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Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business segment information

Financial data for TDS’ reportable segments for the three and six month periods ended, or as of June 30, 2024 and 2023, is as follows. See Note 1 — Basis of Presentation for additional information. 

			UScellular
Three Months Ended or as of June 30, 2024			Wireless						Towers						Intra-company eliminations						UScellular Total						TDS Telecom						Corporate, Eliminations and Other						Total
(Dollars in millions)
Operating revenues
Service			$	718					$	58					$	(33)					$	743					$	267					$	24					$	1,034
Equipment and product sales			184						—						—						184						—						20						204
Total operating revenues			902						58						(33)						927						267						44						1,238
Cost of services (excluding Depreciation, amortization and accretion reported below)			194						19						(33)						180						98						18						296
Cost of equipment and products			211						—						—						211						—						16						227
Selling, general and administrative			313						9						—						322						80						24						426
Depreciation, amortization and accretion			154						11						—						165						67						1						233
(Gain) loss on asset disposals, net			5						—						—						5						4						—						9
(Gain) loss on license sales and exchanges, net			8						—						—						8						—						—						8
Operating income (loss)			17						19						—						36						19						(16)						39
Equity in earnings of unconsolidated entities1																					38						—						1						39
Interest and dividend income1																					3						1						3						7
Interest expense1																					(45)						—						(28)						(73)
Other, net1																					—						1						—						1
Income (loss) before income taxes																					32						21						(40)						13
Income tax expense (benefit)1																					14						3						(11)						6
Net income (loss)																					18						18						(29)						7
Add back:
Depreciation, amortization and accretion			154						11						—						165						67						1						233
Expenses related to strategic alternatives review			12						1						—						13						—						8						21
(Gain) loss on asset disposals, net			5						—						—						5						4						—						9
(Gain) loss on license sales and exchanges, net			8						—						—						8						—						—						8
Interest expense1																					45						—						28						73
Income tax expense (benefit)1																					14						3						(11)						6
Adjusted EBITDA2			$	196					$	31					$	—					$	268					$	91					$	(2)					$	357
Investments in unconsolidated entities1																					$	461					$	4					$	42					$	507
Total assets3																					$	10,639					$	2,898					$	335					$	13,872
Capital expenditures			$	160					$	5					$	—					$	165					$	78					$	1					$	244

			UScellular
Three Months Ended or as of June 30, 2023			Wireless						Towers						Intra-company eliminations						UScellular Total						TDS Telecom						Corporate, Eliminations and Other						Total
(Dollars in millions)
Operating revenues
Service			$	735					$	57					$	(32)					$	760					$	257					$	24					$	1,041
Equipment and product sales			197						—						—						197						—						29						226
Total operating revenues			932						57						(32)						957						257						53						1,267
Cost of services (excluding Depreciation, amortization and accretion reported below)			203						19						(32)						190						108						18						316
Cost of equipment and products			228						—						—						228						—						24						252
Selling, general and administrative			333						8						—						341						81						14						436
Depreciation, amortization and accretion			149						12						—						161						60						4						225
(Gain) loss on asset disposals, net			3						—						—						3						2						—						5
Operating income (loss)			16						18						—						34						7						(8)						33
Equity in earnings of unconsolidated entities1																					38						—						—						38
Interest and dividend income1																					3						1						2						6
Interest expense1																					(51)						2						(13)						(62)
Income (loss) before income taxes																					24						10						(19)						15
Income tax expense (benefit)1																					19						3						(7)						15
Net income (loss)																					5						7						(12)						—
Add back:
Depreciation, amortization and accretion			149						12						—						161						60						4						225
(Gain) loss on asset disposals, net			3						—						—						3						2						—						5
Interest expense1																					51						(2)						13						62
Income tax expense1																					19						3						(7)						15
Adjusted EBITDA2			$	168					$	30					$	—					$	239					$	70					$	(2)					$	307
Investments in unconsolidated entities1																					$	457					$	4					$	39					$	500
Total assets3																					$	10,889					$	3,219					$	298					$	14,406
Capital expenditures			$	140					$	3					$	—					$	143					$	132					$	3					$	278

