Maxar (MAXR) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 26, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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
Trading Symbol	MAXR
Security Exchange Name	NYSE
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
Entity Common Stock, Shares Outstanding		75,838,570
Entity Central Index Key	0001121142
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 419	$ 405
Costs and expenses:
Selling, general and administrative	117	104
Depreciation and amortization	39	68
Gain on sale of assets	(6)
Operating income	13	13
Interest expense, net	29	23
Other income, net	(2)	(3)
Loss before taxes	(14)	(7)
Net loss	$ (14)	$ (7)
Basic net loss per common share:
Basic net loss per common share (in dollars per share)	$ (0.19)	$ (0.10)
Diluted net loss per common share:
Diluted net loss per common share (in dollars per share)	$ (0.19)	$ (0.10)
Product
Revenues:
Total revenues	$ 176	$ 154
Costs and expenses:
Product and service costs, excluding depreciation and amortization	147	127
Service
Revenues:
Total revenues	243	251
Costs and expenses:
Product and service costs, excluding depreciation and amortization	$ 109	$ 93

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income
Net loss	$ (14)	$ (7)
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on interest rate swaps	(1)	8
Reclassification of loss (gain) to net income	(7)	3
Other comprehensive (loss) income, net of tax	(8)	11
Comprehensive (loss) income, net of tax	$ (22)	$ 4

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 26	$ 52
Trade and other receivables, net	379	380
Inventory, net	45	46
Advances to suppliers	39	25
Prepaid assets	32	35
Other current assets	107	70
Total current assets	628	608
Non-current assets:
Orbital receivables, net	302	307
Property, plant and equipment, net	1,113	1,094
Intangible assets, net	722	718
Non-current operating lease assets	131	133
Goodwill	1,649	1,649
Other non-current assets	95	97
Total assets	4,640	4,606
Current liabilities:
Accounts payable	92	87
Accrued liabilities	87	76
Accrued compensation and benefits	52	77
Contract liabilities	387	364
Current portion of long-term debt	21	22
Current operating lease liabilities	35	34
Other current liabilities	105	76
Total current liabilities	779	736
Non-current liabilities:
Pension and other postretirement benefits	106	106
Operating lease liabilities	131	133
Long-term debt	2,193	2,172
Other non-current liabilities	68	71
Total liabilities	3,277	3,218
Commitments and contingencies
Stockholders' equity:
Common stock ($0.0001 par value, 240 million common shares authorized; 75.5 million and 74.7 million issued and outstanding at March 31, 2023 and December 31, 2022, respectively)
Additional paid-in capital	2,273	2,276
Accumulated deficit	(887)	(873)
Accumulated other comprehensive loss	(24)	(16)
Total Maxar stockholders' equity	1,362	1,387
Noncontrolling interest	1	1
Total stockholders' equity	1,363	1,388
Total liabilities and stockholders' equity	$ 4,640	$ 4,606

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2023	Dec. 31, 2022
Unaudited Condensed 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	75.5	74.7
Common stock, shares outstanding	75.5	74.7

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows provided by (used in):
Net loss	$ (14)	$ (7)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	39	68
Stock-based compensation expense	9	15
Amortization of debt issuance costs and other non-cash interest expense	5	3
Gain on sale of asset	(6)
Other	(2)	5
Changes in operating assets and liabilities:
Trade and other receivables, net	8	29
Accounts payable and liabilities	(22)	(25)
Contract liabilities	23	(39)
Other	4	(1)
Cash provided by operating activities	44	48
Investing activities:
Purchase of property, plant and equipment and development or purchase of software	(63)	(64)
Sale of asset	6
Acquisition of investment		(2)
Cash used in investing activities	(57)	(66)
Financing activities:
Net proceeds from Revolving Credit Facility	20
Settlement of securitization liability	(4)	(4)
Repayments of long-term debt	(6)	(1)
Other	(12)	(2)
Cash used in financing activities	(2)	(7)
Decrease in cash, cash equivalents, and restricted cash	(15)	(25)
Cash, cash equivalents, and restricted cash, beginning of year	52	48
Cash, cash equivalents, and restricted cash, end of period	$ 37	$ 23

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of cash flow information:
Cash and cash equivalents	$ 26	$ 22
Restricted cash included in prepaid and other current assets	11	1
Total cash, cash equivalents, and restricted cash	$ 37	$ 23

Unaudited Condensed Consolida_6

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, 2021		$ 2,235	$ (720)	$ (53)	$ 1	$ 1,463
Balance at the beginning of period (in shares) at Dec. 31, 2021	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
Balance at the beginning of period at Dec. 31, 2022		2,276	(873)	(16)	1	$ 1,388
Balance at the beginning of period (in shares) at Dec. 31, 2022	74.7					74.7
Increase (Decrease) in Shareholders' Equity
Common stock issued under employee stock purchase plan (in shares)	0.8
Equity classified stock-based compensation expense		(3)				$ (3)
Comprehensive income (loss)			(14)	(8)		(22)
Balance at the end of period at Mar. 31, 2023		$ 2,273	$ (887)	$ (24)	$ 1	$ 1,363
Balance at the end of period (in shares) at Mar. 31, 2023	75.5					75.5

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Changes in Stockholders Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Unaudited Condensed Consolidated Statements of Changes 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, 2023
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. ​ As previously announced, on December 15, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with certain affiliates of funds advised by Advent International Corporation (“Advent”), pursuant to which, subject to the terms and conditions set forth therein, the outstanding shares of common stock of the Company will be acquired for $53.00 per share in an all-cash transaction. At a special meeting of Maxar stockholders held on April 19, 2023, our stockholders voted to adopt the Merger Agreement. We currently anticipate that the transaction will close in early May of 2023, subject to the satisfaction or waiver of the remaining closing conditions. Refer to the “Recent Developments” section of Part I, Item 2 for additional information regarding the Merger Agreement.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2023
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 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 (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company elected to apply the amendments beginning in the second quarter of 2022.

Trade and other receivables, ne

Trade and other receivables, net	3 Months Ended
	Mar. 31, 2023
Trade and other receivables, net
Trade and other receivables, net	3. TRADE AND OTHER RECEIVABLES, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 Billed ​ $ 182 ​ $ 198 Unbilled ​ 151 ​ 134 Total trade receivables ​ ​ 333 ​ ​ 332 Orbital receivables, current portion ​ ​ 45 ​ ​ 44 Other ​ ​ 2 ​ ​ 4 Allowance for doubtful accounts ​ ​ (1) ​ ​ — Trade and other receivables, net ​ $ 379 ​ $ 380 ​ The Company has orbital receivables from 13 customers for which the largest customer’s value represents 33% of the stated current and non-current balance sheet values as of both March 31, 2023 and December 31, 2022. ​ 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, 2023. ​ Securitization liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 Current portion ​ $ 15 ​ $ 15 Non-current portion ​ 15 ​ 18 Total securitization liabilities ​ $ 30 ​ $ 33 ​

