Cover
Cover | 9 Months Ended |
Sep. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2023 |
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 | 4,204,101,659 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000732712 |
Current Fiscal Year End Date | --12-31 |
Common Stock | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.10 |
Trading Symbol | VZ |
Security Exchange Name | NYSE |
Common Stock | The Nasdaq Global Select Market | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.10 |
Trading Symbol | VZ |
Security Exchange Name | NASDAQ |
1.625% Notes due 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.625% Notes due 2024 |
Trading Symbol | VZ 24B |
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 | VZ 24C |
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 | VZ 25 |
Security Exchange Name | NYSE |
3.25% Notes due 2026 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 3.25% Notes due 2026 |
Trading Symbol | VZ 26 |
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 | VZ 26B |
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 | VZ 27E |
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 | VZ 28 |
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 | VZ 28A |
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 | VZ 28C |
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 | VZ 29B |
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 | VZ 29D |
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 | VZ 30 |
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 | VZ 30A |
Security Exchange Name | NYSE |
4.250% Notes due 2030 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 4.250% Notes due 2030 |
Trading Symbol | VZ 30D |
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 | VZ 31 |
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 | VZ 31A |
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 | VZ 31D |
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 | VZ 32 |
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 | VZ 32A |
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 | VZ 33B |
Security Exchange Name | NYSE |
4.75% Notes due 2034 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 4.75% Notes due 2034 |
Trading Symbol | VZ 34 |
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 | VZ 34C |
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 | VZ 35 |
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 | VZ 35A |
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 | VZ 36A |
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 | VZ 38B |
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 | VZ 38C |
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 | VZ 39C |
Security Exchange Name | NYSE |
3.50% Fixed Rate Notes due 2039 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 3.50% Fixed Rate Notes due 2039 |
Trading Symbol | VZ 39D |
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 | VZ 40 |
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 | VZ 41C |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues | ||||
Operating Revenues | $ 33,336 | $ 34,241 | $ 98,844 | $ 101,584 |
Operating Expenses | ||||
Selling, general and administrative expense | 7,995 | 7,422 | 23,754 | 22,090 |
Depreciation and amortization expense | 4,431 | 4,324 | 13,108 | 12,881 |
Total Operating Expenses | 25,863 | 26,347 | 76,567 | 78,342 |
Operating Income | 7,473 | 7,894 | 22,277 | 23,242 |
Equity in earnings (losses) of unconsolidated businesses | (18) | 2 | (42) | 40 |
Other income (expense), net | 170 | (439) | 494 | (1,314) |
Interest expense | (1,433) | (937) | (3,925) | (2,508) |
Income Before Provision For Income Taxes | 6,192 | 6,520 | 18,804 | 19,460 |
Provision for income taxes | (1,308) | (1,496) | (4,136) | (4,410) |
Net Income | 4,884 | 5,024 | 14,668 | 15,050 |
Net income attributable to noncontrolling interests | 122 | 124 | 349 | 371 |
Net income attributable to Verizon | 4,762 | 4,900 | 14,319 | 14,679 |
Net Income | $ 4,884 | $ 5,024 | $ 14,668 | $ 15,050 |
Basic Earnings Per Common Share | ||||
Net income attributable to Verizon (USD per share) | $ 1.13 | $ 1.17 | $ 3.40 | $ 3.49 |
Weighted-average shares outstanding (in shares) | 4,213 | 4,202 | 4,209 | 4,201 |
Diluted Earnings Per Common Share | ||||
Net income attributable to Verizon (USD per share) | $ 1.13 | $ 1.17 | $ 3.40 | $ 3.49 |
Weighted-average shares outstanding (in shares) | 4,216 | 4,204 | 4,214 | 4,203 |
Service revenues and other | ||||
Operating Revenues | ||||
Operating Revenues | $ 27,523 | $ 27,666 | $ 81,994 | $ 81,999 |
Wireless equipment | ||||
Operating Revenues | ||||
Operating Revenues | 5,813 | 6,575 | 16,850 | 19,585 |
Operating Expenses | ||||
Cost of services and equipment | 6,353 | 7,308 | 18,557 | 21,919 |
Service | ||||
Operating Expenses | ||||
Cost of services and equipment | $ 7,084 | $ 7,293 | $ 21,148 | $ 21,452 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 4,884 | $ 5,024 | $ 14,668 | $ 15,050 |
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit | ||||
Foreign currency translation adjustments, net of tax of $(7), $(13), $(3) and $(30) | (51) | (120) | (31) | (285) |
Unrealized gain on cash flow hedges, net of tax of $(8), $(6), $(23) and $(97) | 21 | 22 | 67 | 301 |
Unrealized gain (loss) on fair value hedges, net of tax of $(198), $(30), $(195) and $58 | 584 | 105 | 575 | (167) |
Unrealized loss on marketable securities, net of tax of $2, $3, $1 and $10 | (5) | (8) | (3) | (32) |
Defined benefit pension and postretirement plans, net of tax of $19, $129, $55 and $201 | (56) | (379) | (171) | (590) |
Other comprehensive income (loss) attributable to Verizon | 493 | (380) | 437 | (773) |
Total Comprehensive Income | 5,377 | 4,644 | 15,105 | 14,277 |
Comprehensive income attributable to noncontrolling interests | 122 | 124 | 349 | 371 |
Comprehensive income attributable to Verizon | 5,255 | 4,520 | 14,756 | 13,906 |
Total Comprehensive Income | $ 5,377 | $ 4,644 | $ 15,105 | $ 14,277 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax | $ (7) | $ (13) | $ (3) | $ (30) |
Unrealized gain (loss) on cash flow hedges, tax | (8) | (6) | (23) | (97) |
Unrealized gain (loss) from fair value hedges, tax | (198) | (30) | (195) | 58 |
Unrealized gain (loss) on marketable securities, tax | 2 | 3 | 1 | 10 |
Defined benefit pension and postretirement plans, tax | $ 19 | $ 129 | $ 55 | $ 201 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 4,210 | $ 2,605 |
Accounts receivable | 24,559 | 25,332 |
Less Allowance for credit losses | 957 | 826 |
Accounts receivable, net of allowance | 23,602 | 24,506 |
Inventories | 2,240 | 2,388 |
Prepaid expenses and other | 8,067 | 8,358 |
Total current assets | 38,119 | 37,857 |
Property, plant and equipment | 316,767 | 307,689 |
Less Accumulated depreciation | 209,277 | 200,255 |
Property, plant and equipment, net | 107,490 | 107,434 |
Investments in unconsolidated businesses | 929 | 1,071 |
Wireless licenses | 155,465 | 149,796 |
Goodwill | 28,642 | 28,671 |
Other intangible assets, net | 10,952 | 11,461 |
Operating lease right-of-use assets | 25,086 | 26,130 |
Other assets | 18,147 | 17,260 |
Total assets | 384,830 | 379,680 |
Current liabilities | ||
Debt maturing within one year | 12,950 | 9,963 |
Accounts payable and accrued liabilities | 26,140 | 23,977 |
Current operating lease liabilities | 3,906 | 4,134 |
Other current liabilities | 12,681 | 12,097 |
Total current liabilities | 55,677 | 50,171 |
Long-term debt | 134,441 | 140,676 |
Employee benefit obligations | 12,226 | 12,974 |
Deferred income taxes | 44,434 | 43,441 |
Non-current operating lease liabilities | 20,773 | 21,558 |
Other liabilities | 18,191 | 18,397 |
Total long-term liabilities | 230,065 | 237,046 |
Commitments and Contingencies | ||
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 | 13,524 | 13,420 |
Retained earnings | 88,416 | 82,380 |
Accumulated other comprehensive loss | (1,428) | (1,865) |
Common stock in treasury, at cost (87,331,987 and 91,572,258 shares outstanding) | (3,828) | (4,013) |
Deferred compensation – employee stock ownership plans (ESOPs) and other | 628 | 793 |
Noncontrolling interests | 1,347 | 1,319 |
Total equity | 99,088 | 92,463 |
Total liabilities and equity | $ 384,830 | $ 379,680 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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) | 87,331,987 | 91,572,258 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities | ||
Net Income | $ 14,668 | $ 15,050 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 13,108 | 12,881 |
Employee retirement benefits | 161 | 479 |
Deferred income taxes | 822 | 1,595 |
Provision for expected credit losses | 1,596 | 1,048 |
Equity in losses (earnings) of unconsolidated businesses, net of dividends received | 69 | (13) |
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | 972 | (458) |
Other, net | (2,598) | (2,383) |
Net cash provided by operating activities | 28,798 | 28,199 |
Cash Flows from Investing Activities | ||
Capital expenditures (including capitalized software) | (14,164) | (15,811) |
Cash received related to acquisitions of businesses, net | 0 | 248 |
Acquisitions of wireless licenses | (1,859) | (2,890) |
Collateral receipts (payments) related to derivative contracts, net | 162 | (4,857) |
Proceeds from disposition of business | 0 | 33 |
Other, net | 253 | (43) |
Net cash used in investing activities | (15,608) | (23,320) |
Cash Flows from Financing Activities | ||
Proceeds from long-term borrowings | 1,999 | 4,605 |
Proceeds from asset-backed long-term borrowings | 4,656 | 5,939 |
Net proceeds from short-term commercial paper | 333 | 4,514 |
Repayments of long-term borrowings and finance lease obligations | (5,568) | (8,001) |
Repayments of asset-backed long-term borrowings | (3,729) | (3,647) |
Dividends paid | (8,231) | (8,066) |
Other, net | (1,101) | (797) |
Net cash used in financing activities | (11,641) | (5,453) |
Increase (decrease) in cash, cash equivalents and restricted cash | 1,549 | (574) |
