Verizon Communications (VZ) 8-K Consolidated Statements of Income - Revised for Discontinued Operations Reflecting Spin-off of Idearc

Verizon Communications Inc.	Exhibit 99.2
Consolidated Statements of Income-Reconciliations-Revised for Discontinued Operations Reflecting Spin-off of Idearc

For the Quarter Ended March 31, 2004

		(dollars in millions, except per share amounts)
				Special and Non-Recurring Items
Unaudited	3 Mos. Ended 3/31/04 Reported (GAAP)			Severance, Pension and Benefit Charges			Impact of Operations Sold			Sales of Investments, Net			Other Special Items			3 Mos. Ended 3/31/04 Before Special Items
Operating Revenues	$	15,685		$	—		$	(132	)	$	—		$	—		$	15,553
Operating Expenses
Cost of services and sales		5,214			—			(48	)		—			—			5,166
Selling, general & administrative expense		5,217			(716	)		(36	)		—			—			4,465
Depreciation and amortization expense		3,328			—			(29	)		—			—			3,299
Total Operating Expenses		13,759			(716	)		(113	)		—			—			12,930
Operating Income		1,926			716			(19	)		—			—			2,623
Operating income impact of operations sold		—			—			19			—			—			19
Equity in earnings of unconsolidated businesses		199			—			—			—			—			199
Other income and (expense), net		45			—			—			(43	)		43			45
Interest expense		(625	)		—			—			—			—			(625	)
Minority interest		(462	)		—			—			—			—			(462	)
Income Before Provision for Income Taxes and Discontinued Operations		1,083			716			—			(43	)		43			1,799
Provision for income taxes		(219	)		(278	)		—			—			(16	)		(513	)
Income Before Discontinued Operations		864			438			—			(43	)		27			1,286
Income from discontinued operations, net of tax		335			8			—			—			—			343
Net Income	$	1,199		$	446		$	—		$	(43	)	$	27		$	1,629
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.31		$	.16		$	—		$	(.02	)	$	.01		$	.46
Income on discontinued operations, net of tax	$	.12			—		$	—		$	—		$	—		$	.12
Net income	$	.43		$	.16		$	—		$	(.02	)	$	.01		$	.59
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.31		$	.15		$	—		$	(.02	)	$	.01		$	.46
Income on discontinued operations, net of tax	$	.12			—		$	—		$	—		$	—		$	.12
Net income	$	.43		$	.16		$	—		$	(.02	)	$	.01		$	.58

Footnote:

(1) EPS totals may not add due to rounding.

For the Quarter Ended June 30, 2004

		(dollars in millions, except per share amounts)
				Special and Non-Recurring Items
Unaudited	3 Mos. Ended 6/30/04 Reported (GAAP)			Severance, Pension and Benefit Charges			Impact of Operations Sold			Other Special Items			3 Mos. Ended 6/30/04 Before Special Items
Operating Revenues	$	16,363		$	—		$	(130	)	$	—		$	16,233
Operating Expenses
Cost of services and sales		5,334			—			(38	)		—			5,296
Selling, general & administrative expense		4,593			(31	)		(40	)		91			4,613
Depreciation and amortization expense		3,336			—			—			—			3,336
Total Operating Expenses		13,263			(31	)		(78	)		91			13,245
Operating Income		3,100			31			(52	)		(91	)		2,988
Operating income impact of operations sold		—			—			52			—			52
Equity in earnings of unconsolidated businesses		211			—			—			—			211
Other income and (expense), net		8			—			—			12			20
Interest expense		(583	)		—			—			—			(583	)
Minority interest		(640	)		—			—			—			(640	)
Income Before Provision for Income Taxes and Discontinued Operations		2,096			31			—			(79	)		2,048
Provision for income taxes		(677	)		(12	)		—			50			(639	)
Income Before Discontinued Operations		1,419			19			—			(29	)		1,409
Income from discontinued operations, net of tax		378			—			—			—			378
Net Income	$	1,797		$	19		$	—		$	(29	)	$	1,787
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.51		$	.01		$	—		$	(.01	)	$	.51
Income on discontinued operations, net of tax	$	.14		$	—		$	—		$	—		$	.14
Net income	$	.65		$	.01		$	—		$	(.01	)	$	.65
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.51		$	.01		$	—		$	(.01	)	$	.50
Income on discontinued operations, net of tax	$	.13		$	—		$	—		$	—		$	.13
Net income	$	.64		$	.01		$	—		$	(.01	)	$	.64

