Verizon Communications (VZ) 10-Q 26 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2021shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	4,140,163,896
Amendment Flag	false
Document Fiscal Year Focus	2021
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
1.125% Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes due 2028
Trading Symbol	VZ28A
Security Exchange Name	NYSE
2.350% Fixed Rate Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security	2.350% Fixed Rate Notes due 2028
Trading Symbol	VZ28C
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
0.375% Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	0.375% Notes due 2029
Trading Symbol	VZ29D
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
3.000% Fixed Rate Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	3.000% Fixed Rate Notes due 2031
Trading Symbol	VZ31D
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
0.750% Notes due 2032
Entity Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2032
Trading Symbol	VZ32A
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
1.125% Notes due 2035
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes due 2035
Trading Symbol	VZ35A
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
1.875% Notes due 2038
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2038
Trading Symbol	VZ38C
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
3.850% Fixed Rate Notes due 2041
Entity Information [Line Items]
Title of 12(b) Security	3.850% Fixed Rate Notes due 2041
Trading Symbol	VZ41C
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Revenues
Operating Revenues	$ 32,915	$ 31,543	$ 99,546	$ 93,600
Operating Expenses
Selling, general and administrative expense	6,521	7,339	21,246	23,080
Depreciation and amortization expense	3,961	4,192	12,155	12,523
Total Operating Expenses	24,010	23,865	74,706	71,982
Operating Income	8,905	7,678	24,840	21,618
Equity in earnings (losses) of unconsolidated businesses	1	(9)	10	(34)
Other income (expense), net	269	(774)	1,172	(703)
Interest expense	(801)	(1,044)	(2,746)	(3,167)
Income Before Provision For Income Taxes	8,374	5,851	23,276	17,714
Provision for income taxes	(1,820)	(1,347)	(5,395)	(4,084)
Net Income	6,554	4,504	17,881	13,630
Net income attributable to noncontrolling interests	147	147	429	417
Net income attributable to Verizon	6,407	4,357	17,452	13,213
Net Income	$ 6,554	$ 4,504	$ 17,881	$ 13,630
Basic Earnings Per Common Share
Net income attributable to Verizon (USD per share)	$ 1.55	$ 1.05	$ 4.21	$ 3.19
Weighted-average shares outstanding (in shares)	4,142	4,140	4,141	4,139
Diluted Earnings Per Common Share
Net income attributable to Verizon (USD per share)	$ 1.55	$ 1.05	$ 4.21	$ 3.19
Weighted-average shares outstanding (in shares)	4,144	4,142	4,143	4,141
Service revenues and other
Operating Revenues
Operating Revenues	$ 27,565	$ 27,431	$ 83,709	$ 81,604
Service
Operating Expenses
Cost of services and equipment	7,855	7,955	24,199	23,348
Wireless equipment
Operating Revenues
Operating Revenues	5,350	4,112	15,837	11,996
Operating Expenses
Cost of services and equipment	$ 5,673	$ 4,379	$ 17,106	$ 13,031

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 6,554	$ 4,504	$ 17,881	$ 13,630
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit
Foreign currency translation adjustments, net of tax of $(6), $10, $(13) and $10	(146)	124	(126)	81
Unrealized gain (loss) on cash flow hedges, net of tax of $61, $(176), $15 and $483	(174)	505	(42)	(1,391)
Unrealized gain (loss) on marketable securities, net of tax of $1, $(1), $2 and $(2)	0	2	(5)	7
Defined benefit pension and postretirement plans, net of tax of $51, $55, $154 and $166	(155)	(169)	(465)	(507)
Other comprehensive income (loss) attributable to Verizon	(475)	462	(638)	(1,810)
Total Comprehensive Income	6,079	4,966	17,243	11,820
Comprehensive income attributable to noncontrolling interests	147	147	429	417
Comprehensive income attributable to Verizon	5,932	4,819	16,814	11,403
Total Comprehensive Income	$ 6,079	$ 4,966	$ 17,243	$ 11,820

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ (6)	$ 10	$ (13)	$ 10
Unrealized gain (loss) on cash flow hedges, tax	61	(176)	15	483
Unrealized gain (loss) on marketable securities, tax	1	(1)	2	(2)
Defined benefit pension and postretirement plans, tax	$ 51	$ 55	$ 154	$ 166

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 9,936	$ 22,171
Accounts receivable	23,165	25,169
Less Allowance for credit losses	970	1,252
Accounts receivable, net	22,195	23,917
Inventories	2,303	1,796
Prepaid expenses and other	5,843	6,710
Total current assets	40,277	54,594
Property, plant and equipment	287,421	279,737
Less Accumulated depreciation	191,665	184,904
Property, plant and equipment, net	95,756	94,833
Investments in unconsolidated businesses	1,100	589
Wireless licenses	145,767	96,097
Deposits for wireless licenses	0	2,772
Goodwill	24,887	24,773
Other intangible assets, net	7,022	9,413
Operating lease right-of-use assets	27,969	22,531
Other assets	10,679	10,879
Total assets	353,457	316,481
Current liabilities
Debt maturing within one year	7,623	5,889
Accounts payable and accrued liabilities	20,153	20,658
Current operating lease liabilities	3,606	3,485
Other current liabilities	9,976	9,628
Total current liabilities	41,358	39,660
Long-term debt	143,352	123,173
Employee benefit obligations	16,516	18,657
Deferred income taxes	38,481	35,711
Non-current operating lease liabilities	23,507	18,000
Other liabilities	11,754	12,008
Total long-term liabilities	233,610	207,549
Commitments and Contingencies (Note 12)
Equity
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)	0	0
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period)	429	429
Additional paid in capital	13,402	13,404
Retained earnings	70,062	60,464
Accumulated other comprehensive loss	(709)	(71)
Common stock in treasury, at cost 0 and 153,304,088 shares outstanding)	(6,630)	(6,719)
Deferred compensation – employee stock ownership plans (ESOPs) and other	490	335
Noncontrolling interests	1,445	1,430
Total equity	78,489	69,272
Total liabilities and equity	$ 353,457	$ 316,481

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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)	151,269,750	153,304,088

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net Income	$ 17,881	$ 13,630
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	12,155	12,523
Employee retirement benefits	(1,928)	867
Deferred income taxes	2,970	530
Provision for expected credit losses	604	1,100
Equity in losses of unconsolidated businesses, net of dividends received	32	67
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	603	1,345
Other, net	(1,155)	2,410
Net cash provided by operating activities	31,162	32,472
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(13,861)	(14,168)
Acquisitions of businesses, net of cash acquired	(459)	(507)
Acquisitions of wireless licenses	(47,027)	(3,757)
Proceeds from disposition of business	4,122	0
Other, net	207	(37)
Net cash used in investing activities	(57,018)	(18,469)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	32,482	12,387
Proceeds from asset-backed long-term borrowings	2,695	4,439
Repayments of long-term borrowings and finance lease obligations	(7,904)	(8,853)
Repayments of asset-backed long-term borrowings	(3,887)	(6,726)
Dividends paid	(7,797)	(7,636)
Other, net	(2,120)	(1,348)
Net cash provided by (used in) financing activities	13,469	(7,737)
Increase (decrease) in cash, cash equivalents and restricted cash	(12,387)	6,266
Cash, cash equivalents and restricted cash, beginning of period	23,498	3,917
Cash, Cash equivalents and restricted cash, end of period (Note 1)	$ 11,111	$ 10,183

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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, 2020. 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. 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, 2021 and September 30, 2020. 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 our 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, Decrease (dollars in millions) 2021 2020 Cash and cash equivalents $ 9,936 $ 22,171 $ (12,235) Restricted cash: Prepaid expenses and other 1,074 1,195 (121) Other assets 101 132 (31) Cash, cash equivalents and restricted cash $ 11,111 $ 23,498 $ (12,387)

Revenues and Contract Costs

Revenues and Contract Costs	9 Months Ended
	Sep. 30, 2021
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 wi thin Consumer and customer groups (Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale) within Business. See Note 11 for additional information on revenue by segment. Corporate and other primarily includes insurance captives as well as the historical results of the divested Verizon Media Group (Verizon Media). On September 1, 2021, we completed the sale of Verizon Media to an affiliate of Apollo Global Management Inc. Under our ownership, Verizon Media generated revenues from contracts with customers under Accounting Standards Updated (ASU) 2014-09, "Revenue from Contracts with Customers" (Topic 606) of approximately $1.4 billion and $5.3 billion during the three and nine months ended September 30, 2021, respectively. Under our ownership, Verizon Media generated revenues from contracts with customers under Topic 606 of approximately $1.7 billion and $4.7 billion during the three and nine months ended September 30, 2020, respectively. Refer to Note 3 for additional information on the sale of Verizon Media. We also earn revenues that are not accounted for under Topic 606 from leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed under 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, 2021, revenues from arrangements that were not accounted for under Topic 606 were approximately $803 million and $2.3 billion, respectively. 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. 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. We 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, 2021, month-to-month service contracts represented approximately 93% of our wireless postpaid contracts and approximately 83% of our wireline Consumer and Small and Medium Business contracts, compared to September 30, 2020, for which month-to-month service contracts represented approximately 90% of our wireless postpaid contracts and 70% 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 canceled 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 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 seven years ending in January 2029 and have aggregate contract minimum payments totaling $2.7 billion. At September 30, 2021, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the remainder of 2021, 2022 and thereafter was $4.7 billion, $14.5 billion and $6.3 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) 2021 2021 2020 2020 Receivables (1) $ 10,088 $ 12,029 $ 11,094 $ 12,078 Device payment plan agreement receivables (2) 11,178 10,358 9,559 11,741 (1) Balances do not include receivables related to the following contracts: leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed under 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 7. Balances do not include 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) 2021 2021 2020 2020 Contract asset $ 878 $ 937 $ 923 $ 1,150 Contract liability (1) 6,034 5,598 5,321 5,307 (1) Revenue recognized related to contract liabilities existing at January 1, 2021 were $161 million and $4.2 billion for the three and nine months ended September 30, 2021, respectively. 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. 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) 2021 2020 Assets Prepaid expenses and other $ 701 $ 733 Other assets 177 204 Total $ 878 $ 937 Liabilities Other current liabilities $ 5,159 $ 4,843 Other liabilities 875 755 Total $ 6,034 $ 5,598 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 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) 2021 2020 Assets Prepaid expenses and other $ 2,366 $ 2,472 Other assets 2,151 2,070 Total $ 4,517 $ 4,542 For the three and nine months ended September 30, 2021, we recognized expense of $751 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, 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. 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, 2021 or September 30, 2020.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions and Divestitures	Note 3. Acquisitions and Divestitures Spectrum License Transactions In March 2020, the Federal Communications 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 during 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. 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 valued at approximately $1.9 billion. Verizon made payments for these licenses in 2020 and received them from the FCC in March 2021. The purchase cost for these licenses and related capitalized interest, to the extent qualifying activities have occurred, are included in Wireless licenses in our condensed consolidated balance sheet. In February 2021, the FCC concluded Auction 107 for C-Band wireless spectrum. Verizon was the winning bidder on 3,511 licenses, consisting of contiguous C-Band spectrum bands ranging between 140 and 200 megahertz of C-Band spectrum in all 406 markets available in the auction. Verizon paid $45.5 billion for the licenses it won, of which $44.6 billion was paid in the first quarter of 2021. In accordance with the rules applicable to the auction, Verizon is required to make additional payments to acquire the licenses. The payments are for our allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with the auction, which are estimated to be $7.7 billion. In September 2021, we made a payment of $1.3 billion for certain obligations related to projected clearing costs associated with the auction. We expect to make payments related to accelerated clearing incentives later in 2021 for the initial 46 markets. We expect to continue to make payments related to clearing cost and incentive payment obligations through 2024. These payments are dependent on the incumbent license holders accelerated clearing of the spectrum for Verizon’s use and, therefore, the final timing and amounts could differ based on the incumbent holders’ execution of their clearing process. In accordance with the FCC order, the clearing must be completed by December 2025. The carrying value of the wireless spectrum won in Auction 107 will consist of all payments required to participate and purchase licenses in the auction, including Verizon’s allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with the auction that we are obligated to pay in order to acquire the licenses. Carrying value will also include capitalized interest to the extent qualifying activities have occurred. The licenses were received from the FCC in July 2021 and are included within Wireless licenses in our condensed consolidated balance sheet as of September 30, 2021. The average remaining renewal period for these acquired licenses was 15 years. Refer to Note 6 for further details on significant debt transactions. During the three and nine months ended September 30, 2021, we entered into and completed various other wireless license acquisitions for cash consideration of an insignificant amount and approximately $95 million, respectively. We recognized a pre-tax loss in connection with the sale of certain wireless licenses during the nine months ended September 30, 2021 of $223 million ($167 million after-tax). Blue Jeans Network, Inc. In April 2020, we entered into a definitive purchase agreement to acquire Blue Jeans 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. TracFone Wireless, Inc. In September 2020, we entered into a purchase agreement (Tracfone Purchase Agreement) with América Móvil to acquire TracFone Wireless, Inc. (Tracfone), a provider of prepaid and value mobile services in the U.S. Under the terms of the Tracfone 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 Tracfone 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 fourth quarter of 2021. Bluegrass Cellular In October 2020, we entered into a definitive agreement to acquire certain assets of Bluegrass Cellular (Bluegrass), a rural wireless operator serving central Kentucky. Bluegrass provides wireless service to 210,000 customers in 34 counties in rural service areas 3, 4, and 5 in Central Kentucky. The transaction closed in March 2021. The aggregate cash consideration paid by Verizon at the closing of the transaction was approximately $412 million, net of cash acquired, which is subject to customary closing adjustments. The financial results of Bluegrass are included in the consolidated results of Verizon from the date of acquisition. For the three and nine months ended September 30, 2021, revenue related to Bluegrass was insignificant and approximately $88 million, respectively. The acquisition of Bluegrass 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. Preliminarily, we recorded approximately $141 million of plant, property and equipment, $135 million of intangible assets and $92 million of goodwill. 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 Consumer. Verizon Media On May 2, 2021, Verizon entered into a definitive agreement with an affiliate of Apollo Global Management Inc. (the Apollo Affiliate) pursuant to which we agreed to sell Verizon Media in return for consideration of $4.3 billion in cash, subject to customary adjustments, $750 million in non-convertible preferred limited partnership units of the Apollo Affiliate, and 10% of the fully-diluted common limited partnership units of the Apollo Affiliate. On September 1, 2021, we completed the sale of Verizon Media. As of the close of the transaction, cash proceeds, the fair value of the non-convertible preferred limited partnership units of the Apollo Affiliate, and the fair value of 10% of the fully-diluted common limited partnership units of the Apollo Affiliate were $4.3 billion, $496 million, and $124 million, respectively. We recorded a pre-tax gain on sale of approximately $1.1 billion (after-tax $1.1 billion) in Selling general and administrative expense in our condensed consolidated statement of income for the three and nine months ended September 30, 2021. In addition, we incurred $346 million of various costs associated with this disposition which are primarily recorded in Selling general and administrative expense in our condensed consolidated statement of income for the three and nine months ended September 30, 2021. Upon the closing of the transaction, Verizon’s preferred limited partnership interest in the Apollo Affiliate and 10% common interest in the Apollo Affiliate were recognized at their initial fair value of $496 million and $124 million, respectively. The fair values were both estimated using a combination of the market approach and the income approach. The valuations are both considered Level 3 fair value measurements due to the use of significant judgment and unobservable inputs, which include the amount and timing of future cash flows, and a discount rate reflecting risks inherent in the future cash flows and market prices. Verizon’s preferred limited partnership interest is accounted for at cost, and is subject to impairment and other changes resulting from observable price changes in orderly transactions for identical or similar investments of the issuer. On September 28, 2021, the Apollo Affiliate redeemed $100 million of Verizon’s preferred limited partnership interest reducing the carrying value of our preferred interest at September 30, 2021 to $396 million. The redemption is reflected within Net cash used in investing activities in our condensed consolidated statement of cash flows for the nine months ended September 30, 2021. Verizon’s 10% common interest in the Apollo Affiliate is accounted for as an equity method investment. The post-sale results of Verizon’s common ownership interest in the Apollo Affiliate are recorded through the equity method of accounting, within our Corporate and other segment. The following table summarizes the assets and liabilities which were disposed as a result of the closing of the transaction: September 1, (dollars in millions) 2021 Assets: Cash, cash equivalents and restricted cash $ 168 Accounts receivable 1,597 Prepaid expenses and other 134 Property, plant and equipment, net 1,235 Other intangible assets, net 2,579 Other assets 221 Total assets $ 5,934 Liabilities: Accounts payable and accrued liabilities $ 1,411 Other current liabilities 315 Other liabilities 310 Total liabilities $ 2,036 The operating results of Verizon Media are included within our Corporate and other segment for all periods presented through the date of the sale. Refer to Note 2 for further details on revenues generated by Verizon Media under Topic 606. In connection with the closing of the transaction, we entered into Transition Services Agreements with the Apollo Affiliate, under which Verizon will continue to provide and receive specified administrative and technical services to support operations for up to 12 months and 18 months, respectively. Other During the three and nine months ended September 30, 2021, we completed other acquisitions for cash consideration of an insignificant amount and $51 million, respectively.

