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Verizon 2005 Interactive Annual Report
(dollars in millions, except per share amounts, and shares in thousands )
Years Ended December 31,       2005         2004         2003  
  Shares   Amount   Shares   Amount   Shares   Amount  
Common Stock                              
Balance at beginning of year 2,774,865   $ 277   2,772,314   $ 277   2,751,650   $ 275  
Shares issued                              
   Employee plans –     –   2,501     –   20,664     2  
   Shareowner plans –     –   50     –   –     –  
Shares retired –     –   –     –   –     –  
Balance at end of year 2,774,865     277   2,774,865     277   2,772,314     277  
Contributed Capital                              
Balance at beginning of year       25,404         25,363         24,685  
Shares issued-employee and shareowner plans       (24 )       2         725  
Tax benefit from exercise of stock options       –         41         12  
Other       (11 )       (2 )       (59 )
Balance at end of year       25,369         25,404         25,363  
Reinvested Earnings                              
Balance at beginning of year       12,984         9,409         10,536  
Net income       7,397         7,831         3,077  
Dividends declared
    ($1.62, $1.54, and $1.54 per share)		       (4,479 )       (4,265 )       (4,250 )
Shares issued-employee and shareowner plans       –         –         39  
Other       3         9         7  
Balance at end of year       15,905         12,984         9,409  
Accumulated Other Comprehensive Loss                              
Balance at beginning of year       (1,053 )       (1,250 )       (2,110 )
Foreign currency translation adjustment       (755 )       548         568  
Unrealized gains (losses) on net investment hedges       2         –         –  
Unrealized gains (losses) on marketable securities       (21 )       7         1  
Unrealized derivative gains (losses)
    on cash flow hedges		   10   17   (21 )
Minimum pension liability adjustment   34 (375 ) 312  
Other comprehensive income (loss)   (730 )   197   860  
Balance at end of year       (1,783 )       (1,053 )       (1,250 )
Treasury Stock                              
Balance at beginning of year (5,213 )   (142 ) (4,554 )   (115 ) (8,624 )   (218 )
Shares purchased (7,859 )   (271 ) (9,540 )   (370 ) –     –  
Shares distributed                              
   Employee plans 1,594     59   8,881     343   4,047     102  
   Shareowner plans 22     1   –     –   23     1  
Balance at end of year (11,456 )   (353 ) (5,213 )   (142 ) (4,554 )   (115 )
Deferred Compensation–ESOPs and Other                              
Balance at beginning of year       90         (218 )       (552 )
Amortization       174         301         312  
Other       1         7         22  
Balance at end of year       265         90         (218 )
Total Shareowners’ Investment     $ 39,680       $ 37,560       $ 33,466  
Comprehensive Income                              
Net income     $ 7,397       $ 7,831       $ 3,077  
Other comprehensive income (loss) per above       (730 )       197         860  
Total Comprehensive Income     $ 6,667       $ 8,028       $ 3,937  

See Notes to Consolidated Financial Statements.
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* This is an interactive electronic version of Verizon’s 2005 Annual Report to Shareholders, and it is intended to be complete and accurate. The contents of this version are qualified in their entirety by reference to the printed version. A reproduction of the printed version is available in PDF format on this website.