Company: VSAT
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-016993
Chunk: 163

Company: VIASAT INC
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 8
Chunk 163
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 are then recorded in the same income statement line as the underlying transaction. The Company may designate a derivative with periodic cash settlements and a non-zero fair value at hedge inception as the hedging instrument in a qualifying cash flow hedging relationship. The non-zero fair value of cash flow hedges on the designation date is recognized into income under a systematic and rational method over the life of the hedging instrument and in the same line item on the condensed consolidated statements of operations as the earnings of the hedge item, with the offset recorded to other comprehensive income (loss).During the three months ended December 31, 2024 and 2023, the Company recognized a gain of an insignificant amount (and related tax expense of an insignificant amount) and a loss of $10.0 million (and related tax benefit of $2.3 million), respectively, and during the nine months ended December 31, 2024 and 2023, the Company recognized a gain of $1.1 million (and related tax expense of an insignificant amount) and a gain of $10.6 million (and related tax expense of $2.9 million), respectively, in other comprehensive income arising from changes in the fair value of the interest rate cap contracts (designated as cash-flow hedging instruments) related to Inmarsat's senior secured term loan facilities. During the three months ended December 31, 2024 and 2023, the Company recorded a decrease of $5.1 million (and related tax benefit of $1.3 million) and an increase of $16.9 million (and related tax expense of $4.0 million), respectively, and during the nine months ended December 31, 2024 and 2023, the Company recorded a decrease of $13.2 million (and related tax benefit of $3.3 million) and a decrease of $1.8 million (and related tax benefit of an insignificant amount), respectively, to other comprehensive income and interest expense, net of the recognition into income of the non-zero hedge inception fair value (based on the nature of the underlying transaction). During the three months ended December 31, 2024 and 2023, the Company received $11.5 million and $14.0 million in cash, respectively, and during the nine months ended December 31, 2024 and 2023, the Company received $40.0 million and $31.8 million in cash, respectively, as a result of periodic cash settlements, which are included