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Equity And Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2012
Equity And Accumulated Other Comprehensive Income [Abstract]  
Equity And Accumulated Other Comprehensive Income
8.

Equity and Accumulated Other Comprehensive Income

 

Equity

Changes in the components of Total equity were as follows:

 

     Three Months Ended
March 31, 2012		  
(dollars in millions)    Attributable
to Verizon		     Noncontrolling
Interest		     Total
Equity		  

Balance at beginning of period

    $   35,970     $   49,938     $   85,908  

Net income

      1,686       2,220       3,906  

Other comprehensive income

      129       3       132  
  

 

 

  

Comprehensive income

      1,815       2,223       4,038  
  

 

 

  

Contributed capital

      7       –        7  

Dividends declared

      (1,421 )      –        (1,421 ) 

Common stock in treasury

      267       –        267  

Distributions and other

      33       (411 )      (378 ) 
  

 

 

  

Balance at end of period

    $ 36,671     $ 51,750     $ 88,421  
  

 

 

  

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

Special Distribution

In July 2011, the Board of Representatives of Verizon Wireless declared a distribution to its owners, payable on January 31, 2012 in proportion to their partnership interests on that date, in the aggregate amount of $10 billion. During January 2012, Vodafone received a cash payment of $4.5 billion and the remainder of the distribution was received by Verizon.

Accumulated Other Comprehensive Income

The components of Accumulated other comprehensive income were as follows:

 

(dollars in millions)    At March 31,
2012		     

At December 31,

2011

  

Foreign currency translation adjustments

    $ 828      $ 724  

Net unrealized gain on cash flow hedges

      164        156  

Unrealized gain on marketable securities

      95        72  

Defined benefit pension and postretirement plans

      311        317  
  

 

 

  

Accumulated Other Comprehensive Income

    $   1,398      $   1,269  
  

 

 

  

Foreign Currency Translation Adjustments

The change in Foreign currency translation adjustments for the three months ended March 31, 2012 and 2011 was primarily related to our investment in Vodafone Omnitel and was driven by movements of the U.S. dollar against various other currencies, primarily the Euro, in which we have operations.