Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Line Items] | ||
Document type | 10-Q | |
Amendment flag | FALSE | |
Document period end date | 31-Mar-15 | |
Document fiscal year focus | 2015 | |
Document fiscal period focus | Q1 | |
Trading symbol | GSAT | |
Entity registrant name | Globalstar, Inc. | |
Entity central index key | 1366868 | |
Current fiscal year end date | -19 | |
Entity filer category | Large Accelerated Filer | |
Voting Common Stock | ||
Document and Entity Information [Line Items] | ||
Entity common stock, shares outstanding (shares) | 871,238,089 | |
Nonvoting Common Stock | ||
Document and Entity Information [Line Items] | ||
Entity common stock, shares outstanding (shares) | 134,008,656 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Service revenues | $17,107 | $16,249 |
Subscriber equipment sales | 3,915 | 4,287 |
Total revenue | 21,022 | 20,536 |
Operating expenses: | ||
Cost of services (exclusive of depreciation, amortization and accretion shown separately below) | 7,434 | 6,938 |
Cost of subscriber equipment sales | 3,131 | 3,072 |
Marketing, general and administrative | 8,596 | 7,769 |
Depreciation, amortization and accretion | 19,046 | 23,332 |
Total operating expenses | 38,207 | 41,111 |
Loss from operations | -17,185 | -20,575 |
Other income (expense): | ||
Loss on extinguishment of debt | -65 | -10,195 |
Interest income and expense, net of amounts capitalized | -8,517 | -10,921 |
Derivative loss | -107,865 | -209,370 |
Other | 4,133 | 713 |
Total other income (expense) | -112,314 | -229,773 |
Loss before income taxes | -129,499 | -250,348 |
Income tax expense | 228 | 193 |
Net loss | -129,727 | -250,541 |
Other comprehensive loss: | ||
Foreign currency translation | -1,290 | -1,235 |
Total comprehensive loss | ($131,017) | ($251,776) |
Net loss per common share: | ||
Basic (USD per share) | ($0.13) | ($0.29) |
Diluted (USD per share) | ($0.13) | ($0.29) |
Weighted-average shares outstanding: | ||
Basic (shares) | 1,000,845 | 849,321 |
Diluted (shares) | 1,000,845 | 849,321 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $13,655 | $7,121 |
Accounts receivable, net of allowance of $4,727 and $4,788, respectively | 15,300 | 15,015 |
Inventory | 13,584 | 14,734 |
Prepaid expenses and other current assets | 7,283 | 7,944 |
Total current assets | 49,822 | 44,814 |
Property and equipment, net | 1,100,504 | 1,113,560 |
Restricted cash | 37,918 | 37,918 |
Deferred financing costs, net | 60,989 | 63,862 |
Intangible and other assets, net of accumulated amortization of $6,138 and $5,669, respectively | 9,436 | 8,266 |
Total assets | 1,258,669 | 1,268,420 |
Current liabilities: | ||
Current portion of long-term debt | 6,450 | 6,450 |
Accounts payable, including contractor payables of $0 and $1,180, respectively | 5,010 | 6,922 |
Accrued contract termination charge | 19,023 | 21,308 |
Accrued expenses | 26,705 | 22,342 |
Payables to affiliates | 376 | 481 |
Deferred revenue | 21,481 | 21,740 |
Total current liabilities | 79,045 | 79,243 |
Long-term debt, less current portion | 626,653 | 623,640 |
Employee benefit obligations | 5,478 | 5,499 |
Derivative liabilities | 548,526 | 441,550 |
Deferred revenue | 6,517 | 6,572 |
Debt restructuring fees | 20,795 | 20,795 |
Other non-current liabilities | 11,233 | 12,205 |
Total non-current liabilities | 1,219,202 | 1,110,261 |
Commitments and contingent liabilities (Notes 7 and 8) | ||
Stockholders’ (deficit) equity: | ||
Preferred Stock | 0 | 0 |
Additional paid-in capital | 1,516,141 | 1,503,619 |
Accumulated other comprehensive loss | -4,188 | -2,898 |
Retained deficit | -1,551,631 | -1,421,904 |
Total stockholders’ (deficit) equity | -39,578 | 78,916 |
Total liabilities and stockholders’ equity | 1,258,669 | 1,268,420 |
Common Stock | ||
Stockholders’ (deficit) equity: | ||
Common Stock | 87 | 86 |
Nonvoting Common Stock | ||
Stockholders’ (deficit) equity: | ||
Common Stock | $13 | $13 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance | $4,727 | $4,788 |
Accumulated amortization | 6,138 | 5,669 |
Accrued second-generation constellation costs | $0 | $1,180 |
Preferred stock, par value (USD per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Series A Preferred Stock | ||
Preferred stock, par value (USD per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (shares) | 1 | 1 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common Stock | ||
Common stock, par value (USD per share) | $0.00 | $0.00 |
Common stock, shares authorized (shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued (shares) | 869,594,366 | 864,378,563 |
Common stock, shares outstanding (shares) | 869,594,366 | 864,378,563 |
Nonvoting Common Stock | ||
Common stock, par value (USD per share) | $0.00 | $0.00 |
Common stock, shares authorized (shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (shares) | 134,008,656 | 134,008,656 |
Common stock, shares outstanding (shares) | 134,008,656 | 134,008,656 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss) Attributable to Parent | ($129,727) | ($250,541) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and accretion | 19,046 | 23,332 |
Change in fair value of derivative assets and liabilities | 107,865 | 209,370 |
Stock-based compensation expense | 818 | 628 |
Amortization of deferred financing costs | 2,336 | 2,541 |
Provision for bad debts | 690 | 597 |
Noncash interest and accretion expense | 2,578 | 4,078 |
Loss on extinguishment of debt | 65 | 10,195 |
Other, net | 304 | 864 |
Unrealized foreign currency (gain) loss | -4,030 | -1,090 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -1,309 | -865 |
Inventory | 794 | 2,087 |
Prepaid expenses and other current assets | 201 | -695 |
Other assets | -476 | -629 |
Accounts payable and accrued expenses | 3,641 | 2,897 |
Payables to affiliates | -105 | 30 |
Other non-current liabilities | -163 | -119 |
Deferred revenue | -7 | 1,119 |
Net cash provided by operating activities | 2,521 | 3,799 |
Cash flows provided by (used in) investing activities: | ||
Second-generation ground-related costs (including interest) | -4,018 | -1,366 |
Property and equipment additions | -1,790 | -428 |
Net cash used in investing activities | -5,808 | -1,794 |
Cash flows provided by (used in) financing activities | ||
Proceeds from issuance of stock to Terrapin | 10,000 | 0 |
Payments of deferred financing costs | 0 | -164 |
Proceeds from issuance of common stock and exercise of warrants | 61 | 310 |
Net cash provided by financing activities | 10,061 | 146 |
Effect of exchange rate changes on cash | -240 | 36 |
Net increase in cash and cash equivalents | 6,534 | 2,187 |
Cash and cash equivalents, beginning of period | 7,121 | 17,408 |
Cash and cash equivalents, end of period | 13,655 | 19,595 |
Supplemental disclosure of cash flow information: | ||
Cash paid for: Interest | 0 | 0 |
Cash paid for: Income taxes | 0 | 29 |
Supplemental disclosure of non-cash financing and investing activities: | ||
Increase in non-cash capitalized accrued interest for second-generation ground-related costs | 474 | 445 |
Capitalization of the accretion of debt discount and amortization of prepaid financing costs | 761 | 642 |
Payments made in convertible notes and common stock | 427 | 813 |
Principal amount of debt converted into common stock | 237 | 15,856 |
Reduction of debt discount and deferred financing costs due to conversion of debt | 84 | 7,351 |
Fair value of common stock issued upon conversion of debt | 1,086 | 59,064 |
Reduction in derivative liability due to conversion of debt | $868 | $40,173 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION |
Globalstar, Inc. (“Globalstar” or “the Company”) provides Mobile Satellite Services (“MSS”) including voice and data communications services through its global satellite network. Thermo Capital Partners LLC, through its affiliates, (“Thermo”) is Globalstar’s principal owner and largest stockholder. Globalstar’s Executive Chairman and Chief Executive Officer controls Thermo and its affiliates. Two other members of Globalstar’s Board of Directors are also directors, officers or minority equity owners of various Thermo entities. | |
The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally in financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission; however, management believes the disclosures made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Globalstar, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the "SEC") on March 2, 2015 (the "2014 Annual Report"), and Management's Discussion and Analysis of Financial Condition and Results of Operations herein. | |
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates estimates on an ongoing basis. Significant estimates include the value of derivative instruments, the allowance for doubtful accounts, the net realizable value of inventory, the useful life and value of property and equipment, income taxes and the value of stock-based compensation. Actual results could differ from these estimates. | |
These unaudited interim condensed consolidated financial statements include the accounts of Globalstar and its majority owned or otherwise controlled subsidiaries. All significant intercompany transactions and balances have been eliminated in the consolidation. In the opinion of management, the information included herein includes all adjustments, consisting of normal recurring adjustments, that are necessary for a fair presentation of the Company’s condensed consolidated statements of operations, condensed consolidated balance sheets, and condensed consolidated statements of cash flows for the periods presented. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the full year or any future period. | |
The Company evaluates events that occur after the balance sheet date but before the financial statements are issued for potential recognition or disclosure. Based on this evaluation, the Company determined that there were no material subsequent events for recognition or disclosure other than those disclosed herein. | |
Recently Issued Accounting Pronouncements | |
In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-02, Consolidation - Amendments to the Consolidation Analysis. ASU 2015-02 was issued in response to concerns that current GAAP might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations. The amendments included in ASU 2015-02 are intended to improve targeted areas in the consolidation guidance, which includes legal entities such as limited partnerships and limited liability companies and the evaluation of fees paid to a decision maker. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. The Company has not yet determined the effect of the standard on its ongoing reporting. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest - Simplifying the Presentation of Debt Issue Costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the consolidated balance sheet as a reduction in the carrying amount of the related debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this ASU. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Upon adoption, if applicable, this ASU will be applied on a retrospective basis, wherein the consolidated balance sheet of each period presented will be adjusted to reflect the effects of applying the new guidance. The Company would be required to comply with the applicable disclosures for a change in an accounting principle, including the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (that is, the previously reported debt issuance cost asset and the adjusted debt liability). The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. The Company has not yet determined the effect of the standard on its ongoing reporting. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | PROPERTY AND EQUIPMENT | |||||||
Property and equipment consists of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Globalstar System: | ||||||||
Space component | ||||||||
Second-generation satellites in service | $ | 1,211,904 | $ | 1,211,904 | ||||
Prepaid long-lead items | 17,040 | 17,040 | ||||||
Second-generation satellite, on-ground spare | 32,481 | 32,481 | ||||||
Ground component | 46,646 | 47,595 | ||||||
Construction in progress: | ||||||||
Space component | 58 | 30 | ||||||
Ground component | 146,876 | 141,789 | ||||||
Other | 3,216 | 2,458 | ||||||
Total Globalstar System | 1,458,221 | 1,453,297 | ||||||
Internally developed and purchased software | 15,039 | 15,392 | ||||||
Equipment | 12,686 | 12,647 | ||||||
Land and buildings | 3,371 | 3,590 | ||||||
Leasehold improvements | 1,677 | 1,620 | ||||||
Total property and equipment | 1,490,994 | 1,486,546 | ||||||
Accumulated depreciation | (390,490 | ) | (372,986 | ) | ||||
Total property and equipment, net | $ | 1,100,504 | $ | 1,113,560 | ||||
Amounts in the above table consist primarily of costs incurred related to the construction of the Company’s second-generation constellation and ground upgrades. Amounts included in the Company’s second-generation satellite, on-ground spare balance as of March 31, 2015, consist primarily of costs related to a spare second-generation satellite that has not been placed in orbit, but is capable of being included in a future launch of satellites. As of March 31, 2015, this satellite and the prepaid long-lead items ("LLI") have not been placed into service, and therefore the Company has not yet recorded depreciation expense for these items. | ||||||||
Pursuant to the Amended and Restated Contract for the construction of the Globalstar Satellite for the Second Generation Constellation between Globalstar and Thales Alenia Space France ("Thales"), dated and executed in June 2009 ("2009 Contract"), Globalstar paid €12 million in purchase price plus an additional €3.1 million in procurement costs for the LLI to be procured by Thales on Globalstar's behalf. The LLI were to be used in the construction of the Phase 3 satellites for Globalstar. As reflected on the Company's condensed consolidated balance sheet and in the above table, Globalstar believes that it owns the LLI and that the title transferred upon procurement. Recently, Globalstar asked Thales to turn over the LLI. Despite historical statements to the contrary, Thales currently disputes Globalstar's ownership of the LLI and has recently asserted that Globalstar released its title to the LLI pursuant to that certain Release Agreement, dated as of June 24, 2012, which is described more fully below. Thales further asserts that the LLI belong to Thales and that Thales has no obligation to turn over possession of such LLI to Globalstar. Globalstar disputes Thales' assertions and is currently considering its rights and remedies to recover the LLI. At this time, Globalstar cannot predict the outcome related to this dispute, including, without limitation, the likelihood of any settlement or the probability of success with respect to any litigation which Globalstar may determine to commence with respect to the LLI. | ||||||||
Capitalized Interest and Depreciation Expense | ||||||||
The following tables summarize capitalized interest (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Interest cost eligible to be capitalized | $ | 10,116 | $ | 12,254 | ||||
Interest cost recorded in interest expense, net | (7,925 | ) | (10,413 | ) | ||||
Net interest capitalized | $ | 2,191 | $ | 1,841 | ||||
The following table summarizes depreciation expense (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Depreciation expense | $ | 18,903 | $ | 23,009 | ||||
LongTerm_Debt_and_Other_Financ
Long-Term Debt and Other Financing Arrangements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Long-Term Debt and Other Financing Arrangements | LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS | |||||||||||||||
Long-term debt consists of the following (in thousands): | ||||||||||||||||
March 31, 2015 | 31-Dec-14 | |||||||||||||||
Principal | Carrying | Principal | Carrying | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Facility Agreement | $ | 582,296 | $ | 582,296 | $ | 582,296 | $ | 582,296 | ||||||||
Thermo Loan Agreement | 70,219 | 35,656 | 68,154 | 32,971 | ||||||||||||
8.00% Convertible Senior Notes Issued in 2013 | 22,561 | 15,151 | 22,799 | 14,823 | ||||||||||||
Total Debt | 675,076 | 633,103 | 673,249 | 630,090 | ||||||||||||
Less: Current Portion | 6,450 | 6,450 | 6,450 | 6,450 | ||||||||||||
Long-Term Debt | $ | 668,626 | $ | 626,653 | $ | 666,799 | $ | 623,640 | ||||||||
The principal amounts shown above include payment of in-kind interest, as applicable. The carrying value is net of any discounts to the loan amounts at issuance, including accretion, as further described below. The current portion of long-term debt represents the scheduled principal repayments under the Facility Agreement due within one year of the balance sheet date. | ||||||||||||||||
Facility Agreement | ||||||||||||||||
The Company’s senior secured credit facility agreement, as amended and restated in August 2013 (the “Facility Agreement”), is scheduled to mature in December 2022. As of March 31, 2015, the Facility Agreement was fully drawn. Semi-annual principal repayments began in December 2014. The facility bears interest at a floating rate of LIBOR plus 2.75% through June 2017, increasing by an additional 0.5% each year thereafter to a maximum rate of LIBOR plus 5.75%. Ninety-five percent of the Company’s obligations under the Facility Agreement are guaranteed by COFACE, the French export credit agency. The Company’s obligations under the Facility Agreement are guaranteed on a senior secured basis by all of its domestic subsidiaries and are secured by a first priority lien on substantially all of the assets of the Company and its domestic subsidiaries (other than their FCC licenses), including patents and trademarks, 100% of the equity of the Company’s domestic subsidiaries and 65% of the equity of certain foreign subsidiaries. | ||||||||||||||||
