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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2023
USMLogo.jpg
UNITED STATES CELLULAR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 001-09712 62-1147325
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

8410 West Bryn Mawr, Chicago, Illinois 60631
(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (773) 399-8900

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Shares, $1 par valueUSMNew York Stock Exchange
6.25% Senior Notes due 2069UZDNew York Stock Exchange
5.50% Senior Notes due 2070UZENew York Stock Exchange
5.50% Senior Notes due 2070UZFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐
Emerging growth company
☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02.  Results of Operations and Financial Condition
On August 4, 2023, United States Cellular Corporation (UScellular) issued a news release announcing its results of operations for the period ended June 30, 2023. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this Item 2.02 of Form 8-K is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor will any such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events
On August 4, 2023, Telephone and Data Systems, Inc. (TDS) and UScellular, a subsidiary of TDS, announced that the Boards of Directors of both companies have decided to initiate a process to explore a range of strategic alternatives for UScellular. The initiation of this process does not impact the June 30, 2023 financial statements. At this time, UScellular cannot predict the ultimate outcome of such process or estimate the potential impact of such process on the financial statements. It is possible that no strategic alternative will ultimately be consummated.
A copy of the news release related to this announcement is attached hereto as Exhibit 99.2 and incorporated by reference herein.
Item 9.01.  Financial Statements and Exhibits
(d)   The following exhibits are being filed herewith:
Exhibit Number Description of Exhibits
99.1 
99.2
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURES
    
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
    
  UNITED STATES CELLULAR CORPORATION
  
    
Date:August 4, 2023By:/s/ Douglas W. Chambers
   Douglas W. Chambers
   Executive Vice President, Chief Financial Officer and Treasurer
   
   
    
    


Exhibit 99.1   NEWS RELEASE
usmnewsrelease.jpg

As previously announced, UScellular will hold a teleconference on August 4, 2023, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.
 

UScellular reports second quarter 2023 results

2Q 2023 Highlights*
•Focused on improving subscriber trajectory to reduce postpaid losses - made progress in reducing postpaid churn
◦Reduced postpaid handset churn 8%
•Executing on growth initiatives
◦Fixed Wireless customers grew 66% to 96,000
◦Tower rental revenues grew 10%
•Reduced debt balance by $150 million in 2Q'23
•Launching 5G Mid-Band network - providing low latency and faster speeds
◦Ended June with availability in parts of Illinois, Iowa, Wisconsin, Maine, Missouri, Nebraska, Oklahoma, Oregon, Virginia and Washington

* Comparisons are 2Q’22 to 2Q’23 unless otherwise noted

CHICAGO (August 4, 2023) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $957 million for the second quarter of 2023, versus $1,027 million for the same period one year ago. Service revenues totaled $760 million, versus $783 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $5 million and $0.05, respectively, for the second quarter of 2023 compared to $21 million and $0.25, respectively, in the same period one year ago.

“Postpaid handset subscriber trends improved slightly year-over-year driven by improvements in churn, however, gross additions remained challenged. Two of UScellular’s growth areas, fixed wireless and the tower portfolio, produced year-over-year double-digit increases in gross additions and revenues, respectively. And our ongoing cost optimization programs are helping to offset inflationary pressures, ” said Laurent Therivel, UScellular President and CEO. “In July, UScellular surpassed 100,000 fixed wireless customers – a key milestone as momentum for the product continues.”

Recent Development: On August 4, 2023, Telephone and Data Systems (TDS) and UScellular announced a process to explore a range of strategic alternatives for UScellular.
1

2023 Estimated Results
UScellular’s current estimates of full-year 2023 results are shown below. Such estimates represent management’s view as of August 4, 2023 and should not be assumed to be current as of any future date. UScellular undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

The 2023 Estimated Results shown below do not reflect any anticipated costs, expenses or results of the strategic review referenced above.

 2023 Estimated Results
 PreviousCurrent
(Dollars in millions)  
Service revenues$3,050-$3,150$3,025-$3,075
Adjusted OIBDA1
$725-$875$750-$850
Adjusted EBITDA1
$875-$1,025$925-$1,025
Capital expenditures$600-$700Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.
  Actual Results
 2023 Estimated Results Six Months Ended
June 30, 2023		Year Ended
December 31, 2022
(Dollars in millions)   
Net income (GAAP)N/A$20 $35 
Add back:   
Income tax expenseN/A29 37 
Income before income taxes (GAAP)$50-$150$49 $72 
Add back:   
Interest expense200 99 163 
Depreciation, amortization and accretion expense655 330 700 
EBITDA (Non-GAAP)1
$905-$1,005$478 $935 
Add back or deduct:   
Loss on impairment of licenses— — 3 
(Gain) loss on asset disposals, net20 13 19 
(Gain) loss on sale of business and other exit costs, net— — (1)
Adjusted EBITDA (Non-GAAP)1
$925-$1,025$491 $956 
Deduct:   
Equity in earnings of unconsolidated entities160 82 158 
Interest and dividend income15 5 8 
Adjusted OIBDA (Non-GAAP)1
$750-$850$404 $790 
1EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. UScellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of UScellular’s operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of UScellular’s financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, and gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for June 30, 2023, can be found on UScellular’s website at investors.uscellular.com.
2

