Cincinnati Bell 2015 Annual Report Download - page 191

Form 10-K Part II Cincinnati Bell Inc.
Wireless assets and liabilities presented as discontinued operations as of December 31, 2015 and
December 31, 2014 are as follows:
(dollars in millions)
December 31,
2015
December 31,
2014
Current assets
Prepaid rent — spectrum license ........................................ $— $ 3.2
Other current assets .................................................. — 1.5
Total current assets from discontinued operations ........................ — 4.7
Property, plant and equipment ............................................ — 44.1
Other noncurrent assets ................................................. — 0.5
Total noncurrent assets from discontinued operations ..................... — 44.6
Total assets from discontinued operations ............................... $— $ 49.3
Current liabilities
Current portion of long-term debt ....................................... $— $ 1.6
Accounts payable .................................................... — 5.0
Restructuring liability ................................................ 4.7 15.4
Deferred gain on sale of wireless spectrum licenses ......................... — 112.6
Other current liabilities ............................................... 0.7 7.4
Total current liabilities from discontinued operations ...................... 5.4 142.0
Long-term debt, less current portion ....................................... — 81.6
Deferred gain on sale of towers ........................................... — 13.1
Other noncurrent liabilities .............................................. — 8.0
Total noncurrent liabilities from discontinued operations ................... — 102.7
Total liabilities from discontinued operations ............................ $5.4 $244.7
Certain capital lease and retirement obligations were reported as liabilities from discontinued operations as
of December 31, 2014 as we continued to operate the wireless business at that time. Subsequent to ceasing
operations of our wireless business these liabilities and the related assets were transferred to continuing
operations as they were retained by the Company. Amounts transferred at April 1, 2015 include the following:
(dollars in millions)
Continuing Operations
As of April 1, 2015
Discontinued Operations
As of December 31, 2014
Current portion of long-term debt ........................... $ 1.1 $ 1.1
Long-term debt, less current portion ......................... 53.4 57.0
Other noncurrent liabilities ................................ 10.9 7.5
Total liabilities ........................................ $65.4 $65.6
In the first quarter of 2013, in connection with our review of the estimated remaining useful lives of
property, plant and equipment, we shortened the estimated useful lives assigned to wireless network software to
three years. This change resulted from smartphone-driven technology upgrades, enhancements and projected
retirements. As a result of this change in estimate, we recorded additional depreciation expense of $8.5 million in
the first quarter of 2013.
In conjunction with our long-lived asset analysis conducted in the fourth quarter of 2013, we reassessed the
useful lives of all of our Wireless property, plant and equipment. The remaining useful lives for all Wireless
property, plant, and equipment assets were reduced to 30 months as of December 31, 2013, resulting in additional
depreciation expense of $3.0 million in the quarter.
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Form 10-K