Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | May 11, 2018 | Sep. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 | 58,908,061 | ||
Entity Public Float | $ 3,519,366,311 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 71,446 | $ 130,098 |
Accounts receivable, net | 267,665 | 263,721 |
Inventories | 196,307 | 163,201 |
Prepaid expenses and other current assets | 77,135 | 57,836 |
Total current assets | 612,553 | 614,856 |
Other acquired intangible assets, net | 31,862 | 41,677 |
Goodwill | 121,085 | 119,876 |
Other assets | 686,134 | 529,366 |
Total assets | 3,414,109 | 2,954,653 |
Current liabilities: | ||
Accounts payable | 157,481 | 100,270 |
Accrued liabilities | 263,676 | 224,959 |
Current portion of long-term debt | 45,300 | 288 |
Total current liabilities | 466,457 | 325,517 |
Senior notes | 690,886 | 575,380 |
Other long-term debt | 287,519 | 273,103 |
Other liabilities | 121,240 | 42,722 |
Total liabilities | 1,566,102 | 1,216,722 |
Commitments and contingencies (Notes 11 and 12) | ||
Viasat, Inc. stockholders’ equity | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2018 and 2017, respectively | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 58,905,274 and 57,600,609 shares outstanding at March 31, 2018 and 2017, respectively | 6 | 6 |
Paid-in capital | 1,535,635 | 1,439,645 |
Retained earnings | 285,960 | 297,471 |
Accumulated other comprehensive income (loss) | 15,565 | (2,504) |
Total Viasat, Inc. stockholders’ equity | 1,837,166 | 1,734,618 |
Noncontrolling interest in subsidiaries | 10,841 | 3,313 |
Total equity | 1,848,007 | 1,737,931 |
Total liabilities and equity | 3,414,109 | 2,954,653 |
Property Plant and Equipment - Satellites [Member] | ||
Current assets: | ||
Property and equipment, net | 1,239,987 | 1,108,270 |
Property Plant and Equipment - Excluding Satellites [Member] | ||
Current assets: | ||
Property and equipment, net | $ 722,488 | $ 540,608 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 |
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 | 58,905,274 | 57,600,609 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | |||
Product revenues | $ 755,547 | $ 713,936 | $ 664,821 |
Service revenues | 839,078 | 845,401 | 752,610 |
Total revenues | 1,594,625 | 1,559,337 | 1,417,431 |
Operating expenses: | |||
Cost of product revenues | 553,677 | 524,026 | 489,246 |
Cost of service revenues | 567,137 | 524,949 | 495,099 |
Selling, general and administrative | 385,420 | 333,468 | 298,345 |
Independent research and development | 168,347 | 129,647 | 77,184 |
Amortization of acquired intangible assets | 12,231 | 10,788 | 16,438 |
(Loss) income from operations | (92,187) | 36,459 | 41,119 |
Other income (expense): | |||
Interest income | 960 | 1,008 | 2,226 |
Interest expense | (4,026) | (12,083) | (25,748) |
Loss on extinguishment of debt | (10,217) | ||
(Loss) income before income taxes | (105,470) | 25,384 | 17,597 |
Benefit from (provision for) income taxes | 35,217 | (3,617) | 4,173 |
Equity in income of unconsolidated affiliate, net | 1,978 | ||
Net (loss) income | (68,275) | 21,767 | 21,770 |
Less: net (loss) income attributable to noncontrolling interests, net of tax | (970) | (2,000) | 29 |
Net (loss) income attributable to Viasat, Inc. | $ (67,305) | $ 23,767 | $ 21,741 |
Net (loss) income per share attributable to Viasat, Inc. common stockholders: | |||
Basic net (loss) income per share attributable to Viasat, Inc. common stockholders | $ (1.15) | $ 0.45 | $ 0.45 |
Diluted net (loss) income per share attributable to Viasat, Inc. common stockholders | $ (1.15) | $ 0.45 | $ 0.44 |
Shares used in computing basic net (loss) income per share | 58,438 | 52,318 | 48,464 |
Shares used in computing diluted net (loss) income per share | 58,438 | 53,396 | 49,445 |
Comprehensive income (loss): | |||
Net (loss) income | $ (68,275) | $ 21,767 | $ 21,770 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on hedging, net of tax | 67 | (182) | 122 |
Foreign currency translation adjustments, net of tax | 15,785 | (2,329) | (262) |
Other comprehensive income (loss), net of tax | 15,852 | (2,511) | (140) |
Comprehensive (loss) income | (52,423) | 19,256 | 21,630 |
Less: comprehensive (loss) income attributable to noncontrolling interests, net of tax | (970) | (2,000) | 29 |
Comprehensive (loss) income attributable to Viasat, Inc. | $ (51,453) | $ 21,256 | $ 21,601 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (68,275) | $ 21,767 | $ 21,770 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation | 210,441 | 200,686 | 193,086 |
Amortization of intangible assets | 45,211 | 45,236 | 48,990 |
Deferred income taxes | (36,558) | (218) | (5,003) |
Stock-based compensation expense | 68,545 | 55,775 | 47,510 |
Loss on disposition of fixed assets | 32,978 | 35,431 | 33,960 |
Loss on extinguishment of debt | 10,217 | ||
Other non-cash adjustments | 6,883 | 10,018 | 8,957 |
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (12,439) | 16,071 | (26,342) |
Inventories | (37,562) | (12,386) | (26,749) |
Other assets | (25,975) | (15,259) | (3,335) |
Accounts payable | 32,503 | 972 | 5,250 |
Accrued liabilities | 60,042 | 48,039 | (337) |
Other liabilities | 72,622 | 5,166 | (820) |
Net cash provided by operating activities | 358,633 | 411,298 | 296,937 |
Cash flows from investing activities: | |||
Purchase of property, equipment and satellites | (511,634) | (514,692) | (377,894) |
Investment in unconsolidated affiliate | (140,378) | (1,258) | |
Cash paid for patents, licenses and other assets | (72,853) | (70,966) | (72,731) |
Payments related to acquisition of businesses, net of cash acquired | (16,528) | (4,402) | |
Proceeds from sale of real property | 27,559 | ||
Net cash used in investing activities | (584,487) | (715,005) | (456,285) |
Cash flows from financing activities: | |||
Payment of debt issuance costs | (9,759) | (6,677) | (840) |
Proceeds from issuance of common stock under equity plans | 26,165 | 22,403 | 22,309 |
Purchase of common stock in treasury (immediately retired) related to tax withholdings for stock-based compensation | (24,206) | (21,670) | (16,397) |
Proceeds from common stock issued in public offering, net of issuance costs | 503,061 | ||
Proceeds from noncontrolling interest capital contribution | 8,491 | ||
Other financing activities | (1,816) | (1,802) | (1,784) |
Net cash provided by financing activities | 165,776 | 392,784 | 149,122 |
Effect of exchange rate changes on cash | 1,426 | (1,067) | 51 |
Net (decrease) increase in cash and cash equivalents | (58,652) | 88,010 | (10,175) |
Cash and cash equivalents at beginning of fiscal year | 130,098 | 42,088 | 52,263 |
Cash and cash equivalents at end of fiscal year | 71,446 | 130,098 | 42,088 |
Supplemental information: | |||
Cash paid for interest (net of amounts capitalized) | 3,722 | 10,094 | 21,787 |
Cash paid for income taxes, net | 4,021 | 1,468 | 1,380 |
Non-cash investing and financing activities: | |||
Issuance of stock in satisfaction of certain accrued employee compensation liabilities | 16,409 | 13,080 | 11,609 |
Capital expenditures not paid for | 41,149 | 29,813 | 60,796 |
Issuance of common stock in connection with acquisition | 4,988 | ||
2020 Notes [Member] | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Loss on extinguishment of debt | 10,217 | ||
Cash flows from financing activities: | |||
Repayment of 2020 Notes | (575,000) | ||
Payment of debt extinguishment costs | (10,602) | ||
2025 Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from issuance of 2025 Notes | 700,000 | ||
Revolving Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from credit facility borrowings | 90,000 | 175,000 | |
Payments of revolving credit facility borrowings | (270,000) | (205,000) | |
Ex-Im Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from credit facility borrowings | 52,503 | 77,469 | 175,834 |
Non-cash investing and financing activities: | |||
Exposure fees on Ex-Im credit facility financed through Ex-Im credit facility | $ 5,764 | $ 8,505 | $ 20,992 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest in Subsidiaries [Member] |
Beginning balance at Apr. 03, 2015 | $ 1,043,733 | $ 5 | $ 786,467 | $ 251,963 | $ 147 | $ 5,151 |
Beginning 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) | ||||
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 income (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) | ||||
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 income (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 | |||||
Exercise of stock options | 13,371 | 13,371 | ||||
Exercise of stock options, shares | 287,012 | |||||
Issuance of stock under Employee Stock Purchase Plan | 12,794 | 12,794 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 227,381 | |||||
Stock-based compensation | 76,512 | 76,512 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities | 16,409 | 16,409 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 228,791 | |||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (24,206) | (24,206) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 561,481 | |||||
Reclassification of stranded tax effects in OCI due toTax Reform Revaluation | (2,217) | 2,217 | ||||
Proceeds from noncontrolling interest capital contribution | 8,491 | 8,491 | ||||
Other noncontrolling interest activity | 7 | 7 | ||||
Net income (loss) | (68,275) | (67,305) | (970) | |||
Other comprehensive income (loss), net of tax | 15,852 | 15,852 | ||||
Ending balance at Mar. 31, 2018 | 1,848,007 | $ 6 | 1,535,635 | 285,960 | $ 15,565 | $ 10,841 |
Ending balance, shares at Mar. 31, 2018 | 58,905,274 | |||||
Cumulative effect adjustment upon adoption of new stock compensation guidance (ASU 2016-09) | $ 59,121 | $ 1,110 | $ 58,011 |
The Company and a Summary of It
The Company and a Summary of Its Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
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. Certain prior period amounts have been reclassified to conform to the current period presentation. Recent transactions During the first quarter of fiscal year 2016, the Company completed the acquisition of Engreen Inc. (Engreen), a privately held company focused on network function virtualization. The Engreen purchase price of approximately $5.3 million was primarily allocated to acquired technology intangible assets and the assumption of certain liabilities. The acquisition was accounted for as a purchase and, accordingly, the consolidated financial statements include the operating results of Engreen from the date of acquisition. During the third quarter of fiscal year 2017, the Company completed the acquisition of Aerodocs Limited (Arconics), a privately held company focused on wireless in-flight entertainment management software services. The Arconics purchase price of approximately $21.6 million was comprised of approximately $16.6 million in cash consideration paid to former Arconics equity holders and $5.0 million related to the fair value of 61,888 shares of the Company’s common stock issued at the closing. The approximately $16.6 million in cash consideration paid to former Arconics equity holders less cash acquired of $0.6 million resulted in a net cash outlay by the Company of approximately $16.0 million. The Arconics purchase price was primarily allocated to acquired technology and customer relationships intangible assets, and goodwill. Through this acquisition, the Company gained broader expertise, aviation-grade software and mobile applications to make flying safer and more efficient for pilots, cabin crews and flight operations teams, as well as applications that are expected to create new opportunities for passenger entertainment and airline services and revenue. This acquisition was accounted for as a purchase and, accordingly, the consolidated financial statements include the operating results of Arconics in the Company’s satellite services segment from the date of the acquisition. During the third quarter of fiscal year 2017, the Company also 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. The Company used $225.0 million of the net proceeds from the offering to repay the then-outstanding borrowings under the Company’s revolving credit facility (the Revolving Credit Facility). During the fourth quarter of fiscal year 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 satellite) to a subsidiary of Eutelsat, Euro Broadband Infrastructure Sàrl (Euro Infrastructure Co.), in exchange for the issuance of new shares in such subsidiary, and immediately following such contribution and issuance, the Company purchased 49% of the issued shares of Euro Infrastructure Co. from Eutelsat for cash consideration of $139.5 million. The Company’s total net cash outlay for this investment in Euro Infrastructure Co., including approximately $2.4 million of transaction costs, was approximately $141.9 million. Also at the closing, Eutelsat purchased 49% of the issued shares of Euro Retail Co. for an immaterial amount. Under the strategic partnering arrangement, Euro Infrastructure Co. owns and operates the KA-SAT satellite and related assets and offers wholesale satellite capacity services in the European region, and Euro Retail Co. purchases wholesale satellite capacity services and offers retail satellite-based broadband internet services in the European region. 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 30.6%, 28.8% and 23.7% of total revenues for fiscal years 2018, 2017 and 2016, respectively. Billed accounts receivable to the U.S. government as of March 31, 2018 and 2017 were approximately 36.4% and 30.1%, 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 2018, 2017 and 2016. The Company’s five largest contracts generated approximately 19.7%, 19.6% and 19.4% of the Company’s total revenues for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016, 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, including internally developed software, are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. Costs related to internally developed software for internal uses are capitalized after the preliminary project stage is complete and are amortized over the estimated useful lives of the assets. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in operations, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). The Company computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to 24 years. Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the lease term or the life of the improvement. Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (Accounting Standards Codification (ASC) 835-20). With respect to assets under construction, including the ViaSat-2 satellite and related gateway and networking equipment (which commenced construction during the first quarter of fiscal year 2014), and the ViaSat-3 class satellites (which commenced construction during the fourth quarter of fiscal year 2016), the Company capitalized $58.9 million, $49.7 million, and $30.1 million of interest expense during the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016, respectively. The Company owns three satellites in service: ViaSat-2 (its second-generation high-capacity Ka-band spot-beam satellite, which was placed into service in the fourth quarter of fiscal year 2018), ViaSat-1 (its first-generation high-capacity Ka-band spot-beam satellite, which was placed into service in January 2012) and WildBlue-1 (which was placed into service in March 2007). The Company currently has two third-generation ViaSat-3 class satellites under construction. The Company also has an exclusive prepaid lifetime capital lease of Ka-band capacity over the contiguous United States on Telesat Canada’s Anik F2 satellite (which was placed into service in April 2005) and owns related earth stations and networking equipment for all of its satellites. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated lives are necessary. The Company procures indoor and outdoor CPE units leased to subscribers under a retail leasing program as part of the Company’s satellite services segment, which are reflected in investing activities and property and equipment in the accompanying consolidated financial statements. The Company depreciates the satellites, earth stations and networking equipment, CPE units and related installation costs over their estimated useful lives. The total cost and accumulated depreciation of CPE units included in property and equipment, net, as of March 31, 2018 were $298.7 million and $129.0 million, respectively. The total cost and accumulated depreciation of CPE units included in property and equipment, net, as of March 31, 2017 were $271.9 million and $158.2 million, respectively. Occasionally, the Company may enter into capital lease arrangements for various machinery, equipment, computer-related equipment, software, furniture or fixtures. The Company records amortization of assets leased under capital lease arrangements within depreciation expense. 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 11. 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, 2018 and 2017. 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, 2018 and 2017. Accumulated amortization related to these assets was $2.5 million and $2.1 million as of March 31, 2018 and 2017, respectively. Amortization expense related to these assets was an insignificant amount for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016. 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 2018, 2017 and 2016, 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 2018, 2017 and 2016, $9.8 million, $6.1 million and an insignificant amount, respectively, of debt issuance costs were capitalized. 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 the authoritative guidance for imputation of interest (ASC 835-30). Debt issuance costs related to the Company’s 5.625% Senior Notes due 2025 (the 2025 Notes) and the Company’s direct loan facility with the Export-Import Bank of the United States for ViaSat-2 (the Ex-Im Credit Facility) are recorded as a direct deduction from the carrying amount of the related debt, consistent with debt discounts, in accordance with the authoritative guidance for imputation of interest (ASC 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 $246.8 million and $203.7 million related to software developed for resale were included in other assets as of March 31, 2018 and 2017, respectively. The Company capitalized $75.6 million and $73.1 million of costs related to software developed for resale for the fiscal years ended March 31, 2018 and 2017, respectively. Amortization expense for software development costs was $32.5 million, $32.5 million and $32.2 million during fiscal years 2018, 2017 and 2016, 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 2018, 2017 and 2016. 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, Intangibles — Goodwill and Other (ASC 350): Testing Goodwill for Impairment, which simplifies how the Company tests goodwill for impairment. Current authoritative guidance allows the Company to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. If, after completing the qualitative assessment, the Company determines that it is more likely than not that the estimated fair value is greater than the carrying value, the Company concludes that no impairment exists. If it is more likely than not that the carrying value of the reporting unit exceeds its estimated fair value, the Company compares the fair value of the reporting unit to its carrying value. If the estimated fair value of the reporting unit is less than the carrying value, a second step is performed in which the implied fair value of goodwill is compared to its carrying value. If the implied fair value of goodwill is less than its carrying value, goodwill must be written down to its implied fair value, resulting in goodwill impairment. The Company tests goodwill for impairment during the fourth quarter every fiscal year and when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist. The qualitative analysis includes assessing the impact of changes in certain factors including (1) changes in forecasted operating results and comparing actual results to projections, (2) changes in the industry or its competitive environment since the acquisition date, (3) changes in the overall economy, its market share and market interest rates since the acquisition date, (4) trends in the stock price and related market capitalization and enterprise values, (5) trends in peer companies total enterprise value metrics, and (6) additional factors such as management turnover, changes in regulation and changes in litigation matters. Based on the Company’s qualitative assessment performed during the fourth quarter of fiscal year 2018, the Company concluded that it was more likely than not that the estimated fair value of the Company’s reporting units exceeded their carrying values as of March 31, 2018, and therefore, determined it was not necessary to perform the two-step goodwill impairment test. No impairments were recorded by the Company related to goodwill and other intangible assets for fiscal years 2018, 2017 and 2016. 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 the Company ships the products 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 Company estimates the warranty costs 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, the Company will make future adjustments to the recorded warranty obligation (see Note 13). Fair value of financial instruments The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables, accounts payable and accrued liabilities, approximate their fair values due to their short-term maturities. The estimated fair value of the Company’s long-term borrowings and other long-term interest bearing liabilities is determined by using available market information for those securities or similar financial instruments (see Note 3). Self-insurance liabilities The Company has self-insurance plans to retain a portion of the exposure for losses related to employee medical benefits and workers’ compensation. The self-insurance plans include policies which provide for both specific and aggregate stop-loss limits. The Company utilizes internal actuarial methods as well as other historical information for the purpose of estimating ultimate costs for a particular plan year. Based on these actuarial methods, along with currently available information and insurance industry statistics, the Company has recorded self-insurance liability for its plans of $4.5 million and $4.2 million in accrued liabilities in the consolidated balance sheets as of March 31, 2018 and 2017, 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, 2018 and 2017, no such amounts were accrued related to the aforementioned provisions. Noncontrolling interests 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. 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 in income (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, 2018 and 2017, the Company had no shares of common stock held in treasury. During fiscal years 2018, 2017 and 2016, the Company issued 896,776, 792,616 and 703,043 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 335,295, 294,031 and 263,137 shares of common stock at cost and with a total value of $24.2 million, $21.7 million and $16.4 million during fiscal years 2018, 2017 and 2016, respectively. 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. 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. 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 2018, 2017 and 2016, the Company settled certain foreign exchange contracts and in connection therewith for each year recognized an insignificant gain or loss recorded in cost of revenues based on the nature of the underlying transactions. The fair value of the Company’s foreign currency forward contracts was an insignificant amount recorded as an other current asset as of March 31, 2018 and as an accrued liability as of March 31, 2017. The notional value of foreign currency forward contracts outstanding as of March 31, 2018 and 2017 was an insignificant amount and $2.6 million, respectively. At March 31, 2018 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, 2018 will mature within approximately 36 months from their inception. There were no gains or losses from ineffectiveness of these derivative instruments recorded for fiscal years 2018, 2017 and 2016. 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. Other comprehensive income related to the effects of foreign currency translation adjustments attributable to Viasat, Inc. during fiscal year 2018 was $22.8 million, or $15.8 million net of tax. Other comprehensive loss related to the effects of foreign currency translation adjustments attributed to Viasat, Inc. during fiscal years 2017 and 2016 were $2.4 million and an insignificant amount, respectively. The tax effect related to the effects of foreign currency translation adjustments recorded in other comprehensive income (loss) in fiscal years 2017 and 2016 was insignificant. Revenue recognition A substantial portion |
