Cover
Cover | 3 Months Ended |
Mar. 31, 2022shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
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 | 4,199,643,701 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues | ||
Operating Revenues | $ 33,554 | $ 32,867 |
Operating Expenses | ||
Selling, general and administrative expense | 7,172 | 7,401 |
Depreciation and amortization expense | 4,236 | 4,174 |
Total Operating Expenses | 25,758 | 25,097 |
Operating Income | 7,796 | 7,770 |
Equity in earnings (losses) of unconsolidated businesses | (3) | 8 |
Other income (expense), net | (924) | 401 |
Interest expense | (786) | (1,101) |
Income Before Provision For Income Taxes | 6,083 | 7,078 |
Provision for income taxes | (1,372) | (1,700) |
Net Income | 4,711 | 5,378 |
Net income attributable to noncontrolling interests | 131 | 133 |
Net income attributable to Verizon | 4,580 | 5,245 |
Net Income | $ 4,711 | $ 5,378 |
Basic Earnings Per Common Share | ||
Net income attributable to Verizon (USD per share) | $ 1.09 | $ 1.27 |
Weighted-average shares outstanding (in shares) | 4,201 | 4,141 |
Diluted Earnings Per Common Share | ||
Net income attributable to Verizon (USD per share) | $ 1.09 | $ 1.27 |
Weighted-average shares outstanding (in shares) | 4,202 | 4,142 |
Service revenues and other | ||
Operating Revenues | ||
Operating Revenues | $ 27,218 | $ 27,923 |
Wireless equipment | ||
Operating Revenues | ||
Operating Revenues | 6,336 | 4,944 |
Operating Expenses | ||
Cost of services and equipment | 7,123 | 5,502 |
Service | ||
Operating Expenses | ||
Cost of services and equipment | $ 7,227 | $ 8,020 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 4,711 | $ 5,378 |
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit | ||
Foreign currency translation adjustments, net of tax of $(6) and $8 | (29) | (38) |
Unrealized gain on cash flow hedges, net of tax of $(72) and $(340) | 207 | 909 |
Unrealized loss on marketable securities, net of tax of $5 and $1 | (18) | (5) |
Defined benefit pension and postretirement plans, net of tax of $48 and $51 | (139) | (155) |
Other comprehensive income attributable to Verizon | 21 | 711 |
Total Comprehensive Income | 4,732 | 6,089 |
Comprehensive income attributable to noncontrolling interests | 131 | 133 |
Comprehensive income attributable to Verizon | 4,601 | 5,956 |
Total Comprehensive Income | $ 4,732 | $ 6,089 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax | $ (6) | $ 8 |
Unrealized gain (loss) on cash flow hedges, tax | (72) | (340) |
Unrealized gain (loss) on marketable securities, tax | 5 | 1 |
Defined benefit pension and postretirement plans, tax | $ 48 | $ 51 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 1,661 | $ 2,921 |
Accounts receivable | 24,474 | 24,742 |
Less Allowance for credit losses | 859 | 896 |
Accounts receivable, net | 23,615 | 23,846 |
Inventories | 3,659 | 3,055 |
Prepaid expenses and other | 6,645 | 6,906 |
Total current assets | 35,580 | 36,728 |
Property, plant and equipment | 292,568 | 289,897 |
Less Accumulated depreciation | 192,725 | 190,201 |
Property, plant and equipment, net | 99,843 | 99,696 |
Investments in unconsolidated businesses | 1,074 | 1,061 |
Wireless licenses | 148,083 | 147,619 |
Goodwill | 28,629 | 28,603 |
Other intangible assets, net | 11,432 | 11,677 |
Operating lease right-of-use assets | 27,494 | 27,883 |
Other assets | 13,581 | 13,329 |
Total assets | 365,716 | 366,596 |
Current liabilities | ||
Debt maturing within one year | 13,421 | 7,443 |
Accounts payable and accrued liabilities | 18,169 | 24,833 |
Current operating lease liabilities | 3,847 | 3,859 |
Other current liabilities | 11,148 | 11,025 |
Total current liabilities | 46,585 | 47,160 |
Long-term debt | 139,961 | 143,425 |
Employee benefit obligations | 15,104 | 15,410 |
Deferred income taxes | 41,341 | 40,685 |
Non-current operating lease liabilities | 22,932 | 23,203 |
Other liabilities | 14,618 | 13,513 |
Total long-term liabilities | 233,956 | 236,236 |
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 | 13,874 | 13,861 |
Retained earnings | 73,891 | 71,993 |
Accumulated other comprehensive loss | (906) | (927) |
Common stock in treasury, at cost (91,789,945 and 93,634,725 shares outstanding) | (4,023) | (4,104) |
Deferred compensation – employee stock ownership plans (ESOPs) and other | 497 | 538 |
Noncontrolling interests | 1,413 | 1,410 |
Total equity | 85,175 | 83,200 |
Total liabilities and equity | $ 365,716 | $ 366,596 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 91,789,945 | 93,634,725 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net Income | $ 4,711 | $ 5,378 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 4,236 | 4,174 |
Employee retirement benefits | (210) | (253) |
Deferred income taxes | 627 | 762 |
Provision for expected credit losses | 328 | 224 |
Equity in losses of unconsolidated businesses, net of dividends received | 7 | 19 |
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | (3,492) | (41) |
Other, net | 614 | (569) |
Net cash provided by operating activities | 6,821 | 9,694 |
Cash Flows from Investing Activities | ||
Capital expenditures (including capitalized software) | (5,821) | (4,494) |
Acquisitions of businesses, net of cash acquired | 0 | (408) |
Acquisitions of wireless licenses | (1,838) | (44,783) |
Other, net | (336) | 32 |
Net cash used in investing activities | (7,995) | (49,653) |
Cash Flows from Financing Activities | ||
Proceeds from long-term borrowings | 3,604 | 31,383 |
Proceeds from asset-backed long-term borrowings | 3,545 | 1,000 |
Repayments of long-term borrowings and finance lease obligations | (6,556) | (302) |
Repayments of asset-backed long-term borrowings | (1,650) | (732) |
Dividends paid | (2,654) | (2,601) |
Other, net | 3,956 | (792) |
Net cash provided by financing activities | 245 | 27,956 |
Decrease in cash, cash equivalents and restricted cash | (929) | (12,003) |
Cash, cash equivalents and restricted cash, beginning of period | 4,161 | 23,498 |
Cash, cash equivalents and restricted cash, end of period (Note 1) | $ 3,232 | $ 11,495 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021. 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. Earnings Per Common Share There were a total of approximately 1.5 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three months ended March 31, 2022. There were a total of approximately 1.6 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three months ended March 31, 2021. 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 March 31, At December 31, Increase / (Decrease) (dollars in millions) 2022 2021 Cash and cash equivalents $ 1,661 $ 2,921 $ (1,260) Restricted cash: Prepaid expenses and other 1,430 1,094 336 Other assets 141 146 (5) Cash, cash equivalents and restricted cash $ 3,232 $ 4,161 $ (929) |
Revenues and Contract Costs
Revenues and Contract Costs | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues and Contract Costs | Note 2. Revenues and Contract Costs We earn revenue from contracts with customers, primarily through the provision of telecommunications and other services and through the sale of wireless equipment. Revenue by Category We have two reportable segments that we operate and manage as strategic business units, Consumer and Business. Revenue is disaggregated by products and services within Consumer, and customer groups (Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale) within Business. See Note 10 for additional information on revenue by segment. Corporate and other primarily includes insurance captive revenues. We also earn revenues that are not accounted for under Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers" (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 months ended March 31, 2022 and March 31, 2021, revenues from arrangements that were not accounted for under Topic 606 were approximately $830 million and $735 million, 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 March 31, 2022, month-to-month service contracts represented approximately 94% of our wireless postpaid contracts and approximately 88% of our wireline Consumer and Small and Medium Business contracts, compared to March 31, 2021, for which month-to-month service contracts represented approximately 91% of our wireless postpaid contracts and 78% 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, with or without promotional credits that require maintenance of service, are generally either month-to-month and cancellable at any time, considered to contain terms ranging from greater than one month to up to thirty-six months (typically under a device payment plan), or contain terms ranging from greater than one month to up to twenty-four months (typically under a fixed-term plan). Additionally, customers may incur charges based on usage or additional optional services purchased in conjunction with entering into a contract that can be cancelled at any time and therefore are not included in the transaction price. The transaction price allocated to service performance obligations, which are not satisfied or are partially satisfied as of the end of the reporting period, are generally related to contracts that are not accounted for as month-to-month contracts. Our Consumer group customers also include traditional wholesale resellers that purchase and resell wireless service under their own brands to their respective customers. Reseller arrangements generally include a stated contract term, which typically extends longer than two years and, in some cases, include a periodic minimum revenue commitment over the contract term for which revenues will be recognized in future periods. Consumer customer contracts for wireline services are generally month-to-month; however, they may have a service term of two years or shorter than twelve months. Certain contracts with Business customers for wireline services extend into future periods, contain fixed monthly fees and usage-based fees, and can include annual commitments in each year of the contract or commitments over the entire specified contract term; however, a significant number of contracts for wireline services with our Business customers have a contract term that is twelve months or less. Additionally, there are certain contracts with Business customers for wireline and telematics services 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 nine years ending in August 2031 and have aggregate contract minimum payments totaling $2.1 billion. At March 31, 2022, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the remainder of 2022, 2023 and thereafter was $14.4 billion, $11.3 billion and $4.8 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 March 31, At January 1, At March 31, At January 1, (dollars in millions) 2022 2022 2021 2021 Receivables (1) $ 10,419 $ 10,758 $ 10,821 $ 12,029 Device payment plan agreement receivables (2) 13,478 12,888 10,409 10,358 (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 6. Receivables derived from the sale of equipment on a device payment plan through an authorized agent are excluded. The following table presents information about contract balances: At March 31, At January 1, At March 31, At January 1, (dollars in millions) 2022 2022 2021 2021 Contract asset $ 909 $ 934 $ 923 $ 937 Contract liability (1) 7,504 7,229 5,783 5,598 (1) Revenue recognized related to contract liabilities existing at January 1, 2022 and January 1, 2021 were $4.3 billion and $3.9 billion for the three months ended March 31, 2022 and March 31, 2021, respectively. The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2022 2021 Assets Prepaid expenses and other $ 720 $ 739 Other assets 189 195 Total $ 909 $ 934 Liabilities Other current liabilities $ 6,222 $ 6,053 Other liabilities 1,282 1,176 Total $ 7,504 $ 7,229 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 March 31, At December 31, (dollars in millions) 2022 2021 Assets Prepaid expenses and other $ 2,454 $ 2,432 Other assets 2,262 2,259 Total $ 4,716 $ 4,691 For the three months ended March 31, 2022 and 2021, we recognized expense of $749 million and $765 million, 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 months ended March 31, 2022 or March 31, 2021. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | Note 3. Acquisitions and Divestitures Spectrum License Transactions In February 2021, the FCC concluded Auction 107 for C-Band wireless spectrum. 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 payments 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. During the year ended December 31, 2021, we made payments of $1.3 billion primarily related to certain obligations for projected clearing costs. In January 2022, we made additional payments of $1.4 billion for obligations related to accelerated clearing incentives, which were accrued as of December 31, 2021. 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 consists 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, as well as capitalized interest to the extent qualifying activities have occurred. In March 2022, Verizon signed agreements with satellite operators in which operators agreed to clear C-Band spectrum in certain markets and frequencies ahead of the previously expected December 2023 timeframe. This early clearance, if successful, would accelerate Verizon's access to more spectrum in a number of key markets to support its 5G initiatives. During the three months ended March 31, 2022 and 2021, we entered into and completed various other wireless license acquisitions for cash consideration of an insignificant amount and $90 million, respectively. We recognized a pre-tax loss in connection with the sale of certain wireless licenses during the three months ended March 31, 2021 of $223 million ($167 million after-tax). 