The Facility Agreement contains customary events of default and requires that the Company satisfy various financial and non-financial covenants. Pursuant to the terms of the Facility Agreement, the Company has the ability to cure noncompliance with certain financial covenants with equity contributions through June 2017. If the Company violates any of these covenants and is unable to make a sufficient equity contribution or obtain a waiver, it would be in default under the agreement and payment of the indebtedness could be accelerated. The acceleration of the Company's indebtedness under one agreement may permit acceleration of indebtedness under other agreements that contain cross-acceleration provisions. The covenants under the Facility Agreement limit the Company's ability to, among other things, incur or guarantee additional indebtedness; make certain investments, acquisitions or capital expenditures above certain agreed levels; pay dividends or repurchase or redeem capital stock or subordinated indebtedness; grant liens on its assets; incur restrictions on the ability of its subsidiaries to pay dividends or to make other payments to the Company; enter into transactions with its affiliates; merge or consolidate with other entities or transfer all or substantially all of its assets; and transfer or sell assets. | ||||||||||||||||
The compliance calculations of the financial covenants of the Facility Agreement permit inclusion of certain cash funds contributed to the Company from the issuance of the Company's common stock and/or Subordinated Indebtedness. These funds are referred to as "Equity Cure Contributions" and may be funded in order to achieve compliance with the covenants described above, subject to the conditions set forth in the Facility Agreement. Each Equity Cure Contribution must be made in a minimum amount of $10 million with no maximum amount for each measurement period or in the aggregate for all periods until the date that such funding is no longer allowed by the Facility Agreement. In February 2015, the Company drew $10 million under its agreement with Terrapin (described below). These funds were deemed an Equity Cure Contribution under the Facility Agreement and were used in the Company's calculation of compliance with certain financial covenants under the Facility Agreement. The Company believes it was in compliance with its financial and non-financial covenants as of December 31, 2014 and March 31, 2015. The agent for the lenders recently notified the Company that, according to its interpretation of a formula in the Facility Agreement, the Company was not in compliance with one financial covenant for the period ended December 31, 2014. The Company has notified the agent that its advisors and the Company disagree with the agent's interpretation based on the language set forth in the covenant. The Company is currently in discussions with the agent regarding covenant calculations for past and future measurement periods. | ||||||||||||||||
The Facility Agreement requires the Company to maintain a total of $37.9 million in a debt service reserve account, which is pledged to secure all of the Company's obligations under the Facility Agreement. The use of these funds is restricted to making principal and interest payments under the Facility Agreement. As of March 31, 2015, the balance in the debt service reserve account, which was established with the proceeds of the loan agreement with Thermo discussed below, was $37.9 million and classified as restricted cash. | ||||||||||||||||
Thermo Loan Agreement | ||||||||||||||||
In connection with the amendment and restatement of the Facility Agreement in 2013, the Company amended and restated its loan agreement with Thermo (as amended and restated, the “Loan Agreement”). This loan is subordinated to all of the Company’s obligations under the Facility Agreement. | ||||||||||||||||
The Loan Agreement accrues interest at 12% per annum, which is capitalized and added to the outstanding principal in lieu of cash payments. The Company will make payments to Thermo only when permitted by the Facility Agreement. The Loan Agreement becomes due and payable six months after the obligations under the Facility Agreement have been paid in full, or earlier if the Company has a change in control or any acceleration of the maturity of the loans under the Facility Agreement occur. As of March 31, 2015, $32.7 million of interest was accrued on the Loan Agreement; the Thermo loan is included in long-term debt on the Company’s condensed consolidated balance sheet. | ||||||||||||||||
The Company evaluated the various embedded derivatives within the Loan Agreement (See Note 5: Fair Value Measurements for additional information about the embedded derivative in the Loan Agreement). The Company determined that the conversion option and the contingent put feature upon a fundamental change required bifurcation from the Loan Agreement. The conversion option and the contingent put feature were not deemed clearly and closely related to the Loan Agreement and were separately accounted for as a standalone derivative. The Company recorded this compound embedded derivative liability as a non-current liability on its condensed consolidated balance sheet with a corresponding debt discount, which is netted against the face value of the Loan Agreement. | ||||||||||||||||
The Company is accreting the debt discount associated with the compound embedded derivative liability to interest expense through the maturity of the Loan Agreement using an effective interest rate method. The fair value of the compound embedded derivative liability is marked-to-market at the end of each reporting period, with any changes in value reported in the condensed consolidated statements of operations. The Company determined the fair value of the compound embedded derivative using a blend of a Monte Carlo simulation model and market prices. | ||||||||||||||||
8.00% Convertible Senior Notes Issued in 2013 | ||||||||||||||||
The 8.00% Convertible Senior Notes Issued in 2013 (the "8.00% Notes Issued in 2013") initially were convertible into shares of common stock at a conversion price of $0.80 per share of common stock, or 1,250 shares of the Company’s common stock per $1,000 principal amount of the 8.00% Notes Issued in 2013, subject to adjustment. The conversion price of the 8.00% Notes Issued in 2013 will be adjusted in the event of certain stock splits or extraordinary share distributions, or as a reset of the base conversion and exercise price pursuant to the terms of the Fourth Supplemental Indenture between us and U.S. Bank National Association, as Trustee, dated May 20, 2013 (the "New Indenture"). Due to common stock issuances by the Company since May 20, 2013 at prices below the then effective conversion rate, the base conversion price (rounded to the nearest cent) was reduced to $0.73 per share of common stock as is the current conversion price as of March 31, 2015. | ||||||||||||||||
The 8.00% Notes Issued in 2013 are senior unsecured debt obligations of the Company, with no sinking fund. The 8.00% Notes Issued in 2013 will mature on April 1, 2028, subject to various call and put features, and bear interest at a rate of 8.00% per annum. Interest on the 8.00% Notes Issued in 2013 is payable semi-annually in arrears on April 1 and October 1 of each year. Interest is paid in cash at a rate of 5.75% per annum and additional notes at a rate of 2.25% per annum. The New Indenture for the new 8.00% Notes Issued in 2013 provides for customary events of default. As of March 31, 2015, the Company was in compliance with respect to the 8.00% Notes Issued in 2013 and the New Indenture. | ||||||||||||||||
Subject to certain conditions set forth in the New Indenture, the Company may redeem the 8.00% Notes Issued in 2013, with the prior approval of the Majority Lenders under the Facility Agreement, in whole or in part, at any time on or after April 1, 2018, at a price equal to the principal amount of the 8.00% Notes Issued in 2013 to be redeemed plus all accrued and unpaid interest thereon. | ||||||||||||||||
A holder of 8.00% Notes Issued in 2013 has the right, at the Holder’s option, to require the Company to purchase some or all of the 8.00% Notes Issued in 2013 held by it on each of April 1, 2018 and April 1, 2023 at a price equal to the principal amount of the 8.00% Notes Issued in 2013 to be purchased plus accrued and unpaid interest. | ||||||||||||||||
Subject to the procedures for conversion and other terms and conditions of the New Indenture, a holder may convert its 8.00% Notes Issued in 2013 at its option at any time prior to the close of business on the business day immediately preceding April 1, 2028, into shares of common stock (or, at the option of the Company, cash in lieu of all or a portion thereof, provided that, under the Facility Agreement, the Company may pay cash only with the consent of the Majority Lenders). | ||||||||||||||||
During April 2015, the Company received notices of conversion for approximately $6.3 million principal amount of 8.00% Notes Issued in 2013. During the quarter ended March 31, 2015, $0.2 million principal amount of 8.00% Notes Issued in 2013 were converted, resulting in a loss on extinguishment of debt of $0.1 million on the issuance of 0.5 million shares of voting common stock. | ||||||||||||||||
Through March 31, 2015, a total of $33.1 million principal amount of 8.00% Notes Issued in 2013 had been converted, resulting in the issuance of approximately 60.7 million shares of voting common stock. The Company recorded a loss on extinguishment of debt of less than $0.1 million and $10.5 million during the three months ended March 31, 2015 and 2014, respectively, related to conversions. Holders receive conversion shares over a 40-consecutive trading day settlement period. As a result of this feature, the portion of converted debt is extinguished on an incremental basis over the 40-day settlement period, reducing the Company's debt balance outstanding. As of March 31, 2015, there were no conversions that had been initiated but not yet fully settled. | ||||||||||||||||
The Company evaluated the various embedded derivatives within the New Indenture for the 8.00% Notes Issued in 2013. The Company determined that the conversion option and the contingent put feature within the New Indenture required bifurcation from the 8.00% Notes Issued in 2013. The conversion option and the contingent put feature were not deemed clearly and closely related to the 8.00% Notes Issued in 2013 and were separately accounted for as a standalone derivative. The Company recorded this compound embedded derivative liability as a non-current liability on its condensed consolidated balance sheet with a corresponding debt discount which is netted against the face value of the 8.00% Notes Issued in 2013. | ||||||||||||||||
The Company is accreting the debt discount associated with the compound embedded derivative liability to interest expense through the first put date of the 8.00% Notes Issued in 2013 (April 1, 2018) using an effective interest rate method. The fair value of the compound embedded derivative liability is being marked-to-market at the end of each reporting period, with any changes in value reported in the condensed consolidated statements of operations. The Company determined the fair value of the compound embedded derivative using a blend of a Monte Carlo simulation model and market prices. | ||||||||||||||||
Warrants Outstanding | ||||||||||||||||
Warrants are outstanding to purchase shares of common stock as shown in the table below: | ||||||||||||||||
Outstanding Warrants | Strike Price | |||||||||||||||
March 31, | December 31, | March 31, | December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Contingent Equity Agreement (1) | 30,191,866 | 30,191,866 | $ | 0.01 | $ | 0.01 | ||||||||||
5.0% Warrants (2) | 8,000,000 | 8,000,000 | 0.32 | 0.32 | ||||||||||||
38,191,866 | 38,191,866 | |||||||||||||||
-1 | Pursuant to the terms of a Contingent Equity Agreement with Thermo (See Note 3: Long-Term Debt and Other Financing Arrangements in the Consolidated Financial Statements in the 2014 Annual Report for a complete description of the Contingent Equity Agreement), the Company issued to Thermo warrants to purchase shares of common stock pursuant to the annual availability fee and subsequent reset provisions in the Contingent Equity Agreement. These warrants have a five-year exercise period from issuance. These warrants were issued between June 2009 and June 2012, and the exercise periods expire through June 2017. As of March 31, 2015, Thermo had exercised warrants to purchase approximately 11.3 million of these shares prior to the expiration of the associated warrants. | |||||||||||||||
-2 | In June 2011, the Company issued warrants (the “5.0% Warrants”) to purchase 15.2 million shares of its voting common stock in connection with the issuance of its 5.0% Convertible Senior Unsecured Notes. During 2013, a portion of the 5.0% Warrants were exercised to purchase 7.2 million shares of common stock. The remaining 5.0% Warrants are exercisable until June 2016, which is five years after their issuance. See 5.0% Convertible Senior Notes in Note 3: Long-Term Debt and Other Financing Arrangements in the Consolidated Financial Statements in the 2014 Annual Report for a complete description of the 5.0% Warrants. | |||||||||||||||
Terrapin Opportunity, L.P. Common Stock Purchase Agreement | ||||||||||||||||
On December 28, 2012 the Company entered into a Common Stock Purchase Agreement with Terrapin pursuant to which the Company may, subject to certain conditions, require Terrapin to purchase up to $30.0 million of shares of voting common stock over the 24-month term following the effectiveness of a resale registration statement, which became effective on August 2, 2013. This type of arrangement is sometimes referred to as a committed equity line financing facility. From time to time over the 24-month term following the effectiveness of the registration statement, and in the Company’s sole discretion, the Company may present Terrapin with up to 36 draw down notices requiring Terrapin to purchase a specified dollar amount of shares of voting common stock, based on the price per share per day over ten consecutive trading days (a "Draw Down Period"). The per share purchase price for these shares will equal the daily volume weighted average price of common stock on each date during the Draw Down Period on which shares are purchased, less a discount ranging from 3.5% to 8% based on a minimum price that the Company specifies. In addition, in the Company’s sole discretion, but subject to certain limitations, the Company may require Terrapin to purchase a percentage of the daily trading volume of its common stock for each trading day during the Draw Down Period. The Company has agreed not to sell to Terrapin a number of shares of voting common stock which, when aggregated with all other shares of voting common stock then beneficially owned by Terrapin and its affiliates, would result in the beneficial ownership by Terrapin or any of its affiliates of more than 9.9% of the then issued and outstanding shares of voting common stock. | ||||||||||||||||
When the Company makes a draw under the Terrapin equity line agreement, it issues Terrapin shares of common stock at a price per share calculated as specified in the agreement. As of March 31, 2015, Terrapin had purchased a total of 10.6 million shares of voting common stock at a total purchase price of $16.0 million pursuant to the terms of the agreement. As of March 31, 2015, $14.0 million remained available under this agreement. In February 2015, the Company drew $10.0 million under the agreement with Terrapin, which amount was used as an Equity Cure Contribution under the terms of the Facility Agreement, and issued 4.5 million shares of voting common stock to Terrapin at an average price of $2.22 per share. The Company anticipates that it will make additional draws under the Terrapin Agreement during 2015, which may be used as Equity Cure Contributions under the Facility Agreement, or for liquidity purposes. |
Derivatives
Derivatives | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Derivatives | DERIVATIVES | |||||||
In connection with certain existing and past borrowing arrangements, the Company was required to record derivative instruments on its condensed consolidated balance sheets. None of these derivative instruments are designated as hedges. The following tables disclose the fair values of the derivative instruments on the Company’s condensed consolidated balance sheets (in thousands): | ||||||||
March 31, | 31-Dec-14 | |||||||
2015 | ||||||||
Intangible and other assets - Interest rate cap | $ | 24 | $ | 46 | ||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | $ | (97,208 | ) | $ | (79,040 | ) | ||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | (451,318 | ) | (362,510 | ) | ||||
Total derivative liabilities | $ | (548,526 | ) | $ | (441,550 | ) | ||
The following table discloses the changes in value recorded as derivative gain (loss) in the Company’s condensed consolidated statement of operations (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, 2015 | March 31, 2014 | |||||||
Interest rate cap | $ | (22 | ) | $ | (48 | ) | ||
Warrants issued with 8.00% Notes Issued in 2009 | — | (35,797 | ) | |||||
Compound embedded derivative with 8.00% Notes Issued in 2009 | — | (23,087 | ) | |||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | (19,035 | ) | (47,957 | ) | ||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | (88,808 | ) | (102,481 | ) | ||||
Total derivative loss | $ | (107,865 | ) | $ | (209,370 | ) | ||
Intangible and Other Assets | ||||||||
Interest Rate Cap | ||||||||
