Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | May. 13, 2016 | Sep. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VSAT | ||
Entity Registrant Name | VIASAT INC | ||
Entity Central Index Key | 797,721 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 48,944,963 | ||
Entity Public Float | $ 2,851,961,878 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Apr. 03, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 42,088 | $ 52,263 |
Accounts receivable, net | 286,724 | 266,339 |
Inventories | 145,161 | 128,367 |
Prepaid expenses and other current assets | 49,361 | 44,702 |
Total current assets | 523,334 | 491,671 |
Other acquired intangible assets, net | 33,604 | 42,340 |
Goodwill | 117,040 | 117,241 |
Other assets | 346,761 | 326,883 |
Total assets | 2,405,846 | 2,158,378 |
Current liabilities: | ||
Accounts payable | 95,645 | 76,931 |
Accrued liabilities | 184,344 | 191,326 |
Total current liabilities | 279,989 | 268,257 |
Senior notes, net | 581,374 | 582,657 |
Other long-term debt | 372,688 | 223,736 |
Other liabilities | 37,371 | 39,995 |
Total liabilities | $ 1,271,422 | $ 1,114,645 |
Commitments and contingencies (Notes 11 and 12) | ||
ViaSat, Inc. stockholders' equity | ||
Series A, convertible preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2016 and April 3, 2015, respectively | ||
Common stock, $.0001 par value, 100,000,000 shares authorized; 48,926,417 and 47,697,413 shares outstanding at March 31, 2016 and April 3, 2015, respectively | $ 5 | $ 5 |
Paid-in capital | 855,387 | 786,467 |
Retained earnings | 273,704 | 251,963 |
Accumulated other comprehensive income | 7 | 147 |
Total ViaSat, Inc. stockholders' equity | 1,129,103 | 1,038,582 |
Noncontrolling interest in subsidiary | 5,321 | 5,151 |
Total equity | 1,134,424 | 1,043,733 |
Total liabilities and equity | 2,405,846 | 2,158,378 |
Property Plant and Equipment - Satellites [Member] | ||
Current assets: | ||
Property and equipment, net | 898,197 | 762,221 |
Property Plant and Equipment - Excluding Satellites [Member] | ||
Current assets: | ||
Property and equipment, net | $ 486,910 | $ 418,022 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Apr. 03, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 48,926,417 | 47,697,413 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Revenues: | |||
Product revenues | $ 664,821 | $ 728,074 | $ 785,738 |
Service revenues | 752,610 | 654,461 | 565,724 |
Total revenues | 1,417,431 | 1,382,535 | 1,351,462 |
Operating expenses: | |||
Cost of product revenues | 489,246 | 519,483 | 571,855 |
Cost of service revenues | 495,099 | 444,431 | 419,425 |
Selling, general and administrative | 298,345 | 270,841 | 281,533 |
Independent research and development | 77,184 | 46,670 | 60,736 |
Amortization of acquired intangible assets | 16,438 | 17,966 | 14,614 |
Income from operations | 41,119 | 83,144 | 3,299 |
Other income (expense): | |||
Interest income | 2,226 | 2,022 | 35 |
Interest expense | (25,748) | (31,448) | (37,938) |
Income (loss) before income taxes | 17,597 | 53,718 | (34,604) |
(Benefit from) provision for income taxes | (4,173) | 13,827 | (25,947) |
Net income (loss) | 21,770 | 39,891 | (8,657) |
Less: Net income (loss) attributable to the noncontrolling interest, net of tax | 29 | (472) | 789 |
Net income (loss) attributable to ViaSat, Inc. | $ 21,741 | $ 40,363 | $ (9,446) |
Net income (loss) per share attributable to ViaSat, Inc. common stockholders: | |||
Basic net income (loss) per share attributable to ViaSat, Inc. common stockholders | $ 0.45 | $ 0.86 | $ (0.21) |
Diluted net income (loss) per share attributable to ViaSat, Inc. common stockholders | $ 0.44 | $ 0.84 | $ (0.21) |
Shares used in computing basic net income (loss) per share | 48,464 | 47,139 | 45,744 |
Shares used in computing diluted net income (loss) per share | 49,445 | 48,285 | 45,744 |
Comprehensive income (loss): | |||
Net income (loss) | $ 21,770 | $ 39,891 | $ (8,657) |
Other comprehensive (loss) income, net of tax: | |||
Unrealized gain (loss) on hedging, net of tax | 122 | (25) | 219 |
Foreign currency translation adjustments, net of tax | (262) | (2,141) | 1,488 |
Other comprehensive (loss) income, net of tax | (140) | (2,166) | 1,707 |
Comprehensive income (loss) | 21,630 | 37,725 | (6,950) |
Less: comprehensive income (loss) attributable to the noncontrolling interest, net of tax | 29 | (472) | 789 |
Comprehensive income (loss) attributable to ViaSat, Inc. | $ 21,601 | $ 38,197 | $ (7,739) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 21,770 | $ 39,891 | $ (8,657) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 193,086 | 179,542 | 159,089 |
Amortization of intangible assets | 48,990 | 41,891 | 25,975 |
Deferred income taxes | (5,003) | 12,420 | (27,182) |
Stock-based compensation expense | 47,510 | 39,353 | 33,639 |
Loss on disposition of fixed assets | 33,960 | 31,997 | 33,752 |
Other non-cash adjustments | 8,957 | 4,778 | 6,153 |
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (26,342) | 3,745 | (9,219) |
Inventories | (26,749) | (1,217) | (11,422) |
Other assets | (3,335) | (16,328) | (6,561) |
Accounts payable | 5,250 | 862 | (7,404) |
Accrued liabilities | (337) | 20,017 | 17,730 |
Other liabilities | (820) | (7,435) | (753) |
Net cash provided by operating activities | 296,937 | 349,516 | 205,140 |
Cash flows from investing activities: | |||
Purchase of property, equipment and satellites | (377,894) | (366,492) | (307,625) |
Cash paid for patents, licenses and other assets | (72,731) | (52,686) | (44,461) |
Payments related to acquisition of businesses, net of cash acquired | (4,402) | (57,376) | (2,400) |
Other investing activities | (1,258) | ||
Net cash used in investing activities | (456,285) | (476,554) | (354,486) |
Cash flows from financing activities: | |||
Payment of debt issuance costs | (840) | (2,757) | (2,512) |
Proceeds from issuance of common stock under equity plans | 22,309 | 23,202 | 18,617 |
Purchase of common stock in treasury (immediately retired) related to tax withholdings for stock-based compensation | (16,397) | (14,788) | (15,588) |
Other financing activities | (1,784) | (3,107) | (3,690) |
Net cash provided by financing activities | 149,122 | 121,464 | 101,827 |
Effect of exchange rate changes on cash | 51 | (510) | 128 |
Net decrease in cash and cash equivalents | (10,175) | (6,084) | (47,391) |
Cash and cash equivalents at beginning of fiscal year | 52,263 | 58,347 | 105,738 |
Cash and cash equivalents at end of fiscal year | 42,088 | 52,263 | 58,347 |
Supplemental information: | |||
Cash paid for interest (net of amounts capitalized) | 21,787 | 29,645 | 34,446 |
Cash paid for income taxes, net | 1,380 | 494 | 1,185 |
Non-cash investing and financing activities: | |||
Issuance of stock in satisfaction of certain accrued employee compensation liabilities | 11,609 | 10,194 | 8,018 |
Capital expenditures not paid for | 60,796 | 6,584 | 30,237 |
Revolving credit facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from credit facility borrowings | 175,000 | 350,000 | 295,000 |
Payments of revolving credit facility borrowings | (205,000) | (245,000) | $ (190,000) |
Ex-Im Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from credit facility borrowings | 175,834 | $ 13,914 | |
Non-cash investing and financing activities: | |||
Exposure fees on Ex-Im credit facility expected to be financed through Ex-Im credit facility | $ 20,992 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock Held in Treasury [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest in Subsidiary [Member] |
Beginning balance at Mar. 29, 2013 | $ 907,835 | $ 4 | $ 715,115 | $ 221,046 | $ (33,770) | $ 606 | $ 4,834 |
Beginning balance, shares at Mar. 29, 2013 | 45,921,793 | ||||||
Beginning balance, shares at Mar. 29, 2013 | (947,607) | ||||||
Exercise of stock options | 12,911 | $ 1 | 12,910 | ||||
Exercise of stock options, shares | 592,971 | ||||||
Issuance of stock under Employee Stock Purchase Plan | 5,706 | 5,706 | |||||
Issuance of stock under Employee Stock Purchase Plan, shares | 137,921 | ||||||
Stock-based compensation | 34,703 | 34,703 | |||||
Shares issued in settlement of certain accrued employee compensation liabilities | 8,018 | 8,018 | |||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 113,126 | ||||||
RSU awards vesting | 654,020 | ||||||
Purchase of treasury shares pursuant to vesting of certain RSU agreements | (15,588) | $ (15,588) | |||||
Purchase of treasury shares pursuant to vesting of certain RSU agreements, shares | (242,965) | ||||||
RSU awards vesting, net of shares withheld for taxes which have been retired | $ (15,600) | ||||||
Net income (loss) | (8,657) | (9,446) | 789 | ||||
Other comprehensive (loss) income, net of tax | 1,707 | 1,707 | |||||
Ending balance at Apr. 04, 2014 | 946,635 | $ 5 | 776,452 | 211,600 | $ (49,358) | 2,313 | 5,623 |
Ending balance, shares at Apr. 04, 2014 | 47,419,831 | ||||||
Ending balance, shares at Apr. 04, 2014 | (1,190,572) | ||||||
Exercise of stock options | 15,732 | 15,732 | |||||
Exercise of stock options, shares | 724,800 | ||||||
Issuance of stock under Employee Stock Purchase Plan | 7,470 | 7,470 | |||||
Issuance of stock under Employee Stock Purchase Plan, shares | 152,268 | ||||||
Stock-based compensation | 40,765 | 40,765 | |||||
Shares issued in settlement of certain accrued employee compensation liabilities | 10,194 | 10,194 | |||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 180,526 | ||||||
Retirement of common stock held in treasury | (49,358) | $ 49,358 | |||||
Retirement of common stock held in treasury, shares | (1,190,572) | 1,190,572 | |||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (14,788) | (14,788) | $ (14,800) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 410,560 | ||||||
Net income (loss) | 39,891 | 40,363 | (472) | ||||
Other comprehensive (loss) income, net of tax | (2,166) | (2,166) | |||||
Ending balance at Apr. 03, 2015 | $ 1,043,733 | $ 5 | 786,467 | 251,963 | 147 | 5,151 | |
Ending balance, shares at Apr. 03, 2015 | 47,697,413 | ||||||
Ending balance, shares at Apr. 03, 2015 | 47,697,413 | 0 | |||||
Exercise of stock options | $ 13,520 | 13,520 | |||||
Exercise of stock options, shares | 432,706 | ||||||
Issuance of stock under Employee Stock Purchase Plan | 8,789 | 8,789 | |||||
Issuance of stock under Employee Stock Purchase Plan, shares | 170,968 | ||||||
Stock-based compensation | 51,399 | 51,399 | |||||
Shares issued in settlement of certain accrued employee compensation liabilities | 11,609 | 11,609 | |||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 185,424 | ||||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (16,397) | (16,397) | $ (16,400) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 439,906 | ||||||
Other noncontrolling interest activity | 141 | 141 | |||||
Net income (loss) | 21,770 | 21,741 | 29 | ||||
Other comprehensive (loss) income, net of tax | (140) | (140) | |||||
Ending balance at Mar. 31, 2016 | $ 1,134,424 | $ 5 | $ 855,387 | $ 273,704 | $ 7 | $ 5,321 | |
Ending balance, shares at Mar. 31, 2016 | 48,926,417 | ||||||
Ending balance, shares at Mar. 31, 2016 | 48,926,417 | 0 |
The Company and a Summary of It
The Company and a Summary of Its Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
The Company and a Summary of Its Significant Accounting Policies | Note 1 — The Company and a Summary of Its Significant Accounting Policies The Company ViaSat, Inc. (also referred to hereafter as the “Company” or “ViaSat”) is an innovator in broadband technologies and services, including high-speed and cost-effective broadband and advanced communications products and services. Principles of consolidation The Company’s consolidated financial statements include the assets, liabilities and results of operations of ViaSat, its wholly owned subsidiaries and TrellisWare Technologies, Inc. (TrellisWare), a majority-owned subsidiary. All significant intercompany amounts have been eliminated. On May 4, 2015, the Company’s Board of Directors approved a change in the Company’s fiscal year from a 52 or 53 week fiscal year ending on the Friday closest to March 31 to a fiscal year ending on March 31 of each year, effective with the fiscal year commencing April 4, 2015. Beginning April 4, 2015, the Company’s fiscal quarters end on June 30, September 30, December 31, and March 31 of each year. Fiscal year 2014 was a 53 week year, compared to a 52 week year in fiscal year 2015. Fiscal year 2016 was slightly shorter than 52 weeks due to the change in fiscal year beginning April 4, 2015. The Company does not believe that these differences in length of year had any material impact on its financial results. Certain prior period amounts have been reclassified to conform to the current period presentation. During the first quarter of fiscal year 2016, the Company completed the acquisition of Engreen Inc. (Engreen), a privately held company focused on network function virtualization. The Engreen purchase price of approximately $5.3 million (of which $0.5 million has been withheld as security for any indemnifiable damages) was primarily allocated to acquired technology intangible assets and the assumption of certain liabilities. During the first quarter of fiscal year 2015, the Company completed the acquisition of NetNearU Corp. (NetNearU), a privately held company that has developed a comprehensive network management system for Wi-Fi and other internet access networks (see Note 9). These acquisitions were accounted for as purchases and, accordingly, the consolidated financial statements include the operating results of Engreen and NetNearU from the dates of acquisition. Management estimates and assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ from those estimates. Significant estimates made by management include revenue recognition, stock-based compensation, self-insurance reserves, allowance for doubtful accounts, warranty accruals, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, derivatives, contingencies and income taxes including the valuation allowance on deferred tax assets. Cash equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. Accounts receivable, unbilled accounts receivable and allowance for doubtful accounts The Company records receivables at net realizable value including an allowance for estimated uncollectible accounts. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of accounts receivable balances and current economic conditions that may affect a customer’s ability to pay. Amounts determined to be uncollectible are charged or written off against the reserve. Historically, the Company’s allowance for doubtful accounts has been minimal primarily because a significant portion of its sales has been to the U.S. government or with respect to its satellite services commercial business, the Company bills and collects in advance. Unbilled accounts receivables consist of costs and fees earned and billable on contract completion or other specified events. Unbilled accounts receivables are generally expected to be billed and collected within one year. Concentration of risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents and accounts receivable which are generally not collateralized. The Company limits its exposure to credit loss by placing its cash equivalents with high credit quality financial institutions and investing in high quality short-term debt instruments. The Company establishes customer credit policies related to its accounts receivable based on historical collection experiences within the various markets in which the Company operates, historical past due amounts and any specific information that the Company becomes aware of such as bankruptcy or liquidity issues of customers. Revenues from the U.S. government as an individual customer comprised approximately 23.7%, 22.8% and 21.2% of total revenues for fiscal years 2016, 2015 and 2014, respectively. Billed accounts receivable to the U.S. government as of March 31, 2016 and April 3, 2015 were approximately 22.8% and 30.6%, respectively, of total billed receivables. In addition, none of the Company’s commercial customers comprised 10.0% or more of total revenues for fiscal years 2016, 2015 and 2014. The Company’s five largest contracts generated approximately 19.4%, 21.1% and 26.4% of the Company’s total revenues for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014, respectively. The Company relies on a limited number of contract manufacturers to produce its products. Inventory Inventory is valued at the lower of cost or market, cost being determined by the weighted average cost method. Property, equipment and satellites Satellites and other property and equipment are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite 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 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. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to twenty-four years. Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the lease term or the life of the improvement. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in operations, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (Accounting Standards Codification (ASC) 835-20). With respect to assets under construction, including the ViaSat-2 satellite which commenced construction during the first quarter of fiscal year 2014, the Company capitalized $30.1 million, $16.2 million, and $8.1 million of interest expense during the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014, respectively. The Company owns two satellites: ViaSat-1 (its first-generation high-capacity Ka-band spot-beam satellite, which was placed into service in January 2012) and WildBlue-1 (which was placed into service in March 2007). During the first quarter of fiscal year 2014, the Company entered into a satellite construction contract for its ViaSat-2 satellite, its second-generation high-capacity Ka-band satellite design. In addition, construction has commenced on two ViaSat-3 class satellites, the Company’s third-generation high-capacity Ka-band satellite design, pursuant to a limited authorization to proceed. The Company also has an exclusive prepaid lifetime capital lease of Ka-band capacity over the contiguous United States on Telesat Canada’s Anik F2 satellite (which was placed into service in April 2005) and owns related earth stations and networking equipment for all of its satellites. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated lives are necessary. The Company procures indoor and outdoor CPE units leased to subscribers under a retail leasing program as part of the Company’s satellite services segment, which are reflected in investing activities and property and equipment in the accompanying consolidated financial statements. The Company depreciates the satellites, earth stations and networking equipment, CPE units and related installation costs over their estimated useful lives. The total cost and accumulated depreciation of CPE units included in property and equipment, net, as of March 31, 2016 were $260.4 million and $136.4 million, respectively. The total cost and accumulated depreciation of CPE units included in property and equipment, net, as of April 3, 2015 were $250.3 million and $107.8 million, respectively. Occasionally, the Company may enter into capital lease arrangements for various machinery, equipment, computer-related equipment, software, furniture or fixtures. The Company records amortization of assets leased under capital lease arrangements within depreciation expense. Goodwill and intangible assets The authoritative guidance for business combinations (ASC 805) requires that all business combinations be accounted for using the purchase method. The authoritative guidance for business combinations also specifies criteria for recognizing and reporting intangible assets apart from goodwill; however, acquired workforce must be recognized and reported in goodwill. The authoritative guidance for goodwill and other intangible assets (ASC 350) requires that intangible assets with an indefinite life should not be amortized until their life is determined to be finite. All other intangible assets must be amortized over their useful life. The authoritative guidance for goodwill and other intangible assets prohibits the amortization of goodwill and indefinite-lived intangible assets, but instead requires these assets to be tested for impairment at least annually and more frequently upon the occurrence of specified events. In addition, all goodwill must be assigned to reporting units for purposes of impairment testing. Patents, orbital slots and other licenses The Company capitalizes the costs of obtaining or acquiring patents, orbital slots and other licenses. Amortization of intangible assets that have finite lives is provided for by the straight-line method over the shorter of the legal or estimated economic life. Total capitalized costs of $3.2 million related to patents were included in other assets as of March 31, 2016 and April 3, 2015. The Company capitalized costs of $15.4 million and $15.1 million related to acquiring and obtaining orbital slots and other licenses included in other assets as of March 31, 2016 and April 3, 2015, respectively. Accumulated amortization related to these assets was $1.7 million and $1.4 million as of March 31, 2016 and April 3, 2015, respectively. Amortization expense related to these assets was an insignificant amount for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014. If a patent, orbital slot or orbital license is rejected, abandoned or otherwise invalidated, the unamortized cost is expensed in that period. During fiscal years 2016, 2015 and 2014, the Company did not write off any significant costs due to abandonment or impairment. Debt issuance costs Debt issuance costs are amortized and recognized as interest expense using the effective interest rate method, or, when the results are not materially different, on a straight-line basis over the expected term of the related debt. During fiscal year 2016, the Company capitalized an insignificant amount of debt issuance costs. During fiscal years 2015 and 2014, the Company capitalized $3.5 million and $2.5 million, respectively, of debt issuance costs. Unamortized debt issuance costs related to extinguished debt are expensed at the time the debt is extinguished and recorded in loss on extinguishment of debt in the consolidated statements of operations and comprehensive income (loss). Other unamortized debt issuance costs are recorded in prepaid expenses and other current assets and in other long-term assets in the consolidated balance sheets, depending on the amounts expected to be amortized to interest expense within the next twelve months. Software development Costs of developing software for sale are charged to research and development expense when incurred, until technological feasibility has been established. Software development costs incurred from the time technological feasibility is reached until the product is available for general release to customers are capitalized and reported at the lower of unamortized cost or net realizable value. Once the product is available for general release, the software development costs are amortized based on the ratio of current to future revenue for each product with an annual minimum equal to straight-line amortization over the remaining estimated economic life of the product, generally within five years. Capitalized costs, net, of $163.1 million and $119.9 million related to software developed for resale were included in other assets as of March 31, 2016 and April 3, 2015, respectively. The Company capitalized $75.4 million and $52.4 million of costs related to software developed for resale for fiscal years ended March 31, 2016 and April 3, 2015, respectively. Amortization expense for software development costs was $32.2 million, $23.5 million and $11.1 million during fiscal years 2016, 2015 and 2014, respectively. Impairment of long-lived and other long-term assets (property, equipment, and satellites, and other assets, including goodwill) In accordance with the authoritative guidance for impairment or disposal of long-lived assets (ASC 360), the Company assesses potential impairments to long-lived assets, including property, equipment and satellites, and other assets, when there is evidence that events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized when the undiscounted cash flows expected to be generated by an asset (or group of assets) are less than the asset’s carrying value. Any required impairment loss would be measured as the amount by which the asset’s carrying value exceeds its fair value, and would be recorded as a reduction in the carrying value of the related asset and charged to results of operations. No material impairments were recorded by the Company for fiscal years 2016, 2015 and 2014. The Company accounts for its goodwill under the authoritative guidance for goodwill and other intangible assets (ASC 350) and the provisions of Accounting Standards Update (ASU) 2011-08, Intangibles — Goodwill and Other (ASC 350): Testing Goodwill for Impairment, which simplifies how the Company tests goodwill for impairment. Current authoritative guidance allows the Company to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. If, after completing the qualitative assessment, the Company determines that it is more likely than not that the estimated fair value is greater than the carrying value, the Company concludes that no impairment exists. If it is more likely than not that the carrying value of the reporting unit exceeds its estimated fair value, the Company compares the fair value of the reporting unit to its carrying value. If the estimated fair value of the reporting unit is less than the carrying value, a second step is performed in which the implied fair value of goodwill is compared to its carrying value. If the implied fair value of goodwill is less than its carrying value, goodwill must be written down to its implied fair value, resulting in goodwill impairment. The Company tests goodwill for impairment during the fourth quarter every fiscal year and when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist. The qualitative analysis includes assessing the impact of changes in certain factors including (1) changes in forecasted operating results and comparing actual results to projections, (2) changes in the industry or its competitive environment since the acquisition date, (3) changes in the overall economy, its market share and market interest rates since the acquisition date, (4) trends in the stock price and related market capitalization and enterprise values, (5) trends in peer companies total enterprise value metrics, and (6) additional factors such as management turnover, changes in regulation and changes in litigation matters. Based on the Company’s qualitative assessment performed during the fourth quarter of fiscal year 2016, the Company concluded that it was more likely than not that the estimated fair value of the Company’s reporting units exceeded their carrying value as of March 31, 2016, and therefore, determined it was not necessary to perform the two-step goodwill impairment test. No impairments were recorded by the Company related to goodwill and other intangible assets for fiscal years 2016, 2015 and 2014. Warranty reserves The Company provides limited warranties on its products for periods of up to five years. The Company