41500 Per Annum After Tax

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APPENDIX IA: SCHOOLS PER EDUCATIONAL REGION (ARECIBO, . Treasury Department (Filing of Income Tax Returns) Form SC or Form SC ii. . Specific questions pertaining to the RFP that are received after the . PM will collaborate with PRDE to develop an annual CIP (Capital. See also related Decrees of this year: Stb, May 22, ; Stb, May 8, ). . to 12 months after the entry into force of this new Act. Major amendments are made so they are compensated twice a year for their higher insurance costs. .. Act of 23 December to amend the income tax and wage tax laws. Income from discontinued operations, net of tax, decreased by $ million, million ($ per diluted share) cumulative effect of accounting change, net of taxes $1, million of % notes due , and $1, million of % notes.

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What type of condition report should be used? When would you not want to prepare a condition report? The property comprises a modern, high quality, three storey office building with two levels of undercover parking. Each level 41500 per annum after tax serviced by a newly installed passenger lift and feature central stairwell with a soon to be refurbished foyer.

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At the state and local level, wireless facilities are subject to zoning and land use regulation. Under the Communications Act, neither state nor local governments may categorically prohibit the construction of wireless facilities in any community or take actions, such as indefinite moratoria, which have the effect of prohibiting service. Nonetheless, securing state and local government approvals for new tower sites has been and is likely to continue to be a difficult, lengthy and expensive process.

Finally, state and local governments continue to impose new or higher fees and taxes on wireless carriers. In this annual report on Form K we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations.

For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of The following important factors, along with those discussed elsewhere in this annual report, could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements:.

We, the management of Verizon Communications Inc. We have audited Verizon Communications Inc. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion. Because of 41500 per annum after tax inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

February 20, We have audited the accompanying consolidated balance sheets of Verizon Communications Inc. Our responsibility is to express an opinion on these financial statements based on our audits.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Cost of services and sales exclusive of items shown below. Equity in earnings of unconsolidated businesses. Other income and expensenet. Income from discontinued operations, net of tax. Extraordinary item, net of tax.

Cumulative effect of accounting change, net of tax. Net Income. Basic Earnings Per Common Share 1. Weighted-average shares outstanding in millions. Diluted Earnings Per Common Share 1. Total per share amounts may not add due to rounding. Current assets. Cash and cash equivalents. Short-term investments. Prepaid expenses and other. Total current assets.

Plant, property and equipment. Less accumulated depreciation. Investments in unconsolidated businesses. Wireless licenses. Other intangible assets, net. Other investments. Other assets. Current liabilities. Accounts payable and accrued liabilities. Total current liabilities. Deferred income taxes. Other liabilities. Contributed capital. Reinvested earnings. Accumulated other comprehensive loss.

Common stock in treasury, at cost. Deferred compensation-employee stock ownership plans and other. See Notes to Consolidated Financial Statements. Cash Flows from Operating Activities. Adjustments to reconcile net 41500 per annum after tax to net cash provided by operating activities-continuing operations:.

Loss 41500 per annum after tax sale of discontinued operations. Employee retirement benefits. Provision for uncollectible accounts. Equity in earnings of unconsolidated businesses, net of dividends received. Accounts receivable. Net cash provided by operating activities. Cash Flows from Investing Activities. Capital expenditures including capitalized software.

Acquisitions of licenses, investments and businesses, net of cash acquired. Net change in short-term investments. Net cash used in investing activities. Cash Flows from Financing Activities. Proceeds from long-term borrowings. Repayments of long-term borrowings and capital lease obligations.

Increase decrease in short-term obligations, excluding current maturities. Dividends paid. Proceeds from sale of common stock. Purchase of common stock for treasury. Net cash provided by used in financing activities. Increase decrease in cash and cash equivalents. Cash and cash equivalents, beginning of year. Cash and cash equivalents, end of year. Common Stock. Balance at beginning of year. Balance at end of year.

