Exhibit 99.1
As previously announced, TDS and its subsidiaries will hold a joint teleconference Apr. 23, 2007, at 10:00 a.m. Chicago time. Interested parties may listen to the call live over the Internet by accessing the conference call page of the Investor Relations section of www.teldta.com.
Contact: Mark A. Steinkrauss, Vice President, Corporate Relations
(312) 592-5384 mark.steinkrauss@teldta.com
Julie D. Mathews, Manager, Investor Relations
(312) 592-5341 julie.mathews@teldta.com
FOR RELEASE: IMMEDIATE
U.S. CELLULAR REPORTS FOURTH QUARTER 2006 RESULTS;
Operating Revenues up 15 Percent; Reports Strong First Quarter 2007
Net Retail Adds of 146,000; Updates 2007 Guidance
CHICAGO — April 23, 2007 - United States Cellular Corporation [AMEX:USM] reported service revenues of $831.7 million for the fourth quarter of 2006, up 13 percent from $737.8 million, as restated, for the comparable period one year ago. The company recorded operating income of $63.6 million during the quarter compared to $66.2 million, as restated, for the fourth quarter of 2005. In the fourth quarter of 2005, the company recorded a $44.7 million pre-tax gain on assets held for sale related to the Kansas Nebraska exchange. The fair value adjustment related to derivative instruments resulted in a loss of $45.6 million in the quarter compared to a gain of $35 million in the fourth quarter of 2005. Net income and diluted earnings per share were $54.1 million and $.61, respectively, compared to net income and diluted earnings per share of $61.2 million and $.70, respectively, as restated, for the comparable period one year ago.
Fourth Quarter Highlights
· The total number of customers increased 6 percent year over year to 5,815,000. The number of retail customers increased 6 percent to 5,225,000.
· Average monthly revenue per unit (ARPU) increased 5 percent to $48.15.
· The company recorded a postpay churn rate of 1.5 percent.
· U.S. Cellular completed the sale of its interest in Midwest Wireless and recorded a gain on investments of $70.4 million.
· U.S. Cellular recorded a loss in fair value resulting in an adjustment of derivative instruments of $45.6 million related to accounting for prepaid forward contracts. This loss is both non-cash and non-operating.
“U.S. Cellular’s associates continue to make our customers their first priority,” said John E. Rooney, U.S. Cellular president and CEO. “This is evidenced by our ongoing low postpay churn rate, which was 1.5 percent in the fourth quarter. Our network operations team also made great strides in ensuring top-notch call quality by enhancing our network with 199 additional cell sites in the quarter.”
Continued Rooney, “Thanks to our increasingly popular easyedgesm data platform and text messaging service, data revenues in the fourth quarter increased 65 percent year over year, and accounted for over 6 percent of service revenues, or $217 million, in 2006 compared to 4.6 percent in 2005. This, plus increasing customer adoption of our new national, family and wide area calling plans, helped drive a 5 percent year-over-year increase in ARPU.
“We closed 2006 with an impressive 98,000 net retail additions in the quarter, and we hope to continue that momentum throughout 2007. All U.S. Cellular associates are focused on increasing penetration in existing markets, achieving profitable growth and increasing cash flow from operations. Our balance sheet is strong, our strategy is proven and we are executing well,” concluded Rooney.
First Quarter 2007 Net Retail Customer Additions
U.S. Cellular added 146,000 net retail customer additions in the first quarter.
2007 Guidance Update
U.S. Cellular also updated its guidance for the year ended Dec. 31, 2007, as follows:
|
| Guidance as of April 23, 2007 |
| |
Net Retail Customer Additions |
| 375,000 - 425,000 |
| |
|
|
|
| |
Service Revenues |
| Approx. $3.5 billion* |
| |
|
|
|
| |
Operating Income |
| $ | 375 - $425 million* |
|
|
|
|
| |
Dep., Amort. & Accretion |
| Approx. $615 million* |
| |
|
|
|
| |
Capital Expenditures |
| $ | 600 - $615 million* |
|
* unchanged from guidance previously issued on Feb. 23, 2007
Fair Value Adjustment of Derivative Instruments
Fair value adjustment of derivative instruments reflects the change in the fair value of the collars within the forward contracts entered into in 2002 related to U.S. Cellular’s ownership of Vodafone Group Plc American Depository Receipts. Changes in fair value of the collars are now recognized in the statement of operations, along with the related income tax effects, causing increased volatility in the results as evidenced by the 2006 quarterly data below.
