Acquisitions, Dispositions And Other Adjustments

3 Months Ended

Mar. 31, 2014

Acquisitions, Dispositions And Other Adjustments

Acquisitions, Dispositions And Other Adjustments

NOTE 7.ACQUSISTIONS, DISPOSITIONS AND OTHER ADJUSTMENTS

Acquisitions

Leap On March 13, 2014, we acquired Leap, a provider of prepaid wireless service, for fifteen dollars per outstanding share of Leap's common stock, or $1,248 (excluding Leap's cash on hand), plus one nontransferable contingent value right (CVR) per share. The CVR will entitle each Leap stockholder to a pro rata share of the net proceeds of the future sale of the Chicago 700 MHz A-band Federal Communications Commission (FCC) license held by Leap.

The preliminary values of assets acquired under the terms of the agreement were:$3,070 in licenses, $520 in property, plant and equipment, $490 of customer lists, $340 for tradenames and $346 of goodwill. The estimated fair value of debt associated with the acquisition of Leap was$3,889.

In connection with the acquisition, we retired Leap's term and other loans and paid $1,869, including accrued interest in March 2014. In April 2014, we paid $1,889, including accrued interest and redemption premiums, to redeem additional Leap notes outstanding.

Pending Disposition

Connecticut WirelineIn December 2013, we entered into an agreement to sell our incumbent local exchange operations in Connecticut for $2,000 in cash. The transaction is subject to review by the FCC and the Connecticut Public Utilities Regulatory Authority and other state regulatory authorities. We expect the deal to close in the fourth quarter of 2014, subject to customary closing conditions.

We applied held-for-sale treatment to the assets and liabilities of the Connecticut operations, and, accordingly, included the assets in “Other current assets,” and the related liabilities in “Accounts payable and accrued liabilities,” on our consolidated balance sheets. However, the business does not qualify as discontinued operations as we expect significant continuing direct cash flows related to the disposed operations. Assets and liabilities of the Connecticut operations included the following:

	March 31,		December 31,
	2014		2013
Assets held for sale:
Current assets	$	146	$	155
Property, plant and equipment - net		1,323		1,289
Goodwill		799		799
Other assets		18		17
Total assets	$	2,286	$	2,260
Liabilities related to assets held for sale:
Current liabilities	$	122	$	128
Noncurrent liabilities		567		480
Total liabilities	$	689	$	608