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 March 31, 2012
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 001-14157
TELEPHONE AND DATA SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
36-2669023 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
| ||
30 North LaSalle Street, Chicago, Illinois 60602 | ||
(Address of principal executive offices) (Zip Code) |
Registrant’s telephone number, including area code: (312) 630-1900
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 |
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Accelerated filer ¨ |
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Non-accelerated filer ¨ (Do not check if a smaller reporting company) |
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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 March 31, 2012 |
|
Common Shares, $.01 par value |
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101,411,521 Shares |
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Series A Common Shares, $.01 par value |
|
7,131,832 Shares |
Telephone and Data Systems, Inc. | ||||
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Quarterly Report on Form 10-Q | ||||
For the Quarterly Period Ended March 31, 2012 | ||||
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Index | ||||
Page No. | ||||
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Consolidated Statement of Operations Three Months Ended March 31, 2012 and 2011 |
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Consolidated Statement of Comprehensive Income Three Months Ended March 31, 2012 and 2011 |
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Consolidated Statement of Cash Flows Three Months Ended March 31, 2012 and 2011 |
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Consolidated Balance Sheet March 31, 2012 and December 31, 2011 |
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Consolidated Statement of Changes in Equity Three Months Ended March 31, 2012 and 2011 |
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Management's Discussion and Analysis of Financial Condition and Results of Operations |
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Three Months Ended March 31, 2012 and 2011 |
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Part I. Financial Information | ||||||||||
Item 1. Financial Statements | ||||||||||
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Telephone and Data Systems, Inc. | ||||||||||
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Consolidated Statement of Operations (Unaudited) | ||||||||||
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Three Months Ended | ||||||
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March 31, | ||||||
(Dollars and shares in thousands, except per share amounts) |
2012 |
|
2011 | |||||||
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|
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|
|
|
|
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Operating revenues |
$ |
1,305,791 |
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$ |
1,258,681 |
| |||
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|
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|
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Operating expenses |
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|
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| |||
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Cost of services and products (excluding Depreciation, amortization and accretion expense reported below) |
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509,211 |
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|
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486,746 |
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Selling, general and administrative |
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507,599 |
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|
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491,106 |
| ||
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Depreciation, amortization and accretion |
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197,434 |
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|
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190,813 |
| ||
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(Gain) loss on asset disposals, net |
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(2,095 |
) |
|
|
1,143 |
| ||
|
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Total operating expenses |
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1,212,149 |
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|
|
1,169,808 |
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Operating income |
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93,642 |
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|
|
88,873 |
| |||
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|
|
|
|
|
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Investment and other income (expense) |
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|
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|
|
|
| |||
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Equity in earnings of unconsolidated entities |
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23,389 |
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19,388 |
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Interest and dividend income |
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2,183 |
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|
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2,624 |
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Interest expense |
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(24,464 |
) |
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(26,509 |
) | ||
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Other, net |
|
228 |
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|
|
80 |
| ||
|
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Total investment and other income (expense) |
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1,336 |
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|
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(4,417 |
) | |
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Income before income taxes |
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94,978 |
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|
84,456 |
| |||
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Income tax expense |
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27,412 |
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|
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30,159 |
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Net income |
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67,566 |
|
|
|
54,297 |
| |||
Less: Net income attributable to noncontrolling interests, net of tax |
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(15,312 |
) |
|
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(10,793 |
) | |||
Net income attributable to TDS shareholders |
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52,254 |
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|
|
43,504 |
| |||
Preferred dividend requirement |
|
(12 |
) |
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(12 |
) | |||
Net income available to common shareholders |
$ |
52,242 |
|
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$ |
43,492 |
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Basic weighted average shares outstanding (1) |
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108,653 |
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|
|
108,936 |
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Basic earnings per share attributable to TDS shareholders (1) |
$ |
0.48 |
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$ |
0.40 |
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Diluted weighted average shares outstanding (1) |
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109,098 |
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|
|
109,715 |
| |||
Diluted earnings per share attributable to TDS shareholders (1) |
$ |
0.48 |
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$ |
0.39 |
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Dividends per share (2) |
$ |
0.1225 |
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$ |
0.1175 |
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(1) On January 13, 2012, TDS shareholders approved a Share Consolidation Amendment to the Restated Certificate of Incorporation of TDS. Average basic and diluted shares outstanding used to calculate earnings per share for the comparative period presented have been retroactively restated to reflect the impact of the increased shares outstanding as a result of the Share Consolidation Amendment.
