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Equity and Accumulated Other Comprehensive Loss | 6 Months Ended
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Jun. 30, 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:
| Three Months Ended June 30, |
| 2023 |  |  |  | 2022 |  |  |
(dollars in millions, except per share amounts, and shares in thousands) | 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 |  |  | 13,523 |  |  |  |  | 13,874 |  |
Other |  |  | — |  |  |  |  | (2) |  |
Balance at end of period |  |  | 13,523 |  |  |  |  | 13,872 |  |
Retained Earnings |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 84,543 |  |  |  |  | 73,891 |  |
Net income attributable to Verizon |  |  | 4,648 |  |  |  |  | 5,199 |  |
Dividends declared ($0.6525, $0.6400 per share) |  |  | (2,743) |  |  |  |  | (2,687) |  |
Other |  |  | — |  |  |  |  | (2) |  |
Balance at end of period |  |  | 86,448 |  |  |  |  | 76,401 |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
Balance at beginning of period attributable to Verizon |  |  | (2,177) |  |  |  |  | (906) |  |
Foreign currency translation adjustments |  |  | (6) |  |  |  |  | (136) |  |
Unrealized gain on cash flow hedges |  |  | 25 |  |  |  |  | 72 |  |
Unrealized gain (loss) on fair value hedges |  |  | 293 |  |  |  |  | (272) |  |
Unrealized loss on marketable securities |  |  | (2) |  |  |  |  | (6) |  |
Defined benefit pension and postretirement plans |  |  | (54) |  |  |  |  | (72) |  |
Other comprehensive income (loss) |  |  | 256 |  |  |  |  | (414) |  |
Balance at end of period attributable to Verizon |  |  | (1,921) |  |  |  |  | (1,320) |  |
Treasury Stock |  |  |  |  |  |  |  |
Balance at beginning of period | (87,442) |  |  | (3,832) |  |  | (91,790) |  |  | (4,023) |  |
Employee plans | 48 |  |  | 2 |  |  | 71 |  |  | 3 |  |
Balance at end of period | (87,394) |  |  | (3,830) |  |  | (91,719) |  |  | (4,020) |  |
Deferred Compensation-ESOPs and Other |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 397 |  |  |  |  | 497 |  |
Restricted stock equity grant |  |  | 150 |  |  |  |  | 160 |  |
Amortization |  |  | (3) |  |  |  |  | (3) |  |
Balance at end of period |  |  | 544 |  |  |  |  | 654 |  |
Noncontrolling Interests |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 1,336 |  |  |  |  | 1,413 |  |
Total comprehensive income |  |  | 118 |  |  |  |  | 116 |  |
Distributions and other |  |  | (145) |  |  |  |  | (188) |  |
Balance at end of period |  |  | 1,309 |  |  |  |  | 1,341 |  |
Total Equity |  |  | $ | 96,502 |  |  |  |  | $ | 87,357 |  |
| Six Months Ended June 30, |
| 2023 |  |  |  | 2022 |  |  |
(dollars in millions, except per share amounts, and shares in thousands) | 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 |  |  |  |  | 11 |  |
Balance at end of period |  |  | 13,523 |  |  |  |  | 13,872 |  |
Retained Earnings |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 82,380 |  |  |  |  | 71,993 |  |
Net income attributable to Verizon |  |  | 9,557 |  |  |  |  | 9,779 |  |
Dividends declared ($1.3050, $1.2800 per share) |  |  | (5,489) |  |  |  |  | (5,379) |  |
Other |  |  | — |  |  |  |  | 8 |  |
Balance at end of period |  |  | 86,448 |  |  |  |  | 76,401 |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
Balance at beginning of period attributable to Verizon |  |  | (1,865) |  |  |  |  | (927) |  |
Foreign currency translation adjustments |  |  | 20 |  |  |  |  | (165) |  |
Unrealized gain on cash flow hedges |  |  | 46 |  |  |  |  | 279 |  |
Unrealized loss on fair value hedges |  |  | (9) |  |  |  |  | (272) |  |
Unrealized gain (loss) on marketable securities |  |  | 2 |  |  |  |  | (24) |  |
Defined benefit pension and postretirement plans |  |  | (115) |  |  |  |  | (211) |  |
Other comprehensive loss |  |  | (56) |  |  |  |  | (393) |  |
Balance at end of period attributable to Verizon |  |  | (1,921) |  |  |  |  | (1,320) |  |
Treasury Stock |  |  |  |  |  |  |  |
Balance at beginning of period | (91,572) |  |  | (4,013) |  |  | (93,635) |  |  | (4,104) |  |
Employee plans | 4,175 |  |  | 183 |  |  | 1,913 |  |  | 84 |  |
Shareholder plans | 3 |  |  | — |  |  | 3 |  |  | — |  |
Balance at end of period | (87,394) |  |  | (3,830) |  |  | (91,719) |  |  | (4,020) |  |
Deferred Compensation-ESOPs and Other |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 793 |  |  |  |  | 538 |  |
Restricted stock equity grant |  |  | 136 |  |  |  |  | 269 |  |
Amortization |  |  | (385) |  |  |  |  | (153) |  |
Balance at end of period |  |  | 544 |  |  |  |  | 654 |  |
Noncontrolling Interests |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 1,319 |  |  |  |  | 1,410 |  |
Total comprehensive income |  |  | 227 |  |  |  |  | 247 |  |
Distributions and other |  |  | (237) |  |  |  |  | (316) |  |
Balance at end of period |  |  | 1,309 |  |  |  |  | 1,341 |  |
Total Equity |  |  | $ | 96,502 |  |  |  |  | $ | 87,357 |  |
Common Stock Verizon did not repurchase any shares of the Company's common stock through its previously authorized share buyback program during the six months ended June 30, 2023. At June 30, 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 4.2 million shares of common stock issued from Treasury stock during the six months ended June 30, 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 gain (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 | — |  |  | — |  |  |  |  | 31 |  |  | — |  |  | — |  |  | 31 |
Other comprehensive income | 20 |  |  | 4 |  |  |  |  | — |  |  | 1 |  |  | — |  |  | 25 |
Amounts reclassified to net income | — |  |  | 42 |  |  |  |  | (40) |  |  | 1 |  |  | (115) |  |  | (112) |
Net other comprehensive income (loss) | 20 |  |  | 46 |  |  |  |  | (9) |  |  | 2 |  |  | (115) |  |  | (56) |
Balance at June 30, 2023 | $ | (678) |  |  | $ | (1,104) |  |  |  |  | $ | (440) |  |  | $ | (7) |  |  | $ | 308 |  |  | $ | (1,921) |
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 gain (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.

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