Verizon Communications (VZ) 10-Q 27 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2020shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-8606
Entity Registrant Name	Verizon Communications Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2259884
Entity Address, Address Line One	1095 Avenue of the Americas
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	395-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	4,138,094,367
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000732712
Current Fiscal Year End Date	--12-31
Common Stock | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.10
Trading Symbol	VZ
Security Exchange Name	NYSE
Common Stock | The NASDAQ Global Select Market
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.10
Trading Symbol	VZ
Security Exchange Name	NASDAQ
1.625% Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2024
Trading Symbol	VZ24B
Security Exchange Name	NYSE
4.073% Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	4.073% Notes due 2024
Trading Symbol	VZ24C
Security Exchange Name	NYSE
0.875% Notes due 2025
Entity Information [Line Items]
Title of 12(b) Security	0.875% Notes due 2025
Trading Symbol	VZ25
Security Exchange Name	NYSE
3.250% Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	3.250% Notes due 2026
Trading Symbol	VZ26
Security Exchange Name	NYSE
1.375% Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2026
Trading Symbol	VZ26B
Security Exchange Name	NYSE
0.875% Notes due 2027
Entity Information [Line Items]
Title of 12(b) Security	0.875% Notes due 2027
Trading Symbol	VZ27E
Security Exchange Name	NYSE
1.375% Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2028
Trading Symbol	VZ28
Security Exchange Name	NYSE
1.875% Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2029
Trading Symbol	VZ29B
Security Exchange Name	NYSE
1.250% Notes due 2030
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2030
Trading Symbol	VZ30
Security Exchange Name	NYSE
1.875% Notes due 2030
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2030
Trading Symbol	VZ30A
Security Exchange Name	NYSE
2.625% Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	2.625% Notes due 2031
Trading Symbol	VZ31
Security Exchange Name	NYSE
2.500% Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	2.500% Notes due 2031
Trading Symbol	VZ31A
Security Exchange Name	NYSE
0.875% Notes due 2032
Entity Information [Line Items]
Title of 12(b) Security	0.875% Notes due 2032
Trading Symbol	VZ32
Security Exchange Name	NYSE
1.300% Notes due 2033
Entity Information [Line Items]
Title of 12(b) Security	1.300% Notes due 2033
Trading Symbol	VZ33B
Security Exchange Name	NYSE
4.750% Notes due 2034
Entity Information [Line Items]
Title of 12(b) Security	4.750% Notes due 2034
Trading Symbol	VZ34
Security Exchange Name	NYSE
3.125% Notes due 2035
Entity Information [Line Items]
Title of 12(b) Security	3.125% Notes due 2035
Trading Symbol	VZ35
Security Exchange Name	NYSE
3.375% Notes due 2036
Entity Information [Line Items]
Title of 12(b) Security	3.375% Notes due 2036
Trading Symbol	VZ36A
Security Exchange Name	NYSE
2.875% Notes due 2038
Entity Information [Line Items]
Title of 12(b) Security	2.875% Notes due 2038
Trading Symbol	VZ38B
Security Exchange Name	NYSE
1.500% Notes due 2039
Entity Information [Line Items]
Title of 12(b) Security	1.500% Notes due 2039
Trading Symbol	VZ39C
Security Exchange Name	NYSE
3.500% Fixed Rate Notes due 2039
Entity Information [Line Items]
Title of 12(b) Security	3.500% Fixed Rate Notes due 2039
Trading Symbol	VZ39D
Security Exchange Name	NYSE
1.850% Notes due 2040
Entity Information [Line Items]
Title of 12(b) Security	1.850% Notes due 2040
Trading Symbol	VZ40
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Revenues
Operating Revenues	$ 31,543	$ 32,894	$ 93,600	$ 97,093
Operating Expenses
Selling, general and administrative expense	7,339	7,216	23,080	21,682
Depreciation and amortization expense	4,192	4,114	12,523	12,577
Total Operating Expenses	23,865	24,714	71,982	73,354
Operating Income	7,678	8,180	21,618	23,739
Equity in losses of unconsolidated businesses	(9)	(1)	(34)	(20)
Other expense, net	(774)	(110)	(703)	(1,127)
Interest expense	(1,044)	(1,146)	(3,167)	(3,571)
Income Before Provision For Income Taxes	5,851	6,923	17,714	19,021
Provision for income taxes	(1,347)	(1,586)	(4,084)	(4,450)
Net Income	4,504	5,337	13,630	14,571
Net income attributable to noncontrolling interests	147	143	417	401
Net income attributable to Verizon	4,357	5,194	13,213	14,170
Net Income	$ 4,504	$ 5,337	$ 13,630	$ 14,571
Basic Earnings Per Common Share
Net income attributable to Verizon (USD per share)	$ 1.05	$ 1.26	$ 3.19	$ 3.42
Weighted-average shares outstanding (in shares)	4,140	4,138	4,139	4,138
Diluted Earnings Per Common Share
Net income attributable to Verizon (USD per share)	$ 1.05	$ 1.25	$ 3.19	$ 3.42
Weighted-average shares outstanding (in shares)	4,142	4,140	4,141	4,140
Service and Other
Operating Revenues
Operating Revenues	$ 27,431	$ 27,753	$ 81,604	$ 82,301
Service
Operating Expenses
Cost of services and equipment	7,955	7,902	23,348	23,396
Wireless equipment
Operating Revenues
Operating Revenues	4,112	5,141	11,996	14,792
Operating Expenses
Cost of services and equipment	$ 4,379	$ 5,482	$ 13,031	$ 15,699

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 4,504	$ 5,337	$ 13,630	$ 14,571
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit
Foreign currency translation adjustments, net of tax of	124	(10)	81	(53)
Unrealized gain (loss) on cash flow hedges, net of tax of	505	(166)	(1,391)	(716)
Unrealized gain on marketable securities, net of tax of	2	2	7	10
Defined benefit pension and postretirement plans, net of tax of	(169)	(169)	(507)	(507)
Other comprehensive income (loss) attributable to Verizon	462	(343)	(1,810)	(1,266)
Total Comprehensive Income	4,966	4,994	11,820	13,305
Comprehensive income attributable to noncontrolling interests	147	143	417	401
Comprehensive income attributable to Verizon	4,819	4,851	11,403	12,904
Total Comprehensive Income	$ 4,966	$ 4,994	$ 11,820	$ 13,305

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 10	$ (10)	$ 10	$ (12)
Unrealized gain (loss) on cash flow hedges, tax	(176)	59	483	257
Unrealized gain (loss) on marketable securities, tax	(1)	(1)	(2)	(3)
Defined benefit pension and postretirement plans, tax	$ 55	$ 56	$ 166	$ 168

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 8,983	$ 2,594
Accounts receivable	23,846	26,162
Less Allowance for credit losses	1,229	0
Less Allowance for doubtful accounts	0	733
Accounts receivable, net (Note 1)	22,617	25,429
Inventories	1,457	1,422
Prepaid expenses and other	5,515	8,028
Total current assets	38,572	37,473
Property, plant and equipment	276,210	265,734
Less Accumulated depreciation	183,028	173,819
Property, plant and equipment, net	93,182	91,915
Investments in unconsolidated businesses	535	558
Wireless licenses	95,958	95,059
Goodwill	24,799	24,389
Other intangible assets, net	9,599	9,498
Operating lease right-of-use assets	22,680	22,694
Other assets	11,669	10,141
Total assets	296,994	291,727
Current liabilities
Debt maturing within one year	5,770	10,777
Accounts payable and accrued liabilities	17,391	21,806
Current operating lease liabilities	3,494	3,261
Other current liabilities	9,530	9,024
Total current liabilities	36,185	44,868
Long-term debt	109,790	100,712
Employee benefit obligations	18,756	17,952
Deferred income taxes	34,567	34,703
Non-current operating lease liabilities	18,155	18,393
Other liabilities	13,011	12,264
Total long-term liabilities	194,279	184,024
Commitments and Contingencies
Equity
Series preferred stock	0	0
Common stock	429	429
Additional paid in capital	13,404	13,419
Retained earnings	58,473	53,147
Accumulated other comprehensive income (loss)	(812)	998
shares outstanding)	(6,721)	(6,820)
Deferred compensation – employee stock ownership plans and other	296	222
Noncontrolling interests	1,461	1,440
Total equity	66,530	62,835
Total liabilities and equity	$ 296,994	$ 291,727
Common stock, shares issued (in shares)	4,291,433,646	4,291,433,646

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Series preferred stock, par value (USD per share)	$ 0.10	$ 0.10
Series preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Series preferred stock, shares issued (in shares)	0	0
Common stock, par value (USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	6,250,000,000	6,250,000,000
Common stock, shares issued (in shares)	4,291,433,646	4,291,433,646
Treasury stock, shares issued (in shares)	153,339,279	155,605,527

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities
Net Income	$ 13,630	$ 14,571
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	12,523	12,577
Employee retirement benefits	867	(105)
Deferred income taxes	530	1,070
Provision for expected credit losses	1,100	1,131
Equity in losses of unconsolidated businesses, net of dividends received	67	64
Net loss on sale of divested businesses	0	94
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	1,345	(3,902)
Discretionary employee benefits contributions	0	(300)
Other, net	2,410	1,548
Net cash provided by operating activities	32,472	26,748
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(14,168)	(12,332)
Acquisitions of businesses, net of cash acquired	(507)	(29)
Acquisitions of wireless licenses	(1,987)	(299)
Proceeds from dispositions of businesses	0	27
Other, net	(1,807)	476
Net cash used in investing activities	(18,469)	(12,157)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	12,387	8,360
Proceeds from asset-backed long-term borrowings	4,439	3,982
Repayments of long-term borrowings and finance lease obligations	(8,853)	(12,486)
Repayments of asset-backed long-term borrowings	(6,726)	(5,273)
Dividends paid	(7,636)	(7,474)
Other, net	(1,348)	(1,410)
Net cash used in financing activities	(7,737)	(14,301)
Increase in cash, cash equivalents and restricted cash	6,266	290
Cash, cash equivalents and restricted cash, beginning of period	3,917	3,916
Cash, Cash equivalents and restricted cash, end of period (Note 1)	$ 10,183	$ 4,206

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and based upon Securities and Exchange Commission rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements included in Verizon Communications Inc.'s (Verizon or the Company) Annual Report on Form 10-K for the year ended December 31, 2019. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year. Certain amounts have been reclassified to conform to the current period’s presentation. Use of Estimates U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the recent novel coronavirus (COVID-19) pandemic and public and private sector policies and initiatives aimed at reducing its transmission. As the extent and duration of the impacts from COVID-19 remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from those estimates. Examples of significant estimates include the allowance for credit losses, the recoverability of intangible assets, property, plant and equipment, and other long-lived assets, the incremental borrowing rate for the lease liability, fair value measurements, including those related to financial instruments, goodwill, spectrum licenses and intangible assets, unrecognized tax benefits, valuation allowances on tax assets, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations. Earnings Per Common Share There were a total of approximately 2 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2020 and September 30, 2019. Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds. Cash collections on the device payment plan agreement receivables collateralizing asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets. Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At September 30, At December 31, Increase / (Decrease) (dollars in millions) 2020 2019 Cash and cash equivalents $ 8,983 $ 2,594 $ 6,389 Restricted cash: Prepaid expenses and other 1,075 1,221 (146) Other assets 125 102 23 Cash, cash equivalents and restricted cash $ 10,183 $ 3,917 $ 6,266 Allowance for Credit Losses Prior to January 1, 2020, accounts receivable were recorded at cost less an allowance for doubtful accounts. The gross amount of accounts receivable and corresponding allowance for doubtful accounts were presented separately in the condensed consolidated balance sheets. We maintained allowances for uncollectible accounts receivable, including our direct-channel device payment plan agreement receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Indirect-channel device payment receivables are considered financial instruments and were initially recorded at fair value net of imputed interest, and credit losses were recorded as incurred. However, receivable balances were assessed quarterly for impairment and an allowance was recorded if the receivable was considered impaired. Subsequent to January 1, 2020, accounts receivable are recorded at amortized cost less an allowance for credit losses that are not expected to be recovered. The gross amount of accounts receivable and corresponding allowance for credit losses are presented separately in the condensed consolidated balance sheets. We maintain allowances for credit losses resulting from the expected failure or inability of our customers to make required payments. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. The allowance is based on multiple factors including historical experience with bad debts, the credit quality of the customer base, the aging of such receivables and current macroeconomic conditions, such as the COVID-19 pandemic, as well as management’s expectations of conditions in the future, if applicable. Our allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. We pool our device payment plan agreement receivables based on the credit quality indicators and shared risk characteristics of "new customers" and "existing customers." New customers are defined as customers who have been with Verizon for less than 210 days if they are classified as a Consumer segment customer, or less than 12 months if they are classified as a Business segment customer. Existing customers are defined as customers who have been with Verizon for more than 210 days if they are in Consumer, or more than 12 months if they are in Business. We record an allowance to reduce the receivables to the amount that is expected to be collectible. For device payment plan agreement receivables, we record bad debt expense based on a default and loss calculation using our proprietary loss model. The expected loss rate is determined based on customer credit scores and other qualitative factors as noted above. The loss rate is assigned individually on a customer by customer basis and the custom credit scores are then aggregated by vintage and used in our proprietary loss model to calculate the weighted-average loss rate used for determining the allowance balance. We monitor the collectability of our wireless service receivables as one overall pool. Wireline service receivables are disaggregated and pooled by the following customer groups: consumer, small and medium business, global enterprise and wholesale. For wireless service receivables and wireline consumer and small and medium business receivables, the allowance is calculated based on a 12 month rolling average write-off balance multiplied by the average life-cycle of an account from billing to write-off. The risk of loss is assessed over the contractual life of the receivables and we adjust the historical loss amounts for current and future conditions based on management’s qualitative considerations. For global enterprise and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, if applicable. We consider multiple factors in determining the allowance as discussed above. Recently Adopted Accounting Standard The following Accounting Standard Updates (ASUs) were issued by the Financial Accounting Standards Board (FASB), and have been recently adopted by Verizon. Description Date of Adoption Effect on Financial Statements ASU 2016-13 In June 2016, the FASB issued Topic 326 which requires certain financial assets to be measured at amortized cost net of an allowance for estimated credit losses, such that the net receivable represents the present value of expected cash collection. In addition, this standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions, and reasonable and supportable forecasts that affect the collectability of the amounts. An entity applies the update through a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (January 1, 2020). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. Early adoption of this standard is permitted. 1/1/2020 We adopted Topic 326 beginning on January 1, 2020 using the modified retrospective approach with a cumulative effect adjustment to opening retained earnings recorded at the beginning of the period of adoption. Therefore upon adoption, we recognized and measured estimated credit losses without revising comparative period information or disclosures. We recorded the pre-tax cumulative effect of $265 million ($200 million net of tax) as a reduction to the January 1, 2020 opening balance of retained earnings, which was related to the timing of expected credit loss recognition for certain device payment plan receivables based upon reasonable and supportable forecasts of the future economic condition as of January 1, 2020. Additionally, the adoption of the standard impacted the condensed consolidated balance sheet by presenting financial assets measured at amortized cost separate from the allowance for estimated credit losses. There is no significant impact to our operating results for the current period due to this standard update. ASU 2020-04, Reference Rate Reform (Topic 848) Topic 848 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. Topic 848 provides optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met. 3/12/2020 Topic 848 was effective for the Company beginning on March 12, 2020, and we will apply the amendments prospectively through December 31, 2022. There was no impact to our condensed consolidated financial statements for the current period as a result of adopting this standard update. The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 326 were as follows: (dollars in millions) At December 31, 2019 Adjustments due to At January 1, 2020 Allowance for credit losses $ — $ 919 $ 919 Allowance for doubtful accounts 733 (733) — Other assets 10,141 (79) 10,062 Deferred income taxes 34,703 (65) 34,638 Retained earnings 53,147 (200) 52,947 See Note 6 for additional information related to credit losses, including disclosures required under Topic 326.