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.	Exhibit 99.2
Consolidated Statements of Income-Reconciliations-Revised for Discontinued Operations Reflecting Spin-off of Idearc

For the Quarter Ended September 30, 2004

(dollars in millions, except per share amounts)

Unaudited	3 Mos. Ended 9/30/04 Reported (GAAP)			Special and Non-Recurring Items						3 Mos. Ended 9/30/04 Before Special Items
				Impact of Operations Sold			Severance, Pension and Benefit Charges
Operating Revenues	$	16,854		$	(133	)	$	—		$	16,721
Operating Expenses
Cost of services and sales		5,728			(52	)		—			5,676
Selling, general & administrative expense		4,700			(39	)		(35	)		4,626
Depreciation and amortization expense		3,382			—			—			3,382
Total Operating Expenses		13,810			(91	)		(35	)		13,684
Operating Income		3,044			(42	)		35			3,037
Operating income impact of operations sold		—			42			—			42
Equity in earnings of unconsolidated businesses		224			—			—			224
Other income and (expense), net		1			—			—			1
Interest expense		(566	)		—			—			(566	)
Minority interest		(669	)		—			—			(669	)
Income Before Provision for Income Taxes and Discontinued Operations		2,034			—			35			2,069
Provision for income taxes		(598	)		—			(14	)		(612	)
Income Before Discontinued Operations		1,436			—			21			1,457
Income from discontinued operations, net of tax		360			—			(1	)		359
Net Income	$	1,796		$	—		$	20		$	1,816
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.52		$	—		$	.01		$	.53
Income on discontinued operations, net of tax	$	.13		$	—			—		$	.13
Net income	$	.65		$	—		$	.01		$	.66
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.51		$	—		$	.01		$	.52
Income on discontinued operations, net of tax	$	.13		$	—			—		$	.13
Net income	$	.64		$	—		$	.01		$	.65

Footnote:

(1) EPS totals may not add due to rounding.

For the Quarter Ended December 31, 2004

(dollars in millions, except per share amounts)

Unaudited	3 Mos. Ended 12/31/04 Reported (GAAP)			Special and Non-Recurring Items												3 Mos. Ended 12/31/04 Before Special Items
				Severance, Pension and Benefit Charges			Impact of Operations Sold			Sales of Businesses and Investments, Net			Tax Benefits
Operating Revenues	$	16,849		$	—		$	(134	)	$	—		$	—		$	16,715
Operating Expenses
Cost of services and sales		5,756			—			(51	)		—			—			5,705
Selling, general & administrative expense		4,836			(23	)		(42	)		(100	)		—			4,671
Depreciation and amortization expense		3,457			—			—			—			—			3,457
Total Operating Expenses		14,049			(23	)		(93	)		(100	)		—			13,833
Operating Income		2,800			23			(41	)		100			—			2,882
Operating income impact of operations sold		—			—			41			—			—			41
Equity in earnings of unconsolidated businesses		1,056			—			—			(787	)		—			269
Other income and (expense), net		28			—			—			—			—			28
Interest expense		(562	)		—			—			—			—			(562	)
Minority interest		(558	)		—			—			—			—			(558	)
Income Before Provision for Income Taxes and Discontinued Operations		2,764			23			—			(687	)		—			2,100
Provision for income taxes		(584	)		(9	)		—			187			(234	)		(640	)
Income Before Discontinued Operations		2,180			14			—			(500	)		(234	)		1,460
Income from discontinued operations, net of tax		859			—			—			(516	)		—			343
Net Income	$	3,039		$	14		$	—		$	(1,016	)	$	(234	)	$	1,803
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.79		$	.01		$	—		$	(.18	)	$	(.08	)	$	.53
Income on discontinued operations, net of tax	$	.31		$	—		$	—		$	(.19	)	$	—		$	.12
Net income	$	1.10		$	.01		$	—		$	(.37	)	$	(.08	)	$	.65
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.78			—		$	—		$	(.18	)	$	(.08	)	$	.52
Income on discontinued operations, net of tax	$	.30		$	—		$	—		$	(.18	)	$	—		$	.12
Net income	$	1.08			—		$	—		$	(.36	)	$	(.08	)	$	.64