Contributed Capital. Shares issued-employee and shareowner plans. Domestic print and Internet yellow pages directories business spin-off. Reinvested Earnings. Adoption of tax accounting standards See Note 1. Adjusted balance at beginning of year. Net income.

Accumulated Other Comprehensive Loss. Foreign currency translation adjustments. Unrealized gains losses on marketable securities. Unrealized gains losses on cash flow hedges. Defined benefit pension and postretirement plans. Minimum pension liability adjustment. Other comprehensive income loss.

Adoption of pension and postretirement benefit accounting standard See Note 1.

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Treasury Stock. Shares purchased. Shares distributed. Employee plans. Shareowner plans. Comprehensive Income. Other comprehensive income loss per above. Total Comprehensive Income Loss. Description of Business. 41500 per annum after tax further information concerning our business segments, see Note Verizon Wireless continues to expand our wireless data, messaging and multi-media offerings at broadband speeds for both consumer and business customers.

Our Wireline segment provides communications services, including voice, broadband video and data, network access, nationwide long-distance and other communications products and services, and also owns and operates one of the most expansive end-to-end global Internet Protocol IP networks.

FiOS allows us to offer our customers a wide array of broadband services, including advanced data and video offerings. Our IP network includes overroute miles of fiber optic cable and provides access to over countries across six continents, enabling us to provide next-generation IP network products and information technology services to medium and large businesses and government customers worldwide.

The method of accounting applied to investments, whether consolidated, equity or cost, involves an evaluation of all significant terms of the investments that explicitly grant or 41500 per annum after tax evidence of control or influence over the operations of the investee. The consolidated financial statements include our controlled subsidiaries. Investments in businesses which we do not control, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method.

Investments in which we do not have the ability to exercise significant influence over operating and financial policies are accounted for under the cost method. Equity and cost method investments are included in Investments in unconsolidated businesses in our consolidated balance sheets.

All significant intercompany accounts and transactions have been eliminated. We have reclassified prior year amounts to conform to the current year presentation. Use of Estimates. We prepare our financial statements using U.

Actual results could differ from those estimates. Examples of significant estimates include: the allowance for doubtful accounts, the recoverability of plant, property and equipment, the recoverability of intangible assets and other long-lived assets, unbilled revenues, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, equity in income of unconsolidated entities, pension and postretirement benefit assumptions, contingencies and allocation of purchase prices in connection with business combinations.

Our Wireline segment earns revenue based upon usage of our network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is recognized when such services are provided. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services.

Long-term contracts are accounted for using the percentage of completion method. We use the completed contract method if we cannot estimate the costs with a reasonable degree of reliability. Customer activation fees, along with the related costs up to but not exceeding the activation fees, are deferred and amortized over the customer relationship period. We report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers that are within the scope of EITF No.

We classify as discontinued operations for all periods presented any component of our business that we hold for sale or disposal that has operations and cash 41500 per annum after tax that are clearly distinguishable operationally and for financial reporting purposes from the rest of Verizon.

Sales of significant components of our business not classified as discontinued operations are reported as either Equity in earnings of unconsolidated businesses or Other income and expensenet in our consolidated statements of income.

Maintenance and Repairs. We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services and sales as these costs are incurred. Advertising Costs. Advertising costs for advertising products and services as well as other promotional and sponsorship costs are charged to Selling, general and administrative expense in the periods in which they are incurred see Note Basic earnings per common share are based on the weighted-average number of shares outstanding during the period.

Diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans, an exchangeable equity interest and zero-coupon convertible notes see Note Cash and Cash Equivalents. We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents.

Cash equivalents are stated at cost, which approximates market value and include amounts held in money market funds. Short-Term Investments. Our short-term investments, which are stated at fair value, consist primarily of money market funds, a portion of which is held in trust to pay for certain employee benefits.