			UScellular
Six Months Ended or as of June 30, 2024			Wireless						Towers						Intra-company eliminations						UScellular Total						TDS Telecom						Corporate, Eliminations and Other						Total
(Dollars in millions)
Operating revenues
Service			$	1,446					$	116					$	(65)					$	1,497					$	534					$	47					$	2,078
Equipment and product sales			380						—						—						380						—						42						422
Total operating revenues			1,826						116						(65)						1,877						534						89						2,500
Cost of services (excluding Depreciation, amortization and accretion reported below)			390						37						(65)						362						196						37						595
Cost of equipment and products			427						—						—						427						—						33						460
Selling, general and administrative			637						16						—						653						155						41						849
Depreciation, amortization and accretion			308						21						—						329						131						7						467
(Gain) loss on asset disposals, net			10						1						—						11						6						(1)						16
(Gain) loss on license sales and exchanges, net			7						—						—						7						—						—						7
Operating income (loss)			47						41						—						88						46						(28)						106
Equity in earnings of unconsolidated entities1																					80						—						2						82
Interest and dividend income1																					6						2						4						12
Interest expense1																					(91)						2						(42)						(131)
Other, net1																					—						2						—						2
Income (loss) before income taxes																					83						52						(64)						71
Income tax expense (benefit)1																					41						10						(25)						26
Net income (loss)																					42						42						(39)						45
Add back:
Depreciation, amortization and accretion			308						21						—						329						131						7						467
Expenses related to strategic alternatives review			20						1						—						21						—						12						33
(Gain) loss on asset disposals, net			10						1						—						11						6						(1)						16
(Gain) loss on license sales and exchanges, net			7						—						—						7						—						—						7
Interest expense1																					91						(2)						42						131
Income tax expense (benefit)1																					41						10						(25)						26
Adjusted EBITDA2			$	392					$	64					$	—					$	542					$	187					$	(4)					$	725
Capital expenditures			$	286					$	9					$	—					$	295					$	164					$	5					$	464

			UScellular
Six Months Ended or as of June 30, 2023			Wireless						Towers						Intra-company eliminations						UScellular Total						TDS Telecom						Corporate, Eliminations and Other						Total
(Dollars in millions)
Operating revenues
Service			$	1,477					$	113					$	(63)					$	1,527					$	510					$	47					$	2,084
Equipment and product sales			415						—						—						415						—						71						486
Total operating revenues			1,892						113						(63)						1,942						510						118						2,570
Cost of services (excluding Depreciation, amortization and accretion reported below)			398						37						(63)						372						212						38						622
Cost of equipment and products			480						—						—						480						—						58						538
Selling, general and administrative			670						16						—						686						162						28						876
Depreciation, amortization and accretion			307						23						—						330						119						7						456
(Gain) loss on asset disposals, net			13						—						—						13						3						—						16
Operating income (loss)			24						37						—						61						15						(14)						62
Equity in earnings of unconsolidated entities1																					82						—						—						82
Interest and dividend income1																					5						2						4						11
Interest expense1																					(99)						4						(21)						(116)
Other, net1																					—						1						—						1
Income (loss) before income taxes																					49						21						(30)						40
Income tax expense (benefit)1																					29						5						(6)						28
Net income (loss)																					20						15						(23)						12
Add back:
Depreciation, amortization and accretion			307						23						—						330						119						7						456
(Gain) loss on asset disposals, net			13						—						—						13						3						—						16
Interest expense1																					99						(4)						21						116
Income tax expense (benefit)1																					29						5						(6)						28
Adjusted EBITDA2			$	344					$	60					$	—					$	491					$	139					$	(2)					$	628
Capital expenditures			$	346					$	5					$	—					$	351					$	262					$	8					$	621

Numbers may not foot due to rounding.

1Income and expense items below Operating income are not provided at the individual segment level for Wireless and Towers. These items are not included in the evaluation of operating performance of the segments, and therefore are reported for "UScellular Total".

2Adjusted earnings before interest, taxes, depreciation, amortization and accretion (Adjusted EBITDA) is a segment measure reported to the chief operating decision maker for purposes of assessing the segments' performance. Adjusted EBITDA is defined as net income, adjusted for the items set forth in the reconciliation above. TDS believes Adjusted EBITDA is a useful measure of TDS’ operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance.

3Assets are not provided at the individual segment level for Wireless and Towers. The UScellular segments operate under a common capital structure, and management has historically considered its assets collectively as part of a combined wireless network.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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