Conference Call Information
UScellular will hold a conference call on August 4, 2023 at 9:00 a.m. Central Time.
▪Access the live call on the Events & Presentations page of investors.uscellular.com or at
https://events.q4inc.com/attendee/745533112
▪Access the call by phone at (888)330-2384 conference ID: 1328528.

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.uscellular.com. The call will be archived on the Events & Presentations page of investors.uscellular.com.
About UScellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 4.7 million retail connections in 21 states. The Chicago-based company had 4,600 full- and part-time associates as of June 30, 2023. At the end of the second quarter of 2023, Telephone and Data Systems, Inc. owned 83 percent of UScellular. For more information about UScellular, visit uscellular.com.
Contacts
Colleen Thompson, Vice President - Corporate Relations of TDS
colleen.thompson@tdsinc.com
 
Julie Mathews, IRC, Director - Investor Relations of TDS
julie.mathews@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any strategic alternatives for UScellular will be successfully identified or completed; whether any such strategic alternative will result in additional value for UScellular and its shareholders and whether the process will have an adverse impact on UScellular’s business; intense competition; the ability to attract people of outstanding talent throughout all levels of the organization; UScellular's smaller scale relative to larger competitors; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms and changes in roaming practices; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of UScellular's businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which UScellular does business; uncertainties in UScellular’s future cash flows and liquidity and access to the capital markets; the ability to make payments on UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network or information technology security; potential conflicts of interests between TDS and UScellular; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of UScellular's Form 10-K, as updated by any UScellular Form 10-Q filed subsequent to such Form 10-K.
 
For more information about UScellular, visit: www.uscellular.com
3

United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended6/30/20233/31/202312/31/20229/30/20226/30/2022
Retail Connections     
Postpaid     
Total at end of period4,194,000 4,223,000 4,247,000 4,264,000 4,296,000 
Gross additions125,000 137,000 154,000 151,000 128,000 
Handsets83,000 93,000 105,000 107,000 94,000 
Connected devices42,000 44,000 49,000 44,000 34,000 
Net additions (losses)(28,000)(24,000)(17,000)(31,000)(40,000)
Handsets(29,000)(25,000)(20,000)(22,000)(31,000)
Connected devices1,000 1,000 3,000 (9,000)(9,000)
ARPU1
$50.64 $50.66 $50.60 $50.21 $50.07 
ARPA2
$130.19 $130.77 $130.97 $130.27 $130.43 
Handset upgrade rate3
4.8 %4.9 %7.0 %8.1 %6.0 %
Churn rate4
1.21 %1.27 %1.35 %1.42 %1.30 %
Handsets1.01 %1.06 %1.12 %1.15 %1.10 %
Connected devices2.65 %2.78 %2.99 %3.40 %2.73 %
Prepaid
Total at end of period462,000 470,000 493,000 493,000 490,000 
Gross additions50,000 43,000 61,000 62,000 56,000 
Net additions (losses)(8,000)(23,000)— 2,000 (4,000)
ARPU1
$33.86 $33.19 $33.34 $35.04 $35.25 
Churn rate4
4.18 %4.63 %4.11 %4.07 %4.07 %
Market penetration at end of period
Consolidated operating population32,350,000 32,350,000 32,370,000 32,370,000 32,370,000 
Consolidated operating penetration5
15 %15 %15 %15 %15 %
Capital expenditures (millions)$143 $208 $176 $136 $268 
Total cell sites in service6,952 6,950 6,945 6,933 6,916 
Owned towers4,341 4,338 4,336 4,329 4,323 

1Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:
•Postpaid ARPU consists of total postpaid service revenues and postpaid connections.
•Prepaid ARPU consists of total prepaid service revenues and prepaid connections.
2Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.
3Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.
4Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.
5Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets.
4

United States Cellular Corporation
Consolidated Statement of Operations Highlights
(Unaudited)
 
