Guarantor Financial Information | 6 Months Ended |
Jun. 30, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Guarantor Financial Information | ' |
Note 7 – Guarantor Financial Information |
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Pursuant to the applicable indentures and supplemental indentures, the long-term debt, excluding capital leases, issued by T-Mobile USA (“Issuer”) is fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by T-Mobile (“Parent”) and certain of the Issuer’s wholly owned subsidiaries (“Guarantor Subsidiaries”). The guarantees of the Guarantor Subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The indentures governing the long-term debt contain covenants that, among other things, limit the ability of the Issuer and the Guarantor Subsidiaries to: incur more debt; pay dividends and make distributions; make certain investments; repurchase stock; create liens or other encumbrances; enter into transactions with affiliates; enter into transactions that restrict dividends or distributions from subsidiaries; and merge, consolidate, or sell, or otherwise dispose of, substantially all of their assets. Certain provisions of each of the indentures and the supplemental indentures relating to the long-term debt restrict the ability of the Issuer to loan funds or make payments to Parent. However, the Issuer and Guarantor Subsidiaries are allowed to make certain permitted payments to the Parent under the terms of the indentures and the supplemental indentures. |
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In February 2014, T-Mobile entered into a factoring arrangement to sell certain service accounts receivable on a revolving basis. In connection with the factoring arrangement, the Company formed the Factoring SPE, which is included in the Non-Guarantor Subsidiaries condensed consolidating financial information. See Note 2 – Acquisitions and Other Transactions for further information regarding the factoring arrangement. |
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In April 2014, Parent contributed $1.7 billion of cash to the Issuer in connection with the Verizon 700 MHz A-Block spectrum license acquisition. The transaction was recorded as an equity contribution and reflected in investments in subsidiaries, net on the Parent’s condensed consolidating balance sheet information. In addition, the contribution was presented as an investing activity from the Parent to the Issuer in the condensed consolidating statement of cash flows information. |
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Presented below is the condensed consolidating financial information as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013, respectively. As the business combination was treated as a “reverse acquisition” and the Issuer was treated as the accounting acquirer, the Issuer’s historical financial statements are the historical financial statements of Parent for comparative purposes. As a result the Parent column only reflects activity in the condensed consolidating financial statements presented below for periods subsequent to the consummation of the business combination on April 30, 2013. The equity method of accounting is used to account for ownership interests in subsidiaries, where applicable. |
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Condensed Consolidating Balance Sheet Information |
As of June 30, 2014 |
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(in millions) | Parent | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating and Eliminating Adjustments | | Consolidated |
Assets | | | | | | | | | | | |
Current assets | | | | | | | | | | | |
Cash and cash equivalents | $ | 1,288 | | | $ | 1,500 | | | $ | 61 | | | $ | 231 | | | $ | — | | | $ | 3,080 | |
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Accounts receivable, net | — | | | — | | | 3,782 | | | 157 | | | — | | | 3,939 | |
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Accounts receivable from affiliates | — | | | — | | | 87 | | | — | | | — | | | 87 | |
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Inventory | — | | | — | | | 791 | | | — | | | — | | | 791 | |
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Current portion of deferred tax assets, net | — | | | — | | | 805 | | | 15 | | | — | | | 820 | |
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Other current assets | — | | | 14 | | | 909 | | | 256 | | | — | | | 1,179 | |
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Total current assets | 1,288 | | | 1,514 | | | 6,435 | | | 659 | | | — | | | 9,896 | |
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Property and equipment, net of accumulated depreciation | — | | | — | | | 14,982 | | | 555 | | | — | | | 15,537 | |
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Goodwill | — | | | — | | | 1,683 | | | — | | | — | | | 1,683 | |