Marketable securities are included in the accompanying consolidated balance sheets in Short-term investments, Investments in unconsolidated businesses or Other assets.

We continually evaluate 41500 per annum after tax investments in marketable securities for impairment due to declines in market value considered to be other-than-temporary. That evaluation includes, in addition to persistent, declining stock prices, general economic and company-specific evaluations. In the event of a determination that a decline in market value is other-than-temporary, a charge to earnings is recorded for the 41500 per annum after tax, and a new cost basis in the investment is established.

Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost determined principally on either an average cost or first-in, first-out basis or market. We also include in inventory new and reusable supplies and network equipment of our local telephone operations, which are stated principally at average original cost, except that specific costs 41500 per annum after tax used in the case of large individual items.

We record plant, property and equipment at cost. This method provides for the recognition of the cost of the remaining net investment in local telephone plant, less anticipated net salvage value, over the remaining asset lives.

This method requires the periodic revision of depreciation rates. Plant, property and equipment of other wireline and wireless operations are generally depreciated on a straight-line basis. The asset lives used by our operations are presented in the following table:. Average Useful Lives in years. Central office equipment. Other network equipment.

Outside communications plant. Copper cable. Fiber cable including undersea cable. Poles, conduit and other. Furniture, vehicles and other. When we replace, retire or otherwise dispose of depreciable plant used in our local telephone network, we deduct the carrying amount of such plant from the respective accounts and charge it to accumulated depreciation.

When the depreciable assets of our other wireline and wireless operations are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts, and any gains or losses on disposition are recognized in income. We capitalize network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets.

Capitalized interest is reported as part of the cost of the network-related assets and as a reduction in interest expense. These changes are not expected to have a significant impact on our depreciation expense for This change did not result in a significant impact to depreciation expense for The average useful lives of certain buildings at Wireline was also increased from 42 years to 45 years.

The reduction in depreciation resulting from these adjustments in was partially offset by increased depreciation resulting from the shortening of the lives of various types of wireless plant, property and equipment. 41500 per annum after tax the timing and extent of current deployment plans are subject to modification, we believe the current estimates of impacted asset lives are reasonable and subject to ongoing analysis. Computer Software Costs. We capitalize the cost of internal-use network and non-network software which has a useful life in excess of one year.

Subsequent additions, modifications or upgrades to internal-use network and non-network software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Software maintenance and training costs are expensed in the period in which they are incurred. Also, we capitalize interest associated with the development of internal-use network and non-network software.

Capitalized non-network internal-use software costs are amortized using the straight-line method over a period of 2 to 7 years and are included in Other intangible assets, net in our consolidated balance sheets. Also, see Note 4 for additional detail of internal-use non-network software reflected in our consolidated balance 41500 per annum after tax. Goodwill and Other Intangible Assets. Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired.

Impairment testing for goodwill is performed annually or more frequently if indications of potential impairment exist under the provisions of SFAS No. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level.

We have determined that in our case, the reporting units are our operating segments since that is the lowest level at which discrete, reliable financial and cash flow information is available.

Step one compares the fair value of the reporting unit calculated using a market approach and a discounted cash flow method to its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed. If the fair value of goodwill is less than the carrying amount of goodwill, an impairment is recognized. Intangible Assets Not Subject to Amortization.

A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide cellular communication services.

While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission FCC. Renewals of licenses have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses.

As a result, we treat the wireless licenses as an indefinite-lived intangible asset under the provisions of SFAS No. We reevaluate the useful life determination for wireless licenses each reporting period to determine whether events and circumstances continue to support an indefinite useful life.

We test our wireless licenses for potential impairment annually or more frequently if indications of impairment exist. We evaluate our licenses on an aggregate basis using a direct value approach. The direct value approach determines fair value using estimates of future cash flows associated specifically with the licenses.

If the fair value of the aggregated wireless 41500 per annum after tax is less than the aggregated carrying amount of the licenses, an impairment is recognized. Intangible Assets Subject to Amortization.