Gain (Loss) - ($$ in thousands)
|
| Mar. 31 |
| June 30 |
| Sept. 30 |
| Dec. 31 |
| ||||
Fair value adjustment of derivative instruments |
| $ | 4,815 |
| $ | (922 | ) | $ | (21,285 | ) | $ | (45,630 | ) |
Certain financial and statistical information will be posted to the U.S. Cellular web site, together with reconciliations to generally accepted accounting principles (GAAP) of certain non-GAAP disclosures. Investors may access this additional information on the Investor Relations section of the U.S. Cellular web site.
As previously announced, TDS and its subsidiaries will hold a joint teleconference Apr. 23, 2007, at 10:00 a.m. Chicago time. Interested parties may listen to the call live over the Internet by accessing http://audioevent.mshow.com/331399/ or the conference call page of the Investor Relations section of www.teldta.com. Or connect by telephone (US/Canada) at 800/706-9695 with a conference ID #6106580. The conference call will be archived on the conference call section of the TDS web site at www.teldta.com.
Prior to the start of the call, certain financial and statistical information discussed during the conference call comments will be posted to the web site, together with reconciliations to generally accepted accounting principles (GAAP) of any non-GAAP information to be disclosed. Investors may access this additional information on the conference call page of the Investor Relations section of the TDS web site.
About U.S. Cellular
As of Dec. 31, 2006, U.S. Cellular Corporation, the nation’s sixth-largest wireless service carrier, employed 8,100 people and provided wireless service to 5.8 million customers in 26 states. The Chicago-based company operates on a customer satisfaction strategy, meeting customer needs by providing a comprehensive range of wireless products and services, superior customer support, and a high-quality network.
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
2
statements. This includes all statements about the company’s plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, 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 ability of the company to successfully manage and grow the operations of the Chicago MTA and newly launched markets; changes in competition in the markets in which the company operates; changes in the overall economy; changes due to industry consolidation; advances in telecommunications technology; changes in the telecommunications regulatory environment; changes in the value of assets; changes in the value of investments, including variable prepaid forward contracts; an adverse change in the ratings afforded our debt securities by accredited ratings organizations; risks and uncertainties relating to restatements and possible future restatements; pending and future litigation; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per unit, churn rates, roaming rates and the mix of products and services offered in the company’s markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K used by U.S. Cellular to furnish this press release to the SEC, which are incorporated by reference herein.
For more information about U.S. Cellular, visit: www.uscellular.com.
###
3
UNITED STATES CELLULAR CORPORATION
SUMMARY OPERATING DATA
Quarter Ended |
| 12/31/2006 |
| 9/30/2006 |
| 6/30/2006 |
| 3/31/2006 |
| 12/31/2005 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated Markets: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total population (000s) (1) |
| 55,543 |
| 55,543 |
| 55,543 |
| 55,164 |
| 45,244 |
| |||||
All customers - |
|
|
|
|
|
|
|
|
|
|
| |||||
Customer units |
| 5,815,000 |
| 5,729,000 |
| 5,704,000 |
| 5,633,000 |
| 5,482,000 |
| |||||
Gross customer unit activations |
| 389,000 |
| 365,000 |
| 347,000 |
| 434,000 |
| 419,000 |
| |||||