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Spectrum licenses | — | | | — | | | 21,828 | | | — | | | — | | | 21,828 | |
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Other intangible assets, net of accumulated amortization | — | | | — | | | 1,040 | | | — | | | — | | | 1,040 | |
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Investments in subsidiaries, net | 13,455 | | | 29,942 | | | 112 | | | — | | | (43,509 | ) | | — | |
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Intercompany receivables | — | | | 2,172 | | | — | | | — | | | (2,172 | ) | | — | |
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Other assets | 2 | | | 50 | | | 1,618 | | | 82 | | | (72 | ) | | 1,680 | |
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Total assets | $ | 14,745 | | | $ | 33,678 | | | $ | 47,698 | | | $ | 1,296 | | | $ | (45,753 | ) | | $ | 51,664 | |
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Liabilities and Stockholders' Equity | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | |
Accounts payable and accrued liabilities | $ | — | | | $ | 334 | | | $ | 4,907 | | | $ | 314 | | | $ | — | | | $ | 5,555 | |
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Current payables and short-term debt to affiliates | — | | | 56 | | | 180 | | | — | | | — | | | 236 | |
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Short-term debt | — | | | 250 | | | 22 | | | — | | | — | | | 272 | |
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Deferred revenue | — | | | — | | | 447 | | | — | | | — | | | 447 | |
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Other current liabilities | — | | | — | | | 598 | | | 23 | | | — | | | 621 | |
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Total current liabilities | — | | | 640 | | | 6,154 | | | 337 | | | — | | | 7,131 | |
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Long-term debt to affiliates | — | | | 5,600 | | | — | | | — | | | — | | | 5,600 | |
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Long-term debt | — | | | 13,983 | | | 386 | | | — | | | — | | | 14,369 | |
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Long-term financial obligation | — | | | — | | | 367 | | | 2,135 | | | — | | | 2,502 | |
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Deferred tax liabilities | — | | | — | | | 4,829 | | | — | | | (72 | ) | | 4,757 | |
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Deferred rents | — | | | — | | | 2,237 | | | — | | | — | | | 2,237 | |
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Negative carrying value of subsidiaries, net | — | | | — | | | 804 | | | — | | | (804 | ) | | — | |
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Intercompany payables | 182 | | | — | | | 1,929 | | | 61 | | | (2,172 | ) | | — | |
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Other long-term liabilities | — | | | — | | | 505 | | | — | | | — | | | 505 | |
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Total long-term liabilities | 182 | | | 19,583 | | | 11,057 | | | 2,196 | | | (3,048 | ) | | 29,970 | |
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Total stockholders' equity | 14,563 | | | 13,455 | | | 30,487 | | | (1,237 | ) | | (42,705 | ) | | 14,563 | |
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Total liabilities and stockholders' equity | $ | 14,745 | | | $ | 33,678 | | | $ | 47,698 | | | $ | 1,296 | | | $ | (45,753 | ) | | $ | 51,664 | |
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Condensed Consolidating Balance Sheet Information |
As of December 31, 2013 |
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(in millions) | Parent | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating and Eliminating Adjustments | | Consolidated |
Assets | | | | | | | | | | | |
Current assets | | | | | | | | | | | |
Cash and cash equivalents | $ | 2,960 | | | $ | 2,698 | | | $ | 57 | | | $ | 176 | | | $ | — | | | $ | 5,891 | |
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Accounts receivable, net | — | | | — | | | 3,541 | | | 78 | | | — | | | 3,619 | |
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Accounts receivable from affiliates | — | | | — | | | 41 | | | — | | | — | | | 41 | |
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Inventory | — | | | — | | | 586 | | | — | | | — | | | 586 | |
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Current portion of deferred tax assets, net | — | | | — | | | 824 | | | 15 | | | — | | | 839 | |
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Other current assets | — | | | — | | | 1,250 | | | 2 | | | — | | | 1,252 | |
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Total current assets | 2,960 | | | 2,698 | | | 6,299 | | | 271 | | | — | | | 12,228 | |
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Property and equipment, net of accumulated depreciation | — | | | — | | | 14,754 | | | 595 | | | — | | | 15,349 | |
