9.	Equity and Accumulated Other Comprehensive Income

 

Equity

Changes in the components of Total equity were as follows:

 

				Attributable				Noncontrolling				Total
(dollars in millions)				to Verizon				Interests				Equity
Balance at January 1, 2017				$	22,524			$	1,508			$	24,032
Net income					7,812				219				8,031
Other comprehensive loss					(389	)			-				(389	)
Comprehensive income					7,423				219				7,642
Contributed capital					(83	)			-				(83	)
Dividends declared					(4,712	)			-				(4,712	)
Common stock in treasury					121				-				121
Distributions and other					(84	)			(155	)			(239	)
Balance at June 30, 2017				$	25,189			$	1,572			$	26,761

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 six months ended June 30, 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 six months ended June 30, 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 loss 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			88			331			13				-				432
Amounts reclassified to net income			-			(529)			(19	)			(273	)			(821	)
Net other comprehensive income (loss)			88			(198)			(6	)			(273	)			(389	)
Balance at June 30, 2017		$	(625	)		$                  (278)		$	40			$	3,147			$	2,284

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 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 loss on marketable securities in the table above are included in Other 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).