Inventory, net

Inventory, net	3 Months Ended
	Mar. 31, 2023
Inventory, net
Inventory, net	4 . INVENTORY, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Raw materials ​ $ 37 ​ $ 44 Work in process ​ ​ 10 ​ ​ 4 Total ​ $ 47 ​ $ 48 Inventory reserve ​ ​ (2) ​ ​ (2) Inventory, net ​ $ 45 ​ $ 46 ​

Property, plant and equipment,

Property, plant and equipment, net	3 Months Ended
	Mar. 31, 2023
Property, plant and equipment, net
Property, plant and equipment, net	5 . ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Satellites ​ $ 398 ​ $ 398 Equipment ​ ​ 212 ​ ​ 209 Computer hardware ​ ​ 127 ​ ​ 114 Leasehold improvements ​ ​ 95 ​ ​ 95 Furniture and fixtures ​ ​ 17 ​ ​ 17 Construction in process 1 ​ ​ 874 ​ ​ 855 Property, plant and equipment, at cost ​ ​ 1,723 ​ ​ 1,688 Accumulated depreciation ​ (610) ​ ​ (594) Property, plant and equipment, net ​ $ 1,113 ​ $ 1,094 ​ 1 ​ Depreciation expense for property, plant and equipment was $18 million and $19 million for the three months ended March 31, 2023 and 2022, respectively.

Intangible assets

Intangible assets	3 Months Ended
	Mar. 31, 2023
Intangible assets
Intangible assets	6. INTANGIBLE ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Customer relationships ​ $ 615 ​ $ (245) ​ $ 370 ​ $ 615 ​ $ (234) ​ $ 381 Software ​ ​ 483 ​ ​ (179) ​ ​ 304 ​ ​ 461 ​ ​ (174) ​ ​ 287 Technologies ​ ​ 49 ​ ​ (15) ​ ​ 34 ​ ​ 49 ​ ​ (14) ​ ​ 35 Trade names and other ​ 28 ​ (14) ​ 14 ​ 28 ​ (13) ​ 15 Intangible assets ​ $ 1,175 ​ $ (453) ​ $ 722 ​ $ 1,153 ​ $ (435) ​ $ 718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization expense related to intangible assets was $21 million and $49 million for the three months ended March 31, 2023 and 2022.

Long-term debt and interest exp

Long-term debt and interest expense, net	3 Months Ended
	Mar. 31, 2023
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, ​ ​ 2023 ​ 2022 Syndicated Credit Facility: ​ ​ ​ ​ ​ Revolving Credit Facility ​ $ 145 ​ $ 125 Term Loan B ​ ​ 1,489 ​ ​ 1,493 7.75% 2027 Notes ​ ​ 500 ​ ​ 500 7.54% 2027 Notes ​ ​ 150 ​ ​ 150 Deferred financing ​ ​ 19 ​ ​ 19 Obligations under finance leases and other ​ 5 ​ 5 Debt discount and issuance costs ​ (94) ​ (98) Total long-term debt ​ 2,214 ​ 2,194 Current portion of long-term debt ​ (21) ​ (22) Non-current portion of long-term debt ​ $ 2,193 ​ $ 2,172 ​ Syndicated Credit Facility 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 June 2027 (“Revolving Credit Facility”) and (ii) a senior secured first lien term B facility in an aggregate principal amount of $1.5 billion maturing in June 2029, which was issued with an original issue discount of 4.50% (“Term Loan B”). On June 14, 2022, the Company amended the terms of the Syndicated Credit Facility pursuant to an amended and restated credit agreement (“Amended and Restated Credit Agreement”). The maximum Consolidated Net Debt Leverage Ratio financial maintenance covenant permitted under the Amended and Restated Credit Agreement are (1) 5.00:1.00 for each fiscal quarter ending on or after March 31, 2023 through and including December 31, 2023 and (2) 4.50:1.00 for each fiscal quarter ending on or after March 31, 2024. The required level of the Interest Coverage Ratio maintenance covenant is 2.50:1.00 as of the last day of each fiscal quarter. As of March 31, 2023, the Company was in compliance with its debt covenants. Borrowings under Term Loan B bear interest at a rate equal to, at the Company’s option, either Adjusted Term SOFR plus an applicable margin ranging from 4.00% to 4.25% or adjusted base rate (“ABR”) plus an applicable margin ranging from 3.00% to 3.25%, in each case depending on the total Consolidated Net Debt Leverage Ratio. Starting September 30, 2022, the Company must make equal quarterly installment payments in aggregate annual amounts equal to 1% of the original principal amount of Term Loan B, with the final balance payable at maturity on June 14, 2029; provided that if the 7.75% 2027 Notes are not repaid in full by the date that is 91 days prior to the maturity date of the 7.75% 2027 Notes, the maturity date for the Term Loan B will be the maturity date of the 7.75% 2027 Notes. Borrowings under Term Loan B may be repaid by the Company, in whole or in part, together with accrued interest, without premium or penalty. Borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, if such borrowings are in U.S. dollars, either Adjusted Term SOFR plus an applicable margin ranging from 2.75% to 3.50% or ABR plus an applicable margin ranging from 1.75% to 2.50%, in each case depending on the total Consolidated Net Debt Leverage Ratio. The Company may also, at its option, borrow in Canadian dollars, Euros or British Pounds Sterling using the same applicable margins as noted for U.S. dollars. The Revolving Credit Facility is payable at maturity on June 14, 2027. The Revolving Credit Facility may be repaid by the Company, in whole or in part, together with accrued interest, without premium or penalty. The Revolving Credit Facility includes an aggregate $200 million sub limit under which letters of credit can be issued. The Company had $13 million and $24 million of issued and undrawn letters of credit outstanding under the Revolving Credit Facility as of March 31, 2023 and December 31, 2022, respectively. The $11 million decrease of issued and undrawn letters of credit is primarily due to approximately $10 million of obligations now being collateralized with cash versus previously collateralized by letters of credit. The approximately $10 million of cash collateral is classified as restricted cash within Other current assets on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2023. 7.75% Notes due 2027 On June 14, 2022, the Company issued $500 million in aggregate principal amount of 7.75% 2027 Notes in a private placement to qualified institutional buyers in the U.S. pursuant to Rule 144A under the Securities Act of 1933, as amended (“Securities Act”) and outside the U.S. pursuant to Regulation S under the Securities Act. The 7.75% 2027 Notes were issued at a price equal to 100% of their face value and are recorded as long-term debt in the consolidated financial statements. The 7.75% 2027 Notes bear interest at the rate of 7.75% per year, payable semi-annually in cash in arrears on June 15 and December 15 of each year, beginning on December 15, 2022. The 7.75% 2027 Notes will mature on June 15, 2027, unless earlier redeemed or repurchased. The 7.75% 2027 Notes are secured on a first-priority basis by liens on the Company’s and the guarantors’ assets that also secure, equally and ratably, the Company’s indebtedness under the Syndicated Credit Facility and the 7.54% 2027 Notes (as defined below) pursuant to the terms of a first lien intercreditor agreement. The 7.75% 2027 Notes are also guaranteed on a senior secured basis by each of the Company’s subsidiaries that are guarantors under the Syndicated Credit Facility and its 7.54% 2027 Notes (as defined below). 7.54% Notes due 2027 On June 25, 2020, the Company issued $150 million in aggregate principal amount of 7.54% Senior Secured Notes due 2027 (“7.54% 2027 Notes”). The 7.54% 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. The 7.54% 2027 Notes were issued at a price of 98.25% and are recorded as long-term debt in the consolidated financial statements. The 7.54% 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 7.54% 2027 Notes will mature on December 31, 2027, unless earlier redeemed or repurchased. The 7.54% 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. Interest expense, net on long-term debt and other obligations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Interest on long-term debt ​ $ 46 ​ $ 33 Interest on orbital securitization liability ​ ​ 1 ​ ​ 1 Capitalized interest ​ ​ (18) ​ ​ (11) Interest expense, net ​ $ 29 ​ $ 23 ​

Financial instruments and fair

Financial instruments and fair value disclosures	3 Months Ended
	Mar. 31, 2023
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, 2023 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ Orbital receivables 1 ​ $ — ​ $ 400 ​ $ — ​ $ 400 Interest rate swaps ​ ​ — ​ ​ 13 ​ ​ — ​ ​ 13 ​ ​ $ — ​ $ 413 ​ $ — ​ $ 413 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt 2 ​ $ — ​ $ 2,175 ​ $ — ​ $ 2,175 ​ ​ $ — ​ $ 2,175 ​ $ — ​ $ 2,175 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements as of December 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orbital receivables 1 ​ $ — ​ $ 392 ​ $ — ​ $ 392 Interest rate swaps ​ ​ — ​ ​ 21 ​ ​ — ​ ​ 21 ​ ​ $ — ​ $ 413 ​ $ — ​ $ 413 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt 2 ​ $ — ​ $ 2,168 ​ $ — ​ $ 2,168 ​ ​ $ — ​ $ 2,168 ​ $ — ​ $ 2,168 ​ 1 The carrying value of orbital receivables was $347 million and $351 million as of March 31, 2023 and December 31, 2022, respectively. 2 Long-term debt excludes borrowings under the Revolving Credit Facility, deferred financing costs and obligations under finance leases and other, and is carried at amortized cost. The outstanding carrying value was $2,045 million as of both March 31, 2023 and December 31, 2022. The carrying value of borrowings under the Revolving Credit Facility approximates their fair value. ​ In June 2022, the Company amended its existing interest rate swaps that mature in June 2023 to modify the designated hedged interest rate risk from LIBOR to SOFR in connection with the Company’s Amended and Restated Credit Agreement. In total, as of March 31, 2023, an aggregate of $1 billion of the Company’s variable rate long-term debt is fixed at an average one-month SOFR rate of 1.71% (excluding the margin specified in the Syndicated Credit Facility) pursuant to the Company’s outstanding interest rate swaps. In each of June 2023 and June 2024, the Company will have interest rate swap maturities of $500 million. ​ 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, 2023 and December 31, 2022.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Stockholders' Equity	9. STOCKHOLDERS’ EQUITY Changes in the components of Accumulated other comprehensive (loss) income are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments Interest rate swaps Pension and other postretirement plan adjustments Total accumulated other comprehensive loss Balance as of December 31, 2022 ​ $ (2) ​ $ 21 ​ $ (35) ​ $ (16) Other comprehensive loss before reclassifications ​ ​ — ​ ​ (1) ​ ​ — ​ ​ (1) Reclassification of gain to net income ​ ​ — ​ ​ (7) ​ ​ — ​ ​ (7) Tax benefit (expense) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance as of March 31, 2023 ​ $ (2) ​ $ 13 ​ $ (35) ​ $ (24) ​

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenues
Revenues	10. REVENUES As of March 31, 2023, the Company had $3,292 million 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 $1,309 million million million ​ Contract liabilities by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 Earth Intelligence Space Infrastructure Total Contract liabilities ​ $ 99 ​ $ 288 ​ $ 387 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 Earth Intelligence Space Infrastructure Total Contract liabilities ​ $ 107 ​ $ 257 ​ $ 364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract liabilities increased to $387 million as of March 31, 2023 from $364 million as of December 31, 2022. The increase of $23 million in contract liabilities is primarily due to an increase in contract liabilities within the Space Infrastructure segment driven by recent contracts awarded to the Company. The Company had an immaterial balance of non-current contract liabilities as of March 31, 2023 and December 31, 2022. 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, 2023 Earth Intelligence Space Infrastructure Eliminations Total Product revenues ​ $ — ​ $ 176 ​ $ — ​ $ 176 Service revenues ​ 243 ​ — ​ — ​ 243 Intersegment ​ ​ — ​ 19 ​ (19) ​ — ​ ​ $ 243 ​ $ 195 ​ $ (19) ​ $ 419 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 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 EAC cost or estimated contractual consideration are recorded as a cumulative catch-up adjustment. ​ 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 EAC adjustments on loss contracts of $7 million and $9 million for the three months ended March 31, 2023 and 2022, respectively. ​ The Company recognized revenue from post-launch services within the Space Infrastructure segment of $6 million for both the three months ended March 31, 2023 and 2022. ​ Revenues based on the geographic location of customers are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 United States ​ $ 365 ​ $ 335 Asia ​ ​ 20 ​ ​ 22 Middle East ​ ​ 12 ​ ​ 15 Europe ​ ​ 8 ​ ​ 17 Australia ​ ​ 6 ​ ​ 7 Canada ​ ​ 3 ​ ​ 6 Other ​ ​ 5 ​ ​ 3 Total revenues ​ $ 419 ​ $ 405 ​ Revenues from significant customers are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 Earth Intelligence Space Infrastructure Eliminations Total U.S. federal government and agencies ​ $ 168 ​ $ 75 ​ $ — ​ $ 243 Commercial and other ​ ​ 75 ​ ​ 120 ​ ​ (19) ​ 176 Total revenues ​ $ 243 ​ $ 195 ​ $ (19) ​ $ 419 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ The Company had revenues from commercial customer (“Customer A”) in the Space Infrastructure segment that represented 13% of total revenues for the three months ended March 31, 2023. The revenues from commercial Customer A were below 10% for the three months ended March 31, 2022. The Company had revenues from another commercial customer (“Customer B”) in the Space Infrastructure segment that were below 10% for the three months ended March 31, 2023. The revenues from commercial Customer B represented 11% of the Company’s total revenues for the three months ended March 31, 2022.

Segment information

Segment information	3 Months Ended
	Mar. 31, 2023
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, offset obligation fulfillment, amortization of deferred ERP implementation costs 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, ​ 2023 2022 Revenues: ​ ​ ​ Earth Intelligence ​ $ 243 ​ $ 251 Space Infrastructure ​ 195 ​ 177 Intersegment eliminations ​ ​ (19) ​ ​ (23) Total revenues ​ $ 419 ​ $ 405 ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA: ​ ​ ​ ​ ​ ​ Earth Intelligence ​ $ 73 ​ $ 99 Space Infrastructure ​ ​ 14 ​ ​ 19 Intersegment eliminations ​ ​ (8) ​ ​ (9) Corporate and other expenses ​ ​ (22) ​ ​ (25) Restructuring ​ ​ (5) ​ ​ (1) Transaction and integration related expense ​ ​ (4) ​ ​ — Amortization of deferred ERP implementation costs ​ ​ (1) ​ ​ — Gain on sale of asset ​ ​ 6 ​ ​ — Depreciation and amortization ​ ​ (39) ​ ​ (68) Interest expense, net ​ ​ (29) ​ ​ (23) Interest income 1 ​ ​ 1 ​ ​ 1 Loss before taxes ​ $ (14) ​ $ (7) 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, 2023 Earth Intelligence Space Infrastructure Corporate and Eliminations Total Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ $ 22 ​ $ 4 ​ $ 13 ​ $ 39 Intangible assets ​ 23 ​ ​ — ​ ​ 1 ​ 24 ​ ​ $ 45 ​ $ 4 ​ $ 14 ​ $ 63 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Substantially all of the Company’s long-lived tangible assets were in the United States as of March 31, 2023 and December 31, 2022.

Employee benefit plans

Employee benefit plans	3 Months Ended
	Mar. 31, 2023
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, ​ 2023 2022 Interest cost ​ $ 5 ​ $ 4 Expected return on plan assets ​ ​ (6) ​ ​ (7) Expenses paid ​ ​ 1 ​ ​ 1 Net periodic benefit credit ​ $ — ​ $ (2) ​ Contributions ​ The funding policy for the Company’s pension and postretirement benefit 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

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2023
Income taxes
Income taxes	13. INCOME TAXES For the three months ended March 31, 2023 and 2022, the effective tax rate on Income before taxes was 0%. The effective tax rates for the three months ended March 31, 2023 and 2022 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, 2023
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, ​ 2023 2022 Net loss ​ $ (14) ​ $ (7) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding-basic ​ ​ 75.0 ​ ​ 73.2 Weighted dilutive effect of equity awards ​ — ​ — Weighted average number of common shares outstanding - diluted ​ ​ 75.0 ​ ​ 73.2 ​ ​ ​ ​ ​ ​ ​ Net loss per common share: ​ ​ ​ ​ ​ ​ Basic ​ $ (0.19) ​ $ (0.10) Diluted ​ $ (0.19) ​ $ (0.10) ​ For the three months ended March 31, 2023 and 2022, approximately 2 million and 3 million shares subject to 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, 2023
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. ​ In the third quarter of 2022, the Company recorded a $12 million liability related to the satisfaction of an offset obligation incurred by the Company as a result of conducting business in a foreign country. The Company had expected to satisfy the offset obligation through other operational means that did not require cash payments or the transfer of other assets. In the third quarter of 2022 an agreement was reached to satisfy the Company’s offset obligation in the foreign country by making a total of $12 million in cash payments from November 2022 to January 2024. The Company recorded the current portion of the liability within Accrued liabilities and the non-current portion of the liability within Other non-current liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets and a $12 million expense within Other expense (income), net on the Company’s Unaudited Condensed Consolidated Statements of Operations. ​ In the fourth quarter of 2022, the Company made its first payment towards the $12 million offset obligation in the amount of $4 million. As of March 31, 2023 the remaining offset obligation balance to be settled is a short-term liability of $8 million, of which $4 million is to be paid during 2023 and the remaining $4 million is to be paid in early 2024. ​ 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. process, class members will have an opportunity to object to, or opt-out of, the settlement pursuant to procedures to be established by the Court. ​ 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 the 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. Eight complaints in connection with the Merger Agreement have been filed in federal court as individual actions. Those complaints are captioned as follows: (1) O’Dell v. Maxar Technologies Inc., et al., 23-cv-00929 (filed February 3, 2023 in the Southern District of New York); (2) Johnson v. Maxar Technologies Inc., et al., 23-cv-00383 (filed February 9, 2023 in the District of Colorado); (3) Zaczkiewicz v. Maxar Technologies Inc., et al., 23-cv-00401-STV (filed February 10, 2023 in the District of Colorado); (4) Jeweltex Manufacturing Retirement Plan v. Maxar Technologies Inc., et al., 23-cv-00873 (filed February 27, 2023 in the Northern District of California); (5) Coffman v. Maxar Technologies Inc., et al., 23-cv-02261 (filed March 16, 2023 in the Southern District of New York); (6) Finger v. Maxar Technologies Inc., et al., 23-cv-00306-UNA (filed March 20, 2023 in the District of Delaware); (7) Respler & Teitelbaum MD PC PSP v. Maxar Technologies Inc., et al., 23-cv-02362 (filed March 20, 2023 in the Southern District of New York); and (8) Ryan v. Maxar Technologies Inc., et al., 23-cv-02437 (filed March 22, 2023 in the Southern District of New York) (the “Federal Court Complaints”). Additionally, one complaint in connection with the Merger Agreement was filed in Colorado state court: Garfield v. Cyprus, et al., 2023CV30393 (filed March 16, 2023 in the Colorado District Court, Adams County) (the “State Court Complaint,” and, together with the Federal Court Complaints, the “Complaints”). The Federal Court Complaints generally allege that the preliminary proxy statement filed by Maxar on January 31, 2023 (the “Preliminary Proxy Statement”) and/or the definitive proxy statement filed by Maxar on March 16, 2023 (the “Definitive Proxy Statement”), both filed in connection with the Merger Agreement, misrepresent and/or omit certain purportedly material information related to the Merger Agreement. The Federal Court Complaints assert violations of Sections 14(a) and 20(a) of the Exchange Act and Rule 14a-9 promulgated thereunder against Maxar and the members of Maxar’s Board of Directors. The Federal Court Complaints seek, among other things: (i) an injunction enjoining the consummation of the Merger and the other transactions contemplated by the Merger Agreement; (ii) rescission or rescissory damages in the event the Merger and the other transactions contemplated by the Merger Agreement are consummated; (iii) direction that the defendants comply with the Exchange Act and disseminate a revised proxy statement; (iv) direction that defendants account for all damages suffered as a result of any misconduct; (v) costs of the action, including plaintiffs’ attorneys’ fees and experts’ fees; and (vi) other relief the court may deem just and proper. The State Court Complaint also generally alleges certain misrepresentations and/or omissions of purportedly material information in the Definitive Proxy Statement related to the Merger Agreement, asserting violations of the Colorado Securities Act, Colorado Revised Statutes §§ 11-51-501 and 11-51-604(3) against Maxar and the members of Maxar’s Board of Directors, violations of §§ 11-51-604(5)(b) and (c) against the members of Maxar’s Board of Directors, as well as allegations of misrepresentations and concealment, and negligent misrepresentation and concealment, under Colorado state law against Advent, Maxar and the members of Maxar’s Board of Directors. The State Court Complaint seeks, among other things: (i) a declaration that the defendants have violated Colorado Revised Statute § 11-51-501; (ii) a declaration that the defendants fraudulently or negligently misrepresented and omitted purportedly material facts in the Definitive Proxy Statement; (iii) enjoining further violations of § 11-51-501; (iv) enjoining and/or rescinding the consummation of the Merger and the other transactions contemplated by the Merger Agreement; (v) enjoining further alleged misrepresentations related to the Definitive Proxy Statement; (vi) dissemination of a proxy statement that does not contain purportedly false or misleading statements; (vii) attorneys’ fees, experts’ fees, interest and costs; and (viii) other such relief the court may find just and proper. In addition to the Complaints, starting on February 6, 2023, purported stockholders of Maxar sent demand letters (together with the Complaints, the “Matters”) alleging similar deficiencies regarding the disclosures made in the Preliminary Proxy Statement and the Definitive Proxy Statement. One such letter additionally seeks corporate books and records in order to investigate alleged wrongdoing by Maxar’s Board of Directors, executive officers and/or financial advisors in connection with the Merger Agreement. ​ Maxar cannot predict the outcomes of the Matters. Maxar management believes that the Matters are without merit and intends to vigorously defend against the Matters and any subsequent demands or filed actions. If additional similar complaints are filed or demands sent, absent new or significantly different allegations, Maxar will not necessarily disclose such additional filings or demands. To avoid the risk of the Matters delaying or adversely affecting the Merger and to minimize the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing, Maxar determined to make voluntary supplemental disclosures related to the Merger for the purpose of mooting any alleged disclosure issues (the “litigation-related supplemental disclosures”). The litigation-related supplemental disclosures were filed by Maxar on a Form 8-K on April 11, 2023. The State Court Complaint was voluntarily dismissed with prejudice on April 12, 2023. 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, 2023
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, ​ 2023 2022 Supplemental operating cash flow information: ​ ​ ​ ​ ​ ​ Cash paid for interest ​ $ 29 ​ $ 15 Income tax (refunds), net of payments ​ ​ — ​ ​ (8) Supplemental non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Accrued capital expenditures ​ ​ 9 ​ ​ 19 ​

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of significant accounting policies
Basis of preparation	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.
Recently Adopted Accounting Pronouncements	Recent Accounting Guidance 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 (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company elected to apply the amendments beginning in the second quarter of 2022.

Trade and other receivables, _2

Trade and other receivables, net (Tables)	3 Months Ended
	Mar. 31, 2023
Trade and other receivables, net
Schedule of trade and other receivables, net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 Billed ​ $ 182 ​ $ 198 Unbilled ​ 151 ​ 134 Total trade receivables ​ ​ 333 ​ ​ 332 Orbital receivables, current portion ​ ​ 45 ​ ​ 44 Other ​ ​ 2 ​ ​ 4 Allowance for doubtful accounts ​ ​ (1) ​ ​ — Trade and other receivables, net ​ $ 379 ​ $ 380 ​
Schedule of securitization liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 Current portion ​ $ 15 ​ $ 15 Non-current portion ​ 15 ​ 18 Total securitization liabilities ​ $ 30 ​ $ 33

Inventory, net (Tables)

Inventory, net (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory, net
Schedule of inventory, net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Raw materials ​ $ 37 ​ $ 44 Work in process ​ ​ 10 ​ ​ 4 Total ​ $ 47 ​ $ 48 Inventory reserve ​ ​ (2) ​ ​ (2) Inventory, net ​ $ 45 ​ $ 46

Property, plant and equipment_2

Property, plant and equipment, net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, plant and equipment, net
Schedule of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Satellites ​ $ 398 ​ $ 398 Equipment ​ ​ 212 ​ ​ 209 Computer hardware ​ ​ 127 ​ ​ 114 Leasehold improvements ​ ​ 95 ​ ​ 95 Furniture and fixtures ​ ​ 17 ​ ​ 17 Construction in process 1 ​ ​ 874 ​ ​ 855 Property, plant and equipment, at cost ​ ​ 1,723 ​ ​ 1,688 Accumulated depreciation ​ (610) ​ ​ (594) Property, plant and equipment, net ​ $ 1,113 ​ $ 1,094 ​ 1 ​

Intangible assets (Tables)

Intangible assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Customer relationships ​ $ 615 ​ $ (245) ​ $ 370 ​ $ 615 ​ $ (234) ​ $ 381 Software ​ ​ 483 ​ ​ (179) ​ ​ 304 ​ ​ 461 ​ ​ (174) ​ ​ 287 Technologies ​ ​ 49 ​ ​ (15) ​ ​ 34 ​ ​ 49 ​ ​ (14) ​ ​ 35 Trade names and other ​ 28 ​ (14) ​ 14 ​ 28 ​ (13) ​ 15 Intangible assets ​ $ 1,175 ​ $ (453) ​ $ 722 ​ $ 1,153 ​ $ (435) ​ $ 718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Long-term debt and interest e_2

Long-term debt and interest expense, net (Tables)	3 Months Ended
	Mar. 31, 2023
Long-term debt and interest expense, net
Summary of long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Syndicated Credit Facility: ​ ​ ​ ​ ​ Revolving Credit Facility ​ $ 145 ​ $ 125 Term Loan B ​ ​ 1,489 ​ ​ 1,493 7.75% 2027 Notes ​ ​ 500 ​ ​ 500 7.54% 2027 Notes ​ ​ 150 ​ ​ 150 Deferred financing ​ ​ 19 ​ ​ 19 Obligations under finance leases and other ​ 5 ​ 5 Debt discount and issuance costs ​ (94) ​ (98) Total long-term debt ​ 2,214 ​ 2,194 Current portion of long-term debt ​ (21) ​ (22) Non-current portion of long-term debt ​ $ 2,193 ​ $ 2,172 ​
Schedule of interest expense, net on long term debt and other obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Interest on long-term debt ​ $ 46 ​ $ 33 Interest on orbital securitization liability ​ ​ 1 ​ ​ 1 Capitalized interest ​ ​ (18) ​ ​ (11) Interest expense, net ​ $ 29 ​ $ 23

Financial instruments and fai_2

Financial instruments and fair value disclosures (Tables)	3 Months Ended
	Mar. 31, 2023
Financial instruments and fair value disclosures
Summary of financial instruments measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements as of March 31, 2023 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ Orbital receivables 1 ​ $ — ​ $ 400 ​ $ — ​ $ 400 Interest rate swaps ​ ​ — ​ ​ 13 ​ ​ — ​ ​ 13 ​ ​ $ — ​ $ 413 ​ $ — ​ $ 413 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt 2 ​ $ — ​ $ 2,175 ​ $ — ​ $ 2,175 ​ ​ $ — ​ $ 2,175 ​ $ — ​ $ 2,175 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements as of December 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orbital receivables 1 ​ $ — ​ $ 392 ​ $ — ​ $ 392 Interest rate swaps ​ ​ — ​ ​ 21 ​ ​ — ​ ​ 21 ​ ​ $ — ​ $ 413 ​ $ — ​ $ 413 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt 2 ​ $ — ​ $ 2,168 ​ $ — ​ $ 2,168 ​ ​ $ — ​ $ 2,168 ​ $ — ​ $ 2,168 ​ 1 The carrying value of orbital receivables was $347 million and $351 million as of March 31, 2023 and December 31, 2022, respectively. 2 Long-term debt excludes borrowings under the Revolving Credit Facility, deferred financing costs and obligations under finance leases and other, and is carried at amortized cost. The outstanding carrying value was $2,045 million as of both March 31, 2023 and December 31, 2022. 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, 2023
Stockholders' Equity
Schedule of changes in the components of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments Interest rate swaps Pension and other postretirement plan adjustments Total accumulated other comprehensive loss Balance as of December 31, 2022 ​ $ (2) ​ $ 21 ​ $ (35) ​ $ (16) Other comprehensive loss before reclassifications ​ ​ — ​ ​ (1) ​ ​ — ​ ​ (1) Reclassification of gain to net income ​ ​ — ​ ​ (7) ​ ​ — ​ ​ (7) Tax benefit (expense) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance as of March 31, 2023 ​ $ (2) ​ $ 13 ​ $ (35) ​ $ (24) ​

