This excerpt taken from the VZ 10-K filed Feb 28, 2008.
Vodafone Omnitel is the second largest wireless communications company in Italy. At December 31, 2007 and 2006, our investment in Vodafone Omnitel included goodwill of $1,154 million and $1,044 million, respectively.
In December 2007, Verizon received a net distribution from Vodafone Omnitel of approximately $2.1 billion and we anticipate that we may receive an additional distribution from Vodafone Omnitel within the next twelve months. As a result, we recorded $610 million of foreign and domestic taxes and expenses specifically relating to our share of Vodafone Omnitels distributable earnings. During 2005, we repatriated approximately $2.2 billion of Vodafone Omnitels earnings through the repurchase of issued and outstanding shares of its equity. Vodafone Omnitels owners, Verizon and Vodafone Group Plc (Vodafone), participated on a pro rata basis; consequently, Verizons ownership interest after the share repurchase remained at 23.1%.
Verizon sold its interest in CANTV in 2007 (see Note 2).
Other Equity Investees
Verizon has limited partnership investments in entities that invest in affordable housing projects, for which Verizon provides funding as a limited partner and receives tax deductions and tax credits based on its partnership interests. At December 31, 2007 and 2006, Verizon had equity investments in these partnerships of $637 million and $659 million, respectively. Verizon currently adjusts 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.