USM Stock Balance Sheets

United States Cellular Quarterly Balance Sheets Chart

Quarterly

Annual

Cash and Cash Eq

Long-Term Debt

Inventory

United States Cellular Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2016-03-31	2015-09-30	2015-06-30	2012-09-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30	1998-06-30

current assets
cash and cash equivalents	386,000,000	182,000,000		272,000,000	195,000,000	185,000,000		153,000,000	186,000,000	154,000,000		254,000,000	320,000,000	300,000,000		231,000,000	267,000,000	479,000,000	931,000,000	418,000,000	258,000,000		570,000,000	528,000,000	648,000,000		730,000,000	772,000,000	596,766,000	362,282,000	409,579,000	511,078,000	504,952,000	428,625,000	421,294,000	269,292,000	232,853,000	289,658,000	404,894,000	275,920,000	191,797,000	177,608,000	101,155,000	216,475,000	182,020,000	146,082,000	189,856,000	38,910,000	21,969,000	17,045,000	31,069,000
accounts receivable																						14,150,000				-39,867,000
customers and agents, less allowances of 55 and 63, respectively	861,000,000
affiliated	1,000,000	7,000,000		1,000,000		2,000,000		6,000,000	9,000,000	1,000,000		8,000,000	14,000,000	1,000,000		8,000,000	10,000,000	6,000,000		1,000,000	1,000,000			3,000,000	1,000,000								218,000					3,818,000		2,545,000	644,000	1,683,000	99,000	111,000		10,038,000	10,892,000	11,065,000	10,881,000	8,804,000	6,453,000
other, less allowances of 2 and 2, respectively	60,000,000	55,000,000										81,000,000	70,000,000												38,000,000
inventory	126,000,000	178,000,000		161,000,000	143,000,000	175,000,000		175,000,000	210,000,000	262,000,000		243,000,000	206,000,000	177,000,000		136,000,000	183,000,000	139,000,000	157,000,000	145,000,000	212,000,000		139,000,000	146,000,000	157,000,000		123,000,000	151,000,000	176,259,000	135,401,000	196,523,000	131,510,000	148,770,000	160,783,000	108,818,000	119,882,000	120,304,000	153,278,000	121,073,000	125,578,000	108,051,000	112,553,000	120,817,000	114,687,000	113,078,000	118,072,000	101,196,000	76,925,000	82,239,000	85,118,000	54,899,000	61,842,000	46,701,000	55,978,000	39,674,000	87,498,000	76,563,000	41,419,000
prepaid expenses	53,000,000	63,000,000		55,000,000	58,000,000	71,000,000		64,000,000	69,000,000	76,000,000		61,000,000	62,000,000	63,000,000		59,000,000	55,000,000	63,000,000	54,000,000	50,000,000	58,000,000		49,000,000	48,000,000	47,000,000		62,000,000	96,000,000	88,041,000	73,319,000	60,631,000	57,655,000	56,607,000	64,208,000	62,709,000	70,759,000	65,219,000	72,829,000	63,020,000	49,040,000	57,766,000	59,565,000	51,923,000	56,619,000	46,634,000	46,277,000	45,520,000	36,605,000	43,082,000	37,539,000	31,360,000	26,241,000	26,277,000	26,045,000	22,307,000	23,272,000	21,897,000	14,922,000
income taxes receivable	1,000,000							2,000,000	4,000,000	4,000,000		1,000,000				125,000,000	126,000,000	124,000,000	174,000,000	122,000,000	96,000,000										2,280,000	70,000	35,121,000	32,106,000
other current assets	21,000,000	25,000,000		21,000,000	26,000,000	32,000,000		40,000,000	47,000,000	57,000,000		41,000,000	41,000,000	51,000,000		42,000,000	40,000,000	43,000,000	28,000,000	29,000,000	22,000,000		19,000,000	36,000,000	29,000,000		20,000,000	23,000,000	18,730,000	18,144,000	15,993,000	11,149,000	10,693,000	11,099,000	10,282,000	49,111,000	48,662,000	55,250,000	53,101,000	54,705,000	8,283,000	14,527,000	24,213,000	16,822,000	12,229,000	10,734,000	10,642,000	21,160,000	21,418,000	17,549,000	12,854,000	30,463,000	33,977,000	30,203,000	20,994,000	24,153,000	21,586,000	5,980,000
total current assets	1,509,000,000	1,373,000,000		1,427,000,000	1,374,000,000	1,395,000,000		1,393,000,000	1,500,000,000	1,562,000,000		1,675,000,000	1,673,000,000	1,611,000,000		1,571,000,000	1,645,000,000	1,845,000,000	2,289,000,000	1,718,000,000	1,576,000,000		1,770,000,000	1,735,000,000	1,839,000,000		1,864,000,000
licenses	4,583,000,000	4,581,000,000		4,576,000,000	4,715,000,000	4,711,000,000		4,690,000,000	4,694,000,000	4,692,000,000		4,680,000,000	4,677,000,000	4,677,000,000		4,102,000,000	3,917,000,000	3,915,000,000	2,628,000,000	2,621,000,000	2,502,000,000		2,461,000,000	2,469,000,000	2,213,000,000		2,189,000,000	1,808,000,000	1,834,061,000	1,827,656,000	1,531,873,000	1,481,865,000	1,470,550,000	1,454,901,000	1,452,401,000	1,445,501,000	1,445,501,000	1,438,800,000	1,445,501,000	1,445,501,000	1,445,665,000	1,794,843,000	1,792,728,000	1,788,548,000	1,500,092,000	1,500,092,000	1,502,227,000	1,447,569,000	1,367,569,000	1,362,036,000	1,340,489,000	1,184,014,000	1,192,772,000	1,192,302,000	1,111,780,000	979,759,000	979,760,000