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.	Exhibit 99.2
Consolidated Statements of Income-Reconciliations-Revised for Discontinued Operations Reflecting Spin-off of Idearc

For the Year Ended December 31, 2004

(dollars in millions, except per share amounts)

Unaudited	12 Mos. Ended 12/31/04 Reported (GAAP)			Special and Non-Recurring Items															12 Mos. Ended 12/31/04 Before Special Items
				Severance, Pension and Benefit Charges			Impact of Operations Sold			Sales of Businesses and Investments, Net			Tax Benefits			Other Special Items
Operating Revenues	$	65,751		$	—		$	(529	)	$	—		$	—		$	—		$	65,222
Operating Expenses
Cost of services and sales		22,032			—			(189	)		—			—			—			21,843
Selling, general & administrative expense		19,346			(805	)		(157	)		(100	)		—			91			18,375
Depreciation and amortization expense		13,503			—			(29	)		—			—			—			13,474
Total Operating Expenses		54,881			(805	)		(375	)		(100	)		—			91			53,692
Operating Income		10,870			805			(154	)		100			—			(91	)		11,530
Operating income impact of operations sold		—			—			154			—			—			—			154
Equity in earnings of unconsolidated businesses		1,690			—			—			(787	)		—			—			903
Other income and (expense), net		82			—			—			(43	)		—			55			94
Interest expense		(2,336	)		—			—			—			—			—			(2,336	)
Minority interest		(2,329	)		—			—			—			—			—			(2,329	)
Income Before Provision for Income Taxes and Discontinued Operations		7,977			805			—			(730	)		—			(36	)		8,016
Provision for income taxes		(2,078	)		(313	)		—			187			(234	)		34			(2,404	)
Income Before Discontinued Operations		5,899			492			—			(543	)		(234	)		(2	)		5,612
Income from discontinued operations, net of tax		1,932			7			—			(516	)		—			—			1,423
Net Income	$	7,831		$	499		$	—		$	(1,059	)	$	(234	)	$	(2	)	$	7,035
Basic Earnings per Common Share(1)
Income before discontinued operations	$	2.13		$	.18		$	—		$	(.20	)	$	(.08	)		—		$	2.03
Income on discontinued operations, net of tax	$	.70			—		$	—		$	(.19	)	$	—		$	—		$	.51
Net income	$	2.83		$	.18		$	—		$	(.38	)	$	(.08	)		—		$	2.54
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	2.11		$	.17		$	—		$	(.19	)	$	(.08	)		—		$	2.01
Income on discontinued operations, net of tax	$	.68			—		$	—		$	(.18	)	$	—		$	—		$	.50
Net income	$	2.79		$	.18		$	—		$	(.37	)	$	(.08	)		—		$	2.51

Footnote:

(1) EPS totals may not add due to rounding.

For the Quarter Ended March 31, 2005

(dollars in millions, except per share amounts)

Unaudited	3 Mos. Ended 3/31/05 Reported (GAAP)			Special and Non- Recurring Items			3 Mos. Ended 3/31/05 Before Special Items
				Impact of Operations Sold
Operating Revenues	$	16,785		$	(133	)	$	16,652
Operating Expenses
Cost of services and sales		5,799			(52	)		5,747
Selling, general & administrative expense		4,806			(35	)		4,771
Depreciation and amortization expense		3,352			—			3,352
Total Operating Expenses		13,957			(87	)		13,870
Operating Income		2,828			(46	)		2,782
Operating income impact of operations sold		—			46			46
Equity in earnings of unconsolidated businesses		193			—			193
Other income and (expense), net		124			—			124
Interest expense		(548	)		—			(548	)
Minority interest		(608	)		—			(608	)
Income Before Provision for Income Taxes and Discontinued Operations		1,989			—			1,989
Provision for income taxes		(582	)		—			(582	)
Income Before Discontinued Operations		1,407			—			1,407
Income from discontinued operations, net of tax		350			—			350
Net Income	$	1,757		$	—		$	1,757
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.51		$	—		$	.51
Income from discontinued operations, net of tax	$	.13		$	—		$	.13
Net income	$	.63		$	—		$	.63
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.50		$	—		$	.50
Income from discontinued operations, net of tax	$	.12		$	—		$	.12
Net income	$	.63		$	—		$	.63