 Three Months Ended
June 30,		 Six Months Ended
June 30,
 2023 2022 2023
vs. 2022		 2023 2022 2023
vs. 2022
(Dollars and shares in millions, except per share amounts)      
Operating revenues      
Service$760 $783 (3)%$1,527 $1,570 (3)%
Equipment sales197 244 (20)%415 467 (11)%
Total operating revenues957 1,027 (7)%1,942 2,037 (5)%
Operating expenses      
System operations (excluding Depreciation, amortization and accretion reported below)190 192 (1)%372 377 (1)%
Cost of equipment sold228 275 (17)%480 533 (10)%
Selling, general and administrative341 339 1 %686 663 3 %
Depreciation, amortization and accretion161 172 (7)%330 342 (4)%
Loss on impairment of licenses— 3 N/M— 3 N/M
(Gain) loss on asset disposals, net3 6 (44)%13 8 73 %
Total operating expenses923 987 (7)%1,881 1,926 (2)%
Operating income34 40 (13)%61 111 (45)%
Investment and other income (expense)      
Equity in earnings of unconsolidated entities38 37 3 %82 82 —
Interest and dividend income3 3 11 %5 4 43 %
Interest expense(51)(40)(30)%(99)(73)(35)%
Total investment and other income (expense)(10)— N/M(12)13 N/M
Income before income taxes24 40 (40)%49 124 (60)%
Income tax expense19 18 6 %29 50 (41)%
Net income5 22 (76)%20 74 (73)%
Less: Net income attributable to noncontrolling interests, net of tax— 1 (7)%2 3 (33)%
Net income attributable to UScellular shareholders$5 $21 (79)%$18 $71 (75)%
Basic weighted average shares outstanding85 86 (1)%85 86 (1)%
Basic earnings per share attributable to UScellular shareholders$0.05 $0.25 (79)%$0.21 $0.82 (75)%
Diluted weighted average shares outstanding86 87 (1)%86 87 (1)%
Diluted earnings per share attributable to UScellular shareholders$0.05 $0.25 (79)%$0.20 $0.82 (75)%

N/M - Percentage change not meaningful
5

United States Cellular Corporation
Consolidated Statement of Cash Flows
(Unaudited)
Six Months Ended
June 30,
20232022
(Dollars in millions)  
Cash flows from operating activities
Net income$20 $74 
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities  
Depreciation, amortization and accretion330 342 
Bad debts expense50 51 
Stock-based compensation expense6 14 
Deferred income taxes, net25 31 
Equity in earnings of unconsolidated entities(82)(82)
Distributions from unconsolidated entities78 80 
Loss on impairment of licenses— 3 
(Gain) loss on asset disposals, net13 8 
Other operating activities3 3 
Changes in assets and liabilities from operations
Accounts receivable35 (17)
Equipment installment plans receivable7 (25)
Inventory52 (33)
Accounts payable(106)(8)
Customer deposits and deferred revenues(9)6 
Accrued taxes1 135 
Accrued interest(1)1 
Other assets and liabilities(32)(5)
Net cash provided by operating activities390 578 
Cash flows from investing activities
Cash paid for additions to property, plant and equipment(351)(288)
Cash paid for licenses(8)(563)
Advance payments for license acquisitions— (1)
Other investing activities14 1 
Net cash used in investing activities(345)(851)
Cash flows from financing activities
Issuance of long-term debt115 625 
Repayment of long-term debt(156)(227)
Issuance of short-term debt— 60 
Repayment of short-term debt(60)— 
Common Shares reissued for benefit plans, net of tax payments(6)(5)
Repurchase of Common Shares— (18)
Distributions to noncontrolling interests(2)(2)
Cash paid for software license agreements(19)(3)
Other financing activities(1)(1)
Net cash provided by (used in) financing activities(129)429 
Net increase (decrease) in cash, cash equivalents and restricted cash(84)156 
Cash, cash equivalents and restricted cash
Beginning of period308 199 
End of period$224 $355 
6

United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
 June 30, 2023 December 31, 2022
(Dollars in millions)  
Current assets  
Cash and cash equivalents$186 $273 
Accounts receivable, net984 1,072 
Inventory, net210 261 
Prepaid expenses69 68 
Income taxes receivable4 4 
Other current assets47 45 
Total current assets1,500 1,723 
Assets held for sale16 26 
Licenses4,694 4,690 
Investments in unconsolidated entities457 452 
Property, plant and equipment, net2,640 2,624 
Operating lease right-of-use assets912 918 
Other assets and deferred charges670 686 
Total assets$10,889 $11,119 
7

