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Equity and Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended
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Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
Schedule of Changes in Components of Total 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 |  |
Schedule of Components in Accumulated Other Comprehensive Income | 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) |

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