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|CHARTER COMMUNICATIONS, INC. /MO/ filed this Form PREM14A on 06/26/2015|
BRIGHT HOUSE NETWORKS, LLC AND SUBSIDIARIES
Notes to Consolidated Financial Statements(Continued)
December 31, 2014, 2013 and 2012
Depreciation expense was $406.4 million, $376.4 million and $349.0 million for 2014, 2013 and 2012, respectively.
(3) Marketable Securities
Our marketable debt securities consisted of the following at December 31:
As of December 31, 2014, our short-term and long-term marketable debt securities had remaining maturities of 1 month to 12 months and 13 months to 79 months, respectively.
Investments consist of the following at December 31:
In August 2012, SpectrumCo, LLC (SpectrumCo), a wireless joint venture that held advanced wireless spectrum (AWS) licenses in which the Company and several other cable companies were participants, sold all of its AWS licenses to Cellco Partnership (doing business as Verizon Wireless), a joint venture between Verizon Communications Inc. and Vodafone Group Plc, for $3.6 billion in cash. The Companys portion of SpectrumCos gain on sale of its AWS spectrum licenses was $71.1 million, which is included in Income from equity investments in the consolidated statement of income in 2012. Following the close of the transaction, SpectrumCo distributed to the Company $187.5 million, which represents the Companys portion of the sale proceeds, based on its 5.3% investment in SpectrumCo.
In July 2013, in connection with Sprint Communications, Inc.s (Sprint) acquisition of Clearwire Corporation (Clearwire), Sprint acquired the Companys cost method investment of 8.5 million Class A shares of Clearwire for $42.4 million. As a result, the Company recognized a gain of $25.9 million, which is included in Gain on disposal of assets, net in the consolidated statement of income in 2013.