2016 Q2 Form 10-Q Financial Statement
#000136686816000182 Filed on August 04, 2016
Income Statement
Concept | 2016 Q2 | 2015 Q2 |
---|---|---|
Revenue | $25.09M | $23.02M |
YoY Change | 8.96% | -4.05% |
Cost Of Revenue | $7.937M | $8.027M |
YoY Change | -1.12% | 12.74% |
Gross Profit | $17.15M | $15.00M |
YoY Change | 14.36% | -11.13% |
Gross Profit Margin | 68.36% | 65.13% |
Selling, General & Admin | $11.45M | $10.16M |
YoY Change | 12.71% | 23.18% |
% of Gross Profit | 66.77% | 67.74% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $19.12M | $19.13M |
YoY Change | -0.05% | -10.53% |
% of Gross Profit | 111.48% | 127.55% |
Operating Expenses | $11.45M | $10.16M |
YoY Change | 12.71% | 23.18% |
Operating Profit | -$16.41M | -$17.42M |
YoY Change | -5.78% | -30.43% |
Interest Expense | -$9.049M | -$9.244M |
YoY Change | -2.11% | -33.32% |
% of Operating Profit | ||
Other Income/Expense, Net | $30.06M | $222.3M |
YoY Change | -86.48% | -154.52% |
Pretax Income | $13.65M | $204.9M |
YoY Change | -93.34% | -147.34% |
Income Tax | -$450.0K | $106.0K |
% Of Pretax Income | -3.3% | 0.05% |
Net Earnings | $14.10M | $204.8M |
YoY Change | -93.11% | -147.21% |
Net Earnings / Revenue | 56.2% | 889.4% |
Basic Earnings Per Share | $0.01 | $0.20 |
Diluted Earnings Per Share | $0.01 | $0.17 |
COMMON SHARES | ||
Basic Shares Outstanding | 1.049B shares | 1.010B shares |
Diluted Shares Outstanding | 1.250B shares | 1.205B shares |
Balance Sheet
Concept | 2016 Q2 | 2015 Q2 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $11.30M | $12.90M |
YoY Change | -12.4% | -45.8% |
Cash & Equivalents | $11.27M | $12.87M |
Short-Term Investments | ||
Other Short-Term Assets | $5.000M | $7.700M |
YoY Change | -35.06% | -16.3% |
Inventory | $9.698M | $11.97M |
Prepaid Expenses | ||
Receivables | $16.16M | $16.65M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $42.16M | $49.22M |
YoY Change | -14.34% | -37.19% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $1.059B | $1.090B |
YoY Change | -2.85% | -3.69% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $42.10M | $110.2M |
YoY Change | -61.8% | 2.13% |
Total Long-Term Assets | $1.115B | $1.211B |
YoY Change | -7.97% | -3.04% |
TOTAL ASSETS | ||
Total Short-Term Assets | $42.16M | $49.22M |
Total Long-Term Assets | $1.115B | $1.211B |
Total Assets | $1.157B | $1.260B |
YoY Change | -8.21% | -5.05% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $6.039M | $5.468M |
YoY Change | 10.44% | -55.81% |
Accrued Expenses | $26.96M | $22.28M |
YoY Change | 20.99% | 1.31% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $38.11M | $19.64M |
YoY Change | 94.03% | 170.14% |
Total Short-Term Liabilities | $116.0M | $90.23M |
YoY Change | 28.6% | 3.38% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $540.4M | $609.4M |
YoY Change | -11.34% | -2.46% |
Other Long-Term Liabilities | $11.93M | $11.77M |
YoY Change | 1.39% | -20.62% |
Total Long-Term Liabilities | $784.6M | $946.3M |
YoY Change | -17.09% | -34.49% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $116.0M | $90.23M |
Total Long-Term Liabilities | $784.6M | $946.3M |
Total Liabilities | $900.6M | $1.036B |
YoY Change | -13.11% | -32.34% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$1.362B | -$1.347B |
YoY Change | 1.16% | -18.04% |
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $256.1M | $223.8M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $1.157B | $1.260B |
YoY Change | -8.21% | -5.05% |
Cashflow Statement
Concept | 2016 Q2 | 2015 Q2 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $14.10M | $204.8M |
YoY Change | -93.11% | -147.21% |
Depreciation, Depletion And Amortization | $19.12M | $19.13M |
YoY Change | -0.05% | -10.53% |
Cash From Operating Activities | -$1.600M | -$3.780M |
YoY Change | -57.67% | 160.69% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$7.550M | -$8.200M |
YoY Change | -7.93% | 172.43% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | -$7.550M | -$8.200M |
YoY Change | -7.93% | 172.43% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 8.570M | 11.13M |
YoY Change | -23.0% | 28.37% |
NET CHANGE | ||
Cash From Operating Activities | -1.600M | -3.780M |
Cash From Investing Activities | -7.550M | -8.200M |
Cash From Financing Activities | 8.570M | 11.13M |
Net Change In Cash | -580.0K | -850.0K |
YoY Change | -31.76% | -120.19% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$1.600M | -$3.780M |
Capital Expenditures | -$7.550M | -$8.200M |
Free Cash Flow | $5.950M | $4.420M |
YoY Change | 34.62% | 183.33% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2016 | ||
us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
38379000 | USD | |
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2016-06-30 | ||
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001366868 | ||
dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
Globalstar, Inc. | ||
dei |
Trading Symbol
TradingSymbol
|
GSAT | ||
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Accrued Compensation And Benefits Excluding Taxes Current
AccruedCompensationAndBenefitsExcludingTaxesCurrent
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CY2016Q2 | gsat |
Accrued Compensation And Benefits Excluding Taxes Current
AccruedCompensationAndBenefitsExcludingTaxesCurrent
|
2927000 | USD |
CY2015Q4 | gsat |
Accrued Downside Protection Current
AccruedDownsideProtectionCurrent
|
5495000 | USD |
CY2016Q2 | gsat |
Accrued Downside Protection Current
AccruedDownsideProtectionCurrent
|
7418000 | USD |
CY2015Q4 | gsat |
Accrued Inventory In Transit Current
AccruedInventoryInTransitCurrent
|
502000 | USD |
CY2016Q2 | gsat |
Accrued Inventory In Transit Current
AccruedInventoryInTransitCurrent
|
217000 | USD |
CY2015Q2 | gsat |
Capitalized Interest Expensed During Period
CapitalizedInterestExpensedDuringPeriod
|
8125000 | USD |
gsat |
Capitalized Interest Expensed During Period
CapitalizedInterestExpensedDuringPeriod
|
16049000 | USD | |
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Capitalized Interest Expensed During Period
CapitalizedInterestExpensedDuringPeriod
|
8565000 | USD |
gsat |
Capitalized Interest Expensed During Period
CapitalizedInterestExpensedDuringPeriod
|
17144000 | USD | |
gsat |
Debt Conversion Converted Instrument Settlement Period
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|
P40D | ||
