Form 8-K - Current report

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): May 28, 2024

TELEPHONE AND DATA SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-14157		36-2669023
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

30 North LaSalle Street, Suite 4000, Chicago, Illinois 60602

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (312) 630-1900

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 class	Trading Symbol	Name of each exchange on which registered
Common Shares, $.01 par value	TDS	New York Stock Exchange
Depositary Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value	TDSPrU	New York Stock Exchange
Depositary Shares each representing a 1/1000th interest in a share of 6.000% Series VV Cumulative Redeemable Perpetual Preferred Stock, $.01 par value	TDSPrV	New 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 8.01. Other Events

On May 28, 2024, Telephone and Data Systems, Inc. (“TDS”) (i) issued a press release announcing that its board of directors unanimously approved the execution of a Securities Purchase Agreement (the “Purchase Agreement”) by and among TDS, United States Cellular Corporation (“Seller”), T-Mobile US, Inc. (“Buyer”) and USCC Wireless Holdings, LLC, pursuant to which, among other things, Seller has agreed to sell its wireless operations and select spectrum assets to Buyer for a purchase price, subject to adjustment as specified in the Purchase Agreement, (the “Purchase Price”) of $4,400,000,000, payable in cash and the assumption of up to approximately $2,000,000,000 in debt (the “Transaction”) and (ii) made available an investor presentation with regard to the Transaction. A copy of the press release is furnished herewith as Exhibit 99.1 and a copy of the investor presentation is furnished herewith as Exhibit 99.2; both documents are incorporated in this Item 8.01 by reference.

Item 9.01. Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:

Exhibit Number		Description of Exhibits
99.1		Press Release, dated May 28, 2024

99.2		Investor Presentation, dated May 28, 2024

104		Cover 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.

		TELEPHONE AND DATA SYSTEMS, INC.

Date:	May 28, 2024	By:	/s/ Vicki L. Villacrez
			Vicki L. Villacrez
			Executive Vice President and Chief Financial Officer

Exhibit 99.1

TDS Board Announces Unanimous Support for Sale of UScellular’s Wireless Operations and Select Spectrum Assets to T-Mobile

TDS believes transaction delivers significant value to UScellular customers and shareholders

TDS announces second quarter 2024 dividends

TDS and UScellular to hold conference call at 8:30 a.m. Central Time

CHICAGO (May 28, 2024) – Telephone and Data Systems, Inc. (“TDS”) (NYSE: TDS) today indicated its board of directors unanimously approved the definitive agreement reached by TDS and United States Cellular Corporation (“UScellular”) (NYSE: USM) to sell UScellular’s wireless operations and approximately 30% of its spectrum assets to T-Mobile for a purchase price of $4.4 billion, including a combination of cash and up to approximately $2 billion of assumed debt. The agreement follows the thorough strategic review process announced in August 2023.

“Over the past four decades, TDS has supported the growth and development of UScellular, its wireless business and the company’s mission to connect people to what matters most. Continuing to deliver for UScellular’s customers requires a level of scale and investment that is best achieved by integrating its wireless operations with those of T-Mobile. We are confident that T-Mobile is the right partner and now is the right time to divest the operations,” said Walter C. D. Carlson, Chair of the TDS Board. “T-Mobile’s robust capabilities and offerings will enhance service, choice, and value for UScellular’s wireless customers, while the financial terms will deliver significant shareholder value and position UScellular with a healthy balance sheet and a transformed tower infrastructure business poised for strong growth and value creation.”

In addition to the sale of the wireless operations and select spectrum assets for $4.4 billion in cash and assumed debt, and the considerable benefits to customers as a result of the transaction, UScellular will benefit from the potential to opportunistically monetize the retained spectrum, which represents approximately 70% of total spectrum assets across several spectrum bands. UScellular’s tower assets will represent one of the largest tower businesses in the United States, and following the transaction, T-Mobile will be a long-term tenant on a minimum of 2,015 incremental towers owned by UScellular, and extend the lease term for the approximately 600 towers where T-Mobile is already a tenant. This will ensure continued, uninterrupted service for UScellular customers and create a long-term contracted revenue stream from a strong anchor tenant for at least 15 years after the close of the transaction. UScellular also retains its significant equity method investment interests, primarily from its wireless partnerships, that generated $158 million of equity method income and $150 million in distributions in 2023.

