Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | May 12, 2017 | Sep. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 57,628,633 | ||
Entity Public Float | $ 3,440,363,796 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 130,098 | $ 42,088 |
Accounts receivable, net | 263,721 | 286,724 |
Inventories | 163,201 | 145,161 |
Prepaid expenses and other current assets | 57,836 | 47,583 |
Total current assets | 614,856 | 521,556 |
Other acquired intangible assets, net | 41,677 | 33,604 |
Goodwill | 119,876 | 117,040 |
Other assets | 529,366 | 340,005 |
Total assets | 2,954,653 | 2,397,312 |
Current liabilities: | ||
Accounts payable | 100,270 | 95,645 |
Accrued liabilities | 225,247 | 184,344 |
Total current liabilities | 325,517 | 279,989 |
Senior notes, net | 575,380 | 575,304 |
Other long-term debt, net | 273,103 | 370,224 |
Other liabilities | 42,722 | 37,371 |
Total liabilities | 1,216,722 | 1,262,888 |
Commitments and contingencies (Notes 12 and 13) | ||
ViaSat, Inc. stockholders' equity | ||
Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2017 and 2016, respectively | ||
Common stock, $.0001 par value, 100,000,000 shares authorized; 57,600,609 and 48,926,417 shares outstanding at March 31, 2017 and 2016, respectively | 6 | 5 |
Paid-in capital | 1,439,645 | 855,387 |
Retained earnings | 297,471 | 273,704 |
Accumulated other comprehensive (loss) income | (2,504) | 7 |
Total ViaSat, Inc. stockholders' equity | 1,734,618 | 1,129,103 |
Noncontrolling interest in subsidiaries | 3,313 | 5,321 |
Total equity | 1,737,931 | 1,134,424 |
Total liabilities and equity | 2,954,653 | 2,397,312 |
Property Plant and Equipment - Satellites [Member] | ||
Current assets: | ||
Property and equipment, net | 1,108,270 | 898,197 |
Property Plant and Equipment - Excluding Satellites [Member] | ||
Current assets: | ||
Property and equipment, net | $ 540,608 | $ 486,910 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
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 | 57,600,609 | 48,926,417 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Revenues: | |||
Product revenues | $ 713,936 | $ 664,821 | $ 728,074 |
Service revenues | 845,401 | 752,610 | 654,461 |
Total revenues | 1,559,337 | 1,417,431 | 1,382,535 |
Operating expenses: | |||
Cost of product revenues | 524,026 | 489,246 | 519,483 |
Cost of service revenues | 524,949 | 495,099 | 444,431 |
Selling, general and administrative | 333,468 | 298,345 | 270,841 |
Independent research and development | 129,647 | 77,184 | 46,670 |
Amortization of acquired intangible assets | 10,788 | 16,438 | 17,966 |
Income from operations | 36,459 | 41,119 | 83,144 |
Other income (expense): | |||
Interest income | 1,008 | 2,226 | 2,022 |
Interest expense | (12,083) | (25,748) | (31,448) |
Income before income taxes | 25,384 | 17,597 | 53,718 |
Provision for (benefit from) income taxes | 3,617 | (4,173) | 13,827 |
Net income | 21,767 | 21,770 | 39,891 |
Less: net (loss) income attributable to noncontrolling interests, net of tax | (2,000) | 29 | (472) |
Net income attributable to ViaSat, Inc. | $ 23,767 | $ 21,741 | $ 40,363 |
Net income per share attributable to ViaSat, Inc. common stockholders: | |||
Basic net income per share attributable to ViaSat, Inc. common stockholders | $ 0.45 | $ 0.45 | $ 0.86 |
Diluted net income per share attributable to ViaSat, Inc. common stockholders | $ 0.45 | $ 0.44 | $ 0.84 |
Shares used in computing basic net income per share | 52,318 | 48,464 | 47,139 |
Shares used in computing diluted net income per share | 53,396 | 49,445 | 48,285 |
Comprehensive income: | |||
Net income | $ 21,767 | $ 21,770 | $ 39,891 |
Other comprehensive (loss) income, net of tax: | |||
Unrealized (loss) gain on hedging, net of tax | (182) | 122 | (25) |
Foreign currency translation adjustments, net of tax | (2,329) | (262) | (2,141) |
Other comprehensive (loss) income, net of tax | (2,511) | (140) | (2,166) |
Comprehensive income | 19,256 | 21,630 | 37,725 |
Less: comprehensive (loss) income attributable to noncontrolling interests, net of tax | (2,000) | 29 | (472) |
Comprehensive income attributable to ViaSat, Inc. | $ 21,256 | $ 21,601 | $ 38,197 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 21,767 | $ 21,770 | $ 39,891 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 200,686 | 193,086 | 179,542 |
Amortization of intangible assets | 45,236 | 48,990 | 41,891 |
Deferred income taxes | (218) | (5,003) | 12,420 |
Stock-based compensation expense | 55,775 | 47,510 | 39,353 |
Loss on disposition of fixed assets | 35,431 | 33,960 | 31,997 |
Other non-cash adjustments | 10,018 | 8,957 | 4,778 |
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 16,071 | (26,342) | 3,745 |
Inventories | (12,386) | (26,749) | (1,217) |
Other assets | (15,259) | (3,335) | (16,328) |
Accounts payable | 972 | 5,250 | 862 |
Accrued liabilities | 48,039 | (337) | 20,017 |
Other liabilities | 5,166 | (820) | (7,435) |
Net cash provided by operating activities | 411,298 | 296,937 | 349,516 |
Cash flows from investing activities: | |||
Purchase of property, equipment and satellites | (514,692) | (377,894) | (366,492) |
Investment in unconsolidated affiliate | (140,378) | (1,258) | |
Cash paid for patents, licenses and other assets | (70,966) | (72,731) | (52,686) |
Payments related to acquisition of businesses, net of cash acquired | (16,528) | (4,402) | (57,376) |
Proceeds from sale of real property | 27,559 | ||
Net cash used in investing activities | (715,005) | (456,285) | (476,554) |
Cash flows from financing activities: | |||
Payment of debt issuance costs | (6,677) | (840) | (2,757) |
Proceeds from issuance of common stock under equity plans | 22,403 | 22,309 | 23,202 |
Purchase of common stock in treasury (immediately retired) related to tax withholdings for stock-based compensation | (21,670) | (16,397) | (14,788) |
Proceeds from common stock issued in public offering, net of issuance costs | 503,061 | ||
Other financing activities | (1,802) | (1,784) | (3,107) |
Net cash provided by financing activities | 392,784 | 149,122 | 121,464 |
Effect of exchange rate changes on cash | (1,067) | 51 | (510) |
Net increase (decrease) in cash and cash equivalents | 88,010 | (10,175) | (6,084) |
Cash and cash equivalents at beginning of fiscal year | 42,088 | 52,263 | 58,347 |
Cash and cash equivalents at end of fiscal year | 130,098 | 42,088 | 52,263 |
Supplemental information: | |||
Cash paid for interest (net of amounts capitalized) | 10,094 | 21,787 | 29,645 |
Cash paid for income taxes, net | 1,468 | 1,380 | 494 |
Non-cash investing and financing activities: | |||
Issuance of stock in satisfaction of certain accrued employee compensation liabilities | 13,080 | 11,609 | 10,194 |
Capital expenditures not paid for | 29,813 | 60,796 | 6,584 |
Issuance of common stock in connection with acquisition | 4,988 | ||
Revolving Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from credit facility borrowings | 90,000 | 175,000 | 350,000 |
Payments of revolving credit facility borrowings | (270,000) | (205,000) | (245,000) |
Ex-Im Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from credit facility borrowings | 77,469 | 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 | $ 8,505 | $ 20,992 |
Consolidated Statement of Equit
Consolidated Statement 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 Subsidiaries [Member] |
Beginning balance at Apr. 04, 2014 | $ 946,635 | $ 5 | $ 776,452 | $ 211,600 | $ (49,358) | $ 2,313 | $ 5,623 |
Beginning balance, shares at Apr. 04, 2014 | 47,419,831 | (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, 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 | ||||||
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, 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 | ||||||
Exercise of stock options | 12,117 | 12,117 | |||||
Exercise of stock options, shares | 273,050 | ||||||
Issuance of stock under Employee Stock Purchase Plan | 10,286 | 10,286 | |||||
Issuance of stock under Employee Stock Purchase Plan, shares | 188,938 | ||||||
Common stock issued in public offering, net of issuance costs | 503,061 | $ 1 | 503,060 | ||||
Common stock issued in public offering, net of issuance costs, shares | 7,475,000 | ||||||
Stock-based compensation | 62,397 | 62,397 | |||||
Shares issued in settlement of certain accrued employee compensation liabilities | 13,080 | 13,080 | |||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 176,731 | ||||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (21,670) | (21,670) | $ (21,700) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 498,585 | ||||||
Shares issued in connection with acquisition of business | 4,988 | 4,988 | |||||
Shares issued in connection with acquisition of business, shares | 61,888 | ||||||
Other noncontrolling interest activity | (8) | (8) | |||||
Net income (loss) | 21,767 | 23,767 | (2,000) | ||||
Other comprehensive loss, net of tax | (2,511) | (2,511) | |||||
Ending balance at Mar. 31, 2017 | $ 1,737,931 | $ 6 | $ 1,439,645 | $ 297,471 | $ (2,504) | $ 3,313 | |
Ending balance, shares at Mar. 31, 2017 | 57,600,609 |
The Company and a Summary of It
The Company and a Summary of Its Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
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 its majority-owned subsidiaries, TrellisWare Technologies, Inc. (TrellisWare) and Euro Broadband Retail Sàrl (Euro Retail Co.). All significant intercompany amounts have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the consolidated balance sheets. 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 2015 was a 52 week year, whereas 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 this difference 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. Recent transactions 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 On November 14, 2016, the Company completed the acquisition of Aerodocs Limited (Arconics), a privately held company focused on wireless in-flight On November 23, 2016, the Company completed the sale of an aggregate of 7,475,000 shares of ViaSat common stock in an underwritten public offering. The Company’s net proceeds from the offering were approximately $503.1 million after deducting underwriting discounts and offering expenses. In November 2016, the Company used $225.0 million of the net proceeds from the offering to repay outstanding borrowings under the Company’s revolving credit facility (the Revolving Credit Facility). The Company expects to use the remaining net proceeds for general corporate purposes, which may include financing costs related to the purchase, launch and operation of satellites, potential acquisitions, joint ventures and strategic alliances, working capital or capital expenditures. On March 3, 2017, the Company consummated its strategic partnering arrangement with Eutelsat S.A (together with its affiliates, Eutelsat) for the ownership and operation of satellite broadband infrastructure and equipment, and provision of satellite-based broadband internet services in the European region (see Note 9). At the closing of the transaction, Eutelsat contributed and transferred assets relating to its existing wholesale satellite broadband business (including its KA-SAT KA-SAT 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 28.8%, 23.7% and 22.8% of total revenues for fiscal years 2017, 2016 and 2015, respectively. Billed accounts receivable to the U.S. government as of March 31, 2017 and 2016 were approximately 30.1% and 22.8%, 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 2017, 2016 and 2015. The Company’s five largest contracts generated approximately 19.6%, 19.4% and 21.1% of the Company’s total revenues for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, respectively. The Company relies on a limited number of contract manufacturers to produce its products. Inventory Inventory is valued at the lower of cost and net realizable value, 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 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). ViaSat-2 ViaSat-3 The Company owns two satellites: ViaSat-1 Ka-band WildBlue-1 ViaSat-2 ViaSat-3 Ka-band 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. On October 6, 2015, the Company purchased approximately 23 acres of land adjacent to the Company’s current headquarters location for $39.5 million. On March 1, 2017, the Company sold approximately 16 acres of the land for approximately $27.6 million and leased back certain office space in a sale-leaseback transaction. The lease has been classified as an operating lease and contains a ten year initial term plus renewal options with the future commitments included in Note 12. 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, 2017 and 2016. The Company capitalized costs of $15.4 million related to acquiring and obtaining orbital slots and other licenses included in other assets as of March 31, 2017 and 2016. Accumulated amortization related to these assets was $2.1 million and $1.7 million as of March 31, 2017 and 2016, respectively. Amortization expense related to these assets was an insignificant amount for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015. 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 2017, 2016 and 2015, 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 years 2017, 2016 and 2015, the Company capitalized $6.1 million, an insignificant amount and $3.5 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. Debt issuance costs related to the Revolving Credit Facility are recorded in prepaid expenses and other current assets and in other long-term assets in the consolidated balance sheets in accordance with Accounting Standards Update (ASU) 2015-15, 835-30): Line-of-Credit ViaSat-2 Ex-Im 2015-03, 835-30): 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 $203.7 million and $163.1 million related to software developed for resale were included in other assets as of March 31, 2017 and 2016, respectively. The Company capitalized $73.1 million and $75.4 million of costs related to software developed for resale for the fiscal years ended March 31, 2017 and 2016, respectively. Amortization expense for software development costs was $32.5 million, $32.2 million and $23.5 million during fiscal years 2017, 2016 and 2015, 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 2017, 2016 and 2015. The Company accounts for its goodwill under the authoritative guidance for goodwill and other intangible assets (ASC 350) and the provisions of ASU 2011-08, two-step In accordance with ASC 350, the Company assesses qualitative factors to determine whether goodwill is impaired. Furthermore, in addition to qualitative analysis, the Company believes it is appropriate to conduct a quantitative analysis periodically as a prudent review of its reporting unit goodwill fair values. The Company’s quantitative analysis estimates the fair values of the reporting units using discounted cash flows and other indicators of fair value. The forecast of future cash flow is based on the Company’s best estimate of each reporting units’ future revenue and operating costs, based primarily on existing firm orders, expected future orders, contracts with suppliers, labor resources, general market conditions, and other relevant factors. Based on a quantitative analysis for fiscal year 2017, the Company concluded that estimated fair values of the Company’s reporting units significantly exceed their respective carrying value. 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 and quantitative assessment performed during the fourth quarter of fiscal year 2017, 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, 2017, and therefore, determined it was not necessary to perform the two-step 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 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 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 14). 