US Cellular 2008 Annual Report Download - page 182
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UNITED STATES CELLULAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 9 MARKETABLE EQUITY SECURITIES (Continued)
See Note 2—Investment Gains and Losses for details on the disposition of Rural Cellular Corporation
Common Shares during 2008.
NOTE 10 INVESTMENT IN UNCONSOLIDATED ENTITIES
Investments in unconsolidated entities consist of amounts invested in wireless entities which are
accounted for using either the equity or cost method as shown in the following table:
December 31, 2008 2007
(Dollars in thousands)
Equity method investments:
Capital contributions, loans and advances .............. $ 21,857 $ 23,521
Goodwill ...................................... 1,171 966
Cumulative share of income ........................ 671,204 587,791
Cumulative share of distributions .................... (539,206) (456,196)
155,026 156,082
Cost method investments ........................... 1,611 1,611
Total investments in unconsolidated entities .............. $156,637 $ 157,693
Investments in unconsolidated entities include goodwill and costs in excess of the underlying book value
of certain investments.
Equity in earnings of unconsolidated entities totaled $92.0 million, $90.0 million and $93.1 million in
2008, 2007 and 2006, respectively; of those amounts, U.S. Cellular’s investment in the Los Angeles
SMSA Partnership (‘‘LA Partnership’’) contributed $66.1 million, $71.2 million and $62.3 million in 2008,
2007 and 2006, respectively. U.S. Cellular held a 5.5% ownership interest in the LA Partnership
throughout and at the end of each of these years.
The following table summarizes the combined assets, liabilities and equity, and the combined results of
operations of U.S. Cellular’s equity method investments:
December 31, 2008 2007
(Dollars in thousands)
Assets
Current ..................................... $ 396,000 $ 401,000
Due from affiliates .............................. 417,000 429,000
Property and other ............................. 1,935,000 1,886,000
$2,748,000 $2,716,000
Liabilities and Equity
Current liabilities ............................... $ 240,000 $ 239,000
Deferred credits ............................... 74,000 97,000
Long-term debt ............................... 28,000 12,000
Long-term capital lease obligations ................. 50,000 48,000
Partners’ capital and shareholders’ equity ............ 2,356,000 2,320,000
$2,748,000 $2,716,000
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