Composition of Certain Balance
Composition of Certain Balance Sheet Captions | 12 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | Note 2 — Composition of Certain Balance Sheet Captions As of March 31, 2018 As of March 31, 2017 (In thousands) Accounts receivable, net: Billed $ 184,536 $ 145,626 Unbilled 85,156 119,565 Allowance for doubtful accounts (2,027 ) (1,470 ) $ 267,665 $ 263,721 Inventories: Raw materials $ 62,252 $ 56,096 Work in process 47,465 25,820 Finished goods 86,590 81,285 $ 196,307 $ 163,201 Prepaid expenses and other current assets: Prepaid expenses $ 68,516 $ 51,856 Other 8,619 5,980 $ 77,135 $ 57,836 Satellites, net: Satellites (estimated useful life of 10-17 years) $ 1,152,503 $ 559,380 Capital lease of satellite capacity — Anik F2 (estimated useful life of 10 years) 99,090 99,090 Satellites under construction 362,342 776,354 1,613,935 1,434,824 Less: accumulated depreciation and amortization (373,948 ) (326,554 ) $ 1,239,987 $ 1,108,270 Property and equipment, net: Equipment and software (estimated useful life of 2-7 years) $ 864,140 $ 679,008 CPE leased equipment (estimated useful life of 4-5 years) 298,746 271,917 Furniture and fixtures (estimated useful life of 7 years) 35,234 30,539 Leasehold improvements (estimated useful life of 2-17 years) 111,841 80,727 Building (estimated useful life of 24 years) 8,923 8,923 Land 15,322 14,573 Construction in progress 108,192 116,902 1,442,398 1,202,589 Less: accumulated depreciation (719,910 ) (661,981 ) $ 722,488 $ 540,608 Other assets: Investment in unconsolidated affiliate $ 163,835 $ 141,894 Deferred income taxes 222,274 134,764 Capitalized software costs, net 246,792 203,686 Patents, orbital slots and other licenses, net 16,100 16,500 Other 37,133 32,522 $ 686,134 $ 529,366 Accrued liabilities: Collections in excess of revenues and deferred revenues $ 121,439 $ 76,682 Accrued employee compensation 46,106 41,691 Accrued vacation 39,022 33,214 Warranty reserve, current portion 5,357 7,796 Other 51,752 65,576 $ 263,676 $ 224,959 Other liabilities: Deferred revenue, long-term portion $ 77,831 $ 4,617 Deferred rent, long-term portion 13,769 10,743 Warranty reserve, long-term portion 1,557 3,262 Satellite performance incentive obligation, long-term portion 18,181 19,164 Deferred income taxes, long-term 864 1,936 Other 9,038 3,000 $ 121,240 $ 42,722 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2018 | |
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 measured at fair value on a recurring basis as of March 31, 2018 and assets and liabilities measured at fair value on a recurring basis as of March 31, 2017. The Company had no liabilities measured at fair value on a recurring basis as of March 31, 2018: Fair Value as of March 31, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 1,011 $ 1,011 $ — $ — Foreign currency forward contracts 9 — 9 — Total assets measured at fair value on a recurring basis $ 1,020 $ 1,011 $ 9 $ — Fair Value as of March 31, 2017 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 $ — The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: Cash equivalents — The Company’s cash equivalents consist of money market funds. Money market funds are valued using quoted prices for identical assets in an active market with sufficient volume and frequency of transactions (Level 1). Foreign currency forward contracts — The Company uses derivative financial instruments to manage foreign currency risk relating to foreign exchange rates. The Company does not use these instruments for speculative or trading purposes. The Company’s objective is to reduce the risk to earnings and cash flows associated with changes in foreign currency exchange rates. Derivative instruments are recognized as either assets or liabilities in the accompanying consolidated financial statements and are measured at fair value. Gains and losses resulting from changes in the fair values of those derivative instruments are recorded to earnings or other comprehensive income (loss) depending on the use of the derivative instrument and whether it qualifies for hedge accounting. The Company’s foreign currency forward contracts are valued using standard calculations/models that are primarily based on observable inputs, such as foreign currency exchange rates, or can be corroborated by observable market data (Level 2). Long-term debt — The Company’s long-term debt consists of borrowings under its Revolving Credit Facility and Ex-Im Credit Facility (collectively, the Credit Facilities), as well as $700.0 million in aggregate principal amount of 2025 Notes. Long-term debt related to the Revolving Credit Facility is reported at the outstanding principal amount of borrowings, while long-term debt related to the Ex-Im Credit Facility and the Company’s current and former senior notes (including the 2025 Notes) is reported at amortized cost. However, for disclosure purposes, the Company is required to measure the fair value of outstanding debt on a recurring basis. As of March 31, 2018, the estimated fair value of the Company’s outstanding long-term debt related to the 2025 Notes was determined based on actual or estimated bids and offers for the 2025 Notes in an over-the-counter market (Level 2) and was $674.0 million. As of March 31, 2017, the fair value of the Company’s outstanding long-term debt related to its former $575.0 million in aggregate principal amount of 6.875% Notes due 2020 (the 2020 Notes) was determined using quoted prices in active markets (Level 1) and was $587.9 million. The 2020 Notes were repurchased and redeemed in full in connection with the issuance of the 2025 Notes. The fair value of the Company’s long-term debt related to the Revolving Credit Facility approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. As of March 31, 2018 and 2017, the fair value of the Company’s long-term debt related to the Ex-Im Credit Facility was determined based on a discounted cash flow analysis using observable market interest rates for instruments with similar terms (Level 2) and was approximately $347.4 million and $297.2 million, respectively. Satellite performance incentive obligation — The Company’s contract with the manufacturer of ViaSat-1 requires the Company to make monthly in-orbit satellite performance incentive payments, including interest at 7.0%, over a 15-year period from December 2011 to December 2026, subject to the continued satisfactory performance of the satellite. The Company records the net present value of these expected future payments as a liability and as a component of the cost of the satellite. However, for disclosure purposes, the Company is required to measure the fair value of outstanding satellite performance incentive obligation on a recurring basis. The fair value of the Company’s outstanding satellite performance incentive obligation relating to the ViaSat-1 satellite is estimated to approximate its carrying value based on current rates (Level 2). As of each of March 31, 2018 and 2017, the Company’s estimated satellite performance incentive obligation relating to the ViaSat-1 satellite, including accrued interest was $21.0 million and $21.8 million, respectively. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note 4 — Goodwill and Acquired Intangible Assets During fiscal year 2018, the increase in the Company’s goodwill reflected the effects of foreign currency translation recorded within all three of the Company’s segments. 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 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. 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 $12.2 million, $10.8 million and $16.4 million for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016, 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 2019 $ 9,571 Expected for fiscal year 2020 7,726 Expected for fiscal year 2021 5,277 Expected for fiscal year 2022 3,451 Expected for fiscal year 2023 3,146 Thereafter 2,691 $ 31,862 The allocation of the other acquired intangible assets and the related accumulated amortization as of March 31, 2018 and 2017 is as follows: As of March 31, 2018 As of March 31, 2017 Weighted Average Useful Life Total Accumulated Amortization Net Book Value Total Accumulated Amortization Net Book Value (In years) (In thousands) Technology 6 $ 90,652 $ (69,387 ) $ 21,265 $ 87,592 $ (62,749 ) $ 24,843 Contracts and customer relationships 7 103,808 (94,584 ) 9,224 103,034 (89,083 ) 13,951 Satellite co-location rights 9 8,600 (7,668 ) 932 8,600 (6,743 ) 1,857 Trade name 3 5,940 (5,940 ) — 5,940 (5,940 ) — Other 6 10,137 (9,696 ) 441 9,925 (8,899 ) 1,026 Total other acquired intangible assets $ 219,137 $ (187,275 ) $ 31,862 $ 215,091 $ (173,414 ) $ 41,677 |
Senior Notes and Other Long-Ter
Senior Notes and Other Long-Term Debt | 12 Months Ended |
Mar. 31, 2018 | |
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, 2018 and 2017: As of March 31, 2018 As of March 31, 2017 (In thousands) 2025 Notes $ 700,000 $ — 2020 Notes — 575,000 Revolving Credit Facility — — Ex-Im Credit Facility (1) 362,401 304,134 Other — 288 Total debt 1,062,401 879,422 Unamortized premium/(discount and debt issuance costs), net (1) (38,696 ) (30,651 ) Less: current portion of long-term debt 45,300 288 Total long-term debt $ 978,405 $ 848,483 (1) As of March 31, 2017, included in Ex-Im Credit Facility and in unamortized discount and debt issuance costs on the Ex-Im Credit Facility was $29.5 million and $23.0 million, respectively, relating to the exposure fees accrued as of such date and subsequently financed under the Ex-Im Credit Facility. The estimated aggregate amounts and timing of payments on the Company’s long-term debt obligations as of March 31, 2018 for the next five fiscal years and thereafter were as follows (excluding the effects of discount accretion under the 2025 Notes and the Ex-Im Credit Facility): For the Fiscal Years Ending (In thousands) 2019 $ 45,300 2020 45,300 2021 45,300 2022 45,300 2023 45,300 Thereafter 835,901 1,062,401 Plus: unamortized discount and debt issuance costs (38,696 ) Total $ 1,023,705 Revolving Credit Facility As of March 31, 2018, 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. 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, 2018, 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. Subsequent to the fiscal year end, on May 24, 2018, the Company amended the Revolving Credit Facility to, among other matters, increase the maximum permitted total leverage ratio for each of the quarters of fiscal year 2019. The Company was in compliance with its financial covenants under the Revolving Credit Facility as of March 31, 2018. At March 31, 2018, the Company had no outstanding borrowings under the Revolving Credit Facility and $29.6 million outstanding under standby letters of credit, leaving borrowing availability under the Revolving Credit Facility as of March 31, 2018 of $770.4 million. Ex-Im Credit Facility As of March 31, 2018, the Ex-Im Credit Facility provided a $362.4 million senior secured direct loan facility, which was fully drawn. Of the $362.4 million in principal amount of borrowings made under the Ex-Im Credit Facility, $321.2 million was used to finance up to 85% of the costs of construction, launch and insurance of the ViaSat-2 satellite and related goods and services (including costs incurred on or after September 18, 2012), with the remaining $41.2 million used to finance the total exposure fees incurred under the Ex-Im Credit Facility (which included all previously accrued completion exposure fees). Borrowings under the Ex-Im Credit Facility bear interest at a fixed rate of 2.38%, payable semi-annually in arrears. The effective interest rate on the Company’s outstanding borrowings under the Ex-Im Credit Facility, which takes into account timing and amount of borrowings, exposure fees, debt issuance costs and other fees, is 4.6%. Borrowings under the Ex-Im Credit Facility are required to be repaid in 16 approximately equal semi-annual principal installments, which commenced on April 15, 2018, with a maturity date of October 15, 2025. The Ex-Im Credit Facility is guaranteed by Viasat and is secured by first-priority liens on the ViaSat-2 satellite and related assets, as well as a pledge of the capital stock of the borrower under the facility. The Ex-Im Credit Facility contains financial covenants regarding Viasat’s maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im Credit Facility contains covenants that restrict, among other things, the Company’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Company was in compliance with its financial covenants under the Ex-Im Credit Facility as of March 31, 2018. Borrowings under the Ex-Im Credit Facility are recorded as current portion of long-term debt and as other long-term debt, net of unamortized discount and debt issuance costs, in the Company’s consolidated financial statements. The discount of $42.3 million (comprising the initial $6.0 million pre-exposure fee, $35.3 million of completion exposure fees, and other customary fees) and deferred financing cost associated with the issuance of the borrowings under the Ex-Im Credit Facility is amortized to interest expense on an effective interest rate basis over the term of the borrowings under the Ex-Im Credit Facility. Senior Notes Discharge of indenture and loss on extinguishment of debt In connection with the Company’s issuance of the 2025 Notes in September 2017, the Company repurchased and redeemed all of its $575.0 million in aggregate principal amount of 2020 Notes then outstanding through a cash tender offer and redemption, and the indenture governing the 2020 Notes was satisfied and discharged in accordance with its terms. In September 2017, the Company repurchased $298.2 million in aggregate principal amount of the 2020 Notes pursuant to the tender offer. The total cash payment to repurchase the tendered 2020 Notes in the tender offer, including accrued and unpaid interest to, but excluding, the repurchase date, was $309.3 million. Also in September 2017, in connection with the redemption of the remaining $276.8 million in aggregate principal amount of 2020 Notes, the Company irrevocably deposited $287.4 million with Wilmington Trust, as trustee, as trust funds solely for the benefit of the holders of such 2020 Notes. The redemption price for the 2020 Notes was 101.719% of the principal amount so redeemed, plus accrued and unpaid interest to, but excluding, the redemption date of October 5, 2017. In connection with the satisfaction and discharge of the indenture governing the 2020 Notes, all of the obligations of the Company (other than certain customary provisions of the indenture that expressly survive pursuant to the terms of the indenture) were discharged in September 2017. As a result of the repurchase of the 2020 Notes in the tender offer and the redemption of the remaining 2020 Notes, the Company recognized a $10.2 million loss on extinguishment of debt during the second quarter of fiscal year 2018, which was comprised of $10.6 million in cash payments (including tender offer consideration, redemption premium and related professional fees), net of an insignificant amount in non-cash gain (including unamortized premium, net of unamortized debt issuance costs). Senior Notes due 2025 In September 2017, the Company issued $700.0 million in principal amount of 2025 Notes in a private placement to institutional buyers. The 2025 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s consolidated financial statements. The 2025 Notes bear interest at the rate of 5.625% per year, payable semi-annually in cash in arrears, which interest payments commenced in March 2018. Debt issuance costs associated with the issuance of the 2025 Notes are amortized to interest expense on a straight-line basis over the term of the 2025 Notes, the results of which are not materially different from the effective interest rate basis. The 2025 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, 2018, none of the Company’s subsidiaries guaranteed the 2025 Notes. The 2025 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 2025 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 2025 Notes, and are senior in right of payment to all of their existing and future subordinated indebtedness. The indenture governing the 2025 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. Prior to September 15, 2020, the Company may redeem up to 40% of the 2025 Notes at a redemption price of 105.625% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date, from the net cash proceeds of specified equity offerings. The Company may also redeem the 2025 Notes prior to September 15, 2020, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the applicable premium and any accrued and unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as the greater of: (i) 1.0% of the principal amount of such 2025 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2025 Notes on September 15, 2020 plus (2) all required interest payments due on such 2025 Notes through September 15, 2020 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the treasury rate (as defined under the indenture) plus 50 basis points, over (b) the then-outstanding principal amount of such 2025 Notes. The 2025 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on September 15, 2020 at a redemption price of 102.813%, during the 12 months beginning on September 15, 2021 at a redemption price of 101.406%, and at any time on or after September 15, 2022 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 triggering event 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 2025 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2025 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, 2018 | |
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 2017 through various amendments of the Equity Participation Plan, the Company increased the maximum number of shares reserved for issuance under this plan to 29,050,000 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. From November 1996 to September 2017 through various amendments of the Employee Stock Purchase Plan, the Company increased the maximum number of shares reserved for issuance under this plan to 3,650,000 shares. To facilitate participation for employees located outside of the United States in light of non-U.S. law and other considerations, the amended Employee Stock Purchase Plan also provides for the grant of purchase rights that are not intended to be tax-qualified. The Employee Stock Purchase Plan permits eligible employees to purchase common stock at a discount through payroll deductions during specified six-month offering periods. No employee may purchase more than $25,000 worth of stock in any calendar year. The price of shares purchased under the Employee Stock Purchase Plan is equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. Total stock-based compensation expense recognized in accordance with the authoritative guidance for share-based payments was as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Stock-based compensation expense before taxes $ 68,545 $ 55,775 $ 47,510 Related income tax benefits (16,278 ) (21,057 ) (18,089 ) Stock-based compensation expense, net of taxes $ 52,267 $ 34,718 $ 29,421 Effective April 1, 2017, in accordance with ASU 2016-09, on a prospective basis, the Company recognizes excess tax benefits or deficiencies on vesting or settlement of awards as discrete items within income tax benefit or provision within net income (loss) and the related cash flows classified within operating activities. Prior to April 1, 2017 any unrealized excess tax benefits were tracked off the balance sheet and recognition of the benefits was deferred until realized through a reduction in taxes payable. When the excess tax benefits or deficiencies were realized, they were recognized in paid-in-capital and the related cash flows were classified as an outflow from operating activities and an inflow from financing activities. The compensation cost that has been charged against income for the Equity Participation Plan under the authoritative guidance for share-based payments was $65.1 million, $52.6 million and $45.2 million, and for the Employee Stock Purchase Plan was $3.4 million, $3.1 million and $2.3 million, for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016, respectively. The Company capitalized $8.0 million, $6.6 million and $5.6 million of stock-based compensation expense as a part of the cost for software development for resale included in other assets and as a part of the equipment and software for internal use included in property and equipment for fiscal years 2018, 2017 and 2016, respectively. As of March 31, 2018, total unrecognized compensation cost related to unvested stock-based compensation arrangements granted under the Equity Participation Plan (including stock options, TSR performance stock options and restricted stock units) and the Employee Stock Purchase Plan was $184.3 million and $1.0 million, respectively. These costs are expected to be recognized over a weighted average period of 2.0 years, 2.1 years and 2.7 years, for stock options, TSR performance stock options and restricted stock units, respectively, under the Equity Participation Plan and less than six months under the Employee Stock Purchase Plan. Stock options, TSR performance stock options and employee stock purchase plan. The Company’s employee stock options typically have a simple four-year vesting schedule and a six year contractual term. During the third quarter of fiscal year 2018, the Company began granting TSR performance stock options to executive officers under the 1996 Equity Participation Plan. The number of shares of TSR performance stock options that will become eligible to vest based on the time-based vesting schedule described below is based on a comparison over a four-year performance period of the Company’s TSR to the TSR of the companies included in the S&P Mid Cap 400 Index. The number of options that may become vested and exercisable will range from 0% to 175% of the target number of options based on the Company’s relative TSR ranking for the performance period. The Company’s TSR performance stock options have a four-year time-based vesting schedule and a six year contractual term. The TSR performance stock options must be vested under both the time-based vesting schedule and the performance-based vesting conditions in order to become exercisable. Expense for TSR performance stock options that time-vest is recognized regardless of the actual TSR outcome achieved and is recognized on a graded-vesting basis. The weighted average estimated fair value of TSR performance stock options granted during fiscal year 2018 was $32.04 per share, using the Monte Carlo simulation. The weighted average estimated fair value of employee stock options granted and employee stock purchase plan shares issued during fiscal year 2018 was $19.86 and $15.09 per share, respectively, during fiscal year 2017 was $23.62 and $16.27 per share, respectively, and during fiscal year 2016 was $20.35 and $13.37 per share, respectively, using the Black-Scholes model. The weighted average assumptions (annualized percentages) used in the Black-Scholes model and Monte Carlo simulation were as follows: Employee Stock Options TSR Performance Stock Options Employee Stock Purchase Plan Fiscal Year 2018 Fiscal Year 2017 Fiscal Year 2016 Fiscal Year 2018 * Fiscal Year 2018 Fiscal Year 2017 Fiscal Year 2016 Volatility 30.4 % 33.4 % 32.9 % 27.5 % 22.0 % 31.1 % 24.6 % Risk-free interest rate 1.9 % 1.7 % 1.7 % 1.9 % 1.3 % 0.5 % 0.3 % Dividend yield 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Expected life 5.4 years 5.5 years 5.5 years 5.0 years 0.5 years 0.5 years 0.5 years * The Company began granting TSR performance stock options to executive officers in the third quarter of fiscal year 2018. 