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Investments in Affiliates (Tables)
6 Months Ended
Jun. 30, 2015
Investments in and Advances to Affiliates [Line Items]  
Investments in Affiliates

Investments in affiliates consist of (in thousands):

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

2015

 

2014

Telesat Holdings Inc.

$

29,231 

 

$

74,329 

XTAR, LLC

 

25,121 

 

 

30,463 

 

$

54,352 

 

$

104,792 

 

Equity in Net (Loss) Income of Affiliates

Equity in net income (loss) of affiliates consists of (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended June 30,

 

Six Months
Ended June 30,

 

2015

 

2014

 

2015

 

2014

Telesat Holdings Inc.

$

27,913 

 

$

66,150 

 

$

(46,416)

 

$

65,466 

XTAR, LLC

 

(2,826)

 

 

(1,787)

 

 

(5,342)

 

 

(3,272)

 

$

25,087 

 

$

64,363 

 

$

(51,758)

 

$

62,194 

 

Telesat Holdings Inc [Member]  
Investments in and Advances to Affiliates [Line Items]  
Summary Financial Data, Equity Method Investment

The following table presents summary financial data for Telesat in accordance with U.S. GAAP, for the three and six months ended June 30, 2015 and 2014 and as of June 30, 2015 and December 31, 2014 (in thousands): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended June 30,

 

Six Months
Ended June 30,

 

2015

 

2014

 

2015

 

2014

Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

183,133 

 

$

205,790 

 

$

369,376 

 

$

426,389 

Operating expenses

 

(34,264)

 

 

(39,245)

 

 

(68,886)

 

 

(79,575)

Depreciation, amortization and stock-based compensation

 

(48,642)

 

 

(58,277)

 

 

(98,828)

 

 

(116,758)

Loss on disposition of long lived asset

 

(6)

 

 

(3)

 

 

(21)

 

 

(62)

Operating income

 

100,221 

 

 

108,265 

 

 

201,641 

 

 

229,994 

Interest expense

 

(35,068)

 

 

(47,501)

 

 

(70,271)

 

 

(95,016)

Foreign exchange gain (loss)

 

45,393 

 

 

92,665 

 

 

(168,841)

 

 

(9,084)

(Loss) gain on financial instruments

 

(3,657)

 

 

(30,979)

 

 

1,196 

 

 

16,371 

Other income

 

568 

 

 

1,427 

 

 

1,375 

 

 

2,166 

Income tax provision

 

(18,518)

 

 

(18,007)

 

 

(38,079)

 

 

(39,156)

Net income (loss)

$

88,939 

 

$

105,870 

 

$

(72,979)

 

$

105,275 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

2015

 

2014

Balance Sheet Data:

 

 

 

 

 

Current assets

$

531,034 

 

$

497,287 

Total assets

 

4,265,251 

 

 

4,552,613 

Current liabilities

 

170,593 

 

 

227,200 

Long-term debt, including current portion

 

3,038,656 

 

 

3,102,635 

Total liabilities

 

3,745,551 

 

 

3,921,887 

Shareholders’ equity

 

519,700 

 

 

630,726 

 

XTAR, LLC [Member]  
Investments in and Advances to Affiliates [Line Items]  
Summary Financial Data, Equity Method Investment

The following table presents summary financial data for XTAR for the three and six months ended June 30, 2015 and 2014 and as of June 30, 2015 and December 31, 2014 (in thousands): 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended June 30,

 

Six Months
Ended June 30,

 

2015

 

2014

 

2015

 

2014

Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

6,669 

 

$

7,675 

 

$

12,697 

 

$

15,721 

Operating expenses

 

(8,171)

 

 

(8,006)

 

 

(16,106)

 

 

(15,813)

Depreciation and amortization

 

(2,189)

 

 

(2,314)

 

 

(4,492)

 

 

(4,629)

Operating loss

 

(3,691)

 

 

(2,645)

 

 

(7,901)

 

 

(4,721)

Net loss

 

(4,664)

 

 

(3,302)

 

 

(9,267)

 

 

(6,064)

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

2015

 

2014

Balance Sheet Data:

 

 

 

 

 

Current assets

$

9,054 

 

$

4,992 

Total assets

 

50,670 

 

 

53,508 

Current liabilities

 

36,718 

 

 

28,585 

Total liabilities

 

65,348 

 

 

59,342 

Members’ equity

 

(14,678)

 

 

(5,834)