4. INVESTMENTS

Our investments are as follows:

	June 30,		December 31,
(In thousands)	2014		2013
Cash surrender value of life insurance policies	$	1,965	$	2,183
Cost method investments:
GTE Mobilnet of South Texas Limited Partnership (2.34% interest)	21,450		21,450
Pittsburgh SMSA Limited Partnership (3.60% interest)	22,950		22,950
CoBank, ACB Stock	5,107		5,112
Other	200		200
Equity method investments:
GTE Mobilnet of Texas RSA #17 Limited Partnership (20.51% interest)	27,409		27,467
Pennsylvania RSA 6(I) Limited Partnership (16.6725% interest)	7,548		7,696
Pennsylvania RSA 6(II) Limited Partnership (23.67% interest)	24,287		24,105
CVIN, LLC (12.089% interest)	1,936		1,936
Totals	$	112,852	$	113,099

Cost Method

We own 2.34% of GTE Mobilnet of South Texas Limited Partnership (the “Mobilnet South Partnership”). The principal activity of the Mobilnet South Partnership is providing cellular service in the Houston, Galveston, and Beaumont, Texas metropolitan areas. We also own 3.60% of Pittsburgh SMSA Limited Partnership (“Pittsburgh SMSA”), which provides cellular service in and around the Pittsburgh metropolitan area. Because of our limited influence over these partnerships, we use the cost method to account for both of these investments. It is not practicable to estimate fair value of these investments. We did not evaluate any of the investments for impairment during the quarters or six months ended June 30, 2014 or 2013 as no factors indicating impairment existed. For each of the quarter ended June 30, 2014 and 2013, we received cash distributions from these partnerships totaling $3.8 million. For the six months ended June 30, 2014 and 2013, we received cash distributions from these partnerships totaling $7.3 million and $7.8 million, respectively.

CoBank, ACB (“CoBank”) is a cooperative bank owned by its customers. On an annual basis, CoBank distributes patronage in the form of cash and stock in the cooperative based on the Company’s outstanding loan balance with CoBank, which has traditionally been a significant lender in the Company’s credit facility. The investment in CoBank represents the accumulation of the equity patronage paid by CoBank to the Company.

Equity Method

We own 20.51% of GTE Mobilnet of Texas RSA #17 Limited Partnership (“RSA #17”), 16.6725% of Pennsylvania RSA 6(I) Limited Partnership (“RSA 6(I)”) and 23.67% of Pennsylvania RSA 6(II) Limited Partnership (“RSA 6(II)”). RSA #17 provides cellular service to a limited rural area in Texas. RSA 6 (I) and RSA 6 (II) provide cellular service in and around our Pennsylvania service territory. Because we have significant influence over the operating and financial policies of these three entities, we account for the investments using the equity method. For the quarter ended June 30, 2014 and 2013, we received cash distributions from these partnerships totaling $4.9 million and $3.9 million, respectively. For the six months ended June 30, 2014 and 2013, we received cash distributions from these partnerships totaling $10.5 million and $8.0 million, respectively.

We have a 12.089% interest in Central Valley Independent Network, LLC (“CVIN”), a joint enterprise comprised of affiliates of several independent telephone companies located in central and northern California. CVIN provides network services and oversees a broadband infrastructure project designed to expand and improve the availability of network services to counties in central California. Because we have significant influence over the operating and financial policies of this entity, we account for this investment using the equity method. During the six months ended June 30, 2013, we made an additional capital investment of $0.1 million in this partnership. We did not receive any distributions from this partnership during the quarters or six months ended June 30, 2014 and 2013.

The combined unaudited results of operations and financial position of our three equity investments in the cellular limited partnerships are summarized below:

	Quarter Ended				Six Months
	June 30,				Ended June 30,
(In thousands)	2014		2013		2014		2013
Total revenues	$	83,228	$	79,342	$	164,044	$	156,061
Income from operations	23,426		24,914		49,306		48,888
Net income before taxes	23,459		24,926		49,362		48,911
Net income	23,459		24,926		49,362		48,911

	June 30,		December 31,
(In thousands)	2014		2013
Current assets	$	48,715	$	54,837
Non-current assets	93,528		87,968
Current liabilities	14,624		15,221
Non-current liabilities	2,611		1,786
Partnership equity	125,008		125,799