records a liability for its warranty obligations when products are shipped or they are included in long-term construction contracts based upon an estimate of expected warranty costs. Amounts expected to be incurred within twelve months are classified as accrued liabilities and amounts expected to be incurred beyond twelve months are classified as other liabilities in the consolidated financial statements. For mature products, the warranty cost estimates are based on historical experience with the particular product. For newer products that do not have a history of warranty costs, the Company bases its estimates on its experience with the technology involved and the types of failures that may occur. It is possible that the Company’s underlying assumptions will not reflect the actual experience and in that case, future adjustments will be made to the recorded warranty obligation (see Note 13). Fair value of financial instruments The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables, accounts payable and accrued liabilities, approximate their fair values due to their short-term maturities. The estimated fair value of the Company’s long-term borrowings and other long-term interest bearing liabilities is determined by using available market information for those securities or similar financial instruments (see Note 3). Self-insurance liabilities The Company has self-insurance plans to retain a portion of the exposure for losses related to employee medical benefits and workers’ compensation. The self-insurance plans include policies which provide for both specific and aggregate stop-loss limits. The Company utilizes internal actuarial methods as well as other historical information for the purpose of estimating ultimate costs for a particular plan year. Based on these actuarial methods, along with currently available information and insurance industry statistics, the Company has recorded self-insurance liability for its plans of $3.8 million and $3.9 million as of March 31, 2016 and April 3, 2015, respectively. The Company’s estimate, which is subject to inherent variability, is based on average claims experience in the Company’s industry and its own experience in terms of frequency and severity of claims, including asserted and unasserted claims incurred but not reported, with no explicit provision for adverse fluctuation from year to year. This variability may lead to ultimate payments being either greater or less than the amounts presented above. Self-insurance liabilities have been classified as a current liability in accrued liabilities in accordance with the estimated timing of the projected payments. Indemnification provisions In the ordinary course of business, the Company includes indemnification provisions in certain of its contracts, generally relating to parties with which the Company has commercial relations. Pursuant to these agreements, the Company will indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, including but not limited to losses relating to third-party intellectual property claims. To date, there have not been any material costs incurred in connection with such indemnification clauses. The Company’s insurance policies do not necessarily cover the cost of defending indemnification claims or providing indemnification, so if a claim was filed against the Company by any party that the Company has agreed to indemnify, the Company could incur substantial legal costs and damages. A claim would be accrued when a loss is considered probable and the amount can be reasonably estimated. At March 31, 2016 and April 3, 2015, no such amounts were accrued related to the aforementioned provisions. Noncontrolling interest A noncontrolling interest represents the equity interest in a subsidiary that is not attributable, either directly or indirectly, to the Company and is reported as equity of the Company, separately from the Company’s controlling interest. Revenues, expenses, gains, losses, net income (loss) and other comprehensive income (loss) are reported in the consolidated financial statements at the consolidated amounts, which include the amounts attributable to both the controlling and noncontrolling interest. Common stock held in treasury As of March 31, 2016 and April 3, 2015, the Company had no shares of common stock held in treasury. During fiscal years 2016, 2015 and 2014, the Company issued 703,043, 647,006 and 654,020 shares of common stock, respectively, based on the vesting terms of certain restricted stock unit agreements. In order for employees to satisfy minimum statutory employee tax withholding requirements related to the issuance of common stock underlying these restricted stock unit agreements, the Company repurchased 263,137, 236,446 and 242,965 shares of common stock at cost with a total value of $16.4 million, $14.8 million and $15.6 million during fiscal years 2016, 2015 and 2014, respectively. The shares of common stock repurchased during fiscal year 2016 and the fourth quarter of fiscal year 2015 were immediately retired. During fiscal year 2015, the Company retired 1,427,018 shares of treasury stock with a total value of $64.1 million. These retired shares remain as authorized stock; however they are now considered to be unissued. This treasury stock retirement resulted in a decrease in common stock held in treasury and in paid-in capital of $64.1 million in the Company’s consolidated balance sheet. The retirement of treasury stock had no impact on the Company’s total consolidated stockholders’ equity. During the third quarter of fiscal year 2015, the Board of Directors of the Company approved the retirement of all shares of treasury stock and, with respect to the future issuance of shares of common stock upon vesting of restricted stock units, approved the immediate retirement of shares withheld for employee withholding taxes. Although shares withheld for employee withholding taxes are technically not issued, they are treated as common stock repurchases for accounting purposes, as they reduce the number of shares that otherwise would have been issued upon vesting of the restricted stock units. Derivatives The Company enters into foreign currency forward and option contracts from time to time to hedge certain forecasted foreign currency transactions. Gains and losses arising from foreign currency forward and option contracts not designated as hedging instruments are recorded in other income (expense) as gains (losses) on derivative instruments. Gains and losses arising from the effective portion of foreign currency forward and option contracts which are designated as cash-flow hedging instruments are recorded in accumulated other comprehensive income (loss) as unrealized gains (losses) on derivative instruments until the underlying transaction affects the Company’s earnings, at which time they are then recorded in the same income statement line as the underlying transaction. During fiscal years 2016, 2015 and 2014, the Company settled certain foreign exchange contracts and in connection therewith for each year recognized an insignificant gain or loss recorded in cost of revenues based on the nature of the underlying transactions. The fair value of the Company’s foreign currency forward contracts was an insignificant amount recorded as an other current asset as of March 31, 2016. The notional value of foreign currency forward contracts outstanding as of March 31, 2016 was $5.0 million. The Company had no foreign currency forward contracts outstanding as of April 3, 2015. At March 31, 2016 the estimated net amount of unrealized gains or losses related to foreign currency forward contracts that was expected to be reclassified to earnings within the next twelve months was insignificant. The Company’s foreign currency forward contracts outstanding as of March 31, 2016 will mature within approximately twelve to thirty-six months from their inception. There were no gains or losses from ineffectiveness of these derivative instruments recorded for fiscal years 2016, 2015 and 2014. Foreign currency In general, the functional currency of a foreign operation is deemed to be the local country’s currency. Consequently, assets and liabilities of operations outside the United States are generally translated into U.S. dollars, and the effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income (loss) within ViaSat, Inc. stockholders’ equity. Revenue recognition A substantial portion of the Company’s revenues is derived from long-term contracts requiring development and delivery of complex equipment built to customer specifications. Sales related to long-term contracts are accounted for under the authoritative guidance for the percentage-of-completion method of accounting (ASC 605-35). Sales and earnings under these contracts are recorded either based on the ratio of actual costs incurred to date to total estimated costs expected to be incurred related to the contract, or as products are shipped under the units-of-delivery method. Anticipated losses on contracts are recognized in full in the period in which losses become probable and estimable. Changes in estimates of profit or loss on contracts are included in earnings on a cumulative basis in the period the estimate is changed. During fiscal years 2016, 2015 and 2014, the Company recorded losses of approximately $5.1 million, $0.6 million and $3.3 million, respectively, related to loss contracts. The Company also derives a substantial portion of its revenues from contracts and purchase orders where revenue is recorded on delivery of products or performance of services in accordance with the authoritative guidance for revenue recognition (ASC 605). Under this standard, the Company recognizes revenue when an arrangement exists, prices are determinable, collectability is reasonably assured and the goods or services have been delivered. The Company also enters into certain leasing arrangements with customers and evaluates the contracts in accordance with the authoritative guidance for leases (ASC 840). The Company’s accounting for equipment leases involves specific determinations under the authoritative guidance for leases, which often involve complex provisions and significant judgments. In accordance with the authoritative guidance for leases, the Company classifies the transactions as sales type or operating leases based on: (1) review for transfers of ownership of the equipment to the lessee by the end of the lease term, (2) review of the lease terms to determine if it contains an option to purchase the leased equipment for a price which is sufficiently lower than the expected fair value of the equipment at the date of the option, (3) review of the lease term to determine if it is equal to or greater than 75% of the economic life of the equipment, and (4) review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the equipment at the inception of the lease. Additionally, the Company considers the cancelability of the contract and any related uncertainty of collections or risk in recoverability of the lease investment at lease inception. Revenue from sales type leases is recognized at the inception of the lease or when the equipment has been delivered and installed at the customer site, if installation is required. Revenues from equipment rentals under operating leases are recognized as earned over the lease term, which is generally on a straight-line basis. In accordance with the authoritative guidance for revenue recognition for multiple element arrangements, ASU 2009-13, Revenue Recognition (ASC 605) Multiple-Deliverable Revenue Arrangements, which updates ASC 605-25, Revenue Recognition-Multiple element arrangements, of the Financial Accounting Standards Board (FASB) codification, for substantially all of the arrangements with multiple deliverables, the Company allocates revenue to each element based on a selling price hierarchy at the arrangement inception. The selling price for each element is based upon the following selling price hierarchy: vendor specific objective evidence (VSOE) if available, third-party evidence (TPE) if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE are available (a description as to how the Company determines VSOE, TPE and ESP is provided below). If a tangible hardware systems product includes software, the Company determines whether the tangible hardware systems product and the software work together to deliver the product’s essential functionality and, if so, the entire product is treated as a nonsoftware deliverable. The total arrangement consideration is allocated to each separate unit of accounting for each of the nonsoftware deliverables using the relative selling prices of each unit based on the aforementioned selling price hierarchy. Revenue for each separate unit of accounting is recognized when the applicable revenue recognition criteria for each element have been met. To determine the selling price in multiple-element arrangements, the Company establishes VSOE of the selling price using the price charged for a deliverable when sold separately. The Company also considers specif |
Composition of Certain Balance
Composition of Certain Balance Sheet Captions | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | Note 2 — Composition of Certain Balance Sheet Captions As of As of (In thousands) Accounts receivable, net: Billed $ 146,309 $ 120,345 Unbilled 141,568 147,049 Allowance for doubtful accounts (1,153 ) (1,055 ) $ 286,724 $ 266,339 Inventories: Raw materials $ 46,757 $ 42,716 Work in process 27,200 22,957 Finished goods 71,204 62,694 $ 145,161 $ 128,367 Prepaid expenses and other current assets: Prepaid expenses $ 43,562 $ 40,106 Other 5,799 4,596 $ 49,361 $ 44,702 Satellites, net: Satellite — WildBlue-1 (estimated useful life of 10 years) $ 195,890 $ 195,890 Capital lease of satellite capacity — Anik F2 (estimated useful life of 10 years) 99,090 99,090 Satellite — ViaSat-1 (estimated useful life of 17 years) 363,204 363,204 Satellites under construction 515,696 328,857 1,173,880 987,041 Less accumulated depreciation and amortization (275,683 ) (224,820 ) $ 898,197 $ 762,221 Property and equipment, net: Equipment and software (estimated useful life of 2-7 years) $ 568,663 $ 511,717 CPE leased equipment (estimated useful life of 4-5 years) 260,409 250,281 Furniture and fixtures (estimated useful life of 7 years) 25,501 20,395 Leasehold improvements (estimated useful life of 2-17 years) 71,895 67,723 Building (estimated useful life of 24 years) 8,923 8,923 Land 41,960 1,621 Construction in progress 73,535 17,890 1,050,886 878,550 Less accumulated depreciation (563,976 ) (460,528 ) $ 486,910 $ 418,022 Other assets: Deferred income taxes $ 134,721 $ 132,864 Capitalized software costs, net 163,061 119,936 Patents, orbital slots and other licenses, net 16,900 16,900 Other 32,079 57,183 $ 346,761 $ 326,883 Accrued liabilities: Collections in excess of revenues and deferred revenues $ 64,624 $ 83,528 Accrued employee compensation 35,056 27,953 Accrued vacation 28,646 25,859 Warranty reserve, current portion 7,867 9,235 Current portion of other long-term debt 274 260 Other 47,877 44,491 $ 184,344 $ 191,326 Other liabilities: Deferred revenue, long-term portion $ 5,470 $ 4,894 Deferred rent, long-term portion 8,808 8,307 Warranty reserve, long-term portion 3,567 6,310 Satellite performance incentives obligation, long-term portion 19,514 $ 20,121 Deferred income taxes 12 363 $ 37,371 $ 39,995 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3 — Fair Value Measurements In accordance with the authoritative guidance for financial assets and liabilities measured at fair value on a recurring basis (ASC 820), the Company prioritizes the inputs used to measure fair value from market-based assumptions to entity specific assumptions: • Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instruments valuation. The following tables present the Company’s hierarchy for its assets measured at fair value on a recurring basis as of March 31, 2016 and April 3, 2015: Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,003 $ 2,003 $ — $ — Foreign currency forward contracts 196 — 196 — Total assets measured at fair value on a recurring basis $ 2,199 $ 2,003 $ 196 $ — Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,033 $ 2,033 $ — $ — Total assets measured at fair value on a recurring basis $ 2,033 $ 2,033 $ — $ — The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: Cash equivalents Foreign currency forward contracts Long-term debt Satellite performance incentives obligation |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note 4 — Goodwill and Acquired Intangible Assets During fiscal year 2016, the $0.2 million decrease in the Company’s goodwill related to the effects of foreign currency translation recorded mainly within the Company’s government systems and commercial networks segments. During fiscal year 2015, the Company’s goodwill increased by $33.6 million, of which $34.6 million was related to the acquisition of NetNearU recorded within the Company’s government systems segment, partially offset by the effect of foreign currency translation recorded within the Company’s government systems and commercial networks segments. During fiscal year 2016, $7.7 million of the increase in the Company’s other acquired intangible assets related to the acquisition of Engreen recorded within the Company’s commercial networks segment. All other amounts recorded related to the acquisition of Engreen were not significant. During fiscal year 2015, $24.3 million of the increase in the Company’s other acquired intangible assets related to the acquisition of NetNearU recorded within the Company’s government systems segment. Other acquired intangible assets are amortized using the straight-line method over their estimated useful lives of two to ten years. Amortization expense related to other acquired intangible assets was $16.4 million, $18.0 million and $14.6 million for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014, respectively. The expected amortization expense of amortizable acquired intangible assets may change due to the effects of foreign currency fluctuations as a result of international businesses acquired. Expected amortization expense for acquired intangible assets for each of the following periods is as follows: Amortization (In thousands) Expected for fiscal year 2017 $ 9,357 Expected for fiscal year 2018 8,023 Expected for fiscal year 2019 5,510 Expected for fiscal year 2020 4,478 Expected for fiscal year 2021 3,045 Thereafter 3,191 $ 33,604 The allocation of the other acquired intangible assets and the related accumulated amortization as of March 31, 2016 and April 3, 2015 is as follows: Weighted As of March 31, 2016 As of April 3, 2015 Total Accumulated Net Total Accumulated Net (In years) (In thousands) Technology 6 $ 74,848 $ (59,921 ) $ 14,927 $ 67,403 $ (55,939 ) $ 11,464 Contracts and customer relationships 8 99,499 (83,928 ) 15,571 99,556 (74,019 ) 25,537 Satellite co-location rights 9 8,600 (5,818 ) 2,782 8,600 (4,893 ) 3,707 Trade name 3 5,940 (5,918 ) 22 5,940 (5,788 ) 152 Other 7 8,717 (8,415 ) 302 8,722 (7,242 ) 1,480 Total other acquired intangible assets $ 197,604 $ (164,000 ) $ 33,604 $ 190,221 $ (147,881 ) $ 42,340 |
Senior Notes and Other Long-Ter
Senior Notes and Other Long-Term Debt | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Senior Notes and Other Long-Term Debt | Note 5 — Senior Notes and Other Long-Term Debt Total long-term debt consisted of the following as of March 31, 2016 and April 3, 2015: As of As of (In thousands) Senior Notes 2020 Notes $ 575,000 $ 575,000 Unamortized premium on the 2020 Notes 6,374 7,657 Total senior notes, net of premium 581,374 582,657 Less: current portion of the senior notes — — Total senior notes long-term, net 581,374 582,657 Other Long-Term Debt Revolving Credit Facility 180,000 210,000 Ex-Im Credit Facility (1) 218,157 20,476 Unamortized discount on the Ex-Im Credit Facility (1) (25,757 ) (7,302 ) Other 562 822 Total other long-term debt 372,962 223,996 Less: current portion of other long-term debt 274 260 Other long-term debt, net 372,688 223,736 Total debt 954,336 806,653 Less: current portion 274 260 Long-term debt, net $ 954,062 $ 806,393 (1) As of March 31, 2016, included in Ex-Im Credit Facility and in unamortized discount on the Ex-Im Credit Facility was $21.0 million and $18.7 million, respectively, relating to the exposure fees accrued as of such date expected to be financed under the Ex-Im Credit Facility. The estimated aggregate amounts and timing of payments on the Company’s long-term debt obligations as of March 31, 2016 for the next five fiscal years and thereafter were as follows (excluding the effects of premium accretion on the 2020 Notes and discount accretion under the Ex-Im Credit Facility, and the amendment of the Revolving Credit Facility in May 2016, which, among other matters, extended the maturity date under the Revolving Credit Facility until May 2021 (or March 2020, if more than $200.0 million of the Company’s 2020 Notes are then outstanding and certain conditions are met)): For the Fiscal Years Ending (In thousands) 2017 $ 263 2018 300 2019 207,270 2020 27,270 2021 602,270 Thereafter 136,346 973,719 Plus: unamortized premium (discount) (19,383 ) Total $ 954,336 Revolving Credit Facility As of March 31, 2016, the Revolving Credit Facility provided a $500.0 million revolving line of credit (including up to $150.0 million of letters of credit), with a maturity date of November 26, 2018. On May 24, 2016, subsequent to fiscal year end, the Company amended its Revolving Credit Facility to, among other matters, increase the size of the revolving line of credit under the Revolving Credit Facility from $500.0 million to $800.0 million and extend the maturity date to May 2021 (or March 2020, if more than $200.0 million of the Company’s 2020 Notes are then outstanding and certain conditions are met). Borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at either (1) the highest of the Federal Funds rate plus 0.50%, the Eurodollar rate plus 1.00%, or the administrative agent’s prime rate as announced from time to time, or (2) the Eurodollar rate, plus, in the case of each of (1) and (2), an applicable margin that is based on the Company’s total leverage ratio. At March 31, 2016, the weighted average effective interest rate on the Company’s outstanding borrowings under the Revolving Credit Facility was 2.44%. The Company has capitalized certain amounts of interest expense on the Revolving Credit Facility in connection with the construction of various assets during the construction period. The Revolving Credit Facility is required to be guaranteed by certain significant domestic subsidiaries of the Company (as defined in the Revolving Credit Facility) and secured by substantially all of the Company’s and any such subsidiaries’ assets. As of March 31, 2016, none of the Company’s subsidiaries guaranteed the Revolving Credit Facility. The Revolving Credit Facility contains financial covenants regarding a maximum total leverage ratio and a minimum interest coverage ratio. In addition, the Revolving Credit Facility contains covenants that restrict, among other things, the Company’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Company was in compliance with its financial covenants under the Revolving Credit Facility as of March 31, 2016. At March 31, 2016, the Company had $180.0 million in principal amount of outstanding borrowings under the Revolving Credit Facility and $42.8 million outstanding under standby letters of credit, leaving borrowing availability under the Revolving Credit Facility as of March 31, 2016 of $277.2 million. Ex-Im Credit Facility As of March 31, 2016, the Ex-Im Credit Facility provided a $386.7 million senior secured direct loan facility, $343.1 million of which can be used to finance up to 85% of the costs of construction, launch and insurance of the ViaSat-2 satellite and related goods and services (including costs incurred on or after September 18, 2012), with the remainder used to finance the total exposure fees incurred under the Ex-Im Credit Facility of up to $43.6 million (depending on the total amount of financing borrowed under the Ex-Im Credit Facility). The Ex-Im Credit Facility was amended on March 23, 2016 to, among other matters, reduce the total size of the Ex-Im Credit Facility from $524.9 million to $386.7 million to reflect revised estimates of ViaSat-2 project expenses, the fact that payments to the launch service provider for the ViaSat-2 satellite will no longer be financed under the Ex-Im Credit Facility and the associated reduction in completion exposure fees. Borrowings under the Ex-Im Credit Facility bear interest at a fixed rate of 2.38% and are required to be repaid in 16 approximately equal semi-annual installments, commencing approximately six months after the in-orbit acceptance date of the ViaSat-2 satellite (or, if earlier, on April 15, 2018), with a maturity date of October 15, 2025. Exposure fees of $6.0 million were incurred in connection with the initial borrowing under the Ex-Im Credit Facility, with the remaining exposure fees payable by the in-orbit acceptance date for ViaSat-2. Exposure fees under the Ex-Im Credit Facility are amortized using the effective interest rate method. The effective interest rate on the Company’s outstanding borrowings under the Ex-Im Credit Facility, which takes into account estimated timing and amount of borrowings, exposure fees, debt issuance costs and other fees, was estimated to be between 4.1% and 4.9% as of March 31, 2016. The Ex-Im Credit Facility is guaranteed by ViaSat and is secured by first-priority liens on the ViaSat-2 satellite and related assets, as well as a pledge of the capital stock of the borrower under the facility. The Ex-Im Credit Facility contains financial covenants regarding ViaSat’s maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im Credit Facility contains covenants that restrict, among other things, the Company’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Company was in compliance with its financial covenants under the Ex-Im Credit Facility as of March 31, 2016. At March 31, 2016, the Company had $197.2 million in principal amount of outstanding borrowings under the Ex-Im Credit Facility and had accrued $21.0 million in completion exposure fees expected to be financed under the Ex-Im Credit Facility. As of March 31, 2016, the undrawn commitment under the Ex-Im Credit Facility was $168.5 million (excluding $21.0 million of accrued completion exposure fees), of which $151.9 million was available to finance ViaSat-2 related costs once incurred. The borrowings under the Ex-Im Credit Facility were issued with a discount of $28.1 million (comprising the initial $6.0 million exposure fee, the completion exposure fees accrued as of March 31, 2016 and other customary fees). The borrowings under the Ex-Im Credit Facility are recorded as long-term debt, net of discount, in the Company’s consolidated financial statements. The discount and deferred financing cost associated with the issuance of the borrowings under the Ex-Im Credit Facility is amortized to interest expense on an effective interest rate basis over the term of the borrowings under the Ex-Im Credit Facility. Senior Notes due 2020 In February 2012, the Company issued $275.0 million in principal amount of 2020 Notes in a private placement to institutional buyers, which were exchanged in August 2012 for substantially identical 2020 Notes that had been registered with the Securities and Exchange Commission (the SEC). These initial 2020 Notes were issued at face value and are recorded as long-term debt in the Company’s consolidated financial statements. In October 2012, the Company issued an additional $300.0 million in principal amount of 2020 Notes in a private placement to institutional buyers at an issue price of 103.50% of the principal amount, which were exchanged in January 2013 for substantially identical 2020 Notes that had been registered with the SEC. The 2020 Notes are all treated as a single class. The 2020 Notes bear interest at the rate of 6.875% per year, payable semi-annually in cash in arrears, which interest payments commenced in June 2012. Debt issuance costs associated with the issuance of the 2020 Notes are amortized to interest expense on a straight-line basis over the term of the 2020 Notes, the results of which are not materially different from the effective interest rate basis. The $10.5 million premium the Company received in connection with the issuance of the additional 2020 Notes is recorded as long-term debt in the Company’s consolidated financial statements and is being amortized as a reduction to interest expense on an effective interest rate basis over the term of those 2020 Notes. The 2020 Notes are required to be guaranteed on an unsecured senior basis by each of the Company’s existing and future subsidiaries that guarantees the Revolving Credit Facility. As of March 31, 2016, none of the Company’s subsidiaries guaranteed the 2020 Notes. The 2020 Notes are the Company’s general senior unsecured obligations and rank equally in right of payment with all of the Company’s existing and future unsecured unsubordinated debt. The 2020 Notes are effectively junior in right of payment to the Company’s existing and future secured debt, including under the Credit Facilities (to the extent of the value of the assets securing such debt), are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2020 Notes, and are senior in right of payment to all of their existing and future subordinated indebtedness. The indenture governing the 2020 Notes limits, among other things, the Company’s and its restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s satellite insurance; and consolidate or merge with, or sell substantially all of their assets to, another person. The Company may redeem the 2020 Notes prior to June 15, 2016, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the applicable premium and any accrued and unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as the greater of: (i) 1.0% of the principal amount of such 2020 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2020 Notes on June 15, 2016 plus (2) all required interest payments due on such 2020 Notes through June 15, 2016 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the treasury rate (as defined under the indenture) plus 50 basis points, over (b) the then-outstanding principal amount of such 2020 Notes. The 2020 Notes may be redeemed, in whole or in part, at any time during the twelve months beginning on June 15, 2016 at a redemption price of 103.438%, during the twelve months beginning on June 15, 2017 at a redemption price of 101.719%, and at any time on or after June 15, 2018 at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. In the event a change of control occurs (as defined in the indenture), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2020 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2020 Notes repurchased plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). |