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.	Exhibit 99.2
Consolidated Statements of Income-Reconciliations-Revised for Discontinued Operations Reflecting Spin-off of Idearc

For the Quarter Ended June 30, 2005

(dollars in millions, except per share amounts)

Unaudited	3 Mos. Ended 6/30/05 Reported (GAAP)			Special and Non-Recurring Items											3 Mos. Ended 6/30/05 Before Special Items
				Sales of Businesses, Net			Impact of Operations Sold			Tax Benefits			Tax on Repatriated Earnings
Operating Revenues	$	17,177		$	—		$	(47	)	$	—		$	—	$	17,130
Operating Expenses
Cost of services and sales		5,931			—			(19	)		—			—		5,912
Selling, general & administrative expense		4,828			—			(12	)		—			—		4,816
Depreciation and amortization expense		3,387			—			—			—			—		3,387
Sales of businesses, net		(530	)		530			—			—			—		—
Total Operating Expenses		13,616			530			(31	)		—			—		14,115
Operating Income		3,561			(530	)		(16	)		—			—		3,015
Operating income impact of operations sold		—			—			16			—			—		16
Equity in earnings of unconsolidated businesses		178			—			—			—			—		178
Other income and (expense), net		76			—			—			—			—		76
Interest expense		(528	)		—			—			—			—		(528	)
Minority interest		(709	)		—			—			—			—		(709	)
Income Before Provision for Income Taxes and Discontinued Operations		2,578			(530	)		—			—			—		2,048
Provision for income taxes		(774	)		194			—			(242	)		232		(590	)
Income Before Discontinued Operations		1,804			(336	)		—			(242	)		232		1,458
Income from discontinued operations, net of tax		309			—			—			—			—		309
Net Income	$	2,113		$	(336	)	$	—		$	(242	)	$	232	$	1,767
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.65		$	(.12	)	$	—		$	(.09	)	$	.08	$	.53
Income from discontinued operations, net of tax	$	.11		$	—		$	—		$	—		$	—	$	.11
Net income	$	.76		$	(.12	)	$	—		$	(.09	)	$	.08	$	.64
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.65		$	(.12	)	$	—		$	(.09	)	$	.08	$	.52
Income from discontinued operations, net of tax	$	.11		$	—		$	—		$	—		$	—	$	.11
Net income	$	.75		$	(.12	)	$	—		$	(.09	)	$	.08	$	.63

Footnote:

(1) EPS totals may not add due to rounding.

For the Quarter Ended September 30, 2005

(dollars in millions, except per share amounts)

Unaudited	3 Mos. Ended 9/30/05 Reported (GAAP)			Special and Non-Recurring Items
				Verizon Center Relocation, Net			Lease Impairment and Other Special Items			Tax Benefits			Tax on Repatriated Earnings			3 Mos. Ended 9/30/05 Before Special Items
Operating Revenues	$	17,629		$	—		$	—		$	—		$	—		$	17,629
Operating Expenses
Cost of services and sales		6,224			—			—			—			—			6,224
Selling, general & administrative expense		4,955			64			(125	)		—			—			4,894
Depreciation and amortization expense		3,410			—			—			—			—			3,410
Sales of businesses, net		—			—			—			—			—			—
Total Operating Expenses		14,589			64			(125	)		—			—			14,528
Operating Income		3,040			(64	)		125			—			—			3,101
Equity in earnings of unconsolidated businesses		182			—			—			—			—			182
Other income and (expense), net		89	��		—			10			—			—			99
Interest expense		(525	)		—			—			—			—			(525	)
Minority interest		(747	)		—			—			—			—			(747	)
Income Before Provision for Income Taxes and Discontinued Operations		2,039			(64	)		135			—			—			2,110
Provision for income taxes		(533	)		27			(4	)		(94	)		(21	)		(625	)
Income Before Discontinued Operations		1,506			(37	)		131			(94	)		(21	)		1,485
Income from discontinued operations, net of tax		363			—			—			—			—			363
Net Income	$	1,869		$	(37	)	$	131		$	(94	)	$	(21	)	$	1,848
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.54		$	(.01	)	$	.05		$	(.03	)	$	(.01	)	$	.54
Income from discontinued operations, net of tax	$	.13		$	—		$	—		$	—		$	—		$	.13
Net income	$	.68		$	(.01	)	$	.05		$	(.03	)	$	(.01	)	$	.67
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.54		$	(.01	)	$	.05		$	(.03	)	$	(.01	)	$	.53
Income from discontinued operations, net of tax	$	.13		$	—		$	—		$	—		$	—		$	.13
Net income	$	.67		$	(.01	)	$	.05		$	(.03	)	$	(.01	)	$	.66