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Goodwill | — | | | — | | | 1,683 | | | — | | | — | | | 1,683 | |
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Spectrum licenses | — | | | — | | | 18,122 | | | — | | | — | | | 18,122 | |
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Other intangible assets, net of accumulated amortization | — | | | — | | | 1,204 | | | — | | | — | | | 1,204 | |
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Investments in subsidiaries, net | 11,484 | | | 29,123 | | | — | | | — | | | (40,607 | ) | | — | |
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Intercompany receivables | — | | | — | | | 418 | | | — | | | (418 | ) | | — | |
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Other assets | 2 | | | 24 | | | 1,292 | | | 93 | | | (44 | ) | | 1,367 | |
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Total assets | $ | 14,446 | | | $ | 31,845 | | | $ | 43,772 | | | $ | 959 | | | $ | (41,069 | ) | | $ | 49,953 | |
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Liabilities and Stockholders' Equity | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | |
Accounts payable and accrued liabilities | $ | — | | | $ | 273 | | | $ | 4,218 | | | $ | 76 | | | $ | — | | | $ | 4,567 | |
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Current payables and short-term debt to affiliates | — | | | 56 | | | 143 | | | — | | | — | | | 199 | |
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Short-term debt | — | | | 226 | | | 18 | | | — | | | — | | | 244 | |
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Deferred revenue | — | | | — | | | 445 | | | — | | | — | | | 445 | |
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Other current liabilities | — | | | — | | | 313 | | | 40 | | | — | | | 353 | |
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Total current liabilities | — | | | 555 | | | 5,137 | | | 116 | | | — | | | 5,808 | |
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Long-term debt to affiliates | — | | | 5,600 | | | — | | | — | | | — | | | 5,600 | |
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Long-term debt | — | | | 14,010 | | | 335 | | | — | | | — | | | 14,345 | |
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Long-term financial obligation | — | | | — | | | 365 | | | 2,131 | | | — | | | 2,496 | |
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Deferred tax liabilities | — | | | — | | | 4,689 | | | — | | | (44 | ) | | 4,645 | |
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Deferred rents | — | | | — | | | 2,113 | | | — | | | — | | | 2,113 | |
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Negative carrying value of subsidiaries, net | — | | | — | | | 779 | | | — | | | (779 | ) | | — | |
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Intercompany payables | 201 | | | 183 | | | — | | | 34 | | | (418 | ) | | — | |
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Other long-term liabilities | — | | | 13 | | | 688 | | | — | | | — | | | 701 | |
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Total long-term liabilities | 201 | | | 19,806 | | | 8,969 | | | 2,165 | | | (1,241 | ) | | 29,900 | |
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Total stockholders' equity | 14,245 | | | 11,484 | | | 29,666 | | | (1,322 | ) | | (39,828 | ) | | 14,245 | |
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Total liabilities and stockholders' equity | $ | 14,446 | | | $ | 31,845 | | | $ | 43,772 | | | $ | 959 | | | $ | (41,069 | ) | | $ | 49,953 | |
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Condensed Consolidating Statement of Comprehensive Income (Loss) Information |
Three Months Ended June 30, 2014 |
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(in millions) | Parent | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating and Eliminating Adjustments | | Consolidated |
Revenues | | | | | | | | | | | |
Service revenues | $ | — | | | $ | — | | | $ | 5,259 | | | $ | 323 | | | $ | (98 | ) | | $ | 5,484 | |
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Equipment sales | — | | | — | | | 1,768 | | | — | | | (168 | ) | | 1,600 | |
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Other revenues | — | | | — | | | 70 | | | 34 | | | (3 | ) | | 101 | |
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Total revenues | — | | | — | | | 7,097 | | | 357 | | | (269 | ) | | 7,185 | |
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Operating expenses | | | | | | | | | | | |
Cost of services | — | | | — | | | 1,447 | | | 6 | | | — | | | 1,453 | |
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Cost of equipment sales | — | | | — | | | 2,188 | | | 207 | | | (180 | ) | | 2,215 | |
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Selling, general and administrative | — | | | — | | | 2,116 | | | 124 | | | (89 | ) | | 2,151 | |