Net customer unit activations |
| 86,000 |
| 25,000 |
| 48,000 |
| 151,000 |
| 125,000 |
| |||||
Market penetration (1) |
| 10.47 | % | 10.31 | % | 10.27 | % | 10.21 | % | 12.12 | % | |||||
Retail customers - |
|
|
|
|
|
|
|
|
|
|
| |||||
Customer units |
| 5,225,000 |
| 5,127,000 |
| 5,099,000 |
| 5,029,000 |
| 4,927,000 |
| |||||
Gross customer unit activations |
| 375,000 |
| 353,000 |
| 331,000 |
| 380,000 |
| 392,000 |
| |||||
Net customer unit activations |
| 98,000 |
| 28,000 |
| 49,000 |
| 122,000 |
| 130,000 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cell sites in service |
| 5,925 |
| 5,726 |
| 5,583 |
| 5,438 |
| 5,428 |
| |||||
Average monthly revenue per unit (2) |
| $ | 48.15 |
| $ | 47.93 |
| $ | 46.54 |
| $ | 46.17 |
| $ | 45.88 |
|
Retail service revenue per unit (2) |
| $ | 42.21 |
| $ | 41.75 |
| $ | 40.92 |
| $ | 40.77 |
| $ | 40.19 |
|
Inbound roaming revenue per unit (2) |
| $ | 2.34 |
| $ | 2.55 |
| $ | 2.28 |
| $ | 2.12 |
| $ | 2.31 |
|
Long-distance/other revenue per unit (2) |
| $ | 3.60 |
| $ | 3.63 |
| $ | 3.34 |
| $ | 3.28 |
| $ | 3.38 |
|
Minutes of use (MOU) (3) |
| 749 |
| 725 |
| 719 |
| 658 |
| 648 |
| |||||
Postpay churn rate per month (4) |
| 1.5 | % | 1.6 | % | 1.5 | % | 1.5 | % | 1.6 | % | |||||
Marketing cost per gross customer unit addition (5) |
| $ | 511 |
| $ | 496 |
| $ | 503 |
| $ | 412 |
| $ | 501 |
|
Construction Expenditures (000s) |
| $ | 158,400 |
| $ | 152,800 |
| $ | 151,400 |
| $ | 117,200 |
| $ | 197,400 |
|
(1) Market penetration is calculated using 2005 Claritas population estimates for all periods of 2006 and 2004 Claritas estimates for all periods of 2005. “Total population” represents the total population of each of U.S. Cellular’s consolidated markets, regardless of whether the market has begun marketing operations. The 12/31/06, 9/30/06, 6/30/06 and 3/31/06 total population count includes the markets acquired in January 2006 by Carroll Wireless, L.P., a consolidated U.S. Cellular subsidiary, representing the licensed areas for which Carroll Wireless L.P. was the winning bidder in the Federal Communications Commission’s Auction 58 that concluded in February 2005. The population of markets in which U.S. Cellular has deferred the transfer of licenses from AT&T Wireless (now Cingular Wireless) are not included in the total population counts for any period.
(2) Per unit revenue measurements are derived from Service Revenues as reported in Financial Highlights for each respective quarter as follows:
Service Revenues per Financial Highlights |
| $ | 831,663 |
| $ | 821,820 |
| $ | 791,705 |
| $ | 769,222 |
| $ | 737,790 |
|
Components: |
|
|
|
|
|
|
|
|
|
|
| |||||
Retail service revenue during quarter |
| $ | 729,072 |
| $ | 715,896 |
| $ | 696,079 |
| $ | 679,256 |
| $ | 646,271 |
|
Inbound roaming revenue during quarter |
| $ | 40,354 |
| $ | 43,806 |
| $ | 38,745 |
| $ | 35,344 |
| $ | 37,184 |
|
Long-distance/other revenue during quarter |
| $ | 62,237 |
| $ | 62,118 |
| $ | 56,881 |
| $ | 54,622 |
| $ | 54,335 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Divided by average customers during quarter (000s) |
| 5,757 |
| 5,716 |
| 5,670 |
| 5,554 |
| 5,360 |
| |||||
Divided by three months in each quarter |
| 3 |
| 3 |
| 3 |
| 3 |
| 3 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average monthly revenue per unit |
| $ | 48.15 |
| $ | 47.93 |
| $ | 46.54 |
| $ | 46.17 |
| $ | 45.88 |
|
Retail service revenue per unit |
| $ | 42.21 |
| $ | 41.75 |
| $ | 40.92 |
| $ | 40.77 |
| $ | 40.19 |
|
Inbound roaming revenue per unit |
| $ | 2.34 |
| $ | 2.55 |
| $ | 2.28 |
| $ | 2.12 |
| $ | 2.31 |
|
Long-distance/other revenue per unit |
| $ | 3.60 |
| $ | 3.63 |
| $ | 3.34 |
| $ | 3.28 |
| $ | 3.38 |
|
(3) Average monthly local minutes of use per customer (without roaming).