Revenues and Contract Costs

Revenues and Contract Costs	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues and Contract Costs	Note 2. Revenues and Contract Costs We earn revenue from contracts with customers, primarily through the provision of telecommunications and other services and through the sale of wireless equipment. Revenue by Category We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. Revenue is disaggregated by products and services within Consumer and customer groups (Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale) within Business. See Note 10 for additional information on revenue by segment. Corporate and other includes the results of our media business, Verizon Media Group (Verizon Media) , and other businesses . Verizon Media generated revenues from contracts with customers under ASU 2014-09, "Revenue from Contracts with Customers" (Topic 606) of approximately $1.7 billion and $4.7 billion during the three and nine months ended September 30, 2020, respectively. Verizon Media generated revenues from contracts with customers under Topic 606 of approximately $1.8 billion and $5.4 billion during the three and nine months ended September 30, 2019, respectively. We also earn revenues that are not accounted for under Topic 606 from leasing arrangements (such as towers), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent. As allowed by the practical expedient within ASU 2016-02, "Leases" (Topic 842), we have elected to combine the lease and non-lease components for those arrangements of customer premise equipment where we are the lessor as components accounted for under Topic 606. During the three and nine months ended September 30, 2020, revenues from arrangements that were not accounted for under Topic 606 were approximately $715 million and $2.3 billion, respectively. During the three and nine months ended September 30, 2019, revenues from arrangements that were not accounted for under Topic 606 were approximately $779 million and $2.4 billion, respectively. Remaining Performance Obligations When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price may relate to service performance obligations which were not satisfied or are partially satisfied as of the end of the reporting period. Below we disclose information relating to these unsatisfied performance obligations. Upon adoption, we elected to apply the practical expedient available under Topic 606 that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less. This situation primarily arises with respect to certain month-to-month service contracts. At September 30, 2020, month-to-month service contracts represented approximately 90% of our wireless postpaid contracts and approximately 70% of our wireline Consumer and Small and Medium Business contracts, compared to September 30, 2019, for which month-to-month service contracts represented approximately 87% of our wireless postpaid contracts and 59% of our wireline Consumer and Small and Medium Business contracts . Additionally, certain contracts provide customers the option to purchase additional services. The fees related to these additional services are recognized when the customer exercises the option (typically on a month-to-month basis). Contracts for wireless services are generally either month-to-month and cancellable at any time (typically under a device payment plan) or contain terms ranging from greater than one month to up to two years (typically under a fixed-term plan). Additionally, customers may incur charges based on usage or additional optional services purchased in conjunction with entering into a contract that can be cancelled at any time and therefore are not included in the transaction price. The transaction price allocated to service performance obligations, which are not satisfied or are partially satisfied as of the end of the reporting period, are generally related to contracts that are not accounted for as month-to-month contracts. Our Consumer group customers also include traditional wholesale resellers that purchase and resell wireless service under their own brands to their respective customers. Reseller arrangements generally include a stated contract term, which typically extends longer than two years and, in some cases, include a periodic minimum revenue commitment over the contract term for which revenues will be recognized in future periods. Consumer customer contracts for wireline services are generally month-to-month; however, they may have a service term of two years or shorter than twelve months. Certain contracts with Business customers for wireline services extend into future periods, contain fixed monthly fees and usage-based fees, and can include annual commitments in each year of the contract or commitments over the entire specified contract term; however, a significant number of contracts for wireline services with our Business customers have a contract term that is twelve months or less. Additionally, there are certain contracts with Business customers for wireline and telematics services and certain Verizon Media contracts with customers that have a contractual minimum fee over the total contract term. We cannot predict the time period when revenue will be recognized related to those contracts; thus, they are excluded from the time bands below. These contracts have varying terms spanning over approximately five years ending in June 2025 and have aggregate contract minimum payments totaling $2.5 billion. At September 30, 2020, the transaction price related to unsatisfied performance obligations for total Verizon that is expected to be recognized for the remainder of 2020, 2021 and thereafter was $5.1 billion, $15.0 billion and $5.7 billion, respectively. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications. Accounts Receivable and Contract Balances The timing of revenue recognition may differ from the time of billing to our customers. Receivables presented in our condensed consolidated balance sheets represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract. Contract assets primarily relate to our rights to consideration for goods or services provided to customers but for which we do not have an unconditional right at the reporting date. Under a fixed-term plan, total contract revenue is allocated between wireless service and equipment revenues. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer when the performance obligation related to the transfer of control of the equipment is satisfied. The contract asset is reclassified to accounts receivable as wireless services are provided and billed. We have the right to bill the customer as service is provided over time, which results in our right to the payment being unconditional. The contract asset balances are presented in our condensed consolidated balance sheets as Prepaid expenses and other and Other assets. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. Contract liabilities arise when we bill our customers and receive consideration in advance of providing the goods or services promised in the contract. We typically bill service one month in advance, which is the primary component of the contract liability balance. Contract liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in our condensed consolidated balance sheets as Other current liabilities and Other liabilities. The following table presents information about receivables from contracts with customers: At September 30, At January 1, At September 30, At January 1, (dollars in millions) 2020 2020 2019 2019 Receivables (1) $ 11,094 $ 12,078 $ 11,900 $ 12,104 Device payment plan agreement receivables (2) 9,559 11,741 10,538 8,940 (1) Balances do not include receivables related to the following contracts: leasing arrangements (such as towers), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent. (2) Included in device payment plan agreement receivables presented in Note 6. Balances do not include receivables related to contracts completed prior to January 1, 2018 and receivables derived from the sale of equipment on a device payment plan through an authorized agent. The following table presents information about contract balances: At September 30, At January 1, At September 30, At January 1, (dollars in millions) 2020 2020 2019 2019 Contract asset $ 923 $ 1,150 $ 1,102 $ 1,003 Contract liability (1) 5,321 5,307 5,082 4,943 (1) Revenue recognized related to contract liabilities existing at January 1, 2020 were $124 million and $4.2 billion for the three and nine months ended September 30, 2020, respectively. Revenue recognized related to contract liabilities existing at January 1, 2019 were $235 million and $4.1 billion for the three and nine months ended September 30, 2019, respectively. The balance of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2020 2019 Assets Prepaid expenses and other $ 733 $ 848 Other assets 190 302 Total $ 923 $ 1,150 Liabilities Other current liabilities $ 4,683 $ 4,651 Other liabilities 638 656 Total $ 5,321 $ 5,307 Contract Costs Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which are then amortized to expense over the respective periods of expected benefit. We recognize an asset for incremental commission expenses paid to internal and external sales personnel and agents in conjunction with obtaining customer contracts. We only defer these costs when we have determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recoverable. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain wireless contracts are amortized over both of our Consumer and Business customers' estimated device upgrade cycles, as such costs are typically incurred each time a customer upgrades. Costs to obtain wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers. Incremental costs to obtain wireline contracts for our Business customers are insignificant. Costs to obtain contracts are recorded in Selling, general and administrative expense. We also defer costs incurred to fulfill contracts that: (1) relate directly to the contract; (2) are expected to generate resources that will be used to satisfy our performance obligation under the contract; and (3) are expected to be recovered through revenue generated under the contract. Contract fulfillment costs are expensed as we satisfy our performance obligations and recorded in Cost of services. These costs principally relate to direct costs that enhance our wireline business resources, such as costs incurred to install circuits. We determine the amortization periods for our costs incurred to obtain or fulfill a customer contract at a portfolio level due to the similarities within these customer contract portfolios. Other costs, such as general costs or costs related to past performance obligations, are expensed as incurred. Collectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized over a two five The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2020 2019 Assets Prepaid expenses and other $ 2,428 $ 2,578 Other assets 1,805 1,911 Total $ 4,233 $ 4,489 For the three and nine months ended September 30, 2020, we recognized expense of $763 million and $2.3 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income. For the three and nine months ended September 30, 2019, we recognized expense of $687 million and $1.9 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income. We assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the three and nine months ended September 30, 2020 or September 30, 2019.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisitions and Divestitures	Note 3. Acquisitions and Divestitures Spectrum License Transactions In March 2020, the Federal Communication Commission's (FCC) incentive auction, Auction 103, for spectrum licenses in the upper 37 Gigahertz (GHz), 39 GHz, and 47 GHz bands concluded. Verizon participated in this incentive auction and was the high bidder on 4,940 licenses, which primarily consisted of 37 GHz and, to a lesser extent, 39 GHz spectrum. As an incumbent licensee, our 39 GHz licenses provided us with incentive payments that were applied towards the purchase price of spectrum in the auction. The value of the licenses won by Verizon amounted to $3.4 billion, of which $1.8 billion was settled with the relinquished 39 GHz licenses. The remaining balance was settled in cash of $1.6 billion, of which $101 million was paid in December 2019. In connection with the incentive auction, a pre-tax net loss of $1.2 billion ($914 million after-tax) was recorded in Selling, general and administrative expense in the condensed consolidated statement of income for the nine months ended September 30, 2020 because the exchange of the previously held licenses for new licenses had commercial substance. See Note 4 for additional information. The new reconfigured licenses were received in the second quarter 2020 and are included in Wireless licenses in our condensed consolidated balance sheet. The average remaining renewal period for these acquired licenses was 9.9 years. The fair value of the licenses represents a Level 2 measurement as defined in Accounting Standards Codification 820, Fair Value Measurements and Disclosures, and was determined based on the final auction price for each defined geographical area. In September 2020, the FCC completed Auction 105 for Priority Access Licenses. Verizon participated in the auction and was the high bidder on 557 licenses in the 3.5 GHz band. We submitted an application to the FCC and paid a cash deposit of approximately $1.9 billion for the licenses. Deposits required to participate in these auctions and purchase licenses are recorded within Other assets in our condensed consolidated balance sheet until the corresponding licenses are received, and within Net cash used in investing activities in our condensed consolidated statements of cash flows. The timing of when the licenses will be issued will be determined by the FCC after all payments have been made. During the three and nine months ended September 30, 2020, we entered into and completed various other wireless license acquisitions for cash consideration of approximately $116 million and $293 million, respectively. BlueJeans Network, Inc. In April 2020, we entered into a definitive purchase agreement to acquire BlueJeans Network, Inc. (BlueJeans), an enterprise-grade video conferencing and event platform, whose services are sold to Business customers globally. The transaction closed in May 2020. The aggregate cash consideration paid by Verizon at the closing of the transaction was approximately $397 million, net of cash acquired. The financial results of BlueJeans are included in the consolidated results of Verizon from the date of acquisition. These amounts are insignificant for the three and nine months ended September 30, 2020. The acquisition of BlueJeans was accounted for as a business combination. We are currently assessing the identification and measurement of the assets acquired and liabilities assumed based on their fair values as of the close of the acquisition, subject to customary closing adjustments. Preliminarily, we recorded approximately $296 million of goodwill and $192 million of other intangible assets, which primarily consisted of customer lists and internally developed technology. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill represents future economic benefits that we expect to achieve as a result of the acquisition. The goodwill related to this acquisition is included within Business. TracFone Wireless, Inc. In September 2020, we entered into a purchase agreement (the Purchase Agreement) with America Movil to acquire TracFone Wireless, Inc. (Tracfone), a provider of prepaid and value mobile services in the U.S. Under the terms of the Purchase Agreement, we will acquire all of the stock of Tracfone for approximately $3.1 billion in cash and $3.1 billion in Verizon common stock, subject to customary adjustments, at closing. The number of shares issued will be based on an average trading price determined as of the closing date and is subject to a minimum number of shares issuable of 47,124,445 and a maximum number of shares issuable of 57,596,544. The Purchase Agreement also includes up to an additional $650 million in future cash consideration related to the achievement of certain performance measures and other commercial arrangements. The transaction is subject to regulatory approvals and closing conditions and is expected to close in the second half of 2021. Bluegrass Cellular In October 2020, we entered into a definitive agreement to acquire certain assets of Bluegrass Cellular, a rural wireless operator serving central Kentucky. Bluegrass Cellular provides wireless service to 210,000 customers in 34 counties in rural service areas 3, 4, and 5 in Central Kentucky. The transaction is subject to regulatory approvals and closing conditions and is expected to close late this year or early in 2021. Other For the nine months ended September 30, 2020, we completed other acquisitions for approximately $113 million in cash consideration.

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Wireless Licenses, Goodwill and Other Intangible Assets	Note 4. Wireless Licenses, Goodwill, and Other Intangible Assets Wireless Licenses The carrying amounts of Wireless licenses are as follows: At September 30, At December 31, (dollars in millions) 2020 2019 Wireless licenses $ 95,958 $ 95,059 At September 30, 2020 and 2019, approximately $6.9 billion and $6.5 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded approximately $171 million and $248 million of capitalized interest on wireless licenses for the nine months ended September 30, 2020 and 2019, respectively. In March 2020, we reclassified substantially all of our 39 GHz wireless licenses, including capitalized interest, with a carrying value of $2.8 billion to assets held for sale in connection with the FCC's incentive auction, Auction 103. As a result, these wireless licenses were adjusted down to their fair value of $1.6 billion resulting in a pre-tax loss of $1.2 billion ($914 million after-tax) for the nine months ended September 30, 2020. The new reconfigured licenses were received in the second quarter 2020 and had a value of $3.4 billion. See Note 3 for additional information regarding spectrum license transactions. During 2020, we renewed various wireless licenses in accordance with FCC regulations. The average renewal period for these licenses was 10 years. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Consumer Business Other Total Balance at January 1, 2020 (1) $ 17,104 $ 7,269 $ 16 $ 24,389 Acquisitions (2) 109 296 — 405 Reclassifications, adjustments and other — 5 — 5 Balance at September 30, 2020 (1) $ 17,213 $ 7,570 $ 16 $ 24,799 (1) Other Goodwill is net of accumulated impairment charges of $4.8 billion, related to our Media reporting unit. (2) Changes in goodwill due to acquisitions is related to BlueJeans and an other insignificant transaction. See Note 3 for additional information. Other Intangible Assets The following table displays the composition of Other intangible assets, net as well as the respective amortization period: At September 30, 2020 At December 31, 2019 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (8 to 13 years) $ 4,048 $ (1,854) $ 2,194 $ 3,896 $ (1,511) $ 2,385 Non-network internal-use software (5 to 7 years) 22,229 (15,769) 6,460 20,530 (14,418) 6,112 Other (2 to 25 years) 2,001 (1,056) 945 1,967 (966) 1,001 Total $ 28,278 $ (18,679) $ 9,599 $ 26,393 $ (16,895) $ 9,498 The amortization expense for Other intangible assets was as follows: Three Months Ended Nine Months Ended (dollars in millions) September 30, September 30, 2020 $ 621 $ 1,818 2019 580 1,704 The estimated future amortization expense for Other intangible assets for the remainder of the current year and next 5 years is as follows: Years (dollars in millions) Remainder of 2020 $ 679 2021 2,234 2022 1,924 2023 1,555 2024 1,159 2025 800

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Note 5. Debt Significant Debt Transactions The following table shows the transactions that occurred during the nine months ended September 30, 2020. Redemptions, Repurchases and Repayments (dollars in millions) Principal Redeemed/ Repurchased/ Repaid Amount Paid (1) Three Months Ended March 31, 2020 Verizon 4.950% notes due 2047 $ 1,475 $ 1,475 Three Months Ended March 31, 2020 total $ 1,475 $ 1,475 Three Months Ended June 30, 2020 Verizon 5.143% preferred stock due 2020 $ 1,650 $ 1,650 Verizon floating rate (LIBOR +0.550%) notes due 2020 (2) 1,018 1,018 Verizon 4.600% notes due 2021 920 949 Verizon 3.125% notes due 2022 1,256 1,314 Open market repurchases of various Verizon notes 121 143 Verizon 2.375% notes due 2022 (3) € 935 $ 1,199 Verizon 0.500% notes due 2022 (4) € 454 $ 517 Three Months Ended June 30, 2020 total 6,790 Nine Months Ended September 30, 2020 total $ 8,265 (1) Represents amount paid to redeem, repurchase or repay, excluding interest or dividend. (2) The three-month London Interbank Offered Rate (LIBOR). (3) Principal and premium amount repaid was €980 million. U.S. dollar amount paid includes cash settlement from derivatives entered into in connection with the transaction. See Note 7 for information on cross currency swaps. (4) Principal and premium amount repaid was €463 million. U.S. dollar amount paid includes cash settlement from derivatives entered into in connection with the transaction. See Note 7 for information on cross currency swaps. Issuances (amounts in millions) Principal Amount Issued Net Proceeds (1) Three Months Ended March 31, 2020 Verizon 3.600% notes due 2060 $ 2,385 $ 2,369 Verizon 3.000% notes due 2027 750 747 Verizon 3.150% notes due 2030 1,500 1,489 Verizon 4.000% notes due 2050 1,250 1,241 Three Months Ended March 31, 2020 total $ 5,885 $ 5,846 Three Months Ended June 30, 2020 Verizon 2.500% notes due 2030 (2) C$ 1,000 $ 705 Verizon 3.625% notes due 2050 (2) C$ 300 209 Verizon 1.300% notes due 2033 (2) € 1,350 1,464 Verizon 1.850% notes due 2040 (2) € 800 869 Three Months Ended June 30, 2020 total $ 3,247 Three Months Ended September 30, 2020 Verizon 1.500% notes due 2030 (3) $ 1,000 $ 995 Verizon 3.000% notes due 2060 1,123 1,115 Three Months Ended September 30, 2020 total $ 2,123 $ 2,110 Nine Months Ended September 30, 2020 total $ 11,203 (1) Net proceeds were net of discount and issuance costs. (2) See Note 7 for information on cross currency swaps. (3) An amount equal to the net proceeds from this green bond is expected to be used to fund, in whole or in part, certain renewable energy projects, including new and existing investments made by us during the period from July 1, 2020 through the maturity date of the green bond. October Exchange Offers In October 2020, we completed private exchange offers with respect to 17 series of existing Verizon notes in two separate transactions. In connection with the first set of exchange offers, we issued $1.1 billion principal amount of new Verizon 1.680% notes due 2030 in exchange for $1.0 billion principal amount of existing notes, including $31 million principal amount of notes maturing in 2021 that have been reclassified from Debt maturing within one year to Long-term debt in our condensed consolidated balance sheets as of September 30, 2020. In connection with the second set of exchange offers, we issued $4.5 billion principal amount of new Verizon 2.987% notes due 2056, plus an aggregate of $748 million in cash, in exchange for $3.7 billion principal amount of existing notes. Short-Term Borrowing and Commercial Paper Program In April 2020, we issued $3.5 billion in commercial paper, of which $2.5 billion was repaid during the three months ended June 30, 2020 and the remaining $1.0 billion was repaid during the three months ended September 30, 2020. These transactions were recorded within Other, net cash flow from financing in our condensed consolidated statements of cash flows. As of September 30, 2020, we had no commercial paper outstanding. Asset-Backed Debt As of September 30, 2020, the carrying value of our asset-backed debt was $10.1 billion. Our asset-backed debt includes Asset-Backed Notes (ABS Notes) issued to third-party investors (Investors) and loans (ABS Financing Facilities) received from banks and their conduit facilities (collectively, the Banks). Our consolidated asset-backed debt bankruptcy remote legal entities (each, an ABS Entity or collectively, the ABS Entities) issue the debt or are otherwise party to the transaction documentation in connection with our asset-backed debt transactions. Under the terms of our asset-backed debt, Cellco Partnership (Cellco) and certain other affiliates of Verizon (collectively, the Originators) transfer device payment plan agreement receivables to one of the ABS Entities, which in turn transfers such receivables to another ABS Entity that issues the debt. Verizon entities retain the equity interests in the ABS Entities, which represent the rights to all funds not needed to make required payments on the asset-backed debt and other related payments and expenses. Our asset-backed debt is secured by the transferred device payment plan agreement receivables and future collections on such receivables. The device payment plan agreement receivables transferred to the ABS Entities and related assets, consisting primarily of restricted cash, will only be available for payment of asset-backed debt and expenses related thereto, payments to the Originators in respect of additional transfers of device payment plan agreement receivables, and other obligations arising from our asset-backed debt transactions, and will not be available to pay other obligations or claims of Verizon’s creditors until the associated asset-backed debt and other obligations are satisfied. The Investors or Banks, as applicable, which hold our asset-backed debt have legal recourse to the assets securing the debt, but do not have any recourse to Verizon with respect to the payment of principal and interest on the debt. Under a parent support agreement, Verizon has agreed to guarantee certain of the payment obligations of Cellco and the Originators to the ABS Entities. Cash collections on the device payment plan agreement receivables collateralizing asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets. Proceeds from our asset-backed debt transactions are reflected in Cash flows from financing activities in our condensed consolidated statements of cash flows. The asset-backed debt issued and the assets securing this debt are included in our condensed consolidated balance sheets. As mentioned above, the holders of our asset-backed debt do not have any recourse to Verizon with respect to the payment of principal and interest on the debt. However, if an early amortization of our asset-backed debt occurs, including as a result of increased customer delinquencies or losses relating to COVID-19, all collections on the securitized device payment plan agreement receivables would be used to pay principal and interest on the asset-backed debt, and our financing cash flow requirements would increase for the twelve months immediately following an early amortization event. ABS Notes During the nine months ended September 30, 2020, we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued March 2020 A-1a Senior class notes 1.850 2.46 $ 1,326 A-1b Senior floating rate class notes LIBOR + 0.270 (1) 2.46 100 B Junior class notes 1.980 3.18 98 C Junior class notes 2.060 3.36 76 March 2020 total 1,600 September 2020 A Senior class notes 0.470 2.48 1,426 B Junior class notes 0.680 3.18 98 C Junior class notes 0.830 3.36 76 September 2020 total 1,600 Total $ 3,200 (1) The one-month LIBOR at September 30, 2020 was 0.148%. Under the terms of each series of ABS Notes, there is a two ABS Financing Facilities In May 2020, we amended and restated our outstanding ABS financing facility originally entered into in 2016, and previously amended and restated in 2019, with a number of financial institutions (ABS Financing Facility). Under the terms of the ABS Financing Facility, the financial institutions make advances under asset-backed loans backed by device payment plan agreement receivables of both consumer and business customers. One loan agreement is outstanding in connection with the ABS Financing Facility, and such loan agreement was amended and restated in May 2020. The loan agreement has a final maturity date in May 2024 and bears interest at floating rates. There is a one year revolving period until May 2021, which may be extended with the approval of the financial institutions. Under the loan agreement, we have the right to prepay all or a portion of the advances at any time without penalty, but in certain cases, with breakage costs. Subject to certain conditions, we may also remove receivables from the ABS Entity. In January 2020, we prepaid $1.3 billion of the loan under the loan agreement. In March 2020, we borrowed an additional $1.3 billion under the loan agreement. In June 2020, we prepaid $1.5 billion of the loan under the loan agreement. In September 2020, we prepaid $1.3 billion of the loan under the loan agreement. The aggregate outstanding balance under the ABS Financing Facility was $500 million as of September 30, 2020. Variable Interest Entities (VIEs) The ABS Entities meet the definition of a VIE for which we have determined that we are the primary beneficiary as we have both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity. Therefore, the assets, liabilities and activities of the ABS Entities are consolidated in our financial results and are included in amounts presented on the face of our condensed consolidated balance sheets. The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2020 2019 Assets Account receivable, net $ 9,438 $ 10,525 Prepaid expenses and other 1,013 1,180 Other assets 3,011 3,856 Liabilities Accounts payable and accrued liabilities 8 11 Short-term portion of long-term debt 3,589 5,578 Long-term debt 6,503 6,791 See Note 6 for additional information on device payment plan agreement receivables used to secure asset-backed debt. Long-Term Credit Facilities At September 30, 2020 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2022 $ 9,500 $ 9,391 n/a Various export credit facilities (2) 2022-2028 7,500 1,000 $ 5,059 Total $ 17,000 $ 10,391 $ 5,059 n/a - not applicable (1) The revolving credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. The revolving credit facility provides for the issuance of letters of credit. (2) These credit facilities are used to finance equipment-related purchases. Borrowings under certain of these facilities amortize semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding. In October 2020, we amended our $9.5 billion revolving credit facility to extend its maturity to 2024. Non-Cash Transactions During the nine months ended September 30, 2020 and 2019, we financed, primarily through vendor financing arrangements, the purchase of approximately $1.3 billion and $356 million, respectively, of long-lived assets consisting primarily of network equipment. At September 30, 2020 and December 31, 2019, $1.6 billion and $1.1 billion, respectively, relating to these financing arrangements, including those entered into in prior years and liabilities assumed through acquisitions, remained outstanding. These purchases are non-cash financing activities and therefore are not reflected within Capital expenditures in our condensed consolidated statements of cash flows. Guarantees We guarantee the debentures of our operating telephone company subsidiaries. As of September 30, 2020, $765 million aggregate principal amount of these obligations remained outstanding. Each guarantee will remain in place for the life of the obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of Verizon. We also guarantee the debt obligations of GTE LLC as successor in interest to GTE Corporation that were issued and outstanding prior to July 1, 2003. As of September 30, 2020, $391 million aggregate principal amount of these obligations remained outstanding. Covenants We and our consolidated subsidiaries are in compliance with all of our restrictive covenants.

Device Payment Plan Agreement a

Device Payment Plan Agreement and Wireless Service Receivables	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Device Payment Plan and Wireless Service Receivables	Note 6. Device Payment Plan Agreement and Wireless Service Receivables The following table presents information about accounts receivable, net of allowances, recorded in our condensed consolidated balance sheet: At September 30, 2020 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable (2) $ 11,856 $ 5,497 $ 6,493 $ 23,846 Less Allowance for credit losses 615 290 324 1,229 Accounts receivable, net of allowance $ 11,241 $ 5,207 $ 6,169 $ 22,617 (1) Other receivables primarily include wireline receivables, Verizon Media receivables and other receivables, the allowances for which are individually insignificant. (2) Following the adoption of Topic 326 on January 1, 2020, accounts receivable are measured at amortized cost. Under the Verizon device payment program, our eligible wireless customers purchase wireless devices under a device payment plan agreement. Customers that activate service on devices purchased under the device payment program pay lower service fees as compared to those under our fixed-term service plans, and their device payment plan charge is included on their wireless monthly bill. As of January 2017, we no longer offer Consumer customers new fixed-term, subsidized service plans for phones; however, we continue to offer subsidized plans to our Business customers. We also continue to service existing plans for customers who have not yet purchased and activated devices under the Verizon device payment program. The following table displays device payment plan agreement receivables, net, recognized in our condensed consolidated balance sheets: At September 30, At December 31, (dollars in millions) 2020 2019 (1) Device payment plan agreement receivables, gross $ 16,597 $ 19,493 Unamortized imputed interest (424) (454) Device payment plan agreement receivables, at amortized cost 16,173 19,039 Allowance (2) (833) (472) Device payment plan agreement receivables, net $ 15,340 $ 18,567 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 11,241 $ 13,045 Other assets 4,099 5,522 Device payment plan agreement receivables, net $ 15,340 $ 18,567 (1) Balances reflected are prior to the adoption of Topic 326 on January 1, 2020. (2) Includes allowance for both short-term and long-term device payment plan agreement receivables. The allowance at September 30, 2020 and December 31, 2019 relate to our provision for credit losses and doubtful accounts, respectively. Included in our device payment plan agreement receivables at September 30, 2020 and December 31, 2019, are net device payment plan agreement receivables of $12.3 billion and $14.3 billion, respectively, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets. See Note 5 for additional information. We believe the carrying value of these receivables approximate their fair value using a Level 3 expected cash flow model. For indirect channel wireless contracts with customers, we impute risk adjusted interest on the device payment plan agreement receivables. We record the imputed interest as a reduction to the related accounts receivable. Interest income, which is included within Service revenues and other in our condensed consolidated statements of income, is recognized over the financed device payment term. Promotions We may offer certain promotions that allow a customer to trade in their owned device in connection with the purchase of a new device. Under these types of promotions, the customer receives a credit for the value of the trade-in device. In addition, we may provide the customer with additional future credits that will be applied against the customer’s monthly bill as long as service is maintained. We recognize a liability measured at fair value, for the customer’s right to trade-in the device which is determined by considering several factors, including the weighted-average selling prices obtained in recent resales of similar devices eligible for trade-in. Future credits are recognized when earned by the customer. Device payment plan agreement receivables, net, does not reflect the trade-in device liability. At September 30, 2020 and December 31, 2019, the amount of trade-in liability was insignificant and $103 million, respectively. From time to time, we offer certain marketing promotions that allow our customers to upgrade to a new device after paying down a certain specified portion of the required device payment plan agreement amount as well as trading in their device in good working order. When a customer enters into a device payment plan agreement with the right to upgrade to a new device, we account for this trade-in right as a guarantee obligation. Origination of Device Payment Plan Agreements When originating device payment plan agreements, we use internal and external data sources to create a credit risk score to measure the credit quality of a customer and to determine eligibility for the device payment program. Verizon’s experience has been that the payment attributes of longer tenured customers are highly predictive for estimating their reliability to make future payments. Customers with longer tenures tend to exhibit similar risk characteristics to other customers with longer tenures, and receivables due from customers with longer tenures tend to perform better than receivables from customers that have not previously been Verizon customers. As a result of this experience, we make initial lending decisions based upon whether the customers are "established customers" or "short-tenured customers." If a Consumer customer has been a customer for 45 days or more, or if a Business customer has been a customer for 12 months or more, the customer is considered an "established customer." For established customers, the credit decision and ongoing credit monitoring processes rely on a combination of internal and external data sources. If a Consumer customer has been a customer less than 45 days, or a Business customer has been a customer for less than 12 months, the customer is considered a "short-tenured customer." For short-tenured customers, the credit decision and credit monitoring processes rely more heavily on external data sources. Internal data and/or external credit data are obtained from the credit reporting agencies, if available, to create a custom credit risk score for Consumer customers. The custom credit risk score is generated automatically from the applicant’s credit data using proprietary custom credit models. The credit risk score measures the likelihood that the potential customer will become severely delinquent and be disconnected for non-payment. For a small portion of short-tenured customer applications, a traditional credit report is not available from one of the national credit reporting agencies because the potential customer does not have sufficient credit history. In those instances, alternative credit data is used for the risk assessment. For Business customers, we also verify the existence of the business with external data sources. Based on the custom credit risk score, we assign each customer to a credit class, each of which has specified offers of credit including an account level spending limit and either a maximum amount of credit allowed per device or a required down payment percentage. During the fourth quarter 2018, we moved all Consumer customers, short-tenured and established, from a required down payment percentage, between zero and 100%, to a maximum amount of credit per device. Credit Quality Information Subsequent to origination, we assess indicators for the quality of our wireless device payment plan agreement portfolio using two models, one for new customers and one for existing customers. The model for new customers pools all Consumer and Business wireless customers based on 210 days and 12 months or less, respectively, as "new customers." The model for existing customers pools all Consumer and Business wireless customers based on 210 days and 12 months or more, respectively, as "existing customers." The following table presents device payment plan agreement receivables, at amortized cost, as of September 30, 2020, by credit quality indicator and year of origination: Year of Origination (dollars in millions) 2020 2019 2018 Prior to 2018 (1) Total New customers $ 1,332 $ 1,132 $ 54 $ 42 $ 2,560 Existing customers 7,180 6,019 386 28 13,613 Total $ 8,512 $ 7,151 $ 440 $ 70 $ 16,173 (1) Includes accounts that have been suspended at a point in time. The data presented in the table above was last updated on September 30, 2020. We assess indicators for the quality of our wireless service receivables portfolio as one overall pool. As of September 30, 2020, wireless service receivables, at amortized cost, originating in 2020 and 2019 were $5.5 billion and an insignificant amount, respectively. Allowance for Credit Losses The credit quality indicators are used in determining the estimated amount and the timing of expected credit losses for the device payment plan agreement and wireless service receivables portfolios. Activity in the allowance for credit losses by portfolio segment of receivables were as follows: (dollars in millions) Device Payment Plan Agreement Receivables (1) Wireless Service Plan Receivables Balance at January 1, 2020 $ 472 $ 156 Opening balance sheet adjustment related to Topic 326 adoption 265 — Adjusted opening balance, January 1, 2020 737 156 Current period provision for expected credit losses 561 342 Write-offs charged against the allowance (501) (256) Recoveries collected 36 48 Balance at September 30, 2020 $ 833 $ 290 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables. We monitor delinquency and write-off experience based on the quality of our device payment plan agreement and wireless service receivables portfolios. The extent of our collection efforts with respect to a particular customer are based on the results of our proprietary custom internal scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent. These custom scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Since our customers’ behaviors may be impacted by general economic conditions, we analyzed whether changes in macroeconomic conditions impact our credit loss experience and have concluded that our credit loss estimates are generally not materially impacted by reasonable and supportable forecasts of future economic conditions. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. For device payment plan agreement receivables, we consider an account to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. For wireless service receivables, an account is considered delinquent 34 days after the bill cycle date. The risk class determines the speed and severity of the collections effort including initiatives taken to facilitate customer payment. As of September 30, 2020, our allowance for credit losses considered the current and potential future impacts caused by COVID-19 based on available information to date. The impacts also include the Company's commitment to the FCC's "Keep Americans Connected" pledge, through which we pledged to waive late fees for, and not terminate service to, any of our consumer or small business customers who informed us that they had been impacted financially by the COVID-19 crisis through May 13, which we extended to June 30, 2020. Starting July 1, customers who had notified us that they had been financially impacted by the crisis and had an unpaid balance were automatically enrolled in our "Stay Connected" repayment program, which allows customers to pay off their service balance over six months and extends any unpaid device payment plan agreements by the number of months unpaid. The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows: At September 30, (dollars in millions) 2020 Unbilled $ 15,042 Billed: Current 961 Past due 170 Device payment plan agreement receivables, at amortized cost $ 16,173

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7. Fair Value Measurements Recurring Fair Value Measurements The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2020: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Interest rate swaps $ — $ 28 $ — $ 28 Foreign exchange forwards — 2 — 2 Other assets: Fixed income securities — 462 — 462 Interest rate swaps — 1,768 — 1,768 Cross currency swaps — 404 — 404 Total $ — $ 2,664 $ — $ 2,664 Liabilities: Other current liabilities: Forward starting interest rate swaps $ — $ 499 $ — $ 499 Other liabilities: Interest rate swaps — 317 — 317 Cross currency swaps — 1,383 — 1,383 Forward starting interest rate swaps — 481 — 481 Total $ — $ 2,680 $ — $ 2,680 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2019: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Fixed income securities $ — $ 442 $ — $ 442 Interest rate swaps — 568 — 568 Cross currency swaps — 211 — 211 Foreign exchange forwards — 5 — 5 Total $ — $ 1,226 $ — $ 1,226 Liabilities: Other liabilities: Interest rate swaps $ — $ 173 $ — $ 173 Cross currency swaps — 912 — 912 Forward starting interest rate swaps — 604 — 604 Total $ — $ 1,689 $ — $ 1,689 (1) Quoted prices in active markets for identical assets or liabilities. (2) Observable inputs other than quoted prices in active markets for identical assets and liabilities. (3) Unobservable pricing inputs in the market. Certain of our equity investments do not have readily determinable fair values and are excluded from the tables above. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer and are included in Investments in unconsolidated businesses in our condensed consolidated balance sheets. As of September 30, 2020 and December 31, 2019, the carrying amount of our investments without readily determinable fair values were $317 million and $284 million, respectively. During both the three and nine months ended September 30, 2020, there were insignificant adjustments due to observable price changes and there were insignificant impairment charges. Cumulative adjustments due to observable price changes and impairment charges were insignificant. Fixed income securities consist primarily of investments in municipal bonds. For fixed income securities that do not have quoted prices in active markets, we use alternative matrix pricing resulting in these debt securities being classified as Level 2. Derivative contracts are valued using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified within Level 2. We use mid-market pricing for fair value measurements of our derivative instruments. Our derivative instruments are recorded on a gross basis. We recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. Fair Value of Short-term and Long-term Debt The fair value of our debt is determined using various methods, including quoted prices for identical debt instruments, which is a Level 1 measurement, as well as quoted prices for similar debt instruments with comparable terms and maturities, which is a Level 2 measurement. The fair value of our short-term and long-term debt, excluding finance leases, was as follows: Fair Value (dollars in millions) Carrying Level 1 Level 2 Level 3 Total At December 31, 2019 $ 110,373 $ 86,712 $ 42,488 $ — $ 129,200 At September 30, 2020 114,288 92,287 48,593 — 140,880 Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. We employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency swaps, forward starting interest rate swaps, treasury rate locks, interest rate caps and foreign exchange forwards. We do not hold derivatives for trading purposes. The following table sets forth the notional amounts of our outstanding derivative instruments: At September 30, At December 31, (dollars in millions) 2020 2019 Interest rate swaps $ 18,156 $ 17,004 Cross currency swaps 24,740 23,070 Forward starting interest rate swaps 2,000 3,000 Interest rate caps — 679 Foreign exchange forwards 1,300 1,130 Interest Rate Swaps We enter into interest rate swaps to achieve a targeted mix of fixed and variable rate debt. We principally receive fixed rates and pay variable rates that are currently based on LIBOR, resulting in a net increase or decrease to Interest expense. These swaps are designated as fair value hedges and hedge against interest rate risk exposure of designated debt issuances. We record the interest rate swaps at fair value in our condensed consolidated balance sheets as assets and liabilities. Changes in the fair value of the interest rate swaps are recorded to Interest expense, which are offset by changes in the fair value of the hedged debt due to changes in interest rates. During the three months ended September 30, 2020, we entered into interest rate swaps with a total notional value of $1.1 billion and we did not settle any interest rate swaps. During the nine months ended September 30, 2020, we entered into and settled interest rate swaps with a total notional value of $3.5 billion and $2.4 billion, respectively. During the three months ended September 30, 2019, we did not enter into any interest rate swaps and we settled interest rate swaps with a total notional value of $2.1 billion. During the nine months ended September 30, 2019, we entered into and settled interest rate swaps with a total notional value of $510 million and $3.3 billion, respectively. The ineffective portion of these interest rate swaps was a loss of an insignificant amount and gain of an insignificant amount for the three and nine months ended September 30, 2020, respectively. The ineffective portion of these interest rate swaps were gains of an insignificant amount and $88 million for the three and nine months ended September 30, 2019, respectively. The following amounts were recorded in Long-term debt in our condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges: At September 30, At December 31, (dollars in millions) 2020 2019 Carrying amount of hedged liabilities $ 19,485 $ 17,337 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities 1,436 433 Cross Currency Swaps We have entered into cross currency swaps designated as cash flow hedges to exchange our British Pound Sterling, Euro, Swiss Franc, Canadian Dollar and Australian Dollar-denominated cash flows into U.S. dollars and to fix our cash payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. During the three months ended September 30, 2020, we did not enter into or settle any cross currency swaps. During the nine months ended September 30, 2020, we entered into cross currency swaps with a total notional value of $3.3 billion and we settled cross currency swaps with a total notional value of $1.6 billion. During the three and nine months ended September 30, 2020, a pre-tax gain of $1.5 billion and a pre-tax loss of $420 million, respectively, were recognized in Other comprehensive income (loss). During the three and nine months ended September 30, 2019, we entered into cross currency swaps with a total notional value of $2.1 billion and $5.6 billion, respectively, and we did not settle any cross currency swaps. During the three and nine months ended September 30, 2019, pre-tax losses of $658 million and $986 million, respectively, were recognized in Other comprehensive income (loss). A portion of the gains recognized in Other comprehensive income (loss) was reclassified to Other expense, net to offset the related pre-tax foreign currency transaction gain or loss on the underlying hedged item. Forward Starting Interest Rate Swaps We have entered into forward starting interest rate swaps designated as cash flow hedges in order to manage our exposure to interest rate changes on future forecasted transactions. We hedge our exposure to the variability in future cash flows based on the expected maturities of the related forecasted debt issuance. During both the three and nine months ended September 30, 2020, we did not enter into any new forward starting interest rate swaps. During the three months ended September 30, 2020, we did not settle any forward starting interest rate swaps. During the nine months ended September 30, 2020, we settled forward starting interest rate swaps with a total notional value of $1.0 billion. During both the three and nine months ended September 30, 2019, we did not enter into any new forward starting interest rate swaps. During the three months ended September 30, 2019, we did not settle any forward starting interest rate swaps and, for the nine months ended September 30, 2019, we settled forward starting interest rate swaps with a total notional value of $1.0 billion. During the three and nine months ended September 30, 2020, a pre-tax gain of $141 million and a pre-tax loss of $668 million, respectively, were recognized in Other comprehensive income (loss), resulting from interest rate movements. During the three and nine months ended September 30, 2019, pre-tax losses of $350 million and $847 million, respectively, were recognized in Other comprehensive income (loss), resulting from interest rate movements. Treasury Rate Locks We enter into treasury rate locks to mitigate our interest rate risk. During the three months ended September 30, 2020, we did not enter into or settle any treasury rate locks designated as cash flow hedges, and we did not recognize any amount in our condensed consolidated financial statement. During the nine months ended September 30, 2020, we entered into and settled treasury rate locks designated as cash flow hedges with a total notional value of $500 million, and we recognized an insignificant pre-tax loss in Other comprehensive income (loss). During both the three and nine months ended September 30, 2019, we did not enter into or settle any treasury rate locks designated as cash flow hedges, and we did not recognize any amount in our condensed consolidated financial statements. Net Investment Hedges We have designated certain foreign currency debt instruments as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. The notional amount of the Euro-denominated debt designated as a net investment hedge was €750 million as of both September 30, 2020 and December 31, 2019. Undesignated Derivatives We also have the following derivative contracts which we use as economic hedges but for which we have elected not to apply hedge accounting. Interest Rate Caps We enter into interest rate caps to mitigate our interest exposure to interest rate increases on our ABS Financing Facilities and ABS Notes. We recognized insignificant pre-tax losses in Interest expense during the three and nine months ended September 30, 2020 and 2019. Foreign Exchange Forwards We enter into British Pound Sterling and Euro foreign exchange forwards to mitigate our foreign exchange rate risk related to non-functional currency denominated monetary assets and liabilities of international subsidiaries, as well as foreign exchange risk related to debt settlements. During the three months ended September 30, 2020, we entered into and settled foreign exchange forwards with a total notional value of $3.4 billion and $3.1 billion, respectively. During the nine months ended September 30, 2020, we entered into and settled foreign exchange forwards with a total notional value of $10.3 billion and $10.2 billion, respectively. During the three months ended September 30, 2019, we entered into and settled foreign exchange forwards with a total notional value of $3.1 billion and $3.0 billion, respectively. During the nine months ended September 30, 2019, we entered into and settled foreign exchange forwards with a total notional value of $9.2 billion and $8.6 billion, respectively. During the three and nine months ended September 30, 2020, pre-tax gains of an insignificant amount and $89 million, respectively, were recognized in Other expense, net. During the three and nine months ended September 30, 2019, pre-tax losses of an insignificant amount and $53 million, respectively, were recognized in Other expense, net. Treasury Rate Locks We enter into treasury rate locks to mitigate our interest rate risk. During the three months ended September 30, 2020, we did not enter into or settle any treasury rate locks, and we did not recognize any amount in our condensed consolidated financial statement. During the nine months ended September 30, 2020, we entered into and settled treasury rate locks with a total notional value of $1.6 billion, and we recognized an insignificant pre-tax gain in Interest expense. During both the three and nine months ended September 30, 2019, we did not enter into or settle any treasury rate locks, and we did not recognize any amount in our condensed consolidated financial statements. Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, including device payment plan agreement receivables, certain notes receivable, including lease receivables, and derivative contracts.

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Employee Benefits	Note 8. Employee Benefits We maintain non-contributory defined benefit pension plans for certain employees. In addition, we maintain postretirement health care and life insurance plans for certain retirees and their dependents, which are both contributory and non-contributory, and include a limit on our share of the cost for certain current and future retirees. In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include service costs associated with pension and other postretirement benefits while other credits and/or charges based on actuarial assumptions, including projected discount rates, an estimated return on plan assets, and impact from health care trend rates are reported in Other expense, net. These estimates are updated in the fourth quarter to reflect actual return on plan assets and updated actuarial assumptions or upon a remeasurement event. The adjustment is recognized in the income statement during the fourth quarter or upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses. Net Periodic Benefit Cost (Income) The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Three Months Ended September 30, 2020 2019 2020 2019 Service cost - Cost of services $ 61 $ 51 $ 22 $ 20 Service cost - Selling, general and administrative expense 15 11 5 4 Service cost $ 76 $ 62 $ 27 $ 24 Amortization of prior service cost (credit) $ 16 $ 15 $ (242) $ (242) Expected return on plan assets (295) (282) (7) (9) Interest cost 124 173 108 157 Remeasurement loss, net 1,092 291 — — Other components $ 937 $ 197 $ (141) $ (94) Total $ 1,013 $ 259 $ (114) $ (70) (dollars in millions) Pension Health Care and Life Nine Months Ended September 30, 2020 2019 2020 2019 Service cost - Cost of services $ 179 $ 151 $ 67 $ 59 Service cost - Selling, general and administrative expense 43 34 15 13 Service cost $ 222 $ 185 $ 82 $ 72 Amortization of prior service cost (credit) $ 46 $ 46 $ (725) $ (728) Expected return on plan assets (888) (846) (20) (28) Interest cost 401 527 322 472 Remeasurement loss, net 1,427 195 — — Other components $ 986 $ (78) $ (423) $ (284) Total $ 1,208 $ 107 $ (341) $ (212) The service cost component of net periodic benefit cost (income) is recorded in Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income while the other components, including remeasurement adjustments, if any, are recorded in Other expense, net. Severance Payments During the three and nine months ended September 30, 2020, we paid severance benefits of an insignificant amount and $209 million, respectively. During the nine months ended September 30, 2020, we recorded net pre-tax severance charges of an insignificant amount. At September 30, 2020, we had a remaining severance liability of $430 million, a portion of which includes future contractual payments to separated employees. Employer Contributions During the nine months ended September 30, 2020, we made no contributions to our qualified pension plans. During both the three and nine months ended September 30, 2020, we made insignificant contributions to our nonqualified pension plans. During the nine months ended September 30, 2019, we made a discretionary pension contribution of $300 million to our qualified pension plans. We do not expect mandatory pension funding through December 31, 2020. There have been no significant changes with respect to the nonqualified pension and other postretirement benefit plans contributions in 2020. Remeasurement loss, net During the three and nine months ended September 30, 2020, we recorded net pre-tax remeasurement losses of $1.1 billion and $1.4 billion in our pension plans, respectively, triggered by settlements. During the three months ended September 30, 2020, we recorded a net pre-tax remeasurement loss of $1.1 billion primarily driven by a $1.8 billion charge due to changes in our discount rate and lump sum interest rate assumptions used to determine the current year liabilities of our pension plans, offset by a $689 million credit due to the difference between our estimated return on assets and our actual return on assets. During the three months ended June 30, 2020, we recorded a net pre-tax remeasurement loss of $153 million primarily driven by a $163 million charge mainly due to the difference between our estimated return on assets and our actual return on assets and changes in our lump sum interest rate assumptions used to determine the current year liabilities of our pension plans, offset by a credit due to changes in our discount rate. During the three months ended March 31, 2020, we recorded a net pre-tax remeasurement loss of $182 million primarily driven by a $196 million charge mainly due to changes in our discount rate and lump sum interest rate assumptions used to determine the current year liabilities of our pension plans, offset by a credit due to the difference between our estimated return on assets and our actual return on assets. During the three and nine months ended September 30, 2019, we recorded a net pre-tax remeasurement loss of $291 million and $195 million in our pension plans, respectively, triggered by the Voluntary Separation Program for select U.S.-based management employees and other headcount reduction initiatives. The Voluntary Separation Program began in December 2018 and finished at the end of June 2019. For the three months ended September 30, 2019, the net pre-tax remeasurement loss was primarily driven by a $589 million charge due to changes in our discount rate and lump sum interest rate assumptions used to determine the current year liabilities of our pension plans, offset by a $298 million credit due to the difference between our estimated return on assets and our actual return on assets. For the nine months ended September 30, 2019, the net pre-tax remeasurement loss of $195 million includes a pre-tax remeasurement loss of $291 million recorded during the three months ended September 30, 2019 offset by a $96 million gain recorded during the three months ended March 31, 2019.

Equity and Accumulated Other Co

Equity and Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Equity and Accumulated Other Comprehensive Income	Note 9. Equity and Accumulated Other Comprehensive Income Equity Changes in the components of Total equity were as follows: (dollars in millions, except per share amounts, and shares in thousands) Three months ended September 30, 2020 2019 Shares Amount Shares Amount Common Stock Balance at beginning of period 4,291,434 $ 429 4,291,434 $ 429 Balance at end of period 4,291,434 429 4,291,434 429 Additional Paid In Capital Balance at beginning of period 13,281 13,419 Other 123 (1) Balance at end of period 13,404 13,418 Retained Earnings Balance at beginning of period 56,746 47,945 Net income attributable to Verizon 4,357 5,194 Dividends declared ($0.6275, $0.6150 per share) (2,597) (2,544) Other (33) — Balance at end of period 58,473 50,595 Accumulated Other Comprehensive Income (Loss) Balance at beginning of period attributable to Verizon (1,274) 1,447 Foreign currency translation adjustments 124 (10) Unrealized gain (loss) on cash flow hedges 505 (166) Unrealized gain on marketable securities 2 2 Defined benefit pension and postretirement plans (169) (169) Other comprehensive income (loss) 462 (343) Balance at end of period attributable to Verizon (812) 1,104 Treasury Stock Balance at beginning of period (153,380) (6,722) (155,669) (6,823) Employee plans 41 1 20 1 Balance at end of period (153,339) (6,721) (155,649) (6,822) Deferred Compensation-ESOPs and Other Balance at beginning of period 237 165 Restricted stock equity grant 62 32 Amortization (3) — Balance at end of period 296 197 Noncontrolling Interests Balance at beginning of period 1,416 1,365 Total comprehensive income 147 143 Distributions and other (102) (117) Balance at end of period 1,461 1,391 Total Equity $ 66,530 $ 60,312 (dollars in millions, except per share amounts, and shares in thousands) Nine months ended September 30, 2020 2019 Shares Amount Shares Amount Common Stock Balance at beginning of year 4,291,434 $ 429 4,291,434 $ 429 Balance at end of period 4,291,434 429 4,291,434 429 Additional Paid In Capital Balance at beginning of year 13,419 13,437 Other (15) (19) Balance at end of period 13,404 13,418 Retained Earnings Balance at beginning of year 53,147 43,542 Opening balance sheet adjustment (200) (1) 410 (2) Adjusted opening balance 52,947 43,952 Net income attributable to Verizon 13,213 14,170 Dividends declared ($1.8575, $1.8200 per share) (7,687) (7,527) Balance at end of period 58,473 50,595 Accumulated Other Comprehensive Income (Loss) Balance at beginning of year attributable to Verizon 998 2,370 Foreign currency translation adjustments 81 (53) Unrealized loss on cash flow hedges (1,391) (716) Unrealized gain on marketable securities 7 10 Defined benefit pension and postretirement plans (507) (507) Other comprehensive loss (1,810) (1,266) Balance at end of period attributable to Verizon (812) 1,104 Treasury Stock Balance at beginning of year (155,606) (6,820) (159,400) (6,986) Employee plans 2,263 99 3,746 164 Shareholder plans 4 — 5 — Balance at end of period (153,339) (6,721) (155,649) (6,822) Deferred Compensation-ESOPs and Other Balance at beginning of year 222 353 Restricted stock equity grant 234 111 Amortization (160) (267) Balance at end of period 296 197 Noncontrolling Interests Balance at beginning of year 1,440 1,565 Opening balance sheet adjustment — 1 (2) Adjusted opening balance 1,440 1,566 Total comprehensive income 417 401 Distributions and other (396) (576) Balance at end of period 1,461 1,391 Total Equity $ 66,530 $ 60,312 (1) The opening balance sheet adjustment for the nine months ended September 30, 2020 is due to the adoption of Topic 326 (2) Opening balance sheet adjustments for the nine months ended September 30, 2019 are due to the adoption of Topic 842 Common Stock In February 2020, the Verizon Board of Directors authorized a share buyback program to repurchase up to 100 million shares of the Company's common stock. The program will terminate when the aggregate number of shares purchased reaches 100 million or a new share repurchase plan superseding the current plan is authorized, whichever is sooner. Verizon did not repurchase any shares of Verizon common stock under our authorized share buyback programs during the nine months ended September 30, 2020. At September 30, 2020, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million. Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 2.3 million common shares issued from Treasury stock during the nine months ended September 30, 2020. Accumulated Other Comprehensive Income (Loss) The changes in the balances of Accumulated other comprehensive income (loss) by component were as follows: (dollars in millions) Foreign Unrealized loss on cash flow hedges Unrealized gain on marketable securities Defined Total Balance at January 1, 2020 $ (584) $ (816) $ 27 $ 2,371 $ 998 Other comprehensive income (loss) 81 (832) 7 — (744) Amounts reclassified to net income — (559) — (507) (1,066) Net other comprehensive income (loss) 81 (1,391) 7 (507) (1,810) Balance at September 30, 2020 $ (503) $ (2,207) $ 34 $ 1,864 $ (812) 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 in our condensed consolidated statements of income. See Note 7 for additional information. 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 in our condensed consolidated statements of income. See Note 8 for additional information.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Note 10. Segment Information Reportable Segments We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision maker’s assessment of segment performance. Our segments and their principal activities consist of the following: Segment Description Verizon Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon brand and through wholesale and other arrangements. Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network by our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios. Verizon Our Business segment provides wireless and wireline communications services and products, including data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and select products and services to customers around the world. Our Consumer segment’s wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis. Our Business segment’s wireless and wireline products and services are organized by the primary customer groups targeted by these offerings: Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale. Corporate and other includes the results of our media business, Verizon Media, and other businesses, investments in unconsolidated businesses, unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results as these items are included in the chief operating decision maker’s assessment of segment performance. The reconciliation of segment operating revenues and expenses to consolidated operating revenues and expenses below includes the effects of special items that the chief operating decision maker does not consider in assessing segment performance, primarily because of their nature. The following table provides operating financial information for our two reportable segments: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 External Operating Revenues Consumer Service $ 16,255 $ 16,432 $ 48,496 $ 49,043 Wireless equipment 3,403 4,256 9,989 12,326 Other 2,014 1,953 5,946 5,303 Total Consumer 21,672 22,641 64,431 66,672 Business Small and Medium Business 2,737 2,894 8,132 8,379 Global Enterprise 2,594 2,714 7,811 8,077 Public Sector and Other 1,639 1,472 4,636 4,435 Wholesale 763 790 2,279 2,440 Total Business 7,733 7,870 22,858 23,331 Total reportable segments $ 29,405 $ 30,511 $ 87,289 $ 90,003 Intersegment Revenues Consumer $ 64 $ 65 $ 183 $ 177 Business 16 15 54 41 Total reportable segments $ 80 $ 80 $ 237 $ 218 Total Operating Revenues Consumer $ 21,736 $ 22,706 $ 64,614 $ 66,849 Business (1) 7,749 7,885 22,912 23,372 Total reportable segments $ 29,485 $ 30,591 $ 87,526 $ 90,221 Operating Income Consumer $ 7,437 $ 7,489 $ 21,783 $ 22,075 Business 923 977 2,823 3,096 Total reportable segments $ 8,360 $ 8,466 $ 24,606 $ 25,171 (1) Service and other revenues included in our Business segment amounted to approximately $7.0 billion for both the three months ended September 30, 2020 and 2019. Service and other revenues included in our Business segment amounted to approximately $20.9 billion for both the nine months ended September 30, 2020 and 2019. Wireless equipment revenues included in our Business segment amounted to approximately $709 million and $2.0 billion for the three and nine months ended September 30, 2020, respectively, and approximately $880 million and $2.5 billion for the three and nine months ended September 30, 2019, respectively. The following table provides Fios revenue for our two reportable segments: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 Consumer $ 2,773 $ 2,811 $ 8,326 $ 8,347 Business 263 243 785 725 Total Fios revenue $ 3,036 $ 3,054 $ 9,111 $ 9,072 The following table provides Wireless service revenue for our reportable segments and includes intersegment activity: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 Consumer $ 13,442 $ 13,533 $ 40,005 $ 40,346 Business 2,990 2,850 8,732 8,319 Total Wireless service revenue $ 16,432 $ 16,383 $ 48,737 $ 48,665 Reconciliation to Consolidated Financial Information A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 Total reportable segment operating revenues $ 29,485 $ 30,591 $ 87,526 $ 90,221 Corporate and other 2,203 2,400 6,442 7,147 Eliminations (145) (97) (368) (275) Total consolidated operating revenues $ 31,543 $ 32,894 $ 93,600 $ 97,093 A reconciliation of the total reportable segment's operating income to consolidated income before provision for income taxes is as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 Total reportable segment operating income $ 8,360 $ 8,466 $ 24,606 $ 25,171 Corporate and other (479) (344) (1,183) (1,083) Other components of net periodic benefit charges (Note 8) (203) (203) (610) (610) Loss on spectrum license transaction (Note 3) — — (1,195) — Net gain from dispositions of assets and businesses — 261 — 261 Total consolidated operating income 7,678 8,180 21,618 23,739 Equity in losses of unconsolidated businesses (9) (1) (34) (20) Other expense, net (774) (110) (703) (1,127) Interest expense (1,044) (1,146) (3,167) (3,571) Income Before Provision For Income Taxes $ 5,851 $ 6,923 $ 17,714 $ 19,021 No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 30, 2020 and 2019. The chief operating decision maker does not review disaggregated assets on a segment basis; therefore, such information is not presented. Depreciation included in the measure of segment profitability is primarily allocated based on proportional usage.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11. Commitments and Contingencies In the ordinary course of business, Verizon is involved in various commercial litigation and regulatory proceedings at the state and federal level. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including: (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period. Verizon is currently involved in approximately 25 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing entities and effectively seek only monetary damages; a small number are brought by companies that have sold products and could seek injunctive relief as well. These cases have progressed to various stages and a small number may go to trial in the coming 12 months if they are not otherwise resolved. In connection with the execution of agreements for the sales of businesses and investments, Verizon ordinarily provides representations and warranties to the purchasers pertaining to a variety of nonfinancial matters, such as ownership of the securities being sold, as well as indemnity from certain financial losses. From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business. Subsequent to the sale of Verizon Information Services Canada in 2004, we continue to provide a guarantee to publish directories, which was issued when the directory business was purchased in 2001 and had a 30-year term (before extensions). The preexisting guarantee continues, without modification, despite the subsequent sale of Verizon Information Services Canada and the spin-off of our domestic print and internet yellow pages directories business. The possible financial impact of the guarantee, which is not expected to be adverse, cannot be reasonably estimated as a variety of the potential outcomes available under the guarantee result in costs and revenues or benefits that may offset each other. We do not believe performance under the guarantee is likely.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and based upon Securities and Exchange Commission rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements included in Verizon Communications Inc.'s (Verizon or the Company) Annual Report on Form 10-K for the year ended December 31, 2019. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year.
Reclassifications	Certain amounts have been reclassified to conform to the current period’s presentation.
Use of Estimates	Use of Estimates U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the recent novel coronavirus (COVID-19) pandemic and public and private sector policies and initiatives aimed at reducing its transmission. As the extent and duration of the impacts from COVID-19 remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from those estimates. Examples of significant estimates include the allowance for credit losses, the recoverability of intangible assets, property, plant and equipment, and other long-lived assets, the incremental borrowing rate for the lease liability, fair value measurements, including those related to financial instruments, goodwill, spectrum licenses and intangible assets, unrecognized tax benefits, valuation allowances on tax assets, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds.
Allowance for Credit Losses	Allowance for Credit Losses Prior to January 1, 2020, accounts receivable were recorded at cost less an allowance for doubtful accounts. The gross amount of accounts receivable and corresponding allowance for doubtful accounts were presented separately in the condensed consolidated balance sheets. We maintained allowances for uncollectible accounts receivable, including our direct-channel device payment plan agreement receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Indirect-channel device payment receivables are considered financial instruments and were initially recorded at fair value net of imputed interest, and credit losses were recorded as incurred. However, receivable balances were assessed quarterly for impairment and an allowance was recorded if the receivable was considered impaired. Subsequent to January 1, 2020, accounts receivable are recorded at amortized cost less an allowance for credit losses that are not expected to be recovered. The gross amount of accounts receivable and corresponding allowance for credit losses are presented separately in the condensed consolidated balance sheets. We maintain allowances for credit losses resulting from the expected failure or inability of our customers to make required payments. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. The allowance is based on multiple factors including historical experience with bad debts, the credit quality of the customer base, the aging of such receivables and current macroeconomic conditions, such as the COVID-19 pandemic, as well as management’s expectations of conditions in the future, if applicable. Our allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. We pool our device payment plan agreement receivables based on the credit quality indicators and shared risk characteristics of "new customers" and "existing customers." New customers are defined as customers who have been with Verizon for less than 210 days if they are classified as a Consumer segment customer, or less than 12 months if they are classified as a Business segment customer. Existing customers are defined as customers who have been with Verizon for more than 210 days if they are in Consumer, or more than 12 months if they are in Business. We record an allowance to reduce the receivables to the amount that is expected to be collectible. For device payment plan agreement receivables, we record bad debt expense based on a default and loss calculation using our proprietary loss model. The expected loss rate is determined based on customer credit scores and other qualitative factors as noted above. The loss rate is assigned individually on a customer by customer basis and the custom credit scores are then aggregated by vintage and used in our proprietary loss model to calculate the weighted-average loss rate used for determining the allowance balance. We monitor the collectability of our wireless service receivables as one overall pool. Wireline service receivables are disaggregated and pooled by the following customer groups: consumer, small and medium business, global enterprise and wholesale. For wireless service receivables and wireline consumer and small and medium business receivables, the allowance is calculated based on a 12 month rolling average write-off balance multiplied by the average life-cycle of an account from billing to write-off. The risk of loss is assessed over the contractual life of the receivables and we adjust the historical loss amounts for current and future conditions based on management’s qualitative considerations. For global enterprise and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, if applicable. We consider multiple factors in determining the allowance as discussed above.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standard The following Accounting Standard Updates (ASUs) were issued by the Financial Accounting Standards Board (FASB), and have been recently adopted by Verizon. Description Date of Adoption Effect on Financial Statements ASU 2016-13 In June 2016, the FASB issued Topic 326 which requires certain financial assets to be measured at amortized cost net of an allowance for estimated credit losses, such that the net receivable represents the present value of expected cash collection. In addition, this standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions, and reasonable and supportable forecasts that affect the collectability of the amounts. An entity applies the update through a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (January 1, 2020). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. Early adoption of this standard is permitted. 1/1/2020 We adopted Topic 326 beginning on January 1, 2020 using the modified retrospective approach with a cumulative effect adjustment to opening retained earnings recorded at the beginning of the period of adoption. Therefore upon adoption, we recognized and measured estimated credit losses without revising comparative period information or disclosures. We recorded the pre-tax cumulative effect of $265 million ($200 million net of tax) as a reduction to the January 1, 2020 opening balance of retained earnings, which was related to the timing of expected credit loss recognition for certain device payment plan receivables based upon reasonable and supportable forecasts of the future economic condition as of January 1, 2020. Additionally, the adoption of the standard impacted the condensed consolidated balance sheet by presenting financial assets measured at amortized cost separate from the allowance for estimated credit losses. There is no significant impact to our operating results for the current period due to this standard update. ASU 2020-04, Reference Rate Reform (Topic 848) Topic 848 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. Topic 848 provides optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met. 3/12/2020 Topic 848 was effective for the Company beginning on March 12, 2020, and we will apply the amendments prospectively through December 31, 2022. There was no impact to our condensed consolidated financial statements for the current period as a result of adopting this standard update. The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 326 were as follows: (dollars in millions) At December 31, 2019 Adjustments due to At January 1, 2020 Allowance for credit losses $ — $ 919 $ 919 Allowance for doubtful accounts 733 (733) — Other assets 10,141 (79) 10,062 Deferred income taxes 34,703 (65) 34,638 Retained earnings 53,147 (200) 52,947 See Note 6 for additional information related to credit losses, including disclosures required under Topic 326.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At September 30, At December 31, Increase / (Decrease) (dollars in millions) 2020 2019 Cash and cash equivalents $ 8,983 $ 2,594 $ 6,389 Restricted cash: Prepaid expenses and other 1,075 1,221 (146) Other assets 125 102 23 Cash, cash equivalents and restricted cash $ 10,183 $ 3,917 $ 6,266
Schedule of Restricted Cash	Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At September 30, At December 31, Increase / (Decrease) (dollars in millions) 2020 2019 Cash and cash equivalents $ 8,983 $ 2,594 $ 6,389 Restricted cash: Prepaid expenses and other 1,075 1,221 (146) Other assets 125 102 23 Cash, cash equivalents and restricted cash $ 10,183 $ 3,917 $ 6,266
Schedule of New Accounting Pronouncements	The following Accounting Standard Updates (ASUs) were issued by the Financial Accounting Standards Board (FASB), and have been recently adopted by Verizon. Description Date of Adoption Effect on Financial Statements ASU 2016-13 In June 2016, the FASB issued Topic 326 which requires certain financial assets to be measured at amortized cost net of an allowance for estimated credit losses, such that the net receivable represents the present value of expected cash collection. In addition, this standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions, and reasonable and supportable forecasts that affect the collectability of the amounts. An entity applies the update through a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (January 1, 2020). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. Early adoption of this standard is permitted. 1/1/2020 We adopted Topic 326 beginning on January 1, 2020 using the modified retrospective approach with a cumulative effect adjustment to opening retained earnings recorded at the beginning of the period of adoption. Therefore upon adoption, we recognized and measured estimated credit losses without revising comparative period information or disclosures. We recorded the pre-tax cumulative effect of $265 million ($200 million net of tax) as a reduction to the January 1, 2020 opening balance of retained earnings, which was related to the timing of expected credit loss recognition for certain device payment plan receivables based upon reasonable and supportable forecasts of the future economic condition as of January 1, 2020. Additionally, the adoption of the standard impacted the condensed consolidated balance sheet by presenting financial assets measured at amortized cost separate from the allowance for estimated credit losses. There is no significant impact to our operating results for the current period due to this standard update. ASU 2020-04, Reference Rate Reform (Topic 848) Topic 848 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. Topic 848 provides optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met. 3/12/2020 Topic 848 was effective for the Company beginning on March 12, 2020, and we will apply the amendments prospectively through December 31, 2022. There was no impact to our condensed consolidated financial statements for the current period as a result of adopting this standard update. The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 326 were as follows: (dollars in millions) At December 31, 2019 Adjustments due to At January 1, 2020 Allowance for credit losses $ — $ 919 $ 919 Allowance for doubtful accounts 733 (733) — Other assets 10,141 (79) 10,062 Deferred income taxes 34,703 (65) 34,638 Retained earnings 53,147 (200) 52,947

