Company: VSAT
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-016993
Chunk: 169

Company: VIASAT INC
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 8
Chunk 169
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 rate, which approximates a market interest rate. As of December 31, 2024 and March 31, 2024, the fair value of the Company’s long-term debt related to the Ex-Im Credit Facility was Level 2 and was approximately $19.3 million and $38.5 million, respectively. As of December 31, 2024 and March 31, 2024, the estimated fair value of the Company’s outstanding long-term debt related to each series of Notes was Level 2 and was $437.0 million and $680.8 million, respectively, for the 2025 Notes, $579.0 million and $564.0 million, respectively, for the 2027 Notes, $323.2 million and $307.5 million, respectively, for the 2028 Notes, $509.9 million and $529.9 million, respectively, for the 2031 Notes. As of December 31, 2024, the estimated fair value of the Inmarsat 2029 Notes was Level 2 and was $1.81 billion. As of March 31, 2024, the estimated fair value of Inmarsat's 6.750% Senior Secured Notes due 2026 (the Inmarsat 2026 Notes) was Level 2 and was $2.04 billion. The Inmarsat 2026 Notes were repurchased and redeemed in full during the third quarter of fiscal year 2025.Satellite performance incentive obligations — The Company’s contracts with satellite manufacturers require the Company to make monthly in-orbit satellite performance incentive payments with respect to certain satellites in commercial service, including interest, through fiscal year 2028, subject to the continued satisfactory performance of the applicable satellites. The Company records the net present value of these expected future payments as a liability and as a component of the cost of the satellites. However, for disclosure purposes, the Company is required to measure the fair value of outstanding satellite performance incentive obligations on a recurring basis. The fair value of the Company’s outstanding satellite performance incentive obligations is estimated to approximate their carrying value based on current rates (Level 2). As of December 31, 2024 and March 31, 2024, the Company’s estimated satellite performance incentive obligations relating to certain satellites in commercial service, including accrued interest, were $12.7 million and $15.9 million, respectively.Contingencies — In connection with the acquisition of the remaining 51% interest