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Depreciation and amortization | — | | | — | | | 1,108 | | | 21 | | | — | | | 1,129 | |
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MetroPCS transaction and integration costs | — | | | — | | | 22 | | | — | | | — | | | 22 | |
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Restructuring costs | — | | | — | | | — | | | — | | | — | | | — | |
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Other, net | — | | | — | | | (747 | ) | | — | | | — | | | (747 | ) |
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Total operating expenses | — | | | — | | | 6,134 | | | 358 | | | (269 | ) | | 6,223 | |
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Operating income (loss) | — | | | — | | | 963 | | | (1 | ) | | — | | | 962 | |
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Other income (expense) | | | | | | | | | | | |
Interest expense to affiliates | — | | | (85 | ) | | — | | | — | | | — | | | (85 | ) |
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Interest expense | — | | | (212 | ) | | (15 | ) | | (44 | ) | | — | | | (271 | ) |
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Interest income | — | | | — | | | 83 | | | — | | | — | | | 83 | |
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Other income (expense), net | — | | | (14 | ) | | 2 | | | — | | | — | | | (12 | ) |
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Total other income (expense), net | — | | | (311 | ) | | 70 | | | (44 | ) | | — | | | (285 | ) |
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Income (loss) before income taxes | — | | | (311 | ) | | 1,033 | | | (45 | ) | | — | | | 677 | |
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Income tax expense (benefit) | — | | | — | | | 306 | | | (20 | ) | | — | | | 286 | |
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Earnings (loss) of subsidiaries | 391 | | | 702 | | | (12 | ) | | — | | | (1,081 | ) | | — | |
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Net income (loss) | 391 | | | 391 | | | 715 | | | (25 | ) | | (1,081 | ) | | 391 | |
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Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | — | |
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Total comprehensive income (loss) | $ | 391 | | | $ | 391 | | | $ | 715 | | | $ | (25 | ) | | $ | (1,081 | ) | | $ | 391 | |
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Condensed Consolidating Statement of Comprehensive Income (Loss) Information |
Three Months Ended June 30, 2013 |
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(in millions) | Parent | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating and Eliminating Adjustments | | Consolidated |
Revenues | | | | | | | | | | | |
Service revenues | $ | — | | | $ | — | | | $ | 4,591 | | | $ | 191 | | | $ | (26 | ) | | $ | 4,756 | |
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Equipment sales | — | | | — | | | 1,542 | | | — | | | (163 | ) | | 1,379 | |
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Other revenues | — | | | — | | | 85 | | | 44 | | | (36 | ) | | 93 | |
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Total revenues | — | | | — | | | 6,218 | | | 235 | | | (225 | ) | | 6,228 | |
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Operating expenses | | | | | | | | | | | |
Cost of services | — | | | — | | | 1,342 | | | 21 | | | (36 | ) | | 1,327 | |
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Cost of equipment sales | — | | | — | | | 1,994 | | | 122 | | | (180 | ) | | 1,936 | |
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Selling, general and administrative | — | | | — | | | 1,821 | | | 35 | | | (9 | ) | | 1,847 | |
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Depreciation and amortization | — | | | — | | | 867 | | | 21 | | | — | | | 888 | |
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MetroPCS transaction and integration costs | — | | | — | | | 26 | | | — | | | — | | | 26 | |
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Restructuring costs | — | | | — | | | 23 | | | — | | | — | | | 23 | |
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Total operating expenses | — | | | — | | | 6,073 | | | 199 | | | (225 | ) | | 6,047 | |
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Operating income | — | | | — | | | 145 | | | 36 | | | — | | | 181 | |
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Other income (expense) | | | | | | | | | | | |
Interest expense to affiliates | — | | | (225 | ) | | — | | | — | | | — | | | (225 | ) |
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Interest expense | — | | | (53 | ) | | (13 | ) | | (43 | ) | | — | | | (109 | ) |
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Interest income | — | | | — | | | 40 | | | — | | | — | | | 40 | |
