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Actionable news in VZ: VERIZON COMMUNICATIONS,

Verizon Communications: Condensed Consolidated Statements Of Income

The following excerpt is from the company's SEC filing.

(dollars in millions, except per share amounts)

Unaudited

3 Mos. Ended

9/30/14

% Change

9 Mos. Ended

Operating Revenues

Service revenues and other

$ 28,866

$ 29,107

$ 85,840

$ 87,152

Wireless equipment revenues

11,526

Total Operating Revenues

33,158

31,586

97,366

93,887

Operating Expenses

Cost of services

21,571

21,230

Wireless cost of equipment

16,279

14,298

Selling, general and administrative expense

24,222< br>
24,159

Depreciation and amortization expense

11,978

12,465

Total Operating Expenses

25,623

24,696

74,050

72,152

Operating Income

23,316

21,735

Equity in earnings (losses) of unconsolidated businesses

Other income and (expense), net

Interest expense

(1,202

(1,255

(3,742

(3,633

Income Before Provision for Income Taxes

19,662

19,156

Provision for income taxes

(2,195

(1,864

(6,800

(5,052

Net Income

$ 4,171

$ 3,794

$ 12,862

$ 14,104

Net income attributable to noncontrolling interests

$ 133

$ 99

$ 374

$ 2,248

Net income attributable to Verizon

12,488

11,856

Basic Earnings per Common Share

$ .99

$ .89

$ 3.05

$ 3.03

Weighted average number of common shares (in millions)

Diluted Earnings per Common Share

shares-assuming dilution (in millions)

Footnotes:

Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.

Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

Not meaningful

Verizon Communications Inc.

Condensed Consolidated Balance Sheets

(dollars in millions)

12/31/14

$ Change

Assets

Current assets

Cash and cash equivalents

$ 3,875

$ 10,598

$ (6,723

Short-term investments

Accounts receivable, net

13,105

13,993

Inventories

Assets held for sale

Prepaid expenses and other

Total current assets

21,768

29,623

(7,855

Plant, property and equipment

216,674

230,508

(13,834

Less accumulated depreciation

134,112

140,561

(6,449

82,562

89,947

(7,385

Investments in unconsolidated businesses

Wireless licenses

86,331

75,341

10,990

Goodwill

25,124

24,639

Other intangible assets, net

Non-current assets held for sale

10,117

Deposit for wireless licenses

Other assets

Total Assets

$ 242,073

$ 232,708

$ 9,365

Liabilities and Equity

Current liabilities

Debt maturing within one year

$ 7,264

$ 2,735

$ 4,529

Accounts payable and accrued liabilities

17,721

16,680

Liabilities related to assets held for sale

Total current liabilities

34,492

28,064

Long-term debt

105,060

110,536

(5,476

Employee benefit obligations

32,962

33,280

Deferred income taxes

42,896

41,578

Non-current liabilities related to assets held for sale

Other liabilities

11,181

Common stock

Contributed capital

11,184

11,155

Reinvested earnings

Accumulated other comprehensive income

Common stock in treasury, at cost

(7,604

(3,263

(4,341

Deferred compensation - employee stock ownership plans and other

Noncontrolling interests

Total equity

14,542

13,676

Total Liabilities and...


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