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 $4.2 million and $3.8 million in accrued liabilities in the consolidated balance sheets as of March 31, 2017 and 2016, 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, 2017 and 2016, no such amounts were accrued related to the aforementioned provisions. Noncontrolling interests and unrestricted subsidiaries 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. The Company has designated its majority-owned subsidiaries TrellisWare and Euro Retail Co. as “Unrestricted Subsidiaries” under the indenture governing the 2020 Notes. The financial position and results of operations of the Company’s Unrestricted Subsidiaries are included in its consolidated financial statements. Under the indenture governing the 2020 Notes, due to the significance of the net loss of the Company’s 52% majority-owned subsidiary TrellisWare for fiscal year 2017, which reflected the Company’s accrual for uncharacterized damages and penalties of $11.8 million recorded in the fourth quarter of fiscal year 2017 in connection with the False Claims Act civil investigation related to TrellisWare, the Company is required to present information sufficient to ascertain its financial condition and results of operations excluding the Company’s Unrestricted Subsidiaries. The impact of the loss contingency on net income attributable to ViaSat, Inc. stockholders for fiscal year 2017, net of tax, was $4.0 million, with the related amount of $3.7 million recorded to net (loss) income attributable to noncontrolling interests, net of tax, while the impact on basic and diluted net income per share attributable to ViaSat, Inc. common stockholders for fiscal year 2017 was $0.08 per share and $0.07 per share, respectively. The net loss of the Company’s Unrestricted Subsidiaries for the fiscal year ended March 31, 2017 was $4.2 million, which related primarily to TrellisWare. For the fiscal year ended March 31, 2017, total revenues and expenses of the Company’s Unrestricted Subsidiaries were immaterial to the Company’s consolidated results. For the fiscal years ended March 31, 2016 and 2015, total revenues, expenses and net income (loss) of the Company’s Unrestricted Subsidiaries were immaterial to the Company’s consolidated results. As of March 31, 2017 and 2016, total assets and liabilities of the Company’s Unrestricted Subsidiaries were immaterial to the Company’s consolidated results. Investments in unconsolidated affiliate — equity method Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the consolidated balance sheets. The Company records its share of the results of such entities within equity earnings (losses) of unconsolidated affiliate, net on the consolidated statements of operations and comprehensive income (loss). The Company monitors such investments for other-than-temporary impairment by considering factors including the current economic and market conditions and the operating performance of the entities and records reductions in carrying values when necessary. The fair value of privately held investments is estimated using the best available information as of the valuation date, including current earnings trends, undiscounted cash flows, quoted stock prices of comparable public companies, and other company specific information, including recent financing rounds. Common stock held in treasury As of March 31, 2017 and 2016, the Company had no shares of common stock held in treasury. During fiscal years 2017, 2016 and 2015, the Company issued 792,616, 703,043 and 647,006 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 294,031, 263,137 and 236,446 shares of common stock at cost with a total value of $21.7 million, $16.4 million and $14.8 million during fiscal years 2017, 2016 and 2015, respectively. The shares of common stock repurchased during fiscal years 2017 and 2016 and the fourth quarter of fiscal year 2015 were immediately retired. These retired shares remain as authorized stock; however they are considered to be unissued. The retirement of treasury stock had no impact on the Company’s total consolidated stockholders’ equity. 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 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 (with such shares deemed to be repurchased and then immediately retired), 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 2017, 2016 and 2015, 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 accrued liability as of March 31, 2017 and as an other current asset as of March 31, 2016. The notional value of foreign currency forward contracts outstanding as of March 31, 2017 and 2016 was $2.6 million and $5.0 million, respectively. At March 31, 2017 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 12 months was insignificant. The Company’s foreign currency forward contracts outstanding as of March 31, 2017 will mature within approximately 24 to 36 months from their inception. There were no gains or losses from ineffectiveness of these derivative instruments recorded for fiscal years 2017, 2016 and 2015. 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 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 605-35). units-of-delivery 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, 605-25, 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 go-to-market In accordance with the authoritative guidance for shipping and handling fees and costs (ASC 605-45), 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 12 months. Amounts for obligations extending beyond 12 months are recorded within other liabilities in the consolidated financial statements. Contract costs on U.S. government contracts are subject to audit and review by th |
Composition of Certain Balance
Composition of Certain Balance Sheet Captions | 12 Months Ended |
Mar. 31, 2017 | |
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 $ 145,626 $ 146,309 Unbilled 119,565 141,568 Allowance for doubtful accounts (1,470 ) (1,153 ) $ 263,721 $ 286,724 Inventories: Raw materials $ 56,096 $ 46,757 Work in process 25,820 27,200 Finished goods 81,285 71,204 $ 163,201 $ 145,161 Prepaid expenses and other current assets: Prepaid expenses $ 51,856 $ 41,784 Other 5,980 5,799 $ 57,836 $ 47,583 Satellites, net: Satellites (estimated useful life of 10-17 years) $ 559,380 $ 559,094 Capital lease of satellite capacity — Anik F2 (estimated useful life of 10 years) 99,090 99,090 Satellites under construction 776,354 515,696 1,434,824 1,173,880 Less: accumulated depreciation and amortization (326,554 ) (275,683 ) $ 1,108,270 $ 898,197 Property and equipment, net: Equipment and software (estimated useful life of 2-7 years) $ 679,008 $ 568,663 CPE leased equipment (estimated useful life of 4-5 years) 271,917 260,409 Furniture and fixtures (estimated useful life of 7 years) 30,539 25,501 Leasehold improvements (estimated useful life of 2-17 years) 80,727 71,895 Building (estimated useful life of 24 years) 8,923 8,923 Land 14,573 41,960 Construction in progress 116,902 73,535 1,202,589 1,050,886 Less: accumulated depreciation (661,981 ) (563,976 ) $ 540,608 $ 486,910 Other assets: Investment in unconsolidated affiliate $ 141,894 $ — Deferred income taxes 134,764 134,721 Capitalized software costs, net 203,686 163,061 Patents, orbital slots and other licenses, net 16,500 16,900 Other 32,522 25,323 $ 529,366 $ 340,005 Accrued liabilities: Collections in excess of revenues and deferred revenues $ 76,682 $ 64,624 Accrued employee compensation 41,691 35,056 Accrued vacation 33,214 28,646 Warranty reserve, current portion 7,796 7,867 Current portion of other long-term debt 288 274 Other 65,576 47,877 $ 225,247 $ 184,344 Other liabilities: Deferred revenue, long-term portion $ 4,617 $ 5,470 Deferred rent, long-term portion 10,743 8,808 Warranty reserve, long-term portion 3,262 3,567 Satellite performance incentives obligation, long-term portion 19,164 19,514 Deferred income taxes, long-term 1,936 12 Other 3,000 — $ 42,722 $ 37,371 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2017 | |
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 instrument’s valuation. The following tables present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and assets measured at fair value on a recurring basis as of March 31, 2016. The Company had no liabilities measured at fair value on a recurring basis as of March 31, 2016: Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,003 $ 2,003 $ — $ — Total assets measured at fair value on a recurring basis $ 2,003 $ 2,003 $ — $ — Liabilities: Foreign currency forward contracts $ 96 $ — $ 96 $ — Total liabilities measured at fair value on a recurring basis $ 96 $ — $ 96 $ — 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 $ — 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 Ex-Im Ex-Im Ex-Im Satellite performance incentives obligation ViaSat-1 in-orbit 15-year |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 12 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note 4 — Goodwill and Acquired Intangible Assets During fiscal year 2017, the Company’s goodwill increased by $2.8 million, which reflected $3.8 million of goodwill acquired in connection with the acquisition of Arconics during the third quarter of fiscal year 2017, which was recorded in the Company’s satellite services segment. The increase was partially offset by the effects of foreign currency translation recorded within all three of the Company’s segments. During fiscal year 2016, the Company’s goodwill decreased by an insignificant amount related to the effects of foreign currency translation recorded mainly within the Company’s government systems and commercial networks segments. During fiscal year 2017, $19.3 million of the increase in other acquired intangibles related to the acquisition of Arconics recorded during the third quarter of fiscal year 2017 in the Company’s satellite services segment. All other amounts recorded related to the acquisition of Arconics were not significant. 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. 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 $10.8 million, $16.4 million and $18.0 million for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, 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 2018 $ 11,733 Expected for fiscal year 2019 9,076 Expected for fiscal year 2020 7,312 Expected for fiscal year 2021 4,993 Expected for fiscal year 2022 3,171 Thereafter 5,392 $ 41,677 The allocation of the other acquired intangible assets and the related accumulated amortization as of March 31, 2017 and 2016 is as follows: Weighted As of March 31, 2017 As of March 31, 2016 Total Accumulated Net Total Accumulated Net (In years) (In thousands) Technology 6 $ 87,592 $ (62,749 ) $ 24,843 $ 74,848 $ (59,921 ) $ 14,927 Contracts and customer relationships 7 103,034 (89,083 ) 13,951 99,499 (83,928 ) 15,571 Satellite co-location 9 8,600 (6,743 ) 1,857 8,600 (5,818 ) 2,782 Trade name 3 5,940 (5,940 ) — 5,940 (5,918 ) 22 Other 6 9,925 (8,899 ) 1,026 8,717 (8,415 ) 302 Total other acquired intangible assets $ 215,091 $ (173,414 ) $ 41,677 $ 197,604 $ (164,000 ) $ 33,604 |
Senior Notes and Other Long-Ter
Senior Notes and Other Long-Term Debt | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016: As of As of (In thousands) Senior Notes 2020 Notes $ 575,000 $ 575,000 Unamortized premium and debt issuance costs on the 2020 Notes, net (2) 380 304 Total senior notes, net 575,380 575,304 Less: current portion of the senior notes — — Total senior notes long-term, net 575,380 575,304 Other Long-Term Debt Revolving Credit Facility — 180,000 Ex-Im 304,134 218,157 Unamortized discount and debt issuance costs on the Ex-Im (31,031 ) (28,221 ) Other 288 562 Total other long-term debt, net 273,391 370,498 Less: current portion of other long-term debt, net 288 274 Other long-term debt, net 273,103 370,224 Total debt, net 848,771 945,802 Less: current portion 288 274 Long-term debt, net $ 848,483 $ 945,528 (1) As of March 31, 2017, included in Ex-Im Ex-Im Ex-Im Ex-Im Ex-Im Ex-Im (2) During the first quarter of fiscal year 2017, the Company adopted ASU 2015-03. Ex-Im The estimated aggregate amounts and timing of payments on the Company’s long-term debt obligations as of March 31, 2017 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 For the Fiscal Years Ending (In thousands) 2018 $ 288 2019 38,017 2020 38,017 2021 613,017 2022 38,017 Thereafter 152,066 879,422 Plus: unamortized premium (discount) (30,651 ) Total $ 848,771 Revolving Credit Facility As of March 31, 2017, the Revolving Credit Facility provided an $800.0 million revolving line of credit (including up to $150.0 million of letters of credit), with a maturity date of May 24, 2021 (or March 16, 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. 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, 2017, 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, 2017. At March 31, 2017, the Company had no outstanding borrowings under the Revolving Credit Facility and $38.6 million outstanding under standby letters of credit, leaving borrowing availability under the Revolving Credit Facility as of March 31, 2017 of $761.4 million. Ex-Im As of March 31, 2017, the Ex-Im ViaSat-2 Ex-Im Ex-Im Borrowings under the Ex-Im in-orbit ViaSat-2 Ex-Im in-orbit ViaSat-2. Ex-Im Ex-Im Ex-Im ViaSat-2 The Ex-Im Ex-Im The Company was in compliance with its financial covenants under the Ex-Im Ex-Im Ex-Im Ex-Im ViaSat-2 Ex-Im Ex-Im Ex-Im Ex-Im 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 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 recorded as long-term debt, net of unamortized premium and debt issuance costs, in the Company’s consolidated financial statements. 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, 2017, 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 2020 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on June 15, 2016 at a redemption price of 103.438%, during the 12 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, 2017 | |
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. tax-qualified. six-month Total stock-based compensation expense recognized in accordance with the authoritative guidance for share-based payments was as follows: Fiscal Years Ended March 31, 2017 March 31, 2016 April 3, 2015 (In thousands) Stock-based compensation expense before taxes $ 55,775 $ 47,510 $ 39,353 Related income tax benefits (21,057 ) (18,089 ) (14,889 ) Stock-based compensation expense, net of taxes $ 34,718 $ 29,421 $ 24,464 For fiscal years 2017, 2016 and 2015 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 $52.6 million, $45.2 million and $37.2 million, and for the Employee Stock Purchase Plan was $3.1 million, $2.3 million and $2.1 million, for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, respectively. The Company capitalized $6.6 million, $5.6 million and $2.5 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 2017, 2016 and 2015, respectively. As of March 31, 2017, 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 $158.9 million and $0.9 million, respectively. These costs are expected to be recognized over a weighted average period of 2.7 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 33.4 % 32.9 % 34.0 % 31.1 % 24.6 % 30.6 % Risk-free interest rate 1.7 % 1.7 % 1.7 % 0.5 % 0.3 % 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 A summary of employee stock option activity for fiscal year 2017 is presented below: Number of Weighted Average Weighted Average Aggregate Intrinsic Outstanding at March 31, 2016 1,833,437 $ 54.07 Options granted 463,000 70.09 Options canceled (19,125 ) 64.66 Options exercised (273,050 ) 44.37 Outstanding at March 31, 2017 2,004,262 $ 58.99 3.53 $ 13,283 Vested and exercisable at March 31, 2017 1,011,200 $ 52.19 2.31 $ 12,147 The total intrinsic value of stock options exercised during fiscal years 2017, 2016 and 2015 was $8.3 million, $14.5 million and $28.9 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 2017, 2016 and 2015 was $69.99, $61.81 and $65.20, respectively. A summary of restricted stock unit activity for fiscal year 2017 is presented below: Number of Weighted Outstanding at March 31, 2016 2,369,339 $ 59.39 Awarded 1,195,961 69.99 Forfeited (93,330 ) 66.01 Released (792,616 ) 57.44 Outstanding at March 31, 2017 2,679,354 $ 64.47 Vested and deferred at March 31, 2017 148,503 $ 38.19 The total fair value of shares vested related to restricted stock units during the fiscal years 2017, 2016 and 2015 was $58.4 million, $43.8 million and $30.6 million, respectively. |
Shares Used In Computing Dilute
