Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Trading Symbol | I |
Entity Registrant Name | INTELSAT S.A. |
Entity Central Index Key | 1,525,773 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 138,018,894 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 485,120 | $ 525,215 |
Restricted cash | 22,037 | 16,176 |
Receivables, net of allowances of $29,669 in 2017 and $28,542 in 2018 | 271,393 | 221,223 |
Contract assets | 45,034 | 0 |
Prepaid expenses and other current assets | 24,075 | 56,862 |
Total current assets | 847,659 | 819,476 |
Satellites and other property and equipment, net | 5,511,702 | 5,923,619 |
Goodwill | 2,620,627 | 2,620,627 |
Non-amortizable intangible assets | 2,452,900 | 2,452,900 |
Amortizable intangible assets, net | 311,103 | 349,584 |
Contract assets, net of current portion | 96,108 | 0 |
Other assets | 401,414 | 443,830 |
Total assets | 12,241,513 | 12,610,036 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 108,101 | 116,396 |
Taxes payable | 5,679 | 12,007 |
Employee related liabilities | 29,696 | 29,328 |
Accrued interest payable | 284,649 | 263,207 |
Current portion of long-term debt | 0 | 96,572 |
Contract liabilities | 137,746 | 0 |
Deferred satellite performance incentives | 35,261 | 25,780 |
Deferred revenue | 0 | 149,749 |
Other current liabilities | 59,080 | 47,287 |
Total current liabilities | 660,212 | 740,326 |
Long-term debt, net of current portion | 14,028,352 | 14,112,086 |
Contract liabilities, net of current portion | 1,131,319 | 0 |
Deferred satellite performance incentives, net of current portion | 210,346 | 215,352 |
Deferred revenue, net of current portion | 0 | 794,707 |
Deferred income taxes | 82,488 | 48,434 |
Accrued retirement benefits | 133,735 | 191,079 |
Other long-term liabilities | 77,670 | 296,616 |
Shareholders’ deficit | ||
Common shares; nominal value $0.01 per share | 1,380 | 1,196 |
Paid-in capital | 2,551,471 | 2,173,367 |
Accumulated deficit | (6,606,426) | (5,894,659) |
Accumulated other comprehensive loss | (43,430) | (87,774) |
Total Intelsat S.A. shareholders’ deficit | (4,097,005) | (3,807,870) |
Noncontrolling interest | 14,396 | 19,306 |
Total liabilities and shareholders’ deficit | $ 12,241,513 | $ 12,610,036 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | |||
Receivables, allowances | $ 28,542 | $ 29,669 | |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenue | $ 2,161,190 | $ 2,148,612 | $ 2,188,047 |
Operating expenses: | |||
Direct costs of revenue (excluding depreciation and amortization) | 330,874 | 324,232 | 342,634 |
Selling, general and administrative | 200,857 | 205,475 | 232,537 |
Depreciation and amortization | 687,589 | 707,824 | 694,891 |
Total operating expenses | 1,219,320 | 1,237,531 | 1,270,062 |
Income from operations | 941,870 | 911,081 | 917,985 |
Interest expense, net | 1,212,374 | 1,020,770 | 938,501 |
Gain (loss) on early extinguishment of debt | (199,658) | (4,109) | 1,030,092 |
Other income, net | 4,541 | 10,114 | 522 |
Income (loss) before income taxes | (465,621) | (103,684) | 1,010,098 |
Provision for income taxes | 130,069 | 71,130 | 15,986 |
Net income (loss) | (595,690) | (174,814) | 994,112 |
Net income attributable to noncontrolling interest | (3,915) | (3,914) | (3,915) |
Net income (loss) attributable to Intelsat S.A. | $ (599,605) | $ (178,728) | $ 990,197 |
Net income (loss) per common share attributable to Intelsat S.A.: | |||
Basic (in dollars per share) | $ (4.63) | $ (1.50) | $ 8.65 |
Diluted (in dollars per share) | $ (4.63) | $ (1.50) | $ 8.36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (595,690,000) | $ (174,814,000) | $ 994,112,000 |
Defined benefit retirement plans: | |||
Reclassification adjustment for amortization of unrecognized prior service credits, net of tax included in other income, net | (839,000) | 21,000 | (5,000) |
Reclassification adjustment for amortization of unrecognized actuarial loss, net of tax included in other income, net | 4,064,000 | 2,074,000 | 2,223,000 |
Actuarial gain arising during the year | 2,960,000 | (13,896,000) | (177,000) |
Benefit plan amendment, net of tax of $0.7 million | 38,510,000 | 0 | 0 |
Marketable securities: | |||
Unrealized gains on investments, net of tax | 0 | 567,000 | 285,000 |
Reclassification adjustment for realized gain on investments, net of tax | 0 | (235,000) | (192,000) |
Reclassification adjustment for pension assets' gains, net of tax included in other income, net | (351,000) | 0 | 0 |
Other comprehensive income (loss) | 44,344,000 | (11,469,000) | 2,134,000 |
Comprehensive income (loss) | (551,346,000) | (186,283,000) | 996,246,000 |
Comprehensive income attributable to noncontrolling interest | (3,915,000) | (3,914,000) | (3,915,000) |
Comprehensive income (loss) attributable to Intelsat S.A. | $ (555,261,000) | $ (190,197,000) | $ 992,331,000 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Benefit plan amendment, tax | $ 0.7 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Deficit - USD ($) shares in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Intelsat S.A. Shareholders' Deficit [Member] | Noncontrolling Interest [Member] |
Balance (in shares) at Dec. 31, 2015 | 3.5 | 107.6 | ||||||
Balance at Dec. 31, 2015 | $ 35,000 | $ 1,076,000 | $ 2,133,891,000 | $ (6,706,128,000) | $ (78,439,000) | $ (4,649,565,000) | $ 29,212,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 990,197,000 | 990,197,000 | 990,197,000 | 3,915,000 | ||||
Dividends paid to noncontrolling interests | (8,980,000) | |||||||
Share-based compensation (in shares) | 0.8 | |||||||
Share-based compensation | $ 8,000 | 23,081,000 | 23,089,000 | |||||
Preferred shares conversion (in shares) | (3.5) | (9.6) | ||||||
Preferred shares conversion | $ (35,000) | $ 96,000 | (61,000) | |||||
Postretirement/pension liability adjustment, net of tax | 2,041,000 | 2,041,000 | ||||||
Benefit plan amendment, net of tax of $0.7 million | 0 | |||||||
Other comprehensive income (loss), net of tax | 93,000 | 93,000 | ||||||
Balance (in shares) at Dec. 31, 2016 | 0 | 118 | ||||||
Balance at Dec. 31, 2016 | $ 0 | $ 1,180,000 | 2,156,911,000 | (5,715,931,000) | (76,305,000) | (3,634,145,000) | 24,147,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (178,728,000) | (178,728,000) | (178,728,000) | 3,914,000 | ||||
Dividends paid to noncontrolling interests | (8,755,000) | (8,755,000) | ||||||
Share-based compensation (in shares) | 1.6 | |||||||
Share-based compensation | 16,472,000 | $ 16,000 | 16,456,000 | 16,472,000 | ||||
Postretirement/pension liability adjustment, net of tax | (11,801,000) | (11,801,000) | ||||||
Benefit plan amendment, net of tax of $0.7 million | 0 | |||||||
Other comprehensive income (loss), net of tax | 332,000 | 332,000 | 332,000 | |||||
Balance (in shares) at Dec. 31, 2017 | 119.6 | |||||||
Balance at Dec. 31, 2017 | (3,807,870,000) | $ 1,196,000 | 2,173,367,000 | (5,894,659,000) | (87,774,000) | (3,807,870,000) | 19,306,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (599,605,000) | (599,605,000) | (599,605,000) | 3,915,000 | ||||
Dividends paid to noncontrolling interests | (8,825,000) | (8,825,000) | ||||||
Share-based compensation (in shares) | 2.9 | |||||||
Share-based compensation | 10,035,000 | $ 29,000 | 10,006,000 | 10,035,000 | ||||
Equity offering and 2025 Convertible Notes offering (in shares) | 15.5 | |||||||
Equity offering and 2025 Convertible Notes offering | 368,253,000 | $ 155,000 | 368,098,000 | 368,253,000 | ||||
Postretirement/pension liability adjustment, net of tax | 6,185,000 | 6,185,000 | ||||||
Benefit plan amendment, net of tax of $0.7 million | 38,510,000 | 38,510,000 | 38,510,000 | |||||
Other comprehensive income (loss), net of tax | (351,000) | (351,000) | (351,000) | |||||
Balance (in shares) at Dec. 31, 2018 | 138 | |||||||
Balance at Dec. 31, 2018 | $ (4,097,005,000) | $ 1,380,000 | $ 2,551,471,000 | $ (6,606,426,000) | $ (43,430,000) | $ (4,097,005,000) | $ 14,396,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Deficit (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Benefit plan amendment, tax | $ 0.7 | ||
Intelsat S.A. Shareholders' Deficit [Member] | |||
Postretirement/pension liability adjustment, tax | 0.6 | $ (3.1) | $ 1 |
Other comprehensive income (loss), tax | $ (0.2) | $ 0.2 | $ 0.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (595,690) | $ (174,814) | $ 994,112 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 687,589 | 707,824 | 694,891 |
Provision for (benefit from) doubtful accounts | (836) | (4,094) | 24,591 |
Foreign currency transaction (gain) loss | 6,736 | (876) | (3,300) |
Loss on disposal of assets | 46 | 45 | 20 |
Share-based compensation | 6,824 | 15,995 | 23,222 |
Deferred income taxes | 79,160 | 43,931 | (9,737) |
Amortization of discount, premium, issuance costs and related costs | 48,495 | 48,696 | 24,622 |
(Gain) loss on early extinguishment of debt | 199,658 | 4,109 | (1,030,092) |
Unrealized (gains) losses on derivative financial instruments | (14,685) | 275 | (764) |
Amortization of actuarial loss and prior service credits for retirement benefits | 3,823 | 3,287 | 3,361 |
Other non-cash items | 1,178 | (287) | 220 |
Changes in operating assets and liabilities: | |||
Receivables | (63,814) | (14,333) | 6,478 |
Prepaid expenses, contract and other assets | 3,708 | (24,760) | (51,388) |
Accounts payable and accrued liabilities | 7,291 | (42,337) | 35,850 |
Accrued interest payable | 21,442 | 58,367 | 43,347 |
Deferred revenue and contract liabilities | (39,763) | (134,577) | (58,796) |
Accrued retirement benefits | (15,902) | (13,422) | (9,385) |
Other long-term liabilities | 8,913 | (8,783) | (8,497) |
Net cash provided by operating activities | 344,173 | 464,246 | 678,755 |
Cash flows from investing activities: | |||
Payments for satellites and other property and equipment (including capitalized interest) | (255,696) | (461,627) | (714,570) |
Purchase of investments | (19,000) | (25,744) | (4,000) |
Capital contribution to unconsolidated affiliate | (48,097) | (30,714) | (12,019) |
Proceeds from insurance settlements | 20,409 | 49,788 | 0 |
Proceeds from insurance settlements | 18,750 | 0 | 0 |
Net cash used in investing activities | (283,634) | (468,297) | (730,589) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 4,585,875 | 1,500,000 | 1,730,200 |
Repayments of long-term debt | (4,782,451) | (1,500,000) | (791,944) |
Debt issuance costs | (49,436) | (41,237) | (48,900) |
Debt modification fees | (3,954) | 0 | 0 |
Proceeds from stock issuance, net of issuance costs | 224,250 | 0 | 0 |
Payment of premium on early extinguishment of debt | (33,890) | 0 | (32) |
Payments on tender, debt exchange and consent | 0 | (14) | (293,276) |
Dividends paid to preferred shareholders | 0 | 0 | (4,959) |
Other payments for satellites | 0 | (35,396) | (18,333) |
Principal payments on deferred satellite performance incentives | (25,488) | (37,186) | (17,429) |
Dividends paid to noncontrolling interest | (8,825) | (8,755) | (8,980) |
Proceeds from exercise of employee stock options | 3,211 | 476 | 0 |
Other financing activities | 385 | 414 | 0 |
Net cash provided by (used in) financing activities | (90,323) | (121,698) | 546,347 |
Effect of exchange rate changes on cash and cash equivalents | (4,450) | 1,116 | (30) |
Net change in cash, cash equivalents and restricted cash | (34,234) | (124,633) | 494,483 |
Cash, cash equivalents and restricted cash, beginning of period | 541,391 | 666,024 | 171,541 |
Cash, cash equivalents and restricted cash, end of period | 507,157 | 541,391 | 666,024 |
Supplemental cash flow information: | |||
Interest paid, net of amounts capitalized | 1,052,885 | 915,627 | 870,370 |
Income taxes paid, net of refunds | 57,085 | 33,731 | 22,687 |
Supplemental disclosure of non-cash investing activities: | |||
Accrued capital expenditures and payments for satellites | 28,203 | 38,450 | 127,008 |
Capitalization of deferred satellite performance incentives | 28,161 | 44,445 | 69,909 |
Supplemental disclosure of non-cash financing activities: | |||
Repayments of long-term debt | 0 | 0 | 1,468,401 |
Issuance of long-term debt | 0 | 0 | (731,884) |
Discount on long-term debt | 0 | 0 | 212,660 |
Write-off of debt issuance costs | $ 0 | $ 0 | $ (9,253) |
Background of Company
Background of Company | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background of Company | Background of Company Intelsat S.A. (the “Company”, “we”,” us” or “our”) provides satellite communications services worldwide through a global communications network of 54 satellites and ground facilities related to the satellite operations and control, and teleport services. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 Significant Accounting Policies (a) Principles of Consolidation The accompanying consolidated financial statements include the accounts of Intelsat S.A., its wholly-owned subsidiaries, and variable interest entities (“VIE”) of which we are the primary beneficiary, and are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). We are the primary beneficiary of one VIE, as more fully described in Note 10—Investments, and accordingly, we include in our consolidated financial statements the assets and liabilities and results of operations of the entity, even though we may not own a majority voting interest. We use the equity method to account for our investments in entities where we exercise significant influence over operating and financial policies but do not retain control under either the voting interest model (generally 20% to 50% ownership interest) or the variable interest model. In 2015, we entered into a joint venture agreement as further described in Note 10—Investments, and the investment is accounted for using the equity method. We have eliminated all significant intercompany accounts and transactions. (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates. (c) Revenue Recognition Revenue from Contracts with Customers We earn revenue primarily by providing services over satellite transponder capacity to our customers. Our customers generally obtain satellite services from us by placing an order pursuant to one of several master customer service agreements and related service orders. The service agreements specify, among other things, the amount of satellite bandwidth or throughput to be provided, whether service will be non-pre-emptible or pre-emptible and the service term. Most services are full time in nature, with service terms ranging from one year to as long as 16 years. Occasional use services used for video applications can be for much shorter periods, including as small as increments of one hour. Our service agreements offer different service types, including transponder services, managed services, and channel, which are all services that are provided on, or used to provide access to, our global network. We refer to these services as on-network services. Our service agreements also cover services that we procure from third parties and resell, which we refer to as off-network services. These services can include transponder services and other satellite-based transmission services sourced from other operators, often in frequencies not available on our network. To determine the proper revenue recognition method for contracts, we evaluate whether two or more services should be combined and accounted for as a single performance obligation. Our specific revenue recognition policies are as follows: Satellite Utilization Charges . The Company’s contracts for satellite utilization services often contain multiple service orders for the provision of capacity on or over different beams, satellites, frequencies, geographies or time periods. Under each separate service order, the Company’s satellite services, comprised of transponder services, managed services, channel services, and occasional use managed services, are delivered in a series of time periods that are distinct from each other and have the same pattern of transfer to the customer. In each period, the Company’s obligation is to make those services available to the customer. Throughout each period of services being provided, the customer simultaneously receives and consumes the benefits, resulting in revenue recognition over time. We have certain obligations, including providing spare or substitute capacity if available, in the event of satellite service failure under certain long-term agreements. We are generally not obligated to refund satellite utilization payments previously made. Satellite Related Consulting and Technical Services . We recognize revenue from the provision of consulting services as those services are performed. We recognize revenue for consulting services with specific performance obligations, such as transfer orbit support services or training programs over the service period. Tracking, Telemetry and Commanding (“TT&C”) . We earn TT&C services revenue from providing operational services to other satellite owners and from certain customers on our satellites. TT&C agreements entered into in connection with our satellite utilization contracts are typically for the period of the related service agreement. We recognize this revenue over the term of the service agreement. In-Orbit Backup Services . We provide back-up transponder capacity that is held on reserve for certain customers on agreed-upon terms. We recognize revenues for in-orbit protection services over the term of the related agreement. Revenue Share Arrangements. We recognize revenues under revenue share agreements for satellite-related services either on a gross or net basis in accordance with principal versus agent considerations. We occasionally sell products or services individually or in some combination to our customers. When products or services are sold together, we allocate revenue for each performance obligation based on each obligation’s relative selling price. In these arrangements, revenue for products is recognized when the transfer of control passes to the customer, while service revenue is recognized over the service term. Contract Assets Contract assets include unbilled amounts typically resulting from sales under our long-term contracts when the total contract value is recognized on a straight-line basis and the revenue recognized exceeds the amount billed to the customer. Contract Liabilities Contract liabilities consist of advance payments and collections in excess of revenue recognized and deferred revenue. Our contracts at times contain prepayment terms that range from one month to one year in advance of providing the service. As a practical expedient, we do not need to adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. For a small subset of contracts with advance payments that contain prepayment terms greater than one year and up to 15 years, we assess whether a significant financing component exists by considering the difference between the amount of promised consideration and the cash selling price of the promised services. The prepayment amount is generally based on a standard methodology that discounts the total of the standard monthly charges over the service term to determine the prepayment amount, resulting in a difference between the amount of promised consideration and the cash selling price of the promised services. The Company considers the timing difference between payment and the promised transfer of services, combined with the Company’s incremental borrowing rates, to determine whether a significant financing component exists. When a significant financing component exists, the amount of revenue recognized exceeds the amount of cash received from the customer. After receiving cash from the customer but prior to the Company providing services, the Company records additional contract liabilities as well as offsetting interest expense to reflect the upfront financing the Company is effectively receiving from the customer. Once the Company begins providing services, additional interest expense is recorded each period, using the effective interest method, as well as corresponding additional revenue which is recognized ratably over the service period. For the year ended December 31, 2018 , we recognized revenue of $247.0 million that was included in the contract liability balance as of January 1, 2018. In addition, the total amount of consideration included in contract assets as of January 1, 2018 that became unconditional for the year ended December 31, 2018 was $ 11.0 million. Our remaining performance obligation, which we refer to as contracted backlog, is our expected future revenue under existing customer contracts, and includes both cancelable and non-cancelable contracts. Our remaining performance obligation was approximately $ 8.1 billion as of December 31, 2018 , approximately 88% of which related to contracts that were non-cancelable and approximately 11% related to contracts that were cancelable subject to substantial termination fees. We assess the contract term of our cancelable contracts as the full stated term of the contract assuming each contract is not canceled since the termination penalty upon cancellation is substantive. As of December 31, 2018 , the weighted average remaining customer contract life was approximately 4.5 years. Approximately 38% , 21% , and 41% of our total remaining performance obligation as of December 31, 2018 is expected to be recognized as revenue during 2019 and 2020, 2021 and 2022, and 2023 and thereafter, respectively. The amount included in the remaining performance obligation represents the full service charge for the duration of the contract and does not include termination fees. The amount of the termination fees, which is not included in the remaining performance obligation amount, is generally calculated as a percentage of the remaining performance obligation associated with the contract. In certain cases of breach for non-payment or customer financial distress or bankruptcy, we may not be able to recover the full value of certain contracts or termination fees. Our remaining performance obligation includes 100% of the remaining performance obligation of our consolidated ownership interests, which is consistent with the accounting for our ownership interest in these entities. Assets Recognized from the Costs to Obtain a Customer Contract We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that our sales incentive program meets the requirements to be capitalized due to the incremental nature of the costs and the expectation that the Company will recover such costs. The assets recognized from the costs to obtain a customer contract are amortized over a period that is consistent with the transfer to the customer of the services to which the asset relates. We capitalized $ 6.6 million for our sales incentive program and amortized $ 6.5 million for the year ended December 31, 2018 . Contract Modifications Contracts are often modified to account for changes in contract specifications or requirements. We consider contract modifications to exist when the modification either creates new rights or obligations or changes the existing enforceable rights and obligations of either party. Most of our contract modifications are for goods and services that are distinct from the existing contract, as they consist of additional months of service priced at the Company’s standalone selling prices of the additional services and are therefore treated as separate contracts. For contract modifications that do not result in additional distinct goods or services, the effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue. Significant Judgments We occasionally enter into certain contracts in which the customer makes payments in advance of services to be delivered, which may be years in the future. The reasons for the prepayments in these contracts vary, but generally can be either for the customer’s benefit or for the Company’s benefit (ability to use the cash received from the customer to pay for the construction of a satellite asset). The determination of whether contracts with a prepayment provision contain a significant financing component requires judgment. The Company makes this determination based on various factors, including the differences between the amount of promised consideration and cash selling prices, the length of time between payment and the transfer of services and prevailing interest rates in the market. Our contracts generally contain multiple performance obligations. When a contract is separated into multiple performance obligations, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling price of the promised good or service underlying such performance obligation. Judgment is required to determine the standalone selling price for each distinct performance obligation. In order to estimate standalone selling prices, we use an adjusted market assessment approach which involves an evaluation of the market and an estimate of the price that our customers are willing to pay, or an expected cost plus a margin approach. When more than one party is involved in providing goods or services to a customer, we generally recognize the transaction on a gross basis due to the level of control that we have prior to the transfer of the good or service. Judgment is required in determining whether we are the principal or the agent in transactions involving third parties. (d) Fair Value Measurements We estimate the fair value of our financial instruments using available market information and valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued liabilities approximate their fair values because of the short maturity of these financial instruments. FASB ASC Topic 820, Fair Value Measurements and Disclosure (“FASB ASC 820”) defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC 820 requires disclosure of the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. FASB ASC 820 establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date. We apply fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The fair value hierarchy prioritizes the inputs used in valuation techniques into three levels as follows: • Level 1—unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2—quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted market prices that are observable or that can be corroborated by observable market data by correlation; and • Level 3—unobservable inputs based upon the reporting entity’s internally developed assumptions which market participants would use in pricing the asset or liability. (e) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, which are generally time deposits with banks and money market funds. The carrying amount of these investments approximates fair value. (f) Receivables and Allowances for Doubtful Accounts We provide satellite services and extend credit to numerous customers in the satellite communication, telecommunications and video markets. We monitor our exposure to credit losses and maintain allowances for doubtful accounts and anticipated losses. We believe we have adequate customer collateral and reserves to cover our exposure. (g) Satellites and Other Property and Equipment Satellites and other property and equipment are stated at historical cost, or in the case of certain satellites acquired, the fair value at the date of acquisition. Capitalized costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to the satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. We depreciate satellites and other property and equipment on a straight-line basis over the following estimated useful lives: Years Buildings and improvements 10 - 40 Satellites and related costs 10 - 17 Ground segment equipment and software 4 - 15 Furniture and fixtures and computer hardware 4 - 12 Leasehold improvements(1) 2 - 12 (1) Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the remaining lease term. (h) Other Assets Other assets consist of investments in certain equity securities, long-term deposits, long-term receivables and other miscellaneous deferred charges and long-term assets. (i) Goodwill and Other Intangible Assets We account for goodwill and other intangible assets in accordance with FASB ASC Topic 350, Intangibles—Goodwill and Other (“FASB ASC 350”). Goodwill represents the excess of the consideration transferred plus the fair value of any noncontrolling interest in the acquiree at the acquisition date over the fair values of identifiable net assets of businesses acquired. Goodwill and certain other intangible assets deemed to have indefinite lives are not amortized but are tested on an annual basis for impairment during the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. See Note 11—Goodwill and Other Intangible Assets. Intangible assets arising from business combinations are initially recorded at fair value. We record other intangible assets at cost. We amortize intangible assets with determinable lives (consisting of backlog and customer relationships) based on the expected pattern of consumption. We review these intangible assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be recoverable. See Note 11—Goodwill and Other Intangible Assets. (j) Impairment of Long-Lived Assets We review long-lived assets, including property and equipment and acquired intangible assets with estimable useful lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of such an asset may not be recoverable. These indicators of impairment can include, but are not limited to, the following: • satellite anomalies, such as a partial or full loss of power; • under-performance of an asset compared to expectations; and • shortened useful lives due to changes in the way an asset is used or expected to be used. The recoverability of an asset to be held and used is determined by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, we record an impairment charge in the amount by which the carrying amount of the asset exceeds its fair value, which we determine by either a quoted market price, if any, or a value determined by utilizing discounted cash flow techniques. (k) Income Taxes We account for income taxes in accordance with FASB ASC Topic 740— Income Taxes . We are subject to income taxes in the United States as well as a number of other foreign jurisdictions. Significant judgment is required in the calculation of our tax provision and the resulting tax liabilities and in the recoverability of our deferred tax assets that arise from temporary differences between the tax and financial statement recognition of revenue and expense and net operating loss and credit carryforwards. We regularly assess the likelihood that our deferred tax assets can be recovered. A valuation allowance is required when it is more likely than not that all or a portion of the deferred tax asset will not be realized. We evaluate the recoverability of our deferred tax assets based in part on the existence of deferred tax liabilities that can be used to realize the deferred tax assets. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. We evaluate our tax positions to determine if it is more likely than not that a tax position is sustainable, based solely on its technical merits and presuming the taxing authorities have full knowledge of the position and access to all relevant facts and information. When a tax position does not meet the more likely than not standard, we record a liability or contra asset for the entire amount of the unrecognized tax impact. Additionally, for those tax positions that are determined more likely than not to be sustainable, we measure the tax position at the largest amount of benefit more likely than not (determined by cumulative probability) to be realized upon settlement with the taxing authority. (l) Foreign Currency Translation Our functional currency is the U.S. dollar, since substantially all customer contracts, capital expenditure contracts and operating expense obligations are denominated in U.S. dollars. Transactions not denominated in U.S. dollars have been translated using the spot rates of exchange at the dates of the transactions. We recognize differences on exchange arising on the settlement of the transactions denominated in currencies other than the U.S. dollar in the consolidated statement of operations. (m) Comprehensive Income Comprehensive income consists of net income or loss and other gains and losses affecting shareholders’ equity that, under U.S. GAAP, are excluded from net income or loss. Such items consist primarily of the change in the market value of pension liability adjustments. (n) Share-Based Compensation Compensation cost is recognized based on the requirements of FASB ASC Topic 718, Compensation—Stock Compensation (“FASB ASC 718”), for all share-based awards granted. Option awards are measured at the grant date based on the fair value as calculated using either the Black-Scholes option pricing model, a Monte Carlo simulation model, a binomial tree model or any other acceptable model. Awards of shares or restricted share units are valued based on the closing market price at the grant date. The expense is recognized over the requisite service period, based on attainment of certain vesting requirements. The determination of the value of certain awards requires considerable judgment, including estimating expected volatility, expected term, correlation between share price and market conditions and risk-free rate. The Company’s expected volatility is based on either implied volatility of traded options on the shares of the Company or the historical volatility. The expected term is based on the midpoint between the expected vesting time and the remaining contractual life. The risk-free rate is derived from the applicable Constant Maturity Treasury rate. (o) Deferred Satellite Performance Incentives The cost of satellite construction may include an element of deferred consideration that we are obligated to pay to satellite manufacturers over the lives of the satellites, provided the satellites continue to operate in accordance with contractual specifications. Historically, the satellite manufacturers have earned substantially all of these payments. Therefore, we account for these payments as deferred financing. We capitalize the present value of these payments as part of the cost of the satellites and record a corresponding liability to the satellite manufacturers. Interest expense is recognized on the deferred financing and the liability is reduced as the payments are made. (p) Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign exchange rates and interest rates. We employ risk management strategies, which may include the use of foreign currency swaps, interest rate swaps and interest rate caps. We measure all derivatives at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Changes in the fair value of derivative instruments not qualifying as hedges are recognized in earnings in the current period. (q) New Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in FASB ASC Topic 605 - Revenue Recognition. The guidance in ASU 2014-09 clarifies the principles for recognizing revenue by creating a common revenue standard for U.S. GAAP (“ASC 606”). The FASB issued several amendments to the standard, including clarification of accounting for licenses of intellectual property and identifying performance obligations. We adopted the standard effective January 1, 2018 using the modified retrospective method. We recognized the cumulative effect of initially applying the new standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those years. Based on our assessment, the adoption of the new standard impacts the total consideration for prepayment contracts, accounting of incremental costs for obtaining a contract, allocation of the transaction price to performance obligations and accounting for contract modifications, and requires additional disclosures. The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows (in thousands): As of Adjustment As of Consolidated Balance Sheets Assets Receivables $ 221,223 $ (11,025 ) $ 210,198 Prepaid expenses and other current assets 56,862 (28,545 ) 28,317 Contract assets — 40,618 40,618 Contract assets, net of current portion — 97,148 97,148 Other assets 443,830 (74,643 ) 369,187 Liabilities Accounts payable and accrued liabilities $ 116,396 $ (4,071 ) $ 112,325 Deferred revenue 149,749 (149,749 ) — Contract liabilities — 143,705 143,705 Deferred revenue, net of current portion 794,707 (794,707 ) — Contract liabilities, net of current portion — 1,164,138 1,164,138 Deferred income taxes 48,434 (43,846 ) 4,588 Other long-term liabilities 296,616 (10,176 ) 286,440 Shareholders’ deficit Accumulated deficit $ (5,894,659 ) $ (281,741 ) $ (6,176,400 ) The cumulative effect adjustment was comprised of $ 347.0 million, ( $8.5 ) million, ($ 7.0 ) million, and ($ 49.7 ) million for the significant financing component, timing of revenue recognition on our multi-product contracts that include both the provision of services and the delivery of equipment that are distinct, cost to obtain a contract adjustment and the related cumulative tax impact, respectively. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption of ASC 606 on our consolidated statements of operations, balance sheets, and statements of cash flows was as set forth in the tables below (in thousands). The impact to our consolidated statement of other comprehensive income (loss) was an increase in net loss of $56.1 million for the year ended December 31, 2018 . For the Year Ended December 31, 2018 As Reported Balances without Effect of adoption Consolidated Statements of Operations Revenue $ 2,161,190 $ 2,057,983 $ 103,207 Direct costs of revenue (excluding depreciation and amortization) 330,874 331,786 (912 ) Selling, general and administrative 200,857 200,973 (116 ) Interest expense, net 1,212,374 1,096,184 116,190 Other income, net 4,541 5,329 (788 ) Provision for income taxes (1) 130,069 86,720 43,349 Net loss (595,690 ) (539,598 ) (56,092 ) Net loss attributable to Intelsat S.A. (599,605 ) (543,513 ) (56,092 ) Net loss per common share attributable to Intelsat S.A.: Basic $ (4.63 ) $ (4.20 ) $ (0.43 ) Diluted $ (4.63 ) $ (4.20 ) $ (0.43 ) (1) Provision for income taxes includes a deferred tax asset that was established upon adoption of ASC 606 that was eliminated as a result of the 2018 Internal Reorganization (see Note 14 - Income Taxes). As of December 31, 2018 As Reported Balances without Effect of adoption Consolidated Balance Sheets Assets Receivables $ 271,393 $ 278,233 $ (6,840 ) Prepaid expenses and other current assets 24,075 61,237 (37,162 ) Contract assets 45,034 — 45,034 Contract assets, net of current portion 96,108 — 96,108 Other assets 401,414 483,589 (82,175 ) Liabilities Accounts payable and accrued liabilities $ 108,101 $ 113,627 $ (5,526 ) Deferred revenue — 134,799 (134,799 ) Contract liabilities 137,746 — 137,746 Deferred revenue, net of current portion — 763,478 (763,478 ) Contract liabilities, net of current portion 1,131,319 — 1,131,319 Taxes payable 5,679 4,886 793 Other long-term liabilities 77,670 83,776 (6,106 ) Deferred income taxes 82,488 89,639 (7,151 ) Shareholders’ deficit Accumulated deficit $ (6,606,426 ) $ (6,268,593 ) $ (337,833 ) For the Year Ended December 31, 2018 As Reported Balances without Effect of adoption Consolidated Statement of Cash Flows Cash flows from operating activities Net loss $ (595,690 ) $ (539,598 ) $ (56,092 ) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income taxes 79,160 42,465 36,695 Other non-cash items 938,828 938,828 — Changes in operating assets and liabilities: Receivables (63,814 ) (59,629 ) (4,185 ) Prepaid expenses, contract and other assets 3,708 (9,065 ) 12,773 Accounts payable and accrued liabilities 7,291 7,953 (662 ) Accrued interest payable 21,442 21,442 — Deferred revenue and contract liabilities (39,763 ) (47,164 ) 7,401 Accrued retirement benefits (15,902 ) (15,902 ) — Other long-term liabilities 8,913 4,843 4,070 Net cash provided by operating activities $ 344,173 $ 344,173 $ — Refer to Note 17—Business and Geographic Segment Information for the required disclosures related to the disaggregation of revenue. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses specific issues relating to diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. Additionally, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which requires that amounts described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We adopted ASU 2016-15 and ASU 2016-18 in the first quarter of 2018 on a retrospective basis. The adoption of ASU 2016-15 has no impact on our consolidated statement of cash flows. The effect of the adoption of ASU 2016-18 on our consolidated statements of cash flows are as follows (in thousands): For the Year Ended December 31, 2016 As Reported Balances without the adoption of ASU 2016-18 Effect of adoption Consolidated Statement of Cash Flows Net cash provided by operating activities $ 678,755 $ 683,506 $ (4,751 ) Net cash provided by investing activities (730,589 ) (730,589 ) — Net cash provided by financing activities 546,347 541,596 4,751 Net change in cash, cash equivalents and restricted cash $ 494,483 $ 494,483 $ — For the Year Ended December 31, 2017 As Reported Balances without the adoption of ASU 2016-18 Effect of adoption Consolidated Statement of Cash Flows Net cash provided by operating activities $ 464,246 $ 464,230 $ 16 Net cash provided by investing activities (468,297 ) (468,297 ) — Net cash used in financing activities (121,698 ) (137,858 ) 16,160 Net change in cash, cash equivalents and restr |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Share Capital | Share Capital Under our Articles of Incorporation, we have an authorized share capital of $10 million , represented by 1.0 billion shares of any class with a nominal value of $0.01 per share. At December 31, 2018 , there were 138.0 million common shares issued and outstanding. In June 2018, Intelsat S.A. completed an offering of 15,498,652 common shares, nominal value 0.01 per share, at a public offering price of 14.84 per common share. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to Intelsat S.A.’s common shareholders by the weighted average number of common shares outstanding during the periods. The following table sets forth the computation of basic and diluted net income (loss) per share attributable to Intelsat S.A.: (in thousands, except per share data or where otherwise noted) Year Ended December 31, 2016 Year Ended December 31, 2017 Year Ended December 31, 2018 Numerator: Net income (loss) $ 994,112 $ (174,814 ) $ (595,690 ) Net income attributable to noncontrolling interest (3,915 ) (3,914 ) (3,915 ) Net income (loss) attributable to Intelsat S.A. 990,197 (178,728 ) (599,605 ) Net income (loss) attributable to common shareholders $ 990,197 $ (178,728 ) $ (599,605 ) Numerator for Basic EPS—income/ (loss) available to common shareholders $ 990,197 $ (178,728 ) $ (599,605 ) Numerator for Diluted EPS $ 990,197 $ (178,728 ) $ (599,605 ) Denominator: Basic weighted average shares outstanding (in millions) 114.5 118.9 129.6 Weighted average dilutive shares outstanding (in millions): Preferred shares (in millions) 3.2 — — Employee compensation related shares including options and restricted stock units (in millions) 0.8 — — Diluted weighted average shares outstanding (in millions) 118.5 118.9 129.6 Basic net income (loss) per common share attributable to Intelsat S.A. $ 8.65 $ (1.50 ) $ (4.63 ) Diluted net income (loss) per common share attributable to Intelsat S.A. $ 8.36 $ (1.50 ) $ (4.63 ) In June 2018, Intelsat S.A. completed an offering of $402.5 million aggregate principal amount of its 4.5% Convertible Senior Notes due 2025 (the “2025 Convertible Notes”). We do not expect to settle the principal amount of the 2025 Convertible Notes in cash, and therefore use the if-converted method for calculating any potential dilutive effect of the conversion on diluted net income per share, if applicable. The 2025 Convertible Notes are eligible for conversion depending upon the trading price of our common shares and under other conditions set forth in the 2025 Indenture (as defined below in Note 12—Long Term Debt) until December 15, 2024, and thereafter without regard to any conditions. See Note 12—Long Term Debt for additional information on the conversion conditions. Due to a net loss in the years ended December 31, 2017 and 2018 , there were no dilutive securities, and therefore, basic and diluted EPS were the same. The weighted average number of shares that could potentially dilute basic EPS in the future was 6.2 million , 3.5 million and 12.5 million (consisting of restricted share units, performance units, options to purchase common shares, and potentially issuable shares from the conversion of the 2025 Convertible Notes) for the years ended December 31, 2016 , 2017 and 2018 , respectively. |
