Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2024



Year Ended December 31, 2024	Wireless		Towers		Total
(Dollars in millions)
Revenues from external customers	$	3,667	$	103	$	3,770
Intersegment revenues	—		131		131
	3,667		234		3,901
Reconciliation of revenue:
Elimination of intersegment revenues					(131)
Total operating revenues					$	3,770

Less1:
Cost of services (excluding Depreciation, amortization and accretion reported below)	777		78
Cost of equipment and products	906		—
Selling, general and administrative	1,298		32
Expenses related to strategic alternatives review (included in Selling, general and administrative)	(33)		(2)
Segment Adjusted EBITDA (Non-GAAP)	$	719	$	126	$	845

Reconciliation of Segment Adjusted EBITDA to Income (loss) before income taxes:
Depreciation, amortization and accretion					(665)
Expenses related to strategic alternatives review (included in Selling, general and administrative)					(35)
Loss on impairment of licenses					(136)
Loss on asset disposals, net					(18)
Loss on license sales and exchanges, net					(3)
Equity earnings of unconsolidated entities					161
Interest and dividend income					12
Interest expense					(183)
Income (loss) before income taxes					$	(22)


Other segment disclosures
Year Ended or as of December 31, 2024	Wireless		Towers		Segment Total		UScellular
Depreciation, amortization and accretion	$	(620)	$	(45)	$	(665)
Loss on impairment of licenses	(136)		—		(136)
Loss on asset disposals, net	(17)		(1)		(18)
Loss on license sales and exchanges, net	(3)		—		(3)

Investments in unconsolidated entities2							$	454
Total assets3							$	10,449
Capital expenditures	$	554	$	23	$	577



Year Ended December 31, 2023	Wireless		Towers		Total
(Dollars in millions)
Revenues from external customers	$	3,805	$	101	$	3,906
Intersegment revenues	—		127		127
	3,805		228		4,033
Reconciliation of revenue:

Elimination of intersegment revenues					(127)
Total operating revenues					$	3,906

Less1:
Cost of services (excluding Depreciation, amortization and accretion reported below)	794		73
Cost of equipment and products	988		—
Selling, general and administrative	1,334		34
Expenses related to strategic alternatives review (included in Selling, general and administrative)	(8)		—
Segment Adjusted EBITDA (Non-GAAP)	$	697	$	121	$	818

Reconciliation of Segment Adjusted EBITDA to Income before income taxes:

Depreciation, amortization and accretion					(656)
Expenses related to strategic alternatives review (included in Selling, general and administrative)					(8)

Loss on asset disposals, net					(17)
Gain on license sales and exchanges, net					2
Equity earnings of unconsolidated entities					158
Interest and dividend income					10
Interest expense					(196)
Income before income taxes					$	111


Other segment disclosures
Year Ended or as of December 31, 2023	Wireless		Towers		Segment Total		UScellular
Depreciation, amortization and accretion	$	(610)	$	(46)	$	(656)

Gain (loss) on asset disposals, net	(19)		2		(17)
Gain on license sales and exchanges, net	2		—		2

Investments in unconsolidated entities2							$	461
Total assets3							$	10,750
Capital expenditures	$	580	$	31	$	611



Year Ended December 31, 2022	Wireless		Towers		Total
(Dollars in millions)
Revenues from external customers	$	4,076	$	93	$	4,169
Intersegment revenues	—		123		123
	4,076		216		4,292
Reconciliation of revenue:

Elimination of intersegment revenues					(123)
Total operating revenues					$	4,169

Less1:
Cost of services (excluding Depreciation, amortization and accretion reported below)	807		71
Cost of equipment and products	1,216		—
Selling, general and administrative	1,376		32


Segment Adjusted EBITDA (Non-GAAP)	$	677	$	113	$	790

Reconciliation of Segment Adjusted EBITDA to Income before income taxes:

Depreciation, amortization and accretion					(700)

Loss on impairment of licenses					(3)
Loss on asset disposals, net					(19)

Gain on sale of business and other exit costs, net					1
Equity earnings of unconsolidated entities					158
Interest and dividend income					8
Interest expense					(163)
Income before income taxes					$	72


Other segment disclosures
Year Ended or as of December 31, 2022	Wireless		Towers		Segment Total		UScellular
Depreciation, amortization and accretion	$	(655)	$	(45)	$	(700)
Loss on impairment of licenses	(3)		—		(3)
Loss on asset disposals, net	(19)		—		(19)
Gain on sale of business and other exit costs, net	1		—		1

Investments in unconsolidated entities2							$	452
Total assets3							$	11,119
Capital expenditures	$	689	$	28	$	717

1The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

2This item is not included in the evaluation of operating performance of the Wireless and Towers segments, and therefore is reported for "UScellular".

3Assets are not provided at the individual segment level for Wireless and Towers, and therefore is reported for "UScellular". The UScellular segments operate under a common capital structure, and management has historically considered its assets collectively as part of a combined wireless network.