(4) Postpay churn rate per month is calculated by dividing the average monthly postpay customer disconnects during the quarter by the average postpay customer base for the quarter.
(5) This measurement is not calculable using information from the financial statements as reported. The details of this calculation and a reconciliation to line items reported in Financial Highlights for each respective quarter are shown on U.S. Cellular’s web site, along with additional information related to U.S. Cellular’s fourth quarter results, at www.uscellular.com.
UNITED STATES CELLULAR CORPORATION
FINANCIAL HIGHLIGHTS
Three Months Ended December 31,
(Unaudited, dollars in thousands, except per share amounts)
|
|
|
| 2005 |
| Increase (Decrease) |
| |||||
|
| 2006 |
| (as restated) |
| Amount |
| Percent |
| |||
Operating Revenues |
|
|
|
|
|
|
| |||||
Service |
| $ | 831,663 |
| $ | 737,790 |
| $ | 93,873 |
| 12.7 | % |
Equipment sales |
| 70,456 |
| 47,449 |
| 23,007 |
| 48.5 | % | |||
Total Operating Revenues |
| 902,119 |
| 785,239 |
| 116,880 |
| 14.9 | % | |||
Operating Expenses |
|
|
|
|
|
|
|
|
| |||
System operations (excluding depreciation shown below) |
| 170,703 |
| 157,815 |
| 12,888 |
| 8.2 | % | |||
Cost of equipment sold |
| 151,414 |
| 137,057 |
| 14,357 |
| 10.5 | % | |||
Selling, general and administrative |
| 370,696 |
| 340,593 |
| 30,103 |
| 8.8 | % | |||
Depreciation, amortization and accretion |
| 145,661 |
| 128,243 |
| 17,418 |
| 13.6 | % | |||
(Gain) on sales of assets |
| — |
| (44,660 | ) | 44,660 |
| N/M |
| |||
Total Operating Expenses |
| 838,474 |
| 719,048 |
| 119,426 |
| 16.6 | % | |||
|
|
|
|
|
|
|
|
|
| |||
Operating Income |
| 63,645 |
| 66,191 |
| (2,546 | ) | (3.8 | )% | |||
|
|
|
|
|
|
|
|
|
| |||
Investment and Other Income (Expense) |
|
|
|
|
|
|
|
|
| |||
Equity in earnings of unconsolidated entities |
| 28,196 |
| 17,488 |
| 10,708 |
| 61.2 | % | |||
Interest and dividend income |
| 5,541 |
| 2,839 |
| 2,702 |
| 95.2 | % | |||
Interest (expense) |
| (23,485 | ) | (21,563 | ) | (1,922 | ) | (8.9 | )% | |||
Fair value adjustment of derivative instruments |
| (45,630 | ) | 35,039 |
| (80,669 | ) | N/M |
| |||
Gain (loss) on investments |
| 70,427 |
| (6,754 | ) | 77,181 |
| N/M |
| |||
Other income |
| 18 |
| 337 |
| (319 | ) | (94.7 | )% | |||
|
| 35,067 |
| 27,386 |
| 7,681 |
| 28.0 | % | |||
Income Before Income Taxes and Minority Interest |
| 98,712 |
| 93,577 |
| 5,135 |
| 5.5 | % | |||
Income tax expense |
| 42,701 |
| 29,901 |
| 12,800 |
| 42.8 | % | |||
Income Before Minority Interest |
| 56,011 |
| 63,676 |
| (7,665 | ) | (12.0 | )% | |||
Minority share of income |
| (1,906 | ) | (2,506 | ) | 600 |
| 23.9 | % | |||
Net Income |
| $ | 54,105 |
| $ | 61,170 |
| $ | (7,065 | ) | (11.5 | )% |
|
|
|
|
|
|
|
|
|
| |||
Basic Weighted Average Common Shares Outstanding (000s) |
| 87,645 |
| 87,073 |
| 572 |
| N/M |
| |||
Basic Earnings Per Share |
| $ | 0.62 |
| $ | 0.70 |