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 and TSR performance options are based on the historical volatility calculated using the daily stock price of the Company’s stock over a recent historical period equal to the expected term. The risk-free interest rate that the Company uses in determining the fair value of its stock-based awards is based on the implied yield on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of its stock-based awards. The expected terms or lives of employee stock options and TSR performance stock options represent the expected period of time from the date of grant to the estimated date that the stock options under the Company’s Equity Participation Plan would be fully exercised. The expected term assumption is estimated based primarily on the options’ vesting terms and remaining contractual life and employees’ expected exercise and post-vesting employment termination behavior. A summary of employee stock option activity for fiscal year 2018 is presented below: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value (In thousands) Outstanding at March 31, 2017 2,004,262 $ 58.99 Options granted 53,000 63.59 Options canceled (3,750 ) 65.86 Options exercised (287,012 ) 46.59 Outstanding at March 31, 2018 1,766,500 $ 61.13 3.05 $ 10,279 Vested and exercisable at March 31, 2018 1,111,625 $ 58.14 2.40 $ 9,185 The total intrinsic value of stock options exercised during fiscal years 2018, 2017 and 2016 was $5.2 million, $8.3 million and $14.5 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. The excess tax deficiency from stock options exercised during fiscal year 2018 was an insignificant amount. No excess tax benefits were realized from stock options exercised during fiscal years 2017 and 2016 as the excess tax benefit from stock options exercised increased the Company’s net operating loss carryforward. A summary of TSR performance stock option activity for fiscal year 2018 is presented below: Number of Shares (1) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value (In thousands) Outstanding at March 31, 2017 (2) — $ — TSR performance options granted 497,500 73.77 TSR performance options canceled — — TSR performance options exercised — — Outstanding at March 31, 2018 497,500 $ 73.77 5.63 $ — Vested and exercisable at March 31, 2018 — $ — — $ — (1) Number of shares is based on the target number of options under each TSR performance stock option. (2) The Company began granting TSR performance stock options to executive officers in the third quarter of fiscal year 2018. Restricted stock units. Restricted stock units represent a right to receive shares of common stock at a future date determined in accordance with the participant’s award agreement. There is no exercise price and no monetary payment required for receipt of restricted stock units or the shares issued in settlement of the award. Instead, consideration is furnished in the form of the participant’s services to the Company. Restricted stock units generally vest over four years. Compensation cost for these awards is based on the fair value on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period. For fiscal years 2018, 2017 and 2016, the Company recognized $54.0 million, $44.9 million and $38.4 million, respectively, in stock-based compensation expense related to these restricted stock unit awards. The per unit weighted average grant date fair value of restricted stock units granted during fiscal years 2018, 2017 and 2016 was $72.89, $69.99 and $61.81, respectively. A summary of restricted stock unit activity for fiscal year 2018 is presented below: Number of Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding at March 31, 2017 2,679,354 $ 64.47 Awarded 1,166,362 72.89 Forfeited (86,746 ) 67.73 Released (896,776 ) 64.98 Outstanding at March 31, 2018 2,862,194 $ 67.64 Vested and deferred at March 31, 2018 159,460 $ 40.58 The total fair value of shares vested related to restricted stock units during the fiscal years 2018, 2017 and 2016 was $64.6 million, $58.4 million and $43.8 million, respectively. |
Shares Used In Computing Dilute
Shares Used In Computing Diluted Net (Loss) Income Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net (Loss) Income Per Share | Note 7 — Shares Used In Computing Diluted Net (Loss) Income Per Share Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Weighted average: Common shares outstanding used in calculating basic net (loss) income per share attributable to Viasat, Inc. common stockholders 58,438 52,318 48,464 Options to purchase common stock as determined by application of the treasury stock method — 246 281 TSR performance options to purchase common stock as determined by application of the treasury stock method — * * Restricted stock units to acquire common stock as determined by application of the treasury stock method — 658 533 Potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan — 174 167 Shares used in computing diluted net (loss) income per share attributable to Viasat, Inc. common stockholders 58,438 53,396 49,445 * The Company began granting TSR performance stock options to executive officers in the third quarter of fiscal year 2018 (see Note 6). The weighted average number of shares used to calculate basic and diluted net loss per share attributable to Viasat, Inc. common stockholders is the same for fiscal year ended 2018, as the Company incurred a net loss attributable to Viasat, Inc. common stockholders for such period and inclusion of potentially dilutive weighted average shares of common stock would be antidilutive. Potentially dilutive weighted average shares of common stock excluded from the calculation for fiscal year ended 2018 were 1,358,275 relating to stock options (other than TSR performance stock options), 175,598 relating to TSR performance stock options, 1,053,649 relating to restricted stock units, and 193,608 relating to certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan, respectively. Antidilutive shares relating to stock options excluded from the calculation comprised 582,315 and 810,231 shares for the fiscal years ended March 31, 2017 and March 31, 2016, respectively. Antidilutive shares relating to restricted stock units excluded from the calculation comprised 24 and 4,138 for the fiscal years ended March 31, 2017 and March 31, 2016, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — Income Taxes The components of (loss) income before income taxes by jurisdiction are as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) United States $ (92,767 ) $ 29,649 $ 20,280 Foreign (12,703 ) (4,265 ) (2,683 ) $ (105,470 ) $ 25,384 $ 17,597 The benefit from (provision for) income taxes includes the following: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Current tax benefit (provision) Federal $ (284 ) $ (2,041 ) $ (132 ) State (401 ) (1,167 ) (543 ) Foreign (953 ) (600 ) (148 ) (1,638 ) (3,808 ) (823 ) Deferred tax benefit (provision) Federal 24,833 (4,410 ) (2,266 ) State 10,450 4,509 7,090 Foreign 1,572 92 172 36,855 191 4,996 Total benefit from (provision for) income taxes $ 35,217 $ (3,617 ) $ 4,173 Significant components of the Company’s net deferred tax assets are as follows: As of March 31, 2018 March 31, 2017 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 184,177 $ 202,752 Tax credit carryforwards 189,970 145,369 Other 46,376 74,962 Valuation allowance (29,049 ) (17,728 ) Total deferred tax assets 391,474 405,355 Deferred tax liabilities: Intangible assets (73,403 ) (98,099 ) Property, equipment and satellites (96,661 ) (174,428 ) Total deferred tax liabilities (170,064 ) (272,527 ) Net deferred tax assets $ 221,410 $ 132,828 A reconciliation of the benefit from (provision for) income taxes to the amount computed by applying the statutory federal income tax rate to (loss) income before income taxes is as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Tax benefit (provision) at federal statutory rate $ 22,149 $ (8,885 ) $ (6,167 ) State tax benefit (provision), net of federal benefit 2,605 (1,681 ) (1,197 ) Tax credits, net of valuation allowance 21,898 15,121 16,016 Non-deductible compensation (2,852 ) (2,659 ) (2,457 ) Non-deductible transaction costs - (645 ) (30 ) Non-deductible meals and entertainment (727 ) (794 ) (751 ) Stock-based compensation 799 (886 ) (551 ) Change in federal tax rate due to Tax Reform (5,335 ) — — Change in state effective tax rate (235 ) (417 ) 354 Foreign effective tax rate differential, net of valuation allowance (2,054 ) (2,391 ) (859 ) Other (1,031 ) (380 ) (185 ) Total benefit from (provision for) income taxes $ 35,217 $ (3,617 ) $ 4,173 Effective January 1, 2018, the Tax Reform reduced the corporate federal income tax rate from 35% to 21%. As the Company has a March 31 fiscal year-end, the lower corporate federal income tax rate is phased in, resulting in a U.S. statutory federal rate of approximately 31.6% for fiscal year 2018. However, the Company has applied the 21% federal tax rate in the rate reconciliation for fiscal year 2018 as the fiscal year 2018 taxable loss will not be subject to federal tax at the 31.6% blended tax rate. Instead, the taxable loss increases the net operating loss carryforwards and will be subject to the lower 21% federal tax rate in future periods. As of March 31, 2018, the Company had federal and state research credit carryforwards of $135.8 million and $130.0 million, respectively, which begin to expire in fiscal year 2026 and fiscal year 2019, respectively. As of March 31, 2018, the Company had federal and state net operating loss carryforwards of $697.8 million and $637.8 million, respectively, which begin to expire in fiscal year 2021 and fiscal year 2019, respectively. The Tax Reform repealed the alternative minimum tax (AMT) for tax years beginning January 1, 2018, and provides that existing AMT credit carryovers are refundable beginning in calendar year 2018. The Company has an insignificant amount of AMT credit carryovers that are expected to be fully refunded by fiscal year 2022 . In accordance with ASU 2016-09, which the Company adopted during the first quarter of fiscal year 2018, the Company recorded a cumulative effect adjustment as of the beginning of the first quarter of fiscal year 2018 to increase retained earnings by $58.7 million with a corresponding increase to deferred tax assets to recognize net operating loss carryforwards attributable to excess tax benefits on share-based compensation that had not been previously recognized. On a prospective basis, the Company recognizes excess tax benefits or deficiencies on vesting or settlement of awards as discrete items within income tax benefit or provision within net income (loss) and the related cash flows classified within operating activities. 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 $29.0 million at March 31, 2018 and $17.7 million at March 31, 2017 has been established relating to state and foreign net operating loss carryforwards, state research credit carryforwards, and foreign tax credits that, based on management’s estimate of future taxable income attributable to such jurisdictions 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, 2018 March 31, 2017 March 31, 2016 (In thousands) Balance, beginning of fiscal year $ 49,066 $ 45,080 $ 41,769 Decrease related to prior year tax positions (155 ) (421 ) (586 ) Increases related to current year tax positions 6,563 4,407 3,897 Balance, end of fiscal year $ 55,474 $ 49,066 $ 45,080 Of the total unrecognized tax benefits at March 31, 2018, $49.5 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 2015 through 2017. 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 2014 to 2017 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, 2018 and 2017. U.S. Tax Reform On December 22, 2017, the Tax Reform was enacted into law. Among other matters, the Tax Reform lowered the corporate federal income tax rate from 35% to 21%, effective January 1, 2018, and transitions U.S. international taxation from a worldwide tax system to a territorial tax system, including a one-time transition tax on accumulated foreign earnings, and creates new taxes on certain foreign earnings. For the fiscal year ended March 31, 2018, the Company has not finalized the accounting for the tax effects of the enactment of the Tax Reform. However, consistent with applicable SEC guidance, the Company has made a reasonable estimate of the effects on the Company’s existing deferred tax balances and has recognized a provisional income tax expense of $5.3 million for the fiscal year ended March 31, 2018 related to the re-measurement of deferred tax assets and liabilities. Based on the Company's provisional assessment, the one-time transition tax had no impact to its income tax provision. The final impact of the Tax Reform may differ from the above estimate due to, among other things, changes in interpretation, the issuance of additional guidance and any updates to estimates the Company utilized to calculate the transition impacts. The Securities and Exchange Commission has issued rules under SAB 118 that allow for a measurement period of up to one year after the enactment date of the Tax Reform to finalize the recording of the related tax impacts. The Company currently anticipates finalizing and recording any resulting adjustments by the end of the quarter ending December 31, 2018. |
Equity Method Investments and R
Equity Method Investments and Related Party Transactions | 12 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Equity Method Investments and Related Party Transactions | Note 9 — Equity Method Investments and Related Party Transactions Eutelsat strategic partnering arrangement In March 2017, the Company acquired a 49% interest in Euro Infrastructure Co. for $139.5 million as part of the consummation of the Company’s strategic partnering arrangement with Eutelsat. The Company’s total net cash outlay for its investment in Euro Infrastructure Co., including approximately $2.4 million of transaction costs, was approximately $141.9 million. Also at the closing, Eutelsat purchased 49% of the issued shares of a subsidiary of the Company, Euro Retail Co. for an immaterial amount. Under the strategic partnering arrangement, Euro Infrastructure Co. owns and operates the KA-SAT satellite and related assets and offers wholesale satellite capacity services in the European region, and Euro Retail Co. purchases wholesale satellite capacity services and offers retail satellite-based broadband internet services in the European region. Also at the closing, the Company and Eutelsat entered into shareholders’ agreements and other ancillary agreements with respect to the ownership, management and operation of the two entities. 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. Because the underlying net assets in Euro Infrastructure Co. and the related excess carrying value of investment over the proportionate share of net assets are denominated in Euros, foreign currency translation gains or losses impact the recorded value of the Company’s investment. The Company recorded foreign currency translation gains, net of tax, of approximately $12.7 million for the fiscal year ended March 31, 2018, in accumulated other comprehensive income (loss). The Company records its proportionate share of the results of Euro Infrastructure Co., and any related basis difference amortization expense, within equity in income (losses) of unconsolidated affiliate, net, one quarter in arrears. Accordingly, the Company included its share of the results of Euro Infrastructure Co. from the date of the Company’s investment in Euro Infrastructure Co. on March 3, 2017 through December 31, 2017 in its consolidated financial statements for the fiscal year ended March 31, 2018. The Company’s investment in Euro Infrastructure Co. is presented at cost of investment plus its accumulated proportional share of income or loss, including amortization of the difference in the historical basis of the Company’s contribution, 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 31, 2018 and March 31, 2017 is summarized as follows: As of March 31, 2018 As of March 31, 2017 (In thousands) Carrying value of investment in Euro Infrastructure Co. $ 163,835 $ 141,894 Less: proportionate share of net assets of Euro Infrastructure Co. 147,115 127,393 Excess carrying value of investment over proportionate share of net assets $ 16,720 $ 14,501 The excess carrying value has been primarily assigned to: Goodwill $ 23,523 $ 20,791 Identifiable intangible assets 12,839 12,379 Tangible assets (21,342 ) (20,241 ) Deferred income taxes 1,700 1,572 $ 16,720 $ 14,501 The identifiable intangible assets have useful lives of up to 11 years and a weighted average useful life of approximately ten years, and tangible assets have useful lives of up to 11 years and a weighted average useful life of approximately 11 years. Goodwill is not deductible for tax purposes. The Company’s share of income on its investment in Euro Infrastructure Co. was $2.0 million for the fiscal year ended March 31, 2018, consisting of the Company’s share of equity in Euro Infrastructure Co.’s income, including amortization of the difference in the historical basis of the Company’s contribution. As the Company records its proportionate share of the results of Euro Infrastructure Co., and any related basis difference amortization expense, within equity in income (losses) of unconsolidated affiliate, net, one quarter in arrears, the Company did not have any share of income on its investment in Euro Infrastructure Co. in the prior year period. Since acquiring its interest in Euro Infrastructure Co., the Company has recorded $2.0 million in retained earnings of undistributed cumulative earnings in equity interests, net of tax, as of March 31, 2018. Related-party transactions Transactions with the equity method investee are considered related-party transactions. Richard Baldridge, the President and Chief Operating Officer and a Director of the Company, also serves on the board of directors of Ducommun Inc. The following tables set forth the material related-party transactions entered into between Euro Infrastructure Co. and its subsidiaries, or Ducommon Inc. on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the time periods presented: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Revenue – Euro Infrastructure Co. $ 9,277 $ ** $ * Expense – Euro Infrastructure Co. 7,134 ** * Cash received – Euro Infrastructure Co. 7,460 ** * Cash paid – Euro Infrastructure Co. 7,040 ** * As of March 31, 2018 As of March 31, 2017 (In thousands) Accounts receivable – Euro Infrastructure Co. $ 3,307 $ ** Accounts payable – Ducommun Inc. 2,073 *** Collections in excess of revenues and deferred revenues – Euro Infrastructure Co. 3,246 ** * Euro Infrastructure Co. and its subsidiaries were not related parties in fiscal year 2016. ** Amount was insignificant. *** There was no related-party activity for the periods indicated. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | Note 10 — Employee Benefits The Company is a sponsor of a voluntary deferred compensation plan under Section 401(k) of the Internal Revenue Code. Under the plan, the Company may make discretionary contributions to the plan which vest over six years. The Company’s discretionary matching contributions to the plan are based on the amount of employee contributions and can be made in cash or the Company’s common stock at the Company’s election. Subsequent to the 2018 fiscal year end, the Company elected to settle the discretionary contributions liability in shares of the Company’s common stock, consistent with fiscal year 2017. Based on the closing price of the Company’s common stock at the 2018 fiscal year end, the Company would issue approximately 294,507 shares of common stock at this time. Discretionary contributions accrued by the Company as of March 31, 2018 and 2017 amounted to $19.4 million and $16.8 million, respectively. |
Commitments
