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2014 Annual Report
uscellular.com

Table of contents

  • Page 1
    2014 Annual Report uscellular.com

  • Page 2
    U.S. Cellular® Value Proposition ices rv e S Mem & be rs xperience pE hi Competitive devices, plans, and pricing a Produc Dat ts Best-in-Class Network Outstanding customer service Lo cal A p p ro a ch Understanding customer needs in each of our markets

  • Page 3
    Dear Shareholders U.S. Cellular operates on a customer satisfaction strategy, driving loyalty by providing a high-quality network, a comprehensive range of wireless services and products, outstanding customer experiences, and competitive pricing. Attracting Customers and Building Loyalty This past...

  • Page 4
    ...device penetration, our average revenue per account (ARPA) increased by 10% to $133.19 in 2014. Profitability was impacted by higher subsidies associated with selling more 4G LTE devices, including Apple products. Under our Shared Connect plans, for which 47% of postpaid customers are now signed up...

  • Page 5
    ... constantly seeking new and innovative ways to meet customers' evolving data and communications needs. As an example, this past year, some of our associates in Maine partnered with a local school system to teach our customers there how to use their smartphones and share tips to help them get...

  • Page 6
    ...Cellular from other providers. Integral to this strategy, we have made significant investments in our business with the 4G LTE rollout, spectrum purchases, new billing and operational support system, and expansion of our product line to include tablets as well as the iconic smartphones our customers...

  • Page 7
    ... Exchange Commission (''SEC''). The following information was filed with the SEC on February 25, 2015 as Exhibit 13 to U.S. Cellular's Annual Report on Form 10-K for the year ended December 31, 2014. Such information has not been updated or revised since the date it was originally filed with the SEC...

  • Page 8
    ... Balance Sheet-Liabilities and Equity ...Consolidated Statement of Changes in Equity ...Notes to Consolidated Financial Statements ...Reports of Management ...Report of Independent Registered Public Accounting Firm ...Selected Consolidated Financial Data ...Consolidated Quarterly Information...

  • Page 9
    ... plans. In 2014, 24% of total device sales to postpaid customers were made under equipment installment plans. • In December 2014, U.S. Cellular sold $275 million of 7.25% Unsecured Senior Notes due 2063 and will use the proceeds for general corporate purposes, including spectrum purchases...

  • Page 10
    ... in the Notes to Consolidated Financial Statements for additional information. Highlights in the twelve months ended December 31, 2014 for Core Markets included the following: • Retail customer net additions were 36,000 in 2014 compared to net losses of 215,000 in 2013. In the postpaid category...

  • Page 11
    ...and costs related to data products and services and declines in revenues from voice services; • Rapid growth in the demand for new data devices and services which may result in increased cost of equipment sold and other operating expenses and the need for additional investment in spectrum, network...

  • Page 12
    ... Financial Statements for additional information related to these transactions; • In January 2015, U.S. Cellular entered into a term loan credit agreement providing a $225.0 million senior term loan credit facility which will be used for general corporate purposes, including spectrum purchases...

  • Page 13
    ... provides for a reduction in the charges that U.S. Cellular pays to wireline phone companies to transport and terminate calls that originate on their networks, which will reduce U.S. Cellular's operating expenses. The reductions in intercarrier charges are to increase over the next five to ten years...

  • Page 14
    ... noted, figures reported in Results of Operations are representative of consolidated results. As of or for the Year Ended December 31, 2014 2013 2012 Retail Customers Postpaid Total at end of period ...Gross additions ...Net additions (losses) ...ARPU(1) ...ARPA(2) ...Churn rate(3) ...Smartphone...

  • Page 15
    ... months ended December 31, 2013 and December 31, 2012. As of or for the Year Ended December 31, 2014 2013 2012 Retail Customers Postpaid Total at end of period ...Gross additions ...Net additions (losses) ...ARPU(1) ...ARPA(2) ...Churn rate(3) ...Smartphone penetration(4) ...Prepaid Total at end...

  • Page 16
    ... of Operating Income (Loss) Year Ended December 31, (Dollars in thousands) 2014 Increase/ Percentage (Decrease) Change 2013 Increase/ Percentage (Decrease) Change 2012 Retail service ...$3,012,984 $(152,512) Inbound roaming ...224,090 (39,096) Other ...160,863 (5,228) Service revenues ...Equipment...