Common Stock and Stock Plans
Common Stock and Stock Plans | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Common Stock and Stock Plans | Note 6 — Common Stock and Stock Plans In February 2016, the Company filed a universal shelf registration statement with the SEC for the future sale of an unlimited amount of common stock, preferred stock, debt securities, depositary shares, warrants, and rights. The securities may be offered from time to time, separately or together, directly by the Company, by selling security holders, or through underwriters, dealers or agents at amounts, prices, interest rates and other terms to be determined at the time of the offering. In November 1996, the Company adopted the 1996 Equity Participation Plan (the Equity Participation Plan). The Equity Participation Plan provides for the grant to executive officers, other key employees, consultants and non-employee directors of the Company a broad variety of stock-based compensation alternatives such as nonqualified stock options, incentive stock options, restricted stock units and performance awards. From November 1996 to September 2015 through various amendments of the Equity Participation Plan, the Company increased the maximum number of shares reserved for issuance under this plan to 25,200,000 shares. The Company believes that such awards better align the interests of its employees with those of its stockholders. Shares of the Company’s common stock granted under the Equity Participation Plan in the form of stock options or stock appreciation right are counted against the Equity Participation Plan share reserve on a one for one basis. Shares of the Company’s common stock granted under the Equity Participation Plan as an award other than as an option or as a stock appreciation right with a per share purchase price lower than 100% of fair market value on the date of grant are counted against the Equity Participation Plan share reserve as two shares for each share of common stock prior to September 22, 2010 and subsequent to September 19, 2012, and as 2.65 shares for each share of common stock during the period beginning on September 22, 2010 and ending on September 19, 2012. Restricted stock units are granted to eligible employees and directors and represent rights to receive shares of common stock at a future date. In November 1996, the Company adopted the ViaSat, Inc. Employee Stock Purchase Plan (the Employee Stock Purchase Plan) to assist employees in acquiring a stock ownership interest in the Company and to encourage them to remain in the employment of the Company. The Employee Stock Purchase Plan is intended to qualify under Section 423 of the Internal Revenue Code. In September 2015, the Company amended the Employee Stock Purchase Plan to increase the maximum number of shares reserved for issuance under this plan from 2,550,000 shares to 2,850,000 shares. To facilitate participation for employees located outside of the United States in light of non-U.S. law and other considerations, the amended Employee Stock Purchase Plan also provides for the grant of purchase rights that are not intended to be tax-qualified. The Employee Stock Purchase Plan permits eligible employees to purchase common stock at a discount through payroll deductions during specified six-month offering periods. No employee may purchase more than $25,000 worth of stock in any calendar year. The price of shares purchased under the Employee Stock Purchase Plan is equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. Total stock-based compensation expense recognized in accordance with the authoritative guidance for share-based payments was as follows: Fiscal Years Ended March 31, 2016 April 3, 2015 April 4, 2014 (In thousands) Stock-based compensation expense before taxes $ 47,510 $ 39,353 $ 33,639 Related income tax benefits (18,089 ) (14,889 ) (12,685 ) Stock-based compensation expense, net of taxes $ 29,421 $ 24,464 $ 20,954 For fiscal years 2016, 2015 and 2014 the Company recorded no incremental tax benefits from stock options exercised and restricted stock unit awards vesting as the excess tax benefit from stock options exercised and restricted stock unit awards vesting increased the Company’s net operating loss carryforward. The Company has no awards with market or performance conditions. The compensation cost that has been charged against income for the Equity Participation Plan under the authoritative guidance for share-based payments was $45.2 million, $37.2 million and $31.7 million, and for the Employee Stock Purchase Plan was $2.3 million, $2.1 million and $1.9 million, for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014, respectively. The Company capitalized $5.6 million, $2.5 million and $1.6 million of stock-based compensation expense as a part of the cost for software development for resale included in other assets and as a part of the equipment and software for the internal use included in property, equipment and satellites for fiscal years 2016, 2015 and 2014, respectively. As of March 31, 2016, total unrecognized compensation cost related to unvested stock-based compensation arrangements granted under the Equity Participation Plan (including stock options and restricted stock units) and the Employee Stock Purchase Plan was $130.1 million and $0.7 million, respectively. These costs are expected to be recognized over a weighted average period of 2.6 years and 2.8 years, for stock options and restricted stock units, respectively, under the Equity Participation Plan and less than six months for the Employee Stock Purchase Plan. Stock options and employee stock purchase plan. Employee Stock Options Employee Stock Purchase Plan Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Volatility 32.9 % 34.0 % 40.2 % 24.6 % 30.6 % 34.3 % Risk-free interest rate 1.7 % 1.7 % 1.3 % 0.3 % 0.1 % 0.1 % Dividend yield 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Expected life 5.5 years 5.5 years 5.5 years 0.5 years 0.5 years 0.5 years The Company’s expected volatility is a measure of the amount by which its stock price is expected to fluctuate over the expected term of the stock-based award. The estimated volatilities for stock options are based on the historical volatility calculated using the daily stock price of the Company’s stock over a recent historical period equal to the expected term. The risk-free interest rate that the Company uses in determining the fair value of its stock-based awards is based on the implied yield on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of its stock-based awards. The expected term or life of employee stock options represents the expected period of time from the date of grant to the estimated date that the stock options under the Company’s Equity Participation Plan would be fully exercised. The expected term assumption is estimated based primarily on the options’ vesting terms and remaining contractual life and employees’ expected exercise and post-vesting employment termination behavior. A summary of employee stock option activity for fiscal year 2016 is presented below: Number of Weighted Average Weighted Average Aggregate Intrinsic Outstanding at April 3, 2015 1,827,143 $ 46.90 Options granted 439,000 61.42 Options canceled — — Options exercised (432,706 ) 31.25 Outstanding at March 31, 2016 1,833,437 $ 54.07 3.57 $ 35,593 Vested and exercisable at March 31, 2016 921,513 $ 47.84 2.40 $ 23,632 The total intrinsic value of stock options exercised during fiscal years 2016, 2015 and 2014 was $14.5 million, $28.9 million and $25.9 million, respectively. All options issued under the Company’s stock option plans have an exercise price equal to the fair market value of the Company’s stock on the date of the grant. Restricted stock units. The per unit weighted average grant date fair value of restricted stock units granted during fiscal years 2016, 2015 and 2014 was $61.81, $65.20 and $61.52, respectively. A summary of restricted stock unit activity for fiscal year 2016 is presented below: Number of Weighted Outstanding at April 3, 2015 1,973,921 $ 55.42 Awarded 1,153,513 61.81 Forfeited (55,052 ) 58.48 Released (703,043 ) 52.30 Outstanding at March 31, 2016 2,369,339 $ 59.39 Vested and deferred at March 31, 2016 132,670 $ 35.30 The total fair value of shares vested related to restricted stock units during the fiscal years 2016, 2015 and 2014 was $43.8 million, $30.6 million and $25.2 million, respectively. |
Shares Used In Computing Dilute
Shares Used In Computing Diluted Net Income (Loss) Per Share | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net Income (Loss) Per Share | Note 7 — Shares Used In Computing Diluted Net Income (Loss) Per Share Fiscal Years Ended March 31, April 3, April 4, (In thousands) Weighted average: Common shares outstanding used in calculating basic net income (loss) per share attributable to ViaSat, Inc. common stockholders 48,464 47,139 45,744 Options to purchase common stock as determined by application of the treasury stock method 281 475 — Restricted stock units to acquire common stock as determined by application of the treasury stock method 533 515 — Potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan 167 156 — Shares used in computing diluted net income (loss) per share attributable to 49,445 48,285 45,744 Antidilutive shares relating to stock options excluded from the calculation comprised 810,231 and 451,038 shares for the fiscal years ended March 31, 2016 and April 3, 2015, respectively. Antidilutive shares relating to restricted stock units excluded from the calculation comprised 4,138 and 285,481 for the fiscal years ended March 31, 2016 and April 3, 2015, respectively. The weighted average number of shares used to calculate basic and diluted net income (loss) per share attributable to ViaSat, Inc. common stockholders is the same for the fiscal year ended April 4, 2014, as the Company incurred a net loss attributable to ViaSat, Inc. common stockholders for the fiscal year ended April 4, 2014 and inclusion of potentially dilutive shares of common stock would be antidilutive. Potentially dilutive shares of common stock excluded from the calculation for the fiscal year ended April 4, 2014 were 920,113 shares relating to stock options, 618,113 shares relating to restricted stock units and 151,619 shares relating to certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — Income Taxes The components of income (loss) before income taxes by jurisdiction are as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) United States $ 20,280 $ 58,185 $ (31,850 ) Foreign (2,683 ) (4,467 ) (2,754 ) $ 17,597 $ 53,718 $ (34,604 ) The (benefit from) provision for income taxes includes the following: Fiscal Years Ended March 31, April 3, April 4, (In thousands) Current tax provision Federal $ 132 $ (216 ) $ 798 State 543 1,507 540 Foreign 148 115 12 823 1,406 1,350 Deferred tax (benefit) provision Federal 2,266 14,546 (11,188 ) State (7,090 ) (1,477 ) (16,032 ) Foreign (172 ) (648 ) (77 ) (4,996 ) 12,421 (27,297 ) Total (benefit from) provision for income taxes $ (4,173 ) $ 13,827 $ (25,947 ) Significant components of the Company’s net deferred tax assets are as follows: As of March 31, April 3, (In thousands) Deferred tax assets: Net operating loss carryforwards $ 222,332 $ 223,642 Tax credit carryforwards 129,333 112,183 Other 64,459 72,807 Valuation allowance (17,089 ) (15,550 ) Total deferred tax assets 399,035 393,082 Deferred tax liabilities: Intangible assets (82,295 ) (66,340 ) Property, equipment and satellites (182,030 ) (194,242 ) Total deferred tax liabilities (264,325 ) (260,582 ) Net deferred tax assets $ 134,710 $ 132,500 A reconciliation of the (benefit from) provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes is as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) Tax provision (benefit) at federal statutory rate $ 6,167 $ 18,808 $ (12,132 ) State tax provision, net of federal benefit 1,197 4,014 (3,555 ) Tax credits, net of valuation allowance (16,016 ) (14,055 ) (13,217 ) Non-deductible compensation 2,457 1,966 1,337 Non-deductible meals and entertainment 751 759 678 Stock-based compensation 551 478 232 Change in state effective tax rate (354 ) 508 (308 ) Foreign effective tax rate differential, net of valuation allowance 859 898 536 Other 215 451 482 Total (benefit from) provision for income taxes $ (4,173 ) $ 13,827 $ (25,947 ) As of March 31, 2016, the Company had federal and state research credit carryforwards of $96.7 million and $104.0 million, respectively, which begin to expire in fiscal year 2026 and fiscal year 2018, respectively. As of March 31, 2016, the Company had alternative minimum tax (AMT) and foreign tax credit (FTC) carryforwards of $0.4 million and $1.2 million, respectively. The AMT credit does not expire and the FTC begins to expire in fiscal year 2021. As of March 31, 2016, the Company had federal and state net operating loss carryforwards of $708.6 million and $585.5 million, respectively, which begin to expire in fiscal year 2020 and fiscal year 2016, respectively. The Company recognizes excess tax benefits associated with share-based compensation to stockholders’ equity only when realized. When assessing whether excess tax benefits relating to share-based compensation have been realized, the Company follows the with-and-without approach excluding any indirect effects of the excess tax deductions. Under this approach, excess tax benefits related to share-based compensation are not deemed to be realized until after the utilization of all other tax benefits available to the Company. During fiscal year 2016, the Company did not realize any excess tax benefits. As of March 31, 2016, the Company had $52.9 million of unrealized excess tax benefits associated with share-based compensation. These tax benefits will be accounted for as a credit to additional paid-in capital if and when realized, rather than a reduction of the provision for income taxes. In accordance with the authoritative guidance for income taxes (ASC 740), net deferred tax assets are reduced by a valuation allowance if, based on all the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Future realization of existing deferred tax assets ultimately depends on future profitability and the existence of sufficient taxable income of appropriate character (for example, ordinary income versus capital gains) within the carryforward period available under tax law. In the event that the Company’s estimate of taxable income is less than that required to utilize the full amount of any deferred tax asset, a valuation allowance is established which would cause a decrease to income in the period such determination is made. A valuation allowance of $17.1 million at March 31, 2016 and $15.6 million at April 3, 2015 has been established relating to state net operating loss carryforwards and research credit carryforwards that, based on management’s estimate of future taxable income attributable to certain states and generation of additional research credits, are considered more likely than not to expire unused. The following table summarizes the activity related to the Company’s unrecognized tax benefits: As of March 31, April 3, April 4, (In thousands) Balance, beginning of fiscal year $ 41,769 $ 37,395 $ 34,491 (Decrease) increase related to prior year tax positions (586 ) 524 (249 ) Increases related to current year tax positions 3,897 3,897 4,459 Statute expirations — (47 ) (1,306 ) Balance, end of fiscal year $ 45,080 $ 41,769 $ 37,395 Of the total unrecognized tax benefits at March 31, 2016, $36.8 million would reduce the Company’s annual effective tax rate if recognized, subject to valuation allowance consideration. In the next twelve months it is reasonably possible that the amount of unrecognized tax benefits will not change significantly. The Company is subject to periodic audits by domestic and foreign tax authorities. By statute, the Company’s U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015. Additionally, tax credit carryovers that were generated in prior years and utilized in these years may also be subject to examination by the IRS. With few exceptions, fiscal years 2012 to 2015 remain open to examination by state and foreign taxing jurisdictions. The Company believes that it has appropriate support for the income tax positions taken on its tax returns and its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. There were no accrued interest or penalties associated with uncertain tax positions as of March 31, 2016 and April 3, 2015. |
Acquisitions and Strategic Part
Acquisitions and Strategic Partnering Arrangements | 12 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Strategic Partnering Arrangements | Note 9 — Acquisitions and Strategic Partnering Arrangements Eutelsat equity strategic partnering arrangements In February 2016, the Company entered into a framework and subscription agreement (the Framework Agreement) with Eutelsat, pursuant to which the Company has agreed to enter into a strategic partnering arrangement with Eutelsat to own and operate satellite broadband infrastructure and equipment and provide satellite-based broadband internet services in the European region. The arrangement will consist of two entities coordinating efforts to expand the European broadband market: an entity to be owned 51% by Eutelsat and 49% by the Company following the closing will own and operate Eutelsat’s KA-SAT satellite and related assets and offer wholesale satellite capacity services in the European region; and an entity to be owned 51% by the Company and 49% by Eutelsat following the closing will purchase wholesale satellite capacity services and offer retail satellite-based broadband internet services in the European region. At the closing under the Framework Agreement, Eutelsat will contribute and transfer assets relating to Eutelsat’s existing wholesale satellite broadband business (including its KA-SAT satellite) to a newly formed subsidiary of Eutelsat in exchange for the issuance of new shares in such subsidiary, and following such contribution and issuance, the Company will purchase 49% of the issued shares of Eutelsat’s subsidiary from Eutelsat for €132.5 million and, similarly, Eutelsat will purchase 49% of the issued shares of a second newly formed subsidiary of the Company for an immaterial amount. Also at the closing, the Company and Eutelsat will enter into shareholders’ agreements and other ancillary agreements with respect to the ownership, management and operation of the two entities. The closing of the transactions under the Framework Agreement is subject to customary conditions, including the receipt of required regulatory approvals and third-party consents. The Company currently anticipates that the closing will occur in the second quarter of fiscal year 2017. NetNearU acquisition On June 6, 2014, the Company completed the acquisition of all outstanding shares of NetNearU. The purchase price for NetNearU was $60.2 million in cash consideration. The net cash outlay for the acquisition, after taking into account cash acquired of $4.1 million, was $56.1 million. The Company accounts for business combinations pursuant to the authoritative guidance for business combinations (ASC 805). Accordingly, the Company allocated the purchase price of the acquired company to the net tangible assets and intangible assets acquired based upon their estimated fair values. Under the authoritative guidance for business combinations, acquisition-related transaction costs and acquisition-related restructuring charges are not included as components of consideration transferred but are accounted for as expenses in the period in which the costs are incurred. Merger-related transaction costs incurred by the Company during the first quarter of fiscal year 2015 were approximately $0.4 million, which were recorded in SG&A expenses. The purchase price allocation of the acquired assets and assumed liabilities based on the estimated fair values as of June 6, 2014 is as follows: (In thousands) Current assets $ 8,482 Property and equipment 1,087 Identifiable intangible assets 24,310 Goodwill 34,576 Total assets acquired 68,455 Current liabilities (5,305 ) Other long-term liabilities (2,981 ) Total liabilities assumed (8,286 ) Total purchase price $ 60,169 Amounts assigned to identifiable intangible assets are amortized on a straight-line basis over their estimated useful lives and are as follows: Fair value Estimated Technology $ 10,970 7 Customer relationships 10,950 9 Non-compete agreements 2,130 2 Trade name 260 2 Total identifiable intangible assets $ 24,310 8 The intangible assets acquired in the NetNearU business combination were determined, in accordance with the authoritative guidance for business combinations, based on the estimated fair values using valuation techniques consistent with the market approach and/or income approach to measure fair value. The remaining useful lives were estimated based on the underlying agreements and/or the future economic benefit expected to be received from the assets. NetNearU has developed a comprehensive network management system for Wi-Fi and other internet access networks that the Company has used to extend the Company’s Exede ® broadband services to a wider subscriber base in multiple markets, including commercial airlines, live events, hospitality, enterprise networking and government broadband projects. NetNearU’s primary operations currently support government applications with the potential for future expansion into commercial applications. These current benefits and additional opportunities were among the factors that were taken into account in setting the purchase price and contributed to the recognition of preliminary estimated goodwill, which was recorded within the Company’s government systems segment. The intangible assets and goodwill recognized are not deductible for federal income tax purposes. The consolidated financial statements include the operating results of NetNearU from the date of acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was insignificant to the financial statements for all periods presented. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Note 10 — Employee Benefits The Company is a sponsor of a voluntary deferred compensation plan under Section 401(k) of the Internal Revenue Code. Under the plan, the Company may make discretionary contributions to the plan which vest over six years. The Company’s discretionary matching contributions to the plan are based on the amount of employee contributions and can be made in cash or the Company’s common stock at the Company’s election. Subsequent to the 2016 fiscal year end, the Company elected to settle the discretionary contributions liability in shares of the Company’s common stock, consistent with fiscal year 2015. Based on the closing price of the Company’s common stock at the 2016 fiscal year end, the Company would issue 184,889 shares of common stock at this time. Discretionary contributions accrued by the Company as of March 31, 2016 and April 3, 2015 amounted to $13.6 million and $11.6 million, respectively. |
Commitments