Cash, cash equivalents and restricted cash, beginning of period | 4,111 | 4,161 |
Cash, cash equivalents and restricted cash, end of period | $ 5,660 | $ 3,587 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Verizon Communications Inc. (the Company) is a holding company that, acting through its subsidiaries (together with the Company, collectively, Verizon), is one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity, security and control. 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2022. 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. During the first quarter of 2023, Verizon reorganized the customer groups within its Business segment . See Note 10 for additional information. Certain amounts have been reclassified to conform to the current period’s presentation. Earnings Per Common Share There were a total of approximately 3.4 million and 4.2 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2023, respectively. There were a total of approximately 1.6 million and 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 and nine months ended September 30, 2022, respectively. 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 receivables collateralizing our asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets. Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At September 30, At December 31, Increase / (Decrease) (dollars in millions) 2023 2022 Cash and cash equivalents $ 4,210 $ 2,605 $ 1,605 Restricted cash: Prepaid expenses and other 1,298 1,343 (45) Other assets 152 163 (11) Cash, cash equivalents and restricted cash $ 5,660 $ 4,111 $ 1,549 |
Revenues and Contract Costs
Revenues and Contract Costs | 9 Months Ended |
Sep. 30, 2023 | |
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 (Enterprise and Public Sector, Business Markets and Other, and Wholesale) within Business. See Note 10 for additional information on revenue by segment, including Corporate and other. 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 recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement. We have elected the practical expedient within ASU 2016-02, "Leases" (Topic 842), to combine the lease and non-lease components for those customer arrangements under Topic 606 that involve customer premise equipment where we are the lessor. During the three and nine months ended September 30, 2023, revenues from arrangements that were not accounted for under Topic 606 were approximately $693 million and $2.2 billion, respectively. During the three and nine months ended September 30, 2022, revenues from arrangements that were not accounted for under Topic 606 were approximately $774 million and $2.4 billion, respectively. Remaining Performance Obligations When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price may relate to service performance obligations which were not satisfied or are partially satisfied as of the end of the reporting period. Below we disclose information relating to these unsatisfied performance obligations. We apply the practical expedient available under Topic 606 that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less. This situation primarily arises with respect to certain month-to-month service contracts. At September 30, 2023, month-to-month service contracts represented approximately 94% of our wireless postpaid contracts and approximately 94% of our wireline Consumer and our Business Markets and Other contracts, compared to September 30, 2022, for which month-to-month service contracts represented approximately 94% of our wireless postpaid contracts and 90% of our wireline Consumer and our Business Markets and Other 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, or 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 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 sixteen years ending in September 2039 and have aggregate contract minimum payments totaling $1.4 billion. At September 30, 2023, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the remainder of 2023, 2024 and thereafter was $6.5 billion, $22.1 billion and $19.7 billion, respectively. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications. Accounts Receivable and Contract Balances The timing of revenue recognition may differ from the time of billing to our customers. Receivables presented in our condensed consolidated balance sheets represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract. Contract assets primarily relate to our rights to consideration for goods or services provided to customers but for which we do not have an unconditional right at the reporting date. Under a fixed-term plan, total contract revenue is allocated between wireless service and equipment revenues. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer when the performance obligation related to the transfer of control of the equipment is satisfied. The contract asset is reclassified to accounts receivable as wireless services are provided and billed. We have the right to bill the customer as service is provided over time, which results in our right to the payment being unconditional. The contract asset balances are presented in our condensed consolidated balance sheets as Prepaid expenses and other and Other assets. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. Contract liabilities arise when we bill our customers and receive consideration in advance of providing the goods or services promised in the contract. We typically bill service one month in advance, which is the primary component of the contract liability balance. Contract liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in our condensed consolidated balance sheets as Other current liabilities and Other liabilities. The following table presents information about receivables from contracts with customers: At September 30, At December 31, (dollars in millions) 2023 2022 Accounts Receivable (1) $ 9,325 $ 11,274 Device payment plan agreement receivables (2) 17,122 16,648 (1) Balances do not include receivables related to the following: activity associated with certain vendor agreements, leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and device payment plan agreement receivables presented separately. (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 September 30, At December 31, (dollars in millions) 2023 2022 Contract asset $ 790 $ 863 Contract liability 8,629 8,234 Revenue recognized related to contract liabilities existing at January 1, 2023 were $202 million and $4.8 billion for the three and nine months ended September 30, 2023, respectively. Revenue recognized related to contract liabilities existing at January 1, 2022 were $167 million and $4.8 billion for the three and nine months ended September 30, 2022, respectively. The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2023 2022 Assets Prepaid expenses and other $ 541 $ 656 Other assets 249 207 Total $ 790 $ 863 Liabilities Other current liabilities $ 6,853 $ 6,583 Other liabilities 1,776 1,651 Total $ 8,629 $ 8,234 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 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 one The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2023 2022 Assets Prepaid expenses and other $ 2,673 $ 2,629 Other assets 2,503 2,475 Total $ 5,176 $ 5,104 For the three and nine months ended September 30, 2023, we recognized expense of $799 million and $2.4 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income. For the three and nine months ended September 30, 2022, we recognized expense of $735 million and $2.2 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income. We assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There were insignificant impairment charges recognized for the three and nine months ended September 30, 2023. There were no impairment charges recognized for the three and nine months ended September 30, 2022. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | Note 3. Acquisitions and Divestitures Spectrum License Transactions In February 2021, the Federal Communications Commission (FCC) concluded Auction 107 for C-Band wireless spectrum. 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 $7.6 billion. During the nine months ended September 30, 2023 and September 30, 2022, we made payments of $578 million and $1.6 billion, respectively, for obligations related to clearing costs and accelerated clearing incentives. In October 2023, we made additional payments of $3.7 billion related to accelerated clearing incentive obligations, which were accrued for as of September 30, 2023. We expect to continue to make payments of approximately $400 million for the remaining obligations through 2024. The final timing and amounts of these payments could differ based on the actual amount of incumbent holders’ reimbursement claims and the speed with which those claims are approved and processed. 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. TracFone Wireless, Inc. On November 23, 2021 (the Acquisition Date), we completed the acquisition of TracFone Wireless, Inc. (TracFone), a provider of prepaid and value mobile services in the U.S. 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, 57,596,544 shares of common stock of the Company 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 $560 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. During the nine months ended September 30, 2023 and 2022, Verizon made payments of $182 million and |
Wireless Licenses, Goodwill and