Shares Used In Computing Diluted Net Income Per Share | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net Income Per Share | Note 7 — Shares Used In Computing Diluted Net Income Per Share Fiscal Years Ended March 31, March 31, April 3, (In thousands) Weighted average: Common shares outstanding used in calculating basic net income per share attributable to ViaSat, Inc. common stockholders 52,318 48,464 47,139 Options to purchase common stock as determined by application of the treasury stock method 246 281 475 Restricted stock units to acquire common stock as determined by application of the treasury stock method 658 533 515 Potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan 174 167 156 Shares used in computing diluted net income per share attributable to 53,396 49,445 48,285 Antidilutive shares relating to stock options excluded from the calculation comprised 582,315, 810,231 and 451,038 shares for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, respectively. Antidilutive shares relating to restricted stock units excluded from the calculation comprised 24, 4,138 and 285,481 for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — Income Taxes The components of income before income taxes by jurisdiction are as follows: Fiscal Years Ended March 31, March 31, April 3, (In thousands) United States $ 29,649 $ 20,280 $ 58,185 Foreign (4,265 ) (2,683 ) (4,467 ) $ 25,384 $ 17,597 $ 53,718 The provision for (benefit from) income taxes includes the following: Fiscal Years Ended March 31, March 31, April 3, (In thousands) Current tax (benefit) provision Federal $ 2,041 $ 132 $ (216 ) State 1,167 543 1,507 Foreign 600 148 115 3,808 823 1,406 Deferred tax (benefit) provision Federal 4,410 2,266 14,546 State (4,509 ) (7,090 ) (1,477 ) Foreign (92 ) (172 ) (648 ) (191 ) (4,996 ) 12,421 Total provision for (benefit from) income taxes $ 3,617 $ (4,173 ) $ 13,827 Significant components of the Company’s net deferred tax assets are as follows: As of March 31, March 31, (In thousands) Deferred tax assets: Net operating loss carryforwards $ 202,752 $ 222,332 Tax credit carryforwards 145,369 129,333 Other 74,962 64,459 Valuation allowance (17,728 ) (17,089 ) Total deferred tax assets 405,355 399,035 Deferred tax liabilities: Intangible assets (98,099 ) (82,295 ) Property, equipment and satellites (174,428 ) (182,030 ) Total deferred tax liabilities (272,527 ) (264,325 ) Net deferred tax assets $ 132,828 $ 134,710 A reconciliation of the provision for (benefit from) 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, March 31, April 3, (In thousands) Tax provision at federal statutory rate $ 8,885 $ 6,167 $ 18,808 State tax provision, net of federal benefit 1,681 1,197 4,014 Tax credits, net of valuation allowance (15,121 ) (16,016 ) (14,055 ) Non-deductible 2,659 2,457 1,966 Non-deductible 645 30 154 Non-deductible 794 751 759 Stock-based compensation 886 551 478 Change in state effective tax rate 417 (354 ) 508 Foreign effective tax rate differential, net of valuation allowance 2,391 859 898 Other 380 185 297 Total provision for (benefit from) income taxes $ 3,617 $ (4,173 ) $ 13,827 As of March 31, 2017, the Company had federal and state research credit carryforwards of $109.6 million and $113.8 million, respectively, which begin to expire in fiscal year 2026 and fiscal year 2018, respectively. As of March 31, 2017, the Company had alternative minimum tax (AMT) and foreign tax credit (FTC) carryforwards of $0.4 million and $1.3 million, respectively. The AMT credit does not expire and the FTC begins to expire in fiscal year 2021. As of March 31, 2017, the Company had federal and state net operating loss carryforwards of $673.6 million and $556.0 million, respectively, which begin to expire in fiscal year 2020 and fiscal year 2018, 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 2016-09, 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 $17.7 million at March 31, 2017 and $17.1 million at March 31, 2016 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, March 31, April 3, (In thousands) Balance, beginning of fiscal year $ 45,080 $ 41,769 $ 37,395 (Decrease) increase related to prior year tax positions (421 ) (586 ) 524 Increases related to current year tax positions 4,407 3,897 3,897 Statute expirations — — (47 ) Balance, end of fiscal year $ 49,066 $ 45,080 $ 41,769 Of the total unrecognized tax benefits at March 31, 2017, $40.2 million would reduce the Company’s annual effective tax rate if recognized, subject to valuation allowance consideration. In the next 12 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 2014 through 2016. 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 2013 to 2016 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, 2017 and 2016. |
Strategic Partnering Arrangemen
Strategic Partnering Arrangement | 12 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Strategic Partnering Arrangement | Note 9 — Strategic Partnering Arrangement On March 3, 2017, the Company consummated its strategic partnering arrangement with Eutelsat for the ownership and operation of satellite broadband infrastructure and equipment, and provision of satellite-based broadband internet services in the European region. At the closing of the transaction, Eutelsat contributed and transferred assets relating to its existing wholesale satellite broadband business (including its KA-SAT KA-SAT |
Equity Method Investments and R
Equity Method Investments and Related Party Transactions | 12 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Equity Method Investments and Related Party Transactions | Note 10 — Equity Method Investments and Related Party Transactions Eutelsat strategic partnering arrangement In March 2017, the Company acquired a 49% interest in Euro Infrastructure Co. The Company’s investment in Euro Infrastructure Co. is accounted for under the equity method and the total investment, including basis difference allocated to tangible assets, identifiable intangible assets, deferred income taxes and goodwill, is classified as a single line item, as an investment in unconsolidated affiliate, on the Company’s consolidated balance sheets. The Company will record its proportionate share of the results of Euro Infrastructure Co., and any related basis difference amortization expense, within equity in earnings (losses) of unconsolidated affiliate, net, one quarter in arrears. Therefore, the Company’s share of the results of Euro Infrastructure Co. (from and after the date of the Company’s investment in Euro Infrastructure Co. on March 3, 2017) will be included in the Company’s consolidated financial statements commencing in the first quarter of fiscal year 2018. The Company’s investment in Euro Infrastructure Co. is presented at cost of investment plus its accumulated proportional share of income or loss less any distributions it has received. The difference between the Company’s carrying value of its investment in Euro Infrastructure Co. and its proportionate share of the net assets of Euro Infrastructure Co. as of March 3, 2017 is summarized as follows: (In thousands) Carrying value of investment in Euro Infrastructure Co. $ 141,894 Proportionate share of net assets of Euro Infrastructure Co 127,393 Excess carrying value of investment over proportionate share of net assets $ 14,501 The excess carrying value has been primarily assigned to: Goodwill $ 20,791 Identifiable intangible assets 12,379 Tangible asset (20,241 ) Deferred income taxes 1,572 $ 14,501 The identifiable intangible assets have useful lives up to 11 years and a weighted average useful life of approximately ten years, and tangible assets have useful lives up to 11 years and a weighted average useful life of approximately 11 years. The preliminary allocation is subject to revision as more detailed analysis is completed and additional information on the assets and liabilities of Euro Infrastructure Co. as of the closing date becomes available. Any change in the net assets of Euro Infrastructure Co. will change the amount of the purchase price allocable to goodwill. Goodwill is not deductible for tax purposes. Related party transactions Transactions with equity method investee are considered related party transactions. Related party transactions entered into between Euro Infrastructure Co. and its subsidiaries, on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the period from and after the date of the Company’s investment in Euro Infrastructure Co. in March 2017 and as of March 31, 2017 were insignificant. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Note 11 — 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 2017 fiscal year end, the Company elected to settle the discretionary contributions liability in shares of the Company’s common stock, consistent with fiscal year 2016. Based on the closing price of the Company’s common stock at the 2017 fiscal year end, the Company would issue approximately 263,340 shares of common stock at this time. Discretionary contributions accrued by the Company as of March 31, 2017 and 2016 amounted to $16.8 million and $13.6 million, respectively. |
Commitments
Commitments | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 12 — Commitments In May 2013, the Company entered into an agreement to purchase the ViaSat-2 in-orbit In July 2016, the Company entered into two separate agreements with Boeing for the construction and purchase of two ViaSat-3 ViaSat-3 ViaSat-3 In addition to the satellite construction agreements 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, 2017, future minimum payments under the Company’s satellite construction contracts and other satellite-related purchase commitments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2018 $ 175,076 2019 207,395 2020 134,868 2021 37,673 2022 2,623 Thereafter 20,404 $ 578,039 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 in-orbit 15-year non-current 15-year 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 $33.8 million, $19.6 million, $15.8 million and $7.4 million in fiscal years 2018, 2019, 2020 and 2021, respectively, and no further minimum payments thereafter. The Company leases office and other facilities under non-cancelable pre-negotiated 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 $34.0 million, $27.7 million and $24.5 million in fiscal years 2017, 2016 and 2015, respectively. As of March 31, 2017, future minimum lease payments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2018 $ 35,858 2019 39,807 2020 39,855 2021 39,566 2022 38,118 Thereafter 170,776 $ 363,980 |
Contingencies and Certain Matte
Contingencies and Certain Matters Resolved During Fiscal Year 2015 | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Certain Matters Resolved During Fiscal Year 2015 | Note 13 — 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 In March 2016, the Company’s 52% 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 was investigating TrellisWare’s eligibility for certain prior government contracts and whether TrellisWare’s conduct in connection therewith violated the False Claims Act. An estimated loss contingency is accrued when it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. The Company regularly evaluates current information available to determine whether such accruals should be adjusted and whether new accruals are required. In February 2017, based on further developments in that investigation and TrellisWare’s discussions with the U.S. Attorney’s Office, the Company accrued a total loss contingency of $11.8 million in SG&A expenses in our government systems segment, which consisted of $11.4 million in uncharacterized damages and $0.4 million in penalties. The impact of the loss contingency on net income attributable to ViaSat, Inc. stockholders for fiscal year 2017, net of tax, was $4.0 million, with the related amount of $3.7 million recorded to net (loss) income attributable to noncontrolling interests, net of tax, while the impact on basic and diluted net income per share attributable to ViaSat, Inc. common stockholders for fiscal year 2017 was $0.08 per share and $0.07 per share, respectively. As of March 31, 2017, the total loss contingency was recorded in accrued liabilities and other long term liabilities in the consolidated balance sheet in the amounts of $8.8 million and $3.0 million, respectively. At this time, the Company cannot determine with certainty how or whether the TrellisWare investigation will conclude or whether this will be the final amount of damages and penalties. 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, 2017, 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, 2017 and 2016, the Company had $1.8 million and $2.5 million, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. government cost reimbursable contracts. This reserve is classified as either an element of accrued liabilities or as a reduction of unbilled accounts receivable based on the status of the related contracts. 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 2017, the Company recorded $27.5 million with respect to amounts realized under the Settlement Agreement, of which $26.8 million was recognized as product revenues in the Company’s satellite services segment and $0.7 million was recognized as interest income in the consolidated financial statements. 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. As of March 31, 2017 all payments pursuant to the Settlement Agreement have been recorded and no further impacts to our consolidated financial statements are anticipated related to the Settlement Agreement. |
Product Warranty
Product Warranty | 12 Months Ended |
Mar. 31, 2017 | |
Guarantees [Abstract] | |
Product Warranty | Note 14 — 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 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 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 2017, 2016 and 2015. Fiscal Years Ended March 31, March 31, April 3, (In thousands) Balance, beginning of period $ 11,434 $ 15,545 $ 17,023 Change in liability for warranties issued in period 7,815 4,327 5,725 Settlements made (in cash or in kind) during the period (8,191 ) (8,438 ) (7,203 ) Balance, end of period $ 11,058 $ 11,434 $ 15,545 |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 — 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 and related services to consumers, enterprises, commercial airlines and mobile broadband customers. The Company’s commercial networks segment develops and offers advanced satellite and wireless broadband platforms, ground networking equipment, radio frequency and advanced microwave solutions, ASIC chip design, satellite payload development and space-to-earth IP-based Segment revenues and operating profits (losses) for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015 were as follows: Fiscal Years Ended March 31, March 31, April 3, (In thousands) Revenues: Satellite services Product (1) $ 27,711 $ 25,606 $ 33,576 Service 601,936 533,628 466,284 Total 629,647 559,234 499,860 Commercial networks Product 211,458 228,694 331,052 Service 33,149 22,042 16,078 Total 244,607 250,736 347,130 Government systems Product 474,767 410,521 363,446 Service 210,316 196,940 172,099 Total 685,083 607,461 535,545 Elimination of intersegment revenues — — — Total revenues $ 1,559,337 $ 1,417,431 $ 1,382,535 Operating profits (losses): Satellite services (2) $ 131,085 $ 81,830 $ 62,379 Commercial networks (180,496 ) (111,339 ) (33,616 ) Government systems (3) 96,658 87,066 72,347 Elimination of intersegment operating profits — — — Segment operating profit before corporate and amortization of acquired intangible assets 47,247 57,557 101,110 Corporate — — — Amortization of acquired intangible assets (10,788 ) (16,438 ) (17,966 ) Income from operations $ 36,459 $ 41,119 $ 83,144 (1) Product revenues in the satellite services segment included $26.8 million, $25.3 million and $33.0 million for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, respectively, relating to amounts realized under the Settlement Agreement. See Note 13. (2) Operating profits for the satellite services segment included $26.8 million, $25.3 million and $51.8 million for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, respectively, relating to amounts realized under the Settlement Agreement. See Note 13. (3) Operating profits for the government systems segment reflected $11.8 million of SG&A expenses for the fiscal year ended March 31, 2017, relating to uncharacterized damages and penalties in connection with the False Claims Act civil investigation related to the Company’s 52% majority-owned subsidiary TrellisWare. The impact of the loss contingency on net income attributable to ViaSat, Inc. stockholders for fiscal year 2017, net of tax, was $4.0 million, with the related amount of $3.7 million recorded to net (loss) income attributable to noncontrolling interests, net of tax, while the impact on basic and diluted net income per share attributable to ViaSat, Inc. common stockholders for fiscal year 2017 was $0.08 per share and $0.07 per share, respectively. See Note 13. 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, 2017, March 31, 2016 and April 3, 2015 were as follows: As of As of As of (In thousands) Segment assets: Satellite services $ 81,728 $ 57,529 $ 63,790 Commercial networks 179,992 212,943 217,268 Government systems 326,242 311,927 273,313 Total segment assets 587,962 582,399 554,371 Corporate assets 2,366,691 1,814,913 1,593,034 Total assets $ 2,954,653 $ 2,397,312 $ 2,147,405 Other acquired intangible assets, net and goodwill included in segment assets as of March 31, 2017 and 2016 were as follows: Other Acquired Intangible Goodwill As of As of As of As of (In thousands) Satellite services $ 21,843 $ 8,751 $ 13,579 $ 9,809 Commercial networks 4,903 6,581 43,930 43,990 Government systems 14,931 18,272 62,367 63,241 Total $ 41,677 $ 33,604 $ 119,876 $ 117,040 Amortization of acquired intangible assets by segment for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015 was as follows: Fiscal Years Ended March 31, March 31, April 3, (In thousands) Satellite services $ 5,866 $ 9,122 $ 11,058 Commercial networks 1,679 2,569 1,452 Government systems 3,243 4,747 5,456 Total amortization of acquired intangible assets $ 10,788 $ 16,438 $ 17,966 Revenue information by geographic area for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015 was as follows: Fiscal Years Ended March 31, March 31, April 3, (In thousands) United States $ 1,352,002 $ 1,207,651 $ 1,149,700 Europe, Middle East and Africa 85,828 80,202 89,982 Asia, Pacific 88,888 79,213 81,397 North America other than United States 24,649 38,957 51,661 Central and Latin America 7,970 11,408 9,795 Total revenues $ 1,559,337 $ 1,417,431 $ 1,382,535 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 $32.4 million at March 31, 2017, $23.7 million at March 31, 2016 and $14.3 million at April 3, 2015. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS For the Three Fiscal Years Ended March 31, 2017 Date Allowance for (In thousands) 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 Charged (credited) to costs and expenses 7,139 Deductions (6,822 ) Balance, March 31, 2017 $ 1,470 Date Deferred Tax (In thousands) 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 Charged (credited) to costs and expenses 639 Deductions — Balance, March 31, 2017 $ 17,728 |
The Company and a Summary of 23