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 leading provider of prepaid and value mobile services in the U.S. The transaction closed on November 23, 2021 (the Acquisition Date). The acquisition positions Verizon as the leading prepaid, value and premium wireless carrier by expanding Verizon’s portfolio, bringing enhanced access of our wireless network and comprehensive suite of mobility products and services to a new customer base. In accordance with the terms of the TracFone Purchase Agreement, Verizon acquired all of TracFone's outstanding stock in exchange for approximately $3.5 billion in cash, net of cash acquired and working capital and other adjustments, subject to customary adjustments, 57,596,544 shares of Verizon common stock valued at approximately $3.0 billion, and up to an additional $650 million in future cash contingent consideration related to the achievement of certain performance measures and other commercial arrangements. The fair value of the Verizon common stock was determined on the basis of its closing market price on the Acquisition Date. The estimated fair value of the contingent consideration as of the Acquisition Date was approximately $542 million and represents a Level 3 measurement as defined in ASC 820, Fair Value Measurements and Disclosures. See Note 7 for additional information. The contingent consideration payable is based on the achievement of certain revenue and operational targets, measured over a two-year earn out period, as defined in the TracFone Purchase Agreement. Payments related to the contingent consideration are expected to begin in 2022 and continue through 2024. The TracFone acquisition was accounted for as a business combination. The purchase consideration was preliminarily allocated to the assets acquired and liabilities assumed based on their fair values as of the Acquisition Date. The following table summarizes the preliminary allocation of the consideration paid and payable to the identified assets acquired and liabilities assumed as of the Acquisition Date. The purchase price allocation is preliminary and is subject to revision as additional information about the fair value of the assets acquired and liabilities assumed, including related deferred income taxes, become available. November 23, Measurement Period Adjustments (1) Adjusted (dollars in millions) 2021 Fair Value Consideration: Cash, net of cash acquired and working capital and other adjustments $ 3,491 $ — $ 3,491 Fair value of Verizon common stock (57,596,544 shares) 2,981 — 2,981 Fair value of contingent consideration to be paid 542 — 542 Total consideration $ 7,014 $ — $ 7,014 Assets acquired: Current assets $ 1,370 $ (4) $ 1,366 Property, plant and equipment, net 96 (1) 95 Goodwill 3,723 30 3,753 Other intangible assets 4,374 — 4,374 Other assets 731 (3) 728 Total assets acquired $ 10,294 $ 22 $ 10,316 Liabilities assumed: Current liabilities 1,433 32 1,465 Deferred income taxes 1,007 (10) 997 Other liabilities 840 — 840 Total liabilities assumed $ 3,280 $ 22 $ 3,302 Net assets acquired $ 7,014 $ — $ 7,014 (1) Adjustments to the fair value measurements reflect new information obtained about facts and circumstances that existed as of the Acquisition Date, that if known, would have affected the measurement of the amounts recognized as of that date. The most significant adjustments related to an increase in goodwill and deferred commission costs. Other intangible assets include $2.3 billion related to customer relationships, $1.3 billion related to distribution relationships, $744 million related to trade names and $110 million related to acquired technology. Goodwill is calculated as the difference between the Acquisition Date fair value of the consideration paid and payable and the fair value of the net assets acquired, representing future economic benefits that we expect to achieve as a result of the acquisition. The goodwill related to this acquisition is included within the Consumer segment. Pursuant to the TracFone Purchase Agreement, América Móvil agreed to indemnify Verizon against pre-acquisition tax matters. As of the Acquisition Date, we have recorded uncertain tax liabilities and offsetting indemnification assets of $730 million, for the expected reimbursement of tax related matters that had not been resolved as of the Acquisition Date. The liabilities are presented in Other liabilities, and the indemnification assets are presented in Other assets, within our condensed consolidated balance sheets. We expect that any additional liabilities that may arise related to these indemnified matters would be indemnified and reimbursed by América Móvil. 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. The acquisition of Bluegrass was accounted for as a business combination. The consideration was allocated to the assets acquired and liabilities assumed based on their fair values as of the close of the acquisition. 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 the Consumer segment. Verizon Media Divestiture 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 Group (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. On September 28, 2021, the Apollo Affiliate redeemed $100 million of Verizon’s preferred limited partnership interest. The carrying value of our preferred limited partnership interest as of March 31, 2022 was $396 million. 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 Corporate and other. 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. Under our ownership, Verizon Media generated revenues from contracts with customers under Topic 606 of approximately $1.9 billion during the three months ended March 31, 2021. |
Wireless Licenses, Goodwill and
Wireless Licenses, Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
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 are as follows: At March 31, At December 31, (dollars in millions) 2022 2021 Wireless licenses $ 148,083 $ 147,619 At March 31, 2022 and 2021, approximately $53.2 billion and $53.5 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded approximately $452 million and $79 million of capitalized interest on wireless licenses for the three months ended March 31, 2022 and 2021, respectively. We recorded $35 million of capitalized interest on Deposits for wireless licenses during the three months ended March 31, 2021. During the three months ended March 31, 2022, we renewed various wireless licenses in accordance with FCC regulations. The average renewal period for these licenses was 15 years. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Consumer Business Other Total Balance at January 1, 2022 $ 21,042 $ 7,515 $ 46 $ 28,603 Acquisitions (1) 30 — — 30 Reclassifications, adjustments and other — (2) (2) (4) Balance at March 31, 2022 $ 21,072 $ 7,513 $ 44 $ 28,629 (1) The change in goodwill relates to the acquisition of TracFone. 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 March 31, 2022 At December 31, 2021 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 13 years) $ 4,202 $ (1,281) $ 2,921 $ 4,201 $ (1,126) $ 3,075 Non-network internal-use software (5 to 7 years) 21,659 (15,258) 6,401 21,310 (14,897) 6,413 Other (4 to 25 years) 2,984 (874) 2,110 2,974 (785) 2,189 Total $ 28,845 $ (17,413) $ 11,432 $ 28,485 $ (16,808) $ 11,677 The amortization expense for Other intangible assets was as follows: Three Months Ended (dollars in millions) March 31, 2022 $ 635 2021 629 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 2022 $ 1,886 2023 2,329 2024 2,037 2025 1,848 2026 1,577 2027 842 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. 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 three months ended March 31, 2022. Tender Offers (dollars in millions) Principal Amount Purchased Cash Consideration (1) Verizon and subsidiary 2.987% - 8.950% notes, due 2032 - 2056 $ 5,032 $ 5,587 (1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase. Repayments, Redemptions and Repurchases (dollars in millions) Principal Repaid/ Redeemed/ Repurchased Amount Paid (1) Verizon floating rate (London Inter-Bank Offered Rate + 1.000%) notes due 2022 $ 1,094 $ 1,097 (1) Represents amount paid to repay, redeem, or repurchase, including any accrued interest. Issuances (dollars in millions) Principal Amount Issued Net Proceeds (1) Verizon 3.875% notes due 2052 (2) $ 1,000 $ 982 Verizon 4.100% notes due 2055 655 650 Total $ 1,655 $ 1,632 (1) Net proceeds were net of underwriting discounts and other issuance costs. (2) 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, 2021 through the maturity date of the green bond. Short-Term Borrowing and Commercial Paper Program In March 2022, we entered into a short-term uncommitted credit facility with the ability to borrow up to $1.0 billion. As of March 31, 2022, there was an outstanding balance of $1.0 billion under the facility. During the three months ended March 31, 2022, we issued $9.4 billion in commercial paper and we repaid $5.6 billion of commercial paper. As of March 31, 2022, we had $3.8 billion of commercial paper outstanding. These transactions were recorded within Other, net cash flow from financing in our condensed consolidated statements of cash flows. Asset-Backed Debt As of March 31, 2022 , the carrying value of our asset-backed debt was $16.1 billion. Our asset-backed debt includes Asset-Backed Notes (ABS Notes) issued to third-party investors (Investors) and loans (ABS Financing Facilities) received from banks and their conduit facilities (collectively, the Banks). Our consolidated asset-backed debt bankruptcy remote legal entities (each, an ABS Entity, or collectively, the ABS Entities) issue the debt or are otherwise party to the transaction documentation in connection with our asset-backed debt transactions. Under the terms of our asset-backed debt, Cellco Partnership (Cellco), 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 three months ended March 31, 2022 , we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued January 2022 Series 2022-1 A Senior class notes 1.040 1.49 $ 799 B Junior class notes 1.270 1.49 64 C Junior class notes 1.390 1.49 37 Series 2022-2 A Senior class notes 1.530 2.99 710 B Junior class notes 1.830 2.99 57 C Junior class notes 2.010 2.99 33 Total $ 1,700 Under the terms of each series of ABS Notes, there is a revolving period of 18 months, two years or up to three years, as applicable, during which we may transfer additional receivables to the ABS Entity. During the three months ended March 31, 2022 , we made aggregate principal repayments of $1.1 billion on ABS Notes that have entered the amortization period, including principal payments made in connection with clean-up redemptions. ABS Financing Facility In January 2022, we prepaid an aggregate of $515 million of the two loans outstanding in connection with the ABS Financing Facility entered into in December 2021. In March 2022, we borrowed an additional $1.9 billion under the loan agreements entered into in connection with such ABS Financing Facility. T he aggregate outstanding balance under such ABS Financing Facility was $5.6 billion as of March 31, 2022 . 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 March 31, At December 31, (dollars in millions) 2022 2021 Assets Accounts receivable, net $ 11,682 $ 10,705 Prepaid expenses and other 1,432 1,094 Other assets 7,050 5,455 Liabilities Accounts payable and accrued liabilities 10 10 Debt maturing within one year 6,357 5,024 Long-term debt 9,745 9,178 See Note 6 for additional information on device payment plan agreement receivables used to secure asset-backed debt. Long-Term Credit Facilities At March 31, 2022 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2024 $ 9,500 $ 9,424 N/A Various export credit facilities (2) 2024 - 2030 9,000 — $ 6,471 Total $ 18,500 $ 9,424 $ 6,471 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 three months ended March 31, 2022 and 2021, we drew down $2.0 billion and $470 million , respectively, 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. Non-Cash Transactions During the three months ended March 31, 2022 and 2021, we financed, primarily through alternative financing arrangements, the purchase of approximately $150 million and $117 million, respectively, of long-lived assets consisting primarily of network equipment. As of March 31, 2022 and December 31, 2021, $1.4 billion and $1.3 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 the three months ended March 31, 2022, we recorded debt extinguishment losses of $1.2 billion. The losses are recorded in Other income (expense), net in our condensed consolidated statements of income. The total losses are reflected as an adjustment to reconcile net income to Net cash provided by operating activities and the portion of the losses representing cash payments are reflected within Net cash provided by financing activities in our condensed consolidated statements of cash flows. Guarantees We guarantee the debentures of our operating telephone company subsidiaries. As of March 31, 2022 , $717 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. Debt Covenants We and our consolidated subsidiaries are in compliance with all of our restrictive covenants in our debt agreements. |
Device Payment Plan Agreement a