While decisions regarding the distribution of proceeds from the sale of the wireless operations will be determined solely by the UScellular board of directors, TDS will receive such proceeds in proportion to its ownership of UScellular. To the extent cash distributions are made to UScellular shareholders, including from proceeds, if any, related to the monetization of retained spectrum assets, TDS will utilize such proceeds in the best interests of its shareholders. Depending on the amount of proceeds, those uses are expected to include continuing to invest in the company’s fiber build-out program and reducing leverage levels, and may include return of capital to shareholders and the pursuit of other opportunities to grow the business.

Carlson continued, “As UScellular works to complete this transaction, TDS remains committed to executing on our strategy to grow our fiber footprint while increasing broadband penetrations and improving profitability. This includes bringing fiber to small and mid-sized, suburban and rural communities across the United States.”

Other Transaction Details

TDS, in its role as the 83 percent shareholder of UScellular, has delivered its written consent approving the transaction. The transaction is expected to close in mid-2025, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions.

For more information, please refer to the release filed today by UScellular, which can be accessed in UScellular’s website at https://investors.uscellular.com.

Advisors

Citigroup Global Markets Inc. is serving as lead financial advisor, Centerview Partners LLC is serving as financial advisor and Sidley Austin LLP is serving as lead legal advisor to TDS. TD Securities (USA) LLC and Wells Fargo are also serving as financial advisors to TDS for the transaction. PJT Partners LP is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal advisor to the independent directors of UScellular. Clifford Chance LLP and Wilkinson Barker Knauer, LLP are also serving as legal advisors to UScellular and TDS for the transaction.

Capital Allocation Strategy and Dividends

TDS remains confident in its plans to drive growth and create value by investing in fiber expansion. To support those plans, TDS is resetting its approach to capital allocation. Specifically, the Board has declared dividends for the second quarter 2024 at approximately 20% of the previous level for its Common Shares and Series A shares. This shift in approach is expected to free up additional capital that can be used to support the company’s fiber program, among other purposes. No changes are anticipated in the dividends to be paid on the Series UU and Series VV preferred shares.

TDS is paying a quarterly dividend of $0.04 per Common Share and Series A Common Share payable on June 28, 2024, to holders of record on June 14, 2024.

TDS is paying a quarterly dividend of $414.0625 per share on the company’s 6.625% Series UU Preferred shares; holders of depositary shares will receive $0.4140625 per depositary share payable on July 1, 2024, to holders of record on June 15, 2024.

TDS is paying a quarterly dividend of $375.0000 per share on the company’s 6.000% Series VV Preferred shares; holders of depositary shares will receive $0.3750000 per depositary share payable on July 1, 2024, to holders of record on June 15, 2024.

The tickers for the TDS Common shares is “TDS”, the Series UU depositary shares is “TDSPrU” and the Series VV depositary shares is “TDSPrV”.

Conference Call Information

TDS and UScellular will hold a joint conference call on May 28, 2024, at 8:30 a.m. Central Time.

Access the live call on TDS Events & Presentations or UScellular Events & Presentations or at https://events.q4inc.com/attendee/598119900

Access the call by phone at (800) 715-9871 (U.S./Canada), conference ID: 2264212

Before the call, information to be discussed during the call will be posted to TDS Events & Presentations. The call will be archived on TDS Events & Presentations and UScellular Events & Presentations.

