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Equity and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended
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Sep. 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 September 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 |  |  |  |  | 13,872 |  |
Other |  |  | 1 |  |  |  |  | (405) |  |
Balance at end of period |  |  | 13,524 |  |  |  |  | 13,467 |  |
Retained Earnings |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 86,448 |  |  |  |  | 76,401 |  |
Net income attributable to Verizon |  |  | 4,762 |  |  |  |  | 4,900 |  |
Dividends declared ($0.6650, $0.6525 per share) |  |  | (2,796) |  |  |  |  | (2,741) |  |
Other |  |  | 2 |  |  |  |  | (15) |  |
Balance at end of period |  |  | 88,416 |  |  |  |  | 78,545 |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
Balance at beginning of period attributable to Verizon |  |  | (1,921) |  |  |  |  | (1,320) |  |
Foreign currency translation adjustments |  |  | (51) |  |  |  |  | (120) |  |
Unrealized gain on cash flow hedges |  |  | 21 |  |  |  |  | 22 |  |
Unrealized gain on fair value hedges |  |  | 584 |  |  |  |  | 105 |  |
Unrealized loss on marketable securities |  |  | (5) |  |  |  |  | (8) |  |
Defined benefit pension and postretirement plans |  |  | (56) |  |  |  |  | (379) |  |
Other comprehensive income (loss) |  |  | 493 |  |  |  |  | (380) |  |
Balance at end of period attributable to Verizon |  |  | (1,428) |  |  |  |  | (1,700) |  |
Treasury Stock |  |  |  |  |  |  |  |
Balance at beginning of period | (87,394) |  |  | (3,830) |  |  | (91,719) |  |  | (4,020) |  |
Employee plans | 62 |  |  | 2 |  |  | 103 |  |  | 5 |  |
Balance at end of period | (87,332) |  |  | (3,828) |  |  | (91,616) |  |  | (4,015) |  |
Deferred Compensation-ESOPs and Other |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 544 |  |  |  |  | 654 |  |
Restricted stock equity grant |  |  | 89 |  |  |  |  | 98 |  |
Amortization |  |  | (5) |  |  |  |  | (10) |  |
Balance at end of period |  |  | 628 |  |  |  |  | 742 |  |
Noncontrolling Interests |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 1,309 |  |  |  |  | 1,341 |  |
Total comprehensive income |  |  | 122 |  |  |  |  | 124 |  |
Distributions and other |  |  | (84) |  |  |  |  | (150) |  |
Balance at end of period |  |  | 1,347 |  |  |  |  | 1,315 |  |
Total Equity |  |  | $ | 99,088 |  |  |  |  | $ | 88,783 |  |
| Nine Months Ended September 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 |  |  | 104 |  |  |  |  | (394) |  |
Balance at end of period |  |  | 13,524 |  |  |  |  | 13,467 |  |
Retained Earnings |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 82,380 |  |  |  |  | 71,993 |  |
Net income attributable to Verizon |  |  | 14,319 |  |  |  |  | 14,679 |  |
Dividends declared ($1.9700, $1.9325 per share) |  |  | (8,285) |  |  |  |  | (8,120) |  |
Other |  |  | 2 |  |  |  |  | (7) |  |
Balance at end of period |  |  | 88,416 |  |  |  |  | 78,545 |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
Balance at beginning of period attributable to Verizon |  |  | (1,865) |  |  |  |  | (927) |  |
Foreign currency translation adjustments |  |  | (31) |  |  |  |  | (285) |  |
Unrealized gain on cash flow hedges |  |  | 67 |  |  |  |  | 301 |  |
Unrealized gain (loss) on fair value hedges |  |  | 575 |  |  |  |  | (167) |  |
Unrealized loss on marketable securities |  |  | (3) |  |  |  |  | (32) |  |
Defined benefit pension and postretirement plans |  |  | (171) |  |  |  |  | (590) |  |
Other comprehensive income (loss) |  |  | 437 |  |  |  |  | (773) |  |
Balance at end of period attributable to Verizon |  |  | (1,428) |  |  |  |  | (1,700) |  |
Treasury Stock |  |  |  |  |  |  |  |
Balance at beginning of period | (91,572) |  |  | (4,013) |  |  | (93,635) |  |  | (4,104) |  |
Employee plans | 4,237 |  |  | 185 |  |  | 2,016 |  |  | 89 |  |
Shareholder plans | 3 |  |  | — |  |  | 3 |  |  | — |  |
Balance at end of period | (87,332) |  |  | (3,828) |  |  | (91,616) |  |  | (4,015) |  |
Deferred Compensation-ESOPs and Other |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 793 |  |  |  |  | 538 |  |
Restricted stock equity grant |  |  | 225 |  |  |  |  | 368 |  |
Amortization |  |  | (390) |  |  |  |  | (164) |  |
Balance at end of period |  |  | 628 |  |  |  |  | 742 |  |
Noncontrolling Interests |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 1,319 |  |  |  |  | 1,410 |  |
Total comprehensive income |  |  | 349 |  |  |  |  | 371 |  |
Distributions and other |  |  | (321) |  |  |  |  | (466) |  |
Balance at end of period |  |  | 1,347 |  |  |  |  | 1,315 |  |
Total Equity |  |  | $ | 99,088 |  |  |  |  | $ | 88,783 |  |
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 | — |  |  | — |  |  |  |  | 636 |  |  | — |  |  | — |  |  | 636 |
Other comprehensive income (loss) | (31) |  |  | 4 |  |  |  |  | — |  |  | (5) |  |  | — |  |  | (32) |
Amounts reclassified to net income | — |  |  | 63 |  |  |  |  | (61) |  |  | 2 |  |  | (171) |  |  | (167) |
Net other comprehensive income (loss) | (31) |  |  | 67 |  |  |  |  | 575 |  |  | (3) |  |  | (171) |  |  | 437 |
Balance at September 30, 2023 | $ | (729) |  |  | $ | (1,083) |  |  |  |  | $ | 144 |  |  | $ | (12) |  |  | $ | 252 |  |  | $ | (1,428) |

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