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PREM14A
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form PREM14A on 06/26/2015
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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:

 

     2014      2013  
     (In thousands)  

Short-term marketable securities:

     

U.S. Treasury securities

   $ 27,782         —     

Corporate debt securities

     3,103         —     

U.S. agency securities

     17,491         —     

Municipal securities

     13,552         —     

Certificates of deposit

     18,998         —     

Commercial paper

     31,471         9,995   
  

 

 

    

 

 

 

Total short-term marketable securities

$ 112,397      9,995   
  

 

 

    

 

 

 

Long-term marketable securities:

Corporate debt securities

$ 73,424      —     

U.S. agency securities

  129,782      —     

Municipal securities

  159,734      —     
  

 

 

    

 

 

 

Total long-term marketable securities

$ 362,940      —     
  

 

 

    

 

 

 

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.

(4) Investments

Investments consist of the following at December 31:

 

     2014      2013  
     (In thousands)  

Equity method investments

   $ 12,006         11,354   
  

 

 

    

 

 

 

Total investments

$ 12,006      11,354   
  

 

 

    

 

 

 

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 Company’s portion of SpectrumCo’s 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 Company’s 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 Company’s 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.

 

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