Our intangible assets that do not have indefinite lives primarily customer lists and non-network internal-use software are amortized over their useful lives and reviewed for impairment in accordance with SFAS No.

If any indications were present, we would test for recoverability by comparing the carrying amount of the asset to the net undiscounted cash flows expected 41500 per annum after tax be generated from the asset. If those net undiscounted cash flows do not exceed the carrying amount 41500 per annum after tax. We reevaluate the useful life determinations for these intangible assets each reporting period to determine whether events and circumstances warrant a revision in their remaining useful lives.

For information related to the carrying amount of goodwill by segment, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 4. Fair Value Measurements. SFAS also establishes a three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the valuation methodologies in measuring fair value:.

Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities. Financial assets and financial liabilities 41500 per annum after tax classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the 41500 per annum after tax value hierarchy.

FSP was effective upon issuance, including prior periods for which financial statements have not been issued. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings.

Income Taxes. Verizon and its domestic subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences in the bases between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at rates then in effect.

We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. The first step is recognition: we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related 41500 per annum after tax or litigation processes, based on the technical merits of the position.

In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The second step is measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.

Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability 41500 per annum after tax income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability. FASAccounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction FSPrequires that changes in the projected timing of income tax cash flows generated by a leveraged lease transaction be recognized as a gain or loss in the year in which the change occurs.

Stock-Based Compensation. Employee Benefit Plans. Pension and postretirement health care and life insurance benefits earned during the year as well as interest on projected benefit obligations are accrued 41500 per annum after tax. Prior service costs and credits resulting from changes in plan benefits are amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the market-related value of assets.

Derivative Instruments. We have entered into derivative transactions to manage our exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices.

We employ risk management strategies which may include the use of a variety of derivatives including cross currency swaps, foreign currency forwards and collars, equity options, interest rate and commodity swap agreements and interest rate locks. Changes in the fair values of derivative instruments not qualifying as hedges or any ineffective portion of hedges are recognized in earnings in the current 41500 per annum after tax.

Changes in the fair values of derivative instruments used effectively as fair value hedges are recognized in earnings, along with changes in the fair value of the hedged item. Changes in the fair value of the effective portions of cash flow hedges are reported in other comprehensive income loss and recognized in earnings when the hedged item is recognized in earnings.

Note 2. We expect to experience substantial operational benefits from the Alltel acquisition, including additional combined overall cost savings from reduced roaming costs by moving more traffic to our own network, reduced network-related costs from the elimination of duplicate facilities, consolidation of platforms, efficient traffic consolidation, and reduced overall expenses relating to advertising, overhead and headcount.

We expect reduced overall combined capital expenditures as a result of greater economies of scale and the rationalization of network assets. While Verizon Wireless has commenced the appraisals necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed, the amounts of assets and liabilities arising from contingencies, the fair value of noncontrolling interests, and the amount 41500 per annum after tax goodwill to be recognized 41500 per annum after tax of the acquisition date, the initial purchase price allocation is not yet available.

The maturity dates of these obligations range from to As a result of these divestiture requirements, Verizon Wireless has placed the licenses and assets in the Alltel Divestiture Markets in a management trust that will continue to operate the markets under their current brands until they are sold.

Repayment of Alltel Debt and New Borrowings. The remaining commitments under the Bridge Facility were terminated. The Bridge Facility includes a requirement to maintain a certain leverage ratio. We are required to prepay indebtedness under the Bridge Facility with the net cash proceeds of specified asset sales, issuances and sales of equity and incurrences of borrowed money indebtedness, subject to certain exceptions. The net proceeds from the sale of these notes were used to repay a portion of the borrowings outstanding under the Bridge Facility.

Verizon Wireless believes that the acquisition will further enhance its network coverage in markets adjacent to its existing service areas and will enable Verizon Wireless to achieve operational benefits through realizing synergies in reduced roaming and other operating expenses.