Share-Based and Other Compensat
Share-Based and Other Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based and Other Compensation Plans | Share-Based and Other Compensation Plans In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting , which is intended to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. Under ASU 2017-09 modification accounting is required only if the fair value (or calculated intrinsic value, if those amounts are being used to measure the award under ASC 718), the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. ASU 2017-09 is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. We adopted ASU 2017-09 on January 1, 2018. The adoption of this standard did not have an impact on our consolidated financial statements and associated disclosures. We will continue to evaluate the impact of ASU 2017-09 as any modifications occur. In April 2013, our board of directors adopted the amended and restated Intelsat Global, Ltd. 2008 Share Incentive Plan (as amended, the “2008 Equity Plan”). Also in April 2013, our board of directors adopted the Intelsat S.A. 2013 Equity Incentive Plan (the “2013 Equity Plan”). No new awards may be granted under the 2008 Equity Plan. The 2013 Equity Plan provides for a variety of equity based awards, including incentive stock options (within the meaning of Section 422 of the United States Internal Revenue Service Tax Code), restricted shares, restricted share units (“RSUs”), other share-based awards and performance compensation awards. Effective June 16, 2016, we increased the aggregate number of common shares authorized for issuance under the 2013 Equity Plan to 20.0 million common shares. The total aggregate number of shares available for future issuance under the 2013 Equity Plan was 7.3 million as of December 31, 2018 . For all share-based awards, we recognize the compensation costs over the vesting period during which the employee provides service in exchange for the award. During the years ended December 31, 2016 , 2017 and 2018 , we recorded compensation expense of $23.2 million , $16.0 million , and $6.8 million , respectively. The income tax benefit related to share-based compensation expense was $0.4 million for the year ended December 31, 2018 . We did not recognize any income tax benefit related to share-based compensation expense for the years ended December 31, 2017 and December 31, 2016 . Stock Options Stock options generally expire 10 years from the date of grant. In some cases, options have been granted which expire 15 years from the date of grant. The options vest monthly over service periods ranging from six months to five years. Stock Option activity during 2018 was as follows: Number of Stock Options (in thousands) Weighted Average Exercise price Weighted Average remaining contractual term (in years) Aggregate intrinsic value (in millions) Outstanding at January 1, 2018 2,084 $ 3.84 Granted 3 19.5 Exercised (852 ) 3.77 Expired (126 ) 5.67 Outstanding at December 31, 2018 1,109 $ 3.71 5.7 $ 19.6 Exercisable at December 31, 2018 1,037 $ 3.71 5.6 $ 18.3 The total intrinsic value of stock options exercised during the years ended December 31, 2017 and 2018 was $0.2 million and $7.9 million , respectively. No stock options were exercised during the year ended December 31, 2016. As of December 31, 2018 , there was a minimal amount of total unrecognized compensation cost related to unvested options, which is expected to be recognized over a weighted average period of 0.1 years . During the years ended December 31, 2016 , 2017 and 2018 , we recorded compensation expense of $2.6 million , $1.4 million and $0.2 million , respectively, including compensation expense from option modifications in 2014 and 2016, further described below. During years ended 2017 and 2018 , we received cash of $0.5 million and $3.2 million , respectively, from the exercise of stock options. No stock options were exercised during the year ended December 31, 2016. Anti-Dilution Options In connection with our initial public offering of common shares in April 2013 (the “IPO”) and upon consummation of the IPO, options were granted to certain individuals in accordance with the existing terms of their side letters to a management shareholders agreement to which we are a party, which, when taken together with the common shares received in connection with the reclassification of our outstanding former Class B Shares at the time of our IPO, preserved their ownership interests represented by their outstanding former Class B Shares immediately prior to the reclassification. These options generally expire 10 years from the date of the grant. Number of Stock Options (in thousands) Weighted Average Exercise price Weighted Average remaining contractual term (in years) Aggregate intrinsic value (in millions) Outstanding at January 1, 2018 1,610 $ 11.98 Outstanding at December 31, 2018 1,610 $ 11.98 4.1 $ 15.1 Excercisable at December 31, 2018 1,610 $ 11.98 4.1 $ 15.1 We measure the fair value of anti-dilution option grants at the date of grant using a Black-Scholes option pricing model. There were no anti-dilution options granted during the years ended December 31, 2016 , 2017 and 2018 . During the year ended December 31, 2016, we recorded compensation expense associated with anti-dilution option awards of $1.0 million related to 2016 option modifications further described below. No compensation expense was recorded for these awards during the years ended December 31, 2017 and 2018 . There were no anti-dilution options exercised during the years ended 2016 , 2017 or 2018 . 2016 Option modifications During the year ended December 31, 2016, we amended 1.2 million stock options under the 2008 Equity Plan (including 0.7 million of anti-dilution options), and 0.4 million stock options under the 2013 Equity Plan in order to modify the exercise prices to $4.16 for the anti-dilution options and to $3.77 for the remainder. As a result of the change, we estimated the difference between fair value of the amended options and the fair value of the original awards before settlement. The fair value was measured using the Black-Scholes option pricing model and the following assumptions were used for the amended options and the original awards before amendment: risk-free interest rates of 0.8% to 1.5% ; dividend yields of 0.0% ; expected volatility of 50 - 60% ; and expected life of one to four years . All such options were fully vested and we recognized additional compensation expense associated with the modifications of $2.0 million for the year ended December 31, 2016, which has been included in the respective sections above. Time-based RSUs Time-based RSUs vest over periods ranging from one to three years from the date of grant. Time-based RSUs activity during 2018 was as follows: Number of RSUs (in thousands) Weighted Average grant date fair value Weighted Average remaining contractual term (in years) Aggregate intrinsic value (in millions) Outstanding at January 1, 2018 3,417 $ 7.56 Granted 1,490 7.99 Vested (1) (2,113 ) 10.07 Forfeited (192 ) 5.42 Outstanding at December 31, 2018 2,602 $ 5.93 1.6 $ 40.2 (1) The total vested RSUs includes 1,025 RSUs that were vested in prior years but settled in 2018. The fair value of time-based RSUs is deemed to be the market price of common shares on the date of grant. The weighted average grant date fair value of time-based RSUs granted during the years ended December 31, 2016 , 2017 , and 2018 was $1.67 , $4.36 , and $7.99 , respectively. The total intrinsic value of time-based RSUs vested during the years ended December 31, 2016 , 2017 and 2018 was $1.7 million , $6.0 million , and $9.2 million , respectively. As of December 31, 2018 , there was $10.7 million of total unrecognized compensation cost related to unvested time-based RSUs, which is expected to be recognized over a weighted average period of 1.6 years . During the years ended December 31, 2016 , 2017 , and 2018 , we recorded compensation expense associated with these time-based RSUs of $17.9 million , $13.7 million , and $5.7 million , respectively. Performance-based RSUs Performance-based RSUs vest after three years from the date of grant upon achievement of certain performance conditions. These grants are subject to vesting upon achievement of an adjusted EBITDA target or achievement of a relative shareholder return (“RSR”), which is based on the Company’s relative shareholder return percentile ranking versus the S&P 900 Index target as defined in the grant agreement. Performance-based RSUs activity during 2018 was as follows: Number of RSUs (in thousands) Weighted Average grant date fair value Weighted Average remaining contractual term (in years) Aggregate intrinsic value (in millions) Outstanding at January 1, 2018 2,156 $ 2.89 Granted 930 4.53 Cancelled (348 ) 8.97 Forfeited (114 ) 2.28 Outstanding at December 31, 2018 2,624 $ 2.69 1.1 $ 49.1 We measure the fair value of performance-based RSUs at the date of grant using the market price of our common shares. The weighted average grant date fair value of performance-based RSUs granted during the years ended December 31, 2016 , 2017 , and 2018 was $0.94 , $2.79 , and $4.53 , respectively. As of December 31, 2018 , there was $2.3 million of total unrecognized compensation cost related to unvested performance-based RSUs, which is expected to be recognized over a weighted average period of 1.1 years . Achievement of the adjusted EBITDA target for awards granted in 2016 , 2017 , and 2018 is not currently considered probable. No compensation cost associated with these awards (based on the adjusted EBITDA condition) was recognized during the years ended December 31, 2017 , and 2018 . We recorded compensation expense associated with the awards granted in 2016 (based on the adjusted EBITDA condition) of $0.1 million during the year ended December 31, 2016, which was reversed during the year ended December 31, 2017. We recorded compensation expense associated with the RSR portion of performance-based RSUs of $1.6 million , $1.0 million , and $0.9 million during the years ended December 31, 2016 , 2017 and 2018 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6 Fair Value Measurements We have identified investments in marketable securities, interest rate financial derivative instruments, warrant instruments as those items that meet the criteria of the disclosure requirements and fair value framework of FASB ASC 820. The following tables present assets measured and recorded at fair value in our consolidated balance sheets on a recurring basis and their corresponding level within the fair value hierarchy (in thousands), excluding long-term debt (see Note 12—Long-Term Debt) and pension plan assets (see Note 7—Retirement Plans and Other Retiree Benefits). No transfers between Level 1 and Level 2 fair value measurements occurred during the year ended December 31, 2018 . Fair Value Measurements at December 31, 2017 Description As of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets (Level 1) (Level 2) (Level 3) Marketable securities (1) $ 5,776 $ 5,776 $ — $ — Undesignated interest rate cap (2) 22,336 — 22,336 — Warrant (3) 4,100 — — 4,100 Total assets $ 32,212 $ 5,776 $ 22,336 $ 4,100 Fair Value Measurements at December 31, 2018 Description As of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets (Level 1) (Level 2) (Level 3) Marketable securities (1) $ 4,700 $ 4,700 $ — $ — Undesignated interest rate cap (2) 33,086 — 33,086 — Warrant (3) 4,100 — — 4,100 Total assets $ 41,886 $ 4,700 $ 33,086 $ 4,100 (1) The valuation measurement inputs of these marketable securities represent unadjusted quoted prices in active markets and, accordingly, we have classified such investments within Level 1 of the fair value hierarchy. The cost basis of our marketable securities was $4.7 million at December 31, 2017 and $4.6 million at December 31, 2018 . We sold marketable securities with a cost basis of $0.7 million during the year ended December 31, 2018 and recorded a nominal gain on the sale within other income, net in our consolidated statement of operations. (2) The valuation of our interest rate derivative instruments reflects the fair value of premiums paid, taking into account observable inputs including current interest rates, the market expectation for future interest rates volatility and current creditworthiness of the counterparties. As a result, we have determined that our derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. (3) We valued the warrant using a valuation technique which reflects the risk free rate, time to maturity and volatility of comparable companies. We identified the inputs used to calculate the fair value as Level 3 inputs and concluded that the valuation in its entirety was classified as Level 3 within the fair value hierarchy. |
Retirement Plans and Other Reti
Retirement Plans and Other Retiree Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans and Other Retiree Benefits | Retirement Plans and Other Retiree Benefits In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , to require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period in the operating income section of the income statement, if one is presented. The other components of net benefit cost, as defined, are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments in this ASU also allow only the service cost component to be eligible for capitalization when applicable. ASU 2017-07 is effective for interim and annual periods beginning after December 15, 2017 for public business entities. As discussed in Note 2, we adopted ASU 2017-07 on January 1, 2018 using the retrospective method, which changed the financial statement presentation of service costs and the other components of net periodic benefit cost. The service cost component, which does not apply to our plans since they are frozen, continues to be included in operating income; however, the other components are now presented in other income (expense), net in the consolidated statements of operations. As a result, the company reclassified a net credit for pension and postretirement benefits from operating expenses to other income for the years ended December 31, 2016 and 2017, to conform to the current year presentation. The reclassifications to conform to the current year presentation are as follows (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2017 Operating Expenses: Direct costs of revenue (excluding depreciation and amortization) $ 1,487 $ 2,016 Selling, general and administrative 1,140 1,460 Other income (expense), net $ 2,627 $ 3,476 (a) Pension and Other Postretirement Benefits We maintain a noncontributory defined benefit retirement plan covering substantially all of our employees hired prior to July 19, 2001. The cost of providing benefits to eligible participants under the defined benefit retirement plan is calculated using the plan’s benefit formulas, which take into account the participants’ remuneration, dates of hire, years of eligible service, and certain actuarial assumptions. In addition, as part of the overall medical plan, we provide postretirement medical benefits to certain current retirees who meet the criteria under the medical plan for postretirement benefit eligibility. In September 2018, the Company communicated a plan to its retiree medical group Medicare eligible plan participants to transition to a private exchange, effective January 1, 2019, which was accounted for as a plan amendment. As a result of the plan amendment, we recognized a decrease of $38.5 million (net of $0.7 million in tax impact) in our other postretirement benefit obligation as of December 31, 2018, with a corresponding increase to other comprehensive income for the year ended December 31, 2018. In the first quarter of 2015, we amended the defined benefit retirement plan to cease the accrual of additional benefits for the remaining active participants effective March 31, 2015. As a result of the curtailment, all of the plan’s participants are now considered inactive. Accordingly, all amounts recorded in accumulated other comprehensive loss are being recognized as an increase to net periodic benefit cost over the average remaining life expectancy of plan participants, which is approximately 20 years. The defined benefit retirement plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. We expect that our future contributions to the defined benefit retirement plan will be based on the minimum funding requirements of the Internal Revenue Code and on the plan’s funded status. Any significant decline in the fair value of our defined benefit retirement plan assets or other adverse changes to the significant assumptions used to determine the plan’s funded status would negatively impact its funded status and could result in increased funding in future years. The impact on the funded status is determined based upon market conditions in effect when we completed our annual valuation. We anticipate that our contributions to the defined benefit retirement plan in 2019 will be approximately $5.1 million . We fund the postretirement medical benefits throughout the year based on benefits paid. We anticipate that our contributions to fund postretirement medical benefits in 2019 will be approximately $3.1 million . Prior service credits and actuarial losses are reclassified from accumulated other comprehensive loss to net periodic pension benefit costs, which are included in other income (expense), net on our consolidated statements of operations for the year ended December 31, 2018 . The following table presents these reclassifications, net of tax, as well as the reclassification of the realized gain on investments, and the statement of operations line items that are impacted (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2017 Year Ended December 31, 2018 Amortization of prior service credits reclassified from other comprehensive loss to net periodic pension benefit costs included in: Other income (expense), net (5 ) 21 (839 ) Total $ (5 ) $ 21 $ (839 ) Amortization of actuarial loss reclassified from other comprehensive loss to net periodic pension benefit costs included in: Other income (expense), net 2,223 2,074 4,064 Total $ 2,223 $ 2,074 $ 4,064 Realized gain on investments included in: Other income (expense), net $ (192 ) $ (235 ) $ (351 ) Total $ (192 ) $ (235 ) $ (351 ) Reconciliation of Funded Status and Accumulated Benefit Obligation. Expenses for our defined benefit retirement plan and for postretirement medical benefits that are provided under our medical plan are developed from actuarial valuations. The following summarizes the projected benefit obligations, plan assets and funded status of the defined benefit retirement plan, as well as the projected benefit obligations of the postretirement medical benefits provided under our medical plan (in thousands, except percentages): Year Ended Year Ended Pension Benefits Other Post- retirement Benefits Pension Benefits Other Post- retirement Benefits Change in benefit obligation Benefit obligation at beginning of year $ 424,929 $ 82,897 $ 447,222 $ 82,587 Service cost — — — — Interest cost 14,778 2,869 14,428 2,314 Employee contributions — 416 — 390 Plan amendments — — — (33,907 ) Benefits paid (24,380 ) (4,125 ) (30,741 ) (3,600 ) Actuarial (gain) loss 31,895 530 (36,827 ) (7,258 ) Benefit obligation at end of year $ 447,222 $ 82,587 $ 394,082 $ 40,526 Change in plan assets Plan assets at beginning of year $ 317,510 $ — $ 334,582 $ — Employer contributions 2,888 3,709 5,115 3,210 Employee contributions — 416 — 390 Actual return on plan assets 38,564 — (11,325 ) — Benefits paid (24,380 ) (4,125 ) (30,741 ) (3,600 ) Plan assets at fair value at end of year $ 334,582 $ — $ 297,631 $ — Accrued benefit costs and funded status of the plans $ (112,640 ) $ (82,587 ) $ (96,451 ) $ (40,526 ) Accumulated benefit obligation $ 447,222 $ 394,082 Weighted average assumptions used to determine accumulated benefit obligation and accrued benefit costs Discount rate 3.67 % 3.64 % 4.35 % 4.27 % Weighted average assumptions used to determine net periodic benefit costs Discount rate 4.23 % 4.19 % 3.67 % 3.64%/4.18% Expected rate of return on plan assets 7.60 % — 7.60 % — Rate of compensation increase — — — — Amounts in accumulated other comprehensive loss recognized in net periodic benefit cost Actuarial (gain) loss, net of tax $ 2,363 $ (289 ) $ 4,640 $ (576 ) Prior service credits, net of tax (8 ) 29 (854 ) 15 Total $ 2,355 $ (260 ) $ 3,786 $ (561 ) Amounts in accumulated other comprehensive loss not yet recognized in net periodic benefit cost Actuarial (gain) loss, net of tax $ 99,152 $ (8,815 ) $ 93,509 $ (15,377 ) Prior service credits, net of tax (366 ) — (343 ) (32,514 ) Total $ 98,786 $ (8,815 ) $ 93,166 $ (47,891 ) Amounts in accumulated other comprehensive loss expected to be recognized in net periodic benefit cost in the subsequent year Actuarial (gain) loss $ (5,307 ) $ 403 $ (4,222 ) $ 1,229 Prior service credits — 8 — 2,544 Total $ (5,307 ) $ 411 $ (4,222 ) $ 3,773 Our benefit obligations are determined by discounting each future year's expected benefit cash flow using the corresponding spot rates along a yield curve that is derived from the monthly bid-price data of bonds that are rated high grade by either Moody’s Investor Service or Standard and Poor’s Rating Services. The bond types included are noncallable bonds, private placement bonds that are traded among qualified institutional buyers and are at least two years from date of issuance, bonds with a make-whole provision, and bonds issued by foreign corporations that are denominated in U.S. dollars. Excluded are bonds that are callable, sinkable and puttable as well as those for which the quoted yield-to-maturity is zero. Using the bonds from this universe that have a yield higher than the regression mean yield curve for the full universe, regression analysis is used to determine the best-fitting curve, which gives a good fit to the data at both long and short maturities. The resulting regressed coupon yield curve is smoothed continuously along its entire length and represents an unbiased average of the observed market data. In the first quarter of 2016, we changed the method we use to estimate the interest cost component of net periodic benefit cost for our defined benefit pension and other postretirement benefit plans. Historically, we estimated the interest cost component using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the year. We elected to use a full yield curve approach in the estimation of this component of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates, and to provide a more precise measurement of interest costs. This change does not affect the measurement of our total benefit obligations, as the change in the interest cost is completely offset in the actuarial (gain) loss reported. We accounted for this change as a change in estimate and, accordingly, accounted for it prospectively starting in the first quarter of 2016. The discount rate that we used to measure interest cost as of December 31, 2016 was approximately 3.8% . The discount rate that we measured at December 31, 2016 and would have used for interest cost under our prior estimation technique was approximately 4.5% . The reduction in interest cost as of December 31, 2016, associated with this change in estimate was approximately $3.6 million . The discount rate that we used to measure interest cost was approximately 3.6% and 3.3% as of December 31, 2017 and 2018, respectively. Interest rates used in these valuations are key assumptions, including discount rates used in determining the present value of future benefit payments and expected return on plan assets, which are reviewed and updated on an annual basis. The discount rates reflect market rates for high-quality corporate bonds. We consider current market conditions, including changes in interest rates, in making assumptions. The Society of Actuaries (“SOA”) issued new mortality and mortality improvement tables in 2014, and modified those tables in 2015, 2016, 2017 and 2018. Our December 31, 2018 valuation used mortality and improvement tables based on the SOA tables, adjusted to reflect (1) an ultimate rate of mortality improvement consistent with both historical experience and U.S. Social Security long-term projections, and (2) a shorter transition period to reach the ultimate rate, which is consistent with historical patterns. In establishing the expected return on assets assumption, we review the asset allocations considering plan maturity and develop return assumptions based on different asset classes. The return assumptions are established after reviewing historical returns of broader market indexes, as well as historical performance of the investments in the plan. Our pension plan assets are managed in accordance with an investment policy adopted by the pension committee, as discussed below. Plan Assets. The investment policy of the Plan includes target allocation percentages of approximately 49% for investments in equity securities ( 29% U.S. equities and 20% non-U.S. equities), 36% for investments in fixed income securities and 15% for investments in other securities, which is broken down further into 5% for investments in hedge fund of funds and 10% for investments in real estate fund of funds. Plan assets include investments in both U.S. and non-U.S. equity funds. Fixed income investments include a long duration bond fund, a high yield bond fund and an emerging markets debt fund. The funds in which the plan’s assets are invested are institutionally managed and have diversified exposures into multiple asset classes implemented with over 63 investment managers. The guidelines and objectives of the funds are congruent with the Intelsat investment policy statement. The target and actual asset allocation of our pension plan assets were as follows: As of December 31, 2017 As of December 31, 2018 Target Allocation Actual Allocation Target Allocation Actual Allocation Asset Category Equity securities 49 % 50 % 49 % 45 % Debt securities 36 % 35 % 36 % 36 % Other securities 15 % 15 % 15 % 19 % Total 100 % 100 % 100 % 100 % The fair values of our pension plan assets by asset category are as follows (in thousands): Fair Value Measurements at December 31, 2018 Level 1 Level 2 Level 3 Asset Category Equity Securities U.S. Large-Cap (1) $ 62,243 $ 62,243 $ — $ — U.S. Small/Mid-Cap (2) 15,739 15,739 — — World Equity Ex-US (3) 54,994 54,994 — — Fixed Income Securities Long Duration Bonds (4) 91,278 91,278 — — High Yield Bonds (5) 8,440 8,440 — — Emerging Market Fixed income (Non-US) (6) 8,923 8,923 — — Other Securities $ 241,617 $ — $ — Hedge Funds (7) 18,062 Core Property Fund (8) 37,559 Cash and income earned but not yet received 393 Total $ 297,631 Fair Value Measurements at December 31, 2017 Level 1 Level 2 Level 3 Asset Category Equity Securities U.S. Large-Cap (1) $ 78,076 $ 78,076 $ — $ — U.S. Small/Mid-Cap (2) 19,952 19,952 — — World Equity Ex-US (3) 67,835 67,835 — — Fixed Income Securities Short Duration Bonds (4) 98,421 98,421 — — High Yield Bonds (5) 9,419 9,419 — — Emerging Market Fixed income (Non-US) (6) 9,127 9,127 — — Other Securities $ 282,830 $ — $ — Hedge Funds (7) 17,121 Core Property Fund (8) 34,486 Income earned but not yet received 145 Total $ 334,582 (1) US large cap equity fund invests primarily in a portfolio of common stocks included in the S&P 500 Index, as well as other equity securities and derivative instruments whose value is derived from the performance of the S&P 500. (2) The US small/mid cap equity includes the U.S. Small/Mid Cap Equity Fund and the Extended Market Index Fund. The U.S. Small/Mid Cap Equity Fund will invest primarily in U.S. small- and mid-cap stocks with market capitalization ranges similar to those found in the FTSE Russell 2500 Index. The Extended Markets Index Fund aims to produce investment results that correspond to the performance of the FTSE/Russell Small Cap Completeness Index. (3) World equity ex-US fund invests primarily in common stocks and other equity securities whose issuers comprise a broad range of capitalizations and are located outside of the U.S. The fund invests primarily in developed countries but may also invest in emerging markets. (4) The Long Duration Bond Fund will invest primarily in long-duration government and corporate fixed income securities and use derivative instruments (including interest rate swaps and Treasury futures contracts) for the purpose of managing the overall duration and yield curve exposure of the Fund's portfolio. Short duration bond fund includes the Opportunistic Income fund and the Limited Duration Bond Fund. (5) High yield bond fund seeks to maximize return by investing primarily in a diversified portfolio of higher yielding, lower rated fixed income securities. The fund will invest primarily in securities rated below investment grade, including corporate bonds, convertible and preferred securities and zero coupon obligations. (6) Emerging markets debt fund seeks to maximize return investing in fixed income securities of emerging markets issuers. The fund will invest primarily in U.S. dollar denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. (7) Hedge fund seeks to provide returns that are different from (less correlated with) investments in more traditional asset classes. The fund will pursue its investment objective by investing substantially all of its assets in various hedge funds. The fund has semi-annual redemptions in June and December with a 95 days pre-notification period, and a two year lock-up on all purchases which have expired. (8) Core property fund is a fund of funds that invests in direct commercial property funds primarily in the U.S. The fund is meant to provide current income-oriented returns, diversification, and modest inflation protection to an overall investment portfolio. Total returns are expected to be somewhere between stocks and bonds, with moderate volatility and low correlation to public markets. The fund has quarterly redemptions with a 95 days pre-notification period, and no lock-up period. Our plan assets are measured at fair value. FASB ASC 820 prioritizes the inputs used in valuation techniques including Level 1, Level 2 and Level 3 (see Note 2 (d)—Significant Accounting Policies—Fair Value Measurements). The majority of our plan assets are valued using measurement inputs which include unadjusted prices in active markets and we have therefore classified these assets within Level 1 of the fair value hierarchy. Our other securities include Hedge Funds and Core Property Funds, which are measured at fair value using the net asset value per share practical expedient, and are not classified in the fair value hierarchy. Net periodic pension benefit costs included the following components (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2017 Year Ended December 31, 2018 Interest cost $ 16,183 $ 14,778 $ 14,428 Expected return on plan assets (25,535 ) (24,410 ) (24,482 ) Amortization of unrecognized net loss 3,370 3,751 5,307 Total benefit $ (5,982 ) $ (5,881 ) $ (4,747 ) We had accrued benefit costs at December 31, 2017 and 2018 of $112.6 million and $96.4 million , respectively, related to the pension benefits, of which $0.6 million for each year were recorded within other current liabilities, and $112.0 million and $95.8 million were recorded in other long-term liabilities, respectively. Net periodic other postretirement benefit costs included the following components (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2017 Year Ended December 31, 2018 Interest cost $ 3,363 $ 2,869 $ 2,314 Amortization of prior service cost — (8 ) (854 ) Amortization of unrecognized net (gain) loss (8 ) (455 ) (630 ) Total costs $ 3,355 $ 2,406 $ 830 We had accrued benefit costs at December 31, 2017 and 2018 related to the other postretirement benefits of $82.6 million and $40.5 million , respectively, of which $4.1 million and $3.1 million were recorded in other current liabilities, and $78.5 million and $37.4 million were recorded in other long-term liabilities, respectively. Depending on our actual future health care claims, our actual costs may vary significantly from those projected above. As of December 31, 2017 and December 31, 2018 , the assumed health care cost trend rates prior to Medicare were 6.6% and 6.3% , respectively. These rates are expected to decrease annually to an ultimate rate of 4.5% by December 31, 2038. Increasing the assumed health care cost trend rate by 1% each year would increase the other postretirement benefits obligation as of December 31, 2018 by $3.8 million . Decreasing this trend rate by 1% each year would reduce the other postretirement benefits obligation as of December 31, 2018 by $3.2 million . A 1% increase in the assumed health care cost trend rate would have increased the net periodic other postretirement benefits cost by $0.2 million and a 1% decrease would have decreased the cost by $0.2 million for 2018 . The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are as follows (in thousands): Pension Benefits Other Post- retirement Benefits 2019 $ 37,034 $ 3,107 2020 28,141 3,129 2021 27,013 3,132 2022 27,021 3,129 2023 27,082 3,087 2024 to 2028 127,278 14,231 Total $ 273,569 $ 29,815 (b) Other Retirement Plans We maintain a defined contribution retirement plan, qualified under the provisions of Section 401(k) of the Internal Revenue Code, for our employees in the United States. We recognized compensation expense for this plan of $10.3 million , $7.8 million and $7.9 million for the years ended December 31, 2016 , 2017 and 2018 , respectively. We also maintain other defined contribution retirement plans in several non-U.S. jurisdictions, but such plans are not material to our financial position or results of operations. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables were comprised of the following (in thousands): As of As of Service charges: Billed $ 234,724 $ 292,634 Unbilled 11,025 — Other 5,143 7,301 Allowance for doubtful accounts (29,669 ) (28,542 ) Total $ 221,223 $ 271,393 As a result of the adoption of ASC 606, the total receivables balance as of December 31, 2018 does not reflect unbilled service charges, which are now presented as part of the contract assets on the balance sheet. Unbilled service charges as of December 31, 2017 represent amounts earned and accrued as receivables from customers for services rendered prior to the end of the reporting period. |
Satellites and Other Property a