The Company and a Summary of Its Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
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 its majority-owned subsidiaries, TrellisWare Technologies, Inc. (TrellisWare) and Euro Broadband Retail Sàrl (Euro Retail Co.). All significant intercompany amounts have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the consolidated balance sheets. |
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 2015 was a 52 week year, whereas 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 this difference in length of year had any material impact on its financial results. |
Acquisitions | These acquisitions were accounted for as purchases and, accordingly, the consolidated financial statements include the operating results of NetNearU and Engreen from the dates of acquisition. |
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 28.8%, 23.7% and 22.8% of total revenues for fiscal years 2017, 2016 and 2015, respectively. Billed accounts receivable to the U.S. government as of March 31, 2017 and 2016 were approximately 30.1% and 22.8%, 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 2017, 2016 and 2015. The Company’s five largest contracts generated approximately 19.6%, 19.4% and 21.1% of the Company’s total revenues for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, 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 and net realizable value, 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 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). ViaSat-2 ViaSat-3 The Company owns two satellites: ViaSat-1 Ka-band WildBlue-1 ViaSat-2 ViaSat-3 Ka-band 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. On October 6, 2015, the Company purchased approximately 23 acres of land adjacent to the Company’s current headquarters location for $39.5 million. On March 1, 2017, the Company sold approximately 16 acres of the land for approximately $27.6 million and leased back certain office space in a sale-leaseback transaction. The lease has been classified as an operating lease and contains a ten year initial term plus renewal options with the future commitments included in Note 12. |
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, 2017 and 2016. The Company capitalized costs of $15.4 million related to acquiring and obtaining orbital slots and other licenses included in other assets as of March 31, 2017 and 2016. Accumulated amortization related to these assets was $2.1 million and $1.7 million as of March 31, 2017 and 2016, respectively. Amortization expense related to these assets was an insignificant amount for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015. 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 2017, 2016 and 2015, 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 years 2017, 2016 and 2015, the Company capitalized $6.1 million, an insignificant amount and $3.5 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. Debt issuance costs related to the Revolving Credit Facility are recorded in prepaid expenses and other current assets and in other long-term assets in the consolidated balance sheets in accordance with Accounting Standards Update (ASU) 2015-15, 835-30): Line-of-Credit ViaSat-2 Ex-Im 2015-03, 835-30): |
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 $203.7 million and $163.1 million related to software developed for resale were included in other assets as of March 31, 2017 and 2016, respectively. The Company capitalized $73.1 million and $75.4 million of costs related to software developed for resale for the fiscal years ended March 31, 2017 and 2016, respectively. Amortization expense for software development costs was $32.5 million, $32.2 million and $23.5 million during fiscal years 2017, 2016 and 2015, 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 2017, 2016 and 2015. The Company accounts for its goodwill under the authoritative guidance for goodwill and other intangible assets (ASC 350) and the provisions of ASU 2011-08, two-step In accordance with ASC 350, the Company assesses qualitative factors to determine whether goodwill is impaired. Furthermore, in addition to qualitative analysis, the Company believes it is appropriate to conduct a quantitative analysis periodically as a prudent review of its reporting unit goodwill fair values. The Company’s quantitative analysis estimates the fair values of the reporting units using discounted cash flows and other indicators of fair value. The forecast of future cash flow is based on the Company’s best estimate of each reporting units’ future revenue and operating costs, based primarily on existing firm orders, expected future orders, contracts with suppliers, labor resources, general market conditions, and other relevant factors. Based on a quantitative analysis for fiscal year 2017, the Company concluded that estimated fair values of the Company’s reporting units significantly exceed their respective carrying value. 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 and quantitative assessment performed during the fourth quarter of fiscal year 2017, 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, 2017, and therefore, determined it was not necessary to perform the two-step |
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 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 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 14). |
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 $4.2 million and $3.8 million in accrued liabilities in the consolidated balance sheets as of March 31, 2017 and 2016, 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, 2017 and 2016, no such amounts were accrued related to the aforementioned provisions. |
Noncontrolling interests and unrestricted subsidiaries | Noncontrolling interests and unrestricted subsidiaries 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. The Company has designated its majority-owned subsidiaries TrellisWare and Euro Retail Co. as “Unrestricted Subsidiaries” under the indenture governing the 2020 Notes. The financial position and results of operations of the Company’s Unrestricted Subsidiaries are included in its consolidated financial statements. Under the indenture governing the 2020 Notes, due to the significance of the net loss of the Company’s 52% majority-owned subsidiary TrellisWare for fiscal year 2017, which reflected the Company’s accrual for uncharacterized damages and penalties of $11.8 million recorded in the fourth quarter of fiscal year 2017 in connection with the False Claims Act civil investigation related to TrellisWare, the Company is required to present information sufficient to ascertain its financial condition and results of operations excluding the Company’s Unrestricted Subsidiaries. The impact of the loss contingency on net income attributable to ViaSat, Inc. stockholders for fiscal year 2017, net of tax, was $4.0 million, with the related amount of $3.7 million recorded to net (loss) income attributable to noncontrolling interests, net of tax, while the impact on basic and diluted net income per share attributable to ViaSat, Inc. common stockholders for fiscal year 2017 was $0.08 per share and $0.07 per share, respectively. The net loss of the Company’s Unrestricted Subsidiaries for the fiscal year ended March 31, 2017 was $4.2 million, which related primarily to TrellisWare. For the fiscal year ended March 31, 2017, total revenues and expenses of the Company’s Unrestricted Subsidiaries were immaterial to the Company’s consolidated results. For the fiscal years ended March 31, 2016 and 2015, total revenues, expenses and net income (loss) of the Company’s Unrestricted Subsidiaries were immaterial to the Company’s consolidated results. As of March 31, 2017 and 2016, total assets and liabilities of the Company’s Unrestricted Subsidiaries were immaterial to the Company’s consolidated results. |
Investments in unconsolidated affiliate - equity method | Investments in unconsolidated affiliate — equity method Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the consolidated balance sheets. The Company records its share of the results of such entities within equity earnings (losses) of unconsolidated affiliate, net on the consolidated statements of operations and comprehensive income (loss). The Company monitors such investments for other-than-temporary impairment by considering factors including the current economic and market conditions and the operating performance of the entities and records reductions in carrying values when necessary. The fair value of privately held investments is estimated using the best available information as of the valuation date, including current earnings trends, undiscounted cash flows, quoted stock prices of comparable public companies, and other company specific information, including recent financing rounds. |
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 within ViaSat, Inc. stockholders’ equity. |
Revenue recognition percentage of completion method | 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 605-35). units-of-delivery |
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, 605-25, 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 go-to-market |
Revenue recognition shipping and handling fees and costs | In accordance with the authoritative guidance for shipping and handling fees and costs (ASC 605-45), |
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 12 months. Amounts for obligations extending beyond 12 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), |
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 for fiscal years 2017, 2016 and 2015 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. The Company’s analysis of the need for a valuation allowance on deferred tax assets considered historical as well as forecasted future operating results. In addition, the Company’s evaluation considered other factors, including the Company’s contractual backlog, the Company’s history of positive earnings, current earnings trends assuming the Company’s satellite services segment continues to grow, taxable income adjusted for certain items, and forecasted income by jurisdiction. The Company also considered the period over which these net deferred tax assets can be realized and the Company’s history of not having federal tax loss carryforwards expire unused. |
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. |
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. The Company’s commercial networks segment develops and offers advanced satellite and wireless broadband platforms, ground networking equipment, radio frequency and advanced microwave solutions, ASIC chip design, satellite payload development and space-to-earth |
Recent authoritative guidance | Recent authoritative guidance In May 2014, the FASB issued ASU 2014-09, 2014-09 2015-14, 2016-08, 2016-10, ASU 2016-12, 2016-20, 2014-09. Upon initial evaluation, the Company believes the key changes in the standard that impact its revenue recognition relate to the deferral of commissions in the Company’s satellite service segment, which are currently expensed as incurred under the current standard. The requirement to defer incremental contract acquisition costs and recognize them with the transfer of the related good or service will result in the recognition of a deferred charge on the Company’s consolidated balance sheet and corresponding impact to the Company’s consolidated statement of operations and comprehensive income. In August 2014, the FASB issued ASU 2014-15, 2014-15 In February 2015, the FASB issued ASU 2015-02, 2015-02 In April 2015, the FASB issued ASU 2015-03, 2015-15, 2015-03, line-of-credit 2015-15 line-of-credit line-of-credit Ex-Im 2015-15, In April 2015, the FASB issued ASU 2015-05, Other — Internal-Use 350-40): 2015-05 In July 2015, the FASB issued ASU 2015-11, 2015-11 last-in, in-scope In September 2015, the FASB issued ASU 2015-16, 2015-16 In November 2015, the FASB issued ASU 2015-17, non-current 2015-17 non-current In January 2016, the FASB issued ASU 2016-01, 825-10). 2016-01 2016-01 In February 2016, the FASB issued ASU 2016-02, 2016-02 right-of-use 2016-02 In March 2016, the FASB issued ASU 2016-05, 2016-05 In March 2016, the FASB issued ASU 2016-06, 2016-06 2016-06 In March 2016, the FASB issued ASU 2016-07, 2016-07 2016-07 In March 2016, the FASB issued ASU 2016-09, 2016-09 In June 2016, the FASB issued ASU 2016-13, 2016-13 available-for-sale In August 2016, the FASB issued ASU 2016-15, 2016-15 In October 2016, the FASB issued ASU 2016-16, 2016-16 In October 2016, the FASB issued ASU 2016-17, In November 2016, the FASB issued ASU 2016-18, In January 2017, the FASB issued ASU 2017-01, 2017-01 In January 2017, the FASB issued ASU 2017-04, 2017-04 In February 2017, the FASB issued ASU 2017-05, 610-20): 2017-05 “in-substance “in-substance 2017-05 In March 2017, the FASB issued ASU 2017-08, 310-20): 2017-08 In May 2017, the FASB issued ASU 2017-09, 2017-09 |
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 instrument’s valuation. The following tables present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and assets measured at fair value on a recurring basis as of March 31, 2016. The Company had no liabilities measured at fair value on a recurring basis as of March 31, 2016: Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,003 $ 2,003 $ — $ — Total assets measured at fair value on a recurring basis $ 2,003 $ 2,003 $ — $ — Liabilities: Foreign currency forward contracts $ 96 $ — $ 96 $ — Total liabilities measured at fair value on a recurring basis $ 96 $ — $ 96 $ — 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 $ — 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 Ex-Im Ex-Im Ex-Im Satellite performance incentives obligation ViaSat-1 in-orbit 15-year |
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. |
Operating leases | The Company leases office and other facilities under non-cancelable pre-negotiated 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 $34.0 million, $27.7 million and $24.5 million in fiscal years 2017, 2016 and 2015, respectively. |
Composition of Certain Balanc24
Composition of Certain Balance Sheet Captions (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | As of As of (In thousands) Accounts receivable, net: Billed $ 145,626 $ 146,309 Unbilled 119,565 141,568 Allowance for doubtful accounts (1,470 ) (1,153 ) $ 263,721 $ 286,724 Inventories: Raw materials $ 56,096 $ 46,757 Work in process 25,820 27,200 Finished goods 81,285 71,204 $ 163,201 $ 145,161 Prepaid expenses and other current assets: Prepaid expenses $ 51,856 $ 41,784 Other 5,980 5,799 $ 57,836 $ 47,583 Satellites, net: Satellites (estimated useful life of 10-17 years) $ 559,380 $ 559,094 Capital lease of satellite capacity — Anik F2 (estimated useful life of 10 years) 99,090 99,090 Satellites under construction 776,354 515,696 1,434,824 1,173,880 Less: accumulated depreciation and amortization (326,554 ) (275,683 ) $ 1,108,270 $ 898,197 Property and equipment, net: Equipment and software (estimated useful life of 2-7 years) $ 679,008 $ 568,663 CPE leased equipment (estimated useful life of 4-5 years) 271,917 260,409 Furniture and fixtures (estimated useful life of 7 years) 30,539 25,501 Leasehold improvements (estimated useful life of 2-17 years) 80,727 71,895 Building (estimated useful life of 24 years) 8,923 8,923 Land 14,573 41,960 Construction in progress 116,902 73,535 1,202,589 1,050,886 Less: accumulated depreciation (661,981 ) (563,976 ) $ 540,608 $ 486,910 Other assets: Investment in unconsolidated affiliate $ 141,894 $ — Deferred income taxes 134,764 134,721 Capitalized software costs, net 203,686 163,061 Patents, orbital slots and other licenses, net 16,500 16,900 Other 32,522 25,323 $ 529,366 $ 340,005 Accrued liabilities: Collections in excess of revenues and deferred revenues $ 76,682 $ 64,624 Accrued employee compensation 41,691 35,056 Accrued vacation 33,214 28,646 Warranty reserve, current portion 7,796 7,867 Current portion of other long-term debt 288 274 Other 65,576 47,877 $ 225,247 $ 184,344 Other liabilities: Deferred revenue, long-term portion $ 4,617 $ 5,470 Deferred rent, long-term portion 10,743 8,808 Warranty reserve, long-term portion 3,262 3,567 Satellite performance incentives obligation, long-term portion 19,164 19,514 Deferred income taxes, long-term 1,936 12 Other 3,000 — $ 42,722 $ 37,371 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and assets measured at fair value on a recurring basis as of March 31, 2016. The Company had no liabilities measured at fair value on a recurring basis as of March 31, 2016: Fair Value as of Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 2,003 $ 2,003 $ — $ — Total assets measured at fair value on a recurring basis $ 2,003 $ 2,003 $ — $ — Liabilities: Foreign currency forward contracts $ 96 $ — $ 96 $ — Total liabilities measured at fair value on a recurring basis $ 96 $ — $ 96 $ — 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 $ — |
Goodwill and Acquired Intangi26
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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 2018 $ 11,733 Expected for fiscal year 2019 9,076 Expected for fiscal year 2020 7,312 Expected for fiscal year 2021 4,993 Expected for fiscal year 2022 3,171 Thereafter 5,392 $ 41,677 |
