v3.4.0.3
Equity and Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2016
Equity and Accumulated Other Comprehensive Income
9.

Equity and Accumulated Other Comprehensive Income

 

Equity

Changes in the components of Total equity were as follows:

 

(dollars in millions)    Attributable
to Verizon		     Noncontrolling
Interests		     Total
Equity		  

Balance at January 1, 2016

    $ 16,428      $ 1,414      $ 17,842   

Net income

      4,310        120        4,430   

Other comprehensive loss

      (91 )      –        (91 ) 
  

 

 

  

Comprehensive income

      4,219        120        4,339   
  

 

 

  

Contributed capital

      (5 )      –        (5 ) 

Dividends declared

      (2,303 )      –        (2,303 ) 

Common stock in treasury

      137        –        137   

Distributions and other

      165        (72 )      93   
  

 

 

  

Balance at March 31, 2016

    $   18,641      $   1,462      $   20,103   
  

 

 

  

Common Stock

Verizon did not repurchase any shares of Verizon common stock through its previously authorized share buyback program during the three months ended March 31, 2016. At March 31, 2016, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 97.2 million.

Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 3.1 million common shares issued from Treasury stock during the three months ended March 31, 2016.

Accumulated Other Comprehensive Income

The changes in the balances of Accumulated other comprehensive income by component are as follows:

 

(dollars in millions)    Foreign currency
translation
adjustments		     Unrealized
loss on cash
flow hedges		    

Unrealized

loss on
marketable
securities

    

Defined benefit

pension and
postretirement
plans

     Total  

Balance at January 1, 2016

    $   (554 )    $   (278 )    $   101      $   1,281      $    550   

Other comprehensive income (loss)

      30        75        (2 )      –        103   

Amounts reclassified to net income

      –        (133 )      (16 )      (45 )      (194 ) 
  

 

 

  

Net other comprehensive income (loss)

      30        (58 )      (18 )      (45 )      (91 ) 
  

 

 

  

Balance at March 31, 2016

    $ (524 )    $ (336 )    $ 83      $ 1,236      $ 459   
  

 

 

  

The amounts presented above in net other comprehensive income (loss) are net of taxes and noncontrolling interests, which are not significant. For the three months ended March 31, 2016, the amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Cost of services and Selling, general and administrative expense on our condensed consolidated statement of income. For the three months ended March 31, 2016, all other amounts reclassified to net income in the table above are included in Other income, net on our condensed consolidated statement of income.