Device Payment Plan Agreement and Wireless Service Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Device Payment Plan Agreement and Wireless Service Receivables | Note 6. Device Payment Plan Agreement and Wireless Service Receivables The following table presents information about accounts receivable, net of allowances, recorded in our condensed consolidated balance sheets: At March 31, 2022 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable $ 13,385 $ 4,790 $ 6,299 $ 24,474 Less Allowance for credit losses 456 145 258 859 Accounts receivable, net of allowance $ 12,929 $ 4,645 $ 6,041 $ 23,615 (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. Wireless Device Payment Plan Agreement Receivables The following table displays device payment plan agreement receivables, net, recognized in our condensed consolidated balance sheets: At March 31, At December 31, (dollars in millions) 2022 2021 Device payment plan agreement receivables, gross $ 21,982 $ 21,303 Unamortized imputed interest (337) (358) Device payment plan agreement receivables, at amortized cost 21,645 20,945 Allowance (1) (754) (759) Device payment plan agreement receivables, net $ 20,891 $ 20,186 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 12,929 $ 12,783 Other assets 7,962 7,403 Device payment plan agreement receivables, net $ 20,891 $ 20,186 (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 March 31, 2022 and December 31, 2021, are net device payment plan agreement receivables of $18.5 billion and $16.0 billion, respectively, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets. See Note 5 for additional information. We believe the carrying value of these receivables approximate their fair value using a Level 3 expected cash flow model. For indirect channel wireless contracts with customers, we impute risk adjusted interest on the device payment plan agreement receivables. We record the imputed interest as a reduction to the related accounts receivable. Interest income, which is included within Service revenues and other in our condensed consolidated statements of income, is recognized over the financed device payment term. Promotions 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 March 31, 2022 and December 31, 2021, the amount of the guarantee liability was $67 million and $77 million, 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 March 31, 2022 and December 31, 2021, the amount of trade-in liability was $372 million and $366 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 less than 210 days 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 March 31, 2022, by credit quality indicator and year of origination: Year of Origination (1) (dollars in millions) 2022 2021 Prior to 2021 Total New customers $ 751 $ 2,098 $ 364 $ 3,213 Existing customers 4,222 11,853 2,357 18,432 Total $ 4,973 $ 13,951 $ 2,721 $ 21,645 (1) Includes accounts that have been suspended at a point in time. The data presented in the table above was last updated on March 31, 2022. We assess indicators for the quality of our wireless service receivables portfolio as one overall pool. As of March 31, 2022, wireless service receivables, at amortized cost, originating in 2022 and 2021 were $4.6 billion and $226 million, 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 was as follows: (dollars in millions) Device Payment Plan Agreement Receivables (1) Wireless Service Plan Receivables Balance at January 1, 2022 $ 759 $ 130 Current period provision for expected credit losses 175 98 Write-offs charged against the allowance (190) (93) Recoveries collected 10 10 Balance at March 31, 2022 $ 754 $ 145 (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 March 31, (dollars in millions) 2022 Unbilled $ 20,468 Billed: Current 963 Past due 214 Device payment plan agreement receivables, at amortized cost $ 21,645 |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Financial Instruments | Note 7. Fair Value Measurements and Financial Instruments Recurring Fair Value Measurements The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2022: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 17 $ — $ 17 Interest rate swaps — 70 — 70 Cross currency swaps — 12 — 12 Foreign exchange forwards — 4 — 4 Interest rate caps — 41 — 41 Other assets: Fixed income securities — 370 — 370 Interest rate swaps — 1 — 1 Cross currency swaps — 370 — 370 Interest rate caps — 139 — 139 Total $ — $ 1,024 $ — $ 1,024 Liabilities: Other current liabilities: Interest rate swaps $ — $ 86 $ — $ 86 Foreign exchange forwards — 4 — 4 Cross currency swaps — 322 — 322 Interest rate caps — 41 — 41 Forward starting interest rate swaps — 99 — 99 Contingent consideration — — 327 327 Other liabilities: Interest rate swaps — 1,787 — 1,787 Cross currency swaps — 1,524 — 1,524 Interest rate caps — 139 — 139 Contingent consideration — — 212 212 Total $ — $ 4,002 $ 539 $ 4,541 (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. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 18 $ — $ 18 Interest rate swaps — 188 — 188 Cross currency swaps — 9 — 9 Foreign exchange forwards — 12 — 12 Other assets: Fixed income securities — 391 — 391 Interest rate swaps — 285 — 285 Cross currency swaps — 580 — 580 Interest rate caps — 44 — 44 Total $ — $ 1,527 $ — $ 1,527 Liabilities: Other current liabilities: Interest rate swaps $ — $ 1 $ — $ 1 Forward starting interest rate swaps — 302 — 302 Cross currency swaps — 218 — 218 Contingent consideration — — 231 231 Other liabilities: Interest rate swaps — 665 — 665 Cross currency swaps — 1,406 — 1,406 Interest rate caps — 44 — 44 Contingent consideration — — 313 313 Total $ — $ 2,636 $ 544 $ 3,180 (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 March 31, 2022 and December 31, 2021, the carrying amount of our investments without readily determinable fair values were $828 million and $808 million, respectively. During the three months ended March 31, 2022, there were insignificant adjustments due to observable price changes and there were no impairment charges. As of March 31, 2022, cumulative adjustments due to observable price changes and impairment charges were approximately $157 million and $63 million, respectively. Verizon has a liability for contingent consideration related to its acquisition of TracFone, completed in November 2021. The fair value is calculated using a probability-weighted discounted cash flow model and represents a Level 3 measurement. Level 3 instruments include valuation based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. Subsequent to the Acquisition Date, at each reporting date, the contingent consideration liability is remeasured to fair value with changes recorded within Selling, general and administrative expense in our condensed consolidated statements of income. 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, 2021 $ 149,543 $ 106,599 $ 62,606 $ — $ 169,205 At March 31, 2022 152,009 95,790 62,912 — 158,702 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 March 31, At December 31, (dollars in millions) 2022 2021 Interest rate swaps $ 25,571 $ 19,779 Cross currency swaps 32,502 32,502 Forward starting interest rate swaps 600 1,000 Foreign exchange forwards 975 932 The following tables summarize the activities of our designated derivatives: Three Months Ended March 31, (dollars in millions) 2022 2021 Interest Rate Swaps: Notional value entered into $ 6,655 $ 1,000 Notional value settled 863 895 Gain recognized in Interest expense — 1 Cross Currency Swaps: Notional value entered into — 6,214 Notional value settled — — Pre-tax loss recognized in Other comprehensive income (430) (226) Forward Starting Interest Rate Swaps: Notional value entered into — — Notional value settled 400 1,000 Pre-tax gain recognized in Other comprehensive income 128 400 Treasury Rate Locks: Notional value entered into — 4,650 Notional value settled — 4,650 Pre-tax gain recognized in Other comprehensive income — 251 Three Months Ended March 31, (dollars in millions) 2022 2021 Other, net Cash Flows from Operating Activities: Cash received for settlement of interest rate swaps $ 40 $ 57 Cash paid for settlement of forward starting interest rate swaps (76) (237) Cash received for settlement of treasury rate locks — 251 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 March 31, At December 31, (dollars in millions) 2022 2021 Carrying amount of hedged liabilities $ 23,653 $ 20,027 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (1,677) (113) Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 553 575 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. In April 2022, we entered into interest rate swaps for a total notional amount of $500 million. Cross Currency Swaps We have entered into cross currency swaps previously designated as cash flow hedges through March 31, 2022 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. A portion of the gains recognized in Other comprehensive income was reclassified to Interest expense to offset the related pre-tax foreign currency transaction gain or loss on the underlying hedged item. See Note 9 for additional information. On March 31, 2022, we elected to de-designate our cross currency swaps and re-designated these swaps as fair value hedges. For these hedges, we have elected to exclude the change in fair value of the cross currency swap related to both time value and cross currency basis spread from the assessment of hedge effectiveness (the excluded components). Changes in the fair value of the cross currency swaps attributable to changes in the spot rate of the hedged item and changes in the recorded value of the hedged debt due to changes in spot rates are recorded in the same income statement line item. We present exchange gains and losses from the conversion of foreign currency denominated debt as part of Interest expense. Changes in the fair value of cross currency swaps attributable to the excluded components are recorded to Other comprehensive income and will be amortized to Interest expense on a systematic and rational basis over the remaining life of the hedging instrument. The amount remaining in Accumulated other comprehensive loss amounting to $1.0 billion related to cash flow hedges on the date of transition will be reclassified to earnings when the hedged item is recognized in earnings or when it becomes probable that the forecasted transactions will not occur. 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. We recognize gains and losses resulting from interest rate movements in Other comprehensive income . In April 2022, we settled forward starting interest rate swaps with a total notional amount of $600 million. Treasury Rate Locks We enter into treasury rate locks to mitigate our interest rate risk. We recognize gains and losses resulting from interest rate movements in Other comprehensive income . Net Investment Hedges We have designated certain foreign currency debt instruments as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. The notional amount of Euro-denominated debt designated as a net investment hedge was €750 million as of both March 31, 2022 and December 31, 2021. 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. The following table summarizes the activity of our derivatives not designated in hedging relationships: Three Months Ended March 31, (dollars in millions) 2022 2021 Foreign Exchange Forwards: Notional value entered into $ 2,646 $ 3,525 Notional value settled 2,603 3,630 Pre-tax loss recognized in Other income (expense), net (28) (30) Swaptions: Notional value sold 1,000 — Notional value settled 1,000 — Pre-tax loss recognized in Interest expense (33) — 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. Swaptions We enter into swaptions to achieve a targeted mix of fixed and variable rate debt. Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, including device payment plan agreement receivables, certain notes receivable, including lease receivables, and derivative contracts. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 8. Employee Benefits We maintain non-contributory defined benefit pension plans for certain employees. In addition, we maintain postretirement health care and life insurance plans for certain retirees and their dependents, which are both contributory and non-contributory, and include a limit on our share of the cost for certain current and future retirees. In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include service costs associated with pension and other postretirement benefits while other credits and/or charges based on actuarial assumptions, including projected discount rates, an estimated return on plan assets, and impact from health care trend rates are reported in Other 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 Income The following table summarizes the components of net periodic benefit income related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Three Months Ended March 31, 2022 2021 2022 2021 Service cost - Cost of services $ 58 $ 65 $ 19 $ 24 Service cost - Selling, general and administrative expense 8 9 4 5 Service cost 66 74 23 29 Amortization of prior service cost (credit) 15 15 (203) (223) Expected return on plan assets (297) (309) (7) (6) Interest cost 110 95 83 72 Other components (172) (199) (127) (157) Total $ (106) $ (125) $ (104) $ (128) The service cost component of net periodic benefit 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 mark-to-market adjustments, if any, are recorded in Other income (expense), net. Severance Payments During the three months ended March 31, 2022, we paid severance benefits of $94 million. During the three months ended March 31, 2022, we recorded pre-tax severance activity of an insignificant amount. At March 31, 2022, we had a remaining severance liability of $444 million, a portion of which includes future contractual payments to separated employees. Employer Contributions During the three months ended March 31, 2022 and March 31, 2021, 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, 2022. There have been no significant changes with respect to the nonqualified pension and other postretirement benefit plans contributions in 2022. |
Equity and Accumulated Other Co