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenues
Summary of contract liabilities by segment	​ Contract liabilities by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 Earth Intelligence Space Infrastructure Total Contract liabilities ​ $ 99 ​ $ 288 ​ $ 387 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 Earth Intelligence Space Infrastructure Total Contract liabilities ​ $ 107 ​ $ 257 ​ $ 364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of revenue by primary sources	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 Earth Intelligence Space Infrastructure Eliminations Total Product revenues ​ $ — ​ $ 176 ​ $ — ​ $ 176 Service revenues ​ 243 ​ — ​ — ​ 243 Intersegment ​ ​ — ​ 19 ​ (19) ​ — ​ ​ $ 243 ​ $ 195 ​ $ (19) ​ $ 419 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
Summary of revenue by geographic location of customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 United States ​ $ 365 ​ $ 335 Asia ​ ​ 20 ​ ​ 22 Middle East ​ ​ 12 ​ ​ 15 Europe ​ ​ 8 ​ ​ 17 Australia ​ ​ 6 ​ ​ 7 Canada ​ ​ 3 ​ ​ 6 Other ​ ​ 5 ​ ​ 3 Total revenues ​ $ 419 ​ $ 405 ​
Schedule of revenue from significant customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 Earth Intelligence Space Infrastructure Eliminations Total U.S. federal government and agencies ​ $ 168 ​ $ 75 ​ $ — ​ $ 243 Commercial and other ​ ​ 75 ​ ​ 120 ​ ​ (19) ​ 176 Total revenues ​ $ 243 ​ $ 195 ​ $ (19) ​ $ 419 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment information
Summary of operating performance of the reporting segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Revenues: ​ ​ ​ Earth Intelligence ​ $ 243 ​ $ 251 Space Infrastructure ​ 195 ​ 177 Intersegment eliminations ​ ​ (19) ​ ​ (23) Total revenues ​ $ 419 ​ $ 405 ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA: ​ ​ ​ ​ ​ ​ Earth Intelligence ​ $ 73 ​ $ 99 Space Infrastructure ​ ​ 14 ​ ​ 19 Intersegment eliminations ​ ​ (8) ​ ​ (9) Corporate and other expenses ​ ​ (22) ​ ​ (25) Restructuring ​ ​ (5) ​ ​ (1) Transaction and integration related expense ​ ​ (4) ​ ​ — Amortization of deferred ERP implementation costs ​ ​ (1) ​ ​ — Gain on sale of asset ​ ​ 6 ​ ​ — Depreciation and amortization ​ ​ (39) ​ ​ (68) Interest expense, net ​ ​ (29) ​ ​ (23) Interest income 1 ​ ​ 1 ​ ​ 1 Loss before taxes ​ $ (14) ​ $ (7) 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, 2023 Earth Intelligence Space Infrastructure Corporate and Eliminations Total Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ $ 22 ​ $ 4 ​ $ 13 ​ $ 39 Intangible assets ​ 23 ​ ​ — ​ ​ 1 ​ 24 ​ ​ $ 45 ​ $ 4 ​ $ 14 ​ $ 63 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Employee benefit plans (Tables)

Employee benefit plans (Tables)	3 Months Ended
	Mar. 31, 2023
Employee benefit plans
Summary of the components of net periodic benefit income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Interest cost ​ $ 5 ​ $ 4 Expected return on plan assets ​ ​ (6) ​ ​ (7) Expenses paid ​ ​ 1 ​ ​ 1 Net periodic benefit credit ​ $ — ​ $ (2)

Net loss per common share (Tabl

Net loss per common share (Tables)	3 Months Ended
	Mar. 31, 2023
Net loss per common share
Summary of calculation of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Net loss ​ $ (14) ​ $ (7) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding-basic ​ ​ 75.0 ​ ​ 73.2 Weighted dilutive effect of equity awards ​ — ​ — Weighted average number of common shares outstanding - diluted ​ ​ 75.0 ​ ​ 73.2 ​ ​ ​ ​ ​ ​ ​ Net loss per common share: ​ ​ ​ ​ ​ ​ Basic ​ $ (0.19) ​ $ (0.10) Diluted ​ $ (0.19) ​ $ (0.10) ​

Supplemental cash flow (Tables)

Supplemental cash flow (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental cash flow
Schedule of supplemental cash flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Supplemental operating cash flow information: ​ ​ ​ ​ ​ ​ Cash paid for interest ​ $ 29 ​ $ 15 Income tax (refunds), net of payments ​ ​ — ​ ​ (8) Supplemental non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Accrued capital expenditures ​ ​ 9 ​ ​ 19

General business description (D

General business description (Details)	Dec. 15, 2022 $ / shares
Merger agreement with Advent
General Business Description
Cash consideration per share	$ 53

Trade and other receivables, _3

Trade and other receivables, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Trade and other receivables, net
Billed	$ 182	$ 198
Unbilled	151	134
Total trade receivables	333	332
Orbital receivables, current portion	45	44
Other	2	4
Allowance for doubtful accounts	(1)
Trade and other receivables, net	$ 379	$ 380

Trade and other receivables, _4

Trade and other receivables, net - Orbital receivables (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) customer	Dec. 31, 2022 customer
Allowance for expected credit losses
Change in allowance for expected credit losses related to non-current orbital receivables | $	$ 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	33%	33%

Trade and other receivables, _5

Trade and other receivables, net - Securitization liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Trade and other receivables, net
Current portion	$ 15	$ 15
Non-current portion	15	18
Total securitization liabilities	$ 30	$ 33

Inventory, net (Details)

Inventory, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory, net
Raw materials	$ 37	$ 44
Work in process	10	4
Total	47	48
Inventory reserve	(2)	(2)
Inventory, net	$ 45	$ 46

