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Consolidated Balance Sheets (dollars in millions, except per share amounts) Years Ended December 31,   2006     2005   Assets Current Assets Cash and cash equivalents $ 3,219   $ 760   Short-term investments   2,434     2,146   Accounts receivable, net of allowances of $1,139 and $1,100   10,891     8,534   Inventories   1,514     1,522   Assets held for sale   2,592     4,233   Prepaid expenses and other   1,888     2,125   Total current assets   22,538     19,320   Plant, property and equipment   204,109     187,761   Less accumulated depreciation   121,753     114,774       82,356     72,987   Investments in unconsolidated businesses   4,868     4,602   Wireless licenses   50,959     47,781   Goodwill   5,655     315   Other intangible assets, net   5,140     4,068   Other assets   17,288     19,057   Total assets $ 188,804   $ 168,130   Liabilities and Shareowners’ Investment Current liabilities Debt maturing within one year $ 7,715   $ 6,688   Accounts payable and accrued liabilities   14,320     11,747   Liabilities related to assets held for sale   2,154     2,870   Other   8,091     5,395   Total current liabilities   32,280     26,700   Long-term debt   28,646     31,569   Employee benefit obligations   30,779     17,693   Deferred income taxes   16,270     22,831   Other liabilities   3,957     3,224   Minority interest   28,337     26,433   Shareowners’ investment Series preferred stock ($.10 par value; none issued)   –     –   Common stock ($.10 par value; 2,967,652,438 shares and 2,774,865,381 shares issued)   297     277   Contributed capital   40,124     25,369   Reinvested earnings   17,324     15,905   Accumulated other comprehensive loss   (7,530 )   (1,783 ) Common stock in treasury, at cost   (1,871 )   (353 ) Deferred compensation-employee stock ownership plans and other   191     265   Total shareowners’ investment   48,535     39,680   Total liabilities and shareowners’ investment $ 188,804   $ 168,130   See Notes to Consolidated Financial Statements.

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* This is an interactive electronic version of Verizon’s 2006 Annual Report to Shareholders, and it is intended to be complete and accurate. The contents of this version are qualified in their entirety by reference to the printed version. A reproduction of the printed version is available in PDF format on this website.