Consolidated Statements of Changes in Equity

(dollars in millions, except per share amounts, and shares in thousands)

Years Ended December 31,

 

2009

 

 

2008

 

 

2007

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Common Stock

Balance at beginning of year

2,967,610

 

$

297

 

2,967,610

 

$

297

 

2,967,652

 

$

297

 

Other

 

 

 

 

 

 

(42

)

 

 

Balance at end of year

2,967,610

 

 

297

 

2,967,610

 

 

297

 

2,967,610

 

 

297

 

 

Contributed Capital

Balance at beginning of year

 

 

 

40,291

 

 

 

 

40,316

 

 

 

 

40,124

 

Shares issued-employee

and shareowner plans

 

 

 

 

 

 

 

 

 

 

 

58

 

Other

 

 

 

(183

)

 

 

 

(25

)

 

 

 

134

 

Balance at end of year

 

 

 

40,108

 

 

 

 

40,291

 

 

 

 

40,316

 

 

Reinvested Earnings

Balance at beginning of year

 

 

 

19,250

 

 

 

 

17,884

 

 

 

 

17,324

 

Adoption of tax accounting standards

 

 

 

 

 

 

 

 

 

 

 

(134

)

Adjusted balance at beginning of year

 

 

 

19,250

 

 

 

 

17,884

 

 

 

 

17,190

 

Net income attributable to Verizon

 

 

 

3,651

 

 

 

 

6,428

 

 

 

 

5,521

 

Dividends declared

($1.87, $1.78 and $1.67 per share)

 

 

 

(5,309

)

 

 

 

(5,062

)

 

 

 

(4,830

)

Other

 

 

 

 

 

 

 

 

 

 

 

3

 

Balance at end of year

 

 

 

17,592

 

 

 

 

19,250

 

 

 

 

17,884

 

 

Accumulated Other

Comprehensive Loss

Balance at beginning of year

attributable to Verizon

 

 

 

(13,372

)

 

 

 

(4,484

)

 

 

 

(7,503

)

Spin-off of local exchange businesses

in Maine, New Hampshire and

Vermont (Note 3)

 

 

 

 

 

 

 

44

 

 

 

 

 

Adjusted balance at beginning of year

 

 

 

(13,372

)

 

 

 

(4,440

)

 

 

 

(7,503

)

Foreign currency translation adjustments

 

 

 

78

 

 

 

 

(231

)

 

 

 

838

 

Unrealized gains (losses)

on marketable securities

 

 

 

87

 

 

 

 

(97

)

 

 

 

(4

)

Unrealized gains (losses)

on cash flow hedges

 

 

 

87

 

 

 

 

(40

)

 

 

 

1

 

Defined benefit pension and

postretirement plans

 

 

 

1,641

 

 

 

 

(8,564

)

 

 

 

1,943

 

Other

 

 

 

 

 

 

 

 

 

 

 

241

 

Other comprehensive income (loss)

 

 

 

1,893

 

 

 

 

(8,932

)

 

 

 

3,019

 

Balance at end of year

                             

attributable to Verizon

 

 

 

(11,479

)

 

 

 

(13,372

)

 

 

 

(4,484

)

 

Treasury Stock

Balance at beginning of year

(127,090

)

 

(4,839

)

(90,786

)

 

(3,489

)

(56,147

)

 

(1,871

)

Shares purchased

 

 

 

(36,779

)

 

(1,368

)

(68,063

)

 

(2,843

)

Other (Note 10)

(5,000

)

 

(166

)

 

 

 

 

 

 

Shares distributed

                             

Employee plans

142

 

 

5

 

468

 

 

18

 

33,411

 

 

1,224

 

Shareowner plans

6

 

 

 

7

 

 

 

13

 

 

1

 

Balance at end of year

(131,942

)

 

(5,000

)

(127,090

)

 

(4,839

)

(90,786

)

 

(3,489

)

 

Deferred Compensation–

ESOPs and Other

Balance at beginning of year

 

 

 

79

 

 

 

 

79

 

 

 

 

191

 

Amortization

 

 

 

9

 

 

 

 

 

 

 

 

(112

)

Balance at end of year

 

 

 

88

 

 

 

 

79

 

 

 

 

79

 

                               

Noncontrolling Interest

                             

Balance at beginning of year

 

 

 

37,199

 

 

 

 

32,266

 

 

 

 

28,310

 

Net income attributable to

noncontrolling interest

 

 

 

6,707

 

 

 

 

6,155

 

 

 

 

5,053

 

Other comprehensive income (loss)

 

 

 

103

 

 

 

 

(30

)

 

 

 

5

 

Total comprehensive income

 

 

 

6,810

 

 

 

 

6,125

 

 

 

 

5,058

 

Distributions and other

 

 

 

(1,248

)

 

 

 

(1,192

)

 

 

 

(1,102

)

Balance at end of year

 

 

 

42,761

 

 

 

 

37,199

 

 

 

 

32,266

 

 

Total Equity

 

 

$

84,367

 

 

 

$

78,905

 

 

 

$

82,869

 

 

Comprehensive Income

Net income

 

 

$

10,358

 

 

 

$

12,583

 

 

 

$

10,574

 

Other comprehensive income (loss)

 

 

 

1,996

 

 

 

 

(8,962

)

 

 

 

3,024

 

Total Comprehensive Income

 

 

$

12,354

 

 

 

$

3,621

 

 

 

$

13,598

 

 

Comprehensive income attributable to

noncontrolling interest

 

 

$

6,810

 

 

 

$

6,125

 

 

 

$

5,058

 

Comprehensive income (loss)

attributable to Verizon

 

 

 

5,544

 

 

 

 

(2,504

)

 

 

 

8,540

 

Total Comprehensive Income

 

 

$

12,354

 

 

 

$

3,621

 

 

 

$

13,598

 

See Notes to Consolidated Financial Statements