As the values of certain assets and liabilities are preliminary in nature, they are subject to adjustment as additional information is obtained. The valuations will be finalized within 12 months of the close of the acquisition. When the valuations are finalized, any changes to the preliminary valuation of assets acquired or liabilities assumed may result in adjustments to the fair value of the identifiable intangible assets acquired and goodwill.

Assets acquired. Intangible assets subject to amortization. Other acquired assets. Total assets acquired. Liabilities assumed. Deferred income taxes and other liabilities. Total liabilities assumed. Net assets acquired. Wireless licenses acquired have an indefinite life, and accordingly, are not subject to amortization. The customer relationships are being amortized using an accelerated method over 6 years, and other intangibles are being amortized on a straight-line basis over 12 months.

There was no gain or loss recognized on the exchange. Other Acquisitions. This acquisition was made to enhance our managed information security services to large business and government customers worldwide.

This acquisition was integrated into the Wireline segment. In connection with the acquisition of MCI, Inc. MCIwe recorded certain severance and severance-related costs and contract termination costs associated with the merger, pursuant to Emerging Issues Task Force Issue No.

Telecomunicaciones de Puerto Rico, Inc. Verizon Dominicana C. Verizon Information Services. In Octoberwe announced our intention to spin-off our domestic print and Internet yellow pages directories publishing operations, which have been organized into a newly formed company known as Idearc Inc. Cash was paid for fractional shares.

The distribution of common stock of the newly formed company to our shareowners was considered a tax free transaction for us and for our shareowners, except for the cash payments for fractional shares which were generally taxable.

Income from discontinued operations, net of tax, presented in the consolidated statements of income included the following:. Income before provision for income taxes. Wireless Licenses. Changes in the carrying amount of wireless licenses are as follows:. Wireless licenses acquired. Capitalized interest on wireless licenses. Changes in the carrying amount of goodwill are as follows:. Reclassifications and adjustments.

Other Intangible Assets. The following table displays the details of other intangible assets:. Finite-lived intangible assets:. Customer lists 3 to 10 years. Non-network internal-use software 2 to 7 years. Other 1 to 25 years. Duringwe entered into an agreement to acquire a non-exclusive license the IP License to a portfolio of intellectual property owned by an entity formed for 41500 per annum after tax purpose of acquiring and licensing intellectual property. In connection with this investment, we will receive non-exclusive license rights to certain intellectual property acquired by the LLC for an annual license fee.

Note 5. Marketable Securities and Other Investments. These investments have been included in our consolidated balance sheets in Short-term investments, Other investments, Investments in unconsolidated businesses and Other assets.

The following table shows certain summarized information related to our investments in marketable securities:. Investments in unconsolidated businesses Note 7. Other investments Notes 2 and Our short-term investments are primarily bonds and mutual funds.

Note 6 Plant, Property and Equipment. The following table displays the details of plant, property and equipment, which is stated at cost:. 41500 per annum after tax and equipment. Network equipment. Furniture, office and data processing equipment.

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Work in progress. Leasehold improvements. Verizon Center Relocation, Net. Note 7. Investments in Unconsolidated Businesses. Our investments in unconsolidated businesses are comprised of the following:. Equity Investees. Total equity investees. Cost Investees. Total investments in unconsolidated businesses. Equity Method Investments.

Vodafone Omnitel is the second largest wireless communications company in Italy. Other Equity Investees. Verizon has limited partnership investments in entities that invest in affordable housing projects, for which Verizon provides funding as a limited partner and receives tax deductions and tax credits based on its partnership interests.

Verizon currently adjusts the carrying value of these investments for any losses incurred by the limited partnerships through earnings. The remaining investments include wireless partnerships in the U. Cost Method Investments. Some of our cost investments are carried at their current 41500 per annum after tax value. Other cost investments are carried at their original cost, except in cases where we have determined that a decline in the estimated market value of an investment is other-than-temporary.

