The statement of financial position provides creditors, investors, and analysts with information on company's resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company's assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Verizon Communications Inc., Consolidated Statement of Financial Position, Liabilities and Stockholders' Equity
USD $ in millions
|Dec 31, 2012||Dec 31, 2011||Dec 31, 2010||Dec 31, 2009||Dec 31, 2008|
|Debt maturing within one year|
|Accrued vacation, salaries and wages|
|Accounts payable and accrued liabilities|
|Advance billings and customer deposits|
|Other current liabilities|
|Long-term debt, excluding maturing within one year|
|Employee benefit obligations|
|Deferred income taxes|
|Series preferred stock, $.10 par value; none issued|
|Common stock, $.10 par value|
|Reinvested earnings (accumulated deficit)|
|Accumulated other comprehensive income (loss)|
|Common stock in treasury, at cost|
|Deferred compensation, employee stock ownership plans and other|
|Equity attributable to Verizon|
|Total liabilities and equity|
|Accounts payable||Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).||Verizon Communications Inc.'s accounts payable increased from 2010 to 2011 and from 2011 to 2012.|
|Current liabilities||Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.||Verizon Communications Inc.'s current liabilities increased from 2010 to 2011 but then declined significantly from 2011 to 2012.|
|Noncurrent liabilities||Total obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle.||Verizon Communications Inc.'s noncurrent liabilities increased from 2010 to 2011 but then slightly declined from 2011 to 2012.|
|Total liabilities||Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.||Verizon Communications Inc.'s total liabilities increased from 2010 to 2011 but then slightly declined from 2011 to 2012.|
|Equity attributable to Verizon||Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest).||Verizon Communications Inc.'s equity attributable to Verizon declined from 2010 to 2011 and from 2011 to 2012.|
|Total equity||Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity.||Verizon Communications Inc.'s total equity declined from 2010 to 2011 and from 2011 to 2012.|