TELEPHONE AND DATA SYSTEMS, INC. (NYSE:TDE) Files An 8-K Other Events

Item 8.01. Other Events

Telephone and Data Systems, Inc. (TDS) is filing this Form 8-K to
recast financial statements and other financial information
previously included in its Annual Report on Form 10-K for the
year ended December 31, 2016, filed on February 24, 2017.

Effective January 1, 2017, TDS elected to change the
classification of interest income on equipment installment plan
contracts from Interest and dividend income to Service revenues
in the Consolidated Statement of Operations. TDS believes this
classification is preferable because financing of devices as part
of enrolling customers for service is an activity that is central
to TDS operations, and it is consistent with the presentation by
others in the industry. Comparative financial statements for all
periods presented in the aforementioned Form 10-K have been
adjusted to apply the new classification retrospectively. As a
result of this change in classification, Service revenues for the
years ended December 31, 2016, 2015 and 2014 increased by $51
million, $34 million and $9 million, respectively, from
previously reported amounts, with corresponding decreases in
Interest and dividend income. This change did not have an impact
on Income before income taxes, Net income, or Earnings per share
for the years ended December 31, 2016, 2015 and 2014, nor did it
have a cumulative impact to Retained earnings as of any date
presented.

Although TDS is permitted to make these adjustments the next time
it files its prior year financial statements, TDS determined to
voluntarily file this Form 8-K to reflect the adjustments to such
prior year financial information at this time. Accordingly, TDS
is filing this Form 8-K to adjust its Consolidated Statement of
Operations for the years ended December 31, 2016, 2015 and 2014
for these amounts. There are no changes to the Consolidated
Statement of Comprehensive Income (Loss), Consolidated Statement
of Cash Flows, Consolidated Balance Sheet, or Consolidated
Statement of Changes in Equity.

Except as included in this filing, TDS has not updated or
enhanced any other disclosures presented in its 2016 Form 10-K.
All other information is presented as of the original filing date
and has not been updated in this Form 8-K. Without limitation of
the foregoing, this Form 8-K does not purport to update the
Managements Discussion and Analysis of Financial Condition and
Results of Operations contained in the aforementioned Form 10-K
with respect to any uncertainties, transactions, risks, events or
trends occurring, or known to management. More current
information is included in TDS other filings with the Securities
and Exchange Commission. This Form 8-K should be read in
conjunction with the aforementioned Form 10-K and TDS other
filings. Other filings may contain important information
regarding uncertainties, trends, risks, events, transactions,
developments and updates to certain expectations of TDS that may
have been reported since the filing of the Form 10-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits:

In accordance with the provisions of Item 601 of Regulation S-K,
any Exhibits filed or furnished herewith are set forth on the
Exhibit Index attached hereto.

TELEPHONE AND DATA SYSTEMS, INC. (NYSE:TDE) Recent Trading Information

TELEPHONE AND DATA SYSTEMS, INC. (NYSE:TDE) closed its last trading session 00.00 at 25.77 with 9,650 shares trading hands.