Note 8. Minority interests in equity of subsidiaries were as follows:. Minority interests in consolidated subsidiaries:. Wireless joint venture.

Cellular partnerships and other. Wireless Joint Venture. The wireless joint venture was formed in April in connection with the combination of the U. The wireless joint venture operates as Verizon Wireless. Vodafone did not exercise its right during this period and no longer has any right to require the purchase of any of its interest in Verizon Wireless.

Cellular Partnerships and Other. In exchange for its contributed assets, Price received a limited partnership interest in VZ East which was exchangeable into the common stock of Verizon Wireless if an initial public offering of that stock occurred, or into the common stock of Verizon on the fourth anniversary of the asset contribution date.

Noncontrolling Interests in Consolidated Financial Statements. Note 9. As Lessor. Finance lease receivables, which are included in Prepaid expenses and other and Other assets in our consolidated balance sheets are comprised of the following:.

Minimum lease payments receivable. Estimated residual value. Unamortized initial direct costs. Unearned income. Allowance for doubtful accounts. Finance lease receivables, net. The following table is a summary of the components of income from leveraged leases:. Pretax lease income. Income tax expense. Investment tax credits.

As Lessee. We lease certain facilities and equipment for use in our operations under both capital and operating leases. Amortization of capital leases is included in depreciation and amortization expense in the consolidated statements of income. Capital lease amounts included in plant, property and equipment are as follows:. Capital leases. Accumulated amortization. Total minimum rental commitments. Less interest and executory costs. Present value of minimum lease payments. Less current installments.

Long-term obligation at December 31, Note Debt Maturing Within One 41500 per annum after tax. Debt maturing within one year is as follows:.

Long-term debt maturing within one year. Commercial paper. Total debt maturing within one year. Capital expenditures primarily acquisition and construction of network assets are partially financed pending long-term financing through bank loans and the issuance of commercial paper payable within 12 months.

Certain of these lines of credit contain requirements for the payment of commitment fees. Long - Term Debt. Outstanding long-term debt obligations are as follows:. Notes payable. Capital lease obligations average rate 6. Unamortized discount, net of premium.

Less debt maturing within one year. Total long-term debt. Notes Payable. These notes were exchangeable periodically at the option of the note holder into similar notes until The exchangeable notes were not exchanged and are now due April Other than the financing activities as a co-issuer of Verizon Wireless indebtedness, Verizon Wireless Capital LLC has no material assets, operations or revenues.

Concurrent with these offerings, we entered into cross currency swaps to fix our future interest and principal payments in U. DuringVerizon Wireless utilized this facility primarily to purchase the Alltel debt obligations acquired in the second quarter and pay fees and expenses incurred in connection therewith, finance the acquisition of Rural Cellular and repay the outstanding Rural Cellular debt and pay fees and expenses incurred in connection therewith.

Duringthe borrowings under the Day Credit Agreement were repaid. During the fourth quarter ofVerizon New England Inc. Debt Covenants. Maturities of Long-Term Debt. Financial Instruments. Interest Rate Risk Management. We have entered into domestic interest rate swaps to achieve a targeted mix of fixed and variable rate debt, where we principally receive fixed rates and pay variable rates based on LIBOR.

These swaps are designated as fair value hedges and hedge against changes in the fair value of our debt portfolio. We record the interest rate swaps at fair value in our balance sheet as assets and liabilities and adjust debt for the change in its fair value due to changes in interest rates. Foreign Exchange Risk Management. We record these contracts at fair value and any gains or losses on 41500 per annum after tax contract will, over time, offset the gains or losses on the underlying debt obligations.

Concentrations of Credit Risk. Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, certain notes receivable, including lease receivables, and derivative contracts. Our policy is to deposit our temporary cash investments with major financial institutions. Counterparties to our derivative contracts are also major financial institutions. The financial institutions have all been accorded high ratings by primary rating agencies.