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Debt Instrument Face Amount Current
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|
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Debt Instruments Face Amount Noncurrent
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|
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|
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Deferred And Accrued Rents Noncurrent
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|
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Deferred And Accrued Rents Noncurrent
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Draw Down Period
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Due To Third Party Payors
DueToThirdPartyPayors
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Due To Third Party Payors
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Gross Interest Costs Capitalized
GrossInterestCostsCapitalized
|
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gsat |
Gross Interest Costs Capitalized
GrossInterestCostsCapitalized
|
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Gross Interest Costs Capitalized
GrossInterestCostsCapitalized
|
11947000 | USD |
gsat |
Gross Interest Costs Capitalized
GrossInterestCostsCapitalized
|
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Intangible Assets And Other Assets Noncurrent
IntangibleAssetsAndOtherAssetsNoncurrent
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Intangible Assets And Other Assets Noncurrent
IntangibleAssetsAndOtherAssetsNoncurrent
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gsat |
Issuance Of Common Stock In Exchange For Accrued Expenses
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Issuance Of Common Stock In Exchange For Accrued Expenses
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Maximum Value Of Shares Required To Be Purchased Per Terms Of Stock Purchase Agreement
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Minimum Discount Percentage Threshold
MinimumDiscountPercentageThreshold
|
0.0275 | |
gsat |
Non Cash Interest Expense Cash Flow
NonCashInterestExpenseCashFlow
|
5712000 | USD | |
gsat |
Non Cash Interest Expense Cash Flow
NonCashInterestExpenseCashFlow
|
5487000 | USD | |
gsat |
Noncash Expense Relatedto Legal Settlement
NoncashExpenseRelatedtoLegalSettlement
|
0 | USD | |
gsat |
Noncash Expense Relatedto Legal Settlement
NoncashExpenseRelatedtoLegalSettlement
|
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Number Of Draw Down Notices
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|
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|
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Other Accrued Expenses
OtherAccruedExpenses
|
1825000 | USD |
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Other Accrued Expenses
OtherAccruedExpenses
|
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Other Liabilities Noncurrent Other
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|
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Other Liabilities Noncurrent Other
OtherLiabilitiesNoncurrentOther
|
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Paymentsto Acquire Machineryand Equipment Procurement Costs
PaymentstoAcquireMachineryandEquipmentProcurementCosts
|
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Reduction Of Derivative Liability Arising From Settlement Of Debt
ReductionOfDerivativeLiabilityArisingFromSettlementOfDebt
|
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Reduction Of Derivative Liability Arising From Settlement Of Debt
ReductionOfDerivativeLiabilityArisingFromSettlementOfDebt
|
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Stock Issuance Settlement Period Upon Conversion And Automatic Conversion
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Stock Purchase Agreement Term
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|
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Accrued Liabilities And Other Liabilities
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|
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Accrued Liabilities And Other Liabilities
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|
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Accrued Liabilities Current
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|
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Accrued Liabilities Current
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|
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|
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|
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Accrued Sales Commission Current
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|
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Accrued Sales Commission Current
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|
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Accumulated Other Comprehensive Income Loss Net Of Tax
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|
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|
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|
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|
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AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
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AdditionalPaidInCapital
|
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|
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|
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AllowanceForDoubtfulAccountsReceivableCurrent
|
4330000 | USD |
us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
4667000 | USD | |
us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
4672000 | USD | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
197000000 | shares | |
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Asset Retirement Obligations Noncurrent
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|
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|
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Assets
Assets
|
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AssetsCurrent
|
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Assets
Assets
|
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Assets Current
AssetsCurrent
|
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
