consolidated statements of changes in equity

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

Years Ended December 31,

2011

 

 

 

 

2010

 

 

 

 

2009

 

 

 

 

 

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

 

 

 

37,922

 

 

 

 

40,108

 

 

 

 

40,291

 

Access line spin-off

 

 

 

 

 

 

 

(2,184

)

 

 

 

 

Other

 

 

 

(3

)

 

 

 

(2

)

 

 

 

(183

)

Balance at end of year

 

 

 

37,919

 

 

 

 

37,922

 

 

 

 

40,108

 

 

Reinvested Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

 

 

 

4,368

 

 

 

 

7,260

 

 

 

 

7,676

 

Net income attributable to Verizon

 

 

 

2,404

 

 

 

 

2,549

 

 

 

 

4,894

 

Dividends declared ($1.975, $1.925, $1.87) per share

 

 

 

(5,593

)

 

 

 

(5,441

)

 

 

 

(5,310

)

Balance at end of year

 

 

 

1,179

 

 

 

 

4,368

 

 

 

 

7,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year attributable to Verizon

 

 

 

1,049

 

 

 

 

(1,372

)

 

 

 

(1,912

)

Spin-off of local exchange businesses and related

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

landline activities (Note 2)

 

 

 

 

 

 

 

23

 

 

 

 

 

Adjusted balance at beginning of year

 

 

 

1,049

 

 

 

 

(1,349

)

 

 

 

(1,912

)

Foreign currency translation adjustments

 

 

 

(119

)

 

 

 

(171

)

 

 

 

78

 

Unrealized gains on cash flow hedges

 

 

 

30

 

 

 

 

89

 

 

 

 

87

 

Unrealized gains (losses) on marketable securities

 

 

 

(7

)

 

 

 

29

 

 

 

 

87

 

Defined benefit pension and postretirement plans

 

 

 

316

 

 

 

 

2,451

 

 

 

 

288

 

Other comprehensive income

 

 

 

220

 

 

 

 

2,398

 

 

 

 

540

 

Balance at end of year attributable to Verizon

 

 

 

1,269

 

 

 

 

1,049

 

 

 

 

(1,372

)

 

Treasury Stock

Balance at beginning of year

(140,587

)

 

(5,267

)

(131,942

)

 

(5,000

)

(127,090

)

 

(4,839

)

Other (Note 10)

 

 

 

(9,000

)

 

(280

)

(5,000

)

 

(166

)

Employee plans

6,982

 

 

265

 

347

 

 

13

 

142

 

 

5

 

Shareowner plans

11

 

 

 

8

 

 

 

6

 

 

 

Balance at end of year

(133,594

)

 

(5,002

)

(140,587

)

 

(5,267

)

(131,942

)

 

(5,000

)

 

Deferred Compensation-ESOPs and Other

Balance at beginning of year

 

 

 

200

 

 

 

 

89

 

 

 

 

79

 

Restricted stock equity grant

 

 

 

146

 

 

 

 

97

 

 

 

 

 

Amortization

 

 

 

(38

)

 

 

 

14

 

 

 

 

10

 

Balance at end of year

 

 

 

308

 

 

 

 

200

 

 

 

 

89

 

 

Noncontrolling Interest

Balance at beginning of year

 

 

 

48,343

 

 

 

 

42,761

 

 

 

 

37,199

 

Net income attributable to noncontrolling interest

 

 

 

7,794

 

 

 

 

7,668

 

 

 

 

6,707

 

Other comprehensive income (loss)

 

 

 

1

 

 

 

 

(35

)

 

 

 

103

 

Total comprehensive income

 

 

 

7,795

 

 

 

 

7,633

 

 

 

 

6,810

 

Distributions and other

 

 

 

(6,200

)

 

 

 

(2,051

)

 

 

 

(1,248

)

Balance at end of year

 

 

 

49,938

 

 

 

 

48,343

 

 

 

 

42,761

 

 

Total Equity

 

 

$

85,908

 

 

 

$

86,912

 

 

 

$

84,143

 

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

$

10,198

 

 

 

$

10,217

 

 

 

$

11,601

 

Other comprehensive income

 

 

 

221

 

 

 

 

2,363

 

 

 

 

643

 

Total Comprehensive Income

 

 

$

10,419

 

 

 

$

12,580

 

 

 

$

12,244

 

 

Comprehensive income attributable to noncontrolling interest

 

 

$

7,795

 

 

 

$

7,633

 

 

 

$

6,810

 

Comprehensive income attributable to Verizon

 

 

 

2,624

 

 

 

 

4,947

 

 

 

 

5,434

 

Total Comprehensive Income

 

 

$

10,419

 

 

 

$

12,580

 

 

 

$

12,244

 

See Notes to Consolidated Financial Statements