In June 2009, in connection with entering into the Facility Agreement, which accrues interest at a variable rate, the Company entered into five ten-year interest rate cap agreements. The interest rate cap agreements reflect a variable notional amount ranging from $586.3 million to $14.8 million at interest rates that provide coverage to the Company for exposure resulting from escalating interest rates over the term of the Facility Agreement. The interest rate cap provides limits on the six-month Libor rate (“Base Rate”) used to calculate the coupon interest on outstanding amounts on the Facility Agreement and is capped at 5.50% should the Base Rate not exceed 6.5%. Should the Base Rate exceed 6.5%, the Company’s Base Rate will be 1% less than the then six-month Libor rate. The Company paid an approximately $12.4 million upfront fee for the interest rate cap agreements. The interest rate cap did not qualify for hedge accounting treatment, and changes in the fair value of the agreements are included in the condensed consolidated statements of operations. | ||||||||
Derivative Liabilities | ||||||||
The Company has identified various embedded derivatives resulting from certain features in the Company’s debt instruments. These embedded derivatives required bifurcation from the debt host instrument. All embedded derivatives that required bifurcation are recorded as a derivative liability on the Company’s condensed consolidated balance sheet with a corresponding debt discount netted against the principal amount of the related debt instrument. The Company accretes the debt discount associated with each derivative liability to interest expense over the term of the related debt instrument using an effective interest rate method. The fair value of each embedded derivative liability is marked-to-market at the end of each reporting period with any changes in value reported in its condensed consolidated statements of operations. Each liability and the features embedded in the debt instrument which required the Company to account for the instrument as a derivative are described below. | ||||||||
Compound Embedded Derivative with 8.00% Notes Issued in 2013 | ||||||||
As a result of the conversion option and the contingent put feature within the 8.00% Notes Issued in 2013, the Company recorded a compound embedded derivative liability on its condensed consolidated balance sheet with a corresponding debt discount that is netted against the face value of the 8.00% Notes Issued in 2013. The Company determined the fair value of the compound embedded derivative liability using a blend of a Monte Carlo simulation model and market prices. | ||||||||
Compound Embedded Derivative with the Amended and Restated Thermo Loan Agreement | ||||||||
As a result of the conversion option and the contingent put feature within the Loan Agreement with Thermo as amended and restated in July 2013, the Company recorded a compound embedded derivative liability on its condensed consolidated balance sheet with a corresponding debt discount that is netted against the face value of the Amended and Restated Loan Agreement. The Company determined the fair value of the compound embedded derivative liability using a blend of a Monte Carlo simulation model and market prices. | ||||||||
Compound Embedded Derivative with 8.00% Notes Issued in 2009 | ||||||||
As a result of the conversion rights and features and the contingent put feature embedded within the 8.00% Notes Issued in 2009, the Company recorded a compound embedded derivative liability on its condensed consolidated balance sheet with a corresponding debt discount that is netted against the principal amount of the 8.00% Notes Issued in 2009. The Company determined the fair value of the compound embedded derivative using a blend of a Monte Carlo simulation model and market prices. On April 15, 2014, the remaining principal amount of 8.00% Notes Issued in 2009 was converted into common stock; accordingly, the derivative liability embedded in the 8.00% Notes Issued in 2009 is no longer outstanding. See 8.00% Convertible Senior Unsecured Notes Issued in 2009 in Note 3: Long-Term Debt and Other Financing Arrangements in the Consolidated Financial Statements in the 2014 Annual Report for a complete description of the 8.00% Notes Issued in 2009 and the 8.00% Warrants. | ||||||||
Warrants Issued with 8.00% Notes Issued in 2009 | ||||||||
Due to the cash settlement provisions and reset features in the 8.00% Warrants issued with the 8.00% Notes Issued in 2009, the Company recorded the 8.00% Warrants as an embedded derivative liability on its condensed consolidated balance sheet with a corresponding debt discount that is netted against the principal amount of the 8.00% Notes Issued in 2009. The Company determined the fair value of the warrant derivative using a Monte Carlo simulation model. The exercise period for the 8.00% Warrants expired in June 2014; accordingly, the derivative liability for the 8.00% Warrants is no longer outstanding. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
The Company follows the authoritative guidance for fair value measurements relating to financial and non-financial assets and liabilities, including presentation of required disclosures herein. This guidance establishes a fair value framework requiring the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | ||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. | ||||||||||||||||
Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
The following table provides a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
Balance | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate cap | $ | — | $ | 24 | $ | — | $ | 24 | ||||||||
Total assets measured at fair value | $ | — | $ | 24 | $ | — | $ | 24 | ||||||||
Liabilities: | ||||||||||||||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | $ | — | $ | — | $ | (97,208 | ) | $ | (97,208 | ) | ||||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | — | — | (451,318 | ) | (451,318 | ) | ||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | (548,526 | ) | $ | (548,526 | ) | ||||||
31-Dec-14 | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
Balance | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate cap | $ | — | $ | 46 | $ | — | $ | 46 | ||||||||
Total assets measured at fair value | $ | — | $ | 46 | $ | — | $ | 46 | ||||||||
Liabilities: | ||||||||||||||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | $ | — | $ | — | $ | (79,040 | ) | $ | (79,040 | ) | ||||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | — | — | (362,510 | ) | (362,510 | ) | ||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | (441,550 | ) | $ | (441,550 | ) | ||||||
Assets | ||||||||||||||||
Interest Rate Cap | ||||||||||||||||
The fair value of the interest rate cap is determined using observable pricing inputs including benchmark yields, reported trades, and broker/dealer quotes at the reporting date. See Note 4: Derivatives for further discussion. | ||||||||||||||||
Liabilities | ||||||||||||||||
The Company has two derivative liabilities in Level 3. The Company marks-to-market these liabilities at each reporting date with the changes in fair value recognized in the Company’s condensed consolidated statements of operations. See Note 4: Derivatives for further discussion. | ||||||||||||||||
The significant quantitative Level 3 inputs utilized in the valuation models are shown in the tables below: | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Stock Price | Risk-Free | Note | Market Price of Common Stock | |||||||||||||
Volatility | Interest | Conversion | ||||||||||||||
Rate | Price | |||||||||||||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | 70% - 95% | 0.9 | % | $ | 0.73 | $ | 3.33 | |||||||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | 50% - 100% | 1.8 | % | $ | 0.73 | $ | 3.33 | |||||||||
31-Dec-14 | ||||||||||||||||
Stock Price | Risk-Free | Note | Market Price of Common Stock | |||||||||||||
Volatility | Interest | Conversion | ||||||||||||||
Rate | Price | |||||||||||||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | 70% - 100% | 1.2 | % | $ | 0.73 | $ | 2.75 | |||||||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | 50% - 100% | 2.1 | % | $ | 0.73 | $ | 2.75 | |||||||||
Fluctuations in the Company’s stock price are a primary driver for the changes in the derivative valuations during each reporting period. As the stock price increases above the current conversion price for each of the related derivative instruments, the value to the holder of the instrument generally increases, thereby increasing the liability on the Company’s condensed consolidated balance sheet. As previously discussed, the Company uses a blend of a Monte Carlo simulation model and market prices to determine the fair value of the derivative valuations. These valuations are sensitive to the weighting applied to each of the simulated values. Additionally, stock price volatility is one of the significant unobservable inputs used in the fair value measurement of each of the Company’s derivative instruments. The simulated fair value of these liabilities is sensitive to changes in the expected volatility of the Company's stock price. Decreases in expected volatility would generally result in a lower fair value measurement. | ||||||||||||||||
Probability of a change of control is another significant unobservable input used in the fair value measurement of the Company’s derivative instruments. Subject to certain restrictions in each indenture, the Company’s debt instruments contain certain provisions whereby holders may require the Company to purchase all or any portion of the convertible debt instrument upon a change of control. A change of control will occur upon certain changes in the ownership of the Company or certain events relating to the trading of the Company’s common stock. The simulated fair value of the derivative liabilities above is sensitive to changes in the assumed probabilities of a change of control. Decreases in the assumed probability of a change of control would generally result in a lower fair value measurement. | ||||||||||||||||
In addition to the Level 3 inputs described above, the indentures governing the related debt instrument for each of the derivative liabilities included in the Company’s Level 3 fair value measurements have specific features that impact the valuation of each liability at reporting periods. These features are further described below for each of the Company’s derivative liabilities. | ||||||||||||||||
Compound Embedded Derivative with 8.00% Notes Issued in 2013 | ||||||||||||||||
In addition to the inputs described above, the valuation model used to calculate the fair value measurement of the compound embedded derivative within the Company’s 8.00% Notes Issued in 2013 includes payment in kind interest payments, make whole premiums, a 40-day stock issuance settlement period upon conversion and automatic conversions. Pursuant to the terms of the New Indenture governing the 8.00% Notes Issued in 2013, there are also certain put and call features within the notes that impact the valuation model. The trading activity in the market provides the Company with additional valuation support. The Company uses a weight factor to calculate the fair value of the embedded derivative to align the fair value produced from the valuation model to the fair value of the notes traded in the market. | ||||||||||||||||
Compound Embedded Derivative with Amended and Restated Thermo Loan Agreement | ||||||||||||||||
In addition to the inputs described above, the valuation model used to calculate the fair value measurement of the compound embedded derivative within the Thermo Loan Agreement includes payment in kind interest payments, make whole premiums, a 40-day stock issuance settlement period upon conversion and automatic conversions. The compound embedded derivative in the Loan Agreement with Thermo contains similar features to the 8.00% Notes Issued in 2013. As stated in the previous section, the Company uses a weight factor to calculate the fair value of the embedded derivative in the 8.00% Notes Issued in 2013 to align the fair value produced from the valuation model to the fair value of the notes traded in the market. Due to the similarities in the debt instruments, a similar weight factor was applied to the embedded derivative in the Thermo Loan Agreement. | ||||||||||||||||
The following table presents a rollforward for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2015 (in thousands): | ||||||||||||||||
Balance at December 31, 2014 | $ | (441,550 | ) | |||||||||||||
Derivative adjustment related to conversions and exercises | 867 | |||||||||||||||
Unrealized loss, included in derivative gain (loss) | (107,843 | ) | ||||||||||||||
Balance at March 31, 2015 | $ | (548,526 | ) |
Accrued_Expenses_and_Other_Non
Accrued Expenses and Other Non-Current Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses and Other Non-Current Liabilities | ACCRUED EXPENSES AND OTHER NON-CURRENT LIABILITIES | |||||||
Accrued expenses consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Accrued interest | $ | 5,244 | $ | 827 | ||||
Accrued compensation and benefits | 2,355 | 2,597 | ||||||
Accrued property and other taxes | 6,142 | 6,727 | ||||||
Accrued customer liabilities and deposits | 3,547 | 3,358 | ||||||
Accrued professional and other service provider fees | 2,370 | 1,925 | ||||||
Accrued liability for contingent consideration | 54 | 481 | ||||||
Accrued commissions | 857 | 686 | ||||||
Accrued telecommunications expenses | 1,392 | 1,135 | ||||||
Accrued second-generation constellation costs | 1,901 | 1,531 | ||||||
Accrued inventory in transit | 953 | 1,189 | ||||||
Other accrued expenses | 1,890 | 1,886 | ||||||
Total accrued expenses | $ | 26,705 | $ | 22,342 | ||||
Other accrued expenses include primarily outsourced logistics services, storage, warranty reserve, maintenance, rent and payments to IGOs. | ||||||||
Other non-current liabilities consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Long-term accrued interest | $ | 254 | $ | 131 | ||||
Asset retirement obligation | 1,213 | 1,184 | ||||||
Deferred rent and capital lease obligations | 375 | 404 | ||||||
Liabilities related to the Cooperative Endeavor Agreement with the State of Louisiana | 1,268 | 1,391 | ||||||
Uncertain income tax positions | 5,658 | 6,061 | ||||||
Foreign tax contingencies | 2,465 | 3,034 | ||||||
Total other non-current liabilities | $ | 11,233 | $ | 12,205 | ||||
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2015 | |
COMMITMENTS [Abstract] | |
Commitments | COMMITMENTS |
Contractual Obligations - Next-Generation Gateways and Other Ground Facilities | |
As of March 31, 2015, the Company had purchase commitments with Hughes Network Systems, LLC (“Hughes”) and Ericsson Inc. (“Ericsson”) related to the procurement, deployment and maintenance of the second-generation ground network. | |
In May 2008, the Company entered into a contract with Hughes under which Hughes will design, supply and implement the Radio Access Network (RAN) ground network equipment and software upgrades for installation at a number of the Company’s satellite gateway ground stations and satellite interface chips to be used in various next-generation Globalstar devices. | |
In March 2015, the Company entered into an agreement with Hughes for the design, development, build, testing and delivery of four custom test equipment units for a total of $1.9 million to be delivered by the end of 2015. In April 2015, the Company extended the scope of work for delivery of two additional RANs for a total of $4.0 million with an estimated delivery date of February 2016. In April 2015, the Company also signed a letter agreement with Hughes wherein the Company granted Hughes the option to accept pre-payment of its remaining contract payments, including those related to the 2015 work mentioned above, in Globalstar common stock at a 7% discount in lieu of cash. $15.5 million of the $16.3 million total remaining under the Hughes contract will be paid in common stock per this agreement. The common stock will be issued pursuant to the agreement within 60 days of the date of the letter agreement. The Company will record a loss equal to the value of the discount in the period the common stock is issued. | |
The Company has an agreement with Ericsson to develop, implement and maintain a ground interface, or core network system that will be installed at a number of the Company’s satellite gateway ground stations. The remaining amount due under the contract is $20.7 million. In September 2013, the Company entered into an agreement with Ericsson that deferred certain milestone payments previously due under the contract to 2014 and beyond. The deferred payments were incurring interest at a rate of 6.5% per annum. In April 2015, the Company signed a new letter agreement whereby Ericsson agreed to waive the remaining $1.0 million in deferred milestone payments and $.4 million in interest accrued on the milestone payments. In the first quarter of 2015, the Company reversed these amounts from accounts payable, accrued expenses and construction in progress on the Company's condensed consolidated balance sheet. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
CONTINGENCIES [Abstract] | |
Contingencies | CONTINGENCIES |
Arbitration | |