Commitments | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 11 — Commitments In May 2013, the Company entered into an agreement to purchase ViaSat-2, the Company’s second high-capacity Ka-band satellite, from The Boeing Company (Boeing) at a price of approximately $358.0 million, plus an additional amount for launch support services to be performed by Boeing. During the fourth quarter of fiscal year 2016, construction also commenced on two ViaSat-3 class satellites, the Company’s third-generation high-capacity Ka-band satellite design, pursuant to a limited authorization to proceed entered into with the satellite manufacturer under which the Company’s payment obligations are limited to $56.5 million in the aggregate. In addition to the satellite construction arrangements described above, the Company also enters into various other satellite-related purchase commitments, including with respect to the provision of launch services, operation of our satellites and satellite insurance. As of March 31, 2016, future minimum payments under the ViaSat-2 satellite construction contract, the ViaSat-3 limited authorization to proceed and other satellite-related purchase commitments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2017 $ 175,935 2018 36,056 2019 53,345 2020 49,345 2021 1,470 Thereafter 15,032 $ 331,183 In January 2008, the Company entered into several agreements with Space Systems/Loral, Inc. (SS/L), its former parent company Loral Space & Communications, Inc. (Loral) and Telesat Canada related to the Company’s ViaSat-1 satellite, which was placed into service in January 2012. The Company’s contract with SS/L requires monthly in-orbit satellite performance incentive payments, including interest, over a fifteen-year period from December 2011 until December 2026, subject to the continued satisfactory performance of the satellite. The Company recorded the net present value of these expected future payments as a liability and as a component of the cost of the satellite during the third quarter of fiscal year 2012. As of March 31, 2016, the Company’s estimated satellite performance incentives obligation and accrued interest was approximately $22.0 million, of which $2.5 million and $19.5 million have been classified current in accrued liabilities and non-current in other liabilities, respectively. Under the satellite construction contract with SS/L, the Company may incur up to $32.0 million in total costs for satellite performance incentives obligation and related interest earned over the fifteen-year period with potential future minimum payments of $2.1 million, $2.3 million, $2.4 million, $2.6 million and $2.8 million in fiscal years 2017, 2018, 2019, 2020 and 2021, respectively, with $19.8 million commitments thereafter. The Company has various other purchase commitments under satellite capacity agreements which are used to provide satellite networking services to its customers for future minimum payments of approximately $44.8 million, $15.4 million, $11.7 million, $9.5 million, $3.7 million and none in fiscal years 2017, 2018, 2019, 2020, 2021 and thereafter, respectively. The Company leases office and other facilities under non-cancelable operating leases with initial terms ranging from one to fifteen years which expire between fiscal year 2017 and fiscal year 2027 and provide for pre-negotiated fixed rental rates during the terms of the lease. Certain of the Company’s facilities leases contain option provisions which allow for extension of the lease terms. For operating leases, minimum lease payments, including minimum scheduled rent increases, are recognized as rent expense on a straight-line basis over the lease term as that term is defined in the authoritative guidance for leases including any option periods considered in the lease term and any periods during which the Company has use of the property but is not charged rent by a landlord (“rent holiday”). Leasehold improvement incentives paid to the Company by a landlord are recorded as a liability and amortized as a reduction of rent expense over the lease term. Total rent expense was $27.7 million, $24.5 million and $22.3 million in fiscal years 2016, 2015 and 2014, respectively. As of March 31, 2016, future minimum lease payments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2017 $ 29,816 2018 26,802 2019 23,842 2020 20,028 2021 19,787 Thereafter 85,416 $ 205,691 |
Contingencies and Certain Matte
Contingencies and Certain Matters Resolved During Fiscal Year 2015 | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Certain Matters Resolved During Fiscal Year 2015 | Note 12 — Contingencies and Certain Matters Resolved During Fiscal Year 2015 Contingencies From time to time, the Company is involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of business, including government investigations and claims, and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. Such matters could result in fines; penalties, compensatory, treble or other damages; or non-monetary relief. A violation of government contract laws and regulations could also result in the termination of our government contracts or debarment from bidding on future government contracts. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its current pending matters will not have a material adverse effect on its business, financial condition, results of operations or liquidity. In March 2016, the Company’s majority-owned subsidiary TrellisWare was informed by the Civil Division of the U.S. Attorney’s Office for the Southern District of California that it is investigating TrellisWare’s eligibility for certain prior government contracts and whether TrellisWare’s conduct in connection therewith violated the False Claims Act. At this time, the Company cannot determine whether the government will initiate a case and, if so, whether TrellisWare would be liable for any damages or penalties, or in what amount. Although the outcome of this investigation is difficult to predict, an unfavorable resolution could have a material impact on the Company’s financial results. The Company has contracts with various U.S. government agencies. Accordingly, the Company is routinely subject to audit and review by the DCMA, the DCAA and other U.S. government agencies of its performance on government contracts, indirect rates and pricing practices, accounting and management internal control business systems, and compliance with applicable contracting and procurement laws, regulations and standards. An adverse outcome to a review or audit or other failure to comply with applicable contracting and procurement laws, regulations and standards could result in material civil and criminal penalties and administrative sanctions being imposed on the Company, which may include termination of contracts, forfeiture of profits, triggering of price reduction clauses, suspension of payments, significant customer refunds, fines and suspension, or a prohibition on doing business with U.S. government agencies. In addition, if the Company fails to obtain an “adequate” determination of its various accounting and management internal control business systems from applicable U.S. government agencies or if allegations of impropriety are made against it, the Company could suffer serious harm to its business or its reputation, including its ability to bid on new contracts or receive contract renewals and its competitive position in the bidding process. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal year 2016. As of March 31, 2016, the DCAA had completed its incurred cost audit for fiscal year 2004 and approved the Company’s incurred cost claims for fiscal years 2005 through 2015 without further audit. Although the Company has recorded contract revenues subsequent to fiscal year 2015 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. As of March 31, 2016 and April 3, 2015, the Company had $2.5 million and $4.3 million, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year Certain Matters Resolved During Fiscal Year 2015 In September 2014, the Company entered into a settlement agreement with SS/L and Loral (the Settlement Agreement), pursuant to which SS/L and Loral are required to pay the Company a total of $108.7 million, inclusive of interest, over a two and a half year period from the date of settlement. In exchange, the Company dismissed both lawsuits against SS/L and Loral. The parties further agreed not to sue each other with respect to the patents and intellectual property that were the subject of the lawsuits and, for a period of two years, not to sue each other or each other’s customers for any intellectual property claims. The Company accounted for the amounts payable by SS/L and Loral under the Settlement Agreement as a multiple-element arrangement and allocated the total consideration to the identifiable elements based upon their fair value. The consideration assigned to each element was as follows: (In thousands) Implied license $ 85,132 Other damages 18,714 Interest income 4,866 $ 108,712 During fiscal year 2016, the Company recorded $27.5 million with respect to amounts realized under the Settlement Agreement, of which $25.3 million was recognized as product revenues in the Company’s satellite services segment and $2.2 million was recognized as interest income in the consolidated financial statements. During fiscal year 2015, the Company recorded $53.7 million with respect to amounts realized under the Settlement Agreement, of which $33.0 million was recognized as product revenues and $18.7 million was recognized as a reduction to SG&A expenses in the Company’s satellite services segment, and $2.0 million was recognized as interest income in the consolidated financial statements. The remaining payments under the Settlement Agreement will be recognized in future periods when realized, and will be recorded as product revenues in the satellite services segment and interest income. |
Product Warranty
Product Warranty | 12 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Product Warranty | Note 13 — Product Warranty The Company provides limited warranties on its products for periods of up to five years. The Company records a liability for its warranty obligations when products are shipped or they are included in long-term construction contracts based upon an estimate of expected warranty costs. Amounts expected to be incurred within twelve months are classified as accrued liabilities and amounts expected to be incurred beyond twelve months are classified as other liabilities in the consolidated financial statements. For mature products, the warranty cost estimates are based on historical experience with the particular product. For newer products that do not have a history of warranty costs, the Company bases its estimates on its experience with the technology involved and the types of failures that may occur. It is possible that the Company’s underlying assumptions will not reflect the actual experience and in that case, future adjustments will be made to the recorded warranty obligation. The following table reflects the change in the Company’s warranty accrual in fiscal years 2016, 2015 and 2014. Fiscal Years Ended March 31, April 3, April 4, (In thousands) Balance, beginning of period $ 15,545 $ 17,023 $ 14,107 Change in liability for warranties issued in period 4,327 5,725 10,110 Settlements made (in cash or in kind) during the period (8,438 ) (7,203 ) (7,194 ) Balance, end of period $ 11,434 $ 15,545 $ 17,023 |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14 — Segment Information The Company’s reporting segments, comprised of the satellite services, commercial networks and government systems segments, are primarily distinguished by the type of customer and the related contractual requirements. The Company’s satellite services segment provides satellite-based broadband services to consumers, enterprises, commercial airlines and mobile broadband customers primarily in the United States. The Company’s commercial networks segment develops and offers advanced end-to-end satellite and wireless communication systems, ground networking equipment and space-to-earth connectivity systems, some of which are ultimately used by the Company’s satellite services segment. The Company’s government systems segment develops and offers network-centric, IP-based fixed and mobile secure government communications systems, products, services and solutions and provides global mobile broadband service and product offerings. The more regulated government environment is subject to unique contractual requirements and possesses economic characteristics which differ from the satellite services and commercial networks segments. The Company’s segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance. Segment revenues and operating profits (losses) for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014 were as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) Revenues: Satellite Services Product (1) $ 25,606 $ 33,576 $ 42 Service 533,628 466,284 390,666 Total 559,234 499,860 390,708 Commercial Networks Product 228,694 331,052 378,577 Service 22,042 16,078 16,944 Total 250,736 347,130 395,521 Government Systems Product 410,521 363,446 407,119 Service 196,940 172,099 158,114 Total 607,461 535,545 565,233 Elimination of intersegment revenues — — — Total revenues $ 1,417,431 $ 1,382,535 $ 1,351,462 Operating profits (losses): Satellite Services (2) $ 81,830 $ 62,379 $ (45,991 ) Commercial Networks (111,339 ) (33,616 ) (12,134 ) Government Systems 87,066 72,347 76,038 Elimination of intersegment operating profits — — — Segment operating profit before corporate and amortization of acquired intangible assets 57,557 101,110 17,913 Corporate — — — Amortization of acquired intangible assets (16,438 ) (17,966 ) (14,614 ) Income from operations $ 41,119 $ 83,144 $ 3,299 (1) Product revenues in the satellite services segment included $25.3 million and $33.0 million for the fiscal years ended March 31, 2016, and April 3, 2015, respectively, relating to amounts realized under the Settlement Agreement. See Note 12. (2) Operating profits for the satellite services segment included $25.3 million and $51.8 million for the fiscal years ended March 31, 2016, and April 3, 2015, respectively, relating to amounts realized under the Settlement Agreement. See Note 12. Assets identifiable to segments include: accounts receivable, unbilled accounts receivable, inventory, acquired intangible assets and goodwill. The Company’s property and equipment, including its satellites, earth stations and other networking equipment, are assigned to corporate assets as they are available for use by the various segments throughout their estimated useful lives. Segment assets as of March 31, 2016, April 3, 2015 and April 4, 2014 were as follows: As of As of As of (In thousands) Segment assets: Satellite Services $ 57,529 $ 63,790 $ 73,382 Commercial Networks 212,943 217,268 229,455 Government Systems 311,927 273,313 206,848 Total segment assets 582,399 554,371 509,685 Corporate assets 1,823,447 1,604,007 1,450,430 Total assets $ 2,405,846 $ 2,158,378 $ 1,960,115 Other acquired intangible assets, net and goodwill included in segment assets as of March 31, 2016 and April 3, 2015 were as follows: Other Acquired Intangible Goodwill As of As of As of As of (In thousands) Satellite Services $ 8,751 $ 17,873 $ 9,809 $ 9,809 Commercial Networks 6,581 1,443 43,990 43,994 Government Systems 18,272 23,024 63,241 63,438 Total $ 33,604 $ 42,340 $ 117,040 $ 117,241 Amortization of acquired intangible assets by segment for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014 was as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) Satellite Services $ 9,122 $ 11,058 $ 11,058 Commercial Networks 2,569 1,452 1,337 Government Systems 4,747 5,456 2,219 Total amortization of acquired intangible assets $ 16,438 $ 17,966 $ 14,614 Revenue information by geographic area for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014 was as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) United States $ 1,207,651 $ 1,149,700 $ 1,044,737 Europe, Middle East and Africa 80,202 89,982 127,696 Asia, Pacific 79,213 81,397 147,063 North America other than United States 38,957 51,661 25,811 Central and Latin America 11,408 9,795 6,155 Total revenues $ 1,417,431 $ 1,382,535 $ 1,351,462 The Company distinguishes revenues from external customers by geographic area based on customer location. The net book value of long-lived assets located outside the United States was $23.7 million at March 31, 2016, $14.3 million at April 3, 2015 and $18.5 million at April 4, 2014. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Three Fiscal Years Ended March 31, 2016 Date Allowance for (In thousands) Balance, March 29, 2013 $ 1,434 Charged (credited) to costs and expenses 4,591 Deductions (4,471 ) Balance, April 4, 2014 $ 1,554 Charged (credited) to costs and expenses 3,822 Deductions (4,321 ) Balance, April 3, 2015 $ 1,055 Charged (credited) to costs and expenses 5,885 Deductions (5,787 ) Balance, March 31, 2016 $ 1,153 Date Deferred Tax (In thousands) Balance, March 29, 2013 $ 15,965 Charged (credited) to costs and expenses (3,133 ) Deductions — Balance, April 4, 2014 $ 12,832 Charged (credited) to costs and expenses 2,718 Deductions — Balance, April 3, 2015 $ 15,550 Charged (credited) to costs and expenses 1,539 Deductions — Balance, March 31, 2016 $ 17,089 |
The Company and a Summary of 22
The Company and a Summary of Its Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of consolidation | The Company’s consolidated financial statements include the assets, liabilities and results of operations of ViaSat, its wholly owned subsidiaries and TrellisWare Technologies, Inc. (TrellisWare), a majority-owned subsidiary. All significant intercompany amounts have been eliminated. |
Fiscal period | On May 4, 2015, the Company’s Board of Directors approved a change in the Company’s fiscal year from a 52 or 53 week fiscal year ending on the Friday closest to March 31 to a fiscal year ending on March 31 of each year, effective with the fiscal year commencing April 4, 2015. Beginning April 4, 2015, the Company’s fiscal quarters end on June 30, September 30, December 31, and March 31 of each year. Fiscal year 2014 was a 53 week year, compared to a 52 week year in fiscal year 2015. Fiscal year 2016 was slightly shorter than 52 weeks due to the change in fiscal year beginning April 4, 2015. The Company does not believe that these differences in length of year had any material impact on its financial results. |
Management estimates and assumptions | Management estimates and assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ from those estimates. Significant estimates made by management include revenue recognition, stock-based compensation, self-insurance reserves, allowance for doubtful accounts, warranty accruals, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, derivatives, contingencies and income taxes including the valuation allowance on deferred tax assets. |
Cash equivalents | Cash equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable, unbilled accounts receivable and allowance for doubtful accounts The Company records receivables at net realizable value including an allowance for estimated uncollectible accounts. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of accounts receivable balances and current economic conditions that may affect a customer’s ability to pay. Amounts determined to be uncollectible are charged or written off against the reserve. Historically, the Company’s allowance for doubtful accounts has been minimal primarily because a significant portion of its sales has been to the U.S. government or with respect to its satellite services commercial business, the Company bills and collects in advance. |
Unbilled accounts receivable | Unbilled accounts receivables consist of costs and fees earned and billable on contract completion or other specified events. Unbilled accounts receivables are generally expected to be billed and collected within one year. |
Concentration of risk | Concentration of risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents and accounts receivable which are generally not collateralized. The Company limits its exposure to credit loss by placing its cash equivalents with high credit quality financial institutions and investing in high quality short-term debt instruments. The Company establishes customer credit policies related to its accounts receivable based on historical collection experiences within the various markets in which the Company operates, historical past due amounts and any specific information that the Company becomes aware of such as bankruptcy or liquidity issues of customers. Revenues from the U.S. government as an individual customer comprised approximately 23.7%, 22.8% and 21.2% of total revenues for fiscal years 2016, 2015 and 2014, respectively. Billed accounts receivable to the U.S. government as of March 31, 2016 and April 3, 2015 were approximately 22.8% and 30.6%, respectively, of total billed receivables. In addition, none of the Company’s commercial customers comprised 10.0% or more of total revenues for fiscal years 2016, 2015 and 2014. The Company’s five largest contracts generated approximately 19.4%, 21.1% and 26.4% of the Company’s total revenues for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014, respectively. The Company relies on a limited number of contract manufacturers to produce its products. |
Inventory | Inventory Inventory is valued at the lower of cost or market, cost being determined by the weighted average cost method. |
Property, equipment and satellites | Property, equipment and satellites Satellites and other property and equipment are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite 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 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. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to twenty-four years. Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the lease term or the life of the improvement. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in operations, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (Accounting Standards Codification (ASC) 835-20). With respect to assets under construction, including the ViaSat-2 satellite which commenced construction during the first quarter of fiscal year 2014, the Company capitalized $30.1 million, $16.2 million, and $8.1 million of interest expense during the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014, respectively. The Company owns two satellites: ViaSat-1 (its first-generation high-capacity Ka-band spot-beam satellite, which was placed into service in January 2012) and WildBlue-1 (which was placed into service in March 2007). During the first quarter of fiscal year 2014, the Company entered into a satellite construction contract for its ViaSat-2 satellite, its second-generation high-capacity Ka-band satellite design. In addition, construction has commenced on two ViaSat-3 class satellites, the Company’s third-generation high-capacity Ka-band satellite design, pursuant to a limited authorization to proceed. The Company also has an exclusive prepaid lifetime capital lease of Ka-band capacity over the contiguous United States on Telesat Canada’s Anik F2 satellite (which was placed into service in April 2005) and owns related earth stations and networking equipment for all of its satellites. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated lives are necessary. The Company procures indoor and outdoor CPE units leased to subscribers under a retail leasing program as part of the Company’s satellite services segment, which are reflected in investing activities and property and equipment in the accompanying consolidated financial statements. The Company depreciates the satellites, earth stations and networking equipment, CPE units and related installation costs over their estimated useful lives. The total cost and accumulated depreciation of CPE units included in property and equipment, net, as of March 31, 2016 were $260.4 million and $136.4 million, respectively. The total cost and accumulated depreciation of CPE units included in property and equipment, net, as of April 3, 2015 were $250.3 million and $107.8 million, respectively. Occasionally, the Company may enter into capital lease arrangements for various machinery, equipment, computer-related equipment, software, furniture or fixtures. The Company records amortization of assets leased under capital lease arrangements within depreciation expense. |
Capitalized interest policy | Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (Accounting Standards Codification (ASC) 835-20). |
Goodwill and intangible assets | Goodwill and intangible assets The authoritative guidance for business combinations (ASC 805) requires that all business combinations be accounted for using the purchase method. The authoritative guidance for business combinations also specifies criteria for recognizing and reporting intangible assets apart from goodwill; however, acquired workforce must be recognized and reported in goodwill. The authoritative guidance for goodwill and other intangible assets (ASC 350) requires that intangible assets with an indefinite life should not be amortized until their life is determined to be finite. All other intangible assets must be amortized over their useful life. The authoritative guidance for goodwill and other intangible assets prohibits the amortization of goodwill and indefinite-lived intangible assets, but instead requires these assets to be tested for impairment at least annually and more frequently upon the occurrence of specified events. In addition, all goodwill must be assigned to reporting units for purposes of impairment testing. |
Patents, orbital slots and other licenses | Patents, orbital slots and other licenses The Company capitalizes the costs of obtaining or acquiring patents, orbital slots and other licenses. Amortization of intangible assets that have finite lives is provided for by the straight-line method over the shorter of the legal or estimated economic life. Total capitalized costs of $3.2 million related to patents were included in other assets as of March 31, 2016 and April 3, 2015. The Company capitalized costs of $15.4 million and $15.1 million related to acquiring and obtaining orbital slots and other licenses included in other assets as of March 31, 2016 and April 3, 2015, respectively. Accumulated amortization related to these assets was $1.7 million and $1.4 million as of March 31, 2016 and April 3, 2015, respectively. Amortization expense related to these assets was an insignificant amount for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014. If a patent, orbital slot or orbital license is rejected, abandoned or otherwise invalidated, the unamortized cost is expensed in that period. During fiscal years 2016, 2015 and 2014, the Company did not write off any significant costs due to abandonment or impairment. |
Debt issuance costs | Debt issuance costs Debt issuance costs are amortized and recognized as interest expense using the effective interest rate method, or, when the results are not materially different, on a straight-line basis over the expected term of the related debt. During fiscal year 2016, the Company capitalized an insignificant amount of debt issuance costs. During fiscal years 2015 and 2014, the Company capitalized $3.5 million and $2.5 million, respectively, of debt issuance costs. Unamortized debt issuance costs related to extinguished debt are expensed at the time the debt is extinguished and recorded in loss on extinguishment of debt in the consolidated statements of operations and comprehensive income (loss). Other unamortized debt issuance costs are recorded in prepaid expenses and other current assets and in other long-term assets in the consolidated balance sheets, depending on the amounts expected to be amortized to interest expense within the next twelve months. |
