$USM
UNITED STATES CELLULAR CORP

2012 Q1 Form 10-Q Financial Statement

#000082113012000013 Filed on May 04, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $1.092B $1.057B
YoY Change 3.31% 3.25%
Cost Of Revenue $233.2M $217.6M
YoY Change 7.15% 5.06%
Gross Profit $859.0M $839.5M
YoY Change 2.32% 2.78%
Gross Profit Margin 78.65% 79.41%
Selling, General & Admin $442.2M $442.0M
YoY Change 0.05% 2.89%
% of Gross Profit 51.49% 52.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $146.7M $143.3M
YoY Change 2.37% 0.07%
% of Gross Profit 17.08% 17.07%
Operating Expenses $1.007B $998.3M
YoY Change 0.86% 5.51%
Operating Profit $85.20M $58.75M
YoY Change 45.03% -24.32%
Interest Expense $13.41M $15.19M
YoY Change -11.69% -8.1%
% of Operating Profit 15.74% 25.85%
Other Income/Expense, Net $9.448M $6.429M
YoY Change 46.96% -29.55%
Pretax Income $94.65M $65.18M
YoY Change 45.22% -24.87%
Income Tax $25.64M $24.75M
% Of Pretax Income 27.09% 37.97%
Net Earnings $62.49M $35.16M
YoY Change 77.73% -25.77%
Net Earnings / Revenue 5.72% 3.33%
Basic Earnings Per Share $0.74 $0.41
Diluted Earnings Per Share $0.73 $0.41
COMMON SHARES
Basic Shares Outstanding 84.57M shares 85.48M shares
Diluted Shares Outstanding 85.13M shares 86.10M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $627.0M $543.0M
YoY Change 15.47% 72.38%
Cash & Equivalents $511.1M $434.6M
Short-Term Investments $116.0M $121.0M
Other Short-Term Assets $11.15M $10.28M
YoY Change 8.43% -86.65%
Inventory $131.5M $108.8M
Prepaid Expenses $57.66M $62.71M
Receivables $298.5M $302.5M
Other Receivables $122.0M $134.0M
Total Short-Term Assets $1.257B $1.162B
YoY Change 8.24% 13.55%
LONG-TERM ASSETS
Property, Plant & Equipment $2.847B $2.567B
YoY Change 10.91% -0.42%
Goodwill $494.7M $494.7M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $195.0M $207.0M
YoY Change -5.8% 15.64%
Other Assets $65.09M $74.03M
YoY Change -12.07% 94.81%
Total Long-Term Assets $5.084B $4.800B
YoY Change 5.91% 1.36%
TOTAL ASSETS
Total Short-Term Assets $1.257B $1.162B
Total Long-Term Assets $5.084B $4.800B
Total Assets $6.341B $5.962B
YoY Change 6.37% 3.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $296.0M $288.0M
YoY Change 2.78% 8.27%
Accrued Expenses $72.00M $78.00M
YoY Change -7.69% -36.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $646.3M $617.8M
YoY Change 4.61% -0.2%
LONG-TERM LIABILITIES
Long-Term Debt $880.0M $868.0M
YoY Change 1.38% 0.0%
Other Long-Term Liabilities $250.2M $287.2M
YoY Change -12.9% 6.77%
Total Long-Term Liabilities $250.2M $287.2M
YoY Change -12.9% -74.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $646.3M $617.8M
Total Long-Term Liabilities $250.2M $287.2M
Total Liabilities $896.5M $905.0M
YoY Change -0.94% -60.92%
SHAREHOLDERS EQUITY
Retained Earnings $2.360B $2.163B
YoY Change 9.11%
Common Stock $88.07M $88.07M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $152.2M $120.5M
YoY Change 26.35%
Treasury Stock Shares 3.500M shares 2.840M shares
Shareholders Equity $3.688B $3.504B
YoY Change
Total Liabilities & Shareholders Equity $6.341B $5.962B
YoY Change 6.37% 3.52%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $62.49M $35.16M
YoY Change 77.73% -25.77%
Depreciation, Depletion And Amortization $146.7M $143.3M
YoY Change 2.37% 0.07%
Cash From Operating Activities $257.0M $257.7M
YoY Change -0.29% 69.26%
INVESTING ACTIVITIES
Capital Expenditures -$209.2M -$121.0M
YoY Change 72.89% -0.41%
Acquisitions
YoY Change
Other Investing Activities -$296.0K -$2.200M
YoY Change -86.55% 856.52%
Cash From Investing Activities -$170.2M -$83.84M
YoY Change 102.97% -44.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $17.36M
YoY Change 234.69%
Debt Paid & Issued, Net $12.00K
YoY Change
Cash From Financing Activities 130.0K -16.22M
YoY Change -100.8% 130.18%
NET CHANGE
Cash From Operating Activities 257.0M 257.7M
Cash From Investing Activities -170.2M -83.84M
Cash From Financing Activities 130.0K -16.22M
Net Change In Cash 86.92M 157.6M
YoY Change -44.86% -3416.77%
FREE CASH FLOW
Cash From Operating Activities $257.0M $257.7M
Capital Expenditures -$209.2M -$121.0M
Free Cash Flow $466.2M $378.7M
YoY Change 23.09% 38.34%

