LOSS ON DECONSOLIDATION OF SUBSIDIARY

3 Months Ended

Mar. 31, 2016

LOSS ON DECONSOLIDATION OF SUBSIDIARY

LOSS ON DECONSOLIDATION OF SUBSIDIARY

5. LOSS ON DECONSOLIDATION OF SUBSIDIARY

During March 2015, the Company sold certain assets and liabilities of its Turks and Caicos business in its International Telecom segment.  As a result, the Company recorded a loss of approximately $19.9 million arising from the deconsolidation of non-controlling interests of $20.0 million and a gain of $0.1 million arising from an excess of sales proceeds over the carrying value of net assets disposed of.  The net loss on disposition is included within other income (expense) and does not relate to a strategic shift in the Company’s operations.  As a result, the subsidiary’s historical results and financial position are presented with continuing operations.