Investments in Unconsolidated Entities

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Note 8 Investments in Unconsolidated Entities

Investments in unconsolidated entities consist of amounts invested in entities in which UScellular holds a noncontrolling interest. UScellular’s Investments in unconsolidated entities are accounted for using the equity method, measurement alternative method or net asset value practical expedient method as shown in the table below. The carrying value of measurement alternative method investments represents cost minus any impairments plus or minus any observable price changes.


	September 30, 2023		December 31, 2022
(Dollars in millions)
Equity method investments	$	464	$	439
Measurement alternative method investments	4		4
Investments recorded using the net asset value practical expedient	9		9
Total investments in unconsolidated entities	$	477	$	452

The following table, which is based on unaudited information provided in part by third parties, summarizes the combined results of operations of UScellular’s equity method investments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
(Dollars in millions)
Revenues	$	1,805	$	1,829	$	5,369	$	5,410
Operating expenses	1,420		1,397		4,138		4,158
Operating income	385		432		1,231		1,252
Other income (expense), net	(13)		(6)		(19)		(12)
Net income	$	372	$	426	$	1,212	$	1,240