Commitments | 12 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | Note 11 — Commitments In January 2008, the Company entered into several agreements with Space Systems/Loral, Inc. (SS/L), its former parent company Loral Space & Communications, Inc. (Loral) and Telesat Canada related to the Company’s ViaSat-1 satellite, which was placed into service in January 2012. The Company’s contract with SS/L requires monthly in-orbit satellite performance incentive payments, including interest, over a 15-year period from December 2011 until December 2026, subject to the continued satisfactory performance of the satellite. The Company recorded the net present value of these expected future payments as a liability and as a component of the cost of the satellite during the third quarter of fiscal year 2012. As of March 31, 2018, the Company’s estimated satellite performance incentive obligation and accrued interest for the ViaSat-1 satellite was approximately $21.0 million, of which $2.8 million and $18.2 million have been classified current in accrued liabilities and non-current in other liabilities, respectively. Under the satellite construction contract with SS/L, the Company may incur up to $28.5 million in total costs for satellite performance incentive obligation and related interest earned over the 15-year period for ViaSat-1 with potential future minimum payments of $2.5 million, $2.6 million, $2.8 million, $3.0 million and $3.3 million in fiscal years 2019, 2020, 2021, 2022 and 2023, respectively, with $14.3 million commitments thereafter. In May 2013, the Company entered into an agreement to purchase the ViaSat-2 satellite from The Boeing Company (Boeing), which satellite was paced into service during the fourth quarter of fiscal year 2018. The agreement was amended in April 2017 to replace the remaining milestone payments for the satellite with approximately $21.0 million of in-orbit satellite performance incentives payments, excluding interest, payable monthly over a nine-year period commencing one month after the completion of in-orbit testing (as defined in the contract), subject to the continued satisfactory performance of the satellite. In July 2016, the Company entered into two separate agreements with Boeing for the construction and purchase of two ViaSat-3 class satellites and the integration of Viasat’s payload technologies into the satellites. The aggregate purchase price for the two satellites is approximately $379.5 million (subject to purchase price adjustments based on factors such as launch delay and early delivery), plus an additional amount for launch support services to be performed by Boeing. In addition, under one of these agreements, the Company has the option to order up to two additional ViaSat-3 class satellites. The first ViaSat-3 class satellite is expected to provide broadband services over the Americas, and the second is expected to provide broadband services over the Europe, Middle East and Africa (EMEA) region. 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, 2018, 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) 2019 $ 229,433 2020 149,094 2021 47,124 2022 8,977 2023 5,323 Thereafter 30,037 $ 469,988 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 $49.4 million, $56.6 million, $43.3 million, $19.3 million and $13.3 million in fiscal years 2019, 2020, 2021, 2022 and 2023, respectively, and no further minimum payments thereafter. 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 2019 and fiscal year 2030 and provide for pre-negotiated fixed rental rates during the terms of the lease. Certain of the Company’s facilities leases contain option provisions which allow for extension of the lease terms. For operating leases, minimum lease payments, including minimum scheduled rent increases, are recognized as rent expense on a straight-line basis over the lease term as that term is defined in the authoritative guidance for leases including any option periods considered in the lease term and any periods during which the Company has use of the property but is not charged rent by a landlord (“rent holiday”). Leasehold improvement incentives paid to the Company by a landlord are recorded as a liability and amortized as a reduction of rent expense over the lease term. Total rent expense was $41.2 million, $34.0 million and $27.7 million in fiscal years 2018, 2017 and 2016, respectively. As of March 31, 2018, future minimum lease payments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2019 $ 46,182 2020 48,933 2021 48,941 2022 47,035 2023 42,514 Thereafter 175,426 $ 409,031 |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | Note 12 — Contingencies From time to time, the Company is involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of business, including government investigations and claims, and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. Such matters could result in fines; penalties, compensatory, treble or other damages; or non-monetary relief. A violation of government contract laws and regulations could also result in the termination of its government contracts or debarment from bidding on future government contracts. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its current pending matters will not have a material adverse effect on its business, financial condition, results of operations or liquidity. In March 2016, the Company’s 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. During the fourth quarter of fiscal year 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 its 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. In the fourth quarter of fiscal year 2018, the TrellisWare investigation was settled and the accrued amount of loss contingency was paid out in full. 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 years 2016 through 2018. As of March 31, 2018, 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, 2018 and 2017, the Company had $1.6 million and $1.8 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. |
Product Warranty
Product Warranty | 12 Months Ended |
Mar. 31, 2018 | |
Guarantees And Product Warranties [Abstract] | |
Product Warranty | Note 13 — Product Warranty The Company provides limited warranties on its products for periods of up to five years. The Company records a liability for its warranty obligations when products are shipped or they are included in long-term construction contracts based upon an estimate of expected warranty costs. Amounts expected to be incurred within 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 2018, 2017 and 2016. Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Balance, beginning of period $ 11,058 $ 11,434 $ 15,545 Change in liability for warranties issued in period 897 7,815 4,327 Settlements made (in cash or in kind) during the period (5,041 ) (8,191 ) (8,438 ) Balance, end of period $ 6,914 $ 11,058 $ 11,434 |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14 — Segment Information The Company’s reporting segments, comprised of the satellite services, commercial networks and government systems segments, are primarily distinguished by the type of customer and the related contractual requirements. The Company’s satellite services segment provides satellite-based broadband 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 connectivity systems, some of which are ultimately used by the Company’s satellite services segment. The Company’s government systems segment provides global mobile broadband services to military and government users and develops and offers network-centric, IP-based fixed and mobile secure communications products and solutions. The more regulated government environment is subject to unique contractual requirements and possesses economic characteristics which differ from the satellite services and commercial networks segments. The Company’s segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance. Segment revenues and operating profits (losses) for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016 were as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Revenues: Satellite services Product (1) $ 664 $ 27,711 $ 25,606 Service 588,623 601,936 533,628 Total 589,287 629,647 559,234 Commercial networks Product 198,034 211,458 228,694 Service 35,187 33,149 22,042 Total 233,221 244,607 250,736 Government systems Product 556,849 474,767 410,521 Service 215,268 210,316 196,940 Total 772,117 685,083 607,461 Elimination of intersegment revenues — — — Total revenues $ 1,594,625 $ 1,559,337 $ 1,417,431 Operating profits (losses): Satellite services (1) $ 12,018 $ 131,085 $ 81,830 Commercial networks (229,105 ) (180,496 ) (111,339 ) Government systems (2) 137,131 96,658 87,066 Elimination of intersegment operating profits — — — Segment operating (loss) profit before corporate and amortization of acquired intangible assets (79,956 ) 47,247 57,557 Corporate — — — Amortization of acquired intangible assets (12,231 ) (10,788 ) (16,438 ) (Loss) income from operations $ (92,187 ) $ 36,459 $ 41,119 (1) Product revenues and operating profits in the satellite services segment included $26.8 million and $25.3 million for the fiscal years ended March 31, 2017 and March 31, 2016, respectively, relating to amounts realized under the Company’s settlement agreement entered into in fiscal year 2015 with SS/L and its former parent company Loral. As of March 31, 2017, all payments pursuant to this settlement agreement had been recorded and no further impacts to the Company’s consolidated financial statements are anticipated related to this settlement agreement. (2) 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. In the fourth quarter of fiscal year 2018, the TrellisWare investigation was settled and the accrued amount of loss contingency was paid out in full. See Note 12. Assets identifiable to segments include: accounts receivable, unbilled accounts receivable, inventory, acquired intangible assets and goodwill. The Company’s property and equipment, including its satellites, earth stations and other networking equipment, are assigned to corporate assets as they are available for use by the various segments throughout their estimated useful lives. Segment assets as of March 31, 2018, March 31, 2017 and March 31, 2016 were as follows: As of March 31, 2018 As of March 31, 2017 As of March 31, 2016 (In thousands) Segment assets: Satellite services $ 66,830 $ 81,728 $ 57,529 Commercial networks 211,447 179,992 212,943 Government systems 337,451 326,242 311,927 Total segment assets 615,728 587,962 582,399 Corporate assets 2,798,381 2,366,691 1,814,913 Total assets $ 3,414,109 $ 2,954,653 $ 2,397,312 Other acquired intangible assets, net and goodwill included in segment assets as of March 31, 2018 and 2017 were as follows: Other Acquired Intangible Assets, Net Goodwill As of March 31, 2018 As of March 31, 2017 As of March 31, 2018 As of March 31, 2017 (In thousands) Satellite services $ 16,580 $ 21,843 $ 13,991 $ 13,579 Commercial networks 3,340 4,903 44,011 43,930 Government systems 11,942 14,931 63,083 62,367 Total $ 31,862 $ 41,677 $ 121,085 $ 119,876 Amortization of acquired intangible assets by segment for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016 was as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Satellite services $ 7,622 $ 5,866 $ 9,122 Commercial networks 1,563 1,679 2,569 Government systems 3,046 3,243 4,747 Total amortization of acquired intangible assets $ 12,231 $ 10,788 $ 16,438 Revenue information by geographic area for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016 was as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) United States $ 1,403,473 $ 1,352,002 $ 1,207,651 Europe, the Middle East and Africa 85,704 85,828 80,202 Asia, Pacific 72,465 88,888 79,213 North America other than United States 18,777 24,649 38,957 Central and Latin America 14,206 7,970 11,408 Total revenues $ 1,594,625 $ 1,559,337 $ 1,417,431 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 $53.4 million at March 31, 2018, $32.4 million at March 31, 2017 and $23.7 million at March 31, 2016. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS For the Three Fiscal Years Ended March 31, 2018 Allowance for Doubtful Accounts (In thousands) 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 Charged (credited) to costs and expenses 8,357 Deductions (7,800 ) Balance, March 31, 2018 $ 2,027 Deferred Tax Asset Valuation Allowance (In thousands) 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 Charged (credited) to costs and expenses 11,321 Deductions — Balance, March 31, 2018 $ 29,049 |
The Company and a Summary of 22
The Company and a Summary of Its Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation | 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. |
Acquisitions | The acquisition was accounted for as a purchase and, accordingly, the consolidated financial statements include the operating results of Engreen from the date 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 30.6%, 28.8% and 23.7% of total revenues for fiscal years 2018, 2017 and 2016, respectively. Billed accounts receivable to the U.S. government as of March 31, 2018 and 2017 were approximately 36.4% and 30.1%, 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 2018, 2017 and 2016. The Company’s five largest contracts generated approximately 19.7%, 19.6% and 19.4% of the Company’s total revenues for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016, 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, including internally developed software, are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. Costs related to internally developed software for internal uses are capitalized after the preliminary project stage is complete and are amortized over the estimated useful lives of the assets. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in operations, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). The Company computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to 24 years. Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the lease term or the life of the improvement. Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (Accounting Standards Codification (ASC) 835-20). With respect to assets under construction, including the ViaSat-2 satellite and related gateway and networking equipment (which commenced construction during the first quarter of fiscal year 2014), and the ViaSat-3 class satellites (which commenced construction during the fourth quarter of fiscal year 2016), the Company capitalized $58.9 million, $49.7 million, and $30.1 million of interest expense during the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016, respectively. The Company owns three satellites in service: ViaSat-2 (its second-generation high-capacity Ka-band spot-beam satellite, which was placed into service in the fourth quarter of fiscal year 2018), ViaSat-1 (its first-generation high-capacity Ka-band spot-beam satellite, which was placed into service in January 2012) and WildBlue-1 (which was placed into service in March 2007). The Company currently has two third-generation ViaSat-3 class satellites under construction. The Company also has an exclusive prepaid lifetime capital lease of Ka-band capacity over the contiguous United States on Telesat Canada’s Anik F2 satellite (which was placed into service in April 2005) and owns related earth stations and networking equipment for all of its satellites. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated lives are necessary. The Company procures indoor and outdoor CPE units leased to subscribers under a retail leasing program as part of the Company’s satellite services segment, which are reflected in investing activities and property and equipment in the accompanying consolidated financial statements. The Company depreciates the satellites, earth stations and networking equipment, CPE units and related installation costs over their estimated useful lives. The total cost and accumulated depreciation of CPE units included in property and equipment, net, as of March 31, 2018 were $298.7 million and $129.0 million, respectively. The total cost and accumulated depreciation of CPE units included in property and equipment, net, as of March 31, 2017 were $271.9 million and $158.2 million, respectively. Occasionally, the Company may enter into capital lease arrangements for various machinery, equipment, computer-related equipment, software, furniture or fixtures. The Company records amortization of assets leased under capital lease arrangements within depreciation expense. 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 11. |
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, 2018 and 2017. 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, 2018 and 2017. Accumulated amortization related to these assets was $2.5 million and $2.1 million as of March 31, 2018 and 2017, respectively. Amortization expense related to these assets was an insignificant amount for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016. 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 2018, 2017 and 2016, 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 2018, 2017 and 2016, $9.8 million, $6.1 million and an insignificant amount, respectively, of debt issuance costs were capitalized. 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 the authoritative guidance for imputation of interest (ASC 835-30). Debt issuance costs related to the Company’s 5.625% Senior Notes due 2025 (the 2025 Notes) and the Company’s direct loan facility with the Export-Import Bank of the United States for ViaSat-2 (the Ex-Im Credit Facility) are recorded as a direct deduction from the carrying amount of the related debt, consistent with debt discounts, in accordance with the authoritative guidance for imputation of interest (ASC 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 $246.8 million and $203.7 million related to software developed for resale were included in other assets as of March 31, 2018 and 2017, respectively. The Company capitalized $75.6 million and $73.1 million of costs related to software developed for resale for the fiscal years ended March 31, 2018 and 2017, respectively. Amortization expense for software development costs was $32.5 million, $32.5 million and $32.2 million during fiscal years 2018, 2017 and 2016, 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 2018, 2017 and 2016. 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, Intangibles — Goodwill and Other (ASC 350): Testing Goodwill for Impairment, which simplifies how the Company tests goodwill for impairment. Current authoritative guidance allows the Company to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. If, after completing the qualitative assessment, the Company determines that it is more likely than not that the estimated fair value is greater than the carrying value, the Company concludes that no impairment exists. If it is more likely than not that the carrying value of the reporting unit exceeds its estimated fair value, the Company compares the fair value of the reporting unit to its carrying value. If the estimated fair value of the reporting unit is less than the carrying value, a second step is performed in which the implied fair value of goodwill is compared to its carrying value. If the implied fair value of goodwill is less than its carrying value, goodwill must be written down to its implied fair value, resulting in goodwill impairment. The Company tests goodwill for impairment during the fourth quarter every fiscal year and when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist. The qualitative analysis includes assessing the impact of changes in certain factors including (1) changes in forecasted operating results and comparing actual results to projections, (2) changes in the industry or its competitive environment since the acquisition date, (3) changes in the overall economy, its market share and market interest rates since the acquisition date, (4) trends in the stock price and related market capitalization and enterprise values, (5) trends in peer companies total enterprise value metrics, and (6) additional factors such as management turnover, changes in regulation and changes in litigation matters. Based on the Company’s qualitative assessment performed during the fourth quarter of fiscal year 2018, the Company concluded that it was more likely than not that the estimated fair value of the Company’s reporting units exceeded their carrying values as of March 31, 2018, and therefore, determined it was not necessary to perform the two-step goodwill impairment test. No impairments were recorded by the Company related to goodwill and other intangible assets for fiscal years 2018, 2017 and 2016. |
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 the Company ships the products 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 Company estimates the warranty costs 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, the Company will make future adjustments to the recorded warranty obligation (see Note 13). |
Self-insurance liabilities | Self-insurance liabilities The Company has self-insurance plans to retain a portion of the exposure for losses related to employee medical benefits and workers’ compensation. The self-insurance plans include policies which provide for both specific and aggregate stop-loss limits. The Company utilizes internal actuarial methods as well as other historical information for the purpose of estimating ultimate costs for a particular plan year. Based on these actuarial methods, along with currently available information and insurance industry statistics, the Company has recorded self-insurance liability for its plans of $4.5 million and $4.2 million in accrued liabilities in the consolidated balance sheets as of March 31, 2018 and 2017, 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, 2018 and 2017, no such amounts were accrued related to the aforementioned provisions. |
Noncontrolling interests | Noncontrolling interests 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. |
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 in income (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. Other comprehensive income related to the effects of foreign currency translation adjustments attributable to Viasat, Inc. during fiscal year 2018 was $22.8 million, or $15.8 million net of tax. Other comprehensive loss related to the effects of foreign currency translation adjustments attributed to Viasat, Inc. during fiscal years 2017 and 2016 were $2.4 million and an insignificant amount, respectively. The tax effect related to the effects of foreign currency translation adjustments recorded in other comprehensive income (loss) in fiscal years 2017 and 2016 was insignificant. |
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 method of accounting (ASC 605-35). Sales and earnings under these contracts are recorded either based on the ratio of actual costs incurred to date to total estimated costs expected to be incurred related to the contract, or as products are shipped under the units-of-delivery method. Anticipated losses on contracts are recognized in full in the period in which losses become probable and estimable. Changes in estimates of profit or loss on contracts are included in earnings on a cumulative basis in the period the estimate is changed. During fiscal years 2018, 2017 and 2016, the Company recorded losses of approximately $10.2 million, $6.0 million and $5.1 million, respectively, related to loss contracts. |
Revenue recognition sale of goods and services | The Company also derives a substantial portion of its revenues from contracts and purchase orders where revenue is recorded on delivery of products or performance of services in accordance with the authoritative guidance for revenue recognition (ASC 605). Under this standard, the Company recognizes revenue when an arrangement exists, prices are determinable, collectability is reasonably assured and the goods or services have been delivered. |