| $ | (0.08 | ) | (11.4 | )% |
|
|
|
|
|
|
|
|
|
| |||
Diluted Weighted Average Common Shares Outstanding (000s) |
| 88,368 |
| 87,729 |
| 639 |
| N/M |
| |||
Diluted Earnings Per Share |
| $ | 0.61 |
| $ | 0.70 |
| $ | (0.09 | ) | (12.9 | )% |
N/M - Percentage change not meaningful
UNITED STATES CELLULAR CORPORATION
FINANCIAL HIGHLIGHTS
Year Ended December 31,
(Unaudited, dollars in thousands, except per share amounts)
|
|
|
| 2005 |
| Increase (Decrease) |
| |||||
|
| 2006 |
| (as restated) |
| Amount |
| Percent |
| |||
Operating Revenues |
|
|
|
|
|
|
| |||||
Service |
| $ | 3,214,410 |
| $ | 2,827,022 |
| $ | 387,388 |
| 13.7 | % |
Equipment sales |
| 258,745 |
| 203,743 |
| 55,002 |
| 27.0 | % | |||
Total Operating Revenues |
| 3,473,155 |
| 3,030,765 |
| 442,390 |
| 14.6 | % | |||
Operating Expenses |
|
|
|
|
|
|
|
|
| |||
System operations (excluding depreciation shown below) |
| 639,683 |
| 604,093 |
| 35,590 |
| 5.9 | % | |||
Cost of equipment sold |
| 568,903 |
| 511,939 |
| 56,964 |
| 11.1 | % | |||
Selling, general and administrative |
| 1,399,561 |
| 1,217,709 |
| 181,852 |
| 14.9 | % | |||
Depreciation, amortization and accretion |
| 575,112 |
| 510,487 |
| 64,625 |
| 12.7 | % | |||
(Gain) on sales of assets |
| — |
| (44,660 | ) | 44,660 |
| N/M |
| |||
Total Operating Expenses |
| 3,183,259 |
| 2,799,568 |
| 383,691 |
| 13.7 | % | |||
|
|
|
|
|
|
|
|
|
| |||
Operating Income |
| 289,896 |
| 231,197 |
| 58,699 |
| 25.4 | % | |||
|
|
|
|
|
|
|
|
|
| |||
Investment and Other Income (Expense) |
|
|
|
|
|
|
|
|
| |||
Equity in earnings of unconsolidated entities |
| 93,119 |
| 66,719 |
| 26,400 |
| 39.6 | % | |||
Interest and dividend income |
| 16,537 |
| 9,723 |
| 6,814 |
| 70.1 | % | |||
Interest (expense) |
| (93,674 | ) | (84,867 | ) | (8,807 | ) | (10.4 | )% | |||
Fair value adjustment of derivative instruments |
| (63,022 | ) | 44,977 |
| (107,999 | ) | N/M |
| |||
Gain (loss) on investments |
| 70,427 |
| (6,203 | ) | 76,630 |
| N/M |
| |||
Other (expense) |
| (145 | ) | (199 | ) | 54 |
| 27.1 | % | |||
|
| 23,242 |
| 30,150 |
| (6,908 | ) | (22.9 | )% | |||
Income Before Income Taxes and Minority Interest |
| 313,138 |
| 261,347 |
| 51,791 |
| 19.8 | % | |||
Income tax expense |
| 120,604 |
| 95,856 |
| 24,748 |
| 25.8 | % | |||
Income Before Minority Interest |
| 192,534 |
| 165,491 |
| 27,043 |
| 16.3 | % | |||
Minority share of income |
| (13,044 | ) | (10,540 | ) | (2,504 | ) | (23.8 | )% | |||
Net Income |
| $ | 179,490 |
| $ | 154,951 |
| $ | 24,539 |
| 15.8 | % |
|
|
|
|
|
|
|
|
|
| |||
Basic Weighted Average Common Shares Outstanding (000s) |
| 87,346 |
| 86,775 |
| 571 |
| N/M |
| |||
Basic Earnings Per Share |
| $ | 2.05 |
| $ | 1.79 |
| $ | 0.26 |
| 14.5 | % |
|
|
|
|
|
|
|
|
|
| |||
Diluted Weighted Average Common Shares Outstanding (000s) |
| 88,109 |
| 87,464 |
| 645 |
| N/M |
| |||
Diluted Earnings Per Share |
| $ | 2.04 |
| $ | 1.77 |
| $ | 0.27 |
| 15.3 | % |
