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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2010

OR

¨            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                    to


Commission File Number 1-9712

 

UNITED STATES CELLULAR CORPORATION
(Exact name of registrant as specified in its charter)

 

Delaware

 

62-1147325

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

 

8410 West Bryn Mawr, Suite 700, Chicago, Illinois  60631

(Address of principal executive offices)  (Zip Code)

 

 

 

 

Registrant's telephone number, including area code: (773) 399-8900

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x  No  ¨

    

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  x  No  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer  x

 

Accelerated filer  ¨

 

 

 

Non-accelerated filer  ¨

(Do not check if a smaller reporting company)

 

Smaller reporting company  ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨  No  x

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at September 30, 2010

 

Common Shares, $1 par value

 

52,737,943 Shares

 

Series A Common Shares, $1 par value

 

33,005,877 Shares

 

 



 

 

Table of Contents

 

United States Cellular Corporation

 

 

 

 

 

 

 

 

 

Quarterly Report on Form 10-Q

For the Quarterly Period Ended September 30, 2010

 

 

 

 

 

 

 

 

 

Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page No.

Part I.

Financial Information

 

 

 

 

 

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Operations Three and Nine Months Ended September 30, 2010 and 2009

3

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Cash Flows Nine Months Ended September 30, 2010 and 2009

4

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet September 30, 2010 and December 31, 2009

5

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Changes in Equity Nine Months Ended September 30, 2010 and 2009

7

 

 

 

 

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

9

 

 

 

 

 

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

 

 

 

 

 

 

 

 

 

 

 

Overview

20

 

 

Results of Operations

 

 

 

24

 

 

Recent Accounting Pronouncements

31

 

 

Financial Resources

31

 

 

Liquidity and Capital Resources

33

 

 

Application of Critical Accounting Policies and Estimates

36

 

 

Safe Harbor Cautionary Statement

37

 

 

 

 

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

 

 

 

 

 

 

 

 

 

 

Item 4.

Controls and Procedures

41

 

 

 

 

 

 

 

 

 

Part II.

Other Information

42

 

 

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

42

 

 

 

 

 

 

 

 

 

 

Item 1A.

Risk Factors

42

 

 

 

 

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

 

 

 

 

 

 

 

 

 

 

Item 5.

Other Information

43

 

 

 

 

 

 

 

 

 

 

Item 6.

Exhibits

44

 

 

 

 

 

 

 

 

 

Signatures

 

 

 

 

 

 

46

 


 

 

Table of Contents

 

Part I.  Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 1.  Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Cellular Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Operations

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

September 30,

 

September 30,

(Dollars and shares in thousands, except per share amounts)

2010 

 

2009 

 

2010 

 

2009 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service

$

983,503

 

 

$

983,918

 

 

$

2,921,087

 

 

$

2,941,720

 

 

Equipment sales

 

77,278

 

 

 

73,377

 

 

 

193,444

 

 

 

212,062

 

 

 

Total operating revenues

 

1,060,781

 

 

 

1,057,295

 

 

 

3,114,531

 

 

 

3,153,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

System operations (excluding Depreciation, amortization and accretion reported below)

 

218,021

 

 

 

205,611

 

 

 

638,677

 

 

 

600,308

 

 

Cost of equipment sold

 

189,291

 

 

 

189,354

 

 

 

512,361

 

 

 

531,110

 

 

Selling, general and administrative (including charges from affiliates of $22.9 million and $27.7 million, respectively, for the three months, and $77.0 million and $82.6 million, respectively, for the nine months)

 

446,938

 

 

 

454,645

 

 

 

1,321,720

 

 

 

1,274,261

 

 

Depreciation, amortization and accretion

 

144,717

 

 

 

146,052

 

 

 

432,405

 

 

 

422,707

 

 

Loss on asset disposals, net

 

1,981

 

 

 

2,085

 

 

 

8,407

 

 

 

8,641

 

 

 

Total operating expenses

 

1,000,948

 

 

 

997,747

 

 

 

2,913,570

 

 

 

2,837,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

59,833

 

 

 

59,548

 

 

 

200,961

 

 

 

316,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment and other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated entities

 

23,971

 

 

 

23,126

 

 

 

74,418

 