Wireless Licenses, Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, At December 31, (dollars in millions) 2023 2022 Wireless licenses $ 155,465 $ 149,796 During the nine months ended September 30, 2023, we made payments of $578 million for obligations related to clearing costs and accelerated clearing incentives for wireless licenses. In October 2023, we made additional payments of $3.7 billion related to accelerated clearing incentive obligations for wireless licenses, which were accrued for as of September 30, 2023. See Note 3 for additional information. At September 30, 2023 and 2022, approximately $22.1 billion and $45.4 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded approximately $1.2 billion and $1.3 billion of capitalized interest on wireless licenses for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023, we renewed various wireless licenses in accordance with FCC regulations. The average renewal period for these licenses was 10 years. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Consumer Business Other Total Balance at January 1, 2023 $ 21,142 $ 7,502 $ 27 $ 28,671 Reclassifications, adjustments and other (1) — (2) (27) (29) Balance at September 30, 2023 $ 21,142 $ 7,500 $ — $ 28,642 (1) Includes goodwill impairment charges of $27 million, related to non-strategic businesses presented within Other, recorded in Selling, general and administrative expense in our condensed consolidated statements of income for the nine months ended September 30, 2023. Other Intangible Assets The following table displays the composition of Other intangible assets, net as well as the respective amortization periods: At September 30, 2023 At December 31, 2022 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 13 years) $ 4,335 $ (2,049) $ 2,286 $ 4,335 $ (1,646) $ 2,689 Non-network internal-use software (7 years) 24,853 (17,586) 7,267 23,421 (16,397) 7,024 Other (4 to 25 years) 2,646 (1,247) 1,399 2,806 (1,058) 1,748 Total $ 31,834 $ (20,882) $ 10,952 $ 30,562 $ (19,101) $ 11,461 The amortization expense for Other intangible assets was as follows: Three Months Ended Nine Months Ended (dollars in millions) September 30, September 30, 2023 $ 690 $ 1,990 2022 658 1,944 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 2023 $ 665 2024 2,481 2025 2,278 2026 2,031 2027 1,477 2028 1,065 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
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 the Company and its subsidiaries that occurred during the three and nine months ended September 30, 2023. Tender Offers (dollars in millions) Principal Amount Purchased Cash Consideration (1) Three Months Ended September 30, 2023 Verizon 2.550% - 5.050% notes and floating rate notes, due 2024 - 2036 $ 2,579 $ 2,471 Three and Nine Months Ended September 30, 2023 total $ 2,579 $ 2,471 (1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase. Repayments and Repurchases (dollars in millions) Principal Repaid/ Repurchased Amount Paid (1) Three Months Ended March 31, 2023 Verizon 3.500% notes and floating rate notes due 2023 (2) A$ 1,050 $ 850 Open market repurchases of various Verizon notes $ 260 190 Three Months Ended March 31, 2023 total 1,040 Three Months Ended June 30, 2023 Verizon 0.375% bonds due 2023 (2) CHF 600 $ 633 Open market repurchases of various Verizon notes $ 247 177 Three Months Ended June 30, 2023 total 810 Nine Months Ended September 30, 2023 total $ 1,850 (1) Represents amount paid to repay or repurchase, including any accrued interest. In addition, for securities denominated in a currency other than the U.S. dollar, amount paid is shown on a U.S. dollar equivalent basis. (2) U.S. dollar amount paid represents the amount payable at maturity per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the repayment. Issuances (dollars in millions) Principal Amount Issued Net Proceeds (1) Three Months Ended June 30, 2023 Verizon 5.050% notes due 2033 (2) $ 1,000 $ 994 Three Months Ended June 30, 2023 total 1,000 994 Nine Months Ended September 30, 2023 total $ 1,000 $ 994 (1) Net proceeds were net of underwriting discounts and other issuance costs. (2) An amount equal to the net proceeds from these notes 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 January 1, 2023 through the maturity date of the notes. Short-Term Borrowing and Commercial Paper Program In March 2023, we entered into and fully drew from a $500 million short-term revolving credit facility. In July 2023, the short-term revolving credit facility matured and was fully repaid. As of September 30, 2023, we had no short-term borrowing outstanding. During the nine months ended September 30, 2023, we issued $9.1 billion in commercial paper and we repaid $8.7 billion of commercial paper. As of September 30, 2023, we had $500 million of commercial paper outstanding. These transactions are reflected within Cash flows from financing activities in our condensed consolidated statements of cash flows. Asset-Backed Debt As of September 30, 2023 , the carrying value of our asset-backed debt was $21.0 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 the Company, and certain other Company affiliates (collectively, the Originators) transfer device payment plan agreement receivables and certain other receivables (collectively referred to as certain 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 receivables and future collections on such receivables. These 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 certain 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, the Company has agreed to guarantee certain of the payment obligations of Cellco and the Originators to the ABS Entities. Cash collections on the 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 is included in Debt maturing within one year and Long-term debt in our condensed consolidated balance sheets. ABS Notes During the nine months ended September 30, 2023 , we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued January 2023 Series 2023-1 A Senior class notes 4.490 2.98 $ 891 B Junior class notes 4.740 2.98 — C Junior class notes 4.980 2.98 41 January 2023 total 932 April 2023 Series 2023-2 A Senior class notes 4.890 1.99 891 B Junior class notes 5.130 1.99 — C Junior class notes 5.380 1.99 41 Series 2023-3 A Senior class notes 4.730 4.99 268 B Junior class notes 4.970 4.99 — C Junior class notes 5.220 4.99 12 April 2023 total 1,212 June 2023 Series 2023-4 A-1a Senior fixed rate class notes 5.160 2.97 538 A-1b Senior floating rate class notes Compounded SOFR (1) + 0.850 2.97 175 B Junior class notes 5.400 2.97 — C Junior class notes 5.650 2.97 33 June 2023 total 746 September 2023 Series 2023-5 A-1a Senior fixed rate class notes 5.610 2.00 265 A-1b Senior floating rate class notes Compounded SOFR + 0.680 2.00 114 B Junior class notes 5.850 2.00 — C Junior class notes 6.090 2.00 17 Series 2023-6 A Senior class notes 5.350 5.00 557 B Junior class notes 5.590 5.00 — C Junior class notes 5.840 5.00 — September 2023 total 953 Total $ 3,843 (1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes. Compounded SOFR for the interest payment made in September 2023 was 5.313%. Under the terms of each series of ABS Notes outstanding as of September 30, 2023, there is a revolving period of up to 18 months, two years, three years, or five years, as applicable, during which we may transfer additional receivables to the ABS Entity. During the nine months ended September 30, 2023 , we made aggregate principal repayments of $3.0 billion in connection with an anticipated redemption of ABS Notes and notes that have entered the amortization period, including payments in connection with any note redemptions. ABS Financing Facilities Under the two loan agreements outstanding in connection with the ABS Financing Facility originally entered into in December 2021 and previously renewed in 2022 (2021 ABS Financing Facility), we borrowed an additional $325 million in March 2023 and prepaid an aggregate of $700 million in April 2023. The aggregate outstanding balance under the 2021 ABS Financing Facility was $7.6 billion as of September 30, 2023. In March 2023, we borrowed an additional $500 million under the loan agreement outstanding in connection with the ABS Financing Facility that we originally entered into in 2022 (2022 ABS Financing Facility). T he aggregate outstanding balance under the 2022 ABS Financing Facility was $2.5 billion as of September 30, 2023 . Variable Interest Entities (VIEs) The ABS Entities meet the definition of a VIE for which we have determined that we are the primary beneficiary as we have both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity. Therefore, the assets, liabilities and activities of the ABS Entities are consolidated in our financial results and are included in amounts presented on the face of our condensed consolidated balance sheets. The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2023 2022 Assets Accounts receivable, net $ 14,199 $ 13,906 Prepaid expenses and other 1,373 1,409 Other assets 11,293 9,894 Liabilities Accounts payable and accrued liabilities 26 22 Debt maturing within one year 8,250 6,809 Long-term debt 12,701 13,199 See Note 6 for additional information on certain receivables used to secure asset-backed debt. Long-Term Credit Facilities At September 30, 2023 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2026 $ 9,500 $ 9,456 $ — Various export credit facilities (2) 2024 - 2031 11,000 — 6,882 Total $ 20,500 $ 9,456 $ 6,882 (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. As of September 30, 2023, there have been no drawings against the $9.5 billion revolving credit facility since its inception. (2) During the nine months ended September 30, 2023 and 2022, we drew down $1.0 billion and $3.0 billion , respectively, from these facilities. Borrowings under certain of these facilities are amortized 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 nine months ended September 30, 2023 and 2022, we financed, primarily through alternative financing arrangements, the purchase of approximately $942 million and $583 million, respectively, of long-lived assets consisting primarily of network equipment. As of September 30, 2023 and December 31, 2022, $2.1 billion and $1.7 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. Net Debt Extinguishment Gains (Losses) During the three and nine months ended September 30, 2023, we recorded debt extinguishment gains of $85 million and $224 million, respectively. During the three months ended September 30, 2022, we recorded debt extinguishment gains of $50 million. During the nine months ended September 30, 2022, we recorded net debt extinguishment losses of $1.1 billion. The gains and losses are recorded in Other income (expense), net in our condensed consolidated statements of income. The total gains and losses are reflected within Other, net cash flow from operating activities, and the portion of the gains and losses representing cash payments are reflected within Other, net cash flow from financing activities in our condensed consolidated statements of cash flows. Guarantees We guarantee the debentures of our operating telephone company subsidiaries. As of September 30, 2023 , $614 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 the Company. 