Equity and Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Equity and Accumulated Other Comprehensive Loss | Note 9. Equity and Accumulated Other Comprehensive 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 March 31, 2022 2021 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 13,861 13,404 Other 13 4 Balance at end of period 13,874 13,408 Retained Earnings Balance at beginning of period 71,993 60,464 Net income attributable to Verizon 4,580 5,245 Dividends declared ($0.6400, $0.6275 per share) (2,692) (2,602) Other 10 — Balance at end of period 73,891 63,107 Accumulated Other Comprehensive Income (Loss) Balance at beginning of period attributable to Verizon (927) (71) Foreign currency translation adjustments (29) (38) Unrealized gain on cash flow hedges 207 909 Unrealized loss on marketable securities (18) (5) Defined benefit pension and postretirement plans (139) (155) Other comprehensive income 21 711 Balance at end of period attributable to Verizon (906) 640 Treasury Stock Balance at beginning of period (93,635) (4,104) (153,304) (6,719) Employee plans 1,842 81 1,935 85 Shareholder plans 3 — 3 — Balance at end of period (91,790) (4,023) (151,366) (6,634) Deferred Compensation-ESOPs and Other Balance at beginning of period 538 335 Restricted stock equity grant 109 99 Amortization (150) (152) Balance at end of period 497 282 Noncontrolling Interests Balance at beginning of period 1,410 1,430 Total comprehensive income 131 133 Distributions and other (128) (112) Balance at end of period 1,413 1,451 Total Equity $ 85,175 $ 72,683 Common Stock Verizon did not repurchase any shares of Verizon common stock through its previously authorized share buyback program during the three months ended March 31, 2022. At March 31, 2022, 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 1.8 million shares of common stock issued from Treasury stock during the three months ended March 31, 2022. Accumulated Other Comprehensive Loss The changes in the balances of Accumulated other comprehensive loss by component were as follows: (dollars in millions) Foreign Unrealized gain (loss) on cash flow hedges Unrealized gain (loss) on marketable securities Defined benefit pension and postretirement plans Total Balance at January 1, 2022 $ (545) $ (1,472) $ 16 $ 1,074 $ (927) Other comprehensive loss (29) (224) (18) — (271) Amounts reclassified to net income — 431 — (139) 292 Net other comprehensive income (loss) (29) 207 (18) (139) 21 Balance at March 31, 2022 $ (574) $ (1,265) $ (2) $ 935 $ (906) The amounts presented above in Net other comprehensive income (loss) are net of taxes. The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges in the table above are included in Interest expense in our condensed consolidated statements of income. See Note 7 for additional information. The amounts reclassified to net income related to unrealized gain (loss) on marketable securities in the table above are included in Other income (expense), net in our condensed consolidated statements of income. 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 8 for additional information. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 10. Segment Information Reportable Segments We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision maker’s assessment of segment performance. Our segments and their principal activities consist of the following: Segment Description Verizon Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon brand, TracFone brands and through wholesale and other arrangements. We also provide fixed wireless access (FWA) broadband through our wireless networks. 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 also provide FWA broadband through our wireless networks. 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 following table provides operating financial information for our two reportable segments: Three Months Ended March 31, (dollars in millions) 2022 2021 External Operating Revenues Consumer Service $ 18,126 $ 16,566 Wireless equipment 5,374 4,192 Other 1,742 1,982 Total Consumer 25,242 22,740 Business Small and Medium Business 3,037 2,825 Global Enterprise 2,460 2,557 Public Sector and Other 1,552 1,645 Wholesale 647 735 Total Business 7,696 7,762 Total reportable segments $ 32,938 $ 30,502 Intersegment Revenues Consumer $ 50 $ 58 Business 13 19 Total reportable segments $ 63 $ 77 Total Operating Revenues Consumer $ 25,292 $ 22,798 Business (1) 7,709 7,781 Total reportable segments $ 33,001 $ 30,579 Operating Income Consumer $ 7,319 $ 7,519 Business 673 899 Total reportable segments $ 7,992 $ 8,418 (1) Service and other revenues and Wireless equipment revenues included in our Business segment amounted to approximately $6.7 billion and $962 million, respectively, for the three months ended March 31, 2022, and approximately $7.0 billion and $752 million, respectively, for the three months ended March 31, 2021. The following table provides Fios revenue for our two reportable segments: Three Months Ended March 31, (dollars in millions) 2022 2021 Consumer $ 2,911 $ 2,860 Business 295 276 Total Fios revenue $ 3,206 $ 3,136 The following table provides Wireless service revenue for our reportable segments and includes intersegment activity: Three Months Ended March 31, (dollars in millions) 2022 2021 Consumer $ 15,217 $ 13,684 Business 3,125 3,060 Total Wireless service revenue $ 18,342 $ 16,744 Reconciliation to Consolidated Financial Information The reconciliation of segment operating revenues and operating income to consolidated operating revenues and operating income below includes the effects of the special items that the chief operating decision maker does not consider in assessing segment performance, primarily due to their nature. A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended March 31, (dollars in millions) 2022 2021 Total reportable segment operating revenues $ 33,001 $ 30,579 Corporate and other 618 2,422 Eliminations (65) (134) Total consolidated operating revenues $ 33,554 $ 32,867 A reconciliation of the total reportable segment's operating income to consolidated income before provision for income taxes is as follows: Three Months Ended March 31, (dollars in millions) 2022 2021 Total reportable segment operating income $ 7,992 $ 8,418 Corporate and other (24) (233) Other components of net periodic benefit charges (Note 8) (172) (192) Loss on spectrum licenses (Note 3) — (223) Total consolidated operating income 7,796 7,770 Equity in earnings (losses) of unconsolidated businesses (3) 8 Other income (expense), net (924) 401 Interest expense (786) (1,101) Income Before Provision For Income Taxes $ 6,083 $ 7,078 No single customer accounted for more than 10% of our total operating revenues during the three months ended March 31, 2022 or 2021. The chief operating decision maker does not review disaggregated assets on a segment basis; therefore, such information is not presented. Depreciation and amortization included in the measure of segment profitability is primarily allocated based on proportional usage, and is included within Total reportable segment operating income. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies In the ordinary course of business, Verizon is involved in various commercial litigation and regulatory proceedings at the state and federal level. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including: (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period. Verizon is currently involved in approximately 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021. 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. |
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) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, At December 31, Increase / (Decrease) (dollars in millions) 2022 2021 Cash and cash equivalents $ 1,661 $ 2,921 $ (1,260) Restricted cash: Prepaid expenses and other 1,430 1,094 336 Other assets 141 146 (5) Cash, cash equivalents and restricted cash $ 3,232 $ 4,161 $ (929) |
Schedule of Restricted Cash | Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At March 31, At December 31, Increase / (Decrease) (dollars in millions) 2022 2021 Cash and cash equivalents $ 1,661 $ 2,921 $ (1,260) Restricted cash: Prepaid expenses and other 1,430 1,094 336 Other assets 141 146 (5) Cash, cash equivalents and restricted cash $ 3,232 $ 4,161 $ (929) |
Revenues and Contract Costs (Ta
Revenues and Contract Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, At January 1, At March 31, At January 1, (dollars in millions) 2022 2022 2021 2021 Receivables (1) $ 10,419 $ 10,758 $ 10,821 $ 12,029 Device payment plan agreement receivables (2) 13,478 12,888 10,409 10,358 (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 6. Receivables derived from the sale of equipment on a device payment plan through an authorized agent are excluded. |
Contract with Customer, Asset and Liability | The following table presents information about contract balances: At March 31, At January 1, At March 31, At January 1, (dollars in millions) 2022 2022 2021 2021 Contract asset $ 909 $ 934 $ 923 $ 937 Contract liability (1) 7,504 7,229 5,783 5,598 (1) Revenue recognized related to contract liabilities existing at January 1, 2022 and January 1, 2021 were $4.3 billion and $3.9 billion for the three months ended March 31, 2022 and March 31, 2021, respectively. The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2022 2021 Assets Prepaid expenses and other $ 720 $ 739 Other assets 189 195 Total $ 909 $ 934 Liabilities Other current liabilities $ 6,222 $ 6,053 Other liabilities 1,282 1,176 Total $ 7,504 $ 7,229 |
Capitalized Contract Cost | The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2022 2021 Assets Prepaid expenses and other $ 2,454 $ 2,432 Other assets 2,262 2,259 Total $ 4,716 $ 4,691 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the consideration paid and payable to the identified assets acquired and liabilities assumed as of the Acquisition Date. The purchase price allocation is preliminary and is subject to revision as additional information about the fair value of the assets acquired and liabilities assumed, including related deferred income taxes, become available. November 23, Measurement Period Adjustments (1) Adjusted (dollars in millions) 2021 Fair Value Consideration: Cash, net of cash acquired and working capital and other adjustments $ 3,491 $ — $ 3,491 Fair value of Verizon common stock (57,596,544 shares) 2,981 — 2,981 Fair value of contingent consideration to be paid 542 — 542 Total consideration $ 7,014 $ — $ 7,014 Assets acquired: Current assets $ 1,370 $ (4) $ 1,366 Property, plant and equipment, net 96 (1) 95 Goodwill 3,723 30 3,753 Other intangible assets 4,374 — 4,374 Other assets 731 (3) 728 Total assets acquired $ 10,294 $ 22 $ 10,316 Liabilities assumed: Current liabilities 1,433 32 1,465 Deferred income taxes 1,007 (10) 997 Other liabilities 840 — 840 Total liabilities assumed $ 3,280 $ 22 $ 3,302 Net assets acquired $ 7,014 $ — $ 7,014 (1) Adjustments to the fair value measurements reflect new information obtained about facts and circumstances that existed as of the Acquisition Date, that if known, would have affected the measurement of the amounts recognized as of that date. The most significant adjustments related to an increase in goodwill and deferred commission costs. |
Wireless Licenses, Goodwill a_2
Wireless Licenses, Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Wireless Licenses | The carrying amounts of our Wireless licenses are as follows: At March 31, At December 31, (dollars in millions) 2022 2021 Wireless licenses $ 148,083 $ 147,619 |
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, 2022 $ 21,042 $ 7,515 $ 46 $ 28,603 Acquisitions (1) 30 — — 30 Reclassifications, adjustments and other — (2) (2) (4) Balance at March 31, 2022 $ 21,072 $ 7,513 $ 44 $ 28,629 (1) The change in goodwill relates to the acquisition of TracFone. 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 March 31, 2022 At December 31, 2021 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 13 years) $ 4,202 $ (1,281) $ 2,921 $ 4,201 $ (1,126) $ 3,075 Non-network internal-use software (5 to 7 years) 21,659 (15,258) 6,401 21,310 (14,897) 6,413 Other (4 to 25 years) 2,984 (874) 2,110 2,974 (785) 2,189 Total $ 28,845 $ (17,413) $ 11,432 $ 28,485 $ (16,808) $ 11,677 |
Amortization Expense for Other Intangible Assets | The amortization expense for Other intangible assets was as follows: Three Months Ended (dollars in millions) March 31, 2022 $ 635 2021 629 |
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 2022 $ 1,886 2023 2,329 2024 2,037 2025 1,848 2026 1,577 2027 842 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 three months ended March 31, 2022. Tender Offers (dollars in millions) Principal Amount Purchased Cash Consideration (1) Verizon and subsidiary 2.987% - 8.950% notes, due 2032 - 2056 $ 5,032 $ 5,587 (1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase. Repayments, Redemptions and Repurchases (dollars in millions) Principal Repaid/ Redeemed/ Repurchased Amount Paid (1) Verizon floating rate (London Inter-Bank Offered Rate + 1.000%) notes due 2022 $ 1,094 $ 1,097 (1) Represents amount paid to repay, redeem, or repurchase, including any accrued interest. Issuances (dollars in millions) Principal Amount Issued Net Proceeds (1) Verizon 3.875% notes due 2052 (2) $ 1,000 $ 982 Verizon 4.100% notes due 2055 655 650 Total $ 1,655 $ 1,632 (1) Net proceeds were net of underwriting discounts and other issuance costs. (2) 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, 2021 through the maturity date of the green bond. During the three months ended March 31, 2022 , we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued January 2022 Series 2022-1 A Senior class notes 1.040 1.49 $ 799 B Junior class notes 1.270 1.49 64 C Junior class notes 1.390 1.49 37 Series 2022-2 A Senior class notes 1.530 2.99 710 B Junior class notes 1.830 2.99 57 C Junior class notes 2.010 2.99 33 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 March 31, At December 31, (dollars in millions) 2022 2021 Assets Accounts receivable, net $ 11,682 $ 10,705 Prepaid expenses and other 1,432 1,094 Other assets 7,050 5,455 Liabilities Accounts payable and accrued liabilities 10 10 Debt maturing within one year 6,357 5,024 Long-term debt 9,745 9,178 |
Schedule of Line of Credit Facilities | Long-Term Credit Facilities At March 31, 2022 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2024 $ 9,500 $ 9,424 N/A Various export credit facilities (2) 2024 - 2030 9,000 — $ 6,471 Total $ 18,500 $ 9,424 $ 6,471 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 three months ended March 31, 2022 and 2021, we drew down $2.0 billion and $470 million , respectively, 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. |
Device Payment Plan and Wireles
Device Payment Plan and Wireless Service Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables, Net | The following table presents information about accounts receivable, net of allowances, recorded in our condensed consolidated balance sheets: At March 31, 2022 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable $ 13,385 $ 4,790 $ 6,299 $ 24,474 Less Allowance for credit losses 456 145 258 859 Accounts receivable, net of allowance $ 12,929 $ 4,645 $ 6,041 $ 23,615 (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 March 31, At December 31, (dollars in millions) 2022 2021 Device payment plan agreement receivables, gross $ 21,982 $ 21,303 Unamortized imputed interest (337) (358) Device payment plan agreement receivables, at amortized cost 21,645 20,945 Allowance (1) (754) (759) Device payment plan agreement receivables, net $ 20,891 $ 20,186 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 12,929 $ 12,783 Other assets 7,962 7,403 Device payment plan agreement receivables, net $ 20,891 $ 20,186 |
