v3.7.0.1
Equity and Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2017
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, 2017

    $ 22,524     $ 1,508     $ 24,032  

Net income

      3,450       103       3,553  

Other comprehensive loss

      (64 )      –       (64 ) 
  

 

 

  

Comprehensive income

      3,386       103       3,489  
  

 

 

  

Contributed capital

      (21 )      –       (21 ) 

Dividends declared

      (2,356 )      –       (2,356 ) 

Common stock in treasury

      119       –       119  

Distributions and other

      (159 )      (67 )      (226 ) 
  

 

 

  

Balance at March 31, 2017

    $   23,493     $   1,544     $   25,037  
  

 

 

  

Common Stock

On February 28, 2017, our previously authorized share buyback program expired. On March 3, 2017, the Verizon Board of Directors approved a new share buyback program, which authorized the repurchase of up to 100 million shares of Verizon common stock terminating no later than the close of business on February 28, 2020. The program permits Verizon to repurchase shares over time, with the amount and timing of repurchases depending on market conditions and corporate needs.

Verizon did not repurchase any shares of Verizon common stock through its authorized share buyback program during the three months ended March 31, 2017.

Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 2.7 million common shares issued from Treasury stock during the three months ended March 31, 2017.

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

gain on
marketable
securities

     

Defined benefit

pension and
postretirement
plans

     Total  

Balance at January 1, 2017

    $ (713 )    $ (80 )    $ 46      $   3,420     $   2,673  

Other comprehensive income

      77          83       6        –       166  

Amounts reclassified to net income

      –       (101 )      8        (137 )      (230 ) 
  

 

 

  

Net other comprehensive income (loss)

      77       (18 )      14        (137 )      (64 ) 
  

 

 

  

Balance at March 31, 2017

    $   (636 )    $ (98 )    $    60      $ 3,283     $ 2,609  
  

 

 

  

The amounts presented above in net other comprehensive income (loss) are net of taxes. The amounts reclassified to net income related to unrealized loss on cash flow hedges in the table above are included in Other income and (expense), net and Interest expense on our condensed consolidated statements of income (see Note 6 for additional information). The amounts reclassified to net income related to unrealized gain on marketable securities in the table above are included in Other income and (expense), net on our condensed 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 Cost of services and Selling, general and administrative expense on our condensed consolidated statements of income (see Note 8 for additional information).