total Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ $ 13 ​ $ 4 ​ $ 9 ​ $ 26 Intangible assets ​ 20 ​ — ​ 4 ​ 24 ​ ​ $ 33 ​ $ 4 ​ $ 13 ​ $ 50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Employee benefit plans (Tables)

Employee benefit plans (Tables)	3 Months Ended
	Mar. 31, 2022
Employee benefit plans
Summary of the components of net periodic benefit income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Interest cost ​ $ 4 ​ $ 3 Expected return on plan assets ​ ​ (7) ​ ​ (7) Amortization of net loss ​ ​ — ​ ​ 1 Expenses paid ​ ​ 1 ​ ​ 1 Net periodic benefit credit ​ $ (2) ​ $ (2)

Net loss per common share (Tabl

Net loss per common share (Tables)	3 Months Ended
	Mar. 31, 2022
Net loss per common share
Summary of calculation of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (7) ​ $ (84) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding-basic ​ ​ 73.2 ​ ​ 64.8 Weighted dilutive effect of equity awards ​ — ​ — Weighted average number of common shares outstanding-diluted ​ ​ 73.2 ​ ​ 64.8 ​ ​ ​ ​ ​ ​ ​ Net loss per common share ​ ​ ​ ​ ​ ​ Basic ​ $ (0.10) ​ $ (1.30) Diluted ​ $ (0.10) ​ $ (1.30)

Supplemental cash flow (Tables)

Supplemental cash flow (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental cash flow
Schedule of supplemental cash flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Supplemental cash flow information: ​ ​ ​ ​ ​ ​ Cash paid for interest ​ $ 15 ​ $ 27 Income tax payments, net of (refunds) ​ ​ (8) ​ ​ — Supplemental non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Accrued capital expenditures ​ ​ 19 ​ ​ 13

Trade and other receivables, _3

Trade and other receivables, net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Trade and other receivables, net
Billed	$ 163	$ 162
Unbilled	123	143
Total trade receivables	286	305
Orbital receivables, current portion	45	49
Other	3	2
Allowance for doubtful accounts	(1)	(1)
Trade and other receivables, net	$ 333	$ 355

Trade and other receivables - O

Trade and other receivables - Orbital receivables (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)customer	Mar. 31, 2021USD ($)	Dec. 31, 2021customer
Trade and other receivables
Reduction in outstanding receivables, final milestone		$ 15
Reduction in outstanding receivables, expected orbital payments		$ 14
Change in allowance for expected credit losses	$ 0
Accounts Receivable | Credit Concentration Risk
Trade and other receivables
Number of customers | customer	13		13
Accounts Receivable | Credit Concentration Risk | Largest Customer
Trade and other receivables
Concentration risk, percentage	30.00%		30.00%

Trade and other receivables - S

Trade and other receivables - Securitization liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Trade and other receivables, net
Current portion	$ 16	$ 16
Non-current portion	28	32
Total securitization liabilities	$ 44	$ 48

Inventory, net (Details)

Inventory, net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory, net
Raw materials	$ 28	$ 34
Work in process	9	6
Total	37	40
Inventory reserve	(1)	(1)
Total inventory, net	$ 36	$ 39

Property, plant and equipment_3

Property, plant and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, plant and equipment
Property, plant and equipment, at cost	$ 1,525		$ 1,480
Accumulated depreciation	(557)		(540)
Property, plant and equipment, net	968		940
Depreciation	19	$ 23
Satellites
Property, plant and equipment
Property, plant and equipment, at cost	397		397
Equipment
Property, plant and equipment
Property, plant and equipment, at cost	220		221
Computer hardware
Property, plant and equipment
Property, plant and equipment, at cost	98		95
Leasehold improvements
Property, plant and equipment
Property, plant and equipment, at cost	83		83
Furniture and fixtures
Property, plant and equipment
Property, plant and equipment, at cost	16		16
Construction in process
Property, plant and equipment
Property, plant and equipment, at cost	$ 711		$ 668

Intangible assets (Details)

