Note 5
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Investments in Unconsolidated Businesses |
Our investments in unconsolidated businesses are comprised of the following:
| (dollars in millions) | ||||||||||||
| At December 31, | Ownership | 2013 | 2012 | |||||||||
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Equity Investees |
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Vodafone Omnitel |
23.1 | % | $ | 2,511 | $ | 2,200 | ||||||
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Other |
Various | 818 | 1,106 | |||||||||
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Total equity investees |
3,329 | 3,306 | ||||||||||
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Cost Investees |
Various | 103 | 95 | |||||||||
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Total investments in unconsolidated businesses |
$ | 3,432 | $ | 3,401 | ||||||||
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Dividends and repatriations of foreign earnings received from these investees were not significant in 2013, $0.4 billion in 2012 and $0.5 billion in 2011. See Note 12 regarding undistributed earnings of our foreign subsidiaries.
Equity Method Investments
Vodafone Omnitel
Vodafone Omnitel N.V. (Vodafone Omnitel) is one of the largest wireless communications companies in Italy. At December 31, 2013 and 2012, our investment in Vodafone Omnitel included goodwill of $1.1 billion and $1.0 billion, respectively. As part of the consideration of the Wireless Transaction, a subsidiary of Verizon sold its entire ownership interest in Vodafone Omnitel to a subsidiary of Vodafone on February 21, 2014. See Note 2 for additional information.
Other Equity Investees
The remaining investments include wireless partnerships in the U.S., limited partnership investments in entities that invest in affordable housing projects and other smaller domestic and international investments.
Summarized Financial Information
Summarized financial information for our equity investees is as follows:
Balance Sheet
| (dollars in millions) | ||||||||
| At December 31, | 2013 | 2012 | ||||||
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Current assets |
$ | 3,983 | $ | 3,516 | ||||
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Noncurrent assets |
7,748 | 8,159 | ||||||
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Total assets |
$ | 11,731 | $ | 11,675 | ||||
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Current liabilities |
$ | 4,692 | $ | 5,526 | ||||
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Noncurrent liabilities |
5 | 5 | ||||||
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Equity |
7,034 | 6,144 | ||||||
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Total liabilities and equity |
$ | 11,731 | $ | 11,675 | ||||
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Income Statement
| (dollars in millions) | ||||||||||||
| Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||
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Net revenue |
$ | 8,984 | $ | 10,825 | $ | 12,668 | ||||||
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Operating income |
1,632 | 2,823 | 4,021 | |||||||||
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Net income |
925 | 1,679 | 2,451 | |||||||||