Notes to Consolidated Financial Statements continued Note 16 Quarterly Financial Information (Unaudited) (dollars in millions, except per share amounts) Net Income attributable to Verizon (1) Quarter Ended Operating Revenues Operating Income Amount Per Share- Basic Per Share- Diluted Net Income 2017 March 31 $ 29,814 $ 7,181 $ 3,450 $ 0.85 $ 0.84 $ 3,553 June 30 30,548 8,232 4,362 1.07 1.07 4,478 September 30 31,717 7,208 3,620 0.89 0.89 3,736 December 31 33,955 4,793 18,669 4.57 4.56 18,783 2016 March 31 $ 32,171 $ 7,942 $ 4,310 $ 1.06 $ 1.06 $ 4,430 June 30 30,532 4,554 702 0.17 0.17 831 September 30 30,937 6,540 3,620 0.89 0.89 3,747 December 31 32,340 8,023 4,495 1.10 1.10 4,600 (1) Net income attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount. Results of operations for the first quarter of 2017 include after-tax charges attributable to Verizon of $0.5 billion related to early debt redemption costs, as well as after-tax credits attributable to Verizon of $0.1 billion related to a gain on spectrum license transactions. Results of operations for the second quarter of 2017 include after-tax charges attributable to Verizon of $0.1 billion related to severance, pension and benefit charges, and after-tax charges attributable to Verizon of $0.4 billion related to acquisition and integration related charges, as well as after-tax credits attributable to Verizon of $0.9 billion related to a net gain on sale of divested businesses. Results of operations for the third quarter of 2017 include after-tax charges attributable to Verizon of $0.3 billion related to early debt redemption costs and after-tax charges attributable to Verizon of $0.1 billion related to acquisition and integration related charges. Results of operations for the fourth quarter of 2017 include after-tax credits attributable to Verizon of $16.8 billion related to the impact of tax reform, after-tax charges attributable to Verizon of $0.7 billion related to severance, pension and benefit charges, after-tax charges attributable to Verizon of $0.5 billion related to product realignment costs, as well as after-tax charges attributable to Verizon of $0.4 billion related to early debt redemption costs. In addition, results of operations for the fourth quarter of 2017 include after-tax credits attributable to Verizon of $0.1 billion related to a gain on spectrum license transactions and after-tax charges attributable to Verizon of $0.1 billion related to acquisition and integration related charges. Results of operations for the first quarter of 2016 include after-tax charges attributable to Verizon of $0.1 billion related to a pension remeasurement, as well as after-tax credits attributable to Verizon of $0.1 billion related to a gain on spectrum license transactions. Results of operations for the second quarter of 2016 include after-tax charges attributable to Verizon of $2.2 billion related to pension and benefit remeasurements and after-tax charges attributable to Verizon of $1.1 billion related to early debt redemption costs, as well as after-tax credits attributable to Verizon of $0.1 billion related to a gain on the Access Line Sale. Results of operations for the third quarter of 2016 include after-tax charges attributable to Verizon of $0.5 billion related to a pension remeasurement and severance costs. Results of operations for the fourth quarter of 2016 include after-tax credits attributable to Verizon of $1.0 billion related to severance, pension and benefit credits. 2017 Annual Report | Verizon Communications Inc. and Subsidiaries 99
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