We generally do not give or receive collateral on swap agreements due to our credit rating and those of our counterparties. While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect the settlement of these transactions to have a material effect on our results of operations or financial condition.

Included in earnings. Included in other comprehensive loss. Purchases, issuances and settlements. Discount amortization included in earnings.

Transfers in out of Level 3. Short-term investments include a fund comprised of cash equivalents held in trust for the payment of certain employee benefits and are classified as Level 2. These temporary cash investments are stated at fair value using matrix pricing as they are not actively traded in an established market. Short-term investments and 41500 per annum after tax in unconsolidated businesses also include equity securities, mutual funds, U.

Treasuries, and obligations of the U. Other assets are primarily comprised of domestic and foreign corporate and government bonds. While quoted prices in active markets for certain of these debt securities are available, for some they are not. Our derivative contracts, included in Other assets or Other liabilities, are primarily comprised of interest rate swaps, are valued using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified within Level 2.

Earnings Per Share. The following table is a reconciliation of the numerators and denominators used in computing earnings per common share:. After-tax minority interest expense related to exchangeable equity interest. After-tax interest expense related to zero-coupon convertible notes.

Effect of dilutive securities:. Stock options. Exchangeable equity interest. Zero-coupon convertible notes. We are authorized to issue up to 4. The Verizon Communications Long Term Incentive Plan the Planpermits the granting of nonqualified stock options, incentive stock options, restricted stock, restricted stock units, performance shares, performance share units and other awards.

The maximum number of shares for awards 41500 per annum after tax million. Restricted Stock Units. Weighted-Average Grant-Date. Performance Share Units.

The Plan also provides for grants of PSUs 41500 per annum after tax generally vest at the end of the 41500 per annum after tax year after the grant. As defined by the Plan, the Human Resources Committee of the Board of Directors determines the number of PSUs a participant earns based on the extent to which the corresponding goals have been achieved over the three-year performance cycle.

All payments are subject to approval by the Human Resources Committee. Dividend equivalent units are also paid to participants at the time that the PSU award is determined and paid, and in the same proportion as the PSU award.

The Wireless Plan provides rewards that are tied to the long-term performance of the Partnership. VARs reflect the change in the value of the Partnership, as defined in the Wireless Plan, similar to stock options. Once VARs become vested, employees can exercise their VARs and receive a payment that is equal to the difference between the VAR price on the date of grant and the VAR price on the date of exercise, less applicable taxes.

VARs are fully exercisable three years from the date of grant with a maximum term of 10 years. All VARs are granted at a price equal to the estimated fair value of the Partnership, as defined in the Wireless Plan, at the date of the grant. The following table summarizes the assumptions used in the model during Risk-free rate.

Expected term in years. Expected volatility. The risk-free rate is based on the U. Treasury yield curve in effect at the time of the measurement date. The expected term of the VARs granted was estimated using a combination of the simplified method historical experience, and management judgment.

Expected volatility was based on a blend of the historical and implied volatility of publicly traded peer companies for a period equal to the VARs expected life, ending on the measurement date, and calculated on a monthly basis. The following table summarizes the Value Appreciation Rights activity:. Stock-Based Compensation Expense. Stock Options. Each grant has a 10 year life, vesting equally over a three year period, starting at the date of the grant. We have not granted new stock options since Outstanding, December 31, The related tax benefits were not significant.

The after-tax compensation expense for stock options was not significant for and There was no stock option 41500 per annum after tax for Note 15 Employee Benefits We maintain non-contributory defined benefit pension plans for many of our employees.

We also sponsor defined contribution savings plans to provide opportunities for eligible employees to save for retirement on a tax-deferred basis. Pension and other postretirement benefits for many of our employees are subject to collective bargaining agreements. Modifications in benefits have been bargained from time to time, and we may also periodically amend the benefits in the 41500 per annum after tax plans.

The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans:.

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