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 approximately 8,600 associates as of March 31, 2024.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: 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 about the consummation and benefits of the proposed transactions, including anticipated synergies, and T-Mobile’s, UScellular’s and TDS’ plans, objectives, expectations and intentions, and the expected timing of completion of the proposed transaction. These statements are based on current plans, estimates, projections, and assumptions, and the anticipated timing of completion of the proposed transactions, 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: the failure to obtain, or delays in obtaining, required regulatory approvals and the risk that such approvals may be conditioned upon or result in the imposition of terms or conditions that could adversely affect the expected benefits of the proposed transaction; the failure to satisfy any of the other conditions to the proposed transaction on a timely basis, or at all; the occurrence of events that may allow one or more parties to terminate the definitive agreement; the adverse effects on TDS’, UScellular’s or T-Mobile’s common stock and on TDS’, UScellular’s or T-Mobile’s operating results because of a failure to complete the proposed transactions in the anticipated timeframe or at all; adverse changes in the ratings of TDS’, UScellular’s or T-Mobile’s debt securities or adverse conditions or disruptions in the financial or credit markets; negative effects of the announcement, pendency or consummation of the transaction on TDS’ or UScellular’s operating results, including as a result of changes in key customer, supplier, employee or other business relationships; significant transaction costs and unknown liabilities; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; costs or difficulties related to the integration of UScellular’s network and operations into T-Mobile’s; the risk of litigation or regulatory actions, including antitrust litigation; the risk that certain contractual restrictions contained in the definitive agreement during the pendency of the proposed transaction could adversely affect TDS’ or UScellular’s ability to pursue business opportunities or strategic transactions; effects of changes in the state or federal regulatory environment in which TDS, UScellular and T-Mobile operate; intense competition; the ability of UScellular to obtain or maintain leases for its towers; the ability of TDS, UScellular and T-Mobile to retain and attract people of outstanding talent throughout all levels of the organization; ’advances in technology; impacts of costs, integration problems or other factors associated with expansion of TDS’ businesses; the ability of UScellular to successfully construct and manage its towers; difficulties involving third parties with which TDS and UScellular does business; uncertainties in TDS’ and UScellular’s future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; changes in tax rules or pronouncements; inability to timely and successfully execute on its fiber expansion plans or to realize significant incremental revenue from its deployment; the possibility that the Board of Directors of TDS or UScellular will not declare dividends; conditions in the U.S. telecommunications industry; the value of assets and investments; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; deterioration of U.S. or global economic conditions; unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, war or hostilities, as well as management’s response to any of the aforementioned factors; 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 TDS’ Form 10-K.

Additional Information and Where to Find It

UScellular will prepare an information statement on Schedule 14C for its shareholders with respect to the transaction described herein. When completed, the information statement will be delivered to UScellular’s shareholders. You may obtain copies of all documents filed by UScellular with the SEC regarding this transaction, free of charge, at the SEC’s website, www.sec.gov or from UScellular’s website at https://investors.uscellular.com.

Exhibit 99.2

Sale of Wireless Operations and Select Spectrum Assets May 28, 2024

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. Forward-Looking Statements 2 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this presentation, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations about the consummation and benefits of the proposed transactions, including anticipated synergies, and T-Mobile’s and UScellular’s plans, objectives, expectations and intentions, and the expected timing of completion of the proposed transaction. These statements are based on current plans, estimates, projections, and assumptions, and the anticipated timing of completion of the proposed transactions, 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: the failure to obtain, or delays in obtaining, required regulatory approvals and the risk that such approvals may be conditioned upon or result in the imposition of terms or conditions that could adversely affect the expected benefits of the proposed transaction; the failure to satisfy any of the other conditions to the proposed transaction on a timely basis, or at all; the occurrence of events that may allow one or more parties to terminate the definitive agreement; the adverse effects on UScellular’s or T-Mobile’s common stock and on UScellular’s or T-Mobile’s operating results because of a failure to complete the proposed transactions in the anticipated timeframe or at all; adverse changes in the ratings of UScellular’s or T-Mobile’s debt securities or adverse conditions or disruptions in the financial or credit markets; negative effects of the announcement, pendency or consummation of the transaction on UScellular’s operating results, including as a result of changes in key customer, supplier, employee or other business relationships; significant transaction costs and unknown liabilities; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; costs or difficulties related to the integration of UScellular’s network and operations into T-Mobile’s; the risk of litigation or regulatory actions, including antitrust litigation; the risk that certain contractual restrictions contained in the definitive agreement during the pendency of the proposed transaction could adversely affect UScellular’s ability to pursue business opportunities or strategic transactions; effects of changes in the state or federal regulatory environment in which UScellular and T-Mobile operate; intense competition; the ability of UScellular and T-Mobile to retain and attract people of outstanding talent throughout all levels of the organization; the ability of UScellular to obtain or maintain leases for its towers; advances in technology; the ability of the company to successfully construct and manage its towers; 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; changes in tax rules or pronouncements; the possibility that the Board of Directors of UScellular will not declare dividends; conditions in the U.S. telecommunications industry; the value of assets and investments; pending and future litigation; cyber-attacks or other breaches of network or information technology security; potential conflicts of interests between TDS and UScellular; deterioration of U.S. or global economic conditions; unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, war or hostilities, as well as management’s response to any of the aforementioned factors; 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. Additional Information and Where to Find It UScellular will prepare an information statement on Schedule 14C for its shareholders with respect to the approval of the transaction described herein. When completed, the information statement will be mailed to UScellular’s shareholders. You may obtain copies of all documents filed by UScellular with the SEC regarding this transaction, free of charge, at the SEC’s website, www.sec.gov or from UScellular’s website at https://investors.uscellular.com.

