Company: VSAT
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-016993
Chunk: 28

Company: VIASAT INC
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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, 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 in operating cash flow in the condensed consolidated statements of cash flows. As of December 31, 2024 and March 31, 2024, the fair value of the Company's interest rate cap contracts was $6.2 million and $44.5 million, respectively, and recorded in other current assets in the condensed consolidated balance sheets.At December 31, 2024, the estimated net amount of unrealized gains or losses related to the interest rate cap contracts that was expected to be reclassified to earnings net of the recognition into income of non-zero hedge inception fair value within the next 12 months was $3.0 million.Stock-based compensationIn 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