Revenue recognition leases | The Company also enters into certain leasing arrangements with customers and evaluates the contracts in accordance with the authoritative guidance for leases (ASC 840). The Company’s accounting for equipment leases involves specific determinations under the authoritative guidance for leases, which often involve complex provisions and significant judgments. In accordance with the authoritative guidance for leases, the Company classifies the transactions as sales type or operating leases based on: (1) review for transfers of ownership of the equipment to the lessee by the end of the lease term, (2) review of the lease terms to determine if it contains an option to purchase the leased equipment for a price which is sufficiently lower than the expected fair value of the equipment at the date of the option, (3) review of the lease term to determine if it is equal to or greater than 75% of the economic life of the equipment, and (4) review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the equipment at the inception of the lease. Additionally, the Company considers the cancelability of the contract and any related uncertainty of collections or risk in recoverability of the lease investment at lease inception. Revenue from sales type leases is recognized at the inception of the lease or when the equipment has been delivered and installed at the customer site, if installation is required. Revenues from equipment rentals under operating leases are recognized as earned over the lease term, which is generally on a straight-line basis. |
Revenue recognition multiple element arrangements | In accordance with the authoritative guidance for revenue recognition for multiple element arrangements, ASU 2009-13, Revenue Recognition (ASC 605) Multiple-Deliverable Revenue Arrangements, which updates ASC 605-25, Revenue Recognition-Multiple element arrangements, of the Financial Accounting Standards Board (FASB) codification, for substantially all of the arrangements with multiple deliverables, the Company allocates revenue to each element based on a selling price hierarchy at the arrangement inception. The selling price for each element is based upon the following selling price hierarchy: vendor specific objective evidence (VSOE) if available, third-party evidence (TPE) if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE are available (a description as to how the Company determines VSOE, TPE and ESP is provided below). If a tangible hardware systems product includes software, the Company determines whether the tangible hardware systems product and the software work together to deliver the product’s essential functionality and, if so, the entire product is treated as a nonsoftware deliverable. The total arrangement consideration is allocated to each separate unit of accounting for each of the nonsoftware deliverables using the relative selling prices of each unit based on the aforementioned selling price hierarchy. Revenue for each separate unit of accounting is recognized when the applicable revenue recognition criteria for each element have been met. To determine the selling price in multiple-element arrangements, the Company establishes VSOE of the selling price using the price charged for a deliverable when sold separately. The Company also considers specific renewal rates offered to customers for software license updates, product support and hardware systems support, and other services. For nonsoftware multiple-element arrangements, TPE is established by evaluating similar and/or interchangeable competitor products or services in standalone arrangements with similarly situated customers and/or agreements. If the Company is unable to determine the selling price because VSOE or TPE doesn’t exist, the Company determines ESP for the purposes of allocating the arrangement by reviewing historical transactions, including transactions whereby the deliverable was sold on a standalone basis and considers several other external and internal factors including, but not limited to, pricing practices including discounting, margin objectives, competition, the geographies in which the Company offers its products and services, the type of customer (i.e., distributor, value added reseller, government agency or direct end user, among others), volume commitments and the stage of the product lifecycle. The determination of ESP considers the Company’s pricing model and go-to-market strategy. As the Company’s, or its competitors’, pricing and go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes to its determination of VSOE, TPE and ESP. As a result, the Company’s future revenue recognition for multiple-element arrangements could differ materially from those in the current period. |
Revenue recognition shipping and handling fees and costs | In accordance with the authoritative guidance for shipping and handling fees and costs (ASC 605-45), the Company records shipping and handling costs billed to customers as a component of revenues, and shipping and handling costs incurred by the Company for inbound and outbound freight as a component of cost of revenues. |
Revenue recognition collections in excess of revenues and deferred revenues | Collections in excess of revenues and deferred revenues represent cash collected from customers in advance of revenue recognition and are recorded in accrued liabilities for obligations within the next 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), advertising costs are expensed as incurred and included in SG&A expenses. Advertising expenses for fiscal years 2018, 2017 and 2016 were $14.4 million, $4.8 million and $12.2 million, respectively. |
Commissions | Commissions The Company compensates third parties based on specific commission programs directly related to certain product and service sales, and these commissions costs are expensed as incurred. |
Stock-based compensation | Stock-based compensation In accordance with the authoritative guidance for share-based payments (ASC 718), the Company measures stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes expense for restricted stock units and stock options on a straight-line basis over the employee’s requisite service period. During the third quarter of fiscal year 2018, the Company began granting total shareholder return (TSR) performance stock options to executive officers under the 1996 Equity Participation Plan (see Note 6). Expense for TSR performance stock options that vest is recognized regardless of the actual TSR outcome achieved and is recognized on a graded-vesting basis. Effective April 1, 2017, the Company adopted a change in accounting policy in accordance with ASU 2016-09, Compensation — Stock Compensation (ASC 718) to account for forfeitures as they occur. Prior to April 1, 2017, forfeitures were estimated at the date of grant and revised, if necessary, in subsequent periods if actual forfeitures differed 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. At March 31, 2018 and 2017, deferred rent included in other long-term liabilities in the Company’s consolidated balance sheets was $13.8 million and $10.7 million, respectively. |
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, 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 (including TSR performance stock options) 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 connectivity systems, some of which are ultimately used by the Company’s satellite services segment. The Company’s government systems segment develops and offers network-centric, Internet Protocol (IP)-based fixed and mobile secure government communications systems, products, services and solutions and provides global mobile broadband service and product offerings. The more regulated government environment is subject to unique contractual requirements and possesses economic characteristics which differ from the satellite services and commercial networks segments. The Company’s segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance (see Note 14). |
Recent authoritative guidance | Recent authoritative guidance In 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 ASC 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 open contracts existing as of April 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and the Company’s interim and annual fiscal year 2019 reporting periods will provide additional disclosures comparing results to previous accounting standards. Based upon the Company’s evaluation to date, the Company believes the key changes in the standard impact its accounting for certain contract related costs such as 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 (loss). The Company has to date reviewed a majority of its contracts with regard to the new revenue recognition standard and is in the process of finalizing the impacts on the Company’s financial statements and disclosures associated with adoption of the new standard. In July 2015, the FASB issued ASU 2015-11, Inventory (ASC 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 became effective for the Company in fiscal year 2018. The Company elected to early adopt this guidance on a prospective basis in the fourth quarter of fiscal year 2017 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Income Taxes (ASC 740), 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. The new standard became effective for the Company in fiscal year 2018. 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. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 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 (loss). The new guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The new guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. ASU 2016-01 will become effective for the Company in fiscal year 2019, with early adoption permitted with certain stipulations. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (ASC 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. In January 2018 the FASB issued ASU 2018-01, Leases (ASC 842). ASU 2018-01 permits an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expired before the entity’s adoption of ASC 842 and that were not previously accounted for as leases under ASC 840. The new guidance will become effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. ASU 2016-02 will be adopted on a modified retrospective transition basis for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (ASC 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. This guidance became effective for the Company beginning in the first quarter of fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018 on a prospective basis and the guidance did not have a material impact on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (ASC 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. This guidance became effective for the Company beginning in the first quarter of fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018 on a modified retrospective basis and the guidance did not have a material impact on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-07, Investment — Equity Method and Joint Ventures (ASC 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. This guidance became effective for the Company beginning in the first quarter of fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018 on a prospective basis and the guidance did not have a material impact on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (ASC 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 became effective for the Company beginning in fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018. On a prospective basis the Company recognizes excess tax benefits or deficiencies on vesting or settlement of awards as discrete items within income tax benefit or provision within net income (loss) and the related cash flows classified within operating activities. With respect to the forfeiture accounting policy election, the Company elected to account for forfeitures as they occur, adopted on a modified retrospective basis as a cumulative effect adjustment to retained earnings. The election to account for forfeitures as they occur did not have a material impact on the Company’s consolidated financial statements and disclosures. See Note 8 for additional information regarding the impact of the adoption of this guidance. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (ASC 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. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (ASC 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 early adopted the guidance on a retrospective basis in the second quarter of fiscal year 2018 and as a result cash payments for debt prepayment and extinguishment are classified as cash outflows for financing activities. Otherwise the adoption of this guidance did not have a material impact on its consolidated financial statements and disclosures. In October 2016, the FASB issued ASU 2016-16, Income Taxes (ASC 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 adoption on a modified retrospective basis through cumulative-effect adjustment directly to retained earnings as of the beginning of the period. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control (ASC 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 became effective for the Company beginning in fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018 on a retrospective basis and the guidance did not have a material impact on its consolidated financial statements and disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash (ASC 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. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (ASC 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 adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other: Simplifying the Test for Goodwill Impairment (ASC 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. In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (ASC 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 adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In March 2017, the FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (ASC 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. In May 2017, the FASB issued ASU 2017-09, Compensation — Stock Compensation (ASC 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. During the fourth quarter of fiscal year 2018, the Company early adopted this standard. The guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (ASC 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. 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. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (ASC 220) which permits a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under H.R.1, informally known as the Tax Cuts and Jobs Act, which was enacted into law on December 22, 2017 (the Tax Reform). The standard will become effective for the Company beginning in fiscal year 2020, with early adoption permitted. During the fourth quarter of fiscal year 2018, the Company early adopted this standard and elected to reclassify the stranded tax effects from accumulated other comprehensive income to retained earnings. Adoption of this standard resulted in a provisional reclassification of $2.2 million from accumulated other comprehensive income to retained earnings, which is reflected as a separate line within the Company’s consolidated statements of equity. |
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 measured at fair value on a recurring basis as of March 31, 2018 and assets and liabilities measured at fair value on a recurring basis as of March 31, 2017. The Company had no liabilities measured at fair value on a recurring basis as of March 31, 2018: Fair Value as of March 31, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 1,011 $ 1,011 $ — $ — Foreign currency forward contracts 9 — 9 — Total assets measured at fair value on a recurring basis $ 1,020 $ 1,011 $ 9 $ — Fair Value as of March 31, 2017 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 $ — The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: Cash equivalents — The Company’s cash equivalents consist of money market funds. Money market funds are valued using quoted prices for identical assets in an active market with sufficient volume and frequency of transactions (Level 1). Foreign currency forward contracts — The Company uses derivative financial instruments to manage foreign currency risk relating to foreign exchange rates. The Company does not use these instruments for speculative or trading purposes. The Company’s objective is to reduce the risk to earnings and cash flows associated with changes in foreign currency exchange rates. Derivative instruments are recognized as either assets or liabilities in the accompanying consolidated financial statements and are measured at fair value. Gains and losses resulting from changes in the fair values of those derivative instruments are recorded to earnings or other comprehensive income (loss) depending on the use of the derivative instrument and whether it qualifies for hedge accounting. The Company’s foreign currency forward contracts are valued using standard calculations/models that are primarily based on observable inputs, such as foreign currency exchange rates, or can be corroborated by observable market data (Level 2). Long-term debt — The Company’s long-term debt consists of borrowings under its Revolving Credit Facility and Ex-Im Credit Facility (collectively, the Credit Facilities), as well as $700.0 million in aggregate principal amount of 2025 Notes. Long-term debt related to the Revolving Credit Facility is reported at the outstanding principal amount of borrowings, while long-term debt related to the Ex-Im Credit Facility and the Company’s current and former senior notes (including the 2025 Notes) is reported at amortized cost. However, for disclosure purposes, the Company is required to measure the fair value of outstanding debt on a recurring basis. As of March 31, 2018, the estimated fair value of the Company’s outstanding long-term debt related to the 2025 Notes was determined based on actual or estimated bids and offers for the 2025 Notes in an over-the-counter market (Level 2) and was $674.0 million. As of March 31, 2017, the fair value of the Company’s outstanding long-term debt related to its former $575.0 million in aggregate principal amount of 6.875% Notes due 2020 (the 2020 Notes) was determined using quoted prices in active markets (Level 1) and was $587.9 million. The 2020 Notes were repurchased and redeemed in full in connection with the issuance of the 2025 Notes. The fair value of the Company’s long-term debt related to the Revolving Credit Facility approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. As of March 31, 2018 and 2017, the fair value of the Company’s long-term debt related to the Ex-Im Credit Facility was determined based on a discounted cash flow analysis using observable market interest rates for instruments with similar terms (Level 2) and was approximately $347.4 million and $297.2 million, respectively. Satellite performance incentive obligation — The Company’s contract with the manufacturer of ViaSat-1 requires the Company to make monthly in-orbit satellite performance incentive payments, including interest at 7.0%, over a 15-year period from December 2011 to December 2026, subject to the continued satisfactory performance of the satellite. The Company records the net present value of these expected future payments as a liability and as a component of the cost of the satellite. However, for disclosure purposes, the Company is required to measure the fair value of outstanding satellite performance incentive obligation on a recurring basis. The fair value of the Company’s outstanding satellite performance incentive obligation relating to the ViaSat-1 satellite is estimated to approximate its carrying value based on current rates (Level 2). As of each of March 31, 2018 and 2017, the Company’s estimated satellite performance incentive obligation relating to the ViaSat-1 satellite, including accrued interest was $21.0 million and $21.8 million, respectively. |
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 operating leases with initial terms ranging from one to 15 years which expire between fiscal year 2019 and fiscal year 2030 and provide for pre-negotiated fixed rental rates during the terms of the lease. Certain of the Company’s facilities leases contain option provisions which allow for extension of the lease terms. For operating leases, minimum lease payments, including minimum scheduled rent increases, are recognized as rent expense on a straight-line basis over the lease term as that term is defined in the authoritative guidance for leases including any option periods considered in the lease term and any periods during which the Company has use of the property but is not charged rent by a landlord (“rent holiday”). Leasehold improvement incentives paid to the Company by a landlord are recorded as a liability and amortized as a reduction of rent expense over the lease term. Total rent expense was $41.2 million, $34.0 million and $27.7 million in fiscal years 2018, 2017 and 2016, respectively. |
Estimated loss contingency | 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. |
Composition of Certain Balanc23
Composition of Certain Balance Sheet Captions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | As of March 31, 2018 As of March 31, 2017 (In thousands) Accounts receivable, net: Billed $ 184,536 $ 145,626 Unbilled 85,156 119,565 Allowance for doubtful accounts (2,027 ) (1,470 ) $ 267,665 $ 263,721 Inventories: Raw materials $ 62,252 $ 56,096 Work in process 47,465 25,820 Finished goods 86,590 81,285 $ 196,307 $ 163,201 Prepaid expenses and other current assets: Prepaid expenses $ 68,516 $ 51,856 Other 8,619 5,980 $ 77,135 $ 57,836 Satellites, net: Satellites (estimated useful life of 10-17 years) $ 1,152,503 $ 559,380 Capital lease of satellite capacity — Anik F2 (estimated useful life of 10 years) 99,090 99,090 Satellites under construction 362,342 776,354 1,613,935 1,434,824 Less: accumulated depreciation and amortization (373,948 ) (326,554 ) $ 1,239,987 $ 1,108,270 Property and equipment, net: Equipment and software (estimated useful life of 2-7 years) $ 864,140 $ 679,008 CPE leased equipment (estimated useful life of 4-5 years) 298,746 271,917 Furniture and fixtures (estimated useful life of 7 years) 35,234 30,539 Leasehold improvements (estimated useful life of 2-17 years) 111,841 80,727 Building (estimated useful life of 24 years) 8,923 8,923 Land 15,322 14,573 Construction in progress 108,192 116,902 1,442,398 1,202,589 Less: accumulated depreciation (719,910 ) (661,981 ) $ 722,488 $ 540,608 Other assets: Investment in unconsolidated affiliate $ 163,835 $ 141,894 Deferred income taxes 222,274 134,764 Capitalized software costs, net 246,792 203,686 Patents, orbital slots and other licenses, net 16,100 16,500 Other 37,133 32,522 $ 686,134 $ 529,366 Accrued liabilities: Collections in excess of revenues and deferred revenues $ 121,439 $ 76,682 Accrued employee compensation 46,106 41,691 Accrued vacation 39,022 33,214 Warranty reserve, current portion 5,357 7,796 Other 51,752 65,576 $ 263,676 $ 224,959 Other liabilities: Deferred revenue, long-term portion $ 77,831 $ 4,617 Deferred rent, long-term portion 13,769 10,743 Warranty reserve, long-term portion 1,557 3,262 Satellite performance incentive obligation, long-term portion 18,181 19,164 Deferred income taxes, long-term 864 1,936 Other 9,038 3,000 $ 121,240 $ 42,722 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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 measured at fair value on a recurring basis as of March 31, 2018 and assets and liabilities measured at fair value on a recurring basis as of March 31, 2017. The Company had no liabilities measured at fair value on a recurring basis as of March 31, 2018: Fair Value as of March 31, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 1,011 $ 1,011 $ — $ — Foreign currency forward contracts 9 — 9 — Total assets measured at fair value on a recurring basis $ 1,020 $ 1,011 $ 9 $ — Fair Value as of March 31, 2017 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 $ — |