N/M - Percentage change not meaningful
UNITED STATES CELLULAR CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(Unaudited, dollars in thousands)
ASSETS
|
|
|
| December 31, |
| ||
|
| December 31, |
| 2005 |
| ||
|
| 2006 |
| (as restated) |
| ||
Current Assets |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 32,912 |
| $ | 29,003 |
|
Marketable equity securities |
| 249,039 |
| — |
| ||
Accounts receivable from customers and other |
| 407,438 |
| 362,359 |
| ||
Inventory |
| 117,189 |
| 92,748 |
| ||
Prepaid expenses |
| 34,955 |
| 32,068 |
| ||
Deferred income tax asset |
| — |
| 8,218 |
| ||
Other current assets |
| 13,385 |
| 15,489 |
| ||
|
| 854,918 |
| 539,885 |
| ||
|
|
|
|
|
| ||
Investments |
|
|
|
|
| ||
Licenses |
| 1,494,327 |
| 1,362,263 |
| ||
Goodwill |
| 485,452 |
| 481,235 |
| ||
Customer lists |
| 26,196 |
| 47,649 |
| ||
Marketable equity securities |
| 4,873 |
| 225,387 |
| ||
Investments in unconsolidated entities |
| 150,325 |
| 172,093 |
| ||
Notes and interest receivable—long-term |
| 4,541 |
| 4,707 |
| ||
|
| 2,165,714 |
| 2,293,334 |
| ||
|
|
|
|
|
| ||
Property, Plant and Equipment |
|
|
|
|
| ||
In service and under construction |
| 5,120,994 |
| 4,615,234 |
| ||
Less accumulated depreciation |
| 2,492,146 |
| 2,062,205 |
| ||
|
| 2,628,848 |
| 2,553,029 |
| ||
|
|
|
|
|
| ||
Other Assets and Deferred Charges |
| 31,136 |
| 29,985 |
| ||
|
|
|
|
|
| ||
Total Assets |
| $ | 5,680,616 |
| $ | 5,416,233 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
| December 31, |
| ||
|
| December 31, |
| 2005 |
| ||
|
| 2006 |
| (as restated) |
| ||
Current Liabilities |
|
|
|
|
| ||
Current portion of Long-term Debt |
| $ | 159,856 |
| $ | — |
|
Derivative Liability |
| 88,840 |
| — |
| ||
Notes payable |
| 35,000 |
| 135,000 |
| ||
Accounts payable |
|
|
|
|
| ||
Affiliates |
| 13,568 |
| 7,239 |
| ||
Trade |
| 241,303 |
| 246,877 |
| ||
Customer deposits and deferred revenues |
| 123,344 |
| 111,407 |
| ||
Accrued taxes |
| 26,913 |
| 36,748 |
| ||
Accrued compensation |
| 47,842 |
| 42,865 |
| ||
Deferred Taxes |
| 26,326 |
| — |
| ||
Other current liabilities |
| 93,718 |
| 82,585 |
| ||
|
| 856,710 |
| 662,721 |
| ||
|
|
|
|
|
| ||
Long-term Debt |
| 1,001,839 |
| 1,161,241 |
| ||
|
|
|
|
|
| ||
Deferred Liabilities and Credits |
| 792,088 |
| 809,362 |
| ||
|
|
|
|
|
| ||
Minority Interest |
| 36,700 |
| 41,871 |
| ||
|
|
|
|
|
| ||
Common Shareholders’ Equity |
|
|
|
|
| ||
Common Shares, par value $1 per share |
| 55,046 |
| 55,046 |
| ||
Series A Common Shares, par value $1 per share |
| 33,006 |
| 33,006 |
| ||
Additional paid-in capital |
| 1,290,829 |
| 1,286,964 |
| ||
Treasury Shares |
| (14,462 | ) | (47,088 | ) | ||
Accumulated other comprehensive income |
| 80,382 |
| 44,122 |
| ||
Retained earnings |
| 1,548,478 |
| 1,368,988 |
| ||
|
| 2,993,279 |
| 2,741,038 |
| ||
|
|
|
|
|
| ||
Total Liabilities and Shareholders’ Equity |
| $ | 5,680,616 |
| $ | 5,416,233 |
|