 

 

73,247

 

 

Interest and dividend income

 

1,101

 

 

 

1,420

 

 

 

2,984

 

 

 

2,648

 

 

Interest expense

 

(15,956

)

 

 

(19,782

)

 

 

(48,918

)

 

 

(59,065

)

 

Other, net

 

(620

)

 

 

905

 

 

 

(213

)

 

 

1,183

 

 

 

Total investment and other income (expense)

 

8,496

 

 

 

5,669

 

 

 

28,271

 

 

 

18,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

68,329

 

 

 

65,217

 

 

 

229,232

 

 

 

334,768

 

 

Income tax expense

 

25,051

 

 

 

25,279

 

 

 

86,894

 

 

 

117,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

43,278

 

 

 

39,938

 

 

 

142,338

 

 

 

217,742

 

 

Less: Net income attributable to noncontrolling interests, net of tax

 

(5,920

)

 

 

(5,606

)

 

 

(16,858

)

 

 

(17,583

)

Net income attributable to U.S. Cellular shareholders

$

37,358

 

 

$

34,332

 

 

$

125,480

 

 

$

200,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

85,992

 

 

 

86,848

 

 

 

86,329

 

 

 

87,011

 

Basic earnings per share attributable to U.S. Cellular shareholders

$

0.43

 

 

$

0.40

 

 

$

1.45

 

 

$

2.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

86,428

 

 

 

87,128

 

 

 

86,706

 

 

 

87,216

 

Diluted earnings per share attributable to U.S. Cellular shareholders

$

0.43

 

 

$

0.39

 

 

$

1.45

 

 

$

2.29

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


 

Table of Contents

 

United States Cellular Corporation

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Cash Flows

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

September 30,

(Dollars in thousands)

2010 

 

2009 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income

$

142,338

 

 

$

217,742

 

 

Add (deduct) adjustments to reconcile net income to net cash flows from operating activities

 

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion

 

432,405

 

 

 

422,707

 

 

 

Bad debts expense

 

56,244

 

 

 

73,100

 

 

 

Stock-based compensation expense

 

13,539

 

 

 

13,000

 

 

 

Deferred income taxes, net

 

50,180

 

 

 

44,486

 

 

 

Equity in earnings of unconsolidated entities

 

(74,418

)

 

 

(73,247

)

 

 

Distributions from unconsolidated entities

 

59,149

 

 

 

51,306

 

 

 

Loss on asset disposals, net

 

8,407

 

 

 

8,641

 

 

 

Other operating activities

 

106

 

 

 

1,824

 

 

Changes in assets and liabilities from operations

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(46,293

)

 

 

(106,380

)

 

 

Inventory

 

32,673

 

 

 

(4,509

)

 

 

Accounts payable - trade

 

(50,720

)

 

 

(13,432

)

 

 

Accounts payable - affiliate

 

(8,440

)

 

 

(980

)

 

 

Customer deposits and deferred revenues

 

1,972

 

 

 

(6,185

)

 

 

Accrued taxes

 

(19,491

)

 

 

68,695

 

 

 

Accrued interest

 

9,295

 

 

 

9,787

 

 

 

Other assets and liabilities

 

(22,933

)

 

 

(68,861

)

 

 

 

 

 

 

584,013

 

 

 

637,694

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(379,692

)

 

 

(357,770

)

 

Cash paid for acquisitions and licenses

 

(10,501

)

 

 

(12,527

)

 

Cash paid for investments

 

(190,250

)

 

 

(275

)

 

Cash received for investments

 

25,330

 

 

 

 —

 

 

Other investing activities

 

656

 

 

 

1,682

 

 

 

 

 

 

 

(554,457

)

 

 

(368,890

)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Common shares reissued for benefit plans, net of tax payments

 

738

 

 

 

(119

)

 

Common shares repurchased

 

(40,520

)

 

 

(24,283

)

 

Payment of debt issuance costs

 

 —

 

 

 

(4,416

)

 

Distributions to noncontrolling interests

 

(5,828

)

 

 

(5,855

)

 

Other financing activities

 

(9,065

)

 

 

(233

)

 

 

 

 

 

 

(54,675

)

 

 

(34,906

)

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

(25,119

)