(2) Dividends per share reflects the amount paid per share outstanding at the date the dividend was declared and has not been retroactively adjusted to reflect the impact of the Share Consolidation Amendment.
The accompanying notes are an integral part of these consolidated financial statements.
3
Telephone and Data Systems, Inc. | |||||||||||
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Consolidated Statement of Comprehensive Income (Unaudited) | |||||||||||
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Three Months Ended | ||||||
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March 31, | ||||||
(Dollars in thousands) |
2012 |
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2011 | ||||||||
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Net income |
$ |
67,566 |
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$ |
54,297 |
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Net change in accumulated other comprehensive income |
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Change in net unrealized gain (loss) on equity investments |
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— |
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— |
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Change related to retirement plan |
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Amounts included in net periodic benefit cost for the period |
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Amortization of prior service cost |
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(934 |
) |
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(954 |
) | |
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Amortization of unrecognized net loss |
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623 |
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|
480 |
| |
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(311 |
) |
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(474 |
) |
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Deferred income taxes |
|
470 |
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|
|
523 |
| |
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Net change related to retirement plan |
|
159 |
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|
49 |
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Net change in accumulated other comprehensive income |
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159 |
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|
49 |
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Comprehensive income |
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67,725 |
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|
|
54,346 |
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Less: Comprehensive income attributable to noncontrolling interest |
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(15,312 |
) |
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|
(10,793 |
) | |||
Comprehensive income attributable to TDS Shareholders |
$ |
52,413 |
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$ |
43,553 |
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The accompanying notes are an integral part of these consolidated financial statements.
4
Telephone and Data Systems, Inc. | |||||||||||
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Consolidated Statement of Cash Flows (Unaudited) | |||||||||||
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Three Months Ended | ||||||
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March 31, | ||||||
(Dollars in thousands) |
2012 |
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2011 | ||||||||
| |||||||||||
Cash flows from operating activities | |||||||||||
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Net income |
$ |
67,566 |
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$ |
54,297 |
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Add (deduct) adjustments to reconcile net income to net cash flows |
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from operating activities |
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Depreciation, amortization and accretion |
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197,434 |
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|
|
190,813 |
| |
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Bad debts expense |
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15,105 |
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14,285 |
| |
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Stock-based compensation expense |
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10,330 |
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|
9,459 |
| |
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Deferred income taxes, net |
|
6,187 |
|
|
|
47,841 |
| |
|
|
|
Equity in earnings of unconsolidated entities |
|
(23,389 |
) |
|
|
(19,388 |
) | |
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|
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Distributions from unconsolidated entities |
|
2,938 |
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|
|
8,439 |
| |
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(Gain) loss on asset disposals, net |
|
(2,095 |
) |
|
|
1,143 |
| |
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Noncash interest expense |
|
862 |
|
|
|
875 |
| |
|
|