Intangible assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-lived intangible assets:
Gross carrying value	$ 1,608		$ 1,585
Accumulated amortization	(847)		(798)
Net carrying value	761		787
Amortization of intangible assets	49	$ 51
Customer relationships
Finite-lived intangible assets:
Gross carrying value	615		615
Accumulated amortization	(201)		(190)
Net carrying value	414		425
Software
Finite-lived intangible assets:
Gross carrying value	402		379
Accumulated amortization	(161)		(152)
Net carrying value	241		227
Technologies
Finite-lived intangible assets:
Gross carrying value	367		367
Accumulated amortization	(295)		(278)
Net carrying value	72		89
Backlog
Finite-lived intangible assets:
Gross carrying value	107		107
Accumulated amortization	(96)		(89)
Net carrying value	11		18
Image library
Finite-lived intangible assets:
Gross carrying value	80		80
Accumulated amortization	(74)		(71)
Net carrying value	6		9
Trade names and other.
Finite-lived intangible assets:
Gross carrying value	37		37
Accumulated amortization	(20)		(18)
Net carrying value	$ 17		$ 19

Long-term debt and interest e_3

Long-term debt and interest expense, net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Long-term debt and interest expense, net
Obligations under finance leases and other	$ 7	$ 5
Debt discount and issuance costs	(36)	(39)
Total long-term debt	2,089	2,086
Current portion of long-term debt	(29)	(24)
Non-current portion of long-term debt	2,060	2,062
Term Loan B
Long-term debt and interest expense, net
Long-term debt	1,444	1,444
2023 Notes
Long-term debt and interest expense, net
Long-term debt	500	500
2027 Notes
Long-term debt and interest expense, net
Long-term debt	150	150
Deferred financing
Long-term debt and interest expense, net
Long-term debt	$ 24	$ 26

Long-term debt and interest e_4

Long-term debt and interest expense, net - Syndicated credit facility (Details) shares in Millions, $ in Millions	Mar. 26, 2021USD ($)shares	Mar. 22, 2021shares	Jun. 25, 2020USD ($)	Dec. 02, 2019USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Long-term debt and interest expense, net
Underwritten stock offering (in shares) | shares	10	10
Loss on debt extinguishment						$ 41
2023 Notes
Long-term debt and interest expense, net
Aggregate principal amount				$ 1,000
Interest rate (as a percent)				9.75%
Notes issue price percentage				98.00%
Aggregate principal amount repurchased			$ 150		$ 150
Percentage of principal amount of repurchased debt			112.45%
Principal amount of redeemed	$ 350
Premium paid for debt redemption	$ 34
Loss on debt extinguishment						$ 41
Percentage of premium paid on repurchase of notes			12.45%
2027 Notes
Long-term debt and interest expense, net
Aggregate principal amount			$ 150
Interest rate (as a percent)			7.54%
Issue Price (as a percent)			98.25%
Syndicated Credit Facility | At the end of each fiscal quarter for the next six months
Long-term debt and interest expense, net
Maximum debt to EBITDA					7.25
Syndicated Credit Facility | At the end of each fiscal quarter for the next twelve months
Long-term debt and interest expense, net
Maximum debt to EBITDA					6.25
Syndicated Credit Facility | For each fiscal quarter thereafter
Long-term debt and interest expense, net
Maximum debt to EBITDA					5.50
Syndicated Credit Facility | Upon a disposition of a business line for greater than $500 million
Long-term debt and interest expense, net
Maximum debt to EBITDA					0.25
Revolving Credit Facility
Long-term debt and interest expense, net
Letter of credit outstanding					$ 28		$ 28
Revolving Credit Facility | Upon a disposition of a business line for greater than $500 million
Long-term debt and interest expense, net
Minimum amount of disposition of business line to trigger a reduction in each maximum level of consolidated debt to EBITDA					500
Revolving Credit Facility | Maturing in December 2023
Long-term debt and interest expense, net
Maximum borrowing capacity					500
Letter of credit
Long-term debt and interest expense, net
Maximum borrowing capacity					200
Term Loan B | Maturing in October 2024
Long-term debt and interest expense, net
Aggregate principal amount					$ 2,000

Long-term debt and interest e_5

Long-term debt and interest expense, net - Interest expense on long term debts and other obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest expenses
Interest on long-term debt	$ 33	$ 44
Interest on orbital securitization liability	1	1
Loss on debt extinguishment		41
Imputed interest and other		1
Capitalized interest	(11)	(9)
Interest expense, net	$ 23	$ 78

Financial instruments and fai_3

Financial instruments and fair value disclosures - Financial instruments measured at fair value (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Orbital receivable	$ 469	$ 481
Assets fair value	479	484
Liabilities
Long-term debt	2,114	2,132
Liabilities fair value	2,115	2,136
Interest rate swaps
Assets
Derivative financial instruments	10	3
Liabilities
Derivative financial instruments	1	4
Level 2
Assets
Orbital receivable	469	481
Assets fair value	479	484
Liabilities
Long-term debt	2,114	2,132
Liabilities fair value	2,115	2,136
Level 2 | Interest rate swaps
Assets
Derivative financial instruments	10	3
Liabilities
Derivative financial instruments	$ 1	$ 4