Goodwill and Acquired Intangi25
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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 2019 $ 9,571 Expected for fiscal year 2020 7,726 Expected for fiscal year 2021 5,277 Expected for fiscal year 2022 3,451 Expected for fiscal year 2023 3,146 Thereafter 2,691 $ 31,862 |
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, 2018 and 2017 is as follows: As of March 31, 2018 As of March 31, 2017 Weighted Average Useful Life Total Accumulated Amortization Net Book Value Total Accumulated Amortization Net Book Value (In years) (In thousands) Technology 6 $ 90,652 $ (69,387 ) $ 21,265 $ 87,592 $ (62,749 ) $ 24,843 Contracts and customer relationships 7 103,808 (94,584 ) 9,224 103,034 (89,083 ) 13,951 Satellite co-location rights 9 8,600 (7,668 ) 932 8,600 (6,743 ) 1,857 Trade name 3 5,940 (5,940 ) — 5,940 (5,940 ) — Other 6 10,137 (9,696 ) 441 9,925 (8,899 ) 1,026 Total other acquired intangible assets $ 219,137 $ (187,275 ) $ 31,862 $ 215,091 $ (173,414 ) $ 41,677 |
Senior Notes and Other Long-T26
Senior Notes and Other Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Total long-term debt consisted of the following as of March 31, 2018 and 2017: As of March 31, 2018 As of March 31, 2017 (In thousands) 2025 Notes $ 700,000 $ — 2020 Notes — 575,000 Revolving Credit Facility — — Ex-Im Credit Facility (1) 362,401 304,134 Other — 288 Total debt 1,062,401 879,422 Unamortized premium/(discount and debt issuance costs), net (1) (38,696 ) (30,651 ) Less: current portion of long-term debt 45,300 288 Total long-term debt $ 978,405 $ 848,483 (1) As of March 31, 2017, included in Ex-Im Credit Facility and in unamortized discount and debt issuance costs on the Ex-Im Credit Facility was $29.5 million and $23.0 million, respectively, relating to the exposure fees accrued as of such date and subsequently financed under the Ex-Im Credit Facility. |
Aggregate Payments on Long-Term Debt Obligations | The estimated aggregate amounts and timing of payments on the Company’s long-term debt obligations as of March 31, 2018 for the next five fiscal years and thereafter were as follows (excluding the effects of discount accretion under the 2025 Notes and the Ex-Im Credit Facility): For the Fiscal Years Ending (In thousands) 2019 $ 45,300 2020 45,300 2021 45,300 2022 45,300 2023 45,300 Thereafter 835,901 1,062,401 Plus: unamortized discount and debt issuance costs (38,696 ) Total $ 1,023,705 |
Common Stock and Stock Plans (T
Common Stock and Stock Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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, 2018 March 31, 2017 March 31, 2016 (In thousands) Stock-based compensation expense before taxes $ 68,545 $ 55,775 $ 47,510 Related income tax benefits (16,278 ) (21,057 ) (18,089 ) Stock-based compensation expense, net of taxes $ 52,267 $ 34,718 $ 29,421 |
Summary of Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions | The weighted average estimated fair value of TSR performance stock options granted during fiscal year 2018 was $32.04 per share, using the Monte Carlo simulation. The weighted average estimated fair value of employee stock options granted and employee stock purchase plan shares issued during fiscal year 2018 was $19.86 and $15.09 per share, respectively, during fiscal year 2017 was $23.62 and $16.27 per share, respectively, and during fiscal year 2016 was $20.35 and $13.37 per share, respectively, using the Black-Scholes model. The weighted average assumptions (annualized percentages) used in the Black-Scholes model and Monte Carlo simulation were as follows: Employee Stock Options TSR Performance Stock Options Employee Stock Purchase Plan Fiscal Year 2018 Fiscal Year 2017 Fiscal Year 2016 Fiscal Year 2018 * Fiscal Year 2018 Fiscal Year 2017 Fiscal Year 2016 Volatility 30.4 % 33.4 % 32.9 % 27.5 % 22.0 % 31.1 % 24.6 % Risk-free interest rate 1.9 % 1.7 % 1.7 % 1.9 % 1.3 % 0.5 % 0.3 % Dividend yield 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Expected life 5.4 years 5.5 years 5.5 years 5.0 years 0.5 years 0.5 years 0.5 years * The Company began granting TSR performance stock options to executive officers in the third quarter of fiscal year 2018. |
Summary of Employee Stock Option Activity and TSR Performance Stock Option Activity | A summary of employee stock option activity for fiscal year 2018 is presented below: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value (In thousands) Outstanding at March 31, 2017 2,004,262 $ 58.99 Options granted 53,000 63.59 Options canceled (3,750 ) 65.86 Options exercised (287,012 ) 46.59 Outstanding at March 31, 2018 1,766,500 $ 61.13 3.05 $ 10,279 Vested and exercisable at March 31, 2018 1,111,625 $ 58.14 2.40 $ 9,185 A summary of TSR performance stock option activity for fiscal year 2018 is presented below: Number of Shares (1) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value (In thousands) Outstanding at March 31, 2017 (2) — $ — TSR performance options granted 497,500 73.77 TSR performance options canceled — — TSR performance options exercised — — Outstanding at March 31, 2018 497,500 $ 73.77 5.63 $ — Vested and exercisable at March 31, 2018 — $ — — $ — (1) Number of shares is based on the target number of options under each TSR performance stock option. (2) The Company began granting TSR performance stock options to executive officers in the third quarter of fiscal year 2018. |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for fiscal year 2018 is presented below: Number of Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding at March 31, 2017 2,679,354 $ 64.47 Awarded 1,166,362 72.89 Forfeited (86,746 ) 67.73 Released (896,776 ) 64.98 Outstanding at March 31, 2018 2,862,194 $ 67.64 Vested and deferred at March 31, 2018 159,460 $ 40.58 |
Shares Used In Computing Dilu28
Shares Used In Computing Diluted Net (Loss) Income Per Share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net (Loss) Income Per Share | Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Weighted average: Common shares outstanding used in calculating basic net (loss) income per share attributable to Viasat, Inc. common stockholders 58,438 52,318 48,464 Options to purchase common stock as determined by application of the treasury stock method — 246 281 TSR performance options to purchase common stock as determined by application of the treasury stock method — * * Restricted stock units to acquire common stock as determined by application of the treasury stock method — 658 533 Potentially issuable shares in connection with certain terms of the ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan — 174 167 Shares used in computing diluted net (loss) income per share attributable to Viasat, Inc. common stockholders 58,438 53,396 49,445 * The Company began granting TSR performance stock options to executive officers in the third quarter of fiscal year 2018 (see Note 6). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of (loss) Income Before Income Taxes | The components of (loss) income before income taxes by jurisdiction are as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) United States $ (92,767 ) $ 29,649 $ 20,280 Foreign (12,703 ) (4,265 ) (2,683 ) $ (105,470 ) $ 25,384 $ 17,597 |
Summary of Benefit from (Provision for) Income Taxes | The benefit from (provision for) income taxes includes the following: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Current tax benefit (provision) Federal $ (284 ) $ (2,041 ) $ (132 ) State (401 ) (1,167 ) (543 ) Foreign (953 ) (600 ) (148 ) (1,638 ) (3,808 ) (823 ) Deferred tax benefit (provision) Federal 24,833 (4,410 ) (2,266 ) State 10,450 4,509 7,090 Foreign 1,572 92 172 36,855 191 4,996 Total benefit from (provision for) income taxes $ 35,217 $ (3,617 ) $ 4,173 |
Components of Net Deferred Tax Assets | Significant components of the Company’s net deferred tax assets are as follows: As of March 31, 2018 March 31, 2017 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 184,177 $ 202,752 Tax credit carryforwards 189,970 145,369 Other 46,376 74,962 Valuation allowance (29,049 ) (17,728 ) Total deferred tax assets 391,474 405,355 Deferred tax liabilities: Intangible assets (73,403 ) (98,099 ) Property, equipment and satellites (96,661 ) (174,428 ) Total deferred tax liabilities (170,064 ) (272,527 ) Net deferred tax assets $ 221,410 $ 132,828 |
Reconciliation of Benefit from (Provision for) Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to (Loss) Income before Income Taxes | A reconciliation of the benefit from (provision for) income taxes to the amount computed by applying the statutory federal income tax rate to (loss) income before income taxes is as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Tax benefit (provision) at federal statutory rate $ 22,149 $ (8,885 ) $ (6,167 ) State tax benefit (provision), net of federal benefit 2,605 (1,681 ) (1,197 ) Tax credits, net of valuation allowance 21,898 15,121 16,016 Non-deductible compensation (2,852 ) (2,659 ) (2,457 ) Non-deductible transaction costs - (645 ) (30 ) Non-deductible meals and entertainment (727 ) (794 ) (751 ) Stock-based compensation 799 (886 ) (551 ) Change in federal tax rate due to Tax Reform (5,335 ) — — Change in state effective tax rate (235 ) (417 ) 354 Foreign effective tax rate differential, net of valuation allowance (2,054 ) (2,391 ) (859 ) Other (1,031 ) (380 ) (185 ) Total benefit from (provision for) income taxes $ 35,217 $ (3,617 ) $ 4,173 |
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, 2018 March 31, 2017 March 31, 2016 (In thousands) Balance, beginning of fiscal year $ 49,066 $ 45,080 $ 41,769 Decrease related to prior year tax positions (155 ) (421 ) (586 ) Increases related to current year tax positions 6,563 4,407 3,897 Balance, end of fiscal year $ 55,474 $ 49,066 $ 45,080 |
Equity Method Investments and30
Equity Method Investments and Related-Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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 31, 2018 and March 31, 2017 is summarized as follows: As of March 31, 2018 As of March 31, 2017 (In thousands) Carrying value of investment in Euro Infrastructure Co. $ 163,835 $ 141,894 Less: proportionate share of net assets of Euro Infrastructure Co. 147,115 127,393 Excess carrying value of investment over proportionate share of net assets $ 16,720 $ 14,501 The excess carrying value has been primarily assigned to: Goodwill $ 23,523 $ 20,791 Identifiable intangible assets 12,839 12,379 Tangible assets (21,342 ) (20,241 ) Deferred income taxes 1,700 1,572 $ 16,720 $ 14,501 |
Schedule of Related Party Transactions | The following tables set forth the material related-party transactions entered into between Euro Infrastructure Co. and its subsidiaries, or Ducommon Inc. on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the time periods presented: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Revenue – Euro Infrastructure Co. $ 9,277 $ ** $ * Expense – Euro Infrastructure Co. 7,134 ** * Cash received – Euro Infrastructure Co. 7,460 ** * Cash paid – Euro Infrastructure Co. 7,040 ** * As of March 31, 2018 As of March 31, 2017 (In thousands) Accounts receivable – Euro Infrastructure Co. $ 3,307 $ ** Accounts payable – Ducommun Inc. 2,073 *** Collections in excess of revenues and deferred revenues – Euro Infrastructure Co. 3,246 ** * Euro Infrastructure Co. and its subsidiaries were not related parties in fiscal year 2016. ** Amount was insignificant. *** There was no related-party activity for the periods indicated. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Payments Related to Purchase Commitments | As of March 31, 2018, 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) 2019 $ 229,433 2020 149,094 2021 47,124 2022 8,977 2023 5,323 Thereafter 30,037 $ 469,988 |
Summary of Future Minimum Lease Payments | As of March 31, 2018, future minimum lease payments for the next five fiscal years and thereafter were as follows: Fiscal Years Ending (In thousands) 2019 $ 46,182 2020 48,933 2021 48,941 2022 47,035 2023 42,514 Thereafter 175,426 $ 409,031 |
Product Warranty (Tables)
Product Warranty (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Guarantees And Product Warranties [Abstract] | |
Change in the Company's Warranty Accrual | The following table reflects the change in the Company’s warranty accrual in fiscal years 2018, 2017 and 2016. Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Balance, beginning of period $ 11,058 $ 11,434 $ 15,545 Change in liability for warranties issued in period 897 7,815 4,327 Settlements made (in cash or in kind) during the period (5,041 ) (8,191 ) (8,438 ) Balance, end of period $ 6,914 $ 11,058 $ 11,434 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Revenues and Operating Profits (Losses) | Segment revenues and operating profits (losses) for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016 were as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Revenues: Satellite services Product (1) $ 664 $ 27,711 $ 25,606 Service 588,623 601,936 533,628 Total 589,287 629,647 559,234 Commercial networks Product 198,034 211,458 228,694 Service 35,187 33,149 22,042 Total 233,221 244,607 250,736 Government systems Product 556,849 474,767 410,521 Service 215,268 210,316 196,940 Total 772,117 685,083 607,461 Elimination of intersegment revenues — — — Total revenues $ 1,594,625 $ 1,559,337 $ 1,417,431 Operating profits (losses): Satellite services (1) $ 12,018 $ 131,085 $ 81,830 Commercial networks (229,105 ) (180,496 ) (111,339 ) Government systems (2) 137,131 96,658 87,066 Elimination of intersegment operating profits — — — Segment operating (loss) profit before corporate and amortization of acquired intangible assets (79,956 ) 47,247 57,557 Corporate — — — Amortization of acquired intangible assets (12,231 ) (10,788 ) (16,438 ) (Loss) income from operations $ (92,187 ) $ 36,459 $ 41,119 (1) Product revenues and operating profits in the satellite services segment included $26.8 million and $25.3 million for the fiscal years ended March 31, 2017 and March 31, 2016, respectively, relating to amounts realized under the Company’s settlement agreement entered into in fiscal year 2015 with SS/L and its former parent company Loral. As of March 31, 2017, all payments pursuant to this settlement agreement had been recorded and no further impacts to the Company’s consolidated financial statements are anticipated related to this settlement agreement. (2) 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. In the fourth quarter of fiscal year 2018, the TrellisWare investigation was settled and the accrued amount of loss contingency was paid out in full. See Note 12. |
Segment Assets | Segment assets as of March 31, 2018, March 31, 2017 and March 31, 2016 were as follows: As of March 31, 2018 As of March 31, 2017 As of March 31, 2016 (In thousands) Segment assets: Satellite services $ 66,830 $ 81,728 $ 57,529 Commercial networks 211,447 179,992 212,943 Government systems 337,451 326,242 311,927 Total segment assets 615,728 587,962 582,399 Corporate assets 2,798,381 2,366,691 1,814,913 Total assets $ 3,414,109 $ 2,954,653 $ 2,397,312 |
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, 2018 and 2017 were as follows: Other Acquired Intangible Assets, Net Goodwill As of March 31, 2018 As of March 31, 2017 As of March 31, 2018 As of March 31, 2017 (In thousands) Satellite services $ 16,580 $ 21,843 $ 13,991 $ 13,579 Commercial networks 3,340 4,903 44,011 43,930 Government systems 11,942 14,931 63,083 62,367 Total $ 31,862 $ 41,677 $ 121,085 $ 119,876 Amortization of acquired intangible assets by segment for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016 was as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) Satellite services $ 7,622 $ 5,866 $ 9,122 Commercial networks 1,563 1,679 2,569 Government systems 3,046 3,243 4,747 Total amortization of acquired intangible assets $ 12,231 $ 10,788 $ 16,438 |
Revenue Information by Geographic Area | Revenue information by geographic area for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016 was as follows: Fiscal Years Ended March 31, 2018 March 31, 2017 March 31, 2016 (In thousands) United States $ 1,403,473 $ 1,352,002 $ 1,207,651 Europe, the Middle East and Africa 85,704 85,828 80,202 Asia, Pacific 72,465 88,888 79,213 North America other than United States 18,777 24,649 38,957 Central and Latin America 14,206 7,970 11,408 Total revenues $ 1,594,625 $ 1,559,337 $ 1,417,431 |
The Company and a Summary of 34
The Company and a Summary of Its Significant Accounting Policies - Additional Information (Detail) | Mar. 01, 2017USD ($)a | Oct. 06, 2015USD ($)a | Mar. 31, 2017USD ($)shares | Mar. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Mar. 31, 2018USD ($)shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)shares | Jun. 30, 2015USD ($) |
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 | |||||||
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 | $ 58,900,000 | 49,700,000 | 30,100,000 | ||||||
Number of acres land purchased | a | 23 | ||||||||
Purchased land value at cost | $ 39,500,000 | ||||||||
Number of acres land sold | a | 16 | ||||||||
Proceeds from sale of real property | $ 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 | $ 3,200,000 | 3,200,000 | |||||
Total capitalized costs related to orbital slots and other licenses | 15,400,000 | 15,400,000 | 15,400,000 | 15,400,000 | |||||
Accumulated amortization of patents, orbital slots and other licenses | 2,100,000 | 2,100,000 | 2,500,000 | 2,100,000 | |||||
Debt issuance costs capitalized | 9,800,000 | 6,100,000 | |||||||
Capitalized costs, net, related to software developed for resale | 203,686,000 | 203,686,000 | 246,792,000 | 203,686,000 | |||||
Capitalized cost related to software development for resale | 75,600,000 | 73,100,000 | |||||||
Amortization expense of capitalized software development costs | 32,500,000 | 32,500,000 | 32,200,000 | ||||||
Goodwill and other intangible assets impairment | $ 0 | 0 | 0 | ||||||
Maximum warranty periods provided on limited warranty | 5 years | ||||||||
Self-insurance liability | $ 4,200,000 | $ 4,200,000 | $ 4,500,000 | $ 4,200,000 | |||||
Shares of common stock held in treasury | shares | 57,600,609 | 57,600,609 | 58,905,274 | 57,600,609 | |||||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | $ 24,206,000 | $ 21,670,000 | 16,397,000 | ||||||
Other comprehensive income (loss) related to effects of foreign currency translation adjustments before tax | 22,800,000 | (2,400,000) | |||||||
Foreign currency translation adjustments, net of tax | 15,785,000 | (2,329,000) | (262,000) | ||||||
Losses related to loss contracts | 10,200,000 | 6,000,000 | 5,100,000 | ||||||
Advertising costs | 14,400,000 | 4,800,000 | 12,200,000 | ||||||
Deferred rent included in other long-term liabilities | $ 10,743,000 | $ 10,743,000 | $ 13,769,000 | 10,743,000 | |||||
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 ASC 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 open 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. Based upon the Company’s evaluation to date, 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 (loss). | ||||||||
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 (ASC 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 became effective for the Company in fiscal year 2018. The Company elected to early adopt this guidance on a prospective basis in the fourth quarter of fiscal year 2017 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. | ||||||||
Accounting Standards Update 2015-17 [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 (ASC 740), 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. The new standard became effective for the Company in fiscal year 2018. 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 (ASC 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 (loss). 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 (ASC 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. In January 2018 the FASB issued ASU 2018-01, Leases (ASC 842). ASU 2018-01 permits an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expired before the entity’s adoption of ASC 842 and that were not previously accounted for as leases under ASC 840. 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 (ASC 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. This guidance became effective for the Company beginning in the first quarter of fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018 on a prospective basis and the guidance did not have a material impact 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 (ASC 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. This guidance became effective for the Company beginning in the first quarter of fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018 on a modified retrospective basis and the guidance did not have a material impact on its consolidated financial statements and disclosures. | ||||||||
Accounting Standards Update 2016-07 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In March 2016, the FASB issued ASU 2016-07, Investment — Equity Method and Joint Ventures (ASC 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. This guidance became effective for the Company beginning in the first quarter of fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018 on a prospective basis and the guidance did not have a material impact 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 (ASC 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 became effective for the Company beginning in fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018. On a prospective basis the Company recognizes excess tax benefits or deficiencies on vesting or settlement of awards as discrete items within income tax benefit or provision within net income (loss) and the related cash flows classified within operating activities. With respect to the forfeiture accounting policy election, the Company elected to account for forfeitures as they occur, adopted on a modified retrospective basis as a cumulative effect adjustment to retained earnings. The election to account for forfeitures as they occur did not have a material impact on the Company’s 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 (ASC 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 (ASC 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 early adopted the guidance on a retrospective basis in the second quarter of fiscal year 2018 and as a result cash payments for debt prepayment and extinguishment are classified as cash outflows for financing activities. Otherwise the adoption of this guidance did not have a material impact 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 (ASC 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 adoption on a modified retrospective basis through cumulative-effect adjustment directly to retained earnings as of the beginning of the period. 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 (ASC 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 became effective for the Company beginning in fiscal year 2018. The Company adopted this guidance in the first quarter of fiscal year 2018 on a retrospective basis and the guidance did not have a material impact 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 (ASC 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 (ASC 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 adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. | ||||||||
