TELEPHONE & DATA SYSTEMS INC /DE/
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Market Risk
Long-Term Debt
As of December 31, 2025, approximately 45% of TDS' long-term debt was in fixed-rate senior notes and approximately 55% in variable-rate debt. Fluctuations in market interest rates can lead to volatility in the fair value of fixed-rate notes and interest expense on variable-rate debt.
The following table presents the scheduled principal payments on long-term debt, lease obligations and the related weighted average interest rates by maturity dates at December 31, 2025:
| Principal Payments Due by Period | ||
|---|---|---|
| Long-Term Debt Obligations1 · Weighted-Avg. Interest Rates on Long-Term Debt Obligations2 | ||
| (Dollars in thousands) | ||
| 2026 | $5,276 | 6.2% |
| 2027 | 158,831 | 5.4% |
| 2028 | 8,308 | 6.2% |
| 2029 | 12,373 | 6.2% |
| 2030 | 292,814 | 6.2% |
| Thereafter | 365,964 | 5.9% |
| Total | $843,566 | 5.9% |
1 The total long-term debt obligation differs from Long-term debt in the Consolidated Balance Sheet due to unamortized debt issuance costs on all non-revolving debt instruments, and unamortized discounts related to Array's 6.7% Senior Notes. In January 2026, TDS repaid the entire outstanding borrowing of $150.0 million under its term loan credit facility with Export Development Canada, which had a maturity date of December 2027.
2 Represents the weighted average stated interest rates at December 31, 2025, for debt maturing in the respective periods.
Fair Value of Long-Term Debt
At December 31, 2025 and 2024, the estimated fair value of long-term debt obligations, excluding lease obligations, the current portion of such long-term debt and debt financing costs, was $757.5 million and $2,420.4 million, respectively, and the book value was $834.7 million and $2,445.8 million, respectively. See Note 4 — Fair Value Measurements in the Notes to Consolidated Financial Statements for additional information.
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