Equity and Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Equity and Accumulated Other Comprehensive Loss

Note 9. Equity and Accumulated Other Comprehensive Loss

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,	2023			2022
	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		13,420			13,861
Other		103			13
Balance at end of period		13,523			13,874
Retained Earnings
Balance at beginning of period		82,380			71,993
Net income attributable to Verizon		4,909			4,580
Dividends declared ($0.6525, $0.6400 per share)		(2,746)			(2,692)
Other		—			10
Balance at end of period		84,543			73,891
Accumulated Other Comprehensive Loss
Balance at beginning of period attributable to Verizon		(1,865)			(927)
Foreign currency translation adjustments		26			(29)
Unrealized gain on cash flow hedges		21			207
Unrealized loss on fair value hedges		(302)			—
Unrealized gain (loss) on marketable securities		4			(18)
Defined benefit pension and postretirement plans		(61)			(139)
Other comprehensive income (loss)		(312)			21
Balance at end of period attributable to Verizon		(2,177)			(906)
Treasury Stock
Balance at beginning of period	(91,572)	(4,013)		(93,635)	(4,104)
Employee plans	4,127	181		1,842	81
Shareholder plans	3	—		3	—
Balance at end of period	(87,442)	(3,832)		(91,790)	(4,023)
Deferred Compensation-ESOPs and Other
Balance at beginning of period		793			538
Restricted stock equity grant		(14)			109
Amortization		(382)			(150)
Balance at end of period		397			497
Noncontrolling Interests
Balance at beginning of period		1,319			1,410
Total comprehensive income		109			131
Distributions and other		(92)			(128)
Balance at end of period		1,336			1,413
Total Equity		$	94,219		$	85,175

Common Stock

Verizon did not repurchase any shares of the Company's common stock through its previously authorized share buyback program during the three months ended March 31, 2023. At March 31, 2023, 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 4.1 million shares of common stock issued from Treasury stock during the three months ended March 31, 2023.

Accumulated Other Comprehensive Loss

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

(dollars in millions)	Foreign  currency translation adjustments		Unrealized gain (loss) on cash flow hedges		Unrealized loss on fair value hedges		Unrealized gain (loss) on marketable securities		Defined benefit pension and postretirement plans		Total
Balance at January 1, 2023	$	(698)	$	(1,150)	$	(431)	$	(9)	$	423	$	(1,865)
Excluded components recognized in other comprehensive income	—		—		(282)		—		—		(282)
Other comprehensive income	26		—		—		4		—		30
Amounts reclassified to net income	—		21		(20)		—		(61)		(60)
Net other comprehensive income (loss)	26		21		(302)		4		(61)		(312)
Balance at March 31, 2023	$	(672)	$	(1,129)	$	(733)	$	(5)	$	362	$	(2,177)

The amounts presented above in Net other comprehensive income (loss) are net of taxes. The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges and unrealized loss on fair value hedges in the table above are included in Other income (expense), 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 unrealized gain (loss) on marketable securities in the table above are included in Other income (expense), net in our condensed consolidated statements of income. The amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Other income (expense), net in our condensed consolidated statements of income. See Note 8 for additional information.