Property, plant and equipment_3

Property, plant and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, plant and equipment
Property, plant and equipment, at cost	$ 1,723		$ 1,688
Accumulated depreciation	(610)		(594)
Property, plant and equipment, net	1,113		1,094
Depreciation	18	$ 19
Satellites
Property, plant and equipment
Property, plant and equipment, at cost	398		398
Equipment
Property, plant and equipment
Property, plant and equipment, at cost	212		209
Computer hardware
Property, plant and equipment
Property, plant and equipment, at cost	127		114
Leasehold improvements
Property, plant and equipment
Property, plant and equipment, at cost	95		95
Furniture and fixtures
Property, plant and equipment
Property, plant and equipment, at cost	17		17
Construction in process
Property, plant and equipment
Property, plant and equipment, at cost	$ 874		$ 855

Intangible assets (Details)

Intangible assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-lived intangible assets:
Gross carrying value	$ 1,175		$ 1,153
Accumulated amortization	(453)		(435)
Net carrying value	722		718
Amortization of intangible assets	21	$ 49
Customer relationships
Finite-lived intangible assets:
Gross carrying value	615		615
Accumulated amortization	(245)		(234)
Net carrying value	370		381
Software
Finite-lived intangible assets:
Gross carrying value	483		461
Accumulated amortization	(179)		(174)
Net carrying value	304		287
Technologies
Finite-lived intangible assets:
Gross carrying value	49		49
Accumulated amortization	(15)		(14)
Net carrying value	34		35
Backlog
Finite-lived intangible assets:
Gross carrying value	28		28
Accumulated amortization	(14)		(13)
Net carrying value	$ 14		$ 15

Long-term debt and interest e_3

Long-term debt and interest expense, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Jun. 14, 2022	Jun. 25, 2020
Long-term debt and interest expense, net
Obligations under finance leases and other	$ 5	$ 5
Debt discount and issuance costs	(94)	(98)
Total long-term debt	2,214	2,194
Current portion of long-term debt	(21)	(22)
Non-current portion of long-term debt	2,193	2,172
Revolving Credit Facility
Long-term debt and interest expense, net
Long-term debt	145	125
Term Loan B
Long-term debt and interest expense, net
Long-term debt	1,489	1,493
7.75% 2027 Notes
Long-term debt and interest expense, net
Long-term debt	$ 500	$ 500
Interest rate (as a percent)	7.75%	7.75%	7.75%
7.54% 2027 Notes
Long-term debt and interest expense, net
Long-term debt	$ 150	$ 150
Interest rate (as a percent)	7.54%	7.54%	7.54%	7.54%
Deferred financing
Long-term debt and interest expense, net
Long-term debt	$ 19	$ 19

Long-term debt and interest e_4

Long-term debt and interest expense, net - Syndicated credit facility (Details) $ in Millions			3 Months Ended
	Jun. 14, 2022 USD ($)	Jun. 25, 2020 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Long-term debt and interest expense, net
Decrease of undrawn letters of credit			$ 11
Cash collateral			10
Adjusted Base Rate | Minimum
Long-term debt and interest expense, net
Spread on variable rate	1.75%
Adjusted Base Rate | Maximum
Long-term debt and interest expense, net
Spread on variable rate	2.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Long-term debt and interest expense, net
Spread on variable rate	2.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Long-term debt and interest expense, net
Spread on variable rate	3.50%
Syndicated Credit Facility
Long-term debt and interest expense, net
Debt instrument interest coverage ratio	2.50
Syndicated Credit Facility | Fiscal Quarter Ending On And After March 31, 2023 Through And Including December 31, 2023
Long-term debt and interest expense, net
Debt instrument threshold leverage ratio	5
Syndicated Credit Facility | Fiscal Quarter Ending On Or After March 31, 2024
Long-term debt and interest expense, net
Debt instrument threshold leverage ratio	4.50
Revolving Credit Facility
Long-term debt and interest expense, net
Long-term debt			145	$ 125
Revolving Credit Facility | Maturing in June 2027
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
Letter of credit outstanding			13	24
Term Loan B
Long-term debt and interest expense, net
Debt instrument periodic payment percentage	1%
Long-term debt			1,489	1,493
Term Loan B | Maturing in June 2029
Long-term debt and interest expense, net
Aggregate principal amount			$ 1,500
Debt instrument original issue discount percent			4.50%
Term Loan B | Adjusted Base Rate | Minimum
Long-term debt and interest expense, net
Spread on variable rate	3%
Term Loan B | Adjusted Base Rate | Maximum
Long-term debt and interest expense, net
Spread on variable rate	3.25%
Term Loan B | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Long-term debt and interest expense, net
Spread on variable rate	4%
Term Loan B | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Long-term debt and interest expense, net
Spread on variable rate	4.25%
7.75% 2027 Notes
Long-term debt and interest expense, net
Aggregate principal amount	$ 500
Long-term debt			$ 500	$ 500
Interest rate (as a percent)	7.75%		7.75%	7.75%
Issue Price (as a percent)	100%
7.54% 2027 Notes
Long-term debt and interest expense, net
Aggregate principal amount		$ 150
Long-term debt			$ 150	$ 150
Interest rate (as a percent)	7.54%	7.54%	7.54%	7.54%
Issue Price (as a percent)		98.25%

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, 2023	Mar. 31, 2022
Interest expenses
Interest on long-term debt	$ 46	$ 33
Interest on orbital securitization liability	1	1
Capitalized interest	(18)	(11)
Interest expense, net	$ 29	$ 23

Financial instruments and fai_3

Financial instruments and fair value disclosures - Financial instruments measured at fair value (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Orbital receivables	$ 400	$ 392
Assets fair value	413	413
Liabilities
Long-term debt	2,175	2,168
Liabilities fair value	2,175	2,168
Interest rate swaps
Assets
Derivative financial instruments	13	21
Level 2
Assets
Orbital receivables	400	392
Assets fair value	413	413
Liabilities
Long-term debt	2,175	2,168
Liabilities fair value	2,175	2,168
Level 2 | Interest rate swaps
Assets
Derivative financial instruments	$ 13	$ 21

Financial instruments and fai_4

Financial instruments and fair value disclosures - Financial instruments recorded at carrying value (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
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 receivables			347	351
Long-term debt excluding finance leases, deferred financing and other			2,045	$ 2,045
Interest rate swaps | Forecast
Financial instruments and fair value disclosures
Maturities of interest rate swaps	$ 500	$ 500
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			1.71%

Stockholders' Equity - Componen

Stockholders' Equity - Components of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	$ 1,387
Reclassification of loss (gain) to net income	(7)	$ 3
Balance at the end of period	1,362
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	(16)
Other comprehensive (loss) earnings before reclassifications	(1)
Reclassification of loss (gain) to net income	(7)
Balance at the end of period	(24)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	(2)
Balance at the end of period	(2)
Interest rate swaps.
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	21
Other comprehensive (loss) earnings before reclassifications	(1)
Reclassification of loss (gain) to net income	(7)
Balance at the end of period	13
Pension and other postretirement plan adjustments
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period	(35)
Balance at the end of period	$ (35)

Revenues - Remaining performanc

Revenues - Remaining performance obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Revenue
Remaining performance obligation	$ 3,292,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue
Remaining performance obligation	$ 1,309,000
Expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue
Remaining performance obligation	$ 851,000
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue
Remaining performance obligation	$ 1,132,000
Expected timing of satisfaction	1 year