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 (ASC 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 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 (ASC 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 adoption of this standard is not expected to have a material impact on the Company’s 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 (ASC 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 (ASC 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. During the fourth quarter of fiscal year 2018, the Company early adopted this standard. The guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. | ||||||||
Accounting Standards Update 2017-12 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (ASC 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. 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 2018-02 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (ASC 220) which permits a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under H.R.1, informally known as the Tax Cuts and Jobs Act, which was enacted into law on December 22, 2017 (the Tax Reform). The standard will become effective for the Company beginning in fiscal year 2020, with early adoption permitted. During the fourth quarter of fiscal year 2018, the Company early adopted this standard and elected to reclassify the stranded tax effects from accumulated other comprehensive income to retained earnings. Adoption of this standard resulted in a provisional reclassification of $2.2 million from accumulated other comprehensive income to retained earnings, which is reflected as a separate line within the Company’s consolidated statements of equity. | ||||||||
Reclassification of accumulated other comprehensive income (loss) to retained earnings due to early adoption of standard | $ 2,200,000 | ||||||||
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 | 2,600 | 2,600 | ||||||
Foreign currency forward contracts maturity, maximum | 36 months | ||||||||
Gains or losses from ineffectiveness of derivative instruments | $ 0 | 0 | $ 0 | ||||||
Indemnification Agreement [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Accrued reserves | 0 | 0 | 0 | 0 | |||||
Unfavorable Regulatory Action [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Accrued reserves | 1,800,000 | 1,800,000 | 1,600,000 | 1,800,000 | |||||
Property and Equipment, Net [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property and equipment | 1,202,589,000 | 1,202,589,000 | 1,442,398,000 | 1,202,589,000 | |||||
Accumulated depreciation and amortization | 661,981,000 | 661,981,000 | 719,910,000 | 661,981,000 | |||||
CPE Leased Equipment [Member] | Property and Equipment, Net [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property and equipment | 271,917,000 | 271,917,000 | 298,746,000 | 271,917,000 | |||||
Accumulated depreciation and amortization | $ 158,200,000 | $ 158,200,000 | $ 129,000,000 | $ 158,200,000 | |||||
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 | ||||||||
Estimated useful life, years | 2 years | ||||||||
Minimum [Member] | CPE Leased Equipment [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites, estimated useful life (years) | 4 years | ||||||||
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 | ||||||||
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 | ||||||||
Maximum [Member] | CPE Leased Equipment [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites, estimated useful life (years) | 5 years | ||||||||
Government Contracts Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 30.60% | 28.80% | 23.70% | ||||||
Government Contracts Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 36.40% | 30.10% | |||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 19.70% | 19.60% | 19.40% | ||||||
Eutelsat [Member] | Euro Retail Co [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Ownership percentage of issued shares of an entity | 49.00% | 49.00% | 49.00% | 49.00% | |||||
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% | 49.00% | ||||||
Payments, net of transaction costs, to acquire the issued shares in investment | $ 139,500,000 | $ 139,500,000 | |||||||
Transaction costs | $ 2,400,000 | 2,400,000 | $ 2,400,000 | $ 2,400,000 | |||||
Payment related to acquisition of business, net of cash acquired | $ 141,900,000 | 141,900,000 | |||||||
Foreign currency translation adjustments, net of tax | $ 12,700,000 | ||||||||
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 | ||||||||
Common stock issued based on the vesting terms of certain restricted stock unit agreements | shares | 896,776 | 792,616 | 703,043 | ||||||
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 | |||||||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | $ 24,206,000 | $ 21,670,000 | $ 16,397,000 | ||||||
Common Stock Held in Treasury [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Shares of common stock held in treasury | shares | 0 | 0 | 0 | 0 | |||||
Purchase of treasury shares pursuant to vesting of certain RSU agreements | shares | 335,295 | 294,031 | 263,137 | ||||||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | $ 24,200,000 | $ 21,700,000 | $ 16,400,000 | ||||||
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 | ||||||
Engreen [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Purchase price of the acquisition | $ 5,300,000 | ||||||||
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 |
Composition of Certain Balanc35
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts receivable, net: | ||
Accounts receivable, Billed | $ 184,536 | $ 145,626 |
Accounts receivable, Unbilled | 85,156 | 119,565 |
Allowance for doubtful accounts | (2,027) | (1,470) |
Accounts receivable, net | 267,665 | 263,721 |
Inventories: | ||
Raw materials | 62,252 | 56,096 |
Work in process | 47,465 | 25,820 |
Finished goods | 86,590 | 81,285 |
Inventories | 196,307 | 163,201 |
Prepaid expenses and other current assets: | ||
Prepaid expenses | 68,516 | 51,856 |
Other | 8,619 | 5,980 |
Prepaid expenses and other current assets | 77,135 | 57,836 |
Other assets: | ||
Investment in unconsolidated affiliate | 163,835 | 141,894 |
Deferred income taxes | 222,274 | 134,764 |
Capitalized software costs, net | 246,792 | 203,686 |
Patents, orbital slots and other licenses, net | 16,100 | 16,500 |
Other | 37,133 | 32,522 |
Other assets | 686,134 | 529,366 |
Accrued liabilities: | ||
Collections in excess of revenues and deferred revenues | 121,439 | 76,682 |
Accrued employee compensation | 46,106 | 41,691 |
Accrued vacation | 39,022 | 33,214 |
Warranty reserve, current portion | 5,357 | 7,796 |
Other | 51,752 | 65,576 |
Accrued liabilities | 263,676 | 224,959 |
Other liabilities: | ||
Deferred revenue, long-term portion | 77,831 | 4,617 |
Deferred rent, long-term portion | 13,769 | 10,743 |
Warranty reserve, long-term portion | 1,557 | 3,262 |
Satellite performance incentive obligation, long-term portion | 18,181 | 19,164 |
Deferred income taxes, long-term | 864 | 1,936 |
Other | 9,038 | 3,000 |
Other liabilities | 121,240 | 42,722 |
Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 1,613,935 | 1,434,824 |
Less accumulated depreciation and amortization | (373,948) | (326,554) |
Property and equipment, net | 1,239,987 | 1,108,270 |
Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 1,442,398 | 1,202,589 |
Less accumulated depreciation and amortization | (719,910) | (661,981) |
Property and equipment, net | 722,488 | 540,608 |
Satellites [Member] | Satellites, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 1,152,503 | 559,380 |
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 | 362,342 | 776,354 |
Construction in Progress [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 108,192 | 116,902 |
Equipment and Software [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 864,140 | 679,008 |
CPE Leased Equipment [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 298,746 | 271,917 |
Less accumulated depreciation and amortization | (129,000) | (158,200) |
Furniture and Fixtures [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 35,234 | 30,539 |
Leasehold Improvements [Member] | Property and Equipment, Net [Member] | ||
Property and equipment, net: | ||
Property and equipment | 111,841 | 80,727 |
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 | $ 15,322 | $ 14,573 |
Composition of Certain Balanc36
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2018 | |
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, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | |
ViaSat-1 Satellite [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Satellite performance incentives obligation | $ 21,000,000 | ||
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 | ||
2025 Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount of senior notes issued | $ 700,000,000 | $ 700,000,000 | |
2020 Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount of senior notes issued | $ 575,000,000 | $ 575,000,000 | |
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 | 0 | 96,000 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [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 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Satellite Performance Incentives Obligation [Member] | ViaSat-1 Satellite [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Satellite performance incentives obligation | 21,000,000 | 21,800,000 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | 2025 Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long term debt | 674,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [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 | $ 347,400,000 | 297,200,000 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | 2020 Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long term debt | $ 587,900,000 |
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, 2018 | Mar. 31, 2017 |
Assets: | ||
Cash equivalents | $ 1,011,000 | $ 2,003,000 |
Foreign currency forward contracts | 9,000 | |
Total assets measured at fair value on a recurring basis | 1,020,000 | 2,003,000 |
Liabilities: | ||
Foreign currency forward contracts | 96,000 | |
Total liabilities measured at fair value on a recurring basis | 0 | 96,000 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 1,011,000 | 2,003,000 |
Total assets measured at fair value on a recurring basis | 1,011,000 | 2,003,000 |
Level 2 [Member] | ||
Assets: | ||
Foreign currency forward contracts | 9,000 | |
Total assets measured at fair value on a recurring basis | $ 9,000 | |
Liabilities: | ||
Foreign currency forward contracts | 96,000 | |
Total liabilities measured at fair value on a recurring basis | $ 96,000 |
Goodwill and Acquired Intangi39
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Increase (decrease) in goodwill | $ 2,800 | ||
Amortization of acquired intangible assets | $ 12,231 | 10,788 | $ 16,438 |
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 | ||
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 |
Goodwill and Acquired Intangi40
Goodwill and Acquired Intangible Assets - Expected Amortization Expense for Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Expected for fiscal year 2019 | $ 9,571 | |
Expected for fiscal year 2020 | 7,726 | |
Expected for fiscal year 2021 | 5,277 | |
Expected for fiscal year 2022 | 3,451 | |
Expected for fiscal year 2023 | 3,146 | |
Thereafter | 2,691 | |
Other acquired intangible assets, net | $ 31,862 | $ 41,677 |
Goodwill and Acquired Intangi41
Goodwill and Acquired Intangible Assets - Allocation of Other Acquired Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other acquired intangible assets, gross | $ 219,137 | $ 215,091 |
Other acquired intangible assets, accumulated amortization | (187,275) | (173,414) |
Other acquired intangible assets, net | $ 31,862 | 41,677 |
Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 6 years | |
Other acquired intangible assets, gross | $ 90,652 | 87,592 |
Other acquired intangible assets, accumulated amortization | (69,387) | (62,749) |
Other acquired intangible assets, net | $ 21,265 | 24,843 |
Contracts and Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 7 years | |
Other acquired intangible assets, gross | $ 103,808 | 103,034 |
Other acquired intangible assets, accumulated amortization | (94,584) | (89,083) |
Other acquired intangible assets, net | $ 9,224 | 13,951 |
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 | (7,668) | (6,743) |
Other acquired intangible assets, net | $ 932 | 1,857 |
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) | (5,940) |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 6 years | |
Other acquired intangible assets, gross | $ 10,137 | 9,925 |
Other acquired intangible assets, accumulated amortization | (9,696) | (8,899) |
Other acquired intangible assets, net | $ 441 | $ 1,026 |
Senior Notes and Other Long-T42
Senior Notes and Other Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,062,401,000 | $ 879,422,000 |
Unamortized premium/(discount and debt issuance costs), net | (38,696,000) | (30,651,000) |
Less: current portion of long-term debt | 45,300,000 | 288,000 |
Total long-term debt | 978,405,000 | 848,483,000 |
2025 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 700,000,000 | |
2020 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 575,000,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 0 |
Ex-Im Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 362,401,000 | 304,134,000 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 288,000 |
Senior Notes and Other Long-T43
Senior Notes and Other Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) - Ex-Im Credit Facility [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Other Long-Term Debt | ||
Exposure fees included in the principal | $ 35.3 | $ 29.5 |
Unamortized discount and debt issuance costs on Ex-Im Credit Facility related to the exposure fees | $ 23 |
Senior Notes and Other Long-T44
Senior Notes and Other Long-Term Debt - Aggregate Payments on Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Maturities of Long-term Debt [Abstract] | ||
Fiscal year ending 2019 | $ 45,300 | |
Fiscal year ending 2020 | 45,300 | |
Fiscal year ending 2021 | 45,300 | |
Fiscal year ending 2022 | 45,300 | |
Fiscal year ending 2023 | 45,300 | |
Thereafter | 835,901 | |
Total Payment | 1,062,401 | |
Plus: unamortized discount and debt issuance costs | (38,696) | $ (30,651) |
Total | $ 1,023,705 |
Senior Notes and Other Long-T45
Senior Notes and Other Long-Term Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2018USD ($)Installment | Mar. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (10,217,000) | |||
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. Subsequent to the fiscal year end, on May 24, 2018, the Company amended the Revolving Credit Facility to, among other matters, increase the maximum permitted total leverage ratio for each of the quarters of fiscal year 2019. | |||
Principal amount of outstanding borrowings under the Credit Facility | $ 0 | |||
Borrowing availability under the Credit Facility | 770,400,000 | |||
Ex-Im Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility maximum borrowing capacity | $ 362,400,000 | |||
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. | |||
Amount of qualified ViaSat-2 satellite costs limited to finance | $ 321,200,000 | |||
Percent of qualified ViaSat-2 expenses used to finance | 85.00% | |||
The maximum exposure fees under Ex-Im Credit Facility | $ 41,200,000 | |||
Interest rate on the outstanding borrowings | 2.38% | |||
Required number of installment repayments | Installment | 16 | |||
Debt maturity date | Oct. 15, 2025 | |||
Effective interest rate on the Ex-Im Credit Facility | 4.60% | |||
Ex-Im credit facility repayment commenced date | Apr. 15, 2018 | |||
Cumulative Ex-Im Credit Facility loan discount | $ 42,300,000 | |||
Exposure fees included in the principal | 35,300,000 | $ 29,500,000 | ||
The exposure fees paid under Ex-Im Credit Facility borrowings | 6,000,000 | |||
2020 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount of senior notes issued | $ 575,000,000 | $ 575,000,000 | $ 575,000,000 | |
Loss on extinguishment of debt | (10,200,000) | (10,217,000) | ||
Cash payment on extinguishment of debt | 10,600,000 | 10,602,000 | ||
2020 Notes [Member] | Redemption [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 101.719% | |||
Amount deposited to redeem debt | $ 287,400,000 | |||
Aggregate principal amount | 276,800,000 | 276,800,000 | ||
2020 Notes [Member] | Tender Offer [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount deposited to redeem debt | 309,300,000 | |||
Aggregate principal amount | $ 298,200,000 | $ 298,200,000 | ||
2025 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on the outstanding borrowings | 5.625% | 5.625% | ||
Principal amount of senior notes issued | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |
2025 Notes [Member] | Debt Instrument, Redemption, Other Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 105.625% | |||
Redemption description of Senior Notes | Prior to September 15, 2020, the Company may redeem up to 40% of the 2025 Notes at a redemption price of 105.625% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date, from the net cash proceeds of specified equity offerings. | |||
2025 Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 100.00% | |||
Redemption description of Senior Notes | The Company may also redeem the 2025 Notes prior to September 15, 2020, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the applicable premium and any accrued and unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as the greater of: (i) 1.0% of the principal amount of such 2025 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2025 Notes on September 15, 2020 plus (2) all required interest payments due on such 2025 Notes through September 15, 2020 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the treasury rate (as defined under the indenture) plus 50 basis points, over (b) the then-outstanding principal amount of such 2025 Notes. | |||
2025 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 102.813% | |||
Redemption description of Senior Notes | In whole or in part, at any time during the 12 months beginning on September 15, 2020 at a redemption price of 102.813%. | |||
2025 Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 100.00% | |||
Redemption description of Senior Notes | And at any time on or after September 15, 2022 at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. | |||
2025 Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 101.406% | |||
Redemption description of Senior Notes | During the 12 months beginning on September 15, 2021 at a redemption price of 101.406% | |||
2025 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 triggering event 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 2025 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2025 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). | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility maximum borrowing capacity | $ 150,000,000 | |||
Standby letters of credit outstanding amount | $ 29,600,000 |
Common Stock and Stock Plans -
Common Stock and Stock Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost charged against income | $ 68,545,000 | $ 55,775,000 | $ 47,510,000 | |
Compensation costs capitalized | $ 8,000,000 | $ 6,600,000 | $ 5,600,000 | |
Employee Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years | |||
Award vesting period | 4 years | |||
Award contractual term | 6 years | |||
Weighted average estimated fair value of employee stock options granted | $ 19.86 | $ 23.62 | $ 20.35 | |
Stock options exercised intrinsic value | $ 5,200,000 | $ 8,300,000 | $ 14,500,000 | |
Tax benefit from stock options exercised | 0 | 0 | ||
Total Shareholder Return Performance Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Plan description | During the third quarter of fiscal year 2018, the Company began granting TSR performance stock options to executive officers under the 1996 Equity Participation Plan. The number of shares of TSR performance stock options that will become eligible to vest based on the time-based vesting schedule described below is based on a comparison over a four-year performance period of the Company’s TSR to the TSR of the companies included in the S&P Mid Cap 400 Index. The number of options that may become vested and exercisable will range from 0% to 175% of the target number of options based on the Company’s relative TSR ranking for the performance period. The Company’s TSR performance stock options have a four-year time-based vesting schedule and a six year contractual term. The TSR performance stock options must be vested under both the time-based vesting schedule and the performance-based vesting conditions in order to become exercisable. Expense for TSR performance stock options that time-vest is recognized regardless of the actual TSR outcome achieved and is recognized on a graded-vesting basis. | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 1 month 6 days | |||
Award vesting period | 4 years | |||
Award contractual term | 6 years | |||
Weighted average estimated fair value of employee stock options granted | $ 32.04 | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost charged against income | $ 54,000,000 | $ 44,900,000 | $ 38,400,000 | |
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 8 months 12 days | |||
Award vesting period | 4 years | |||
Weighted average estimated fair value of restricted stock units granted | $ 72.89 | $ 69.99 | $ 61.81 | |
Total fair value of shares vested related to restricted stock units | $ 64,600,000 | $ 58,400,000 | $ 43,800,000 | |
Equity Participation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares reserved for issuance | 29,050,000 | |||
Plan description | 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 | $ 65,100,000 | 52,600,000 | 45,200,000 | |
Unrecognized compensation cost related to unvested stock-based compensation arrangements | $ 184,300,000 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares reserved for issuance | 3,650,000 | |||
Discount on the fair market value of common stock purchased under the Employee Stock Purchase Plan | 85.00% | |||
Compensation cost charged against income | $ 3,400,000 | $ 3,100,000 | $ 2,300,000 | |
Unrecognized compensation cost related to unvested stock-based compensation arrangements | $ 1,000,000 | |||
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 | $ 15.09 | $ 16.27 | $ 13.37 |
Common Stock and Stock Plans 47
Common Stock and Stock Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Stock-based compensation expense before taxes | $ 68,545 | $ 55,775 | $ 47,510 |
Related income tax benefits | (16,278) | (21,057) | (18,089) |
Stock-based compensation expense, net of taxes | $ 52,267 | $ 34,718 | $ 29,421 |
Common Stock and Stock Plans 48
Common Stock and Stock Plans - Summary of Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 30.40% | 33.40% | 32.90% |
Risk-free interest rate | 1.90% | 1.70% | 1.70% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | 5 years 4 months 24 days | 5 years 6 months | 5 years 6 months |
TSR Performance Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 27.50% | ||