Revenues and Contract Costs (Ta

Revenues and Contract Costs (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Receivables from Contracts with Customers	The following table presents information about receivables from contracts with customers: At September 30, At January 1, At September 30, At January 1, (dollars in millions) 2020 2020 2019 2019 Receivables (1) $ 11,094 $ 12,078 $ 11,900 $ 12,104 Device payment plan agreement receivables (2) 9,559 11,741 10,538 8,940 (1) Balances do not include receivables related to the following contracts: leasing arrangements (such as towers), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent.
Contract with Customer, Asset and Liability	The following table presents information about contract balances: At September 30, At January 1, At September 30, At January 1, (dollars in millions) 2020 2020 2019 2019 Contract asset $ 923 $ 1,150 $ 1,102 $ 1,003 Contract liability (1) 5,321 5,307 5,082 4,943 (1) Revenue recognized related to contract liabilities existing at January 1, 2020 were $124 million and $4.2 billion for the three and nine months ended September 30, 2020, respectively. Revenue recognized related to contract liabilities existing at January 1, 2019 were $235 million and $4.1 billion for the three and nine months ended September 30, 2019, respectively. The balance of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2020 2019 Assets Prepaid expenses and other $ 733 $ 848 Other assets 190 302 Total $ 923 $ 1,150 Liabilities Other current liabilities $ 4,683 $ 4,651 Other liabilities 638 656 Total $ 5,321 $ 5,307
Capitalized Contract Cost	The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2020 2019 Assets Prepaid expenses and other $ 2,428 $ 2,578 Other assets 1,805 1,911 Total $ 4,233 $ 4,489

Wireless Licenses, Goodwill a_2

Wireless Licenses, Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Wireless Licenses	The carrying amounts of Wireless licenses are as follows: At September 30, At December 31, (dollars in millions) 2020 2019 Wireless licenses $ 95,958 $ 95,059
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Consumer Business Other Total Balance at January 1, 2020 (1) $ 17,104 $ 7,269 $ 16 $ 24,389 Acquisitions (2) 109 296 — 405 Reclassifications, adjustments and other — 5 — 5 Balance at September 30, 2020 (1) $ 17,213 $ 7,570 $ 16 $ 24,799 (1) Other Goodwill is net of accumulated impairment charges of $4.8 billion, related to our Media reporting unit. (2) Changes in goodwill due to acquisitions is related to BlueJeans and an other insignificant transaction. See Note 3 for additional information.
Composition of Other Intangible Assets, Net	The following table displays the composition of Other intangible assets, net as well as the respective amortization period: At September 30, 2020 At December 31, 2019 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (8 to 13 years) $ 4,048 $ (1,854) $ 2,194 $ 3,896 $ (1,511) $ 2,385 Non-network internal-use software (5 to 7 years) 22,229 (15,769) 6,460 20,530 (14,418) 6,112 Other (2 to 25 years) 2,001 (1,056) 945 1,967 (966) 1,001 Total $ 28,278 $ (18,679) $ 9,599 $ 26,393 $ (16,895) $ 9,498
Amortization Expense for Other Intangible Assets	The amortization expense for Other intangible assets was as follows: Three Months Ended Nine Months Ended (dollars in millions) September 30, September 30, 2020 $ 621 $ 1,818 2019 580 1,704
Estimated Future Amortization Expense for Other Intangible Assets	The estimated future amortization expense for Other intangible assets for the remainder of the current year and next 5 years is as follows: Years (dollars in millions) Remainder of 2020 $ 679 2021 2,234 2022 1,924 2023 1,555 2024 1,159 2025 800

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt Transactions	The following table shows the transactions that occurred during the nine months ended September 30, 2020. Redemptions, Repurchases and Repayments (dollars in millions) Principal Redeemed/ Repurchased/ Repaid Amount Paid (1) Three Months Ended March 31, 2020 Verizon 4.950% notes due 2047 $ 1,475 $ 1,475 Three Months Ended March 31, 2020 total $ 1,475 $ 1,475 Three Months Ended June 30, 2020 Verizon 5.143% preferred stock due 2020 $ 1,650 $ 1,650 Verizon floating rate (LIBOR +0.550%) notes due 2020 (2) 1,018 1,018 Verizon 4.600% notes due 2021 920 949 Verizon 3.125% notes due 2022 1,256 1,314 Open market repurchases of various Verizon notes 121 143 Verizon 2.375% notes due 2022 (3) € 935 $ 1,199 Verizon 0.500% notes due 2022 (4) € 454 $ 517 Three Months Ended June 30, 2020 total 6,790 Nine Months Ended September 30, 2020 total $ 8,265 (1) Represents amount paid to redeem, repurchase or repay, excluding interest or dividend. (2) The three-month London Interbank Offered Rate (LIBOR). (3) Principal and premium amount repaid was €980 million. U.S. dollar amount paid includes cash settlement from derivatives entered into in connection with the transaction. See Note 7 for information on cross currency swaps. (4) Principal and premium amount repaid was €463 million. U.S. dollar amount paid includes cash settlement from derivatives entered into in connection with the transaction. See Note 7 for information on cross currency swaps. Issuances (amounts in millions) Principal Amount Issued Net Proceeds (1) Three Months Ended March 31, 2020 Verizon 3.600% notes due 2060 $ 2,385 $ 2,369 Verizon 3.000% notes due 2027 750 747 Verizon 3.150% notes due 2030 1,500 1,489 Verizon 4.000% notes due 2050 1,250 1,241 Three Months Ended March 31, 2020 total $ 5,885 $ 5,846 Three Months Ended June 30, 2020 Verizon 2.500% notes due 2030 (2) C$ 1,000 $ 705 Verizon 3.625% notes due 2050 (2) C$ 300 209 Verizon 1.300% notes due 2033 (2) € 1,350 1,464 Verizon 1.850% notes due 2040 (2) € 800 869 Three Months Ended June 30, 2020 total $ 3,247 Three Months Ended September 30, 2020 Verizon 1.500% notes due 2030 (3) $ 1,000 $ 995 Verizon 3.000% notes due 2060 1,123 1,115 Three Months Ended September 30, 2020 total $ 2,123 $ 2,110 Nine Months Ended September 30, 2020 total $ 11,203 (1) Net proceeds were net of discount and issuance costs. (2) See Note 7 for information on cross currency swaps. (3) An amount equal to the net proceeds from this green bond is expected to be used to fund, in whole or in part, certain renewable energy projects, including new and existing investments made by us during the period from July 1, 2020 through the maturity date of the green bond. During the nine months ended September 30, 2020, we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued March 2020 A-1a Senior class notes 1.850 2.46 $ 1,326 A-1b Senior floating rate class notes LIBOR + 0.270 (1) 2.46 100 B Junior class notes 1.980 3.18 98 C Junior class notes 2.060 3.36 76 March 2020 total 1,600 September 2020 A Senior class notes 0.470 2.48 1,426 B Junior class notes 0.680 3.18 98 C Junior class notes 0.830 3.36 76 September 2020 total 1,600 Total $ 3,200 (1) The one-month LIBOR at September 30, 2020 was 0.148%.
Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements	The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2020 2019 Assets Account receivable, net $ 9,438 $ 10,525 Prepaid expenses and other 1,013 1,180 Other assets 3,011 3,856 Liabilities Accounts payable and accrued liabilities 8 11 Short-term portion of long-term debt 3,589 5,578 Long-term debt 6,503 6,791
Schedule of Line of Credit Facilities	At September 30, 2020 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2022 $ 9,500 $ 9,391 n/a Various export credit facilities (2) 2022-2028 7,500 1,000 $ 5,059 Total $ 17,000 $ 10,391 $ 5,059 n/a - not applicable (1) The revolving credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. The revolving credit facility provides for the issuance of letters of credit. (2) These credit facilities are used to finance equipment-related purchases. Borrowings under certain of these facilities amortize semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding.