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Cash And Cash Equivalents At Carrying Value
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|
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Cash And Cash Equivalents Period Increase Decrease
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|
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us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
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|
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|
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Commitments And Contingencies
CommitmentsAndContingencies
|
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
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us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
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us-gaap |
Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
|
0 | USD | |
us-gaap |
Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
|
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Cost Of Goods Sold
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|
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us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
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Cost Of Goods Sold
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|
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us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
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Cost Of Services
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|
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us-gaap |
Cost Of Services
CostOfServices
|
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Cost Of Services
CostOfServices
|
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us-gaap |
Cost Of Services
CostOfServices
|
15528000 | USD | |
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Costs And Expenses
CostsAndExpenses
|
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us-gaap |
Costs And Expenses
CostsAndExpenses
|
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Costs And Expenses
CostsAndExpenses
|
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us-gaap |
Costs And Expenses
CostsAndExpenses
|
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Customer Advances And Deposits
CustomerAdvancesAndDeposits
|
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CY2016Q2 | us-gaap |
Customer Advances And Deposits
CustomerAdvancesAndDeposits
|
3336000 | USD |
us-gaap |
Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
|
6491000 | USD | |
us-gaap |
Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
|
0 | USD | |
CY2015Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
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Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
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Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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|
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Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
86303000 | USD |
us-gaap |
Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
|
1580000 | USD | |
us-gaap |
Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
|
2099000 | USD | |
CY2015Q4 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
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CY2016Q2 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
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Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
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CY2016Q2 | us-gaap |
Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
6125000 | USD |
CY2015Q2 | us-gaap |
Depreciation
Depreciation
|
19127000 | USD |
us-gaap |
Depreciation
Depreciation
|
38030000 | USD | |
CY2016Q2 | us-gaap |
Depreciation
Depreciation
|
19118000 | USD |
us-gaap |
Depreciation
Depreciation
|
38168000 | USD | |
CY2015Q2 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
19271000 | USD |
us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
38317000 | USD | |
CY2016Q2 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
19224000 | USD |
CY2015Q4 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
239642000 | USD |
CY2016Q2 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
200482000 | USD |
CY2015Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
239642000 | USD |
CY2016Q2 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
200482000 | USD |
CY2015Q4 | us-gaap |
Due From Affiliate Current
DueFromAffiliateCurrent
|
0 | USD |
CY2016Q2 | us-gaap |
Due From Affiliate Current
DueFromAffiliateCurrent
|
0 | USD |
CY2015Q4 | us-gaap |
Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
|
0 | USD |
CY2016Q2 | us-gaap |
Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
|
0 | USD |
CY2015Q4 | us-gaap |
Due To Affiliate Current
DueToAffiliateCurrent
|
0 | USD |
CY2016Q2 | us-gaap |
Due To Affiliate Current
DueToAffiliateCurrent
|
0 | USD |
CY2015Q4 | us-gaap |
Due To Affiliate Noncurrent
DueToAffiliateNoncurrent
|
0 | USD |
CY2016Q2 | us-gaap |
Due To Affiliate Noncurrent
DueToAffiliateNoncurrent
|
0 | USD |
CY2015Q4 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
600000 | USD |
CY2015Q4 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
616000 | USD |
CY2016Q2 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
240000 | USD |
CY2016Q2 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
200000 | USD |
CY2015Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.20 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.07 | ||
CY2016Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.01 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | ||
CY2015Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.17 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.07 | ||
CY2016Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.01 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | ||
us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-170000 | USD | |
us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
152000 | USD | |
CY2015Q2 | us-gaap |
Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
|
237093000 | USD |
us-gaap |
Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
|
129249000 | USD | |
CY2016Q2 | us-gaap |
Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
|
40500000 | USD |
us-gaap |
Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
|
39160000 | USD | |
CY2014Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
441550000 | USD |
CY2015Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
548526000 | USD |
CY2015Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
292293000 | USD |
CY2015Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
239642000 | USD |
CY2016Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
240982000 | USD |
CY2016Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
200482000 | USD |
CY2015Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
6315000 | USD |
CY2016Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
6873000 | USD |
us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
3442000 | USD | |
us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
77000 | USD | |
CY2015Q2 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
237087000 | USD |
us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
129222000 | USD | |
CY2016Q2 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
40499000 | USD |
us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
39155000 | USD | |
CY2015Q2 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-2189000 | USD |
us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-2254000 | USD | |
CY2016Q2 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
0 | USD |
us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
0 | USD | |
CY2015Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
204873000 | USD |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
75374000 | USD | |
CY2016Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
13649000 | USD |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-13107000 | USD | |
CY2015Q2 | us-gaap |
Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
|
0 | USD |
us-gaap |
Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
|
0 | USD | |
CY2016Q2 | us-gaap |
Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
|
0 | USD |
us-gaap |
Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
|
0 | USD | |
CY2015Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
106000 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
334000 | USD | |
CY2016Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-450000 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-259000 | USD | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
5000 | USD | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
127000 | USD | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-63000 | USD | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-1474000 | USD | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
3652000 | USD | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
2144000 | USD | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
1398000 | USD | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
805000 | USD | |
us-gaap |
Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
|
-25000 | USD | |
us-gaap |
Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
|
-377000 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-2562000 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-2924000 | USD | |
us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
493000 | USD | |
us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-104000 | USD | |
us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-429000 | USD | |
us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
50000 | USD | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
788000 | USD | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
868000 | USD | |
CY2015Q2 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
38192000 | shares |
us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
38192000 | shares | |
CY2016Q2 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
27625000 | shares |
us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
0 | shares | |
CY2015Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
8667000 | shares |
us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
8534000 | shares | |
CY2016Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
5793000 | shares |
us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares | |
CY2015Q2 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
2464000 | USD |
us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
4656000 | USD | |
CY2016Q2 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
3382000 | USD |
us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
6648000 | USD | |
us-gaap |
Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
|
995000 | USD | |
us-gaap |
Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
|
1500000 | USD | |
CY2015Q2 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
-9244000 | USD |
us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
-17761000 | USD | |
CY2016Q2 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
-9049000 | USD |
us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
-18154000 | USD | |
us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
419000 | USD | |
us-gaap |
Interest Paid
InterestPaid
|
9746000 | USD | |
us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
3016000 | USD | |
us-gaap |
Interest Paid
InterestPaid
|
10922000 | USD | |
CY2015Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
317000 | USD |
CY2016Q2 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
319000 | USD |
CY2015Q4 | us-gaap |
Inventory Net
InventoryNet
|
12023000 | USD |
CY2016Q2 | us-gaap |
Inventory Net
InventoryNet
|
9698000 | USD |
CY2015Q4 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
0 | USD |
CY2016Q2 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
0 | USD |
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
16684000 | USD | |
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
0 | USD | |
CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1175015000 | USD |
CY2016Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1156760000 | USD |
CY2015Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
107031000 | USD |
CY2016Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
116039000 | USD |
CY2015Q4 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
830853000 | USD |
CY2016Q2 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
