Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Financial data for TDS’ reportable segments for 2024, 2023 and 2022, is as follows. See Note 1 — Summary of Significant Accounting Policies for additional information.



Year Ended December 31, 2024	UScellular Wireless		UScellular Towers		TDS Telecom		Total
(Dollars in millions)
Revenues from external customers	$	3,667	$	103	$	1,057	$	4,827
Intersegment revenues	—		131		4		135
	3,667		234		1,061		4,962
Reconciliation of revenue:
All Other revenues1							137
Elimination of intersegment revenues							(135)
Total operating revenues							$	4,964

Less2:
Cost of services (excluding Depreciation, amortization and accretion reported below)	777		78		400
Cost of equipment and products	906		—		1
Selling, general and administrative	1,298		32		320
Expenses related to strategic alternatives review (included in Selling, general and administrative)	(33)		(2)		—
Other segment items	—		—		(9)
Segment Adjusted EBITDA (Non-GAAP)	$	719	$	126	$	350	$	1,195

Reconciliation of Segment Adjusted EBITDA to Income (loss) before income taxes:
All Other income (loss) before income taxes1							(118)

Depreciation, amortization and accretion							(936)
Expenses related to strategic alternatives review (included in Selling, general and administrative)							(35)
Loss on impairment of intangible assets							(137)
Loss on asset disposals, net							(30)
Gain on sale of business and other exit costs, net							49
Loss on license sales and exchanges, net							(3)
Equity earnings of unconsolidated entities							161
Interest and dividend income							12
Interest expense							(178)
Income (loss) before income taxes							$	(20)


Other segment disclosures
Year Ended or as of December 31, 2024	UScellular Wireless		UScellular Towers		TDS Telecom		Segment Total		UScellular	All Other1		TDS Consolidated Total
Depreciation, amortization and accretion	$	(620)	$	(45)	$	(271)	$	(936)		$	(7)	$	(943)
Loss on impairment of intangible assets	(136)		—		(1)		(137)			—		(137)
Loss on asset disposals, net	(17)		(1)		(12)		(30)			—		(30)
Gain on sale of business and other exit costs, net	—		—		49		49			19		68
Loss on license sales and exchanges, net	(3)		—		—		(3)			—		(3)

Investments in unconsolidated entities3					4		4		454	42		500
Total assets4					2,911		2,911		10,449	322		13,682
Capital expenditures	$	554	$	23	$	324	$	901		$	5	$	906



Year Ended December 31, 2023	UScellular Wireless		UScellular Towers		TDS Telecom		Total
(Dollars in millions)
Revenues from external customers	$	3,805	$	101	$	1,024	$	4,930
Intersegment revenues	—		127		4		131
	3,805		228		1,028		5,061
Reconciliation of revenue:
All Other revenues1							230
Elimination of intersegment revenues							(131)
Total operating revenues							$	5,160

Less2:
Cost of services (excluding Depreciation, amortization and accretion reported below)	794		73		423
Cost of equipment and products	988		—		—
Selling, general and administrative	1,334		34		326
Expenses related to strategic alternatives review (included in Selling, general and administrative)	(8)		—		—
Other segment items	—		—		(6)
Segment Adjusted EBITDA (Non-GAAP)	$	697	$	121	$	285	$	1,103

Reconciliation of Segment Adjusted EBITDA to Income (loss) before income taxes:
All Other income (loss) before income taxes1							(79)

Depreciation, amortization and accretion							(901)
Expenses related to strategic alternatives review (included in Selling, general and administrative)							(8)
Loss on impairment of intangible assets							(547)
Loss on asset disposals, net							(27)
Gain on license sales and exchanges, net							2
Equity earnings of unconsolidated entities							158
Interest and dividend income							10
Interest expense							(188)
Income (loss) before income taxes							$	(477)


Other segment disclosures
Year Ended or as of December 31, 2023	UScellular Wireless		UScellular Towers		TDS Telecom		Segment Total		UScellular	All Other1		TDS Consolidated Total
Depreciation, amortization and accretion	$	(610)	$	(46)	$	(245)	$	(901)		$	(14)	$	(915)
Loss on impairment of intangible assets	—		—		(547)		(547)			—		(547)
Gain (loss) on asset disposals, net	(19)		2		(10)		(27)			—		(27)
Gain on license sales and exchanges, net	2		—		—		2			—		2

Investments in unconsolidated entities3					4		4		461	40		505
Total assets4					2,864		2,864		10,750	307		13,921
Capital expenditures	$	580	$	31	$	577	$	1,188		$	9	$	1,197



Year Ended December 31, 2022	UScellular Wireless		UScellular Towers		TDS Telecom		Total
(Dollars in millions)
Revenues from external customers	$	4,076	$	93	$	1,016	$	5,185
Intersegment revenues	—		123		4		127
	4,076		216		1,020		5,312
Reconciliation of revenue:
All Other revenues1							228
Elimination of intersegment revenues							(127)
Total operating revenues							$	5,413

Less2:
Cost of services (excluding Depreciation, amortization and accretion reported below)	807		71		418
Cost of equipment and products	1,216		—		1
Selling, general and administrative	1,376		32		313

Other segment items	—		—		(3)
Segment Adjusted EBITDA (Non-GAAP)	$	677	$	113	$	291	$	1,081

Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1							(23)

Depreciation, amortization and accretion							(915)

Loss on impairment of intangible assets							(3)
Loss on asset disposals, net							(26)

Gain on sale of business and other exit costs, net							1
Equity earnings of unconsolidated entities							158
Interest and dividend income							8
Interest expense							(156)
Income before income taxes							$	125


Other segment disclosures
Year Ended or as of December 31, 2022	UScellular Wireless		UScellular Towers		TDS Telecom		Segment Total		UScellular	All Other1		TDS Consolidated Total
Depreciation, amortization and accretion	$	(655)	$	(45)	$	(215)	$	(915)		$	(14)	$	(929)
Loss on impairment of intangible assets	(3)		—		—		(3)			—		(3)
Loss on asset disposals, net	(19)		—		(7)		(26)			(1)		(27)
Gain on sale of business and other exit costs, net	1		—		—		1			—		1

Investments in unconsolidated entities3					4		4		452	39		495
Total assets4					3,056		3,056		11,119	375		14,550
Capital expenditures	$	689	$	28	$	556	$	1,273		$	12	$	1,285

Numbers may not foot due to rounding.

1"All Other" represents TDS' non-reportable other business activities that do not meet the quantitative thresholds for being a reportable segment.

2The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

3This item is not included in the evaluation of operating performance of the Wireless and Towers segments, and therefore is reported as "UScellular".

4Assets are not provided at the individual segment level for Wireless and Towers, and therefore is reported for "UScellular". The UScellular segments operate under a common capital structure, and management has historically considered its assets collectively as part of a combined wireless network.