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, 2017 and 2016 is as follows: Weighted As of March 31, 2017 As of March 31, 2016 Total Accumulated Net Total Accumulated Net (In years) (In thousands) Technology 6 $ 87,592 $ (62,749 ) $ 24,843 $ 74,848 $ (59,921 ) $ 14,927 Contracts and customer relationships 7 103,034 (89,083 ) 13,951 99,499 (83,928 ) 15,571 Satellite co-location 9 8,600 (6,743 ) 1,857 8,600 (5,818 ) 2,782 Trade name 3 5,940 (5,940 ) — 5,940 (5,918 ) 22 Other 6 9,925 (8,899 ) 1,026 8,717 (8,415 ) 302 Total other acquired intangible assets $ 215,091 $ (173,414 ) $ 41,677 $ 197,604 $ (164,000 ) $ 33,604 |
Senior Notes and Other Long-T27
Senior Notes and Other Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Total long-term debt consisted of the following as of March 31, 2017 and 2016: As of As of (In thousands) Senior Notes 2020 Notes $ 575,000 $ 575,000 Unamortized premium and debt issuance costs on the 2020 Notes, net (2) 380 304 Total senior notes, net 575,380 575,304 Less: current portion of the senior notes — — Total senior notes long-term, net 575,380 575,304 Other Long-Term Debt Revolving Credit Facility — 180,000 Ex-Im 304,134 218,157 Unamortized discount and debt issuance costs on the Ex-Im (31,031 ) (28,221 ) Other 288 562 Total other long-term debt, net 273,391 370,498 Less: current portion of other long-term debt, net 288 274 Other long-term debt, net 273,103 370,224 Total debt, net 848,771 945,802 Less: current portion 288 274 Long-term debt, net $ 848,483 $ 945,528 (1) As of March 31, 2017, included in Ex-Im Ex-Im Ex-Im Ex-Im Ex-Im Ex-Im (2) During the first quarter of fiscal year 2017, the Company adopted ASU 2015-03. Ex-Im |
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, 2017 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 For the Fiscal Years Ending (In thousands) 2018 $ 288 2019 38,017 2020 38,017 2021 613,017 2022 38,017 Thereafter 152,066 879,422 Plus: unamortized premium (discount) (30,651 ) Total $ 848,771 |
Common Stock and Stock Plans (T
Common Stock and Stock Plans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 March 31, 2016 April 3, 2015 (In thousands) Stock-based compensation expense before taxes $ 55,775 $ 47,510 $ 39,353 Related income tax benefits (21,057 ) (18,089 ) (14,889 ) Stock-based compensation expense, net of taxes $ 34,718 $ 29,421 $ 24,464 |
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 2017 was $23.62 and $16.27 per share, respectively, during fiscal year 2016 was $20.35 and $13.37 per share, respectively, and during fiscal year 2015 was $22.22 and $14.18 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 33.4 % 32.9 % 34.0 % 31.1 % 24.6 % 30.6 % Risk-free interest rate 1.7 % 1.7 % 1.7 % 0.5 % 0.3 % 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 2017 is presented below: Number of Weighted Average Weighted Average Aggregate Intrinsic Outstanding at March 31, 2016 1,833,437 $ 54.07 Options granted 463,000 70.09 Options canceled (19,125 ) 64.66 Options exercised (273,050 ) 44.37 Outstanding at March 31, 2017 2,004,262 $ 58.99 3.53 $ 13,283 Vested and exercisable at March 31, 2017 1,011,200 $ 52.19 2.31 $ 12,147 |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for fiscal year 2017 is presented below: Number of Weighted Outstanding at March 31, 2016 2,369,339 $ 59.39 Awarded 1,195,961 69.99 Forfeited (93,330 ) 66.01 Released (792,616 ) 57.44 Outstanding at March 31, 2017 2,679,354 $ 64.47 Vested and deferred at March 31, 2017 148,503 $ 38.19 |
Shares Used In Computing Dilu29
Shares Used In Computing Diluted Net Income Per Share (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net Income Per Share | Fiscal Years Ended March 31, March 31, April 3, (In thousands) Weighted average: Common shares outstanding used in calculating basic net income per share attributable to ViaSat, Inc. common stockholders 52,318 48,464 47,139 Options to purchase common stock as determined by application of the treasury stock method 246 281 475 Restricted stock units to acquire common stock as determined by application of the treasury stock method 658 533 515 Potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan 174 167 156 Shares used in computing diluted net income per share attributable to 53,396 49,445 48,285 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of income before income taxes by jurisdiction are as follows: Fiscal Years Ended March 31, March 31, April 3, (In thousands) United States $ 29,649 $ 20,280 $ 58,185 Foreign (4,265 ) (2,683 ) (4,467 ) $ 25,384 $ 17,597 $ 53,718 |
Summary of Provision for (Benefit from) Income Taxes | The provision for (benefit from) income taxes includes the following: Fiscal Years Ended March 31, March 31, April 3, (In thousands) Current tax (benefit) provision Federal $ 2,041 $ 132 $ (216 ) State 1,167 543 1,507 Foreign 600 148 115 3,808 823 1,406 Deferred tax (benefit) provision Federal 4,410 2,266 14,546 State (4,509 ) (7,090 ) (1,477 ) Foreign (92 ) (172 ) (648 ) (191 ) (4,996 ) 12,421 Total provision for (benefit from) income taxes $ 3,617 $ (4,173 ) $ 13,827 |
Components of Net Deferred Tax Assets | Significant components of the Company’s net deferred tax assets are as follows: As of March 31, March 31, (In thousands) Deferred tax assets: Net operating loss carryforwards $ 202,752 $ 222,332 Tax credit carryforwards 145,369 129,333 Other 74,962 64,459 Valuation allowance (17,728 ) (17,089 ) Total deferred tax assets 405,355 399,035 Deferred tax liabilities: Intangible assets (98,099 ) (82,295 ) Property, equipment and satellites (174,428 ) (182,030 ) Total deferred tax liabilities (272,527 ) (264,325 ) Net deferred tax assets $ 132,828 $ 134,710 |
Reconciliation of Provision for (Benefit from) Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Income before Income Taxes | A reconciliation of the provision for (benefit from) 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, March 31, April 3, (In thousands) Tax provision at federal statutory rate $ 8,885 $ 6,167 $ 18,808 State tax provision, net of federal benefit 1,681 1,197 4,014 Tax credits, net of valuation allowance (15,121 ) (16,016 ) (14,055 ) Non-deductible 2,659 2,457 1,966 Non-deductible 645 30 154 Non-deductible 794 751 759 Stock-based compensation 886 551 478 Change in state effective tax rate 417 (354 ) 508 Foreign effective tax rate differential, net of valuation allowance 2,391 859 898 Other 380 185 297 Total provision for (benefit from) income taxes $ 3,617 $ (4,173 ) $ 13,827 |
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, March 31, April 3, (In thousands) Balance, beginning of fiscal year $ 45,080 $ 41,769 $ 37,395 (Decrease) increase related to prior year tax positions (421 ) (586 ) 524 Increases related to current year tax positions 4,407 3,897 3,897 Statute expirations — — (47 ) Balance, end of fiscal year $ 49,066 $ 45,080 $ 41,769 |
Equity Method Investments and31
Equity Method Investments and Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
The Difference Between Carrying Value of Investment in Euro Infrastructure Co. and Proportionate Share of Net Assets of Euro Infrastructure Co. | The difference between the Company’s carrying value of its investment in Euro Infrastructure Co. and its proportionate share of the net assets of Euro Infrastructure Co. as of March 3, 2017 is summarized as follows: (In thousands) Carrying value of investment in Euro Infrastructure Co. $ 141,894 Proportionate share of net assets of Euro Infrastructure Co 127,393 Excess carrying value of investment over proportionate share of net assets $ 14,501 The excess carrying value has been primarily assigned to: Goodwill $ 20,791 Identifiable intangible assets 12,379 Tangible asset (20,241 ) Deferred income taxes 1,572 $ 14,501 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Payments Related to Purchase Commitments | As of March 31, 2017, future minimum payments under the Company’s satellite construction contracts and other satellite-related purchase commitments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2018 $ 175,076 2019 207,395 2020 134,868 2021 37,673 2022 2,623 Thereafter 20,404 $ 578,039 |
Summary of Future Minimum Lease Payments | As of March 31, 2017, future minimum lease payments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2018 $ 35,858 2019 39,807 2020 39,855 2021 39,566 2022 38,118 Thereafter 170,776 $ 363,980 |
Contingencies and Certain Mat33
Contingencies and Certain Matters Resolved During Fiscal Year 2015 (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 | |
Guarantees [Abstract] | |
Change in the Company's Warranty Accrual | The following table reflects the change in the Company’s warranty accrual in fiscal years 2017, 2016 and 2015. Fiscal Years Ended March 31, March 31, April 3, (In thousands) Balance, beginning of period $ 11,434 $ 15,545 $ 17,023 Change in liability for warranties issued in period 7,815 4,327 5,725 Settlements made (in cash or in kind) during the period (8,191 ) (8,438 ) (7,203 ) Balance, end of period $ 11,058 $ 11,434 $ 15,545 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Revenues and Operating Profits (Losses) | Segment revenues and operating profits (losses) for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015 were as follows: Fiscal Years Ended March 31, March 31, April 3, (In thousands) Revenues: Satellite services Product (1) $ 27,711 $ 25,606 $ 33,576 Service 601,936 533,628 466,284 Total 629,647 559,234 499,860 Commercial networks Product 211,458 228,694 331,052 Service 33,149 22,042 16,078 Total 244,607 250,736 347,130 Government systems Product 474,767 410,521 363,446 Service 210,316 196,940 172,099 Total 685,083 607,461 535,545 Elimination of intersegment revenues — — — Total revenues $ 1,559,337 $ 1,417,431 $ 1,382,535 Operating profits (losses): Satellite services (2) $ 131,085 $ 81,830 $ 62,379 Commercial networks (180,496 ) (111,339 ) (33,616 ) Government systems (3) 96,658 87,066 72,347 Elimination of intersegment operating profits — — — Segment operating profit before corporate and amortization of acquired intangible assets 47,247 57,557 101,110 Corporate — — — Amortization of acquired intangible assets (10,788 ) (16,438 ) (17,966 ) Income from operations $ 36,459 $ 41,119 $ 83,144 (1) Product revenues in the satellite services segment included $26.8 million, $25.3 million and $33.0 million for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, respectively, relating to amounts realized under the Settlement Agreement. See Note 13. (2) Operating profits for the satellite services segment included $26.8 million, $25.3 million and $51.8 million for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015, respectively, relating to amounts realized under the Settlement Agreement. See Note 13. (3) Operating profits for the government systems segment reflected $11.8 million of SG&A expenses for the fiscal year ended March 31, 2017, relating to uncharacterized damages and penalties in connection with the False Claims Act civil investigation related to the Company’s 52% majority-owned subsidiary TrellisWare. The impact of the loss contingency on net income attributable to ViaSat, Inc. stockholders for fiscal year 2017, net of tax, was $4.0 million, with the related amount of $3.7 million recorded to net (loss) income attributable to noncontrolling interests, net of tax, while the impact on basic and diluted net income per share attributable to ViaSat, Inc. common stockholders for fiscal year 2017 was $0.08 per share and $0.07 per share, respectively. See Note 13. |
Segment Assets | Segment assets as of March 31, 2017, March 31, 2016 and April 3, 2015 were as follows: As of As of As of (In thousands) Segment assets: Satellite services $ 81,728 $ 57,529 $ 63,790 Commercial networks 179,992 212,943 217,268 Government systems 326,242 311,927 273,313 Total segment assets 587,962 582,399 554,371 Corporate assets 2,366,691 1,814,913 1,593,034 Total assets $ 2,954,653 $ 2,397,312 $ 2,147,405 |
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, 2017 and 2016 were as follows: Other Acquired Intangible Goodwill As of As of As of As of (In thousands) Satellite services $ 21,843 $ 8,751 $ 13,579 $ 9,809 Commercial networks 4,903 6,581 43,930 43,990 Government systems 14,931 18,272 62,367 63,241 Total $ 41,677 $ 33,604 $ 119,876 $ 117,040 Amortization of acquired intangible assets by segment for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015 was as follows: Fiscal Years Ended March 31, March 31, April 3, (In thousands) Satellite services $ 5,866 $ 9,122 $ 11,058 Commercial networks 1,679 2,569 1,452 Government systems 3,243 4,747 5,456 Total amortization of acquired intangible assets $ 10,788 $ 16,438 $ 17,966 |
Revenue Information by Geographic Area | Revenue information by geographic area for the fiscal years ended March 31, 2017, March 31, 2016 and April 3, 2015 was as follows: Fiscal Years Ended March 31, March 31, April 3, (In thousands) United States $ 1,352,002 $ 1,207,651 $ 1,149,700 Europe, Middle East and Africa 85,828 80,202 89,982 Asia, Pacific 88,888 79,213 81,397 North America other than United States 24,649 38,957 51,661 Central and Latin America 7,970 11,408 9,795 Total revenues $ 1,559,337 $ 1,417,431 $ 1,382,535 |
The Company and a Summary of 36
The Company and a Summary of Its Significant Accounting Policies - Additional Information (Detail) | Mar. 03, 2017USD ($) | Mar. 01, 2017USD ($)a | Nov. 23, 2016USD ($)shares | Nov. 14, 2016USD ($)shares | Oct. 06, 2015USD ($)a | Nov. 30, 2016USD ($) | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($) | Apr. 03, 2015USD ($) | Jun. 30, 2016USD ($) |
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Shares issued in connection with acquisition of business, net of issuance costs | $ 4,988,000 | |||||||||
Payment related to acquisition of business, net of cash acquired | 16,528,000 | $ 4,402,000 | $ 57,376,000 | |||||||
Common stock issued under public offering, net of issuance costs | 503,061,000 | |||||||||
Payment related to acquisition of business, net of cash acquired | 140,378,000 | 1,258,000 | ||||||||
Capitalized interest expense | 49,700,000 | 30,100,000 | 16,200,000 | |||||||
Number of acres land purchased | a | 23 | |||||||||
Purchased land value at cost | $ 39,500,000 | |||||||||
Number of acres land sold | a | 16 | |||||||||
Proceed from sale of land | $ 27,600,000 | $ 27,559,000 | ||||||||
Initial term of operating leases | 10 years | |||||||||
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 | 15,400,000 | ||||||||
Accumulated amortization of patents, orbital slots and other licenses | 2,100,000 | 1,700,000 | ||||||||
Debt issuance costs capitalized | 6,100,000 | 3,500,000 | ||||||||
Goodwill and other intangible assets impairment | $ 0 | 0 | 0 | |||||||
Maximum warranty periods provided on limited warranty | 5 years | |||||||||
Forward loss related to loss contracts | $ 6,000,000 | 5,100,000 | 600,000 | |||||||
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. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal year 2016. As of March 31, 2017, 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 costs | $ 4,800,000 | $ 12,200,000 | $ 17,000,000 | |||||||
Government Contracts Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Concentration risk, percentage | 28.80% | 23.70% | 22.80% | |||||||
Government Contracts Concentration Risk [Member] | Accounts Receivable [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Concentration risk, percentage | 30.10% | 22.80% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Concentration risk, percentage | 19.60% | 19.40% | 21.10% | |||||||
Minimum [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, equipment and satellites, estimated useful life (years) | 2 years | |||||||||
Initial term of operating leases | 1 year | |||||||||
Maximum [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, equipment and satellites, estimated useful life (years) | 24 years | |||||||||
Initial term of operating leases | 15 years | |||||||||
Property and Equipment, Net [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property and equipment | $ 1,202,589,000 | $ 1,050,886,000 | ||||||||
Accumulated depreciation and amortization | $ 661,981,000 | 563,976,000 | ||||||||
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 | $ 271,917,000 | 260,409,000 | ||||||||
Accumulated depreciation and amortization | $ 158,200,000 | 136,400,000 | ||||||||
Common Stock [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Shares issued in connection with acquisition of business, net of issuance costs | shares | 61,888 | |||||||||
Common stock issued under public offering, net of issuance costs | shares | 7,475,000 | 7,475,000 | ||||||||
Common stock issued under public offering, net of issuance costs | $ 1,000 | |||||||||
Paid-in Capital [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Shares issued in connection with acquisition of business, net of issuance costs | 4,988,000 | |||||||||
Common stock issued under public offering, net of issuance costs | $ 503,100,000 | 503,060,000 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Payments of revolving credit facility borrowings | $ 225,000,000 | $ 270,000,000 | 205,000,000 | $ 245,000,000 | ||||||