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Other income (expense), net | — | | | 120 | | | (2 | ) | | — | | | — | | | 118 | |
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Total other income (expense), net | — | | | (158 | ) | | 25 | | | (43 | ) | | — | | | (176 | ) |
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Income (loss) before income taxes | — | | | (158 | ) | | 170 | | | (7 | ) | | — | | | 5 | |
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Income tax expense (benefit) | — | | | — | | | 28 | | | (7 | ) | | — | | | 21 | |
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Earnings (loss) of subsidiaries | (47 | ) | | 142 | | | (15 | ) | | — | | | (80 | ) | | — | |
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Net income (loss) | (47 | ) | | (16 | ) | | 127 | | | — | | | (80 | ) | | (16 | ) |
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Other comprehensive income (loss), net of tax | — | | | (38 | ) | | 23 | | | — | | | (23 | ) | | (38 | ) |
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Total comprehensive income (loss) | $ | (47 | ) | | $ | (54 | ) | | $ | 150 | | | $ | — | | | $ | (103 | ) | | $ | (54 | ) |
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Condensed Consolidating Statement of Comprehensive Income (Loss) Information |
Six Months Ended June 30, 2014 |
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(in millions) | Parent | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating and Eliminating Adjustments | | Consolidated |
Revenues | | | | | | | | | | | |
Service revenues | $ | — | | | $ | — | | | $ | 10,409 | | | $ | 588 | | | $ | (176 | ) | | $ | 10,821 | |
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Equipment sales | — | | | — | | | 3,365 | | | — | | | (317 | ) | | 3,048 | |
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Other revenues | — | | | — | | | 128 | | | 68 | | | (5 | ) | | 191 | |
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Total revenues | — | | | — | | | 13,902 | | | 656 | | | (498 | ) | | 14,060 | |
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Operating expenses | | | | | | | | | | | |
Cost of services | — | | | — | | | 2,907 | | | 10 | | | — | | | 2,917 | |
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Cost of equipment sales | — | | | — | | | 4,501 | | | 345 | | | (345 | ) | | 4,501 | |
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Selling, general and administrative | — | | | — | | | 4,176 | | | 224 | | | (153 | ) | | 4,247 | |
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Depreciation and amortization | — | | | — | | | 2,143 | | | 41 | | | — | | | 2,184 | |
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MetroPCS transaction and integration costs | — | | | — | | | 34 | | | — | | | — | | | 34 | |
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Other, net | — | | | — | | | (757 | ) | | — | | | — | | | (757 | ) |
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Total operating expenses | — | | | — | | | 13,004 | | | 620 | | | (498 | ) | | 13,126 | |
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Operating income | — | | | — | | | 898 | | | 36 | | | — | | | 934 | |
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Other income (expense) | | | | | | | | | | | |
Interest expense to affiliates | — | | | (103 | ) | | — | | | — | | | — | | | (103 | ) |
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Interest expense | — | | | (426 | ) | | (33 | ) | | (88 | ) | | — | | | (547 | ) |
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Interest income | — | | | — | | | 158 | | | — | | | — | | | 158 | |
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Other income (expense), net | — | | | (22 | ) | | 4 | | | — | | | — | | | (18 | ) |
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Total other income (expense), net | — | | | (551 | ) | | 129 | | | (88 | ) | | — | | | (510 | ) |
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Income (loss) before income taxes | — | | | (551 | ) | | 1,027 | | | (52 | ) | | — | | | 424 | |
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Income tax expense (benefit) | — | | | — | | | 206 | | | (22 | ) | | — | | | 184 | |
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Earnings (loss) of subsidiaries | 240 | | | 791 | | | (27 | ) | | — | | | (1,004 | ) | | — | |
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Net income (loss) | 240 | | | 240 | | | 794 | | | (30 | ) | | (1,004 | ) | | 240 | |
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Other comprehensive loss, net of tax | (3 | ) | | (3 | ) | | (3 | ) | | — | | | 6 | | | (3 | ) |
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Total comprehensive income (loss) | $ | 237 | | | $ | 237 | | | $ | 791 | | | $ | (30 | ) | | $ | (998 | ) | | $ | 237 | |