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. 3 Call Participants Laurent “LT” Therivel President and Chief Executive Officer, UScellular Doug Chambers Executive Vice President, Chief Financial Officer and Treasurer, UScellular Vicki Villacrez Executive Vice President and Chief Financial Officer, TDS

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. Transaction Overview 4 • Sale of wireless operations and select spectrum assets to T-Mobile for $4.4 billion purchase price payable in combination of cash and up to $2 billion in assumed debt • Wireless operations include: subscribers, network assets and operations (excluding owned towers), sales and distribution, and customer care • Up to $100 million of the purchase price is contingent on certain financial and operational metrics between signing and closing and is subject to other adjustments as specified in the purchase agreement • Transaction expected to close in mid-2025, subject to regulatory approval and satisfaction of customary closing conditions Wireless Operations • T-Mobile to enter into a new, 15-year Master License Agreement (MLA) with UScellular on a minimum of 2,015 incremental UScellular towers following the transaction • T-Mobile to extend the term of its tenancy on the ~600 sites where T-Mobile is already a tenant for 15 years post-transaction Tower MLA • T-Mobile will acquire approximately 30% of UScellular’s spectrum portfolio, including all of the company’s 600 MHz(1) and 2.5 GHz, as well as the majority of its 700 MHz A Block, AWS and PCS holdings Spectrum (1) ~39% subject to a put/call agreement. To the extent the put/call is exercised, an incremental $106 million of purchase price will be due.

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. Transaction Delivers Significant Benefits to Customers 5 Lower Prices UScellular customers will have the opportunity to change to T-Mobile's lower-priced comparable plans with no switching costs Increased Rural Coverage Significantly expands coverage across rural America for the customers of both companies Better Network Experience Customers will get a superior performance and speed experience on the integrated network More Choices Access to T-Mobile’s “Un-carrier” benefits including content offers, additional savings for seniors, and more robust customer service options

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. Unlocking Value for All Stakeholders – “What’s Staying” 6 Retained Spectrum UScellular retains a majority of existing wireless spectrum portfolio – including Cellular, C-Band, and 3.45 GHz Transformed Tower Business Long-term MLA with T-Mobile + Existing third-party colocations solidify the 5 th largest tower portfolio in the US Equity Method Investment Interests Retained equity method investment interests generate meaningful income and distributions

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. UScellular is Retaining ~70% of its Spectrum Portfolio 7 Spectrum • T-Mobile to acquire bands of UScellular’s spectrum that most seamlessly integrate into their existing network • UScellular will seek to opportunistically monetize retained spectrum Acquired Retained Low & Mid-Band MHz POPs (1) 4,161mm MHz POPs(3) 1,969mm MHz POPs(3) 594 319 563 443 50 8,973 700 MHz (A Block) (30%) 700 MHz (B/C Block) Cellular AWS (4%) PCS (7%) 3.45 GHz CBRS C-Band 28 GHz(3) 37/39 GHz(3) (1) King Street and Advantage MHz POPs are included in the graph. (2) ~39% subject to a put/call agreement. To the extent the put/call is exercised, an incremental $106 million of purchase price will be due. (3) Quantification of mmWave MHz POPs not included in the graph. 133 333 663 25 33 1,252 78 1,644 7,492 9,967 Band MHz POPs 600 MHz(2) 700 MHz (A Block) (70%) AWS (96%) PCS (93%) 2.5 GHz 24 GHz(3) Band MHz POPs

