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Equity-Method Investments
 12 Months Ended
Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Equity-Method Investments
EQUITY-METHOD INVESTMENTS
LivingSocial’s summarized condensed financial information, as provided to us by LivingSocial, is as follows (in millions):
 
  
Year Ended December 31,
 
2014
 
2013
 
2012
Statement of Operations:
 
 
 
 
 
Revenue
$
231

 
$
302

 
$
347

Gross profit
194

 
253

 
280

Operating expenses
296

 
282

 
367

Operating loss from continuing operations
(102
)
 
(29
)
 
(87
)
Net loss from continuing operations
(73
)
 
(16
)
 
(79
)
Net income (loss) from discontinued operations, net of tax (1)
173

 
(156
)
 
(574
)
Net income (loss)
$
100

 
$
(172
)
 
$
(653
)
___________________
(1)
In January 2014, LivingSocial completed the sale of its Korean operations for approximately $260 million and, in the first quarter of 2014, recognized a gain on disposal of $205 million, net of tax. The statement of operations information above has been recast to present the Korean operations, and certain other operations, as discontinued operations.

 
December 31,
 
2014
 
2013
Balance Sheet:
 
 
 
Current assets
$
163

 
$
182

Non-current assets
29

 
61

Current liabilities
137

 
301

Non-current liabilities
34

 
33

Redeemable stock
366

 
315


Balance sheet financial information as of December 31, 2013 included $146 million in assets and $122 million in liabilities that LivingSocial classified as held for sale for its Korean operations.
As of December 31, 2014, our total investment in LivingSocial is approximately 31% of voting stock and has a book value of $75 million.