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Acquisitions, Divestitures and Exchanges | 6 Months Ended
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Jun. 30, 2012
Disclosure Text Block |
Acquisitions, Divestitures and Exchanges | 6. Acquisitions, Divestitures and Exchanges U.S. Cellular assesses its existing wireless interests on an ongoing basis with a goal of improving the competitiveness of its operations and maximizing its long-term return on investment s. As part of this strategy, U.S. Cellular reviews attractive opportunities to acquire additional operating markets and wireless spectrum. In addition, U.S. Cellular may seek to divest outright or include in exchanges for other wireless interests those i nterests that are not strategic to its long-term success. I n March 2012, U.S. Cellular sold the majority of the assets and liabilities of a wireless market for $49.8 million in cash, net of working capital adjustments. In connection with the sale, a $4.2 million gain was recorded in Loss on asset disposals, net in the Consolidated Statement of Operations for the six months ended June 30, 2012. At December 31, 2011, assets and liabilities of $49.6 million and $1.1 million, respectively, related to this wireless market were classified in the Consolidated Balance Sheet as “held for sale.” On June 19, 2012, U.S. Cellular entered into an agreement to acquire seven 700 MHz licenses covering portions of Illinois, M ichigan, M innesota, M issouri, N ebraska, O regon, W ashington and Wisconsin for $57.7 million. The acquisition requires approval from the Federal Communications Commission (“FCC”) and, if approved, is expected to close in the fourth quarter of 2012. On April 17, 2012, U.S. Cellular entered into an agreement to acquire four 700 MHz licenses covering portions of Nebraska, Iowa, Missouri, Kansas and Oklahoma for $34.0 million. The acquisi tion requires approval from the FCC and, if approved, is expected to close in the third quarter of 2012. Acquisitions, divestitures and exchanges did not have a material impact in U.S. Cellular's consolidated financial statements for the periods presented, and pro forma results, assuming acquisitions, divestitures and exchanges had occurred at the beginning of each period presented, would not be materially different from the results reported. U.S. Cellular's acquisitions during the six months ended June 30, 2012 and 2011 and the allocation of the purchase price for these acquisitions were as follows:
|  |  |  |  |  |  | Allocation of Purchase Price
|  |  |  |  |  |  |  |  |  |  |  |  | Intangible |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | assets |  | Net tangible
|  |  |  | Purchase |  |  |  |  |  |  |  | subject to |  | assets/
|  |  |  | price (1) |  | Goodwill |  | Licenses |  | amortization |  | (liabilities)
| (Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Licenses | $ | 12,647 |  | $ | — |  | $ | 12,647 |  | $ | — |  | $ | — |
|  | Total | $ | 12,647 |  | $ | — |  | $ | 12,647 |  | $ | — |  | $ | — |
| 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Licenses | $ | 2,800 |  | $ | — |  | $ | 2,800 |  | $ | — |  | $ | — |
| Businesses |  | 24,572 |  |  | — |  |  | 15,592 |  |  | 2,252 |  |  | 6,728 |
|  | Total | $ | 27,372 |  | $ | — |  | $ | 18,392 |  | $ | 2,252 |  | $ | 6,728 |
Cash amounts paid for acquisitions may differ from the purchase price due to cash acquired in the transactions and the timing of cash payments related to the respective transactions.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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