Financial instruments and fai_4

Financial instruments and fair value disclosures - Financial instruments recorded at carrying value (Details) - USD ($) $ in Millions	Apr. 29, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial instruments and fair value disclosures
Fair value assets level 1 to level 2 transfers		$ 0	$ 0
Fair value assets level 2 to level 1 transfers		0	0
Fair value assets transfers into level 3		0	0
Fair value assets transfers out of level 3		0	0
Fair value liabilities level 1 to level 2 transfers		0	0
Fair value liabilities level 2 to level 1 transfers		0	0
Fair value liabilities transfers into level 3		0	0
Fair value liabilities transfers out of level 3		0	0
Carrying value
Financial instruments and fair value disclosures
Orbital receivable		407	417
Long-term debt excluding finance leases, deferred financing and other		2,058	$ 2,055
Interest rate swaps | Cash flow hedges | Syndicated Credit Facility
Financial instruments and fair value disclosures
Long-term debt at variable rate		$ 1,000
Derivative, Average Fixed Interest Rate		1.43%
Interest rate swaps | Cash flow hedges | Syndicated Credit Facility | Forecast
Financial instruments and fair value disclosures
Maturities of interest rate swaps	$ 500

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Mar. 26, 2021	Mar. 22, 2021	Mar. 31, 2021
Stockholders' equity
Common stock issuance, net of transaction fees (in shares)	10	10
Public offering price		$ 40
Proceeds from common stock		$ 380	$ 380
Net transaction fee		$ 20

Stockholders' Equity - Componen

Stockholders' Equity - Components of accumulated other comprehensive income (loss) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	$ 1,462
Balance at the end of period	1,474
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	(53)
Other comprehensive income (loss)	11
Balance at the end of period	(42)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	(1)
Balance at the end of period	(1)
Unrecognized (Loss) Gain on on Interest Rate Swaps
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	(1)
Other comprehensive income (loss)	11
Balance at the end of period	10
Loss on Pension and Other Postretirement Plans
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	(51)
Balance at the end of period	$ (51)

Revenues - Remaining performanc

Revenues - Remaining performance obligations (Details) $ in Billions	Mar. 31, 2022USD ($)
Revenue
Remaining performance obligation	$ 1.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue
Remaining performance obligation	$ 1
Expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue
Remaining performance obligation	$ 0.4
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue
Remaining performance obligation	$ 0.2
Expected timing of satisfaction	1 year

Revenues - Contract liabilities

Revenues - Contract liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Contract liabilities
Contract liabilities	$ 250	$ 289
Earth intelligence
Contract liabilities
Contract liabilities	36	32
Space Infrastructure
Contract liabilities
Contract liabilities	$ 214	$ 257

Revenues - Disaggregation of re

Revenues - Disaggregation of revenues by source (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenues	$ 405	$ 392
Product
Revenue
Revenues	154	142
Service
Revenue
Revenues	251	250
Space Infrastructure
Revenue
Orbital interest revenue	6	7
Cumulative adjustment to revenue		25
Space Infrastructure | Commercial Satellite Contract
Revenue
EAC adjustment	9	10
Operating Segments | Earth intelligence
Revenue
Revenues	251	250
Operating Segments | Earth intelligence | Service
Revenue
Revenues	251	250
Operating Segments | Space Infrastructure
Revenue
Revenues	177	155
Operating Segments | Space Infrastructure | Product
Revenue
Revenues	154	142
Intersegment eliminations
Revenue
Revenues	(23)	(13)
Intersegment eliminations | Space Infrastructure
Revenue
Revenues	$ 23	$ 13

Revenues - Disaggregation of _2

Revenues - Disaggregation of revenues on geographic location of customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenues	$ 405	$ 392
U.S.
Revenue
Revenues	335	323
Asia
Revenue
Revenues	22	22
Europe
Revenue
Revenues	17	15
Middle East
Revenue
Revenues	15	11
Australia
Revenue
Revenues	7	2
Canada
Revenue
Revenues	6	14
Other.
Revenue
Revenues	$ 3	$ 5