investments in unconsolidated entities	444,000,000	479,000,000		478,000,000	461,000,000	482,000,000		477,000,000	457,000,000	477,000,000		461,000,000	441,000,000	465,000,000		466,000,000	445,000,000	455,000,000	467,000,000	445,000,000	469,000,000		471,000,000	450,000,000	468,000,000		461,000,000	384,000,000	347,710,000	325,857,000	162,012,000	154,431,000	160,374,000	142,377,000	171,485,000	177,075,000	163,518,000	178,903,000	177,497,000	192,445,000	175,571,000	175,424,000	157,162,000	172,586,000	176,557,000	155,514,000	171,040,000	197,817,000	174,896,000	185,915,000	178,874,000	171,727,000	189,463,000	174,297,000	178,417,000	171,214,000	161,708,000
property, plant and equipment	2,313,000,000	2,394,000,000		2,504,000,000	2,540,000,000	2,540,000,000		2,593,000,000	2,640,000,000	2,658,000,000		2,631,000,000	2,671,000,000	2,576,000,000		2,457,000,000	2,386,000,000	2,419,000,000	2,322,000,000	2,258,000,000	2,268,000,000		2,144,000,000	2,154,000,000	2,137,000,000		2,126,000,000
in service and under construction	8,477,000,000	8,417,000,000		8,402,000,000	8,294,000,000	8,321,000,000		9,571,000,000	9,491,000,000	9,440,000,000		9,410,000,000	9,352,000,000	9,136,000,000		8,990,000,000	8,874,000,000	8,823,000,000	8,623,000,000	8,481,000,000	8,485,000,000		8,088,000,000	7,980,000,000	7,867,000,000		7,647,000,000	7,693,000,000	7,511,997,000	7,420,889,000	7,341,632,000	7,126,220,000	6,778,852,000	6,598,300,000	6,465,667,000	6,203,085,000	6,096,533,000	5,975,704,000	5,718,767,000	5,602,245,000	5,527,778,000	5,754,793,000	5,612,054,000	5,493,389,000	5,414,358,000	5,313,726,000	5,195,511,000	4,981,963,000	4,901,700,000	4,753,058,000	4,397,253,000	3,733,188,000	3,700,425,000	3,549,751,000	3,339,146,000	3,214,214,000	3,074,844,000	2,802,207,000
less: accumulated depreciation and amortization	6,164,000,000	6,023,000,000		5,898,000,000	5,754,000,000	5,781,000,000		6,978,000,000	6,851,000,000	6,782,000,000		6,779,000,000	6,681,000,000	6,560,000,000		6,533,000,000	6,488,000,000	6,404,000,000	6,301,000,000	6,223,000,000	6,217,000,000		5,944,000,000	5,826,000,000	5,730,000,000		5,521,000,000	5,120,000,000
operating lease right-of-use assets	922,000,000	925,000,000		912,000,000	906,000,000	910,000,000		914,000,000	912,000,000	910,000,000		932,000,000	944,000,000	952,000,000		953,000,000	950,000,000	933,000,000	919,000,000	914,000,000	902,000,000		897,000,000	888,000,000	888,000,000
other assets and deferred charges	606,000,000	612,000,000		619,000,000	643,000,000	666,000,000		666,000,000	670,000,000	680,000,000		648,000,000	582,000,000	579,000,000		592,000,000	574,000,000	580,000,000	536,000,000	544,000,000	534,000,000		539,000,000	527,000,000	684,000,000		546,000,000	188,000,000	187,268,000	195,909,000	75,482,000	65,094,000	61,941,000	56,152,000	74,028,000	38,195,000	37,865,000	38,393,000	38,484,000	37,621,000	69,495,000	31,290,000	29,728,000	30,072,000	28,658,000	30,356,000	30,447,000	30,647,000	30,125,000	29,178,000
total assets1	10,377,000,000	10,365,000,000		10,516,000,000	10,639,000,000	10,704,000,000		10,749,000,000	10,889,000,000	10,997,000,000		11,056,000,000	11,003,000,000	10,875,000,000		10,144,000,000	9,920,000,000	10,148,000,000	9,180,000,000	8,500,000,000	8,251,000,000		8,291,000,000	8,223,000,000	8,229,000,000		7,228,000,000	7,057,000,000
current liabilities
current portion of long-term debt	28,000,000	26,000,000		20,000,000	20,000,000	20,000,000		18,000,000	54,000,000	15,000,000		11,000,000	8,000,000	6,000,000		3,000,000	3,000,000	2,000,000	2,000,000	4,000,000	6,000,000		19,000,000	19,000,000	19,000,000		19,000,000			57,000			101,000					84,000		10,088,000	10,086,000
accounts payable
trade	204,000,000	198,000,000		266,000,000	261,000,000	224,000,000		406,000,000	240,000,000	206,000,000		340,000,000	314,000,000	272,000,000		364,000,000	283,000,000	276,000,000	307,000,000	285,000,000	321,000,000		329,000,000	313,000,000	355,000,000		314,000,000						360,788,000					256,913,000		210,826,000	218,031,000	264,740,000	256,196,000	249,854,000	244,176,000	237,522,000	222,921,000	248,805,000	261,827,000	249,265,000	212,432,000
customer deposits and deferred revenues	225,000,000	231,000,000		225,000,000	236,000,000	235,000,000		222,000,000	231,000,000	229,000,000		218,000,000	197,000,000	200,000,000		161,000,000	153,000,000	158,000,000	126,000,000	139,000,000	139,000,000		155,000,000	164,000,000	164,000,000		145,000,000			280,715,000			177,123,000					140,651,000		145,710,000	149,690,000	152,988,000	153,860,000	149,960,000	143,923,000	141,116,000	135,149,000	119,782,000	109,294,000	107,696,000	103,146,000
accrued taxes	37,000,000	57,000,000		63,000,000	41,000,000	49,000,000		35,000,000	32,000,000	33,000,000		36,000,000	37,000,000	34,000,000		32,000,000	46,000,000	47,000,000	44,000,000	30,000,000	27,000,000		88,000,000	32,000,000	34,000,000		52,000,000			97,537,000			43,910,000					83,876,000		58,433,000	34,729,000	35,874,000	42,969,000	75,003,000	46,641,000	70,492,000	69,480,000	42,324,000	49,663,000	64,176,000	95,997,000