  • Page 17
    ...44 in 2013, reflecting an increase in smartphone penetration and corresponding revenues from data products and services, partially offset by lower monthly service billings for customers on equipment installment plans. Billed ARPU in 2013 was relatively flat compared to $50.81 in 2012. An increase in...

  • Page 18
    ... offered rate plans receive loyalty reward points that may be used to purchase a new wireless device or accelerate the timing of a customer's eligibility for a wireless device upgrade at promotional pricing. U.S. Cellular also continues to sell wireless devices to agents including national retailers...

  • Page 19
    ... by an increase in the average cost per wireless device sold (22% in 2014 and 33% in 2013), which more than offset the impact of selling fewer devices. Average cost per device sold increased due to general customer preference for higher priced 4G LTE smartphones and tablets. Smartphones sold as...

  • Page 20
    ... Financial Statements for additional information. (Gain) loss on license sales and exchanges (Gain) loss on license sales and exchanges was a net gain in 2014 resulting from the sale of the St. Louis area non-operating market license and the license exchanges primarily in Wisconsin, Oklahoma, North...

  • Page 21
    ... In 2014, Interest and dividend income increased by $8.2 million due primarily to imputed interest income recognized on equipment installment plans. See Note 3-Equipment Installment Plans in the Notes to Consolidated Financial Statements for additional information. Gain (loss) on investments In 2013...

  • Page 22
    ...April 3, 2013 and lower income from certain partnerships in 2014. INFLATION Management believes that inflation affects U.S. Cellular's business to no greater or lesser extent than the general economy. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS See Note 1-Summary of Significant Accounting Policies and...

  • Page 23
    ... by increased receivables related to equipment installment plan sales which are expected to increase in the near term. Cash flows from operating activities were $290.9 million in 2013 and $899.3 million in 2012. This decrease was due primarily to changes in accounts receivable, income tax payments...

  • Page 24
    ... cash outflow from financing activities. See Note 6-Acquisitions, Divestitures and Exchanges in the Notes to Consolidated Financial Statements for additional information related to this transaction. On June 25, 2013, U.S. Cellular paid a special cash dividend of $5.75 per share, for an aggregate...

  • Page 25
    ... States Cellular Corporation Management's Discussion and Analysis of Financial Condition and Results of Operations amount of cash generated by business operations (including cash proceeds from the Sprint Cost Reimbursement), after Cash used for additions to property, plant and equipment. (Dollars in...

  • Page 26
    ... Cellular to complete an offering pursuant to such shelf registration statement is subject to market conditions and other factors at the time. In December 2014, U.S. Cellular sold and issued $275 million of 7.25% Senior Notes due in 2063 for general corporate purposes including spectrum purchases...

  • Page 27
    ... 4G LTE technology in certain markets; • Expand and enhance the retail store network; and • Develop and enhance office systems. U.S. Cellular plans to finance its capital expenditures program for 2015 using primarily Cash flows from operating activities and, as necessary, existing cash balances...

  • Page 28
    ... program. For additional information related to the current repurchase authorization and repurchases made during 2014, 2013 and 2012, see Note 15-Common Shareholders' Equity in the Notes to Consolidated Financial Statements and Part II, Item 2. Unregistered Sales of Equity Securities and Use...

  • Page 29
    ... future lease costs related to office space, retail sites, cell sites and equipment. See Note 12-Commitments and Contingencies in the Notes to Consolidated Financial Statements for additional information. (3) Includes obligations payable under non-cancellable contracts, commitments for network...

  • Page 30
    ... of new and existing products/services, competition, operational difficulties and churn. (2) The discount rate of each reporting unit was computed by calculating the weighted average cost of capital of market participants with businesses reasonably comparable to U.S. Cellular. The discount rate is...

  • Page 31
    United States Cellular Corporation Management's Discussion and Analysis of Financial Condition and Results of Operations increases, this would decrease the estimated fair value of the reporting units. The weighted average cost of capital may increase if borrowing costs rise, market participants ...