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 sheet: At September 30, 2023 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable $ 12,860 $ 5,503 $ 6,196 $ 24,559 Less Allowance for credit losses 516 203 238 957 Accounts receivable, net of allowance $ 12,344 $ 5,300 $ 5,958 $ 23,602 (1) Other receivables primarily include wireline and other receivables, of which the allowances are individually insignificant. Included in Other assets and Accounts receivable at September 30, 2023 and December 31, 2022, are net device payment plan agreement receivables and net wireless service receivables of $25.3 billion and $23.6 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. 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 September 30, At December 31, (dollars in millions) 2023 2022 Device payment plan agreement receivables, gross $ 26,988 $ 26,188 Unamortized imputed interest (642) (479) Device payment plan agreement receivables, at amortized cost 26,346 25,709 Allowance (1) (1,045) (881) Device payment plan agreement receivables, net $ 25,301 $ 24,828 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 12,344 $ 12,929 Other assets 12,957 11,899 Device payment plan agreement receivables, net $ 25,301 $ 24,828 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables. 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. The associated interest income, which is included within Service revenues and other in our condensed consolidated statements of income, is recognized over the financed device payment term. Promotions In connection with certain device payment plan agreements, we may offer a promotion to allow our customers to upgrade to a new device after paying down a certain specified portion of the required device payment plan agreement amount as well as trading in their device in good working order. When a customer enters into a device payment plan agreement with the right to upgrade to a new device, we account for this trade-in right as a guarantee obligation. We recognize a liability measured at fair value for the customer’s right to trade in the device which is determined by considering several factors, including the weighted-average selling prices obtained in recent resales of similar devices eligible for trade-in. At September 30, 2023 and December 31, 2022, the amount of the guarantee liability was insignificant and $54 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 September 30, 2023 and December 31, 2022, the amount of trade-in liability was $400 million and $562 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. Available external credit data from credit reporting agencies along with internal data are used to create custom credit risk scores 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, and gross write-offs recorded, as of and for the nine months ended September 30, 2023, by credit quality indicator and year of origination: Year of Origination (1) (dollars in millions) 2023 2022 2021 and prior Total Device payment plan agreement receivables, at amortized cost New customers $ 2,224 $ 1,640 $ 192 $ 4,056 Existing customers 10,149 10,881 1,260 22,290 Total $ 12,373 $ 12,521 $ 1,452 $ 26,346 Gross write-offs New customers $ 197 $ 345 $ 52 $ 594 Existing customers 20 172 86 278 Total $ 217 $ 517 $ 138 $ 872 (1) Includes accounts that have been suspended at a point in time. The data presented in the table above was last updated on September 30, 2023. We assess indicators for the quality of our wireless service receivables portfolio as one overall pool. The following table presents wireless service receivables, at amortized cost, and gross write-offs recorded, as of and for the nine months ended September 30, 2023, by year of origination: Year of Origination (dollars in millions) 2023 2022 and prior Total Wireless service receivables, at amortized cost $ 5,415 $ 88 $ 5,503 Gross write-offs 190 152 342 The data presented in the table above was last updated on September 30, 2023. 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 types of customers and related contracts: consumer, small and medium business, 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 enterprise, public sector and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, as 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, 2023 $ 881 $ 143 Current period provision for expected credit losses 1,011 375 Write-offs charged against the allowance (872) (342) Recoveries collected 25 27 Balance at September 30, 2023 $ 1,045 $ 203 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables. We monitor delinquency and write-off experience based on the quality of our device payment plan agreement and wireless service receivables portfolios. The extent of our collection efforts with respect to a particular customer are based on the results of our proprietary custom internal scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent. These custom scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Since our customers’ behaviors may be impacted by general economic conditions, we analyzed whether changes in macroeconomic conditions impact our credit loss experience and have concluded that our credit loss estimates are generally not materially impacted by reasonable and supportable forecasts of future economic conditions. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. For device payment plan agreement receivables and wireless service receivables, we consider an account to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. The risk class determines the speed and severity of the collections effort including initiatives taken to facilitate customer payment. The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows: At September 30, (dollars in millions) 2023 Unbilled $ 25,109 Billed: Current 996 Past due 241 Device payment plan agreement receivables, at amortized cost $ 26,346 |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 33 $ — $ 33 Cross currency swaps — 2 — 2 Interest rate caps — 68 — 68 Other assets: Fixed income securities — 236 — 236 Cross currency swaps — 355 — 355 Interest rate caps — 11 — 11 Total $ — $ 705 $ — $ 705 Liabilities: Other current liabilities: Interest rate swaps $ — $ 1,143 $ — $ 1,143 Cross currency swaps — 301 — 301 Foreign exchange forwards — 9 — 9 Interest rate caps — 68 — 68 Contingent consideration — — 125 125 Other liabilities: Interest rate swaps — 4,782 — 4,782 Cross currency swaps — 2,784 — 2,784 Interest rate caps — 11 — 11 Total $ — $ 9,098 $ 125 $ 9,223 (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, 2022: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 37 $ — $ 37 Cross currency swaps — 42 — 42 Foreign exchange forwards — 6 — 6 Interest rate caps — 63 — 63 Other assets: Fixed income securities — 349 — 349 Cross currency swaps — 263 — 263 Interest rate caps — 30 — 30 Total $ — $ 790 $ — $ 790 Liabilities: Other current liabilities: Interest rate swaps $ — $ 731 $ — $ 731 Cross currency swaps — 346 — 346 Interest rate caps — 63 — 63 Foreign exchange forwards — 1 — 1 Contingent consideration — — 274 274 Other liabilities: Interest rate swaps — 3,902 — 3,902 Cross currency swaps — 3,295 — 3,295 Interest rate caps — 30 — 30 Contingent consideration — — 43 43 Total $ — $ 8,368 $ 317 $ 8,685 (1) Quoted prices in active markets for identical assets or liabilities. (2) Observable inputs other than quoted prices in active markets for identical assets and liabilities. (3) Unobservable pricing inputs in the market. Certain of our equity investments do not have readily determinable fair values and are excluded from the tables above. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer and are included in Investments in unconsolidated businesses in our condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, the carrying amount of our investments without readily determinable fair values was $721 million and $804 million, respectively. During both the three and nine months ended September 30, 2023, there were insignificant adjustments due to observable price changes. During both the three and nine months ended September 30, 2023, there were insignificant amounts of impairment charges. As of September 30, 2023, cumulative adjustments due to observable price changes and impairment charges were approximately $159 million and $89 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. During the nine months ended September 30, 2023 and 2022, we made payments of $182 million and $113 million, respectively, related to the contingent consideration. See Note 3 for additional information. Fixed income securities consist primarily of investments in municipal bonds. The valuation of the fixed income securities is 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, 2022 $ 148,906 $ 84,385 $ 54,656 $ — $ 139,041 At September 30, 2023 145,404 79,888 53,470 — 133,358 Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. We employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency swaps, forward starting interest rate swaps, treasury rate locks, interest rate caps, swaptions and foreign exchange forwards. We do not hold derivatives for trading purposes. The following table sets forth the