784577000 | USD |
CY2015Q4 | us-gaap |
Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
|
2311000 | USD |
CY2016Q2 | us-gaap |
Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
|
2706000 | USD |
CY2015Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
581121000 | USD |
CY2016Q2 | us-gaap |
Long Term Debt
LongTermDebt
|
578462000 | USD |
CY2015Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
32835000 | USD |
CY2016Q2 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
38112000 | USD |
CY2015Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
548286000 | USD |
CY2016Q2 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
540350000 | USD |
CY2015Q4 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
328000 | USD |
CY2016Q2 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
1422000 | USD |
CY2016Q2 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
4500000 | BRL |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
21194000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
15098000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-14012000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-12458000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1262000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
1001000 | USD | |
CY2015Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
204767000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
75040000 | USD | |
CY2016Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
14099000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-12848000 | USD | |
CY2015Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
207508000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
80604000 | USD | |
CY2016Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
17037000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-12848000 | USD | |
CY2015Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
222290000 | USD |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
109976000 | USD | |
CY2016Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
30060000 | USD |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
19002000 | USD | |
CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-17417000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-34602000 | USD | |
CY2016Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-16411000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-32109000 | USD | |
CY2015Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1487000 | USD |
CY2016Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
865000 | USD |
CY2015Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
447000 | USD |
us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-843000 | USD | |
CY2016Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-925000 | USD |
us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-1576000 | USD | |
CY2015Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
10907000 | USD |
CY2016Q2 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
11931000 | USD |
us-gaap |
Other Noncash Expense
OtherNoncashExpense
|
2912000 | USD | |
us-gaap |
Other Noncash Expense
OtherNoncashExpense
|
1923000 | USD | |
us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-618000 | USD | |
us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-262000 | USD | |
CY2015Q2 | us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
2912000 | USD |
us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
2912000 | USD | |
CY2016Q2 | us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
2075000 | USD |
us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
1923000 | USD | |
CY2015Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-452000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
3681000 | USD | |
CY2016Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
685000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-76000 | USD | |
us-gaap |
Payments For Construction In Process
PaymentsForConstructionInProcess
|
10344000 | USD | |
us-gaap |
Payments For Construction In Process
PaymentsForConstructionInProcess
|
5307000 | USD | |
us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
1343000 | USD | |
us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
806000 | USD | |
CY2009Q2 | us-gaap |
Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
|
12000000 | EUR |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2325000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
6345000 | USD | |
CY2015Q4 | us-gaap |
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
|
4810000 | USD |
CY2016Q2 | us-gaap |
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
|
4894000 | USD |
CY2015Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2016Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2015Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
100000000 | shares |
CY2016Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
100000000 | shares |
CY2015Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Globalstar, Inc. (“Globalstar” or the “Company”) provides Mobile Satellite Services (“MSS”) including voice and data communications services through its global satellite network. Thermo Capital Partners LLC, through its affiliates (collectively, “Thermo”), is the principal owner and largest stockholder of Globalstar. The Company’s Chairman and Chief Executive Officer controls Thermo. Two other members of the Company's Board of Directors are also directors, officers or minority equity owners of various Thermo entities.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and footnote disclosures normally in financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"); however, management believes the disclosures made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Globalstar Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on February 26, 2016 (the "2015 Annual Report"), and Management's Discussion and Analysis of Financial Condition and Results of Operations herein. </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S. 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 the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. The Company evaluates estimates on an ongoing basis. Significant estimates include the value of derivative instruments, the allowance for doubtful accounts, the net realizable value of inventory, the useful life and value of property and equipment, the value of stock-based compensation and income taxes. The Company has made certain reclassifications to prior period condensed consolidated financial statements to conform to current period presentation.