accrued compensation	54,000,000	33,000,000		66,000,000	57,000,000	32,000,000		61,000,000	54,000,000	44,000,000		62,000,000	56,000,000	42,000,000		69,000,000	53,000,000	40,000,000	63,000,000	53,000,000	47,000,000		68,000,000	45,000,000	42,000,000		66,000,000			54,533,000			48,117,000					38,220,000		41,976,000	43,202,000	52,296,000	36,680,000	37,489,000	50,801,000	38,635,000	32,613,000	42,504,000	35,757,000	28,462,000	33,063,000
short-term operating lease liabilities	137,000,000	140,000,000		139,000,000	134,000,000	134,000,000		135,000,000	134,000,000	133,000,000		133,000,000	133,000,000	131,000,000		126,000,000	125,000,000	120,000,000	113,000,000	112,000,000	109,000,000		104,000,000	101,000,000	99,000,000
other current liabilities	109,000,000	113,000,000		124,000,000	130,000,000	138,000,000		148,000,000	254,000,000	285,000,000		291,000,000	223,000,000	179,000,000		93,000,000	78,000,000	90,000,000	69,000,000	65,000,000	66,000,000		78,000,000	65,000,000	80,000,000		83,000,000			108,996,000			95,665,000					90,602,000		91,149,000	106,858,000	100,025,000	97,220,000	306,743,000	103,338,000	90,632,000	106,043,000	47,822,000	39,410,000	49,311,000	38,116,000
total current liabilities	808,000,000	807,000,000		909,000,000	886,000,000	837,000,000		1,031,000,000	1,008,000,000	953,000,000		1,099,000,000	982,000,000	873,000,000		856,000,000	751,000,000	739,000,000	730,000,000	697,000,000	722,000,000		849,000,000	747,000,000	802,000,000		689,000,000
deferred liabilities and credits
deferred income tax liability	719,000,000	720,000,000		719,000,000	765,000,000	758,000,000		749,000,000	732,000,000	715,000,000		705,000,000	705,000,000	696,000,000		680,000,000	668,000,000	656,000,000	665,000,000	613,000,000	559,000,000		477,000,000	538,000,000	527,000,000		510,000,000																				27,035,000	28,681,000	43,015,000
long-term operating lease liabilities	825,000,000	824,000,000		813,000,000	822,000,000	827,000,000		834,000,000	836,000,000	836,000,000		859,000,000	872,000,000	882,000,000		890,000,000	890,000,000	879,000,000	877,000,000	874,000,000	865,000,000		864,000,000	858,000,000	858,000,000
other deferred liabilities and credits	576,000,000	570,000,000		579,000,000	573,000,000	564,000,000		601,000,000	607,000,000	601,000,000		661,000,000	690,000,000	583,000,000		565,000,000	372,000,000	393,000,000	364,000,000	346,000,000	327,000,000		312,000,000	299,000,000	296,000,000		386,000,000			290,302,000			235,032,000					268,795,000		243,258,000	236,478,000	83,677,000	85,602,000	85,433,000	81,059,000	76,997,000	72,216,000	57,462,000	51,074,000	52,866,000	114,601,000
long-term debt	2,819,000,000	2,829,000,000		2,882,000,000	2,887,000,000	3,029,000,000		2,903,000,000	3,105,000,000	3,297,000,000		3,115,000,000	3,118,000,000	3,220,000,000		2,604,000,000	2,710,000,000	2,981,000,000	2,108,000,000	1,625,000,000	1,503,000,000		1,592,000,000	1,596,000,000	1,601,000,000		1,609,000,000			1,151,999,000			880,411,000					867,662,000		997,651,000	997,534,000	1,006,431,000	1,007,054,000	1,006,395,000	1,002,180,000	1,002,066,000	1,001,953,000	1,001,725,000	1,001,612,000	1,001,498,000	1,161,127,000
commitments and contingencies
noncontrolling interests with redemption features	16,000,000	16,000,000		16,000,000	16,000,000	16,000,000		12,000,000	12,000,000	12,000,000		12,000,000	12,000,000	12,000,000		10,000,000	10,000,000	10,000,000	10,000,000	11,000,000	11,000,000		11,000,000	10,000,000	11,000,000		11,000,000			1,178,000			923,000					752,000			612,000
equity
array shareholders’ equity
series a common and common shares
authorized 190 shares
issued 88 shares
outstanding 86 shares (33 series a common and 53 common shares) and 85 shares (33 series a common and 52 common shares), respectively
par value	88,000,000	88,000,000		88,000,000	88,000,000	88,000,000		88,000,000	88,000,000	88,000,000		88,000,000	88,000,000	88,000,000		88,000,000	88,000,000	88,000,000	88,000,000	88,000,000	88,000,000		88,000,000	88,000,000	88,000,000		88,000,000						88,074,000
additional paid-in capital	1,812,000,000	1,800,000,000		1,764,000,000	1,752,000,000	1,740,000,000		1,717,000,000	1,710,000,000	1,704,000,000		1,696,000,000	1,692,000,000	1,685,000,000		1,671,000,000	1,663,000,000	1,657,000,000	1,654,000,000	1,646,000,000	1,636,000,000		1,622,000,000	1,615,000,000	1,599,000,000		1,578,000,000						1,382,826,000					1,360,712,000		1,348,664,000	1,343,599,000	1,335,241,000	1,329,212,000	1,317,488,000	1,319,038,000	1,313,041,000	1,294,969,000				1,283,614,000
treasury shares, at cost, 2 and 3 common shares, respectively	-102,000,000				-58,000,000																						-84,000,000