Software development | Software development Costs of developing software for sale are charged to research and development expense when incurred, until technological feasibility has been established. Software development costs incurred from the time technological feasibility is reached until the product is available for general release to customers are capitalized and reported at the lower of unamortized cost or net realizable value. Once the product is available for general release, the software development costs are amortized based on the ratio of current to future revenue for each product with an annual minimum equal to straight-line amortization over the remaining estimated economic life of the product, generally within five years. Capitalized costs, net, of $163.1 million and $119.9 million related to software developed for resale were included in other assets as of March 31, 2016 and April 3, 2015, respectively. The Company capitalized $75.4 million and $52.4 million of costs related to software developed for resale for fiscal years ended March 31, 2016 and April 3, 2015, respectively. Amortization expense for software development costs was $32.2 million, $23.5 million and $11.1 million during fiscal years 2016, 2015 and 2014, respectively. |
Impairment of long-lived and other long-term assets (property, equipment, and satellites, and other assets, including goodwill) | Impairment of long-lived and other long-term assets (property, equipment, and satellites, and other assets, including goodwill) In accordance with the authoritative guidance for impairment or disposal of long-lived assets (ASC 360), the Company assesses potential impairments to long-lived assets, including property, equipment and satellites, and other assets, when there is evidence that events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized when the undiscounted cash flows expected to be generated by an asset (or group of assets) are less than the asset’s carrying value. Any required impairment loss would be measured as the amount by which the asset’s carrying value exceeds its fair value, and would be recorded as a reduction in the carrying value of the related asset and charged to results of operations. No material impairments were recorded by the Company for fiscal years 2016, 2015 and 2014. The Company accounts for its goodwill under the authoritative guidance for goodwill and other intangible assets (ASC 350) and the provisions of Accounting Standards Update (ASU) 2011-08, Intangibles — Goodwill and Other (ASC 350): Testing Goodwill for Impairment, which simplifies how the Company tests goodwill for impairment. Current authoritative guidance allows the Company to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. If, after completing the qualitative assessment, the Company determines that it is more likely than not that the estimated fair value is greater than the carrying value, the Company concludes that no impairment exists. If it is more likely than not that the carrying value of the reporting unit exceeds its estimated fair value, the Company compares the fair value of the reporting unit to its carrying value. If the estimated fair value of the reporting unit is less than the carrying value, a second step is performed in which the implied fair value of goodwill is compared to its carrying value. If the implied fair value of goodwill is less than its carrying value, goodwill must be written down to its implied fair value, resulting in goodwill impairment. The Company tests goodwill for impairment during the fourth quarter every fiscal year and when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist. The qualitative analysis includes assessing the impact of changes in certain factors including (1) changes in forecasted operating results and comparing actual results to projections, (2) changes in the industry or its competitive environment since the acquisition date, (3) changes in the overall economy, its market share and market interest rates since the acquisition date, (4) trends in the stock price and related market capitalization and enterprise values, (5) trends in peer companies total enterprise value metrics, and (6) additional factors such as management turnover, changes in regulation and changes in litigation matters. Based on the Company’s qualitative assessment performed during the fourth quarter of fiscal year 2016, the Company concluded that it was more likely than not that the estimated fair value of the Company’s reporting units exceeded their carrying value as of March 31, 2016, and therefore, determined it was not necessary to perform the two-step goodwill impairment test. No impairments were recorded by the Company related to goodwill and other intangible assets for fiscal years 2016, 2015 and 2014. |
Warranty reserves | Warranty reserves The Company provides limited warranties on its products for periods of up to five years. The Company records a liability for its warranty obligations when products are shipped or they are included in long-term construction contracts based upon an estimate of expected warranty costs. Amounts expected to be incurred within twelve months are classified as accrued liabilities and amounts expected to be incurred beyond twelve months are classified as other liabilities in the consolidated financial statements. For mature products, the warranty cost estimates are based on historical experience with the particular product. For newer products that do not have a history of warranty costs, the Company bases its estimates on its experience with the technology involved and the types of failures that may occur. It is possible that the Company’s underlying assumptions will not reflect the actual experience and in that case, future adjustments will be made to the recorded warranty obligation (see Note 13). |
Self-insurance liabilities | Self-insurance liabilities The Company has self-insurance plans to retain a portion of the exposure for losses related to employee medical benefits and workers’ compensation. The self-insurance plans include policies which provide for both specific and aggregate stop-loss limits. The Company utilizes internal actuarial methods as well as other historical information for the purpose of estimating ultimate costs for a particular plan year. Based on these actuarial methods, along with currently available information and insurance industry statistics, the Company has recorded self-insurance liability for its plans of $3.8 million and $3.9 million as of March 31, 2016 and April 3, 2015, respectively. The Company’s estimate, which is subject to inherent variability, is based on average claims experience in the Company’s industry and its own experience in terms of frequency and severity of claims, including asserted and unasserted claims incurred but not reported, with no explicit provision for adverse fluctuation from year to year. This variability may lead to ultimate payments being either greater or less than the amounts presented above. Self-insurance liabilities have been classified as a current liability in accrued liabilities in accordance with the estimated timing of the projected payments. |
Indemnification provisions | Indemnification provisions In the ordinary course of business, the Company includes indemnification provisions in certain of its contracts, generally relating to parties with which the Company has commercial relations. Pursuant to these agreements, the Company will indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, including but not limited to losses relating to third-party intellectual property claims. To date, there have not been any material costs incurred in connection with such indemnification clauses. The Company’s insurance policies do not necessarily cover the cost of defending indemnification claims or providing indemnification, so if a claim was filed against the Company by any party that the Company has agreed to indemnify, the Company could incur substantial legal costs and damages. A claim would be accrued when a loss is considered probable and the amount can be reasonably estimated. At March 31, 2016 and April 3, 2015, no such amounts were accrued related to the aforementioned provisions. |
Noncontrolling interest | Noncontrolling interest A noncontrolling interest represents the equity interest in a subsidiary that is not attributable, either directly or indirectly, to the Company and is reported as equity of the Company, separately from the Company’s controlling interest. Revenues, expenses, gains, losses, net income (loss) and other comprehensive income (loss) are reported in the consolidated financial statements at the consolidated amounts, which include the amounts attributable to both the controlling and noncontrolling interest. |
Derivatives | Derivatives The Company enters into foreign currency forward and option contracts from time to time to hedge certain forecasted foreign currency transactions. Gains and losses arising from foreign currency forward and option contracts not designated as hedging instruments are recorded in other income (expense) as gains (losses) on derivative instruments. Gains and losses arising from the effective portion of foreign currency forward and option contracts which are designated as cash-flow hedging instruments are recorded in accumulated other comprehensive income (loss) as unrealized gains (losses) on derivative instruments until the underlying transaction affects the Company’s earnings, at which time they are then recorded in the same income statement line as the underlying transaction. |
Foreign currency | Foreign currency In general, the functional currency of a foreign operation is deemed to be the local country’s currency. Consequently, assets and liabilities of operations outside the United States are generally translated into U.S. dollars, and the effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income (loss) within ViaSat, Inc. stockholders’ equity. |
Revenue recognition percentage of completion method | Revenue recognition A substantial portion of the Company’s revenues is derived from long-term contracts requiring development and delivery of complex equipment built to customer specifications. Sales related to long-term contracts are accounted for under the authoritative guidance for the percentage-of-completion method of accounting (ASC 605-35). Sales and earnings under these contracts are recorded either based on the ratio of actual costs incurred to date to total estimated costs expected to be incurred related to the contract, or as products are shipped under the units-of-delivery method. Anticipated losses on contracts are recognized in full in the period in which losses become probable and estimable. Changes in estimates of profit or loss on contracts are included in earnings on a cumulative basis in the period the estimate is changed. During fiscal years 2016, 2015 and 2014, the Company recorded losses of approximately $5.1 million, $0.6 million and $3.3 million, respectively, related to loss contracts. |
Revenue recognition sale of goods and services | The Company also derives a substantial portion of its revenues from contracts and purchase orders where revenue is recorded on delivery of products or performance of services in accordance with the authoritative guidance for revenue recognition (ASC 605). Under this standard, the Company recognizes revenue when an arrangement exists, prices are determinable, collectability is reasonably assured and the goods or services have been delivered. |
Revenue recognition leases | The Company also enters into certain leasing arrangements with customers and evaluates the contracts in accordance with the authoritative guidance for leases (ASC 840). The Company’s accounting for equipment leases involves specific determinations under the authoritative guidance for leases, which often involve complex provisions and significant judgments. In accordance with the authoritative guidance for leases, the Company classifies the transactions as sales type or operating leases based on: (1) review for transfers of ownership of the equipment to the lessee by the end of the lease term, (2) review of the lease terms to determine if it contains an option to purchase the leased equipment for a price which is sufficiently lower than the expected fair value of the equipment at the date of the option, (3) review of the lease term to determine if it is equal to or greater than 75% of the economic life of the equipment, and (4) review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the equipment at the inception of the lease. Additionally, the Company considers the cancelability of the contract and any related uncertainty of collections or risk in recoverability of the lease investment at lease inception. Revenue from sales type leases is recognized at the inception of the lease or when the equipment has been delivered and installed at the customer site, if installation is required. Revenues from equipment rentals under operating leases are recognized as earned over the lease term, which is generally on a straight-line basis. |
Revenue recognition multiple element arrangements | In accordance with the authoritative guidance for revenue recognition for multiple element arrangements, ASU 2009-13, Revenue Recognition (ASC 605) Multiple-Deliverable Revenue Arrangements, which updates ASC 605-25, Revenue Recognition-Multiple element arrangements, of the Financial Accounting Standards Board (FASB) codification, for substantially all of the arrangements with multiple deliverables, the Company allocates revenue to each element based on a selling price hierarchy at the arrangement inception. The selling price for each element is based upon the following selling price hierarchy: vendor specific objective evidence (VSOE) if available, third-party evidence (TPE) if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE are available (a description as to how the Company determines VSOE, TPE and ESP is provided below). If a tangible hardware systems product includes software, the Company determines whether the tangible hardware systems product and the software work together to deliver the product’s essential functionality and, if so, the entire product is treated as a nonsoftware deliverable. The total arrangement consideration is allocated to each separate unit of accounting for each of the nonsoftware deliverables using the relative selling prices of each unit based on the aforementioned selling price hierarchy. Revenue for each separate unit of accounting is recognized when the applicable revenue recognition criteria for each element have been met. To determine the selling price in multiple-element arrangements, the Company establishes VSOE of the selling price using the price charged for a deliverable when sold separately. The Company also considers specific renewal rates offered to customers for software license updates, product support and hardware systems support, and other services. For nonsoftware multiple-element arrangements, TPE is established by evaluating similar and/or interchangeable competitor products or services in standalone arrangements with similarly situated customers and/or agreements. If the Company is unable to determine the selling price because VSOE or TPE doesn’t exist, the Company determines ESP for the purposes of allocating the arrangement by reviewing historical transactions, including transactions whereby the deliverable was sold on a standalone basis and considers several other external and internal factors including, but not limited to, pricing practices including discounting, margin objectives, competition, the geographies in which the Company offers its products and services, the type of customer (i.e., distributor, value added reseller, government agency or direct end user, among others), volume commitments and the stage of the product lifecycle. The determination of ESP considers the Company’s pricing model and go-to-market strategy. As the Company, or its competitors’, pricing and go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes to its determination of VSOE, TPE and ESP. As a result, the Company’s future revenue recognition for multiple-element arrangements could differ materially from those in the current period. |
Revenue recognition shipping and handling fees and costs | In accordance with the authoritative guidance for shipping and handling fees and costs (ASC 605-45), the Company records shipping and handling costs billed to customers as a component of revenues, and shipping and handling costs incurred by the Company for inbound and outbound freight as a component of cost of revenues. |
Revenue recognition collections in excess of revenues and deferred revenues | Collections in excess of revenues and deferred revenues represent cash collected from customers in advance of revenue recognition and are recorded in accrued liabilities for obligations within the next twelve months. Amounts for obligations extending beyond twelve months are recorded within other liabilities in the consolidated financial statements. |
Advertising costs | Advertising costs In accordance with the authoritative guidance for advertising costs (ASC 720-35), advertising costs are expensed as incurred and included in selling, general and administrative (SG&A) expenses. Advertising expenses for fiscal years 2016, 2015 and 2014 were $12.2 million, $17.0 million and $18.9 million, respectively. |
Commissions | Commissions The Company compensates third parties based on specific commission programs directly related to certain product and service sales, and these commissions costs are expensed as incurred. |
Stock-based compensation | Stock-based compensation In accordance with the authoritative guidance for share-based payments (ASC 718), the Company measures stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes expense on a straight-line basis over the employee’s requisite service period. Stock-based compensation expense is recognized in the consolidated statements of operations and comprehensive income (loss) for fiscal years 2016, 2015 and 2014 only for those awards ultimately expected to vest, with forfeitures estimated at the date of grant. The authoritative guidance for share-based payments requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Independent research and development | Independent research and development Independent research and development (IR&D), which is not directly funded by a third party, is expensed as incurred. IR&D expenses consist primarily of salaries and other personnel-related expenses, supplies, prototype materials and other expenses related to research and development programs. |
Rent expense, deferred rent obligations and deferred lease incentives | Rent expense, deferred rent obligations and deferred lease incentives The Company leases all of its facilities under operating leases. Some of these lease agreements contain tenant improvement allowances funded by landlord incentives, rent holidays and rent escalation clauses. The authoritative guidance for leases (ASC 840) requires rent expense to be recognized on a straight-line basis over the lease term. The difference between the rent due under the stated periods of the lease compared to that of the straight-line basis is recorded as deferred rent within other long-term liabilities in the consolidated balance sheets. For purposes of recognizing landlord incentives and minimum rental expenses on a straight-line basis over the terms of the leases, the Company uses the date that it obtains the legal right to use and control the leased space to begin recording rent expense, which is generally when the Company enters the space and begins to make improvements in preparation of occupying new space. For tenant improvement allowances funded by landlord incentives and rent holidays, the Company records a deferred lease incentive liability in accrued and other long-term liabilities on the consolidated balance sheets and amortizes the deferred liability as a reduction to rent expense on the consolidated statements of operations and comprehensive income (loss) over the term of the lease. Certain lease agreements contain rent escalation clauses which provide for scheduled rent increases during the lease term or for rental payments commencing at a date other than the date of initial occupancy. Such increasing rent expense is recorded in the consolidated statements of operations and comprehensive income (loss) on a straight-line basis over the lease term. |
Income taxes | Income taxes Accruals for uncertain tax positions are provided for in accordance with the authoritative guidance for accounting for uncertainty in income taxes (ASC 740). The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The authoritative guidance for accounting for uncertainty in income taxes also provides guidance on derecognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. A deferred income tax asset or liability is established for the expected future tax consequences resulting from differences in the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credit and loss carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Earnings per share | Earnings per share Basic earnings per share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share is based upon the weighted average number of common shares outstanding and potential common stock, if dilutive during the period. Potential common stock includes options granted and restricted stock units awarded under the Company’s equity compensation plan which are included in the earnings per share calculations using the treasury stock method, common shares expected to be issued under the Company’s employee stock purchase plan, and shares potentially issuable under the ViaSat 401(k) Profit Sharing Plan in connection with the Company’s decision to pay a discretionary match in common stock or cash. The weighted average number of shares used to calculate basic and diluted net income (loss) per share attributable to ViaSat, Inc. common stockholders is the same for the fiscal year ended April 4, 2014, as the Company incurred a net loss for fiscal year 2014 and inclusion of potential common stock would be antidilutive. |
Segment reporting | Segment reporting The Company’s reporting segments, namely its satellite services, commercial networks and government systems segments, are primarily distinguished by the type of customer and the related contractual requirements. The Company’s satellite services segment provides satellite-based broadband services to customers, enterprises, commercial airlines and mobile broadband customers primarily in the United States. The Company’s commercial networks segment develops and offers advanced end-to-end satellite and wireless communication systems, ground networking equipment and space-to-earth connectivity systems, some of which are ultimately used by the Company’s satellite services segment. The Company’s government systems segment develops and offers network-centric, Internet Protocol (IP)-based fixed and mobile secure government communications systems, products, services and solutions and provides global mobile broadband service and product offerings. The more regulated government environment is subject to unique contractual requirements and possesses economic characteristics which differ from the satellite services and commercial networks segments. The Company’s segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance (see Note 14). |
Recent authoritative guidance | Recent authoritative guidance In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 limits the requirement to report discontinued operations to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The amendments also require expanded disclosures concerning discontinued operations and disclosures of certain financial results attributable to a disposal of a significant component of an entity that does not qualify for discontinued operations reporting. This guidance became effective for the Company beginning in the first quarter of fiscal year 2016 and the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to a customer. This guidance will replace most existing revenue recognition guidance and will be effective for the Company beginning in fiscal year 2019, including interim periods within that reporting period, based on the FASB decision in July 2015 (ASU 2015-14, Revenue from Contract with Customers — Deferral of the Effective Date) to delay the effective date of the new revenue recognition standard by one year, but providing entities a choice to adopt the standard as of the original effective date. In March 2016, the FASB issued ASU 2016-08, Principal vs Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing, which clarifies the implementation guidance on identifying performance obligations and the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients, which provides practical expedient for contract modifications and clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. These standards permit the use of either the retrospective or cumulative effect transition method. The Company has not selected a transition method and is currently evaluating the impact these standards will have on its consolidated financial statements and disclosures. In February 2015, the FASB issued ASU 2015-02, Consolidation (ASC 810): Amendments to the Consolidation Analysis. ASU 2015-02 amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance will become effective for the Company in fiscal year 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In April 2015, the FASB issued ASU 2015-03, Interest — Imputation of Interest (ASC 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that staff of the Securities and Exchange Commission (the SEC) would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This new guidance will be effective for the Company in fiscal year 2017, with early adoption permitted. The new guidance shall be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for the Company in fiscal year 2017 with early adoption permitted using either of two methods: (i) prospectively to all arrangements entered into or materially modified after the effective date and represent a change in accounting principle; or (ii) retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 simplifies the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, in scope inventory should be measured at the lower of cost and net realizable value. The new standard should be applied prospectively and will become effective for the Company in fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Under current GAAP, the acquirer is required to retrospectively apply adjustments made to provisional amounts recognized in a business combination. The new standard should be applied prospectively and will become effective for the Company in fiscal year 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Income Taxes (ASU 2015-17), which requires entities to classify deferred tax liabilities and assets as non-current in a classified balance sheet. The new guidance can be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. ASU 2015-17 will become effective for the Company in fiscal year 2018, with early adoption permitted. The Company early adopted this standard retrospectively and reclassified all of its current deferred tax assets to non-current deferred tax assets on its consolidated balance sheets for all periods presented. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). ASU 2016-01 requires that most equity investments (except those accounted for under the equity method for accounting or those that result in consolidation of the investee) be measured at fair value, with subsequent changes in fair value recognized in net income. The new guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The new guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. ASU 2016-01 will become effective for the Company in fiscal year 2019, with early adoption permitted with certain stipulations. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and eliminates certain real estate-specific provisions. The new guidance will become effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. ASU 2016-02 will be adopted on a modified retrospective transition basis for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815). ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument, in and of itself, does not require dedesignation of a hedging relationship. The new guidance will become effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815). ASU 2016-06 clarifies the requirements for assessing whether contingent put or call option in a debt instrument qualifies as a separate derivative. The new guidance is required to be applied on a modified retrospective basis to all existing and future debt instruments of the fiscal year for which the amendments are effective. ASU 2016-06 will become effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-07, Investment — Equity Method and Joint Ventures (Topic 323). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 will become effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718). ASU 2016-09 simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance we become effective for the Company beginning in fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. |