On June 3, 2011, Globalstar filed a demand for arbitration against Thales before the American Arbitration Association to enforce certain rights to order additional satellites under the 2009 Contract. Globalstar did not include within its demand any claims that it had against Thales for work previously performed under the contract to design, manufacture and timely deliver the first 25 second-generation satellites. On May 10, 2012, the arbitration tribunal issued its award in which it determined that Globalstar materially breached the contract by failing to pay to Thales termination charges in the amount of €51.3 million by October 9, 2011, and that absent further agreement between the parties, Thales had no further obligation to manufacture or deliver satellites under Phase 3 of the 2009 Contract. The award required Globalstar to pay Thales approximately €53 million in termination charges and interest by June 9, 2012. On May 23, 2012, Thales commenced an action in the United States District Court for the Southern District of New York by filing a petition to confirm the arbitration award (the “New York Proceeding”). Thales and the Company entered into a tolling agreement as of June 13, 2013, under which Thales dismissed the New York Proceeding without prejudice. Thales may refile the petition at a later date and pursue the confirmation of the arbitration award, which Globalstar will oppose. Should Thales be successful in confirming the arbitration award, this would have a material adverse effect on the Company's financial condition, results of operations and liquidity. | |
On June 24, 2012, the Company and Thales agreed to settle their prior commercial disputes, including those disputes that were the subject of the arbitration award. In order to effectuate this settlement, the Company and Thales entered into a Release Agreement, a Settlement Agreement and a Submission Agreement. Under the terms of the Release Agreement, Thales agreed unconditionally and irrevocably to release and forever discharge the Company from any and all claims and obligations (with the exception of those items payable under the Settlement Agreement or in connection with a new contract for the purchase of any additional second-generation satellites), including, without limitation, a full release from paying €35.6 million of the termination charges awarded in the arbitration together with all interest on the award amount effective upon the earlier of December 31, 2012, and the effective date of the financing for the purchase of any additional second-generation satellites. Under the terms of the Release Agreement, Globalstar agreed unconditionally and irrevocably to release and forever discharge Thales from any and all claims (with limited exceptions), including, without limitation, claims related to Thales’ work under the 2009 satellite construction contract, including any obligation to pay liquidated damages, effective upon the earlier of December 31, 2012, and the effective date of the financing for the purchase of any additional second-generation satellites. In connection with the Release Agreement and the Settlement Agreement, the Company recorded a contract termination charge of approximately €17.5 million which is recorded in the Company’s condensed consolidated balance sheet as of March 31, 2015. The releases became effective on December 31, 2012. | |
Under the terms of the Settlement Agreement, the parties agreed, among other things, to stay the New York Proceeding, and Globalstar agreed to pay €17.5 million to Thales, representing one-third of the termination charges awarded to Thales in the arbitration, subject to certain conditions, on the later of the effective date of the new contract for the purchase of any additional second-generation satellites and the effective date of the financing for the purchase of these satellites. As of March 31, 2015, such condition had not yet been satisfied. Because the effective date of the new contract for the purchase of additional second-generation satellites did not occur on or prior to February 28, 2013, any party may terminate the Settlement Agreement. If any party terminates the Settlement Agreement, all parties’ rights and obligations under the Settlement Agreement (with limited exceptions related to tolling) shall terminate. The Release Agreement is a separate and independent agreement from the Settlement Agreement, and therefore it would survive any termination of the Settlement Agreement. As of March 31, 2015, no party had terminated the Settlement Agreement. Each of the Settlement Agreement and the Release Agreement provides that it supersedes all prior understandings, commitments and representations between the parties with respect to the subject matter thereof. | |
Litigation | |
Due to the nature of the Company's business, the Company is involved, from time to time, in various litigation matters or subject to disputes or routine claims regarding its business activities. Legal costs related to these matters are expensed as incurred. In management's opinion, there is no pending litigation, dispute or claim, other than those described in this report, that may have a material adverse effect on the Company's financial condition, results of operations or liquidity. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Related Party Transactions | RELATED PARTY TRANSACTIONS | |||||||
Payables to Thermo and other affiliates relate to normal purchase transactions and were $0.4 million and $0.5 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||
Transactions with Thermo | ||||||||
The following table summarizes expenses Thermo incurred on behalf of the Company (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
General and administrative expenses | $ | 164 | $ | 30 | ||||
Non-cash expenses | 137 | 137 | ||||||
Total | $ | 301 | $ | 167 | ||||
General and administrative expenses are related to expenses incurred by Thermo on the Company’s behalf which are charged to the Company. Non-cash expenses are related to services provided by two executive officers of Thermo (who are also directors of the Company) who receive no cash compensation from the Company; these expenses are treated as a contribution to capital. The Thermo expenses are based on actual amounts (with no mark-up) incurred or upon allocated employee time. | ||||||||
Since June 2009, Thermo and its affiliates have also deposited $60.0 million into a contingent equity account to fulfill a condition precedent for borrowing under the Facility Agreement, purchased $20.0 million of the Company’s 5.0% Notes, purchased $11.4 million of the Company's 8.00% Notes Issued in 2009, provided a $2.3 million short-term loan to the Company (which was subsequently converted into nonvoting common stock), and loaned $37.5 million to the Company to fund the debt service reserve account, and funded $65 million in exchange for the Company's common stock in accordance with the Consent Agreement, the Common Stock Purchase Agreement, and the Common Stock Purchase and Option Agreement entered into in May 2013. See the sections The Consent Agreement, The Common Stock Purchase Agreement, and The Common Stock Purchase and Option Agreement in Note 3: Long-Term Debt and Other Financing Arrangements in the Consolidated Financial Statements in the 2014 Annual Report for a complete description of these agreements between the Company and Thermo. | ||||||||
During 2014, Thermo exercised warrants that were scheduled to expire in June 2014. The warrants that were exercised during 2014 included warrants for 4.2 million shares issued as partial consideration for the Amended and Restated Thermo Loan Agreement, resulting in the issuance of 4.2 million shares of Globalstar common stock; warrants for 11.3 million shares issued in connection with the annual availability fee for the Contingent Equity Agreement in 2009, resulting in the issuance of 11.3 million shares of Globalstar common stock; and 8.00% Warrants issued in 2009 to purchase 16.3 million shares of Globalstar common stock, resulting in the issuance of 14.7 million shares of Globalstar common stock. As of March 31, 2015, warrants to purchase approximately 30.2 million shares issued under the Contingent Equity Agreement and 8.0 million 5.0% Warrants remain outstanding, all of which are held by Thermo and are scheduled to expire between June 2016 and June 2017. | ||||||||
Thermo is required to maintain minimum and maximum ownership levels in the Company's common stock as defined in the Facility Agreement. As needed, Thermo may convert shares of nonvoting common stock into shares of voting common stock to ensure compliance with these ownership limitations. During 2014, Thermo converted 175 million shares of nonvoting common stock into shares of voting common stock to ensure compliance with these covenants. | ||||||||
See Note 3: Long-Term Debt and Other Financing Arrangements for further discussion of the Company's debt and financing transactions with Thermo. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||
Accumulated other comprehensive income (loss) includes all changes in equity during a period from non-owner sources. | ||||||||
The components of accumulated other comprehensive income (loss) were as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Accumulated other comprehensive income (loss), beginning of period | $ | (2,898 | ) | $ | 871 | |||
Other comprehensive income (loss) : | ||||||||
Foreign currency translation adjustments | (1,290 | ) | (1,235 | ) | ||||
Accumulated other comprehensive loss, end of period | $ | (4,188 | ) | $ | (364 | ) | ||
No amounts were reclassified out of accumulated other comprehensive income (loss) for the periods shown above. |
Stock_Compensation
Stock Compensation | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Stock Compensation | STOCK COMPENSATION | |||||
The Company’s 2006 Equity Incentive Plan (“Equity Plan”) provides long-term incentives to the Company’s key employees, officers, directors, consultants and advisers (“Eligible Participants”) to align stockholder and employee interests. Under the Equity Plan, the Company may grant incentive stock options, restricted stock awards, restricted stock units, and other stock based awards or any combination thereof to Eligible Participants. The Compensation Committee of the Company’s board of directors (or its designee for non-executive officers and directors) establishes the terms and conditions of any awards granted under the plans. | ||||||
For the three months ended March 31, 2015 and 2014, the Company recorded compensation expense related to its 2006 Equity Incentive Plan of $0.7 million and $0.5 million, respectively. These expenses are reflected in marketing, general and administrative expenses. | ||||||
Grants to eligible participants of incentive stock options, restricted stock awards, and restricted stock units were as follows (in thousands of shares): | ||||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Grants of restricted stock awards and restricted stock units | 29 | 29 | ||||
Grants of options to purchase common stock | 113 | 293 | ||||
Total | 142 | 322 | ||||
Employee Stock Purchase Plan | ||||||
For the three months ended March 31, 2015 and 2014, the Company recorded expense related to its Employee Stock Purchase Plan for the fair value of the grant of $0.1 million and $0.1 million, respectively, which is reflected in marketing, general and administrative expenses. Through March 31, 2015, the Company had issued 2,608,765 shares of common stock pursuant to this plan. |
Geographic_Information
Geographic Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Geographic Information | GEOGRAPHIC INFORMATION | |||||||
The Company attributes equipment revenue to various countries based on the location equipment is sold. Service revenue is attributed to the various countries based on where the service is processed. Long-lived assets consist primarily of property and equipment and are attributed to various countries based on the physical location of the asset at a given fiscal year-end, except for the satellites which are included in the long-lived assets of the United States. The Company’s information by geographic area is as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenues: | ||||||||
Service: | ||||||||
United States | $ | 11,715 | $ | 10,880 | ||||
Canada | 3,433 | 3,233 | ||||||
Europe | 1,202 | 1,351 | ||||||
Central and South America | 614 | 663 | ||||||
Others | 143 | 122 | ||||||
Total service revenue | $ | 17,107 | $ | 16,249 | ||||
Subscriber equipment: | ||||||||
United States | 1,588 | 2,314 | ||||||
Canada | 1,161 | 1,282 | ||||||
Europe | 533 | 532 | ||||||
Central and South America | 633 | 159 | ||||||
Others | — | — | ||||||
Total subscriber equipment revenue | $ | 3,915 | $ | 4,287 | ||||
Total revenue | $ | 21,022 | $ | 20,536 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Long-lived assets: | ||||||||
United States | $ | 1,096,027 | $ | 1,108,675 | ||||
Canada | 326 | 357 | ||||||
Europe | 357 | 413 | ||||||
Central and South America | 3,092 | 3,309 | ||||||
Others | 702 | 806 | ||||||
Total long-lived assets | $ | 1,100,504 | $ | 1,113,560 | ||||
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION [Abstract] | ||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||
In connection with the Company’s issuance of the 8.00% Notes issued in 2013, certain of the Company’s 100% owned domestic subsidiaries (the “Guarantor Subsidiaries”), fully, unconditionally, jointly, and severally guaranteed the payment obligations under the 8.00% Notes Issued in 2013. The following financial information sets forth, on a consolidating basis, the balance sheets, statements of operations and statements of cash flows for Globalstar, Inc. (“Parent Company”), for the Guarantor Subsidiaries and for the Parent Company’s other subsidiaries (the “Non-Guarantor Subsidiaries”). | ||||||||||||||||||||
The condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include disclosures included in annual financial statements. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenues and expenses. | ||||||||||||||||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Service revenues | $ | 18,915 | $ | 907 | $ | 5,102 | $ | (7,817 | ) | $ | 17,107 | |||||||||
Subscriber equipment sales | 58 | 3,449 | 2,498 | (2,090 | ) | 3,915 | ||||||||||||||
Total revenue | 18,973 | 4,356 | 7,600 | (9,907 | ) | 21,022 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) | 3,020 | 3,040 | 3,099 | (1,725 | ) | 7,434 | ||||||||||||||
Cost of subscriber equipment sales | (18 | ) | 3,306 | 2,446 | (2,603 | ) | 3,131 | |||||||||||||
Marketing, general and administrative | 1,947 | 3,722 | 2,927 | — | 8,596 | |||||||||||||||
Depreciation, amortization, and accretion | 18,549 | 298 | 5,881 | (5,682 | ) | 19,046 | ||||||||||||||
Total operating expenses | 23,498 | 10,366 | 14,353 | (10,010 | ) | 38,207 | ||||||||||||||
Loss from operations | (4,525 | ) | (6,010 | ) | (6,753 | ) | 103 | (17,185 | ) | |||||||||||
Other income (expense): | ||||||||||||||||||||
Loss on extinguishment of debt | (65 | ) | — | — | — | (65 | ) | |||||||||||||
Interest income and expense, net of amounts capitalized | (8,336 | ) | (10 | ) | (171 | ) | — | (8,517 | ) | |||||||||||
Derivative loss | (107,865 | ) | — | — | — | (107,865 | ) | |||||||||||||
Equity in subsidiary earnings | (10,663 | ) | 4 | — | 10,659 | — | ||||||||||||||
Other | 1,806 | 526 | 1,747 | 54 | 4,133 | |||||||||||||||
Total other income (expense) | (125,123 | ) | 520 | 1,576 | 10,713 | (112,314 | ) | |||||||||||||
Income (loss) before income taxes | (129,648 | ) | (5,490 | ) | (5,177 | ) | 10,816 | (129,499 | ) | |||||||||||
Income tax expense | 79 | 23 | 126 | — | 228 | |||||||||||||||
Net income (loss) | $ | (129,727 | ) | $ | (5,513 | ) | $ | (5,303 | ) | $ | 10,816 | $ | (129,727 | ) | ||||||
Comprehensive income (loss) | $ | (129,727 | ) | $ | (5,513 | ) | $ | (6,593 | ) | $ | 10,816 | $ | (131,017 | ) | ||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Service revenues | $ | 18,409 | $ | 1,824 | $ | 4,678 | $ | (8,662 | ) | $ | 16,249 | |||||||||
Subscriber equipment sales | 45 | 3,131 | 1,899 | (788 | ) | 4,287 | ||||||||||||||
Total revenue | 18,454 | 4,955 | 6,577 | (9,450 | ) | 20,536 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) | 2,637 | 2,063 | 2,295 | (57 | ) | 6,938 | ||||||||||||||
Cost of subscriber equipment sales | — | 2,429 | 1,920 | (1,277 | ) | 3,072 | ||||||||||||||
Marketing, general and administrative | 1,689 | 3,952 | 3,208 | (1,080 | ) | 7,769 | ||||||||||||||
Depreciation, amortization, and accretion | 19,322 | 4,626 | 6,609 | (7,225 | ) | 23,332 | ||||||||||||||
Total operating expenses | 23,648 | 13,070 | 14,032 | (9,639 | ) | 41,111 | ||||||||||||||
Loss from operations | (5,194 | ) | (8,115 | ) | (7,455 | ) | 189 | (20,575 | ) | |||||||||||
Other income (expense): | ||||||||||||||||||||
Loss on extinguishment of debt | (10,195 | ) | — | — | — | (10,195 | ) | |||||||||||||
Interest income and expense, net of amounts capitalized | (10,824 | ) | (11 | ) | (86 | ) | — | (10,921 | ) | |||||||||||
Derivative loss | (209,370 | ) | — | — | — | (209,370 | ) | |||||||||||||
Equity in subsidiary earnings | (14,929 | ) | (2,114 | ) | — | 17,043 | — | |||||||||||||
Other | 25 | (53 | ) | 865 | (124 | ) | 713 | |||||||||||||
Total other income (expense) | (245,293 | ) | (2,178 | ) | 779 | 16,919 | (229,773 | ) | ||||||||||||
Loss before income taxes | (250,487 | ) | (10,293 | ) | (6,676 | ) | 17,108 | (250,348 | ) | |||||||||||
Income tax expense | 54 | 8 | 131 | — | 193 | |||||||||||||||
Net (loss) income | $ | (250,541 | ) | $ | (10,301 | ) | $ | (6,807 | ) | $ | 17,108 | $ | (250,541 | ) | ||||||
Comprehensive (loss) income | $ | (250,541 | ) | $ | (10,301 | ) | $ | (8,045 | ) | $ | 17,111 | $ | (251,776 | ) | ||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 9,206 | $ | 1,086 | $ | 3,363 | $ | — | $ | 13,655 | ||||||||||
Accounts receivable | 4,638 | 5,290 | 4,970 | 402 | 15,300 | |||||||||||||||
Intercompany receivables | 781,109 | 446,687 | 33,638 | (1,261,434 | ) | — | ||||||||||||||
Inventory | 2,014 | 7,324 | 4,246 | — | 13,584 | |||||||||||||||
Prepaid expenses and other current assets | 2,785 | 307 | 4,191 | — | 7,283 | |||||||||||||||
Total current assets | 799,752 | 460,694 | 50,408 | (1,261,032 | ) | 49,822 | ||||||||||||||
Property and equipment, net | 1,092,982 | 3,045 | 5,210 | (733 | ) | 1,100,504 | ||||||||||||||
Restricted cash | 37,918 | — | — | — | 37,918 | |||||||||||||||
