Cricket Wireless 2011 Annual Report Download - page 115
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LEAP WIRELESS INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
As of December 31, 2010
Cost Fair Value
Money market funds ............................................. $168,831 $168,831
Commercial paper ............................................... 17,494 17,494
U.S. government or government agency securities ...................... 108,364 108,364
$294,689 $294,689
Long-Term Debt
The Company reports its long-term debt obligations at amortized cost; however, for disclosure purposes, the
Company is required to measure the fair value of outstanding debt on a recurring basis. The fair value of the
Company’s outstanding long-term debt is determined primarily by using quoted prices in active markets and was
$3,073.6 million and $2,876.8 million as of December 31, 2011 and December 31, 2010, respectively.
Assets Measured at Fair Value on a Nonrecurring Basis
The tables below summarize the non-financial assets that were measured and recorded at fair value on a
non-recurring basis as of December 31, 2011 and December 31, 2010 and the losses recorded during the years
ended December 31, 2011 and 2010 on those assets (in thousands):
At Fair Value as of December 31, 2011
Level 1 Level 2 Level 3 Losses
Assets:
Wireless licenses ................................ $— $— $9,115 $ 377
Total ............................................ $— $— $9,115 $ 377
At Fair Value as of December 31, 2010
Level 1 Level 2 Level 3 Losses
Assets:
Goodwill ...................................... $— $— $ — $430,101
Property and equipment ........................... — — — 46,460
Wireless licenses ................................ — — 7,496 766
Total ............................................ $— $— $7,496 $477,327
As discussed in Note 5, the Company recorded charges for the impairment of goodwill, certain long-lived
assets and certain non-operating wireless licenses as a result of its 2011 and 2010 annual impairment tests. The
fair values of these assets were determined using Level 3 inputs and the valuation techniques discussed therein.
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