Financing Receivable Credit Quality Indicators | The following table presents device payment plan agreement receivables, at amortized cost, as of March 31, 2022, by credit quality indicator and year of origination: Year of Origination (1) (dollars in millions) 2022 2021 Prior to 2021 Total New customers $ 751 $ 2,098 $ 364 $ 3,213 Existing customers 4,222 11,853 2,357 18,432 Total $ 4,973 $ 13,951 $ 2,721 $ 21,645 (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 was as follows: (dollars in millions) Device Payment Plan Agreement Receivables (1) Wireless Service Plan Receivables Balance at January 1, 2022 $ 759 $ 130 Current period provision for expected credit losses 175 98 Write-offs charged against the allowance (190) (93) Recoveries collected 10 10 Balance at March 31, 2022 $ 754 $ 145 (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 March 31, (dollars in millions) 2022 Unbilled $ 20,468 Billed: Current 963 Past due 214 Device payment plan agreement receivables, at amortized cost $ 21,645 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 17 $ — $ 17 Interest rate swaps — 70 — 70 Cross currency swaps — 12 — 12 Foreign exchange forwards — 4 — 4 Interest rate caps — 41 — 41 Other assets: Fixed income securities — 370 — 370 Interest rate swaps — 1 — 1 Cross currency swaps — 370 — 370 Interest rate caps — 139 — 139 Total $ — $ 1,024 $ — $ 1,024 Liabilities: Other current liabilities: Interest rate swaps $ — $ 86 $ — $ 86 Foreign exchange forwards — 4 — 4 Cross currency swaps — 322 — 322 Interest rate caps — 41 — 41 Forward starting interest rate swaps — 99 — 99 Contingent consideration — — 327 327 Other liabilities: Interest rate swaps — 1,787 — 1,787 Cross currency swaps — 1,524 — 1,524 Interest rate caps — 139 — 139 Contingent consideration — — 212 212 Total $ — $ 4,002 $ 539 $ 4,541 (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. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 18 $ — $ 18 Interest rate swaps — 188 — 188 Cross currency swaps — 9 — 9 Foreign exchange forwards — 12 — 12 Other assets: Fixed income securities — 391 — 391 Interest rate swaps — 285 — 285 Cross currency swaps — 580 — 580 Interest rate caps — 44 — 44 Total $ — $ 1,527 $ — $ 1,527 Liabilities: Other current liabilities: Interest rate swaps $ — $ 1 $ — $ 1 Forward starting interest rate swaps — 302 — 302 Cross currency swaps — 218 — 218 Contingent consideration — — 231 231 Other liabilities: Interest rate swaps — 665 — 665 Cross currency swaps — 1,406 — 1,406 Interest rate caps — 44 — 44 Contingent consideration — — 313 313 Total $ — $ 2,636 $ 544 $ 3,180 (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, 2021 $ 149,543 $ 106,599 $ 62,606 $ — $ 169,205 At March 31, 2022 152,009 95,790 62,912 — 158,702 |
Notional Amounts of Outstanding Derivative Instruments | The following table sets forth the notional amounts of our outstanding derivative instruments: At March 31, At December 31, (dollars in millions) 2022 2021 Interest rate swaps $ 25,571 $ 19,779 Cross currency swaps 32,502 32,502 Forward starting interest rate swaps 600 1,000 Foreign exchange forwards 975 932 |
Schedule Of Derivative Instruments Activity | The following tables summarize the activities of our designated derivatives: Three Months Ended March 31, (dollars in millions) 2022 2021 Interest Rate Swaps: Notional value entered into $ 6,655 $ 1,000 Notional value settled 863 895 Gain recognized in Interest expense — 1 Cross Currency Swaps: Notional value entered into — 6,214 Notional value settled — — Pre-tax loss recognized in Other comprehensive income (430) (226) Forward Starting Interest Rate Swaps: Notional value entered into — — Notional value settled 400 1,000 Pre-tax gain recognized in Other comprehensive income 128 400 Treasury Rate Locks: Notional value entered into — 4,650 Notional value settled — 4,650 Pre-tax gain recognized in Other comprehensive income — 251 Three Months Ended March 31, (dollars in millions) 2022 2021 Other, net Cash Flows from Operating Activities: Cash received for settlement of interest rate swaps $ 40 $ 57 Cash paid for settlement of forward starting interest rate swaps (76) (237) Cash received for settlement of treasury rate locks — 251 The following table summarizes the activity of our derivatives not designated in hedging relationships: Three Months Ended March 31, (dollars in millions) 2022 2021 Foreign Exchange Forwards: Notional value entered into $ 2,646 $ 3,525 Notional value settled 2,603 3,630 Pre-tax loss recognized in Other income (expense), net (28) (30) Swaptions: Notional value sold 1,000 — Notional value settled 1,000 — Pre-tax loss recognized in Interest expense (33) — |
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 March 31, At December 31, (dollars in millions) 2022 2021 Carrying amount of hedged liabilities $ 23,653 $ 20,027 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (1,677) (113) Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 553 575 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 income related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Three Months Ended March 31, 2022 2021 2022 2021 Service cost - Cost of services $ 58 $ 65 $ 19 $ 24 Service cost - Selling, general and administrative expense 8 9 4 5 Service cost 66 74 23 29 Amortization of prior service cost (credit) 15 15 (203) (223) Expected return on plan assets (297) (309) (7) (6) Interest cost 110 95 83 72 Other components (172) (199) (127) (157) Total $ (106) $ (125) $ (104) $ (128) |
Equity and Accumulated Other _2
Equity and Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 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 13,861 13,404 Other 13 4 Balance at end of period 13,874 13,408 Retained Earnings Balance at beginning of period 71,993 60,464 Net income attributable to Verizon 4,580 5,245 Dividends declared ($0.6400, $0.6275 per share) (2,692) (2,602) Other 10 — Balance at end of period 73,891 63,107 Accumulated Other Comprehensive Income (Loss) Balance at beginning of period attributable to Verizon (927) (71) Foreign currency translation adjustments (29) (38) Unrealized gain on cash flow hedges 207 909 Unrealized loss on marketable securities (18) (5) Defined benefit pension and postretirement plans (139) (155) Other comprehensive income 21 711 Balance at end of period attributable to Verizon (906) 640 Treasury Stock Balance at beginning of period (93,635) (4,104) (153,304) (6,719) Employee plans 1,842 81 1,935 85 Shareholder plans 3 — 3 — Balance at end of period (91,790) (4,023) (151,366) (6,634) Deferred Compensation-ESOPs and Other Balance at beginning of period 538 335 Restricted stock equity grant 109 99 Amortization (150) (152) Balance at end of period 497 282 Noncontrolling Interests Balance at beginning of period 1,410 1,430 Total comprehensive income 131 133 Distributions and other (128) (112) Balance at end of period 1,413 1,451 Total Equity $ 85,175 $ 72,683 |
Schedule of Components in Accumulated Other Comprehensive Income | The changes in the balances of Accumulated other comprehensive loss by component were as follows: (dollars in millions) Foreign Unrealized gain (loss) on cash flow hedges Unrealized gain (loss) on marketable securities Defined benefit pension and postretirement plans Total Balance at January 1, 2022 $ (545) $ (1,472) $ 16 $ 1,074 $ (927) Other comprehensive loss (29) (224) (18) — (271) Amounts reclassified to net income — 431 — (139) 292 Net other comprehensive income (loss) (29) 207 (18) (139) 21 Balance at March 31, 2022 $ (574) $ (1,265) $ (2) $ 935 $ (906) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, TracFone brands and through wholesale and other arrangements. We also provide fixed wireless access (FWA) broadband through our wireless networks. 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 also provide FWA broadband through our wireless networks. 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 March 31, (dollars in millions) 2022 2021 External Operating Revenues Consumer Service $ 18,126 $ 16,566 Wireless equipment 5,374 4,192 Other 1,742 1,982 Total Consumer 25,242 22,740 Business Small and Medium Business 3,037 2,825 Global Enterprise 2,460 2,557 Public Sector and Other 1,552 1,645 Wholesale 647 735 Total Business 7,696 7,762 Total reportable segments $ 32,938 $ 30,502 Intersegment Revenues Consumer $ 50 $ 58 Business 13 19 Total reportable segments $ 63 $ 77 Total Operating Revenues Consumer $ 25,292 $ 22,798 Business (1) 7,709 7,781 Total reportable segments $ 33,001 $ 30,579 Operating Income Consumer $ 7,319 $ 7,519 Business 673 899 Total reportable segments $ 7,992 $ 8,418 (1) Service and other revenues and Wireless equipment revenues included in our Business segment amounted to approximately $6.7 billion and $962 million, respectively, for the three months ended March 31, 2022, and approximately $7.0 billion and $752 million, respectively, for the three months ended March 31, 2021. The following table provides Fios revenue for our two reportable segments: Three Months Ended March 31, (dollars in millions) 2022 2021 Consumer $ 2,911 $ 2,860 Business 295 276 Total Fios revenue $ 3,206 $ 3,136 The following table provides Wireless service revenue for our reportable segments and includes intersegment activity: Three Months Ended March 31, (dollars in millions) 2022 2021 Consumer $ 15,217 $ 13,684 Business 3,125 3,060 Total Wireless service revenue $ 18,342 $ 16,744 |
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 March 31, (dollars in millions) 2022 2021 Total reportable segment operating revenues $ 33,001 $ 30,579 Corporate and other 618 2,422 Eliminations (65) (134) Total consolidated operating revenues $ 33,554 $ 32,867 |
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 March 31, (dollars in millions) 2022 2021 Total reportable segment operating income $ 7,992 $ 8,418 Corporate and other (24) (233) Other components of net periodic benefit charges (Note 8) (172) (192) Loss on spectrum licenses (Note 3) — (223) Total consolidated operating income 7,796 7,770 Equity in earnings (losses) of unconsolidated businesses (3) 8 Other income (expense), net (924) 401 Interest expense (786) (1,101) Income Before Provision For Income Taxes $ 6,083 $ 7,078 |
Basis of Presentation - Earning
Basis of Presentation - Earnings Per Common Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Dilutive securities (in shares) | 1.5 | 1.6 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 1,661 | $ 2,921 | ||
Cash, cash equivalents and restricted cash | 3,232 | $ 11,495 | 4,161 | $ 23,498 |
Increase (decrease) in cash, cash equivalents, restricted cash and assets held for sale | (929) | $ (12,003) | ||
Cash and cash equivalents | ||||
Cash and Cash Equivalents [Line Items] | ||||
Increase (decrease) in cash, cash equivalents, restricted cash and assets held for sale | (1,260) | |||
Prepaid expenses and other | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | 1,430 | 1,094 | ||
Increase (decrease) in cash, cash equivalents, restricted cash and assets held for sale | 336 | |||
Other assets | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | 141 | $ 146 | ||
Increase (decrease) in cash, cash equivalents, restricted cash and assets held for sale | $ (5) |
Revenues and Contract Costs - A
Revenues and Contract Costs - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of reportable segments | segment | 2 | |
Revenue from arrangements not accounted for under Topic 606 | $ 830,000,000 | $ 735,000,000 |
Contract description of timing | Contracts for wireless services, with or without promotional credits that require maintenance of service, are generally either month-to-month and cancellable at any time, considered to contain terms ranging from greater than one month to up to thirty-six months (typically under a device payment plan), or contain terms ranging from greater than one month to up to twenty-four months (typically under a fixed-term plan). | |
Amortization of deferred contract costs | $ 749,000,000 | 765,000,000 |
Contract assets impairment charge | $ 0 | $ 0 |
Wireless postpaid contracts | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of month-to-month contracts of total service contracts | 94.00% | 91.00% |
Wireline Consumer and Small and Medium Business contracts | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of month-to-month contracts of total service contracts | 88.00% | 78.00% |
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 nine years | |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Deferred contract cost, amortization period | 2 years | |
Minimum | Wireless Service, Option One | ||
Disaggregation of Revenue [Line Items] | ||
Customer contracts service term | 1 month | |
Minimum | Wireless Service, Option Two | ||
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 | ||
Disaggregation of Revenue [Line Items] | ||
Deferred contract cost, amortization period | 6 years | |
Maximum | Wireless Service, Option One | ||
Disaggregation of Revenue [Line Items] | ||
Customer contracts service term | 36 months | |
Maximum | Wireless Service, Option Two | ||
Disaggregation of Revenue [Line Items] | ||
Customer contracts service term | 24 months | |
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 | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 14.4 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
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 | $ 11.3 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 4.8 |
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]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2.1 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 years |
Revenues and Contract Costs - S
Revenues and Contract Costs - Schedule of Receivables from Contracts with Customers (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Jan. 01, 2022 | Mar. 31, 2021 | Jan. 01, 2021 |
Revenue from Contract with Customer [Abstract] | ||||
Receivables | $ 10,419 | $ 10,758 | $ 10,821 | $ 12,029 |
Device payment plan agreement receivables | $ 13,478 | $ 12,888 | $ 10,409 | $ 10,358 |
Revenues and Contract Costs - C
Revenues and Contract Costs - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Jan. 01, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Contract asset | $ 909 | $ 923 | $ 934 | $ 934 | $ 937 |
Contract liability | 7,504 | 5,783 | $ 7,229 | 7,229 | $ 5,598 |
Revenue recognized related to contract liabilities existing | 4,300 | $ 3,900 | |||