  • Page 32
    ... premium as it is assumed a market participant starting a greenfield build would construct and operate its network in an optimal manner and would not be constrained by the current network and operations associated with a mature wireless company. The discount rate is estimated based on the overall...

  • Page 33
    ... States Cellular Corporation Management's Discussion and Analysis of Financial Condition and Results of Operations Carrying Value of Licenses The carrying value of licenses at November 1, 2014 was as follows: Unit of Accounting(1) (Dollars in millions) Carrying Value Built licenses Central Region...

  • Page 34
    ... of the installment contract, provided the subscriber trades-in an eligible used device in good working condition and purchases a new device from U.S. Cellular. Equipment revenue under these contracts is recognized at the time the device is delivered to the end-user customer for the selling price of...

  • Page 35
    ... used to compute the guarantee liability would impact the amount of revenue recognized under these plans and the timing thereof. For the year ended December 31, 2014, U.S. Cellular assumed the earliest contractual time of trade-in, or 12 months, for all customers on installment contracts with trade...

  • Page 36
    ... strategy (including planned acquisitions, divestitures and exchanges) or allocate resources or capital could have an adverse effect on U.S. Cellular's business, financial condition or results of operations. • U.S. Cellular offers customers the option to purchase certain devices under installment...

  • Page 37
    ... great uncertainty. • Performance under device purchase agreements could have a material adverse impact on U.S. Cellular's business, financial condition or results of operations. • Changes in U.S. Cellular's enterprise value, changes in the market supply or demand for wireless licenses, adverse...

  • Page 38
    ...See ''Risk Factors'' in U.S. Cellular's Annual Report on Form 10-K for the year ended December 31, 2014 for a further discussion of these risks. U.S. Cellular undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise...

  • Page 39
    ... in the Consolidated Balance Sheet due to the $11.3 million unamortized discount related to the 6.7% Senior Notes. See Note 11-Debt in the Notes to Consolidated Financial Statements for additional information. (2) Represents the weighted average interest rates at December 31, 2014 for debt maturing...

  • Page 40
    United States Cellular Corporation Consolidated Statement of Operations Year Ended December 31, (Dollars and shares in thousands, except per share amounts) 2014 2013 2012 Operating revenues Service ...Equipment sales ...Total operating revenues ...Operating expenses System operations (excluding ...

  • Page 41
    ... from operations Accounts receivable ...Equipment installment plans receivable ...Inventory ...Accounts payable-trade ...Accounts payable-affiliate ...Customer deposits and deferred revenues ...Accrued taxes ...Accrued interest ...Other assets and liabilities ...2014 2013 2012 ...from operating...

  • Page 42
    ... States Cellular Corporation Consolidated Balance Sheet-Assets December 31, (Dollars in thousands) 2014 2013 Current assets Cash and cash equivalents ...Short-term investments ...Accounts receivable Customers and agents, less allowances of $37,654 and $59,206, respectively ...Roaming ...Affiliated...

  • Page 43
    United States Cellular Corporation Consolidated Balance Sheet-Liabilities and Equity December 31, (Dollars and shares in thousands) 2014 2013 Current liabilities Current portion of long-term debt ...Accounts payable Affiliated ...Trade ...Customer deposits and deferred revenues Accrued taxes ......

  • Page 44
    ... Consolidated Statement of Changes in Equity U.S. Cellular Shareholders Series A Common and Common Shares Additional Paid-In Capital Total U.S. Cellular Shareholders' Noncontrolling Equity Interests (Dollars in thousands) Treasury Shares Retained Earnings Total Equity Balance, December 31, 2013...

  • Page 45
    ... 31, 2012 ...Add (Deduct) Net income (loss) attributable to U.S. Cellular shareholders Net income (loss) attributable to noncontrolling interests classified as equity ...Common and Series A Common Shares dividends ...Repurchase of Common Shares ...Incentive and compensation plans ...Stock-based...

  • Page 46
    ... Corporation Consolidated Statement of Changes in Equity U.S. Cellular Shareholders Series A Common and Common Shares Additional Paid-In Capital Total U.S. Cellular Shareholders' Equity (Dollars in thousands) Treasury Shares Retained Earnings Noncontrolling Interests Total Equity Balance...

  • Page 47
    ... under equipment installment plans, by agents for sales of equipment to them and by other wireless carriers whose customers have used U.S. Cellular's wireless systems. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses related to existing billed and...