Intercompany notes receivable | 13,006 | — | 11,945 | (24,951 | ) | — | ||||||||||||||
Investment in subsidiaries | (266,658 | ) | (365,320 | ) | 31,093 | 600,885 | — | |||||||||||||
Deferred financing costs | 60,989 | — | — | — | 60,989 | |||||||||||||||
Intangible and other assets, net | 7,846 | 468 | 1,134 | (12 | ) | 9,436 | ||||||||||||||
Total assets | $ | 1,745,835 | $ | 98,887 | $ | 99,790 | $ | (685,843 | ) | $ | 1,258,669 | |||||||||
LIABILITIES AND | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 6,450 | $ | — | $ | — | $ | — | $ | 6,450 | ||||||||||
Accounts payable | 1,616 | 1,668 | 1,726 | — | 5,010 | |||||||||||||||
Accrued contract termination charge | 19,023 | — | — | — | 19,023 | |||||||||||||||
Accrued expenses | 11,633 | 6,924 | 8,148 | — | 26,705 | |||||||||||||||
Intercompany payables | 530,407 | 572,697 | 163,862 | (1,266,966 | ) | — | ||||||||||||||
Payables to affiliates | 376 | — | — | — | 376 | |||||||||||||||
Deferred revenue | 2,448 | 15,821 | 3,212 | — | 21,481 | |||||||||||||||
Total current liabilities | 571,953 | 597,110 | 176,948 | (1,266,966 | ) | 79,045 | ||||||||||||||
Long-term debt, less current portion | 626,653 | — | — | — | 626,653 | |||||||||||||||
Employee benefit obligations | 5,478 | — | — | — | 5,478 | |||||||||||||||
Intercompany notes payable | 3,830 | — | 15,148 | (18,978 | ) | — | ||||||||||||||
Derivative liabilities | 548,526 | — | — | — | 548,526 | |||||||||||||||
Deferred revenue | 6,192 | 325 | — | — | 6,517 | |||||||||||||||
Debt restructuring fees | 20,795 | — | — | — | 20,795 | |||||||||||||||
Other non-current liabilities | 1,986 | 296 | 8,951 | — | 11,233 | |||||||||||||||
Total non-current liabilities | 1,213,460 | 621 | 24,099 | (18,978 | ) | 1,219,202 | ||||||||||||||
Stockholders’ (deficit) equity | (39,578 | ) | (498,844 | ) | (101,257 | ) | 600,101 | (39,578 | ) | |||||||||||
Total liabilities and stockholders’ equity | $ | 1,745,835 | $ | 98,887 | $ | 99,790 | $ | (685,843 | ) | $ | 1,258,669 | |||||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,166 | $ | 672 | $ | 3,283 | $ | — | $ | 7,121 | ||||||||||
Accounts receivable | 4,470 | 5,265 | 4,955 | 325 | 15,015 | |||||||||||||||
Intercompany receivables | 755,482 | 441,525 | 23,967 | (1,220,974 | ) | — | ||||||||||||||
Inventory | 2,018 | 8,424 | 4,292 | — | 14,734 | |||||||||||||||
Prepaid expenses and other current assets | 3,465 | 303 | 4,176 | — | 7,944 | |||||||||||||||
Total current assets | 768,601 | 456,189 | 40,673 | (1,220,649 | ) | 44,814 | ||||||||||||||
Property and equipment, net | 1,105,670 | 3,002 | 5,776 | (888 | ) | 1,113,560 | ||||||||||||||
Restricted cash | 37,918 | — | — | — | 37,918 | |||||||||||||||
Intercompany notes receivable | 13,006 | — | 8,285 | (21,291 | ) | — | ||||||||||||||
Investment in subsidiaries | (265,249 | ) | 4,734 | 30,552 | 229,963 | — | ||||||||||||||
Deferred financing costs | 63,862 | — | — | — | 63,862 | |||||||||||||||
Intangible and other assets, net | 6,707 | 541 | 1,031 | (13 | ) | 8,266 | ||||||||||||||
Total assets | $ | 1,730,515 | $ | 464,466 | $ | 86,317 | $ | (1,012,878 | ) | $ | 1,268,420 | |||||||||
LIABILITIES AND | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 6,450 | $ | — | $ | — | $ | — | $ | 6,450 | ||||||||||
Accounts payable | 3,310 | 1,755 | 1,857 | — | 6,922 | |||||||||||||||
Accrued contract termination charge | 21,308 | — | — | — | 21,308 | |||||||||||||||
Accrued expenses | 6,638 | 7,213 | 8,491 | — | 22,342 | |||||||||||||||
Intercompany payables | 508,503 | 563,183 | 153,067 | (1,224,753 | ) | — | ||||||||||||||
Payables to affiliates | 481 | — | — | — | 481 | |||||||||||||||
Derivative liabilities | — | — | — | — | — | |||||||||||||||
Deferred revenue | 3,185 | 15,378 | 3,177 | — | 21,740 | |||||||||||||||
Total current liabilities | 549,875 | 587,529 | 166,592 | (1,224,753 | ) | 79,243 | ||||||||||||||
Long-term debt, less current portion | 623,640 | — | — | — | 623,640 | |||||||||||||||
Employee benefit obligations | 5,499 | — | — | — | 5,499 | |||||||||||||||
Intercompany notes payable | 2,000 | — | 15,148 | (17,148 | ) | — | ||||||||||||||
Derivative liabilities | 441,550 | — | — | — | 441,550 | |||||||||||||||
Deferred revenue | 6,229 | 343 | — | — | 6,572 | |||||||||||||||
Debt restructuring fees | 20,795 | — | — | — | 20,795 | |||||||||||||||
Other non-current liabilities | 2,011 | 294 | 9,900 | — | 12,205 | |||||||||||||||
Total non-current liabilities | 1,101,724 | 637 | 25,048 | (17,148 | ) | 1,110,261 | ||||||||||||||
Stockholders’ (deficit) equity | 78,916 | (123,700 | ) | (105,323 | ) | 229,023 | 78,916 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 1,730,515 | $ | 464,466 | $ | 86,317 | $ | (1,012,878 | ) | $ | 1,268,420 | |||||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,401 | $ | 673 | $ | 447 | $ | — | $ | 2,521 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Second-generation ground-related costs (including interest) | (4,018 | ) | — | — | — | (4,018 | ) | |||||||||||||
Property and equipment additions | (1,404 | ) | (259 | ) | (127 | ) | — | (1,790 | ) | |||||||||||
Net cash used in investing activities | (5,422 | ) | (259 | ) | (127 | ) | — | (5,808 | ) | |||||||||||
Cash flows provided by (used in) financing activities: | ||||||||||||||||||||
Proceeds from issuance of stock to Terrapin | 10,000 | — | — | — | 10,000 | |||||||||||||||
Proceeds from issuance of common stock and exercise of warrants | 61 | — | — | — | 61 | |||||||||||||||
Payment of deferred financing costs | — | — | — | — | — | |||||||||||||||
Net cash provided by financing activities | 10,061 | — | — | — | 10,061 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (240 | ) | — | (240 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,040 | 414 | 80 | — | 6,534 | |||||||||||||||
Cash and cash equivalents at beginning of period | 3,166 | 672 | 3,283 | — | 7,121 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 9,206 | $ | 1,086 | $ | 3,363 | $ | — | $ | 13,655 | ||||||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4,765 | $ | (1 | ) | $ | (965 | ) | $ | — | $ | 3,799 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Second-generation ground-related costs (including interest) | (1,366 | ) | — | — | — | (1,366 | ) | |||||||||||||
Property and equipment additions | (88 | ) | (136 | ) | (204 | ) | — | (428 | ) | |||||||||||
Net cash from investing activities | (1,454 | ) | (136 | ) | (204 | ) | — | (1,794 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of common stock and stock options | 310 | — | — | — | 310 | |||||||||||||||
Payment of deferred financing costs | (164 | ) | — | — | — | (164 | ) | |||||||||||||
Net cash used in financing activities | 146 | — | — | — | 146 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 36 | — | 36 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,457 | (137 | ) | (1,133 | ) | — | 2,187 | |||||||||||||
Cash and cash equivalents at beginning of period | 12,935 | 676 | 3,797 | — | 17,408 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 16,392 | $ | 539 | $ | 2,664 | $ | — | $ | 19,595 | ||||||||||
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-02, Consolidation - Amendments to the Consolidation Analysis. ASU 2015-02 was issued in response to concerns that current GAAP might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations. The amendments included in ASU 2015-02 are intended to improve targeted areas in the consolidation guidance, which includes legal entities such as limited partnerships and limited liability companies and the evaluation of fees paid to a decision maker. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. The Company has not yet determined the effect of the standard on its ongoing reporting. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest - Simplifying the Presentation of Debt Issue Costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the consolidated balance sheet as a reduction in the carrying amount of the related debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this ASU. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Upon adoption, if applicable, this ASU will be applied on a retrospective basis, wherein the consolidated balance sheet of each period presented will be adjusted to reflect the effects of applying the new guidance. The Company would be required to comply with the applicable disclosures for a change in an accounting principle, including the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (that is, the previously reported debt issuance cost asset and the adjusted debt liability). The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. The Company has not yet determined the effect of the standard on its ongoing reporting. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Property and equipment consists of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Globalstar System: | ||||||||
Space component | ||||||||
Second-generation satellites in service | $ | 1,211,904 | $ | 1,211,904 | ||||
Prepaid long-lead items | 17,040 | 17,040 | ||||||
Second-generation satellite, on-ground spare | 32,481 | 32,481 | ||||||
Ground component | 46,646 | 47,595 | ||||||
Construction in progress: | ||||||||
Space component | 58 | 30 | ||||||
Ground component | 146,876 | 141,789 | ||||||
Other | 3,216 | 2,458 | ||||||
Total Globalstar System | 1,458,221 | 1,453,297 | ||||||
Internally developed and purchased software | 15,039 | 15,392 | ||||||
Equipment | 12,686 | 12,647 | ||||||
Land and buildings | 3,371 | 3,590 | ||||||
Leasehold improvements | 1,677 | 1,620 | ||||||
Total property and equipment | 1,490,994 | 1,486,546 | ||||||
Accumulated depreciation | (390,490 | ) | (372,986 | ) | ||||
Total property and equipment, net | $ | 1,100,504 | $ | 1,113,560 | ||||
Capitalized Interest | The following tables summarize capitalized interest (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Interest cost eligible to be capitalized | $ | 10,116 | $ | 12,254 | ||||
Interest cost recorded in interest expense, net | (7,925 | ) | (10,413 | ) | ||||
Net interest capitalized | $ | 2,191 | $ | 1,841 | ||||
Depreciation Expense | The following table summarizes depreciation expense (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Depreciation expense | $ | 18,903 | $ | 23,009 | ||||
LongTerm_Debt_and_Other_Financ1
Long-Term Debt and Other Financing Arrangements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands): | |||||||||||||||
March 31, 2015 | 31-Dec-14 | |||||||||||||||
Principal | Carrying | Principal | Carrying | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Facility Agreement | $ | 582,296 | $ | 582,296 | $ | 582,296 | $ | 582,296 | ||||||||
Thermo Loan Agreement | 70,219 | 35,656 | 68,154 | 32,971 | ||||||||||||
8.00% Convertible Senior Notes Issued in 2013 | 22,561 | 15,151 | 22,799 | 14,823 | ||||||||||||
Total Debt | 675,076 | 633,103 | 673,249 | 630,090 | ||||||||||||
Less: Current Portion | 6,450 | 6,450 | 6,450 | 6,450 | ||||||||||||
Long-Term Debt | $ | 668,626 | $ | 626,653 | $ | 666,799 | $ | 623,640 | ||||||||
Summary of Warrants Outstanding | Warrants are outstanding to purchase shares of common stock as shown in the table below: | |||||||||||||||
Outstanding Warrants | Strike Price | |||||||||||||||
March 31, | December 31, | March 31, | December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Contingent Equity Agreement (1) | 30,191,866 | 30,191,866 | $ | 0.01 | $ | 0.01 | ||||||||||
5.0% Warrants (2) | 8,000,000 | 8,000,000 | 0.32 | 0.32 | ||||||||||||
38,191,866 | 38,191,866 | |||||||||||||||
-1 | Pursuant to the terms of a Contingent Equity Agreement with Thermo (See Note 3: Long-Term Debt and Other Financing Arrangements in the Consolidated Financial Statements in the 2014 Annual Report for a complete description of the Contingent Equity Agreement), the Company issued to Thermo warrants to purchase shares of common stock pursuant to the annual availability fee and subsequent reset provisions in the Contingent Equity Agreement. These warrants have a five-year exercise period from issuance. These warrants were issued between June 2009 and June 2012, and the exercise periods expire through June 2017. As of March 31, 2015, Thermo had exercised warrants to purchase approximately 11.3 million of these shares prior to the expiration of the associated warrants. | |||||||||||||||
-2 | In June 2011, the Company issued warrants (the “5.0% Warrants”) to purchase 15.2 million shares of its voting common stock in connection with the issuance of its 5.0% Convertible Senior Unsecured Notes. During 2013, a portion of the 5.0% Warrants were exercised to purchase 7.2 million shares of common stock. The remaining 5.0% Warrants are exercisable until June 2016, which is five years after their issuance. See 5.0% Convertible Senior Notes in Note 3: Long-Term Debt and Other Financing Arrangements in the Consolidated Financial Statements in the 2014 Annual Report for a complete description of the 5.0% Warrants. |
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Schedule of Fair Values of Derivative Instruments | The following tables disclose the fair values of the derivative instruments on the Company’s condensed consolidated balance sheets (in thousands): | |||||||
March 31, | 31-Dec-14 | |||||||
2015 | ||||||||
Intangible and other assets - Interest rate cap | $ | 24 | $ | 46 | ||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | $ | (97,208 | ) | $ | (79,040 | ) | ||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | (451,318 | ) | (362,510 | ) | ||||
Total derivative liabilities | $ | (548,526 | ) | $ | (441,550 | ) | ||
Schedule of Derivative Gains (Losses) | The following table discloses the changes in value recorded as derivative gain (loss) in the Company’s condensed consolidated statement of operations (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, 2015 | March 31, 2014 | |||||||
Interest rate cap | $ | (22 | ) | $ | (48 | ) | ||
Warrants issued with 8.00% Notes Issued in 2009 | — | (35,797 | ) | |||||
Compound embedded derivative with 8.00% Notes Issued in 2009 | — | (23,087 | ) | |||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | (19,035 | ) | (47,957 | ) | ||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | (88,808 | ) | (102,481 | ) | ||||
Total derivative loss | $ | (107,865 | ) | $ | (209,370 | ) | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table provides a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands): | |||||||||||||||
31-Mar-15 | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
Balance | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate cap | $ | — | $ | 24 | $ | — | $ | 24 | ||||||||
Total assets measured at fair value | $ | — | $ | 24 | $ | — | $ | 24 | ||||||||
Liabilities: | ||||||||||||||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | $ | — | $ | — | $ | (97,208 | ) | $ | (97,208 | ) | ||||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | — | — | (451,318 | ) | (451,318 | ) | ||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | (548,526 | ) | $ | (548,526 | ) | ||||||
31-Dec-14 | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
Balance | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate cap | $ | — | $ | 46 | $ | — | $ | 46 | ||||||||
Total assets measured at fair value | $ | — | $ | 46 | $ | — | $ | 46 | ||||||||
Liabilities: | ||||||||||||||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | $ | — | $ | — | $ | (79,040 | ) | $ | (79,040 | ) | ||||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | — | — | (362,510 | ) | (362,510 | ) | ||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | (441,550 | ) | $ | (441,550 | ) | ||||||
Schedule of Significant Quantitative Level 3 Inputs Utilized | The significant quantitative Level 3 inputs utilized in the valuation models are shown in the tables below: | |||||||||||||||
31-Mar-15 | ||||||||||||||||
Stock Price | Risk-Free | Note | Market Price of Common Stock | |||||||||||||
Volatility | Interest | Conversion | ||||||||||||||
Rate | Price | |||||||||||||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | 70% - 95% | 0.9 | % | $ | 0.73 | $ | 3.33 | |||||||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | 50% - 100% | 1.8 | % | $ | 0.73 | $ | 3.33 | |||||||||
31-Dec-14 | ||||||||||||||||
Stock Price | Risk-Free | Note | Market Price of Common Stock | |||||||||||||
Volatility | Interest | Conversion | ||||||||||||||
Rate | Price | |||||||||||||||
Compound embedded derivative with 8.00% Notes Issued in 2013 | 70% - 100% | 1.2 | % | $ | 0.73 | $ | 2.75 | |||||||||
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | 50% - 100% | 2.1 | % | $ | 0.73 | $ | 2.75 | |||||||||
Rollforward of Liabilities Measured At Fair Value | The following table presents a rollforward for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2015 (in thousands): | |||||||||||||||
Balance at December 31, 2014 | $ | (441,550 | ) | |||||||||||||
Derivative adjustment related to conversions and exercises | 867 | |||||||||||||||
Unrealized loss, included in derivative gain (loss) | (107,843 | ) | ||||||||||||||
Balance at March 31, 2015 | $ | (548,526 | ) |
Accrued_Expenses_and_Other_Non1
Accrued Expenses and Other Non-Current Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Accrued interest | $ | 5,244 | $ | 827 | ||||
Accrued compensation and benefits | 2,355 | 2,597 | ||||||
Accrued property and other taxes | 6,142 | 6,727 | ||||||
Accrued customer liabilities and deposits | 3,547 | 3,358 | ||||||
Accrued professional and other service provider fees | 2,370 | 1,925 | ||||||
Accrued liability for contingent consideration | 54 | 481 | ||||||
Accrued commissions | 857 | 686 | ||||||
Accrued telecommunications expenses | 1,392 | 1,135 | ||||||
Accrued second-generation constellation costs | 1,901 | 1,531 | ||||||
Accrued inventory in transit | 953 | 1,189 | ||||||
Other accrued expenses | 1,890 | 1,886 | ||||||
Total accrued expenses | $ | 26,705 | $ | 22,342 | ||||