notional amounts of our outstanding derivative instruments: At September 30, At December 31, (dollars in millions) 2023 2022 Interest rate swaps $ 26,071 $ 26,071 Cross currency swaps 33,526 34,976 Foreign exchange forwards 995 920 The following tables summarize the activities of our designated derivatives: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Interest Rate Swaps: Notional value entered into $ — $ — $ — $ 7,155 Notional value settled — — — 863 Pre-tax gain recognized in Interest expense 2 2 3 2 Cross Currency Swaps: Notional value entered into — — — — Notional value settled — — 1,450 — Pre-tax loss recognized in Other comprehensive income (loss) (1) N/A N/A N/A (430) Pre-tax loss on cross currency swaps recognized in Interest expense (1,036) (2,039) (311) (3,847) Pre-tax gain on hedged debt recognized in Interest expense 1,036 2,039 311 3,847 Excluded components recognized in Other comprehensive income (loss) 809 169 851 (171) Initial value of the excluded component amortized into Interest expense 28 27 82 54 Forward Starting Interest Rate Swaps: Notional value entered into — — — — Notional value settled — — — 1,000 Pre-tax gain recognized in Other comprehensive income (loss) — — — 196 Treasury Rate Locks: Notional value entered into — — 500 — Notional value settled — — 500 — Pre-tax gain recognized in Other comprehensive income (loss) — — 5 — N/A - not applicable (1) Represents amounts recorded under the cash flow hedge model. These instruments were re-designated as fair value hedges on March 31, 2022. Nine Months Ended September 30, (dollars in millions) 2023 2022 Other, net Cash Flows from Operating Activities: Cash received for settlement of interest rate swaps $ — $ 40 Cash paid for settlement of forward starting interest rate swaps — (107) Cash received for settlement of treasury rate locks 5 — Other, net Cash Flows from Financing Activities: Cash paid for settlement of cross currency swaps, net (67) — The following table displays the amounts recorded in Long-term debt in our condensed consolidated balance sheets related to cumulative basis adjustments for our interest rate swaps designated as fair value hedges. The cumulative amounts exclude cumulative basis adjustments related to foreign exchange risk. At September 30, At December 31, (dollars in millions) 2023 2022 Carrying amount of hedged liabilities $ 20,398 $ 21,741 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (5,809) (4,512) Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 422 488 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 primarily offset by changes in the fair value of the hedged debt due to changes in interest rates. 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 loss recognized in Other comprehensive income (loss) was reclassified to Interest expense to offset the related pre-tax foreign currency transaction gain or loss on the underlying hedged item. On March 31, 2022, we elected to de-designate our cross currency swaps as cash flow hedges 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 swaps related to both time value and cross currency basis spread from the assessment of hedge effectiveness (the excluded components). The initial value of the excluded components of $1.0 billion as of March 31, 2022 will continue to be amortized into Interest expense over the remaining life of the hedging instruments. We estimate that $106 million will be amortized into Interest expense within the next 12 months. In addition to the previously mentioned cross currency swaps, we have executed additional cross currency swaps to exchange Euro-denominated cash flows into U.S. dollars to fix our cash payments in U.S. dollars. These swaps are designated as fair value hedges. We record the cross currency swaps at fair value in our condensed consolidated balance sheets as assets and liabilities. 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 a part of Interest expense. During the three and nine months ended September 30, 2023 and September 30, 2022 , these amounts completely offset each other and no net gain or loss was recorded. Changes in the fair value of cross currency swaps attributable to time value and cross currency basis spread are initially recorded to Other comprehensive income (loss). Unrealized gains or losses on excluded components are recorded in Other comprehensive income (loss) and are recognized into Interest expense on a systematic and rational basis through the swap accrual over the life of the hedging instrument. The amount remaining in Accumulated other comprehensive loss 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. During the three and nine months ended September 30, 2023 and September 30, 2022 , the amortization of the initial value of the excluded component completely offset the amortization related to the amount remaining in Other comprehensive income (loss) related to cash flow hedges. See Note 9 for additional information. Forward Starting Interest Rate Swaps From time to time we enter 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 (loss) . Treasury Rate Locks We have entered into treasury rate locks designated as cash flow hedges to mitigate our interest rate risk on future transactions. We recognize gains and losses resulting from interest rate movements in Other comprehensive income (loss). Net Investment Hedges We have designated certain foreign currency debt instruments as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. The notional amount of Euro-denominated debt designated as a net investment hedge was €750 million as of both September 30, 2023 and December 31, 2022. 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 Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Foreign Exchange Forwards: Notional value entered into $ 2,800 $ 2,642 $ 8,225 $ 8,144 Notional value settled 2,785 2,703 8,150 8,136 Pre-tax loss recognized in Other income (expense), net (39) (75) (17) (169) 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 or upon a remeasurement event, to reflect actual return on plan assets and updated actuarial assumptions. The adjustment is recognized in the income statement during the fourth quarter or upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses. Net Periodic Benefit Cost (Income) The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Three Months Ended September 30, 2023 2022 2023 2022 Service cost - Cost of services $ 46 $ 52 $ 11 $ 20 Service cost - Selling, general and administrative expense 6 7 2 4 Service cost $ 52 $ 59 $ 13 $ 24 Amortization of prior service cost (credit) $ 28 $ 24 $ (105) $ (106) Expected return on plan assets (254) (274) (9) (6) Interest cost 188 151 137 83 Remeasurement loss, net — 645 — — Other components $ (38) $ 546 $ 23 $ (29) Total $ 14 $ 605 $ 36 $ (5) (dollars in millions) Pension Health Care and Life Nine Months Ended September 30, 2023 2022 2023 2022 Service cost - Cost of services $ 137 $ 168 $ 34 $ 60 Service cost - Selling, general and administrative expense 20 23 6 11 Service cost $ 157 $ 191 $ 40 $ 71 Amortization of prior service cost (credit) $ 84 $ 54 $ (314) $ (419) Expected return on plan assets (760) (865) (24) (20) Interest cost 564 375 409 249 Remeasurement loss, net — 843 — — Other components $ (112) $ 407 $ 71 $ (190) Total $ 45 $ 598 $ 111 $ (119) The service cost component of net periodic benefit cost (income) is recorded in Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income while the other components, including mark-to-market adjustments, if any, are recorded in Other income (expense), net. Severance Payments During the three and nine months ended September 30, 2023, we paid severance benefits of $224 million and $450 million, respectively. During the three and nine months ended September 30, 2023, we recorded pre-tax severance charges of $35 million and $284 million, respectively, related to involuntary separations under our existing plans. At September 30, 2023, we had a remaining severance liability of $434 million, a portion of which includes future contractual payments to separated employees. Employer Contributions During the nine months ended September 30, 2023, we made a discretionary contribution of $200 million to one of our qualified pension plans and made insignificant contributions to our nonqualified pension plans. No mandatory qualified pension plans contributions are expected or required through December 31, 2023. There have been no significant changes with respect to the nonqualified pension and other postretirement benefit plans contributions in 2023. Remeasurement loss, net During the three and nine months ended September 30, 2022, we recorded a net pre-tax remeasurement loss of $645 million and $843 million, respectively, in our pension plans triggered by settlements as well as amendments to our collective bargaining agreements. During the three months ended September 30, 2022, we recorded a net pre-tax remeasurement loss of $645 million in our pension plans triggered by settlements as well as amendments to our collective bargaining agreements, primarily driven by a $3.5 billion charge resulting from the difference between our estimated and actual return on assets, partially offset by a credit of $2.9 billion mainly due to changes in our discount rate and changes in our lump sum interest rate assumptions used to determine the current year liabilities of our pension plans. During the three months ended June 30, 2022, we recorded a net pre-tax remeasurement loss of $198 million in our pension plans triggered by settlements, primarily driven by a $654 million charge resulting from the difference between our estimated and actual return on assets, partially offset by a credit of $456 million mainly due to changes in our discount rate and changes in our lump sum interest rate assumptions used to determine the current year liabilities of our pension plans. |
Equity and Accumulated Other Co
Equity and Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