Satellites and Other Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Satellites and Other Property and Equipment | Satellites and Other Property and Equipment (a) Satellites and Other Property and Equipment, net Satellites and other property and equipment, net were comprised of the following (in thousands): As of As of Satellites and launch vehicles $ 10,653,213 $ 10,786,802 Information systems and ground segment 808,203 894,796 Buildings and other 264,417 273,155 Total cost 11,725,833 11,954,753 Less: accumulated depreciation (5,802,214 ) (6,443,051 ) Total $ 5,923,619 $ 5,511,702 Satellites and other property and equipment are stated at historical cost, with the exception of satellites that have been impaired. Satellites and other property and equipment acquired as part of an acquisition are based on their fair value at the date of acquisition. Satellites and other property and equipment, net as of December 31, 2017 and 2018 included construction-in-progress of $705.8 million and $371.3 million , respectively. These amounts relate primarily to satellites under construction and related launch services. Interest costs of $60.0 million and $30.2 million were capitalized during the years ended December 31, 2017 and 2018 , respectively. Additionally, we recorded depreciation expense of $646.4 million , $665.6 million and $649.1 million during the years ended December 31, 2016 , 2017 and 2018 , respectively. We have entered into launch contracts for the launch of both specified and unspecified future satellites. Each of these launch contracts provides that such contract may be terminated at our option, subject to payment of a termination fee that increases as the applicable launch date approaches. In addition, in the event of a failure of any launch, we may exercise our right to obtain a replacement launch within a specified period following our request for re-launch. (b) Recent Satellite Launches Horizons 3e, a satellite owned by a joint venture between the Company and JSAT International, Inc. ("JSAT"), was successfully launched on September 25, 2018 and will complete the Intelsat Epic NG constellation. Horizons 3e will bring high-throughput satellite ("HTS") solutions in both C- and Ku-bands to broadband, mobility and government customers in the Asia-Pacific Ocean region from its orbital slot at 169ºE. Horizons 3e is the first Intelsat Epic NG satellite to feature a multiport amplifier that enables power portability across all Ku-band spot beams. This enhanced, advanced digital payload features full beam interconnectivity in three commercial bands and significant upgrades to power, efficiency and coverage flexibility. Horizons 3e entered into service in January 2019. Intelsat 38, a customized Ku-band payload positioned on a third-party satellite, was successfully launched on September 25, 2018. Intelsat 38 will replace Intelsat 12 at the 45ºE location and host direct-to-home ("DTH") platforms for Central and Eastern Europe as well as the Asia-Pacific region. The satellite will also provide connectivity for corporate networks and government applications in Africa. Intelsat 38 entered into service in January 2019. Intelsat 37e, the fifth satellite in the Intelsat Epic NG fleet, was successfully launched on September 29, 2017. The all-digital Intelsat 37e is the first high-throughput (“HTS”) satellite to offer full, high-resolution interconnectivity between C-, Ku- and Ka- bands, delivering additional services and improved throughput to support enterprise, broadband, government and mobility applications in the Americas, Africa and Europe. Intelsat 37e entered into service in March 2018. On July 5, 2017, we successfully launched our Intelsat 35e satellite into orbit. The fourth of our Intelsat Epic NG next-generation HTS satellites, Intelsat 35e will deliver high-performance services in the C- and Ku-bands. The Intelsat 35e Ku-band services include a customized high power wide beam for direct-to-home (“DTH”) service delivery in the Caribbean, as well as services for mobility and government applications in the Caribbean, trans-Europe to Africa and the African continent. Intelsat 35e entered into service in August 2017. Intelsat 32e, a customized payload positioned on a third-party satellite, was successfully launched on February 14, 2017. Intelsat 32e is the third of six in our planned Intelsat Epic NG fleet, featuring high-performance spot beams. Intelsat 32e increases our service capabilities over the in-demand North Atlantic and Caribbean regions, supplying services for applications such as in-flight connectivity for commercial flights and passenger and commercial broadband for cruise lines and shipping vessels. Intelsat 32e entered into service in March 2017. (c) Satellite Health Our satellite fleet is diversified by manufacturer and satellite type, and as a result, our fleet is generally healthy. We have experienced some technical problems with our current fleet but have been able to minimize the impact of these problems on our customers, our operations and our business in recent years. Many of these problems have been component failures and anomalies that have had little long-term impact to date on the overall transponder availability in our satellite fleet. All of our satellites have been designed to accommodate an anticipated rate of equipment failures with adequate redundancy to meet or exceed their orbital design lives, and to date, this redundancy design scheme has proven effective. After each anomaly we have generally restored services for our customers on the affected satellite, provided alternative capacity on other satellites in our fleet, or provided capacity that we purchased from other satellite operators. Significant Anomalies During orbit raising of Intelsat 33e in September 2016, the satellite experienced a malfunction of the main satellite thruster. Orbit raising was subsequently completed using a different set of satellite thrusters. The anomaly resulted in a delay of approximately three months in reaching the geostationary orbit, as well as a reduction in the projected lifetime of the satellite. Intelsat 33e entered service in January 2017. In addition, in February 2017, measurements indicated higher than expected fuel use while performing stationkeeping maneuvers. There is no evidence of any impact to the communications payload. A Failure Review Board was established to determine the cause of the primary thruster failure and a separate team to investigate the fuel use anomaly. We filed a loss claim with our insurers in March 2017 relating to the reduction of life. As of December 31, 2018, we have settled with all insurers and received total collection and settlement payments of $70 million in cash. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Topic 825) , to require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. An entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer (the measurement alternative). In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments Overall (Subtopic 825-10) to clarify certain aspects of the guidance issued in ASU 2016-01 that was effective for interim and annual periods beginning after December 15, 2017, including clarification that ASU 2016-01 related to equity investments without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. We adopted the standards in the first quarter of 2018 and have elected the measurement alternative. We considered available information for any observable orderly transactions for identical or similar investments and did not make any upward or downward adjustments to our investments. The adoption of the standards did not have a material impact on our consolidated financial statements and associated disclosures. We have ownership interests in two entities that meet the criteria of a VIE: Horizons Satellite Holdings, LLC (“Horizons Holdings”) and Horizons-3 Satellite LLC (“Horizons 3”), which are discussed in further detail below, including our analyses of the primary beneficiary determination as required under FASB ASC Topic 810, Consolidation (“FASB ASC 810”). We also own noncontrolling investments recognized under the measurement alternative, discussed further below. (a) Horizons Holdings Our first joint venture with JSAT is named Horizons Satellite Holdings, LLC, and consists of two investments: Horizons-1 Satellite LLC (“Horizons-1”) and Horizons-2 Satellite LLC (“Horizons-2”). Horizons Holdings borrowed from JSAT a portion of the funds necessary to finance the construction of the Horizons 2 satellite pursuant to a loan agreement. The borrowing was subsequently repaid. We provide certain services to the joint venture and in return utilize capacity from the joint venture. We have determined that this joint venture meets the criteria of a VIE under FASB ASC 810, and we have concluded that we are the primary beneficiary because decisions relating to any future relocation of the Horizons 2 satellite, the most significant asset of the joint venture, are effectively controlled by us. In accordance with FASB ASC 810, as the primary beneficiary, we consolidate Horizons Holdings within our consolidated financial statements. Total assets of Horizons Holdings were $38.7 million and $28.8 million as of December 31, 2017 and 2018 , respectively. Total liabilities at both dates were nominal. We have a revenue sharing agreement with JSAT related to services sold on the Horizons 1 and Horizons 2 satellites. We are responsible for billing and collection for such services, and we remit 50% of the revenue, less applicable fees and commissions, to JSAT. Amounts payable to JSAT related to the revenue sharing agreement, net of applicable fees and commissions, from the Horizons 1 and Horizons 2 satellites were $5.4 million and $5.5 million as of December 31, 2017 and 2018 , respectively. (b) Horizons-3 Satellite LLC On November 4, 2015, we entered into a new joint venture agreement with JSAT. The joint venture, named Horizons 3, was formed for the purpose of developing, launching, managing, operating and owning a high-performance satellite located at the 169ºE orbital location. Horizons 3, which is 50% owned by each of Intelsat and JSAT, was set up with a joint share of management authority and equal rights to profits and revenues from the joint venture. Similar to Horizons Holdings, we have a revenue sharing agreement with JSAT related to services sold on the Horizons 3 satellite. In addition, we are responsible for billing and collection for such services, and we remit 50% of the revenue, less applicable fees and commissions, to JSAT. We have determined that this joint venture meets the criteria of a VIE under FASB ASC 810, however we have concluded that we are not the primary beneficiary and therefore do not consolidate Horizons 3. The assessment considered both quantitative and qualitative factors, including an analysis of voting power and other means of control of the joint venture as well as each owner’s exposure to risk of loss or gain. Because we and JSAT equally share control over the operations of the joint venture and also equally share exposure to risk of losses or gains, we concluded that we are not the primary beneficiary of Horizons 3. Our investment, included within other assets in our consolidated balance sheets, is accounted for using the equity method of accounting. The investment balance was $61.8 million and $109.9 million as of December 31, 2017 and 2018 , respectively. In connection with our investment in Horizons 3, we entered into a capital contribution and subscription agreement which requires us to fund our 50% share of the amounts due in order to maintain our respective 50% interest in the joint venture. Pursuant to this agreement, we made contributions of $27.4 million and $41.2 million during the years ended December 31, 2017 and 2018 , respectively. In addition, our indirect subsidiary that holds our investment in Horizons 3 has entered into a security and pledge agreement with Horizons 3, pursuant to which it has granted a security interest in its membership interests in Horizons 3. Further, our indirect subsidiary has granted a security interest to Horizons 3 in its customer capacity contracts and its ownership interest in its wholly-owned subsidiary that will hold the U.S. Federal Communications Commission license required for the joint venture’s operations. (c) Investments Without Readily Determinable Fair Values Our investments without readily determinable fair values recorded in other assets in our consolidated balance sheets had a total carrying value of $54.7 million and $73.7 million , consisting of five and six separate noncontrolling investments as of December 31, 2017 and 2018 , respectively. (d) Equity Attributable to Intelsat S.A. and Non-controlling Interests The following tables present changes in equity attributable to the Company and equity attributable to our noncontrolling interests, which is included in the equity section of our consolidated balance sheet (in thousands): Intelsat S.A. Shareholders’ Deficit Noncontrolling Interests Total Shareholders’ Deficit Balance at January 1, 2017 $ (3,634,145 ) $ 24,147 $ (3,609,998 ) Net income (loss) (178,728 ) 3,914 (174,814 ) Dividends paid to noncontrolling interests — (8,755 ) (8,755 ) Share-based compensation 16,472 — 16,472 Postretirement/pension liability adjustment (11,801 ) — (11,801 ) Other comprehensive income 332 — 332 Balance at December 31, 2017 $ (3,807,870 ) $ 19,306 $ (3,788,564 ) Intelsat S.A. Shareholders’ Deficit Noncontrolling Interests Total Shareholders’ Deficit Balance at January 1, 2018 $ (3,807,870 ) $ 19,306 $ (3,788,564 ) Net income (loss) (599,605 ) 3,915 (595,690 ) Dividends paid to noncontrolling interests — (8,825 ) (8,825 ) Common shares and 2025 Convertible Notes offering 368,253 — 368,253 Share-based compensation 10,035 — 10,035 Postretirement/pension liability adjustment 44,695 — 44,695 Other comprehensive loss (351 ) — (351 ) Adoption of accounting standards (1) (112,162 ) — (112,162 ) Balance at December 31, 2018 $ (4,097,005 ) $ 14,396 $ (4,082,609 ) (1) See Note 2—Significant Accounting Policies and Note 14—Income Taxes |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amounts of goodwill and acquired intangible assets not subject to amortization consist of the following (in thousands): As of As of Goodwill (1) $ 2,620,627 $ 2,620,627 Orbital locations 2,387,700 2,387,700 Trade name 65,200 65,200 (1) Net of accumulated impairment losses of $4,160,200 . We account for goodwill and other non-amortizable intangible assets in accordance with FASB ASC 350, and have deemed these assets to have indefinite lives. Therefore, these assets are not amortized but are instead tested on an annual basis for impairment during the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. (a) Goodwill We perform our annual goodwill impairment assessment using a qualitative approach to identify and consider the significance of relevant key factors, events, and circumstances that affect the fair value of our reporting unit. We are required to identify reporting units at a level below the Company’s identified operating segments for impairment analysis. We have identified only one reporting unit for the goodwill impairment test. Assumptions and Approach Used. We make our qualitative evaluation considering, among other things, general macroeconomic conditions, industry and market considerations, cost factors, overall financial performance and other relevant entity-specific events. Based on our review at December 31, 2017 , since the fixed and mobile satellite services industry is under pressure (pricing, over-supply, value-chain inefficiencies) and since comparable companies have demonstrated negative to minimal revenue growth with equities underperforming, we determined that a quantitative assessment of goodwill was appropriate. We determined the estimated fair value of our reporting unit using discounted cash flow analysis, along with independent source data related to the comparative market multiples and, when available, recent transactions, each of which is considered a Level 3 input within the fair value hierarchy under FASB ASC 820. The discounted cash flows were derived from a five-year projection of cash flows plus a residual value, with the resulting projected cash flows discounted at an appropriate weighted average cost of capital. In estimating the undiscounted cash flows, we primarily used our internally prepared budgets and forecast information. The key assumptions included in our model were projected growth rates, cost of capital, effective tax rates, and industry and economic trends. A change in the estimated future cash flows or other assumptions could change our estimated fair values and result in future impairments. Based on our quantitative analysis as described above, we concluded that there was no impairment for goodwill at December 31, 2017 . Based on our examination of the qualitative factors at December 31, 2018 , we concluded that there was not a likelihood of more than 50% that the fair value of our reporting unit was less than its carrying value; therefore, no further testing of goodwill was required. (b) Orbital Locations, Trade Name and other Intangible Assets Intelsat is authorized by governments to operate satellites at certain orbital locations—i.e., longitudinal coordinates along the Clarke Belt. The Clarke Belt is the part of space approximately 35,800 kilometers above the plane of the equator where geostationary orbit may be achieved. Various governments acquire rights to these orbital locations through filings made with the ITU, a sub-organization of the United Nations. We will continue to have rights to operate satellites at our orbital locations so long as we maintain our authorizations to do so. Our rights to operate at orbital locations can be used and sold individually; however, since satellites and customers can be and are moved from one orbital location to another, our rights are used in conjunction with each other as a network that can be adapted to meet the changing needs of our customers and market demands. Due to the interchangeable nature of orbital locations, the aggregate value of all of the orbital locations is used to measure the extent of impairment, if any. At December 31, 2017 and 2018 , we determined, based on an examination of qualitative factors, that there was no impairment of our orbital locations and trade name. The carrying amount and accumulated amortization of acquired intangible assets subject to amortization consisted of the following (in thousands): As of December 31, 2017 As of December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Backlog and other $ 743,760 $ (686,425 ) $ 57,335 $ 743,760 $ (701,445 ) $ 42,315 Customer relationships 534,030 (241,781 ) 292,249 534,030 (265,242 ) 268,788 Total $ 1,277,790 $ (928,206 ) $ 349,584 $ 1,277,790 $ (966,687 ) $ 311,103 Intangible assets are amortized based on the expected pattern of consumption. We recorded amortization expense of $48.5 million , $42.3 million and $38.5 million for the years ended December 31, 2016 , 2017 and 2018 , respectively. Scheduled amortization charges for the intangible assets over the next five years are as follows (in thousands): Year Amount 2019 $ 34,351 2020 31,103 2021 28,635 2022 25,479 2023 21,353 Our policy is to expense all costs incurred to renew or extend the terms of our intangible assets. The renewal expenses for the years ended December 31, 2016 , 2017 and 2018 were immaterial to our consolidated results of operations. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The carrying values and fair values of our notes payable and long-term debt were as follows (in thousands): As of December 31, 2017 As of December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Intelsat S.A.: 4.5% Convertible Senior Notes due June 2025 $ — $ — $ 402,500 $ 590,427 Unamortized prepaid debt issuance costs and discount on 4.5% Convertible Senior Notes — — (149,083 ) — Total Intelsat S.A. obligations — — 253,417 590,427 Intelsat Luxembourg: 6.75% Senior Notes due June 2018 $ 96,650 $ 94,717 $ — $ — Unamortized prepaid debt issuance costs on 6.75% Senior Notes (78 ) — — — 7.75% Senior Notes due June 2021 2,000,000 1,070,000 421,219 381,203 Unamortized prepaid debt issuance costs on 7.75% Senior Notes (13,325 ) — (2,062 ) — 8.125% Senior Notes due June 2023 1,000,000 515,000 1,000,000 765,000 Unamortized prepaid debt issuance costs on 8.125% Senior Notes (8,562 ) — (7,256 ) — 12.5% Senior Notes due November 2024 403,350 265,052 403,350 376,807 Unamortized prepaid debt issuance costs and discount on 12.5% Senior Notes (209,165 ) — (198,620 ) — Total Intelsat Luxembourg obligations 3,268,870 1,944,769 1,616,631 1,523,010 Intelsat Connect Finance: 12.5% Senior Notes due April 2022 $ 731,892 $ 640,406 $ — $ — Unamortized prepaid debt issuance costs and discount on 12.5% Senior Notes (267,108 ) — — — 9.5% Senior Notes due February 2023 — — 1,250,000 1,062,500 Unamortized prepaid debt issuance costs and discount on 9.5% Senior Notes — — (34,904 ) — Total Intelsat Connect Finance obligations 464,784 640,406 1,215,096 1,062,500 Intelsat Jackson: 9.5% Senior Secured Notes due September 2022 $ 490,000 $ 565,950 $ 490,000 $ 556,150 Unamortized prepaid debt issuance costs and discount on 9.5% Senior Secured Notes (17,556 ) — (14,545 ) — 8% Senior Secured Notes due February 2024 1,349,678 1,423,910 1,349,678 1,390,168 Unamortized prepaid debt issuance costs and premium on 8.0% Senior Secured Notes (5,378 ) — (4,671 ) — 7.25% Senior Notes due October 2020 2,200,000 2,068,000 — — Unamortized prepaid debt issuance costs and premium on 7.25% Senior Notes (5,151 ) — — — 7.5% Senior Notes due April 2021 1,150,000 1,040,750 — — Unamortized prepaid debt issuance costs on 7.5% Senior Notes (5,415 ) — — — 5.5% Senior Notes due August 2023 2,000,000 1,630,000 1,985,000 1,717,025 Unamortized prepaid debt issuance costs on 5.5% Senior Notes (12,977 ) — (10,859 ) — 9.75% Senior Notes due July 2025 1,500,000 1,455,000 1,485,000 1,488,713 Unamortized prepaid debt issuance costs on 9.75% Senior Notes (20,315 ) — (18,230 ) — 8.5% Senior Notes due October 2024 — — 2,950,000 2,832,000 Unamortized prepaid debt issuance costs and premium on 8.5% Senior Notes — — (15,310 ) — Senior Secured Credit Facilities due June 2019 1,095,000 1,093,631 — — Unamortized prepaid debt issuance costs and discount on Senior Secured Credit Facilities (4,636 ) — — — Senior Secured Credit Facilities due November 2023 2,000,000 1,947,500 2,000,000 1,940,000 Unamortized prepaid debt issuance costs and discount on Senior Secured Credit Facilities (28,600 ) — (26,965 ) — Senior Secured Credit Facilities due January 2024 — — 395,000 395,988 Unamortized prepaid debt issuance costs and discount on Senior Secured Credit Facilities — — (1,933 ) — 6.625% Senior Secured Credit Facilities due January 2024 — — 700,000 694,750 Unamortized prepaid debt issuance costs and discount on Senior Secured Credit Facilities — — (3,427 ) — Total Intelsat Jackson obligations 11,684,650 11,224,741 11,258,738 11,014,794 Eliminations: 7.75% Senior Notes of Intelsat Luxembourg due June 2021 owned by Intelsat Connect Finance $ (979,168 ) $ (523,855 ) $ — $ — Unamortized prepaid debt issuance costs on 7.75% Senior Notes 6,524 — — — 8.125% Senior Notes of Intelsat Luxembourg due June 2023 owned by Intelsat Connect Finance and Intelsat Jackson (111,663 ) (57,506 ) (111,663 ) (85,422 ) Unamortized prepaid debt issuance costs on 8.125% Senior Notes 956 — 810 — 12.5% Senior Notes of Intelsat Luxembourg due November 2024 owned by Intelsat Connect Finance, Intelsat Jackson, and Intelsat Envision (402,595 ) (264,556 ) (403,245 ) (376,708 ) Unamortized prepaid debt issuance costs and discount on 12.5% Senior Notes 208,775 — 198,568 — Unamortized prepaid debt issuance costs and discount on 12.5% Senior Notes due 2022 67,525 — — — Total eliminations: (1,209,646 ) (845,917 ) (315,530 ) (462,130 ) Total Intelsat S.A. long-term debt $ 14,208,658 $ 12,963,999 $ 14,028,352 $ 13,728,601 Less: Current portion of long-term debt 96,572 — Total long-term debt, excluding current portion $ 14,112,086 $ 14,028,352 The fair value for publicly traded instruments is determined using quoted market prices, and for non-publicly traded instruments, fair value is based upon composite pricing from a variety of sources, including market leading data providers, market makers and leading brokerage firms. Substantially all of the inputs used to determine the fair value of our debt are classified as Level 1 inputs within the fair value hierarchy from FASB ASC 820, except our senior secured credit facilities, the inputs for which are classified as Level 2. Required principal repayments of long-term debt over the next five years and thereafter as of December 31, 2018 are as follows (in thousands): Year Amount 2019 $ — 2020 — 2021 421,219 2022 490,000 2023 6,123,337 2024 and thereafter 7,282,283 Total principal repayments 14,316,839 Unamortized discounts, premiums and prepaid issuance costs (288,487 ) Total Intelsat S.A. long-term debt $ 14,028,352 2018 Debt and Other Capital Markets Transactions March 2018/May 2018 ICF Tender Offer for Intelsat Luxembourg Notes and Redemption In March 2018, ICF commenced a cash tender offer to purchase any and all of the outstanding aggregate principal amount of the 6.75% Senior Notes due 2018 (the “2018 Luxembourg Notes”). ICF purchased a total of $31.2 million aggregate principal amount of the 2018 Luxembourg Notes at par value in March 2018 and April 2018. In May 2018, pursuant to a previously issued notice of redemption, Intelsat Luxembourg redeemed $46.0 million aggregate principal amount of the 2018 Luxembourg Notes at par value together with accrued and unpaid interest thereon. June 2018 Intelsat S.A. Senior Convertible Notes Offering and Common Shares Offering In June 2018, we completed an offering of 15,498,652 Intelsat S.A. common shares, nominal value $0.01 per share (the “Common Shares”), at a public offering price of $14.84 per common share, and we completed an offering of $402.5 million aggregate principal amount of the 2025 Convertible Notes. These notes are guaranteed by a direct subsidiary of Intelsat Luxembourg, Intelsat Envision. The net proceeds from the Common Shares offering and 2025 Convertible Notes offering were used to repurchase approximately $600 million aggregate principal amount of Intelsat Luxembourg’s 7.75% Senior Notes due 2021 (the “2021 Luxembourg Notes”) in privately negotiated transactions with individual holders in June 2018. In connection with the repurchase of the 2021 Luxembourg Notes, we recognized a net gain on early extinguishment of debt of $22.1 million consisting of the difference between the carrying value of debt repurchased and the total cash amount paid (including related fees and expenses), together with a write-off of unamortized debt issuance costs. We used the remaining net proceeds of the Common Shares offering and 2025 Convertible Notes offering for further repurchases of 2021 Luxembourg Notes and for other general corporate purposes, including repurchases of other tranches of debt of Intelsat S.A.’s subsidiaries. The 2025 Convertible Notes mature on June 15, 2025 unless earlier repurchased, converted or redeemed, as set forth in the indenture governing the 2025 Convertible Notes (the “2025 Indenture”). Holders may elect to convert their notes depending upon the trading price of our common shares and under other conditions set forth in the 2025 Indenture until December 15, 2024, and thereafter without regard to any conditions. The initial conversion rate is 55.0085 common shares per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $18.18 per common share, subject to customary adjustments, and will be increased upon the occurrence of specified events set forth in the 2025 Indenture. We may redeem the 2025 Convertible Notes at our option, on or after June 15, 2022, and prior to the forty-second scheduled trading day preceding the maturity date, in whole or in part, depending upon the trading price of our common shares as set forth in the optional redemption provisions in the 2025 Indenture or in the event of certain developments affecting taxation with respect to the 2025 Convertible Notes. Based on the closing price of our common shares of $21.39 on December 31, 2018, the if-converted value of the 2025 Convertible Notes was greater than the aggregate principal amount. However, the 2025 Convertible Notes are not currently convertible based on the conditions set forth in the 2025 Indenture. In accounting for the transaction, the 2025 Convertible Notes were separated into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component is $149.4 million , which is also recognized as a discount on the 2025 Convertible Notes and represents the value assigned to the conversion option which was determined by deducting the fair value of the liability component from the par value of the 2025 Convertible Notes. The $149.4 million equity component is included in additional paid-in capital on our consolidated balance sheet as of June 30, 2018 and will not be remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount was recorded as a discount on the 2025 Convertible Notes and will be amortized to interest expense over the contractual term of the 2025 Convertible Notes at an effective interest rate of 13.0% . We incurred debt issuance costs of $12.7 million related to the 2025 Convertible Notes, which were allocated to the liability and equity components based on their relative values. Issuance costs attributable to the liability component were $7.3 million and will be amortized to interest expense using the effective interest method over the contractual term of the 2025 Convertible Notes. Issuance costs attributable to the equity component were netted against the equity component in additional paid-in capital. Interest expense for the year ended December 31, 2018 related to the 2025 Convertible Notes was as follows (in thousands): Year Ended Coupon interest $ 9,710 Amortization of discount and prepaid debt issuance costs 7,654 Total interest expense $ 17,364 August 2018 Intelsat Connect Senior Notes Refinancing and Exchange of Intelsat Luxembourg Senior Notes In August 2018, Intelsat Connect completed an offering of $1.25 billion aggregate principal amount of 9.5% Senior Notes due 2023 (the "2023 ICF Notes"). These notes are guaranteed by Intelsat Envision and Intelsat Luxembourg. Intelsat Connect used the net proceeds from the offering to repurchase or redeem all $731.9 million outstanding aggregate principal amount of its 12.5% Senior Notes due 2022 (the "2022 ICF Notes"). The remaining net proceeds from the offering were used to repurchase approximately $448.9 million of aggregate principal amount of Intelsat Jackson's 7.25% Senior Notes due 2020 (the "2020 Jackson Notes") and $30.0 million aggregate principal amount of other unsecured notes of Intelsat Jackson. Also in August 2018, Intelsat Connect and Intelsat Envision completed debt exchanges receiving new notes issued by Intelsat Luxembourg, which mature in August 2026 and have an interest rate of 13.5% in exchange for $1.58 billion aggregate principal amount of 2021 Luxembourg Notes that were previously held by Intelsat Connect and Intelsat Envision. In connection with these transactions, we recognized a loss on extinguishment of debt of $188.2 million , consisting of the difference between the carrying value of the debt and the total cash amount paid (including related fees and expenses), together with a write-off of unamortized debt issuance costs and unamortized discount or premium, if applicable. September 2018 Intelsat Jackson Senior Notes Offering and Tender Offer In September 2018, Intelsat Jackson completed an offering of $2.25 billion aggregate principal amount of 8.5% Senior Notes due 2024 (the "2024 Jackson Senior Unsecured Notes"). The notes are guaranteed by all of Intelsat Jackson’s subsidiaries that guarantee its obligations under the Intelsat Jackson Secured Credit Agreement, as well as by certain of Intelsat Jackson’s parent entities. Intelsat Jackson used the net proceeds from the offering to repurchase through a tender offer and redeem all remaining outstanding 2020 Jackson Notes. The remaining net proceeds from the 2024 Jackson Senior Unsecured Notes offering were used to repurchase and redeem $195.3 million aggregate principal amount of Intelsat Jackson's 7.5% Senior Notes due 2021 (the "2021 Jackson Notes") as of September 30, 2018, $246.0 million additional aggregate principal amount of 2021 Jackson Notes in October 2018, and to pay related fees and expenses. In connection with the repurchase and redemption, we recognized a loss on extinguishment of debt of $15.9 million , consisting of the difference between the carrying value of the debt and the total cash amount paid (including related fees and expenses), together with a write-off of unamortized debt issuance costs and unamortized premium, if applicable. October 2018 Intelsat Jackson Senior Notes Add-On Offering and Redemption of 2021 Jackson Notes In October 2018, Intelsat Jackson completed an add-on offering of $700.0 million aggregate principal amount of its 2024 Jackson Senior Unsecured Notes. The net proceeds from the add-on offering, together with cash on hand, were used to repurchase and redeem all of the remaining approximately $708.7 million aggregate principal amount of outstanding 2021 Jackson Notes in October 2018 that were not earlier repurchased or redeemed, and to pay related fees and expenses. In connection with the repurchase, we recognized a loss on extinguishment of debt of $17.8 million , consisting of the difference between the carrying value of the debt and the total cash amount paid (including related fees and expenses), together with a write-off of unamortized debt issuance costs. 2017 Debt Transactions January 2017 Intelsat Luxembourg Exchange Offer In January 2017, Intelsat Luxembourg completed a debt exchange (the “Second 2018 Luxembourg Exchange”), whereby it exchanged $403.3 million aggregate principal amount of its 2018 Luxembourg Notes for an equal aggregate principal amount of newly issued unsecured 12.5% Senior Notes due 2024 (the “2024 Luxembourg Notes”). The Second 2018 Luxembourg Exchange consisted of $377.6 million aggregate principal amount of 2018 Luxembourg Notes held by ICF as a result of a previous debt exchange, together with $25 million aggregate principal amount of 2018 Luxembourg Notes repurchased by us in the fourth quarter of 2015. We consolidate ICF, the holder of the 2018 Luxembourg Notes exchanged in the Second 2018 Luxembourg Exchange. July 2017 Intelsat Jackson Senior Notes Refinancing On July 5, 2017, Intelsat Jackson completed an offering of $1.5 billion aggregate principal amount of 9.75% Senior Notes due 2025 (the “2025 Jackson Notes”). These notes are guaranteed by all of Intelsat Jackson’s subsidiaries that guarantee its obligations under the Intelsat Jackson Secured Credit Agreement and senior notes, as well as by certain of Intelsat Jackson’s parent entities. Also on July 5, 2017, the net proceeds from the sale of the 2025 Jackson Notes were used, along with other available cash, to satisfy and discharge all $1.5 billion aggregate principal amount of Intelsat Jackson’s 7.25% Senior Notes due 2019. In connection with the satisfaction and discharge, we recognized a loss on early extinguishment of debt of $4.6 million , consisting of the difference between the carrying value of the debt redeemed and the total cash amount paid (including related fees and expenses), together with a write-off of unamortized debt issuance costs. November & December 2017 Amendments to Intelsat Jackson Senior Secured Credit Facility In November and December 2017, Intelsat Jackson entered into amendments of the Intelsat Jackson Secured Credit Agreement. See—Description of Indebtedness— Intelsat Jackson — Intelsat Jackson Senior Secured Credit Agreement , below. Description of Indebtedness (a) Intelsat S.A. 4 ½% Convertible Senior Notes due 2025 In June 2018, we completed an offering of $402.5 million aggregate principal amount of the 2025 Convertible Notes. See— 2018 Debt and Other Capital Markets Transactions — June 2018 Intelsat S.A. Senior Convertible Notes Offering and Common Shares Offering , above. (b) Intelsat Luxembourg 7 ¾% Senior Notes due 2021 Intelsat Luxembourg had $421.2 million in aggregate principal amount of the 2021 Luxembourg Notes outstanding at December 31, 2018 . The 2021 Luxembourg Notes bear interest at 7 ¾% annually and mature in June 2021. The 2021 Luxembourg Notes are guaranteed by Intelsat S.A., Intelsat Investment Holdings S.à r.l., Intelsat Holdings S.A. and Intelsat Investments S.A. (the “Parent Guarantors”). Interest is payable on the 2021 Luxembourg Notes semi-annually on June 1 and December 1 . Intelsat Luxembourg may redeem some or all of the notes at the applicable redemption prices set forth in the notes. The 2021 Luxembourg Notes are senior unsecured obligations of Intelsat Luxembourg and rank equally with Intelsat Luxembourg’s other senior unsecured indebtedness. 8 ⅛% Senior Notes due 2023 Intelsat Luxembourg had $1.0 billion in aggregate principal amount of the 2023 Luxembourg Notes outstanding at December 31, 2018 . $111.7 million principal amount was held by Intelsat Jackson. The 2023 Luxembourg Notes bear interest at 8 ⅛% annually and mature in June 2023. The 2023 Luxembourg Notes are guaranteed by the Parent Guarantors. Interest is payable on the 2023 Luxembourg Notes semi-annually on June 1 and December 1 . Intelsat Luxembourg may redeem some or all of the notes at the applicable redemption prices set forth in the notes. The 2023 Luxembourg Notes are senior unsecured obligations of Intelsat Luxembourg and rank equally with Intelsat Luxembourg’s other senior unsecured indebtedness. 12 ½% Senior Notes due 2024 Intelsat Luxembourg had $403.4 million in aggregate principal amount of the 2024 Luxembourg Notes outstanding at December 31, 2018 . $182.0 million principal amount was held by ICF, $220.6 million was held by Intelsat Jackson and $0.7 million was held by Intelsat Envision. The 2024 Luxembourg Notes bear interest at 12 ½% annually and mature in November 2024. Interest is payable on the 2024 Luxembourg Notes semi-annually on May 15 and November 15 . The 2024 Luxembourg Notes are senior unsecured obligations of Intelsat Luxembourg and rank equally with Intelsat Luxembourg’s other senior unsecured indebtedness. (c) Intelsat Connect Finance 9 ½% Senior Notes due 2023 ICF had $1.3 billion in aggregate principal amount of 2023 ICF Notes outstanding at December 31, 2018 . The 2023 ICF Notes bear interest at 9 ½% annually and mature in February 2023. These notes are guaranteed by Intelsat Envision and Intelsat Luxembourg. Interest is payable on the 2023 ICF Notes semi-annually on June 15 and December 15. ICF may redeem the 2023 ICF Notes, in whole or in part, prior to August 15, 2020, at a price equal to 100% of the principal amount plus the applicable premium described in the notes. Thereafter, ICF may redeem some or all of the notes at the applicable redemption prices set forth in the notes. (d) Intelsat Jackson 9 ½% Senior Secured Notes due 2022 Intelsat Jackson had $490.0 million in aggregate principal amount of 2022 Jackson Secured Notes outstanding at December 31, 2018 . The 2022 Jackson Secured Notes bear interest at 9 ½% annually and mature in September 2022. These notes are guaranteed by ICF and certain of Intelsat Jackson’s subsidiaries. Interest is payable on the 2022 Jackson Secured Notes semi-annually on March 30 and September 30 . Intelsat Jackson may redeem some or all of the notes at the applicable redemption prices set forth in the notes. The 2022 Jackson Secured Notes are senior secured obligations of Intelsat Jackson. 8% Senior Secured Notes due 2024 Intelsat Jackson had $1.3 billion in aggregate principal amount of 2024 Jackson Secured Notes outstanding at December 31, 2018 . The 2024 Jackson Secured Notes bear interest at 8% annually and mature in February 2024. These notes are guaranteed by ICF and certain of Intelsat Jackson’s subsidiaries. Interest is payable on the 2024 Jackson Secured Notes semi-annually on February 15 and August 15 . Intelsat Jackson may redeem some or all of the notes at the applicable redemption prices set forth in the notes. The 2024 Jackson Secured Notes are senior secured obligations of Intelsat Jackson. 5 ½% Senior Notes due 2023 Intelsat Jackson had $2.0 billion in aggregate principal amount of the 2023 Jackson Notes outstanding at December 31, 2018 . The 2023 Jackson Notes bear interest at 5 ½% annually and mature in August 2023. These notes are guaranteed by the Parent Guarantors, Intelsat Luxembourg, ICF and certain of Intelsat Jackson’s subsidiaries. Interest is payable on the 2023 Jackson Notes semi-annually on February 1 and August 1. Intelsat Jackson may redeem some or all of the 2023 Jackson Notes at the applicable redemption prices set forth in the notes. The 2023 Jackson Notes are senior unsecured obligations of Intelsat Jackson and rank equally with Intelsat Jackson’s other senior unsecured indebtedness. 9 ¾% Senior Notes due 2025 Intelsat Jackson had $1.5 billion in aggregate principal amount of the 2025 Jackson Notes outstanding at December 31, 2018 . The 2025 Jackson Notes bear interest at 9 ¾% annually and mature in July 2025. These notes are guaranteed by the Parent Guarantors, Intelsat Luxembourg, ICF and certain of Intelsat Jackson’s subsidiaries. Interest is payable on the 2025 Jackson Notes semi-annually on January 15 and July 15 . Intelsat Jackson may redeem some or all of the 2025 Jackson Notes at any time prior to July 15, 2021 at a price equal to 100% of the principal amount thereof plus the applicable premium described in the notes. Thereafter, Intelsat Jackson may redeem some or all of the notes at the applicable redemption prices set forth in the notes. The 2025 Jackson Notes are senior unsecured obligations of Intelsat Jackson and rank equally with Intelsat Jackson’s other senior unsecured indebtedness. 