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Revision of Period Period Amounts
 12 Months Ended
Dec. 31, 2011
Disclosure Text Block  
Revision of Prior Period Amounts

NOTE 2 REVISION OF PRIOR PERIOD AMOUNTS

 

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 related to the classification of Accounts payable - trade for Additions to property, plant and equipment as non-cash investing activities for purposes of preparing the Consolidated Statement of Cash Flows. 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 annual amounts are reflected in the financial information herein and will be reflected in future filings containing such financial information as permitted by SAB 108.

 

In accordance with SAB 108, the Consolidated Balance Sheet and the Consolidated Statement of Cash Flows have been revised as follows:

Consolidated Balance Sheet -- December 31, 2010 
               
    As previously         
 (Dollars in thousands)reported (1)   Adjustment   Revised 
               
 Cash and cash equivalents$294,426  $(17,511) $276,915 
 Total current assets 1,109,624   (17,511)  1,092,113 
 Total assets 5,893,060   (17,511)  5,875,549 
 Accounts payable - trade 281,601   (17,511)  264,090 
 Total current liabilities 665,995   (17,511)  648,484 
 Total liabilities and equity 5,893,060   (17,511)  5,875,549 
               
               
Consolidated Statement of Cash Flows -- Year Ended December 31, 2010  
               
    As previously         
 (Dollars in thousands)reported (1)   Adjustment   Revised 
             
 Change in Accounts payable - trade$(14,660) $(37,908) $(52,568)
 Change in Other assets and liabilities 79,546   (1,994)  77,552 
 Cash flows from operating activities 874,289   (39,902)  834,387 
 Cash used for additions to property, plant and equipment (583,134)  13,811   (569,323)
 Cash flows used in investing activities (791,108)  13,811   (777,297)
 Net increase (decrease) in cash 15   (26,091)  (26,076)
  and cash equivalents           
               
               
Consolidated Statement of Cash Flows -- Year Ended December 31, 2009  
               
    As previously         
 (Dollars in thousands)reported (1)   Adjustment   Revised 
             
 Change in Accounts payable - trade$47,503  $(11,308) $36,195 
 Change in Other assets and liabilities (51,107)  1,309   (49,798)
 Cash flows from operating activities 881,808   (9,999)  871,809 
 Cash used for additions to property, plant and equipment (546,758)  15,989   (530,769)
 Cash flows used in investing activities (561,451)  15,989   (545,462)
 Net increase (decrease) in cash 123,415   5,990   129,405 
  and cash equivalents           

  • In Current Report on Form 8-K filed on November 16, 2011.