retained earnings	2,802,000,000	2,822,000,000		2,813,000,000	2,893,000,000	2,910,000,000		2,878,000,000	2,855,000,000	2,872,000,000		2,890,000,000	2,903,000,000	2,897,000,000		2,822,000,000	2,794,000,000	2,796,000,000	2,736,000,000	2,657,000,000	2,620,000,000		2,532,000,000	2,509,000,000	2,497,000,000		2,430,000,000						2,294,562,000					2,066,066,000		1,985,876,000	1,911,995,000	2,035,834,000	1,949,812,000	1,887,549,000	1,799,224,000	1,741,843,000	1,621,539,000	1,494,373,000	1,486,445,000	1,435,360,000	1,355,382,000
total array shareholders' equity	4,600,000,000
noncontrolling interests	14,000,000	14,000,000		16,000,000	15,000,000	15,000,000		16,000,000	16,000,000	15,000,000		16,000,000	16,000,000	16,000,000		16,000,000	16,000,000	15,000,000	15,000,000	13,000,000	12,000,000		13,000,000	13,000,000	13,000,000		11,000,000			10,195,000			70,903,000					55,112,000		56,433,000	52,451,000
total equity	4,614,000,000	4,599,000,000		4,598,000,000	4,690,000,000	4,673,000,000		4,619,000,000	4,589,000,000	4,583,000,000		4,605,000,000	4,624,000,000	4,609,000,000		4,539,000,000	4,519,000,000	4,490,000,000	4,426,000,000	4,334,000,000	4,264,000,000		4,185,000,000	4,175,000,000	4,134,000,000		4,023,000,000						3,683,354,000					3,497,770,000		3,418,943,000	3,334,284,000
total liabilities and equity1	10,377,000,000	10,365,000,000		10,516,000,000	10,639,000,000	10,704,000,000		10,749,000,000	10,889,000,000	10,997,000,000		11,056,000,000	11,003,000,000	10,875,000,000		10,144,000,000	9,920,000,000	10,148,000,000	9,180,000,000	8,500,000,000	8,251,000,000		8,291,000,000	8,223,000,000	8,229,000,000		7,228,000,000
customers and agents, less allowances of 58 and 63, respectively		863,000,000
assets held for sale		1,000,000						16,000,000	16,000,000	18,000,000		29,000,000	15,000,000	15,000,000		3,000,000	3,000,000	1,000,000	19,000,000				9,000,000				42,000,000	26,000,000		22,203,000			60,829,000	53,910,000
uscellular shareholders’ equity
outstanding 85 shares
treasury shares, at cost, 3 common shares		-125,000,000		-83,000,000		-80,000,000		-80,000,000	-80,000,000	-96,000,000
total uscellular shareholders' equity		4,585,000,000		4,582,000,000	4,675,000,000	4,658,000,000		4,603,000,000	4,573,000,000	4,568,000,000		4,589,000,000	4,608,000,000	4,593,000,000		4,523,000,000	4,503,000,000	4,475,000,000	4,411,000,000
operating revenues
service			2,987,000,000				3,044,000,000				3,125,000,000				3,115,000,000
equipment sales			783,000,000				862,000,000				1,044,000,000				1,007,000,000
total operating revenues			3,770,000,000				3,906,000,000				4,169,000,000				4,122,000,000
operating expenses
system operations			724,000,000				740,000,000				755,000,000				790,000,000
cost of equipment sold			906,000,000				988,000,000				1,216,000,000				1,118,000,000
selling, general and administrative			1,330,000,000				1,368,000,000				1,408,000,000				1,345,000,000
depreciation, amortization and accretion			665,000,000				656,000,000				700,000,000				678,000,000
loss on impairment of licenses			136,000,000								3,000,000
(gain) loss on asset disposals			18,000,000				17,000,000				19,000,000				23,000,000
(gain) loss on sale of business and other exit costs											-1,000,000				-2,000,000
(gain) loss on license sales and exchanges			3,000,000				-2,000,000
total operating expenses			3,782,000,000				3,767,000,000				4,100,000,000				3,952,000,000
operating income			-12,000,000				139,000,000				69,000,000				170,000,000
investment and other income
equity in earnings of unconsolidated entities			161,000,000				158,000,000				158,000,000				179,000,000
interest and dividend income			12,000,000				10,000,000				8,000,000				6,000,000
interest expense			-183,000,000				-196,000,000				-163,000,000				-175,000,000
total investment and other income			-10,000,000				-28,000,000				3,000,000				10,000,000
income before income taxes			-22,000,000				111,000,000				72,000,000				180,000,000
income tax expense			10,000,000				53,000,000				37,000,000				20,000,000
net income			-32,000,000				58,000,000				35,000,000				160,000,000							1,420,937,000				1,418,597,000
less: net income attributable to noncontrolling interests, net of tax			7,000,000				4,000,000				5,000,000				5,000,000
net income attributable to uscellular shareholders			-39,000,000				54,000,000				30,000,000				155,000,000
basic weighted-average shares outstanding			86,000,000				85,000,000				85,000,000				86,000,000
basic earnings per share attributable to uscellular shareholders			-460,000				640,000				350,000				1,800,000
diluted weighted-average shares outstanding			86,000,000				87,000,000				86,000,000				87,000,000
diluted earnings per share attributable to uscellular shareholders			-460,000				630,000				350,000				1,770,000
customers and agents, less allowances of 59 and 66, respectively				871,000,000
other, less allowances of 2 and 4, respectively				46,000,000	61,000,000