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2021
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 our Wireless licenses, as well as wireless spectrum for which licenses had not yet been received, are as follows: At September 30, At December 31, (dollars in millions) 2021 2020 Wireless licenses $ 145,767 $ 96,097 Deposits for wireless licenses — 2,772 At September 30, 2021 and 2020, approximately $54.8 billion and $6.9 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded approximately $1.1 billion and $171 million of capitalized interest on wireless licenses for the nine months ended September 30, 2021 and 2020, respectively. In July 2021, we received the wireless licenses won in connection with the FCC's auction for C-Band wireless spectrum, Auction 107. As a result, these wireless licenses, including capitalized interest, were reclassified from Deposits for wireless licenses to Wireless licenses in our condensed consolidated balance sheet. Refer to Note 3 for additional information regarding spectrum license transactions. In the first quarter of 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) in 2020. The new reconfigured licenses were received in the second quarter 2020 and had a value of $3.4 billion. During the nine months ended September 30, 2021, 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, 2021 (1) $ 17,222 $ 7,535 $ 16 $ 24,773 Acquisitions (2) 92 — 37 129 Reclassifications, adjustments and other 3 (17) (1) (15) Balance at September 30, 2021 (1) $ 17,317 $ 7,518 $ 52 $ 24,887 (1) Goodwill is net of accumulated impairment charges of $4.8 billion, related to our historical Media reporting unit, which included Verizon Media. On September 1, 2021, we completed the sale of Verizon Media. See Note 3 for additional information. (2) The change in goodwill due to acquisitions is related to Bluegrass and other insignificant transactions. 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, 2021 At December 31, 2020 (dollars in millions) Gross (1) Amount Accumulated Net Gross Accumulated Net Customer lists (8 to 13 years) $ 1,933 $ (1,033) $ 900 $ 4,021 $ (1,961) $ 2,060 Non-network internal-use software (5 to 7 years) 20,525 (14,524) 6,001 21,685 (15,104) 6,581 Other (4 to 25 years) 869 (748) 121 1,771 (999) 772 Total $ 23,327 $ (16,305) $ 7,022 $ 27,477 $ (18,064) $ 9,413 (1) Other intangible assets are net of assets disposed as a result of the closing of the Verizon Media sale on September 1, 2021. See Note 3 for additional information. The amortization expense for Other intangible assets was as follows: Three Months Ended Nine Months Ended (dollars in millions) September 30, September 30, 2021 $ 430 $ 1,539 2020 621 1,818 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 2021 $ 440 2022 1,632 2023 1,426 2024 1,187 2025 994 2026 758

Leasing Arrangements

Leasing Arrangements	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leasing Arrangements	Note 5. Leasing Arrangements We enter into various lease arrangements for network equipment including towers, distributed antenna systems, small cells, real estate and connectivity mediums including dark fiber, equipment, and other various types of assets for use in our operations. Our leases have remaining lease terms ranging from 1 year to 30 years, some of which include options that we can elect to extend the leases term for up to 25 years, and some of which include options to terminate the leases. For the majority of leases entered into during the current period, we have concluded it is not reasonably certain that we would exercise the options to extend the lease or terminate the lease. Therefore, as of the lease commencement date, our lease terms generally do not include these options. We include options to extend the lease when it is reasonably certain that we will exercise that option. In April 2021, Verizon executed agreements that modified the tenure and payment terms for certain existing cell tower operating leases to support the build out of our fifth generation wireless network. The components of net lease cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) Classification 2021 2020 2021 2020 Operating lease cost (1) Cost of services $ 1,332 $ 1,279 $ 3,917 $ 3,766 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 65 9 198 300 Interest on lease liabilities Interest expense 9 9 26 29 Short-term lease cost (1) Cost of services 7 5 16 17 Variable lease cost (1) Cost of services 75 74 234 226 Sublease income Service revenues and other (47) (72) (144) (216) Total net lease cost $ 1,441 $ 1,304 $ 4,247 $ 4,122 (1) All operating lease costs, including short-term and variable lease costs, are split between Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income based on the use of the facility or equipment that the rent is being paid on. Refer to the consolidated financial statements included in Verizon's Annual Report on Form 10-K for the year ended December 31, 2020 for additional information. Variable lease costs represent payments that are dependent on a rate or index, or on usage of the asset. The Company's maturity analysis of operating and finance lease liabilities as of September 30, 2021 were as follows: (dollars in millions) Years Operating Leases Finance Leases Remainder of 2021 $ 1,085 $ 107 2022 4,233 399 2023 4,017 337 2024 3,760 268 2025 3,380 149 Thereafter 14,661 111 Total lease payments 31,136 1,371 Less interest 4,023 70 Present value of lease liabilities 27,113 1,301 Less current obligation 3,606 393 Long-term obligation at September 30, 2021 $ 23,507 $ 908
Leasing Arrangements	Note 5. Leasing Arrangements We enter into various lease arrangements for network equipment including towers, distributed antenna systems, small cells, real estate and connectivity mediums including dark fiber, equipment, and other various types of assets for use in our operations. Our leases have remaining lease terms ranging from 1 year to 30 years, some of which include options that we can elect to extend the leases term for up to 25 years, and some of which include options to terminate the leases. For the majority of leases entered into during the current period, we have concluded it is not reasonably certain that we would exercise the options to extend the lease or terminate the lease. Therefore, as of the lease commencement date, our lease terms generally do not include these options. We include options to extend the lease when it is reasonably certain that we will exercise that option. In April 2021, Verizon executed agreements that modified the tenure and payment terms for certain existing cell tower operating leases to support the build out of our fifth generation wireless network. The components of net lease cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) Classification 2021 2020 2021 2020 Operating lease cost (1) Cost of services $ 1,332 $ 1,279 $ 3,917 $ 3,766 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 65 9 198 300 Interest on lease liabilities Interest expense 9 9 26 29 Short-term lease cost (1) Cost of services 7 5 16 17 Variable lease cost (1) Cost of services 75 74 234 226 Sublease income Service revenues and other (47) (72) (144) (216) Total net lease cost $ 1,441 $ 1,304 $ 4,247 $ 4,122 (1) All operating lease costs, including short-term and variable lease costs, are split between Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income based on the use of the facility or equipment that the rent is being paid on. Refer to the consolidated financial statements included in Verizon's Annual Report on Form 10-K for the year ended December 31, 2020 for additional information. Variable lease costs represent payments that are dependent on a rate or index, or on usage of the asset. The Company's maturity analysis of operating and finance lease liabilities as of September 30, 2021 were as follows: (dollars in millions) Years Operating Leases Finance Leases Remainder of 2021 $ 1,085 $ 107 2022 4,233 399 2023 4,017 337 2024 3,760 268 2025 3,380 149 Thereafter 14,661 111 Total lease payments 31,136 1,371 Less interest 4,023 70 Present value of lease liabilities 27,113 1,301 Less current obligation 3,606 393 Long-term obligation at September 30, 2021 $ 23,507 $ 908

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Note 6. Debt Significant Debt Transactions Debt or equity financing may be needed to fund additional investments or development activities or to maintain an appropriate capital structure to ensure our financial flexibility. The following tables show the significant transactions involving the senior unsecured debt securities of Verizon and its subsidiaries that occurred during the nine months ended September 30, 2021. Exchange Offers (dollars in millions) Principal Amount Exchanged Principal Amount Issued Verizon 0.750% - 4.150% notes and floating rate notes, due 2024 - 2026 $ 4,480 $ — Verizon 2.355% notes due 2032 (1) — 4,664 Three and Nine Months Ended September 30, 2021 total (2) $ 4,480 $ 4,664 (1) The principal amount issued in exchange does not include either an insignificant amount of cash paid in lieu of the issuance of fractional new notes or accrued and unpaid interest paid on the old notes accepted for exchange to the date of exchange. (2) The debt exchange offers above meet the criteria to be accounted for as a modification of debt. As a result, the excess of the principal amount of new notes issued over the principal amount of notes exchanged of $184 million was recorded as a discount to Long-term debt in the condensed consolidated balance sheets. Repayments, Redemptions and Repurchases (dollars in millions) Principal Repaid/ Redeemed/ Repurchased Amount Paid (1) Three Months Ended June 30, 2021 Verizon 2.946% notes due 2022 $ 713 $ 730 Verizon 2.450% notes due 2022 794 819 Verizon 5.150% notes due 2023 3,190 3,519 Open market repurchases of various Verizon and subsidiary notes 1,994 2,440 Three Months Ended June 30, 2021 total 6,691 7,508 Nine Months Ended September 30, 2021 total $ 6,691 $ 7,508 (1) Represents amount paid to repay, redeem, or repurchase, excluding interest or dividend. During October 2021, we notified investors of our intention to redeem in November 2021 all of the approximately $478 million outstanding aggregate principal amount of 4.150% notes due 2024. Issuances (amounts in millions) Principal Amount Issued Net Proceeds (1) Three Months Ended March 31, 2021 Verizon 0.750% notes due 2024 $ 1,750 $ 1,746 Verizon floating rate (Compounded SOFR (2) + 0.500%) notes due 2024 750 748 Verizon 1.450% notes due 2026 2,750 2,737 Verizon floating rate (Compounded SOFR (2) + 0.790%) notes due 2026 750 748 Verizon 2.100% notes due 2028 3,000 2,988 Verizon 2.550% notes due 2031 4,250 4,216 Verizon 3.400% notes due 2041 3,750 3,726 Verizon 3.550% notes due 2051 4,500 4,426 Verizon 3.700% notes due 2061 3,500 3,439 Verizon 0.375% notes due 2029 (3) € 1,000 1,186 Verizon 0.750% notes due 2032 (3) € 1,000 1,181 Verizon 1.125% notes due 2035 (3) € 750 878 Verizon 2.375% notes due 2028 (3) C$ 1,000 800 Verizon 4.050% notes due 2051 (3) C$ 500 399 Verizon 2.350% notes due 2028 (3) A$ 600 463 Verizon 3.000% notes due 2031 (3) A$ 500 385 Verizon 3.850% notes due 2041 (3) A$ 150 116 Verizon 0.193% bonds due 2028 (3) CHF 375 403 Verizon 0.555% bonds due 2031 (3) CHF 325 349 Three Months Ended March 31, 2021 total $ 30,934 Three Months Ended September 30, 2021 Verizon 2.850% notes due 2041 (4) $ 1,000 $ 991 Three Months Ended September 30, 2021 total $ 1,000 $ 991 Nine Months Ended September 30, 2021 total $ 31,925 (1) Net proceeds were net of underwriting discounts and other issuance costs. In addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis. (2) Compounded Secured Overnight Financing Rate (SOFR) is calculated using the SOFR Index published by the Federal Reserve Bank of New York in accordance with the terms of the notes. The Compounded SOFR for the interest period ending in September 2021 was 0.050%. (3) See Note 8 for information on derivative transactions related to the issuances. (4) 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 December 1, 2020 through the maturity date of the green bond. Asset-Backed Debt As of September 30, 2021, the carrying value of our asset-backed debt was $9.4 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), a wholly-owned subsidiary of Verizon, 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 and residual interests, as applicable, 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 our 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. ABS Notes During the nine months ended September 30, 2021, we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued May 2021 A Senior class notes 0.500 2.99 $ 1,500 B Junior class notes 0.690 2.99 119 C Junior class notes 0.890 2.99 81 Total $ 1,700 Under the terms of each series of ABS Notes, there is a revolving period that is two years or up to three years, as applicable, during which we may transfer additional receivables to the ABS Entity. During the three and nine months ended September 30, 2021, we made aggregate principal repayments of $894 million and $2.4 billion, respectively, on ABS Notes that have entered the amortization period, including principal payments made in connection with clean-up redemptions. ABS Financing Facility In March 2021, we borrowed an additional $1.0 billion under the loan agreement outstanding in connection with the ABS Financing Facility. In May 2021, the aggregate outstanding balance of $1.5 billion was fully repaid and there was no outstanding balance under the ABS Financing Facility as of September 30, 2021. 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) 2021 2020 Assets Account receivable, net $ 8,845 $ 9,257 Prepaid expenses and other 1,073 1,128 Other assets 3,309 2,950 Liabilities Accounts payable and accrued liabilities 7 8 Debt maturing within one year 4,429 4,191 Long-term debt 4,996 6,413 See Note 7 for additional information on device payment plan agreement receivables used to secure asset-backed debt. Long-Term Credit Facilities At September 30, 2021 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2024 $ 9,500 $ 9,413 N/A Various export credit facilities (2) 2022 - 2029 7,500 530 $ 4,823 Total $ 17,000 $ 9,943 $ 4,823 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) During the nine months ended September 30, 2021, we drew down $470 million from these facilities. 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. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed. In September 2021, we submitted an irrevocable request to borrow the remaining $530 million available under our export credit facilities in November 2021. Non-Cash Transactions During the nine months ended September 30, 2021 and 2020, we financed, primarily through alternative financing arrangements, the purchase of approximately $337 million and $1.3 billion, respectively, of long-lived assets consisting primarily of network equipment. As of September 30, 2021 and December 31, 2020, $1.3 billion and $1.6 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. Debt Extinguishment Losses During both the three months ended September 30, 2021 and September 30, 2020, we did not record debt extinguishment losses. During the nine months ended September 30, 2021 and 2020, we recorded debt extinguishment losses of $1.1 billion and $102 million, respectively. The losses are recorded in Other income (expense), net in our condensed consolidated statements of income. Guarantees We guarantee the debentures of our operating telephone company subsidiaries. As of September 30, 2021, $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, 2021, $391 million aggregate principal amount of these obligations remained outstanding. Covenants