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.	Exhibit 99.2
Consolidated Statements of Income-Reconciliations-Revised for Discontinued Operations Reflecting Spin-off of Idearc

For the Quarter Ended December 31, 2005

(dollars in millions, except per share amounts)

				Special and Non-Recurring Items
Unaudited	3 Mos. Ended 12/31/05 Reported (GAAP)			Verizon Center Relocation, Net			Pension and Benefit Charges				Severance			Other Special Items			Tax on Repatriated Earnings			3 Mos. Ended 12/31/05 Before Special Items
Operating Revenues	$	17,927		$	—		$	—			$	—		$	—		$	—		$	17,927
Operating Expenses
Cost of services and sales		6,246			—			—				—			—			—			6,246
Selling, general & administrative expense		5,063			(46	)		(98	)			(59	)		—			—			4,860
Depreciation and amortization expense		3,466			—			—				—			—			—			3,466
Sales of businesses, net		—			—			—				—			—			—			—
Total Operating Expenses		14,775			(46	)		(98	)			(59	)		—			—			14,572
Operating Income		3,152			46			98				59			—			—			3,355
Equity in earnings of unconsolidated businesses		133			—			—				—			—			—			133
Other income and (expense), net		22			—							—			4			—			26
Interest expense		(528	)		—			—				—			—			—			(528	)
Minority interest		(937	)		—			—				—			—			—			(937	)
Income Before Provision for Income Taxes and Discontinued Operations		1,842			46			98				59			4			—			2,049
Provision for income taxes		(532	)		(17	)		(39	)			(23	)		(2	)		(5	)		(618	)
Income Before Discontinued Operations		1,310			29			59				36			2			(5	)		1,431
Income from discontinued operations, net of tax		348			—			—				—			—			—			348
Net Income	$	1,658		$	29		$	59		��	$	36		$	2		$	(5	)	$	1,779
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.47		$	.01		$	.02			$	.01		$	—		$	—		$	.52
Income from discontinued operations, net of tax	$	.13		$	—		$	—			$	—		$	—		$	—		$	.13
Net income	$	.60		$	.01		$	.02			$	.01		$	—		$	—		$	.64
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.47		$	.01		$	.02			$	.01		$	—		$	—		$	.51
Income from discontinued operations, net of tax	$	.12		$	—		$	—			$	—		$	—		$	—		$	.12
Net income	$	.59		$	.01		$	.02			$	.01		$	—		$	—		$	.64

Footnote:

(1) EPS totals may not add due to rounding.

For the Year Ended December 31, 2005

(dollars in millions, except per share amounts)

