financials > notes to consolidated financial statements > note 4
note 4
ASSETS HELD FOR SALE

During 2004, we announced an agreement with an affiliate of The Carlyle Group to sell our wireline-related businesses in Hawaii, including Verizon Hawaii Inc. which operates 707,000 switched access lines, as well as the services and assets of Verizon Long Distance, Verizon Online and Verizon Information Services in Hawaii, for $1,650 million in cash, less debt. The closing of the transaction, expected in early 2005, is contingent on approval from the Hawaii Public Utilities Commission. The FCC and the U.S. Department of Justice have provided the necessary approvals. As a result of this agreement, we have separately classified the assets held for sale and related liabilities in the December 31, 2004 consolidated balance sheet. Additional detail related to the assets held for sale, and related liabilities, follows:
(dollars in millions )
At December 31, 2004  
Current assets $ 109  
Plant, property and equipment, net   820  
Other non-current assets   21  
   Total assets $ 950  
Debt maturing within one year $ 125  
Other current liabilities   48  
Long-term debt   302  
Other non-current liabilities   50  
   Total liabilities $ 525  
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* This is an interactive electronic version of Verizon’s 2004 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