customers and agents, less allowances of 61 and 66, respectively					891,000,000
customers and agents, less allowances of 62 and 66, respectively						877,000,000
other, less allowances of 3 and 4, respectively						53,000,000
customers and agents, less allowances of 62 and 70, respectively								890,000,000
roaming								2,000,000	2,000,000	2,000,000		7,000,000	6,000,000	5,000,000		11,000,000	10,000,000	9,000,000	19,000,000	23,000,000	24,000,000		34,000,000	29,000,000	20,000,000		42,000,000						42,378,000					26,087,000		30,411,000	27,772,000	43,142,000	42,528,000	35,715,000	39,941,000	36,745,000	30,899,000	39,178,000	40,102,000	35,819,000	31,213,000	34,600,000	34,380,000	33,194,000	42,421,000	42,203,000	38,494,000	67,294,000
other, less allowances of 3 and 2, respectively								67,000,000	65,000,000	66,000,000
customers and agents, less allowances of 66 and 70, respectively									917,000,000
customers and agents, less allowances of 68 and 70, respectively										940,000,000
gain on investments
customers and agents, less allowances of 66 and 57, respectively												987,000,000
outstanding 85 shares (33 series a common and 52 common shares) and 86 shares (33 series a common and 53 common shares), respectively
treasury shares, at cost, 3 and 2 common shares, respectively												-85,000,000	-75,000,000	-77,000,000							-92,000,000
customers and agents, less allowances of 59 and 57, respectively													968,000,000	964,000,000
outstanding 86 shares
other, less allowances of 1 and 2, respectively														50,000,000									60,000,000	47,000,000
short-term investments																		3,000,000						18,000,000	17,000,000						140,494,000	116,368,000	110,761,000	96,085,000	121,252,000	120,771,000	135,798,000	25,534,000
customers and agents, less allowances of 55 and 62, respectively																910,000,000
other, less allowances of 3 and 1, respectively																57,000,000	64,000,000
liabilities held for sale																							1,000,000										858,000
treasury shares, at cost, 2 common shares																-58,000,000		-66,000,000	-67,000,000	-70,000,000			-70,000,000		-63,000,000
customers and agents, less allowances of 56 and 62, respectively																	900,000,000	900,000,000
outstanding 87 shares
treasury shares, at cost, 1 and 2 common shares, respectively																	-42,000,000							-50,000,000
other, less allowances of 2 and 1, respectively																		85,000,000	64,000,000	56,000,000
customers and agents, less allowances of 64 and 70, respectively																			862,000,000
customers and agents, less allowances of 69 and 70, respectively																				874,000,000
u.s. cellular shareholders’ equity
total u.s. cellular shareholders' equity																				4,321,000,000	4,252,000,000		4,172,000,000	4,162,000,000	4,121,000,000		4,012,000,000
customers and agents, less allowances of 77 and 70, respectively																					865,000,000
other, less allowances of 1 and 1, respectively																					40,000,000						42,000,000
cash flows from operating activities:
adjustments to reconcile net income to net cash from operating activities:
depreciation																						350,005,000				369,874,000
imputed interest on financing obligation																						11,792,000				11,686,000
benefit from uncollectible accounts																						44,329,000				43,847,000
changes in operating assets and liabilities:
prepaid expenses and other																						-680,685,000				-614,263,000
accounts payable and accrued liabilities																						20,724,000				-2,541,000
contract liabilities and other																						7,228,000				25,715,000
other net changes																						-79,885,000
net cash from operating activities																						1,108,595,000				1,244,720,000
cash flows from investing activities:
capital expenditures																						-385,443,000				-575,351,000
fixed asset transfers out																						140,458,000				130,228,000
collections on deferred purchase price and purchased receivables																										9,331,000
collections on beneficial interest - net																						718,501,000
change in due from affiliate																						-212,506,000				-37,974,000
net cash from investing activities																						261,010,000				10,158,000
cash flows from financing activities:
repayments of financing obligation																						-13,105,000				-10,878,000
distributions																						-1,356,500,000				-1,244,000,000
net cash from financing activities																						-1,369,605,000				-1,254,878,000
change in cash
cash - beginning of year
cash - end of year
noncash transactions from operating activities:
accruals for capital expenditures																						28,379,000				13,004,000
1.
