CONSOLIDATED BALANCE SHEETS U S WEST, Inc. December 31, December 31, In millions 1998 1997 - ----------------------------- ------------- -------------- ASSETS Current assets: Cash and cash equivalents $ 49 $ 27 Accounts receivable, net 1,743 1,717 Inventories and supplies 197 150 Deferred directory costs 274 257 Deferred tax asset 151 271 Prepaid and other 78 82 ------------- -------------- Total current assets 2,492 2,504 Property, plant and equipment - n 14,908 14,308 Other assets - net 1,007 855 ------------- -------------- Total assets $ 18,407 $ 17,667 ============= ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt $ 1,277 $ 695 Accounts payable 1,347 1,377 Accrued expenses 1,702 1,791 Advanced billings and deposits 370 336 ------------- -------------- Total current liabilities 4,696 4,199 Long-term debt 8,642 5,020 Postretirement and other postemployment benefit obligations 2,643 2,534 Deferred taxes, credits and other 1,671 1,547 Stockholders' equity 755 4,367 ------------- -------------- Total liabilities and stockholders' equity $ 18,407 $ 17,667 ============================ 10