Clearwire 2009 Annual Report Download - page 72

I
nterest Ex
p
ens
e
(
In thousands, except percentages
)
2009 2008 200
7
P
ercenta
g
e
C
han
g
e 2009
Versus
2008
P
ercenta
ge
C
han
g
e 2008
Versus
200
7
Y
ea
rEn
ded
December
31,
I
nterest ex
p
ens
e
.............
$(69,468) $(192,588) $(192,624) 63.9% N/
M
We incurred twelve months of interest costs totalin
g$
209.6 million, which were partiall
y
offset b
y
capitalized
interest of $140.2 million for the
y
ear ended December 31, 2009. Interest expense for 2009 also includes an
ad
j
ustment to accrete the debt to par value. Interest expense decreased in 2009 when compared to 2008 and 2007, as
more
i
nterest expense
i
n 2009 was cap
i
ta
li
ze
d
re
fl
ect
i
ng t
h
e
i
ncrease
i
n our cap
i
ta
l
expen
di
tures assoc
i
ate
d
w
i
t
h
t
he
increase in the build-out of our network.
Ot
h
er Income (Ex
p
ense), Ne
t
(
In thousands, except percenta
g
es
)
2009 2008 2007
P
ercenta
g
e
Change 2009
Versus 2008
P
ercenta
ge
C
hange 2008
Versus 2007
Y
ear Ended
D
ecember
31,
O
ther-than-temporary impairmen
t
l
oss on in
v
estments
.
.........
.
$(
10,015
)$(
78,447
)$(
35,020
)
87.2%
(
124.0
)
%
L
oss on undesi
g
nated swa
p
con
t
rac
t
s
,
ne
t
..............
.
(
6,976
)(
7,008
)
—0.
5
% N/M
Gain on debt extin
g
uishment
......
8,2
5
2 — — N/M N/M
Other
.......................
(1,27
5
) (3,960) (1,284) 67.8% (208.4)%
Tota
l
.......................
$(10,014) $(89,415) $(36,304) 88.8% (146.3)%
Ot
h
er
i
ncome (expense)
d
ecrease
di
n 2009 compare
d
to 2008,
b
ecause we recor
d
e
d
an ot
h
er-t
h
an-temporar
y
impairment loss of only
$
10.0 million on our auction rate securities during 2009 compared to an other-than-tem
-
porar
y
impairment loss of
$
78.4 million related to these securities durin
g
2008. Durin
g
2007 we recorded a
n
o
ther-than-temporar
y
impairment loss of onl
y
$35.0 million related to our auction rate securities
.
During November 2009, we recorded a gain of
$
8.3 million in connection with the retirement of our Senior
T
erm Loan Fac
ili
t
y.
N
on-contro
ll
ing Interests in Net Loss o
f
Conso
l
i
d
ate
d
Su
b
si
d
iarie
s
(
In thousands, except percentages
)
2009 2008 200
7
P
ercenta
g
e
Chan
g
e 2009
V
ersus
2008
P
ercenta
ge
C
han
g
e 2008
V
ersus
200
7
Year Ende
d
December
31,
Non-controllin
g
interests in ne
t
loss o
f
co
n
so
li
dated
subs
i
d
i
a
ri
es
...............
.
$
928
,
264
$
867
,
608
$
663
,
098 7.0% 30.8
%
T
he non-controllin
g
interests in net loss represent the allocation of a portion of the consolidated net loss to the
n
on-contro
lli
ng
i
nterests
i
n conso
lid
ate
d
su
b
s
idi
ar
i
es
b
ase
d
on t
h
e owners
hi
p
b
y Spr
i
nt, Comcast, T
i
me Warner
Ca
bl
e, Inte
l
an
d
Br
i
g
h
t House o
f
C
l
earw
i
re Commun
i
cat
i
ons C
l
ass B Common Interests. T
h
e
i
ncrease
i
n 2009 w
h
en
c
ompared to 2008 and 2007 is due to increased operatin
g
losses.
P
r
o
F
o
rm
a
R
eco
n
ci
l
ia
t
ion
T
he unaudited
p
ro forma combined statements of o
p
erations that follows is
p
resented for informational
p
urposes on
ly
an
di
s not
i
nten
d
e
d
to represent or
b
e
i
n
di
cat
i
ve o
f
t
h
e com
bi
ne
d
resu
l
ts o
f
operat
i
ons t
h
at wou
ld h
ave
b
een reporte
dh
a
d
t
h
e Transact
i
ons
b
een comp
l
ete
d
as o
f
Januar
y
1, 2007 an
d
s
h
ou
ld
not
b
eta
k
en as representat
i
ve
of the future consolidated results of operations of the Compan
y
.
6
2