Note 7 Investments in Unconsolidated Entities

Investments in unconsolidated entities consist of amounts invested in entities in which U.S. Cellular holds a noncontrolling interest.

U.S. Cellular’s Investments in unconsolidated entities are accounted for using either the equity method or measurement alternative method as shown in the table below. The measurement alternative method was elected for investments without readily determinable fair values formerly accounted for under the cost method. The measurement alternative fair value represents cost minus any impairments plus or minus any observable price changes. U.S. Cellular did not have an impairment or observable price change related to these investments for the three months ended March 31, 2019.



	March 31, 2019		December 31, 2018
(Dollars in millions)
Equity method investments	$	460	$	434
Measurement alternative method investments	8		7
Total investments in unconsolidated entities	$	468	$	441

The following table, which is based in part on information provided by third parties, summarizes the combined results of operations of U.S. Cellular’s equity method investments.



	Three Months Ended March 31,
	2019			2018
(Dollars in millions)
Revenues	$	1,689		$	1,657
Operating expenses	1,215			1,208
Operating income	474			449
Other income (expense), net	(5		)	(1		)
Net income	$	469		$	448