Euro Retail Co [Member] | Eutelsat [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Ownership percentage of issued shares of an entity | 49.00% | |||||||||
Arconics [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Purchase price of acquisition of business | $ 21,600,000 | |||||||||
Shares issued in connection with acquisition of business, net of issuance costs | $ 5,000,000 | |||||||||
Shares issued in connection with acquisition of business, net of issuance costs | shares | 61,888 | |||||||||
Cash consideration related to acquisition of business | $ 16,600,000 | |||||||||
Cash acquired from acquisition of business | 600,000 | |||||||||
Payment related to acquisition of business, net of cash acquired | $ 16,000,000 | |||||||||
Engreen [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Purchase price of the acquisition | $ 5,300,000 | |||||||||
Euro Infrastructure Co [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Ownership percentage of issued shares of an entity | 49.00% | 49.00% | ||||||||
Payments, net of transaction costs, to acquire the issued shares in investment | $ 139,500,000 | |||||||||
Transaction costs | 2,400,000 | |||||||||
Payment related to acquisition of business, net of cash acquired | $ 141,900,000 | |||||||||
Unfavorable Regulatory Action [Member] | ||||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
U.S. government contract-related reserves | $ 1,800,000 | $ 2,500,000 |
The Company and a Summary of 37
The Company and a Summary of Its Significant Accounting Policies - Additional Information 1 (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Capitalized costs, net, related to software developed for resale | $ 203,686,000 | $ 163,061,000 | ||
Capitalized cost related to software development for resale | 73,100,000 | 75,400,000 | ||
Amortization expense of capitalized software development costs | 32,500,000 | 32,200,000 | $ 23,500,000 | |
Self-insurance liability | 4,200,000 | 3,800,000 | ||
Accrual of uncharacterized damages and penalties | 11,800,000 | |||
Net income (loss) | 21,767,000 | $ 21,770,000 | 39,891,000 | |
Loss contingency impact to net income attributable to ViaSat, Inc. stockholders | $ 4,000,000 | 4,000,000 | ||
Loss contingency impact to net (loss) income attributable to noncontrolling interests, net of tax | $ 3,700,000 | $ 3,700,000 | ||
Impact of loss contingency on earnings per share basic | $ 0.08 | |||
Impact of loss contingency on earnings per share diluted | $ 0.07 | |||
Repurchased shares of common stock held in treasury | (57,600,609) | (48,926,417) | ||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | $ 21,670,000 | $ 16,397,000 | $ 14,788,000 | |
Deferred rent included in other long-term liabilities | 10,743,000 | $ 8,808,000 | ||
Unrestricted Subsidiaries [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Net income (loss) | $ 4,200,000 | |||
Trellis Ware [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Minority interest ownership percentage by parent | 52.00% | 52.00% | ||
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 | ||
Purchase of treasury shares pursuant to vesting of certain RSU agreements, shares | 294,031 | 263,137 | 236,446 | |
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | $ 21,700,000 | $ 16,400,000 | $ 14,800,000 | |
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 | 792,616 | 703,043 | 647,006 | |
Paid-in Capital [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | $ 21,670,000 | $ 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 | 2,600,000 | 5,000,000 | ||
Gains or losses from ineffectiveness of derivative instruments | $ 0 | $ 0 | $ 0 | |
Foreign currency forward contracts maturity, minimum | 24 months | |||
Foreign currency forward contracts maturity, maximum | 36 months | |||
Accounting Standards Update 2014-15 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The new standard requires management to perform interim and annual evaluations and sets forth principles for considering the mitigating effect of management’s plans. The standard mandates certain disclosures when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. This guidance is effective for the Company in fiscal year 2017, with early application permitted. The Company early adopted the guidance, which did not have a material impact on the Company’s 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 became effective for the Company beginning in the first quarter of fiscal year 2017 and did not 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, which 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 2015-15 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In August 2015, the FASB issued ASU 2015-15 which 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 became effective for the Company beginning in the first quarter of fiscal year 2017 and was applied on a retrospective basis, wherein the consolidated balance sheets of each individual periods presented was adjusted to reflect the period-specific effects of applying the new guidance. As a result, the Company reclassed unamortized debt issuance costs related to the Company’s 2020 Notes and the Ex-Im Credit Facility from prepaid expenses and other current assets and from other assets (long-term) to senior notes, net, and other long-term debt, net, respectively, within its consolidated balance sheets as of March 31, 2016. In accordance with ASU 2015-15, the Company has elected to continue to present debt issuance costs related to the Revolving Credit Facility as an asset and subsequently amortize the deferred debt issuance costs over the term of the Revolving Credit Facility arrangement. | |||
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 elected to adopt this guidance on a prospective basis and the adoption of this guidance did not 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. This guidance became effective for the Company beginning in the first quarter of fiscal year 2017. The Company adopted this guidance on a prospective basis and the guidance did not 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,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. During the fourth quarter of fiscal year 2016, 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 2016-13 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326). ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance will become effective for the Company beginning in fiscal year 2021, with early adoption permitted. The new guidance is required to be applied on a modified-retrospective basis. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2016-15 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). ASU 2016-15 makes eight targeted changes to how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The new standard will become effective for the Company beginning in fiscal year 2019, with early adoption permitted. The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case the Company would be required to apply the amendments prospectively as of the earliest date practicable. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2016-16 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740). ASU 2016-16 requires that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs as opposed to when the asset has been sold to an outside party. The new standard will become effective for the Company beginning in fiscal year 2019, with early adoption permitted. The new standard will require a modified retrospective basis through cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2016-17 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control (Topic 810). The amendments change how a reporting entity that is the single decision maker of a variable interest entity should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that variable interest entity. The new standard will 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. | |||
Accounting Standards Update 2016-18 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230). The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash and require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new standard will become effective for the Company beginning in fiscal year 2019, with early adoption permitted. During the third quarter of fiscal year 2017, the Company early adopted this standard on a retrospective basis. The guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. | |||
Accounting Standards Update 2017-01 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (Topic 805). ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The new standard will become effective for the Company beginning in fiscal year 2019, with early adoption permitted with limitations. 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 will become effective for the Company beginning in fiscal year 2018, with early adoption permitted. | |||
Accounting Standards Update 2017-04 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350). ASU 2017-04 removes Step 2 from the goodwill impairment test. The standard will become effective for the Company beginning in fiscal year 2021, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
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 Contracts 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 versus 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 non-cash consideration and completed contracts at transition. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, which provides for correction or improvement to the guidance previously issued in ASU 2014-09. These standards permit the use of either the retrospective or cumulative effect transition method. The Company currently plans to adopt the standard in fiscal year 2019 using the “modified retrospective method.” Under that method, the Company will apply the rules to all contracts existing as of April 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and providing additional disclosures comparing results to previous accounting standards.Upon initial evaluation, the Company believes the key changes in the standard that impact its revenue recognition relate to the deferral of commissions in the Company’s satellite service segment, which are currently expensed as incurred under the current standard. The requirement to defer incremental contract acquisition costs and recognize them with the transfer of the related good or service will result in the recognition of a deferred charge on the Company’s consolidated balance sheet and corresponding impact to the Company’s consolidated statement of operations and comprehensive income. | |||
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. This guidance became effective for the Company beginning in the first quarter of fiscal year 2017. The Company elected to adopt this guidance on a prospective basis and the adoption of this guidance did not have a material impact on the Company’s 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 2017-05 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. ASU 2017-05 clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” ASU 2017-05 also adds guidance for partial sales of nonfinancial assets. The standard will become effective for the Company in fiscal year 2019, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2017-08 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In March 2017, the FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 amends the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The standard will become effective for the Company beginning in fiscal year 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | |||
Accounting Standards Update 2017-09 [Member] | ||||
Company And Summary Of Significant Accounting Policies [Line Items] | ||||
Description of new accounting pronouncements | In May 2017, the FASB issued ASU 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The standard will become effective for the Company beginning in fiscal year 2019, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. |
Composition of Certain Balanc38
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Accounts receivable, net: | ||
Accounts receivable, Billed | $ 145,626 | $ 146,309 |
Accounts receivable, Unbilled | 119,565 | 141,568 |
Allowance for doubtful accounts | (1,470) | (1,153) |
Accounts receivable, net | 263,721 | 286,724 |
Inventories: | ||
Raw materials | 56,096 | 46,757 |
Work in process | 25,820 | 27,200 |
Finished goods | 81,285 | 71,204 |
Inventories | 163,201 | 145,161 |
Prepaid expenses and other current assets: | ||
Prepaid expenses | 51,856 | 41,784 |
Other | 5,980 | 5,799 |
Prepaid expenses and other current assets | 57,836 | 47,583 |
Other assets: | ||
Investment in unconsolidated affiliate | 141,894 | |
Deferred income taxes | 134,764 | 134,721 |
Capitalized software costs, net | 203,686 | 163,061 |
Patents, orbital slots and other licenses, net | 16,500 | 16,900 |
Other | 32,522 | 25,323 |
Other assets | 529,366 | 340,005 |
Accrued liabilities: | ||
Collections in excess of revenues and deferred revenues | 76,682 | 64,624 |
Accrued employee compensation | 41,691 | 35,056 |
Accrued vacation | 33,214 | 28,646 |
Warranty reserve, current portion | 7,796 | 7,867 |
Current portion of other long-term debt | 288 | 274 |
Other | 65,576 | 47,877 |
Accrued liabilities | 225,247 | 184,344 |
Other liabilities: | ||
Deferred revenue, long-term portion | 4,617 | 5,470 |
Deferred rent, long-term portion | 10,743 | 8,808 |
Warranty reserve, long-term portion | 3,262 | 3,567 |
Satellite performance incentives obligation, long-term portion | 19,164 | 19,514 |
Deferred income taxes, long-term | 1,936 | 12 |
Other | 3,000 | |
Other liabilities | 42,722 | 37,371 |
Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 1,434,824 | 1,173,880 |
Less accumulated depreciation and amortization | (326,554) | (275,683) |
Property and equipment, net | 1,108,270 | 898,197 |
Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 1,202,589 | 1,050,886 |
Less accumulated depreciation and amortization | (661,981) | (563,976) |
Property and equipment, net | 540,608 | 486,910 |
Satellites [Member] | Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 559,380 | 559,094 |
Capital Lease of Satellite Capacity - Anik F2 [Member] | Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 99,090 | 99,090 |
Construction in Progress [Member] | Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 776,354 | 515,696 |
Construction in Progress [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 116,902 | 73,535 |
Equipment and Software [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 679,008 | 568,663 |
CPE Leased Equipment [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 271,917 | 260,409 |
Less accumulated depreciation and amortization | (158,200) | (136,400) |
Furniture and Fixtures [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 30,539 | 25,501 |
Leasehold Improvements [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 80,727 | 71,895 |
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 | $ 14,573 | $ 41,960 |
Composition of Certain Balanc39
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2017 | |
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 |
Furniture and Fixtures [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
Building [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 24 years |
Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Minimum [Member] | Satellites [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 10 years |
Minimum [Member] | Equipment and Software [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Minimum [Member] | CPE Leased Equipment [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 4 years |
Minimum [Member] | Leasehold Improvements [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 |
Maximum [Member] | Satellites [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Maximum [Member] | Equipment and Software [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
Maximum [Member] | CPE Leased Equipment [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 5 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a recurring basis | $ 96,000 | $ 0 |
2020 Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount of senior notes issued | 575,000,000 | 575,000,000 |
ViaSat-1 Satellite [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Satellite performance incentives obligation and accrued interest | $ 21,800,000 | |
Satellite Performance Incentives Obligation [Member] | ViaSat-1 Satellite [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 | 15 years | |
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 | $ 587,900,000 | 597,300,000 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a recurring basis | 96,000 | |
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 | 297,200,000 | 219,900,000 |
Level 2 [Member] | ViaSat-1 Satellite [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 | $ 21,800,000 | $ 22,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Assets: | ||
Cash equivalents | $ 2,003,000 | $ 2,003,000 |
Foreign currency forward contracts | 196,000 | |
Total assets measured at fair value on a recurring basis | 2,003,000 | 2,199,000 |
Liabilities: | ||
Foreign currency forward contracts | 96,000 | |
Total liabilities measured at fair value on a recurring basis | 96,000 | 0 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 2,003,000 | 2,003,000 |
