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Consolidated Balance Sheet - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 580 $ 352
Short-term investments 17 50
Accounts receivable    
Customers and agents, less allowances of $66 and $55, respectively 908 775
Roaming 20 26
Affiliated 2 1
Other, less allowances of $2 and $1, respectively 46 41
Inventory, net 142 138
Prepaid expenses 63 79
Other current assets 34 21
Total current assets 1,812 1,483
Assets held for sale 54 10
Licenses 2,186 2,223
Investments in unconsolidated entities 441 415
Property, plant and equipment    
In service and under construction 7,778 7,628
Less: Accumulated depreciation and amortization 5,576 5,308
Property, plant and equipment, net 2,202 2,320
Other assets and deferred charges 579 390
Total assets [1] 7,274 6,841
Current liabilities    
Current portion of long-term debt 19 18
Accounts payable    
Affiliated 9 8
Trade 304 302
Customer deposits and deferred revenues 157 185
Accrued taxes 30 56
Accrued compensation 78 74
Other current liabilities 94 90
Total current liabilities 691 733
Liabilities held for sale 1 0
Deferred liabilities and credits    
Deferred income tax liability, net 510 461
Other deferred liabilities and credits 389 337
Long-term debt, net 1,605 1,622
Commitments and contingencies
Noncontrolling interests with redemption features 11 1
U.S. Cellular shareholders’ equity    
Series A Common and Common Shares Authorized 190 shares (50 Series A Common and 140 Common Shares) Issued 88 shares (33 Series A Common and 55 Common Shares) Outstanding 86 shares (33 Series A Common and 53 Common Shares) and 85 shares (33 Series A Common and 52 Common Shares), respectively Par Value ($1.00 per share)($33 Series A Common and $55 Common Shares) 88 88
Additional paid-in capital 1,590 1,552
Treasury shares, at cost, 2 and 3 Common Shares, respectively (65) (120)
Retained earnings 2,444 2,157
Total U.S. Cellular shareholders' equity 4,057 3,677
Noncontrolling interests 10 10
Total equity 4,067 3,687
Total liabilities and equity [1] $ 7,274 $ 6,841
[1] The consolidated total assets as of December 31, 2018 and 2017, include assets held by consolidated variable interest entities (VIEs) of $868 million and $785 million, respectively, which are not available to be used to settle the obligations of U.S. Cellular. The consolidated total liabilities as of December 31, 2018 and 2017, include certain liabilities of consolidated VIEs of $23 million and $24 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of U.S. Cellular. See Note 13 — Variable Interest Entities for additional information.