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Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Credit facilities

The following table summarizes the unsecured revolving credit agreements as of December 31, 2024:

			TDS						UScellular
(Dollars in millions)
Maximum borrowing capacity			$	400					$	300
Letters of credit outstanding			$	1					$	—
Amount borrowed and outstanding			$	—					$	—
Amount available for use			$	399					$	300

The following tables summarizes the unsecured term loan credit agreements as of December 31, 2024:

TDS			Term Loan 1			Term Loan 2			Term Loan 31			Total
(Dollars in millions)
Maximum borrowing capacity			$	200		$	300		$	375		$	875
Amount borrowed and outstanding			$	194		$	293		$	298		$	785
Amount borrowed and repaid			$	6		$	7		$	2		$	15
Amount available for use			$	—		$	—		$	75		$	75
Interest rate			SOFR plus 2.10%			SOFR plus 2.60%			SOFR plus 7.00%
Maturity date			July 2028			July 2031			May 2029
Quarterly installments			$0.5 million from December 2021 to maturity date			$0.75 million from December 2022 to September 2026; $2 million from December 2026 to maturity date			Outstanding borrowings multiplied by 0.25% from September 2024 to maturity date

1TDS entered into an unsecured term loan credit agreement in May 2024. The agreement requires TDS to make prepayments of the outstanding borrowings to the extent TDS receives cash proceeds in excess of prescribed thresholds from certain transactions as more fully described in the agreement.

UScellular			Term Loan 11			Term Loan 2			Term Loan 3			Total
(Dollars in millions)
Maximum borrowing capacity			$	300		$	300		$	200		$	800
Amount borrowed and outstanding			$	237		$	290		$	196		$	723
Amount borrowed and repaid			$	63		$	10		$	4		$	77
Amount available for use			$	—		$	—		$	—		$	—
Interest rate			SOFR plus 1.60%			SOFR plus 2.10%			SOFR plus 2.60%
Maturity date			July 2026			July 2028			July 2031
Quarterly installments			$4 million from March 2024 to December 2025; $8 million from March 2026 to maturity date			$0.75 million from December 2021 to maturity date			$0.5 million from December 2022 to September 2026; $1 million from December 2026 to maturity date

1During 2024, UScellular repaid $40 million, in addition to required quarterly installments, under its term loan agreement due July 2026.

Long-term debt

Long-term debt as of December 31, 2024 and 2023, was as follows:

												December 31, 2024																		December 31, 2023
			Issuance date			Maturity date			Call date (any time on or after)			Principal Amount						Less Unamortized discount and debt issuance costs						Total						Principal Amount						Less Unamortized discount and debt issuance costs						Total
(Dollars in millions)
UScellular Unsecured Senior Notes
6.70%			Dec 2003 and June 2004			Dec 2033			Dec 2003 and June 2004			$	544					$	10					$	534					$	544					$	11					$	533
6.25%			Aug 2020			Sep 2069			Sep 2025			500						17						483						500						17						483
5.50%			Dec 2020			Mar 2070			Mar 2026			500						17						483						500						17						483
5.50%			May 2021			Jun 2070			Jun 2026			500						16						484						500						16						484
UScellular Unsecured Term Loans												723						4						719						783						4						779
TDS Unsecured Term Loans												785						16						769						492						4						488
TDS Secured Term Loan												300						2						298						300						3						297
UScellular EIP Securitization												2						—						2						150						—						150
TDS Export Credit Financing												150						—						150						150						—						150
UScellular Export Credit Financing												150						—						150						150						1						149
TDS Revolving Credit												—						—						—						100						—						100
Finance lease obligations												7						—						7						6						—						6
Other long-term notes												3						—						3						4						—						4
Total long-term debt												$	4,164					$	82					$	4,082					$	4,179					$	73					$	4,106
Long-term debt, current																								$	31																	$	26
Long-term debt, noncurrent																								$	4,051																	$	4,080

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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

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