US Cellular 2012 Annual Report Download - page 41

Download and view the complete annual report

Please find page 41 of the 2012 US Cellular annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

United States Cellular Corporation
Consolidated Statement of Cash Flows
Year Ended December 31, 2012 2011 2010
(Dollars in thousands)
Cash flows from operating activities
Net income ............................................. $141,076 $ 198,744 $ 159,158
Add (deduct) adjustments to reconcile net income to net cash flows from
operating activities
Depreciation, amortization and accretion ....................... 608,633 573,557 570,955
Bad debts expense ...................................... 67,372 62,157 76,292
Stock-based compensation expense .......................... 21,466 20,183 18,044
Deferred income taxes, net ................................. 49,244 203,264 73,727
Equity in earnings of unconsolidated entities ..................... (90,364) (83,566) (97,318)
Distributions from unconsolidated entities ....................... 84,417 91,768 100,359
(Gain) loss on asset disposals and exchanges, net ................ 18,088 (1,873) 10,717
(Gain) loss on sale of business and other exit costs, net ............. 21,022 — —
(Gain) loss on investment .................................. 3,718 (11,373) —
Noncash interest expense ................................. (1,822) 10,040 2,540
Other operating activities .................................. 546 102 (2,483)
Changes in assets and liabilities from operations
Accounts receivable ..................................... (64,816) (82,175) (75,252)
Inventory ............................................. (28,786) (14,640) 40,277
Accounts payable—trade .................................. (4,977) 28,410 (52,568)
Accounts payable—affiliate ................................. (1,458) 1,392 (3,940)
Customer deposits and deferred revenues ...................... 30,353 34,927 6,180
Accrued taxes ......................................... 73,064 (39,984) (70,057)
Accrued interest ........................................ 167 225 204
Other assets and liabilities ................................. (27,652) (3,296) 77,552
899,291 987,862 834,387
Cash flows from investing activities
Cash used for additions to property, plant and equipment ............. (826,400) (771,798) (569,323)
Cash paid for acquisitions and licenses .......................... (122,690) (23,773) (17,101)
Cash paid for investments ................................... (120,000) (110,000) (250,250)
Cash received for divestitures ................................ 49,932 — —
Cash received for investments ................................ 125,000 145,250 60,330
Other investing activities .................................... (2,453) 718 (953)
(896,611) (759,603) (777,297)
Cash flows from financing activities
Repayment of long-term debt ................................ (145) (330,338) (316)
Issuance of long-term debt .................................. — 342,000 —
Common shares reissued for benefit plans, net of tax payments ......... (2,205) 1,935 509
Common shares repurchased ................................ (20,045) (62,294) (52,827)
Payment of debt issuance costs ............................... (514) (11,400) (2,229)
Distributions to noncontrolling interests .......................... (22,970) (21,094) (19,631)
Payments to acquire additional interest in subsidiaries ................ (3,167) — (8,786)
Other financing activities .................................... 569 172 114
(48,477) (81,019) (83,166)
Net increase (decrease) in cash and cash equivalents ............... (45,797) 147,240 (26,076)
Cash and cash equivalents
Beginning of period ....................................... 424,155 276,915 302,991
End of period ........................................... $378,358 $ 424,155 $ 276,915
The accompanying notes are an integral part of these consolidated financial statements.
33