Prepaid expenses and other | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract asset | 720 | 739 | |||
Other assets | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract asset | 189 | 195 | |||
Other current liabilities | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liability | 6,222 | 6,053 | |||
Other liabilities | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liability | $ 1,282 | $ 1,176 |
Revenues and Contract Costs -_2
Revenues and Contract Costs - Schedule of Cost Incurred to Obtain or Fulfill Contracts with Customers (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Capitalized Contract Cost [Line Items] | ||
Cost incurred to obtain or fulfill contracts with customers | $ 4,716 | $ 4,691 |
Prepaid expenses and other | ||
Capitalized Contract Cost [Line Items] | ||
Cost incurred to obtain or fulfill contracts with customers | 2,454 | 2,432 |
Other assets | ||
Capitalized Contract Cost [Line Items] | ||
Cost incurred to obtain or fulfill contracts with customers | $ 2,262 | $ 2,259 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisitions (Details) customer in Thousands, $ in Millions | Nov. 23, 2021USD ($)shares | Jan. 31, 2022USD ($) | Mar. 31, 2021USD ($)countycustomer | Feb. 28, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) |
Business Acquisition [Line Items] | |||||||
Payments for deposits | $ 1,838 | $ 44,783 | |||||
Loss on disposition of licenses, pre-tax | 0 | 223 | |||||
Business acquisition, purchase price in cash | 0 | 408 | |||||
Goodwill | $ 28,629 | $ 28,603 | |||||
Spectrum licenses | Spectrum Licenses, C-Band | |||||||
Business Acquisition [Line Items] | |||||||
Payments for deposits | $ 1,400 | 44,600 | 45,500 | ||||
Estimated clearing and incentive costs | $ 7,700 | ||||||
Spectrum licenses | Spectrum Licenses, C-Band | Projected Clearing Costs | |||||||
Business Acquisition [Line Items] | |||||||
Payments for deposits | $ 1,300 | ||||||
Various Other Wireless Licenses | Spectrum licenses | |||||||
Business Acquisition [Line Items] | |||||||
Payments for deposits | 90 | ||||||
Loss on disposition of licenses, pre-tax | 223 | ||||||
Loss on disposition of licenses | 167 | ||||||
TracFone Wireless, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, purchase price in cash | $ 3,491 | ||||||
Number of shares issuable (in shares) | shares | 57,596,544 | ||||||
Common stock value consideration to acquire business | $ 2,981 | ||||||
Future cash consideration related to achievement of certain performance measures | 650 | ||||||
Estimated fair value of the contingent consideration | 542 | ||||||
Other intangible assets | 4,374 | ||||||
Contingent liability | 730 | ||||||
Indemnification assets | 730 | ||||||
Business acquisition consideration | 7,014 | ||||||
Property, plant and equipment, net | 96 | ||||||
Goodwill | 3,723 | ||||||
TracFone Wireless, Inc. | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Other intangible assets | 2,300 | ||||||
TracFone Wireless, Inc. | Distribution Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Other intangible assets | 1,300 | ||||||
TracFone Wireless, Inc. | Trade Names | |||||||
Business Acquisition [Line Items] | |||||||
Other intangible assets | 744 | ||||||
TracFone Wireless, Inc. | Acquired Technology | |||||||
Business Acquisition [Line Items] | |||||||
Other intangible assets | $ 110 | ||||||
Bluegrass Cellular, Certain Assets | |||||||
Business Acquisition [Line Items] | |||||||
Other intangible assets | $ 135 | 135 | |||||
Number of customers | customer | 210 | ||||||
Number of counties customers are serviced | county | 34 | ||||||
Business acquisition consideration | $ 412 | ||||||
Property, plant and equipment, net | 141 | 141 | |||||
Goodwill | $ 92 | $ 92 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - TracFone Wireless, Inc. (Details) - USD ($) $ in Millions | Nov. 23, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||
Cash, net of cash acquired and working capital and other adjustments | $ 0 | $ 408 | ||
Assets acquired: | ||||
Goodwill | $ 28,629 | $ 28,603 | ||
TracFone Wireless, Inc. | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||
Cash, net of cash acquired and working capital and other adjustments | $ 3,491 | |||
Measurement period adjustment, cash, net of cash acquired | 0 | |||
Fair value of Verizon common stock (57,596,544 shares) | 2,981 | |||
Measurement period adjustment, fair value of Verizon common stock | 0 | |||
Fair value of contingent consideration to be paid | 542 | |||
Measurement period adjustment, fair value of contingent consideration to be paid | 0 | |||
Total consideration | 7,014 | |||
Measurement period adjustment, total consideration | 0 | |||
Assets acquired: | ||||
Current assets | 1,370 | |||
Measurement period adjustment, current assets | (4) | |||
Property, plant and equipment, net | 96 | |||
Measurement period adjustment, property, plant, ,and equipment | (1) | |||
Goodwill | 3,723 | |||
Measurement period adjustment, goodwill | 30 | |||
Other intangible assets | 4,374 | |||
Measurement period adjustment, other intangible assets | 0 | |||
Other assets | 731 | |||
Measurement period adjustment, other assets | (3) | |||
Total assets acquired | 10,294 | |||
Measurement period adjustment, total assets acquired | 22 | |||
Liabilities assumed: | ||||
Current liabilities | 1,433 | |||
Measurement period adjustment, current liabilities | 32 | |||
Deferred income taxes | 1,007 | |||
Measurement period adjustment, deferred income taxes | (10) | |||
Other liabilities | 840 | |||
Measurement period adjustment, other liabilities | 0 | |||
Total liabilities assumed | 3,280 | |||
Measurement period adjustment, total liabilities assumed | 22 | |||
Net assets acquired | 7,014 | |||
Measurement period adjustment, net assets acquired | $ 0 | |||
Number of shares issuable (in shares) | 57,596,544 | |||
TracFone Wireless, Inc. | Adjusted Fair Value | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||
Cash, net of cash acquired and working capital and other adjustments | $ 3,491 | |||
Fair value of Verizon common stock (57,596,544 shares) | 2,981 | |||
Fair value of contingent consideration to be paid | 542 | |||
Total consideration | 7,014 | |||
Assets acquired: | ||||
Current assets | 1,366 | |||
Property, plant and equipment, net | 95 | |||
Goodwill | 3,753 | |||
Other intangible assets | 4,374 | |||
Other assets | 728 | |||
Total assets acquired | 10,316 | |||
Liabilities assumed: | ||||
Current liabilities | 1,465 | |||
Deferred income taxes | 997 | |||
Other liabilities | 840 | |||
Total liabilities assumed | 3,302 | |||
Net assets acquired | $ 7,014 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Verizon Media (Details) - USD ($) $ in Millions | Sep. 01, 2021 | May 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Sep. 28, 2021 |
Media Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue from contract with customer | $ 1,900 | ||||
Media Business | 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% | ||||
Media Business | 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 | |||
Administrative services support period | 12 months | ||||
Technical services support period | 18 months | ||||
Media Business | 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 | ||
Limited partnership units redeemed | $ 100 | ||||
Media Business | 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% |
Wireless Licenses, Goodwill a_3
Wireless Licenses, Goodwill and Other Intangible Assets - Carrying Amount of Wireless Licenses (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Wireless licenses | $ 148,083 | $ 147,619 |
Wireless Licenses, Goodwill a_4
Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - Wireless Licenses - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Wireless licenses under development | $ 53,200 | $ 53,500 |
Interest costs capitalized | $ 452 | 79 |
Average remaining renewal period of wireless license portfolio (in years) | 15 years | |
Deposit Assets, Wireless License Noncurrent | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Interest costs capitalized | $ 35 |
Wireless Licenses, Goodwill a_5
Wireless Licenses, Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 28,603 |
Acquisitions | 30 |
Reclassifications, adjustments and other | (4) |
Ending balance | 28,629 |
Operating Segments | Consumer | |
Goodwill [Roll Forward] | |
Beginning balance | 21,042 |
Acquisitions | 30 |
Reclassifications, adjustments and other | 0 |
Ending balance | 21,072 |
Operating Segments | Business | |
Goodwill [Roll Forward] | |
Beginning balance | 7,515 |
Acquisitions | 0 |
Reclassifications, adjustments and other | (2) |
Ending balance | 7,513 |
Other | |
Goodwill [Roll Forward] | |
Beginning balance | 46 |
Acquisitions | 0 |
Reclassifications, adjustments and other | (2) |
Ending balance | $ 44 |
Wireless Licenses, Goodwill a_6
Wireless Licenses, Goodwill and Other Intangible Assets - Composition of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 28,845 | $ 28,485 |
Accumulated Amortization | (17,413) | (16,808) |
Net Amount | 11,432 | 11,677 |
Customer Lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 4,202 | 4,201 |
Accumulated Amortization | (1,281) | (1,126) |
Net Amount | $ 2,921 | 3,075 |
Customer Lists | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible asset, useful life | 5 years | |
Customer Lists | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible asset, useful life | 13 years | |
Non-Network Internal-Use Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 21,659 | 21,310 |
Accumulated Amortization | (15,258) | (14,897) |
Net Amount | $ 6,401 | 6,413 |
Non-Network Internal-Use Software | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible asset, useful life | 5 years | |
Non-Network Internal-Use Software | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible asset, useful life | 7 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 2,984 | 2,974 |
Accumulated Amortization | (874) | (785) |
Net Amount | $ 2,110 | $ 2,189 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense for other intangible assets | $ 635 | $ 629 |
Remainder of 2022 | 1,886 | |
2023 | 2,329 | |
2024 | 2,037 | |
2025 | 1,848 | |
2026 | 1,577 | |
2027 | $ 842 |
Debt - Schedule of Senior Unsec
Debt - Schedule of Senior Unsecured Debt Securities (Details) - Verizon and subsidiary 2.987% - 8.950% notes, due 2032 - 2056 - Debt Tender Offers $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | |
Principal Amount Purchased | $ 5,032 |
Cash consideration | $ 5,587 |
Minimum | |
Debt Instrument [Line Items] | |
Stated interest rate on debt instrument | 2.987% |
Maximum | |
Debt Instrument [Line Items] | |
Stated interest rate on debt instrument | 8.95% |
Debt - Repayments, Redemptions
Debt - Repayments, Redemptions and Repurchases (Details) - Floating Rate, LIBOR plus 1.000% $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | |
Stated interest rate on debt instrument | 1.00% |
Principal Repaid/ Redeemed/ Repurchased | $ 1,094 |
Amount Paid | $ 1,097 |
Debt - Debt Issuances (Details)
Debt - Debt Issuances (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Senior Notes | |
Debt Instrument [Line Items] | |
Principal Amount Issued | $ 1,655 |
Net Proceeds | $ 1,632 |
Verizon 3.875% notes due 2052 | |
Debt Instrument [Line Items] | |
Stated interest rate on debt instrument | 3.875% |
Verizon 3.875% notes due 2052 | Senior Notes | |
Debt Instrument [Line Items] | |
Principal Amount Issued | $ 1,000 |
Net Proceeds | $ 982 |
Verizon 4.100% notes due 2055 | |
Debt Instrument [Line Items] | |
Stated interest rate on debt instrument | 4.10% |
Verizon 4.100% notes due 2055 | Senior Notes | |
Debt Instrument [Line Items] | |
Principal Amount Issued | $ 655 |
Net Proceeds | $ 650 |
Debt - Short-Term Borrowings an
Debt - Short-Term Borrowings and Commercial Paper Program (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Short-term Debt [Line Items] | |
Facility Capacity | $ 18,500,000,000 |
Principal Amount Outstanding | 6,471,000,000 |
Line of Credit | |
Short-term Debt [Line Items] | |
Facility Capacity | 1,000,000,000 |
Principal Amount Outstanding | 1,000,000,000 |
Commercial Paper | |
Short-term Debt [Line Items] | |
Commercial paper issued | 9,400,000,000 |
Repayments of short-term debt | 5,600,000,000 |
Commercial paper | $ 3,800,000,000 |
Debt - Asset-Backed Debt Narrat
Debt - Asset-Backed Debt Narrative (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Jan. 31, 2022USD ($) | Dec. 31, 2021agreement | Mar. 31, 2022USD ($) | |
Asset-Backed Debt | ||||
Debt Instrument [Line Items] | ||||
Secured debt, carrying value | $ 16,100 | $ 16,100 | ||
2021 ABS Financing Facility | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 515 | |||
Number of loan agreements | agreement | 2 | |||
Amount drawn from credit facilities | 1,900 | |||
Debt outstanding | $ 5,600 | 5,600 | ||
Secured Debt | Asset Backed Notes | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 1,100 | |||
Secured Debt | Asset Backed Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Revolving period | 18 months | |||
Secured Debt | Asset Backed Notes | Median | ||||
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 ($) $ in Millions | 1 Months Ended | |
Jan. 31, 2022 | Mar. 31, 2022 | |
Asset Backed Notes | ||
Debt Instrument [Line Items] | ||
Principal Amount Issued | $ 1,700 | |
January 2021 ABS Notes | A Senior class notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 1.04% | |
Expected Weighted-average Life to Maturity (in years) | 1 year 5 months 26 days | |
Principal Amount Issued | $ 799 | |
January 2021 ABS Notes | B Junior class notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 1.27% | |
Expected Weighted-average Life to Maturity (in years) | 1 year 5 months 26 days | |
Principal Amount Issued | $ 64 | |
January 2021 ABS Notes | C Junior class notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 1.39% | |
Expected Weighted-average Life to Maturity (in years) | 1 year 5 months 26 days | |
Principal Amount Issued | $ 37 | |
January 2021 ABS Notes | A Senior class notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 1.53% | |
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 26 days | |
Principal Amount Issued | $ 710 | |
January 2021 ABS Notes | B Junior class notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 1.83% | |