  • Page 48
    ...the account balance is charged against the allowance for doubtful accounts. U.S. Cellular does not have any off-balance sheet credit exposure related to its customers. The changes in the allowance for doubtful accounts during the years ended December 31, 2014, 2013 and 2012 were as follows: (Dollars...

  • Page 49
    ... estimated costs to remove the assets. Expenditures that enhance the productive capacity of assets in service or extend their useful lives are capitalized and depreciated. Expenditures for maintenance and repairs of assets in service are charged to System operations expense or Selling, general and...

  • Page 50
    ... were no other material changes to useful lives of property, plant and equipment in 2014, 2013 or 2012. See Note 9-Property, Plant and Equipment for additional details related to useful lives. Impairment of Long-lived Assets U.S. Cellular reviews long-lived assets for impairment whenever events or...

  • Page 51
    ... of the inconvenience experienced by customers during U.S. Cellular's billing system conversion in 2013. The value of the loyalty bonus reduced Service revenues in the Consolidated Statement of Operations and increased Customer deposits and deferred revenues in the Consolidated Balance Sheet. 43

  • Page 52
    ... are allocated to the various products and services in the bundled offering based on their respective relative selling price. U.S. Cellular issues rebates to its agents and end customers. These incentives are recognized as a reduction to revenue at the time the wireless device sale to the agent or...

  • Page 53
    ... plan and a Non-Employee Director compensation plan. These plans are described more fully in Note 16-Stock-based Compensation. These plans are considered compensatory plans and, therefore, recognition of compensation cost for grants made under these plans is required. U.S. Cellular values its share...

  • Page 54
    ...Entity's Ability to Continue as a Going Concern (''ASU 2014-15''). ASU 2014-15 requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date financial statements are issued and provides guidance on determining when and...

  • Page 55
    ...customer may have the right to upgrade to a new device and have the remaining unpaid equipment installment contract balance waived, subject to certain conditions, including trading in the original device in good working condition and signing a new equipment installment contract. U.S. Cellular values...

  • Page 56
    ... months, U.S. Cellular imputes interest. The following table summarizes the unbilled equipment installment plan receivables as of December 31, 2014 and 2013. Such amounts are presented on the Consolidated Balance Sheet as Accounts receivable-customers and agents and Other assets and deferred charges...

  • Page 57
    United States Cellular Corporation Notes to Consolidated Financial Statements (Continued) NOTE 4 INCOME TAXES (Continued) Income tax expense (benefit) is summarized as follows: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Current Federal ...State ...Deferred Federal ...State ......

  • Page 58
    ... Notes to Consolidated Financial Statements (Continued) NOTE 4 INCOME TAXES (Continued) Significant components of U.S. Cellular's deferred income tax assets and liabilities at December 31, 2014 and 2013 were as follows: December 31, (Dollars in thousands) 2014 2013 Deferred tax assets Current...

  • Page 59
    ... Financial Statements (Continued) NOTE 4 INCOME TAXES (Continued) A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Dollars in thousands) 2014 2013 2012 Unrecognized tax benefits balance at January 1, . Additions for tax positions of current year...

  • Page 60
    ... of Sprint Corp., fka Sprint Nextel Corporation (''Sprint''). Pursuant to the Purchase and Sale Agreement, on May 16, 2013, U.S. Cellular transferred customers and certain PCS license spectrum to Sprint in U.S. Cellular's Chicago, central Illinois, St. Louis and certain Indiana/Michigan/Ohio markets...

  • Page 61
    ...Year Ended Year Ended Year Ended of December 31, December 31, December 31, December 31, 2014 2014 2013 2012 (Dollars in thousands) (Gain) loss on sale of business and other exit costs, net Proceeds from Sprint Purchase price ...Sprint Cost Reimbursement ...Net assets transferred ...Non-cash charges...

  • Page 62
    ... Balance Sheet: Balance December 31, 2013 Year Ended December 31, 2014 Costs Cash Incurred Settlements(1) Adjustments(2) Balance December 31, 2014 (Dollars in thousands) Accrued compensation Employee related costs including severance, retention, outplacement ...Accounts payable-trade Contract...

