Consolidated Balance Sheets

At December 31,	2007			2006
(dollars in millions, except per share amounts)

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
Otros		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.

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