Consolidated Balance Sheets

(dollars in millions, except per share amounts)
At December 31,	2003	2002
Assets
Current assets
Cash and cash equivalents	$          699	$       1,422
Short-term investments	2,172	2,042
Accounts receivable, net of allowances of $2,387 and $2,771	9,905	12,496
Inventories	1,283	1,497
Assets of discontinued operations	–	1,305
Prepaid expenses and other	4,234	3,331
Total current assets	18,293	22,093
Plant, property and equipment	180,975	176,838
Less accumulated depreciation	105,659	103,080
	75,316	73,758
Investments in unconsolidated businesses	5,789	4,986
Wireless licenses	40,907	40,038
Goodwill	1,389	1,339
Other intangible assets, net	4,733	4,962
Other assets	19,541	20,292
Total assets	$ 165,968	$ 167,468
Liabilities and Shareowners’ Investment
Current liabilities
Debt maturing within one year	$      5,967	$     9,267
Accounts payable and accrued liabilities	14,699	12,642
Liabilities of discontinued operations	–	1,007
Other	5,904	5,013
Total current liabilities	26,570	27,929
Long-term debt	39,413	44,003
Employee benefit obligations	16,759	15,389
Deferred income taxes	21,708	19,467
Other liabilities	3,704	4,007
Minority interest	24,348	24,057
Shareowners’ investment
Series preferred stock ($.10 par value; none issued)	–	–
Common stock ($.10 par value; 2,772,313,619 shares and 2,751,650,484 shares issued)	277	275
Contributed capital	25,363	24,685
Reinvested earnings	9,409	10,536
Accumulated other comprehensive loss	(1,250)	(2,110)
	33,799	33,386
Less common stock in treasury, at cost	115	218
Less deferred compensation-employee stock ownership plans and other	218	552
Total shareowners’ investment	33,466	32,616
Total liabilities and shareowners’ investment	$ 165,968	$ 167,468

See Notes to Consolidated Financial Statements.