Total assets measured at fair value on a recurring basis | 2,003,000 | 2,003,000 |
Level 2 [Member] | ||
Assets: | ||
Foreign currency forward contracts | 196,000 | |
Total assets measured at fair value on a recurring basis | $ 196,000 | |
Liabilities: | ||
Foreign currency forward contracts | 96,000 | |
Total liabilities measured at fair value on a recurring basis | $ 96,000 |
Goodwill and Acquired Intangi42
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Increase (decrease) in goodwill | $ 2,800 | ||
Amortization of acquired intangible assets | 10,788 | $ 16,438 | $ 17,966 |
Arconics [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Change in goodwill related to an acquisition | 3,800 | ||
Increase in other intangible assets related to acquisition | $ 19,300 | ||
Engreen [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase in other intangible assets related to acquisition | $ 7,700 | ||
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 |
Goodwill and Acquired Intangi43
Goodwill and Acquired Intangible Assets - Expected Amortization Expense for Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Expected for fiscal year 2018 | $ 11,733 | |
Expected for fiscal year 2019 | 9,076 | |
Expected for fiscal year 2020 | 7,312 | |
Expected for fiscal year 2021 | 4,993 | |
Expected for fiscal year 2022 | 3,171 | |
Thereafter | 5,392 | |
Other acquired intangible assets, net | $ 41,677 | $ 33,604 |
Goodwill and Acquired Intangi44
Goodwill and Acquired Intangible Assets - Allocation of Other Acquired Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other acquired intangible assets, gross | $ 215,091 | $ 197,604 |
Other acquired intangible assets, accumulated amortization | (173,414) | (164,000) |
Other acquired intangible assets, net | $ 41,677 | 33,604 |
Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 6 years | |
Other acquired intangible assets, gross | $ 87,592 | 74,848 |
Other acquired intangible assets, accumulated amortization | (62,749) | (59,921) |
Other acquired intangible assets, net | $ 24,843 | 14,927 |
Contracts and Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 7 years | |
Other acquired intangible assets, gross | $ 103,034 | 99,499 |
Other acquired intangible assets, accumulated amortization | (89,083) | (83,928) |
Other acquired intangible assets, net | $ 13,951 | 15,571 |
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 | (6,743) | (5,818) |
Other acquired intangible assets, net | $ 1,857 | 2,782 |
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 | $ (5,940) | (5,918) |
Other acquired intangible assets, net | 22 | |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 6 years | |
Other acquired intangible assets, gross | $ 9,925 | 8,717 |
Other acquired intangible assets, accumulated amortization | (8,899) | (8,415) |
Other acquired intangible assets, net | $ 1,026 | $ 302 |
Senior Notes and Other Long-T45
Senior Notes and Other Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Senior Notes | ||
Total senior notes long-term, net | $ 575,380,000 | $ 575,304,000 |
Other Long-Term Debt | ||
Other | 288,000 | 562,000 |
Total other long-term debt, net | 273,391,000 | 370,498,000 |
Total other long-term debt, net | 273,391,000 | 370,498,000 |
Less: current portion of other long-term debt, net | 288,000 | 274,000 |
Other long-term debt, net | 273,103,000 | 370,224,000 |
Total debt | 848,771,000 | 945,802,000 |
Less: current portion | 288,000 | 274,000 |
Long-term debt, net | 848,483,000 | 945,528,000 |
Revolving Credit Facility [Member] | ||
Other Long-Term Debt | ||
Credit Facility | 0 | 180,000,000 |
Ex-Im Credit Facility [Member] | ||
Other Long-Term Debt | ||
Credit Facility | 274,600,000 | |
Credit Facility | 304,134,000 | 218,157,000 |
Unamortized discount and debt issuance costs on the Ex-Im Credit Facility | (31,031,000) | (28,221,000) |
2020 Notes [Member] | ||
Senior Notes | ||
Principal amounts of Senior Notes issued | 575,000,000 | 575,000,000 |
Unamortized premium and debt issuance costs on the 2020 Notes, net | 380,000 | 304,000 |
Total senior notes, net | 575,380,000 | 575,304,000 |
Total senior notes, net | 575,380,000 | 575,304,000 |
Less: current portion of the senior notes | 0 | 0 |
Total senior notes long-term, net | $ 575,380,000 | $ 575,304,000 |
Senior Notes and Other Long-T46
Senior Notes and Other Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) - Ex-Im Credit Facility [Member] - USD ($) $ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Other Long-Term Debt | ||
Exposure fees accrued as of balance sheet date expected to be financed under the Ex-Im Credit Facility | $ 29.5 | $ 21 |
Unamortized discount and debt issuance costs on Ex-Im Credit Facility related to the exposure fees expected to be financed under the Ex-Im Credit Facility | $ 23 | $ 18.7 |
Senior Notes and Other Long-T47
Senior Notes and Other Long-Term Debt - Aggregate Payments on Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Maturities of Long-term Debt [Abstract] | ||
Fiscal year ending 2018 | $ 288 | |
Fiscal year ending 2019 | 38,017 | |
Fiscal year ending 2020 | 38,017 | |
Fiscal year ending 2021 | 613,017 | |
Fiscal year ending 2022 | 38,017 | |
Thereafter | 152,066 | |
Total Payment | 879,422 | |
Plus: unamortized premium (discount) | (30,651) | |
Total debt | $ 848,771 | $ 945,802 |
Senior Notes and Other Long-T48
Senior Notes and Other Long-Term Debt - Additional Information (Detail) | May 17, 2017USD ($) | Apr. 03, 2015USD ($) | Mar. 31, 2017USD ($)Installment | Apr. 30, 2017USD ($) | Mar. 31, 2016USD ($) | Oct. 31, 2012USD ($) | Feb. 27, 2012USD ($) |
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit Facility maximum borrowing capacity | $ 800,000,000 | ||||||
Maturity date of the Credit Facility | May 24, 2021 | ||||||
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. | ||||||
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. As of March 31, 2017, the Revolving Credit Facility provided an $800.0 million revolving line of credit (including up to $150.0 million of letters of credit), with a maturity date of May 24, 2021 (or March 16, 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 | $ 761,400,000 | ||||||
Principal amount of outstanding borrowings under the Credit Facility | 0 | $ 180,000,000 | |||||
Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit Facility maximum borrowing capacity | 150,000,000 | ||||||
Standby letters of credit outstanding amount | 38,600,000 | ||||||
Ex-Im Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit Facility maximum borrowing capacity | $ 386,700,000 | ||||||
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 | $ 274,600,000 | ||||||
Amount of qualified ViaSat-2 satellite costs limited to finance | $ 343,100,000 | ||||||
Percent of qualified ViaSat-2 expenses used to finance | 85.00% | ||||||
The maximum exposure fees under Ex-Im Credit Facility | $ 43,600,000 | ||||||
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 | $ 6,000,000 | ||||||
Exposure fees accrued as of balance sheet date expected to be financed under the Ex-Im Credit Facility | $ 29,500,000 | 21,000,000 | |||||
Undrawn commitment under the Ex-Im Credit Facility | 82,500,000 | ||||||
Borrowing capacity available to finance ViaSat-2 related costs once incurred | 74,400,000 | ||||||
Cumulative Ex-Im Credit Facility loan discount | $ 36,600,000 | ||||||
Ex-Im Credit Facility [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit Facility maximum borrowing capacity | $ 362,400,000 | ||||||
Credit Facility reduction | 24,300,000 | ||||||
Ex-Im Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate on the Ex-Im Credit Facility | 4.40% | ||||||
Ex-Im Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate on the Ex-Im Credit Facility | 4.50% | ||||||
Initial 2020 Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amounts of Senior Notes issued | $ 275,000,000 | ||||||
Additional 2020 Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amounts of Senior Notes issued | $ 300,000,000 | ||||||
Original issue premium of Senior Notes | 103.50% | ||||||
Unamortized premium on the 2020 Notes | $ 10,500,000 | ||||||
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 | $ 575,000,000 | $ 575,000,000 | |||||
2020 Notes [Member] | Debt Instrument, Redemption, Period One [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 12 months beginning on June 15, 2016 at a redemption price of 103.438% | ||||||
2020 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price percentage of Senior Notes | 101.719% | ||||||
Redemption description of Senior Notes | During the 12 months beginning on June 15, 2017 at a redemption price of 101.719% | ||||||
2020 Notes [Member] | Debt Instrument, Redemption, Period Three [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). | ||||||
Satellite - ViaSat-2 [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Satellite performance incentives obligation | $ 21,000,000 | $ 21,000,000 |
Common Stock and Stock Plans -
Common Stock and Stock Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | Nov. 30, 1996 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost charged against income | $ 55,775,000 | $ 47,510,000 | $ 39,353,000 | |
Compensation costs capitalized | 6,600,000 | 5,600,000 | 2,500,000 | |
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 8 months 12 days | |||
Employee stock option vesting period | 4 years | |||
Employee stock option contractual term | 6 years | |||
Weighted average estimated fair value of employee stock options granted | $ 23.62 | $ 20.35 | $ 22.22 | |
Stock options exercised intrinsic value | $ 8,300,000 | $ 14,500,000 | $ 28,900,000 | |
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 | $ 44,900,000 | $ 38,400,000 | $ 31,400,000 | |
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 | $ 69.99 | $ 61.81 | $ 65.20 | |
Total fair value of shares vested related to restricted stock units | $ 58,400,000 | $ 43,800,000 | $ 30,600,000 | |
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 | $ 52,600,000 | 45,200,000 | 37,200,000 | |
Unrecognized compensation cost related to unvested stock-based compensation arrangements | $ 158,900,000 | |||
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 | $ 3,100,000 | $ 2,300,000 | $ 2,100,000 | |
Unrecognized compensation cost related to unvested stock-based compensation arrangements | $ 900,000 | |||
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 | $ 16.27 | $ 13.37 | $ 14.18 |
Common Stock and Stock Plans 50
Common Stock and Stock Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock-based compensation expense before taxes | $ 55,775 | $ 47,510 | $ 39,353 |
Related income tax benefits | (21,057) | (18,089) | (14,889) |
Stock-based compensation expense, net of taxes | $ 34,718 | $ 29,421 | $ 24,464 |
Common Stock and Stock Plans 51
Common Stock and Stock Plans - Summary of Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 33.40% | 32.90% | 34.00% |
Risk-free interest rate | 1.70% | 1.70% | 1.70% |
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 | 31.10% | 24.60% | 30.60% |
Risk-free interest rate | 0.50% | 0.30% | 0.10% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | 6 months | 6 months | 6 months |
Common Stock and Stock Plans 52
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, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning Balance | shares | 1,833,437 |
Number of Shares, Options granted | shares | 463,000 |
Number of Shares, Options canceled | shares | (19,125) |
Number of Shares, Options exercised | shares | (273,050) |
Number of Shares, Outstanding, Ending Balance | shares | 2,004,262 |
Number of Shares, Vested and exercisable, Ending Balance | shares | 1,011,200 |
Weighted Average Exercise Price per Share, Outstanding, Beginning Balance | $ / shares | $ 54.07 |
Weighted Average Exercise Price per Share, Options granted | $ / shares | 70.09 |
Weighted Average Exercise Price per Share, Options canceled | $ / shares | 64.66 |
Weighted Average Exercise Price per Share, Options exercised | $ / shares | 44.37 |
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $ / shares | 58.99 |
Weighted Average Exercise Price per Share, Vested and exercisable, Ending Balance | $ / shares | $ 52.19 |
Weighted Average Remaining Contractual Term in Years, Outstanding | 3 years 6 months 11 days |
Weighted Average Remaining Contractual Term in Years, Vested and exercisable | 2 years 3 months 22 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 13,283 |
Aggregate Intrinsic Value, Vested and exercisable | $ | $ 12,147 |
Common Stock and Stock Plans 53
Common Stock and Stock Plans - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units, Outstanding, Beginning Balance | 2,369,339 | ||
Number of Restricted Stock Units, Awarded | 1,195,961 | ||
Number of Restricted Stock Units, Forfeited | (93,330) | ||
Number of Restricted Stock Units, Released | (792,616) | ||
Number of Restricted Stock Units, Outstanding, Ending Balance | 2,679,354 | 2,369,339 | |
Number of Restricted Stock Units, Vested and deferred, Ending Balance | 148,503 | ||
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ 59.39 | ||
Weighted Average Grant Date Fair Value per Share, Awarded | 69.99 | $ 61.81 | $ 65.20 |
Weighted Average Grant Date Fair Value per Share, Forfeited | 66.01 | ||
Weighted Average Grant Date Fair Value per Share, Released | 57.44 | ||
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | 64.47 | $ 59.39 | |
Weighted Average Grant Date Fair Value per Share, Vested and deferred, Ending Balance | $ 38.19 |
Shares Used In Computing Dilu54
Shares Used In Computing Diluted Net Income Per Share - Shares Used In Computing Diluted Net Income Per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding used in calculating basic net income per share attributable to ViaSat, Inc. common stockholders | 52,318 | 48,464 | 47,139 |
Weighted average options to purchase common stock as determined by application of the treasury stock method | 246 | 281 | 475 |
Weighted average restricted stock units to acquire common stock as determined by application of the treasury stock method | 658 | 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 | 174 | 167 | 156 |
Weighted average shares used in computing diluted net income per share attributable to ViaSat, Inc. common stockholders | 53,396 | 49,445 | 48,285 |
Shares Used In Computing Dilu55
Shares Used In Computing Diluted Net Income Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Employee Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 582,315 | 810,231 | 451,038 |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 24 | 4,138 | 285,481 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Provision Benefit For Income Taxes [Line Items] | |||
Income (loss) before income taxes | $ 25,384 | $ 17,597 | $ 53,718 |
United States [Member] | |||
Provision Benefit For Income Taxes [Line Items] | |||
Income (loss) before income taxes | 29,649 | 20,280 | 58,185 |
Foreign [Member] | |||
Provision Benefit For Income Taxes [Line Items] | |||
Income (loss) before income taxes | $ (4,265) | $ (2,683) | $ (4,467) |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Current tax (benefit) provision | |||
Federal | $ 2,041 | $ 132 | $ (216) |
State | 1,167 | 543 | 1,507 |
Foreign | 600 | 148 | 115 |
Total current tax provision | 3,808 | 823 | 1,406 |
Deferred tax (benefit) provision | |||
Federal | 4,410 | 2,266 | 14,546 |
State | (4,509) | (7,090) | (1,477) |
Foreign | (92) | (172) | (648) |
Total deferred tax (benefit) provision | (191) | (4,996) | 12,421 |
Total provision for (benefit from) income taxes | $ 3,617 | $ (4,173) | $ 13,827 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 202,752 | $ 222,332 |
Tax credit carryforwards | 145,369 | 129,333 |
Other | 74,962 | 64,459 |
Valuation allowance | (17,728) | (17,089) |
Total deferred tax assets | 405,355 | 399,035 |
Deferred tax liabilities: | ||
Intangible assets | (98,099) | (82,295) |
Property, equipment and satellites | (174,428) | (182,030) |
Total deferred tax liabilities | (272,527) | (264,325) |
Net deferred tax assets | $ 132,828 | $ 134,710 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Provision for (Benefit from) 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, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at federal statutory rate | $ 8,885 | $ 6,167 | $ 18,808 |
State tax provision, net of federal benefit | 1,681 | 1,197 | 4,014 |
Tax credits, net of valuation allowance | (15,121) | (16,016) | (14,055) |
Non-deductible compensation | 2,659 | 2,457 | 1,966 |
Non-deductible transaction costs | 645 | 30 | 154 |
Non-deductible meals and entertainment | 794 | 751 | 759 |
Stock-based compensation | 886 | 551 | 478 |
Change in state effective tax rate | 417 | (354) | 508 |
Foreign effective tax rate differential, net of valuation allowance | 2,391 | 859 | 898 |
Other | 380 | 185 | 297 |
Total provision for (benefit from) income taxes | $ 3,617 | $ (4,173) | $ 13,827 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Contingency [Line Items] | ||
Unrealized excess tax benefits associated with share based compensation | $ 58,700,000 | |
Realized excess tax benefits | 0 | |
Valuation allowance | 17,728,000 | $ 17,089,000 |
Impact on effective tax rate | 40,200,000 | |
