Equity and Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2013

Equity and Accumulated Other Comprehensive Income

7. Equity and Accumulated Other Comprehensive Income

Equity

Changes in the components of Total equity were as follows:

(dollars in millions)	Attributable to Verizon			Noncontrolling Interest			Total Equity
Balance at January 1, 2013	$	33,157		$	52,376		$	85,533
Net income		1,952			2,903			4,855
Other comprehensive loss		(179	)		(12	)		(191	)
Comprehensive income		1,773			2,891			4,664
Contributed capital		(96	)		–			(96	)
Dividends declared		(1,474	)		–			(1,474	)
Common stock in treasury		77			–			77
Distributions and other		(127	)		(989	)		(1,116	)
Balance at March 31, 2013	$	33,310		$	54,278		$	87,588

Noncontrolling interests included in our condensed consolidated financial statements primarily consist of Vodafone Group Plc’s (Vodafone) 45% ownership interest in Verizon Wireless.

Common Stock

During the three months ended March 31, 2013, Verizon purchased approximately 3.5 million shares under our authorized share buyback program for approximately $0.2 billion. At March 31, 2013, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 96.5 million.

Accumulated Other Comprehensive Income

The changes in the balances of Accumulated other comprehensive income by component are 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, 2013	$	793		$	88		$	101		$	1,253		$	2,235
Other comprehensive income (loss)		(148	)		(31	)		14			–			(165	)
Amounts reclassified to net income		–			25			(3	)		(36	)		(14	)
Net other comprehensive income (loss)		(148	)		(6	)		11			(36	)		(179	)
Balance at March 31, 2013	$	645		$	82		$	112		$	1,217		$	2,056

The amounts presented above in net other comprehensive income are net of taxes and noncontrolling interest, which are not significant. For the three months ended March 31, 2013, 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 sales and Selling, general and administrative expense on our condensed consolidated statement of income. For the three months ended March 31, 2013, all other amounts reclassified to net income in the table above are included in Other income and (expense), net on our condensed consolidated statement of income.