Notes to Consolidated Financial Statements

NOTE 19

ADDITIONAL FINANCIAL INFORMATION

The tables that follow provide additional financial information related to our consolidated financial statements:

Income Statement Information

(dollars in millions)

Years Ended December 31,

2008

 

2007

 

2006

 

Depreciation expense

$

13,182

 

$

13,036

 

$

13,122

 

Interest cost incurred

 

2,566

 

 

2,258

 

 

2,811

 

Capitalized interest

 

(747

)

 

(429

)

 

(462

)

Advertising costs

 

2,754

 

 

2,463

 

 

2,271

 

Balance Sheet Information

(dollars in millions)

At December 31,

2008

 

2007

 

Accounts Payable and Accrued Liabilities

Accounts payable

$

3,856

 

$

4,491

 

Accrued expenses

 

2,299

 

 

2,400

 

Accrued vacation, salaries and wages

 

4,871

 

 

4,828

 

Interest payable

 

652

 

 

473

 

Accrued taxes

 

2,136

 

 

2,270

 

 

$

13,814

 

$

14,462

 

 

Other Current Liabilities

Advance billings and customer deposits

$

2,651

 

$

2,476

 

Dividends payable

 

1,584

 

 

1,266

 

Other

 

2,864

 

 

3,583

 

 

$

7,099

 

$

7,325

 

Cash Flow Information

(dollars in millions)

Years Ended December 31,

2008

 

2007

 

2006

 

Cash Paid

Income taxes, net of amounts refunded

$

1,206

 

$

2,491

 

$

3,299

 

Interest, net of amounts capitalized

 

1,664

 

 

1,682

 

 

2,103

 

 

Supplemental Investing and Financing Transactions

Cash acquired in business combinations

 

397

 

 

17

 

 

2,361

 

Assets acquired in business combinations

 

2,803

 

 

589

 

 

18,511

 

Liabilities assumed in business combinations

 

384

 

 

154

 

 

7,813

 

Debt assumed in business combinations

 

1,505

 

 

 

 

6,169

 

Shares issued to Price to acquire limited partnership interest in VZ East (Note 8)

 

 

 

 

 

1,007

 

Other, net cash provided by operating activities – continuing operations primarily included the add back of the minority interest's share of Verizon Wireless earnings, net of dividends paid to minority partners, of $5,218 million in 2008, $3,953 million in 2007 and $3,232 million in 2006.