Device Payment Plan Agreement a

Device Payment Plan Agreement and Wireless Service Receivables	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Device Payment Plan Agreement and Wireless Service Receivables	Note 7. 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, 2021 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable $ 12,370 $ 5,055 $ 5,740 $ 23,165 Less Allowance for credit losses 573 140 257 970 Accounts receivable, net of allowance $ 11,797 $ 4,915 $ 5,483 $ 22,195 (1) Other receivables primarily include wireline receivables and other receivables, the allowances for which are individually insignificant. 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. We no longer offer Consumer customers new fixed-term, subsidized service plans for devices; 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) 2021 2020 Device payment plan agreement receivables, gross $ 18,991 $ 17,959 Unamortized imputed interest (365) (453) Device payment plan agreement receivables, at amortized cost 18,626 17,506 Allowance (1) (838) (940) Device payment plan agreement receivables, net $ 17,788 $ 16,566 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 11,797 $ 11,601 Other assets 5,991 4,965 Device payment plan agreement receivables, net $ 17,788 $ 16,566 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables. Included in our device payment plan agreement receivables at both September 30, 2021 and December 31, 2020, are net device payment plan agreement receivables of $12.1 billion, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets. See Note 6 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 In connection with certain device payment plan agreements, we may offer a promotion to 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. 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. At September 30, 2021 and December 31, 2020, the amount of the guarantee liability was $66 million and insignificant, respectively. 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. At September 30, 2021 and December 31, 2020, the amount of trade-in liability was $192 million and $70 million, respectively. In addition, we may provide the customer with additional future billing credits that will be applied against the customer’s monthly bill as long as service is maintained. These future billing credits are accounted for as consideration payable to a customer and are included in the determination of total transaction price, resulting in a contract liability. Device payment plan agreement receivables, net, does not reflect the trade-in liability, additional future credits or the guarantee liability. 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 a credit class, each of which has specified offers of credit. This includes an account level spending limit and a maximum amount of credit allowed per device for Consumer customers or a required down payment percentage for Business customers. 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 or less as "new customers." The model for existing customers pools all Consumer and Business wireless customers based on 210 days or more as "existing customers." The following table presents device payment plan agreement receivables, at amortized cost, as of September 30, 2021, by credit quality indicator and year of origination: Year of Origination (dollars in millions) 2021 2020 Prior to 2020 (1) Total New customers $ 1,846 $ 869 $ 75 $ 2,790 Existing customers 9,980 5,388 468 15,836 Total $ 11,826 $ 6,257 $ 543 $ 18,626 (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, 2021. We assess indicators for the quality of our wireless service receivables portfolio as one overall pool. As of September 30, 2021, wireless service receivables, at amortized cost, originating in 2021 and 2020 were $5.0 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. 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, public sector 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 is adjusted based on the historical loss amounts for current and future conditions based on management’s qualitative considerations. For global enterprise, public sector and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, if applicable. 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, 2021 $ 940 $ 262 Current period provision for expected credit losses 349 126 Write-offs charged against the allowance (482) (296) Recoveries collected 31 48 Balance at September 30, 2021 $ 838 $ 140 (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 and wireless service 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. The risk class determines the speed and severity of the collections effort including initiatives taken to facilitate customer payment. The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows: At September 30, (dollars in millions) 2021 Unbilled $ 17,473 Billed: Current 973 Past due 180 Device payment plan agreement receivables, at amortized cost $ 18,626

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. 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, 2021: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Interest rate swaps $ — $ 217 $ — $ 217 Cross currency swaps — 10 — 10 Other assets: Fixed income securities — 448 — 448 Interest rate swaps — 283 — 283 Cross currency swaps — 620 — 620 Total $ — $ 1,578 $ — $ 1,578 Liabilities: Other current liabilities: Interest rate swaps $ — $ 4 $ — $ 4 Foreign exchange forwards — 12 — 12 Cross currency swaps — 197 — 197 Forward starting interest rate swaps — 281 — 281 Other liabilities: Interest rate swaps — 612 — 612 Cross currency swaps — 1,165 — 1,165 Total $ — $ 2,271 $ — $ 2,271 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Foreign exchange forwards $ — $ 12 $ — $ 12 Other assets: Fixed income securities — 459 — 459 Interest rate swaps — 787 — 787 Cross currency swaps — 1,446 — 1,446 Total $ — $ 2,704 $ — $ 2,704 Liabilities: Other current liabilities: Forward starting interest rate swaps $ — $ 409 $ — $ 409 Foreign exchange forwards — 2 — 2 Other liabilities: Interest rate swaps — 303 — 303 Cross currency swaps — 196 — 196 Forward starting interest rate swaps — 388 — 388 Total $ — $ 1,298 $ — $ 1,298 (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, 2021 and December 31, 2020, the carrying amount of our investments without readily determinable fair values were $843 million and $402 million, respectively. During both the three and nine months ended September 30, 2021, 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 $115 million and $50 million, respectively. Fixed income securities consist primarily of investments in municipal bonds. The valuation of the fixed income securities are based on the quoted prices for similar assets in active markets or identical assets in inactive markets or models that apply inputs from observable market data. The valuation determines that these securities are 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, 2020 $ 127,778 $ 103,967 $ 52,785 $ — $ 156,752 At September 30, 2021 149,674 113,042 59,177 — 172,219 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, swaptions 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) 2021 2020 Interest rate swaps $ 17,756 $ 17,768 Cross currency swaps 32,502 26,288 Forward starting interest rate swaps 1,000 2,000 Foreign exchange forwards 870 1,405 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, 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, 2021, we did not enter into any interest rate swaps and we settled interest rate swaps with a total notional value of $851 million. During the nine months ended September 30, 2021, we entered into and settled interest rate swaps with a total notional value of $2.6 billion and $3.5 billion, respectively. 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. The ineffective portion of these interest rate swaps were zero and an insignificant amount of gains for the three and nine months ended September 30, 2021, respectively. The ineffective portion of these interest rate swaps were insignificant losses and gains for the three and nine months ended September 30, 2020, 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) 2021 2020 Carrying amount of hedged liabilities $ 17,223 $ 18,849 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (29) 557 Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 603 627 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, 2021, we did not enter into or settle any cross currency swaps. During the nine months ended September 30, 2021, we entered into cross currency swaps with a total notional value of $6.2 billion and we did not settle any cross currency swaps. During the three and nine months ended September 30, 2021, a pre-tax loss of $1.1 billion and $2.0 billion, respectively, was recognized in Other comprehensive income (loss). 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). A portion of the gains recognized in Other comprehensive income (loss) was reclassified to Other income (expense), net to offset the related pre-tax foreign currency transaction gain or loss on the underlying hedged item. See Note 10 for additional information. 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, 2021, we did not enter into any new forward starting interest rate swaps. During the three months ended September 30, 2021, we did not settle any forward starting interest rate swaps. During the nine months ended September 30, 2021, 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, 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 the nine months ended September 30, 2021 and 2020, we paid $237 million and $293 million, respectively, for the settlement of forward starting interest rate swaps, which was recorded in Other, net within Cash Flow from Operating Activities. During the three and nine months ended September 30, 2021, an insignificant pre-tax gain and pre-tax gain of $279 million, respectively, were recognized in Other comprehensive income (loss), resulting from interest rate movements. 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. Treasury Rate Locks We enter into treasury rate locks to mitigate our future interest rate risk. During both the three months ended September 30, 2021 and 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 Other comprehensive income (loss). During the nine months ended September 30, 2021, we entered into and settled treasury rate locks designated as cash flow hedges with a total notional value of $4.7 billion, and we recognized $251 million in Other comprehensive income (loss). During the nine months ended September 30, 2021, we received $251 million from the settlement of treasury rate locks designated as cash flow hedges, which was recorded in Other, net within Cash Flow from Operating Activities. 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). 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. In March 2021, we de-designated the existing net investment hedge and designated a new net investment hedge using a different Euro-denominated note. The notional amount of Euro-denominated debt designated as a net investment hedge was €750 million as of both September 30, 2021 and December 31, 2020. 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. 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, 2021, we entered into and settled foreign exchange forwards with a total notional value of $2.7 billion and $3.4 billion, respectively. During the nine months ended September 30, 2021, we entered into and settled foreign exchange forwards with a total notional value of $10.0 billion and $10.5 billion, respectively. 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 and nine months ended September 30, 2021, pre-tax losses of an insignificant amount and $51 million, respectively, were recognized in Other income (expense), net. 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 income (expense), net. Treasury Rate Locks We enter into treasury rate locks to mitigate our future interest rate risk. During both the three and nine months ended September 30, 2021, we did not enter into or settle any treasury rate locks that were not designated in hedging relationships, and we did not recognize any amount in our condensed consolidated financial statements. 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 statements. 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. Swaptions We enter into swaptions to achieve a targeted mix of fixed and variable rate debt. During both the three and nine months ended September 30, 2021, we sold payer swaptions with a notional amount of $1.0 billion to enter into future pay-floating interest rate swaps indexed to SOFR that were not designated in hedging relationships. Losses for both the three and nine months ended September 30, 2021 were insignificant. In October 2021, we sold payer swaptions with a notional amount of $1.0 billion to enter into future pay-floating interest rate swaps indexed to SOFR that were not designated in hedging relationships. 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. Counterparties to our derivative contracts are major financial institutions with whom we have negotiated derivatives agreements (ISDA master agreements) and credit support annex (CSA) agreements which provide rules for collateral exchange. The CSA agreements contain rating based thresholds such that we or our counterparties may be required to hold or post collateral based upon changes in outstanding

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Employee Benefits	Note 9. 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 income (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, 2021 2020 2021 2020 Service cost - Cost of services $ 59 $ 61 $ 24 $ 22 Service cost - Selling, general and administrative expense 8 15 4 5 Service cost $ 67 $ 76 $ 28 $ 27 Amortization of prior service cost (credit) $ 16 $ 16 $ (223) $ (242) Expected return on plan assets (309) (295) (6) (7) Interest cost 102 124 72 108 Remeasurement loss, net 144 1,092 — — Other components $ (47) $ 937 $ (157) $ (141) Total $ 20 $ 1,013 $ (129) $ (114) (dollars in millions) Pension Health Care and Life Nine months ended September 30, 2021 2020 2021 2020 Service cost - Cost of services $ 186 $ 179 $ 71 $ 67 Service cost - Selling, general and administrative expense 26 43 14 15 Service cost $ 212 $ 222 $ 85 $ 82 Amortization of prior service cost (credit) $ 46 $ 46 $ (670) $ (725) Expected return on plan assets (927) (888) (17) (20) Interest cost 296 401 217 322 Remeasurement loss (gain), net (1,170) 1,427 — — Other components $ (1,755) $ 986 $ (470) $ (423) Total $ (1,543) $ 1,208 $ (385) $ (341) 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 income (expense), net. Severance Payments During the three and nine months ended September 30, 2021, we paid severance benefits of an insignificant amount and $169 million, respectively. During the three and nine months ended September 30, 2021, we recorded pre-tax severance charges of $109 million and $124 million, respectively, both primarily due to a $103 million charge related to voluntary separations under our existing plans. At September 30, 2021, we had a remaining severance liability of $529 million, a portion of which includes future contractual payments to separated employees. Employer Contributions During both the three and nine months ended September 30, 2021 and September 30, 2020, we made no contributions to our qualified pension plans and made insignificant contributions to our nonqualified pension plans. We do not expect mandatory pension funding through December 31, 2021. There have been no significant changes with respect to the nonqualified pension and other postretirement benefit plans contributions in 2021. Remeasurement loss (gain), net During the three and nine months ended September 30, 2021, we recorded a net pre-tax remeasurement loss of $144 million and a net pre-tax remeasurement gain of $1.2 billion, respectively in our pension plans triggered by settlements. During the three months ended September 30, 2021, we recorded a pre-tax remeasurement loss of $144 million in our pension plans driven by a $667 million charge due to changes in our discount rate and other assumption changes, offset by a $523 million credit resulting from the difference between our estimated and our actual return on assets. During the three months ended June 30, 2021, we recorded a pre-tax remeasurement gain of $1.3 billion in our pension plans triggered by settlements, primarily driven by a $1.2 billion credit mainly due to changes in our discount rate and changes in our lump sum interest rate assumptions used to determine the current year liabilities of our pension plans and a $122 million credit resulting from the difference between our estimated and our actual return on assets. 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, respectively, in our pension plans 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 resulting from the difference between our estimated 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 resulting from the difference between our estimated 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 resulting from the difference between our estimated and our actual return on assets.