Device Payment Plan and Wireles

Device Payment Plan and Wireless Service Receivables (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Receivables, Net	The following table presents information about accounts receivable, net of allowances, recorded in our condensed consolidated balance sheet: At September 30, 2020 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable (2) $ 11,856 $ 5,497 $ 6,493 $ 23,846 Less Allowance for credit losses 615 290 324 1,229 Accounts receivable, net of allowance $ 11,241 $ 5,207 $ 6,169 $ 22,617 (1) Other receivables primarily include wireline receivables, Verizon Media receivables and other receivables, the allowances for which are individually insignificant. (2) Following the adoption of Topic 326 on January 1, 2020, accounts receivable are measured at amortized cost. The following table displays device payment plan agreement receivables, net, recognized in our condensed consolidated balance sheets: At September 30, At December 31, (dollars in millions) 2020 2019 (1) Device payment plan agreement receivables, gross $ 16,597 $ 19,493 Unamortized imputed interest (424) (454) Device payment plan agreement receivables, at amortized cost 16,173 19,039 Allowance (2) (833) (472) Device payment plan agreement receivables, net $ 15,340 $ 18,567 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 11,241 $ 13,045 Other assets 4,099 5,522 Device payment plan agreement receivables, net $ 15,340 $ 18,567 (1) Balances reflected are prior to the adoption of Topic 326 on January 1, 2020.
Financing Receivable Credit Quality Indicators	The following table presents device payment plan agreement receivables, at amortized cost, as of September 30, 2020, by credit quality indicator and year of origination: Year of Origination (dollars in millions) 2020 2019 2018 Prior to 2018 (1) Total New customers $ 1,332 $ 1,132 $ 54 $ 42 $ 2,560 Existing customers 7,180 6,019 386 28 13,613 Total $ 8,512 $ 7,151 $ 440 $ 70 $ 16,173 (1) Includes accounts that have been suspended at a point in time.
Activity in Allowance for Credit Losses for Device Payment Plan Agreement Receivables	Activity in the allowance for credit losses by portfolio segment of receivables were as follows: (dollars in millions) Device Payment Plan Agreement Receivables (1) Wireless Service Plan Receivables Balance at January 1, 2020 $ 472 $ 156 Opening balance sheet adjustment related to Topic 326 adoption 265 — Adjusted opening balance, January 1, 2020 737 156 Current period provision for expected credit losses 561 342 Write-offs charged against the allowance (501) (256) Recoveries collected 36 48 Balance at September 30, 2020 $ 833 $ 290 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables.
Balance and Aging of Device Payment Plan Agreement Receivables on Gross Basis	The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows: At September 30, (dollars in millions) 2020 Unbilled $ 15,042 Billed: Current 961 Past due 170 Device payment plan agreement receivables, at amortized cost $ 16,173

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2020: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Interest rate swaps $ — $ 28 $ — $ 28 Foreign exchange forwards — 2 — 2 Other assets: Fixed income securities — 462 — 462 Interest rate swaps — 1,768 — 1,768 Cross currency swaps — 404 — 404 Total $ — $ 2,664 $ — $ 2,664 Liabilities: Other current liabilities: Forward starting interest rate swaps $ — $ 499 $ — $ 499 Other liabilities: Interest rate swaps — 317 — 317 Cross currency swaps — 1,383 — 1,383 Forward starting interest rate swaps — 481 — 481 Total $ — $ 2,680 $ — $ 2,680 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2019: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Fixed income securities $ — $ 442 $ — $ 442 Interest rate swaps — 568 — 568 Cross currency swaps — 211 — 211 Foreign exchange forwards — 5 — 5 Total $ — $ 1,226 $ — $ 1,226 Liabilities: Other liabilities: Interest rate swaps $ — $ 173 $ — $ 173 Cross currency swaps — 912 — 912 Forward starting interest rate swaps — 604 — 604 Total $ — $ 1,689 $ — $ 1,689 (1) Quoted prices in active markets for identical assets or liabilities. (2) Observable inputs other than quoted prices in active markets for identical assets and liabilities. (3) Unobservable pricing inputs in the market.
Schedule of Fair Value of Short-Term and Long-Term Debt, Excluding Capital Leases	The fair value of our short-term and long-term debt, excluding finance leases, was as follows: Fair Value (dollars in millions) Carrying Level 1 Level 2 Level 3 Total At December 31, 2019 $ 110,373 $ 86,712 $ 42,488 $ — $ 129,200 At September 30, 2020 114,288 92,287 48,593 — 140,880
Notional Amounts of Outstanding Derivative Instruments	The following table sets forth the notional amounts of our outstanding derivative instruments: At September 30, At December 31, (dollars in millions) 2020 2019 Interest rate swaps $ 18,156 $ 17,004 Cross currency swaps 24,740 23,070 Forward starting interest rate swaps 2,000 3,000 Interest rate caps — 679 Foreign exchange forwards 1,300 1,130
Schedule of Cumulative Basis Adjustments for Fair Value hedges	The following amounts were recorded in Long-term debt in our condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges: At September 30, At December 31, (dollars in millions) 2020 2019 Carrying amount of hedged liabilities $ 19,485 $ 17,337 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities 1,436 433

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance	The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Three Months Ended September 30, 2020 2019 2020 2019 Service cost - Cost of services $ 61 $ 51 $ 22 $ 20 Service cost - Selling, general and administrative expense 15 11 5 4 Service cost $ 76 $ 62 $ 27 $ 24 Amortization of prior service cost (credit) $ 16 $ 15 $ (242) $ (242) Expected return on plan assets (295) (282) (7) (9) Interest cost 124 173 108 157 Remeasurement loss, net 1,092 291 — — Other components $ 937 $ 197 $ (141) $ (94) Total $ 1,013 $ 259 $ (114) $ (70) (dollars in millions) Pension Health Care and Life Nine Months Ended September 30, 2020 2019 2020 2019 Service cost - Cost of services $ 179 $ 151 $ 67 $ 59 Service cost - Selling, general and administrative expense 43 34 15 13 Service cost $ 222 $ 185 $ 82 $ 72 Amortization of prior service cost (credit) $ 46 $ 46 $ (725) $ (728) Expected return on plan assets (888) (846) (20) (28) Interest cost 401 527 322 472 Remeasurement loss, net 1,427 195 — — Other components $ 986 $ (78) $ (423) $ (284) Total $ 1,208 $ 107 $ (341) $ (212)

Equity and Accumulated Other _2

Equity and Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of Changes in Components of Total Equity	Changes in the components of Total equity were as follows: (dollars in millions, except per share amounts, and shares in thousands) Three months ended September 30, 2020 2019 Shares Amount Shares Amount Common Stock Balance at beginning of period 4,291,434 $ 429 4,291,434 $ 429 Balance at end of period 4,291,434 429 4,291,434 429 Additional Paid In Capital Balance at beginning of period 13,281 13,419 Other 123 (1) Balance at end of period 13,404 13,418 Retained Earnings Balance at beginning of period 56,746 47,945 Net income attributable to Verizon 4,357 5,194 Dividends declared ($0.6275, $0.6150 per share) (2,597) (2,544) Other (33) — Balance at end of period 58,473 50,595 Accumulated Other Comprehensive Income (Loss) Balance at beginning of period attributable to Verizon (1,274) 1,447 Foreign currency translation adjustments 124 (10) Unrealized gain (loss) on cash flow hedges 505 (166) Unrealized gain on marketable securities 2 2 Defined benefit pension and postretirement plans (169) (169) Other comprehensive income (loss) 462 (343) Balance at end of period attributable to Verizon (812) 1,104 Treasury Stock Balance at beginning of period (153,380) (6,722) (155,669) (6,823) Employee plans 41 1 20 1 Balance at end of period (153,339) (6,721) (155,649) (6,822) Deferred Compensation-ESOPs and Other Balance at beginning of period 237 165 Restricted stock equity grant 62 32 Amortization (3) — Balance at end of period 296 197 Noncontrolling Interests Balance at beginning of period 1,416 1,365 Total comprehensive income 147 143 Distributions and other (102) (117) Balance at end of period 1,461 1,391 Total Equity $ 66,530 $ 60,312 (dollars in millions, except per share amounts, and shares in thousands) Nine months ended September 30, 2020 2019 Shares Amount Shares Amount Common Stock Balance at beginning of year 4,291,434 $ 429 4,291,434 $ 429 Balance at end of period 4,291,434 429 4,291,434 429 Additional Paid In Capital Balance at beginning of year 13,419 13,437 Other (15) (19) Balance at end of period 13,404 13,418 Retained Earnings Balance at beginning of year 53,147 43,542 Opening balance sheet adjustment (200) (1) 410 (2) Adjusted opening balance 52,947 43,952 Net income attributable to Verizon 13,213 14,170 Dividends declared ($1.8575, $1.8200 per share) (7,687) (7,527) Balance at end of period 58,473 50,595 Accumulated Other Comprehensive Income (Loss) Balance at beginning of year attributable to Verizon 998 2,370 Foreign currency translation adjustments 81 (53) Unrealized loss on cash flow hedges (1,391) (716) Unrealized gain on marketable securities 7 10 Defined benefit pension and postretirement plans (507) (507) Other comprehensive loss (1,810) (1,266) Balance at end of period attributable to Verizon (812) 1,104 Treasury Stock Balance at beginning of year (155,606) (6,820) (159,400) (6,986) Employee plans 2,263 99 3,746 164 Shareholder plans 4 — 5 — Balance at end of period (153,339) (6,721) (155,649) (6,822) Deferred Compensation-ESOPs and Other Balance at beginning of year 222 353 Restricted stock equity grant 234 111 Amortization (160) (267) Balance at end of period 296 197 Noncontrolling Interests Balance at beginning of year 1,440 1,565 Opening balance sheet adjustment — 1 (2) Adjusted opening balance 1,440 1,566 Total comprehensive income 417 401 Distributions and other (396) (576) Balance at end of period 1,461 1,391 Total Equity $ 66,530 $ 60,312 (1) The opening balance sheet adjustment for the nine months ended September 30, 2020 is due to the adoption of Topic 326 (2) Opening balance sheet adjustments for the nine months ended September 30, 2019 are due to the adoption of Topic 842
Schedule of Components in Accumulated Other Comprehensive Income	The changes in the balances of Accumulated other comprehensive income (loss) by component were as follows: (dollars in millions) Foreign Unrealized loss on cash flow hedges Unrealized gain on marketable securities Defined Total Balance at January 1, 2020 $ (584) $ (816) $ 27 $ 2,371 $ 998 Other comprehensive income (loss) 81 (832) 7 — (744) Amounts reclassified to net income — (559) — (507) (1,066) Net other comprehensive income (loss) 81 (1,391) 7 (507) (1,810) Balance at September 30, 2020 $ (503) $ (2,207) $ 34 $ 1,864 $ (812)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Operating Information	Our segments and their principal activities consist of the following: Segment Description Verizon Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon brand and through wholesale and other arrangements. Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network by our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios. Verizon Our Business segment provides wireless and wireline communications services and products, including data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and select products and services to customers around the world. The following table provides operating financial information for our two reportable segments: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 External Operating Revenues Consumer Service $ 16,255 $ 16,432 $ 48,496 $ 49,043 Wireless equipment 3,403 4,256 9,989 12,326 Other 2,014 1,953 5,946 5,303 Total Consumer 21,672 22,641 64,431 66,672 Business Small and Medium Business 2,737 2,894 8,132 8,379 Global Enterprise 2,594 2,714 7,811 8,077 Public Sector and Other 1,639 1,472 4,636 4,435 Wholesale 763 790 2,279 2,440 Total Business 7,733 7,870 22,858 23,331 Total reportable segments $ 29,405 $ 30,511 $ 87,289 $ 90,003 Intersegment Revenues Consumer $ 64 $ 65 $ 183 $ 177 Business 16 15 54 41 Total reportable segments $ 80 $ 80 $ 237 $ 218 Total Operating Revenues Consumer $ 21,736 $ 22,706 $ 64,614 $ 66,849 Business (1) 7,749 7,885 22,912 23,372 Total reportable segments $ 29,485 $ 30,591 $ 87,526 $ 90,221 Operating Income Consumer $ 7,437 $ 7,489 $ 21,783 $ 22,075 Business 923 977 2,823 3,096 Total reportable segments $ 8,360 $ 8,466 $ 24,606 $ 25,171 (1) Service and other revenues included in our Business segment amounted to approximately $7.0 billion for both the three months ended September 30, 2020 and 2019. Service and other revenues included in our Business segment amounted to approximately $20.9 billion for both the nine months ended September 30, 2020 and 2019. Wireless equipment revenues included in our Business segment amounted to approximately $709 million and $2.0 billion for the three and nine months ended September 30, 2020, respectively, and approximately $880 million and $2.5 billion for the three and nine months ended September 30, 2019, respectively. The following table provides Fios revenue for our two reportable segments: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 Consumer $ 2,773 $ 2,811 $ 8,326 $ 8,347 Business 263 243 785 725 Total Fios revenue $ 3,036 $ 3,054 $ 9,111 $ 9,072 The following table provides Wireless service revenue for our reportable segments and includes intersegment activity: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 Consumer $ 13,442 $ 13,533 $ 40,005 $ 40,346 Business 2,990 2,850 8,732 8,319 Total Wireless service revenue $ 16,432 $ 16,383 $ 48,737 $ 48,665
Summary of Reconciliation of Segment Operating Revenues	A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 Total reportable segment operating revenues $ 29,485 $ 30,591 $ 87,526 $ 90,221 Corporate and other 2,203 2,400 6,442 7,147 Eliminations (145) (97) (368) (275) Total consolidated operating revenues $ 31,543 $ 32,894 $ 93,600 $ 97,093
Summary of Reconciliation of Segment Operating Income	A reconciliation of the total reportable segment's operating income to consolidated income before provision for income taxes is as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2020 2019 2020 2019 Total reportable segment operating income $ 8,360 $ 8,466 $ 24,606 $ 25,171 Corporate and other (479) (344) (1,183) (1,083) Other components of net periodic benefit charges (Note 8) (203) (203) (610) (610) Loss on spectrum license transaction (Note 3) — — (1,195) — Net gain from dispositions of assets and businesses — 261 — 261 Total consolidated operating income 7,678 8,180 21,618 23,739 Equity in losses of unconsolidated businesses (9) (1) (34) (20) Other expense, net (774) (110) (703) (1,127) Interest expense (1,044) (1,146) (3,167) (3,571) Income Before Provision For Income Taxes $ 5,851 $ 6,923 $ 17,714 $ 19,021

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Dilutive securities (in shares)	2	2	2	2
Pre-tax adjustment	$ 833		$ 833			$ 472
Retained earnings	$ (58,473)		$ (58,473)			$ (53,147)
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member
Adjustments due to Topic 326
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Pre-tax adjustment					$ 265
Retained earnings					$ 200
Consumer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum threshold period for new customers			210 days
Minimum threshold period for existing customers			210 days
Business
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum threshold period for new customers			12 months
Minimum threshold period for existing customers			12 months

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 8,983		$ 2,594
Cash, cash equivalents and restricted cash	10,183	$ 4,206	3,917	$ 3,916
Increase in cash, cash equivalents and restricted cash	6,266	$ 290
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Increase in cash, cash equivalents and restricted cash	6,389
Prepaid expenses and other
Cash and Cash Equivalents [Line Items]
Restricted cash	1,075		1,221
Increase in cash, cash equivalents and restricted cash	(146)
Other assets
Cash and Cash Equivalents [Line Items]
Restricted cash	125		$ 102
Increase in cash, cash equivalents and restricted cash	$ 23

Basis of Presentation - Sched_2

Basis of Presentation - Schedule of Cumulative Effect for Adoption of New Accounting Pronouncement (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 1,229		$ 0
Allowance for doubtful accounts	0		733
Other assets	11,669		10,141
Deferred income taxes	34,567		34,703
Retained earnings	$ 58,473		$ 53,147
Adjustments due to Topic 326
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses		$ 919
Allowance for doubtful accounts		(733)
Other assets		(79)
Deferred income taxes		(65)
Retained earnings		(200)
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses		919
Allowance for doubtful accounts		0
Other assets		10,062
Deferred income taxes		34,638
Retained earnings		$ 52,947

Revenues and Contract Costs - A

Revenues and Contract Costs - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segments | segment			2
Revenues from leasing arrangements, captive reinsurance arrangements and interest on equipment financed	$ 715,000,000	$ 779,000,000	$ 2,300,000,000	$ 2,400,000,000
Contract description of timing			Contracts for wireless services are generally either month-to-month and cancellable at any time (typically under a device payment plan) or contain terms ranging from greater than one month to up to two years (typically under a fixed-term plan).
Amortization of deferred contract costs	763,000,000	687,000,000	$ 2,300,000,000	1,900,000,000
Contract assets impairment charge	0	0	0	0
Media Business
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 1,700,000,000	$ 1,800,000,000	$ 4,700,000,000	$ 5,400,000,000
Wireless postpaid contracts
Disaggregation of Revenue [Line Items]
Percentage of month-to-month contracts of total service contracts	90.00%	87.00%	90.00%	87.00%
Wireline Consumer and Small and Medium Business contracts
Disaggregation of Revenue [Line Items]
Percentage of month-to-month contracts of total service contracts	70.00%	59.00%	70.00%	59.00%
Reseller Arrangements
Disaggregation of Revenue [Line Items]
Contract description of timing			Reseller arrangements generally include a stated contract term, which typically extends longer than two years and, in some cases, include a periodic minimum revenue commitment over the contract term for which revenues will be recognized in future periods.
Consumer
Disaggregation of Revenue [Line Items]
Customer contracts service term			2 years
Business
Disaggregation of Revenue [Line Items]
Contract description of timing			These contracts have varying terms spanning over approximately five years
Maximum | Business
Disaggregation of Revenue [Line Items]
Customer contracts service term			12 months

Revenues and Contract Costs - R

Revenues and Contract Costs - Revenue Performance Obligations (Details) $ in Billions	Sep. 30, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 5.1
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 15
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 5.7
Revenue, remaining performance obligation, expected timing of satisfaction, period
Customer Contracts that Have Contract Minimum over Total Contract Term | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 2.5
Revenue, remaining performance obligation, expected timing of satisfaction, period	5 years

Revenues and Contract Costs - S

Revenues and Contract Costs - Schedule of Receivables from Contracts with Customers (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jan. 01, 2020	Sep. 30, 2019	Jan. 01, 2019
Revenue from Contract with Customer [Abstract]
Receivables	$ 11,094	$ 12,078	$ 11,900	$ 12,104
Device payment plan agreement receivables	$ 9,559	$ 11,741	$ 10,538	$ 8,940

Revenues and Contract Costs - C

Revenues and Contract Costs - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019
Disaggregation of Revenue [Line Items]
Contract asset	$ 923	$ 1,102	$ 923	$ 1,102	$ 1,150	$ 1,150	$ 1,003
Contract liability	5,321	5,082	5,321	5,082	$ 5,307	5,307	$ 4,943
Revenue recognized related to contract liabilities existing	124	$ 235	4,200	$ 4,100
Prepaid expenses and other
Disaggregation of Revenue [Line Items]
Contract asset	733		733			848
Other assets
Disaggregation of Revenue [Line Items]
Contract asset	190		190			302
Other current liabilities
Disaggregation of Revenue [Line Items]
Contract liability	4,683		4,683			4,651
Other liabilities
Disaggregation of Revenue [Line Items]
Contract liability	$ 638		$ 638			$ 656

Revenues and Contract Costs -_2

Revenues and Contract Costs - Schedule of Cost Incurred to Obtain or Fulfill Contracts with Customers (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Cost incurred to obtain or fulfill contracts with customers	$ 4,233	$ 4,489
Minimum
Capitalized Contract Cost [Line Items]
Deferred contract cost, amortization period	2 years
Maximum
Capitalized Contract Cost [Line Items]
Deferred contract cost, amortization period	5 years
Prepaid expenses and other
Capitalized Contract Cost [Line Items]
Cost incurred to obtain or fulfill contracts with customers	$ 2,428	2,578
Other assets
Capitalized Contract Cost [Line Items]
Cost incurred to obtain or fulfill contracts with customers	$ 1,805	$ 1,911

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) numberOfCustomers in Thousands, $ in Millions	1 Months Ended					3 Months Ended			9 Months Ended		10 Months Ended
	Oct. 27, 2020numberOfCountiesnumberOfCustomers	Sep. 30, 2020USD ($)licenseshares	May 31, 2020USD ($)	Mar. 31, 2020USD ($)license	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
Number of licenses acquired | license				4,940
Payments for deposits									$ 1,987	$ 299
Gain (loss) on disposition of licenses, pre-tax						$ 0		$ 0	(1,195)	$ 0
Goodwill		$ 24,799			$ 24,389	24,799			24,799		$ 24,799
Spectrum licenses
Business Acquisition [Line Items]
Payments for deposits					$ 101						1,600
Spectrum licenses
Business Acquisition [Line Items]
Price payable for acquisitions				$ 3,400
Portion of price to be settled with 39 GHz licenses				$ 1,800
Gain (loss) on disposition of licenses, pre-tax									(1,200)
Gain (loss) on disposition of licenses									(914)
Average remaining renewal period of wireless license portfolio (in years)							9 years 10 months 24 days
Priority Access Licenses
Business Acquisition [Line Items]
Number of licenses acquired | license		557
Payments for deposits		$ 1,900
Various Other Wireless Licenses | Spectrum licenses
Business Acquisition [Line Items]
Payments for deposits						116			293
Blue Jeans Network
Business Acquisition [Line Items]
Price payable for acquisitions			$ 397
Goodwill			296
Intangible assets other than goodwill			$ 192
TracFone Wireless, Inc.
Business Acquisition [Line Items]
Cash payment to acquire business		3,100
Common stock value consideration to acquire business		3,100
Future cash consideration related to achievement of certain performance measures		$ 650				$ 650			650		$ 650
TracFone Wireless, Inc. | Minimum
Business Acquisition [Line Items]
Number of shares issuable (in shares) | shares		47,124,445
TracFone Wireless, Inc. | Maximum
Business Acquisition [Line Items]
Number of shares issuable (in shares) | shares		57,596,544
Bluegrass Cellular, Certain Assets | Subsequent Event
Business Acquisition [Line Items]
Number of customers | numberOfCustomers	210
Number of counties customers are serviced | numberOfCounties	34
Other Acquisitions
Business Acquisition [Line Items]
Cash payment to acquire business									$ 113