				Special and Non-Recurring Items
Unaudited	12 Mos. Ended 12/31/05 Reported (GAAP)			Sales of Businesses, Net			Impact of Operations Sold			Verizon Center Relocation, Net			Lease Impairment and Other Special Items			Tax Benefits			Tax on Repatriated Earnings		Pension and Benefit Charges			Severance			12 Mos. Ended 12/31/05 Before Special Items
Operating Revenues	$	69,518		$	—		$	(180	)	$	—		$	—		$	—		$	—	$	—		$	—		$	69,338
Operating Expenses
Cost of services and sales		24,200			—			(71	)		—			—			—			—		—			—			24,129
Selling, general & administrative expense		19,652			—			(47	)		18			(125	)		—			—		(98	)		(59	)		19,341
Depreciation and amortization expense		13,615			—			—			—			—			—			—		—			—			13,615
Sales of businesses, net		(530	)		530			—			—			—			—			—		—			—			—
Total Operating Expenses		56,937			530			(118	)		18			(125	)		—			—		(98	)		(59	)		57,085
								—
Operating Income		12,581			(530	)		(62	)		(18	)		125			—			—		98			59			12,253
Operating income impact of operations sold		—			—			62			—			—			—			—		—			—			62
Equity in earnings of unconsolidated businesses		686			—			—			—			—			—			—		—			—			686
Other income and (expense), net		311			—			—			—			14			—			—		—			—			325
Interest expense		(2,129	)		—			—			—			—			—			—		—			—			(2,129	)
Minority interest		(3,001	)		—			—			—			—			—			—		—			—			(3,001	)
Income Before Provision for Income Taxes and Discontinued Operations		8,448			(530	)		—			(18	)		139			—			—		98			59			8,196
Provision for income taxes		(2,421	)		194			—			10			(6	)		(336	)		206		(39	)		(23	)		(2,415	)
Income Before Discontinued Operations		6,027			(336	)		—			(8	)		133			(336	)		206		59			36			5,781
Income from discontinued operations, net of tax		1,370			—			—			—			—			—			—		—			—			1,370
Net Income	$	7,397		$	(336	)	$	—		$	(8	)	$	133		$	(336	)	$	206	$	59		$	36		$	7,151
Basic Earnings per Common Share(1)
Income before discontinued operations	$	2.18		$	(.12	)	$	—		$	—		$	.05		$	(.12	)	$	.07	$	.02		$	.01		$	2.09
Income from discontinued operations, net of tax	$	.50		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	.50
Net income	$	2.67		$	(.12	)	$	—		$	—		$	.05		$	(.12	)	$	.07	$	.02		$	.01		$	2.59
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	2.16		$	(.12	)	$	—		$	—		$	.05		$	(.12	)	$	.07	$	.02		$	.01		$	2.07
Income from discontinued operations, net of tax	$	.49		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	.49
Net income	$	2.65		$	(.12	)	$	—		$	—		$	.05		$	(.12	)	$	.07	$	.02		$	.01		$	2.56

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.	Exhibit 99.2
Consolidated Statements of Income-Reconciliations-Revised for Discontinued Operations Reflecting Spin-off of Idearc

For the Quarter Ended March 31, 2006

(dollars in millions, except per share amounts)

				Special and Non-Recurring Items
Unaudited	3 Mos. Ended 3/31/06 Reported (GAAP)			Extinguishment of Debt			Verizon Center Relocation, Net			Impact of Accounting for Share Based Payments		Merger Integration Costs			3 Mos. Ended 3/31/06 Before Special Items
Operating Revenues	$	21,221		$	—		$	—		$	—	$	—		$	21,221
Operating Expenses
Cost of services and sales		8,441			—			—			—		—			8,441
Selling, general & administrative expense		5,938			—			(46	)		—		(55	)		5,837
Depreciation and amortization expense		3,667			—			—			—		—			3,667
Total Operating Expenses		18,046			—			(46	)		—		(55	)		17,945
Operating Income		3,175			—			46			—		55			3,276
Equity in earnings of unconsolidated businesses		157			—			—			—		—			157
Other income and (expense), net		103			—			—			—		—			103
Interest expense		(636	)		26			—			—		—			(610	)
Minority interest		(866	)		—			—			—		—			(866	)
Income Before Provision for Income Taxes, Discontinued Operations and Cumulative Effect of Accounting Change		1,933			26			46			—		55			2,060
Provision for income taxes		(651	)		(10	)		(18	)		—		(20	)		(699	)
Income Before Discontinued Operations and Cumulative Effect of Accounting Change		1,282			16			28			—		35			1,361
Income from discontinued operations, net of tax		392			—			—			—		—			392
Cumulative effect of accounting change, net of tax		(42	)		—			—			42		—			—
Net Income	$	1,632		$	16		$	28		$	42	$	35		$	1,753
Basic Earnings per Common Share(1)
Income before discontinued operations and cumulative effect of accounting change	$	.44		$	.01		$	.01		$	—	$	.01		$	.47
Income from discontinued operations, net of tax	$	.13		$	—		$	—		$	—	$	—		$	.13
Cumulative effect of accounting change, net of tax	$	(.01	)	$	—		$	—		$	.01	$	—		$	—
Net income	$	.56		$	.01		$	.01		$	.01	$	.01		$	.60
Diluted Earnings per Common Share(1)
Income before discontinued operations and cumulative effect of accounting change	$	.44		$	.01		$	.01		$	—	$	.01		$	.46
Income from discontinued operations, net of tax	$	.13		$	—		$	—		$	—	$	—		$	.13
Cumulative effect of accounting change, net of tax	$	(.01	)	$	—		$	—		$	.01	$	—		$	—
Net income	$	.56		$	.01		$	.01		$	.01	$	.01		$	.60

Footnote:

(1) EPS totals may not add due to rounding.