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Condensed Consolidating Statement of Comprehensive Income (Loss) Information |
Six Months Ended June 30, 2013 |
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(in millions) | Parent | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating and Eliminating Adjustments | | Consolidated |
Revenues | | | | | | | | | | | |
Service revenues | $ | — | | | $ | — | | | $ | 8,447 | | | $ | 367 | | | $ | (52 | ) | | $ | 8,762 | |
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Equipment sales | — | | | — | | | 2,308 | | | — | | | (324 | ) | | 1,984 | |
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Other revenues | — | | | — | | | 141 | | | 86 | | | (68 | ) | | 159 | |
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Total revenues | — | | | — | | | 10,896 | | | 453 | | | (444 | ) | | 10,905 | |
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Operating expenses | | | | | | | | | | | |
Cost of services | — | | | — | | | 2,464 | | | 40 | | | (68 | ) | | 2,436 | |
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Cost of equipment sales | — | | | — | | | 2,926 | | | 251 | | | (355 | ) | | 2,822 | |
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Selling, general and administrative | — | | | — | | | 3,303 | | | 71 | | | (21 | ) | | 3,353 | |
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Depreciation and amortization | — | | | — | | | 1,602 | | | 41 | | | — | | | 1,643 | |
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MetroPCS transaction and integration costs | — | | | — | | | 39 | | | — | | | — | | | 39 | |
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Restructuring costs | — | | | — | | | 54 | | | — | | | — | | | 54 | |
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Other, net | — | | | — | | | (2 | ) | | — | | | — | | | (2 | ) |
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Total operating expenses | — | | | — | | | 10,386 | | | 403 | | | (444 | ) | | 10,345 | |
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Operating income | — | | | — | | | 510 | | | 50 | | | — | | | 560 | |
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Other income (expense) | | | | | | | | | | | |
Interest expense to affiliates | — | | | (403 | ) | | — | | | — | | | — | | | (403 | ) |
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Interest expense | — | | | (54 | ) | | (20 | ) | | (86 | ) | | — | | | (160 | ) |
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Interest income | — | | | — | | | 75 | | | — | | | — | | | 75 | |
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Other income (expense), net | — | | | 114 | | | (2 | ) | | — | | | — | | | 112 | |
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Total other income (expense), net | — | | | (343 | ) | | 53 | | | (86 | ) | | — | | | (376 | ) |
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Income (loss) before income taxes | — | | | (343 | ) | | 563 | | | (36 | ) | | — | | | 184 | |
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Income tax expense (benefit) | — | | | — | | | 109 | | | (16 | ) | | — | | | 93 | |
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Earnings (loss) of subsidiaries | (47 | ) | | 434 | | | (29 | ) | | — | | | (358 | ) | | — | |
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Net income (loss) | (47 | ) | | 91 | | | 425 | | | (20 | ) | | (358 | ) | | 91 | |
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Other comprehensive income (loss), net of tax | — | | | (39 | ) | | 24 | | | — | | | (24 | ) | | (39 | ) |
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Total comprehensive income (loss) | $ | (47 | ) | | $ | 52 | | | $ | 449 | | | $ | (20 | ) | | $ | (382 | ) | | $ | 52 | |
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Condensed Consolidating Statement of Cash Flows Information |
Six Months Ended June 30, 2014 |
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(in millions) | Parent | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating and Eliminating Adjustments | | Consolidated |
Operating activities | | | | | | | | | | | |
Net cash provided by (used in) operating activities | $ | 5 | | | $ | (2,898 | ) | | $ | 4,567 | | | $ | 55 | | | $ | — | | | $ | 1,729 | |
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Investing activities | | | | | | | | | | | |
Purchases of property and equipment | — | | | — | | | (1,887 | ) | | — | | | — | | | (1,887 | ) |
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Purchases of spectrum licenses and other intangible assets | — | | | — | | | (2,367 | ) | | — | | | — | | | (2,367 | ) |
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Investment in subsidiaries | (1,700 | ) | | — | | | — | | | — | | | 1,700 | | | — | |
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Investments in unconsolidated affiliates, net | — | | | — | | | (20 | ) | | — | | | — | | | (20 | ) |