Facts In Submission

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CY2011Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
303779000
CY2012Q1 us-gaap Deferred Revenue And Credits Current
DeferredRevenueAndCreditsCurrent
190866000
CY2011Q4 us-gaap Deferred Revenue And Credits Current
DeferredRevenueAndCreditsCurrent
181355000
CY2012Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
38999000
CY2011Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
34095000
CY2012Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
33374000
CY2011Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
69551000
CY2012Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
87322000
CY2011Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
121190000
CY2012Q1 us-gaap Liabilities Current
LiabilitiesCurrent
646293000
CY2011Q4 us-gaap Liabilities Current
LiabilitiesCurrent
722280000
CY2012Q1 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
-812929000
CY2011Q4 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
-799190000
CY2012Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
250177000
CY2011Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
248213000
CY2012Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
880486000
CY2011Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
880320000
CY2012Q1 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
1064000
CY2011Q4 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
1005000
CY2012Q1 us-gaap Common Stock Value
CommonStockValue
88074000
CY2011Q4 us-gaap Common Stock Value
CommonStockValue
88074000
CY2012Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
1392845000
CY2011Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
1387341000
CY2012Q1 us-gaap Treasury Stock Value
TreasuryStockValue
152220000
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
152817000
CY2012Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2359589000
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2297363000
CY2012Q1 us-gaap Stockholders Equity
StockholdersEquity
3688288000
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
3619961000
CY2012Q1 us-gaap Minority Interest
MinorityInterest
62198000
CY2011Q4 us-gaap Minority Interest
MinorityInterest
55956000
CY2012Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3750486000
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3675917000
CY2012Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6341435000
CY2011Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6327976000
CY2011Q4 us-gaap Liabilities Of Assets Held For Sale
LiabilitiesOfAssetsHeldForSale
1051000
CY2012Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2011Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2012Q1 usm Minority Interest In Net Income Loss Equity Minority Interests
MinorityInterestInNetIncomeLossEquityMinorityInterests
6460000
CY2012Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
520000
CY2012Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5344000
CY2012Q1 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
-29000
CY2012Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
218000
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3539970000
CY2011Q1 usm Minority Interest In Net Income Loss Equity Minority Interests
MinorityInterestInNetIncomeLossEquityMinorityInterests
5230000
CY2011Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
17357000
CY2011Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1337000
CY2011Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5792000
CY2011Q1 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
12000
CY2011Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
186000
CY2011Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3569959000
CY2012Q1 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.84
CY2012Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
35300000
CY2011Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
31400000
CY2012Q1 usm Accrued Agent Commission Current
AccruedAgentCommissionCurrent
43800000
CY2011Q4 usm Accrued Agent Commission Current
AccruedAgentCommissionCurrent
75300000
CY2012Q1 us-gaap Error Corrections And Prior Period Adjustments Description
ErrorCorrectionsAndPriorPeriodAdjustmentsDescription
In preparing its Consolidated Statement of Cash Flows for the year ended December 31, 2011, U.S. Cellular discovered certain errors related to the classification of outstanding checks with the right of offset and the classification of Accounts payable-trade for Additions to property, plant and equipment. These errors resulted in the misstatement of Cash and cash equivalents and Accounts payable-trade as of December 31, 2010 and each quarterly period in 2011, and the misstatement of Cash flows from operating activities and Cash flows from investing activities for the years ended December 31, 2010 and 2009 and each of the quarterly periods in 2011 and 2010. In accordance with SEC Staff Accounting Bulletin Nos. 99 and 108 ("SAB 99" and "SAB 108"), U.S. Cellular evaluated these errors and determined that they were immaterial