Schedule of Other Non-current Liabilities | Other non-current liabilities consist of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Long-term accrued interest | $ | 254 | $ | 131 | ||||
Asset retirement obligation | 1,213 | 1,184 | ||||||
Deferred rent and capital lease obligations | 375 | 404 | ||||||
Liabilities related to the Cooperative Endeavor Agreement with the State of Louisiana | 1,268 | 1,391 | ||||||
Uncertain income tax positions | 5,658 | 6,061 | ||||||
Foreign tax contingencies | 2,465 | 3,034 | ||||||
Total other non-current liabilities | $ | 11,233 | $ | 12,205 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Related Party Transactions | The following table summarizes expenses Thermo incurred on behalf of the Company (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
General and administrative expenses | $ | 164 | $ | 30 | ||||
Non-cash expenses | 137 | 137 | ||||||
Total | $ | 301 | $ | 167 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive income (loss) were as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Accumulated other comprehensive income (loss), beginning of period | $ | (2,898 | ) | $ | 871 | |||
Other comprehensive income (loss) : | ||||||||
Foreign currency translation adjustments | (1,290 | ) | (1,235 | ) | ||||
Accumulated other comprehensive loss, end of period | $ | (4,188 | ) | $ | (364 | ) |
Stock_Compensation_Tables
Stock Compensation (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Grants to Eligible Participants of Incentive Stock Options, Restricted Stock Awards, and Restricted Stock Units | Grants to eligible participants of incentive stock options, restricted stock awards, and restricted stock units were as follows (in thousands of shares): | |||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Grants of restricted stock awards and restricted stock units | 29 | 29 | ||||
Grants of options to purchase common stock | 113 | 293 | ||||
Total | 142 | 322 | ||||
Geographic_Information_Tables
Geographic Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Company's Information on Revenues and Long-lived Assets by Geographic Area | The Company’s information by geographic area is as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenues: | ||||||||
Service: | ||||||||
United States | $ | 11,715 | $ | 10,880 | ||||
Canada | 3,433 | 3,233 | ||||||
Europe | 1,202 | 1,351 | ||||||
Central and South America | 614 | 663 | ||||||
Others | 143 | 122 | ||||||
Total service revenue | $ | 17,107 | $ | 16,249 | ||||
Subscriber equipment: | ||||||||
United States | 1,588 | 2,314 | ||||||
Canada | 1,161 | 1,282 | ||||||
Europe | 533 | 532 | ||||||
Central and South America | 633 | 159 | ||||||
Others | — | — | ||||||
Total subscriber equipment revenue | $ | 3,915 | $ | 4,287 | ||||
Total revenue | $ | 21,022 | $ | 20,536 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Long-lived assets: | ||||||||
United States | $ | 1,096,027 | $ | 1,108,675 | ||||
Canada | 326 | 357 | ||||||
Europe | 357 | 413 | ||||||
Central and South America | 3,092 | 3,309 | ||||||
Others | 702 | 806 | ||||||
Total long-lived assets | $ | 1,100,504 | $ | 1,113,560 | ||||
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION [Abstract] | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | Globalstar, Inc. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Service revenues | $ | 18,915 | $ | 907 | $ | 5,102 | $ | (7,817 | ) | $ | 17,107 | |||||||||
Subscriber equipment sales | 58 | 3,449 | 2,498 | (2,090 | ) | 3,915 | ||||||||||||||
Total revenue | 18,973 | 4,356 | 7,600 | (9,907 | ) | 21,022 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) | 3,020 | 3,040 | 3,099 | (1,725 | ) | 7,434 | ||||||||||||||
Cost of subscriber equipment sales | (18 | ) | 3,306 | 2,446 | (2,603 | ) | 3,131 | |||||||||||||
Marketing, general and administrative | 1,947 | 3,722 | 2,927 | — | 8,596 | |||||||||||||||
Depreciation, amortization, and accretion | 18,549 | 298 | 5,881 | (5,682 | ) | 19,046 | ||||||||||||||
Total operating expenses | 23,498 | 10,366 | 14,353 | (10,010 | ) | 38,207 | ||||||||||||||
Loss from operations | (4,525 | ) | (6,010 | ) | (6,753 | ) | 103 | (17,185 | ) | |||||||||||
Other income (expense): | ||||||||||||||||||||
Loss on extinguishment of debt | (65 | ) | — | — | — | (65 | ) | |||||||||||||
Interest income and expense, net of amounts capitalized | (8,336 | ) | (10 | ) | (171 | ) | — | (8,517 | ) | |||||||||||
Derivative loss | (107,865 | ) | — | — | — | (107,865 | ) | |||||||||||||
Equity in subsidiary earnings | (10,663 | ) | 4 | — | 10,659 | — | ||||||||||||||
Other | 1,806 | 526 | 1,747 | 54 | 4,133 | |||||||||||||||
Total other income (expense) | (125,123 | ) | 520 | 1,576 | 10,713 | (112,314 | ) | |||||||||||||
Income (loss) before income taxes | (129,648 | ) | (5,490 | ) | (5,177 | ) | 10,816 | (129,499 | ) | |||||||||||
Income tax expense | 79 | 23 | 126 | — | 228 | |||||||||||||||
Net income (loss) | $ | (129,727 | ) | $ | (5,513 | ) | $ | (5,303 | ) | $ | 10,816 | $ | (129,727 | ) | ||||||
Comprehensive income (loss) | $ | (129,727 | ) | $ | (5,513 | ) | $ | (6,593 | ) | $ | 10,816 | $ | (131,017 | ) | ||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Service revenues | $ | 18,409 | $ | 1,824 | $ | 4,678 | $ | (8,662 | ) | $ | 16,249 | |||||||||
Subscriber equipment sales | 45 | 3,131 | 1,899 | (788 | ) | 4,287 | ||||||||||||||
Total revenue | 18,454 | 4,955 | 6,577 | (9,450 | ) | 20,536 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) | 2,637 | 2,063 | 2,295 | (57 | ) | 6,938 | ||||||||||||||
Cost of subscriber equipment sales | — | 2,429 | 1,920 | (1,277 | ) | 3,072 | ||||||||||||||
Marketing, general and administrative | 1,689 | 3,952 | 3,208 | (1,080 | ) | 7,769 | ||||||||||||||
Depreciation, amortization, and accretion | 19,322 | 4,626 | 6,609 | (7,225 | ) | 23,332 | ||||||||||||||
Total operating expenses | 23,648 | 13,070 | 14,032 | (9,639 | ) | 41,111 | ||||||||||||||
Loss from operations | (5,194 | ) | (8,115 | ) | (7,455 | ) | 189 | (20,575 | ) | |||||||||||
Other income (expense): | ||||||||||||||||||||
Loss on extinguishment of debt | (10,195 | ) | — | — | — | (10,195 | ) | |||||||||||||
Interest income and expense, net of amounts capitalized | (10,824 | ) | (11 | ) | (86 | ) | — | (10,921 | ) | |||||||||||
Derivative loss | (209,370 | ) | — | — | — | (209,370 | ) | |||||||||||||
Equity in subsidiary earnings | (14,929 | ) | (2,114 | ) | — | 17,043 | — | |||||||||||||
Other | 25 | (53 | ) | 865 | (124 | ) | 713 | |||||||||||||
Total other income (expense) | (245,293 | ) | (2,178 | ) | 779 | 16,919 | (229,773 | ) | ||||||||||||
Loss before income taxes | (250,487 | ) | (10,293 | ) | (6,676 | ) | 17,108 | (250,348 | ) | |||||||||||
Income tax expense | 54 | 8 | 131 | — | 193 | |||||||||||||||
Net (loss) income | $ | (250,541 | ) | $ | (10,301 | ) | $ | (6,807 | ) | $ | 17,108 | $ | (250,541 | ) | ||||||
Comprehensive (loss) income | $ | (250,541 | ) | $ | (10,301 | ) | $ | (8,045 | ) | $ | 17,111 | $ | (251,776 | ) | ||||||
Supplemental Condensed Consolidating Balance Sheet | Globalstar, Inc. | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 9,206 | $ | 1,086 | $ | 3,363 | $ | — | $ | 13,655 | ||||||||||
Accounts receivable | 4,638 | 5,290 | 4,970 | 402 | 15,300 | |||||||||||||||
Intercompany receivables | 781,109 | 446,687 | 33,638 | (1,261,434 | ) | — | ||||||||||||||
Inventory | 2,014 | 7,324 | 4,246 | — | 13,584 | |||||||||||||||
Prepaid expenses and other current assets | 2,785 | 307 | 4,191 | — | 7,283 | |||||||||||||||
Total current assets | 799,752 | 460,694 | 50,408 | (1,261,032 | ) | 49,822 | ||||||||||||||
Property and equipment, net | 1,092,982 | 3,045 | 5,210 | (733 | ) | 1,100,504 | ||||||||||||||
Restricted cash | 37,918 | — | — | — | 37,918 | |||||||||||||||
Intercompany notes receivable | 13,006 | — | 11,945 | (24,951 | ) | — | ||||||||||||||
Investment in subsidiaries | (266,658 | ) | (365,320 | ) | 31,093 | 600,885 | — | |||||||||||||
Deferred financing costs | 60,989 | — | — | — | 60,989 | |||||||||||||||
Intangible and other assets, net | 7,846 | 468 | 1,134 | (12 | ) | 9,436 | ||||||||||||||
Total assets | $ | 1,745,835 | $ | 98,887 | $ | 99,790 | $ | (685,843 | ) | $ | 1,258,669 | |||||||||
LIABILITIES AND | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 6,450 | $ | — | $ | — | $ | — | $ | 6,450 | ||||||||||
Accounts payable | 1,616 | 1,668 | 1,726 | — | 5,010 | |||||||||||||||
Accrued contract termination charge | 19,023 | — | — | — | 19,023 | |||||||||||||||
Accrued expenses | 11,633 | 6,924 | 8,148 | — | 26,705 | |||||||||||||||
Intercompany payables | 530,407 | 572,697 | 163,862 | (1,266,966 | ) | — | ||||||||||||||
Payables to affiliates | 376 | — | — | — | 376 | |||||||||||||||
Deferred revenue | 2,448 | 15,821 | 3,212 | — | 21,481 | |||||||||||||||
Total current liabilities | 571,953 | 597,110 | 176,948 | (1,266,966 | ) | 79,045 | ||||||||||||||
Long-term debt, less current portion | 626,653 | — | — | — | 626,653 | |||||||||||||||
Employee benefit obligations | 5,478 | — | — | — | 5,478 | |||||||||||||||
Intercompany notes payable | 3,830 | — | 15,148 | (18,978 | ) | — | ||||||||||||||
Derivative liabilities | 548,526 | — | — | — | 548,526 | |||||||||||||||
Deferred revenue | 6,192 | 325 | — | — | 6,517 | |||||||||||||||
Debt restructuring fees | 20,795 | — | — | — | 20,795 | |||||||||||||||
Other non-current liabilities | 1,986 | 296 | 8,951 | — | 11,233 | |||||||||||||||
Total non-current liabilities | 1,213,460 | 621 | 24,099 | (18,978 | ) | 1,219,202 | ||||||||||||||
Stockholders’ (deficit) equity | (39,578 | ) | (498,844 | ) | (101,257 | ) | 600,101 | (39,578 | ) | |||||||||||
Total liabilities and stockholders’ equity | $ | 1,745,835 | $ | 98,887 | $ | 99,790 | $ | (685,843 | ) | $ | 1,258,669 | |||||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,166 | $ | 672 | $ | 3,283 | $ | — | $ | 7,121 | ||||||||||
Accounts receivable | 4,470 | 5,265 | 4,955 | 325 | 15,015 | |||||||||||||||
Intercompany receivables | 755,482 | 441,525 | 23,967 | (1,220,974 | ) | — | ||||||||||||||
Inventory | 2,018 | 8,424 | 4,292 | — | 14,734 | |||||||||||||||
Prepaid expenses and other current assets | 3,465 | 303 | 4,176 | — | 7,944 | |||||||||||||||
Total current assets | 768,601 | 456,189 | 40,673 | (1,220,649 | ) | 44,814 | ||||||||||||||
Property and equipment, net | 1,105,670 | 3,002 | 5,776 | (888 | ) | 1,113,560 | ||||||||||||||
Restricted cash | 37,918 | — | — | — | 37,918 | |||||||||||||||
Intercompany notes receivable | 13,006 | — | 8,285 | (21,291 | ) | — | ||||||||||||||
Investment in subsidiaries | (265,249 | ) | 4,734 | 30,552 | 229,963 | — | ||||||||||||||
Deferred financing costs | 63,862 | — | — | — | 63,862 | |||||||||||||||
Intangible and other assets, net | 6,707 | 541 | 1,031 | (13 | ) | 8,266 | ||||||||||||||
Total assets | $ | 1,730,515 | $ | 464,466 | $ | 86,317 | $ | (1,012,878 | ) | $ | 1,268,420 | |||||||||
LIABILITIES AND | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 6,450 | $ | — | $ | — | $ | — | $ | 6,450 | ||||||||||
Accounts payable | 3,310 | 1,755 | 1,857 | — | 6,922 | |||||||||||||||
Accrued contract termination charge | 21,308 | — | — | — | 21,308 | |||||||||||||||
Accrued expenses | 6,638 | 7,213 | 8,491 | — | 22,342 | |||||||||||||||
Intercompany payables | 508,503 | 563,183 | 153,067 | (1,224,753 | ) | — | ||||||||||||||
Payables to affiliates | 481 | — | — | — | 481 | |||||||||||||||
Derivative liabilities | — | — | — | — | — | |||||||||||||||
Deferred revenue | 3,185 | 15,378 | 3,177 | — | 21,740 | |||||||||||||||
Total current liabilities | 549,875 | 587,529 | 166,592 | (1,224,753 | ) | 79,243 | ||||||||||||||
Long-term debt, less current portion | 623,640 | — | — | — | 623,640 | |||||||||||||||
Employee benefit obligations | 5,499 | — | — | — | 5,499 | |||||||||||||||
Intercompany notes payable | 2,000 | — | 15,148 | (17,148 | ) | — | ||||||||||||||
Derivative liabilities | 441,550 | — | — | — | 441,550 | |||||||||||||||
Deferred revenue | 6,229 | 343 | — | — | 6,572 | |||||||||||||||
Debt restructuring fees | 20,795 | — | — | — | 20,795 | |||||||||||||||
Other non-current liabilities | 2,011 | 294 | 9,900 | — | 12,205 | |||||||||||||||
Total non-current liabilities | 1,101,724 | 637 | 25,048 | (17,148 | ) | 1,110,261 | ||||||||||||||
Stockholders’ (deficit) equity | 78,916 | (123,700 | ) | (105,323 | ) | 229,023 | 78,916 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 1,730,515 | $ | 464,466 | $ | 86,317 | $ | (1,012,878 | ) | $ | 1,268,420 | |||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | Globalstar, Inc. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,401 | $ | 673 | $ | 447 | $ | — | $ | 2,521 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Second-generation ground-related costs (including interest) | (4,018 | ) | — | — | — | (4,018 | ) | |||||||||||||
Property and equipment additions | (1,404 | ) | (259 | ) | (127 | ) | — | (1,790 | ) | |||||||||||
Net cash used in investing activities | (5,422 | ) | (259 | ) | (127 | ) | — | (5,808 | ) | |||||||||||
Cash flows provided by (used in) financing activities: | ||||||||||||||||||||
Proceeds from issuance of stock to Terrapin | 10,000 | — | — | — | 10,000 | |||||||||||||||
Proceeds from issuance of common stock and exercise of warrants | 61 | — | — | — | 61 | |||||||||||||||
Payment of deferred financing costs | — | — | — | — | — | |||||||||||||||
Net cash provided by financing activities | 10,061 | — | — | — | 10,061 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (240 | ) | — | (240 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,040 | 414 | 80 | — | 6,534 | |||||||||||||||
Cash and cash equivalents at beginning of period | 3,166 | 672 | 3,283 | — | 7,121 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 9,206 | $ | 1,086 | $ | 3,363 | $ | — | $ | 13,655 | ||||||||||
Globalstar, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4,765 | $ | (1 | ) | $ | (965 | ) | $ | — | $ | 3,799 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Second-generation ground-related costs (including interest) | (1,366 | ) | — | — | — | (1,366 | ) | |||||||||||||
Property and equipment additions | (88 | ) | (136 | ) | (204 | ) | — | (428 | ) | |||||||||||
Net cash from investing activities | (1,454 | ) | (136 | ) | (204 | ) | — | (1,794 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of common stock and stock options | 310 | — | — | — | 310 | |||||||||||||||
Payment of deferred financing costs | (164 | ) | — | — | — | (164 | ) | |||||||||||||
Net cash used in financing activities | 146 | — | — | — | 146 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 36 | — | 36 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,457 | (137 | ) | (1,133 | ) | — | 2,187 | |||||||||||||
Cash and cash equivalents at beginning of period | 12,935 | 676 | 3,797 | — | 17,408 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 16,392 | $ | 539 | $ | 2,664 | $ | — | $ | 19,595 | ||||||||||
Schedule_of_Property_and_Equip
Schedule of Property and Equipment (Details) | 1 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2009 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
EUR (€) | USD ($) | USD ($) | Internally developed and purchased software | Internally developed and purchased software | Equipment | Equipment | Land and buildings | Land and buildings | Leasehold improvements | Leasehold improvements | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | Global Star System | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Space component | Space component | Second-generation satellites in service | Second-generation satellites in service | Prepaid long-lead items | Prepaid long-lead items | Second-generation satellite, on-ground spare | Second-generation satellite, on-ground spare | Construction in progress | Construction in progress | Construction in progress | Construction in progress | Construction in progress | Construction in progress | ||||
USD ($) | USD ($) | Space component | Space component | Space component | Space component | Space component | Space component | Space component | Space component | Ground component | Ground component | Other | Other | ||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||
Property and equipment, gross | $1,490,994,000 | $1,486,546,000 | $15,039,000 | $15,392,000 | $12,686,000 | $12,647,000 | $3,371,000 | $3,590,000 | $1,677,000 | $1,620,000 | $1,458,221,000 | $1,453,297,000 | $46,646,000 | $47,595,000 | $1,211,904,000 | $1,211,904,000 | $17,040,000 | $17,040,000 | $32,481,000 | $32,481,000 | $58,000 | $30,000 | $146,876,000 | $141,789,000 | $3,216,000 | $2,458,000 | |
Accumulated depreciation and amortization | -390,490,000 | -372,986,000 | |||||||||||||||||||||||||
Property, Plant and Equipment, Net, Total | 1,100,504,000 | 1,113,560,000 | |||||||||||||||||||||||||
Payments to acquire machinery and equipment | 12,000,000 | ||||||||||||||||||||||||||
Payments for construction in process | € 3,100,000 |
Capitalized_Interest_and_Depre
Capitalized Interest and Depreciation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Costs Incurred [Abstract] | ||
Interest cost eligible to be capitalized | $10,116 | $12,254 |
Interest cost recorded in interest expense, net | -7,925 | -10,413 |
Net interest capitalized | 2,191 | 1,841 |
Depreciation expense | $18,903 | $23,009 |
Schedule_of_Longterm_Debt_Deta
Schedule of Long-term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Principal Amount | ||
Total Debt | $675,076 | $673,249 |
Less: Current Portion | 6,450 | 6,450 |
Long-Term Debt | 668,626 | 666,799 |
Carrying Value | ||
Total Debt | 633,103 | 630,090 |
Less: Current Portion | 6,450 | 6,450 |
Long-Term Debt | 626,653 | 623,640 |
Facility Agreement | ||
Principal Amount | ||
Total Debt | 582,296 | 582,296 |
Carrying Value | ||
Total Debt | 582,296 | 582,296 |
Thermo Loan Agreement | ||
Principal Amount | ||
Total Debt | 70,219 | 68,154 |
Carrying Value | ||
Total Debt | 35,656 | 32,971 |
