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Table of Contents
Index to Consolidated Financial Statements
CLEARWIRE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS —(CONTINUED)
Spain. Associated results of operations for the years ended December 31, 2012 and 2011 are separately reported as discontinued operations.
Summarized financial information for discontinued operations is show below (in thousands):
Year Ended December 31,
2012
2011
Total revenues $ 8,473
$ 20,767
Loss from discontinued operations before income taxes $ (1,185)
$ (86,749)
Income tax benefit (provision) (167,176)
4,939
Net loss from discontinued operations (168,361)
(81,810)
Less: non-controlling interests in net loss from discontinued operations of consolidated subsidiaries 1,356
61,379
Net loss from discontinued operations attributable to Clearwire Corporation $ (167,005)
$ (20,431)
New Accounting Pronouncements
In December 2011, the Financial Accounting Standards Board (FASB) issued authoritative guidance regarding
Disclosures about Offsetting Assets and Liabilities, which requires common disclosure requirements to allow investors to better compare and assess the effect of
offsetting arrangements on financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The standard was effective beginning
in the first quarter 2013, requires retrospective application, and only affects disclosures in the footnotes to the financial statements. In October 2012, the FASB
tentatively decided to limit the scope of this authoritative guidance to derivatives, repurchase agreements, and securities lending and securities borrowing
arrangements. In January 2013, the FASB issued additional clarifying guidance which limited the scope of the disclosure requirements to derivatives, repurchase
agreements and reverse purchase agreements, and securities lending and securities borrowing transactions that are either offset in accordance with specific criteria
contained in U.S. GAAP or subject to a master netting arrangement or similar agreement. Based on the scope revision, this authoritative guidance did not impact
our existing disclosures.
In February 2013, the FASB issued authoritative guidance regarding ComprehensiveIncome:ReportingofAmountsReclassifiedOutofAccumulatedOther
ComprehensiveIncome,which amends existing guidance and requires, in a single location, the presentation of the effects of certain significant amounts reclassified
from each component of accumulated other comprehensive income based on its source and Statement of Comprehensive (Loss) Income line items affected by the
reclassification. The guidance was effective beginning in the first quarter 2013 and did not have a material effect on our consolidated financial statements as
amounts reclassified out of other comprehensive income, consisting primarily of the recognition of foreign currency gains, are immaterial for all periods presented.
In July 2013, the FASB issued authoritative guidance regarding IncomeTaxes(Topic740):PresentationofanUnrecognizedTaxBenefitWhenaNet
OperatingLossCarryforward,aSimilarTaxLoss,oraTaxCreditCarryforwardExists(aconsensusoftheFASBEmergingIssuesTaskForce), which amends
existing guidance related to the financial presentation of unrecognized tax benefits by requiring an entity to net its unrecognized tax benefits against the deferred
tax assets for all available same-jurisdiction loss or other tax carryforwards that would apply in settlement of the uncertain tax positions. The amendments will be
effective beginning in the first quarter of 2014 with early adoption permitted, will be applied prospectively to all unrecognized tax benefits that exist at the
effective date, and are not expected to have a material effect on our consolidated financial statements.
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