Revenues - Contract liabilities

Revenues - Contract liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Contract liabilities
Contract liabilities	$ 387	$ 364
Increase in contract liability due to consideration received in advance	23
Earth intelligence
Contract liabilities
Contract liabilities	99	107
Space Infrastructure
Contract liabilities
Contract liabilities	$ 288	$ 257

Revenues - Disaggregation of re

Revenues - Disaggregation of revenues by source (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Revenues	$ 419	$ 405
Product
Revenue
Revenues	176	154
Service
Revenue
Revenues	243	251
Space Infrastructure
Revenue
Orbital interest revenue	6	6
Space Infrastructure | Commercial Satellite Contract
Revenue
EAC adjustments on loss contracts	7	9
Operating Segments | Earth intelligence
Revenue
Revenues	243	251
Operating Segments | Earth intelligence | Service
Revenue
Revenues	243	251
Operating Segments | Space Infrastructure
Revenue
Revenues	195	177
Operating Segments | Space Infrastructure | Product
Revenue
Revenues	176	154
Intersegment eliminations
Revenue
Revenues	(19)	(23)
Intersegment eliminations | Space Infrastructure
Revenue
Revenues	$ 19	$ 23

Revenues - Disaggregation of _2

Revenues - Disaggregation of revenues on geographic location of customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Revenues	$ 419	$ 405
U.S.
Revenue
Revenues	365	335
Australia
Revenue
Revenues	6	7
Asia
Revenue
Revenues	20	22
Middle East
Revenue
Revenues	12	15
Europe
Revenue
Revenues	8	17
Canada
Revenue
Revenues	3	6
Other.
Revenue
Revenues	$ 5	$ 3

Revenues - Disaggregation of _3

Revenues - Disaggregation of revenues from significant customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Revenues	$ 419	$ 405
U.S. Federal Government and agencies
Revenue
Revenues	243	232
Commercial and other
Revenue
Revenues	$ 176	$ 173
Revenue | Customer concentration risk | Customer B
Revenue
Concentration risk, percentage		11%
Space Infrastructure | Revenue | Customer concentration risk | Customer A
Revenue
Concentration risk, percentage	13%
Operating Segments | Earth intelligence
Revenue
Revenues	$ 243	$ 251
Operating Segments | Earth intelligence | U.S. Federal Government and agencies
Revenue
Revenues	168	169
Operating Segments | Earth intelligence | Commercial and other
Revenue
Revenues	75	82
Operating Segments | Space Infrastructure
Revenue
Revenues	195	177
Operating Segments | Space Infrastructure | U.S. Federal Government and agencies
Revenue
Revenues	75	63
Operating Segments | Space Infrastructure | Commercial and other
Revenue
Revenues	120	114
Intersegment eliminations
Revenue
Revenues	(19)	(23)
Intersegment eliminations | Commercial and other
Revenue
Revenues	(19)	(23)
Intersegment eliminations | Space Infrastructure
Revenue
Revenues	$ 19	$ 23

Segment information - Operating

Segment information - Operating performance (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment information
Number of reportable segments | segment	2
Total revenues	$ 419	$ 405
Corporate and other expenses	(22)	(25)
Restructuring	(5)	(1)
Transaction and integration related expense	(4)
Amortization of deferred ERP implementation costs	(1)
Gain on sale of assets	6
Depreciation and amortization	(39)	(68)
Interest expense, net	(29)	(23)
Interest income	1	1
Loss before taxes	(14)	(7)
Operating Segments | Earth Intelligence
Segment information
Total revenues	243	251
Adjusted EBITDA	73	99
Operating Segments | Space Infrastructure.
Segment information
Total revenues	195	177
Adjusted EBITDA	14	19
Intersegment eliminations
Segment information
Total revenues	(19)	(23)
Adjusted EBITDA	$ (8)	$ (9)

Segment information - Capital e

Segment information - Capital expenditures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment information
Capital expenditures, property, plant and equipment	$ 39	$ 43
Capital expenditures, intangible assets	24	21
Capital expenditures	63	64
Operating Segments | Earth Intelligence
Segment information
Capital expenditures, property, plant and equipment	22	28
Capital expenditures, intangible assets	23	19
Capital expenditures	45	47
Operating Segments | Space Infrastructure.
Segment information
Capital expenditures, property, plant and equipment	4	3
Capital expenditures	4	3
Intersegment eliminations
Segment information
Capital expenditures, property, plant and equipment	13	12
Capital expenditures, intangible assets	1	2
Capital expenditures	$ 14	$ 14

Employee benefit plans - Compon

Employee benefit plans - Components of net periodic benefit cost (Details) - Pension - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee benefit plans
Interest cost	$ 5	$ 4
Expected return on plan assets	(6)	(7)
Expenses paid	$ 1	1
Net periodic benefit credit		$ (2)

Employee benefit plans - Narrat

Employee benefit plans - Narrative (Details) - Pension - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Employee benefit plans
Expected future contribution by the employer		$ 0
Forecast
Employee benefit plans
Expected future contribution by the employer	$ 0

Income taxes - Income tax rate

Income taxes - Income tax rate (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income taxes
U.S. statutory income tax rate	21%	21%
Effective income tax rate	0%	0%

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, 2023	Mar. 31, 2022
Net loss per common share
Net loss	$ (14)	$ (7)
Weighted average number of common shares outstanding - basic (in shares)	75	73.2
Weighted average number of common shares outstanding - diluted (in shares)	75	73.2
Basic net loss per common share
Basic net loss per common share (in dollars per share)	$ (0.19)	$ (0.10)
Diluted net loss per common share
Diluted net loss per common share (in dollars per share)	$ (0.19)	$ (0.10)

Net loss per common share - Ant

Net loss per common share - Anti-dilutive securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity awards
Earnings per common share
Antidilutive securities excluded from computation of earnings per share (in shares)	2	3

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($) $ in Millions		3 Months Ended
	Aug. 20, 2021	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022
Commitments and Contingencies
Other Commitment				$ 12
Payment related to offset obligation			$ 4
Commitments to be paid		$ 8
Commitments to be paid in year one		4
Commitment to be paid in year two		4
Other nonoperating income (expense)		2		$ (12)	$ 3
Pending Litigation | Colorado Action
Commitments and Contingencies
Litigation settlement amount		27
Pending Litigation | Colorado Action | Other current assets
Commitments and Contingencies
Loss contingency insurance receivable		$ 27
Pending Litigation | DigitalGlobe Merger
Commitments and Contingencies
Litigation settlement amount	$ 37
Pending Litigation | DigitalGlobe Merger | Other current assets
Commitments and Contingencies
Loss contingency insurance receivable	$ 37

Supplemental cash flow (Details

Supplemental cash flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental operating cash flow information
Cash paid for interest	$ 29	$ 15
Income tax (refunds), net of payments		(8)
Supplemental non-cash investing and financing activities:
Accrued capital expenditures	$ 9	$ 19