Risk-free interest rate | 1.90% | ||
Dividend yield | 0.00% | ||
Expected life | 5 years | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 22.00% | 31.10% | 24.60% |
Risk-free interest rate | 1.30% | 0.50% | 0.30% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | 6 months | 6 months | 6 months |
Common Stock and Stock Plans 49
Common Stock and Stock Plans - Summary of Employee Stock Option Activity and TSR Performance Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Employee Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning Balance | shares | 2,004,262 |
Number of Shares, Options granted | shares | 53,000 |
Number of Shares, Options canceled | shares | (3,750) |
Number of Shares, Options exercised | shares | (287,012) |
Number of Shares, Outstanding, Ending Balance | shares | 1,766,500 |
Number of Shares, Vested and exercisable, Ending Balance | shares | 1,111,625 |
Weighted Average Exercise Price per Share, Outstanding, Beginning Balance | $ / shares | $ 58.99 |
Weighted Average Exercise Price per Share, Options granted | $ / shares | 63.59 |
Weighted Average Exercise Price per Share, Options canceled | $ / shares | 65.86 |
Weighted Average Exercise Price per Share, Options exercised | $ / shares | 46.59 |
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $ / shares | 61.13 |
Weighted Average Exercise Price per Share, Vested and exercisable, Ending Balance | $ / shares | $ 58.14 |
Weighted Average Remaining Contractual Term in Years, Outstanding | 3 years 18 days |
Weighted Average Remaining Contractual Term in Years, Vested and exercisable | 2 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 10,279 |
Aggregate Intrinsic Value, Vested and exercisable | $ | $ 9,185 |
TSR Performance Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Options granted | shares | 497,500 |
Number of Shares, Outstanding, Ending Balance | shares | 497,500 |
Weighted Average Exercise Price per Share, Options granted | $ / shares | $ 73.77 |
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $ / shares | $ 73.77 |
Weighted Average Remaining Contractual Term in Years, Outstanding | 5 years 7 months 17 days |
Common Stock and Stock Plans 50
Common Stock and Stock Plans - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units, Outstanding, Beginning Balance | 2,679,354 | ||
Number of Restricted Stock Units, Awarded | 1,166,362 | ||
Number of Restricted Stock Units, Forfeited | (86,746) | ||
Number of Restricted Stock Units, Released | (896,776) | ||
Number of Restricted Stock Units, Outstanding, Ending Balance | 2,862,194 | 2,679,354 | |
Number of Restricted Stock Units, Vested and deferred, Ending Balance | 159,460 | ||
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ 64.47 | ||
Weighted Average Grant Date Fair Value per Share, Awarded | 72.89 | $ 69.99 | $ 61.81 |
Weighted Average Grant Date Fair Value per Share, Forfeited | 67.73 | ||
Weighted Average Grant Date Fair Value per Share, Released | 64.98 | ||
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | 67.64 | $ 64.47 | |
Weighted Average Grant Date Fair Value per Share, Vested and deferred, Ending Balance | $ 40.58 |
Shares Used In Computing Dilu51
Shares Used In Computing Diluted Net (Loss) Income Per Share - Shares Used In Computing Diluted Net Income Per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding used in calculating basic net (loss) income per share attributable to Viasat, Inc. common stockholders | 58,438 | 52,318 | 48,464 |
Weighted average options to purchase common stock as determined by application of the treasury stock method | 246 | 281 | |
Weighted average restricted stock units to acquire common stock as determined by application of the treasury stock method | 658 | 533 | |
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 | |
Weighted average shares used in computing diluted net (loss) income per share attributable to Viasat, Inc. common stockholders | 58,438 | 53,396 | 49,445 |
Shares Used In Computing Dilu52
Shares Used In Computing Diluted Net (Loss) Income Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 1,358,275 | 582,315 | 810,231 |
Total Shareholder Return Performance Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 175,598 | ||
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 1,053,649 | 24 | 4,138 |
ViaSat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 193,608 |
Income Taxes - Components of (l
Income Taxes - Components of (loss) Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Provision Benefit For Income Taxes [Line Items] | |||
(Loss) income before income taxes | $ (105,470) | $ 25,384 | $ 17,597 |
United States [Member] | |||
Provision Benefit For Income Taxes [Line Items] | |||
(Loss) income before income taxes | (92,767) | 29,649 | 20,280 |
Foreign [Member] | |||
Provision Benefit For Income Taxes [Line Items] | |||
(Loss) income before income taxes | $ (12,703) | $ (4,265) | $ (2,683) |
Income Taxes - Summary of Benef
Income Taxes - Summary of Benefit from (Provision for) Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Current tax benefit (provision) | |||
Federal | $ (284) | $ (2,041) | $ (132) |
State | (401) | (1,167) | (543) |
Foreign | (953) | (600) | (148) |
Total current tax provision | (1,638) | (3,808) | (823) |
Deferred tax benefit (provision) | |||
Federal | 24,833 | (4,410) | (2,266) |
State | 10,450 | 4,509 | 7,090 |
Foreign | 1,572 | 92 | 172 |
Total deferred tax benefit (provision) | 36,855 | 191 | 4,996 |
Total benefit from (provision for) income taxes | $ 35,217 | $ (3,617) | $ 4,173 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 184,177 | $ 202,752 |
Tax credit carryforwards | 189,970 | 145,369 |
Other | 46,376 | 74,962 |
Valuation allowance | (29,049) | (17,728) |
Total deferred tax assets | 391,474 | 405,355 |
Deferred tax liabilities: | ||
Intangible assets | (73,403) | (98,099) |
Property, equipment and satellites | (96,661) | (174,428) |
Total deferred tax liabilities | (170,064) | (272,527) |
Net deferred tax assets | $ 221,410 | $ 132,828 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Benefit from (Provision for) Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to (Loss) Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Provision Benefit For Income Taxes [Line Items] | |||
Tax benefit (provision) at federal statutory rate | $ 22,149 | $ (8,885) | $ (6,167) |
State tax benefit (provision), net of federal benefit | 2,605 | (1,681) | (1,197) |
Tax credits, net of valuation allowance | 21,898 | 15,121 | 16,016 |
Non-deductible compensation | (2,852) | (2,659) | (2,457) |
Non-deductible transaction costs | (645) | (30) | |
Non-deductible meals and entertainment | (727) | (794) | (751) |
Stock-based compensation | 799 | (886) | (551) |
Foreign effective tax rate differential, net of valuation allowance | (2,054) | (2,391) | (859) |
Other | (1,031) | (380) | (185) |
Total benefit from (provision for) income taxes | 35,217 | (3,617) | 4,173 |
Federal [Member] | |||
Provision Benefit For Income Taxes [Line Items] | |||
Change in effective tax rate | (5,335) | ||
State [Member] | |||
Provision Benefit For Income Taxes [Line Items] | |||
Change in effective tax rate | $ (235) | $ (417) | $ 354 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Apr. 01, 2017 | Mar. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
U.S. statutory federal income tax rate, percent | 21.00% | 35.00% | 31.60% | ||
Cumulative effect adjustment related to unrecognized excess tax benefits on share based compensation | $ 58,700,000 | ||||
Valuation allowance | $ 29,049,000 | $ 29,049,000 | $ 17,728,000 | ||
Impact on effective tax rate | 49,500,000 | 49,500,000 | |||
Accrued interest or penalties associated with uncertain tax positions | 0 | 0 | $ 0 | ||
Provisional income tax expense | 5,300,000 | ||||
United States [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 697,800,000 | $ 697,800,000 | |||
Operating loss carryforwards expiration beginning year | 2,021 | ||||
United States [Member] | Earliest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to examination | 2,015 | ||||
United States [Member] | Latest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to examination | 2,017 | ||||
United States [Member] | Research [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit carryforward amount | 135,800,000 | $ 135,800,000 | |||
United States [Member] | Research [Member] | Earliest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit carryforwards expiration beginning year | 2,026 | ||||
State [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 637,800,000 | $ 637,800,000 | |||
Operating loss carryforwards expiration beginning year | 2,019 | ||||
State [Member] | Earliest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to examination | 2,014 | ||||
State [Member] | Latest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to examination | 2,017 | ||||
State [Member] | Research [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit carryforward amount | $ 130,000,000 | $ 130,000,000 | |||
State [Member] | Research [Member] | Earliest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit carryforwards expiration beginning year | 2,019 | ||||
Foreign [Member] | Earliest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to examination | 2,014 | ||||
Foreign [Member] | Latest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to examination | 2,017 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance, beginning of fiscal year | $ 49,066 | $ 45,080 | $ 41,769 |
Decrease related to prior year tax positions | (155) | (421) | (586) |
Increases related to current year tax positions | 6,563 | 4,407 | 3,897 |
Balance, end of fiscal year | $ 55,474 | $ 49,066 | $ 45,080 |
Equity Method Investments and59
Equity Method Investments and Related Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Payment related to acquisition of business, net of cash acquired | $ 140,378,000 | $ 1,258,000 | |||
Foreign currency translation adjustments, net of tax | $ 15,785,000 | $ (2,329,000) | $ (262,000) | ||
Income (loss) from equity method investments | $ 1,978,000 | ||||
Eutelsat [Member] | Euro Retail Co [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage of issued shares of an entity | 49.00% | 49.00% | 49.00% | 49.00% | |
Euro Infrastructure Co [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Payments, net of transaction costs, to acquire the issued shares in investment | $ 139,500,000 | $ 139,500,000 | |||
Equity method investment ownership percentage | 49.00% | 49.00% | 49.00% | ||
Transaction costs | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | |
Payment related to acquisition of business, net of cash acquired | $ 141,900,000 | 141,900,000 | |||
Foreign currency translation adjustments, net of tax | $ 12,700,000 | ||||
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 | ||||
Income (loss) from equity method investments | $ 2,000,000 | $ 0 | |||
Retained earnings of undistributed cumulative earnings in equity interests, net of tax | $ 2,000,000 |
Equity Method Investments and60
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, 2018 | Mar. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated affiliate | $ 163,835 | $ 141,894 |
Euro Infrastructure Co [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated affiliate | 163,835 | 141,894 |
Less: proportionate share of net assets of Euro Infrastructure Co. | 147,115 | 127,393 |
Excess carrying value of investment over proportionate share of net assets | 16,720 | 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 | 23,523 | 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 | 12,839 | 12,379 |
Euro Infrastructure Co [Member] | Tangible Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Excess carrying value of investment over proportionate share of net assets | (21,342) | (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 | $ 1,700 | $ 1,572 |
Equity Method Investments and61
Equity Method Investments and Related Party Transactions - Schedule of Related Party Transactions (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Euro Infrastructure Co [Member] | |
Related Party Transaction [Line Items] | |
Revenue | $ 9,277 |
Expense | 7,134 |
Cash received | 7,460 |
Cash paid | 7,040 |
Accounts receivable | 3,307 |
Collections in excess of revenues and deferred revenues | 3,246 |
Ducommun Inc. [Member] | |
Related Party Transaction [Line Items] | |
Accounts payable | $ 2,073 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Compensation And Retirement Disclosure [Abstract] | ||
Number of common stock that would be issued based on year-end common stock closing price | 294,507 | |
Discretionary contributions accrued by the Company under voluntary deferred compensation plan under Section 401(k) of the Internal Revenue Code | $ 19.4 | $ 16.8 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2017 | Jul. 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Long-term Purchase Commitment [Line Items] | |||||
Satellite performance incentives obligation, Noncurrent | $ 18,181,000 | $ 19,164,000 | |||
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 2019 and fiscal year 2030 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 | $ 41,200,000 | $ 34,000,000 | $ 27,700,000 | ||
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 2019 | $ 49,400,000 | ||||
Future minimum payments on purchase commitments for fiscal year 2020 | 56,600,000 | ||||
Future minimum payments on purchase commitments for fiscal year 2021 | 43,300,000 | ||||
Future minimum payments on purchase commitments for fiscal year 2022 | 19,300,000 | ||||
Future minimum payments on purchase commitments for fiscal year 2023 | 13,300,000 | ||||
Future minimum payments on purchase commitments thereafter | 0 | ||||
ViaSat-1 Satellite [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Satellite performance incentives obligation | 21,000,000 | ||||
Satellite performance incentives obligation, current | 2,800,000 | ||||
Satellite performance incentives obligation, Noncurrent | $ 18,200,000 | ||||
ViaSat-1 Satellite [Member] | Satellite Performance Incentives Obligation [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Period of in-orbit satellite performance incentive payments | 15 years | ||||
Commitment amount | $ 28,500,000 | ||||
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 | 3,000,000 | ||||
Future minimum payments under satellite performance incentives obligation for fiscal year 2023 | 3,300,000 | ||||
Future minimum payments under satellite performance incentives obligation thereafter | $ 14,300,000 | ||||
Satellite - ViaSat-2 [Member] | Satellite Performance Incentives Obligation [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Period of in-orbit satellite performance incentive payments | 9 years | ||||
Commitment amount | $ 21,000,000 | ||||
ViaSat-3 Class Satellites [Member] | Capital Addition [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitment amount | $ 379,500,000 |
Commitments - Summary of Future
Commitments - Summary of Future Minimum Payments Related to Purchase Commitments (Detail) - Satellite Construction and Other Satellite Related Agreements [Member] $ in Thousands | Mar. 31, 2018USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Future minimum payments on purchase commitments for fiscal year 2019 | $ 229,433 |
Future minimum payments on purchase commitments for fiscal year 2020 | 149,094 |
Future minimum payments on purchase commitments for fiscal year 2021 | 47,124 |
Future minimum payments on purchase commitments for fiscal year 2022 | 8,977 |
Future minimum payments on purchase commitments for fiscal year 2023 | 5,323 |
Future minimum payments on purchase commitments for fiscal year thereafter | 30,037 |
Future minimum payments on purchase commitments total | $ 469,988 |
Commitments - Summary of Futu65
Commitments - Summary of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Fiscal year ending 2019 | $ 46,182 |
Fiscal year ending 2020 | 48,933 |
Fiscal year ending 2021 | 48,941 |
Fiscal year ending 2022 | 47,035 |
Fiscal year ending 2023 | 42,514 |
Thereafter | 175,426 |
Total | $ 409,031 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Loss contingency impact to net income attributable to Viasat, Inc. stockholders | $ 4 | ||
Loss contingency impact to net (loss) income attributable to noncontrolling interests, net of tax | $ 3.7 | ||
Loss contingency impact to basic net income per share attributable to Viasat, Inc. common stockholders | $ 0.08 | ||
Loss contingency impact to diluted net income per share attributable to Viasat, Inc. common stockholders | $ 0.07 | ||
Unfavorable Regulatory Action [Member] | |||
Loss Contingencies [Line Items] | |||
U.S. government contract-related reserves | $ 1.8 | $ 1.6 | |
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 | ||
TrellisWare [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 | ||
Accrued loss contingency in uncharacterized damages | 11.4 | ||
Accrued loss contingency in penalties | $ 0.4 |
Product Warranty - Additional I
Product Warranty - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2018 | |
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, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance, beginning of period | $ 11,058 | $ 11,434 | $ 15,545 |
Change in liability for warranties issued in period | 897 | 7,815 | 4,327 |
Settlements made (in cash or in kind) during the period | (5,041) | (8,191) | (8,438) |
Balance, end of period | $ 6,914 | $ 11,058 | $ 11,434 |
Segment Information - Segment R
Segment Information - Segment Revenues and Operating Profits (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | |||
Product revenues | $ 755,547 | $ 713,936 | $ 664,821 |
Service revenues | 839,078 | 845,401 | 752,610 |
Total revenues | 1,594,625 | 1,559,337 | 1,417,431 |
Operating profits (losses): | |||
(Loss) income from operations | (92,187) | 36,459 | 41,119 |
Amortization of acquired intangible assets | (12,231) | (10,788) | (16,438) |
Operating Segments [Member] | |||
Operating profits (losses): | |||
(Loss) income from operations | (79,956) | 47,247 | 57,557 |
Operating Segments [Member] | Satellite Services [Member] | |||
Revenues: | |||
Product revenues | 664 | 27,711 | 25,606 |
Service revenues | 588,623 | 601,936 | 533,628 |
Total revenues | 589,287 | 629,647 | 559,234 |
Operating profits (losses): | |||
(Loss) income from operations | 12,018 | 131,085 | 81,830 |
Amortization of acquired intangible assets | (7,622) | (5,866) | (9,122) |
Operating Segments [Member] | Commercial Networks [Member] | |||
Revenues: | |||
Product revenues | 198,034 | 211,458 | 228,694 |
Service revenues | 35,187 | 33,149 | 22,042 |
Total revenues | 233,221 | 244,607 | 250,736 |
Operating profits (losses): | |||
(Loss) income from operations | (229,105) | (180,496) | (111,339) |
Amortization of acquired intangible assets | (1,563) | (1,679) | (2,569) |
Operating Segments [Member] | Government Systems [Member] | |||
Revenues: | |||
Product revenues | 556,849 | 474,767 | 410,521 |
Service revenues | 215,268 | 210,316 | 196,940 |
Total revenues | 772,117 | 685,083 | 607,461 |
Operating profits (losses): | |||
(Loss) income from operations | 137,131 | 96,658 | 87,066 |
Amortization of acquired intangible assets | (3,046) | (3,243) | (4,747) |
Material Reconciling Items [Member] | |||
Operating profits (losses): | |||
Amortization of acquired intangible assets | $ (12,231) | $ (10,788) | $ (16,438) |
Segment Information - Segment70
Segment Information - Segment Revenues and Operating Profits (Losses) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Product revenues | $ 755,547 | $ 713,936 | $ 664,821 |
Income (loss) from operations | (92,187) | $ 36,459 | $ 41,119 |
TrellisWare [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 | (79,956) | $ 47,247 | $ 57,557 |
Operating Segments [Member] | Satellite Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Product revenues | 664 | 27,711 | 25,606 |
Income (loss) from operations | 12,018 | 131,085 | 81,830 |
Operating Segments [Member] | Government Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Product revenues | 556,849 | 474,767 | 410,521 |
Income (loss) from operations | $ 137,131 | 96,658 | 87,066 |
Uncharacterized damages and penalties | 11,800 | ||
Operating Segments [Member] | Implied License [Member] | Satellite Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Product revenues | 26,800 | 25,300 | |
Income (loss) from operations | $ 26,800 | $ 25,300 |
Segment Information - Segment A
Segment Information - Segment Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 3,414,109 | $ 2,954,653 | $ 2,397,312 |
Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 615,728 | 587,962 | 582,399 |
Operating Segments [Member] | Satellite Services [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 66,830 | 81,728 | 57,529 |
Operating Segments [Member] | Commercial Networks [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 211,447 | 179,992 | 212,943 |
Operating Segments [Member] | Government Systems [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 337,451 | 326,242 | 311,927 |
Corporate, Non-Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 2,798,381 | $ 2,366,691 | $ 1,814,913 |
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, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | $ 31,862 | $ 41,677 | |
Goodwill | 121,085 | 119,876 | |
Amortization of acquired intangible assets | 12,231 | 10,788 | $ 16,438 |
Operating Segments [Member] | Satellite Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 16,580 | 21,843 | |
Goodwill | 13,991 | 13,579 | |
Amortization of acquired intangible assets | 7,622 | 5,866 | 9,122 |
Operating Segments [Member] | Commercial Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 3,340 | 4,903 | |
Goodwill | 44,011 | 43,930 | |
Amortization of acquired intangible assets | 1,563 | 1,679 | 2,569 |
Operating Segments [Member] | Government Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Other acquired intangible assets, net | 11,942 | 14,931 | |
Goodwill | 63,083 | 62,367 | |
Amortization of acquired intangible assets | $ 3,046 | $ 3,243 | $ 4,747 |
Segment Information - Revenue I
Segment Information - Revenue Information by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,594,625 | $ 1,559,337 | $ 1,417,431 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,403,473 | 1,352,002 | 1,207,651 |
Europe, the Middle East and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 85,704 | 85,828 | 80,202 |
Asia, Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 72,465 | 88,888 | 79,213 |
North America other than United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 18,777 | 24,649 | 38,957 |
Central and Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 14,206 | $ 7,970 | $ 11,408 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Located outside the United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets located outside the United States | $ 53.4 | $ 32.4 | $ 23.7 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 1,470 | $ 1,153 | $ 1,055 |
Charged (credited) to costs and expenses | 8,357 | 7,139 | 5,885 |
Deductions | (7,800) | (6,822) | (5,787) |
Ending Balance | 2,027 | 1,470 | 1,153 |
Deferred Tax Asset Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 17,728 | 17,089 | 15,550 |
Charged (credited) to costs and expenses | 11,321 | 639 | 1,539 |
Ending Balance | $ 29,049 | $ 17,728 | $ 17,089 |