Equity and Accumulated Other Co

Equity and Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Equity and Accumulated Other Comprehensive Income (Loss)	Note 10. Equity and Accumulated Other Comprehensive Income (Loss) 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, 2021 2020 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 13,403 13,281 Other (1) 123 Balance at end of period 13,402 13,404 Retained Earnings Balance at beginning of period 66,310 56,746 Net income attributable to Verizon 6,407 4,357 Dividends declared ($0.6400, $0.6275 per share) (2,651) (2,597) Other (4) (33) Balance at end of period 70,062 58,473 Accumulated Other Comprehensive Loss Balance at beginning of period attributable to Verizon (234) (1,274) Foreign currency translation adjustments (146) 124 Unrealized gain (loss) on cash flow hedges (174) 505 Unrealized gain on marketable securities — 2 Defined benefit pension and postretirement plans (155) (169) Other comprehensive income (loss) (475) 462 Balance at end of period attributable to Verizon (709) (812) Treasury Stock Balance at beginning of period (151,318) (6,632) (153,380) (6,722) Employee plans 48 2 41 1 Balance at end of period (151,270) (6,630) (153,339) (6,721) Deferred Compensation-ESOPs and Other Balance at beginning of period 408 237 Restricted stock equity grant 85 62 Amortization (3) (3) Balance at end of period 490 296 Noncontrolling Interests Balance at beginning of period 1,428 1,416 Total comprehensive income 147 147 Distributions and other (130) (102) Balance at end of period 1,445 1,461 Total Equity $ 78,489 $ 66,530 (dollars in millions, except per share amounts, and shares in thousands) Nine months ended September 30, 2021 2020 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 13,404 13,419 Other (2) (15) Balance at end of period 13,402 13,404 Retained Earnings Balance at beginning of year 60,464 53,147 Opening balance sheet adjustment — (200) (1) Adjusted opening balance 60,464 52,947 Net income attributable to Verizon 17,452 13,213 Dividends declared ($1.8950, $1.8575 per share) (7,850) (7,687) Other (4) — Balance at end of period 70,062 58,473 Accumulated Other Comprehensive Income (Loss) Balance at beginning of year attributable to Verizon (71) 998 Foreign currency translation adjustments (126) 81 Unrealized loss on cash flow hedges (42) (1,391) Unrealized gain (loss) on marketable securities (5) 7 Defined benefit pension and postretirement plans (465) (507) Other comprehensive loss (638) (1,810) Balance at end of period attributable to Verizon (709) (812) Treasury Stock Balance at beginning of year (153,304) (6,719) (155,606) (6,820) Employee plans 2,031 89 2,263 99 Shareholder plans 3 — 4 — Balance at end of period (151,270) (6,630) (153,339) (6,721) Deferred Compensation-ESOPs and Other Balance at beginning of year 335 222 Restricted stock equity grant 315 234 Amortization (160) (160) Balance at end of period 490 296 Noncontrolling Interests Balance at beginning of year 1,430 1,440 Total comprehensive income 429 417 Distributions and other (414) (396) Balance at end of period 1,445 1,461 Total Equity $ 78,489 $ 66,530 (1) Opening balance sheet adjustment for the nine months ended September 30, 2020 is due to the adoption of Topic 326 Common Stock Verizon did not repurchase any shares of Verizon common stock through its previously authorized share buyback program during the nine months ended September 30, 2021. At September 30, 2021, 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 2.0 million common shares issued from Treasury stock during the nine months ended September 30, 2021. 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 (loss) on marketable securities Defined Total Balance at January 1, 2021 $ (404) $ (1,387) $ 25 $ 1,695 $ (71) Other comprehensive loss (126) (1,077) (5) — (1,208) Amounts reclassified to net income — 1,035 — (465) 570 Net other comprehensive loss (126) (42) (5) (465) (638) Balance at September 30, 2021 $ (530) $ (1,429) $ 20 $ 1,230 $ (709) The amounts presented above in Net other comprehensive 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 income (expense), net and Interest expense in our condensed consolidated statements of income. See Note 8 for additional information. The amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Other income (expense), net in our condensed consolidated statements of income. See Note 9 for additional information.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	Note 11. 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 through 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 primarily includes insurance captives, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as 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 including Verizon Media, 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. We completed the sale of Verizon Media on September 1, 2021. Refer to Note 3 for additional information on the sale of Verizon Media. 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) 2021 2020 2021 2020 External Operating Revenues Consumer Service $ 16,889 $ 16,255 $ 50,159 $ 48,496 Wireless equipment 4,530 3,403 13,461 9,989 Other 1,852 2,014 5,807 5,946 Total Consumer 23,271 21,672 69,427 64,431 Business Small and Medium Business 2,929 2,737 8,644 8,132 Global Enterprise 2,551 2,594 7,690 7,811 Public Sector and Other 1,548 1,639 4,807 4,636 Wholesale 645 763 2,038 2,279 Total Business 7,673 7,733 23,179 22,858 Total reportable segments $ 30,944 $ 29,405 $ 92,606 $ 87,289 Intersegment Revenues Consumer $ 57 $ 64 $ 176 $ 183 Business 16 16 53 54 Total reportable segments $ 73 $ 80 $ 229 $ 237 Total Operating Revenues Consumer $ 23,328 $ 21,736 $ 69,603 $ 64,614 Business (1) 7,689 7,749 23,232 22,912 Total reportable segments $ 31,017 $ 29,485 $ 92,835 $ 87,526 Operating Income Consumer $ 7,590 $ 7,437 $ 22,606 $ 21,783 Business 886 923 2,641 2,823 Total reportable segments $ 8,476 $ 8,360 $ 25,247 $ 24,606 (1) Service and other revenues included in our Business segment amounted to approximately $6.9 billion and $7.0 billion for the three months ended September 30, 2021 and 2020, respectively. Service and other revenues included in our Business segment amounted to approximately $20.9 billion for both the nine months ended September 30, 2021 and 2020. Wireless equipment revenues included in our Business segment amounted to approximately $820 million and $709 million for the three months ended September 30, 2021 and 2020, respectively. Wireless equipment revenues included in our Business segment amounted to approximately $2.4 billion and $2.0 billion for the nine months ended September 30, 2021 and 2020, 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) 2021 2020 2021 2020 Consumer $ 2,893 $ 2,773 $ 8,648 $ 8,326 Business 287 263 844 785 Total Fios revenue $ 3,180 $ 3,036 $ 9,492 $ 9,111 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) 2021 2020 2021 2020 Consumer $ 13,982 $ 13,442 $ 41,460 $ 40,005 Business 3,097 2,990 9,247 8,732 Total Wireless service revenue $ 17,079 $ 16,432 $ 50,707 $ 48,737 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) 2021 2020 2021 2020 Total reportable segment operating revenues $ 31,017 $ 29,485 $ 92,835 $ 87,526 Corporate and other 2,009 2,203 7,093 6,442 Eliminations (111) (145) (382) (368) Total consolidated operating revenues $ 32,915 $ 31,543 $ 99,546 $ 93,600 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) 2021 2020 2021 2020 Total reportable segment operating income $ 8,476 $ 8,360 $ 25,247 $ 24,606 Corporate and other 621 (479) 392 (1,183) Other components of net periodic benefit charges (Note 9) (192) (203) (576) (610) Loss on spectrum licenses (Note 3) — — (223) (1,195) Total consolidated operating income 8,905 7,678 24,840 21,618 Equity in earnings (losses) of unconsolidated businesses 1 (9) 10 (34) Other income (expense), net 269 (774) 1,172 (703) Interest expense (801) (1,044) (2,746) (3,167) Income Before Provision For Income Taxes $ 8,374 $ 5,851 $ 23,276 $ 17,714 No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 30, 2021 or 2020. 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, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. 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 20 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, 2021
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, 2020. 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.
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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2021
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, Decrease (dollars in millions) 2021 2020 Cash and cash equivalents $ 9,936 $ 22,171 $ (12,235) Restricted cash: Prepaid expenses and other 1,074 1,195 (121) Other assets 101 132 (31) Cash, cash equivalents and restricted cash $ 11,111 $ 23,498 $ (12,387)
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, Decrease (dollars in millions) 2021 2020 Cash and cash equivalents $ 9,936 $ 22,171 $ (12,235) Restricted cash: Prepaid expenses and other 1,074 1,195 (121) Other assets 101 132 (31) Cash, cash equivalents and restricted cash $ 11,111 $ 23,498 $ (12,387)

Revenues and Contract Costs (Ta

Revenues and Contract Costs (Tables)	9 Months Ended
	Sep. 30, 2021
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) 2021 2021 2020 2020 Receivables (1) $ 10,088 $ 12,029 $ 11,094 $ 12,078 Device payment plan agreement receivables (2) 11,178 10,358 9,559 11,741 (1) Balances do not include receivables related to the following contracts: leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed under 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) 2021 2021 2020 2020 Contract asset $ 878 $ 937 $ 923 $ 1,150 Contract liability (1) 6,034 5,598 5,321 5,307 (1) Revenue recognized related to contract liabilities existing at January 1, 2021 were $161 million and $4.2 billion for the three and nine months ended September 30, 2021, respectively. 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. 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) 2021 2020 Assets Prepaid expenses and other $ 701 $ 733 Other assets 177 204 Total $ 878 $ 937 Liabilities Other current liabilities $ 5,159 $ 4,843 Other liabilities 875 755 Total $ 6,034 $ 5,598
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) 2021 2020 Assets Prepaid expenses and other $ 2,366 $ 2,472 Other assets 2,151 2,070 Total $ 4,517 $ 4,542

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes the assets and liabilities which were disposed as a result of the closing of the transaction: September 1, (dollars in millions) 2021 Assets: Cash, cash equivalents and restricted cash $ 168 Accounts receivable 1,597 Prepaid expenses and other 134 Property, plant and equipment, net 1,235 Other intangible assets, net 2,579 Other assets 221 Total assets $ 5,934 Liabilities: Accounts payable and accrued liabilities $ 1,411 Other current liabilities 315 Other liabilities 310 Total liabilities $ 2,036

Wireless Licenses, Goodwill a_2

Wireless Licenses, Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Wireless Licenses	The carrying amounts of our Wireless licenses, as well as wireless spectrum for which licenses had not yet been received, are as follows: At September 30, At December 31, (dollars in millions) 2021 2020 Wireless licenses $ 145,767 $ 96,097 Deposits for wireless licenses — 2,772
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, 2021 (1) $ 17,222 $ 7,535 $ 16 $ 24,773 Acquisitions (2) 92 — 37 129 Reclassifications, adjustments and other 3 (17) (1) (15) Balance at September 30, 2021 (1) $ 17,317 $ 7,518 $ 52 $ 24,887 (1) Goodwill is net of accumulated impairment charges of $4.8 billion, related to our historical Media reporting unit, which included Verizon Media. On September 1, 2021, we completed the sale of Verizon Media. 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, 2021 At December 31, 2020 (dollars in millions) Gross (1) Amount Accumulated Net Gross Accumulated Net Customer lists (8 to 13 years) $ 1,933 $ (1,033) $ 900 $ 4,021 $ (1,961) $ 2,060 Non-network internal-use software (5 to 7 years) 20,525 (14,524) 6,001 21,685 (15,104) 6,581 Other (4 to 25 years) 869 (748) 121 1,771 (999) 772 Total $ 23,327 $ (16,305) $ 7,022 $ 27,477 $ (18,064) $ 9,413 (1) Other intangible assets are net of assets disposed as a result of the closing of the Verizon Media sale on September 1, 2021. See Note 3 for additional information.
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, 2021 $ 430 $ 1,539 2020 621 1,818
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 2021 $ 440 2022 1,632 2023 1,426 2024 1,187 2025 994 2026 758

Leasing Arrangements (Tables)

Leasing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Components of Net Lease Cost, and Supplemental Disclosure for Statement of Cash Flows related to Operating and Finance Leases	The components of net lease cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) Classification 2021 2020 2021 2020 Operating lease cost (1) Cost of services $ 1,332 $ 1,279 $ 3,917 $ 3,766 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 65 9 198 300 Interest on lease liabilities Interest expense 9 9 26 29 Short-term lease cost (1) Cost of services 7 5 16 17 Variable lease cost (1) Cost of services 75 74 234 226 Sublease income Service revenues and other (47) (72) (144) (216) Total net lease cost $ 1,441 $ 1,304 $ 4,247 $ 4,122 (1) All operating lease costs, including short-term and variable lease costs, are split between Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income based on the use of the facility or equipment that the rent is being paid on. Refer to the consolidated financial statements included in Verizon's Annual Report on Form 10-K for the year ended December 31, 2020 for additional information. Variable lease costs represent payments that are dependent on a rate or index, or on usage of the asset.
Lessee, Operating Lease, Liability, Maturity	The Company's maturity analysis of operating and finance lease liabilities as of September 30, 2021 were as follows: (dollars in millions) Years Operating Leases Finance Leases Remainder of 2021 $ 1,085 $ 107 2022 4,233 399 2023 4,017 337 2024 3,760 268 2025 3,380 149 Thereafter 14,661 111 Total lease payments 31,136 1,371 Less interest 4,023 70 Present value of lease liabilities 27,113 1,301 Less current obligation 3,606 393 Long-term obligation at September 30, 2021 $ 23,507 $ 908
Finance Lease, Liability, Maturity	The Company's maturity analysis of operating and finance lease liabilities as of September 30, 2021 were as follows: (dollars in millions) Years Operating Leases Finance Leases Remainder of 2021 $ 1,085 $ 107 2022 4,233 399 2023 4,017 337 2024 3,760 268 2025 3,380 149 Thereafter 14,661 111 Total lease payments 31,136 1,371 Less interest 4,023 70 Present value of lease liabilities 27,113 1,301 Less current obligation 3,606 393 Long-term obligation at September 30, 2021 $ 23,507 $ 908

