XML 70 R16.htm IDEA: XBRL DOCUMENT v3.20.1
Equity and Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2020
Stockholders' Equity Note [Abstract]  
Equity and Accumulated Other Comprehensive Income
Note 9. Equity and Accumulated Other Comprehensive Income
Equity
Changes in the components of Total equity were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(dollars in millions, except per share amounts, and shares in thousands)
Three months ended March 31,
2020

 
 
 
2019

 
 
 
 
Shares

 
Amount

 
Shares

 
Amount

 
Common Stock
 
 
 
 
 
 
 
 
Balance at beginning of year
4,291,434

 
$
429

 
4,291,434

 
$
429

 
Balance at end of period
4,291,434

 
429

 
4,291,434

 
429

 
 
 
 
 
 
 
 
 
 
Additional Paid In Capital
 
 
 
 
 
 
 
 
Balance at beginning of year
 
 
13,419

 
 
 
13,437

 
Other
 
 
(117
)
 
 
 
(19
)
 
Balance at end of period
 
 
13,302

 
 
 
13,418

 
 
 
 
 
 
 
 
 
 
Retained Earnings
 
 
 
 
 
 
 
 
Balance at beginning of year
 
 
53,147

 
 
 
43,542

 
Opening balance sheet adjustment
 
 
(200
)
(1) 
 
 
410

(2) 
Adjusted opening balance
 
 
52,947

 
 
 
43,952

 
Net income attributable to Verizon
 
 
4,156

 
 
 
5,032

 
Dividends declared ($0.6150, $0.6025 per share)
 
 
(2,546
)
 
 
 
(2,491
)
 
Balance at end of period
 
 
54,557

 
 
 
46,493

 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
Balance at beginning of year attributable to Verizon
 
 
998

 
 
 
2,370

 
Foreign currency translation adjustments
 
 
(120
)
 
 
 
24

 
Unrealized loss on cash flow hedges
 
 
(2,210
)
 
 
 
(13
)
 
Unrealized gain (loss) on marketable securities
 
 
(1
)
 
 
 
4

 
Defined benefit pension and postretirement plans
 
 
(169
)
 
 
 
(169
)
 
Other comprehensive loss
 
 
(2,500
)
 
 
 
(154
)
 
Balance at end of period attributable to Verizon
 
 
(1,502
)
 
 
 
2,216

 
 
 
 
 
 
 
 
 
 
Treasury Stock
 
 
 
 
 
 
 
 
Balance at beginning of year
(155,606
)
 
(6,820
)
 
(159,400
)
 
(6,986
)
 
Employee plans
2,164

 
95

 
3,668

 
161

 
Shareholder plans
4

 
—

 
5

 
—

 
Balance at end of period
(153,438
)
 
(6,725
)
 
(155,727
)
 
(6,825
)
 
 
 
 
 
 
 
 
 
 
Deferred Compensation-ESOPs and Other
 
 
 
 
 
 
 
 
Balance at beginning of year
 
 
222

 
 
 
353

 
Restricted stock equity grant
 
 
15

 
 
 
35

 
Amortization
 
 
(88
)
 
 
 
(263
)
 
Balance at end of period
 
 
149

 
 
 
125

 
 
 
 
 
 
 
 
 
 
Noncontrolling Interests
 
 
 
 
 
 
 
 
Balance at beginning of year
 
 
1,440

 
 
 
1,565

 
Opening balance sheet adjustment
 
 
—

 
 
 
1

(2) 
Adjusted opening balance
 
 
1,440

 
 
 
1,566

 
Total comprehensive income
 
 
131

 
 
 
128

 
Distributions and other
 
 
(128
)
 
 
 
(90
)
 
Balance at end of period
 
 
1,443

 
 
 
1,604

 
Total Equity
 
 
$
61,653

 
 
 
$
57,460

 
(1) The opening balance sheet adjustment for the three months ended March 31, 2020 is due to the adoption of Topic 326 on January 1, 2020. See Note 1 for additional information.
(2) Opening balance sheet adjustments for the three months ended March 31, 2019 are due to the adoption of Topic 842 on January 1, 2019. Refer to the consolidated financial statements included in Verizon's Annual Report on Form 10-K for the year ended December 31, 2019 for additional information.

Common Stock
In February 2020, the Verizon Board of Directors authorized a share buyback program to repurchase up to 100 million shares of the Company's common stock. The program will terminate when the aggregate number of shares purchased reaches 100 million, or a new share repurchase plan superseding the current plan is authorized, whichever is sooner. Verizon did not repurchase any shares of Verizon common stock under our authorized share buyback programs during the three months ended March 31, 2020. At March 31, 2020, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million.

Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 2.2 million common shares issued from Treasury stock during the three months ended March 31, 2020.

Accumulated Other Comprehensive Income (Loss)
The changes in the balances of Accumulated other comprehensive income (loss) by component were as follows:
(dollars in millions)
Foreign 
currency
translation
adjustments

 
Unrealized
gain (loss) on cash
flow hedges

 
Unrealized
gain (loss) on
marketable
securities

 
Defined
benefit
pension and
postretirement
plans

 
Total

Balance at January 1, 2020
$
(584
)
 
$
(816
)
 
$
27

 
$
2,371

 
$
998

Other comprehensive loss
(120
)
 
(2,814
)
 
(1
)
 
—

 
(2,935
)
Amounts reclassified to net income
—

 
604

 
—

 
(169
)
 
435

Net other comprehensive loss
(120
)
 
(2,210
)
 
(1
)
 
(169
)
 
(2,500
)
Balance at March 31, 2020
$
(704
)
 
$
(3,026
)
 
$
26

 
$
2,202

 
$
(1,502
)


The amounts presented above in net other comprehensive loss are net of taxes. The amounts reclassified to net income related to unrealized loss on cash flow hedges in the table above are included in Other income, net and Interest expense in our condensed consolidated statements of income. See Note 7 for additional information. The amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Cost of services and Selling, general and administrative expense in our condensed consolidated statements of income. See Note 8 for additional information.