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 26 days | |
Principal Amount Issued | $ 57 | |
January 2021 ABS Notes | C Junior class notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 2.01% | |
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 26 days | |
Principal Amount Issued | $ 33 |
Debt - Assets and Liabilities R
Debt - Assets and Liabilities Related to Asset-backed Debt Arrangements (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Accounts receivable, net | $ 23,615 | $ 23,846 |
Prepaid expenses and other | 6,645 | 6,906 |
Other assets | 13,581 | 13,329 |
Accounts payable and accrued liabilities | 18,169 | 24,833 |
Debt maturing within one year | 13,421 | 7,443 |
Long-term debt | 139,961 | 143,425 |
Variable Interest Entity, Primary Beneficiary | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Accounts receivable, net | 11,682 | 10,705 |
Prepaid expenses and other | 1,432 | 1,094 |
Other assets | 7,050 | 5,455 |
Accounts payable and accrued liabilities | 10 | 10 |
Debt maturing within one year | 6,357 | 5,024 |
Long-term debt | $ 9,745 | $ 9,178 |
Debt - Credit Facilities, Non-C
Debt - Credit Facilities, Non-Cash Transaction, Guarantees (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Facility Capacity | $ 18,500,000,000 | ||
Unused Capacity | 9,424,000,000 | ||
Principal Amount Outstanding | 6,471,000,000 | ||
Debt extinguishment losses | 1,200,000,000 | ||
Guarantee of Debentures of Operating Telephone Company Subsidiaries | |||
Debt Instrument [Line Items] | |||
Principal amount outstanding in connection with the guarantee of debt obligations | 717,000,000 | ||
Network Equipment | Alternative Financing Facility | |||
Debt Instrument [Line Items] | |||
Value of purchase assets financed | 150,000,000 | $ 117,000,000 | |
Long-term debt maturing within one year | 1,400,000,000 | $ 1,300,000,000 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Facility Capacity | 9,500,000,000 | ||
Unused Capacity | 9,424,000,000 | ||
Equipment Credit Facilities | |||
Debt Instrument [Line Items] | |||
Facility Capacity | 9,000,000,000 | ||
Unused Capacity | 0 | ||
Principal Amount Outstanding | 6,471,000,000 | ||
Amount drawn from credit facilities | $ 2,000,000,000 | $ 470,000,000 |
Device Payment Plan Agreement_2
Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 24,474 | $ 24,742 |
Less Allowance for credit losses | 859 | 896 |
Accounts receivable, net | 23,615 | $ 23,846 |
Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 13,385 | |
Less Allowance for credit losses | 456 | |
Accounts receivable, net | 12,929 | |
Wireless service | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 4,790 | |
Less Allowance for credit losses | 145 | |
Accounts receivable, net | 4,645 | |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 6,299 | |
Less Allowance for credit losses | 258 | |
Accounts receivable, net | $ 6,041 |
Device Payment Plan Agreement_3
Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Device Payment Plan Agreement Receivables (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | $ 21,982 | $ 21,303 |
Unamortized imputed interest | (337) | (358) |
Device payment plan agreement receivables, at amortized cost | 21,645 | 20,945 |
Allowance | (754) | (759) |
Device payment plan agreement receivables, net | 20,891 | 20,186 |
Accounts receivable, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, net | 12,929 | 12,783 |
Other assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, net | $ 7,962 | $ 7,403 |
Device Payment Plan Agreement_4
Device Payment Plan Agreement and Wireless Service Receivables - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Jan. 01, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivables transferred to ABS Entities | $ 18,500 | $ 16,000 | |||
Guarantee liability | 67 | 77 | |||
Device payment plan agreement, trade-in liability | 7,504 | $ 7,229 | 7,229 | $ 5,783 | $ 5,598 |
Product Trade-in | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Device payment plan agreement, trade-in liability | $ 372 | $ 366 | |||
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 2022 | $ 4,973 | ||||
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 | ||||
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 | ||||
Wireless Service Plan Receivables | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivables originating in 2022 | $ 4,600 | $ 226 |
Device Payment Plan Agreement_5
Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Device payment plan agreement receivables, at amortized cost | $ 21,982 | $ 21,303 |
Device payment plan agreement | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 4,973 | |
2021 | 13,951 | |
Prior to 2021 | 2,721 | |
Device payment plan agreement receivables, at amortized cost | 21,645 | |
Device payment plan agreement | New customers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 751 | |
2021 | 2,098 | |
Prior to 2021 | 364 | |
Device payment plan agreement receivables, at amortized cost | 3,213 | |
Device payment plan agreement | Existing customers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 4,222 | |
2021 | 11,853 | |
Prior to 2021 | 2,357 | |
Device payment plan agreement receivables, at amortized cost | $ 18,432 |
Device Payment Plan Agreement_6
Device Payment Plan Agreement and Wireless Service Receivables - Allowance for Credit Losses (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 759 |
Ending balance | 754 |
Device payment plan agreement | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 759 |
Current period provision for expected credit losses | 175 |
Write-offs charged against the allowance | (190) |
Recoveries collected | 10 |
Ending balance | 754 |
Wireless Service Plan Receivables | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 130 |
Current period provision for expected credit losses | 98 |
Write-offs charged against the allowance | (93) |
Recoveries collected | 10 |
Ending balance | $ 145 |
Device Payment Plan Agreement_7
Device Payment Plan Agreement and Wireless Service Receivables - Balance and Aging of Receivables (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | $ 21,982 | $ 21,303 |
Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | 21,645 | |
Device payment plan agreement | Unbilled | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | 20,468 | |
Device payment plan agreement | Billed | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | 963 | |
Device payment plan agreement | Billed | Past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | $ 214 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Total | $ 1,024 | $ 1,527 |
Liabilities: | ||
Total | 4,541 | 3,180 |
Fixed income securities | Prepaid expenses and other | ||
Assets: | ||
Fixed income securities | 17 | 18 |
Fixed income securities | Other assets | ||
Assets: | ||
Fixed income securities | 370 | 391 |
Interest rate swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 70 | 188 |
Interest rate swaps | Other assets | ||
Assets: | ||
Derivative asset | 1 | 285 |
Interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 86 | 1 |
Interest rate swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 1,787 | 665 |
Cross currency swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 12 | 9 |
Cross currency swaps | Other assets | ||
Assets: | ||
Derivative asset | 370 | 580 |
Cross currency swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 322 | 218 |
Cross currency swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 1,524 | 1,406 |
Foreign exchange forwards | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 4 | 12 |
Foreign exchange forwards | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 4 | |
Interest rate caps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 41 | |
Interest rate caps | Other assets | ||
Assets: | ||
Derivative asset | 139 | 44 |
Interest rate caps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 41 | |
Interest rate caps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 139 | 44 |
Forward starting interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 99 | 302 |
Contingent consideration | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 327 | 231 |
Contingent consideration | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 212 | 313 |
Level 1 | ||
Assets: | ||
Total | 0 | 0 |
Liabilities: | ||
Total | 0 | 0 |
Level 1 | Fixed income securities | Prepaid expenses and other | ||
Assets: | ||
Fixed income securities | 0 | 0 |
Level 1 | Fixed income securities | Other assets | ||
Assets: | ||
Fixed income securities | 0 | 0 |
Level 1 | Interest rate swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 1 | Interest rate swaps | Other assets | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 1 | Interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Interest rate swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Cross currency swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 1 | Cross currency swaps | Other assets | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 1 | Cross currency swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Cross currency swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Foreign exchange forwards | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 1 | Foreign exchange forwards | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Interest rate caps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | |
Level 1 | Interest rate caps | Other assets | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 1 | Interest rate caps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Interest rate caps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Forward starting interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Contingent consideration | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Contingent consideration | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 2 | ||
Assets: | ||
Total | 1,024 | 1,527 |
Liabilities: | ||
Total | 4,002 | 2,636 |
Level 2 | Fixed income securities | Prepaid expenses and other | ||
Assets: | ||
Fixed income securities | 17 | 18 |
Level 2 | Fixed income securities | Other assets | ||
Assets: | ||
Fixed income securities | 370 | 391 |
Level 2 | Interest rate swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 70 | 188 |
Level 2 | Interest rate swaps | Other assets | ||
Assets: | ||
Derivative asset | 1 | 285 |
Level 2 | Interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 86 | 1 |
Level 2 | Interest rate swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 1,787 | 665 |
Level 2 | Cross currency swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 12 | 9 |
Level 2 | Cross currency swaps | Other assets | ||
Assets: | ||
Derivative asset | 370 | 580 |
Level 2 | Cross currency swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 322 | 218 |
Level 2 | Cross currency swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 1,524 | 1,406 |
Level 2 | Foreign exchange forwards | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 4 | 12 |
Level 2 | Foreign exchange forwards | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 4 | |
Level 2 | Interest rate caps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 41 | |
Level 2 | Interest rate caps | Other assets | ||
Assets: | ||
Derivative asset | 139 | 44 |
Level 2 | Interest rate caps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 41 | |
Level 2 | Interest rate caps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 139 | 44 |
Level 2 | Forward starting interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 99 | 302 |
Level 2 | Contingent consideration | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 2 | Contingent consideration | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | ||
Assets: | ||
Total | 0 | 0 |
Liabilities: | ||
Total | 539 | 544 |
Level 3 | Fixed income securities | Prepaid expenses and other | ||
Assets: | ||
Fixed income securities | 0 | 0 |
Level 3 | Fixed income securities | Other assets | ||
Assets: | ||
Fixed income securities | 0 | 0 |
Level 3 | Interest rate swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 3 | Interest rate swaps | Other assets | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 3 | Interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Interest rate swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Cross currency swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 3 | Cross currency swaps | Other assets | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 3 | Cross currency swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Cross currency swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Foreign exchange forwards | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 3 | Foreign exchange forwards | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | Interest rate caps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | |
Level 3 | Interest rate caps | Other assets | ||
Assets: | ||
Derivative asset | 0 | 0 |
Level 3 | Interest rate caps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | Interest rate caps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Forward starting interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Contingent consideration | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 327 | 231 |
Level 3 | Contingent consideration | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | $ 212 | $ 313 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Additional Information (Detail) | Mar. 31, 2022USD ($) | Apr. 27, 2022USD ($) | Mar. 31, 2022EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) |
Derivatives, Fair Value [Line Items] | |||||
Carrying amount of our investments without readily determinable fair values | $ 828,000,000 | $ 808,000,000 | |||
Cumulative adjustments due to observable price changes | 157,000,000 | ||||
Cumulative adjustments due to impairment charges | 63,000,000 | ||||
Accumulated other comprehensive income related to cash flow hedges | 1,000,000,000 | ||||
Derivative asset fair value of collateral | 0 | 100,000,000 | |||
Derivative liability fair value of collateral | 300,000,000 | ||||
Cross currency swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Net investment hedge | 32,502,000,000 | 32,502,000,000 | |||
