Consolidated Balance Sheets

(dollars in millions, except per share amounts)

At December 31,

2007

 

2006

 

 

Assets

Current assets

Cash and cash equivalents

$

1,153

 

$

3,219

 

Short-term investments

 

2,244

 

 

2,434

 

Accounts receivable, net of allowances of $1,025 and $1,139

 

11,736

 

 

10,891

 

Inventories

 

1,729

 

 

1,514

 

Assets held for sale

 

 

 

2,592

 

Prepaid expenses and other

 

1,836

 

 

1,888

 

Total current assets

 

18,698

 

 

22,538

 

 

Plant, property and equipment

 

213,994

 

 

204,109

 

Less accumulated depreciation

 

128,700

 

 

121,753

 

 

 

85,294

 

 

82,356

 

Investments in unconsolidated businesses

 

3,372

 

 

4,868

 

Wireless licenses

 

50,796

 

 

50,959

 

Goodwill

 

5,245

 

 

5,655

 

Other intangible assets, net

 

4,988

 

 

5,140

 

Other assets

 

18,566

 

 

17,288

 

Total assets

$

186,959

 

$

188,804

 

 

Liabilities and Shareowners’ Investment

Current liabilities

Debt maturing within one year

$

2,954

 

$

7,715

 

Accounts payable and accrued liabilities

 

14,462

 

 

14,320

 

Liabilities related to assets held for sale

 

 

 

2,154

 

Other

 

7,325

 

 

8,091

 

Total current liabilities

 

24,741

 

 

32,280

 

 

Long-term debt

 

28,203

 

 

28,646

 

Employee benefit obligations

 

29,960

 

 

30,779

 

Deferred income taxes

 

14,784

 

 

16,270

 

Other liabilities

 

6,402

 

 

3,957

 

 

Minority interest

 

32,288

 

 

28,337

 

 

Shareowners’ investment

Series preferred stock ($.10 par value; none issued)

 

 

 

 

Common stock ($.10 par value; 2,967,610,119 shares and 2,967,652,438 shares issued)

 

297

 

 

297

 

Contributed capital

 

40,316

 

 

40,124

 

Reinvested earnings

 

17,884

 

 

17,324

 

Accumulated other comprehensive loss

 

(4,506

)

 

(7,530

)

Common stock in treasury, at cost

 

(3,489

)

 

(1,871

)

Deferred compensation-employee stock ownership plans and other

 

79

 

 

191

 

Total shareowners’ investment

 

50,581

 

 

48,535

 

Total liabilities and shareowners’ investment

$

186,959

 

$

188,804

 

See Notes to Consolidated Financial Statements.