8 ½% Senior Unsecured Notes due 2024 Intelsat Jackson had $3.0 billion in aggregate principal amount of the 2024 Jackson Senior Unsecured Notes outstanding at December 31, 2018 . The 2024 Jackson Senior Unsecured Notes bear interest at 8 ½% annually and mature in October 2024. These notes are guaranteed by the Parent Guarantors, Intelsat Luxembourg, ICF and certain of Intelsat Jackson’s subsidiaries. Interest is payable on the 2024 Jackson Senior Unsecured Notes semi-annually on April 15 and October 15. Intelsat Jackson may redeem some or all of the 2024 Jackson Senior Unsecured Notes at any time prior to October 15, 2020 at a price equal to 100% of the principal amount thereof plus the applicable premium described in the notes. Thereafter, Intelsat Jackson may redeem some or all of the 2024 Jackson Senior Unsecured Notes at the applicable redemption prices set forth in the notes. The 2024 Jackson Senior Unsecured Notes are senior unsecured obligations of Intelsat Jackson and rank equally with Intelsat Jackson’s other senior unsecured indebtedness. Intelsat Jackson Senior Secured Credit Agreement On January 12, 2011, Intelsat Jackson entered into a secured credit agreement (the “Intelsat Jackson Secured Credit Agreement”), which included a $3.25 billion term loan facility and a $500.0 million revolving credit facility, and borrowed the full $3.25 billion under the term loan facility. The term loan facility required regularly scheduled quarterly payments of principal equal to 0.25% of the original principal amount of the term loan beginning six months after January 12, 2011, with the remaining unpaid amount due and payable at maturity. On October 3, 2012, Intelsat Jackson entered into an Amendment and Joinder Agreement (the “Jackson Credit Agreement Amendment”), which amended the Intelsat Jackson Secured Credit Agreement. As a result of the Jackson Credit Agreement Amendment, interest rates for borrowings under the term loan facility and the revolving credit facility were reduced. In April 2013, our corporate family rating was upgraded by Moody’s, and as a result, the interest rate for the borrowing under the term loan facility and revolving credit facility were further reduced to LIBOR plus 3.00% or the Above Bank Rate (“ABR”) plus 2.00% . On November 27, 2013, Intelsat Jackson entered into a Second Amendment and Joinder Agreement (the “Second Jackson Credit Agreement Amendment”), which further amended the Intelsat Jackson Secured Credit Agreement. The Second Jackson Credit Agreement Amendment reduced interest rates for borrowings under the term loan facility and extended the maturity of the term loan facility. In addition, it reduced the interest rate applicable to $450 million of the $500 million total revolving credit facility and extended the maturity of such portion. As a result of the Second Jackson Credit Agreement Amendment, interest rates for borrowings under the term loan facility and the new tranche of the revolving credit facility were (i) LIBOR plus 2.75% , or (ii) the ABR plus 1.75% . The LIBOR and the ABR, plus applicable margins, related to the term loan facility and the new tranche of the revolving credit facility were determined as specified in the Intelsat Jackson Secured Credit Agreement, as amended by the Second Jackson Credit Agreement Amendment, and the LIBOR was not to be less than 1.00% per annum. The maturity date of the term loan facility was extended from April 2, 2018 to June 30, 2019 and the maturity of the new $450 million tranche of the revolving credit facility was extended from January 12, 2016 to July 12, 2017. The interest rates and maturity date applicable to the $50 million tranche of the revolving credit facility that was not amended did not change. The Second Jackson Credit Agreement Amendment further removed the requirement for regularly scheduled quarterly principal payments under the term loan facility. In June 2017, Intelsat Jackson terminated all remaining commitments under its revolving credit facility. On November 27, 2017, Intelsat Jackson entered into a Third Amendment and Joinder Agreement (the “Third Jackson Credit Agreement Amendment”), which further amended the Intelsat Jackson Secured Credit Agreement. The Third Jackson Credit Agreement Amendment extended the maturity date of $2.0 billion of the existing floating rate B-2 Tranche of term loans (the “B-3 Tranche Term Loans”), to November 27, 2023, subject to springing maturity in the event that certain series of Intelsat Jackson’s senior notes are not refinanced prior to the dates specified in the Third Jackson Credit Agreement Amendment. The B-3 Tranche Term Loans have an applicable interest rate margin of 3.75% for LIBOR loans and 2.75% for base rate loans (at Intelsat Jackson’s election as applicable). The B-3 Tranche Term Loans were subject to a prepayment premium of 1.00% of the principal amount for any voluntary prepayment of, or amendment or modification in respect of, the B-3 Tranche Term Loans prior to November 27, 2018 in connection with prepayments, amendments or modifications that have the effect of reducing the applicable interest rate margin on the B-3 Tranche Term Loans, subject to certain exceptions. The Third Jackson Credit Agreement Amendment also (i) added a provision requiring that, beginning with the fiscal year ending December 31, 2018, Intelsat Jackson to apply a certain percentage of its Excess Cash Flow (as defined in the Third Jackson Credit Agreement Amendment), if any, after operational needs for each fiscal year towards the repayment of outstanding term loans, subject to certain deductions, (ii) amended the most-favored nation provision with respect to the incurrence of certain indebtedness by Intelsat Jackson and its restricted subsidiaries, and (iii) amended the covenant limiting the ability of Intelsat Jackson to make certain dividends, distributions and other restricted payments to its shareholders based on its leverage level at that time. On December 12, 2017, Intelsat Jackson further amended the Intelsat Jackson Secured Credit Agreement by entering into a Fourth Amendment and Joinder Agreement (the “Fourth Jackson Credit Agreement Amendment”), which, among other things, (i) permitted Intelsat Jackson to establish one or more series of additional incremental term loan tranches if the proceeds thereof are used to refinance an existing tranche of term loans, and (ii) added a most-favored nation provision applicable to the B-3 Tranche Term Loans for further extensions of the existing floating rate B-2 Tranche Term Loans under certain circumstances. On January 2, 2018, Intelsat Jackson entered into a Fifth Amendment and Joinder Agreement (the “Fifth Jackson Credit Agreement Amendment”), which further amended the Intelsat Jackson Secured Credit Agreement. The Fifth Jackson Credit Agreement Amendment refinanced the remaining $1.095 billion B-2 Tranche Term Loans, through the creation of (i) a new incremental floating rate tranche of term loans with a principal amount of $395.0 million (the “B-4 Tranche Term Loans”), and (ii) a new incremental fixed rate tranche of term loans with a principal amount of $700.0 million (the “B-5 Tranche Term Loans”). The maturity date of both the B-4 Tranche Term Loans and the B-5 Tranche Term Loans is January 2, 2024, subject to springing maturity in the event that certain series of Intelsat Jackson’s senior notes are not refinanced or repaid prior to the dates specified in the Fifth Jackson Credit Agreement Amendment. The B-4 Tranche Term Loans have an applicable interest rate margin of 4.50% per annum for LIBOR loans and 3.50% per annum for base rate loans (at Intelsat Jackson’s election as applicable). We entered into interest rate cap contracts in December 2017 and amended them in May 2018 to mitigate the risk of interest rate increases on the B-4 Tranche Term Loans. The B-5 Tranche Term Loans have an interest rate of 6.625% per annum. The Fifth Jackson Credit Agreement Amendment also specified make-whole and prepayment premiums applicable to the B-4 Tranche Term Loans and the B-5 Tranche Term Loans at various dates. Intelsat Jackson’s obligations under the Intelsat Jackson Secured Credit Agreement are guaranteed by ICF and certain of Intelsat Jackson’s subsidiaries. Intelsat Jackson’s obligations under the Intelsat Jackson Secured Credit Agreement are secured by a first priority security interest in substantially all of the assets of Intelsat Jackson and the guarantors party thereto, to the extent legally permissible and subject to certain agreed exceptions, and by a pledge of the equity interests of the subsidiary guarantors and the direct subsidiaries of each guarantor, subject to certain exceptions, including exceptions for equity interests in certain non-U.S. subsidiaries, existing contractual prohibitions and prohibitions under other legal requirements. The Intelsat Jackson Secured Credit Agreement following a further amendment in November 2018 includes one financial covenant: Intelsat Jackson must maintain a consolidated secured debt to consolidated EBITDA ratio equal to or less than 3.50 to 1.00 at the end of each fiscal quarter as such financial measure is defined in the Intelsat Jackson Secured Credit Agreement. Intelsat Jackson was in compliance with this financial maintenance covenant ratio with a consolidated secured debt to consolidated EBITDA ratio of 2.94 to 1.00 as of December 31, 2018. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Undesignated Interest Rate Cap Contracts During 2017, we entered into interest rate cap contracts, and amended them in May 2018, to mitigate the risk of interest rate increases on the floating rate portion of our senior secured credit facilities with a notional value of $2.4 billion . The fair value of the derivative included in “Other assets” on the consolidated balance sheet as of December 31, 2017 and 2018 was $22.3 million and $33.1 million , respectively. Preferred Stock Warrant During 2017, we were issued a warrant to purchase preferred shares of one of our investments. We concluded that the warrant is a free standing derivative in accordance with FASB ASC 815. The fair value of the derivative, included in “Other assets” on the consolidated balance sheet as of December 31, 2017 and 2018 was $4.1 million . The following table sets forth the fair value of our derivatives by category (in thousands): Derivatives not designated as hedging instruments Balance Sheet Location December 31, December 31, Undesignated interest rate cap Other assets $ 22,336 $ 33,086 Preferred stock warrant Other assets 4,100 4,100 Total derivatives $ 26,436 $ 37,186 The following table sets forth the effect of the derivative instruments in our consolidated statements of operations (in thousands): Derivatives not designated as hedging instruments Presentation in Statement of Operations Year Ended Year Ended Year Ended Undesignated interest rate cap Included in interest expense, net $ — $ 1,006 $ (14,435 ) Preferred stock warrant Included in other expense, net — — — Total loss (gain) on derivative financial instruments $ — $ 1,006 $ (14,435 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The amendments in ASU 2016-16 eliminate the current requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. ASU 2016-16 is effective for interim and annual periods beginning after December 15, 2017 for public business entities, on a modified retrospective basis. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued. We adopted the amendments in the first quarter of 2018 and this resulted in approximately a $170 million benefit to accumulated deficit. The benefit relates to certain deferred intercompany gains/losses, mostly in connection with a series of intercompany transactions in 2011 and 2017 and related steps that reorganized the ownership of our assets among our subsidiaries. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act includes a number of provisions, including the lowering of the U.S. corporate tax rate from 35 percent to 21 percent , effective January 1, 2018. The Act limits our U.S. interest expense deductions to approximately 30 percent of EBITDA through December 31, 2021 and approximately 30 percent of earnings before net interest and taxes thereafter. The Act also introduced a new minimum tax, the Base Erosion Anti-Abuse Tax (“BEAT”). We are treating the BEAT as a period cost. The Company recognized the income tax effects of The Act in its 2017 financial statements in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes, in the reporting period in which The Act was signed into law. The Company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Accordingly, the company’s U.S. deferred tax assets and liabilities were remeasured to reflect the reduction in the U.S. corporate income tax rate from 35 percent to 21 percent , resulting in a $28.0 million decrease in net deferred tax liabilities as of December 31, 2017. On July 2, 2018, we implemented a series of internal transactions and related steps that reorganized the ownership of certain of our assets among our subsidiaries in order to enhance our ability to efficiently transact business (the “2018 Internal Reorganization”). The 2018 Internal Reorganization resulted in the majority of our operations being owned by a U.S. partnership, with our wholly owned Luxembourg and U.S. subsidiaries as partners. Our tax expense recorded in the year ended December 31, 2018 was largely attributable to the 2018 Internal Reorganization, during which we recorded a deferred tax liability associated with the partners’ outside basis in the partnership. The following table summarizes our total income (loss) before income taxes (in thousands): Year Ended Year Ended Year Ended Domestic income (loss) before income taxes $ 938,156 $ (18,149 ) $ (424,590 ) Foreign income (loss) before income taxes 71,942 (85,535 ) (41,031 ) Total income (loss) before income taxes $ 1,010,098 $ (103,684 ) $ (465,621 ) The primary reason for the variance in domestic income before income tax was that our Luxembourg entities recorded a net gain on the extinguishment of debt in 2016. No comparable amount was recorded in 2017 or 2018. The provision for (benefit from) income taxes consisted of the following (in thousands): Year Ended Year Ended Year Ended Current income tax provision (benefit) Domestic $ (35 ) $ (125 ) $ 792 Foreign 25,721 27,309 50,117 Total 25,686 27,184 50,909 Deferred income tax provision (benefit): Domestic (80 ) 72 — Foreign (9,620 ) 43,874 79,160 Total (9,700 ) 43,946 79,160 Total income tax provision: $ 15,986 $ 71,130 $ 130,069 The income tax provision (benefit) was different from the amount computed using the Luxembourg statutory income tax rate of 26.01% for the reasons set forth in the following table (in thousands): Year Ended Year Ended Year Ended Expected tax provision (benefit) at Luxembourg statutory income tax rate $ 295,150 $ (28,078 ) $ (121,108 ) Foreign income tax differential 51,787 66,242 2,216 Lux Financing Activities (8,279 ) 30,232 51,250 Tax deductible impairment charges in Luxembourg subsidiaries (1,280,759 ) — — Change in tax rate 416,156 (28,250 ) (684 ) Changes in unrecognized tax benefits (1,629 ) (79 ) (2,205 ) Changes in valuation allowance 554,479 40,853 746,905 Tax effect of 2011 Intercompany Sale (6,701 ) (6,073 ) 1,655 Foreign tax credits (5,480 ) (3,107 ) 138 Research and development tax credits (3,275 ) (2,786 ) — 2018 Internal Reorganization — — (549,382 ) Other 4,537 2,176 1,284 Total income tax provision $ 15,986 $ 71,130 $ 130,069 The majority of our operations are located in Luxembourg, the United States and the United Kingdom. Our Luxembourg companies that file tax returns as a consolidated group generated taxable income for the year ended December 31, 2018, largely due to the 2018 Internal Reorganization. The taxable income generated by our Luxembourg group was offset by available net operating loss carryforwards. Due to the inherent uncertainty associated with the realization of taxable income in the foreseeable future, we recorded a full valuation allowance against the net operating losses generated in Luxembourg. The difference between tax expense reported in the consolidated statements of operations and tax computed at statutory rates is attributable to the valuation allowance on losses generated in Luxembourg, the provision for foreign taxes, which were principally in the United States and the United Kingdom, as well as withholding taxes on revenue earned in Brazil, and for 2018, the impacts of the 2018 Internal Reorganization. The following table details the composition of the net deferred tax balances as of December 31, 2017 and 2018 (in thousands): As of As of Long-term deferred taxes, net $ (48,434 ) $ (82,488 ) Other assets 14,583 20,969 Net deferred taxes $ (33,851 ) $ (61,519 ) The components of the net deferred tax liability were as follows (in thousands): As of As of Deferred tax assets: Accruals and advances $ 17,169 $ 6,001 Amortizable intangible assets 13,421 1,133,702 Non-Amortizable intangible assets 147,332 42,265 Performance incentives 7,289 — Customer deposits 16,064 3,404 Bad debt reserve 2,033 1,350 Accrued retirement benefits 43,592 — Disallowed interest expense carryforward 75,546 74,825 Net operating loss carryforward 3,840,759 2,964,634 Tax credits 11,335 12,235 Tax basis differences in investments and affiliates — 78,950 Other 8,418 2,346 Total deferred tax assets 4,182,958 4,319,712 Deferred tax liabilities: Satellites and other property and equipment (266,330 ) (80,376 ) Amortizable intangible assets (366,777 ) (8,948 ) Non-amortizable intangible assets (103,730 ) (31,359 ) Tax basis differences in investments and affiliates (6,753 ) (51,645 ) Other (16,875 ) (5,654 ) Total deferred tax liabilities (760,465 ) (177,982 ) Valuation allowance (3,456,344 ) (4,203,249 ) Total net deferred tax liabilities $ (33,851 ) $ (61,519 ) As of December 31, 2017 and 2018, our consolidated balance sheets included a deferred tax asset in the amount of $3.8 billion and $3.0 billion , respectively, attributable to the future benefit from the utilization of certain net operating loss carryforwards. In addition, our balance sheets as of December 31, 2017 and December 31, 2018 included $15.4 million and $12.2 million of deferred tax assets, respectively, attributable to the future benefit from the utilization of tax credit carryforwards. As of December 31, 2018, we had tax-effected U.S. federal, state and other foreign tax net operating loss carryforwards of $64.7 million expiring, for the most part, between 2023 and 2037, and tax effected Luxembourg net operating loss carryforwards of $2.9 billion without expiration. These Luxembourg net operating loss carryforwards were caused primarily by our interest expense, satellite depreciation and amortization and impairment charges related to investments in subsidiaries, goodwill and other intangible assets. Our research and development credit of $0.07 million may be carried forward to 2037. Our foreign tax credit of $12.1 million may be carried forward to 2026. Our valuation allowance as of December 31, 2017 and 2018 was $3.5 billion and $4.2 billion , respectively. Almost all of the valuation allowance relates to Luxembourg net operating loss carryforwards and deferred tax assets created by differences between the U.S. GAAP and the Luxembourg tax basis in our assets. Certain operations of our subsidiaries are controlled by various intercompany agreements which provide these subsidiaries with predictable operating profits. Other subsidiaries, principally Luxembourg and U.S. subsidiaries, are subject to the risks of our overall business conditions which make their earnings less predictable. Our valuation allowance as of December 31, 2018 also relates to certain deferred tax assets in our U.S. subsidiaries, including foreign tax credit carryforward and disallowed interest expense carryforward. The following table summarizes the activity related to our unrecognized tax benefits (in thousands): 2017 2018 Balance at January 1 $ 36,167 $ 31,380 Increases related to current year tax positions 2,193 928 Increases related to prior year tax positions 304 234 Decreases related to prior year tax positions (3 ) (81 ) Expiration of statute of limitations for the assessment of taxes (7,281 ) (3,317 ) Balance at December 31 $ 31,380 $ 29,144 As of December 31, 2017 and December 31, 2018 our gross unrecognized tax benefits were $31.4 million and $29.1 million , respectively (including interest and penalties), of which $27.8 million and $25.6 million , respectively, if recognized, would affect our effective tax rate. As of December 31, 2017 and 2018, we had recorded reserves for interest and penalties in the amount of $0.6 million . We continue to recognize interest and, to the extent applicable, penalties with respect to the unrecognized tax benefits as income tax expense. Since December 31, 2018, the change in the balance of unrecognized tax benefits consisted of an increase of $0.9 million related to current tax positions, an increase of $0.1 million related to prior tax positions, and a decrease of $3.3 million due to the expiration of statute of limitations for the assessment of taxes. We operate in various taxable jurisdictions throughout the world and our tax returns are subject to audit and review from time to time. We consider Luxembourg, the United States, the United Kingdom and Brazil to be our significant tax jurisdictions. Our Luxembourg, U.S., United Kingdom and Brazilian subsidiaries are subject to income tax examination for periods after December 31, 2012. Within the next twelve months, we believe that there are no jurisdictions in which the outcome of unresolved tax issues or claims is likely to be material to our results of operations, financial position or cash flows. Certain of our UK and U.S. subsidiaries have been in a dispute with the Indian tax administration over withholding taxes. This dispute stretches over many tax years, some as early as 2001. The assessments we have received for those years are in various stages of appeal, some in the Indian court system. So far, the Indian courts have ruled in our favor. We have been informed that certain lower court decisions are likely to be reviewed by the Indian Supreme Court in the near future. We believe it to be more likely than not that the Indian Supreme Court will rule in our favor. We do not expect even an unfavorable ruling to have any material effect on our results of operations, financial position or cash flows, because most of the disputed withholding taxes relate to customer contracts under which our customers indemnified us for such taxes. On March 29, 2017, the UK Government gave formal notice of its intention to leave the European Union (“EU”). This notice started the two-year negotiation period to establish the withdrawal terms. Once the UK ultimately withdraws from the EU, existing tax reliefs and exemptions on intra-European transactions will likely cease to apply to transactions between UK entities and EU entities. In addition, transactions with non-EU countries, such as the U.S., may also be affected. As of December 31, 2018, all relevant tax laws and treaties remain unchanged and the tax consequences are unknown. Therefore, we have not recognized any impacts of the withdrawal in the income tax provision as of December 31, 2018. We will recognize any impacts to the tax provision when enacted changes in tax laws or treaties between the UK and the EU or individual EU member states occur, but no later than the date of the withdrawal. On December 13, 2018, the Internal Revenue Service and the Department of the Treasury released proposed regulations with respect to the BEAT. The BEAT is a minimum tax established by the Act that excludes certain payments made by U.S. corporations or subsidiaries to foreign related parties from the determination of taxable income. The proposed regulations clarify which taxpayers are subject to the BEAT and how the BEAT rules apply to certain payments and transactions. The proposed regulations, if adopted, would be effective for the Company for its 2018 tax year. The proposed regulations could result in additional payments and transactions of the Company being subject to the BEAT which could increase the Company’s tax expense and cash taxes. It is unclear when the proposed regulations will be adopted, whether they will be adopted in their current form or whether they will be adopted at all. The Company is currently evaluating the impact that the proposed regulations could have on its future tax expense. The Company has not included any impacts from the proposed regulations in its tax provision as of and for the year ended December 31, 2018. |
Contractual Commitments
Contractual Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Commitments | Contractual Commitments In the further development and operation of our commercial global communications satellite system, significant additional expenditures are anticipated. In connection with these and other expenditures, we have a significant amount of long-term debt, as described in “Note 12—Long-Term Debt.” In addition to these debt and related interest obligations, we have expenditures represented by other contractual commitments. The additional expenditures as of December 31, 2018 and the expected year of payment are as follows (in thousands): Satellite Construction and Launch Obligations Satellite Performance Incentive Obligations Horizons-3 Satellite LLC Contribution Operating Leases Sublease Rental Income Customer and Vendor Contracts Total 2019 $ 273,875 $ 59,783 $ 4,500 $ 20,065 $ (826 ) $ 140,577 $ 497,974 2020 216,615 50,021 11,700 18,730 (745 ) 37,492 333,813 2021 133,890 49,220 13,300 14,832 (535 ) 29,658 240,365 2022 11,842 38,503 15,700 13,979 (372 ) 26,510 106,162 2023 10,232 27,053 15,300 13,600 (78 ) 25,581 91,688 2024 and thereafter 47,915 131,136 43,600 80,216 (150 ) 41,505 344,222 Total contractual commitments $ 694,369 $ 355,716 $ 104,100 $ 161,422 $ (2,706 ) $ 301,323 $ 1,614,224 (1) See Note 10(b)—Investments—Horizons-3 Satellite LLC. (a) Satellite Construction and Launch Obligations As of December 31, 2018 , we had approximately $694.4 million of expenditures remaining under our existing satellite construction and launch contracts. Satellite launch and in-orbit insurance contracts related to future satellites to be launched are cancelable up to thirty days prior to the satellite’s launch. As of December 31, 2018 , we did not have any non-cancelable commitments related to existing launch insurance or in-orbit insurance contracts for satellites to be launched. The satellite construction contracts typically require that we make progress payments during the period of the satellites’ construction. The satellite construction contracts contain provisions that allow us to terminate the contracts with or without cause. If terminated without cause, we would forfeit the progress payments and be subject to termination payments that escalate with the passage of time. If terminated for cause, we would be entitled to recover any payments we made under the contracts and certain liquidated damages as specified in the contracts. (b) Satellite Performance Incentive Obligations Satellite construction contracts also typically require that we make orbital incentive payments (plus interest as defined in each agreement with the satellite manufacturer) over the orbital life of the satellite. The incentive obligations may be subject to reduction or refund if the satellite fails to meet specific technical operating standards. As of December 31, 2018 , we had $355.7 million of satellite performance incentive obligations, including future interest payments. (c) Operating Leases We have commitments for operating leases primarily relating to equipment and office facilities, including our U.S. Administrative Headquarters in McLean, Virginia. As of December 31, 2018 , the total obligation related to operating leases, net of sublease income on leased facilities and rental income, was $158.7 million . Rental income and sublease income are included in other expense, net in the accompanying consolidated statements of operations. Total rent expense for the years ended December 31, 2016 , 2017 and 2018 , was $14.0 million , $14.8 million and $14.0 million , respectively. (d) Customer and Vendor Contracts We have contracts with certain customers that require us to provide equipment, services and other support during the term of the related contracts. We also have long-term contractual obligations with service providers primarily for the operation of certain of our satellites. As of December 31, 2018 , we had commitments under these customer and vendor contracts which totaled approximately $301.3 million related to the provision of equipment, services and other support. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We are subject to litigation in the ordinary course of business. Management does not believe that the resolution of any pending proceedings would have a material adverse effect on our financial position or results of operations. |
Business and Geographic Segment
Business and Geographic Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Business and Geographic Segment Information We operate in a single industry segment in which we provide satellite services to our communications customers around the world. Our revenues are disaggregated by billing region, service type and customer set. Revenue by region is based on the locations of customers to which services are billed. Our satellites are in geosynchronous orbit, and consequently are not attributable to any geographic location. Of our remaining assets, substantially all are located in the United States. The following table disaggregates revenue by billing region (in thousands, except percentages): Year Ended Year Ended Year Ended North America $ 1,077,886 49 % $ 1,080,736 50 % $ 1,112,774 51 % Europe 300,003 14 % 272,039 13 % 257,747 12 % Latin America and Caribbean 325,933 15 % 304,379 14 % 284,948 13 % Africa and Middle East 286,258 13 % 292,505 14 % 274,853 13 % Asia-Pacific 197,967 9 % 198,953 9 % 230,868 11 % Total $ 2,188,047 100 % $ 2,148,612 100 % $ 2,161,190 100 % Approximately 8% , 9% and 11% of our revenue was derived from our largest customer during each of the years ended December 31, 2016, 2017 and 2018, respectively. Our ten largest customers accounted for approximately 31% , 34% and 37% of our revenue for the years ended December 31, 2016 , 2017 and 2018 , respectively. We earn revenue primarily by providing services to our customers using our satellite transponder capacity. Our customers generally obtain satellite capacity from us by placing an order pursuant to one of several master customer service agreements. On-network services are comprised primarily of services delivered on our owned network infrastructure, as well as commitments for third-party capacity, generally long-term in nature, that we integrate and market as part of our owned infrastructure. In the case of third-party services in support of government applications, the commitments for third-party capacity are shorter and matched to the government contracting period, and thus remain classified as off-network services. Off-network services can include transponder services and other satellite-based transmission services, such as mobile satellite services (“MSS”), which are sourced from other operators, often in frequencies not available on our network. Under the category Off-Network and Other Revenues, we also include revenues from consulting and other services. The following table disaggregates revenue by type of service (in thousands, except percentages): Year Ended Year Ended Year Ended On-Network Revenues Transponder services $ 1,561,108 72 % $ 1,543,384 72 % $ 1,570,278 73 % Managed services 414,758 19 % 412,147 19 % 393,264 18 % Channel 9,134 — % 5,405 — % 4,250 — % Total on-network revenues 1,985,000 91 % 1,960,936 91 % 1,967,792 91 % Off-Network and Other Revenues Transponder, MSS and other off-network services 157,212 7 % 141,845 7 % 150,186 7 % Satellite-related services 45,835 2 % 45,831 2 % 43,212 2 % Total off-network and other revenues 203,047 9 % 187,676 9 % 193,398 9 % Total $ 2,188,047 100 % $ 2,148,612 100 % $ 2,161,190 100 % Our revenues for media, network services, government and satellite-related services were as follows: $937.7 million, $798.1 million, $392.0 million, and $33.4 million, respectively for the year ended December 31, 2018 ; $910.1 million, $851.6 million, $352.6 million, and $34.3 million, respectively for the year ended December 31, 2017 ; and $868.1 million, $900.3 million, $387.1 million, and $32.5 million, respectively for the year ended December 31, 2016 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions (a) Shareholders’ Agreements Certain shareholders of Intelsat Global S.A. entered into shareholders’ agreements on February 4, 2008. The shareholders’ agreements were assigned to Intelsat S.A. by amendments effective as of March 30, 2012 in connection with our initial public offering in April 2013, and then terminated in December 2018 and replaced by a new agreement. The shareholders agreement provides, among other things, specific rights to and limitations upon the holders of Intelsat S.A.’s share capital with respect to shares held by such holders. (b) Governance Agreement Prior to the consummation of the IPO, we entered into a governance agreement with our shareholder affiliated with BC Partners (the “BC Shareholder”), our shareholder affiliated with Silver Lake (the “Silver Lake Shareholder”) and David McGlade, our Non-Executive Chairman. This agreement was terminated in December 2018 and replaced with a new agreement between the BC Shareholder and the Company, containing provisions relating to the composition of our board of directors and certain other matters. (c) Indemnification Agreements We have entered into agreements with our executive officers and directors to provide contractual indemnification in addition to the indemnification provided for in our articles of incorporation. (d) Horizons Holdings We have a 50% ownership interest in Horizons Holdings as a result of a joint venture with JSAT (see Note 10(a)—Investments—Horizons Holdings). (e) Horizons 3 Satellite LLC We have a 50% ownership interest in Horizons 3 as a result of a joint venture with JSAT (see Note 10(b)—Investments—Horizons-3 Satellite LLC). (f) Additional BC Shareholder Share Purchase in June 2018 In connection with an offering of common shares by the Company completed in June 2018, the BC Shareholder purchased an additional 2,021,563 shares of Intelsat S.A. at the public offering price of $14.84 per share for approximately $30.0 million in the aggregate. |
Quarterly Results of Operations
Quarterly Results of Operations (in thousands, unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (in thousands, unaudited) | Quarterly Results of Operations (in thousands, unaudited) Quarter Ended 2017 March 31 June 30 September 30 December 31 Revenue (1) $ 538,484 $ 533,229 $ 538,759 $ 538,140 Income from operations (1) 216,727 (3) 228,245 (3) 233,165 (3) 232,944 (3) Net loss (33,642 ) (4) (22,800 ) (29,416 ) (4) (88,956 ) Net loss attributable to Intelsat S.A. (34,570 ) (4) (23,795 ) (30,412 ) (4) (89,951 ) Net loss per share attributable to Intelsat S.A.: Basic (2) $ (0.29 ) $ (0.20 ) $ (0.26 ) $ (0.75 ) Diluted (2) (0.29 ) (0.20 ) (0.26 ) (0.75 ) Quarter Ended 2018 March 31 June 30 September 30 December 31 Revenue (1) $ 543,782 $ 537,714 $ 536,922 $ 542,771 Income from operations (1) 234,472 237,755 237,269 232,374 Net loss (65,849 ) (45,840 ) (5) (373,642 ) (5) (110,359 ) (5) Net loss attributable to Intelsat S.A. (66,801 ) (46,828 ) (5) (374,631 ) (5) (111,346 ) (5) Net loss per share attributable to Intelsat S.A.: Basic (2) $ (0.56 ) $ (0.38 ) $ (2.74 ) $ (0.81 ) Diluted (2) (0.56 ) (0.38 ) (2.74 ) (0.81 ) (1) Our quarterly revenue and operating income (loss) are generally not impacted by seasonality, as customer contracts for satellite utilization are generally long-term. Revenue increases are attributable to ASC 606 adjustments. Excluding the impact of ASC 606 adjustments, revenue declines were primarily due to a decrease in revenue from our network services customers, mainly due to declines for enterprise services, wireless infrastructure and point-to-point trunking applications, as well as a decrease in revenue from media customers. These declines were partially offset by an increase in revenue from our network services customers for maritime and mobility applications and an increase in revenue from off-network and third party applications. (2) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. (3) As a result of our adoption of ASU 2017-07 on January 1, 2018, the Company reclassified a net credit for pension and postretirement benefits from operating expenses to other income for the quarters within 2017 to conform to the current year quarters' presentation. See Note 7—Retirement Plan and Other Retiree Benefits for additional details on the impact of the adoption of ASU 2017-07. (4) The quarter ended March 31, 2017 includes a $0.5 million gain on early extinguishment of debt related to the Second 2018 Luxembourg Exchange described above. The quarter ended September 30, 2017 includes a $4.6 million loss on early extinguishment of debt related to the July 2017 Intelsat Jackson Senior Notes Refinancing described above. (5) The quarter ended June 30, 2018 includes a $22.1 million gain on early extinguishment of debt related to the repurchase of the 2021 Luxembourg Notes. The quarter ended September 30, 2018 includes a $204.1 million loss on early extinguishment of debt related to the 2023 ICF Notes and the 2024 Jackson Senior Unsecured Notes. The quarter ended December 31, 2018 includes a $17.8 million loss on early extinguishment of debt related to the repurchase of the 2024 Jackson Senior Unsecured Notes and the redemption of 2021 Jackson Notes (see Note 12—Long-Term Debt). |