Interest rate swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Net investment hedge | 25,571,000,000 | 19,779,000,000 | |||
Interest rate swaps | Subsequent Event | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivative instruments entered during period | $ 500,000,000 | ||||
Forward starting interest rate swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Net investment hedge | $ 600,000,000 | $ 1,000,000,000 | |||
Forward starting interest rate swaps | Cash Flow Hedging | Subsequent Event | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivative settled during period | $ 600,000,000 | ||||
Euro Denominated Debt | Net Investment Hedges | |||||
Derivatives, Fair Value [Line Items] | |||||
Net investment hedge | € | € 750,000,000 | € 750,000,000 |
Fair Value Measurements and F_5
Fair Value Measurements and Financial Instruments - Debt Excluding Capital Leases (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | $ 152,009 | $ 149,543 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | 158,702 | 169,205 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | 95,790 | 106,599 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | 62,912 | 62,606 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | $ 0 | $ 0 |
Fair Value Measurements and F_6
Fair Value Measurements and Financial Instruments - Notional Amounts of Outstanding Derivative Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 25,571 | $ 19,779 |
Cross currency swaps | ||
Derivative [Line Items] | ||
Notional amount | 32,502 | 32,502 |
Forward starting interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | 600 | 1,000 |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Notional amount | $ 975 | $ 932 |
Fair Value Measurements and F_7
Fair Value Measurements and Financial Instruments - Schedule of Designated Derivative Activity (Details) - Designated as Hedging Instrument - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest rate swaps | Fair Value Hedges | ||
Derivative [Line Items] | ||
Notional amount of derivative instruments entered during period | $ 6,655 | $ 1,000 |
Notional amount of derivative settled during period | 863 | 895 |
Gain recognized in Interest expense | 0 | 1 |
Cash received (paid) for settlement of derivatives | 40 | 57 |
Cross currency swaps | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount of derivative instruments entered during period | 0 | 6,214 |
Notional amount of derivative settled during period | 0 | 0 |
Pre-tax gain (loss) recognized in other comprehensive loss | (430) | (226) |
Forward starting interest rate swaps | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount of derivative instruments entered during period | 0 | 0 |
Notional amount of derivative settled during period | 400 | 1,000 |
Pre-tax gain (loss) recognized in other comprehensive loss | 128 | 400 |
Cash received (paid) for settlement of derivatives | (76) | (237) |
Treasury rate locks | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount of derivative instruments entered during period | 0 | 4,650 |
Notional amount of derivative settled during period | 0 | 4,650 |
Pre-tax gain (loss) recognized in other comprehensive loss | 0 | 251 |
Cash received (paid) for settlement of derivatives | $ 0 | $ 251 |
Fair Value Measurements and F_8
Fair Value Measurements and Financial Instruments - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - Long-term Debt - Fair Value Hedges - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Carrying amount of hedged liabilities | $ 23,653 | $ 20,027 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities | (1,677) | (113) |
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued | $ 553 | $ 575 |
Fair Value Measurements and F_9
Fair Value Measurements and Financial Instruments - Schedule of Derivatives Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Notional amount of derivative instruments entered during period | $ 2,646 | $ 3,525 |
Notional amount of derivative settled during period | 2,603 | 3,630 |
Pre-tax loss recognized in other comprehensive income (loss) | (28) | (30) |
Swaptions | ||
Derivative [Line Items] | ||
Notional amount of derivative settled during period | 1,000 | 0 |
Pre-tax loss recognized in other comprehensive income (loss) | (33) | 0 |
Notional amount of derivative sold during period | $ 1,000 | $ 0 |
Employee Benefits - Costs by Pl
Employee Benefits - Costs by Plans (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 66 | $ 74 |
Amortization of prior service cost (credit) | 15 | 15 |
Expected return on plan assets | (297) | (309) |
Interest cost | 110 | 95 |
Other components | (172) | (199) |
Total | (106) | (125) |
Pension | Cost of services | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 58 | 65 |
Pension | Selling, general and administrative expense | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 8 | 9 |
Health Care and Life | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 23 | 29 |
Amortization of prior service cost (credit) | (203) | (223) |
Expected return on plan assets | (7) | (6) |
Interest cost | 83 | 72 |
Other components | (127) | (157) |
Total | (104) | (128) |
Health Care and Life | Cost of services | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 19 | 24 |
Health Care and Life | Selling, general and administrative expense | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4 | $ 5 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Amount paid in severance benefits over the period | $ 94,000,000 | |
Post employment benefits liability | 444,000,000 | |
Pension | Qualified Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer discretionary contribution amount | $ 0 | $ 0 |
Equity and Accumulated Other _3
Equity and Accumulated Other Comprehensive Loss - Changes in Components of Total equity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Dividends declared per common share (USD per share) | $ 0.6400 | $ 0.6275 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 83,200 | |
Net income attributable to Verizon | 4,580 | $ 5,245 |
Foreign currency translation adjustments | (29) | (38) |
Unrealized gain on cash flow hedges | 207 | 909 |
Unrealized loss on marketable securities | (18) | (5) |
Defined benefit pension and postretirement plans | (139) | (155) |
Other comprehensive income | $ 21 | |
Shareholder plans (in shares) | 1,800 | |
Total Comprehensive Income | $ 4,732 | 6,089 |
Ending balance | $ 85,175 | $ 72,683 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance (in shares) | 4,291,434 | 4,291,434 |
Beginning balance | $ 429 | $ 429 |
Ending balance (in shares) | 4,291,434 | 4,291,434 |
Ending balance | $ 429 | $ 429 |
Additional Paid In Capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 13,861 | 13,404 |
Other | 13 | 4 |
Ending balance | 13,874 | 13,408 |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 71,993 | 60,464 |
Other | 10 | 0 |
Net income attributable to Verizon | 4,580 | 5,245 |
Dividends declared ($0.6400, $0.6275 per share) | (2,692) | (2,602) |
Ending balance | 73,891 | 63,107 |
Accumulated Other Comprehensive Income (Loss) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (927) | (71) |
Foreign currency translation adjustments | (29) | (38) |
Unrealized gain on cash flow hedges | 207 | 909 |
Unrealized loss on marketable securities | (18) | (5) |
Defined benefit pension and postretirement plans | (139) | (155) |
Other comprehensive income | 21 | 711 |
Ending balance | $ (906) | $ 640 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance (in shares) | 93,635 | 153,304 |
Beginning balance | $ (4,104) | $ (6,719) |
Employee plans (in shares) | 1,842 | 1,935 |
Employee plans | $ 81 | $ 85 |
Shareholder plans (in shares) | 3 | 3 |
Shareholder plans | $ 0 | $ 0 |
Ending balance (in shares) | 91,790 | 151,366 |
Ending balance | $ (4,023) | $ (6,634) |
Deferred Compensation-ESOPs and Other | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 538 | 335 |
Restricted stock equity grant | 109 | 99 |
Amortization | (150) | (152) |
Ending balance | 497 | 282 |
Noncontrolling Interests | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,410 | 1,430 |
Total Comprehensive Income | 131 | 133 |
Distributions and other | (128) | (112) |
Ending balance | $ 1,413 | $ 1,451 |
Equity and Accumulated Other _4
Equity and Accumulated Other Comprehensive Loss - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022shares | |
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) | 1,800,000 |
Equity and Accumulated Other _5
Equity and Accumulated Other Comprehensive Loss - Changes in AOCI (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Beginning balance | $ 83,200 | |
Other comprehensive loss | (271) | |
Amounts reclassified to net income | 292 | |
Net other comprehensive income (loss) | 21 | |
Ending balance | 85,175 | $ 72,683 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Beginning balance | (927) | (71) |
Net other comprehensive income (loss) | 21 | 711 |
Ending balance | (906) | $ 640 |
Foreign currency translation adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Beginning balance | (545) | |
Other comprehensive loss | (29) | |
Amounts reclassified to net income | 0 | |
Net other comprehensive income (loss) | (29) | |
Ending balance | (574) | |
Unrealized gain (loss) on cash flow hedges | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Beginning balance | (1,472) | |
Other comprehensive loss | (224) | |
Amounts reclassified to net income | 431 | |
Net other comprehensive income (loss) | 207 | |
Ending balance | (1,265) | |
Unrealized gain (loss) on marketable securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Beginning balance | 16 | |
Other comprehensive loss | (18) | |
Amounts reclassified to net income | 0 | |
Net other comprehensive income (loss) | (18) | |
Ending balance | (2) | |
Defined benefit pension and postretirement plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Beginning balance | 1,074 | |
Other comprehensive loss | 0 | |
Amounts reclassified to net income | (139) | |
Net other comprehensive income (loss) | (139) | |
Ending balance | $ 935 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Operating
Segment Information - Operating Financial Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 33,554 | $ 32,867 |
Operating Income | 7,796 | 7,770 |
Wireless equipment | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 6,336 | 4,944 |
Service revenues and other | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 27,218 | 27,923 |
Fios revenues | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 3,206 | 3,136 |
Wireless service | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 18,342 | 16,744 |
Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 32,938 | 30,502 |
Consumer | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 25,242 | 22,740 |
Consumer | Service | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 18,126 | 16,566 |
Consumer | Wireless equipment | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 5,374 | 4,192 |
Consumer | Other | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 1,742 | 1,982 |
Consumer | Fios revenues | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 2,911 | 2,860 |
Consumer | Wireless service | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 15,217 | 13,684 |
Business | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 7,696 | 7,762 |
Business | Wireless equipment | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 962 | 752 |
Business | Small and Medium Business | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 3,037 | 2,825 |
Business | Global Enterprise | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 2,460 | 2,557 |
Business | Public Sector and Other | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 1,552 | 1,645 |
Business | Wholesale | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 647 | 735 |
Business | Service revenues and other | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 6,700 | 7,000 |
Business | Fios revenues | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 295 | 276 |
Business | Wireless service | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 3,125 | 3,060 |
Intersegment Eliminations | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 63 | 77 |
Intersegment Eliminations | Consumer | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 50 | 58 |
Intersegment Eliminations | Business | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 13 | 19 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 33,001 | 30,579 |
Operating Income | 7,992 | 8,418 |
Operating Segments | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 33,001 | 30,579 |
Operating Income | 7,992 | 8,418 |
Operating Segments | Consumer | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 25,292 | 22,798 |
Operating Income | 7,319 | 7,519 |
Operating Segments | Business | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 7,709 | 7,781 |
Operating Income | $ 673 | $ 899 |
Segment Information - Reconcili
Segment Information - Reconciliation of Operating Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | $ 33,554 | $ 32,867 |
Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | 33,001 | 30,579 |
Corporate and other | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | 618 | 2,422 |
Eliminations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | $ (65) | $ (134) |
Segment Information - Reconci_2
Segment Information - Reconciliation of Segments Operating Income to Consolidated Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Operating income | $ 7,796 | $ 7,770 |
Other components of net periodic benefit charges | (172) | (192) |
Loss on spectrum licenses | 0 | (223) |
Equity in earnings (losses) of unconsolidated businesses | (3) | 8 |
Other income (expense), net | (924) | 401 |
Interest expense | (786) | (1,101) |
Income Before Provision For Income Taxes | 6,083 | 7,078 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating income | 7,992 | 8,418 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Operating income | $ (24) | $ (233) |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | 3 Months Ended |
Mar. 31, 2022legal_matter | |
Commitments and Contingencies Disclosure [Abstract] | |
Approximate number of federal district court actions alleged for patent infringement | 20 |