customers and agents, less allowances of 69 and 66, respectively																							899,000,000
customers and agents, less allowances of 66 and 66, respectively																								880,000,000	882,000,000
deferred rent																										8,956,000
other liabilities																										22,716,000
acquisition of wireless licenses
collection on beneficial interest - net																										483,924,000
change in due to affiliate
cash paid for interest
noncash transactions from investing activities:
customers and agents, less allowances of 63 and 55, respectively																											845,000,000
goodwill																												370,000,000	369,596,000	369,596,000	494,737,000	494,737,000	494,737,000	494,737,000	494,737,000	494,737,000	494,737,000	494,737,000	494,737,000	494,737,000	494,737,000	493,918,000	493,918,000	492,286,000	491,316,000	491,316,000	491,270,000	485,485,000	475,925,000	471,935,000	442,698,000	425,343,000	433,254,000	433,250,000	549,780,000	547,663,000	546,702,000
the accompanying notes are an integral part of these consolidated financial statements.
net deferred income tax asset																													82,719,000	77,969,000	37,868,000	31,905,000	26,757,000	37,582,000	26,757,000	21,570,000	21,570,000	21,570,000	19,481,000	19,481,000	19,481,000	20,555,000	18,235,000
investments
less: accumulated depreciation																													4,903,559,000	4,795,074,000	4,406,847,000	4,278,794,000	4,124,358,000	4,016,255,000	3,898,393,000	3,649,212,000	3,525,193,000	3,397,244,000	3,157,001,000	3,024,243,000	2,904,973,000
total assets																													6,938,384,000	6,596,619,000	6,536,348,000	6,341,435,000	6,280,601,000	6,089,916,000	5,961,928,000	5,859,091,000	5,795,648,000	5,759,036,000	5,841,825,000	5,731,247,000	5,619,955,000	5,913,969,000	5,832,552,000	5,926,074,000	5,589,454,000	5,557,411,000	5,798,194,000	5,573,507,000	5,476,019,000	5,412,286,000	5,243,627,000	4,979,174,000	5,232,886,000	4,848,957,000	4,740,704,000	4,790,134,000	4,698,012,000	4,444,293,000
net deferred income tax liability																														827,339,000			742,343,000					504,822,000		498,823,000	481,196,000	603,323,000	580,193,000	570,299,000		582,343,000	582,580,000	582,328,000	603,283,000	656,375,000	657,452,000
total liabilities and equity																														6,596,619,000			6,280,601,000					5,759,036,000		5,731,247,000	5,619,955,000
customer lists, net of accumulated amortization of 96,776 and 96,597, respectively																															135,000
notes and interest receivable — long-term																																81,000	3,959,000	3,997,000	4,033,000	4,107,000	4,143,000	4,179,000			4,265,000					4,482,000
long-term investments																															10,171,000	40,276,000	45,297,000	40,326,000	35,737,000	46,156,000	40,987,000
united states cellular corporation
consolidated balance sheet — liabilities and equity
u.s. cellular shareholders' equity
customer lists, net of accumulated amortization of 96,689 and 96,597, respectively																																223,000
consolidated statement of cash flows
cash flows from operating activities
add (deduct) adjustments to reconcile net income to net cash flows from operating activities
changes in assets and liabilities from operations
cash flows from investing activities
cash from additions to property, plant and equipment
cash paid for acquisitions and licenses
cash received from divestitures
cash paid for investments
cash received for investments
other investing activities
cash flows from financing activities
common shares reissued for benefit plans, net of tax payments
common shares repurchased
distributions to noncontrolling interests
other financing activities
net increase in cash and cash equivalents
beginning of period
end of period
customers and agents, less allowances of 21,620 and 24,455, respectively																																	310,524,000
other, less allowances of 1,846 and 1,361, respectively																																	81,214,000
customer lists, net of accumulated amortization of 96,487 and 96,153, respectively																																	425,000
authorized 190,000 shares
issued 88,074 shares
outstanding 84,551 shares (33,006 series a common and 51,545 common shares) and 85,547 shares (33,006 series a common and 52,541 common shares), respectively
treasury shares, at cost, 3,523 and 2,527 common shares, respectively
total u.s. cellular shareholders’ equity																																	3,612,451,000					3,442,658,000		3,362,510,000	3,281,833,000
customer lists, net of accumulated amortization of 96,376 and 96,153, respectively																																		536,000
prepaid income taxes																																			4,910,000	32,086,000			4,793,000													7,883,000	5,224,000	2,008,000	7,974,000	16,089,000	17,660,000
customer lists, net of accumulated amortization of 96,264 and 96,153, respectively																																			648,000
customer lists, net of accumulated amortization of 96,042 and 92,829, respectively																																				869,000
customer lists, net of accumulated amortization of 95,211 and 92,829, respectively																																					1,701,000
customers, less allowances of 24,749 and 26,260, respectively																																						305,083,000
other, less allowances of 307 and 364, respectively																																						69,565,000
customer lists, net of accumulated amortization of 94,020 and 92,829, respectively																																						2,892,000
common shares, par value 1 per share; authorized 140,000 shares; issued 55,068 shares																																						55,068,000
series a common shares, par value 1 per share; authorized 50,000 shares; issued and outstanding 33,006 shares																																						33,006,000
treasury shares, at cost, 1,634 and 1,534 common shares, respectively
customer lists, net of accumulated amortization of 91,638 and 87,976, respectively																																							5,273,000
notes and interest receivable – long-term																																							4,247,000	4,231,000		4,328,000	4,359,000	4,391,000	4,452,000		4,512,000			4,865,000	4,727,000	5,252,000			6,476,000
the accompanying notes are an integral part of these consolidated financial statements. 5
customers, less allowances of 8,383 and 8,222, respectively																																								344,812,000
