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UNITED STATES CELLULAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 2 REVISION OF PRIOR PERIOD AMOUNTS (Continued)
Consolidated Statement of Cash Flows—Year Ended December 31, 2010
As previously
(Dollars in thousands) reported(1) Adjustment Revised
Change in Accounts payable—trade ................ $ (14,660) $(37,908) $ (52,568)
Change in Other assets and liabilities ............... 79,546 (1,994) 77,552
Cash flows from operating activities ................ 874,289 (39,902) 834,387
Cash used for additions to property, plant and equipment (583,134) 13,811 (569,323)
Cash flows used in investing activities ............... (791,108) 13,811 (777,297)
Net increase (decrease) in cash and cash equivalents . . . 15 (26,091) (26,076)
Consolidated Statement of Cash Flows—Year Ended December 31, 2009
As previously
(Dollars in thousands) reported(1) Adjustment Revised
Change in Accounts payable—trade ................ $ 47,503 $(11,308) $ 36,195
Change in Other assets and liabilities ............... (51,107) 1,309 (49,798)
Cash flows from operating activities ................ 881,808 (9,999) 871,809
Cash used for additions to property, plant and equipment (546,758) 15,989 (530,769)
Cash flows used in investing activities ............... (561,451) 15,989 (545,462)
Net increase (decrease) in cash and cash equivalents . . . 123,415 5,990 129,405
(1) In Current Report on Form 8-K filed on November 16, 2011.
NOTE 3 NONCONTROLLING INTERESTS
Mandatorily Redeemable Noncontrolling Interests in Finite-Lived Subsidiaries
U.S. Cellular’s consolidated financial statements include certain noncontrolling interests that meet the
GAAP definition of mandatorily redeemable financial instruments. These mandatorily redeemable
noncontrolling interests represent interests held by third parties in consolidated partnerships and limited
liability companies (‘‘LLCs’’), where the terms of the underlying partnership or LLC agreement provide for
a defined termination date at which time the assets of the subsidiary are to be sold, the liabilities are to
be extinguished and the remaining net proceeds are to be distributed to the noncontrolling interest
holders and U.S. Cellular in accordance with the respective partnership and LLC agreements. The
termination dates of these mandatorily redeemable noncontrolling interests range from 2085 to 2107.
The settlement value or estimate of cash that would be due and payable to settle these noncontrolling
interests assuming an orderly liquidation of the finite-lived consolidated partnerships and LLCs on
December 31, 2011, net of estimated liquidation costs, is $186.4 million. This amount excludes
redemption amounts recorded in Noncontrolling interests with redemption features in the Consolidated
Balance Sheet. The estimate of settlement value was based on certain factors and assumptions which
are subjective in nature. Changes in those factors and assumptions could result in a materially larger or
smaller settlement amount. U.S. Cellular currently has no plans or intentions relating to the liquidation of
any of the related partnerships or LLCs prior to their scheduled termination dates. The corresponding
carrying value of the mandatorily redeemable noncontrolling interests in finite-lived consolidated
partnerships and LLCs at December 31, 2011 was $72.0 million, and is included in Noncontrolling
interests in the Consolidated Balance Sheet. The excess of the aggregate settlement value over the
aggregate carrying value of these mandatorily redeemable noncontrolling interests is primarily due to the
unrecognized appreciation of the noncontrolling interest holders’ share of the underlying net assets in
the consolidated partnerships and LLCs. Neither the noncontrolling interest holders’ share, nor U.S.
Cellular’s share, of the appreciation of the underlying net assets of these subsidiaries is reflected in the
consolidated financial statements.
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