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: Three Months Ended September 30, 2023 2022 (dollars in millions, except per share amounts, and shares in thousands) 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 13,523 13,872 Other 1 (405) Balance at end of period 13,524 13,467 Retained Earnings Balance at beginning of period 86,448 76,401 Net income attributable to Verizon 4,762 4,900 Dividends declared ($0.6650, $0.6525 per share) (2,796) (2,741) Other 2 (15) Balance at end of period 88,416 78,545 Accumulated Other Comprehensive Loss Balance at beginning of period attributable to Verizon (1,921) (1,320) Foreign currency translation adjustments (51) (120) Unrealized gain on cash flow hedges 21 22 Unrealized gain on fair value hedges 584 105 Unrealized loss on marketable securities (5) (8) Defined benefit pension and postretirement plans (56) (379) Other comprehensive income (loss) 493 (380) Balance at end of period attributable to Verizon (1,428) (1,700) Treasury Stock Balance at beginning of period (87,394) (3,830) (91,719) (4,020) Employee plans 62 2 103 5 Balance at end of period (87,332) (3,828) (91,616) (4,015) Deferred Compensation-ESOPs and Other Balance at beginning of period 544 654 Restricted stock equity grant 89 98 Amortization (5) (10) Balance at end of period 628 742 Noncontrolling Interests Balance at beginning of period 1,309 1,341 Total comprehensive income 122 124 Distributions and other (84) (150) Balance at end of period 1,347 1,315 Total Equity $ 99,088 $ 88,783 Nine Months Ended September 30, 2023 2022 (dollars in millions, except per share amounts, and shares in thousands) 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 13,420 13,861 Other 104 (394) Balance at end of period 13,524 13,467 Retained Earnings Balance at beginning of period 82,380 71,993 Net income attributable to Verizon 14,319 14,679 Dividends declared ($1.9700, $1.9325 per share) (8,285) (8,120) Other 2 (7) Balance at end of period 88,416 78,545 Accumulated Other Comprehensive Loss Balance at beginning of period attributable to Verizon (1,865) (927) Foreign currency translation adjustments (31) (285) Unrealized gain on cash flow hedges 67 301 Unrealized gain (loss) on fair value hedges 575 (167) Unrealized loss on marketable securities (3) (32) Defined benefit pension and postretirement plans (171) (590) Other comprehensive income (loss) 437 (773) Balance at end of period attributable to Verizon (1,428) (1,700) Treasury Stock Balance at beginning of period (91,572) (4,013) (93,635) (4,104) Employee plans 4,237 185 2,016 89 Shareholder plans 3 — 3 — Balance at end of period (87,332) (3,828) (91,616) (4,015) Deferred Compensation-ESOPs and Other Balance at beginning of period 793 538 Restricted stock equity grant 225 368 Amortization (390) (164) Balance at end of period 628 742 Noncontrolling Interests Balance at beginning of period 1,319 1,410 Total comprehensive income 349 371 Distributions and other (321) (466) Balance at end of period 1,347 1,315 Total Equity $ 99,088 $ 88,783 Common Stock Verizon did not repurchase any shares of the Company's common stock through its previously authorized share buyback program during the nine months ended September 30, 2023. At September 30, 2023, 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 4.2 million shares of common stock issued from Treasury stock during the nine months ended September 30, 2023. 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 fair value hedges Unrealized gain (loss) on marketable securities Defined benefit pension and postretirement plans Total Balance at January 1, 2023 $ (698) $ (1,150) $ (431) $ (9) $ 423 $ (1,865) Excluded components recognized in other comprehensive income — — 636 — — 636 Other comprehensive income (loss) (31) 4 — (5) — (32) Amounts reclassified to net income — 63 (61) 2 (171) (167) Net other comprehensive income (loss) (31) 67 575 (3) (171) 437 Balance at September 30, 2023 $ (729) $ (1,083) $ 144 $ (12) $ 252 $ (1,428) 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 and unrealized gain (loss) on fair value hedges in the table above are included in Other income (expense), net and Interest expense in our condensed consolidated statements of income. See Note 7 for additional information. The amounts reclassified to net income related to unrealized gain (loss) on marketable securities and 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 family of 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. During the first quarter of 2023, Verizon reorganized the customer groups within its Business segment. Previously, this segment was comprised of four customer groups: Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale. Following the reorganization, there are now three customer groups: Enterprise and Public Sector, Business Markets and Other, and Wholesale. Enterprise and Public Sector combines the customers previously included in Global Enterprise and Public Sector and Other (excluding BlueJeans and Connect customers) as well as the commercial wireline customers previously included in Small and Medium Business. Business Markets and Other combines the customers previously included in Small and Medium Business (excluding commercial wireline customers), the BlueJeans customers previously included in Global Enterprise and Public Sector and Other, and the Connect customers previously included in Public Sector and Other. The Wholesale customer group remained unchanged. Prior period operating revenue results within the Business segment have been recast for these reorganized customer groups. There was no change to the composition of our reportable segments and total segment results, nor the determination of segment profit. Corporate and other primarily includes device insurance programs, 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 and other adjustments and gains and losses that are not allocated in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results as these items are included in the chief operating decision maker’s assessment of segment performance. The following table provides operating financial information for our two reportable segments: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 External Operating Revenues Consumer Service $ 18,850 $ 18,421 $ 55,947 $ 54,696 Wireless equipment 4,902 5,558 14,210 16,640 Other (1) 1,450 1,809 4,359 5,247 Total Consumer 25,202 25,788 74,516 76,583 Business Enterprise and Public Sector 3,786 3,940 11,357 11,784 Business Markets and Other 3,180 3,231 9,383 9,428 Wholesale 552 656 1,738 1,926 Total Business 7,518 7,827 22,478 23,138 Total reportable segments $ 32,720 $ 33,615 $ 96,994 $ 99,721 Intersegment Revenues Consumer $ 55 $ 52 $ 156 $ 153 Business 9 10 26 34 Total reportable segments $ 64 $ 62 $ 182 $ 187 Total Operating Revenues Consumer $ 25,257 $ 25,840 $ 74,672 $ 76,736 Business (2) 7,527 7,837 22,504 23,172 Total reportable segments $ 32,784 $ 33,677 $ 97,176 $ 99,908 Operating Income Consumer $ 7,547 $ 7,349 $ 21,976 $ 21,818 Business 539 698 1,623 2,046 Total reportable segments $ 8,086 $ 8,047 $ 23,599 $ 23,864 (1) Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, revenues associated with certain products included in our device protection offerings, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement. (2) Service and other revenues included in our Business segment were approximately $6.6 billion and $6.8 billion for the three months ended September 30, 2023 and 2022, respectively, and $19.9 billion and $20.2 billion for the nine months ended September 30, 2023 and 2022, respectively. Wireless equipment revenues included in our Business segment were $911 million and $1.0 billion for the three months ended September 30, 2023 and 2022, respectively, and $2.6 billion and $2.9 billion for the nine months ended September 30, 2023 and 2022, respectively. The following table provides Fios revenue for our two reportable segments: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Consumer $ 2,897 $ 2,902 $ 8,672 $ 8,708 Business 308 304 923 897 Total Fios revenue $ 3,205 $ 3,206 $ 9,595 $ 9,605 The following table provides Wireless service revenue for our reportable segments and includes intersegment activity: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Consumer $ 15,963 $ 15,517 $ 47,324 $ 45,970 Business 3,367 3,273 10,008 9,580 Total Wireless service revenue $ 19,330 $ 18,790 $ 57,332 $ 55,550 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 special items that the chief operating decision maker does not consider in assessing segment performance, primarily because of their nature. A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Total reportable segment operating revenues $ 32,784 $ 33,677 $ 97,176 $ 99,908 Corporate and other 618 627 1,856 1,868 Eliminations (66) (63) (188) (192) Total consolidated operating revenues $ 33,336 $ 34,241 $ 98,844 $ 101,584 A reconciliation of the total reportable segment's operating income to consolidated income before provision for income taxes is as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Total reportable segment operating income $ 8,086 $ 8,047 $ 23,599 $ 23,864 Corporate and other (551) (85) (899) (299) Severance charges — — (237) — Other components of net periodic benefit charges (Note 8) (62) (68) (186) (323) Total consolidated operating income 7,473 7,894 22,277 23,242 Equity in earnings (losses) of unconsolidated businesses (18) 2 (42) 40 Other income (expense), net 170 (439) 494 (1,314) Interest expense (1,433) (937) (3,925) (2,508) Income Before Provision For Income Taxes $ 6,192 $ 6,520 $ 18,804 $ 19,460 No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 30, 2023 or 2022. 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. |
Additional Financial Informatio