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Other operating activities |
|
852 |
|
|
|
1,159 |
| |
|
Changes in assets and liabilities from operations |
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|
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|
|
|
| |||
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Accounts receivable |
|
38,941 |
|
|
|
8,438 |
| |
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Inventory |
|
(4,842 |
) |
|
|
2,978 |
| |
|
|
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Accounts payable |
|
(25,372 |
) |
|
|
56,189 |
| |
|
|
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Customer deposits and deferred revenues |
|
10,745 |
|
|
|
10,342 |
| |
|
|
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Accrued taxes |
|
82,014 |
|
|
|
18,832 |
| |
|
|
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Accrued interest |
|
9,117 |
|
|
|
15,072 |
| |
|
|
|
Other assets and liabilities |
|
(104,148 |
) |
|
|
(87,732 |
) | |
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|
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|
282,245 |
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|
333,042 |
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Cash flows from investing activities |
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|
|
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|
|
| ||||
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Cash used for additions to property, plant and equipment |
|
(242,611 |
) |
|
|
(157,897 |
) | |||
|
Cash paid for acquisitions and licenses |
|
(11,096 |
) |
|
|
— |
| |||
|
Cash received from divestitures |
|
50,036 |
|
|
|
— |
| |||
|
Cash paid for investments |
|
(10,000 |
) |
|
|
— |
| |||
|
Cash received for investments |
|
20,249 |
|
|
|
122,785 |
| |||
|
Transfer of cash to Restricted cash |
|
— |
|
|
|
(282,500 |
) | |||
|
Other investing activities |
|
(436 |
) |
|
|
(1,503 |
) | |||
|
|
|
|
|
|
(193,858 |
) |
|
|
(319,115 |
) |
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|
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|
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Cash flows from financing activities |
|
|
|
|
|
|
| ||||
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Repayment of long-term debt |
|
(493 |
) |
|
|
(402 |
) | |||
|
Issuance of long-term debt |
|
358 |
|
|
|
300,000 |
| |||
|
TDS Common Shares and Special Common Shares reissued |
|
|
|
|
|
|
| |||
|
|
for benefit plans, net of tax payments |
|
(33 |
) |
|
|
587 |
| ||
|
U.S. Cellular Common Shares reissued for benefit plans, net of tax payments |
|
357 |
|
|
|
1,305 |
| |||
|
Repurchase of TDS Common and Special Common Shares |
|
— |
|
|
|
(11,603 |
) | |||
|
Repurchase of U.S. Cellular Common Shares |
|
— |
|
|
|
(17,357 |
) | |||
|
Dividends paid |
|
(13,301 |
) |
|
|
(12,197 |
) | |||
|
Payment of debt issuance costs |
|
— |
|
|
|
(9,848 |
) | |||
|
Distributions to noncontrolling interests |
|
(218 |
) |
|
|
(686 |
) | |||
|
Other financing activities |
|
798 |
|
|
|
968 |
| |||
|
|
|
|
|
|
(12,532 |
) |
|
|
250,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
75,855 |
|
|
|
264,694 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
| ||||
|
Beginning of period |
|
563,275 |
|
|
|
341,683 |
| |||
|
End of period |
$ |
639,130 |
|
|
$ |
606,377 |
|
The accompanying notes are an integral part of these consolidated financial statements.
5
Telephone and Data Systems, Inc. | ||||||||
| ||||||||
Consolidated Balance Sheet — Assets (Unaudited) | ||||||||
| ||||||||
March 31, |
|
December 31, | ||||||
(Dollars in thousands) |
2012 |
|
2011 | |||||
| ||||||||
| ||||||||
Current assets | ||||||||
|
Cash and cash equivalents |
$ |
639,130 |
|
$ |
563,275 | ||
|
Short-term investments |
|
229,975 |
|
|
246,273 | ||
|
Accounts receivable |
|
|
|
|
| ||
|
|
Due from customers and agents, less allowances of $23,891 and $25,738, respectively |
|
348,371 |
|
|
393,978 | |
|
|
Other, less allowances of $5,464 and $5,333, respectively |
|
147,038 |
|
|
148,599 | |
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Inventory |
|
134,929 |
|
|
130,044 | ||
|
Net deferred income tax asset |
|
40,898 |
|
|
40,898 | ||
|
Prepaid expenses |
|
84,201 |
|
|
80,628 | ||
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Income taxes receivable |
|
9,314 |
|
|
85,636 | ||
|
Other current assets |
|
18,117 |
|
|
16,349 | ||
|
|
|
|
|
1,651,973 |
|
|
1,705,680 |
|
|
|
|
|
|
|
|
|
Assets held for sale |
|
— |
|
|
49,647 | |||
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
| |||
|
Licenses |
|
1,505,110 |
|
|
1,494,014 | ||
|
Goodwill |
|
796,819 |
|
|
797,077 | ||
|
Other intangible assets, net of accumulated amortization of $133,984 and $131,101, respectively |
|
47,851 |
|
|
50,734 | ||
|
Investments in unconsolidated entities |
|
191,644 |
|
|
173,710 | ||
|
Long-term investments |
|
50,333 |
|
|
45,138 | ||
|
Other investments |
|
1,096 |
|
|
3,072 | ||
|
|
|
|
|
2,592,853 |
|
|
2,563,745 |
Property, plant and equipment |
|
|
|
|
| |||
|
In service and under construction |
|
10,341,851 |
|
|
10,197,596 | ||
|
Less: Accumulated depreciation |
|
6,518,118 |
|
|
6,413,061 | ||
|
|
|
|
|
3,823,733 |
|
|
3,784,535 |
|
|
|
|
|
|
|
|
|
Other assets and deferred charges |
|
104,109 |
|
|
97,398 | |||
|
|
|
|
|
|
|
|
|
Total assets |
$ |
8,172,668 |
|
$ |
8,201,005 |
The accompanying notes are an integral part of these consolidated financial statements.