  • Page 63
    ... sold the majority of its St. Louis area non-operating market spectrum license for $92.3 million. A gain of $75.8 million was recorded in (Gain) loss on license sales and exchanges in the Consolidated Statement of Operations in the first quarter of 2014. • In February 2014, U.S. Cellular completed...

  • Page 64
    ...2012, U.S. Cellular sold the majority of the assets and liabilities of a wireless market for $49.8 million in cash. At the time of the sale, a $4.2 million gain was recorded in (Gain) loss on sale of business and other exit costs, net in the Consolidated Statement of Operations. At December 31, 2014...

  • Page 65
    ... Cellular Corporation Notes to Consolidated Financial Statements (Continued) NOTE 7 INTANGIBLE ASSETS (Continued) Goodwill Year Ended December 31, (Dollars in thousands) 2014 2013 Balance, beginning of year ...Divestitures ...Transferred to Assets held for NY1 & NY2 Deconsolidation . ...sale...

  • Page 66
    ... Cellular consolidated the financial results of these Partnerships in accordance with GAAP . On April 3, 2013, U.S. Cellular entered into an agreement with Verizon Wireless relating to the Partnerships. The agreement amends the Partnership Agreements in several ways which provide Verizon Wireless...

  • Page 67
    ...2014 and 2013 were as follows: December 31, (Dollars in thousands) Useful Lives (Years) 2014 2013 Land ...Buildings ...Leasehold and land improvements ...Cell site equipment ...Switching equipment ...Office furniture and equipment ...Other operating assets and equipment . System development ...Work...

  • Page 68
    ... of assets from service in the normal course of business. NOTE 10 ASSET RETIREMENT OBLIGATIONS U.S. Cellular is subject to asset retirement obligations associated with its leased cell sites, switching office sites, retail store sites and office locations in its operating markets. Asset retirement...

  • Page 69
    ... for use ...Borrowing rate: One-month London Interbank Offered Rate (''LIBOR'') plus contractual spread(1) ...Sample LIBOR Rate ...Contractual spread ...Range of commitment fees on amount available for use(2) Low ...High ...Agreement date ...Maturity date ... ... ... ... ... ... ... $ $ $ $ 300...

  • Page 70
    ... scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis at the Treasury Rate plus 30 basis points. U.S. Cellular may redeem the 6.95% Senior Notes and 7.25% Senior Notes, in whole or in part at any time after the call date, at a redemption price...

  • Page 71
    ... in Other assets and deferred charges (a long-term asset account). These costs are amortized over the life of the notes using the effective interest method. U.S. Cellular does not have any annual requirements for principal payments on long-term debt over the next five years (excluding capital lease...

  • Page 72
    ...on the unsecured senior debt ratings assigned to U.S. Cellular by certain ratings agencies. (3) Principal amounts outstanding on the term loan facility will be due and payable quarterly in equal installments beginning on the last day of the fifth fiscal quarter ending after the agreement date, in an...

  • Page 73
    ... programs related to the Apple iPhone and iPad products over a three-year period beginning in November 2013. Based on current forecasts, U.S. Cellular estimates that the remaining contractual commitment as of December 31, 2014 under these agreements is approximately $818 million. At this time...

  • Page 74
    ... to direct the activities that most significantly impact the economic performance of Advantage Spectrum, Aquinas Wireless and King Street Wireless (collectively, the ''limited partnerships'') is shared. Specifically, the general partner of these VIEs has the exclusive right to manage, operate and...

  • Page 75
    ...at all to provide such financial support. The limited partnership agreements of Advantage Spectrum, Aquinas Wireless and King Street Wireless also provide the general partner with a put option whereby the general partner may require the limited partner, a subsidiary of U.S. Cellular, to purchase its...

  • Page 76
    ... made by U.S. Cellular to the general partners the (''net put value''), was $1.2 million and $0.5 million at December 31, 2014 and 2013, respectively. The net put value is recorded as Noncontrolling interests with redemption features in U.S. Cellular's Consolidated Balance Sheet. Also in accordance...

  • Page 77
    ... Pursuant to certain employee and non-employee benefit plans, U.S. Cellular reissued the following Treasury Shares: Year Ended December 31, (Shares in thousands) 2014 2013 2012 Treasury Shares Reissued ...NOTE 16 STOCK-BASED COMPENSATION 371 536 182 U.S. Cellular has established the following...

