Investments in unconsolidated entities consist of amounts invested in entities in which UScellular holds a noncontrolling interest. UScellular’s Investments in unconsolidated entities are accounted for using the equity method, measurement alternative method or net asset value practical expedient method as shown in the table below. The carrying value of measurement alternative method investments represents cost minus any impairments plus or minus any observable price changes.


	March 31, 2025		December 31, 2024
(Dollars in millions)
Equity method investments	$	466	$	440
Measurement alternative method investments	5		5
Investments recorded using the net asset value practical expedient	8		9
Total investments in unconsolidated entities	$	479	$	454

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


	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Revenues	$	1,909	$	1,842
Operating expenses	1,518		1,415
Operating income	391		427
Other income (expense), net	(12)		(9)
Net income	$	379	$	418