8.00% Convertible Senior Notes Issued in 2013 | ||
Principal Amount | ||
Total Debt | 22,561 | 22,799 |
Carrying Value | ||
Total Debt | $15,151 | $14,823 |
Facility_Agreement_Details
Facility Agreement (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Feb. 28, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Terrapin | |||
Debt Instrument [Line Items] | |||
Proceeds from lines of credit | $10,000,000 | ||
Facility Agreement | |||
Debt Instrument [Line Items] | |||
Interest above LIBOR rate | 2.75% | ||
Percentage of guarantee provided by French export credit agency to lending syndicate | 95.00% | ||
Debt instrument, covenant, equity cure contribution, minimum amount | 10,000,000 | ||
Debt service reserve account | $37,900,000 | ||
Facility Agreement | Domestic Subsidiaries | |||
Debt Instrument [Line Items] | |||
Percentage of equity pledged as collateral | 100.00% | ||
Facility Agreement | Foreign Subsidiaries | |||
Debt Instrument [Line Items] | |||
Percentage of equity pledged as collateral | 65.00% | ||
Minimum | Facility Agreement | |||
Debt Instrument [Line Items] | |||
Interest rate increase | 0.50% | ||
Maximum | Facility Agreement | |||
Debt Instrument [Line Items] | |||
Interest rate increase | 5.75% |
Thermo_Loan_Agreement_Details
Thermo Loan Agreement (Details) (Thermo Loan Agreement, Thermo, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Thermo Loan Agreement | Thermo | |
Debt Instrument [Line Items] | |
Loan interest rate | 12.00% |
Maturity period after full payment of Facility Agreement | 6 months |
Outstanding interest | $32.70 |
800_Convertible_Senior_Notes_I
8.00% Convertible Senior Notes Issued in 2013 (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | 20-May-13 | Apr. 30, 2015 | |
Debt Instrument [Line Items] | ||||
Principal converted | $237,000 | $15,856,000 | ||
Loss on extinguishment of debt | 65,000 | 10,195,000 | ||
8.00% Convertible Senior Notes Issued in 2013 | ||||
Debt Instrument [Line Items] | ||||
Loan interest rate | 8.00% | |||
Conversion price per share of common stock (USD per share) | $0.73 | $0.80 | ||
Number of shares of common stock convertible into (shares) | 1,250 | |||
Principal converted | 200,000 | 1,000 | ||
Interest rate, payable in cash | 5.75% | |||
Interest rate, payable in additional notes | 2.25% | |||
Loss on extinguishment of debt | 100,000 | 10,500,000 | ||
Conversion of notes into shares of common stock | 60,700,000 | |||
Debt conversion amount | 33,100,000 | |||
8.00% Convertible Senior Notes Issued in 2013 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Principal converted | $6,300,000 | |||
Conversion of notes into shares of common stock | 500,000 |
Warrants_Outstanding_Details
Warrants Outstanding (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2011 | |
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (warrants) | 38,191,866 | 38,191,866 | ||
Expiration period | 5 years | |||
Number of warrants exercised (in warrants) | 11,300,000 | |||
Thermo | ||||
Class of Warrant or Right [Line Items] | ||||
Number of warrants exercised (in warrants) | 11,300,000 | |||
Contingent Equity Agreement | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (warrants) | 30,191,866 | 30,191,866 | ||
Exercise price of warrants (USD per warrant) | $0.01 | $0.01 | ||
Number of warrants exercised (in warrants) | 11,300,000 | |||
5.00% Convertible Senior Unsecured Notes | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (warrants) | 8,000,000 | 8,000,000 | ||
Exercise price of warrants (USD per warrant) | $0.32 | $0.32 | ||
Expiration period | 5 years | |||
Number of warrants exercised (in warrants) | 7,200,000 | |||
Loan interest rate | 5.00% | |||
Number of warrants exercised (in warrants) | 15,200,000 |
Terrapin_Opportunity_LP_Common
Terrapin Opportunity, L.P. Common Stock Purchase Agreement (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | |
Dec. 28, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | |
draw_down_notice | ||||||
Debt Instrument [Line Items] | ||||||
Maximum value of shares required to be purchased per terms of stock purchase agreement | $30,000,000 | $14,000,000 | ||||
Stock Purchase Agreement Term | 24 months | |||||
Number of draw down notices (in notices) | 36 | |||||
Draw down period | 10 days | |||||
Minimum discount percentage per each share sold under the stock sold agreement | 3.50% | |||||
Maximum discount percentage per each share sold under the stock purchase agreement | 8.00% | |||||
Maximum beneficial ownership percentage allowed per terms of stock purchase agreement | 9.90% | |||||
Proceeds from issuance of stock to Terrapin | 10,000,000 | 0 | 65,000,000 | |||
Terrapin | ||||||
Debt Instrument [Line Items] | ||||||
Number of shares issued (in shares) | 4,500,000 | 10,600,000 | ||||
Proceeds from issuance of stock to Terrapin | 16,000,000 | |||||
Proceeds from lines of credit | $10,000,000 | |||||
Shares issued, price per share (USD per share) | $2.22 |
Schedule_of_Fair_Value_of_Deri
Schedule of Fair Value of Derivative Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative liabilities: | ||
Derivative liabilities, non-current | ($548,526) | ($441,550) |
Total derivative liabilities | -548,526 | -441,550 |
Interest rate cap | ||
Derivative assets: | ||
Intangible and other assets | 24 | 46 |
Compound embedded derivative with 8.00% Notes Issued in 2013 | ||
Derivative liabilities: | ||
Derivative liabilities, non-current | -97,208 | -79,040 |
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | ||
Derivative liabilities: | ||
Derivative liabilities, non-current | ($451,318) | ($362,510) |
Schedule_of_Derivative_Gain_Lo
Schedule of Derivative Gain (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative loss | ($107,865) | ($209,370) |
Interest rate cap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative loss | -22 | -48 |
Warrants issued with 8.00% Notes Issued in 2009 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative loss | 0 | -35,797 |
Compound embedded derivative with 8.00% Notes Issued in 2009 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative loss | 0 | -23,087 |
Compound embedded derivative with 8.00% Notes Issued in 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative loss | -19,035 | -47,957 |
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative loss | ($88,808) | ($102,481) |
Derivatives_Details
Derivatives (Details) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2009 | 20-May-13 |
contracts | ||
8.00% Convertible Senior Notes Issued in 2013 | ||
Derivative [Line Items] | ||
Loan interest rate | 8.00% | |
8.00% Convertible Senior Unsecured Notes Issued in 2009 | ||
Derivative [Line Items] | ||
Loan interest rate | 8.00% | |
Interest rate cap | ||
Derivative [Line Items] | ||
Number of Interest rate cap agreements (in contracts) | 5 | |
Maturity period | 10 years | |
Interest rate cap | Maximum | ||
Derivative [Line Items] | ||
Interest cap rate notional amount | 586.3 | |
Interest rate cap | Minimum | ||
Derivative [Line Items] | ||
Interest cap rate notional amount | 14.8 | |
Interest rate cap | Six-month LIBOR Rate | ||
Derivative [Line Items] | ||
Base rate to be capped, should the Base Rate not exceed 6.50% | 5.50% | |
Interest on outstanding amounts on the Facility Agreement | 6.50% | |
Base rate to be lowered from LIBOR, should the base rate exceed 6.50% | 1.00% | |
Fee for interest rate cap agreements | 12.4 |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | ($548,526) | ($441,550) |
Interest rate cap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | 24 | 46 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 24 | 46 |
Total liabilities measured at fair value | -548,526 | -441,550 |
Fair Value, Measurements, Recurring | Interest rate cap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | 24 | 46 |
Fair Value, Measurements, Recurring | Compound embedded derivative with 8.00% Notes Issued in 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | -97,208 | -79,040 |
Fair Value, Measurements, Recurring | Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | -451,318 | -362,510 |
Fair Value, Measurements, Recurring | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | (Level 1) | Interest rate cap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | 0 | 0 |
Fair Value, Measurements, Recurring | (Level 1) | Compound embedded derivative with 8.00% Notes Issued in 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | 0 | 0 |
Fair Value, Measurements, Recurring | (Level 1) | Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | 0 | 0 |
Fair Value, Measurements, Recurring | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 24 | 46 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | (Level 2) | Interest rate cap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | 24 | 46 |
Fair Value, Measurements, Recurring | (Level 2) | Compound embedded derivative with 8.00% Notes Issued in 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | 0 | 0 |
Fair Value, Measurements, Recurring | (Level 2) | Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | 0 | 0 |
Fair Value, Measurements, Recurring | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | -548,526 | -441,550 |
Fair Value, Measurements, Recurring | (Level 3) | Interest rate cap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cap | 0 | 0 |
Fair Value, Measurements, Recurring | (Level 3) | Compound embedded derivative with 8.00% Notes Issued in 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | -97,208 | -79,040 |
Fair Value, Measurements, Recurring | (Level 3) | Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities, current and non-current | ($451,318) | ($362,510) |
Schedule_of_Significant_Quanti
Schedule of Significant Quantitative Level 3 Inputs Utilized (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Compound embedded derivative with 8.00% Notes Issued in 2013 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Risk-Free Interest Rate | 0.90% | 1.20% |
Note Conversion Price/Warrant Exercise Price (USD per share) | $0.73 | $0.73 |
Market Price of Common Stock | $3.33 | $2.75 |
Compound embedded derivative with 8.00% Notes Issued in 2013 | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Stock Price Volatility | 70.00% | 70.00% |
Compound embedded derivative with 8.00% Notes Issued in 2013 | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Stock Price Volatility | 95.00% | 100.00% |
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Risk-Free Interest Rate | 1.80% | 2.10% |
Note Conversion Price/Warrant Exercise Price (USD per share) | $0.73 | $0.73 |
Market Price of Common Stock | $3.33 | $2.75 |
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Stock Price Volatility | 50.00% | 50.00% |
Compound embedded derivative with the Amended and Restated Thermo Loan Agreement | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Stock Price Volatility | 100.00% | 100.00% |
Fair_Value_Measurements_Additi
Fair Value Measurements (Additional Information) (Details) | 3 Months Ended | |
Mar. 31, 2015 | 20-May-13 | |
Fair Value Measurements [Line Items] | ||
Stock issuance settlement period | 40 days | |
8.00% Convertible Senior Notes Issued in 2013 | ||
Fair Value Measurements [Line Items] | ||
Loan interest rate | 8.00% |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Balance at December 31, 2014 | ($441,550) |
Unrealized loss, included in derivative gain (loss) | -107,843 |
Balance at March 31, 2015 | -548,526 |
Derivative Financial Instruments, Liabilities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative adjustment related to conversions and exercises | $867 |
Accrued_Expenses_and_Other_Non2
Accrued Expenses and Other Non-Current Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued expenses: | ||
Accrued interest | $5,244 | $827 |
Accrued compensation and benefits | 2,355 | 2,597 |
Accrued property and other taxes | 6,142 | 6,727 |
Accrued customer liabilities and deposits | 3,547 | 3,358 |
Accrued professional and other service provider fees | 2,370 | 1,925 |
Accrued liability for contingent consideration | 54 | 481 |
Accrued commissions | 857 | 686 |
Accrued telecommunications expenses | 1,392 | 1,135 |
Accrued second-generation constellation costs | 1,901 | 1,531 |
Accrued inventory in transit | 953 | 1,189 |
Other accrued expenses | 1,890 | 1,886 |
Total accrued expenses | 26,705 | 22,342 |
Non-current liabilities: | ||
Long-term accrued interest | 254 | 131 |
Asset retirement obligation | 1,213 | 1,184 |
Deferred rent and capital lease obligations | 375 | 404 |
Liabilities related to the Cooperative Endeavor Agreement with the State of Louisiana | 1,268 | 1,391 |
Uncertain income tax positions | 5,658 | 6,061 |
Foreign tax contingencies | 2,465 | 3,034 |
Total other non-current liabilities | $11,233 | $12,205 |
Commitments_Details
Commitments (Details) (USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2015 | Mar. 31, 2015 |
Hughes Network Systems LLC | ||
Commitments [Line Items] | ||
Contractual obligation | $1.90 | |
Contract amount | 16.3 | |
Hughes Network Systems LLC | Subsequent Event | ||
Commitments [Line Items] | ||
Increase in contract amount | 4 | |
Percentage discount when paid In stock | 7.00% | |
Payments made in convertible notes and common stock | 15.5 | |
Ericsson Inc. | ||
Commitments [Line Items] | ||
Contract amount | 20.7 | |
Interest accrued rate | 6.50% | |
Ericsson Inc. | Subsequent Event | ||
Commitments [Line Items] | ||
Contract amount | 1 | |
Accounts payable, interest-bearing, current | $0.40 |
Contingencies_Details
Contingencies (Details) (EUR €) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 03, 2011 | Jun. 24, 2012 | 10-May-12 | Mar. 31, 2015 | Dec. 31, 2014 |
satellite | |||||
Loss Contingencies [Line Items] | |||||
Number of satellites | 25 | ||||
Thales Alenia Space | |||||
Loss Contingencies [Line Items] | |||||
Contract termination, damages awarded | € 51.30 | ||||
Contract termination charge | 53 | 17.5 | |||
Gain on release of liability | 35.6 | ||||
Settlement amount | € 17.50 |
Related_Party_Transactions_Add
Related Party Transactions (Additional Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2011 | Jun. 30, 2009 | |
Related Party Transaction [Line Items] | ||||||
Payables to Thermo and other affiliates | $400,000 | $500,000 | ||||
Proceeds from issuance of stock to Terrapin | 10,000,000 | 0 | 65,000,000 | |||
Number of warrants exercised (in warrants) | 11,300,000 | |||||
Warrants outstanding (warrants) | 38,191,866 | 38,191,866 | ||||
Nonvoting Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares of non-voting common stock converted (shares) | 175,000,000 | |||||
5.00% Convertible Senior Unsecured Notes | ||||||
Related Party Transaction [Line Items] | ||||||
Loan interest rate | 5.00% | |||||
Number of warrants exercised (in warrants) | 15,200,000 | |||||
Number of shares issued (in shares) | 7,200,000 | |||||
Warrants outstanding (warrants) | 8,000,000 | 8,000,000 | ||||
8.00% Convertible Senior Unsecured Notes Issued in 2009 | ||||||
Related Party Transaction [Line Items] | ||||||
Loan interest rate | 8.00% | |||||
Number of warrants exercised (in warrants) | 16,300,000 | |||||
Number of shares issued (in shares) | 14,700,000 | |||||
Contingent Equity Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Number of warrants exercised (in warrants) | 11,300,000 | |||||
Warrants outstanding (warrants) | 30,191,866 | 30,191,866 | ||||
Thermo Capital Partners LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Deposit to contingent equity account | 60,000,000 | |||||
Short-term loan converted into nonvoting common stock | 2,300,000 | |||||
Maximum borrowing capacity | 37,500,000 | |||||
Number of shares issued (in shares) | 11,300,000 | |||||
Thermo Capital Partners LLC | 5.00% Convertible Senior Unsecured Notes | ||||||
Related Party Transaction [Line Items] | ||||||
Notes purchased by related party | 20,000,000 | |||||
Thermo Capital Partners LLC | 8.00% Convertible Senior Unsecured Notes Issued in 2009 | ||||||
Related Party Transaction [Line Items] | ||||||
Notes purchased by related party | $11,400,000 | |||||
Thermo Capital Partners LLC | Thermo Loan Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Loan interest rate | 12.00% | |||||
Number of warrants exercised (in warrants) | 4,200,000 | |||||
Number of shares issued (in shares) | 4,200,000 |
Expense_Incurred_on_Behalf_of_
Expense Incurred on Behalf of Company (Details) (Thermo Capital Partners LLC, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Thermo Capital Partners LLC | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses | $164 | $30 |
Non-cash expenses | 137 | 137 |
Total | $301 | $167 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated other comprehensive income (loss), beginning of period | ($2,898) | $871 |
Other comprehensive loss: | ||
Foreign currency translation | -1,290 | -1,235 |
Accumulated other comprehensive loss, end of period | ($4,188) | ($364) |
Stock_Compensation_Stock_Compe
Stock Compensation Stock Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based compensation expense | $0.70 | $0.50 |
Grants_to_Eligible_Participant
Grants to Eligible Participants of Incentive Stock Options, Restricted Stock Awards and Restricted Stock Units (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Grants of restricted stock awards and restricted stock units (in shares) | 29 | 29 |
Grants of options to purchase common stock (in shares) | 113 | 293 |
Total (in shares) | 142 | 322 |
Stock_Based_Compensation_Addit
Stock Based Compensation (Additional Information) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Stock-based compensation expense | $0.70 | $0.50 |
Employee Stock Purchase Plan | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Stock-based compensation expense | $0.10 | $0.10 |
Company issued shares related to this stock purchase plan | 2,608,765 |
Information_by_Geographic_Area