  • Page 78
    ... Cellular Common Shares on the date of grant. U.S. Cellular estimated the fair value of stock options granted during 2014, 2013, and 2012 using the Black-Scholes valuation model and the assumptions shown in the table below. 2014 2013 2012 Expected life ...Expected annual volatility rate . Dividend...

  • Page 79
    ..., 2014. Long-Term Incentive Plans-Restricted Stock Units-U.S. Cellular grants restricted stock unit awards, which generally vest after three years, to key employees. U.S. Cellular estimates the fair value of restricted stock units based on the closing market price of U.S. Cellular shares on the date...

  • Page 80
    ...Shares in 2014, 2013 and 2012, respectively, under its Non-Employee Director compensation plan. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense recognized during 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Stock...

  • Page 81
    ...Financial Statements (Continued) NOTE 16 STOCK-BASED COMPENSATION (Continued) The following table provides a summary of the stock-based compensation expense included in the Consolidated Statement of Operations for the years ended: December 31, (Dollars in thousands) 2014 2013 2012 Selling, general...

  • Page 82
    ... million in 2012. In December 2014, U.S. Cellular entered into an agreement to sell 595 towers outside of its core markets to a third party for $159 million. The sale of certain of the towers was completed in December 2014, and the sale of the remaining towers was completed in January 2015. See Note...

  • Page 83
    ... and Airadigm. Pursuant to the License Purchase and Customer Recommendation Agreement, on September 10, 2014, Airadigm transferred to U.S. Cellular Federal Communications Commission (''FCC'') spectrum licenses and certain tower assets in certain markets in Wisconsin, Iowa, Minnesota and Michigan, in...

  • Page 84
    ... and judgments. Management also prepared the other information in the annual report and is responsible for its accuracy and consistency with the financial statements. PricewaterhouseCoopers LLP , an independent registered public accounting firm, has audited these consolidated financial statements in...

  • Page 85
    ... Organizations of the Treadway Commission (COSO). Management has concluded that U.S. Cellular maintained effective internal control over financial reporting as of December 31, 2014 based on criteria established in the 2013 version of Internal Control-Integrated Framework issued by the COSO. The...

  • Page 86
    ... control over financial reporting as of December 31, 2014, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible for these financial statements, for...

  • Page 87
    ...States Cellular Corporation SELECTED CONSOLIDATED FINANCIAL DATA Year Ended or at December 31, (Dollars and shares in thousands, except per share amounts) 2014 2013 2012 2011 2010 Statement of Operations data Service revenues ...$3,397,937 $3,594,773 $4,098,856 $4,053,797 $3,913,001 Equipment sales...

  • Page 88
    ... license sales and exchanges. See Note 8-Investments in Unconsolidated Entities for additional information on Gain (loss) on investments in 2013. The high, low and closing sales prices as reported by the New York Stock Exchange (''NYSE''). On June 25, 2013, U.S. Cellular paid a special cash dividend...

  • Page 89
    ... for a special cash dividend of $5.75 per share in June 2013, and currently intends to retain all earnings for use in U.S. Cellular's business. See ''Consolidated Quarterly Information (Unaudited)'' for information on the high and low trading prices of the USM Common Shares for 2014 and 2013. Stock...

  • Page 90
    ... Cellular website (http://www.uscellular.com). Questions regarding lost, stolen or destroyed certificates, consolidation of accounts, transferring of shares and name or address changes should be directed to: Julie Mathews, Manager-Investor Relations Telephone and Data Systems, Inc. 30 North LaSalle...

  • Page 91
    ...Public Policy Thomas S. Weber Vice President - Financial and Real Estate Services Nick B. Wright Vice President Sales - Retail Channel Board of Directors LeRoy T. Carlson, Jr. Chairman - U.S. Cellular President and Chief Executive Officer - Telephone and Data Systems James Barr III Private Investor...

  • Page 92
    2014 Annual Report uscellular.com United States Cellular Corporation 8410 West Bryn Mawr Avenue Chicago, IL 60631 Phone: 773-399-8900 uscellular.com