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 | $ 1,300,000 | |
Tax credit carryforwards expiration beginning date | Apr. 1, 2020 | |
United States [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 673,600,000 | |
Operating loss carryforwards expiration beginning date | Apr. 1, 2019 | |
Tax years subject to examination | 2,014 | |
United States [Member] | Research [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforward amount | $ 109,600,000 | |
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 | $ 556,000,000 | |
Operating loss carryforwards expiration beginning date | Apr. 4, 2015 | |
Tax years subject to examination | 2,013 | |
State [Member] | Research [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforward amount | $ 113,800,000 | |
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 | 2,013 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance, beginning of fiscal year | $ 45,080 | $ 41,769 | $ 37,395 |
(Decrease) increase related to prior year tax positions | (421) | (586) | 524 |
Increases related to current year tax positions | 4,407 | 3,897 | 3,897 |
Statute expirations | (47) | ||
Balance, end of fiscal year | $ 49,066 | $ 45,080 | $ 41,769 |
Strategic Partnering Arrangem62
Strategic Partnering Arrangement - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 03, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Payment related to acquisition of business, net of cash acquired | $ 140,378 | $ 1,258 | |
Euro Retail Co [Member] | Eutelsat [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage of issued shares of an entity | 49.00% | ||
Euro Infrastructure Co [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage of issued shares of an entity | 49.00% | 49.00% | |
Payments, net of transaction costs, to acquire the issued shares in investment | $ 139,500 | ||
Payment related to acquisition of business, net of cash acquired | 141,900 | ||
Transaction costs | $ 2,400 |
Equity Method Investments and63
Equity Method Investments and Related Party Transactions - Additional Information (Detail) - Euro Infrastructure Co [Member] | 12 Months Ended | |
Mar. 31, 2017 | Mar. 03, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment ownership percentage | 49.00% | 49.00% |
Estimated useful life, years | 11 years | |
Estimated weighted average life (In years) | 10 years | |
Tangible assets, useful life | 11 years | |
Tangible assets, weighted average useful life | 11 years |
Equity Method Investments and64
Equity Method Investments and Related Party Transactions - The Difference Between Carrying Value of Investment in Euro Infrastructure Co. and Proportionate Share of Net Assets of Euro Infrastructure Co. (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 03, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Carrying value of investment in Euro Infrastructure Co. | $ 141,894 | |
Euro Infrastructure Co [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value of investment in Euro Infrastructure Co. | $ 141,894 | |
Proportionate share of net assets of Euro Infrastructure Co. | 127,393 | |
Excess carrying value of investment over proportionate share of net assets | 14,501 | |
Euro Infrastructure Co [Member] | Goodwill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | 20,791 | |
Euro Infrastructure Co [Member] | Identifiable Intangible Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | 12,379 | |
Euro Infrastructure Co [Member] | Tangible Asset [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | (20,241) | |
Euro Infrastructure Co [Member] | Deferred Income Taxes [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | $ 1,572 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Mar. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] | ||
Number of common stock that would be issued based on year-end common stock closing price | 263,340 | |
Discretionary contributions accrued by the Company under voluntary deferred compensation plan under Section 401(k) of the Internal Revenue Code | $ 16.8 | $ 13.6 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017 | Jul. 31, 2016 | May 31, 2013 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | May 17, 2017 | |
Long-term Purchase Commitment [Line Items] | |||||||
Satellite performance incentives obligation, Noncurrent | $ 19,164,000 | $ 19,514,000 | |||||
Description of operating lease arrangements | The Company leases office and other facilities under non-cancelable operating leases with initial terms ranging from one to 15 years which expire between fiscal year 2018 and fiscal year 2029 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. | ||||||
Non-cancelable operating leases initial term | 10 years | ||||||
Rent expense | $ 34,000,000 | $ 27,700,000 | $ 24,500,000 | ||||
Minimum [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Non-cancelable operating leases initial term | 1 year | ||||||
Maximum [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Non-cancelable operating leases initial term | 15 years | ||||||
Satellite Capacity Agreements [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Future minimum payments on purchase commitments for fiscal year 2018 | $ 33,800,000 | ||||||
Future minimum payments on purchase commitments for fiscal year 2019 | 19,600,000 | ||||||
Future minimum payments on purchase commitments for fiscal year 2020 | 15,800,000 | ||||||
Future minimum payments on purchase commitments for fiscal year 2021 | 7,400,000 | ||||||
Future minimum payments on purchase commitments for fiscal year 2022 | 0 | ||||||
Future minimum payments on purchase commitments thereafter | 0 | ||||||
ViaSat-1 Satellite [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Satellite performance incentives obligation | 21,800,000 | ||||||
Satellite performance incentives obligation, current | 2,600,000 | ||||||
Satellite performance incentives obligation, Noncurrent | 19,200,000 | ||||||
ViaSat-1 Satellite [Member] | Satellite Performance Incentives Obligation [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Commitment amount | $ 30,800,000 | ||||||
Period of in-orbit satellite performance incentive payments | 15 years | ||||||
Future minimum payments under satellite performance incentives obligation for fiscal year 2018 | $ 2,300,000 | ||||||
Future minimum payments under satellite performance incentives obligation for fiscal year 2019 | 2,500,000 | ||||||
Future minimum payments under satellite performance incentives obligation for fiscal year 2020 | 2,600,000 | ||||||
Future minimum payments under satellite performance incentives obligation for fiscal year 2021 | 2,800,000 | ||||||
Future minimum payments under satellite performance incentives obligation for fiscal year 2022 | 3,100,000 | ||||||
Future minimum payments under satellite performance incentives obligation thereafter | $ 17,500,000 | ||||||
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 | $ 368,300,000 | ||||||
Subsequent Event [Member] | Satellite - ViaSat-2 [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Satellite performance incentives obligation | $ 21,000,000 | $ 21,000,000 | |||||
Period of in-orbit satellite performance incentive payments | 9 years |
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, 2017USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Future minimum payments on purchase commitments for fiscal year 2018 | $ 175,076 |
Future minimum payments on purchase commitments for fiscal year 2019 | 207,395 |
Future minimum payments on purchase commitments for fiscal year 2020 | 134,868 |
Future minimum payments on purchase commitments for fiscal year 2021 | 37,673 |
Future minimum payments on purchase commitments for fiscal year 2022 | 2,623 |
Future minimum payments on purchase commitments thereafter | 20,404 |
Future minimum payments on purchase commitments total | $ 578,039 |
Commitments - Summary of Futu68
Commitments - Summary of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal year ending 2018 | $ 35,858 |
Fiscal year ending 2019 | 39,807 |
Fiscal year ending 2020 | 39,855 |
Fiscal year ending 2021 | 39,566 |
Fiscal year ending 2022 | 38,118 |
Thereafter | 170,776 |
Total | $ 363,980 |
Contingencies and Certain Mat69
Contingencies and Certain Matters Resolved During Fiscal Year 2015 - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Accrued total loss contingency | $ 11.8 | ||
Loss contingency impact to net income attributable to ViaSat, Inc. stockholders | $ 4 | 4 | |
Loss contingency impact to net (loss) income attributable to noncontrolling interests, net of tax | 3.7 | $ 3.7 | |
Impact of loss contingency on earnings per share basic | $ 0.08 | ||
Impact of loss contingency on earnings per share diluted | $ 0.07 | ||
Trellis Ware [Member] | |||
Loss Contingencies [Line Items] | |||
Minority interest ownership percentage by parent | 52.00% | 52.00% | |
Operating Segments [Member] | Government Systems [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued total loss contingency | 11.8 | $ 11.8 | |
Accrued loss contingency in uncharacterized damages | 11.4 | ||
Accrued loss contingency in penalties | $ 0.4 | ||
Accrued Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued total loss contingency | 8.8 | ||
Other Long Term Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued total loss contingency | 3 | ||
Unfavorable Regulatory Action [Member] | |||
Loss Contingencies [Line Items] | |||
U.S. government contract-related reserves | $ 1.8 | $ 2.5 |
Contingencies and Certain Mat70
Contingencies and Certain Matters Resolved During Fiscal Year 2015 - Additional Information 1 (Detail) - USD ($) $ in Thousands | Sep. 05, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 |
Gain Contingencies [Line Items] | ||||
Litigation settlement amount | $ 108,712 | |||
Proceeds from legal settlement | $ 27,500 | $ 27,500 | $ 53,700 | |
Product revenues | 713,936 | 664,821 | 728,074 | |
Interest income | 700 | 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 | 27,711 | 25,606 | 33,576 | |
Satellite Services [Member] | Operating Segments [Member] | Implied License [Member] | ||||
Gain Contingencies [Line Items] | ||||
Product revenues | $ 26,800 | $ 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 Mat71
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, 2017 | |
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, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance, beginning of period | $ 11,434 | $ 15,545 | $ 17,023 |
Change in liability for warranties issued in period | 7,815 | 4,327 | 5,725 |
Settlements made (in cash or in kind) during the period | (8,191) | (8,438) | (7,203) |
Balance, end of period | $ 11,058 | $ 11,434 | $ 15,545 |
Segment Information - Segment R
Segment Information - Segment Revenues and Operating Profits (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Revenues: | |||
Product revenues | $ 713,936 | $ 664,821 | $ 728,074 |
Service revenues | 845,401 | 752,610 | 654,461 |
Total revenues | 1,559,337 | 1,417,431 | 1,382,535 |
Operating profits (losses): | |||
Income from operations | 36,459 | 41,119 | 83,144 |
Amortization of acquired intangible assets | (10,788) | (16,438) | (17,966) |
Operating Segments [Member] | |||
Operating profits (losses): | |||
Income from operations | 47,247 | 57,557 | 101,110 |
Operating Segments [Member] | Satellite Services [Member] | |||
Revenues: | |||
Product revenues | 27,711 | 25,606 | 33,576 |
Service revenues | 601,936 | 533,628 | 466,284 |
Total revenues | 629,647 | 559,234 | 499,860 |
Operating profits (losses): | |||
Income from operations | 131,085 | 81,830 | 62,379 |
Amortization of acquired intangible assets | (5,866) | (9,122) | (11,058) |
Operating Segments [Member] | Commercial Networks [Member] | |||
Revenues: | |||
Product revenues | 211,458 | 228,694 | 331,052 |
Service revenues | 33,149 | 22,042 | 16,078 |
Total revenues | 244,607 | 250,736 | 347,130 |
Operating profits (losses): | |||
Income from operations | (180,496) | (111,339) | (33,616) |
Amortization of acquired intangible assets | (1,679) | (2,569) | (1,452) |
Operating Segments [Member] | Government Systems [Member] | |||
Revenues: | |||
Product revenues | 474,767 | 410,521 | 363,446 |
Service revenues | 210,316 | 196,940 | 172,099 |
Total revenues | 685,083 | 607,461 | 535,545 |
Operating profits (losses): | |||
Income from operations | 96,658 | 87,066 | 72,347 |
Amortization of acquired intangible assets | (3,243) | (4,747) | (5,456) |
Material Reconciling Items [Member] | |||
Operating profits (losses): | |||
Amortization of acquired intangible assets | $ (10,788) | $ (16,438) | $ (17,966) |
Segment Information - Segment75
Segment Information - Segment Revenues and Operating Profits (Losses) (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Segment Reporting Information [Line Items] | ||||
Product revenues | $ 713,936 | $ 664,821 | $ 728,074 | |
Income (loss) from operations | 36,459 | $ 41,119 | 83,144 | |
Uncharacterized damages and penalties | 11,800 | |||
Loss contingency impact to net income attributable to ViaSat, Inc. stockholders | $ 4,000 | 4,000 | ||
Loss contingency impact to net (loss) income attributable to noncontrolling interests, net of tax | 3,700 | $ 3,700 | ||
Impact of loss contingency on earnings per share basic | $ 0.08 | |||
Impact of loss contingency on earnings per share diluted | $ 0.07 | |||
Trellis Ware [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Minority interest ownership percentage by parent | 52.00% | 52.00% | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | $ 47,247 | $ 57,557 | 101,110 | |
Operating Segments [Member] | Satellite Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product revenues | 27,711 | 25,606 | 33,576 | |
Income (loss) from operations | 131,085 | 81,830 | 62,379 | |
Operating Segments [Member] | Government Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product revenues | 474,767 | 410,521 | 363,446 | |
Income (loss) from operations | 96,658 | 87,066 | 72,347 | |
Uncharacterized damages and penalties | $ 11,800 | 11,800 | ||
Operating Segments [Member] | Implied License [Member] | Satellite Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product revenues | 26,800 | 25,300 | 33,000 | |
Income (loss) from operations | $ 26,800 | $ 25,300 | ||
Operating Segments [Member] | Implied License and Other Damages [Member] | Satellite Services [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, 2017 | Mar. 31, 2016 | Apr. 03, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 2,954,653 | $ 2,397,312 | $ 2,147,405 |
Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 587,962 | 582,399 | 554,371 |
Operating Segments [Member] | Satellite Services [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 81,728 | 57,529 | 63,790 |
Operating Segments [Member] | Commercial Networks [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 179,992 | 212,943 | 217,268 |
Operating Segments [Member] | Government Systems [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 326,242 | 311,927 | 273,313 |
Corporate, Non-Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 2,366,691 | $ 1,814,913 | $ 1,593,034 |
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, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | $ 41,677 | $ 33,604 | |
Goodwill | 119,876 | 117,040 | |
Amortization of acquired intangible assets | 10,788 | 16,438 | $ 17,966 |
Operating Segments [Member] | Satellite Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 21,843 | 8,751 | |
Goodwill | 13,579 | 9,809 | |
Amortization of acquired intangible assets | 5,866 | 9,122 | 11,058 |
Operating Segments [Member] | Commercial Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 4,903 | 6,581 | |
Goodwill | 43,930 | 43,990 | |
Amortization of acquired intangible assets | 1,679 | 2,569 | 1,452 |
Operating Segments [Member] | Government Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 14,931 | 18,272 | |
Goodwill | 62,367 | 63,241 | |
Amortization of acquired intangible assets | $ 3,243 | $ 4,747 | $ 5,456 |
Segment Information - Revenue I
Segment Information - Revenue Information by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,559,337 | $ 1,417,431 | $ 1,382,535 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,352,002 | 1,207,651 | 1,149,700 |
Europe, Middle East and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 85,828 | 80,202 | 89,982 |
Asia, Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 88,888 | 79,213 | 81,397 |
North America other than United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 24,649 | 38,957 | 51,661 |
Central and Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 7,970 | $ 11,408 | $ 9,795 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 |
Located outside the United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets located outside the United States | $ 32.4 | $ 23.7 | $ 14.3 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 03, 2015 | |
Deferred Tax Asset Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 17,089 | $ 15,550 | $ 12,832 |
Charged (credited) to costs and expenses | 639 | 1,539 | 2,718 |
Ending Balance | 17,728 | 17,089 | 15,550 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 1,153 | 1,055 | 1,554 |
Charged (credited) to costs and expenses | 7,139 | 5,885 | 3,822 |
Deductions | (6,822) | (5,787) | (4,321) |
Ending Balance | $ 1,470 | $ 1,153 | $ 1,055 |