Fair value measurements | In accordance with the authoritative guidance for financial assets and liabilities measured at fair value on a recurring basis (ASC 820), the Company prioritizes the inputs used to measure fair value from market-based assumptions to entity specific assumptions: • Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instruments valuation. The following tables present the Company’s hierarchy for its assets measured at fair value on a recurring basis as of March 31, 2016 and April 3, 2015: Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,003 $ 2,003 $ — $ — Foreign currency forward contracts 196 — 196 — Total assets measured at fair value on a recurring basis $ 2,199 $ 2,003 $ 196 $ — Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,033 $ 2,033 $ — $ — Total assets measured at fair value on a recurring basis $ 2,033 $ 2,033 $ — $ — The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: Cash equivalents Foreign currency forward contracts Long-term debt Satellite performance incentives obligation |
Other acquired intangible assets | Other acquired intangible assets are amortized using the straight-line method over their estimated useful lives of two to ten years. |
Acquisition | The Company accounts for business combinations pursuant to the authoritative guidance for business combinations (ASC 805). Accordingly, the Company allocated the purchase price of the acquired company to the net tangible assets and intangible assets acquired based upon their estimated fair values. Under the authoritative guidance for business combinations, acquisition-related transaction costs and acquisition-related restructuring charges are not included as components of consideration transferred but are accounted for as expenses in the period in which the costs are incurred. Merger-related transaction costs incurred by the Company during the first quarter of fiscal year 2015 were approximately $0.4 million, which were recorded in SG&A expenses. The intangible assets acquired in the NetNearU business combination were determined, in accordance with the authoritative guidance for business combinations, based on the estimated fair values using valuation techniques consistent with the market approach and/or income approach to measure fair value. The remaining useful lives were estimated based on the underlying agreements and/or the future economic benefit expected to be received from the assets. |
Operating leases | The Company leases office and other facilities under non-cancelable operating leases with initial terms ranging from one to fifteen years which expire between fiscal year 2017 and fiscal year 2027 and provide for pre-negotiated fixed rental rates during the terms of the lease. Certain of the Company’s facilities leases contain option provisions which allow for extension of the lease terms. For operating leases, minimum lease payments, including minimum scheduled rent increases, are recognized as rent expense on a straight-line basis over the lease term as that term is defined in the authoritative guidance for leases including any option periods considered in the lease term and any periods during which the Company has use of the property but is not charged rent by a landlord (“rent holiday”). Leasehold improvement incentives paid to the Company by a landlord are recorded as a liability and amortized as a reduction of rent expense over the lease term. Total rent expense was $27.7 million, $24.5 million and $22.3 million in fiscal years 2016, 2015 and 2014, respectively. |
Composition of Certain Balanc23
Composition of Certain Balance Sheet Captions (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | As of As of (In thousands) Accounts receivable, net: Billed $ 146,309 $ 120,345 Unbilled 141,568 147,049 Allowance for doubtful accounts (1,153 ) (1,055 ) $ 286,724 $ 266,339 Inventories: Raw materials $ 46,757 $ 42,716 Work in process 27,200 22,957 Finished goods 71,204 62,694 $ 145,161 $ 128,367 Prepaid expenses and other current assets: Prepaid expenses $ 43,562 $ 40,106 Other 5,799 4,596 $ 49,361 $ 44,702 Satellites, net: Satellite — WildBlue-1 (estimated useful life of 10 years) $ 195,890 $ 195,890 Capital lease of satellite capacity — Anik F2 (estimated useful life of 10 years) 99,090 99,090 Satellite — ViaSat-1 (estimated useful life of 17 years) 363,204 363,204 Satellites under construction 515,696 328,857 1,173,880 987,041 Less accumulated depreciation and amortization (275,683 ) (224,820 ) $ 898,197 $ 762,221 Property and equipment, net: Equipment and software (estimated useful life of 2-7 years) $ 568,663 $ 511,717 CPE leased equipment (estimated useful life of 4-5 years) 260,409 250,281 Furniture and fixtures (estimated useful life of 7 years) 25,501 20,395 Leasehold improvements (estimated useful life of 2-17 years) 71,895 67,723 Building (estimated useful life of 24 years) 8,923 8,923 Land 41,960 1,621 Construction in progress 73,535 17,890 1,050,886 878,550 Less accumulated depreciation (563,976 ) (460,528 ) $ 486,910 $ 418,022 Other assets: Deferred income taxes $ 134,721 $ 132,864 Capitalized software costs, net 163,061 119,936 Patents, orbital slots and other licenses, net 16,900 16,900 Other 32,079 57,183 $ 346,761 $ 326,883 Accrued liabilities: Collections in excess of revenues and deferred revenues $ 64,624 $ 83,528 Accrued employee compensation 35,056 27,953 Accrued vacation 28,646 25,859 Warranty reserve, current portion 7,867 9,235 Current portion of other long-term debt 274 260 Other 47,877 44,491 $ 184,344 $ 191,326 Other liabilities: Deferred revenue, long-term portion $ 5,470 $ 4,894 Deferred rent, long-term portion 8,808 8,307 Warranty reserve, long-term portion 3,567 6,310 Satellite performance incentives obligation, long-term portion 19,514 $ 20,121 Deferred income taxes 12 363 $ 37,371 $ 39,995 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The following tables present the Company’s hierarchy for its assets measured at fair value on a recurring basis as of March 31, 2016 and April 3, 2015: Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,003 $ 2,003 $ — $ — Foreign currency forward contracts 196 — 196 — Total assets measured at fair value on a recurring basis $ 2,199 $ 2,003 $ 196 $ — Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,033 $ 2,033 $ — $ — Total assets measured at fair value on a recurring basis $ 2,033 $ 2,033 $ — $ — |
Goodwill and Acquired Intangi25
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Expected Amortization Expense for Acquired Intangible Assets | Expected amortization expense for acquired intangible assets for each of the following periods is as follows: Amortization (In thousands) Expected for fiscal year 2017 $ 9,357 Expected for fiscal year 2018 8,023 Expected for fiscal year 2019 5,510 Expected for fiscal year 2020 4,478 Expected for fiscal year 2021 3,045 Thereafter 3,191 $ 33,604 |
Allocation of Other Acquired Intangible Assets and Related Accumulated Amortization | The allocation of the other acquired intangible assets and the related accumulated amortization as of March 31, 2016 and April 3, 2015 is as follows: Weighted As of March 31, 2016 As of April 3, 2015 Total Accumulated Net Total Accumulated Net (In years) (In thousands) Technology 6 $ 74,848 $ (59,921 ) $ 14,927 $ 67,403 $ (55,939 ) $ 11,464 Contracts and customer relationships 8 99,499 (83,928 ) 15,571 99,556 (74,019 ) 25,537 Satellite co-location rights 9 8,600 (5,818 ) 2,782 8,600 (4,893 ) 3,707 Trade name 3 5,940 (5,918 ) 22 5,940 (5,788 ) 152 Other 7 8,717 (8,415 ) 302 8,722 (7,242 ) 1,480 Total other acquired intangible assets $ 197,604 $ (164,000 ) $ 33,604 $ 190,221 $ (147,881 ) $ 42,340 |
Senior Notes and Other Long-T26
Senior Notes and Other Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Total long-term debt consisted of the following as of March 31, 2016 and April 3, 2015: As of As of (In thousands) Senior Notes 2020 Notes $ 575,000 $ 575,000 Unamortized premium on the 2020 Notes 6,374 7,657 Total senior notes, net of premium 581,374 582,657 Less: current portion of the senior notes — — Total senior notes long-term, net 581,374 582,657 Other Long-Term Debt Revolving Credit Facility 180,000 210,000 Ex-Im Credit Facility (1) 218,157 20,476 Unamortized discount on the Ex-Im Credit Facility (1) (25,757 ) (7,302 ) Other 562 822 Total other long-term debt 372,962 223,996 Less: current portion of other long-term debt 274 260 Other long-term debt, net 372,688 223,736 Total debt 954,336 806,653 Less: current portion 274 260 Long-term debt, net $ 954,062 $ 806,393 (1) As of March 31, 2016, included in Ex-Im Credit Facility and in unamortized discount on the Ex-Im Credit Facility was $21.0 million and $18.7 million, respectively, relating to the exposure fees accrued as of such date expected to be financed under the Ex-Im Credit Facility. |
Aggregate Payments on Long-Term Debt Obligations | The estimated aggregate amounts and timing of payments on the Company’s long-term debt obligations as of March 31, 2016 for the next five fiscal years and thereafter were as follows (excluding the effects of premium accretion on the 2020 Notes and discount accretion under the Ex-Im Credit Facility[, and the amendment of the Revolving Credit Facility in May 2016, which, among other matters, extended the maturity date under the Revolving Credit Facility until May 2021]): For the Fiscal Years Ending (In thousands) 2017 $ 263 2018 300 2019 207,270 2020 27,270 2021 602,270 Thereafter 136,346 973,719 Plus: unamortized premium (discount) (19,383 ) Total $ 954,336 |
Common Stock and Stock Plans (T
Common Stock and Stock Plans (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Stock-based Compensation Expense | Total stock-based compensation expense recognized in accordance with the authoritative guidance for share-based payments was as follows: Fiscal Years Ended March 31, 2016 April 3, 2015 April 4, 2014 (In thousands) Stock-based compensation expense before taxes $ 47,510 $ 39,353 $ 33,639 Related income tax benefits (18,089 ) (14,889 ) (12,685 ) Stock-based compensation expense, net of taxes $ 29,421 $ 24,464 $ 20,954 |
Summary of Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions | The weighted average estimated fair value of employee stock options granted and employee stock purchase plan shares issued during fiscal year 2016 was $20.35 and $13.37 per share, respectively, during fiscal year 2015 was $22.22 and $14.18 per share, respectively, and during fiscal year 2014 was $23.03 and $16.32 per share, respectively, using the Black-Scholes model with the following weighted average assumptions (annualized percentages): Employee Stock Options Employee Stock Purchase Plan Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Volatility 32.9 % 34.0 % 40.2 % 24.6 % 30.6 % 34.3 % Risk-free interest rate 1.7 % 1.7 % 1.3 % 0.3 % 0.1 % 0.1 % Dividend yield 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Expected life 5.5 years 5.5 years 5.5 years 0.5 years 0.5 years 0.5 years |
Summary of Employee Stock Option Activity | A summary of employee stock option activity for fiscal year 2016 is presented below: Number of Weighted Average Weighted Average Aggregate Intrinsic Outstanding at April 3, 2015 1,827,143 $ 46.90 Options granted 439,000 61.42 Options canceled — — Options exercised (432,706 ) 31.25 Outstanding at March 31, 2016 1,833,437 $ 54.07 3.57 $ 35,593 Vested and exercisable at March 31, 2016 921,513 $ 47.84 2.40 $ 23,632 |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for fiscal year 2016 is presented below: Number of Weighted Outstanding at April 3, 2015 1,973,921 $ 55.42 Awarded 1,153,513 61.81 Forfeited (55,052 ) 58.48 Released (703,043 ) 52.30 Outstanding at March 31, 2016 2,369,339 $ 59.39 Vested and deferred at March 31, 2016 132,670 $ 35.30 |
Shares Used In Computing Dilu28
Shares Used In Computing Diluted Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Shares Used in Computing Diluted Net Income (Loss) Per Share | Fiscal Years Ended March 31, April 3, April 4, (In thousands) Weighted average: Common shares outstanding used in calculating basic net income (loss) per share attributable to ViaSat, Inc. common stockholders 48,464 47,139 45,744 Options to purchase common stock as determined by application of the treasury stock method 281 475 — Restricted stock units to acquire common stock as determined by application of the treasury stock method 533 515 — Potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan 167 156 — Shares used in computing diluted net income (loss) per share attributable to 49,445 48,285 45,744 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes by jurisdiction are as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) United States $ 20,280 $ 58,185 $ (31,850 ) Foreign (2,683 ) (4,467 ) (2,754 ) $ 17,597 $ 53,718 $ (34,604 ) |
Summary of (Benefit from) Provision for Income Taxes | The (benefit from) provision for income taxes includes the following: Fiscal Years Ended March 31, April 3, April 4, (In thousands) Current tax provision Federal $ 132 $ (216 ) $ 798 State 543 1,507 540 Foreign 148 115 12 823 1,406 1,350 Deferred tax (benefit) provision Federal 2,266 14,546 (11,188 ) State (7,090 ) (1,477 ) (16,032 ) Foreign (172 ) (648 ) (77 ) (4,996 ) 12,421 (27,297 ) Total (benefit from) provision for income taxes $ (4,173 ) $ 13,827 $ (25,947 ) |
Components of Net Deferred Tax Assets | Significant components of the Company’s net deferred tax assets are as follows: As of March 31, April 3, (In thousands) Deferred tax assets: Net operating loss carryforwards $ 222,332 $ 223,642 Tax credit carryforwards 129,333 112,183 Other 64,459 72,807 Valuation allowance (17,089 ) (15,550 ) Total deferred tax assets 399,035 393,082 Deferred tax liabilities: Intangible assets (82,295 ) (66,340 ) Property, equipment and satellites (182,030 ) (194,242 ) Total deferred tax liabilities (264,325 ) (260,582 ) Net deferred tax assets $ 134,710 $ 132,500 |
Reconciliation of (Benefit from) Provision for Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Income before Income Taxes | A reconciliation of the (benefit from) provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes is as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) Tax provision (benefit) at federal statutory rate $ 6,167 $ 18,808 $ (12,132 ) State tax provision, net of federal benefit 1,197 4,014 (3,555 ) Tax credits, net of valuation allowance (16,016 ) (14,055 ) (13,217 ) Non-deductible compensation 2,457 1,966 1,337 Non-deductible meals and entertainment 751 759 678 Stock-based compensation 551 478 232 Change in state effective tax rate (354 ) 508 (308 ) Foreign effective tax rate differential, net of valuation allowance 859 898 536 Other 215 451 482 Total (benefit from) provision for income taxes $ (4,173 ) $ 13,827 $ (25,947 ) |
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: As of March 31, April 3, April 4, (In thousands) Balance, beginning of fiscal year $ 41,769 $ 37,395 $ 34,491 (Decrease) increase related to prior year tax positions (586 ) 524 (249 ) Increases related to current year tax positions 3,897 3,897 4,459 Statute expirations — (47 ) (1,306 ) Balance, end of fiscal year $ 45,080 $ 41,769 $ 37,395 |
Acquisitions and Strategic Pa30
Acquisitions and Strategic Partnering Arrangements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocation of Acquired Assets and Assumed Liabilities Based on Estimated Fair Values | The purchase price allocation of the acquired assets and assumed liabilities based on the estimated fair values as of June 6, 2014 is as follows: (In thousands) Current assets $ 8,482 Property and equipment 1,087 Identifiable intangible assets 24,310 Goodwill 34,576 Total assets acquired 68,455 Current liabilities (5,305 ) Other long-term liabilities (2,981 ) Total liabilities assumed (8,286 ) Total purchase price $ 60,169 |
Amounts Assigned to Identifiable Intangible Assets and Estimated Weighted Average Useful Lives | Amounts assigned to identifiable intangible assets are amortized on a straight-line basis over their estimated useful lives and are as follows: Fair value Estimated Technology $ 10,970 7 Customer relationships 10,950 9 Non-compete agreements 2,130 2 Trade name 260 2 Total identifiable intangible assets $ 24,310 8 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Payments Related to Purchase Commitments | As of March 31, 2016, future minimum payments under the ViaSat-2 satellite construction contract, the ViaSat-3 limited authorization to proceed and other satellite related purchase commitments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2017 $ 175,935 2018 36,056 2019 53,345 2020 49,345 2021 1,470 Thereafter 15,032 $ 331,183 |
Summary of Future Minimum Lease Payments | As of March 31, 2016, future minimum lease payments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2017 $ 29,816 2018 26,802 2019 23,842 2020 20,028 2021 19,787 Thereafter 85,416 $ 205,691 |
Contingencies and Certain Mat32
Contingencies and Certain Matters Resolved During Fiscal Year 2015 (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Consideration Assigned to Identifiable Elements | The consideration assigned to each element was as follows: (In thousands) Implied license $ 85,132 Other damages 18,714 Interest income 4,866 $ 108,712 |
Product Warranty (Tables)
Product Warranty (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Change in the Company's Warranty Accrual | The following table reflects the change in the Company’s warranty accrual in fiscal years 2016, 2015 and 2014. Fiscal Years Ended March 31, April 3, April 4, (In thousands) Balance, beginning of period $ 15,545 $ 17,023 $ 14,107 Change in liability for warranties issued in period 4,327 5,725 10,110 Settlements made (in cash or in kind) during the period (8,438 ) (7,203 ) (7,194 ) Balance, end of period $ 11,434 $ 15,545 $ 17,023 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Revenues and Operating Profits (Losses) | Segment revenues and operating profits (losses) for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014 were as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) Revenues: Satellite Services Product (1) $ 25,606 $ 33,576 $ 42 Service 533,628 466,284 390,666 Total 559,234 499,860 390,708 Commercial Networks Product 228,694 331,052 378,577 Service 22,042 16,078 16,944 Total 250,736 347,130 395,521 Government Systems Product 410,521 363,446 407,119 Service 196,940 172,099 158,114 Total 607,461 535,545 565,233 Elimination of intersegment revenues — — — Total revenues $ 1,417,431 $ 1,382,535 $ 1,351,462 Operating profits (losses): Satellite Services (2) $ 81,830 $ 62,379 $ (45,991 ) Commercial Networks (111,339 ) (33,616 ) (12,134 ) Government Systems 87,066 72,347 76,038 Elimination of intersegment operating profits — — — Segment operating profit before corporate and amortization of acquired intangible assets 57,557 101,110 17,913 Corporate — — — Amortization of acquired intangible assets (16,438 ) (17,966 ) (14,614 ) Income from operations $ 41,119 $ 83,144 $ 3,299 (1) Product revenues in the satellite services segment included $25.3 million and $33.0 million for the fiscal years ended March 31, 2016, and April 3, 2015, respectively, relating to amounts realized under the Settlement Agreement. See Note 12. (2) Operating profits for the satellite services segment included $25.3 million and $51.8 million for the fiscal years ended March 31, 2016, and April 3, 2015, respectively, relating to amounts realized under the Settlement Agreement. See Note 12. |
Segment Assets | Segment assets as of March 31, 2016, April 3, 2015 and April 4, 2014 were as follows: As of As of As of (In thousands) Segment assets: Satellite Services $ 57,529 $ 63,790 $ 73,382 Commercial Networks 212,943 217,268 229,455 Government Systems 311,927 273,313 206,848 Total segment assets 582,399 554,371 509,685 Corporate assets 1,823,447 1,604,007 1,450,430 Total assets $ 2,405,846 $ 2,158,378 $ 1,960,115 |
Other Acquired Intangible Assets, Net and Goodwill Included in Segment Assets and Amortization of Acquired Intangible Assets by Segment | Other acquired intangible assets, net and goodwill included in segment assets as of March 31, 2016 and April 3, 2015 were as follows: Other Acquired Intangible Goodwill As of As of As of As of (In thousands) Satellite Services $ 8,751 $ 17,873 $ 9,809 $ 9,809 Commercial Networks 6,581 1,443 43,990 43,994 Government Systems 18,272 23,024 63,241 63,438 Total $ 33,604 $ 42,340 $ 117,040 $ 117,241 Amortization of acquired intangible assets by segment for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014 was as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) Satellite Services $ 9,122 $ 11,058 $ 11,058 Commercial Networks 2,569 1,452 1,337 Government Systems 4,747 5,456 2,219 Total amortization of acquired intangible assets $ 16,438 $ 17,966 $ 14,614 |
Revenue Information by Geographic Area | Revenue information by geographic area for the fiscal years ended March 31, 2016, April 3, 2015 and April 4, 2014 was as follows: Fiscal Years Ended March 31, April 3, April 4, (In thousands) United States $ 1,207,651 $ 1,149,700 $ 1,044,737 Europe, Middle East and Africa 80,202 89,982 127,696 Asia, Pacific 79,213 81,397 147,063 North America other than United States 38,957 51,661 25,811 Central and Latin America 11,408 9,795 6,155 Total revenues $ 1,417,431 $ 1,382,535 $ 1,351,462 |
The Company and a Summary of 35
The Company and a Summary of Its Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | Jun. 30, 2015 | |
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Capitalized interest expense | $ 30,100,000 | $ 16,200,000 | $ 8,100,000 | |
Total capitalized costs related to patents | 3,200,000 | 3,200,000 | ||
Total capitalized costs related to orbital slots and other licenses | 15,400,000 | 15,100,000 | ||
Accumulated amortization of patents and other licenses | 1,700,000 | 1,400,000 | ||
Capitalized debt issuance costs | 3,500,000 | 2,500,000 | ||
Goodwill and other intangible assets impairment | $ 0 | 0 | 0 | |
Maximum warranty periods provided on limited warranty | 5 years | |||
Forward loss related to loss contracts | $ 5,100,000 | 600,000 | 3,300,000 | |
Defense contract audit agency completed cost audits | Contract costs on U.S. government contracts are subject to audit and review by the Defense Contracting Management Agency (DCMA), the Defense Contract Audit Agency (DCAA), and other U.S. government agencies, as well as negotiations with U.S. government representatives. As of March 31, 2016, the DCAA had completed its incurred cost audit for fiscal year 2004 and approved the Company’s incurred cost claims for fiscal years 2005 through 2015 without further audit. Although the Company has recorded contract revenues subsequent to fiscal year 2015 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. | |||
Advertising expenses | $ 12,200,000 | 17,000,000 | $ 18,900,000 | |
Minimum [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, equipment and satellites, estimated useful life (years) | 2 years | |||
Maximum [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, equipment and satellites, estimated useful life (years) | 24 years | |||
Property and Equipment, Net [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment | $ 1,050,886,000 | 878,550,000 | ||
Accumulated depreciation and amortization | $ 563,976,000 | 460,528,000 | ||
CPE leased equipment [Member] | Minimum [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, equipment and satellites, estimated useful life (years) | 4 years | |||
CPE leased equipment [Member] | Maximum [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, equipment and satellites, estimated useful life (years) | 5 years | |||
CPE leased equipment [Member] | Property and Equipment, Net [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment | $ 260,409,000 | 250,281,000 | ||
Accumulated depreciation and amortization | $ 136,400,000 | $ 107,800,000 | ||
Engreen [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Purchase price of the acquisition | $ 5,300,000 | |||
Purchase price of the acquisition that has been withheld | $ 500,000 | |||
Percentage of total revenues from the U.S. government [Member] | Sales revenue, net [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 23.70% | 22.80% | 21.20% | |
Percentage of total revenues from the U.S. government [Member] | Percentage of total billed receivables from the U.S. government [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 22.80% | 30.60% | ||
Percentage of total revenues from the Company's five largest contracts [Member] | Sales revenue, net [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 19.40% | 21.10% | 26.40% | |
Unfavorable Regulatory Action [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Total U.S. government contract-related reserves balance | $ 2,500,000 | $ 4,300,000 |
The Company and a Summary of 36
The Company and a Summary of Its Significant Accounting Policies - Additional Information 1 (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | Mar. 29, 2013 | |
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Capitalized costs, net, related to software developed for resale | $ 163,061,000 | $ 119,936,000 | ||
Capitalized cost related to software development for resale | 75,400,000 | 52,400,000 | ||
Amortization expense of software development costs | 32,200,000 | 23,500,000 | $ 11,100,000 | |
Self-insurance liability | $ 3,800,000 | $ 3,900,000 | ||
Repurchased shares of common stock held in treasury | (48,926,417) | (47,697,413) | ||
Purchase of treasury shares pursuant to vesting of certain RSU agreements | $ 16,397,000 | $ 14,788,000 | ||