6
Telephone and Data Systems, Inc. | |||||||||||
| |||||||||||
Consolidated Balance Sheet — Liabilities and Equity (Unaudited) | |||||||||||
| |||||||||||
|
March 31, |
|
December 31, | ||||||||
(Dollars and shares in thousands) |
2012 |
|
2011 | ||||||||
| |||||||||||
| |||||||||||
Current liabilities | |||||||||||
|
Current portion of long-term debt |
$ |
1,420 |
|
|
$ |
1,509 |
| |||
|
Accounts payable |
|
327,376 |
|
|
|
364,746 |
| |||
|
Customer deposits and deferred revenues |
|
218,316 |
|
|
|
207,633 |
| |||
|
Accrued interest |
|
16,518 |
|
|
|
7,456 |
| |||
|
Accrued taxes |
|
46,671 |
|
|
|
41,069 |
| |||
|
Accrued compensation |
|
54,990 |
|
|
|
107,719 |
| |||
|
Other current liabilities |
|
94,536 |
|
|
|
144,001 |
| |||
|
|
|
|
|
|
759,827 |
|
|
|
874,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities held for sale |
|
— |
|
|
|
1,051 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Deferred liabilities and credits |
|
|
|
|
|
|
| ||||
|
Net deferred income tax liability |
|
821,115 |
|
|
|
808,713 |
| |||
|
Other deferred liabilities and credits |
|
391,397 |
|
|
|
383,567 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
1,529,988 |
|
|
|
1,529,857 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
— |
|
|
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests with redemption features |
|
1,064 |
|
|
|
1,005 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
| ||||
|
TDS shareholders’ equity |
|
|
|
|
|
|
| |||
|
|
Series A Common and Common Shares (1) |
|
|
|
|
|
|
| ||
|
|
|
Authorized 290,000 shares (25,000 Series A Common and 265,000 Common Shares) (1) |
|
|
|
|
|
|
| |
|
|
|
Issued 132,634 shares (7,132 Series A Common and 125,502 Common Shares) and 132,621 shares (7,119 Series A Common and 125,502 Common Shares), respectively (1) |
|
|
|
|
|
|
| |
|
|
|
Outstanding 108,544 shares (7,132 Series A Common and 101,412 Common Shares) and 108,456 shares (7,119 Series A Common and 101,337 Common Shares), respectively (1) |
|
|
|
|
|
|
| |
|
|
|
Par Value ($.01 per share) ($71 Series A Common and $1,255 Common Shares) (1) |
|
1,326 |
|
|
|
1,326 |
| |
|
|
Capital in excess of par value (1) |
|
2,278,384 |
|
|
|
2,268,711 |
| ||
|
|
Treasury shares at cost: |
|
|
|
|
|
|
| ||
|
|
|
24,090 and 24,165 Common Shares, respectively (1) |
|
(746,988 |
) |
|
|
(750,921 |
) | |
|
|
Accumulated other comprehensive loss |
|
(8,695 |
) |
|
|
(8,854 |
) | ||
|
|
Retained earnings (1) |
|
2,487,936 |
|
|
|
2,451,899 |
| ||
|
|
|
Total TDS shareholders' equity |
|
4,011,963 |
|
|
|
3,962,161 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares |
|
830 |
|
|
|
830 |
| |||
|
Noncontrolling interests |
|
656,484 |
|
|
|
639,688 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
4,669,277 |
|
|
|
4,602,679 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
8,172,668 |
|
|
$ |
8,201,005 |
|
(1) The December 31, 2011 amounts reflect the impact of the Share Consolidation Amendment to the Restated Certificate of Incorporation of TDS, as approved by the TDS shareholders on January 13, 2012.
The accompanying notes are an integral part of these consolidated financial statements.