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These unaudited interim condensed consolidated financial statements include the accounts of Globalstar and all its subsidiaries. All significant intercompany transactions and balances have been eliminated in the consolidation. In the opinion of management, the information included herein includes all adjustments, consisting of normal recurring adjustments, that are necessary for a fair presentation of the Company’s condensed consolidated statements of operations, condensed consolidated balance sheets, and condensed consolidated statements of cash flows for the periods presented. The results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June 30, 2016</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the full year or any future period.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU 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 customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB decided to delay the effective date of ASU No. 2014-09. With the one-year deferral, ASU No. 2014-09 is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Additionally, early adoption is now permitted. However, entities reporting under U.S. GAAP are not permitted to adopt the standard earlier than the original effective date of December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. In March 2016, the FASB issued ASU No. 2016-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), </font><font style="font-family:inherit;font-size:10pt;">which does not change the core principle of the guidance in ASU No. 2014-09 but clarifies the implementation guidance on principal versus agent considerations. The effective date and transition requirements for ASU No. 2016-08 are the same as those of ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing,</font><font style="font-family:inherit;font-size:10pt;"> which amends the guidance on accounting for licenses of intellectual property and identifying performance obligations in its new revenue standard. In May 2016, the FASB issued ASU No. 2016-12 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients</font><font style="font-family:inherit;font-size:10pt;">, which</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">is intended to reduce the cost and complexity of applying the new revenue standard and result in more consistent application. The Company is currently evaluating the impact that these standards will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of these standards on its ongoing reporting.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued ASU No. 2015-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Measurement of Inventory</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2015-11 requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and retail inventory method (RIM) are excluded from this new guidance. This ASU replaces the concept of market with the single measurement of net realizable value and is intended to create efficiencies for preparers and more closely align U.S. GAAP with IFRS. This ASU is effective for public business entities in fiscal years, and interim periods within those years, beginning after December 15, 2016. Prospective application is required and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures, but does not expect this ASU to have a material effect on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2015, the FASB issued ASU. No. 2015-17, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Balance Sheet Classification of Deferred Taxes</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2015-17 simplifies the presentation of deferred taxes on the balance sheet by requiring classification of all deferred tax items as noncurrent including valuation allowances by jurisdiction. The ASU is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures, but does not expect the effect to be material.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. The main difference between the provisions of ASU No. 2016-02 and previous U.S. GAAP is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. ASU No. 2016-02 retains a distinction between finance leases and operating leases, and the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize right-of-use assets and lease liabilities. The accounting applied by a lessor is largely unchanged from that applied under previous U.S. GAAP. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for public business entities in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company has not yet determined the effect of the standard on its ongoing reporting.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Liabilities-Extinguishment of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-04 contains specific guidance for the derecognition of prepaid stored-value product liabilities within the scope of this ASU. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2017. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company does not expect this ASU to have a material effect on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU. No. 2016-06, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-06 clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company has not yet determined the effect of this standard on its ongoing reporting.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Stock Compensation</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for public business entities for annual and interim periods beginning after December 15, 2016. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company has not yet determined the effect of this standard on its ongoing reporting.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Credit Losses, Measurement of Credit Losses on Financial Instruments</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s incurred loss approach with an expected loss model for instruments measured at amortized cost. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. The Company has not yet determined the effect of this standard on its ongoing reporting.</font></div></div> |