notes to consolidated financial statements

Note 5

Investments in Unconsolidated Businesses

Our investments in unconsolidated businesses are comprised of the following:

(dollars in millions)

At December 31,

Ownership

 

 

2011

 

 

2010

 

Equity Investees

 

 

 

 

 

 

 

 

Vodafone Omnitel

23.1

%

$

2,083

 

$

2,002

 

Other

Various

 

 

1,320

 

 

1,471

 

Total equity investees

 

 

 

3,403

 

 

3,473

 

 

 

 

 

 

 

 

 

 

Cost Investees

Various

 

 

45

 

 

24

 

Total investments in unconsolidated businesses

 

 

$

3,448

 

$

3,497

 

Dividends and repatriations of foreign earnings received from these investees amounted to $0.5 billion in 2011, $0.5 billion in 2010 and $0.9 billion in 2009. 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, 2011 and 2010, our investment in Vodafone Omnitel included goodwill of $1.0 billion and $1.1 billion, respectively.

Other Equity Investees

We have limited partnership investments in entities that invest in affordable housing projects, for which we provide funding as a limited partner and receive tax deductions and tax credits based on our partnership interests. At December 31, 2011 and 2010, we had equity investments in these partnerships of $1.1 billion and $1.2 billion, respectively. We adjust the carrying value of these investments for any losses incurred by the limited partnerships through earnings.

The remaining investments include wireless partnerships in the U.S. 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,

2011

 

2010

 

Current Assets

$

3,720

 

$

3,620

 

Noncurrent Assets

 

8,469

 

 

7,568

 

Total Assets

$

12,189

 

$

11,188

 

 

 

 

 

 

 

 

Current liabilities

$

6,123

 

$

5,509

 

Noncurrent liabilities

 

8

 

 

8

 

Equity

 

6,058

 

 

5,671

 

Total liabilities and equity

$

12,189

 

$

11,188

 

Income Statement

(dollars in millions)

Years Ended December 31,

2011

 

2010

 

2009

 

Net revenue

$

12,668

 

$

12,356

 

$

12,903

 

Operating income

 

4,021

 

 

4,156

 

 

4,313

 

Net income

 

2,451

 

 

2,563

 

 

2,717