Wireless Licenses, Goodwill a_3

Wireless Licenses, Goodwill and Other Intangible Assets - Carrying Amount of Wireless Licenses (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Wireless licenses	$ 95,958	$ 95,059

Wireless Licenses, Goodwill a_4

Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Gain (loss) on disposition of licenses, pre-tax	$ 0	$ 0	$ (1,195)	$ 0
Wireless licenses	95,958		95,958				$ 95,059
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Wireless licenses under development	$ 6,900	$ 6,500	6,900	6,500
Interest costs capitalized			$ 171	$ 248
Assets held-for-sale						$ 2,800
Average remaining renewal period of wireless license portfolio (in years)			10 years
Spectrum Licenses, 39 GHz
Indefinite-lived Intangible Assets [Line Items]
Gain (loss) on disposition of licenses, pre-tax			$ (1,200)
Gain (loss) on disposition of licenses			$ (914)
Wireless licenses					$ 3,400
Disposal Group, Held-for-sale, Not Discontinued Operations | Spectrum licenses
Indefinite-lived Intangible Assets [Line Items]
Intangible assets held-for-sale						$ 1,600

Wireless Licenses, Goodwill a_5

Wireless Licenses, Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Goodwill [Line Items]
Beginning balance	$ 24,389
Acquisitions (2)	405
Reclassifications, adjustments and other	5
Ending balance	24,799
Goodwill accumulated impairment charge	4,800	$ 4,800
Operating Segments | Consumer
Goodwill [Line Items]
Beginning balance	17,104
Acquisitions (2)	109
Reclassifications, adjustments and other	0
Ending balance	17,213
Operating Segments | Business
Goodwill [Line Items]
Beginning balance	7,269
Acquisitions (2)	296
Reclassifications, adjustments and other	5
Ending balance	7,570
Other
Goodwill [Line Items]
Beginning balance	16
Acquisitions (2)	0
Reclassifications, adjustments and other	0
Ending balance	$ 16

Wireless Licenses, Goodwill a_6

Wireless Licenses, Goodwill and Other Intangible Assets - Composition of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 28,278	$ 26,393
Accumulated Amortization	(18,679)	(16,895)
Net Amount	9,599	9,498
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Amount	4,048	3,896
Accumulated Amortization	(1,854)	(1,511)
Net Amount	$ 2,194	2,385
Customer Lists | Minimum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	8 years
Customer Lists | Maximum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	13 years
Non-Network Internal-Use Software
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 22,229	20,530
Accumulated Amortization	(15,769)	(14,418)
Net Amount	$ 6,460	6,112
Non-Network Internal-Use Software | Minimum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	5 years
Non-Network Internal-Use Software | Maximum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	7 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,001	1,967
Accumulated Amortization	(1,056)	(966)
Net Amount	$ 945	$ 1,001
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	2 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	25 years

Wireless Licenses, Goodwill a_7

Wireless Licenses, Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for other intangible assets	$ 621	$ 580	$ 1,818	$ 1,704
Reminder of 2020	679		679
2021	2,234		2,234
2022	1,924		1,924
2023	1,555		1,555
2024	1,159		1,159
2025	$ 800		$ 800

Debt - Debt Redemptions, Repurc

Debt - Debt Redemptions, Repurchases and Repayments (Details) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020EUR (€)
Debt Instrument [Line Items]
Principal Redeemed/ Repurchased/ Repaid		$ 1,475
Amount Paid	$ 6,790	$ 1,475	$ 8,265
Verizon 4.950% notes due 2047
Debt Instrument [Line Items]
Stated interest rate on debt instrument		4.95%
Principal Redeemed/ Repurchased/ Repaid		$ 1,475
Amount Paid		$ 1,475
Verizon 5.143% preferred stock due 2020
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.143%			5.143%
Principal Redeemed/ Repurchased/ Repaid	$ 1,650
Amount Paid	1,650
Verizon floating rate (LIBOR + 0.550%) notes due 2020
Debt Instrument [Line Items]
Principal Redeemed/ Repurchased/ Repaid	1,018
Amount Paid	$ 1,018
Verizon floating rate (LIBOR + 0.550%) notes due 2020 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.55%
Verizon 4.600% notes due 2021
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.60%			4.60%
Principal Redeemed/ Repurchased/ Repaid	$ 920
Amount Paid	$ 949
Verizon 3.125% notes due 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument	3.125%			3.125%
Principal Redeemed/ Repurchased/ Repaid	$ 1,256
Amount Paid	1,314
Open market repurchases of various Verizon notes
Debt Instrument [Line Items]
Principal Redeemed/ Repurchased/ Repaid	121
Amount Paid	$ 143
Verizon 2.375% Notes Due 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument	2.375%			2.375%
Principal Redeemed/ Repurchased/ Repaid | €				€ 935
Amount Paid	$ 1,199
Principal and premium repaid | €				€ 980
Verizon 0.500% Notes Due 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument	0.50%			0.50%
Principal Redeemed/ Repurchased/ Repaid | €				€ 454
Amount Paid	$ 517
Principal and premium repaid | €				€ 463

Debt - Debt Issuances (Details)

Debt - Debt Issuances (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020CAD ($)	Jun. 30, 2020EUR (€)
Debt Instrument [Line Items]
Principal Amount Issued	$ 2,123,000,000		$ 5,885,000,000	$ 2,123,000,000
Proceeds from long-term borrowings	$ 2,110,000,000	$ 3,247,000,000	$ 5,846,000,000	$ 11,203,000,000
Verizon 3.600% notes due 2060
Debt Instrument [Line Items]
Stated interest rate on debt instrument			3.60%
Principal Amount Issued			$ 2,385,000,000
Proceeds from long-term borrowings			$ 2,369,000,000
Verizon 3.000% notes due 2027
Debt Instrument [Line Items]
Stated interest rate on debt instrument			3.00%
Principal Amount Issued			$ 750,000,000
Proceeds from long-term borrowings			$ 747,000,000
Verizon 3.150% notes due 2030
Debt Instrument [Line Items]
Stated interest rate on debt instrument			3.15%
Principal Amount Issued			$ 1,500,000,000
Proceeds from long-term borrowings			$ 1,489,000,000
Verizon 4.000% notes due 2050
Debt Instrument [Line Items]
Stated interest rate on debt instrument			4.00%
Principal Amount Issued			$ 1,250,000,000
Proceeds from long-term borrowings			$ 1,241,000,000
Verizon 2.500% notes due 2030 (2)
Debt Instrument [Line Items]
Stated interest rate on debt instrument					2.50%	2.50%
Principal Amount Issued					$ 1,000,000,000
Proceeds from long-term borrowings		705,000,000
Verizon 3.625% notes due 2050 (2)
Debt Instrument [Line Items]
Stated interest rate on debt instrument					3.625%	3.625%
Principal Amount Issued					$ 300,000,000
Proceeds from long-term borrowings		209,000,000
Verizon 1.300% notes due 2033 (2)
Debt Instrument [Line Items]
Stated interest rate on debt instrument					1.30%	1.30%
Principal Amount Issued | €						€ 1,350,000,000
Proceeds from long-term borrowings		1,464,000,000
Verizon 1.850% notes due 2040 (2)
Debt Instrument [Line Items]
Stated interest rate on debt instrument					1.85%	1.85%
Principal Amount Issued | €						€ 800,000,000
Proceeds from long-term borrowings		$ 869,000,000
Verizon 1.500% notes due 2030 (3)
Debt Instrument [Line Items]
Stated interest rate on debt instrument	1.50%			1.50%
Principal Amount Issued	$ 1,000,000,000			$ 1,000,000,000
Proceeds from long-term borrowings	$ 995,000,000
Verizon 3.000% notes due 2060
Debt Instrument [Line Items]
Stated interest rate on debt instrument	3.00%			3.00%
Principal Amount Issued	$ 1,123,000,000			$ 1,123,000,000
Proceeds from long-term borrowings	$ 1,115,000,000

Debt - October Exchange Offers

Debt - October Exchange Offers (Details)	1 Months Ended
	Oct. 27, 2020USD ($)transactionDebt_Instrument	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Principal Amount Issued		$ 2,123,000,000	$ 5,885,000,000
October Exchange Offers | Subsequent Event
Debt Instrument [Line Items]
Number of note series exchanged | Debt_Instrument	17
Number of exchange offer transactions | transaction	2
October Exchange Offer One | Subsequent Event
Debt Instrument [Line Items]
Principal amount exchanged	$ 1,000,000,000
October Exchange Offer One | 1.680% Notes Due 2030 | Subsequent Event
Debt Instrument [Line Items]
Principal Amount Issued	$ 1,100,000,000
Stated interest rate on debt instrument	1.68%
October Exchange Offer One | Notes Maturing In 2021 | Subsequent Event
Debt Instrument [Line Items]
Principal amount exchanged	$ 31,000,000
October Exchange Offer Two | Subsequent Event
Debt Instrument [Line Items]
Principal amount exchanged	3,700,000,000
Debt exchange offer, cash	748,000,000
October Exchange Offer Two | 2.987% Notes Due 2056 | Subsequent Event
Debt Instrument [Line Items]
Principal Amount Issued	$ 4,500,000,000
Stated interest rate on debt instrument	2.987%

Debt - Short-Term Borrowings an

Debt - Short-Term Borrowings and Commercial Paper Program (Details) - USD ($)	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Apr. 30, 2020	Mar. 31, 2020
Short-term Debt [Line Items]
Principal Amount Issued	$ 2,123,000,000			$ 5,885,000,000
Principal amount outstanding	5,059,000,000
Commercial Paper
Short-term Debt [Line Items]
Principal Amount Issued			$ 3,500,000,000
Repayments of Short-term Debt	1,000,000,000	$ 2,500,000,000
Commercial paper	$ 0

Debt - Asset-Backed Debt Narrat

Debt - Asset-Backed Debt Narrative (Detail) - USD ($) $ in Millions	1 Months Ended				3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Repayments of debt						$ 6,790	$ 1,475	$ 8,265
Asset-Backed Debt
Debt Instrument [Line Items]
Secured debt, carrying value	$ 10,100				$ 10,100			$ 10,100
Asset Backed Notes
Debt Instrument [Line Items]
Revolving period								2 years
2020 ABS Financing Facility
Debt Instrument [Line Items]
Revolving period								1 year
Repayments of debt	1,300	$ 1,500		$ 1,300
Amount drawn from credit facilities			$ 1,300
Debt outstanding	$ 500				500			$ 500
Secured Debt | Asset Backed Notes
Debt Instrument [Line Items]
Repayments of debt					$ 864			$ 2,700

Debt - Schedule of ABS Notes Tr

Debt - Schedule of ABS Notes Transactions (Details) - USD ($)	1 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Principal Amount Issued	$ 2,123,000,000	$ 5,885,000,000
March 2020 ABS Notes
Debt Instrument [Line Items]
Principal Amount Issued		$ 1,600,000,000
March 2020 ABS Notes | A-1a Senior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		1.85%
Expected Weighted-average Life to Maturity		2 years 5 months 15 days
Principal Amount Issued		$ 1,326,000,000
March 2020 ABS Notes | A-1b Senior floating rate class notes
Debt Instrument [Line Items]
Expected Weighted-average Life to Maturity		2 years 5 months 15 days
Principal Amount Issued		$ 100,000,000
Debt effective rate	14.80%
March 2020 ABS Notes | B Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		1.98%
Expected Weighted-average Life to Maturity		3 years 2 months 4 days
Principal Amount Issued		$ 98,000,000
March 2020 ABS Notes | C Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		2.06%
Expected Weighted-average Life to Maturity		3 years 4 months 9 days
Principal Amount Issued		$ 76,000,000
March 2020 ABS Notes | London Interbank Offered Rate (LIBOR) | A-1b Senior floating rate class notes
Debt Instrument [Line Items]
Basis spread on variable rate		0.27%
September 2020 ABS Notes
Debt Instrument [Line Items]
Principal Amount Issued	$ 1,600,000,000
September 2020 ABS Notes | A Senior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	0.47%
Expected Weighted-average Life to Maturity	2 years 5 months 23 days
Principal Amount Issued	$ 1,426,000,000
September 2020 ABS Notes | B Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	0.68%
Expected Weighted-average Life to Maturity	3 years 2 months 4 days
Principal Amount Issued	$ 98,000,000
September 2020 ABS Notes | C Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	0.83%
Expected Weighted-average Life to Maturity	3 years 4 months 9 days
Principal Amount Issued	$ 76,000,000
Asset Backed Notes
Debt Instrument [Line Items]
Principal Amount Issued	$ 3,200,000,000

Debt - Assets and Liabilities R

Debt - Assets and Liabilities Related to Asset-backed Debt Arrangements (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Account receivable, net	$ 22,617	$ 25,429
Prepaid expenses and other	5,515	8,028
Other assets	11,669	10,141
Accounts payable and accrued liabilities	17,391	21,806
Short-term portion of long-term debt	5,770	10,777
Long-term debt	109,790	100,712
Variable Interest Entity, Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Account receivable, net	9,438	10,525
Prepaid expenses and other	1,013	1,180
Other assets	3,011	3,856
Accounts payable and accrued liabilities	8	11
Short-term portion of long-term debt	3,589	5,578
Long-term debt	$ 6,503	$ 6,791

Debt - Credit Facilities, Non-C

Debt - Credit Facilities, Non-Cash Transaction, Guarantees (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Oct. 27, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Facility Capacity	$ 17,000,000,000
Unused Capacity	10,391,000,000
Principal Amount Outstanding	5,059,000,000
Guarantee of Debentures of Operating Telephone Company Subsidiaries
Debt Instrument [Line Items]
Principal amount outstanding in connection with the guarantee of debt obligations	765,000,000
Guarantee of Debt Obligations of GTE Corporation
Debt Instrument [Line Items]
Principal amount outstanding in connection with the guarantee of debt obligations	391,000,000
Network Equipment | Vendor Financing Facility
Debt Instrument [Line Items]
Value of purchase assets financed	1,300,000,000	$ 356,000,000
Long-term debt maturing within one year	1,600,000,000			$ 1,100,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Facility Capacity	9,500,000,000
Unused Capacity	9,391,000,000
Revolving Credit Facility | Revolving Credit Facility Maturing 2024 | Subsequent Event
Debt Instrument [Line Items]
Facility Capacity			$ 9,500,000,000
Equipment Credit Facilities
Debt Instrument [Line Items]
Facility Capacity	7,500,000,000
Unused Capacity	1,000,000,000
Principal Amount Outstanding	$ 5,059,000,000

Device Payment Plan Agreement_2

Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 23,846	$ 26,162
Allowance for credit losses	1,229	0
Accounts receivable, net of allowance	22,617	$ 25,429
Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	11,856
Allowance for credit losses	615
Accounts receivable, net of allowance	11,241
Wireless service
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	5,497
Allowance for credit losses	290
Accounts receivable, net of allowance	5,207
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	6,493
Allowance for credit losses	324
Accounts receivable, net of allowance	$ 6,169

Device Payment Plan Agreement_3

Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Device Payment Plan Agreement Receivables (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 16,597	$ 19,493
Unamortized imputed interest	(424)	(454)
Device payment plan agreement receivables, at amortized cost	16,173	19,039
Allowance	(833)	(472)
Device payment plan agreement receivables, net	15,340	18,567
Account receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, net	11,241	13,045
Other assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, net	$ 4,099	$ 5,522

Device Payment Plan Agreement_4

Device Payment Plan Agreement and Wireless Service Receivables - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jan. 01, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables transferred to ABS Entities	$ 12,300		$ 14,300
Device payment plan agreement, trade-in liability	$ 5,321	$ 5,307	5,307	$ 5,082	$ 4,943
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Required down payment percentage	0.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Required down payment percentage	100.00%
Product Trade-in
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement, trade-in liability			$ 103
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum threshold period for new customers	210 days
Minimum threshold period for existing customers	210 days
Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum threshold period for new customers	12 months
Minimum threshold period for existing customers	12 months
Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables originating in 2020	$ 8,512
Receivables originating in 2019	$ 7,151
Device payment plan agreement | Consumer | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer tenure period	45 days
Device payment plan agreement | Consumer | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer tenure period	45 days
Device payment plan agreement | Business | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer tenure period	12 months
Device payment plan agreement | Business | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer tenure period	12 months
Wireless Service Plan Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables originating in 2020	$ 5,500
Number of days past due	34 days

Device Payment Plan Agreement_5

Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Credit Quality Indicators (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Device payment plan agreement receivables, at amortized cost	$ 16,597	$ 19,493
Device payment plan agreement
Financing Receivable, Credit Quality Indicator [Line Items]
2020	8,512
2019	7,151
2018	440
Prior to 2018	70
Device payment plan agreement receivables, at amortized cost	16,173
Device payment plan agreement | New customers
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,332
2019	1,132
2018	54
Prior to 2018	42
Device payment plan agreement receivables, at amortized cost	2,560
Device payment plan agreement | Existing customers
Financing Receivable, Credit Quality Indicator [Line Items]
2020	7,180
2019	6,019
2018	386
Prior to 2018	28
Device payment plan agreement receivables, at amortized cost	$ 13,613

Device Payment Plan Agreement_6

Device Payment Plan Agreement and Wireless Service Receivables - Allowance for Credit Losses (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 472
Adjusted opening balance, January 1, 2020	472
Ending balance	833
Adjustments due to Topic 326
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Adjusted opening balance, January 1, 2020		$ 265
Device payment plan agreement
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	472
Adjusted opening balance, January 1, 2020	833
Current period provision for expected credit losses	561
Write-offs charged against the allowance	(501)
Recoveries collected	36
Ending balance	833
Device payment plan agreement | Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	737
Adjusted opening balance, January 1, 2020	737
Wireless Service Plan Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	156
Adjusted opening balance, January 1, 2020	290
Current period provision for expected credit losses	342
Write-offs charged against the allowance	(256)
Recoveries collected	48
Ending balance	290
Wireless Service Plan Receivables | Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	156
Adjusted opening balance, January 1, 2020	156
Accounting Standards Update 2016-13 | Device payment plan agreement | Adjustments due to Topic 326
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	265
Adjusted opening balance, January 1, 2020	265
Accounting Standards Update 2016-13 | Wireless Service Plan Receivables | Adjustments due to Topic 326
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Adjusted opening balance, January 1, 2020	$ 0