Deferred rent included in other long-term liabilities | $ 8,808,000 | $ 8,307,000 | ||
Maximum [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life, years | 10 years | |||
Maximum [Member] | Software Development Costs [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life, years | 5 years | |||
Common Stock Held in Treasury [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Repurchased shares of common stock held in treasury | 0 | 0 | 1,190,572 | 947,607 |
Purchase of treasury shares pursuant to vesting of certain RSU agreements, shares | 263,137 | 236,446 | 242,965 | |
Purchase of treasury shares pursuant to vesting of certain RSU agreements | $ 16,400,000 | $ 14,800,000 | $ 15,600,000 | |
Retirement of common stock held in treasury, shares | 1,427,018 | |||
Total value of treasury stock retired | $ 64,100,000 | |||
Common Stock [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Common stock issued based on the vesting terms of certain restricted stock unit agreements | 703,043 | 647,006 | 654,020 | |
Paid-in Capital [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Purchase of treasury shares pursuant to vesting of certain RSU agreements | $ 16,397,000 | $ 14,788,000 | ||
Total value of treasury stock retired | 64,100,000 | |||
Indemnification Agreement [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Accrued indemnification losses | 0 | 0 | ||
Derivatives designated as hedging instruments [Member] | Cash flow hedging [Member] | Foreign currency forward contracts [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Notional value of foreign currency forward contracts outstanding | 5,000,000 | 0 | ||
Gains or losses from ineffectiveness of derivative instruments | $ 0 | $ 0 | $ 0 | |
Foreign currency forward contracts maturity, maximum | 36 months | |||
Accounting Standards Update 2014-09 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to a customer. This guidance will replace most existing revenue recognition guidance and will be effective for the Company beginning in fiscal year 2019, including interim periods within that reporting period, based on the FASB decision in July 2015 (ASU 2015-14, Revenue from Contract with Customers — Deferral of the Effective Date) to delay the effective date of the new revenue recognition standard by one year, but providing entities a choice to adopt the standard as of the original effective date. In March 2016, the FASB issued ASU 2016-08, Principal vs Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing, which clarifies the implementation guidance on identifying performance obligations and the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients, which provides practical expedient for contract modifications and clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. These standards permit the use of either the retrospective or cumulative effect transition method. The Company has not selected a transition method and is currently evaluating the impact these standards will have on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2015-02 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In February 2015, the FASB issued ASU 2015-02, Consolidation (ASC 810) Amendments to the Consolidation Analysis. ASU 2015-02 amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance will become effective for the Company in fiscal year 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements and disclosures. | |||
Accounting Standards Update 2015-03 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (ASC 835-30) Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. | |||
Accounting Standards Update 2015-05 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for the Company in fiscal year 2017 with early adoption permitted using either of two methods: (i) prospectively to all arrangements entered into or materially modified after the effective date and represent a change in accounting principle; or (ii) retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2014-08 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 limits the requirement to report discontinued operations to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The amendments also require expanded disclosures concerning discontinued operations and disclosures of certain financial results attributable to a disposal of a significant component of an entity that does not qualify for discontinued operations reporting. This guidance became effective for the Company beginning in the first quarter of fiscal year 2016 and the authoritative guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. | |||
Accounting Standards Update 2015 -11 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 simplifies the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, in scope inventory should be measured at the lower of cost and net realizable value. The new standard should be applied prospectively and will become effective for the Company in fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2015-15 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that staff of the Securities and Exchange Commission (the SEC) would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This new guidance will be effective for the Company in fiscal year 2017, with early adoption permitted. The new guidance shall be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. | |||
Accounting Standards Update 2015-16 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Under current GAAP, the acquirer is required to retrospectively apply adjustments made to provisional amounts recognized in a business combination. The new standard should be applied prospectively and will become effective for the Company in fiscal year 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. | |||
Accounting Standards Update 2015-17 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Income Taxes (ASU 2015-17), which requires entities to classify deferred tax liabilities and assets as non-current in a classified balance sheet. The new guidance can be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. ASU 2015-17 will become effective for the Company in fiscal year 2018, with early adoption permitted. The Company early adopted this standard retrospectively and reclassified all of its current deferred tax assets to non-current deferred tax assets on its consolidated balance sheets for all periods presented. | |||
Accounting Standards Update 2016-01 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). ASU 2016-01 requires that most equity investments (except those accounted for under the equity method for accounting or those that result in consolidation of the investee) be measured at fair value, with subsequent changes in fair value recognized in net income. The new guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The new guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. ASU 2016-01 will become effective for the Company in fiscal year 2019, with early adoption permitted with certain stipulations. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2016-02 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and eliminates certain real estate-specific provisions. The new guidance will become effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. ASU 2016-02 will be adopted on a modified retrospective transition basis for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2016-05 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815). ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument, in and of itself, does not require dedesignation of a hedging relationship. The new guidance will become effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2016-06 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815). ASU 2016-06 clarifies the requirements for assessing whether contingent put or call option in a debt instrument qualifies as a separate derivative. The new guidance is required to be applied on a modified retrospective basis to all existing and future debt instruments of the fiscal year for which the amendments are effective. ASU 2016-06 will become effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2016-07 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In March 2016, the FASB issued ASU 2016-07, Investment — Equity Method and Joint Ventures (Topic 323). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 will become effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2016-09 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718). ASU 2016-09 simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance we become effective for the Company beginning in fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. |
Composition of Certain Balanc37
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Apr. 03, 2015 |
Accounts receivable, net: | ||
Accounts receivable, Billed | $ 146,309 | $ 120,345 |
Accounts receivable, Unbilled | 141,568 | 147,049 |
Allowance for doubtful accounts | (1,153) | (1,055) |
Accounts receivable, net | 286,724 | 266,339 |
Inventories: | ||
Raw materials | 46,757 | 42,716 |
Work in process | 27,200 | 22,957 |
Finished goods | 71,204 | 62,694 |
Inventories | 145,161 | 128,367 |
Prepaid expenses and other current assets: | ||
Prepaid expenses | 43,562 | 40,106 |
Other | 5,799 | 4,596 |
Prepaid expenses and other current assets | 49,361 | 44,702 |
Other assets: | ||
Deferred income taxes | 134,721 | 132,864 |
Capitalized software costs, net | 163,061 | 119,936 |
Patents, orbital slots and other licenses, net | 16,900 | 16,900 |
Other | 32,079 | 57,183 |
Other assets | 346,761 | 326,883 |
Accrued liabilities: | ||
Collections in excess of revenues and deferred revenues | 64,624 | 83,528 |
Accrued employee compensation | 35,056 | 27,953 |
Accrued vacation | 28,646 | 25,859 |
Warranty reserve, current portion | 7,867 | 9,235 |
Current portion of other long-term debt | 274 | 260 |
Other | 47,877 | 44,491 |
Accrued liabilities | 184,344 | 191,326 |
Other liabilities: | ||
Deferred revenue, long-term portion | 5,470 | 4,894 |
Deferred rent, long-term portion | 8,808 | 8,307 |
Warranty reserve, long-term portion | 3,567 | 6,310 |
Satellite performance incentives obligation, long-term portion | 19,514 | 20,121 |
Deferred income taxes | 12 | 363 |
Other liabilities | 37,371 | 39,995 |
Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 1,173,880 | 987,041 |
Less: accumulated depreciation and amortization | (275,683) | (224,820) |
Property and equipment, net | 898,197 | 762,221 |
Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 1,050,886 | 878,550 |
Less: accumulated depreciation and amortization | (563,976) | (460,528) |
Property and equipment, net | 486,910 | 418,022 |
Satellite - WildBlue-1 [Member] | Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 195,890 | 195,890 |
Capital lease of satellite capacity - Anik F2 [Member] | Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 99,090 | 99,090 |
Satellite - ViaSat-1 [Member] | Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 363,204 | 363,204 |
Construction in progress [Member] | Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 515,696 | 328,857 |
Construction in progress [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 73,535 | 17,890 |
Equipment and software [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 568,663 | 511,717 |
CPE leased equipment [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 260,409 | 250,281 |
Less: accumulated depreciation and amortization | (136,400) | (107,800) |
Furniture and fixtures [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 25,501 | 20,395 |
Leasehold improvements [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 71,895 | 67,723 |
Building [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 8,923 | 8,923 |
Land [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | $ 41,960 | $ 1,621 |
Composition of Certain Balanc38
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2016 | |
Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 24 years |
Satellite - WildBlue-1 [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 10 years |
Capital lease of satellite capacity - Anik F2 [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 10 years |
Satellite - ViaSat-1 [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Equipment and software [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Equipment and software [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
CPE leased equipment [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 4 years |
CPE leased equipment [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 5 years |
Furniture and fixtures [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
Leasehold improvements [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Leasehold improvements [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Building [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 24 years |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Apr. 03, 2015 |
Assets: | ||
Cash equivalents | $ 2,003 | $ 2,033 |
Foreign currency forward contracts | 196 | |
Total assets measured at fair value on a recurring basis | 2,199 | 2,033 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 2,003 | 2,033 |
Total assets measured at fair value on a recurring basis | 2,003 | $ 2,033 |
Level 2 [Member] | ||
Assets: | ||
Foreign currency forward contracts | 196 | |
Total assets measured at fair value on a recurring basis | $ 196 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Apr. 03, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Satellite performance incentives obligation and accrued interest | $ 22,000 | |
2020 Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount of senior notes issued | $ 575,000 | $ 575,000 |
Satellite Performance Incentives Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest on in-orbit satellite performance incentive obligation | 7.00% | |
Period of in-orbit satellite performance incentive obligation including interest | 15 years | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Satellite performance incentives obligation and accrued interest | $ 22,000 | 22,400 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Ex-Im Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of long term debt | 219,900 | |
Level 1 [Member] | 2020 Notes [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of long term debt | $ 597,300 | $ 610,900 |
Goodwill and Acquired Intangi41
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 06, 2014 | Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||||
Decrease in goodwill related to foreign currency translation | $ 200 | |||
Change in goodwill | $ 33,600 | |||
Amortization of acquired intangible assets | $ 16,438 | 17,966 | $ 14,614 | |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other acquired intangible assets estimated useful lives | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other acquired intangible assets estimated useful lives | 10 years | |||
Engreen [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other acquired assets related to acquisition | $ 7,700 | |||
NetNearU [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other acquired assets related to acquisition | $ 24,310 | 24,300 | ||
NetNearU [Member] | Government Systems [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Change in goodwill related to an acquisition | $ 34,600 |
Goodwill and Acquired Intangi42
Goodwill and Acquired Intangible Assets - Expected Amortization Expense for Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Apr. 03, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Expected for fiscal year 2017 | $ 9,357 | |
Expected for fiscal year 2018 | 8,023 | |
Expected for fiscal year 2019 | 5,510 | |
Expected for fiscal year 2020 | 4,478 | |
Expected for fiscal year 2021 | 3,045 | |
Thereafter | 3,191 | |
Other acquired intangible assets, net | $ 33,604 | $ 42,340 |
Goodwill and Acquired Intangi43
Goodwill and Acquired Intangible Assets - Allocation of Other Acquired Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Apr. 03, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other acquired intangible assets, gross | $ 197,604 | $ 190,221 |
Other acquired intangible assets, accumulated amortization | (164,000) | (147,881) |
Other acquired intangible assets, net | $ 33,604 | 42,340 |
Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 6 years | |
Other acquired intangible assets, gross | $ 74,848 | 67,403 |
Other acquired intangible assets, accumulated amortization | (59,921) | (55,939) |
Other acquired intangible assets, net | $ 14,927 | 11,464 |
Contracts and customer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 8 years | |
Other acquired intangible assets, gross | $ 99,499 | 99,556 |
Other acquired intangible assets, accumulated amortization | (83,928) | (74,019) |
Other acquired intangible assets, net | $ 15,571 | 25,537 |
Satellite co-location rights [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 9 years | |
Other acquired intangible assets, gross | $ 8,600 | 8,600 |
Other acquired intangible assets, accumulated amortization | (5,818) | (4,893) |
Other acquired intangible assets, net | $ 2,782 | 3,707 |
Trade name [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 3 years | |
Other acquired intangible assets, gross | $ 5,940 | 5,940 |
Other acquired intangible assets, accumulated amortization | (5,918) | (5,788) |
Other acquired intangible assets, net | $ 22 | 152 |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 7 years | |
Other acquired intangible assets, gross | $ 8,717 | 8,722 |
Other acquired intangible assets, accumulated amortization | (8,415) | (7,242) |
Other acquired intangible assets, net | $ 302 | $ 1,480 |
Senior Notes and Other Long-T44
Senior Notes and Other Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Apr. 03, 2015 |
Senior Notes | ||
Total senior notes long-term, net | $ 581,374 | $ 582,657 |
Other Long-Term Debt | ||
Other | 562 | 822 |
Total other long-term debt | 372,962 | 223,996 |
Total other long-term debt | 372,962 | 223,996 |
Less: current portion of other long-term debt | 274 | 260 |
Other long-term debt, net | 372,688 | 223,736 |
Total debt | 954,336 | 806,653 |
Less: current portion | 274 | 260 |
Long-term debt, net | 954,062 | 806,393 |
Revolving credit facility [Member] | ||
Other Long-Term Debt | ||
Credit Facility | 180,000 | 210,000 |
Ex-Im Credit Facility [Member] | ||
Other Long-Term Debt | ||
Credit Facility | 197,200 | |
Credit Facility | 218,157 | 20,476 |
Unamortized discount on the Ex-Im Credit Facility | (25,757) | (7,302) |
2020 Notes [Member] | ||
Senior Notes | ||
Principal amounts of Senior Notes issued | 575,000 | 575,000 |
Unamortized premium on the 2020 Notes | 6,374 | 7,657 |
Total senior notes, net of premium | 581,374 | 582,657 |
Total senior notes, net of premium | 581,374 | 582,657 |
Less: current portion of the senior notes | 0 | 0 |
Total senior notes long-term, net | $ 581,374 | $ 582,657 |
Senior Notes and Other Long-T45
Senior Notes and Other Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) - Ex-Im Credit Facility [Member] $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Senior Notes | |
Exposure fees from undrawn commitment on Ex-Im Credit Facility expected to be financed through Ex-Im Credit Facility | $ 20,992 |
Unamortized discount on Ex-Im Credit Facility related to exposure fees expected to be financed | $ 18,700 |
Senior Notes and Other Long-T46
Senior Notes and Other Long-Term Debt - Aggregate Payments on Long-Term Debt Obligations (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Maturities of Long-term Debt [Abstract] | |
Fiscal year ending 2017 | $ 263 |
Fiscal year ending 2018 | 300 |
Fiscal year ending 2019 | 207,270 |
Fiscal year ending 2020 | 27,270 |
Fiscal year ending 2021 | 602,270 |
Thereafter | 136,346 |
Total Payment | 973,719 |
Plus: unamortized premium (discount) | (19,383) |
Total debt | $ 954,336 |
Senior Notes and Other Long-T47
Senior Notes and Other Long-Term Debt - Additional Information (Detail) $ in Thousands | May. 24, 2016USD ($) | Mar. 31, 2016USD ($)Installment | Dec. 31, 2015USD ($) | Apr. 03, 2015USD ($) | Oct. 31, 2012USD ($) | Feb. 27, 2012USD ($) |
Revolving credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility maximum borrowing capacity | $ 500,000 | |||||
Maturity date of the Credit Facility | Nov. 26, 2018 | |||||
Credit Facility interest rate description | Borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at either (1) the highest of the Federal Funds rate plus 0.50%, the Eurodollar rate plus 1.00%, or the administrative agent’s prime rate as announced from time to time, or (2) the Eurodollar rate, plus, in the case of each of (1) and (2), an applicable margin that is based on the Company’s total leverage ratio. | |||||
Weighted average effective interest rate on the Company's outstanding borrowings under the Credit Facility | 2.44% | |||||
Credit facility description | The Revolving Credit Facility contains financial covenants regarding a maximum total leverage ratio and a minimum interest coverage ratio. In addition, the Revolving Credit Facility contains covenants that restrict, among other things, the Company's ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. On May 24, 2016, subsequent to fiscal year end, the Company amended its Revolving Credit Facility to, among other matters, increase the size of the revolving line of credit under the Revolving Credit Facility from $500.0 million to $800.0 million and extend the maturity date to May 2021 (or March 2020, if more than $200.0 million of the Company’s 2020 Notes are then outstanding and certain conditions are met). | |||||
Borrowing availability under the Credit Facility | $ 277,200 | |||||
Principal amount of outstanding borrowings under the Credit Facility | 180,000 | $ 210,000 | ||||
Revolving credit facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility maximum borrowing capacity | $ 800,000 | |||||
Maturity date of the Credit Facility | May 24, 2021 | |||||
Letter of credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility maximum borrowing capacity | 150,000 | |||||
Standby letters of credit outstanding amount | 42,800 | |||||
Ex-Im Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility maximum borrowing capacity | $ 386,700 | $ 524,900 | ||||
Credit facility description | The Ex-Im Credit Facility contains financial covenants regarding ViaSat's maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im Credit Facility contains covenants that restrict, among other things, the Company's ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. | |||||
Principal amount of outstanding borrowings under the Credit Facility | $ 197,200 | |||||
Amount of qualified ViaSat-2 satellite costs limited to finance | $ 343,100 | |||||
Percent of qualified ViaSat-2 expenses used to finance | 85.00% | |||||
The maximum exposure fees under Ex-Im Credit Facility | $ 43,600 | |||||
Interest rate on the outstanding borrowings | 2.38% | |||||
Required number of installment repayments | Installment | 16 | |||||
Required first repayment date of borrowings under Ex-Im Credit Facility | Apr. 15, 2018 | |||||
Debt maturity date | Oct. 15, 2025 | |||||
The exposure fees paid under Ex-Im Credit Facility borrowings | $ 6,000 | |||||
Borrowing capacity available to finance ViaSat-2 related costs once incurred | 151,900 | |||||
Cumulative Ex-Im Credit Facility loan discount | 28,100 | |||||
Undrawn commitment under the Ex-Im Credit Facility | 168,500 | |||||
Exposure fees from undrawn commitment on Ex-Im Credit Facility expected to be financed through Ex-Im Credit Facility | $ 20,992 | |||||
Ex-Im Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate on the Ex-Im Credit Facility | 4.10% | |||||
Ex-Im Credit Facility [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate on the Ex-Im Credit Facility | 4.90% | |||||
Initial 2020 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amounts of Senior Notes issued | $ 275,000 | |||||
Additional 2020 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amounts of Senior Notes issued | $ 300,000 | |||||
Original issue premium of Senior Notes | 103.50% | |||||
Unamortized premium on the 2020 Notes | $ 10,500 | |||||
2020 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on the outstanding borrowings | 6.875% | |||||
Debt maturity date | Jun. 15, 2020 | |||||
Principal amounts of Senior Notes issued | $ 575,000 | 575,000 | ||||
Unamortized premium on the 2020 Notes | $ 6,374 | $ 7,657 | ||||
2020 Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 100.00% | |||||
Redemption description of Senior Notes | The Company may redeem the 2020 Notes prior to June 15, 2016, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the applicable premium and any accrued and unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as the greater of: (i) 1.0% of the principal amount of such 2020 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2020 Notes on June 15, 2016 plus (2) all required interest payments due on such 2020 Notes through June 15, 2016 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the treasury rate (as defined under the indenture) plus 50 basis points, over (b) the then-outstanding principal amount of such 2020 Notes. | |||||
2020 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 103.438% | |||||
Redemption description of Senior Notes | The 2020 Notes may be redeemed, in whole or in part, at any time during the twelve months beginning on June 15, 2016 at a redemption price of 103.438% | |||||
2020 Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 101.719% | |||||
Redemption description of Senior Notes | During the twelve months beginning on June 15, 2017 at a redemption price of 101.719% | |||||
2020 Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 100.00% | |||||
Redemption description of Senior Notes | And at any time on or after June 15, 2018 at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. | |||||
2020 Notes [Member] | Change of control [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage of Senior Notes | 101.00% | |||||
Redemption description of Senior Notes | In the event a change of control occurs (as defined in the indenture), each holder will have the right to require the Company to repurchase all or any part of such holder's 2020 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2020 Notes repurchased plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). |
Common Stock and Stock Plans -
Common Stock and Stock Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | Nov. 30, 1996 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost charged against income | $ 47,510,000 | $ 39,353,000 | $ 33,639,000 | |
Compensation costs capitalized | 5,600,000 | 2,500,000 | 1,600,000 | |
Employee Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental tax benefit from stock options exercised and restricted stock unit awards vesting | $ 0 | $ 0 | $ 0 | |
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 7 months 6 days | |||
Employee stock option vesting period | 4 years | |||
Weighted average estimated fair value of employee stock options granted | $ 20.35 | $ 22.22 | $ 23.03 | |
Stock options exercised intrinsic value | $ 14,500,000 | $ 28,900,000 | $ 25,900,000 | |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental tax benefit from stock options exercised and restricted stock unit awards vesting | 0 | 0 | 0 | |
Compensation cost charged against income | $ 38,400,000 | $ 31,400,000 | $ 26,700,000 | |
