Motorola 2015 Annual Report Download - page 61

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60
Depreciation expense for the years ended December 31, 2015, 2014, and 2013 was $142 million, $169 million and $157
million, respectively.
During the year ended December 31, 2015, the Company entered into an arrangement to sell its Penang, Malaysia
manufacturing operations, including the land, building, equipment, inventory, and employees to a contract manufacturer. During
the year ended December 31, 2015, the Company recognized an impairment loss of $6 million on the building within Other
charges in its consolidated statements of operations, and presented the assets as held for sale in its consolidated balance
sheets. The sale of the Penang, Malaysia facility and manufacturing operations was completed on February 1, 2016.
During the year ended December 31, 2015, the Company entered into an agreement to broker the sale of its corporate
aircraft. During the year ended December 31, 2015, the Company recognized an impairment loss of $31 million within Other
charges based on the indicated market value of the aircraft and presented the aircraft as held for sale in its consolidated balance
sheets.
Investments
Investments consist of the following:
December 31, 2015 Cost Basis
Unrealized
Gains
Unrealized
Loss Investments
Available-for-sale securities:
Government, agency, and government-sponsored
enterprise obligations $ 455 $ — $ (11) $ 444
Corporate bonds 7— — 7
Common stock and equivalents —6 — 6
462 6 (11) 457
Other investments, at cost 203 — — 203
Equity method investments 9— — 9
674 6 (11) 669
Less: current portion of available-for-sale securities 401
$268
In December 2015, the Company invested $401 million in United Kingdom treasury securities in order to partially offset the
risk associated with fluctuations in the British Pound Sterling in the period before the closing of the purchase of Airwave. The
Company liquidated these investments in February 2016 to partially fund the acquisition of Airwave. The investments are
recorded within Other current assets in the Company's consolidated balance sheets.
December 31, 2014 Cost Basis
Unrealized
Gains Investments
Available-for-sale securities:
Government, agency, and government-sponsored enterprise obligations $14$— 14
Corporate bonds 16 — 16
Mutual funds 2— 2
Common stock and equivalents 17071
33 70 103
Other investments, at cost 191 — 191
Equity method investments 22 — 22
$ 246 $ 70 $ 316
Gains on sales of investments, net for the years ended December 31, 2015, 2014, and 2013 were $107 million, $5 million,
and $37 million, respectively. During the years ended December 31, 2015 and December 31, 2013, the Company recorded
investment impairment charges of $6 million and $3 million, respectively, representing other-than-temporary declines in the value
of the Company’s equity investment portfolio. There were no investment impairments recorded during the year ended
December 31, 2014. Investment impairment charges are included in Other within Other income (expense) in the Company’s
consolidated statements of operations.