Sprint - Nextel 2012 Annual Report Download - page 179

Table of Contents
CLEARWIRE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Investments as of December 31, 2012 and 2011 consisted of the following (in thousands):
We owned Auction Market Preferred securities issued by a monoline insurance company which were perpetual and did not have a final stated
maturity. Our Auction Market Preferred securities were fully written down and had no carrying value at December 31, 2011. During the first quarter of
2012, we sold the Auction Market Preferred securities and recorded a gain of $3.3 million to Other income (expense), net on the consolidated
statements of operations representing the total proceeds received. We no longer own any collateralized debt obligations or Auction Market Preferred
securities.
No other
- than - temporary impairment losses were recorded for the years ended December 31, 2012, 2011 or 2010.
Property, plant and equipment as of December 31, 2012 and 2011 consisted of the following (in thousands):
We have entered into lease arrangements related to our network construction and equipment that meet the criteria for capital leases. At
December 31, 2012 and 2011, we have recorded capital lease assets with an original cost of $112.8 million and $81.2 million, respectively, within network
and base station equipment.
Construction in progress is primarily composed of costs incurred during the process of completing network projects not yet placed in service.
The balance at December 31, 2012 included $93.3 million of costs related to completing network projects not yet place in service, $60.8 million of
network and base station equipment not yet assigned to a project and $2.5 million of costs related to information technology, which we refer to as IT,
and other corporate projects.
F - 57
4.
Investments
December 31, 2012
December 31, 2011
Gross Unrealized
Gross Unrealized
Cost
Gains
Losses
Fair Value
Cost
Gains
Losses
Fair Value
Short-term
U.S. Government
and Agency Issues
$
675,024
$
88
$
—
$
675,112
$
215,627
$
36
$
(8
)
$
215,655
5.
Property, Plant and Equipment
Useful
December 31,
Lives (Years)
2012
2011
Network and base station equipment
5 - 15
$
3,396,376
$
3,350,696
Customer premise equipment
2
45,376
82,545
Furniture, fixtures and equipment
3 - 5
480,160
450,254
Leasehold improvements
Lesser of useful life or
lease term
30,142
46,435
Construction in progress
N/A
156,630
262,761
4,108,684
4,192,691
Less: accumulated depreciation and amortization
(1,849,680
)
(1,178,414
)
$
2,259,004
$
3,014,277
Year Ended December 31,
2012
2011
2010
Supplemental information (in thousands):
Capitalized interest
$
6,598
$
18,823
$
208,595
Depreciation expense
$
749,765
$
665,344
$
427,850