For the Quarter Ended June 30, 2006

(dollars in millions, except per share amounts)

				Special and Non-Recurring Items
Unaudited	3 Mos. Ended 6/30/06 Reported (GAAP)			Merger Integration Costs			Verizon Center Relocation, Net			Severance, Pension and Benefits Charges			3 Mos. Ended 6/30/06 Before Special Items
Operating Revenues	$	21,876		$	—		$	—		$	—		$	21,876
Operating Expenses
Cost of services and sales		8,642			—			—			—			8,642
Selling, general & administrative expense		6,410			(76	)		(45	)		(300	)		5,989
Depreciation and amortization expense		3,607			—			—			—			3,607
Total Operating Expenses		18,659			(76	)		(45	)		(300	)		18,238
Operating Income		3,217			76			45			300			3,638
Equity in earnings of unconsolidated businesses		171			—			—			—			171
Other income and (expense), net		60			—			—			—			60
Interest expense		(590	)		—			—			—			(590	)
Minority interest		(986	)		—			—			—			(986	)
Income Before Provision for Income Taxes and Discontinued Operations		1,872			76			45			300			2,293
Provision for income taxes		(609	)		(28	)		(16	)		(114	)		(767	)
Income Before Discontinued Operations		1,263			48			29			186			1,526
Income from discontinued operations, net of tax		348			—			—			—			348
Net Income	$	1,611		$	48		$	29		$	186		$	1,874
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.43		$	.02		$	.01		$	.06		$	.52
Income from discontinued operations, net of tax	$	.12		$	—		$	—		$	—		$	.12
Net income	$	.55		$	.02		$	.01		$	.06		$	.64
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.43		$	.02		$	.01		$	.06		$	.52
Income from discontinued operations, net of tax	$	.12		$	—		$	—		$	—		$	.12
Net income	$	.55		$	.02		$	.01		$	.06		$	.64

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.	Exhibit 99.2
Consolidated Statements of Income-Reconciliations-Revised for Discontinued Operations Reflecting Spin-off of Idearc

For the Quarter Ended September 30, 2006

(dollars in millions, except per share amounts)

Unaudited	3 Mos. Ended 9/30/06 Reported (GAAP)			Special and Non-Recurring Items									3 Mos. Ended 9/30/06 Before Special Items
				Merger Integration Costs			Verizon Center Relocation, Net			Severance, Pension and Benefits Charges
Operating Revenues	$	22,449		$	—		$	—		$	—		$	22,449
Operating Expenses
Cost of services and sales		8,853			(6	)		—			—			8,847
Selling, general & administrative expense		6,453			(19	)		(48	)		(34	)		6,352
Depreciation and amortization expense		3,606			—			—			—			3,606
Total Operating Expenses		18,912			(25	)		(48	)		(34	)		18,805
Operating Income		3,537			25			48			34			3,644
Equity in earnings of unconsolidated businesses		288			—			—			—			288
Other income and (expense), net		100			—			—			—			100
Interest expense		(572	)		—			—			—			(572	)
Minority interest		(1,088	)		—			—			—			(1,088	)
Income Before Provision for Income Taxes and Discontinued Operations		2,265			25			48			34			2,372
Provision for income taxes		(720	)		(9	)		(17	)		(14	)		(760	)
Income Before Discontinued Operations		1,545			16			31			20			1,612
Income from discontinued operations, net of tax		377			—			—			(3	)		374
Net Income	$	1,922		$	16		$	31		$	17		$	1,986
Basic Earnings per Common Share(1)
Income before discontinued operations	$	.53		$	.01		$	.01		$	.01		$	.55
Income from discontinued operations, net of tax	$	.13		$	—		$	—		$	—		$	.13
Net income	$	.66		$	.01		$	.01		$	.01		$	.68
Diluted Earnings per Common Share(1)
Income before discontinued operations	$	.53		$	.01		$	.01		$	.01		$	.55
Income from discontinued operations, net of tax	$	.13		$	—		$	—		$	—		$	.13
Net income	$	.66		$	.01		$	.01		$	.01		$	.68

Footnote:

(1) EPS totals may not add due to rounding.