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt Transactions	The following tables show the significant transactions involving the senior unsecured debt securities of Verizon and its subsidiaries that occurred during the nine months ended September 30, 2021. Exchange Offers (dollars in millions) Principal Amount Exchanged Principal Amount Issued Verizon 0.750% - 4.150% notes and floating rate notes, due 2024 - 2026 $ 4,480 $ — Verizon 2.355% notes due 2032 (1) — 4,664 Three and Nine Months Ended September 30, 2021 total (2) $ 4,480 $ 4,664 (1) The principal amount issued in exchange does not include either an insignificant amount of cash paid in lieu of the issuance of fractional new notes or accrued and unpaid interest paid on the old notes accepted for exchange to the date of exchange. (2) The debt exchange offers above meet the criteria to be accounted for as a modification of debt. As a result, the excess of the principal amount of new notes issued over the principal amount of notes exchanged of $184 million was recorded as a discount to Long-term debt in the condensed consolidated balance sheets. Repayments, Redemptions and Repurchases (dollars in millions) Principal Repaid/ Redeemed/ Repurchased Amount Paid (1) Three Months Ended June 30, 2021 Verizon 2.946% notes due 2022 $ 713 $ 730 Verizon 2.450% notes due 2022 794 819 Verizon 5.150% notes due 2023 3,190 3,519 Open market repurchases of various Verizon and subsidiary notes 1,994 2,440 Three Months Ended June 30, 2021 total 6,691 7,508 Nine Months Ended September 30, 2021 total $ 6,691 $ 7,508 (1) Represents amount paid to repay, redeem, or repurchase, excluding interest or dividend. During October 2021, we notified investors of our intention to redeem in November 2021 all of the approximately $478 million outstanding aggregate principal amount of 4.150% notes due 2024. Issuances (amounts in millions) Principal Amount Issued Net Proceeds (1) Three Months Ended March 31, 2021 Verizon 0.750% notes due 2024 $ 1,750 $ 1,746 Verizon floating rate (Compounded SOFR (2) + 0.500%) notes due 2024 750 748 Verizon 1.450% notes due 2026 2,750 2,737 Verizon floating rate (Compounded SOFR (2) + 0.790%) notes due 2026 750 748 Verizon 2.100% notes due 2028 3,000 2,988 Verizon 2.550% notes due 2031 4,250 4,216 Verizon 3.400% notes due 2041 3,750 3,726 Verizon 3.550% notes due 2051 4,500 4,426 Verizon 3.700% notes due 2061 3,500 3,439 Verizon 0.375% notes due 2029 (3) € 1,000 1,186 Verizon 0.750% notes due 2032 (3) € 1,000 1,181 Verizon 1.125% notes due 2035 (3) € 750 878 Verizon 2.375% notes due 2028 (3) C$ 1,000 800 Verizon 4.050% notes due 2051 (3) C$ 500 399 Verizon 2.350% notes due 2028 (3) A$ 600 463 Verizon 3.000% notes due 2031 (3) A$ 500 385 Verizon 3.850% notes due 2041 (3) A$ 150 116 Verizon 0.193% bonds due 2028 (3) CHF 375 403 Verizon 0.555% bonds due 2031 (3) CHF 325 349 Three Months Ended March 31, 2021 total $ 30,934 Three Months Ended September 30, 2021 Verizon 2.850% notes due 2041 (4) $ 1,000 $ 991 Three Months Ended September 30, 2021 total $ 1,000 $ 991 Nine Months Ended September 30, 2021 total $ 31,925 (1) Net proceeds were net of underwriting discounts and other issuance costs. In addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis. (2) Compounded Secured Overnight Financing Rate (SOFR) is calculated using the SOFR Index published by the Federal Reserve Bank of New York in accordance with the terms of the notes. The Compounded SOFR for the interest period ending in September 2021 was 0.050%. (3) See Note 8 for information on derivative transactions related to the issuances. (4) 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 December 1, 2020 through the maturity date of the green bond. ABS Notes During the nine months ended September 30, 2021, we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued May 2021 A Senior class notes 0.500 2.99 $ 1,500 B Junior class notes 0.690 2.99 119 C Junior class notes 0.890 2.99 81 Total $ 1,700
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) 2021 2020 Assets Account receivable, net $ 8,845 $ 9,257 Prepaid expenses and other 1,073 1,128 Other assets 3,309 2,950 Liabilities Accounts payable and accrued liabilities 7 8 Debt maturing within one year 4,429 4,191 Long-term debt 4,996 6,413
Schedule of Line of Credit Facilities	At September 30, 2021 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2024 $ 9,500 $ 9,413 N/A Various export credit facilities (2) 2022 - 2029 7,500 530 $ 4,823 Total $ 17,000 $ 9,943 $ 4,823 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.

Device Payment Plan and Wireles

Device Payment Plan and Wireless Service Receivables (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable $ 12,370 $ 5,055 $ 5,740 $ 23,165 Less Allowance for credit losses 573 140 257 970 Accounts receivable, net of allowance $ 11,797 $ 4,915 $ 5,483 $ 22,195 (1) Other receivables primarily include wireline receivables and other receivables, the allowances for which are individually insignificant. 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) 2021 2020 Device payment plan agreement receivables, gross $ 18,991 $ 17,959 Unamortized imputed interest (365) (453) Device payment plan agreement receivables, at amortized cost 18,626 17,506 Allowance (1) (838) (940) Device payment plan agreement receivables, net $ 17,788 $ 16,566 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 11,797 $ 11,601 Other assets 5,991 4,965 Device payment plan agreement receivables, net $ 17,788 $ 16,566
Financing Receivable Credit Quality Indicators	The following table presents device payment plan agreement receivables, at amortized cost, as of September 30, 2021, by credit quality indicator and year of origination: Year of Origination (dollars in millions) 2021 2020 Prior to 2020 (1) Total New customers $ 1,846 $ 869 $ 75 $ 2,790 Existing customers 9,980 5,388 468 15,836 Total $ 11,826 $ 6,257 $ 543 $ 18,626 (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, 2021 $ 940 $ 262 Current period provision for expected credit losses 349 126 Write-offs charged against the allowance (482) (296) Recoveries collected 31 48 Balance at September 30, 2021 $ 838 $ 140 (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) 2021 Unbilled $ 17,473 Billed: Current 973 Past due 180 Device payment plan agreement receivables, at amortized cost $ 18,626

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Interest rate swaps $ — $ 217 $ — $ 217 Cross currency swaps — 10 — 10 Other assets: Fixed income securities — 448 — 448 Interest rate swaps — 283 — 283 Cross currency swaps — 620 — 620 Total $ — $ 1,578 $ — $ 1,578 Liabilities: Other current liabilities: Interest rate swaps $ — $ 4 $ — $ 4 Foreign exchange forwards — 12 — 12 Cross currency swaps — 197 — 197 Forward starting interest rate swaps — 281 — 281 Other liabilities: Interest rate swaps — 612 — 612 Cross currency swaps — 1,165 — 1,165 Total $ — $ 2,271 $ — $ 2,271 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Foreign exchange forwards $ — $ 12 $ — $ 12 Other assets: Fixed income securities — 459 — 459 Interest rate swaps — 787 — 787 Cross currency swaps — 1,446 — 1,446 Total $ — $ 2,704 $ — $ 2,704 Liabilities: Other current liabilities: Forward starting interest rate swaps $ — $ 409 $ — $ 409 Foreign exchange forwards — 2 — 2 Other liabilities: Interest rate swaps — 303 — 303 Cross currency swaps — 196 — 196 Forward starting interest rate swaps — 388 — 388 Total $ — $ 1,298 $ — $ 1,298 (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, 2020 $ 127,778 $ 103,967 $ 52,785 $ — $ 156,752 At September 30, 2021 149,674 113,042 59,177 — 172,219
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) 2021 2020 Interest rate swaps $ 17,756 $ 17,768 Cross currency swaps 32,502 26,288 Forward starting interest rate swaps 1,000 2,000 Foreign exchange forwards 870 1,405
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) 2021 2020 Carrying amount of hedged liabilities $ 17,223 $ 18,849 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (29) 557 Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 603 627

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Service cost - Cost of services $ 59 $ 61 $ 24 $ 22 Service cost - Selling, general and administrative expense 8 15 4 5 Service cost $ 67 $ 76 $ 28 $ 27 Amortization of prior service cost (credit) $ 16 $ 16 $ (223) $ (242) Expected return on plan assets (309) (295) (6) (7) Interest cost 102 124 72 108 Remeasurement loss, net 144 1,092 — — Other components $ (47) $ 937 $ (157) $ (141) Total $ 20 $ 1,013 $ (129) $ (114) (dollars in millions) Pension Health Care and Life Nine months ended September 30, 2021 2020 2021 2020 Service cost - Cost of services $ 186 $ 179 $ 71 $ 67 Service cost - Selling, general and administrative expense 26 43 14 15 Service cost $ 212 $ 222 $ 85 $ 82 Amortization of prior service cost (credit) $ 46 $ 46 $ (670) $ (725) Expected return on plan assets (927) (888) (17) (20) Interest cost 296 401 217 322 Remeasurement loss (gain), net (1,170) 1,427 — — Other components $ (1,755) $ 986 $ (470) $ (423) Total $ (1,543) $ 1,208 $ (385) $ (341)

Equity and Accumulated Other _2

Equity and Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 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 13,403 13,281 Other (1) 123 Balance at end of period 13,402 13,404 Retained Earnings Balance at beginning of period 66,310 56,746 Net income attributable to Verizon 6,407 4,357 Dividends declared ($0.6400, $0.6275 per share) (2,651) (2,597) Other (4) (33) Balance at end of period 70,062 58,473 Accumulated Other Comprehensive Loss Balance at beginning of period attributable to Verizon (234) (1,274) Foreign currency translation adjustments (146) 124 Unrealized gain (loss) on cash flow hedges (174) 505 Unrealized gain on marketable securities — 2 Defined benefit pension and postretirement plans (155) (169) Other comprehensive income (loss) (475) 462 Balance at end of period attributable to Verizon (709) (812) Treasury Stock Balance at beginning of period (151,318) (6,632) (153,380) (6,722) Employee plans 48 2 41 1 Balance at end of period (151,270) (6,630) (153,339) (6,721) Deferred Compensation-ESOPs and Other Balance at beginning of period 408 237 Restricted stock equity grant 85 62 Amortization (3) (3) Balance at end of period 490 296 Noncontrolling Interests Balance at beginning of period 1,428 1,416 Total comprehensive income 147 147 Distributions and other (130) (102) Balance at end of period 1,445 1,461 Total Equity $ 78,489 $ 66,530 (dollars in millions, except per share amounts, and shares in thousands) Nine months ended September 30, 2021 2020 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 13,404 13,419 Other (2) (15) Balance at end of period 13,402 13,404 Retained Earnings Balance at beginning of year 60,464 53,147 Opening balance sheet adjustment — (200) (1) Adjusted opening balance 60,464 52,947 Net income attributable to Verizon 17,452 13,213 Dividends declared ($1.8950, $1.8575 per share) (7,850) (7,687) Other (4) — Balance at end of period 70,062 58,473 Accumulated Other Comprehensive Income (Loss) Balance at beginning of year attributable to Verizon (71) 998 Foreign currency translation adjustments (126) 81 Unrealized loss on cash flow hedges (42) (1,391) Unrealized gain (loss) on marketable securities (5) 7 Defined benefit pension and postretirement plans (465) (507) Other comprehensive loss (638) (1,810) Balance at end of period attributable to Verizon (709) (812) Treasury Stock Balance at beginning of year (153,304) (6,719) (155,606) (6,820) Employee plans 2,031 89 2,263 99 Shareholder plans 3 — 4 — Balance at end of period (151,270) (6,630) (153,339) (6,721) Deferred Compensation-ESOPs and Other Balance at beginning of year 335 222 Restricted stock equity grant 315 234 Amortization (160) (160) Balance at end of period 490 296 Noncontrolling Interests Balance at beginning of year 1,430 1,440 Total comprehensive income 429 417 Distributions and other (414) (396) Balance at end of period 1,445 1,461 Total Equity $ 78,489 $ 66,530 (1) Opening balance sheet adjustment for the nine months ended September 30, 2020 is due to the adoption of Topic 326
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 (loss) on marketable securities Defined Total Balance at January 1, 2021 $ (404) $ (1,387) $ 25 $ 1,695 $ (71) Other comprehensive loss (126) (1,077) (5) — (1,208) Amounts reclassified to net income — 1,035 — (465) 570 Net other comprehensive loss (126) (42) (5) (465) (638) Balance at September 30, 2021 $ (530) $ (1,429) $ 20 $ 1,230 $ (709)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
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 through 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) 2021 2020 2021 2020 External Operating Revenues Consumer Service $ 16,889 $ 16,255 $ 50,159 $ 48,496 Wireless equipment 4,530 3,403 13,461 9,989 Other 1,852 2,014 5,807 5,946 Total Consumer 23,271 21,672 69,427 64,431 Business Small and Medium Business 2,929 2,737 8,644 8,132 Global Enterprise 2,551 2,594 7,690 7,811 Public Sector and Other 1,548 1,639 4,807 4,636 Wholesale 645 763 2,038 2,279 Total Business 7,673 7,733 23,179 22,858 Total reportable segments $ 30,944 $ 29,405 $ 92,606 $ 87,289 Intersegment Revenues Consumer $ 57 $ 64 $ 176 $ 183 Business 16 16 53 54 Total reportable segments $ 73 $ 80 $ 229 $ 237 Total Operating Revenues Consumer $ 23,328 $ 21,736 $ 69,603 $ 64,614 Business (1) 7,689 7,749 23,232 22,912 Total reportable segments $ 31,017 $ 29,485 $ 92,835 $ 87,526 Operating Income Consumer $ 7,590 $ 7,437 $ 22,606 $ 21,783 Business 886 923 2,641 2,823 Total reportable segments $ 8,476 $ 8,360 $ 25,247 $ 24,606 (1) Service and other revenues included in our Business segment amounted to approximately $6.9 billion and $7.0 billion for the three months ended September 30, 2021 and 2020, respectively. Service and other revenues included in our Business segment amounted to approximately $20.9 billion for both the nine months ended September 30, 2021 and 2020. Wireless equipment revenues included in our Business segment amounted to approximately $820 million and $709 million for the three months ended September 30, 2021 and 2020, respectively. Wireless equipment revenues included in our Business segment amounted to approximately $2.4 billion and $2.0 billion for the nine months ended September 30, 2021 and 2020, 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) 2021 2020 2021 2020 Consumer $ 2,893 $ 2,773 $ 8,648 $ 8,326 Business 287 263 844 785 Total Fios revenue $ 3,180 $ 3,036 $ 9,492 $ 9,111 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) 2021 2020 2021 2020 Consumer $ 13,982 $ 13,442 $ 41,460 $ 40,005 Business 3,097 2,990 9,247 8,732 Total Wireless service revenue $ 17,079 $ 16,432 $ 50,707 $ 48,737
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) 2021 2020 2021 2020 Total reportable segment operating revenues $ 31,017 $ 29,485 $ 92,835 $ 87,526 Corporate and other 2,009 2,203 7,093 6,442 Eliminations (111) (145) (382) (368) Total consolidated operating revenues $ 32,915 $ 31,543 $ 99,546 $ 93,600
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) 2021 2020 2021 2020 Total reportable segment operating income $ 8,476 $ 8,360 $ 25,247 $ 24,606 Corporate and other 621 (479) 392 (1,183) Other components of net periodic benefit charges (Note 9) (192) (203) (576) (610) Loss on spectrum licenses (Note 3) — — (223) (1,195) Total consolidated operating income 8,905 7,678 24,840 21,618 Equity in earnings (losses) of unconsolidated businesses 1 (9) 10 (34) Other income (expense), net 269 (774) 1,172 (703) Interest expense (801) (1,044) (2,746) (3,167) Income Before Provision For Income Taxes $ 8,374 $ 5,851 $ 23,276 $ 17,714