other, less allowances of 313 and 150, respectively																																								69,753,000
customer lists, net of accumulated amortization of 90,447 and 87,976, respectively																																								6,465,000
noncontrolling interests with mandatory redemption features																																								640,000
common shares, par value 1 per share; authorized 140,000,000 shares; issued 55,068,000 shares																																								55,068,000
series a common shares, par value 1 per share; authorized 50,000,000 shares; issued and outstanding 33,006,000 shares																																								33,006,000
treasury shares, at cost, 1,203,000 and 794,000 common shares, respectively
customers, less allowances of 7,915 and 8,222, respectively																																									325,669,000
other, less allowances of 159 and 150, respectively																																									60,298,000
customer lists, net of accumulated amortization of 89,256 and 87,976, respectively																																									7,656,000
common shares, par value 1 per share; authorized 140,000,000 shares; issued 55,068,219 shares																																									55,068,000
series a common shares, par value 1 per share; authorized 50,000,000 shares; issued and outstanding 33,005,877 shares																																									33,006,000	33,006,000	33,006,000	33,006,000	33,006,000	33,006,000	33,006,000	33,006,000	33,006,000	33,006,000	33,006,000
treasury shares, at cost, 1,143,480 and 794,254 common shares, respectively
customers, less allowances of 8,423 and 12,305, respectively																																										334,553,000
other, less allowances of 209 and 112, respectively																																										64,156,000
marketable equity securities																																											16,508,000	16,404,000	16,133,000		240,792,000	204,933,000	218,226,000	219,584,000	270,582,000	249,571,000	229,712,000	248,403,000	211,178,000	202,879,000	156,394,000	131,767,000
customer lists, net of accumulated amortization of 86,367 and 80,492, respectively																																										10,544,000
less accumulated depreciation																																										3,179,513,000	3,045,114,000	2,925,051,000	2,844,527,000	2,715,722,000	2,595,669,000	2,382,414,000	2,311,957,000	2,193,509,000	1,975,846,000	1,503,688,000	1,470,492,000	1,370,131,000	1,248,339,000	1,159,849,000	1,083,890,000	976,028,000
asset retirement obligation																																										145,512,000	133,802,000	130,098,000	123,466,000	136,643,000	131,404,000	115,998,000	98,319,000	93,490,000
minority interest																																										51,684,000	48,391,000	44,772,000	41,898,000	39,518,000	38,005,000	38,741,000	41,650,000	45,939,000
common shareholders’ equity
common shares, par value 1 per share; authorized 140,000,000 shares; issued 55,045,685 shares																																										55,046,000	55,046,000	55,046,000	55,046,000	55,046,000	55,046,000	55,046,000	55,046,000	55,046,000
treasury shares, at cost, 685,072 and 455,287 common shares, respectively
accumulated other comprehensive income																																											10,233,000	10,167,000	10,009,000	10,082,000	74,879,000	51,571,000	25,457,000	24,319,000	31,343,000
total liabilities and shareholders’ equity																																										5,913,969,000	5,832,552,000	5,926,074,000	5,589,454,000	5,557,411,000	5,798,194,000	5,573,507,000	5,476,019,000	5,412,286,000	5,243,627,000
customers, less allowances of 9,383 and 12,305, respectively																																											338,091,000
other, less allowances of 249 and 112, respectively																																											61,697,000
customer lists, net of accumulated amortization of 84,461 and 80,492, respectively																																											12,451,000
notes payable																																											50,000,000				60,000,000	150,000,000	105,000,000	85,000,000
treasury shares, at cost, 573,391 and 455,287 common shares, respectively
customers, less allowances of 10,616 and 12,305, respectively																																												322,848,000
other, less allowances of 360 and 112, respectively																																												56,504,000
net deferred tax assets																																												19,335,000	1,328,000
customer lists, net of accumulated amortization of 82,498 and 80,492, respectively																																												14,333,000
treasury shares, at cost, 470,537 and 455,287 common shares, respectively
customers, less allowance of 12,581 and 12,027, respectively																																													329,547,000
other, less allowance of 427 and 989, respectively																																													60,196,000
customer lists, net of accumulated amortization of 78,425 and 68,110, respectively																																													17,442,000
prepaid forward contracts																																															159,856,000
affiliate																																													9,175,000
derivative liability																																															76,379,000	43,210,000	21,925,000	21,003,000	60,857,000
treasury shares, at cost, 338,193 and 329,934 common shares, respectively
customers, less allowance of 9,864 and 12,027, respectively																																														321,668,000
other, less allowance of 356 and 989, respectively																																														51,358,000
deferred tax asset																																														9,082,000					15,337,000
customer lists, net of accumulated amortization of 74,486 and 68,110, respectively																																														21,381,000
treasury shares, at cost, 294,922 and 329,934 common shares, respectively
customers, less allowance of 9,342 and 12,027, respectively																																															295,613,000
other, less allowance of 757 and 989, respectively																																															55,919,000
customer lists, net of accumulated amortization of 71,883 and 68,110, respectively																																															23,983,000
treasury shares, at cost, 178,488 and 329,934 common shares, respectively
customers, less allowance of 13,625 and 11,410, respectively																																																298,018,000
