Verizon Wireless 2008 Annual Report Download - page 54

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52
Notes to Consolidated Financial Statements continued
NOTE 5
MARKETABLE SECURITIES AND OTHER INVESTMENTS
We have investments in marketable securities which are considered
“available-for-sale” under the provisions of SFAS No. 115. These invest-
ments have been included in our consolidated balance sheets in
Short-term investments, Other investments, Investments in unconsoli-
dated businesses and Other assets.
Investment Impairment Charge
During 2008, we recorded a pretax charge of $48 million ($31 million
after-tax) related to an other-than-temporary decline in the fair value of
our investments in certain marketable securities.
The following table shows certain summarized information related to
our investments in marketable securities:
(dollars in millions)
Gross Unrealized
Cost Gains Losses
Fair
Value
At December 31, 2008
Short-term investments $ 362 $ 2 $ (5) $ 359
Investments in
unconsolidated
businesses (Note 7) 342 – (52) 290
Other investments (Notes 2
and 12) 4,781 – – 4,781
Other assets 684 4 (9) 679
$ 6,169 $ 6 $ (66) $ 6,109
At December 31, 2007
Short-term investments $ 497 $ 21 $ – $ 518
Investments in
unconsolidated
businesses (Note 7) 286 42 – 328
Other assets 661 31 – 692
$ 1,444 $ 94 $ – $ 1,538
Our short-term investments are primarily bonds and mutual funds.
Certain other investments in securities that we hold are not adjusted to
market values because those values are not readily determinable and/
or the securities are not marketable. We do, however, adjust the car-
rying values of these securities in situations where we believe declines
in value below cost were other–than-temporary. The carrying values for
investments not adjusted to market value were $28 million at December
31, 2008 and $15 million at December 31, 2007.
NOTE 6
PLANT, PROPERTY AND EQUIPMENT
The following table displays the details of plant, property and equip-
ment, which is stated at cost:
(dollars in millions)
At December 31, 2008 2007
Land $ 815 $ 839
Buildings and equipment 20,440 19,734
Network equipment 175,757 173,654
Furniture, oce and data processing equipment 10,477 11,912
Work in progress 1,279 1,988
Leasehold improvements 4,155 3,612
Other 2,682 2,255
215,605 213,994
Less accumulated depreciation 129,059 128,700
Total $ 86,546 $ 85,294
Verizon Center Relocation, Net
During 2006, we recorded pretax charges of $184 million ($118 million
after-tax) in connection with the relocation of employees and business
operations to Verizon Center located in Basking Ridge, New Jersey.