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Other, net | — | | | — | | | (1 | ) | | — | | | — | | | (1 | ) |
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Net cash used in investing activities | (1,700 | ) | | — | | | (4,275 | ) | | — | | | 1,700 | | | (4,275 | ) |
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Financing activities | | | | | | | | | | | |
Proceeds from capital contribution | — | | | 1,700 | | | — | | | — | | | (1,700 | ) | | — | |
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Repayments of short-term debt for purchases of property and equipment | — | | | — | | | (231 | ) | | — | | | — | | | (231 | ) |
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Taxes paid related to net share settlement of stock awards | — | | | — | | | (72 | ) | | — | | | — | | | (72 | ) |
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Excess tax benefit from stock-based compensation | — | | | — | | | 33 | | | — | | | — | | | 33 | |
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Proceeds from exercise of stock options | 23 | | | — | | | — | | | — | | | — | | | 23 | |
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Other, net | — | | | — | | | (18 | ) | | — | | | — | | | (18 | ) |
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Net cash provided by (used in) financing activities | 23 | | | 1,700 | | | (288 | ) | | — | | | (1,700 | ) | | (265 | ) |
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Change in cash and cash equivalents | (1,672 | ) | | (1,198 | ) | | 4 | | | 55 | | | — | | | (2,811 | ) |
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Cash and cash equivalents | | | | | | | | | | | |
Beginning of period | 2,960 | | | 2,698 | | | 57 | | | 176 | | | — | | | 5,891 | |
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End of period | $ | 1,288 | | | $ | 1,500 | | | $ | 61 | | | $ | 231 | | | $ | — | | | $ | 3,080 | |
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Condensed Consolidating Statement of Cash Flows Information |
Six Months Ended June 30, 2013 |
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(in millions) | Parent | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating and Eliminating Adjustments | | Consolidated |
Operating activities | | | | | | | | | | | |
Net cash provided by (used in) operating activities | $ | 298 | | | $ | (386 | ) | | $ | 1,769 | | | $ | 34 | | | $ | — | | | $ | 1,715 | |
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Investing activities | | | | | | | | | | | |
Purchases of property and equipment | — | | | — | | | (2,126 | ) | | — | | | — | | | (2,126 | ) |
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Purchases of spectrum licenses and other intangible assets | — | | | — | | | (51 | ) | | — | | | — | | | (51 | ) |
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Short term affiliate loan receivable, net | — | | | — | | | 300 | | | — | | | — | | | 300 | |
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Cash and cash equivalents acquired in MetroPCS business combination | 737 | | | 1,407 | | | — | | | — | | | — | | | 2,144 | |
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Other, net | — | | | — | | | (5 | ) | | — | | | — | | | (5 | ) |
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Net cash provided by (used in) investing activities | 737 | | | 1,407 | | | (1,882 | ) | | — | | | — | | | 262 | |
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Financing activities | | | | | | | | | | | |
Repayments related to a variable interest entity | — | | | — | | | (40 | ) | | — | | | — | | | (40 | ) |
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Distribution to affiliate | — | | | — | | | (41 | ) | | — | | | — | | | (41 | ) |
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Excess tax benefit from stock-based compensation | — | | | — | | | 3 | | | — | | | — | | | 3 | |
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Proceeds from exercise of stock options | 72 | | | — | | | — | | | — | | | — | | | 72 | |
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Other, net | — | | | — | | | (3 | ) | | — | | | — | | | (3 | ) |
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Net cash provided by (used in) financing activities | 72 | | | — | | | (81 | ) | | — | | | — | | | (9 | ) |
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Change in cash and cash equivalents | 1,107 | | | 1,021 | | | (194 | ) | | 34 | | | — | | | 1,968 | |
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Cash and cash equivalents | | | | | | | | | | | |
Beginning of period | — | | | — | | | 287 | | | 107 | | | — | | | 394 | |
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End of period | $ | 1,107 | | | $ | 1,021 | | | $ | 93 | | | $ | 141 | | | $ | — | | | $ | 2,362 | |
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