VERIZON COMMUNICATIONS INC | 2013 | FY | 3


Note 5

Investments in Unconsolidated Businesses

Our investments in unconsolidated businesses are comprised of the following:

 

     (dollars in millions)  
At December 31,    Ownership     2013      2012  

Equity Investees

       

Vodafone Omnitel

     23.1   $   2,511      $   2,200  

Other

     Various        818        1,106  
    

 

 

 

Total equity investees

       3,329        3,306  

Cost Investees

     Various        103        95  
    

 

 

 

Total investments in unconsolidated businesses

     $ 3,432      $ 3,401  
    

 

 

 

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  

Current assets

   $ 3,983      $ 3,516  

Noncurrent assets

     7,748        8,159  
  

 

 

 

Total assets

   $ 11,731      $ 11,675  
  

 

 

 

Current liabilities

   $ 4,692      $ 5,526  

Noncurrent liabilities

     5        5  

Equity

     7,034        6,144  
  

 

 

 

Total liabilities and equity

   $ 11,731      $ 11,675  
  

 

 

 

Income Statement

 

     (dollars in millions)   
Years Ended December 31,    2013      2012      2011  

Net revenue

   $   8,984      $   10,825      $   12,668  

Operating income

     1,632        2,823        4,021  

Net income

     925        1,679        2,451  

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