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Equity and Comprehensive Income (Loss) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Equity and Comprehensive Income (Loss) |
Note 14. Equity and Comprehensive Income (Loss)
Equity Common Stock In February 2020, the Board of Directors of the Company authorized a share buyback program to repurchase up to 100 million shares of our common stock. The program will terminate when the aggregate number of shares purchased reaches 100 million or a new share repurchase plan superseding the current plan is authorized, whichever is sooner. During the years ended December 31, 2023, 2022, and 2021, we did not repurchase any shares of our common stock under our authorized share buyback program. At December 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 shareholder plans. During the years ended December 31, 2023, 2022, and 2021, we issued 4.4 million, 2.1 million and 2.1 million shares of common stock from treasury stock, which had aggregate values of $192 million, $91 million and $91 million, respectively. In connection with our acquisition of TracFone in November 2021, we issued approximately 57.6 million shares of our common stock from treasury stock valued at approximately $3.0 billion. See Note 3 for additional information. Accumulated Other Comprehensive Income (Loss) Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Significant changes in the components of Other comprehensive income (loss), net of provision for income taxes are described below. The changes in the balances of Accumulated other comprehensive income (loss) by component are 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, 2021 | $ | (404) |  |  | $ | (1,387) |  |  | $ | — |  |  | $ | 25 |  |  | $ | 1,695 |  |  | $ | (71) |
Other comprehensive loss | (141) |  |  | (1,318) |  |  | — |  |  | (8) |  |  | — |  |  | (1,467) |
Amounts reclassified to net income | — |  |  | 1,233 |  |  | — |  |  | (1) |  |  | (621) |  |  | 611 |
Net other comprehensive income (loss) | (141) |  |  | (85) |  |  | — |  |  | (9) |  |  | (621) |  |  | (856) |
Balance at December 31, 2021 | (545) |  |  | (1,472) |  |  | — |  |  | 16 |  |  | 1,074 |  |  | (927) |
Excluded components recognized in other comprehensive income | — |  |  | — |  |  | (371) |  |  | — |  |  | — |  |  | (371) |
Other comprehensive loss | (153) |  |  | (174) |  |  | — |  |  | (25) |  |  | (317) |  |  | (669) |
Amounts reclassified to net income | — |  |  | 496 |  |  | (60) |  |  | — |  |  | (334) |  |  | 102 |
Net other comprehensive income (loss) | (153) |  |  | 322 |  |  | (431) |  |  | (25) |  |  | (651) |  |  | (938) |
Balance at December 31, 2022 | (698) |  |  | (1,150) |  |  | (431) |  |  | (9) |  |  | 423 |  |  | (1,865) |
Excluded components recognized in other comprehensive income | — |  |  | — |  |  | 617 |  |  | — |  |  | — |  |  | 617 |
Other comprehensive income | 62 |  |  | 3 |  |  | — |  |  | 5 |  |  | — |  |  | 70 |
Amounts reclassified to net income | — |  |  | 85 |  |  | (81) |  |  | 2 |  |  | (208) |  |  | (202) |
Net other comprehensive income (loss) | 62 |  |  | 88 |  |  | 536 |  |  | 7 |  |  | (208) |  |  | 485 |
Balance at December 31, 2023 | $ | (636) |  |  | $ | (1,062) |  |  | $ | 105 |  |  | $ | (2) |  |  | $ | 215 |  |  | $ | (1,380) |
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 consolidated statements of income. See Note 9 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 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 consolidated statements of income. See Note 11 for additional information.

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