Basis of Presentation - Earning

Basis of Presentation - Earnings Per Common Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Dilutive securities (in shares)	2	2	2	2

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 9,936		$ 22,171
Cash, cash equivalents and restricted cash	11,111	$ 10,183	23,498	$ 3,917
Decrease in cash, cash equivalents, restricted cash and assets held for sale	(12,387)	$ 6,266
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Decrease in cash, cash equivalents, restricted cash and assets held for sale	(12,235)
Prepaid expenses and other
Cash and Cash Equivalents [Line Items]
Restricted cash	1,074		1,195
Decrease in cash, cash equivalents, restricted cash and assets held for sale	(121)
Other assets
Cash and Cash Equivalents [Line Items]
Restricted cash	101		$ 132
Decrease in cash, cash equivalents, restricted cash and assets held for sale	$ (31)

Revenues and Contract Costs - A

Revenues and Contract Costs - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segments | segment			2
Revenue from arrangements not accounted for under Topic 606	$ 803,000,000	$ 715,000,000	$ 2,300,000,000	$ 2,300,000,000
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	751,000,000	763,000,000	$ 2,300,000,000	2,300,000,000
Contract assets impairment charge	0	0	0	0
Media Business
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 1,400,000,000	$ 1,700,000,000	$ 5,300,000,000	$ 4,700,000,000
Wireless postpaid contracts
Disaggregation of Revenue [Line Items]
Percentage of month-to-month contracts of total service contracts	93.00%	90.00%	93.00%	90.00%
Wireline Consumer and Small and Medium Business contracts
Disaggregation of Revenue [Line Items]
Percentage of month-to-month contracts of total service contracts	83.00%	70.00%	83.00%	70.00%
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.
Business
Disaggregation of Revenue [Line Items]
Contract description of timing			These contracts have varying terms spanning over approximately seven years
Minimum | Wireless service
Disaggregation of Revenue [Line Items]
Customer contracts service term			1 month
Minimum | Consumer
Disaggregation of Revenue [Line Items]
Customer contracts service term			12 months
Minimum | Consumer | Reseller Arrangements
Disaggregation of Revenue [Line Items]
Customer contracts service term			2 years
Maximum | Wireless service
Disaggregation of Revenue [Line Items]
Customer contracts service term			2 years
Maximum | Consumer
Disaggregation of Revenue [Line Items]
Customer contracts service term			2 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, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 4.7
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
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	$ 14.5
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 6.3
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]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 2.7
Revenue, remaining performance obligation, expected timing of satisfaction, period	7 years

Revenues and Contract Costs - S

Revenues and Contract Costs - Schedule of Receivables from Contracts with Customers (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jan. 01, 2021	Sep. 30, 2020	Jan. 01, 2020
Revenue from Contract with Customer [Abstract]
Receivables	$ 10,088	$ 12,029	$ 11,094	$ 12,078
Device payment plan agreement receivables	$ 11,178	$ 10,358	$ 9,559	$ 11,741

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 01, 2021	Dec. 31, 2020	Jan. 01, 2020
Disaggregation of Revenue [Line Items]
Contract asset	$ 878	$ 923	$ 878	$ 923	$ 937	$ 937	$ 1,150
Contract liability	6,034	5,321	6,034	5,321	$ 5,598	5,598	$ 5,307
Revenue recognized related to contract liabilities existing	(161)	$ (124)	4,200	$ (4,200)
Prepaid expenses and other
Disaggregation of Revenue [Line Items]
Contract asset	701		701			733
Other assets
Disaggregation of Revenue [Line Items]
Contract asset	177		177			204
Other current liabilities
Disaggregation of Revenue [Line Items]
Contract liability	5,159		5,159			4,843
Other liabilities
Disaggregation of Revenue [Line Items]
Contract liability	$ 875		$ 875			$ 755

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, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Cost incurred to obtain or fulfill contracts with customers	$ 4,517	$ 4,542
Minimum
Capitalized Contract Cost [Line Items]
Deferred contract cost, amortization period	2 years
Maximum
Capitalized Contract Cost [Line Items]
Deferred contract cost, amortization period	6 years
Prepaid expenses and other
Capitalized Contract Cost [Line Items]
Cost incurred to obtain or fulfill contracts with customers	$ 2,366	2,472
Other assets
Capitalized Contract Cost [Line Items]
Cost incurred to obtain or fulfill contracts with customers	$ 2,151	$ 2,070

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisitions (Details) customer in Thousands, $ in Millions	1 Months Ended								3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Feb. 28, 2021USD ($)license	Oct. 31, 2020customercounty	Sep. 30, 2020USD ($)licenseshares	May 31, 2020USD ($)	Mar. 31, 2020USD ($)license	Dec. 31, 2019USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Payments for deposits												$ 47,027	$ 3,757
Loss on disposition of licenses, pre-tax									$ 0		$ 0	223	1,195
Goodwill	$ 24,887								24,887			$ 24,887		$ 24,773
Spectrum licenses | Spectrum Licenses, C-Band
Business Acquisition [Line Items]
Number of licenses acquired | license			3,511
Payments for deposits	1,300		$ 45,500							$ 44,600
Estimated clearing and incentive costs			$ 7,700
Average remaining renewal period of wireless license portfolio (in years)												15 years
Spectrum Licenses, 39 GHz
Business Acquisition [Line Items]
Payments for deposits							$ 1,600	$ 101
Loss on disposition of licenses, pre-tax														1,200
Loss on disposition of licenses														$ 914
Spectrum licenses
Business Acquisition [Line Items]
Number of licenses acquired | license							4,940
Business acquisition consideration							$ 3,400
Portion of price to be settled with 39 GHz licenses							$ 1,800
Loss on disposition of licenses, pre-tax													1,200
Loss on disposition of licenses													914
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												$ 95
Loss on disposition of licenses, pre-tax												223
Loss on disposition of licenses												167
Blue Jeans Network
Business Acquisition [Line Items]
Business acquisition consideration						$ 397
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
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
Business Acquisition [Line Items]
Business acquisition consideration		$ 412
Number of customers | customer				210
Number of counties customers are serviced | county				34
Revenue from the date of acquisition												88
Plant, property and equipment	141								141			141
Intangible assets other than goodwill	135								135			135
Goodwill	$ 92								$ 92			$ 92

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Verizon Media (Details) - Media Business - USD ($) $ in Millions	Sep. 01, 2021	May 02, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 28, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal costs			$ 346	$ 346
Assets:
Cash, cash equivalents and restricted cash	$ 168
Accounts receivable	1,597
Prepaid expenses and other	134
Property, plant and equipment, net	1,235
Other intangible assets, net	2,579
Other assets	221
Total assets	5,934
Liabilities:
Accounts payable and accrued liabilities	1,411
Other current liabilities	315
Other liabilities	310
Total liabilities	$ 2,036
Common Limited Partnership Units
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest after disposal	10.00%
Apollo Global Management Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration	$ 4,300	$ 4,300
Pre-tax gain on sale			1,100	1,100
After-tax gain on sale			1,100	$ 1,100
Liabilities:
Administrative services support period				12 months
Technical services support period				18 months
Apollo Global Management Inc. | Preferred Limited Partnership Units
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration, limited partnership units	496	$ 750	$ 396	$ 396
Limited partnership units redeemed					$ 100
Apollo Global Management Inc. | Common Limited Partnership Units
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration, limited partnership units	$ 124
Ownership interest after disposal		10.00%

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Other (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Other Acquisitions
Business Acquisition [Line Items]
Cash payment to acquire business	$ 51

Wireless Licenses, Goodwill a_3

Wireless Licenses, Goodwill and Other Intangible Assets - Carrying Amount of Wireless Licenses (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Wireless licenses	$ 145,767	$ 96,097
Deposits for wireless licenses	$ 0	$ 2,772

Wireless Licenses, Goodwill a_4

Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Loss on disposition of licenses, pre-tax	$ 0	$ 0	$ 223	$ 1,195
Wireless licenses	145,767		145,767		$ 96,097
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Wireless licenses under development	$ 54,800	$ 6,900	54,800	6,900
Interest costs capitalized			$ 1,100	$ 171
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]
Loss on disposition of licenses, pre-tax					1,200
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]
Other intangible assets, net							$ 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, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 24,773
Acquisitions (2)	129
Reclassifications, adjustments and other	(15)
Ending balance	24,887
Goodwill accumulated impairment charge	4,800	$ 4,800
Operating Segments | Consumer
Goodwill [Roll Forward]
Beginning balance	17,222
Acquisitions (2)	92
Reclassifications, adjustments and other	3
Ending balance	17,317
Operating Segments | Business
Goodwill [Roll Forward]
Beginning balance	7,535
Acquisitions (2)	0
Reclassifications, adjustments and other	(17)
Ending balance	7,518
Other
Goodwill [Roll Forward]
Beginning balance	16
Acquisitions (2)	37
Reclassifications, adjustments and other	(1)
Ending balance	$ 52

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, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross (1) Amount	$ 23,327	$ 27,477
Accumulated Amortization	(16,305)	(18,064)
Net Amount	7,022	9,413
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross (1) Amount	1,933	4,021
Accumulated Amortization	(1,033)	(1,961)
Net Amount	$ 900	2,060
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 (1) Amount	$ 20,525	21,685
Accumulated Amortization	(14,524)	(15,104)
Net Amount	$ 6,001	6,581
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 (1) Amount	$ 869	1,771
Accumulated Amortization	(748)	(999)
Net Amount	$ 121	$ 772
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	4 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for other intangible assets	$ 430	$ 621	$ 1,539	$ 1,818
Remainder of 2021	440		440
2022	1,632		1,632
2023	1,426		1,426
2024	1,187		1,187
2025	994		994
2026	$ 758		$ 758

Leasing Arrangements - Addition

Leasing Arrangements - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Leases renewal term	25 years
Minimum
Lessee, Lease, Description [Line Items]
Leases remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Leases remaining lease term	30 years

Leasing Arrangements - Componen

Leasing Arrangements - Components of Net Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 1,332	$ 1,279	$ 3,917	$ 3,766
Amortization of right-of-use assets	65	9	198	300
Interest on lease liabilities	9	9	26	29
Short-term lease cost	7	5	16	17
Variable lease cost	75	74	234	226
Sublease income	(47)	(72)	(144)	(216)
Total net lease cost	$ 1,441	$ 1,304	$ 4,247	$ 4,122

Leasing Arrangements - Schedule

Leasing Arrangements - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
Remainder of 2021	$ 1,085
2022	4,233
2023	4,017
2024	3,760
2025	3,380
Thereafter	14,661
Total lease payments	31,136
Less interest	4,023
Present value of lease liabilities	27,113
Less current obligation	3,606	$ 3,485
Long-term obligation at September 30, 2021	23,507	$ 18,000
Finance Leases
Remainder of 2021	107
2022	399
2023	337
2024	268
2025	149
Thereafter	111
Total lease payments	1,371
Less interest	70
Present value of lease liabilities	1,301
Less current obligation	393
Long-term obligation at September 30, 2021	$ 908

Debt - Exchange Offers (Details

Debt - Exchange Offers (Details)	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Principal Amount Issued	$ 1,000,000,000
Exchange Offers
Debt Instrument [Line Items]
Principal amount exchanged	4,480,000,000
Principal Amount Issued	4,664,000,000
Debt discount	184,000,000
Exchange Offers | Verizon 0.750% - 4.150% notes and floating rate notes, due 2024 - 2026
Debt Instrument [Line Items]
Principal amount exchanged	$ 4,480,000,000
Exchange Offers | Verizon 0.750% - 4.150% notes and floating rate notes, due 2024 - 2026 | Minimum
Debt Instrument [Line Items]
Stated interest rate on debt instrument	0.75%
Exchange Offers | Verizon 0.750% - 4.150% notes and floating rate notes, due 2024 - 2026 | Maximum
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.15%
Exchange Offers | Verizon 2.355% Notes Due 2032
Debt Instrument [Line Items]
Stated interest rate on debt instrument	2.355%
Principal Amount Issued	$ 4,664,000,000

Debt - Repayments, Redemptions

Debt - Repayments, Redemptions and Repurchases (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Nov. 30, 2021
Debt Instrument [Line Items]
Principal Repaid/ Redeemed/ Repurchased	$ 6,691	$ 6,691
Amount Paid	$ 7,508	$ 7,508
Verizon 2.946% notes due 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument	2.946%
Principal Repaid/ Redeemed/ Repurchased	$ 713
Amount Paid	$ 730
Verizon 2.450% notes due 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument	2.45%
Principal Repaid/ Redeemed/ Repurchased	$ 794
Amount Paid	$ 819
Verizon 5.150% notes due 2023
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.15%
Principal Repaid/ Redeemed/ Repurchased	$ 3,190
Amount Paid	3,519
Open market repurchases of various Verizon and subsidiary notes
Debt Instrument [Line Items]
Principal Repaid/ Redeemed/ Repurchased	1,994
Amount Paid	$ 2,440
4.150% Notes Due 2024 | Scenario, Forecast
Debt Instrument [Line Items]
Stated interest rate on debt instrument			4.15%
Principal Repaid/ Redeemed/ Repurchased			$ 478

Debt - Debt Issuances (Details)