SCHEDULE II-VALUATION AND QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Description Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period (in thousands) Year ended December 31, 2016: Allowance for doubtful accounts $ 37,178 $ 24,591 $ (7,025 ) $ 54,744 Year ended December 31, 2017: Allowance for doubtful accounts $ 54,744 $ (4,094 ) $ (20,981 ) $ 29,669 Year ended December 31, 2018: Allowance for doubtful accounts $ 29,669 $ (836 ) $ (291 ) $ 28,542 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Intelsat S.A., its wholly-owned subsidiaries, and variable interest entities (“VIE”) of which we are the primary beneficiary, and are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). We are the primary beneficiary of one VIE, as more fully described in Note 10—Investments, and accordingly, we include in our consolidated financial statements the assets and liabilities and results of operations of the entity, even though we may not own a majority voting interest. We use the equity method to account for our investments in entities where we exercise significant influence over operating and financial policies but do not retain control under either the voting interest model (generally 20% to 50% ownership interest) or the variable interest model. In 2015, we entered into a joint venture agreement as further described in Note 10—Investments, and the investment is accounted for using the equity method. We have eliminated all significant intercompany accounts and transactions. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers We earn revenue primarily by providing services over satellite transponder capacity to our customers. Our customers generally obtain satellite services from us by placing an order pursuant to one of several master customer service agreements and related service orders. The service agreements specify, among other things, the amount of satellite bandwidth or throughput to be provided, whether service will be non-pre-emptible or pre-emptible and the service term. Most services are full time in nature, with service terms ranging from one year to as long as 16 years. Occasional use services used for video applications can be for much shorter periods, including as small as increments of one hour. Our service agreements offer different service types, including transponder services, managed services, and channel, which are all services that are provided on, or used to provide access to, our global network. We refer to these services as on-network services. Our service agreements also cover services that we procure from third parties and resell, which we refer to as off-network services. These services can include transponder services and other satellite-based transmission services sourced from other operators, often in frequencies not available on our network. To determine the proper revenue recognition method for contracts, we evaluate whether two or more services should be combined and accounted for as a single performance obligation. Our specific revenue recognition policies are as follows: Satellite Utilization Charges . The Company’s contracts for satellite utilization services often contain multiple service orders for the provision of capacity on or over different beams, satellites, frequencies, geographies or time periods. Under each separate service order, the Company’s satellite services, comprised of transponder services, managed services, channel services, and occasional use managed services, are delivered in a series of time periods that are distinct from each other and have the same pattern of transfer to the customer. In each period, the Company’s obligation is to make those services available to the customer. Throughout each period of services being provided, the customer simultaneously receives and consumes the benefits, resulting in revenue recognition over time. We have certain obligations, including providing spare or substitute capacity if available, in the event of satellite service failure under certain long-term agreements. We are generally not obligated to refund satellite utilization payments previously made. Satellite Related Consulting and Technical Services . We recognize revenue from the provision of consulting services as those services are performed. We recognize revenue for consulting services with specific performance obligations, such as transfer orbit support services or training programs over the service period. Tracking, Telemetry and Commanding (“TT&C”) . We earn TT&C services revenue from providing operational services to other satellite owners and from certain customers on our satellites. TT&C agreements entered into in connection with our satellite utilization contracts are typically for the period of the related service agreement. We recognize this revenue over the term of the service agreement. In-Orbit Backup Services . We provide back-up transponder capacity that is held on reserve for certain customers on agreed-upon terms. We recognize revenues for in-orbit protection services over the term of the related agreement. Revenue Share Arrangements. We recognize revenues under revenue share agreements for satellite-related services either on a gross or net basis in accordance with principal versus agent considerations. We occasionally sell products or services individually or in some combination to our customers. When products or services are sold together, we allocate revenue for each performance obligation based on each obligation’s relative selling price. In these arrangements, revenue for products is recognized when the transfer of control passes to the customer, while service revenue is recognized over the service term. Contract Assets Contract assets include unbilled amounts typically resulting from sales under our long-term contracts when the total contract value is recognized on a straight-line basis and the revenue recognized exceeds the amount billed to the customer. Contract Liabilities Contract liabilities consist of advance payments and collections in excess of revenue recognized and deferred revenue. Our contracts at times contain prepayment terms that range from one month to one year in advance of providing the service. As a practical expedient, we do not need to adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. For a small subset of contracts with advance payments that contain prepayment terms greater than one year and up to 15 years, we assess whether a significant financing component exists by considering the difference between the amount of promised consideration and the cash selling price of the promised services. The prepayment amount is generally based on a standard methodology that discounts the total of the standard monthly charges over the service term to determine the prepayment amount, resulting in a difference between the amount of promised consideration and the cash selling price of the promised services. The Company considers the timing difference between payment and the promised transfer of services, combined with the Company’s incremental borrowing rates, to determine whether a significant financing component exists. When a significant financing component exists, the amount of revenue recognized exceeds the amount of cash received from the customer. After receiving cash from the customer but prior to the Company providing services, the Company records additional contract liabilities as well as offsetting interest expense to reflect the upfront financing the Company is effectively receiving from the customer. Once the Company begins providing services, additional interest expense is recorded each period, using the effective interest method, as well as corresponding additional revenue which is recognized ratably over the service period. For the year ended December 31, 2018 , we recognized revenue of $247.0 million that was included in the contract liability balance as of January 1, 2018. In addition, the total amount of consideration included in contract assets as of January 1, 2018 that became unconditional for the year ended December 31, 2018 was $ 11.0 million. Our remaining performance obligation, which we refer to as contracted backlog, is our expected future revenue under existing customer contracts, and includes both cancelable and non-cancelable contracts. Our remaining performance obligation was approximately $ 8.1 billion as of December 31, 2018 , approximately 88% of which related to contracts that were non-cancelable and approximately 11% related to contracts that were cancelable subject to substantial termination fees. We assess the contract term of our cancelable contracts as the full stated term of the contract assuming each contract is not canceled since the termination penalty upon cancellation is substantive. As of December 31, 2018 , the weighted average remaining customer contract life was approximately 4.5 years. Approximately 38% , 21% , and 41% of our total remaining performance obligation as of December 31, 2018 is expected to be recognized as revenue during 2019 and 2020, 2021 and 2022, and 2023 and thereafter, respectively. The amount included in the remaining performance obligation represents the full service charge for the duration of the contract and does not include termination fees. The amount of the termination fees, which is not included in the remaining performance obligation amount, is generally calculated as a percentage of the remaining performance obligation associated with the contract. In certain cases of breach for non-payment or customer financial distress or bankruptcy, we may not be able to recover the full value of certain contracts or termination fees. Our remaining performance obligation includes 100% of the remaining performance obligation of our consolidated ownership interests, which is consistent with the accounting for our ownership interest in these entities. Assets Recognized from the Costs to Obtain a Customer Contract We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that our sales incentive program meets the requirements to be capitalized due to the incremental nature of the costs and the expectation that the Company will recover such costs. The assets recognized from the costs to obtain a customer contract are amortized over a period that is consistent with the transfer to the customer of the services to which the asset relates. We capitalized $ 6.6 million for our sales incentive program and amortized $ 6.5 million for the year ended December 31, 2018 . Contract Modifications Contracts are often modified to account for changes in contract specifications or requirements. We consider contract modifications to exist when the modification either creates new rights or obligations or changes the existing enforceable rights and obligations of either party. Most of our contract modifications are for goods and services that are distinct from the existing contract, as they consist of additional months of service priced at the Company’s standalone selling prices of the additional services and are therefore treated as separate contracts. For contract modifications that do not result in additional distinct goods or services, the effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue. Significant Judgments We occasionally enter into certain contracts in which the customer makes payments in advance of services to be delivered, which may be years in the future. The reasons for the prepayments in these contracts vary, but generally can be either for the customer’s benefit or for the Company’s benefit (ability to use the cash received from the customer to pay for the construction of a satellite asset). The determination of whether contracts with a prepayment provision contain a significant financing component requires judgment. The Company makes this determination based on various factors, including the differences between the amount of promised consideration and cash selling prices, the length of time between payment and the transfer of services and prevailing interest rates in the market. Our contracts generally contain multiple performance obligations. When a contract is separated into multiple performance obligations, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling price of the promised good or service underlying such performance obligation. Judgment is required to determine the standalone selling price for each distinct performance obligation. In order to estimate standalone selling prices, we use an adjusted market assessment approach which involves an evaluation of the market and an estimate of the price that our customers are willing to pay, or an expected cost plus a margin approach. When more than one party is involved in providing goods or services to a customer, we generally recognize the transaction on a gross basis due to the level of control that we have prior to the transfer of the good or service. Judgment is required in determining whether we are the principal or the agent in transactions involving third parties. |
Fair Value Measurements | Fair Value Measurements We estimate the fair value of our financial instruments using available market information and valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued liabilities approximate their fair values because of the short maturity of these financial instruments. FASB ASC Topic 820, Fair Value Measurements and Disclosure (“FASB ASC 820”) defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC 820 requires disclosure of the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. FASB ASC 820 establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date. We apply fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The fair value hierarchy prioritizes the inputs used in valuation techniques into three levels as follows: • Level 1—unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2—quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted market prices that are observable or that can be corroborated by observable market data by correlation; and • Level 3—unobservable inputs based upon the reporting entity’s internally developed assumptions which market participants would use in pricing the asset or liability. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, which are generally time deposits with banks and money market funds. The carrying amount of these investments approximates fair value. |
Receivables and Allowances for Doubtful Accounts | Receivables and Allowances for Doubtful Accounts We provide satellite services and extend credit to numerous customers in the satellite communication, telecommunications and video markets. We monitor our exposure to credit losses and maintain allowances for doubtful accounts and anticipated losses. We believe we have adequate customer collateral and reserves to cover our exposure. |
Satellites and Other Property and Equipment | Satellites and Other Property and Equipment Satellites and other property and equipment are stated at historical cost, or in the case of certain satellites acquired, the fair value at the date of acquisition. Capitalized costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to the satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. We depreciate satellites and other property and equipment on a straight-line basis over the following estimated useful lives: Years Buildings and improvements 10 - 40 Satellites and related costs 10 - 17 Ground segment equipment and software 4 - 15 Furniture and fixtures and computer hardware 4 - 12 Leasehold improvements(1) 2 - 12 (1) Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the remaining lease term. |
Other Assets | Other Assets Other assets consist of investments in certain equity securities, long-term deposits, long-term receivables and other miscellaneous deferred charges and long-term assets. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We account for goodwill and other intangible assets in accordance with FASB ASC Topic 350, Intangibles—Goodwill and Other (“FASB ASC 350”). Goodwill represents the excess of the consideration transferred plus the fair value of any noncontrolling interest in the acquiree at the acquisition date over the fair values of identifiable net assets of businesses acquired. Goodwill and certain other intangible assets deemed to have indefinite lives are not amortized but are tested on an annual basis for impairment during the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. See Note 11—Goodwill and Other Intangible Assets. Intangible assets arising from business combinations are initially recorded at fair value. We record other intangible assets at cost. We amortize intangible assets with determinable lives (consisting of backlog and customer relationships) based on the expected pattern of consumption. We review these intangible assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be recoverable. See Note 11—Goodwill and Other Intangible Assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review long-lived assets, including property and equipment and acquired intangible assets with estimable useful lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of such an asset may not be recoverable. These indicators of impairment can include, but are not limited to, the following: • satellite anomalies, such as a partial or full loss of power; • under-performance of an asset compared to expectations; and • shortened useful lives due to changes in the way an asset is used or expected to be used. The recoverability of an asset to be held and used is determined by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, we record an impairment charge in the amount by which the carrying amount of the asset exceeds its fair value, which we determine by either a quoted market price, if any, or a value determined by utilizing discounted cash flow techniques. |
Income Taxes | Income Taxes We account for income taxes in accordance with FASB ASC Topic 740— Income Taxes . We are subject to income taxes in the United States as well as a number of other foreign jurisdictions. Significant judgment is required in the calculation of our tax provision and the resulting tax liabilities and in the recoverability of our deferred tax assets that arise from temporary differences between the tax and financial statement recognition of revenue and expense and net operating loss and credit carryforwards. We regularly assess the likelihood that our deferred tax assets can be recovered. A valuation allowance is required when it is more likely than not that all or a portion of the deferred tax asset will not be realized. We evaluate the recoverability of our deferred tax assets based in part on the existence of deferred tax liabilities that can be used to realize the deferred tax assets. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. We evaluate our tax positions to determine if it is more likely than not that a tax position is sustainable, based solely on its technical merits and presuming the taxing authorities have full knowledge of the position and access to all relevant facts and information. When a tax position does not meet the more likely than not standard, we record a liability or contra asset for the entire amount of the unrecognized tax impact. Additionally, for those tax positions that are determined more likely than not to be sustainable, we measure the tax position at the largest amount of benefit more likely than not (determined by cumulative probability) to be realized upon settlement with the taxing authority. |
Foreign Currency Translation | Foreign Currency Translation Our functional currency is the U.S. dollar, since substantially all customer contracts, capital expenditure contracts and operating expense obligations are denominated in U.S. dollars. Transactions not denominated in U.S. dollars have been translated using the spot rates of exchange at the dates of the transactions. We recognize differences on exchange arising on the settlement of the transactions denominated in currencies other than the U.S. dollar in the consolidated statement of operations. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income or loss and other gains and losses affecting shareholders’ equity that, under U.S. GAAP, are excluded from net income or loss. Such items consist primarily of the change in the market value of pension liability adjustments. |
Share-Based Compensation | Share-Based Compensation Compensation cost is recognized based on the requirements of FASB ASC Topic 718, Compensation—Stock Compensation (“FASB ASC 718”), for all share-based awards granted. Option awards are measured at the grant date based on the fair value as calculated using either the Black-Scholes option pricing model, a Monte Carlo simulation model, a binomial tree model or any other acceptable model. Awards of shares or restricted share units are valued based on the closing market price at the grant date. The expense is recognized over the requisite service period, based on attainment of certain vesting requirements. The determination of the value of certain awards requires considerable judgment, including estimating expected volatility, expected term, correlation between share price and market conditions and risk-free rate. The Company’s expected volatility is based on either implied volatility of traded options on the shares of the Company or the historical volatility. The expected term is based on the midpoint between the expected vesting time and the remaining contractual life. The risk-free rate is derived from the applicable Constant Maturity Treasury rate. |
Deferred Satellite Performance Incentives | Deferred Satellite Performance Incentives The cost of satellite construction may include an element of deferred consideration that we are obligated to pay to satellite manufacturers over the lives of the satellites, provided the satellites continue to operate in accordance with contractual specifications. Historically, the satellite manufacturers have earned substantially all of these payments. Therefore, we account for these payments as deferred financing. We capitalize the present value of these payments as part of the cost of the satellites and record a corresponding liability to the satellite manufacturers. Interest expense is recognized on the deferred financing and the liability is reduced as the payments are made. |
Derivative Instruments | Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign exchange rates and interest rates. We employ risk management strategies, which may include the use of foreign currency swaps, interest rate swaps and interest rate caps. We measure all derivatives at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Changes in the fair value of derivative instruments not qualifying as hedges are recognized in earnings in the current period. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in FASB ASC Topic 605 - Revenue Recognition. The guidance in ASU 2014-09 clarifies the principles for recognizing revenue by creating a common revenue standard for U.S. GAAP (“ASC 606”). The FASB issued several amendments to the standard, including clarification of accounting for licenses of intellectual property and identifying performance obligations. We adopted the standard effective January 1, 2018 using the modified retrospective method. We recognized the cumulative effect of initially applying the new standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those years. Based on our assessment, the adoption of the new standard impacts the total consideration for prepayment contracts, accounting of incremental costs for obtaining a contract, allocation of the transaction price to performance obligations and accounting for contract modifications, and requires additional disclosures. We adopted ASU 2016-16 in the first quarter of 2018 and the adoption resulted in approximately a $170 million benefit to accumulated deficit. See Note 14—Income Taxes. We also adopted ASU 2016-01, ASU 2017-07 and ASU 2017-09 in the first quarter of 2018. See Note 10—Investments, Note 7—Retirement Plans and Other Retiree Benefits, and Note 5—Share-Based and Other Compensation Plans, respectively. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , to increase transparency and comparability by recognizing substantially all leases on the balance sheet. Under the new standard, a lessee will recognize on its balance sheet a lease liability and a right-of-use (“ROU”) asset for most leases, with certain practical expedients available. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018. Subsequent to ASU 2016-02, the FASB issued ASU 2018-10 Codification Improvements to Topic 842, Leases, ASU 2018-11 Targeted Improvements , and ASU 2018-20 Narrow-Scope Improvements for Lessors, which amend and clarify aspects of the guidance issued in ASU 2016-02. ASU 2018-11 provides an alternative transition method (the “effective date method”). We intend to adopt ASU 2016-02 on January 1, 2019 and apply the package of practical expedients included therein, as well as utilize the effective date method included in ASU 2018-11. Under the package of practical expedients, we will not reassess (a) whether expired or existing contracts contain a lease under the new definition of a lease, (b) lease classification for expired or existing leases, and (c) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. We also intend to apply the practical expedients for lessees and lessors to exempt short term leases and to account for each non lease component associated with a lease component as a single component when the applicable criteria are met. By applying ASU 2016-02 at the adoption date, as opposed to at the beginning of the earliest period presented, our reporting for periods prior to January 1, 2019 will continue to be in accordance with Leases (Topic 840). In preparation for adoption of the standard, we have implemented internal controls and key system functionality to enable the preparation of the necessary financial information. The new standard will have a material impact on our consolidated balance sheets, and we expect to recognize ROU assets and related lease liabilities for operating leases in the range of $ 85 million to $95 million, and $110 million to $ 120 million, respectively, with no material impact on our consolidated statement of operations and statement of cash flows. The new standard may have lessor accounting implications where certain future contracts that convey the right to control the use of a significant portion of the satellite may be accounted for using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases, which could potentially result in more upfront revenue recognition. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how companies measure and recognize credit impairment for any financial assets. The standard requires companies to immediately recognize an estimate of credit losses expected to occur over the remaining life of the financial assets that are within the scope of the standard. The scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost , includes financial assets measured at amortized cost basis, including net investments in leases arising from sales-type and direct financing leases. The scope does not specifically address receivables arising from operating leases. In November 2018, the FASB issued 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses to clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . Both ASU 2016-13 and ASU 2018-19 are effective for interim and annual periods beginning after December 15, 2019 for public business entities that are SEC filers, on a modified retrospective basis. Early adoption is permitted for interim and annual periods beginning after December 15, 2018. We are in the process of evaluating the impact that ASU 2016-13 and ASU 2018-19 will have on our consolidated financial statements and associated disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which is intended to simplify the subsequent measurement of goodwill. The amendments in ASU 2017-04 modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities, as if that reporting unit had been acquired in a business combination. ASU 2017-04 will be effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019 for public business entities, on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. When adopted, we will measure impairment using the difference between the carrying amount and the fair value of the reporting unit, if required. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) , which allows for an optional reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act for those entities that elect the optional reclassification. The amendments in this update will also require certain disclosures about stranded tax effects. ASU 2018-02 is effective for all entities for interim and annual periods beginning after December 15, 2018. The adoption of ASU 2018-02 is not expected to have a significant impact on our consolidated financial statements and associated disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) , as part of its disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 modifies disclosure requirements on fair value measurements in Topic 820, and is effective for all entities for interim and annual periods beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is allowed for any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption for the additional disclosures until their effective date. We are in the process of evaluating the impact that ASU 2018-13 will have on our consolidated financial statements and associated disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) , as part of its disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-14 modifies and clarifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments remove certain disclosure requirements and require additional disclosures including the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates, an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period, the projected benefit obligation "PBO" and fair value of plan assets for plans with PBOs in excess of plan assets, and the accumulated benefit obligation "ABO" and fair value of plan assets for plans with ABOs in excess of plan assets. ASU 2018-14 is effective for public business entities for fiscal years ending after December 15, 2020, on a retrospective basis to all periods presented with early adoption allowed. We are in the process of evaluating the impact that ASU 2018-14 will have on our consolidated financial statements and associated disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40) , to improve current U.S. GAAP by clarifying the accounting for implementation costs of a hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement (hosting arrangement) that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments require costs for implementation activities in the application development stage to be capitalized depending on the nature of the costs, and costs incurred during the preliminary project and post-implementation stages to be expensed as the activities are performed. ASU 2018-15 also requires the entity (customer) to expense capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, and the entity (customer) to present the expense related to the capitalized implementation costs in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement, as well as to classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. ASU 2018-15 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2018-15 can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption, with early adoption allowed. We are in the process of evaluating the impact that ASU 2018-15 will have on our consolidated financial statements and associated disclosures. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808) - Clarifying the Interaction between Topic 808 and Topic 606 , to clarify the interaction between Topic 808, Collaborative Arrangements and Topic 606, Revenue from Contracts with Customers . ASU 2018-18 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption allowed. ASU 2018-18 can be applied retrospectively to the date of initial application of Topic 606, with cumulative effect of initially applying the amendments in this update adjusted to the opening balance of retained earnings of the later of the earliest annual period presented and the annual period that includes the date of the entity's initial application of Topic 606. The amendments in ASU 2018-18 can be applied to all contracts or only to contracts that are not completed at the date of initial application of Topic 606. We are in the process of evaluating the impact that ASU 2018-18 will have on our consolidated financial statements and associated disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses specific issues relating to diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. Additionally, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which requires that amounts described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We adopted ASU 2016-15 and ASU 2016-18 in the first quarter of 2018 on a retrospective basis. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Satellites and Other Property and Equipment | We depreciate satellites and other property and equipment on a straight-line basis over the following estimated useful lives: Years Buildings and improvements 10 - 40 Satellites and related costs 10 - 17 Ground segment equipment and software 4 - 15 Furniture and fixtures and computer hardware 4 - 12 Leasehold improvements(1) 2 - 12 (1) Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the remaining lease term. |
Impact of ASU on Consolidated Statements | In accordance with the new revenue standard requirements, the disclosure of the impact of adoption of ASC 606 on our consolidated statements of operations, balance sheets, and statements of cash flows was as set forth in the tables below (in thousands). The impact to our consolidated statement of other comprehensive income (loss) was an increase in net loss of $56.1 million for the year ended December 31, 2018 . For the Year Ended December 31, 2018 As Reported Balances without Effect of adoption Consolidated Statements of Operations Revenue $ 2,161,190 $ 2,057,983 $ 103,207 Direct costs of revenue (excluding depreciation and amortization) 330,874 331,786 (912 ) Selling, general and administrative 200,857 200,973 (116 ) Interest expense, net 1,212,374 1,096,184 116,190 Other income, net 4,541 5,329 (788 ) Provision for income taxes (1) 130,069 86,720 43,349 Net loss (595,690 ) (539,598 ) (56,092 ) Net loss attributable to Intelsat S.A. (599,605 ) (543,513 ) (56,092 ) Net loss per common share attributable to Intelsat S.A.: Basic $ (4.63 ) $ (4.20 ) $ (0.43 ) Diluted $ (4.63 ) $ (4.20 ) $ (0.43 ) (1) Provision for income taxes includes a deferred tax asset that was established upon adoption of ASC 606 that was eliminated as a result of the 2018 Internal Reorganization (see Note 14 - Income Taxes). As of December 31, 2018 As Reported Balances without Effect of adoption Consolidated Balance Sheets Assets Receivables $ 271,393 $ 278,233 $ (6,840 ) Prepaid expenses and other current assets 24,075 61,237 (37,162 ) Contract assets 45,034 — 45,034 Contract assets, net of current portion 96,108 — 96,108 Other assets 401,414 483,589 (82,175 ) Liabilities Accounts payable and accrued liabilities $ 108,101 $ 113,627 $ (5,526 ) Deferred revenue — 134,799 (134,799 ) Contract liabilities 137,746 — 137,746 Deferred revenue, net of current portion — 763,478 (763,478 ) Contract liabilities, net of current portion 1,131,319 — 1,131,319 Taxes payable 5,679 4,886 793 Other long-term liabilities 77,670 83,776 (6,106 ) Deferred income taxes 82,488 89,639 (7,151 ) Shareholders’ deficit Accumulated deficit $ (6,606,426 ) $ (6,268,593 ) $ (337,833 ) For the Year Ended December 31, 2018 As Reported Balances without Effect of adoption Consolidated Statement of Cash Flows Cash flows from operating activities Net loss $ (595,690 ) $ (539,598 ) $ (56,092 ) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income taxes 79,160 42,465 36,695 Other non-cash items 938,828 938,828 — Changes in operating assets and liabilities: Receivables (63,814 ) (59,629 ) (4,185 ) Prepaid expenses, contract and other assets 3,708 (9,065 ) 12,773 Accounts payable and accrued liabilities 7,291 7,953 (662 ) Accrued interest payable 21,442 21,442 — Deferred revenue and contract liabilities (39,763 ) (47,164 ) 7,401 Accrued retirement benefits (15,902 ) (15,902 ) — Other long-term liabilities 8,913 4,843 4,070 Net cash provided by operating activities $ 344,173 $ 344,173 $ — The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows (in thousands): As of Adjustment As of Consolidated Balance Sheets Assets Receivables $ 221,223 $ (11,025 ) $ 210,198 Prepaid expenses and other current assets 56,862 (28,545 ) 28,317 Contract assets — 40,618 40,618 Contract assets, net of current portion — 97,148 97,148 Other assets 443,830 (74,643 ) 369,187 Liabilities Accounts payable and accrued liabilities $ 116,396 $ (4,071 ) $ 112,325 Deferred revenue 149,749 (149,749 ) — Contract liabilities — 143,705 143,705 Deferred revenue, net of current portion 794,707 (794,707 ) — Contract liabilities, net of current portion — 1,164,138 1,164,138 Deferred income taxes 48,434 (43,846 ) 4,588 Other long-term liabilities 296,616 (10,176 ) 286,440 Shareholders’ deficit Accumulated deficit $ (5,894,659 ) $ (281,741 ) $ (6,176,400 ) The effect of the adoption of ASU 2016-18 on our consolidated statements of cash flows are as follows (in thousands): For the Year Ended December 31, 2016 As Reported Balances without the adoption of ASU 2016-18 Effect of adoption Consolidated Statement of Cash Flows Net cash provided by operating activities $ 678,755 $ 683,506 $ (4,751 ) Net cash provided by investing activities (730,589 ) (730,589 ) — Net cash provided by financing activities 546,347 541,596 4,751 Net change in cash, cash equivalents and restricted cash $ 494,483 $ 494,483 $ — For the Year Ended December 31, 2017 As Reported Balances without the adoption of ASU 2016-18 Effect of adoption Consolidated Statement of Cash Flows Net cash provided by operating activities $ 464,246 $ 464,230 $ 16 Net cash provided by investing activities (468,297 ) (468,297 ) — Net cash used in financing activities (121,698 ) (137,858 ) 16,160 Net change in cash, cash equivalents and restricted cash $ (124,633 ) $ (140,809 ) $ 16,176 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our consolidated balance sheets to the total sum of these same amounts reported in our consolidated statements of cash flows: As of As of As of Cash and cash equivalents $ 666,024 $ 525,215 $ 485,120 Restricted cash — 16,176 22,037 Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 666,024 $ 541,391 $ 507,157 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our consolidated balance sheets to the total sum of these same amounts reported in our consolidated statements of cash flows: As of As of As of Cash and cash equivalents $ 666,024 $ 525,215 $ 485,120 Restricted cash — 16,176 22,037 Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 666,024 $ 541,391 $ 507,157 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) per Share | The following table sets forth the computation of basic and diluted net income (loss) per share attributable to Intelsat S.A.: (in thousands, except per share data or where otherwise noted) Year Ended December 31, 2016 Year Ended December 31, 2017 Year Ended December 31, 2018 Numerator: Net income (loss) $ 994,112 $ (174,814 ) $ (595,690 ) Net income attributable to noncontrolling interest (3,915 ) (3,914 ) (3,915 ) Net income (loss) attributable to Intelsat S.A. 990,197 (178,728 ) (599,605 ) Net income (loss) attributable to common shareholders $ 990,197 $ (178,728 ) $ (599,605 ) Numerator for Basic EPS—income/ (loss) available to common shareholders $ 990,197 $ (178,728 ) $ (599,605 ) Numerator for Diluted EPS $ 990,197 $ (178,728 ) $ (599,605 ) Denominator: Basic weighted average shares outstanding (in millions) 114.5 118.9 129.6 Weighted average dilutive shares outstanding (in millions): Preferred shares (in millions) 3.2 — — Employee compensation related shares including options and restricted stock units (in millions) 0.8 — — Diluted weighted average shares outstanding (in millions) 118.5 118.9 129.6 Basic net income (loss) per common share attributable to Intelsat S.A. $ 8.65 $ (1.50 ) $ (4.63 ) Diluted net income (loss) per common share attributable to Intelsat S.A. $ 8.36 $ (1.50 ) $ (4.63 ) |
Share-Based and Other Compens_2
Share-Based and Other Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Activity | Stock Option activity during 2018 was as follows: Number of Stock Options (in thousands) Weighted Average Exercise price Weighted Average remaining contractual term (in years) Aggregate intrinsic value (in millions) Outstanding at January 1, 2018 2,084 $ 3.84 Granted 3 19.5 Exercised (852 ) 3.77 Expired (126 ) 5.67 Outstanding at December 31, 2018 1,109 $ 3.71 5.7 $ 19.6 Exercisable at December 31, 2018 1,037 $ 3.71 5.6 $ 18.3 |
Anti-Dilution Option Grants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Activity | Number of Stock Options (in thousands) Weighted Average Exercise price Weighted Average remaining contractual term (in years) Aggregate intrinsic value (in millions) Outstanding at January 1, 2018 1,610 $ 11.98 Outstanding at December 31, 2018 1,610 $ 11.98 4.1 $ 15.1 Excercisable at December 31, 2018 1,610 $ 11.98 4.1 $ 15.1 |
Time Based Restricted Stock Units RSU [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Award Activity | Time-based RSUs activity during 2018 was as follows: Number of RSUs (in thousands) Weighted Average grant date fair value Weighted Average remaining contractual term (in years) Aggregate intrinsic value (in millions) Outstanding at January 1, 2018 3,417 $ 7.56 Granted 1,490 7.99 Vested (1) (2,113 ) 10.07 Forfeited (192 ) 5.42 Outstanding at December 31, 2018 2,602 $ 5.93 1.6 $ 40.2 (1) The total vested RSUs includes 1,025 RSUs that were vested in prior years but settled in 2018. |
Performance Based Restricted Stock Units RSU [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Award Activity | Performance-based RSUs activity during 2018 was as follows: Number of RSUs (in thousands) Weighted Average grant date fair value Weighted Average remaining contractual term (in years) Aggregate intrinsic value (in millions) Outstanding at January 1, 2018 2,156 $ 2.89 Granted 930 4.53 Cancelled (348 ) 8.97 Forfeited (114 ) 2.28 Outstanding at December 31, 2018 2,624 $ 2.69 1.1 $ 49.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis | The following tables present assets measured and recorded at fair value in our consolidated balance sheets on a recurring basis and their corresponding level within the fair value hierarchy (in thousands), excluding long-term debt (see Note 12—Long-Term Debt) and pension plan assets (see Note 7—Retirement Plans and Other Retiree Benefits). No transfers between Level 1 and Level 2 fair value measurements occurred during the year ended December 31, 2018 . Fair Value Measurements at December 31, 2017 Description As of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets (Level 1) (Level 2) (Level 3) Marketable securities (1) $ 5,776 $ 5,776 $ — $ — Undesignated interest rate cap (2) 22,336 — 22,336 — Warrant (3) 4,100 — — 4,100 Total assets $ 32,212 $ 5,776 $ 22,336 $ 4,100 Fair Value Measurements at December 31, 2018 Description As of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets (Level 1) (Level 2) (Level 3) Marketable securities (1) $ 4,700 $ 4,700 $ — $ — Undesignated interest rate cap (2) 33,086 — 33,086 — Warrant (3) 4,100 — — 4,100 Total assets $ 41,886 $ 4,700 $ 33,086 $ 4,100 (1) The valuation measurement inputs of these marketable securities represent unadjusted quoted prices in active markets and, accordingly, we have classified such investments within Level 1 of the fair value hierarchy. The cost basis of our marketable securities was $4.7 million at December 31, 2017 and $4.6 million at December 31, 2018 . We sold marketable securities with a cost basis of $0.7 million during the year ended December 31, 2018 and recorded a nominal gain on the sale within other income, net in our consolidated statement of operations. (2) The valuation of our interest rate derivative instruments reflects the fair value of premiums paid, taking into account observable inputs including current interest rates, the market expectation for future interest rates volatility and current creditworthiness of the counterparties. As a result, we have determined that our derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. (3) We valued the warrant using a valuation technique which reflects the risk free rate, time to maturity and volatility of comparable companies. We identified the inputs used to calculate the fair value as Level 3 inputs and concluded that the valuation in its entirety was classified as Level 3 within the fair value hierarchy. |
