Consolidated Balance Sheets

(dollars in millions, except per share amounts)

Assets

Current assets

Cash and cash equivalents

$

9,782

$

1,153

Short-term investments

509

2,244

Accounts receivable, net of allowances of $941 and $1,025

11,703

11,736

Inventories

2,092

1,729

Prepaid expenses and other

Total current assets

26,075

18,698

Plant, property and equipment

215,605

213,994

Less accumulated depreciation

Investments in unconsolidated businesses

3,393

3,372

Wireless licenses

61,974

50,796

Goodwill

6,035

5,245

Other intangible assets, net

5,199

4,988

Other investments

4,781

–

Other assets

Total assets

Liabilities and Shareowners’ Investment

Current liabilities

Debt maturing within one year

$

4,993

$

2,954

Accounts payable and accrued liabilities

13,814

14,462

Other

Total current liabilities

25,906

24,741

Long-term debt

46,959

28,203

Employee benefit obligations

32,512

29,960

Deferred income taxes

11,769

14,784

Other liabilities

6,301

6,402

Minority interest

37,199

32,288

Shareowners’ investment

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

–

–

Common stock ($.10 par value; 2,967,610,119 and

2,967,610,119 shares issued)

297

297

Contributed capital

40,291

40,316

Reinvested earnings

19,250

17,884

Accumulated other comprehensive loss

(13,372

)

(4,506

)

Common stock in treasury, at cost

(4,839

)

(3,489

)

Deferred compensation-employee stock ownership plans and other

Total shareowners’ investment

Total liabilities and shareowners’ investment