Consolidated Statements of Changes in Equity – As Adjusted

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

Years Ended December 31,

 

 

2010

 

 

 

2009

 

 

 

2008

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Common Stock

Balance at beginning of year

2,967,610

 

$

297

 

2,967,610

 

$

297

 

2,967,610

 

$

297

 

Balance at end of year

2,967,610

 

 

297

 

2,967,610

 

 

297

 

2,967,610

 

 

297

 

 

Contributed Capital

Balance at beginning of year

 

 

 

40,108

 

 

 

 

40,291

 

 

 

 

40,316

 

Access line spin-off

 

 

 

(2,184

)

 

 

 

 

 

 

 

 

Other

 

 

 

(2

)

 

 

 

(183

)

 

 

 

(25

)

Balance at end of year

 

 

 

37,922

 

 

 

 

40,108

 

 

 

 

40,291

 

 

Reinvested Earnings

Balance at beginning of year

 

 

 

7,260

 

 

 

 

7,676

 

 

 

 

17,884

 

Benefit plan accounting changes (Note 1)

 

 

 

 

 

 

 

 

 

 

 

(2,953

)

Adjusted balance at beginning of year

 

 

 

7,260

 

 

 

 

7,676

 

 

 

 

14,931

 

Net income (loss) attributable to Verizon

 

 

 

2,549

 

 

 

 

4,894

 

 

 

 

(2,193

)

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($1.925, $1.87 and $1.78 per share)

 

 

 

(5,441

)

 

 

 

(5,310

)

 

 

 

(5,062

)

Balance at end of year

 

 

 

4,368

 

 

 

 

7,260

 

 

 

 

7,676

 

 

Accumulated Other Comprehensive Income (Loss)

Balance at beginning of year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

attributable to Verizon

 

 

 

(1,372

)

 

 

 

(1,912

)

 

 

 

(4,484

)

Spin-off of local exchange businesses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and related landline activities (Note 3)

 

 

 

23

 

 

 

 

 

 

 

 

27

 

Benefit plan accounting changes (Note 1)

 

 

 

 

 

 

 

 

 

 

 

2,930

 

Adjusted balance at beginning of year

 

 

 

(1,349

)

 

 

 

(1,912

)

 

 

 

(1,527

)

Foreign currency translation adjustments

 

 

 

(171

)

 

 

 

78

 

 

 

 

(231

)

Unrealized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

on marketable securities

 

 

 

29

 

 

 

 

87

 

 

 

 

(97

)

Unrealized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

on cash flow hedges

 

 

 

89

 

 

 

 

87

 

 

 

 

(40

)

Defined benefit pension and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

postretirement plans

 

 

 

2,451

 

 

 

 

288

 

 

 

 

(17

)

Other comprehensive income (loss)

 

 

 

2,398

 

 

 

 

540

 

 

 

 

(385

)

Balance at end of year attributable to Verizon

 

 

 

1,049

 

 

 

 

(1,372

)

 

 

 

(1,912

)

 

Treasury Stock

Balance at beginning of year

(131,942

)

 

(5,000

)

(127,090

)

 

(4,839

)

(90,786

)

 

(3,489

)

Shares purchased

 

 

 

 

 

 

(36,779

)

 

(1,368

)

Other (Note 10)

(9,000

)

 

(280

)

(5,000

)

 

(166

)

 

 

 

Shares distributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee plans

347

 

 

13

 

142

 

 

5

 

468

 

 

18

 

Shareowner plans

8

 

 

 

6

 

 

 

7

 

 

 

Balance at end of year

(140,587

)

 

(5,267

)

(131,942

)

 

(5,000

)

(127,090

)

 

(4,839

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred Compensation– ESOPs and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

 

 

 

89

 

 

 

 

79

 

 

 

 

79

 

Restricted stock equity grant

 

 

 

97

 

 

 

 

 

 

 

 

 

Amortization

 

 

 

14

 

 

 

 

10

 

 

 

 

 

Balance at end of year

 

 

 

200

 

 

 

 

89

 

 

 

 

79

 

 

Noncontrolling Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

 

 

 

42,761

 

 

 

 

37,199

 

 

 

 

32,266

 

Net income attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

noncontrolling interest

 

 

 

7,668

 

 

 

 

6,707

 

 

 

 

6,155

 

Other comprehensive income (loss)

 

 

 

(35

)

 

 

 

103

 

 

 

 

(30

)

Total comprehensive income

 

 

 

7,633

 

 

 

 

6,810

 

 

 

 

6,125

 

Distributions and other

 

 

 

(2,051

)

 

 

 

(1,248

)

 

 

 

(1,192

)

Balance at end of year

 

 

 

48,343

 

 

 

 

42,761

 

 

 

 

37,199

 

 

Total Equity

 

 

$

86,912

 

 

 

$

84,143

 

 

 

$

78,791

 

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

$

10,217

 

 

 

$

11,601

 

 

 

$

3,962

 

Other comprehensive income (loss)

 

 

 

2,363

 

 

 

 

643

 

 

 

 

(415

)

Total Comprehensive Income

 

 

$

12,580

 

 

 

$

12,244

 

 

 

$

3,547

 

 

Comprehensive income attributable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to noncontrolling interest

 

 

$

7,633

 

 

 

$

6,810

 

 

 

$

6,125

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

attributable to Verizon

 

 

 

4,947

 

 

 

 

5,434

 

 

 

 

(2,578

)

Total Comprehensive Income

 

 

$

12,580

 

 

 

$

12,244

 

 

 

$

3,547

 

See Notes to Consolidated Financial Statements