Retirement Plans and Other Re_2
Retirement Plans and Other Retiree Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Reclassifications for Adoption of ASU | The reclassifications to conform to the current year presentation are as follows (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2017 Operating Expenses: Direct costs of revenue (excluding depreciation and amortization) $ 1,487 $ 2,016 Selling, general and administrative 1,140 1,460 Other income (expense), net $ 2,627 $ 3,476 |
Reclassifications, Net of Tax | The following table presents these reclassifications, net of tax, as well as the reclassification of the realized gain on investments, and the statement of operations line items that are impacted (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2017 Year Ended December 31, 2018 Amortization of prior service credits reclassified from other comprehensive loss to net periodic pension benefit costs included in: Other income (expense), net (5 ) 21 (839 ) Total $ (5 ) $ 21 $ (839 ) Amortization of actuarial loss reclassified from other comprehensive loss to net periodic pension benefit costs included in: Other income (expense), net 2,223 2,074 4,064 Total $ 2,223 $ 2,074 $ 4,064 Realized gain on investments included in: Other income (expense), net $ (192 ) $ (235 ) $ (351 ) Total $ (192 ) $ (235 ) $ (351 ) |
Reconciliation of Funded Status and Accumulated Benefit Obligation | The following summarizes the projected benefit obligations, plan assets and funded status of the defined benefit retirement plan, as well as the projected benefit obligations of the postretirement medical benefits provided under our medical plan (in thousands, except percentages): Year Ended Year Ended Pension Benefits Other Post- retirement Benefits Pension Benefits Other Post- retirement Benefits Change in benefit obligation Benefit obligation at beginning of year $ 424,929 $ 82,897 $ 447,222 $ 82,587 Service cost — — — — Interest cost 14,778 2,869 14,428 2,314 Employee contributions — 416 — 390 Plan amendments — — — (33,907 ) Benefits paid (24,380 ) (4,125 ) (30,741 ) (3,600 ) Actuarial (gain) loss 31,895 530 (36,827 ) (7,258 ) Benefit obligation at end of year $ 447,222 $ 82,587 $ 394,082 $ 40,526 Change in plan assets Plan assets at beginning of year $ 317,510 $ — $ 334,582 $ — Employer contributions 2,888 3,709 5,115 3,210 Employee contributions — 416 — 390 Actual return on plan assets 38,564 — (11,325 ) — Benefits paid (24,380 ) (4,125 ) (30,741 ) (3,600 ) Plan assets at fair value at end of year $ 334,582 $ — $ 297,631 $ — Accrued benefit costs and funded status of the plans $ (112,640 ) $ (82,587 ) $ (96,451 ) $ (40,526 ) Accumulated benefit obligation $ 447,222 $ 394,082 Weighted average assumptions used to determine accumulated benefit obligation and accrued benefit costs Discount rate 3.67 % 3.64 % 4.35 % 4.27 % Weighted average assumptions used to determine net periodic benefit costs Discount rate 4.23 % 4.19 % 3.67 % 3.64%/4.18% Expected rate of return on plan assets 7.60 % — 7.60 % — Rate of compensation increase — — — — Amounts in accumulated other comprehensive loss recognized in net periodic benefit cost Actuarial (gain) loss, net of tax $ 2,363 $ (289 ) $ 4,640 $ (576 ) Prior service credits, net of tax (8 ) 29 (854 ) 15 Total $ 2,355 $ (260 ) $ 3,786 $ (561 ) Amounts in accumulated other comprehensive loss not yet recognized in net periodic benefit cost Actuarial (gain) loss, net of tax $ 99,152 $ (8,815 ) $ 93,509 $ (15,377 ) Prior service credits, net of tax (366 ) — (343 ) (32,514 ) Total $ 98,786 $ (8,815 ) $ 93,166 $ (47,891 ) Amounts in accumulated other comprehensive loss expected to be recognized in net periodic benefit cost in the subsequent year Actuarial (gain) loss $ (5,307 ) $ 403 $ (4,222 ) $ 1,229 Prior service credits — 8 — 2,544 Total $ (5,307 ) $ 411 $ (4,222 ) $ 3,773 |
Benefits Expected to be Paid Next Five Years | The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are as follows (in thousands): Pension Benefits Other Post- retirement Benefits 2019 $ 37,034 $ 3,107 2020 28,141 3,129 2021 27,013 3,132 2022 27,021 3,129 2023 27,082 3,087 2024 to 2028 127,278 14,231 Total $ 273,569 $ 29,815 |
Target and Actual Asset Allocation [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension Plan Assets by Asset Category | The target and actual asset allocation of our pension plan assets were as follows: As of December 31, 2017 As of December 31, 2018 Target Allocation Actual Allocation Target Allocation Actual Allocation Asset Category Equity securities 49 % 50 % 49 % 45 % Debt securities 36 % 35 % 36 % 36 % Other securities 15 % 15 % 15 % 19 % Total 100 % 100 % 100 % 100 % |
Fair Value of Pension Plan Assets [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension Plan Assets by Asset Category | The fair values of our pension plan assets by asset category are as follows (in thousands): Fair Value Measurements at December 31, 2018 Level 1 Level 2 Level 3 Asset Category Equity Securities U.S. Large-Cap (1) $ 62,243 $ 62,243 $ — $ — U.S. Small/Mid-Cap (2) 15,739 15,739 — — World Equity Ex-US (3) 54,994 54,994 — — Fixed Income Securities Long Duration Bonds (4) 91,278 91,278 — — High Yield Bonds (5) 8,440 8,440 — — Emerging Market Fixed income (Non-US) (6) 8,923 8,923 — — Other Securities $ 241,617 $ — $ — Hedge Funds (7) 18,062 Core Property Fund (8) 37,559 Cash and income earned but not yet received 393 Total $ 297,631 Fair Value Measurements at December 31, 2017 Level 1 Level 2 Level 3 Asset Category Equity Securities U.S. Large-Cap (1) $ 78,076 $ 78,076 $ — $ — U.S. Small/Mid-Cap (2) 19,952 19,952 — — World Equity Ex-US (3) 67,835 67,835 — — Fixed Income Securities Short Duration Bonds (4) 98,421 98,421 — — High Yield Bonds (5) 9,419 9,419 — — Emerging Market Fixed income (Non-US) (6) 9,127 9,127 — — Other Securities $ 282,830 $ — $ — Hedge Funds (7) 17,121 Core Property Fund (8) 34,486 Income earned but not yet received 145 Total $ 334,582 (1) US large cap equity fund invests primarily in a portfolio of common stocks included in the S&P 500 Index, as well as other equity securities and derivative instruments whose value is derived from the performance of the S&P 500. (2) The US small/mid cap equity includes the U.S. Small/Mid Cap Equity Fund and the Extended Market Index Fund. The U.S. Small/Mid Cap Equity Fund will invest primarily in U.S. small- and mid-cap stocks with market capitalization ranges similar to those found in the FTSE Russell 2500 Index. The Extended Markets Index Fund aims to produce investment results that correspond to the performance of the FTSE/Russell Small Cap Completeness Index. (3) World equity ex-US fund invests primarily in common stocks and other equity securities whose issuers comprise a broad range of capitalizations and are located outside of the U.S. The fund invests primarily in developed countries but may also invest in emerging markets. (4) The Long Duration Bond Fund will invest primarily in long-duration government and corporate fixed income securities and use derivative instruments (including interest rate swaps and Treasury futures contracts) for the purpose of managing the overall duration and yield curve exposure of the Fund's portfolio. Short duration bond fund includes the Opportunistic Income fund and the Limited Duration Bond Fund. (5) High yield bond fund seeks to maximize return by investing primarily in a diversified portfolio of higher yielding, lower rated fixed income securities. The fund will invest primarily in securities rated below investment grade, including corporate bonds, convertible and preferred securities and zero coupon obligations. (6) Emerging markets debt fund seeks to maximize return investing in fixed income securities of emerging markets issuers. The fund will invest primarily in U.S. dollar denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. (7) Hedge fund seeks to provide returns that are different from (less correlated with) investments in more traditional asset classes. The fund will pursue its investment objective by investing substantially all of its assets in various hedge funds. The fund has semi-annual redemptions in June and December with a 95 days pre-notification period, and a two year lock-up on all purchases which have expired. (8) Core property fund is a fund of funds that invests in direct commercial property funds primarily in the U.S. The fund is meant to provide current income-oriented returns, diversification, and modest inflation protection to an overall investment portfolio. Total returns are expected to be somewhere between stocks and bonds, with moderate volatility and low correlation to public markets. The fund has quarterly redemptions with a 95 days pre-notification period, and no lock-up period. |
Defined Pension Benefit Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components of Net Periodic Benefit Costs | Net periodic pension benefit costs included the following components (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2017 Year Ended December 31, 2018 Interest cost $ 16,183 $ 14,778 $ 14,428 Expected return on plan assets (25,535 ) (24,410 ) (24,482 ) Amortization of unrecognized net loss 3,370 3,751 5,307 Total benefit $ (5,982 ) $ (5,881 ) $ (4,747 ) |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components of Net Periodic Benefit Costs | Net periodic other postretirement benefit costs included the following components (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2017 Year Ended December 31, 2018 Interest cost $ 3,363 $ 2,869 $ 2,314 Amortization of prior service cost — (8 ) (854 ) Amortization of unrecognized net (gain) loss (8 ) (455 ) (630 ) Total costs $ 3,355 $ 2,406 $ 830 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Receivables | Receivables were comprised of the following (in thousands): As of As of Service charges: Billed $ 234,724 $ 292,634 Unbilled 11,025 — Other 5,143 7,301 Allowance for doubtful accounts (29,669 ) (28,542 ) Total $ 221,223 $ 271,393 |
Satellites and Other Property_2
Satellites and Other Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Satellites and Other Property and Equipment, Net | Satellites and other property and equipment, net were comprised of the following (in thousands): As of As of Satellites and launch vehicles $ 10,653,213 $ 10,786,802 Information systems and ground segment 808,203 894,796 Buildings and other 264,417 273,155 Total cost 11,725,833 11,954,753 Less: accumulated depreciation (5,802,214 ) (6,443,051 ) Total $ 5,923,619 $ 5,511,702 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Changes in Equity Attributable to Intelsat and Equity Attributable to Noncontrolling Interests | The following tables present changes in equity attributable to the Company and equity attributable to our noncontrolling interests, which is included in the equity section of our consolidated balance sheet (in thousands): Intelsat S.A. Shareholders’ Deficit Noncontrolling Interests Total Shareholders’ Deficit Balance at January 1, 2017 $ (3,634,145 ) $ 24,147 $ (3,609,998 ) Net income (loss) (178,728 ) 3,914 (174,814 ) Dividends paid to noncontrolling interests — (8,755 ) (8,755 ) Share-based compensation 16,472 — 16,472 Postretirement/pension liability adjustment (11,801 ) — (11,801 ) Other comprehensive income 332 — 332 Balance at December 31, 2017 $ (3,807,870 ) $ 19,306 $ (3,788,564 ) Intelsat S.A. Shareholders’ Deficit Noncontrolling Interests Total Shareholders’ Deficit Balance at January 1, 2018 $ (3,807,870 ) $ 19,306 $ (3,788,564 ) Net income (loss) (599,605 ) 3,915 (595,690 ) Dividends paid to noncontrolling interests — (8,825 ) (8,825 ) Common shares and 2025 Convertible Notes offering 368,253 — 368,253 Share-based compensation 10,035 — 10,035 Postretirement/pension liability adjustment 44,695 — 44,695 Other comprehensive loss (351 ) — (351 ) Adoption of accounting standards (1) (112,162 ) — (112,162 ) Balance at December 31, 2018 $ (4,097,005 ) $ 14,396 $ (4,082,609 ) (1) See Note 2—Significant Accounting Policies and Note 14—Income Taxes |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amounts of Goodwill and Acquired Intangible Assets Not Subject to Amortization | The carrying amounts of goodwill and acquired intangible assets not subject to amortization consist of the following (in thousands): As of As of Goodwill (1) $ 2,620,627 $ 2,620,627 Orbital locations 2,387,700 2,387,700 Trade name 65,200 65,200 (1) Net of accumulated impairment losses of $4,160,200 . |
Schedule of Carrying Amount and Accumulated Amortization of Acquired Intangible Assets Subject to Amortization | The carrying amount and accumulated amortization of acquired intangible assets subject to amortization consisted of the following (in thousands): As of December 31, 2017 As of December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Backlog and other $ 743,760 $ (686,425 ) $ 57,335 $ 743,760 $ (701,445 ) $ 42,315 Customer relationships 534,030 (241,781 ) 292,249 534,030 (265,242 ) 268,788 Total $ 1,277,790 $ (928,206 ) $ 349,584 $ 1,277,790 $ (966,687 ) $ 311,103 |
Scheduled Amortization Charges for Intangible Assets | Scheduled amortization charges for the intangible assets over the next five years are as follows (in thousands): Year Amount 2019 $ 34,351 2020 31,103 2021 28,635 2022 25,479 2023 21,353 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values and Fair Values of Notes Payable and Long-Term Debt | The carrying values and fair values of our notes payable and long-term debt were as follows (in thousands): As of December 31, 2017 As of December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Intelsat S.A.: 4.5% Convertible Senior Notes due June 2025 $ — $ — $ 402,500 $ 590,427 Unamortized prepaid debt issuance costs and discount on 4.5% Convertible Senior Notes — — (149,083 ) — Total Intelsat S.A. obligations — — 253,417 590,427 Intelsat Luxembourg: 6.75% Senior Notes due June 2018 $ 96,650 $ 94,717 $ — $ — Unamortized prepaid debt issuance costs on 6.75% Senior Notes (78 ) — — — 7.75% Senior Notes due June 2021 2,000,000 1,070,000 421,219 381,203 Unamortized prepaid debt issuance costs on 7.75% Senior Notes (13,325 ) — (2,062 ) — 8.125% Senior Notes due June 2023 1,000,000 515,000 1,000,000 765,000 Unamortized prepaid debt issuance costs on 8.125% Senior Notes (8,562 ) — (7,256 ) — 12.5% Senior Notes due November 2024 403,350 265,052 403,350 376,807 Unamortized prepaid debt issuance costs and discount on 12.5% Senior Notes (209,165 ) — (198,620 ) — Total Intelsat Luxembourg obligations 3,268,870 1,944,769 1,616,631 1,523,010 Intelsat Connect Finance: 12.5% Senior Notes due April 2022 $ 731,892 $ 640,406 $ — $ — Unamortized prepaid debt issuance costs and discount on 12.5% Senior Notes (267,108 ) — — — 9.5% Senior Notes due February 2023 — — 1,250,000 1,062,500 Unamortized prepaid debt issuance costs and discount on 9.5% Senior Notes — — (34,904 ) — Total Intelsat Connect Finance obligations 464,784 640,406 1,215,096 1,062,500 Intelsat Jackson: 9.5% Senior Secured Notes due September 2022 $ 490,000 $ 565,950 $ 490,000 $ 556,150 Unamortized prepaid debt issuance costs and discount on 9.5% Senior Secured Notes (17,556 ) — (14,545 ) — 8% Senior Secured Notes due February 2024 1,349,678 1,423,910 1,349,678 1,390,168 Unamortized prepaid debt issuance costs and premium on 8.0% Senior Secured Notes (5,378 ) — (4,671 ) — 7.25% Senior Notes due October 2020 2,200,000 2,068,000 — — Unamortized prepaid debt issuance costs and premium on 7.25% Senior Notes (5,151 ) — — — 7.5% Senior Notes due April 2021 1,150,000 1,040,750 — — Unamortized prepaid debt issuance costs on 7.5% Senior Notes (5,415 ) — — — 5.5% Senior Notes due August 2023 2,000,000 1,630,000 1,985,000 1,717,025 Unamortized prepaid debt issuance costs on 5.5% Senior Notes (12,977 ) — (10,859 ) — 9.75% Senior Notes due July 2025 1,500,000 1,455,000 1,485,000 1,488,713 Unamortized prepaid debt issuance costs on 9.75% Senior Notes (20,315 ) — (18,230 ) — 8.5% Senior Notes due October 2024 — — 2,950,000 2,832,000 Unamortized prepaid debt issuance costs and premium on 8.5% Senior Notes — — (15,310 ) — Senior Secured Credit Facilities due June 2019 1,095,000 1,093,631 — — Unamortized prepaid debt issuance costs and discount on Senior Secured Credit Facilities (4,636 ) — — — Senior Secured Credit Facilities due November 2023 2,000,000 1,947,500 2,000,000 1,940,000 Unamortized prepaid debt issuance costs and discount on Senior Secured Credit Facilities (28,600 ) — (26,965 ) — Senior Secured Credit Facilities due January 2024 — — 395,000 395,988 Unamortized prepaid debt issuance costs and discount on Senior Secured Credit Facilities — — (1,933 ) — 6.625% Senior Secured Credit Facilities due January 2024 — — 700,000 694,750 Unamortized prepaid debt issuance costs and discount on Senior Secured Credit Facilities — — (3,427 ) — Total Intelsat Jackson obligations 11,684,650 11,224,741 11,258,738 11,014,794 Eliminations: 7.75% Senior Notes of Intelsat Luxembourg due June 2021 owned by Intelsat Connect Finance $ (979,168 ) $ (523,855 ) $ — $ — Unamortized prepaid debt issuance costs on 7.75% Senior Notes 6,524 — — — 8.125% Senior Notes of Intelsat Luxembourg due June 2023 owned by Intelsat Connect Finance and Intelsat Jackson (111,663 ) (57,506 ) (111,663 ) (85,422 ) Unamortized prepaid debt issuance costs on 8.125% Senior Notes 956 — 810 — 12.5% Senior Notes of Intelsat Luxembourg due November 2024 owned by Intelsat Connect Finance, Intelsat Jackson, and Intelsat Envision (402,595 ) (264,556 ) (403,245 ) (376,708 ) Unamortized prepaid debt issuance costs and discount on 12.5% Senior Notes 208,775 — 198,568 — Unamortized prepaid debt issuance costs and discount on 12.5% Senior Notes due 2022 67,525 — — — Total eliminations: (1,209,646 ) (845,917 ) (315,530 ) (462,130 ) Total Intelsat S.A. long-term debt $ 14,208,658 $ 12,963,999 $ 14,028,352 $ 13,728,601 Less: Current portion of long-term debt 96,572 — Total long-term debt, excluding current portion $ 14,112,086 $ 14,028,352 |
Schedule of Principal Repayments of Long-Term Debt | Required principal repayments of long-term debt over the next five years and thereafter as of December 31, 2018 are as follows (in thousands): Year Amount 2019 $ — 2020 — 2021 421,219 2022 490,000 2023 6,123,337 2024 and thereafter 7,282,283 Total principal repayments 14,316,839 Unamortized discounts, premiums and prepaid issuance costs (288,487 ) Total Intelsat S.A. long-term debt $ 14,028,352 |
Schedule of interest expense | Interest expense for the year ended December 31, 2018 related to the 2025 Convertible Notes was as follows (in thousands): Year Ended Coupon interest $ 9,710 Amortization of discount and prepaid debt issuance costs 7,654 Total interest expense $ 17,364 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivatives by Category | The following table sets forth the fair value of our derivatives by category (in thousands): Derivatives not designated as hedging instruments Balance Sheet Location December 31, December 31, Undesignated interest rate cap Other assets $ 22,336 $ 33,086 Preferred stock warrant Other assets 4,100 4,100 Total derivatives $ 26,436 $ 37,186 |
Schedule of Effect of Derivative Instruments, Included in Interest Expense, Net in Consolidated Statements of Operations | The following table sets forth the effect of the derivative instruments in our consolidated statements of operations (in thousands): Derivatives not designated as hedging instruments Presentation in Statement of Operations Year Ended Year Ended Year Ended Undesignated interest rate cap Included in interest expense, net $ — $ 1,006 $ (14,435 ) Preferred stock warrant Included in other expense, net — — — Total loss (gain) on derivative financial instruments $ — $ 1,006 $ (14,435 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Total Income (Loss) Before Income Taxes | The following table summarizes our total income (loss) before income taxes (in thousands): Year Ended Year Ended Year Ended Domestic income (loss) before income taxes $ 938,156 $ (18,149 ) $ (424,590 ) Foreign income (loss) before income taxes 71,942 (85,535 ) (41,031 ) Total income (loss) before income taxes $ 1,010,098 $ (103,684 ) $ (465,621 ) |
Provision for (Benefit from) Income Taxes | The provision for (benefit from) income taxes consisted of the following (in thousands): Year Ended Year Ended Year Ended Current income tax provision (benefit) Domestic $ (35 ) $ (125 ) $ 792 Foreign 25,721 27,309 50,117 Total 25,686 27,184 50,909 Deferred income tax provision (benefit): Domestic (80 ) 72 — Foreign (9,620 ) 43,874 79,160 Total (9,700 ) 43,946 79,160 Total income tax provision: $ 15,986 $ 71,130 $ 130,069 |
Income Tax Provision (Benefit) | The income tax provision (benefit) was different from the amount computed using the Luxembourg statutory income tax rate of 26.01% for the reasons set forth in the following table (in thousands): Year Ended Year Ended Year Ended Expected tax provision (benefit) at Luxembourg statutory income tax rate $ 295,150 $ (28,078 ) $ (121,108 ) Foreign income tax differential 51,787 66,242 2,216 Lux Financing Activities (8,279 ) 30,232 51,250 Tax deductible impairment charges in Luxembourg subsidiaries (1,280,759 ) — — Change in tax rate 416,156 (28,250 ) (684 ) Changes in unrecognized tax benefits (1,629 ) (79 ) (2,205 ) Changes in valuation allowance 554,479 40,853 746,905 Tax effect of 2011 Intercompany Sale (6,701 ) (6,073 ) 1,655 Foreign tax credits (5,480 ) (3,107 ) 138 Research and development tax credits (3,275 ) (2,786 ) — 2018 Internal Reorganization — — (549,382 ) Other 4,537 2,176 1,284 Total income tax provision $ 15,986 $ 71,130 $ 130,069 |
Net Deferred Tax Balances | The following table details the composition of the net deferred tax balances as of December 31, 2017 and 2018 (in thousands): As of As of Long-term deferred taxes, net $ (48,434 ) $ (82,488 ) Other assets 14,583 20,969 Net deferred taxes $ (33,851 ) $ (61,519 ) |
Components of Net Deferred Tax Liability | The components of the net deferred tax liability were as follows (in thousands): As of As of Deferred tax assets: Accruals and advances $ 17,169 $ 6,001 Amortizable intangible assets 13,421 1,133,702 Non-Amortizable intangible assets 147,332 42,265 Performance incentives 7,289 — Customer deposits 16,064 3,404 Bad debt reserve 2,033 1,350 Accrued retirement benefits 43,592 — Disallowed interest expense carryforward 75,546 74,825 Net operating loss carryforward 3,840,759 2,964,634 Tax credits 11,335 12,235 Tax basis differences in investments and affiliates — 78,950 Other 8,418 2,346 Total deferred tax assets 4,182,958 4,319,712 Deferred tax liabilities: Satellites and other property and equipment (266,330 ) (80,376 ) Amortizable intangible assets (366,777 ) (8,948 ) Non-amortizable intangible assets (103,730 ) (31,359 ) Tax basis differences in investments and affiliates (6,753 ) (51,645 ) Other (16,875 ) (5,654 ) Total deferred tax liabilities (760,465 ) (177,982 ) Valuation allowance (3,456,344 ) (4,203,249 ) Total net deferred tax liabilities $ (33,851 ) $ (61,519 ) |
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits (in thousands): 2017 2018 Balance at January 1 $ 36,167 $ 31,380 Increases related to current year tax positions 2,193 928 Increases related to prior year tax positions 304 234 Decreases related to prior year tax positions (3 ) (81 ) Expiration of statute of limitations for the assessment of taxes (7,281 ) (3,317 ) Balance at December 31 $ 31,380 $ 29,144 |
Contractual Commitments (Tables
Contractual Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Additional Expenditures and Expected Year of Payment | The additional expenditures as of December 31, 2018 and the expected year of payment are as follows (in thousands): Satellite Construction and Launch Obligations Satellite Performance Incentive Obligations Horizons-3 Satellite LLC Contribution Operating Leases Sublease Rental Income Customer and Vendor Contracts Total 2019 $ 273,875 $ 59,783 $ 4,500 $ 20,065 $ (826 ) $ 140,577 $ 497,974 2020 216,615 50,021 11,700 18,730 (745 ) 37,492 333,813 2021 133,890 49,220 13,300 14,832 (535 ) 29,658 240,365 2022 11,842 38,503 15,700 13,979 (372 ) 26,510 106,162 2023 10,232 27,053 15,300 13,600 (78 ) 25,581 91,688 2024 and thereafter 47,915 131,136 43,600 80,216 (150 ) 41,505 344,222 Total contractual commitments $ 694,369 $ 355,716 $ 104,100 $ 161,422 $ (2,706 ) $ 301,323 $ 1,614,224 (1) See Note 10(b)—Investments—Horizons-3 Satellite LLC. |
Business and Geographic Segme_2
Business and Geographic Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Geographic Distribution of Revenue | The following table disaggregates revenue by billing region (in thousands, except percentages): Year Ended Year Ended Year Ended North America $ 1,077,886 49 % $ 1,080,736 50 % $ 1,112,774 51 % Europe 300,003 14 % 272,039 13 % 257,747 12 % Latin America and Caribbean 325,933 15 % 304,379 14 % 284,948 13 % Africa and Middle East 286,258 13 % 292,505 14 % 274,853 13 % Asia-Pacific 197,967 9 % 198,953 9 % 230,868 11 % Total $ 2,188,047 100 % $ 2,148,612 100 % $ 2,161,190 100 % |
Schedule of Off-Network and On-Network Revenues | The following table disaggregates revenue by type of service (in thousands, except percentages): Year Ended Year Ended Year Ended On-Network Revenues Transponder services $ 1,561,108 72 % $ 1,543,384 72 % $ 1,570,278 73 % Managed services 414,758 19 % 412,147 19 % 393,264 18 % Channel 9,134 — % 5,405 — % 4,250 — % Total on-network revenues 1,985,000 91 % 1,960,936 91 % 1,967,792 91 % Off-Network and Other Revenues Transponder, MSS and other off-network services 157,212 7 % 141,845 7 % 150,186 7 % Satellite-related services 45,835 2 % 45,831 2 % 43,212 2 % Total off-network and other revenues 203,047 9 % 187,676 9 % 193,398 9 % Total $ 2,188,047 100 % $ 2,148,612 100 % $ 2,161,190 100 % |
Quarterly Results of Operatio_2
Quarterly Results of Operations (in thousands, unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Quarter Ended 2017 March 31 June 30 September 30 December 31 Revenue (1) $ 538,484 $ 533,229 $ 538,759 $ 538,140 Income from operations (1) 216,727 (3) 228,245 (3) 233,165 (3) 232,944 (3) Net loss (33,642 ) (4) (22,800 ) (29,416 ) (4) (88,956 ) Net loss attributable to Intelsat S.A. (34,570 ) (4) (23,795 ) (30,412 ) (4) (89,951 ) Net loss per share attributable to Intelsat S.A.: Basic (2) $ (0.29 ) $ (0.20 ) $ (0.26 ) $ (0.75 ) Diluted (2) (0.29 ) (0.20 ) (0.26 ) (0.75 ) Quarter Ended 2018 March 31 June 30 September 30 December 31 Revenue (1) $ 543,782 $ 537,714 $ 536,922 $ 542,771 Income from operations (1) 234,472 237,755 237,269 232,374 Net loss (65,849 ) (45,840 ) (5) (373,642 ) (5) (110,359 ) (5) Net loss attributable to Intelsat S.A. (66,801 ) (46,828 ) (5) (374,631 ) (5) (111,346 ) (5) Net loss per share attributable to Intelsat S.A.: Basic (2) $ (0.56 ) $ (0.38 ) $ (2.74 ) $ (0.81 ) Diluted (2) (0.56 ) (0.38 ) (2.74 ) (0.81 ) (1) Our quarterly revenue and operating income (loss) are generally not impacted by seasonality, as customer contracts for satellite utilization are generally long-term. Revenue increases are attributable to ASC 606 adjustments. Excluding the impact of ASC 606 adjustments, revenue declines were primarily due to a decrease in revenue from our network services customers, mainly due to declines for enterprise services, wireless infrastructure and point-to-point trunking applications, as well as a decrease in revenue from media customers. These declines were partially offset by an increase in revenue from our network services customers for maritime and mobility applications and an increase in revenue from off-network and third party applications. (2) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. (3) As a result of our adoption of ASU 2017-07 on January 1, 2018, the Company reclassified a net credit for pension and postretirement benefits from operating expenses to other income for the quarters within 2017 to conform to the current year quarters' presentation. See Note 7—Retirement Plan and Other Retiree Benefits for additional details on the impact of the adoption of ASU 2017-07. (4) The quarter ended March 31, 2017 includes a $0.5 million gain on early extinguishment of debt related to the Second 2018 Luxembourg Exchange described above. The quarter ended September 30, 2017 includes a $4.6 million loss on early extinguishment of debt related to the July 2017 Intelsat Jackson Senior Notes Refinancing described above. (5) |
Background of Company - Additio
Background of Company - Additional Information (Detail) | Dec. 31, 2018Satellite |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of satellites under global communications network | 54 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | |
Significant Accounting Policies [Line Items] | |||||||||||||
Description of timing of services | Most services are full time in nature, with service terms ranging from one year to as long as 16 years. Occasional use services used for video applications can be for much shorter periods, including as small as increments of one hour. | ||||||||||||
Accumulated deficit | $ (6,606,426) | $ (5,894,659) | $ (6,606,426) | $ (5,894,659) | $ (6,176,400) | ||||||||
Adoption of accounting standards | (112,162) | ||||||||||||
Net loss | $ (110,359) | $ (373,642) | $ (45,840) | $ (65,849) | $ (88,956) | $ (29,416) | $ (22,800) | $ (33,642) | $ (595,690) | $ (174,814) | $ 994,112 | ||
Accounting Standards Update 2014-09 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Accumulated deficit | (281,741) | ||||||||||||
Minimum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Equity method investment, ownership interest percentage | 20.00% | 20.00% | |||||||||||
Minimum [Member] | Accounting Standards Update 2016-16 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Accumulated deficit | 170,000 | ||||||||||||
Minimum [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Operating lease, right-of-use asset | $ 85,000 | ||||||||||||
Operating lease, lease liabilities | 110,000 | ||||||||||||
Maximum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Equity method investment, ownership interest percentage | 50.00% | 50.00% | |||||||||||
Maximum [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Operating lease, right-of-use asset | 95,000 | ||||||||||||
Operating lease, lease liabilities | $ 120,000 | ||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Accumulated deficit | $ (337,833) | $ (337,833) | |||||||||||
Net loss | $ (56,092) | ||||||||||||
Financing Component [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Adoption of accounting standards | 347,000 | ||||||||||||
Timing Of Revenue Recognition On Multi-Product Contracts [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Adoption of accounting standards | (8,500) | ||||||||||||
Contract Adjustment Cost [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Adoption of accounting standards | (7,000) | ||||||||||||
Cumulative Tax Impact [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Adoption of accounting standards | $ (49,700) |
Significant Accounting Polici_5
Significant Accounting Policies - Revenue Recognition (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |
Revenue recognized, previously included in contract liability balance | $ 247 |
Contract assets, unconditional amount | 11 |
Remaining performance obligation | $ 8,100 |
Remaining performance obligation, non-cancelable | 88.00% |
Remaining performance obligation, cancelable | 11.00% |
Weighted average remaining customer contract life | 4 years 6 months |
Percent in 2019 and 2020 | 38.00% |
Percent in 2021 and 2022 | 21.00% |
Percent in 2023 and Thereafter | 41.00% |
Capitalized contract cost | $ 6.6 |
Capitalized contract cost, amortization | $ 6.5 |
Significant Accounting Polici_6
Significant Accounting Policies - Revenue Recognition, Performance Obligations (Details) $ in Billions | Dec. 31, 2018USD ($) |
Accounting Policies [Abstract] | |
Remaining performance obligation | $ 8.1 |
Significant Accounting Polici_7
Significant Accounting Policies - Estimated Useful Lives of Satellites and Other Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 10 years |
Minimum [Member] | Satellites and Related Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 10 years |
Minimum [Member] | Ground Segment Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 4 years |
Minimum [Member] | Furniture and Fixtures and Computer Hardware [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 4 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 2 years |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 40 years |
Maximum [Member] | Satellites and Related Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 17 years |
Maximum [Member] | Ground Segment Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 15 years |
Maximum [Member] | Furniture and Fixtures and Computer Hardware [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 12 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of assets | 12 years |
Significant Accounting Polici_8
Significant Accounting Policies - Effect of ASU 2014-06 on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets | |||
Receivables | $ 271,393 | $ 210,198 | $ 221,223 |
Prepaid expenses and other current assets | 24,075 | 28,317 | 56,862 |
Contract assets | 45,034 | 40,618 | 0 |
Contract assets, net of current portion | 96,108 | 97,148 | 0 |
Other assets | 401,414 | 369,187 | 443,830 |
Liabilities | |||
Accounts payable and accrued liabilities | 108,101 | 112,325 | 116,396 |
Deferred revenue | 0 | 0 | 149,749 |
Contract liabilities | 137,746 | 143,705 | 0 |
Deferred revenue, net of current portion | 0 | 0 | 794,707 |
Contract liabilities, net of current portion | 1,131,319 | 1,164,138 | 0 |
Taxes payable | 5,679 | 12,007 | |
Deferred income taxes | 82,488 | 4,588 | 48,434 |
Other long-term liabilities | 77,670 | 286,440 | 296,616 |
Shareholders’ deficit | |||
Accumulated deficit | (6,606,426) | (6,176,400) | $ (5,894,659) |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Assets | |||
Receivables | 278,233 | ||
Prepaid expenses and other current assets | 61,237 | ||
Contract assets | 0 | ||
Contract assets, net of current portion | 0 | ||
Other assets | 483,589 | ||
Liabilities | |||
Accounts payable and accrued liabilities | 113,627 | ||
Deferred revenue | 134,799 | ||
Contract liabilities | 0 | ||
Deferred revenue, net of current portion | 763,478 | ||
Contract liabilities, net of current portion | 0 | ||
Taxes payable | 4,886 | ||
Deferred income taxes | 89,639 | ||
Other long-term liabilities | 83,776 | ||
Shareholders’ deficit | |||
Accumulated deficit | (6,268,593) | ||
Accounting Standards Update 2014-09 [Member] | |||
Assets | |||
Receivables | (11,025) | ||
Prepaid expenses and other current assets | (28,545) | ||
Contract assets | 40,618 | ||
Contract assets, net of current portion | 97,148 | ||
Other assets | (74,643) | ||
Liabilities | |||
Accounts payable and accrued liabilities | (4,071) | ||
Deferred revenue | (149,749) | ||
Contract liabilities | 143,705 | ||
Deferred revenue, net of current portion | (794,707) | ||
Contract liabilities, net of current portion | 1,164,138 | ||
Deferred income taxes | (43,846) | ||
Other long-term liabilities | (10,176) | ||
Shareholders’ deficit | |||
Accumulated deficit | $ (281,741) | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Assets | |||
Receivables | (6,840) | ||
Prepaid expenses and other current assets | (37,162) | ||
Contract assets | 45,034 | ||
Contract assets, net of current portion | 96,108 | ||
Other assets | (82,175) | ||
Liabilities | |||
Accounts payable and accrued liabilities | (5,526) | ||
Deferred revenue | (134,799) | ||
Contract liabilities | 137,746 | ||
Deferred revenue, net of current portion | (763,478) | ||
Contract liabilities, net of current portion | 1,131,319 | ||
Taxes payable | 793 | ||
Deferred income taxes | (7,151) | ||
Other long-term liabilities | (6,106) | ||
Shareholders’ deficit | |||
Accumulated deficit | $ (337,833) |
Significant Accounting Polici_9
Significant Accounting Policies - Effect of ASU 2014-06 on Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenue | $ 542,771 | $ 536,922 | $ 537,714 | $ 543,782 | $ 538,140 | $ 538,759 | $ 533,229 | $ 538,484 | $ 2,161,190 | $ 2,148,612 | $ 2,188,047 |
Direct costs of revenue (excluding depreciation and amortization) | 330,874 | 324,232 | 342,634 | ||||||||
Selling, general and administrative | 200,857 | 205,475 | 232,537 | ||||||||
Interest expense, net | 1,212,374 | 1,020,770 | 938,501 | ||||||||
Other income, net | 4,541 | 10,114 | 522 | ||||||||
Provision for income taxes | 130,069 | 71,130 | 15,986 | ||||||||
Net loss | (110,359) | (373,642) | (45,840) | (65,849) | (88,956) | (29,416) | (22,800) | (33,642) | (595,690) | (174,814) | 994,112 |
Net loss attributable to Intelsat S.A. | $ (111,346) | $ (374,631) | $ (46,828) | $ (66,801) | $ (89,951) | $ (30,412) | $ (23,795) | $ (34,570) | $ (599,605) | $ (178,728) | $ 990,197 |
Net income (loss) per common share attributable to Intelsat S.A.: | |||||||||||
Basic (in dollars per share) | $ (0.81) | $ (2.74) | $ (0.38) | $ (0.56) | $ (0.75) | $ (0.26) | $ (0.20) | $ (0.29) | $ (4.63) | $ (1.50) | $ 8.65 |
Diluted (in dollars per share) | $ (0.81) | $ (2.74) | $ (0.38) | $ (0.56) | $ (0.75) | $ (0.26) | $ (0.20) | $ (0.29) | $ (4.63) | $ (1.50) | $ 8.36 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenue | $ 2,057,983 | ||||||||||
Direct costs of revenue (excluding depreciation and amortization) | 331,786 | ||||||||||
Selling, general and administrative | 200,973 | ||||||||||
Interest expense, net | 1,096,184 | ||||||||||
Other income, net | 5,329 | ||||||||||
Provision for income taxes | 86,720 | ||||||||||
Net loss | (539,598) | ||||||||||
Net loss attributable to Intelsat S.A. | $ (543,513) | ||||||||||
Net income (loss) per common share attributable to Intelsat S.A.: | |||||||||||
Basic (in dollars per share) | $ (4.20) | ||||||||||
Diluted (in dollars per share) | $ (4.20) | ||||||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenue | $ 103,207 | ||||||||||
Direct costs of revenue (excluding depreciation and amortization) | (912) | ||||||||||
Selling, general and administrative | (116) | ||||||||||
Interest expense, net | 116,190 | ||||||||||
Other income, net | (788) | ||||||||||
Provision for income taxes | 43,349 | ||||||||||
Net loss | $ (56,092) | ||||||||||
Net income (loss) per common share attributable to Intelsat S.A.: | |||||||||||
Basic (in dollars per share) | $ (0.43) | ||||||||||
Diluted (in dollars per share) | $ (0.43) |
Significant Accounting Polic_10
Significant Accounting Policies - Effect of ASU 2014-06 on Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||||||||||
Net loss | $ (110,359) | $ (373,642) | $ (45,840) | $ (65,849) | $ (88,956) | $ (29,416) | $ (22,800) | $ (33,642) | $ (595,690) | $ (174,814) | $ 994,112 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Deferred income taxes | 79,160 | 43,931 | (9,737) | ||||||||
Other non-cash items | 938,828 | ||||||||||
Receivables | (63,814) | (14,333) | 6,478 | ||||||||
Prepaid expenses, contract and other assets | 3,708 | (24,760) | (51,388) | ||||||||
Accounts payable and accrued liabilities | 7,291 | (42,337) | 35,850 | ||||||||
Accrued interest payable | 21,442 | 58,367 | 43,347 | ||||||||
Deferred revenue and contract liabilities | (39,763) | (134,577) | (58,796) | ||||||||