Information by Geographic Area Revenues (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Service revenues | $17,107 | $16,249 |
Subscriber equipment revenues | 3,915 | 4,287 |
Total revenue | 21,022 | 20,536 |
United States | ||
Segment Reporting Information [Line Items] | ||
Service revenues | 11,715 | 10,880 |
Subscriber equipment revenues | 1,588 | 2,314 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Service revenues | 3,433 | 3,233 |
Subscriber equipment revenues | 1,161 | 1,282 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Service revenues | 1,202 | 1,351 |
Subscriber equipment revenues | 533 | 532 |
Central and South America | ||
Segment Reporting Information [Line Items] | ||
Service revenues | 614 | 663 |
Subscriber equipment revenues | 633 | 159 |
Others | ||
Segment Reporting Information [Line Items] | ||
Service revenues | 143 | 122 |
Subscriber equipment revenues | $0 | $0 |
Information_by_Geographic_Area1
Information by Geographic Area, Long-Lived Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $1,100,504 | $1,113,560 |
United States | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 1,096,027 | 1,108,675 |
Canada | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 326 | 357 |
Europe | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 357 | 413 |
Central and South America | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 3,092 | 3,309 |
Others | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $702 | $806 |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Statement of Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Service revenues | $17,107 | $16,249 |
Subscriber equipment sales | 3,915 | 4,287 |
Total revenue | 21,022 | 20,536 |
Operating expenses: | ||
Cost of services (exclusive of depreciation, amortization and accretion shown separately below) | 7,434 | 6,938 |
Cost of subscriber equipment sales | 3,131 | 3,072 |
Marketing, general and administrative | 8,596 | 7,769 |
Depreciation, amortization and accretion | 19,046 | 23,332 |
Total operating expenses | 38,207 | 41,111 |
Loss from operations | -17,185 | -20,575 |
Other income (expense): | ||
Loss on extinguishment of debt | -65 | -10,195 |
Interest income and expense, net of amounts capitalized | -8,517 | -10,921 |
Derivative loss | -107,865 | -209,370 |
Equity in subsidiary earnings | 0 | 0 |
Other | 4,133 | 713 |
Total other income (expense) | -112,314 | -229,773 |
Loss before income taxes | -129,499 | -250,348 |
Income tax expense | 228 | 193 |
Net loss | -129,727 | -250,541 |
Comprehensive (loss) income | -131,017 | -251,776 |
Reportable Legal Entities | Parent Company | ||
Revenue: | ||
Service revenues | 18,915 | 18,409 |
Subscriber equipment sales | 58 | 45 |
Total revenue | 18,973 | 18,454 |
Operating expenses: | ||
Cost of services (exclusive of depreciation, amortization and accretion shown separately below) | 3,020 | 2,637 |
Cost of subscriber equipment sales | -18 | 0 |
Marketing, general and administrative | 1,947 | 1,689 |
Depreciation, amortization and accretion | 18,549 | 19,322 |
Total operating expenses | 23,498 | 23,648 |
Loss from operations | -4,525 | -5,194 |
Other income (expense): | ||
Loss on extinguishment of debt | -65 | -10,195 |
Interest income and expense, net of amounts capitalized | -8,336 | -10,824 |
Derivative loss | -107,865 | -209,370 |
Equity in subsidiary earnings | -10,663 | -14,929 |
Other | 1,806 | 25 |
Total other income (expense) | -125,123 | -245,293 |
Loss before income taxes | -129,648 | -250,487 |
Income tax expense | 79 | 54 |
Net loss | -129,727 | -250,541 |
Comprehensive (loss) income | -129,727 | -250,541 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Revenue: | ||
Service revenues | 907 | 1,824 |
Subscriber equipment sales | 3,449 | 3,131 |
Total revenue | 4,356 | 4,955 |
Operating expenses: | ||
Cost of services (exclusive of depreciation, amortization and accretion shown separately below) | 3,040 | 2,063 |
Cost of subscriber equipment sales | 3,306 | 2,429 |
Marketing, general and administrative | 3,722 | 3,952 |
Depreciation, amortization and accretion | 298 | 4,626 |
Total operating expenses | 10,366 | 13,070 |
Loss from operations | -6,010 | -8,115 |
Other income (expense): | ||
Loss on extinguishment of debt | 0 | 0 |
Interest income and expense, net of amounts capitalized | -10 | -11 |
Derivative loss | 0 | 0 |
Equity in subsidiary earnings | 4 | -2,114 |
Other | 526 | -53 |
Total other income (expense) | 520 | -2,178 |
Loss before income taxes | -5,490 | -10,293 |
Income tax expense | 23 | 8 |
Net loss | -5,513 | -10,301 |
Comprehensive (loss) income | -5,513 | -10,301 |
Reportable Legal Entities | Non- Guarantor Subsidiaries | ||
Revenue: | ||
Service revenues | 5,102 | 4,678 |
Subscriber equipment sales | 2,498 | 1,899 |
Total revenue | 7,600 | 6,577 |
Operating expenses: | ||
Cost of services (exclusive of depreciation, amortization and accretion shown separately below) | 3,099 | 2,295 |
Cost of subscriber equipment sales | 2,446 | 1,920 |
Marketing, general and administrative | 2,927 | 3,208 |
Depreciation, amortization and accretion | 5,881 | 6,609 |
Total operating expenses | 14,353 | 14,032 |
Loss from operations | -6,753 | -7,455 |
Other income (expense): | ||
Loss on extinguishment of debt | 0 | 0 |
Interest income and expense, net of amounts capitalized | -171 | -86 |
Derivative loss | 0 | 0 |
Equity in subsidiary earnings | 0 | 0 |
Other | 1,747 | 865 |
Total other income (expense) | 1,576 | 779 |
Loss before income taxes | -5,177 | -6,676 |
Income tax expense | 126 | 131 |
Net loss | -5,303 | -6,807 |
Comprehensive (loss) income | -6,593 | -8,045 |
Eliminations | ||
Revenue: | ||
Service revenues | -7,817 | -8,662 |
Subscriber equipment sales | -2,090 | -788 |
Total revenue | -9,907 | -9,450 |
Operating expenses: | ||
Cost of services (exclusive of depreciation, amortization and accretion shown separately below) | -1,725 | -57 |
Cost of subscriber equipment sales | -2,603 | -1,277 |
Marketing, general and administrative | 0 | -1,080 |
Depreciation, amortization and accretion | -5,682 | -7,225 |
Total operating expenses | -10,010 | -9,639 |
Loss from operations | 103 | 189 |
Other income (expense): | ||
Loss on extinguishment of debt | 0 | 0 |
Interest income and expense, net of amounts capitalized | 0 | 0 |
Derivative loss | 0 | 0 |
Equity in subsidiary earnings | 10,659 | 17,043 |
Other | 54 | -124 |
Total other income (expense) | 10,713 | 16,919 |
Loss before income taxes | 10,816 | 17,108 |
Income tax expense | 0 | 0 |
Net loss | 10,816 | 17,108 |
Comprehensive (loss) income | $10,816 | $17,111 |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $13,655 | $7,121 | $19,595 | $17,408 |
Accounts receivable | 15,300 | 15,015 | ||
Intercompany receivables | 0 | 0 | ||
Inventory | 13,584 | 14,734 | ||
Prepaid expenses and other current assets | 7,283 | 7,944 | ||
Total current assets | 49,822 | 44,814 | ||
Property and equipment, net | 1,100,504 | 1,113,560 | ||
Restricted cash | 37,918 | 37,918 | ||
Intercompany notes receivable | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Deferred financing costs, net | 60,989 | 63,862 | ||
Intangible and other assets, net of accumulated amortization of $6,138 and $5,669, respectively | 9,436 | 8,266 | ||
Total assets | 1,258,669 | 1,268,420 | ||
Current liabilities: | ||||
Current portion of long-term debt | 6,450 | 6,450 | ||
Accounts payable | 5,010 | 6,922 | ||
Accrued contract termination charge | 19,023 | 21,308 | ||
Accrued expenses | 26,705 | 22,342 | ||
Intercompany payables | 0 | 0 | ||
Payables to affiliates | 376 | 481 | ||
Derivative liabilities | 0 | |||
Deferred revenue | 21,481 | 21,740 | ||
Total current liabilities | 79,045 | 79,243 | ||
Long-term debt, less current portion | 626,653 | 623,640 | ||
Employee benefit obligations | 5,478 | 5,499 | ||
Intercompany notes payable | 0 | 0 | ||
Derivative liabilities | 548,526 | 441,550 | ||
Deferred revenue | 6,517 | 6,572 | ||
Debt restructuring fees | 20,795 | 20,795 | ||
Other non-current liabilities | 11,233 | 12,205 | ||
Total non-current liabilities | 1,219,202 | 1,110,261 | ||
Total stockholders’ (deficit) equity | -39,578 | 78,916 | ||
Total liabilities and stockholders’ equity | 1,258,669 | 1,268,420 | ||
Reportable Legal Entities | Parent Company | ||||
Current assets: | ||||
Cash and cash equivalents | 9,206 | 3,166 | 16,392 | 12,935 |
Accounts receivable | 4,638 | 4,470 | ||
Intercompany receivables | 781,109 | 755,482 | ||
Inventory | 2,014 | 2,018 | ||
Prepaid expenses and other current assets | 2,785 | 3,465 | ||
Total current assets | 799,752 | 768,601 | ||
Property and equipment, net | 1,092,982 | 1,105,670 | ||
Restricted cash | 37,918 | 37,918 | ||
Intercompany notes receivable | 13,006 | 13,006 | ||
Investment in subsidiaries | -266,658 | -265,249 | ||
Deferred financing costs, net | 60,989 | 63,862 | ||
Intangible and other assets, net of accumulated amortization of $6,138 and $5,669, respectively | 7,846 | 6,707 | ||
Total assets | 1,745,835 | 1,730,515 | ||
Current liabilities: | ||||
Current portion of long-term debt | 6,450 | 6,450 | ||
Accounts payable | 1,616 | 3,310 | ||
Accrued contract termination charge | 19,023 | 21,308 | ||
Accrued expenses | 11,633 | 6,638 | ||
Intercompany payables | 530,407 | 508,503 | ||
Payables to affiliates | 376 | 481 | ||
Derivative liabilities | 0 | |||
Deferred revenue | 2,448 | 3,185 | ||
Total current liabilities | 571,953 | 549,875 | ||
Long-term debt, less current portion | 626,653 | 623,640 | ||
Employee benefit obligations | 5,478 | 5,499 | ||
Intercompany notes payable | 3,830 | 2,000 | ||
Derivative liabilities | 548,526 | 441,550 | ||
Deferred revenue | 6,192 | 6,229 | ||
Debt restructuring fees | 20,795 | 20,795 | ||
Other non-current liabilities | 1,986 | 2,011 | ||
Total non-current liabilities | 1,213,460 | 1,101,724 | ||
Total stockholders’ (deficit) equity | -39,578 | 78,916 | ||
Total liabilities and stockholders’ equity | 1,745,835 | 1,730,515 | ||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 1,086 | 672 | 539 | 676 |
Accounts receivable | 5,290 | 5,265 | ||
Intercompany receivables | 446,687 | 441,525 | ||
Inventory | 7,324 | 8,424 | ||
Prepaid expenses and other current assets | 307 | 303 | ||
Total current assets | 460,694 | 456,189 | ||
Property and equipment, net | 3,045 | 3,002 | ||
Restricted cash | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Investment in subsidiaries | -365,320 | 4,734 | ||
Deferred financing costs, net | 0 | 0 | ||
Intangible and other assets, net of accumulated amortization of $6,138 and $5,669, respectively | 468 | 541 | ||
Total assets | 98,887 | 464,466 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 1,668 | 1,755 | ||
Accrued contract termination charge | 0 | 0 | ||
Accrued expenses | 6,924 | 7,213 | ||
Intercompany payables | 572,697 | 563,183 | ||
Payables to affiliates | 0 | 0 | ||
Derivative liabilities | 0 | |||
Deferred revenue | 15,821 | 15,378 | ||
Total current liabilities | 597,110 | 587,529 | ||
Long-term debt, less current portion | 0 | 0 | ||
Employee benefit obligations | 0 | 0 | ||
Intercompany notes payable | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Deferred revenue | 325 | 343 | ||
Debt restructuring fees | 0 | 0 | ||
Other non-current liabilities | 296 | 294 | ||
Total non-current liabilities | 621 | 637 | ||
Total stockholders’ (deficit) equity | -498,844 | -123,700 | ||
Total liabilities and stockholders’ equity | 98,887 | 464,466 | ||
Reportable Legal Entities | Non- Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 3,363 | 3,283 | 2,664 | 3,797 |
Accounts receivable | 4,970 | 4,955 | ||
Intercompany receivables | 33,638 | 23,967 | ||
Inventory | 4,246 | 4,292 | ||
Prepaid expenses and other current assets | 4,191 | 4,176 | ||
Total current assets | 50,408 | 40,673 | ||
Property and equipment, net | 5,210 | 5,776 | ||
Restricted cash | 0 | 0 | ||
Intercompany notes receivable | 11,945 | 8,285 | ||
Investment in subsidiaries | 31,093 | 30,552 | ||
Deferred financing costs, net | 0 | 0 | ||
Intangible and other assets, net of accumulated amortization of $6,138 and $5,669, respectively | 1,134 | 1,031 | ||
Total assets | 99,790 | 86,317 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 1,726 | 1,857 | ||
Accrued contract termination charge | 0 | 0 | ||
Accrued expenses | 8,148 | 8,491 | ||
Intercompany payables | 163,862 | 153,067 | ||
Payables to affiliates | 0 | 0 | ||
Derivative liabilities | 0 | |||
Deferred revenue | 3,212 | 3,177 | ||
Total current liabilities | 176,948 | 166,592 | ||
Long-term debt, less current portion | 0 | 0 | ||
Employee benefit obligations | 0 | 0 | ||
Intercompany notes payable | 15,148 | 15,148 | ||
Derivative liabilities | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Debt restructuring fees | 0 | 0 | ||
Other non-current liabilities | 8,951 | 9,900 | ||
Total non-current liabilities | 24,099 | 25,048 | ||
Total stockholders’ (deficit) equity | -101,257 | -105,323 | ||
Total liabilities and stockholders’ equity | 99,790 | 86,317 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 402 | 325 | ||
Intercompany receivables | -1,261,434 | -1,220,974 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | -1,261,032 | -1,220,649 | ||
Property and equipment, net | -733 | -888 | ||
Restricted cash | 0 | 0 | ||
Intercompany notes receivable | -24,951 | -21,291 | ||
Investment in subsidiaries | 600,885 | 229,963 | ||
Deferred financing costs, net | 0 | 0 | ||
Intangible and other assets, net of accumulated amortization of $6,138 and $5,669, respectively | -12 | -13 | ||
Total assets | -685,843 | -1,012,878 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued contract termination charge | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Intercompany payables | -1,266,966 | -1,224,753 | ||
Payables to affiliates | 0 | 0 | ||
Derivative liabilities | 0 | |||
Deferred revenue | 0 | 0 | ||
Total current liabilities | -1,266,966 | -1,224,753 | ||
Long-term debt, less current portion | 0 | 0 | ||
Employee benefit obligations | 0 | 0 | ||
Intercompany notes payable | -18,978 | -17,148 | ||
Derivative liabilities | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Debt restructuring fees | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total non-current liabilities | -18,978 | -17,148 | ||
Total stockholders’ (deficit) equity | 600,101 | 229,023 | ||
Total liabilities and stockholders’ equity | ($685,843) | ($1,012,878) |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Statement of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $2,521 | $3,799 |
Cash flows from investing activities: | ||
Second-generation ground-related costs (including interest) | -4,018 | -1,366 |
Property and equipment additions | -1,790 | -428 |
Net cash used in investing activities | -5,808 | -1,794 |
Cash flows provided by (used in) financing activities | ||
Proceeds from issuance of stock to Terrapin | 10,000 | |
Proceeds from issuance of common stock and stock options | 61 | 310 |
Payment of deferred financing costs | 0 | -164 |
Net cash provided by financing activities | 10,061 | 146 |
Effect of exchange rate changes on cash and cash equivalents | -240 | 36 |
Net increase in cash and cash equivalents | 6,534 | 2,187 |
Cash and cash equivalents, beginning of period | 7,121 | 17,408 |
Cash and cash equivalents, end of period | 13,655 | 19,595 |
Reportable Legal Entities | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 1,401 | 4,765 |
Cash flows from investing activities: | ||
Second-generation ground-related costs (including interest) | -4,018 | -1,366 |
Property and equipment additions | -1,404 | -88 |
Net cash used in investing activities | -5,422 | -1,454 |
Cash flows provided by (used in) financing activities | ||
Proceeds from issuance of stock to Terrapin | 10,000 | |
Proceeds from issuance of common stock and stock options | 61 | 310 |
Payment of deferred financing costs | 0 | -164 |
Net cash provided by financing activities | 10,061 | 146 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 6,040 | 3,457 |
Cash and cash equivalents, beginning of period | 3,166 | 12,935 |
Cash and cash equivalents, end of period | 9,206 | 16,392 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 673 | -1 |
Cash flows from investing activities: | ||
Second-generation ground-related costs (including interest) | 0 | 0 |
Property and equipment additions | -259 | -136 |
Net cash used in investing activities | -259 | -136 |
Cash flows provided by (used in) financing activities | ||
Proceeds from issuance of stock to Terrapin | 0 | |
Proceeds from issuance of common stock and stock options | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 414 | -137 |
Cash and cash equivalents, beginning of period | 672 | 676 |
Cash and cash equivalents, end of period | 1,086 | 539 |
Reportable Legal Entities | Non- Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 447 | -965 |
Cash flows from investing activities: | ||
Second-generation ground-related costs (including interest) | 0 | 0 |
Property and equipment additions | -127 | -204 |
Net cash used in investing activities | -127 | -204 |
Cash flows provided by (used in) financing activities | ||
Proceeds from issuance of stock to Terrapin | 0 | |
Proceeds from issuance of common stock and stock options | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | -240 | 36 |
Net increase in cash and cash equivalents | 80 | -1,133 |
Cash and cash equivalents, beginning of period | 3,283 | 3,797 |
Cash and cash equivalents, end of period | 3,363 | 2,664 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Second-generation ground-related costs (including interest) | 0 | 0 |
Property and equipment additions | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows provided by (used in) financing activities | ||
Proceeds from issuance of stock to Terrapin | 0 | |
Proceeds from issuance of common stock and stock options | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 |