to each of the reporting periods affected and, therefore, amendment of previously filed reports was not required. However, in order to provide consistency in the Consolidated Statement of Cash Flows and as permitted by SAB 108, revisions for these immaterial amounts to previously reported amounts were reflected in the financial information as of and for the periods ended December 31, 2011, are reflected in the financial information herein and will be reflected in future filings containing such financial information. In preparing its financial statements for the nine months ended September 30, 2011, U.S. Cellular discovered certain errors related to accounting for asset retirement obligations and asset retirement costs. These errors resulted in the overstatement of Total operating expenses, Property, plant and equipment, net and Other deferred liabilities and credits in the first and second quarter 2011 interim financial statements and in the 2010, 2009 and 2008 annual periods reported in the Company’s December 31, 2010 financial statements. The December 31, 2007 Retained earnings balance presented in the December 31, 2010 annual financial statements also was overstated as a result of these errors. In accordance with SAB 99 and SAB 108, U.S. Cellular evaluated these errors and determined that they were immaterial to each of the reporting periods affected and, therefore, amendments of previously filed reports were not required. However, if the adjustments to correct the cumulative errors had been recorded in the third quarter 2011, U.S. Cellular believes that the impact would have been significant to the third quarter results and would have impacted comparisons to prior periods. As permitted by SAB 108, revisions for these immaterial amounts to previously reported annual and quarterly results were reflected in the financial information as of and for the periods ended September 30, 2011 and December 31, 2011, are reflected in the financial information herein and will be reflected in future filings containing such financial information.
CY2012Q1 us-gaap Heldtomaturity Securities Debt Maturity Date Range Low
HeldtomaturitySecuritiesDebtMaturityDateRangeLow
15 months from March 31, 2012
CY2012Q1 us-gaap Heldtomaturity Securities Debt Maturity Date Range High
HeldtomaturitySecuritiesDebtMaturityDateRangeHigh
24 months from March 31, 2012
CY2012Q1 usm Effective Income Tax Rate Reconciliation Adjustments Total
EffectiveIncomeTaxRateReconciliationAdjustmentsTotal
0.096
CY2012Q1 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
9100000
CY2012Q1 usm Income Tax Reconciliation Change In Deferred Taxes Correction
IncomeTaxReconciliationChangeInDeferredTaxesCorrection
3700000
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.271
CY2011Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.380
CY2012Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
135000 shares
CY2011Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
177000 shares
CY2012Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
428000 shares
CY2011Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
440000 shares
CY2012Q1 us-gaap Indefinite Lived Intangible Assets Acquired During Period
IndefiniteLivedIntangibleAssetsAcquiredDuringPeriod
11096000
CY2010Q4 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
1452101000
CY2011Q1 us-gaap Indefinite Lived Intangible Assets Acquired During Period
IndefiniteLivedIntangibleAssetsAcquiredDuringPeriod
300000
CY2011Q1 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
1452401000
CY2012Q1 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
1431372000
CY2011Q1 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
1324459000
CY2012Q1 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
1071887000
CY2011Q1 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
1031355000
CY2012Q1 us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
359485000
CY2011Q1 us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
293104000
CY2012Q1 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
360401000
CY2011Q1 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
294531000
CY2012Q1 usm Equitymethodinvestmentsummarizedfinancialinformationotherincomeexpense
Equitymethodinvestmentsummarizedfinancialinformationotherincomeexpense
916000
CY2011Q1 usm Equitymethodinvestmentsummarizedfinancialinformationotherincomeexpense
Equitymethodinvestmentsummarizedfinancialinformationotherincomeexpense
1427000
CY2012Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1800000
CY2011Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1700000
CY2011Q1 us-gaap Variable Interest Entity Financial Or Other Support Amount
VariableInterestEntityFinancialOrOtherSupportAmount
6800000
CY2012Q1 usm Redeemable Noncontrolling Interest Equity Settlement Dates
RedeemableNoncontrollingInterestEquitySettlementDates
2085 to 2107
CY2012Q1 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
186200000
CY2012Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
59400000

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