 

 

233,898

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

Beginning of period

 

294,411

 

 

 

170,996

 

 

End of period

$

269,292

 

 

$

404,894

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4


 

Table of Contents

 

United States Cellular Corporation

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet — Assets

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

(Dollars in thousands)

2010 

 

2009 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

$

269,292

 

$

294,411

 

Short-term investments

 

120,771

 

 

330

 

Accounts receivable

 

 

 

 

 

 

 

Customers and agents, less allowances of $24,600 and $26,260, respectively

 

312,493

 

 

339,825

 

 

Roaming 

 

39,044

 

 

28,450

 

 

Affiliated

 

318

 

 

135

 

 

Other, less allowances of $1,676 and $364, respectively

 

63,252

 

 

56,647

 

Inventory

 

119,882

 

 

152,556

 

Prepaid income taxes

 

32,086

 

 

717

 

Prepaid expenses 

 

70,759

 

 

63,463

 

Net deferred income tax asset

 

21,570

 

 

21,570

 

Other current assets

 

49,111

 

 

51,013

 

 

 

 

 

1,098,578

 

 

1,009,117

Investments

 

 

 

 

 

 

Licenses

 

1,445,501

 

 

1,435,000

 

Goodwill

 

494,737

 

 

494,737

 

Customer lists, net of accumulated amortization of $96,042 and $92,829, respectively

 

869

 

 

4,083

 

Investments in unconsolidated entities

 

177,075

 

 

161,481

 

Notes and interest receivable — long-term

 

4,107

 

 

4,214

 

Long-term investments

 

46,156

 

 

 —

 

 

 

 

 

2,168,445

 

 

2,099,515

Property, plant and equipment

 

 

 

 

 

 

In service and under construction

 

6,203,085

 

 

5,884,307

 

Less: Accumulated depreciation

 

3,649,212

 

 

3,282,969

 

 

 

 

 

2,553,873

 

 

2,601,338

 

 

 

 

 

 

 

 

 

Other assets and deferred charges

 

38,195

 

 

38,776

 

 

 

 

 

 

 

 

 

Total assets

$

5,859,091

 

$

5,748,746

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5


 

Table of Contents

 

United States Cellular Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet — Liabilities and Equity

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

(Dollars and shares in thousands)

2010 

 

2009 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Current portion of long-term debt

$

91

 

 

$

76

 

 

Accounts payable

 

 

 

 

 

 

 

 

 

Affiliated

 

6,291

 

 

 

14,732

 

 

 

Trade

 

245,542

 

 

 

296,288

 

 

Customer deposits and deferred revenues

 

142,220

 

 

 

140,248

 

 

Accrued taxes

 

78,686

 

 

 

57,507

 

 

Accrued compensation

 

57,207

 

 

 

62,242

 

 

Other current liabilities

 

88,216

 

 

 

92,884

 

 

 

 

 

 

 

 

618,253

 

 

 

663,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred liabilities and credits

 

 

 

 

 

 

 

 

Net deferred income tax liability

 

559,746

 

 

 

513,994

 

 

Other deferred liabilities and credits

 

269,333

 

 

 

262,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

867,790

 

 

 

867,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interests with redemption features

 

791

 

 

 

727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

U.S. Cellular shareholders’ equity

 

 

 

 

 

 

 

 

 

Series A Common and Common Shares

 

 

 

 

 

 

 

 

 

 

Authorized 190,000 shares (50,000 Series A Common and 140,000 Common Shares)

 

 

 

 

 

 

 

 

 

 

Issued 88,074 shares (33,006 Series A Common and 55,068 Common Shares)

 

 

 

 

 

 

 

 

 

 

Outstanding 85,744 shares (33,006 Series A Common and 52,738 Common Shares) and 86,540 shares (33,006 Series A Common and 53,534 Common Shares), respectively

 

 

 

 

 

 

 

 

 

 

Par Value ($1 per share) ($33,006 Series A Common and $55,068 Common Shares)

 

88,074

 

 

 

88,074

 

 

 

Additional paid-in capital

 

1,364,266

 

 

 

1,356,322

 

 

 

Treasury shares, at cost, 2,330 and 1,534 Common Shares, respectively

 