Debt - Debt Issuances (Details)	3 Months Ended						9 Months Ended
	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Mar. 31, 2021CAD ($)	Mar. 31, 2021AUD ($)	Mar. 31, 2021CHF (SFr)	Sep. 30, 2021USD ($)	Mar. 31, 2021EUR (€)	Mar. 31, 2021CAD ($)	Mar. 31, 2021AUD ($)	Mar. 31, 2021CHF (SFr)
Debt Instrument [Line Items]
Principal Amount Issued	$ 1,000,000,000						$ 1,000,000,000
Proceeds from long-term borrowings	$ 991,000,000	$ 30,934,000,000					$ 31,925,000,000
0.750% Notes Due 2024
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.75%						0.75%	0.75%	0.75%	0.75%
Principal Amount Issued		$ 1,750,000,000
Proceeds from long-term borrowings		$ 1,746,000,000
Floating Rate, SOFR Plus 0.500% Notes Due 2024
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%	0.50%	0.50%	0.50%	0.50%
Principal Amount Issued		$ 750,000,000
Proceeds from long-term borrowings		$ 748,000,000
1.450% Notes Due 2026
Debt Instrument [Line Items]
Stated interest rate on debt instrument		1.45%						1.45%	1.45%	1.45%	1.45%
Principal Amount Issued		$ 2,750,000,000
Proceeds from long-term borrowings		$ 2,737,000,000
Floating Rate, SOFR Plus 0.790% Notes Due 2026
Debt Instrument [Line Items]
Basis spread on variable rate		0.79%	0.79%	0.79%	0.79%	0.79%
Principal Amount Issued		$ 750,000,000
Proceeds from long-term borrowings		$ 748,000,000
2.100% Notes Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt instrument		2.10%						2.10%	2.10%	2.10%	2.10%
Principal Amount Issued		$ 3,000,000,000
Proceeds from long-term borrowings		$ 2,988,000,000
2.550% Notes Due 2031
Debt Instrument [Line Items]
Stated interest rate on debt instrument		2.55%						2.55%	2.55%	2.55%	2.55%
Principal Amount Issued		$ 4,250,000,000
Proceeds from long-term borrowings		$ 4,216,000,000
3.400% Notes Due 2041
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.40%						3.40%	3.40%	3.40%	3.40%
Principal Amount Issued		$ 3,750,000,000
Proceeds from long-term borrowings		$ 3,726,000,000
3.550% Notes Due 2051
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.55%						3.55%	3.55%	3.55%	3.55%
Principal Amount Issued		$ 4,500,000,000
Proceeds from long-term borrowings		$ 4,426,000,000
3.700% Notes Due 2061
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.70%						3.70%	3.70%	3.70%	3.70%
Principal Amount Issued		$ 3,500,000,000
Proceeds from long-term borrowings		$ 3,439,000,000
0.375% Notes due 2029
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.375%						0.375%	0.375%	0.375%	0.375%
Principal Amount Issued | €								€ 1,000,000,000
Proceeds from long-term borrowings | €			€ 1,186,000,000
0.750% Notes due 2032
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.75%						0.75%	0.75%	0.75%	0.75%
Principal Amount Issued | €								€ 1,000,000,000
Proceeds from long-term borrowings | €			1,181,000,000
1.125% Notes due 2035
Debt Instrument [Line Items]
Stated interest rate on debt instrument		1.125%						1.125%	1.125%	1.125%	1.125%
Principal Amount Issued | €								€ 750,000,000
Proceeds from long-term borrowings | €			€ 878,000,000
2.375% Notes Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt instrument		2.375%						2.375%	2.375%	2.375%	2.375%
Principal Amount Issued									$ 1,000,000,000
Proceeds from long-term borrowings				$ 800,000,000
4.050% Notes Due 2051
Debt Instrument [Line Items]
Stated interest rate on debt instrument		4.05%						4.05%	4.05%	4.05%	4.05%
Principal Amount Issued									$ 500,000,000
Proceeds from long-term borrowings				$ 399,000,000
2.350% Fixed Rate Notes due 2028
Debt Instrument [Line Items]
Stated interest rate on debt instrument		2.35%						2.35%	2.35%	2.35%	2.35%
Principal Amount Issued										$ 600,000,000
Proceeds from long-term borrowings					$ 463,000,000
3.000% Fixed Rate Notes due 2031
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.00%						3.00%	3.00%	3.00%	3.00%
Principal Amount Issued										$ 500,000,000
Proceeds from long-term borrowings					385,000,000
3.850% Fixed Rate Notes due 2041
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.85%						3.85%	3.85%	3.85%	3.85%
Principal Amount Issued										$ 150,000,000
Proceeds from long-term borrowings					$ 116,000,000
0.193% Bonds Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.193%						0.193%	0.193%	0.193%	0.193%
Principal Amount Issued | SFr											SFr 375,000,000
Proceeds from long-term borrowings | SFr						SFr 403,000,000
0.555% Bonds Due 2031
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.555%						0.555%	0.555%	0.555%	0.555%
Principal Amount Issued | SFr											SFr 325,000,000
Proceeds from long-term borrowings | SFr						SFr 349,000,000
2.850% Notes Due 2041
Debt Instrument [Line Items]
Stated interest rate on debt instrument	2.85%						2.85%
Principal Amount Issued	$ 1,000,000,000						$ 1,000,000,000
Proceeds from long-term borrowings	$ 991,000,000
Verizon Floating Rate Notes Due 2024 And 2026 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt effective rate	0.05%						0.05%

Debt - Asset-Backed Debt Narrat

Debt - Asset-Backed Debt Narrative (Detail) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Repayments of debt				$ 7,508	$ 7,508
Asset-Backed Debt
Debt Instrument [Line Items]
Secured debt, carrying value			$ 9,400		9,400
2020 ABS Financing Facility
Debt Instrument [Line Items]
Repayments of debt	$ 1,500
Amount drawn from credit facilities		$ 1,000
Debt outstanding			0		0
Secured Debt | Asset Backed Notes
Debt Instrument [Line Items]
Repayments of debt			$ 894		$ 2,400
Secured Debt | Asset Backed Notes | Minimum
Debt Instrument [Line Items]
Revolving period					2 years
Secured Debt | Asset Backed Notes | Maximum
Debt Instrument [Line Items]
Revolving period					3 years

Debt - Schedule of ABS Notes Tr

Debt - Schedule of ABS Notes Transactions (Details) - USD ($)	1 Months Ended
	May 31, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Principal Amount Issued		$ 1,000,000,000
May 2021 ABS Notes
Debt Instrument [Line Items]
Principal Amount Issued		$ 1,700,000,000
May 2021 ABS Notes | A Senior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	50.00%
Expected Weighted-average Life to Maturity	2 years 11 months 26 days
Principal Amount Issued	$ 1,500,000,000
May 2021 ABS Notes | B Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	69.00%
Expected Weighted-average Life to Maturity	2 years 11 months 26 days
Principal Amount Issued	$ 119,000,000
May 2021 ABS Notes | C Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	89.00%
Expected Weighted-average Life to Maturity	2 years 11 months 26 days
Principal Amount Issued	$ 81,000,000

Debt - Assets and Liabilities R

Debt - Assets and Liabilities Related to Asset-backed Debt Arrangements (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Account receivable, net	$ 22,195	$ 23,917
Prepaid expenses and other	5,843	6,710
Other assets	10,679	10,879
Accounts payable and accrued liabilities	20,153	20,658
Debt maturing within one year	7,623	5,889
Long-term debt	143,352	123,173
Variable Interest Entity, Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Account receivable, net	8,845	9,257
Prepaid expenses and other	1,073	1,128
Other assets	3,309	2,950
Accounts payable and accrued liabilities	7	8
Debt maturing within one year	4,429	4,191
Long-term debt	$ 4,996	$ 6,413

Debt - Credit Facilities, Non-C

Debt - Credit Facilities, Non-Cash Transaction, Guarantees (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Facility Capacity		$ 17,000,000,000		$ 17,000,000,000
Unused Capacity		9,943,000,000		9,943,000,000
Principal Amount Outstanding		4,823,000,000		4,823,000,000
Debt extinguishment losses		0	$ 0	1,100,000,000	$ 102,000,000
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		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		391,000,000
Network Equipment | Alternative Financing Facility
Debt Instrument [Line Items]
Value of purchase assets financed				337,000,000	$ 1,300,000,000
Long-term debt maturing within one year		1,300,000,000		1,300,000,000		$ 1,600,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Facility Capacity		9,500,000,000		9,500,000,000
Unused Capacity		9,413,000,000		9,413,000,000
Equipment Credit Facilities
Debt Instrument [Line Items]
Facility Capacity		7,500,000,000		7,500,000,000
Unused Capacity		530,000,000		530,000,000
Principal Amount Outstanding		$ 4,823,000,000		4,823,000,000
Amount drawn from credit facilities				$ 470,000,000
Equipment Credit Facilities | Scenario, Forecast
Debt Instrument [Line Items]
Amount drawn from credit facilities	$ 530,000,000

Device Payment Plan Agreement_2

Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 23,165	$ 25,169
Allowance for credit losses	970	1,252
Accounts receivable, net	22,195	$ 23,917
Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	12,370
Allowance for credit losses	573
Accounts receivable, net	11,797
Wireless service
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	5,055
Allowance for credit losses	140
Accounts receivable, net	4,915
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	5,740
Allowance for credit losses	257
Accounts receivable, net	$ 5,483

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, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 18,991	$ 17,959
Unamortized imputed interest	(365)	(453)
Device payment plan agreement receivables, at amortized cost	18,626	17,506
Allowance	(838)	(940)
Device payment plan agreement receivables, net	17,788	16,566
Account receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, net	11,797	11,601
Other assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, net	$ 5,991	$ 4,965

Device Payment Plan Agreement_4

Device Payment Plan Agreement and Wireless Service Receivables - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Jan. 01, 2021	Dec. 31, 2020	Sep. 30, 2020	Jan. 01, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables transferred to ABS Entities	$ 12,100		$ 12,100
Guarantee liability	66
Device payment plan agreement, trade-in liability	(6,034)	$ (5,598)	(5,598)	$ (5,321)	$ (5,307)
Product Trade-in
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement, trade-in liability	$ (192)		$ (70)
Verizon Business Group And Verizon Consumer Group
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum threshold period for new customers	210 days
Minimum threshold period for existing customers	210 days
Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables originating in 2021	$ 11,826
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 2021	$ 5,000

Device Payment Plan Agreement_5

Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Credit Quality Indicators (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Device payment plan agreement receivables, at amortized cost	$ 18,991	$ 17,959
Device payment plan agreement
Financing Receivable, Credit Quality Indicator [Line Items]
2021	11,826
2020	6,257
Prior to 2020	543
Device payment plan agreement receivables, at amortized cost	18,626
Device payment plan agreement | New customers
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,846
2020	869
Prior to 2020	75
Device payment plan agreement receivables, at amortized cost	2,790
Device payment plan agreement | Existing customers
Financing Receivable, Credit Quality Indicator [Line Items]
2021	9,980
2020	5,388
Prior to 2020	468
Device payment plan agreement receivables, at amortized cost	$ 15,836

Device Payment Plan Agreement_6

Device Payment Plan Agreement and Wireless Service Receivables - Allowance for Credit Losses (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 940
Ending balance	838
Device payment plan agreement
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	940
Current period provision for expected credit losses	349
Write-offs charged against the allowance	(482)
Recoveries collected	31
Ending balance	838
Wireless Service Plan Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	262
Current period provision for expected credit losses	126
Write-offs charged against the allowance	(296)
Recoveries collected	48
Ending balance	$ 140

Device Payment Plan Agreement_7

Device Payment Plan Agreement and Wireless Service Receivables - Balance and Aging of Receivables (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 18,991	$ 17,959
Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	18,626
Device payment plan agreement | Unbilled | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	17,473
Device payment plan agreement | Billed | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	973
Device payment plan agreement | Billed | Past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 180

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, 2021	Dec. 31, 2020
Assets:
Total	$ 1,578	$ 2,704
Other liabilities:
Total	2,271	1,298
Interest rate swaps | Prepaid expenses and other
Assets:
Derivative asset	217
Interest rate swaps | Other assets
Assets:
Derivative asset	283	787
Interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	4
Interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	612	303
Cross currency swaps | Prepaid expenses and other
Assets:
Derivative asset	10
Cross currency swaps | Other assets
Assets:
Derivative asset	620	1,446
Cross currency swaps | Other current liabilities
Other liabilities:
Derivative liabilities	197
Cross currency swaps | Other liabilities
Other liabilities:
Derivative liabilities	1,165	196
Fixed income securities | Other assets
Assets:
Debt securities, available-for-sale	448	459
Foreign exchange forwards | Prepaid expenses and other
Assets:
Derivative asset		12
Foreign exchange forwards | Other current liabilities
Other liabilities:
Derivative liabilities	12	2
Forward starting interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	281	409
Forward starting interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities		388
Level 1
Assets:
Total	0	0
Other liabilities:
Total	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 current liabilities
Other liabilities:
Derivative liabilities	0
Level 1 | Interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 1 | Cross currency swaps | Prepaid expenses and other
Assets:
Derivative asset	0
Level 1 | Cross currency swaps | Other assets
Assets:
Derivative asset	0	0
Level 1 | Cross currency swaps | Other current liabilities
Other liabilities:
Derivative liabilities	0
Level 1 | Cross currency swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 1 | Fixed income securities | Other assets
Assets:
Debt securities, available-for-sale	0	0
Level 1 | Foreign exchange forwards | Prepaid expenses and other
Assets:
Derivative asset		0
Level 1 | Foreign exchange forwards | Other current liabilities
Other liabilities:
Derivative liabilities	0	0
Level 1 | Forward starting interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	0	0
Level 1 | Forward starting interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities		0
Level 2
Assets:
Total	1,578	2,704
Other liabilities:
Total	2,271	1,298
Level 2 | Interest rate swaps | Prepaid expenses and other
Assets:
Derivative asset	217
Level 2 | Interest rate swaps | Other assets
Assets:
Derivative asset	283	787
Level 2 | Interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	4
Level 2 | Interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	612	303
Level 2 | Cross currency swaps | Prepaid expenses and other
Assets:
Derivative asset	10
Level 2 | Cross currency swaps | Other assets
Assets:
Derivative asset	620	1,446
Level 2 | Cross currency swaps | Other current liabilities
Other liabilities:
Derivative liabilities	197
Level 2 | Cross currency swaps | Other liabilities
Other liabilities:
Derivative liabilities	1,165	196
Level 2 | Fixed income securities | Other assets
Assets:
Debt securities, available-for-sale	448	459
Level 2 | Foreign exchange forwards | Prepaid expenses and other
Assets:
Derivative asset		12
Level 2 | Foreign exchange forwards | Other current liabilities
Other liabilities:
Derivative liabilities	12	2
Level 2 | Forward starting interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	281	409
Level 2 | Forward starting interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities		388
Level 3
Assets:
Total	0	0
Other liabilities:
Total	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 current liabilities
Other liabilities:
Derivative liabilities	0
Level 3 | Interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 3 | Cross currency swaps | Prepaid expenses and other
Assets:
Derivative asset	0
Level 3 | Cross currency swaps | Other assets
Assets:
Derivative asset	0	0
Level 3 | Cross currency swaps | Other current liabilities
Other liabilities:
Derivative liabilities	0
Level 3 | Cross currency swaps | Other liabilities
Other liabilities:
Derivative liabilities	0	0
Level 3 | Fixed income securities | Other assets
Assets:
Debt securities, available-for-sale	0	0
Level 3 | Foreign exchange forwards | Prepaid expenses and other
Assets:
Derivative asset		0
Level 3 | Foreign exchange forwards | Other current liabilities
Other liabilities:
Derivative liabilities	0	0
Level 3 | Forward starting interest rate swaps | Other current liabilities
Other liabilities:
Derivative liabilities	$ 0	0
Level 3 | Forward starting interest rate swaps | Other liabilities
Other liabilities:
Derivative liabilities		$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 26, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)
Derivatives, Fair Value [Line Items]
Carrying amount of our investments without readily determinable fair values		$ 843,000,000		$ 843,000,000			$ 402,000,000
Cumulative adjustments due to observable price changes		115,000,000		115,000,000
Cumulative adjustments due to impairment charges		50,000,000		50,000,000
Derivative asset fair value of collateral							(200,000,000)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Net investment hedge		17,756,000,000		17,756,000,000			17,768,000,000
Interest rate swaps | Fair Value Hedges
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period		0	$ 1,100,000,000	2,600,000,000	$ 3,500,000,000
Notional amount of derivative settled during period		851,000,000	0	3,500,000,000	2,400,000,000
Ineffectiveness portion of interest rate swaps		0
Cross currency swaps
Derivatives, Fair Value [Line Items]
Net investment hedge		32,502,000,000		32,502,000,000			26,288,000,000
Cross currency swaps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period		0	0	6,200,000,000	3,300,000,000
Notional amount of derivative settled during period		0	0	0	1,600,000,000
Pre-tax gains (loss) recognized in other comprehensive income (loss)		(1,100,000,000)	1,500,000,000	(2,000,000,000)	(420,000,000)
Forward starting interest rate swaps
Derivatives, Fair Value [Line Items]
Net investment hedge		1,000,000,000		1,000,000,000			2,000,000,000
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	279,000,000	(668,000,000)
Payments for settlement of derivative				237,000,000	293,000,000
Treasury rate locks | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period		0	0	0	1,600,000,000
Notional amount of derivative settled during period		0	0	0	1,600,000,000
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	4,700,000,000	500,000,000
Notional amount of derivative settled during period		0	0	4,700,000,000	500,000,000
Pre-tax gains (loss) recognized in other comprehensive income (loss)		0	0	251,000,000
Proceeds from settlement of derivative				251,000,000
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		870,000,000		870,000,000			$ 1,405,000,000
Foreign exchange forwards | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period		2,700,000,000	3,400,000,000	10,000,000,000	10,300,000,000
Notional amount of derivative settled during period		3,400,000,000	$ 3,100,000,000	10,500,000,000	10,200,000,000
Pre-tax gains (loss) recognized in other comprehensive income (loss)				(51,000,000)	$ 89,000,000
Future Pay-Floating Interest Rate Swaps | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period		$ 1,000,000,000		$ 1,000,000,000
Future Pay-Floating Interest Rate Swaps | Not Designated as Hedging Instrument | Subsequent Event
Derivatives, Fair Value [Line Items]
Notional amount of derivative instruments entered during period	$ 1,000,000,000