other																																																56,324,000	61,505,000	47,293,000	37,842,000	31,287,000	21,503,000	18,375,000	31,967,000	32,345,000	31,936,000	22,680,000
deferred income tax asset																																																		8,052,000
customer lists, net of accumulated amortization of 62,259 and 44,616, respectively																																																32,048,000
notes and interest receivable																																																4,767,000	4,847,000
forward contracts																																																159,856,000	159,856,000	159,856,000
capital in excess of par value																																																1,289,802,000	1,284,093,000	1,281,408,000
treasury shares, at cost, 847,851 and 962,863 common shares, respectively
customers, less allowance of 10,494 and 11,410, respectively																																																	295,180,000
customer lists, net of accumulated amortization of 49,190 and 42,947, respectively																																																	45,117,000
customers, less allowance of 8,299 and 11,410, respectively																																																		284,523,000
customer lists, net of accumulated amortization of 45,979 and 42,947, respectively																																																		46,286,000
customers, less allowance of 10,423 and 10,820, respectively																																																			256,496,000
customer lists, net of accumulated amortization of 41,289 and 34,630, respectively																																																			18,876,000
other deferred charges																																																			28,260,000
assets of operations held for sale																																																			66,644,000	51,923,000				223,876,000	226,422,000
liabilities of operations held for sale																																																			5,585,000
minority interest in subsidiaries																																																			46,407,000
common shares, par value 1 per share; authorized 140,000,000 shares; issued 55,045,684 shares																																																			55,046,000
treasury shares, at cost, 996,872 and 1,716,658 common shares, respectively
general funds																																																				30,661,000	346,440,000	35,005,000	21,945,000	24,966,000	17,676,000	27,401,000
affiliated cash equivalents																																																				56,000	43,000	30,000		723,000	212,000	11,195,000
customers, less allowance of 17,568 and 13,786, respectively																																																				257,810,000
license rights																																																				42,037,000	42,037,000	42,037,000	47,158,000
customer lists, net of accumulated amortization of 32,128
and 22,206, respectively																																																				27,417,000	30,600,000	34,287,000
deferred charges
system development costs, net of accumulated amortization of
138,569 and 114,673, respectively
other, net of accumulated amortization of 1,414 and 5,815,
respectively																																																				33,081,000	36,124,000	26,492,000	23,359,000	20,613,000	35,599,000
the accompanying notes to consolidated financial statements are an integral part of these statements.
customers, less allowance of 20,398 and 13,786, respectively																																																					249,921,000
customer lists, net of accumulated amortization of 28,945
notes and interest receivable - long-term																																																					5,275,000	5,400,000		6,476,000	6,568,000	18,887,000
131,090 and 114,673, respectively
other, net of accumulated amortization of 2,623 and 5,815,
customers, less allowance of 16,694 and 13,786, respectively																																																						227,740,000
customer lists, net of accumulated amortization of 25,258
124,097 and 114,673, respectively
other, net of accumulated amortization of 6,172 and 5,815,
the accompanying notes to consolidated financial statements are an integral part of these statements. -5-
customers, less allowance of 18,703 and 17,866, respectively																																																							199,512,000
customer lists, net of accumulated amortization
of 19,453 and 6,567, respectively																																																							27,201,000
107,805 and 89,320, respectively																																																							107,754,000
other, net of accumulated amortization of 5,453 and 5,023,
customers, less allowance of 19,330 and 17,866, respectively																																																								193,554,000
of 15,543 and 6,567, respectively																																																								31,111,000
104,133 and 89,320, respectively																																																								107,375,000
other, net of accumulated amortization of 5,486 and 5,023,
customers, less allowance of 17,591 and 17,866, respectively																																																									175,475,000
collateral investment pledged																																																									32,200,000
customer lists, net of accumulated amortization of 11,055 and 6,567,
marketable equity securities - loaned																																																									30,610,000
95,164 and 89,320, respectively																																																									108,892,000
other, net of accumulated amortization of 5,363 and 5,023,
customers, net of allowance																																																										198,044,000
deposit receivable from federal
communications commission																																																										8,494,000
licenses, net of accumulated amortization																																																										1,040,840,000
goodwill, net of accumulated amortization																																																										629,541,000
customer list, net of accumulated amortization																																																										42,090,000
other investments
investment in unconsolidated entities,
net of accumulated amortization																																																										162,211,000
system development costs,
derivative asset																																																										35,961,000
other, net of accumulated amortization																																																										17,308,000
3.

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