(97,109

)

 

 

(69,616

)

 

 

Retained earnings

 

2,126,825

 

 

 

2,013,633

 

 

 

 

Total U.S. Cellular shareholders’ equity

 

3,482,056

 

 

 

3,388,413

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

61,122

 

 

 

51,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

3,543,178

 

 

 

3,440,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

$

5,859,091

 

 

$

5,748,746

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6


 

Table of Contents

 

United States Cellular Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Changes in Equity

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Cellular Shareholders

 

 

 

 

 

 

 

 

(Dollars in thousands)

Series A Common and Common Shares

 

Additional

Paid-In

Capital

 

Treasury Shares

 

Retained Earnings

 

Total

U.S. Cellular

Shareholders'

Equity

 

Noncontrolling Interests

 

Total Equity

Balance, December 31, 2009

$

88,074

 

 

$

1,356,322

 

 

$

(69,616

)

 

$

2,013,633

 

 

$

3,388,413

 

 

$

51,701

 

 

$

3,440,114

 

Add (Deduct)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to U.S. Cellular shareholders

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

125,480

 

 

 

125,480

 

 

 

 —

 

 

 

125,480

 

Net income attributable to noncontrolling interests classified as equity

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

16,829

 

 

 

16,829

 

Repurchase of Common Shares

 

 —

 

 

 

 —

 

 

 

(40,520

)

 

 

 —

 

 

 

(40,520

)

 

 

 —

 

 

 

(40,520

)

Incentive and compensation plans

 

 —

 

 

 

605

 

 

 

13,027

 

 

 

(12,288

)

 

 

1,344

 

 

 

 —

 

 

 

1,344

 

Adjust investment in subsidiaries for noncontrolling interest purchases

 

 —

 

 

 

(4,247

)

 

 

 —

 

 

 

 —

 

 

 

(4,247

)

 

 

(1,580

)

 

 

(5,827

)

Stock-based compensation awards

 

 —

 

 

 

13,539

 

 

 

 —

 

 

 

 —

 

 

 

13,539

 

 

 

 —

 

 

 

13,539

 

Tax windfall (shortfall) from stock awards

 

 —

 

 

 

(1,953

)

 

 

 —

 

 

 

 —

 

 

 

(1,953

)

 

 

 —

 

 

 

(1,953

)

Distributions to noncontrolling interests

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

(5,828

)

 

 

(5,828

)

Balance, September 30, 2010

$

88,074

 

 

$

1,364,266

 

 

$

(97,109

)

 

$

2,126,825

 

 

$

3,482,056

 

 

$

61,122

 

 

$

3,543,178

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

7


 

Table of Contents

 

United States Cellular Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Changes in Equity

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Cellular Shareholders

 

 

 

 

 

 

 

 

(Dollars in thousands)

Series A

Common

and Common

Shares

 

Additional

Paid-In

Capital

 

Treasury

Shares

 

Retained

Earnings

 

Total

U.S. Cellular

Shareholders'

Equity

 

Noncontrolling

Interests

 

Total Equity

Balance, December 31, 2008

$

88,074

 

 

$

1,340,146

 

 

$

(50,258

)

 

$

1,822,073

 

 

$

3,200,035

 

 

$

48,567

 

 

$

3,248,602

 

Add (Deduct)

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to U.S. Cellular shareholders

  

 —

 

 

 

 —

 

 

 

 —

 

 

 

200,159

 

 

 

200,159

 

 

 

 —

 

 

 

200,159

 

Net income attributable to noncontrolling interests classified as equity

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

17,463

 

 

 

17,463

 

Repurchase of Common Shares

 

 —

 

 

 

 —

 

 

 

(24,283

)

 

 

 —

 

 

 

(24,283

)

 

 

 —

 

 

 

(24,283

)

Incentive and compensation plans

 

 —

 

 

 

1,391

 

 

 

10,629

 

 

 

(11,558

)

 

 

462

 

 

 

 —

 

 

 

462

 

Stock-based compensation awards

 

 —

 

 

 

13,000

 

 

 

 —

 

 

 

 —

 

 

 

13,000

 

 

 

 —

 

 

 

13,000

 

Tax windfall (shortfall) from stock awards

 

 —