Fair Value Measurements - Debt

Fair Value Measurements - Debt Excluding Capital Leases (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	$ 149,674	$ 127,778
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	172,219	156,752
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	113,042	103,967
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	59,177	52,785
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, 2021	Dec. 31, 2020
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 17,756	$ 17,768
Cross currency swaps
Derivative [Line Items]
Notional amount	32,502	26,288
Forward starting interest rate swaps
Derivative [Line Items]
Notional amount	1,000	2,000
Foreign exchange forwards
Derivative [Line Items]
Notional amount	$ 870	$ 1,405

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, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Carrying amount of hedged liabilities	$ 17,223	$ 18,849
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities	(29)	557
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued	$ 603	$ 627

Employee Benefits - Costs by Pl

Employee Benefits - Costs by Plans (Detail) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 67		$ 76			$ 212	$ 222
Amortization of prior service cost (credit)	16		16			46	46
Expected return on plan assets	(309)		(295)			(927)	(888)
Interest cost	102		124			296	401
Remeasurement loss, net	144	$ (1,300)	1,092	$ 153	$ 182	(1,170)	1,427
Other components	(47)		937			(1,755)	986
Total	20		1,013			(1,543)	1,208
Pension | Cost of services
Defined Benefit Plan Disclosure [Line Items]
Service cost	59		61			186	179
Pension | Selling, general and administrative expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	8		15			26	43
Health Care and Life
Defined Benefit Plan Disclosure [Line Items]
Service cost	28		27			85	82
Amortization of prior service cost (credit)	(223)		(242)			(670)	(725)
Expected return on plan assets	(6)		(7)			(17)	(20)
Interest cost	72		108			217	322
Remeasurement loss, net	0		0			0	0
Other components	(157)		(141)			(470)	(423)
Total	(129)		(114)			(385)	(341)
Health Care and Life | Cost of services
Defined Benefit Plan Disclosure [Line Items]
Service cost	24		22			71	67
Health Care and Life | Selling, general and administrative expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4		$ 5			$ 14	$ 15

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Amount paid in severance benefits over the period						$ 169,000,000
Pre-tax severance charges	$ 109,000,000					124,000,000
Charges related to voluntary separations	103,000,000					103,000,000
Post employment benefits liability	529,000,000					529,000,000
Pension
Defined Benefit Plan Disclosure [Line Items]
Remeasurement gain (loss), net	(144,000,000)	$ 1,300,000,000	$ (1,092,000,000)	$ (153,000,000)	$ (182,000,000)	1,170,000,000	$ (1,427,000,000)
Charge (credit) due to change in discount rate assumption	667,000,000	1,200,000,000	1,800,000,000		$ (196,000,000)
Credit (charge) due to difference between estimated and actual return on assets	523,000,000	$ 122,000,000	689,000,000	$ (163,000,000)
Pension | Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Employer discretionary contribution amount	$ 0		$ 0			$ 0	$ 0

Equity and Accumulated Other _3

Equity and Accumulated Other Comprehensive Income (Loss) - Changes in Components of Total equity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 69,272
Net income attributable to Verizon	$ 6,407	$ 4,357	17,452	$ 13,213
Foreign currency translation adjustments	(146)	124	(126)	81
Unrealized gain (loss) on cash flow hedges	(174)	505	(42)	(1,391)
Unrealized gain on marketable securities	0	2	(5)	7
Defined benefit pension and postretirement plans	(155)	(169)	(465)	(507)
Other comprehensive income (loss)			$ (638)
Shareholder plans (in shares)			2,000
Total comprehensive income	6,079	4,966	$ 17,243	11,820
Ending Balance	$ 78,489	$ 66,530	$ 78,489	$ 66,530
Dividends declared per common share (USD per share)	$ 0.6400	$ 0.6275	$ 1.8950	$ 1.8575
Accounting standards update				Accounting Standards Update 2016-02 [Member]
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	13,403	13,281	13,404	13,419
Other	(1)	123	(2)	(15)
Ending Balance	13,402	13,404	13,402	13,404
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	66,310	56,746	60,464	53,147
Other	(4)	(33)	(4)	0
Net income attributable to Verizon	6,407	4,357	17,452	13,213
Dividends declared	(2,651)	(2,597)	(7,850)	(7,687)
Ending Balance	70,062	58,473	70,062	58,473
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			0	(200)
Retained Earnings | Cumulative Effect, Period of Adoption, Adjusted Balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			60,464	52,947
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(234)	(1,274)	(71)	998
Foreign currency translation adjustments	(146)	124	(126)	81
Unrealized gain (loss) on cash flow hedges	(174)	505	(42)	(1,391)
Unrealized gain on marketable securities	0	2	(5)	7
Defined benefit pension and postretirement plans	(155)	(169)	(465)	(507)
Other comprehensive income (loss)	(475)	462	(638)	(1,810)
Ending Balance	(709)	(812)	(709)	(812)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ (6,632)	$ (6,722)	$ (6,719)	$ (6,820)
Beginning balance (in shares)	151,318	153,380	153,304	155,606
Employee plans (in shares)	48	41	2,031	2,263
Employee plans	$ 2	$ 1	$ 89	$ 99
Shareholder plans (in shares)			3	4
Shareholder plans			$ 0	$ 0
Ending Balance (in shares)	151,270	153,339	151,270	153,339
Ending Balance	$ (6,630)	$ (6,721)	$ (6,630)	$ (6,721)
Deferred Compensation-ESOPs and Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	408	237	335	222
Restricted stock equity grant	85	62	315	234
Amortization	(3)	(3)	(160)	(160)
Ending Balance	490	296	490	296
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,428	1,416	1,430	1,440
Total comprehensive income	147	147	429	417
Distributions and other	(130)	(102)	(414)	(396)
Ending Balance	$ 1,445	$ 1,461	$ 1,445	$ 1,461

Equity and Accumulated Other _4

Equity and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021shares
Stockholders' Equity Note [Abstract]
Stock repurchase program, remaining shares available for purchase (in shares)	100,000,000
Number of common shares issued from treasury stock (in shares)	2,000,000

Equity and Accumulated Other _5

Equity and Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			$ 69,272
Other comprehensive loss			(1,208)
Amounts reclassified to net income			570
Net other comprehensive loss			(638)
Ending Balance	$ 78,489	$ 66,530	78,489	$ 66,530
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance	(234)	(1,274)	(71)	998
Net other comprehensive loss	(475)	462	(638)	(1,810)
Ending Balance	(709)	$ (812)	(709)	$ (812)
Foreign  currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			(404)
Other comprehensive loss			(126)
Amounts reclassified to net income			0
Net other comprehensive loss			(126)
Ending Balance	(530)		(530)
Unrealized loss on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			(1,387)
Other comprehensive loss			(1,077)
Amounts reclassified to net income			1,035
Net other comprehensive loss			(42)
Ending Balance	(1,429)		(1,429)
Unrealized gain (loss) on marketable securities
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			25
Other comprehensive loss			(5)
Amounts reclassified to net income			0
Net other comprehensive loss			(5)
Ending Balance	20		20
Defined benefit pension and postretirement plans
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning Balance			1,695
Other comprehensive loss			0
Amounts reclassified to net income			(465)
Net other comprehensive loss			(465)
Ending Balance	$ 1,230		$ 1,230

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021segment
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Operating revenues	$ 32,915	$ 31,543	$ 99,546	$ 93,600
Operating Income	8,905	7,678	24,840	21,618
Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	5,350	4,112	15,837	11,996
Service revenues and other
Segment Reporting Information [Line Items]
Operating revenues	27,565	27,431	83,709	81,604
Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	3,180	3,036	9,492	9,111
Wireless service
Segment Reporting Information [Line Items]
Operating revenues	17,079	16,432	50,707	48,737
Consumer
Segment Reporting Information [Line Items]
Operating revenues	23,271	21,672	69,427	64,431
Consumer | Service
Segment Reporting Information [Line Items]
Operating revenues	16,889	16,255	50,159	48,496
Consumer | Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	4,530	3,403	13,461	9,989
Consumer | Other
Segment Reporting Information [Line Items]
Operating revenues	1,852	2,014	5,807	5,946
Consumer | Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	2,893	2,773	8,648	8,326
Consumer | Wireless service
Segment Reporting Information [Line Items]
Operating revenues	13,982	13,442	41,460	40,005
Business
Segment Reporting Information [Line Items]
Operating revenues	7,673	7,733	23,179	22,858
Business | Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	820	709	2,400	2,000
Business | Small and Medium Business
Segment Reporting Information [Line Items]
Operating revenues	2,929	2,737	8,644	8,132
Business | Global Enterprise
Segment Reporting Information [Line Items]
Operating revenues	2,551	2,594	7,690	7,811
Business | Public Sector and Other
Segment Reporting Information [Line Items]
Operating revenues	1,548	1,639	4,807	4,636
Business | Wholesale
Segment Reporting Information [Line Items]
Operating revenues	645	763	2,038	2,279
Business | Service revenues and other
Segment Reporting Information [Line Items]
Operating revenues	6,900	7,000	20,900	20,900
Business | Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	287	263	844	785
Business | Wireless service
Segment Reporting Information [Line Items]
Operating revenues	3,097	2,990	9,247	8,732
Total reportable segments
Segment Reporting Information [Line Items]
Operating revenues	30,944	29,405	92,606	87,289
Intersegment Eliminations
Segment Reporting Information [Line Items]
Operating revenues	73	80	229	237
Intersegment Eliminations | Consumer
Segment Reporting Information [Line Items]
Operating revenues	57	64	176	183
Intersegment Eliminations | Business
Segment Reporting Information [Line Items]
Operating revenues	16	16	53	54
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	31,017	29,485	92,835	87,526
Operating Income	8,476	8,360	25,247	24,606
Operating Segments | Consumer
Segment Reporting Information [Line Items]
Operating revenues	23,328	21,736	69,603	64,614
Operating Income	7,590	7,437	22,606	21,783
Operating Segments | Business
Segment Reporting Information [Line Items]
Operating revenues	7,689	7,749	23,232	22,912
Operating Income	$ 886	$ 923	$ 2,641	$ 2,823

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 32,915	$ 31,543	$ 99,546	$ 93,600
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	31,017	29,485	92,835	87,526
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	2,009	2,203	7,093	6,442
Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ (111)	$ (145)	$ (382)	$ (368)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Operating income	$ 8,905	$ 7,678	$ 24,840	$ 21,618
Other components of net periodic benefit charges	(192)	(203)	(576)	(610)
Loss on spectrum license transaction	0	0	(223)	(1,195)
Equity in earnings (losses) of unconsolidated businesses	1	(9)	10	(34)
Other income (expense), net	269	(774)	1,172	(703)
Interest expense	(801)	(1,044)	(2,746)	(3,167)
Income Before Provision For Income Taxes	8,374	5,851	23,276	17,714
Operating Segments
Segment Reporting Information [Line Items]
Operating income	8,476	8,360	25,247	24,606
Corporate and other
Segment Reporting Information [Line Items]
Operating income	$ 621	$ (479)	$ 392	$ (1,183)

Commitments and Contingencies (

Commitments and Contingencies (Detail)	9 Months Ended
	Sep. 30, 2021legal_matter
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Approximate number of federal district court actions alleged for patent infringement	20
Guarantee obligations, term	30 years
Payment Guarantee
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Guarantee obligations, term	15 years