Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2011

NOTE 10 INVESTMENTS IN UNCONSOLIDATED ENTITIES

Investments in unconsolidated entities consist of amounts invested in wireless entities which are accounted for using either the equity or cost method as shown in the following table:

December 31,		2011			2010
(Dollars in thousands)
Equity method investments:
	Capital contributions, loans and advances	$	13,787		$	22,885
	Cumulative share of income		928,019			857,533
	Cumulative share of distributions		(805,321	)		(721,182	)
			136,485			159,236
Cost method investments			1,611			1,611
Total investments in unconsolidated entities		$	138,096		$	160,847

Equity in earnings of unconsolidated entities totaled $83.6 million, $97.3 million and $96.8 million in 2011, 2010 and 2009, respectively; of those amounts, U.S. Cellular's investment in the Los Angeles SMSA Limited Partnership (“LA Partnership”) contributed $55.3 million, $64.8 million and $64.7 million in 2011, 2010 and 2009, respectively. U.S. Cellular held a 5.5% ownership interest in the LA Partnership throughout and at the end of each of these years.

The following tables, which are based on information provided in part by third parties, summarize the combined assets, liabilities and equity, and the combined results of operations of U.S. Cellular's equity method investments:

December 31,		2011		2010
(Dollars in thousands)
Assets
	Current	$	404,751	$	392,042
	Due from affiliates		199,167		396,201
	Property and other		1,935,125		1,962,128
		$	2,539,043	$	2,750,371

Liabilities and Equity
	Current liabilities	$	300,780	$	277,035
	Deferred credits		79,787		69,750
	Long-term liabilities		22,943		24,558
	Long-term capital lease obligations		234		43,657
	Partners' capital and shareholders' equity		2,135,299		2,335,371
		$	2,539,043	$	2,750,371

Year Ended December 31,		2011		2010		2009
(Dollars in thousands)
Results of Operations
	Revenues	$	5,519,024	$	4,950,306	$	4,793,269
	Operating expenses		4,282,277		3,549,098		3,418,116
	Operating income		1,236,747		1,401,208		1,375,153
	Other income, net		4,976		37,701		42,898
	Net income	$	1,241,723	$	1,438,909	$	1,418,051