Accrued retirement benefits | (15,902) | (13,422) | (9,385) | ||||||||
Other long-term liabilities | 8,913 | (8,783) | (8,497) | ||||||||
Net cash provided by operating activities | 344,173 | $ 464,246 | $ 678,755 | ||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||||||
Cash flows from operating activities | |||||||||||
Net loss | (539,598) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Deferred income taxes | 42,465 | ||||||||||
Other non-cash items | 938,828 | ||||||||||
Receivables | (59,629) | ||||||||||
Prepaid expenses, contract and other assets | (9,065) | ||||||||||
Accounts payable and accrued liabilities | 7,953 | ||||||||||
Accrued interest payable | 21,442 | ||||||||||
Deferred revenue and contract liabilities | (47,164) | ||||||||||
Accrued retirement benefits | (15,902) | ||||||||||
Other long-term liabilities | 4,843 | ||||||||||
Net cash provided by operating activities | 344,173 | ||||||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||||||
Cash flows from operating activities | |||||||||||
Net loss | (56,092) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Deferred income taxes | 36,695 | ||||||||||
Other non-cash items | 0 | ||||||||||
Receivables | (4,185) | ||||||||||
Prepaid expenses, contract and other assets | 12,773 | ||||||||||
Accounts payable and accrued liabilities | (662) | ||||||||||
Accrued interest payable | 0 | ||||||||||
Deferred revenue and contract liabilities | 7,401 | ||||||||||
Accrued retirement benefits | 0 | ||||||||||
Other long-term liabilities | 4,070 | ||||||||||
Net cash provided by operating activities | $ 0 |
Significant Accounting Polic_11
Significant Accounting Policies Significant Accounting Policies - Effect of ASU 2016-18 on Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | $ 344,173 | $ 464,246 | $ 678,755 |
Net cash provided by investing activities | (283,634) | (468,297) | (730,589) |
Net cash provided by financing activities | (90,323) | (121,698) | 546,347 |
Net change in cash, cash equivalents and restricted cash | $ (34,234) | (124,633) | 494,483 |
Balances without the adoption of ASU 2016-18 | Accounting Standards Update 2016-18 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | 464,230 | 683,506 | |
Net cash provided by investing activities | (468,297) | (730,589) | |
Net cash provided by financing activities | (137,858) | 541,596 | |
Net change in cash, cash equivalents and restricted cash | (140,809) | 494,483 | |
Effect of adoption increase (decrease) | Accounting Standards Update 2016-18 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | 16 | (4,751) | |
Net cash provided by investing activities | 0 | 0 | |
Net cash provided by financing activities | 16,160 | 4,751 | |
Net change in cash, cash equivalents and restricted cash | $ 16,176 | $ 0 |
Significant Accounting Polic_12
Significant Accounting Policies - Cash and Restricted Cash Reconciliation (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 485,120 | $ 525,215 | $ 666,024 | |
Restricted cash | 22,037 | 16,176 | 0 | |
Total cash, cash equivalents and restricted cash reported in the statements of cash flows | $ 507,157 | $ 541,391 | $ 666,024 | $ 171,541 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Authorized share capital | $ 10 | ||
Common shares, authorized | 1,000,000,000 | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common shares, issued | 138,000,000 | ||
Common shares, outstanding | 138,000,000 | ||
Common shares, offering (in shares) | 15,498,652 | ||
Public offering price (in dollars per share) | $ 14.84 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income (loss) | $ (110,359) | $ (373,642) | $ (45,840) | $ (65,849) | $ (88,956) | $ (29,416) | $ (22,800) | $ (33,642) | $ (595,690) | $ (174,814) | $ 994,112 |
Net income attributable to noncontrolling interest | (3,915) | (3,914) | (3,915) | ||||||||
Net income (loss) attributable to Intelsat S.A. | $ (111,346) | $ (374,631) | $ (46,828) | $ (66,801) | $ (89,951) | $ (30,412) | $ (23,795) | $ (34,570) | (599,605) | (178,728) | 990,197 |
Net income (loss) attributable to common shareholders | (599,605) | (178,728) | 990,197 | ||||||||
Numerator for Basic EPS—income/ (loss) available to common shareholders | (599,605) | (178,728) | 990,197 | ||||||||
Numerator for Diluted EPS | $ (599,605) | $ (178,728) | $ 990,197 | ||||||||
Denominator: | |||||||||||
Basic weighted average shares outstanding (in millions) | 129.6 | 118.9 | 114.5 | ||||||||
Weighted average dilutive shares outstanding (in millions): | |||||||||||
Preferred shares (in millions) | 0 | 0 | 3.2 | ||||||||
Employee compensation related shares including options and restricted stock units (in millions) | 0 | 0 | 0.8 | ||||||||
Diluted weighted average shares outstanding (in millions) | 129.6 | 118.9 | 118.5 | ||||||||
Basic net income (loss) per common share attributable to Intelsat S.A. (in dollars per share) | $ (0.81) | $ (2.74) | $ (0.38) | $ (0.56) | $ (0.75) | $ (0.26) | $ (0.20) | $ (0.29) | $ (4.63) | $ (1.50) | $ 8.65 |
Diluted net income (loss) per common share attributable to Intelsat S.A. (in dollars per share) | $ (0.81) | $ (2.74) | $ (0.38) | $ (0.56) | $ (0.75) | $ (0.26) | $ (0.20) | $ (0.29) | $ (4.63) | $ (1.50) | $ 8.36 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | ||||
Dilutive securities | 0 | 0 | ||
Weighted average number of shares that could potentially dilute basic EPS in the future | 12,500,000 | 3,500,000 | 6,200,000 | |
Convertible Senior Notes Due June 2025 [Member] | Intelsat S.A [Member] | Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 402.5 | |||
Senior Notes, Interest rate | 4.50% | 4.50% | 4.50% |
Share-Based and Other Compens_3
Share-Based and Other Compensation Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 16, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 6,800,000 | $ 16,000,000 | $ 23,200,000 | |
Income tax benefit related to share-based compensation expense | 400,000 | 0 | 0 | |
Proceeds from exercise of employee stock options | 3,211,000 | 476,000 | 0 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 200,000 | 1,400,000 | 2,600,000 | |
Options exercised intrinsic value | $ 7,900,000 | 200,000 | 0 | |
Unrecognized compensation cost related to unvested awards, period of recognition | 1 month 6 days | |||
Proceeds from exercise of employee stock options | $ 3,200,000 | 500,000 | $ 0 | |
Options exercised (in shares) | 852,000 | |||
Option exercise price (in dollars per share) | $ 19.50 | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation, expiration period | 10 years | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation, expiration period | 15 years | |||
Share based compensation, expiration period, service period | 5 years | |||
Anti-Dilution Option Grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0 | $ 0 | ||
Granted (in shares) | 0 | 0 | 0 | |
Options exercised (in shares) | 0 | 0 | 0 | |
Anti-Dilution Option Grants [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation, expiration period | 10 years | |||
Time Based Restricted Stock Units RSU [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 5,700,000 | $ 13,700,000 | $ 17,900,000 | |
Unrecognized compensation cost related to unvested awards, period of recognition | 1 year 7 months 6 days | |||
Weighted average grant date fair value of stock awards (in shares) | $ 7.99 | $ 4.36 | $ 1.67 | |
Total intrinsic value of vested stock awards | $ 9,200,000 | $ 6,000,000 | $ 1,700,000 | |
Total unrecognized compensation cost related to unvested stock awards | $ 10,700,000 | |||
Time Based Restricted Stock Units RSU [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation, vesting period | 1 year | |||
Time Based Restricted Stock Units RSU [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation, vesting period | 3 years | |||
Performance Based Restricted Stock Units RSU [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 900,000 | $ 1,000,000 | $ 1,600,000 | |
Unrecognized compensation cost related to unvested awards, period of recognition | 1 year 1 month 6 days | |||
Share based compensation, vesting period | 3 years | |||
Weighted average grant date fair value of stock awards (in shares) | $ 4.53 | $ 2.79 | $ 0.94 | |
Total unrecognized compensation cost related to unvested stock awards | $ 2,300,000 | |||
Adjusted EBITDA [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0 | $ 0 | $ 100,000 | |
2013 Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase in aggregate number of shares authorized under plan | 20,000,000 | |||
Aggregate number of shares available for future issuance | 7,300,000 | |||
2016 Options Modification [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options, granted | 1,200,000 | |||
2016 Options Modification [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 2,000,000 | |||
Number of stock options, granted | 400,000 | |||
Option exercise price (in dollars per share) | $ 3.77 | |||
Dividend yields | 0.00% | |||
2016 Options Modification [Member] | Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 50.00% | |||
Risk-free interest rate | 0.80% | |||
Expected life of options | 1 year | |||
2016 Options Modification [Member] | Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 60.00% | |||
Risk-free interest rate | 1.50% | |||
Expected life of options | 4 years | |||
2016 Options Modification [Member] | Anti-Dilution Option Grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 1,000,000 | |||
Number of stock options, granted | 700,000 | |||
Option exercise price (in dollars per share) | $ 4.16 |
Share-Based and Other Compens_4
Share-Based and Other Compensation Plans - Stock Option Activity (Detail) - Stock Options [Member] $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Number of Stock Options | |
Outstanding, beginning of year (in shares) | shares | 2,084 |
Granted (in shares) | shares | 3 |
Exercised (in shares) | shares | (852) |
Expired (in shares) | shares | (126) |
Outstanding, end of year (in shares) | shares | 1,109 |
Exercisable, end of year (in shares) | shares | 1,037 |
Weighted Average Exercise price | |
Outstanding, beginning of year (in dollars per share) | $ / shares | $ 3.84 |
Granted (in dollars per share) | $ / shares | 19.50 |
Exercised (in dollars per share) | $ / shares | 3.77 |
Expired (in dollars per share) | $ / shares | 5.67 |
Outstanding, end of year (in dollars per share) | $ / shares | 3.71 |
Exercisable, end of year (in dollars per share) | $ / shares | $ 3.71 |
Weighted Average remaining contractual term | |
Outstanding, end of year | 5 years 8 months 12 days |
Exercisable, end of year | 5 years 7 months 6 days |
Aggregate intrinsic value | |
Outstanding, end of year | $ | $ 19.6 |
Exercisable, end of year | $ | $ 18.3 |
Share-Based and Other Compens_5
Share-Based and Other Compensation Plans - Anti-Dilution Option Activity (Detail) - Anti-Dilution Option Grants [Member] $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Number of Stock Options | |
Outstanding, beginning of year (in shares) | shares | 1,610 |
Outstanding, end of year (in shares) | shares | 1,610 |
Exercisable, end of year (in shares) | shares | 1,610 |
Weighted Average Exercise price | |
Outstanding, beginning of year (in dollars per share) | $ / shares | $ 11.98 |
Outstanding, end of year (in dollars per share) | $ / shares | 11.98 |
Exercisable, end of year (in dollars per share) | $ / shares | $ 11.98 |
Weighted Average remaining contractual term | |
Outstanding, end of year | 4 years 1 month 6 days |
Exercisable, end of year | 4 years 1 month 6 days |
Aggregate intrinsic value | |
Outstanding, end of year | $ | $ 15.1 |
Exercisable, end of year | $ | $ 15.1 |
Share-Based and Other Compens_6
Share-Based and Other Compensation Plans - Time Based Restricted Stock Units Activity (Detail) - Time Based Restricted Stock Units RSU [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of units | |||
Outstanding, beginning of year (in shares) | 3,417 | ||
Granted (in shares) | 1,490 | ||
Vested (in shares) | (2,113) | ||
Forfeited (in shares) | (192) | ||
Outstanding, end of year (in shares) | 2,602 | 3,417 | |
Weighted Average grant date fair value | |||
Outstanding, beginning of year (in dollars per share) | $ 7.56 | ||
Granted (in dollars per share) | 7.99 | $ 4.36 | $ 1.67 |
Vested (in dollars per share) | 10.07 | ||
Forfeited (in dollars per share) | 5.42 | ||
Outstanding, end of year (in dollars per share) | $ 5.93 | $ 7.56 | |
Weighted Average remaining contractual term | |||
Outstanding, end of year | 1 year 7 months 6 days | ||
Aggregate intrinsic value | |||
Outstanding, end of year | $ 40.2 |
Share-Based and Other Compens_7
Share-Based and Other Compensation Plans - Time Based Restricted Stock Units Activity (Parenthetical) (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2018shares | |
Time Based Restricted Stock Units RSU [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs vested in prior years and issued in current year (in shares) | 1,025 |
Share-Based and Other Compens_8
Share-Based and Other Compensation Plans - Performance Based Restricted Stock Units (Detail) - Performance Based Restricted Stock Units RSU [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of units | |||
Outstanding, beginning of year (in shares) | 2,156 | ||
Granted (in shares) | 930 | ||
Cancelled | (348) | ||
Forfeited (in shares) | (114) | ||
Outstanding, end of year (in shares) | 2,624 | 2,156 | |
Weighted Average grant date fair value | |||
Outstanding, beginning of year (in dollars per share) | $ 2.89 | ||
Granted (in dollars per share) | 4.53 | $ 2.79 | $ 0.94 |
Cancelled (in dollars per share) | 8.97 | ||
Forfeited (in dollars per share) | 2.28 | ||
Outstanding, end of year (in dollars per share) | $ 2.69 | $ 2.89 | |
Weighted Average remaining contractual term | |||
Outstanding, end of year | 1 year 1 month 6 days | ||
Aggregate intrinsic value | |||
Outstanding, end of year | $ 49.1 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Marketable securities | $ 4,700 | $ 5,776 |
Total assets | 41,886 | 32,212 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Marketable securities | 4,700 | 5,776 |
Total assets | 4,700 | 5,776 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Marketable securities | 0 | 0 |
Total assets | 33,086 | 22,336 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Marketable securities | 0 | 0 |
Total assets | 4,100 | 4,100 |
Interest Rate Contract [Member] | ||
Assets | ||
Undesignated interest rate cap | 33,086 | 22,336 |
Interest Rate Contract [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Undesignated interest rate cap | 0 | 0 |
Interest Rate Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Undesignated interest rate cap | 33,086 | 22,336 |
Interest Rate Contract [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Undesignated interest rate cap | 0 | 0 |
Warrant [Member] | ||
Assets | ||
Undesignated interest rate cap | 4,100 | 4,100 |
Warrant [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Undesignated interest rate cap | 0 | 0 |
Warrant [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Undesignated interest rate cap | 0 | 0 |
Warrant [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Undesignated interest rate cap | $ 4,100 | $ 4,100 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Sale of marketable securities | $ 0.7 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale marketable securities | $ 4.6 | $ 4.7 |
Retirement Plans and Other Re_3
Retirement Plans and Other Retiree Benefits - Adoption of ASU (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Direct costs of revenue (excluding depreciation and amortization) | $ 330,874 | $ 324,232 | $ 342,634 |
Selling, general and administrative | $ 200,857 | 205,475 | 232,537 |
Accounting Standards Update 2017-07 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Direct costs of revenue (excluding depreciation and amortization) | 2,016 | 1,487 | |
Selling, general and administrative | 1,460 | 1,140 | |
Other income (expense), net | $ 3,476 | $ 2,627 |
Retirement Plans and Other Re_4
Retirement Plans and Other Retiree Benefits - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit plan amendment, net of tax of $0.7 million | $ 38,510,000 | $ 0 | $ 0 | ||
Benefit plan amendment, tax | $ 700,000 | ||||
Average remaining life expectancy of plan participants | 20 years | ||||
Discount rate | 3.30% | 3.60% | 3.80% | 4.50% | |
Reduction in interest cost | $ 3,600,000 | ||||
Target Allocation | 100.00% | 100.00% | |||
Expected decrease in health care cost trend rate | 4.50% | ||||
Effect of one percent increase in health care cost trend rate on other postretirement benefit obligation | $ 3,800,000 | ||||
Effect of one percent decrease in health care cost trend rate on other postretirement benefit obligation | 3,200,000 | ||||
Effect of one percent increase in health care cost trend rate on service and interest cost components | 200,000 | ||||
Effect of one percent decrease in health care cost trend rate on service and interest cost components | 200,000 | ||||
Recognized compensation expense | $ 7,900,000 | $ 7,800,000 | $ 10,300,000 | ||
Defined Benefit Plan, Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 49.00% | 49.00% | |||
Defined Benefit Plan, Equity Securities [Member] | U S Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 29.00% | ||||
Defined Benefit Plan, Equity Securities [Member] | Non-U.S. Equities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 20.00% | ||||
Defined Benefit Plan, Debt Security [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 36.00% | 36.00% | |||
Other Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 15.00% | 15.00% | |||
Prior to Medicare [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Assumed health care cost trend rate | 6.30% | 6.60% | |||
Hedge Fund [Member] | Other Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 5.00% | ||||
Real Estate Funds [Member] | Other Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 10.00% | ||||
Defined Pension Benefit Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated contributions to plan in next fiscal year | $ 5,100,000 | ||||
Amount not yet been recognized in the net periodic pension cost, included in accumulated other comprehensive loss, net of tax | $ 93,166,000 | $ 98,786,000 | |||
Discount rate | 4.35% | 3.67% | |||
Accrued benefit costs | $ (96,400,000) | $ (112,600,000) | |||
Accrued benefit costs included in other current liabilities | 600,000 | 600,000 | |||
Accrued benefit costs included in other long-term liabilities | 95,800,000 | 112,000,000 | |||
Other Postretirement Benefit Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit plan amendment, net of tax of $0.7 million | 38,500,000 | ||||
Estimated contributions to plan in next fiscal year | 3,100,000 | ||||
Amount not yet been recognized in the net periodic pension cost, included in accumulated other comprehensive loss, net of tax | $ (47,891,000) | $ (8,815,000) | |||
Discount rate | 4.27% | 3.64% | |||
Accrued benefit costs | $ (40,500,000) | $ (82,600,000) | |||
Accrued benefit costs included in other current liabilities | 3,100,000 | 4,100,000 | |||
Accrued benefit costs included in other long-term liabilities | $ 37,400,000 | $ 78,500,000 |
Retirement Plans and Other Re_5
Retirement Plans and Other Retiree Benefits - Prior Service Credits and Actuarial Losses Reclassified from Accumulated Other Comprehensive Loss to Net Periodic Pension Benefit Costs, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service credits reclassified from other comprehensive loss to net periodic pension benefit costs | $ (839) | $ 21 | $ (5) |
Actuarial (gain) loss, net of tax | 4,064 | 2,074 | 2,223 |
Realized (gain) loss on investments | 0 | (235) | (192) |
Other Nonoperating Income (Expense) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service credits reclassified from other comprehensive loss to net periodic pension benefit costs | (839) | 21 | (5) |
Actuarial (gain) loss, net of tax | 4,064 | 2,074 | 2,223 |
Realized (gain) loss on investments | $ (351) | $ (235) | $ (192) |
Retirement Plans and Other Re_6
Retirement Plans and Other Retiree Benefits - Retirement Plans and Other Retiree Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in plan assets | ||||
Plan assets at beginning of year | $ 334,582 | |||
Plan assets at fair value at end of year | $ 297,631 | $ 334,582 | ||
Weighted average assumptions used to determine accumulated benefit obligation and accrued benefit costs | ||||
Discount rate | 3.30% | 3.60% | 3.80% | 4.50% |
Amounts in accumulated other comprehensive loss recognized in net periodic benefit cost | ||||
Actuarial (gain) loss, net of tax | $ 4,064 | $ 2,074 | $ 2,223 | |
Prior service credits, net of tax | (839) | 21 | (5) | |
Defined Pension Benefit Plans [Member] | ||||
Change in benefit obligation | ||||
Benefit obligation at beginning of year | 447,222 | 424,929 | ||
Service cost | 0 | 0 | ||
Interest cost | 14,428 | 14,778 | 16,183 | |
Employee contributions | 0 | 0 | ||
Plan amendments | 0 | 0 | ||
Benefits paid | (30,741) | (24,380) | ||
Actuarial (gain) loss | (36,827) | 31,895 | ||
Benefit obligation at end of year | 394,082 | 447,222 | 424,929 | |
Change in plan assets | ||||
Plan assets at beginning of year | 334,582 | 317,510 | ||
Employer contributions | 5,115 | 2,888 | ||
Employee contributions | 0 | 0 | ||
Actual return on plan assets | (11,325) | 38,564 | ||
Benefits paid | (30,741) | (24,380) | ||
Plan assets at fair value at end of year | 297,631 | 334,582 | 317,510 | |
Accrued benefit costs and funded status of the plans | (96,451) | (112,640) | ||
Accumulated benefit obligation | $ 394,082 | $ 447,222 | ||
Weighted average assumptions used to determine accumulated benefit obligation and accrued benefit costs | ||||
Discount rate | 4.35% | 3.67% | ||
Weighted average assumptions used to determine net periodic benefit costs | ||||
Discount rate | 3.67% | 4.23% | ||
Expected rate of return on plan assets | 7.60% | 7.60% | ||
Rate of compensation increase | 0.00% | 0.00% | ||
Amounts in accumulated other comprehensive loss recognized in net periodic benefit cost | ||||
Actuarial (gain) loss, net of tax | $ 4,640 | $ 2,363 | ||
Prior service credits, net of tax | (854) | (8) | ||
Total | 3,786 | 2,355 | ||
Amounts in accumulated other comprehensive loss not yet recognized in net periodic benefit cost | ||||
Actuarial (gain) loss, net of tax | 93,509 | 99,152 | ||
Prior service credits, net of tax | (343) | (366) | ||
Total | 93,166 | 98,786 | ||
Amounts in accumulated other comprehensive loss expected to be recognized in net periodic benefit cost in the subsequent year | ||||
Actuarial (gain) loss | (4,222) | (5,307) | ||
Prior service credits | 0 | 0 | ||
Total | (4,222) | (5,307) | ||
Other Postretirement Benefit Plans [Member] | ||||
Change in benefit obligation | ||||
Benefit obligation at beginning of year | 82,587 | 82,897 | ||
Service cost | 0 | 0 | ||
Interest cost | 2,314 | 2,869 | 3,363 | |
Employee contributions | 390 | 416 | ||
Plan amendments | (33,907) | 0 | ||
Benefits paid | (3,600) | (4,125) | ||
Actuarial (gain) loss | (7,258) | 530 | ||
Benefit obligation at end of year | 40,526 | 82,587 | 82,897 | |
Change in plan assets | ||||
Plan assets at beginning of year | 0 | 0 | ||
Employer contributions | 3,210 | 3,709 | ||
Employee contributions | 390 | 416 | ||
Actual return on plan assets | 0 | 0 | ||
Benefits paid | (3,600) | (4,125) | ||
Plan assets at fair value at end of year | 0 | 0 | $ 0 | |
Accrued benefit costs and funded status of the plans | $ (40,526) | $ (82,587) | ||
Weighted average assumptions used to determine accumulated benefit obligation and accrued benefit costs | ||||
Discount rate | 4.27% | 3.64% | ||
Weighted average assumptions used to determine net periodic benefit costs | ||||
Discount rate | 4.19% | |||
Expected rate of return on plan assets | 0.00% | 0.00% | ||
Rate of compensation increase | 0.00% | 0.00% | ||
Amounts in accumulated other comprehensive loss recognized in net periodic benefit cost | ||||
Actuarial (gain) loss, net of tax | $ (576) | $ (289) | ||
Prior service credits, net of tax | 15 | 29 | ||
Total | (561) | (260) | ||
Amounts in accumulated other comprehensive loss not yet recognized in net periodic benefit cost | ||||
Actuarial (gain) loss, net of tax | (15,377) | (8,815) | ||
Prior service credits, net of tax | (32,514) | 0 | ||
Total | (47,891) | (8,815) | ||
Amounts in accumulated other comprehensive loss expected to be recognized in net periodic benefit cost in the subsequent year | ||||
Actuarial (gain) loss | 1,229 | 403 | ||
Prior service credits | 2,544 | 8 | ||
Total | $ 3,773 | $ 411 | ||
Minimum [Member] | Other Postretirement Benefit Plans [Member] | ||||
Weighted average assumptions used to determine net periodic benefit costs | ||||
Discount rate | 3.64% | |||
Maximum [Member] | Other Postretirement Benefit Plans [Member] | ||||
Weighted average assumptions used to determine net periodic benefit costs | ||||
Discount rate | 4.18% |
Retirement Plans and Other Re_7
Retirement Plans and Other Retiree Benefits - Target and Actual Asset Allocation of Pension Plan Assets (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | 100.00% |
Actual Allocation | 100.00% | 100.00% |
Defined Benefit Plan, Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 49.00% | 49.00% |
Actual Allocation | 45.00% | 50.00% |
Defined Benefit Plan, Debt Security [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 36.00% | 36.00% |
Actual Allocation | 36.00% | 35.00% |
Other Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15.00% | 15.00% |
Actual Allocation | 19.00% | 15.00% |
Retirement Plans and Other Re_8
Retirement Plans and Other Retiree Benefits - Fair Values of Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 297,631 | $ 334,582 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 241,617 | 282,830 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
U.S. Large-Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 62,243 | 78,076 |
U.S. Large-Cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 62,243 | 78,076 |
U.S. Large-Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
U.S. Large-Cap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
U.S. Small/Mid-Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 15,739 | 19,952 |
U.S. Small/Mid-Cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 15,739 | 19,952 |
U.S. Small/Mid-Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
U.S. Small/Mid-Cap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
World Equity Ex-US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 54,994 | 67,835 |
World Equity Ex-US [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 54,994 | 67,835 |
World Equity Ex-US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
World Equity Ex-US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
Long Duration Bonds Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 91,278 | |
Long Duration Bonds Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 91,278 | |
Long Duration Bonds Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | |
Long Duration Bonds Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | |
Short Duration Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 98,421 | |
Short Duration Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 98,421 | |
Short Duration Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | |
Short Duration Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | |
High Yield Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 8,440 | 9,419 |
High Yield Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 8,440 | 9,419 |
High Yield Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
High Yield Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
Emerging Market Fixed income (Non-US) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 8,923 | 9,127 |
Emerging Market Fixed income (Non-US) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 8,923 | 9,127 |
Emerging Market Fixed income (Non-US) [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
Emerging Market Fixed income (Non-US) [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 0 |
Hedge Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 18,062 | 17,121 |
Core Property Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 37,559 | 34,486 |
Income Earned but not yet Received [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 393 | $ 145 |
Retirement Plans and Other Re_9
Retirement Plans and Other Retiree Benefits - Fair Values of Pension Plan Assets by Asset Category (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pre-notification period | 95 days |
Lockup period on expired purchases | 2 years |
Retirement Plans and Other R_10
Retirement Plans and Other Retiree Benefits - Components of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Pension Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 14,428 | $ 14,778 | $ 16,183 |
Expected return on plan assets | (24,482) | (24,410) | (25,535) |
Amortization of unrecognized net (gain) loss | 5,307 | 3,751 | 3,370 |
Total benefit | (4,747) | (5,881) | (5,982) |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 2,314 | 2,869 | 3,363 |
Amortization of prior service cost | (854) | (8) | 0 |
Amortization of unrecognized net (gain) loss | (630) | (455) | (8) |
Total benefit | $ 830 | $ 2,406 | $ 3,355 |
Retirement Plans and Other R_11
Retirement Plans and Other Retiree Benefits - Benefits Expected to be Paid Next Five Years (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Defined Pension Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 37,034 |
2,020 | 28,141 |
2,021 | 27,013 |
2,022 | 27,021 |
2,023 | 27,082 |
2024 to 2028 | 127,278 |
Total | 273,569 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 3,107 |
2,020 | 3,129 |
2,021 | 3,132 |
2,022 | 3,129 |
2,023 | 3,087 |
2024 to 2028 | 14,231 |
Total | $ 29,815 |
Receivables - Summary of Receiv
Receivables - Summary of Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts | $ (28,542) | $ (29,669) | |
Total | 271,393 | $ 210,198 | 221,223 |
Services [Member] | Billed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivables, gross | 292,634 | 234,724 | |
Services [Member] | Unbilled [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivables, gross | 0 | 11,025 | |
Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivables, gross | $ 7,301 | $ 5,143 |
Satellites and Other Property_3
Satellites and Other Property and Equipment - Schedule of Satellites and Other Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Satellites and other property and equipment, cost | $ 11,954,753 | $ 11,725,833 |
Less: accumulated depreciation | (6,443,051) | (5,802,214) |
Satellites and other property and equipment, net | 5,511,702 | 5,923,619 |
Satellites And Launch Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Satellites and other property and equipment, cost | 10,786,802 | 10,653,213 |
Information Systems And Ground Segment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Satellites and other property and equipment, cost | 894,796 | 808,203 |
Buildings and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Satellites and other property and equipment, cost | $ 273,155 | $ 264,417 |
Satellites and Other Property_4
Satellites and Other Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Construction-in-progress | $ 371.3 | $ 705.8 | |
Capitalized interest | 30.2 | 60 | |
Depreciation expense | 649.1 | $ 665.6 | $ 646.4 |
Insurance proceeds | $ 70 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Investments [Line Items] | ||
Total assets | $ 12,241,513 | $ 12,610,036 |
Percentage of revenue to JSAT | 50.00% | |
Other Assets [Member] | ||
Schedule of Investments [Line Items] | ||
Cost method investments | $ 73,700 | 55,000 |
Horizons Satellite Holdings [Member] | ||
Schedule of Investments [Line Items] | ||
Total assets | 28,800 | 38,700 |
Revenue share, net of applicable fees and commissions | $ 5,500 | 5,400 |
Horizons-3 Satellite LLC [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of revenue to JSAT | 50.00% | |
Management authority and equal rights to profits and revenues | 50.00% | |
Capital contribution in percent | 50.00% | |
Payments for advance to affiliate | $ 41,200 | 27,400 |
Horizons-3 Satellite LLC [Member] | Other Assets [Member] | ||
Schedule of Investments [Line Items] | ||
Equity method investments | $ 109,900 | $ 61,800 |
Investments - Changes in Equity
Investments - Changes in Equity Attributable to Intelsat and Equity Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Beginning Balance | $ (3,788,564) | $ (3,609,998) | $ (3,788,564) | $ (3,609,998) | ||||||||
Net income (loss) | $ (110,359) | $ (373,642) | $ (45,840) | (65,849) | $ (88,956) | $ (29,416) | $ (22,800) | (33,642) | (595,690) | (174,814) | $ 994,112 | |
Dividends paid to noncontrolling interests | (8,825) | (8,755) | ||||||||||
Common shares and 2025 Convertible Notes offering | 368,253 | |||||||||||
Share-based compensation | 10,035 | 16,472 | ||||||||||
Postretirement/pension liability adjustment | 44,695 | (11,801) | ||||||||||
Other comprehensive income | (351) | 332 | ||||||||||
Adoption of accounting standards | $ (112,162) | |||||||||||
Ending Balance | (4,082,609) | (3,788,564) | (4,082,609) | (3,788,564) | (3,609,998) | |||||||
Intelsat S.A. Shareholders' Deficit [Member] | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Beginning Balance | (3,807,870) | (3,634,145) | (3,807,870) | (3,634,145) | ||||||||
Net income (loss) | (599,605) | (178,728) | ||||||||||
Common shares and 2025 Convertible Notes offering | 368,253 | |||||||||||
Share-based compensation | 10,035 | 16,472 | 23,089 | |||||||||
Postretirement/pension liability adjustment | 44,695 | (11,801) | ||||||||||
Other comprehensive income | (351) | 332 | 93 | |||||||||
Adoption of accounting standards | $ (112,162) | |||||||||||
Ending Balance | (4,097,005) | (3,807,870) | (4,097,005) | (3,807,870) | (3,634,145) | |||||||
Noncontrolling Interest [Member] | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Beginning Balance | $ 19,306 | $ 24,147 | 19,306 | 24,147 | ||||||||
Net income (loss) | 3,915 | 3,914 | ||||||||||
Dividends paid to noncontrolling interests | (8,825) | (8,755) | (8,980) | |||||||||
Ending Balance | $ 14,396 | $ 19,306 | $ 14,396 | $ 19,306 | $ 24,147 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Carrying Amounts of Goodwill and Acquired Intangible Assets not Subject to Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 2,620,627 | $ 2,620,627 |
Intangible Assets | 2,452,900 | 2,452,900 |
Orbital Locations [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible Assets | 2,387,700 | 2,387,700 |
Trade Name [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible Assets | $ 65,200 | $ 65,200 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Carrying Amounts of Goodwill and Acquired Intangible Assets not Subject to Amortization (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Accumulated impairment losses | $ 4,160,200 | $ 4,160,200 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Number of operating segments for impairment analysis | Segment | 1 | ||
Impairment for goodwill | $ 0 | ||
Amortization expense | 38,500,000 | $ 42,300,000 | $ 48,500,000 |
Orbital Locations [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite lived intangible assets | $ 0 | 0 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite lived intangible assets | $ 0 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Carrying Amount and Accumulated Amortization of Acquired Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,277,790 | $ 1,277,790 |
Accumulated Amortization | (966,687) | (928,206) |
Net Carrying Amount | 311,103 | 349,584 |
Backlog and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 743,760 | 743,760 |
Accumulated Amortization | (701,445) | (686,425) |
Net Carrying Amount | 42,315 | 57,335 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 534,030 | 534,030 |
Accumulated Amortization | (265,242) | (241,781) |
Net Carrying Amount | $ 268,788 | $ 292,249 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Scheduled Amortization Charges for Intangible Assets (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 34,351 |
2,020 | 31,103 |
2,021 | 28,635 |
2,022 | 25,479 |
2,023 | $ 21,353 |
Long-Term Debt - Schedule of Ca
Long-Term Debt - Schedule of Carrying Values and Fair Values of Notes Payable and Long-Term Debt (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Carrying Value | $ 14,028,352,000 | $ 14,208,658,000 |
Fair Value | 13,728,601,000 | 12,963,999,000 |
Current portion of long-term debt | 0 | 96,572,000 |
Total long-term debt, excluding current portion | 14,028,352,000 | 14,112,086,000 |
Intelsat S.A [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 253,417,000 | 0 |
Fair Value | 590,427,000 | 0 |
Intelsat Luxembourg [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1,616,631,000 | 3,268,870,000 |
Fair Value | 1,523,010,000 | 1,944,769,000 |
Intelsat Luxembourg [Member] | 6.75% Senior Notes due June 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 0 | 96,650,000 |
Fair Value | 0 | 94,717,000 |
Unamortized prepaid debt issuance costs and discount | 0 | (78,000) |
Intelsat Luxembourg [Member] | 7.75% Senior Notes due June 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 421,219,000 | 2,000,000,000 |
Fair Value | 381,203,000 | 1,070,000,000 |
Unamortized prepaid debt issuance costs | (2,062,000) | (13,325,000) |
Intelsat Luxembourg [Member] | 8.125% Senior Notes due June 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1,000,000,000 | 1,000,000,000 |
Fair Value | 765,000,000 | 515,000,000 |
Unamortized prepaid debt issuance costs | (7,256,000) | (8,562,000) |
Intelsat Luxembourg [Member] | 12.5% Senior Notes due November 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 403,350,000 | 403,350,000 |
Fair Value | 376,807,000 | 265,052,000 |
Unamortized prepaid debt issuance costs and discount | (198,620,000) | (209,165,000) |
Intelsat Luxembourg [Member] | 8.125% Senior Notes due June 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1,000,000,000 | |
Intelsat Connect Finance S.A [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1,215,096,000 | 464,784,000 |
Fair Value | 1,062,500,000 | 640,406,000 |
Intelsat Connect Finance S.A [Member] | Consolidation and Eliminations [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | (315,530,000) | (1,209,646,000) |
Fair Value | (462,130,000) | (845,917,000) |
Intelsat Connect Finance S.A [Member] | 7.75% Senior Notes due June 2021 [Member] | Consolidation and Eliminations [Member] | ||
Debt Instrument [Line Items] | ||
Fair Value | 0 | (523,855,000) |
Intelsat Connect Finance S.A [Member] | 12.5% Senior Notes due November 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 182,000,000 | |
Intelsat Connect Finance S.A [Member] | 12.5% Senior Notes due April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 0 | 731,892,000 |
Fair Value | 0 | 640,406,000 |
Unamortized prepaid debt issuance costs and discount | 0 | (267,108,000) |
Intelsat Connect Finance S.A [Member] | 7.75% Senior Notes due June 2021 [Member] | Consolidation and Eliminations [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 0 | (979,168,000) |
Unamortized prepaid debt issuance costs | 0 | 6,524,000 |
Intelsat Connect Finance And Intelsat Jackson [Member] | 8.125% Senior Notes due June 2023 [Member] | Consolidation and Eliminations [Member] | ||
Debt Instrument [Line Items] | ||
Fair Value | (85,422,000) | (57,506,000) |
Intelsat Connect Finance And Intelsat Jackson [Member] | 8.125% Senior Notes due June 2023 [Member] | Consolidation and Eliminations [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | (111,663,000) | (111,663,000) |
Unamortized prepaid debt issuance costs | 810,000 | 956,000 |
Intelsat Connect Finance And Intelsat Jackson [Member] | Twelve Point Five Percentage Senior Notes [Member] | Consolidation and Eliminations [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized prepaid debt issuance costs and discount | 0 | 67,525,000 |
Intelsat Jackson [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 11,258,738,000 | 11,684,650,000 |
Fair Value | 11,014,794,000 | 11,224,741,000 |
Intelsat Jackson [Member] | 12.5% Senior Notes due November 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 220,600,000 | |
Intelsat Jackson [Member] | 9.5% Senior Secured Notes due September 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 490,000,000 | 490,000,000 |
Fair Value | 556,150,000 | 565,950,000 |
Unamortized prepaid debt issuance costs and discount | (14,545,000) | (17,556,000) |