Revenues - Disaggregation of _3

Revenues - Disaggregation of revenues from significant customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenues	$ 405	$ 392
U.S. Federal Government and agencies
Revenue
Revenues	232	237
Commercial and other
Revenue
Revenues	173	155
Intersegment eliminations
Revenue
Revenues	(23)	(13)
Intersegment eliminations | Commercial and other
Revenue
Revenues	(23)	(13)
Earth intelligence | Operating Segments
Revenue
Revenues	251	250
Earth intelligence | Operating Segments | U.S. Federal Government and agencies
Revenue
Revenues	169	171
Earth intelligence | Operating Segments | Commercial and other
Revenue
Revenues	$ 82	$ 79
Space Infrastructure | Commercial customer | Revenue | Customer concentration risk
Revenue
Concentration risk, percentage	11.00%	19.00%
Space Infrastructure | Operating Segments
Revenue
Revenues	$ 177	$ 155
Space Infrastructure | Operating Segments | U.S. Federal Government and agencies
Revenue
Revenues	63	66
Space Infrastructure | Operating Segments | Commercial and other
Revenue
Revenues	114	89
Space Infrastructure | Intersegment eliminations
Revenue
Revenues	$ 23	$ 13

Segment information - Operating

Segment information - Operating performance (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment information
Number of reportable segments | segment	2
Total revenues	$ 405	$ 392
Corporate and other expense	(25)	(23)
Restructuring	(1)
Depreciation and amortization	(68)	(74)
Interest expense, net	(23)	(78)
Interest income	1	1
Loss before taxes	(7)	(84)
Operating Segments | Earth Intelligence
Segment information
Total revenues	251	250
Adjusted EBITDA	99	107
Operating Segments | Space Infrastructure.
Segment information
Total revenues	177	155
Adjusted EBITDA	19	(12)
Intersegment eliminations
Segment information
Total revenues	(23)	(13)
Adjusted EBITDA	$ (9)	$ (5)

Segment information - Capital e

Segment information - Capital expenditures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment information
Capital expenditures, property, plant and equipment	$ 43	$ 26
Capital expenditures, intangible assets	21	24
Capital expenditures	64	50
Intersegment eliminations
Segment information
Capital expenditures, property, plant and equipment	12	9
Capital expenditures, intangible assets	2	4
Capital expenditures	14	13
Earth Intelligence | Operating Segments
Segment information
Capital expenditures, property, plant and equipment	28	13
Capital expenditures, intangible assets	19	20
Capital expenditures	47	33
Space Infrastructure. | Operating Segments
Segment information
Capital expenditures, property, plant and equipment	3	4
Capital expenditures	$ 3	$ 4

Employee benefit plans - Narrat

Employee benefit plans - Narrative (Details) $ in Millions	Mar. 31, 2022USD ($)
Pension
Employee benefit plans
Expected future contribution by the employer	$ 0

Employee benefit plans - Compon

Employee benefit plans - Components of net periodic benefit cost (Details) - Pension - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee benefit plans
Interest cost	$ 4	$ 3
Expected return on plan assets	(7)	(7)
Amortization of net loss		1
Expenses paid	1	1
Net periodic benefit credit	$ (2)	$ (2)

Income taxes (Details)

Income taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income taxes
Effective income tax rate	0.00%	0.00%
U.S. federal income tax rate	21.00%	21.00%

Net loss per common share (Deta

Net loss per common share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net loss per common share
Net loss	$ (7)	$ (84)
Weighted average number of common shares outstanding - basic (in shares)	73.2	64.8
Weighted average number of common shares outstanding - diluted (in shares)	73.2	64.8
Basic net loss per common share:
Basic net loss per common share (in dollars per share)	$ (0.10)	$ (1.30)
Diluted net loss per common share:
Diluted net loss per common share (in dollars per share)	$ (0.10)	$ (1.30)

Net loss per common share - Ant

Net loss per common share - Anti-dilutive securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity awards
Earnings per common share
Antidilutive securities excluded from computation of earnings per share (in shares)	3	5

Commitments and contingencies (

Commitments and contingencies (Details) $ in Millions	1 Months Ended
	Dec. 31, 2020USD ($)
Pending Litigation | Stockholder class action
Commitments and Contingencies
Recovery amount sought	$ 700

Supplemental cash flow (Details

Supplemental cash flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental cash flow information:
Cash paid for interest	$ 15	$ 27
Income taxes payments, net of (refunds)	(8)
Supplemental non-cash investing and financing activities:
Accrued capital expenditures	$ 19	$ 13