US Cellular 2014 Annual Report Download - page 41

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United States Cellular Corporation
Consolidated Statement of Cash Flows
Year Ended December 31, 2014 2013 2012
(Dollars in thousands)
Cash flows from operating activities
Net income (loss) ............................................. $ (46,922) $ 144,522 $ 141,076
Add (deduct) adjustments to reconcile net income to net cash flows from operating
activities
Depreciation, amortization and accretion ............................ 605,997 803,781 608,633
Bad debts expense .......................................... 101,282 98,864 67,372
Stock-based compensation expense ............................... 22,383 15,844 21,466
Deferred income taxes, net ..................................... 57,604 (75,348) 49,244
Equity in earnings of unconsolidated entities .......................... (129,764) (131,949) (90,364)
Distributions from unconsolidated entities ............................ 112,336 125,660 84,417
(Gain) loss on asset disposals, net ................................ 21,469 30,606 18,088
(Gain) loss on sale of business and other exit costs, net .................. (32,830) (246,767) 21,022
(Gain) loss on license sales and exchanges .......................... (112,993) (255,479) —
(Gain) loss on investments ..................................... — (18,556) 3,718
Noncash interest expense ...................................... 1,155 1,059 (1,822)
Other operating activities ...................................... 26 646 546
Changes in assets and liabilities from operations
Accounts receivable .......................................... 12,547 (291,168) (64,816)
Equipment installment plans receivable ............................. (188,829) (591) —
Inventory ................................................. (28,878) (82,422) (28,786)
Accounts payable—trade ...................................... (95,587) 85,199 (4,977)
Accounts payable—affiliate ..................................... (2,590) 147 (1,458)
Customer deposits and deferred revenues ........................... 33,524 66,344 30,353
Accrued taxes ............................................. (99,483) 30,037 73,064
Accrued interest ............................................ 1,307 273 167
Other assets and liabilities ...................................... (59,412) (9,805) (27,652)
172,342 290,897 899,291
Cash flows from investing activities
Cash used for additions to property, plant and equipment .................. (605,083) (717,862) (826,400)
Cash paid for acquisitions and licenses .............................. (38,150) (16,540) (122,690)
Cash received from divestitures .................................... 179,842 811,120 49,932
Cash paid for investments ....................................... — — (120,000)
Cash received for investments .................................... 50,000 100,000 125,000
Federal Communications Commission deposit .......................... (60,000) — —
Other investing activities ........................................ 2,619 (3,969) (2,453)
(470,772) 172,749 (896,611)
Cash flows from financing activities
Issuance of long-term debt ....................................... 275,000 — —
Repayment of borrowing under revolving credit facility ..................... (150,000) — —
Borrowing under revolving credit facility .............................. 150,000 — —
Common shares reissued for benefit plans, net of tax payments .............. 830 5,784 (2,205)
Common shares repurchased ..................................... (18,943) (18,544) (20,045)
Payment of debt issuance costs ................................... (9,644) (23) (514)
Acquisition of licenses in common control transaction ..................... (76,298) — —
Dividends paid .............................................. — (482,270) —
Distributions to noncontrolling interests ............................... (3,056) (3,766) (22,970)
Payments to acquire additional interest in subsidiaries ..................... — (1,005) (3,167)
Other financing activities ........................................ (11) (115) 424
167,878 (499,939) (48,477)
Net decrease in cash and cash equivalents ............................ (130,552) (36,293) (45,797)
Cash and cash equivalents
Beginning of period ........................................... 342,065 378,358 424,155
End of period ............................................... $211,513 $ 342,065 $ 378,358
The accompanying notes are an integral part of these consolidated financial statements.
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