Intelsat Jackson [Member] | 8.00% Senior Secured Notes due February 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1,349,678,000 | 1,349,678,000 |
Fair Value | 1,390,168,000 | 1,423,910,000 |
Unamortized prepaid debt issuance costs and premium | (4,671,000) | (5,378,000) |
Intelsat Jackson [Member] | 7.25% Senior Notes due October 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 0 | 2,200,000,000 |
Fair Value | 0 | 2,068,000,000 |
Unamortized prepaid debt issuance costs and premium | 0 | (5,151,000) |
Intelsat Jackson [Member] | 7.5% Senior Notes due April 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 0 | 1,150,000,000 |
Fair Value | 0 | 1,040,750,000 |
Unamortized prepaid debt issuance costs | 0 | (5,415,000) |
Intelsat Jackson [Member] | 5.5% Senior Notes due August 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1,985,000,000 | 2,000,000,000 |
Fair Value | 1,717,025,000 | 1,630,000,000 |
Unamortized prepaid debt issuance costs | (10,859,000) | (12,977,000) |
Intelsat Jackson [Member] | 9.75% Senior Notes due July 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1,485,000,000 | 1,500,000,000 |
Fair Value | 1,488,713,000 | 1,455,000,000 |
Unamortized prepaid debt issuance costs | (18,230,000) | (20,315,000) |
Intelsat Jackson [Member] | Senior Secured Credit Facilities Due June 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 0 | 1,095,000,000 |
Fair Value | 0 | 1,093,631,000 |
Unamortized prepaid debt issuance costs and discount | 0 | (4,636,000) |
Intelsat Jackson [Member] | Senior Secured Credit Facilities Due November 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 2,000,000,000 | 2,000,000,000 |
Fair Value | 1,940,000,000 | 1,947,500,000 |
Unamortized prepaid debt issuance costs and discount | (26,965,000) | (28,600,000) |
Intelsat Jackson [Member] | 8.125% Senior Notes due June 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 111,700,000 | |
Intelsat Connect Finance, Intel Jackson And Intelsat Envision [Member] | 12.5% Senior Notes due November 2024 [Member] | Consolidation and Eliminations [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | (403,245,000) | (402,595,000) |
Fair Value | (376,708,000) | (264,556,000) |
Unamortized prepaid debt issuance costs and discount | 198,568,000 | 208,775,000 |
Convertible Debt [Member] | Intelsat S.A [Member] | Convertible Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 402,500,000 | 0 |
Fair Value | 590,427,000 | 0 |
Unamortized prepaid debt issuance costs and discount | (149,083,000) | 0 |
Senior Notes [Member] | Intelsat Connect Finance S.A [Member] | Senior Notes Due February 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1,250,000,000 | 0 |
Fair Value | 1,062,500,000 | 0 |
Unamortized prepaid debt issuance costs and discount | (34,904,000) | 0 |
Senior Notes [Member] | Intelsat Jackson [Member] | Senior Notes Due October 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 2,950,000,000 | 0 |
Fair Value | 2,832,000,000 | 0 |
Unamortized prepaid debt issuance costs and premium | (15,310,000) | 0 |
Secured Debt [Member] | Line of Credit [Member] | Intelsat Jackson [Member] | Senior Secured Credit Facilities Due January 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 395,000,000 | 0 |
Fair Value | 395,988,000 | 0 |
Unamortized prepaid debt issuance costs and discount | (1,933,000) | 0 |
Secured Debt [Member] | Line of Credit [Member] | Intelsat Jackson [Member] | Senior Secured Credit Facilities Due January 2024, 6.625 % [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 700,000,000 | 0 |
Fair Value | 694,750,000 | 0 |
Unamortized prepaid debt issuance costs and discount | $ (3,427,000) | $ 0 |
Long-Term Debt - Schedule of _2
Long-Term Debt - Schedule of Carrying Values and Fair Values of Notes Payable and Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jul. 05, 2017 | Jan. 31, 2017 | |
6.75% Senior Notes due June 2018 [Member] | Intelsat Luxembourg [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2018-06 | 2018-06 | |||
Senior Notes, Interest rate | 6.75% | 6.75% | |||
7.75% Senior Notes due June 2021 [Member] | Intelsat Luxembourg [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2021-06 | 2021-06 | |||
Senior Notes, Interest rate | 7.75% | 7.75% | |||
8.125% Senior Notes due June 2023 [Member] | Intelsat Luxembourg [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2023-06 | 2023-06 | |||
Senior Notes, Interest rate | 8.125% | 8.125% | |||
12.5% Senior Notes due November 2024 [Member] | Intelsat Luxembourg [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2024-11 | 2024-11 | |||
Senior Notes, Interest rate | 12.50% | 12.50% | 12.50% | ||
12.5% Senior Notes due April 2022 [Member] | Intelsat Connect Finance S.A [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2022-04 | 2022-04 | |||
Senior Notes, Interest rate | 12.50% | 12.50% | |||
9.5% Senior Secured Notes due September 2022 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2022-09 | 2022-09 | |||
Senior Notes, Interest rate | 9.50% | 9.50% | |||
8.00% Senior Secured Notes due February 2024 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2024-02 | 2024-02 | |||
Senior Notes, Interest rate | 8.00% | 8.00% | |||
7.25% Senior Notes due April 2019 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2019-04 | 2019-04 | |||
Senior Notes, Interest rate | 7.25% | 7.25% | 7.25% | ||
7.5% Senior Notes due April 2021 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2021-04 | 2021-04 | |||
Senior Notes, Interest rate | 7.50% | 7.50% | |||
5.5% Senior Notes due August 2023 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2023-08 | 2023-08 | |||
Senior Notes, Interest rate | 5.50% | 5.50% | |||
9.75% Senior Notes due July 2025 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2025-07 | 2025-07 | |||
Senior Notes, Interest rate | 9.75% | 9.75% | 9.75% | ||
Senior Secured Credit Facilities Due June 2019 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2019-06 | 2019-06 | |||
Senior Secured Credit Facilities Due November 2023 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2023-11 | 2023-11 | |||
Consolidation and Eliminations [Member] | 12.5% Senior Notes due November 2024 [Member] | Intelsat Connect Finance S.A [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2024-11 | 2024-11 | |||
Consolidation and Eliminations [Member] | 12.5% Senior Notes due November 2024 [Member] | Intelsat Connect Finance, Intel Jackson And Intelsat Envision [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Interest rate | 12.50% | 12.50% | |||
Consolidation and Eliminations [Member] | 7.75% Senior Notes due June 2021 [Member] | Intelsat Connect Finance S.A [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2021-06 | 2021-06 | |||
Senior Notes, Interest rate | 7.75% | 7.75% | |||
Consolidation and Eliminations [Member] | 8.125% Senior Notes due June 2023 [Member] | Intelsat Connect Finance And Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Maturity date | 2023-06 | 2023-06 | |||
Senior Notes, Interest rate | 8.125% | 8.125% | |||
Convertible Debt [Member] | Convertible Senior Notes Due June 2025 [Member] | Intelsat S.A [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Interest rate | 4.50% | 4.50% | 4.50% | ||
Senior Notes [Member] | Senior Notes Due February 2023 [Member] | Intelsat Connect Finance S.A [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Interest rate | 9.50% | 9.50% | |||
Senior Notes [Member] | Senior Notes Due October 2024 [Member] | Intelsat Jackson [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes, Interest rate | 8.50% | 8.50% |
Long-Term Debt - Schedule of Pr
Long-Term Debt - Schedule of Principal Repayments of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 0 | |
2,020 | 0 | |
2,021 | 421,219 | |
2,022 | 490,000 | |
2,023 | 6,123,337 | |
2024 and thereafter | 7,282,283 | |
Total principal repayments | 14,316,839 | |
Unamortized discounts, premium and prepaid issuance costs | (288,487) | |
Carrying Value | $ 14,028,352 | $ 14,208,658 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ / shares in Units, $ in Thousands | Nov. 27, 2017USD ($) | Jul. 05, 2017USD ($) | Nov. 27, 2013USD ($) | Jan. 12, 2011USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Aug. 31, 2018USD ($) | Jun. 30, 2018USD ($)day$ / sharesshares | May 31, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 02, 2018USD ($) | Jan. 31, 2017USD ($) | May 31, 2016 | Apr. 30, 2013 |
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 14,028,352 | $ 14,208,658 | |||||||||||||||||||
Common shares, offering (in shares) | shares | 15,498,652 | ||||||||||||||||||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Public offering price (in dollars per share) | $ / shares | $ 14.84 | ||||||||||||||||||||
Gain (loss) on early extinguishment of debt | $ (199,658) | $ (4,109) | $ 1,030,092 | ||||||||||||||||||
Closing price | $ / shares | $ 21.39 | ||||||||||||||||||||
Intelsat Jackson Revolving Credit New Tranche [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instruments variable interest rate spread | 2.75% | ||||||||||||||||||||
Intelsat Jackson Revolving Credit New Tranche [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instruments variable interest rate spread | 1.00% | ||||||||||||||||||||
Intelsat Jackson Revolving Credit New Tranche [Member] | ABR [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instruments variable interest rate spread | 1.75% | ||||||||||||||||||||
B Two Tranche Term Loan [Member] | Intelsat Jackson Revolving Credit New Tranche [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,095,000 | ||||||||||||||||||||
B Four Tranche Term Loan [Member] | Intelsat Jackson Revolving Credit New Tranche [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 395,000 | ||||||||||||||||||||
B Four Tranche Term Loan [Member] | Intelsat Jackson Revolving Credit New Tranche [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 4.50% | ||||||||||||||||||||
B Four Tranche Term Loan [Member] | Intelsat Jackson Revolving Credit New Tranche [Member] | Base Rate [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 3.50% | ||||||||||||||||||||
B Five Tranche Term Loan [Member] | Intelsat Jackson Revolving Credit New Tranche [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 700,000 | ||||||||||||||||||||
Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Term loan facility | $ 3,250,000 | ||||||||||||||||||||
6.75% Senior Notes due June 2018 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 403,300 | ||||||||||||||||||||
2018 Luxembourg Notes [Member] | First Luxembourg 2018 Exchange [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | 377,600 | ||||||||||||||||||||
2018 Luxembourg Notes [Member] | Second Luxembourg 2018 Exchange [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 25,000 | ||||||||||||||||||||
Gain (loss) on early extinguishment of debt | $ 500 | ||||||||||||||||||||
Senior Secured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 3.00% | ||||||||||||||||||||
Senior Secured Credit Facility [Member] | ABR [Member] | Minimum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 2.00% | ||||||||||||||||||||
Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Quarterly payment percentage | 0.25% | ||||||||||||||||||||
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Revolving credit facility | $ 500,000 | $ 500,000 | |||||||||||||||||||
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Intelsat Jackson Revolving Credit New Tranche [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Revolving credit facility | 450,000 | ||||||||||||||||||||
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Intelsat Jackson Revolving Credit Tranche [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Revolving credit facility | $ 50,000 | ||||||||||||||||||||
Financial Covenants [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Consolidated secured debt to consolidated EBITDA ratio | 2.94 | ||||||||||||||||||||
Financial Covenants [Member] | Maximum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Consolidated secured debt to consolidated EBITDA ratio | 3.5 | ||||||||||||||||||||
Intelsat Luxembourg [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,616,631 | $ 3,268,870 | |||||||||||||||||||
Intelsat Luxembourg [Member] | 6.75% Senior Notes due June 2018 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 6.75% | 6.75% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 0 | $ 96,650 | |||||||||||||||||||
Intelsat Luxembourg [Member] | 6.75% Senior Notes due June 2018 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt amount repurchased, redeemed or prepaid | $ 46,000 | ||||||||||||||||||||
Intelsat Luxembourg [Member] | 7.75% Senior Notes due June 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 7.75% | 7.75% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 421,219 | $ 2,000,000 | |||||||||||||||||||
Extinguishment of debt | $ 600,000 | ||||||||||||||||||||
Gain (loss) on early extinguishment of debt | $ 22,100 | ||||||||||||||||||||
Intelsat Luxembourg [Member] | 12.5% Senior Notes due November 2024 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 12.50% | 12.50% | 12.50% | ||||||||||||||||||
Aggregate principal amount of senior notes | $ 403,350 | $ 403,350 | |||||||||||||||||||
Interest payment dates | semi-annually on May 15 and November 15 | ||||||||||||||||||||
Intelsat Luxembourg [Member] | 7 3/4% Senior Notes due 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 421,200 | ||||||||||||||||||||
Interest payment dates | semi-annually on June 1 and December 1 | ||||||||||||||||||||
Intelsat Luxembourg [Member] | 8.125% Senior Notes due June 2023 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,000,000 | ||||||||||||||||||||
Interest payment dates | semi-annually on June 1 and December 1 | ||||||||||||||||||||
Intelsat Luxembourg [Member] | 8.125% Senior Notes due June 2023 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 8.125% | 8.125% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,000,000 | $ 1,000,000 | |||||||||||||||||||
Intelsat Connect Finance S.A [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,215,096 | $ 464,784 | |||||||||||||||||||
Intelsat Connect Finance S.A [Member] | 6.75% Senior Notes due June 2018 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 31,200 | ||||||||||||||||||||
Intelsat Connect Finance S.A [Member] | Senior Notes Due February 2023 [Member] | Senior Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 9.50% | 9.50% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,250,000 | $ 0 | |||||||||||||||||||
Principal amount | $ 1,250,000 | ||||||||||||||||||||
Early redemption price equal to percentage of principal amount of notes | 100.00% | ||||||||||||||||||||
Intelsat Connect Finance S.A [Member] | 7.25% Senior Notes due October 2020 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt amount repurchased, redeemed or prepaid | 448,900 | ||||||||||||||||||||
Intelsat Connect Finance S.A [Member] | Other Senior Notes Of Intelsat Jackson [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt amount repurchased, redeemed or prepaid | 30,000 | ||||||||||||||||||||
Intelsat Connect Finance S.A [Member] | 12.5% Senior Notes due November 2024 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 182,000 | ||||||||||||||||||||
Intelsat Connect Finance S.A [Member] | 12.5% Senior Notes due April 2022 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 12.50% | 12.50% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 0 | $ 731,892 | |||||||||||||||||||
Debt amount repurchased, redeemed or prepaid | $ 731,900 | ||||||||||||||||||||
Intelsat S.A [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 253,417 | $ 0 | |||||||||||||||||||
Intelsat S.A [Member] | Convertible Senior Notes Due June 2025 [Member] | Convertible Debt [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 4.50% | 4.50% | 4.50% | ||||||||||||||||||
Aggregate principal amount of senior notes | $ 402,500 | $ 0 | |||||||||||||||||||
Principal amount | $ 402,500 | ||||||||||||||||||||
Initial conversion rate | 0.0550085 | ||||||||||||||||||||
Initial conversion price (in dollars per share) | $ / shares | $ 18.18 | ||||||||||||||||||||
Debt redemption, threshold trading day preceding maturity (prior to) | day | 42 | ||||||||||||||||||||
Carrying amount of equity component | $ 149,400 | ||||||||||||||||||||
Effective interest rate | 13.00% | ||||||||||||||||||||
Debt issuance costs | $ 12,700 | ||||||||||||||||||||
Intelsat S.A [Member] | Convertible Senior Notes Due June 2025, Liability Component [Member] | Convertible Debt [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt issuance costs | $ 7,300 | ||||||||||||||||||||
Intelsat Jackson [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | 11,258,738 | 11,684,650 | |||||||||||||||||||
Intelsat Jackson [Member] | New Jackson Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | 2,000,000 | ||||||||||||||||||||
Intelsat Jackson [Member] | 7.25% Senior Notes due October 2020 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 0 | $ 2,200,000 | |||||||||||||||||||
Intelsat Jackson [Member] | 7.25% Senior Notes due April 2019 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 7.25% | 7.25% | 7.25% | ||||||||||||||||||
Debt amount repurchased, redeemed or prepaid | $ 1,500,000 | $ 4,600 | |||||||||||||||||||
Gain (loss) on early extinguishment of debt | $ (4,600) | ||||||||||||||||||||
Intelsat Jackson [Member] | Senior Notes Due October 2024 [Member] | Senior Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 8.50% | 8.50% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 2,950,000 | $ 0 | |||||||||||||||||||
Debt amount repurchased, redeemed or prepaid | $ 708,700 | ||||||||||||||||||||
Principal amount | 700,000 | $ 2,250,000 | $ 2,250,000 | ||||||||||||||||||
Gain (loss) on early extinguishment of debt | (17,800) | ||||||||||||||||||||
Intelsat Jackson [Member] | 7.5% Senior Notes due April 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 7.50% | 7.50% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 0 | $ 1,150,000 | |||||||||||||||||||
Debt amount repurchased, redeemed or prepaid | $ 246,000 | 195,300 | |||||||||||||||||||
Gain (loss) on early extinguishment of debt | $ 15,900 | ||||||||||||||||||||
Intelsat Jackson [Member] | 12.5% Senior Notes due November 2024 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 220,600 | ||||||||||||||||||||
Intelsat Jackson [Member] | 9.75% Senior Notes due July 2025 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt amount repurchased, redeemed or prepaid | $ 1,500,000 | ||||||||||||||||||||
Intelsat Jackson [Member] | 9.75% Senior Notes due July 2025 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 9.75% | 9.75% | 9.75% | ||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,485,000 | $ 1,500,000 | |||||||||||||||||||
Interest payment dates | semi-annually on January 15 and July 15 | ||||||||||||||||||||
Early redemption price equal to percentage of principal amount of notes | 100.00% | ||||||||||||||||||||
Intelsat Jackson [Member] | 8.5% Senior Unsecured Notes due 2024 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 3,000,000 | ||||||||||||||||||||
Intelsat Jackson [Member] | 8.125% Senior Notes due June 2023 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 111,700 | ||||||||||||||||||||
Intelsat Jackson [Member] | 9.5% Senior Secured Notes due September 2022 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 9.50% | 9.50% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 490,000 | $ 490,000 | |||||||||||||||||||
Interest payment dates | semi-annually on March 30 and September 30 | ||||||||||||||||||||
Intelsat Jackson [Member] | 8.00% Senior Secured Notes due February 2024 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 8.00% | 8.00% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,349,678 | $ 1,349,678 | |||||||||||||||||||
Interest payment dates | semi-annually on February 15 and August 15 | ||||||||||||||||||||
Early redemption price equal to percentage of principal amount of notes | 100.00% | ||||||||||||||||||||
Intelsat Jackson [Member] | Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | B Three Tranche Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Term loan facility | $ 2,000,000 | ||||||||||||||||||||
Debt instrument redemption percentage | 1.00% | ||||||||||||||||||||
Intelsat Jackson [Member] | Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | B Three Tranche Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instruments variable interest rate spread | 3.75% | ||||||||||||||||||||
Intelsat Jackson [Member] | Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | B Three Tranche Term Loan [Member] | Base Rate [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instruments variable interest rate spread | 2.75% | ||||||||||||||||||||
Intelsat Jackson [Member] | 6.625 % Senior Notes due December 2022 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 6.625% | ||||||||||||||||||||
Intelsat Jackson [Member] | 5.5% Senior Notes due August 2023 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 5.50% | 5.50% | |||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,985,000 | $ 2,000,000 | |||||||||||||||||||
Intelsat Connect Finance And Intelsat Envision [Member] | 7.75% Senior Notes due June 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 1,580,000 | ||||||||||||||||||||
Intelsat Connect Finance And Intelsat Envision [Member] | Senior Notes Due August 2026 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior Notes, Interest rate | 13.50% | ||||||||||||||||||||
Intelsat Connect Finance And Intelsat Envision [Member] | Seven Point Two Five Percentage Senior Notes Due October Two Thousand Twenty And Other Senior Notes Of Intelsat Jackson [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Gain (loss) on early extinguishment of debt | $ 188,200 | ||||||||||||||||||||
Intelsat Envision [Member] | 12.5% Senior Notes due November 2024 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount of senior notes | $ 700 |
Long-Term Debt Long Term Debt -
Long-Term Debt Long Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Amortization of discount and prepaid debt issuance costs | $ 48,495 | $ 48,696 | $ 24,622 |
Intelsat S.A [Member] | Convertible Debt [Member] | Convertible Senior Notes Due June 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Coupon interest | 9,710 | ||
Amortization of discount and prepaid debt issuance costs | 7,654 | ||
Total interest expense | $ 17,364 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative | $ 4,100,000 | $ 4,100,000 |
Interest Rate Caps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional value | 2,400,000,000 | |
Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative | $ 33,086,000 | $ 22,336,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivatives by Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, fair value | $ 4,100 | $ 4,100 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | 37,186 | 26,436 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Preferred Stock Warrant [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, fair value | 4,100 | 4,100 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Caps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, fair value | $ 33,086 | $ 22,336 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Effect of Derivative Instruments, Included in Interest Expense, Net in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Total loss (gain) on derivative financial instruments | $ (14,435) | $ 1,006 | $ 0 |
Included in Interest Expense, Net [Member] | Interest Rate Caps [Member] | |||
Derivative [Line Items] | |||
Undesignated interest rate | (14,435) | 1,006 | 0 |
Other Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Preferred stock warrant | $ 0 | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | |
Income Tax [Line Items] | ||||
Benefit to retained earnings | $ (6,606,426) | $ (5,894,659) | $ (6,176,400) | |
Percentage of EBITDA limit set for U.S. interest expense deductions | 30.00% | |||
Percentage of EBIT limit set for U.S. interest expense deductions | 30.00% | |||
Tax Cuts and Jobs Act, decrease in net deferred tax liabilities | 28,000 | |||
Deferred tax asset attributable to net operating loss carryforwards | $ (2,964,634) | (3,840,759) | ||
Deferred tax assets attributable to tax credit carryforwards | 12,235 | 11,335 | ||
Net operating loss carryforwards with expiration | 64,700 | |||
Net operating loss carryforwards without expiration | 2,900,000 | |||
Research and development credit carryforward | 70 | |||
Foreign tax credit carryforward | 12,100 | |||
Valuation allowance amount | (4,203,249) | (3,456,344) | ||
Gross unrecognized tax benefits | 29,144 | 31,380 | $ 36,167 | |
Unrecognized tax benefits that would impact effective tax rate | 25,600 | 27,800 | ||
Reserves for interest and penalties | 600 | 600 | ||
Increase related to current tax position | 900 | |||
Increase in prior period tax position | 100 | |||
Decrease due to the expiration of statute of limitations for assessment of taxes | 3,317 | 7,281 | ||
Future Benefit [Member] | ||||
Income Tax [Line Items] | ||||
Deferred tax assets attributable to tax credit carryforwards | $ 12,200 | $ 15,400 | ||
Intelsat Luxembourg [Member] | ||||
Income Tax [Line Items] | ||||
Enacted tax rate | 26.01% | |||
Accounting Standards Update 2016-16 [Member] | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Benefit to retained earnings | $ 170,000 |
Income Taxes - Summary of Total
Income Taxes - Summary of Total Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Provision For Income Taxes [Line Items] | |||
Income (loss) before income taxes | $ (465,621) | $ (103,684) | $ 1,010,098 |
Domestic Tax Authority [Member] | |||
Provision For Income Taxes [Line Items] | |||
Domestic income (loss) before income taxes | (424,590) | (18,149) | 938,156 |
Foreign Tax Authority [Member] | |||
Provision For Income Taxes [Line Items] | |||
Foreign income (loss) before income taxes | $ (41,031) | $ (85,535) | $ 71,942 |
Income Taxes - Provision for (B
Income Taxes - Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current income tax provision (benefit) | |||
Domestic | $ 792 | $ (125) | $ (35) |
Foreign | 50,117 | 27,309 | 25,721 |
Total | 50,909 | 27,184 | 25,686 |
Deferred income tax provision (benefit): | |||
Domestic | 0 | 72 | (80) |
Foreign | 79,160 | 43,874 | (9,620) |
Total | 79,160 | 43,946 | (9,700) |
Total income tax provision: | $ 130,069 | $ 71,130 | $ 15,986 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Expected tax provision (benefit) at Luxembourg statutory income tax rate | $ (121,108) | $ (28,078) | $ 295,150 |
Foreign income tax differential | 2,216 | 66,242 | 51,787 |
Lux Financing Activities | 51,250 | 30,232 | (8,279) |
Tax deductible impairment charges in Luxembourg subsidiaries | 0 | 0 | (1,280,759) |
Change in tax rate | (684) | (28,250) | 416,156 |
Changes in unrecognized tax benefits | (2,205) | (79) | (1,629) |
Changes in valuation allowance | 746,905 | 40,853 | 554,479 |
Tax effect of 2011 Intercompany Sale | (1,655) | 6,073 | 6,701 |
Foreign tax credits | 138 | (3,107) | (5,480) |
Research and development tax credits | 0 | (2,786) | (3,275) |
2018 Internal Reorganization | (549,382) | 0 | 0 |
Other | 1,284 | 2,176 | 4,537 |
Total income tax provision: | $ 130,069 | $ 71,130 | $ 15,986 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | |||
Long-term deferred taxes, net | $ (82,488) | $ (4,588) | $ (48,434) |
Other assets | 20,969 | 14,583 | |
Deferred tax assets: | |||
Accruals and advances | 6,001 | 17,169 | |
Amortizable intangible assets | 1,133,702 | 13,421 | |
Non-Amortizable intangible assets | 42,265 | 147,332 | |
Performance incentives | 0 | 7,289 | |
Customer deposits | 3,404 | 16,064 | |
Bad debt reserve | 1,350 | 2,033 | |
Accrued retirement benefits | 0 | 43,592 | |
Disallowed interest expense carryforward | 74,825 | 75,546 | |
Net operating loss carryforward | 2,964,634 | 3,840,759 | |
Tax credits | 12,235 | 11,335 | |
Tax basis differences in investments and affiliates | 78,950 | 0 | |
Other | 2,346 | 8,418 | |
Total deferred tax assets | 4,319,712 | 4,182,958 | |
Deferred tax liabilities: | |||
Satellites and other property and equipment | (80,376) | (266,330) | |
Amortizable intangible assets | (8,948) | (366,777) | |
Non-amortizable intangible assets | (31,359) | (103,730) | |
Tax basis differences in investments and affiliates | (51,645) | (6,753) | |
Other | (5,654) | (16,875) | |
Total deferred tax liabilities | (177,982) | (760,465) | |
Valuation allowance | (4,203,249) | (3,456,344) | |
Total net deferred tax liabilities | $ (61,519) | $ (33,851) |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 31,380 | $ 36,167 |
Increases related to current year tax positions | 928 | 2,193 |
Increases related to prior year tax positions | 234 | 304 |
Decreases related to prior year tax positions | (81) | (3) |
Expiration of statute of limitations for the assessment of taxes | (3,317) | (7,281) |
Ending Balance | $ 29,144 | $ 31,380 |
Contractual Commitments - Addit
Contractual Commitments - Additional Expenditures and Expected Year of Payment (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Contractual Commitments [Line Items] | |
2,019 | $ 497,974 |
2,020 | 333,813 |
2,021 | 240,365 |
2,022 | 106,162 |
2,023 | 91,688 |
2024 and thereafter | 344,222 |
Total contractual commitments | 1,614,224 |
Sublease [Member] | |
Contractual Commitments [Line Items] | |
2,019 | (826) |
2,020 | (745) |
2,021 | (535) |
2,022 | (372) |
2,023 | (78) |
2024 and thereafter | (150) |
Total Sublease Rental Income | (2,706) |
Satellite Construction and Launch Obligations [Member] | |
Contractual Commitments [Line Items] | |
2,019 | 273,875 |
2,020 | 216,615 |
2,021 | 133,890 |
2,022 | 11,842 |
2,023 | 10,232 |
2024 and thereafter | 47,915 |
Total contractual commitments | 694,369 |
Satellite Performance Incentive Obligations [Member] | |
Contractual Commitments [Line Items] | |
2,019 | 59,783 |
2,020 | 50,021 |
2,021 | 49,220 |
2,022 | 38,503 |
2,023 | 27,053 |
2024 and thereafter | 131,136 |
Total contractual commitments | 355,716 |
Horizons-3 Satellite LLC Contribution Obligations [Member] | |
Contractual Commitments [Line Items] | |
2,019 | 4,500 |
2,020 | 11,700 |
2,021 | 13,300 |
2,022 | 15,700 |
2,023 | 15,300 |
2024 and thereafter | 43,600 |
Total contractual commitments | 104,100 |
Operating Leases [Member] | |
Contractual Commitments [Line Items] | |
2,019 | 20,065 |
2,020 | 18,730 |
2,021 | 14,832 |
2,022 | 13,979 |
2,023 | 13,600 |
2024 and thereafter | 80,216 |
Total contractual commitments | 161,422 |
Customer and Vendor Contracts [Member] | |
Contractual Commitments [Line Items] | |
2,019 | 140,577 |
2,020 | 37,492 |
2,021 | 29,658 |
2,022 | 26,510 |
2,023 | 25,581 |
2024 and thereafter | 41,505 |
Total contractual commitments | $ 301,323 |
Contractual Commitments - Add_2
Contractual Commitments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Contractual Commitments [Line Items] | |||
Contractual commitments | $ 1,614,224 | ||
Total obligation related to operating leases | 158,700 | ||
Total rental expense | 14,000 | $ 14,800 | $ 14,000 |
Satellite Construction and Launch Obligations [Member] | |||
Contractual Commitments [Line Items] | |||
Contractual commitments | 694,369 | ||
Satellite Performance Incentive Obligations [Member] | |||
Contractual Commitments [Line Items] | |||
Contractual commitments | 355,716 | ||
Customer and Vendor Contracts [Member] | |||
Contractual Commitments [Line Items] | |||
Contractual commitments | $ 301,323 |
Business and Geographic Segme_3
Business and Geographic Segment Information - Schedule of Geographic Distribution of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 542,771 | $ 536,922 | $ 537,714 | $ 543,782 | $ 538,140 | $ 538,759 | $ 533,229 | $ 538,484 | $ 2,161,190 | $ 2,148,612 | $ 2,188,047 |
North America [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 1,112,774 | 1,080,736 | 1,077,886 | ||||||||
Europe [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 257,747 | 272,039 | 300,003 | ||||||||
Latin America and Caribbean [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 284,948 | 304,379 | 325,933 | ||||||||
Africa and Middle East [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 274,853 | 292,505 | 286,258 | ||||||||
Asia Pacific [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 230,868 | $ 198,953 | $ 197,967 | ||||||||
Revenues [Member] | Geographic Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Revenues [Member] | Geographic Concentration Risk [Member] | North America [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 51.00% | 50.00% | 49.00% | ||||||||
Revenues [Member] | Geographic Concentration Risk [Member] | Europe [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 12.00% | 13.00% | 14.00% | ||||||||
Revenues [Member] | Geographic Concentration Risk [Member] | Latin America and Caribbean [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 13.00% | 14.00% | 15.00% | ||||||||
Revenues [Member] | Geographic Concentration Risk [Member] | Africa and Middle East [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 13.00% | 14.00% | 13.00% | ||||||||
Revenues [Member] | Geographic Concentration Risk [Member] | Asia Pacific [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 11.00% | 9.00% | 9.00% |
Business and Geographic Segme_4
Business and Geographic Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Customer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Concentration Risk [Line Items] | |||||||||||
Number of major customers | Customer | 10 | ||||||||||
Revenue | $ 542,771 | $ 536,922 | $ 537,714 | $ 543,782 | $ 538,140 | $ 538,759 | $ 533,229 | $ 538,484 | $ 2,161,190 | $ 2,148,612 | $ 2,188,047 |
Revenues [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 11.00% | 9.00% | 8.00% | ||||||||
Largest customers accounted revenue in percentage | 37.00% | 34.00% | 31.00% | ||||||||
Network Services [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 798,100 | $ 851,600 | $ 900,300 | ||||||||
Media Services [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 937,700 | 910,100 | 868,100 | ||||||||
Government Services [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 392,000 | 352,600 | 387,100 | ||||||||
Satellite Related Services [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 33,400 | $ 34,300 | $ 32,500 |
Business and Geographic Segme_5
Business and Geographic Segment Information - Schedule of Off-Network and On-Network Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 542,771 | $ 536,922 | $ 537,714 | $ 543,782 | $ 538,140 | $ 538,759 | $ 533,229 | $ 538,484 | $ 2,161,190 | $ 2,148,612 | $ 2,188,047 |
On-Network Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,967,792 | 1,960,936 | 1,985,000 | ||||||||
On-Network Revenues [Member] | Transponder, MSS and Other Off-Network Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,570,278 | 1,543,384 | 1,561,108 | ||||||||
On-Network Revenues [Member] | Managed Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 393,264 | 412,147 | 414,758 | ||||||||
On-Network Revenues [Member] | Channel [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,250 | 5,405 | 9,134 | ||||||||
Off-Network and Other Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 193,398 | 187,676 | 203,047 | ||||||||
Off-Network and Other Revenues [Member] | Transponder, MSS and Other Off-Network Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 150,186 | 141,845 | 157,212 | ||||||||
Off-Network and Other Revenues [Member] | Satellite Related Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 43,212 | $ 45,831 | $ 45,835 | ||||||||
Revenues [Member] | Service Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Revenues [Member] | Service Concentration Risk [Member] | On-Network Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 91.00% | 91.00% | 91.00% | ||||||||
Revenues [Member] | Service Concentration Risk [Member] | On-Network Revenues [Member] | Transponder, MSS and Other Off-Network Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 73.00% | 72.00% | 72.00% | ||||||||
Revenues [Member] | Service Concentration Risk [Member] | On-Network Revenues [Member] | Managed Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 18.00% | 19.00% | 19.00% | ||||||||
Revenues [Member] | Service Concentration Risk [Member] | On-Network Revenues [Member] | Channel [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 0.00% | 0.00% | 0.00% | ||||||||
Revenues [Member] | Service Concentration Risk [Member] | Off-Network and Other Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 9.00% | 9.00% | 9.00% | ||||||||
Revenues [Member] | Service Concentration Risk [Member] | Off-Network and Other Revenues [Member] | Transponder, MSS and Other Off-Network Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 7.00% | 7.00% | 7.00% | ||||||||
Revenues [Member] | Service Concentration Risk [Member] | Off-Network and Other Revenues [Member] | Satellite Related Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 2.00% | 2.00% | 2.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Common shares, offering (in shares) | 15,498,652 | |
Public offering price (in dollars per share) | $ 14.84 | |
Horizons Satellite Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Horizons-3 Satellite LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
BC Shareholder [Member] | ||
Related Party Transaction [Line Items] | ||
Common shares, offering (in shares) | 2,021,563 | |
Public offering price (in dollars per share) | $ 14.84 | |
Consideration received, offering | $ 30 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (unaudited) - Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 542,771 | $ 536,922 | $ 537,714 | $ 543,782 | $ 538,140 | $ 538,759 | $ 533,229 | $ 538,484 | $ 2,161,190 | $ 2,148,612 | $ 2,188,047 |
Income from operations | 232,374 | 237,269 | 237,755 | 234,472 | 232,944 | 233,165 | 228,245 | 216,727 | 941,870 | 911,081 | 917,985 |
Net loss | (110,359) | (373,642) | (45,840) | (65,849) | (88,956) | (29,416) | (22,800) | (33,642) | (595,690) | (174,814) | 994,112 |
Net loss attributable to Intelsat S.A. | $ (111,346) | $ (374,631) | $ (46,828) | $ (66,801) | $ (89,951) | $ (30,412) | $ (23,795) | $ (34,570) | $ (599,605) | $ (178,728) | $ 990,197 |
Net income (loss) per share attributable to Intelsat S.A.: | |||||||||||
Basic (in dollars per share) | $ (0.81) | $ (2.74) | $ (0.38) | $ (0.56) | $ (0.75) | $ (0.26) | $ (0.20) | $ (0.29) | $ (4.63) | $ (1.50) | $ 8.65 |
Diluted (in dollars per share) | $ (0.81) | $ (2.74) | $ (0.38) | $ (0.56) | $ (0.75) | $ (0.26) | $ (0.20) | $ (0.29) | $ (4.63) | $ (1.50) | $ 8.36 |
Quarterly Results of Operatio_4
Quarterly Results of Operations (unaudited) - Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Results Of Operations [Line Items] | ||||||||
Gain (loss) on early extinguishment of debt | $ (199,658) | $ (4,109) | $ 1,030,092 | |||||
7.25% Senior Notes due April 2019 [Member] | Intelsat Jackson [Member] | ||||||||
Quarterly Results Of Operations [Line Items] | ||||||||
Gain (loss) on early extinguishment of debt | $ (4,600) | |||||||
7.75% Senior Notes due June 2021 [Member] | Intelsat Luxembourg [Member] | ||||||||
Quarterly Results Of Operations [Line Items] | ||||||||
Gain (loss) on early extinguishment of debt | $ 22,100 | |||||||
Senior Notes Due February 2023 And Senior Notes Due October 2024 [Member] | Intelsat Connect Finance And Intelsat Jackson [Member] | ||||||||
Quarterly Results Of Operations [Line Items] | ||||||||
Gain (loss) on early extinguishment of debt | $ (204,100) | |||||||
Second Luxembourg 2018 Exchange [Member] | 2018 Luxembourg Notes [Member] | ||||||||
Quarterly Results Of Operations [Line Items] | ||||||||
Gain (loss) on early extinguishment of debt | $ 500 | |||||||
Senior Notes [Member] | Senior Notes Due October 2024 [Member] | Intelsat Jackson [Member] | ||||||||
Quarterly Results Of Operations [Line Items] | ||||||||
Gain (loss) on early extinguishment of debt | $ (17,800) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 29,669 | $ 54,744 | $ 37,178 |
Charged to Costs and Expenses | (836) | (4,094) | 24,591 |
Deductions | (291) | (20,981) | (7,025) |
Balance at End of Period | $ 28,542 | $ 29,669 | $ 54,744 |
Uncategorized Items - i-2018123
Label | Element | Value |
Accounting Standards Update 2016-16 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 169,579,000 |
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 169,579,000 |
Accounting Standards Update 2014-09 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (281,741,000) |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (281,741,000) |