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 9 months 18 days | |||
Employee stock option vesting period | 4 years | |||
Weighted average estimated fair value of restricted stock units granted | $ 61.81 | $ 65.20 | $ 61.52 | |
Total fair value of shares vested related to restricted stock units | $ 43,800,000 | $ 30,600,000 | $ 25,200,000 | |
Equity Participation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares reserved for issuance | 25,200,000 | |||
Plan share reserve | Shares of the Company’s common stock granted under the Equity Participation Plan in the form of stock options or stock appreciation right are counted against the Equity Participation Plan share reserve on a one for one basis. Shares of the Company’s common stock granted under the Equity Participation Plan as an award other than as an option or as a stock appreciation right with a per share purchase price lower than 100% of fair market value on the date of grant are counted against the Equity Participation Plan share reserve as two shares for each share of common stock prior to September 22, 2010 and subsequent to September 19, 2012, and as 2.65 shares for each share of common stock during the period beginning on September 22, 2010 and ending on September 19, 2012. | |||
Compensation cost charged against income | $ 45,200,000 | 37,200,000 | 31,700,000 | |
Unrecognized compensation cost related to unvested stock-based compensation arrangements | $ 130,100,000 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares reserved for issuance | 2,850,000 | 2,550,000 | ||
Discount on the fair market value of common stock purchased under the Employee Stock Purchase Plan | 85.00% | |||
Compensation cost charged against income | $ 2,300,000 | $ 2,100,000 | $ 1,900,000 | |
Unrecognized compensation cost related to unvested stock-based compensation arrangements | $ 700,000 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 6 months | |||
Weighted average estimated fair value of employee stock purchase plan shares issued | $ 13.37 | $ 14.18 | $ 16.32 |
Common Stock and Stock Plans 49
Common Stock and Stock Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock-based compensation expense before taxes | $ 47,510 | $ 39,353 | $ 33,639 |
Related income tax benefits | (18,089) | (14,889) | (12,685) |
Stock-based compensation expense, net of taxes | $ 29,421 | $ 24,464 | $ 20,954 |
Common Stock and Stock Plans 50
Common Stock and Stock Plans - Summary of Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 32.90% | 34.00% | 40.20% |
Risk-free interest rate | 1.70% | 1.70% | 1.30% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 24.60% | 30.60% | 34.30% |
Risk-free interest rate | 0.30% | 0.10% | 0.10% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | 6 months | 6 months | 6 months |
Common Stock and Stock Plans 51
Common Stock and Stock Plans - Summary of Employee Stock Option Activity (Detail) - Employee Stock Options [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning Balance | shares | 1,827,143 |
Number of Shares, Options granted | shares | 439,000 |
Number of Shares, Options canceled | shares | 0 |
Number of Shares, Options exercised | shares | (432,706) |
Number of Shares, Outstanding, Ending Balance | shares | 1,833,437 |
Number of Shares, Vested and exercisable, Ending Balance | shares | 921,513 |
Weighted Average Exercise Price per Share, Outstanding, Beginning Balance | $ / shares | $ 46.90 |
Weighted Average Exercise Price per Share, Options granted | $ / shares | 61.42 |
Weighted Average Exercise Price per Share, Options canceled | $ / shares | 0 |
Weighted Average Exercise Price per Share, Options exercised | $ / shares | 31.25 |
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $ / shares | 54.07 |
Weighted Average Exercise Price per Share, Vested and exercisable, Ending Balance | $ / shares | $ 47.84 |
Weighted Average Remaining Contractual Term in Years, Outstanding | 3 years 6 months 26 days |
Weighted Average Remaining Contractual Term in Years, Vested and exercisable | 2 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 35,593 |
Aggregate Intrinsic Value, Vested and exercisable | $ | $ 23,632 |
Common Stock and Stock Plans 52
Common Stock and Stock Plans - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units, Outstanding, Beginning Balance | 1,973,921 | ||
Number of Restricted Stock Units, Awarded | 1,153,513 | ||
Number of Restricted Stock Units, Forfeited | (55,052) | ||
Number of Restricted Stock Units, Released | (703,043) | ||
Number of Restricted Stock Units, Outstanding, Ending Balance | 2,369,339 | 1,973,921 | |
Number of Restricted Stock Units, Vested and deferred, Ending Balance | 132,670 | ||
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ 55.42 | ||
Weighted Average Grant Date Fair Value per Share, Awarded | 61.81 | $ 65.20 | $ 61.52 |
Weighted Average Grant Date Fair Value per Share, Forfeited | 58.48 | ||
Weighted Average Grant Date Fair Value per Share, Released | 52.30 | ||
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | 59.39 | $ 55.42 | |
Weighted Average Grant Date Fair Value per Share, Vested and deferred, Ending Balance | $ 35.30 |
Shares Used In Computing Dilu53
Shares Used In Computing Diluted Net Income (Loss) Per Share - Shares Used in Computing Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding used in calculating basic net income (loss) per share attributable to ViaSat, Inc. common stockholders | 48,464 | 47,139 | 45,744 |
Weighted average options to purchase common stock as determined by application of the treasury stock method | 281 | 475 | |
Weighted average restricted stock units to acquire common stock as determined by application of the treasury stock method | 533 | 515 | |
Weighted average potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan | 167 | 156 | |
Weighted average shares used in computing diluted net income (loss) per share attributable to ViaSat, Inc. common stockholders | 49,445 | 48,285 | 45,744 |
Shares Used In Computing Dilu54
Shares Used In Computing Diluted Net Income (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Employee Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 810,231 | 451,038 | 920,113 |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 4,138 | 285,481 | 618,113 |
ViaSat 401(K) Profit Sharing Plan and Employee Stock Purchase Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 151,619 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Provision Benefit For Income Taxes [Line Items] | |||
Income (loss) before income taxes | $ 17,597 | $ 53,718 | $ (34,604) |
United States [Member] | |||
Provision Benefit For Income Taxes [Line Items] | |||
Income (loss) before income taxes | 20,280 | 58,185 | (31,850) |
Foreign [Member] | |||
Provision Benefit For Income Taxes [Line Items] | |||
Income (loss) before income taxes | $ (2,683) | $ (4,467) | $ (2,754) |
Income Taxes - Summary of (Bene
Income Taxes - Summary of (Benefit from) Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Current tax provision | |||
Federal | $ 132 | $ (216) | $ 798 |
State | 543 | 1,507 | 540 |
Foreign | 148 | 115 | 12 |
Total current tax provision | 823 | 1,406 | 1,350 |
Deferred tax (benefit) provision | |||
Federal | 2,266 | 14,546 | (11,188) |
State | (7,090) | (1,477) | (16,032) |
Foreign | (172) | (648) | (77) |
Total deferred tax (benefit) provision | (4,996) | 12,421 | (27,297) |
Total (benefit from) provision for income taxes | $ (4,173) | $ 13,827 | $ (25,947) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Apr. 03, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 222,332 | $ 223,642 |
Tax credit carryforwards | 129,333 | 112,183 |
Other | 64,459 | 72,807 |
Valuation allowance | (17,089) | (15,550) |
Total deferred tax assets | 399,035 | 393,082 |
Deferred tax liabilities: | ||
Intangible assets | (82,295) | (66,340) |
Property, equipment and satellites | (182,030) | (194,242) |
Total deferred tax liabilities | (264,325) | (260,582) |
Net deferred tax assets | $ 134,710 | $ 132,500 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of (Benefit from) Provision for Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Income Tax Disclosure [Abstract] | |||
Tax provision (benefit) at federal statutory rate | $ 6,167 | $ 18,808 | $ (12,132) |
State tax provision, net of federal benefit | 1,197 | 4,014 | (3,555) |
Tax credits, net of valuation allowance | (16,016) | (14,055) | (13,217) |
Non-deductible compensation | 2,457 | 1,966 | 1,337 |
Non-deductible meals and entertainment | 751 | 759 | 678 |
Stock-based compensation | 551 | 478 | 232 |
Change in state effective tax rate | (354) | 508 | (308) |
Foreign effective tax rate differential, net of valuation allowance | 859 | 898 | 536 |
Other | 215 | 451 | 482 |
Total (benefit from) provision for income taxes | $ (4,173) | $ 13,827 | $ (25,947) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Apr. 03, 2015 | |
Income Tax Contingency [Line Items] | ||
Unrealized excess tax benefits associated with share based compensation | $ 52,900,000 | |
Realized excess tax benefits | 0 | |
Valuation allowance | 17,089,000 | $ 15,550,000 |
Impact on effective tax rate | 36,800,000 | |
Accrued interest or penalties associated with uncertain tax positions | 0 | $ 0 |
Tax Credit Carryforward Alternative Minimum Tax [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforward amount | 400,000 | |
Tax Credit Carryforward Foreign [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforward amount | $ 1,200,000 | |
Tax credit carryforwards expiration beginning date | Apr. 1, 2020 | |
United States [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 708,600,000 | |
Operating loss carryforwards expiration beginning date | Apr. 1, 2019 | |
Tax years subject to examination | 2,013 | |
United States [Member] | Research [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforward amount | $ 96,700,000 | |
United States [Member] | Research [Member] | Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforwards expiration beginning date | Apr. 1, 2025 | |
State [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 585,500,000 | |
Operating loss carryforwards expiration beginning date | Apr. 4, 2015 | |
Tax years subject to examination | 2,012 | |
State [Member] | Research [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforward amount | $ 104,000,000 | |
State [Member] | Research [Member] | Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforwards expiration beginning date | Apr. 1, 2017 | |
Foreign [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax years subject to examination | 2,012 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance, beginning of fiscal year | $ 41,769 | $ 37,395 | $ 34,491 |
(Decrease) increase related to prior year tax positions | (586) | 524 | (249) |
Increases related to current year tax positions | 3,897 | 3,897 | 4,459 |
Statute expirations | (47) | (1,306) | |
Balance, end of fiscal year | $ 45,080 | $ 41,769 | $ 37,395 |
Acquisitions and Strategic Pa61
Acquisitions and Strategic Partnering Arrangements - Additional Information (Detail) $ in Thousands, € in Millions | Jun. 06, 2014USD ($) | Feb. 29, 2016EUR (€) | Jul. 04, 2014USD ($) | Mar. 31, 2016USD ($) | Apr. 03, 2015USD ($) | Apr. 04, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Payments related to acquisition of businesses, net of cash acquired | $ 4,402 | $ 57,376 | $ 2,400 | |||
NetNearU [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price | $ 60,200 | |||||
Cash acquired | 4,100 | |||||
Payments related to acquisition of businesses, net of cash acquired | $ 56,100 | |||||
Total merger-related transaction costs incurred by the Company | $ 400 | |||||
Eutelsat Newly Formed Subsidiary [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Minority interest ownership percentage of issued shares of an entity | 49.00% | |||||
Payments to acquire the issued shares of an entity | € | € 132.5 | |||||
Eutelsat Newly Formed Subsidiary [Member] | Eutelsat [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage of issued and outstanding shares of an entity | 51.00% | |||||
ViaSat Newly Formed Subsidiary [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage of issued and outstanding shares of an entity | 51.00% | |||||
ViaSat Newly Formed Subsidiary [Member] | Eutelsat [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Minority interest ownership percentage of issued shares of an entity | 49.00% |
Acquisitions and Strategic Pa62
Acquisitions and Strategic Partnering Arrangements - Summary of Purchase Price Allocation of Acquired Assets and Assumed Liabilities Based on Estimated Fair Values (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Apr. 03, 2015 | Jun. 06, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 117,040 | $ 117,241 | |
NetNearU [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 8,482 | ||
Property and equipment | 1,087 | ||
Identifiable intangible assets | 24,310 | ||
Goodwill | 34,576 | ||
Total assets acquired | 68,455 | ||
Current liabilities | (5,305) | ||
Other long-term liabilities | (2,981) | ||
Total liabilities assumed | (8,286) | ||
Total purchase price | $ 60,169 |
Acquisitions and Strategic Pa63
Acquisitions and Strategic Partnering Arrangements - Amounts Assigned to Identifiable Intangible Assets and Estimated Weighted Average Useful Lives (Detail) - USD ($) $ in Thousands | Jun. 06, 2014 | Mar. 31, 2016 | Apr. 03, 2015 |
Technology [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated weighted average life (In years) | 6 years | ||
Trade name [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated weighted average life (In years) | 3 years | ||
NetNearU [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value identifiable intangible assets | $ 24,310 | $ 24,300 | |
Estimated weighted average life (In years) | 8 years | ||
NetNearU [Member] | Technology [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value identifiable intangible assets | $ 10,970 | ||
Estimated weighted average life (In years) | 7 years | ||
NetNearU [Member] | Customer relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value identifiable intangible assets | $ 10,950 | ||
Estimated weighted average life (In years) | 9 years | ||
NetNearU [Member] | Non-compete agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value identifiable intangible assets | $ 2,130 | ||
Estimated weighted average life (In years) | 2 years | ||
NetNearU [Member] | Trade name [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value identifiable intangible assets | $ 260 | ||
Estimated weighted average life (In years) | 2 years |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Apr. 03, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Number of common stock that would be issued based on year-end common stock closing price | 184,889 | |
Discretionary contributions accrued by the Company under voluntary deferred compensation plan under Section 401(k) of the Internal Revenue Code | $ 13.6 | $ 11.6 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Long-term Purchase Commitment [Line Items] | |||||
Satellite performance incentives obligation | $ 22,000,000 | $ 22,000,000 | |||
Satellite performance incentives obligation, current | 2,500,000 | 2,500,000 | |||
Satellite performance incentives obligation, Noncurrent | 19,514,000 | $ 19,514,000 | $ 20,121,000 | ||
Description of operating lease arrangements | The Company leases office and other facilities under non-cancelable operating leases with initial terms ranging from one to fifteen years which expire between fiscal year 2017 and fiscal year 2027 and provide for pre-negotiated fixed rental rates during the terms of the lease. Certain of the Company's facilities leases contain option provisions which allow for extension of the lease terms. | ||||
Rent expense | $ 27,700,000 | $ 24,500,000 | $ 22,300,000 | ||
Satellite Performance Incentives Obligation [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitment amount | $ 32,000,000 | ||||
Period of in-orbit satellite performance incentive payments, including interest | 15 years | ||||
Future minimum payments under satellite performance incentives obligation for fiscal year 2017 | 2,100,000 | $ 2,100,000 | |||
Future minimum payments under satellite performance incentives obligation for fiscal year 2018 | 2,300,000 | 2,300,000 | |||
Future minimum payments under satellite performance incentives obligation for fiscal year 2019 | 2,400,000 | 2,400,000 | |||
Future minimum payments under satellite performance incentives obligation for fiscal year 2020 | 2,600,000 | 2,600,000 | |||
Future minimum payments under satellite performance incentives obligation for fiscal year 2021 | 2,800,000 | 2,800,000 | |||
Future minimum payments under satellite performance incentives obligation thereafter | 19,800,000 | 19,800,000 | |||
Satellite Capacity Agreements [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Future minimum payments on purchase commitments for fiscal year 2017 | 44,800,000 | 44,800,000 | |||
Future minimum payments on purchase commitments for fiscal year 2018 | 15,400,000 | 15,400,000 | |||
Future minimum payments on purchase commitments for fiscal year 2019 | 11,700,000 | 11,700,000 | |||
Future minimum payments on purchase commitments for fiscal year 2020 | 9,500,000 | 9,500,000 | |||
Future minimum payments on purchase commitments for fiscal year 2021 | 3,700,000 | 3,700,000 | |||
Future minimum payments on purchase commitments thereafter | 0 | $ 0 | |||
Satellite - ViaSat-2 [Member] | Capital Addition [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitment amount | $ 358,000,000 | ||||
ViaSat-3 Class Satellites [Member] | Capital Addition [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitment amount | $ 56,500,000 |
Commitments - Summary of Future
Commitments - Summary of Future Minimum Payments Related to Purchase Commitments (Detail) - Satellite Construction and Other Satellite Related Agreements [Member] $ in Thousands | Mar. 31, 2016USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Future minimum payments on purchase commitments for fiscal year 2017 | $ 175,935 |
Future minimum payments on purchase commitments for fiscal year 2018 | 36,056 |
Future minimum payments on purchase commitments for fiscal year 2019 | 53,345 |
Future minimum payments on purchase commitments for fiscal year 2020 | 49,345 |
Future minimum payments on purchase commitments for fiscal year 2021 | 1,470 |
Future minimum payments on purchase commitments thereafter | 15,032 |
Future minimum payments on purchase commitments total | $ 331,183 |
Commitments - Summary of Futu67
Commitments - Summary of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal year ending 2017 | $ 29,816 |
Fiscal year ending 2018 | 26,802 |
Fiscal year ending 2019 | 23,842 |
Fiscal year ending 2020 | 20,028 |
Fiscal year ending 2021 | 19,787 |
Thereafter | 85,416 |
Total | $ 205,691 |
Contingencies and Certain Mat68
Contingencies and Certain Matters Resolved During Fiscal Year 2015 - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Apr. 03, 2015 |
Unfavorable Regulatory Action [Member] | ||
Loss Contingencies [Line Items] | ||
Total U.S. government contract-related reserves balance | $ 2.5 | $ 4.3 |
Contingencies and Certain Mat69
Contingencies and Certain Matters Resolved During Fiscal Year 2015 - Additional Information 1 (Detail) - USD ($) $ in Thousands | Sep. 05, 2014 | Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 |
Gain Contingencies [Line Items] | ||||
Litigation settlement amount | $ 108,712 | |||
Proceeds from legal settlement | $ 27,500 | $ 53,700 | ||
Product revenues | 664,821 | 728,074 | $ 785,738 | |
Interest income | 2,200 | 2,000 | ||
Implied license [Member] | ||||
Gain Contingencies [Line Items] | ||||
Litigation settlement amount | $ 85,132 | |||
Satellite Services [Member] | Operating Segments [Member] | ||||
Gain Contingencies [Line Items] | ||||
Product revenues | 25,606 | 33,576 | $ 42 | |
Satellite Services [Member] | Operating Segments [Member] | Implied license [Member] | ||||
Gain Contingencies [Line Items] | ||||
Product revenues | $ 25,300 | 33,000 | ||
Selling, General and Administrative Expenses [Member] | Satellite Services [Member] | Operating Segments [Member] | ||||
Gain Contingencies [Line Items] | ||||
Litigation settlement amount | $ 18,700 |
Contingencies and Certain Mat70
Contingencies and Certain Matters Resolved During Fiscal Year 2015 - Summary of Consideration Assigned to Identifiable Elements (Detail) $ in Thousands | Sep. 05, 2014USD ($) |
Gain Contingencies [Line Items] | |
Litigation settlement amount | $ 108,712 |
Interest income [Member] | |
Gain Contingencies [Line Items] | |
Litigation settlement amount | 4,866 |
Implied license [Member] | |
Gain Contingencies [Line Items] | |
Litigation settlement amount | 85,132 |
Other damages [Member] | |
Gain Contingencies [Line Items] | |
Litigation settlement amount | $ 18,714 |
Product Warranty - Additional I
Product Warranty - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2016 | |
Product Warranties Disclosures [Abstract] | |
Maximum warranty periods provided on limited warranty | 5 years |
Product Warranty - Change in th
Product Warranty - Change in the Company's Warranty Accrual (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance, beginning of period | $ 15,545 | $ 17,023 | $ 14,107 |
Change in liability for warranties issued in period | 4,327 | 5,725 | 10,110 |
Settlements made (in cash or in kind) during the period | (8,438) | (7,203) | (7,194) |
Balance, end of period | $ 11,434 | $ 15,545 | $ 17,023 |
Segment Information - Segment R
Segment Information - Segment Revenues and Operating Profits (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Revenues: | |||
Product revenues | $ 664,821 | $ 728,074 | $ 785,738 |
Service revenues | 752,610 | 654,461 | 565,724 |
Total revenues | 1,417,431 | 1,382,535 | 1,351,462 |
Operating profits (losses): | |||
Income from operations | 41,119 | 83,144 | 3,299 |
Amortization of acquired intangible assets | (16,438) | (17,966) | (14,614) |
Operating Segments [Member] | |||
Operating profits (losses): | |||
Income from operations | 57,557 | 101,110 | 17,913 |
Operating Segments [Member] | Satellite Services [Member] | |||
Revenues: | |||
Product revenues | 25,606 | 33,576 | 42 |
Service revenues | 533,628 | 466,284 | 390,666 |
Total revenues | 559,234 | 499,860 | 390,708 |
Operating profits (losses): | |||
Income from operations | 81,830 | 62,379 | (45,991) |
Amortization of acquired intangible assets | (9,122) | (11,058) | (11,058) |
Operating Segments [Member] | Commercial Networks [Member] | |||
Revenues: | |||
Product revenues | 228,694 | 331,052 | 378,577 |
Service revenues | 22,042 | 16,078 | 16,944 |
Total revenues | 250,736 | 347,130 | 395,521 |
Operating profits (losses): | |||
Income from operations | (111,339) | (33,616) | (12,134) |
Amortization of acquired intangible assets | (2,569) | (1,452) | (1,337) |
Operating Segments [Member] | Government Systems [Member] | |||
Revenues: | |||
Product revenues | 410,521 | 363,446 | 407,119 |
Service revenues | 196,940 | 172,099 | 158,114 |
Total revenues | 607,461 | 535,545 | 565,233 |
Operating profits (losses): | |||
Income from operations | 87,066 | 72,347 | 76,038 |
Amortization of acquired intangible assets | (4,747) | (5,456) | (2,219) |
Material Reconciling Items [Member] | |||
Operating profits (losses): | |||
Amortization of acquired intangible assets | $ (16,438) | $ (17,966) | $ (14,614) |
Segment Information - Segment74
Segment Information - Segment Revenues and Operating Profits (Losses) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Segment Reporting Information [Line Items] | |||
Product revenues | $ 664,821 | $ 728,074 | $ 785,738 |
Income (loss) from operations | 41,119 | 83,144 | 3,299 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | 57,557 | 101,110 | 17,913 |
Satellite Services [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Product revenues | 25,606 | 33,576 | 42 |
Income (loss) from operations | 81,830 | 62,379 | $ (45,991) |
Implied license [Member] | Satellite Services [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Product revenues | 25,300 | 33,000 | |
Income (loss) from operations | $ 25,300 | ||
Implied license and other damages [Member] | Satellite Services [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | $ 51,800 |
Segment Information - Segment A
Segment Information - Segment Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 2,405,846 | $ 2,158,378 | $ 1,960,115 |
Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 582,399 | 554,371 | 509,685 |
Operating Segments [Member] | Satellite Services [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 57,529 | 63,790 | 73,382 |
Operating Segments [Member] | Commercial Networks [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 212,943 | 217,268 | 229,455 |
Operating Segments [Member] | Government Systems [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 311,927 | 273,313 | 206,848 |
Corporate, Non-Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 1,823,447 | $ 1,604,007 | $ 1,450,430 |
Segment Information - Other Acq
Segment Information - Other Acquired Intangible Assets, Net and Goodwill Included in Segment Assets and Amortization of Acquired Intangible Assets by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | $ 33,604 | $ 42,340 | |
Goodwill | 117,040 | 117,241 | |
Amortization of acquired intangible assets | 16,438 | 17,966 | $ 14,614 |
Operating Segments [Member] | Satellite Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 8,751 | 17,873 | |
Goodwill | 9,809 | 9,809 | |
Amortization of acquired intangible assets | 9,122 | 11,058 | 11,058 |
Operating Segments [Member] | Commercial Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 6,581 | 1,443 | |
Goodwill | 43,990 | 43,994 | |
Amortization of acquired intangible assets | 2,569 | 1,452 | 1,337 |
Operating Segments [Member] | Government Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 18,272 | 23,024 | |
Goodwill | 63,241 | 63,438 | |
Amortization of acquired intangible assets | $ 4,747 | $ 5,456 | $ 2,219 |
Segment Information - Revenue I
Segment Information - Revenue Information by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,417,431 | $ 1,382,535 | $ 1,351,462 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,207,651 | 1,149,700 | 1,044,737 |
Europe, Middle East and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 80,202 | 89,982 | 127,696 |
Asia, Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 79,213 | 81,397 | 147,063 |
North America other than United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 38,957 | 51,661 | 25,811 |
Central and Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 11,408 | $ 9,795 | $ 6,155 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 |
Located outside the United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets located outside the United States | $ 23.7 | $ 14.3 | $ 18.5 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 03, 2015 | Apr. 04, 2014 | |
Deferred Tax Asset Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 15,550 | $ 12,832 | $ 15,965 |
Charged (credited) to costs and expenses | 1,539 | 2,718 | (3,133) |
Ending Balance | 17,089 | 15,550 | 12,832 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 1,055 | 1,554 | 1,434 |
Charged (credited) to costs and expenses | 5,885 | 3,822 | 4,591 |
Deductions | (5,787) | (4,321) | (4,471) |
Ending Balance | $ 1,153 | $ 1,055 | $ 1,554 |