Verizon Wireless 2014 Annual Report Download - page 75

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73
NOTE 16
ADDITIONAL FINANCIAL INFORMATION
The tables that follow provide additional nancial information related to our consolidated nancial statements:
Income Statement Information
(dollars in millions)
Years Ended December 31, 2014 2013 2012
Depreciation expense $ 14,966 $ 15,019 $ 14,920
Interest costs on debt balances 5,291 3,421 2,977
Capitalized interest costs (376) (754) (406)
Advertising expense 2,526 2,438 2,381
Balance Sheet Information
(dollars in millions)
At December 31, 2014 2013
Accounts Payable and Accrued Liabilities
Accounts payable $ 5,598 $ 4,954
Accrued expenses 4,016 3,954
Accrued vacation, salaries and wages 4,131 4,790
Interest payable 1,478 1,199
Taxes payable 1,457 1,556
$ 16,680 $ 16,453
Other Current Liabilities
Advance billings and customer deposits $ 3,125 $ 2,829
Dividends payable 2,307 1,539
Other 3,217 2,296
$ 8,649 $ 6,664
Cash Flow Information
(dollars in millions)
Years Ended December 31, 2014 2013 2012
Cash Paid
Interest, net of amounts capitalized $ 4,429 $ 2,122 $ 1,971
Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 18.2 mil-
lion common shares issued from Treasury stock during the year ended December 31, 2014, which had an aggregate value of $0.7 billion.
In addition to the previously authorized three-year share buyback program, in February 2015, the Verizon Board of Directors authorized Verizon to
enter into an accelerated share repurchase (ASR) agreement to repurchase $5.0 billion of the Company’s common stock. The total number of shares
that Verizon will repurchase under the ASR agreement will be based generally upon the volume-weighted average share price of Verizon’s common
stock during the term of the transaction. On February 10, 2015, in exchange for an up-front payment totaling $5.0 billion, Verizon received an initial
delivery of 86.2 million shares having a value of approximately $4.25 billion. Final settlement of the transaction under the ASR agreement, including
delivery of the remaining shares, if any, that Verizon is entitled to receive, is scheduled to occur in the second quarter of 2015.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued