Equity and Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Schedule of Changes in Components of Total 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 June 30,	2020			2019
	Shares	Amount		Shares	Amount
Common Stock
Balance at beginning of period	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 period		13,302			13,418
Other		(21)			1
Balance at end of period		13,281			13,419
Retained Earnings
Balance at beginning of period		54,557			46,493
Net income attributable to Verizon		4,700			3,944
Dividends declared ($0.6150, $0.6025 per share)		(2,544)			(2,492)
Other		33			—
Balance at end of period		56,746			47,945
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period attributable to Verizon		(1,502)			2,216
Foreign currency translation adjustments		77			(67)
Unrealized gain (loss) on cash flow hedges		314			(537)
Unrealized gain on marketable securities		6			4
Defined benefit pension and postretirement plans		(169)			(169)
Other comprehensive income (loss)		228			(769)
Balance at end of period attributable to Verizon		(1,274)			1,447
Treasury Stock
Balance at beginning of period	(153,438)	(6,725)		(155,727)	(6,825)
Employee plans	58	3		58	2
Balance at end of period	(153,380)	(6,722)		(155,669)	(6,823)
Deferred Compensation-ESOPs and Other
Balance at beginning of period		149			125
Restricted stock equity grant		157			44
Amortization		(69)			(4)
Balance at end of period		237			165
Noncontrolling Interests
Balance at beginning of period		1,443			1,604
Total comprehensive income		139			130
Distributions and other		(166)			(369)
Balance at end of period		1,416			1,365
Total Equity		$	64,113		$	57,947

(dollars in millions, except per share amounts, and shares in thousands)
Six months ended June 30,	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		(138)				(18)
Balance at end of period		13,281				13,419
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		8,856				8,976
Dividends declared ($1.2300, $1.2050 per share)		(5,090)				(4,983)
Other		33				—
Balance at end of period		56,746				47,945
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of year attributable to Verizon		998				2,370
Foreign currency translation adjustments		(43)				(43)
Unrealized loss on cash flow hedges		(1,896)				(550)
Unrealized gain on marketable securities		5				8
Defined benefit pension and postretirement plans		(338)				(338)
Other comprehensive loss		(2,272)				(923)
Balance at end of period attributable to Verizon		(1,274)				1,447
Treasury Stock
Balance at beginning of year	(155,606)	(6,820)			(159,400)	(6,986)
Employee plans	2,222	98			3,726	163
Shareholder plans	4	—			5	—
Balance at end of period	(153,380)	(6,722)			(155,669)	(6,823)
Deferred Compensation-ESOPs and Other
Balance at beginning of year		222				353
Restricted stock equity grant		172				79
Amortization		(157)				(267)
Balance at end of period		237				165
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		270				258
Distributions and other		(294)				(459)
Balance at end of period		1,416				1,365
Total Equity		$	64,113			$	57,947

⁽¹⁾ The opening balance sheet adjustment for the six months ended June 30, 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 six months ended June 30, 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.

Schedule of Components in Accumulated Other Comprehensive Income

The changes in the balances of Accumulated other comprehensive income (loss) by component were as follows:

(dollars in millions)	Foreign  currency translation adjustments		Unrealized loss on cash flow hedges		Unrealized gain on marketable securities		Defined benefit pension and postretirement plans		Total
Balance at January 1, 2020	$	(584)	$	(816)	$	27	$	2,371	$	998
Other comprehensive income (loss)	(43)		(2,065)		5		—		(2,103)
Amounts reclassified to net income	—		169		—		(338)		(169)
Net other comprehensive income (loss)	(43)		(1,896)		5		(338)		(2,272)
Balance at June 30, 2020	$	(627)	$	(2,712)	$	32	$	2,033	$	(1,274)