Metro PCS 2010 Annual Report Download - page 122
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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2010, 2009 and 2008
F-16
Massachusetts/New Hampshire/Rhode Island/Vermont Economic Area.
Other Spectrum Acquisitions
During the year ended December 31, 2009, the Company closed on various agreements for the acquisition and
exchange of spectrum in the net aggregate amount of $14.6 million in cash.
On August 23, 2010, the Company closed on a like-kind spectrum exchange agreement covering licenses in
certain markets with another service provider (“Service Provider”). The Service Provider acquired 10 MHz of AWS
spectrum in Dallas/Fort Worth, Texas; Shreveport-Bossier City, Louisiana; and an additional 10 MHz of AWS
spectrum in certain other Washington markets, as well as an additional 10 MHz of PCS spectrum in Sacramento,
California. The Company acquired 10 MHz of AWS spectrum in Dallas/Fort Worth, Texas and Shreveport-Bossier
City, Louisiana; and an additional 10 MHz of AWS spectrum in Santa Barbara, California, and Tampa-St.
Petersburg-Clearwater, Florida. The exchange of spectrum resulted in a gain on disposal of assets in the amount of
$19.2 million.
On December 1, 2010, the Company closed on a like-kind spectrum exchange agreement covering licenses in
certain metropolitan areas with the Service Provider. The Company acquired 10 MHz of AWS spectrum in Orlando
in exchange for 10 MHz of PCS spectrum in Ft. Pierce-Vero Beach-Stuart, Florida, 10 MHz of partitioned AWS
spectrum in the Salt Lake City and Portland cellular marketing areas and total cash consideration of $3.0 million.
The exchange of spectrum resulted in a gain on disposal of assets in the amount of $26.6 million.
7. Accounts Payable and Accrued Expenses:
Accounts payable and accrued expenses consisted of the following (in thousands):
2010 2009
Accounts payable ..........................................................................................................................
.
$ 174,770 $ 164,246
Book overdraft ...............................................................................................................................
.
1,726 84,438
Accrued accounts payable .............................................................................................................
.
162,378 131,644
Accrued liabilities ..........................................................................................................................
.
30,819 26,009
Payroll and employee benefits .......................................................................................................
.
43,132 30,923
Accrued interest .............................................................................................................................
.
34,541 42,098
Taxes, other than income ...............................................................................................................
.
65,503 71,513
Income taxes ..................................................................................................................................
.
8,919 7,495
Accounts payable and accrued expenses .......................................................................................
.
$ 521,788 $ 558,366
8. Long-Term Debt:
Long-term debt consisted of the following (in thousands):
2010 2009
Senior Secured Credit Facility ................................................................................................
.
$ 1,532,000 $ 1,548,000
9¼% Senior Notes ..................................................................................................................
.
0 1,950,000
7Ǭ% Senior Notes ..................................................................................................................
.
1,000,000 0
6з% Senior Notes ..................................................................................................................
.
1,000,000 0
Capital Lease Obligations .......................................................................................................
.
254,336 181,194
Total long-term debt ...............................................................................................................
.
3,786,336 3,679,194
Add: unamortized discount on debt ........................................................................................
.
(7,053) (33,919)
Total debt ................................................................................................................................
.
3,779,283 3,645,275
Less: current maturities ..........................................................................................................
.
(21,996) (19,326)
Total long-term debt ...............................................................................................................
.
$ 3,757,287 $ 3,625,949