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. A Transformed UScellular Tower Business 8 • T-Mobile to become a long-term tenant on a minimum of 2,015(2) incremental towers with expected minimum incremental cash rentals of $56 million in the first full year post-close • MLA term is subject to annual escalators at customary market rates • T-Mobile to extend its tenancy on the ~600 sites where T-Mobile is a tenant today for 15 years following the close of the transaction • 15-year committed term for new and existing T-Mobile tower leases provides substantial contracted revenue for UScellular • T-Mobile to have an interim lease on remaining towers to ensure a smooth network integration for T-Mobile and a seamless transition experience for UScellular’s wireless customers • Additional financial details on the tower business will be provided at a future date • Transaction solidifies position as the 5th largest tower company in the U.S. 34% 27% 26% 13% AT&T Verizon T-Mobile Other Current Tower Revenue Post-Transaction Tower Details Distribution(1) (as of 4Q’23) (1) Excluding the impact of new MLA. (2) Total commitment of 2,100 incremental towers; 2,015 towers in UScellular’s consolidated group, and 85 towers in entities where UScellular owns a noncontrolling interest

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. UScellular Shareholders to Continue to Benefit from Cash Flows from Equity Method Investment Interests • UScellular to retain its non-operating equity method investment interests that generated $158 million of equity method income and $150 million in distributions in 2023 • Equity method investments expected to continue to deliver steady source of cash flows to UScellular 9

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. Exchange Offer for UScellular Debt Holders T-Mobile to conduct exchange offer at par under which debt holders of the following UScellular debt will have the choice to exchange their UScellular debt for T-Mobile debt with the same coupon, maturity, and principal value 10 Exchangeable Notes Maturity Principal Value ($ in millions) Unsecured 6.7% Senior Notes Due 2033 Dec ’33 $544 Unsecured 6.3% Senior Notes Due 2069 Sep ’69 $500 Unsecured 5.5% Senior Notes Due 2070 Mar ’70 $500 Unsecured 5.5% Senior Notes Due 2070 Jun ’70 $500

Contains UScellular confidential information. Not for external use or disclosure without proper authorization. TDS Fully Supports the Transaction • Successful outcome creates significant value for UScellular and TDS stakeholders • Potential return of capital to UScellular shareholders (including TDS) would: • Enhance funding of the fiber program to expand broadband throughout the U.S. • Growing fiber footprint through the fiber expansion program • Bringing higher speeds to rural America though the Enhanced A-CAM program • Strengthen the TDS balance sheet • Resetting TDS capital allocation strategy: • Support advancement of fiber deployment • Improved leverage over time • Continue paying common share dividend but at a lower rate than previous levels 11 TDS remains committed to bringing connectivity to communities across the United States

Q&A

Cover	May 28, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 28, 2024
Entity File Number	001-14157
Entity Registrant Name	TELEPHONE AND DATA SYSTEMS, INC.
Entity Central Index Key	0001051512
Entity Tax Identification Number	36-2669023
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	30 North LaSalle Street, Suite 4000
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60602
City Area Code	312
Local Phone Number	630-1900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Shares, $.01 par value [Member]
Title of 12(b) Security	Common Shares, $.01 par value
Trading Symbol	TDS
Security Exchange Name	NYSE
Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares each representing a 1/1000th interest in a share of 6.625% Series UU
Trading Symbol	TDSPrU
Security Exchange Name	NYSE
Depositary Shares each representing a 1/1000th interest in a share of 6.000% Series VV Cumulative Redeemable Perpetual Preferred Stock, $.01 par value [Member]
Title of 12(b) Security	Depositary Shares each representing a 1/1000th interest in a share of 6.000% Series VV
Trading Symbol	TDSPrV
Security Exchange Name	NYSE