Device Payment Plan Agreement_7

Device Payment Plan Agreement and Wireless Service Receivables - Balance and Aging of Receivables (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, at amortized cost	$ 16,597	$ 19,493
Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, at amortized cost	16,173
Device payment plan agreement | Unbilled
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	15,042
Device payment plan agreement | Billed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	961
Past due	$ 170

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets:
Total	$ 2,664	$ 1,226
Other liabilities:
Total	2,680	1,689
Foreign exchange forwards | Prepaid expenses and other
Assets:
Derivative asset	2
Foreign exchange forwards | Other assets
Assets:
Derivative asset		5
Fixed income securities | Other assets
Assets:
Debt securities, available-for-sale	462	442
Interest rate swaps | Prepaid expenses and other
Assets:
Derivative asset	28
Interest rate swaps | Other assets
Assets:
Derivative asset	1,768	568
Interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	317	173
Cross currency swaps | Other assets
Assets:
Derivative asset	404	211
Cross currency swaps | Other liabilities
Other liabilities:
Derivative liabilities	1,383	912
Forward starting interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	499
Forward starting interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	481	604
Level 1
Assets:
Total	0	0
Other liabilities:
Total	0	0
Level 1 | Foreign exchange forwards | Prepaid expenses and other
Assets:
Derivative asset	0
Level 1 | Foreign exchange forwards | Other assets
Assets:
Derivative asset		0
Level 1 | Fixed income securities | Other assets
Assets:
Debt securities, available-for-sale	0	0
Level 1 | Interest rate swaps | Prepaid expenses and other
Assets:
Derivative asset	0
Level 1 | Interest rate swaps | Other assets
Assets:
Derivative asset	0	0
Level 1 | Interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 1 | Cross currency swaps | Other assets
Assets:
Derivative asset	0	0
Level 1 | Cross currency swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 1 | Forward starting interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	0
Level 1 | Forward starting interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 2
Assets:
Total	2,664	1,226
Other liabilities:
Total	2,680	1,689
Level 2 | Foreign exchange forwards | Prepaid expenses and other
Assets:
Derivative asset	2
Level 2 | Foreign exchange forwards | Other assets
Assets:
Derivative asset		5
Level 2 | Fixed income securities | Other assets
Assets:
Debt securities, available-for-sale	462	442
Level 2 | Interest rate swaps | Prepaid expenses and other
Assets:
Derivative asset	28
Level 2 | Interest rate swaps | Other assets
Assets:
Derivative asset	1,768	568
Level 2 | Interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	317	173
Level 2 | Cross currency swaps | Other assets
Assets:
Derivative asset	404	211
Level 2 | Cross currency swaps | Other liabilities
Other liabilities:
Derivative liabilities	1,383	912
Level 2 | Forward starting interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	499
Level 2 | Forward starting interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	481	604
Level 3
Assets:
Total	0	0
Other liabilities:
Total	0	0
Level 3 | Foreign exchange forwards | Prepaid expenses and other
Assets:
Derivative asset	0
Level 3 | Foreign exchange forwards | Other assets
Assets:
Derivative asset		0
Level 3 | Fixed income securities | Other assets
Assets:
Debt securities, available-for-sale	0	0
Level 3 | Interest rate swaps | Prepaid expenses and other
Assets:
Derivative asset	0
Level 3 | Interest rate swaps | Other assets
Assets:
Derivative asset	0	0
Level 3 | Interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 3 | Cross currency swaps | Other assets
Assets:
Derivative asset	0	0
Level 3 | Cross currency swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 3 | Forward starting interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	0
Level 3 | Forward starting interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)
Derivatives, Fair Value [Line Items]
Carrying amount of our investments without readily determinable fair values	$ 317,000,000		$ 317,000,000			$ 284,000,000
Derivative asset fair value of collateral	300,000,000		300,000,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Net investment hedge	18,156,000,000		18,156,000,000			17,004,000,000
Interest rate swaps | Fair Value Hedges
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period	1,100,000,000	$ 0	3,500,000,000	$ 510,000,000
Notional amount of derivative settled during period	0	2,100,000,000	2,400,000,000	3,300,000,000
Ineffectiveness portion of interest rate swaps				88,000,000
Cross currency swaps
Derivatives, Fair Value [Line Items]
Net investment hedge	24,740,000,000		24,740,000,000			23,070,000,000
Cross currency swaps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period	0	2,100,000,000	3,300,000,000	5,600,000,000
Notional amount of derivative settled during period	0	0	1,600,000,000	0
Pre-tax gains (loss) recognized in other comprehensive income (loss)	1,500,000,000	(658,000,000)	(420,000,000)	(986,000,000)
Forward starting interest rate swaps
Derivatives, Fair Value [Line Items]
Net investment hedge	2,000,000,000		2,000,000,000			3,000,000,000
Forward starting interest rate swaps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period	0	0	0	0
Notional amount of derivative settled during period	0	0	1,000,000,000	1,000,000,000
Pre-tax gains (loss) recognized in other comprehensive income (loss)	141,000,000	(350,000,000)	(668,000,000)	(847,000,000)
Treasury rate locks | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period	0	0	1,600,000,000	0
Notional amount of derivative settled during period	0	0	1,600,000,000	0
Pre-tax gains (loss) recognized in other comprehensive income (loss)	0	0		0
Treasury rate locks | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period	0	0	500,000,000	0
Notional amount of derivative settled during period	0	0	500,000,000	0
Pre-tax gains (loss) recognized in other comprehensive income (loss)	0	0		0
Euro Denominated Debt | Net Investment Hedges
Derivatives, Fair Value [Line Items]
Net investment hedge | €					€ 750,000,000		€ 750,000,000
Foreign exchange forwards
Derivatives, Fair Value [Line Items]
Net investment hedge	1,300,000,000		1,300,000,000			$ 1,130,000,000
Foreign exchange forwards | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period	3,400,000,000	3,100,000,000	10,300,000,000	9,200,000,000
Notional amount of derivative settled during period	$ 3,100,000,000	$ 3,000,000,000	10,200,000,000	8,600,000,000
Pre-tax gains (loss) recognized in other comprehensive income (loss)			$ 89,000,000	$ (53,000,000)

Fair Value Measurements - Debt

Fair Value Measurements - Debt Excluding Capital Leases (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	$ 114,288	$ 110,373
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	140,880	129,200
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	92,287	86,712
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	48,593	42,488
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	$ 0	$ 0

Fair Value Measurements - Notio

Fair Value Measurements - Notional Amounts of Outstanding Derivative Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 18,156	$ 17,004
Cross currency swaps
Derivative [Line Items]
Notional amount	24,740	23,070
Forward starting interest rate swaps
Derivative [Line Items]
Notional amount	2,000	3,000
Interest rate caps
Derivative [Line Items]
Notional amount	0	679
Foreign exchange forwards
Derivative [Line Items]
Notional amount	$ 1,300	$ 1,130

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - Long-term debt - Fair Value Hedges - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Carrying amount of hedged liabilities	$ 19,485	$ 17,337
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities	$ 1,436	$ 433

Employee Benefits - Costs by Pl

Employee Benefits - Costs by Plans (Detail) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 76			$ 62		$ 222	$ 185
Amortization of prior service cost (credit)	16			15		46	46
Expected return on plan assets	(295)			(282)		(888)	(846)
Interest cost	124			173		401	527
Remeasurement loss, net	1,092	$ 153	$ 182	291	$ (96)	1,427	195
Other components	937			197		986	(78)
Total	1,013			259		1,208	107
Pension | Cost of services
Defined Benefit Plan Disclosure [Line Items]
Service cost	61			51		179	151
Pension | Selling, general and administrative expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	15			11		43	34
Health Care and Life
Defined Benefit Plan Disclosure [Line Items]
Service cost	27			24		82	72
Amortization of prior service cost (credit)	(242)			(242)		(725)	(728)
Expected return on plan assets	(7)			(9)		(20)	(28)
Interest cost	108			157		322	472
Remeasurement loss, net	0			0		0	0
Other components	(141)			(94)		(423)	(284)
Total	(114)			(70)		(341)	(212)
Health Care and Life | Cost of services
Defined Benefit Plan Disclosure [Line Items]
Service cost	22			20		67	59
Health Care and Life | Selling, general and administrative expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5			$ 4		$ 15	$ 13

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Amount paid in severance benefits over the period						$ 209,000,000
Post employment benefits liability	$ 430,000,000					430,000,000
Pension
Defined Benefit Plan Disclosure [Line Items]
Remeasurement gain (loss), net	(1,092,000,000)	$ (153,000,000)	$ (182,000,000)	$ (291,000,000)	$ 96,000,000	(1,427,000,000)	$ (195,000,000)
(Credit) charge due to change in discount rate assumption	1,800,000,000		$ 196,000,000	589,000,000
(Charge) credit due to difference between estimated and actual return on assets	$ 689,000,000	$ (163,000,000)		$ 298,000,000
Pension | Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Employer discretionary contribution amount						$ 0	$ 300,000,000

Equity and Accumulated Other _3

Equity and Accumulated Other Comprehensive Income - Changes in Components of Total equity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 62,835
Net income attributable to Verizon	$ 4,357	$ 5,194	13,213	$ 14,170
Foreign currency translation adjustments	124	(10)	81	(53)
Unrealized gain (loss) on cash flow hedges	505	(166)	(1,391)	(716)
Unrealized gain on marketable securities	2	2	7	10
Defined benefit pension and postretirement plans	(169)	(169)	(507)	(507)
Other comprehensive income (loss)			$ (1,810)
Shareholder plans (in shares)			2,300
Total comprehensive income	4,966	4,994	$ 11,820	13,305
Ending Balance	$ 66,530	$ 60,312	$ 66,530	$ 60,312
Dividends declared per common share (USD per share)	$ 0.6275	$ 0.6150	$ 1.8575	$ 1.8200
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 429	$ 429	$ 429	$ 429
Beginning balance (in shares)	4,291,434	4,291,434	4,291,434	4,291,434
Ending Balance (in shares)	4,291,434	4,291,434	4,291,434	4,291,434
Ending Balance	$ 429	$ 429	$ 429	$ 429
Additional Paid In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	13,281	13,419	13,419	13,437
Other	123	(1)	(15)	(19)
Ending Balance	13,404	13,418	13,404	13,418
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	56,746	47,945	53,147	43,542
Other	(33)	0
Net income attributable to Verizon	4,357	5,194	13,213	14,170
Dividends declared	(2,597)	(2,544)	(7,687)	(7,527)
Ending Balance	58,473	50,595	58,473	50,595
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(200)	410
Retained Earnings | Cumulative Effect, Period of Adoption, Adjusted Balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			52,947	43,952
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(1,274)	1,447	998	2,370
Foreign currency translation adjustments	124	(10)	81	(53)
Unrealized gain (loss) on cash flow hedges	505	(166)	(1,391)	(716)
Unrealized gain on marketable securities	2	2	7	10
Defined benefit pension and postretirement plans	(169)	(169)	(507)	(507)
Other comprehensive income (loss)	462	(343)	(1,810)	(1,266)
Ending Balance	(812)	1,104	(812)	1,104
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ (6,722)	$ (6,823)	$ (6,820)	$ (6,986)
Beginning balance (in shares)	153,380	155,669	155,606	159,400
Employee plans (in shares)	41	20	2,263	3,746
Employee plans	$ 1	$ 1	$ 99	$ 164
Shareholder plans (in shares)			4	5
Shareholder plans			$ 0	$ 0
Ending Balance (in shares)	153,339	155,649	153,339	155,649
Ending Balance	$ (6,721)	$ (6,822)	$ (6,721)	$ (6,822)
Deferred Compensation-ESOPs and Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	237	165	222	353
Restricted stock equity grant	62	32	234	111
Amortization	(3)	0	(160)	(267)
Ending Balance	296	197	296	197
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,416	1,365	1,440	1,565
Total comprehensive income	147	143	417	401
Distributions and other	(102)	(117)	(396)	(576)
Ending Balance	$ 1,461	$ 1,391	1,461	1,391
Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			0	1
Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjusted Balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 1,440	$ 1,566

Equity and Accumulated Other _4

Equity and Accumulated Other Comprehensive Income - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2020	Feb. 29, 2020
Stockholders' Equity Note [Abstract]
Stock repurchase program, number of shares authorized to be repurchased (in shares)		100,000,000
Stock repurchase program, remaining shares available for purchase (in shares)	100,000,000
Number of common shares issued from treasury stock (in shares)	2,300,000

Equity and Accumulated Other _5

Equity and Accumulated Other Comprehensive Income - Changes in AOCI (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			$ 62,835
Other comprehensive income (loss)			(744)
Amounts reclassified to net income			(1,066)
Net other comprehensive income (loss)			(1,810)
Ending Balance	$ 66,530	$ 60,312	66,530	$ 60,312
Foreign  currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			(584)
Other comprehensive income (loss)			81
Amounts reclassified to net income			0
Net other comprehensive income (loss)			81
Ending Balance	(503)		(503)
Unrealized loss on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			(816)
Other comprehensive income (loss)			(832)
Amounts reclassified to net income			(559)
Net other comprehensive income (loss)			(1,391)
Ending Balance	(2,207)		(2,207)
Unrealized gain on marketable securities
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			27
Other comprehensive income (loss)			7
Amounts reclassified to net income			0
Net other comprehensive income (loss)			7
Ending Balance	34		34
Defined benefit pension and postretirement plans
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			2,371
Other comprehensive income (loss)			0
Amounts reclassified to net income			(507)
Net other comprehensive income (loss)			(507)
Ending Balance	1,864		1,864
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance	(1,274)	1,447	998	2,370
Net other comprehensive income (loss)	462	(343)	(1,810)	(1,266)
Ending Balance	$ (812)	$ 1,104	$ (812)	$ 1,104

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Operating

Segment Information - Operating Financial Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Operating revenues	$ 31,543	$ 32,894	$ 93,600	$ 97,093
Operating Income	7,678	8,180	21,618	23,739
Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	4,112	5,141	11,996	14,792
Service and Other
Segment Reporting Information [Line Items]
Operating revenues	27,431	27,753	81,604	82,301
Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	3,036	3,054	9,111	9,072
Wireless service
Segment Reporting Information [Line Items]
Operating revenues	16,432	16,383	48,737	48,665
Consumer
Segment Reporting Information [Line Items]
Operating revenues	21,672	22,641	64,431	66,672
Consumer | Service
Segment Reporting Information [Line Items]
Operating revenues	16,255	16,432	48,496	49,043
Consumer | Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	3,403	4,256	9,989	12,326
Consumer | Other
Segment Reporting Information [Line Items]
Operating revenues	2,014	1,953	5,946	5,303
Consumer | Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	2,773	2,811	8,326	8,347
Consumer | Wireless service
Segment Reporting Information [Line Items]
Operating revenues	13,442	13,533	40,005	40,346
Business
Segment Reporting Information [Line Items]
Operating revenues	7,733	7,870	22,858	23,331
Business | Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	709	880	2,000	2,500
Business | Small and Medium Business
Segment Reporting Information [Line Items]
Operating revenues	2,737	2,894	8,132	8,379
Business | Global Enterprise
Segment Reporting Information [Line Items]
Operating revenues	2,594	2,714	7,811	8,077
Business | Public Sector and Other
Segment Reporting Information [Line Items]
Operating revenues	1,639	1,472	4,636	4,435
Business | Wholesale
Segment Reporting Information [Line Items]
Operating revenues	763	790	2,279	2,440
Business | Service and Other
Segment Reporting Information [Line Items]
Operating revenues	7,000	7,000	20,900	20,900
Business | Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	263	243	785	725
Business | Wireless service
Segment Reporting Information [Line Items]
Operating revenues	2,990	2,850	8,732	8,319
Total reportable segments
Segment Reporting Information [Line Items]
Operating revenues	29,405	30,511	87,289	90,003
Intersegment Eliminations
Segment Reporting Information [Line Items]
Operating revenues	80	80	237	218
Intersegment Eliminations | Consumer
Segment Reporting Information [Line Items]
Operating revenues	64	65	183	177
Intersegment Eliminations | Business
Segment Reporting Information [Line Items]
Operating revenues	16	15	54	41
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	29,485	30,591	87,526	90,221
Operating Income	8,360	8,466	24,606	25,171
Operating Segments | Consumer
Segment Reporting Information [Line Items]
Operating revenues	21,736	22,706	64,614	66,849
Operating Income	7,437	7,489	21,783	22,075
Operating Segments | Business
Segment Reporting Information [Line Items]
Operating revenues	7,749	7,885	22,912	23,372
Operating Income	$ 923	$ 977	$ 2,823	$ 3,096

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 31,543	$ 32,894	$ 93,600	$ 97,093
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	29,485	30,591	87,526	90,221
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	2,203	2,400	6,442	7,147
Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ (145)	$ (97)	$ (368)	$ (275)

Segment Information - Reconci_2

Segment Information - Reconciliation of Segments Operating Income to Consolidated Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Operating income	$ 7,678	$ 8,180	$ 21,618	$ 23,739
Other components of net periodic benefit charges	(203)	(203)	(610)	(610)
Loss on spectrum license transaction	0	0	(1,195)	0
Net gain from dispositions of assets and businesses	0	261	0	261
Net gain from dispositions of assets and businesses			0	(94)
Equity in losses of unconsolidated businesses	(9)	(1)	(34)	(20)
Other expense, net	(774)	(110)	(703)	(1,127)
Interest expense	(1,044)	(1,146)	(3,167)	(3,571)
Income Before Provision For Income Taxes	5,851	6,923	17,714	19,021
Operating Segments
Segment Reporting Information [Line Items]
Operating income	8,360	8,466	24,606	25,171
Corporate and other
Segment Reporting Information [Line Items]
Operating income	$ (479)	$ (344)	$ (1,183)	$ (1,083)

Commitments and Contingencies (

Commitments and Contingencies (Detail)	9 Months Ended
	Sep. 30, 2020Agreementlegal_matter
Loss Contingencies [Line Items]
Approximate number of federal district court actions alleged for patent infringement | legal_matter	25
Guarantee obligations, term	30 years
Number of agreements | Agreement	7
Payment Guarantee | Maximum
Loss Contingencies [Line Items]
Guarantee obligations, term	18 years
Payment Guarantee | Minimum
Loss Contingencies [Line Items]
Guarantee obligations, term	12 years