7
Telephone and Data Systems, Inc. | ||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Changes in Equity | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
|
|
|
|
TDS Shareholders |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
(Dollars in thousands) |
Series A Common and Common Shares (1) |
|
Capital in Excess of Par Value (1) |
|
Treasury Common Shares(1) |
|
Accumulated Other Comprehensive Income (Loss) |
|
Retained Earnings (1) |
|
Total TDS Shareholders' Equity (1) |
|
Preferred Shares |
|
Non controlling Interests |
|
Total Equity (1) | |||||||||||||||||||||
December 31, 2011 |
$ |
1,326 |
|
|
$ |
2,268,711 |
|
|
$ |
(750,921 |
) |
|
$ |
(8,854 |
) |
|
$ |
2,451,899 |
|
|
$ |
3,962,161 |
|
|
$ |
830 |
|
|
$ |
639,688 |
|
|
$ |
4,602,679 |
| |||
Add (Deduct) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net income attributable to TDS shareholders |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
52,254 |
|
|
|
52,254 |
|
|
|
— |
|
|
|
— |
|
|
|
52,254 |
| |||
Net income attributable to noncontrolling interests classified as equity |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,252 |
|
|
|
15,252 |
| |||
Change related to retirement plan |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159 |
|
|
|
— |
|
|
|
159 |
|
|
|
— |
|
|
|
— |
|
|
|
159 |
| |||
Common and Series A Common Shares dividends |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,289 |
) |
|
|
(13,289 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,289 |
) | |||
Preferred dividend requirement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12 |
) |
|
|
(12 |
) |
|
|
— |
|
|
|
— |
|
|
|
(12 |
) | |||
Dividend reinvestment plan |
|
— |
|
|
|
296 |
|
|
|
2,703 |
|
|
|
— |
|
|
|
(1,585 |
) |
|
|
1,414 |
|
|
|
— |
|
|
|
— |
|
|
|
1,414 |
| |||
Incentive and compensation plans |
|
— |
|
|
|
444 |
|
|
|
1,230 |
|
|
|
— |
|
|
|
(1,331 |
) |
|
|
343 |
|
|
|
— |
|
|
|
— |
|
|
|
343 |
| |||
Adjust investment in subsidiaries for repurchases, issuances, and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
other compensation plans |
|
— |
|
|
|
4,157 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,157 |
|
|
|
— |
|
|
|
1,678 |
|
|
|
5,835 |
| ||
Stock-based compensation awards (2) |
|
— |
|
|
|
4,845 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,845 |
|
|
|
— |
|
|
|
— |
|
|
|
4,845 |
| |||
Tax windfall (shortfall) from stock awards (3) |
|
— |
|
|
|
(69 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(69 |
) |
|
|
— |
|
|
|
— |
|
|
|
(69 |
) | |||
Distributions to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(218 |
) |
|
|
(218 |
) | |||
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84 |
|
|
|
84 |
| |||
March 31, 2012 |
$ |
1,326 |
|
|
$ |
2,278,384 |
|
|
$ |
(746,988 |
) |
|
$ |
(8,695 |
) |
|
$ |
2,487,936 |
|
|
$ |
4,011,963 |
|
|
$ |
830 |
|
|
$ |
656,484 |
|
|
$ |
4,669,277 |
|
Telephone and Data Systems, Inc. Consolidated Statement of Changes in Equity (Unaudited) | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
|
TDS Shareholders |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(Dollars in thousands) |
Series A Common, Special Common and Common Shares |
|
Capital in Excess of Par Value |
|
Treasury Special Common and Common Shares |
|
Accumulated Other Comprehensive Income (Loss) |
|
Retained Earnings |
|
Total TDS Shareholders' Equity |
|
Preferred Shares |
|
Non controlling Interests |
|
Total Equity | |||||||||||||||||||
December 31, 2010 |
$ |
1,270 |
|
|
$ |
2,107,929 |
|
|
$ |
(738,695 |
) |
|
$ |
(3,208 |
) |
|
$ |
2,450,599 |
|
|
$ |
3,817,895 |
|
|
$ |
830 |
|
|
$ |
647,013 |
|
|
$ |
4,465,738 |
| |
Add (Deduct) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income attributable to TDS shareholders |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
43,504 |
|
|
|
43,504 |
|
|
|
— |
|
|
|
— |
|
|
|
43,504 |
| |
Net income attributable to noncontrolling interests classified as equity |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,754 |
|
|
|
10,754 |
| |
Change related to retirement plan |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
— |
|
|
|
49 |
| |
Common, Special Common and Series A Common Shares dividends |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,185 |
) |
|
|
(12,185 |
) |
|
|
— |
|
|
|
— |
|
|
|
(12,185 |
) | |
Preferred dividend requirement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12 |
) |
|
|
(12 |
) |
|
|
— |
|
|
|
— |
|
|
|
(12 |
) | |
Repurchase of shares |
|
— |
|
|
|
— |
|
|
|
(11,603 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,603 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,603 |
) | |
Dividend reinvestment plan |
|
— |
|
|
|
32 |
|
|
|