United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
 June 30, 2023 December 31, 2022
(Dollars in millions, except per share amounts)  
Current liabilities  
Current portion of long-term debt$54 $13 
Accounts payable249 356 
Customer deposits and deferred revenues231 239 
Accrued taxes32 35 
Accrued compensation54 84 
Short-term operating lease liabilities134 133 
Other current liabilities254 335 
Total current liabilities1,008 1,195 
Deferred liabilities and credits  
Deferred income tax liability, net732 708 
Long-term operating lease liabilities836 843 
Other deferred liabilities and credits607 604 
Long-term debt, net3,105 3,187 
Noncontrolling interests with redemption features
12 12 
Equity  
UScellular shareholders’ equity  
Series A Common and Common Shares, par value $1.00 per share88 88 
Additional paid-in capital1,710 1,703 
Treasury shares(80)(98)
Retained earnings2,855 2,861 
Total UScellular shareholders’ equity4,573 4,554 
Noncontrolling interests16 16 
Total equity4,589 4,570 
Total liabilities and equity$10,889 $11,119 
8

United States Cellular Corporation
Financial Measures and Reconciliations
(Unaudited)
Free Cash Flow
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
(Dollars in millions)
Cash flows from operating activities (GAAP)$349 $267 $390 $578 
Cash paid for additions to property, plant and equipment(155)(138)(351)(288)
Cash paid for software license agreements(12)— (19)(3)
Free cash flow (Non-GAAP)1
$182 $129 $20 $287 
1Free cash flow is a non-GAAP financial measure which UScellular believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.
9

Exhibit 99.2
tdslogo.jpg
usmlogo.jpg

Telephone and Data Systems and UScellular Announce Exploration of Strategic Alternatives for UScellular

CHICAGO (August 4, 2023) – The boards of directors of Telephone and Data Systems, Inc. (“TDS”) (NYSE: TDS) and United States Cellular Corporation (“UScellular”) (NYSE: USM) have each decided to initiate a process to explore strategic alternatives for UScellular. The comprehensive process will explore a range of strategic alternatives.

“The TDS board believes that now is the right time for a comprehensive review of strategic alternatives for UScellular. We will pursue the pathway that is in the best interest of shareholders,” said Walter C.D. Carlson, Chairman of the TDS Board.

“The UScellular leadership team and I fully support the decision to review strategic alternatives for UScellular. We will remain focused on executing our plan and fulfilling our mission of connecting people to what matters most," said Laurent Therivel, Chief Executive Officer of UScellular.

TDS has retained Citi as its financial advisor and has retained legal counsel in connection with the review of strategic alternatives for UScellular. In connection with the review, the UScellular independent directors, as authorized by the UScellular board, have retained a financial advisor and legal counsel.

There is no deadline or definitive timetable set for completion of the strategic review, and there can be no assurance regarding the results or outcome of this review. TDS and UScellular do not intend to comment further on this strategic review process, and will make further announcements in accordance with their respective ongoing disclosure obligations and pursuant to applicable laws and regulations.

About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed 9,100 people as of June 30, 2023.

About UScellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 4.7 million retail connections in 21 states. The Chicago-based company had 4,600 full- and part-time associates as of June 30, 2023. At the end of the second quarter of 2023, Telephone and Data Systems, Inc. owned 83 percent of UScellular.

For more information about TDS and UScellular, visit:
TDS: www.tdsinc.com
UScellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about TDS’ and UScellular’s (collectively, the “Companies”) plans, beliefs, estimates, and expectations, including with respect to the exploration of strategic alternatives for UScellular. These statements are based on current intentions and expectations, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any strategic alternative for UScellular will be successfully identified or completed, whether any such strategic alternative will result in additional value for the Companies and their respective shareholders and whether the process will have an adverse impact on the business of the Companies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of Form 10-K by either of the Companies, as updated by either Company in any Form 10-Q filed subsequent to any such Form 10-K.

Contacts
Media:FGS Global
Bryan Locke, Jim Finkle, Amy Corser – TDS@FGSGlobal.com
Investors:Colleen Thompson – Colleen.Thompson@tdsinc.com
Julie Mathews – Julie.Mathews@tdsinc.com

v3.23.2
Document and Entity Document
Aug. 04, 2023
Entity Central Index Key 0000821130
Document Type 8-K
Document Period End Date Aug. 04, 2023
Entity Registrant Name UNITED STATES CELLULAR CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-09712
Entity Tax Identification Number 62-1147325
Entity Address, Address Line One 8410 West Bryn Mawr
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60631
City Area Code (773)
Local Phone Number 399-8900
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Common Shares  
Title of 12(b) Security Common Shares, $1 par value
Trading Symbol USM
Security Exchange Name NYSE
6.25% 2069 Senior Notes  
Title of 12(b) Security 6.25% Senior Notes due 2069
Trading Symbol UZD
Security Exchange Name NYSE
5.5% 2070 Senior Notes  
Title of 12(b) Security 5.50% Senior Notes due 2070
Trading Symbol UZE
Security Exchange Name NYSE
5.5% 2070 Senior Notes  
Title of 12(b) Security 5.50% Senior Notes due 2070
Trading Symbol UZF
Security Exchange Name NYSE
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