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Verizon Communications Inc. (VZ) | Income Statement

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The income statement presents information on the financial results of a company's business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Verizon Communications Inc., Consolidated Income Statement

USD $ in millions

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  12 months ended Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Operating revenues
chart Cost of services and sales (exclusive of items shown below)
chart Gross profit
chart Selling, general and administrative expense
chart Depreciation and amortization expense
chart Operating income
chart Equity in earnings of unconsolidated businesses
chart Other income and (expense), net
chart Interest expense
chart Income before provision for income taxes, discontinued operations and extraordinary item
chart Provision for income taxes
chart Income before discontinued operations and extraordinary item
chart Income from discontinued operations, net of tax
chart Extraordinary item, net of tax
chart Net income
chart Net income attributable to noncontrolling interest
chart Net income attributable to Verizon
Source: Verizon Communications Inc., Annual Reports
Item Description The company
Operating revenues Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Verizon Communications Inc.'s operating revenues declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Operating income The net result for the period of deducting operating expenses from operating revenues. Verizon Communications Inc.'s operating income increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Income before provision for income taxes, discontinued operations and extraordinary item Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Verizon Communications Inc.'s income before provision for income taxes, discontinued operations and extraordinary item increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Income before discontinued operations and extraordinary item This represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Verizon Communications Inc.'s income before discontinued operations and extraordinary item declined from 2009 to 2010 and from 2010 to 2011.
Net income The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Verizon Communications Inc.'s net income declined from 2009 to 2010 and from 2010 to 2011.
Net income attributable to Verizon The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Verizon Communications Inc.'s net income attributable to Verizon declined from 2009 to 2010 and from 2010 to 2011.

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