Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
Attached hereto as Exhibit 99.1 and incorporated by reference
herein is information regarding the Company's press release of
January 7, 2009 announcing preliminary fourth quarter 2008
financial information.
Item 2.06 MATERIAL IMPAIRMENTS.
In conjunction with the preparation of the Company's financial
statements for 2008, on January 6, 2009, in response to economic
conditions affecting the fair value of the Company's current
equity holdings of Clearwire, the Company concluded that its
holdings of Clearwire were impaired. Accordingly, the Company will
record an impairment charge of approximately $950 million in the
fourth quarter of 2008.
The impairment charge described in this report is a non-cash
charge.
Item 2.02 is incorporated herein by reference.
CAUTIONARY STATEMENT.
This Form 8-K contains estimates of the Company's preliminary
fourth quarter financial information. The Company is continuing to
review its financial and operating results and actual results may
differ materially from those contained herein. Among the important
factors that could cause results to vary from those contained
herein are identification of additional assets such as debt or
equity securities or inventories that require an impairment charge
be recorded. In addition, the preliminary fourth quarter financial
information could vary from the above estimates based on the final
accounting.