Additional Financial Information | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Additional Financial Information | Note 11. Additional Financial Information We maintain a voluntary supplier finance program (SFP) with a financial institution which provides certain suppliers the option, at their sole discretion, to participate in the program and sell their receivables due from Verizon to the financial institution on a non-recourse basis. The eligible suppliers negotiate the terms directly with the financial institution and we have no involvement in establishing those terms nor are we a party to these agreements. Our payments associated with the invoices from the suppliers participating in the SFP are made to the financial institution according to the original invoice terms generally at 90 days from the invoice date and for the original invoice amount. No additional payments are exchanged between Verizon and the financial institution related to the SFP. Verizon does not pledge any assets nor provide any guarantees to the financial institution in connection with the SFP. The SFP can be terminated by Verizon or the financial institution with a 60-day notice period. Confirmed obligations outstanding related to suppliers participating in the SFP are recorded within Accounts payable and accrued liabilities in our condensed consolidated balance sheets and the associated payments are reflected in the operating activities section of our condensed consolidated statements of cash flows. As of September 30, 2023 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies In the ordinary course of business, Verizon is involved in various 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, Verizon establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including: (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period. Verizon is currently involved in approximately 25 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing entities and effectively seek only monetary damages; a small number are brought by companies that have sold products and could seek injunctive relief as well. These cases have progressed to various stages and a small number may go to trial in the coming 12 months if they are not otherwise resolved. In connection with the execution of agreements for the sales of businesses and investments, Verizon ordinarily provides representations and warranties to the purchasers pertaining to a variety of nonfinancial matters, such as ownership of the securities being sold, as well as indemnity from certain financial losses. From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business. As of September 30, 2023, Verizon had 26 renewable energy purchase agreements (REPAs) with third parties. Each of the REPAs is based on the expected operation of a renewable energy-generating facility and has a fixed price term of 12 to 20 years from the commencement of the facility's entry into commercial operation. Ten facilities have entered into commercial operation, and the remainder are under development. The REPAs generally are expected to be financially settled based on the prevailing market price as energy is generated by the facilities. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income attributable to Verizon | $ 4,762 | $ 4,900 | $ 14,319 | $ 14,679 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 the Company's Annual Report on Form 10-K for the year ended December 31, 2022. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year. |
Reclassifications | Certain amounts have been reclassified to conform to the current period’s presentation. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds. |
Revenues | 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 (Enterprise and Public Sector, Business Markets and Other, and Wholesale) within Business. See Note 10 for additional information on revenue by segment, including Corporate and other. 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 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. 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 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. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At September 30, At December 31, Increase / (Decrease) (dollars in millions) 2023 2022 Cash and cash equivalents $ 4,210 $ 2,605 $ 1,605 Restricted cash: Prepaid expenses and other 1,298 1,343 (45) Other assets 152 163 (11) Cash, cash equivalents and restricted cash $ 5,660 $ 4,111 $ 1,549 |
Schedule of Restricted Cash | Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At September 30, At December 31, Increase / (Decrease) (dollars in millions) 2023 2022 Cash and cash equivalents $ 4,210 $ 2,605 $ 1,605 Restricted cash: Prepaid expenses and other 1,298 1,343 (45) Other assets 152 163 (11) Cash, cash equivalents and restricted cash $ 5,660 $ 4,111 $ 1,549 |
Revenues and Contract Costs (Ta
Revenues and Contract Costs (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table presents information about receivables from contracts with customers: At September 30, At December 31, (dollars in millions) 2023 2022 Accounts Receivable (1) $ 9,325 $ 11,274 Device payment plan agreement receivables (2) 17,122 16,648 (1) Balances do not include receivables related to the following: activity associated with certain vendor agreements, leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and device payment plan agreement receivables presented separately. (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 September 30, At December 31, (dollars in millions) 2023 2022 Contract asset $ 790 $ 863 Contract liability 8,629 8,234 Revenue recognized related to contract liabilities existing at January 1, 2023 were $202 million and $4.8 billion for the three and nine months ended September 30, 2023, respectively. Revenue recognized related to contract liabilities existing at January 1, 2022 were $167 million and $4.8 billion for the three and nine months ended September 30, 2022, respectively. The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2023 2022 Assets Prepaid expenses and other $ 541 $ 656 Other assets 249 207 Total $ 790 $ 863 Liabilities Other current liabilities $ 6,853 $ 6,583 Other liabilities 1,776 1,651 Total $ 8,629 $ 8,234 |
Capitalized Contract Cost | The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2023 2022 Assets Prepaid expenses and other $ 2,673 $ 2,629 Other assets 2,503 2,475 Total $ 5,176 $ 5,104 |
Wireless Licenses, Goodwill a_2
Wireless Licenses, Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Wireless Licenses | The carrying amounts of our Wireless licenses are as follows: At September 30, At December 31, (dollars in millions) 2023 2022 Wireless licenses $ 155,465 $ 149,796 |
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, 2023 $ 21,142 $ 7,502 $ 27 $ 28,671 Reclassifications, adjustments and other (1) — (2) (27) (29) Balance at September 30, 2023 $ 21,142 $ 7,500 $ — $ 28,642 (1) Includes goodwill impairment charges of $27 million, related to non-strategic businesses presented within Other, recorded in Selling, general and administrative expense in our condensed consolidated statements of income for the nine months ended September 30, 2023. |
Composition of Other Intangible Assets, Net | The following table displays the composition of Other intangible assets, net as well as the respective amortization periods: At September 30, 2023 At December 31, 2022 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 13 years) $ 4,335 $ (2,049) $ 2,286 $ 4,335 $ (1,646) $ 2,689 Non-network internal-use software (7 years) 24,853 (17,586) 7,267 23,421 (16,397) 7,024 Other (4 to 25 years) 2,646 (1,247) 1,399 2,806 (1,058) 1,748 Total $ 31,834 $ (20,882) $ 10,952 $ 30,562 $ (19,101) $ 11,461 |
Amortization Expense for Other Intangible Assets | The amortization expense for Other intangible assets was as follows: Three Months Ended Nine Months Ended (dollars in millions) September 30, September 30, 2023 $ 690 $ 1,990 2022 658 1,944 |
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 2023 $ 665 2024 2,481 2025 2,278 2026 2,031 2027 1,477 2028 1,065 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Transactions | The following tables show the significant transactions involving the senior unsecured debt securities of the Company and its subsidiaries that occurred during the three and nine months ended September 30, 2023. Tender Offers (dollars in millions) Principal Amount Purchased Cash Consideration (1) Three Months Ended September 30, 2023 Verizon 2.550% - 5.050% notes and floating rate notes, due 2024 - 2036 $ 2,579 $ 2,471 Three and Nine Months Ended September 30, 2023 total $ 2,579 $ 2,471 (1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase. Repayments and Repurchases (dollars in millions) Principal Repaid/ Repurchased Amount Paid (1) Three Months Ended March 31, 2023 Verizon 3.500% notes and floating rate notes due 2023 (2) A$ 1,050 $ 850 Open market repurchases of various Verizon notes $ 260 190 Three Months Ended March 31, 2023 total 1,040 Three Months Ended June 30, 2023 Verizon 0.375% bonds due 2023 (2) CHF 600 $ 633 Open market repurchases of various Verizon notes $ 247 177 Three Months Ended June 30, 2023 total 810 Nine Months Ended September 30, 2023 total $ 1,850 (1) Represents amount paid to repay or repurchase, including any accrued interest. In addition, for securities denominated in a currency other than the U.S. dollar, amount paid is shown on a U.S. dollar equivalent basis. (2) U.S. dollar amount paid represents the amount payable at maturity per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the repayment. Issuances (dollars in millions) Principal Amount Issued Net Proceeds (1) Three Months Ended June 30, 2023 Verizon 5.050% notes due 2033 (2) $ 1,000 $ 994 Three Months Ended June 30, 2023 total 1,000 994 Nine Months Ended September 30, 2023 total $ 1,000 $ 994 (1) Net proceeds were net of underwriting discounts and other issuance costs. (2) An amount equal to the net proceeds from these notes 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 January 1, 2023 through the maturity date of the notes. During the nine months ended September 30, 2023 , we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued January 2023 Series 2023-1 A Senior class notes 4.490 2.98 $ 891 B Junior class notes 4.740 2.98 — C Junior class notes 4.980 2.98 41 January 2023 total 932 April 2023 Series 2023-2 A Senior class notes 4.890 1.99 891 B Junior class notes 5.130 1.99 — C Junior class notes 5.380 1.99 41 Series 2023-3 A Senior class notes 4.730 4.99 268 B Junior class notes 4.970 4.99 — C Junior class notes 5.220 4.99 12 April 2023 total 1,212 June 2023 Series 2023-4 A-1a Senior fixed rate class notes 5.160 2.97 538 A-1b Senior floating rate class notes Compounded SOFR (1) + 0.850 2.97 175 B Junior class notes 5.400 2.97 — C Junior class notes 5.650 2.97 33 June 2023 total 746 September 2023 Series 2023-5 A-1a Senior fixed rate class notes 5.610 2.00 265 A-1b Senior floating rate class notes Compounded SOFR + 0.680 2.00 114 B Junior class notes 5.850 2.00 — C Junior class notes 6.090 2.00 17 Series 2023-6 A Senior class notes 5.350 5.00 557 B Junior class notes 5.590 5.00 — C Junior class notes 5.840 5.00 — September 2023 total 953 Total $ 3,843 (1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes. Compounded SOFR for the interest payment made in September 2023 was 5.313%. |
Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements | The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows: At September 30, At December 31, (dollars in millions) 2023 2022 Assets Accounts receivable, net $ 14,199 $ 13,906 Prepaid expenses and other 1,373 1,409 Other assets 11,293 9,894 Liabilities Accounts payable and accrued liabilities 26 22 Debt maturing within one year 8,250 6,809 Long-term debt 12,701 13,199 |
Schedule of Line of Credit Facilities | Long-Term Credit Facilities At September 30, 2023 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2026 $ 9,500 $ 9,456 $ — Various export credit facilities (2) 2024 - 2031 11,000 — 6,882 Total $ 20,500 $ 9,456 $ 6,882 (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. As of September 30, 2023, there have been no drawings against the $9.5 billion revolving credit facility since its inception. (2) During the nine months ended September 30, 2023 and 2022, we drew down $1.0 billion and $3.0 billion , respectively, from these facilities. Borrowings under certain of these facilities are amortized 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) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Receivables, Net | The following table presents information about accounts receivable, net of allowances, recorded in our condensed consolidated balance sheet: At September 30, 2023 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable $ 12,860 $ 5,503 $ 6,196 $ 24,559 Less Allowance for credit losses 516 203 238 957 Accounts receivable, net of allowance $ 12,344 $ 5,300 $ 5,958 $ 23,602 (1) Other receivables primarily include wireline and other receivables, of which the allowances are individually insignificant. The following table displays device payment plan agreement receivables, net, recognized in our condensed consolidated balance sheets: At September 30, At December 31, (dollars in millions) 2023 2022 Device payment plan agreement receivables, gross $ 26,988 $ 26,188 Unamortized imputed interest (642) (479) Device payment plan agreement receivables, at amortized cost 26,346 25,709 Allowance (1) (1,045) (881) Device payment plan agreement receivables, net $ 25,301 $ 24,828 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 12,344 $ 12,929 Other assets 12,957 11,899 Device payment plan agreement receivables, net $ 25,301 $ 24,828 |
Financing Receivable Credit Quality Indicators | The following table presents device payment plan agreement receivables, at amortized cost, and gross write-offs recorded, as of and for the nine months ended September 30, 2023, by credit quality indicator and year of origination: Year of Origination (1) (dollars in millions) 2023 2022 2021 and prior Total Device payment plan agreement receivables, at amortized cost New customers $ 2,224 $ 1,640 $ 192 $ 4,056 Existing customers 10,149 10,881 1,260 22,290 Total $ 12,373 $ 12,521 $ 1,452 $ 26,346 Gross write-offs New customers $ 197 $ 345 $ 52 $ 594 Existing customers 20 172 86 278 Total $ 217 $ 517 $ 138 $ 872 (1) Includes accounts that have been suspended at a point in time. The data presented in the table above was last updated on September 30, 2023. We assess indicators for the quality of our wireless service receivables portfolio as one overall pool. The following table presents wireless service receivables, at amortized cost, and gross write-offs recorded, as of and for the nine months ended September 30, 2023, by year of origination: Year of Origination (dollars in millions) 2023 2022 and prior Total Wireless service receivables, at amortized cost $ 5,415 $ 88 $ 5,503 Gross write-offs 190 152 342 The data presented in the table above was last updated on September 30, 2023. |
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, 2023 $ 881 $ 143 Current period provision for expected credit losses 1,011 375 Write-offs charged against the allowance (872) (342) Recoveries collected 25 27 Balance at September 30, 2023 $ 1,045 $ 203 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables. |
Balance and Aging of Device Payment Plan Agreement Receivables on Gross Basis | The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows: At September 30, (dollars in millions) 2023 Unbilled $ 25,109 Billed: Current 996 Past due 241 Device payment plan agreement receivables, at amortized cost $ 26,346 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2023: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 33 $ — $ 33 Cross currency swaps — 2 — 2 Interest rate caps — 68 — 68 Other assets: Fixed income securities — 236 — 236 Cross currency swaps — 355 — 355 Interest rate caps — 11 — 11 Total $ — $ 705 $ — $ 705 Liabilities: Other current liabilities: Interest rate swaps $ — $ 1,143 $ — $ 1,143 Cross currency swaps — 301 — 301 Foreign exchange forwards — 9 — 9 Interest rate caps — 68 — 68 Contingent consideration — — 125 125 Other liabilities: Interest rate swaps — 4,782 — 4,782 Cross currency swaps — 2,784 — 2,784 Interest rate caps — 11 — 11 Total $ — $ 9,098 $ 125 $ 9,223 (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, 2022: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 37 $ — $ 37 Cross currency swaps — 42 — 42 Foreign exchange forwards — 6 — 6 Interest rate caps — 63 — 63 Other assets: Fixed income securities — 349 — 349 Cross currency swaps — 263 — 263 Interest rate caps — 30 — 30 Total $ — $ 790 $ — $ 790 Liabilities: Other current liabilities: Interest rate swaps $ — $ 731 $ — $ 731 Cross currency swaps — 346 — 346 Interest rate caps — 63 — 63 Foreign exchange forwards — 1 — 1 Contingent consideration — — 274 274 Other liabilities: Interest rate swaps — 3,902 — 3,902 Cross currency swaps — 3,295 — 3,295 Interest rate caps — 30 — 30 Contingent consideration — — 43 43 Total $ — $ 8,368 $ 317 $ 8,685 (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, 2022 $ 148,906 $ 84,385 $ 54,656 $ — $ 139,041 At September 30, 2023 145,404 79,888 53,470 — 133,358 |
Notional Amounts of Outstanding Derivative Instruments | The following table sets forth the notional amounts of our outstanding derivative instruments: At September 30, At December 31, (dollars in millions) 2023 2022 Interest rate swaps $ 26,071 $ 26,071 Cross currency swaps 33,526 34,976 Foreign exchange forwards 995 920 |
Schedule Of Derivative Instruments Activity | The following tables summarize the activities of our designated derivatives: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Interest Rate Swaps: Notional value entered into $ — $ — $ — $ 7,155 Notional value settled — — — 863 Pre-tax gain recognized in Interest expense 2 2 3 2 Cross Currency Swaps: Notional value entered into — — — — Notional value settled — — 1,450 — Pre-tax loss recognized in Other comprehensive income (loss) (1) N/A N/A N/A (430) Pre-tax loss on cross currency swaps recognized in Interest expense (1,036) (2,039) (311) (3,847) Pre-tax gain on hedged debt recognized in Interest expense 1,036 2,039 311 3,847 Excluded components recognized in Other comprehensive income (loss) 809 169 851 (171) Initial value of the excluded component amortized into Interest expense 28 27 82 54 Forward Starting Interest Rate Swaps: Notional value entered into — — — — Notional value settled — — — 1,000 Pre-tax gain recognized in Other comprehensive income (loss) — — — 196 Treasury Rate Locks: Notional value entered into — — 500 — Notional value settled — — 500 — Pre-tax gain recognized in Other comprehensive income (loss) — — 5 — N/A - not applicable (1) Represents amounts recorded under the cash flow hedge model. These instruments were re-designated as fair value hedges on March 31, 2022. Nine Months Ended September 30, (dollars in millions) 2023 2022 Other, net Cash Flows from Operating Activities: Cash received for settlement of interest rate swaps $ — $ 40 Cash paid for settlement of forward starting interest rate swaps — (107) Cash received for settlement of treasury rate locks 5 — Other, net Cash Flows from Financing Activities: Cash paid for settlement of cross currency swaps, net (67) — The following table summarizes the activity of our derivatives not designated in hedging relationships: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Foreign Exchange Forwards: Notional value entered into $ 2,800 $ 2,642 $ 8,225 $ 8,144 Notional value settled 2,785 2,703 8,150 8,136 Pre-tax loss recognized in Other income (expense), net (39) (75) (17) (169) 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 table displays the amounts recorded in Long-term debt in our condensed consolidated balance sheets related to cumulative basis adjustments for our interest rate swaps designated as fair value hedges. The cumulative amounts exclude cumulative basis adjustments related to foreign exchange risk. At September 30, At December 31, (dollars in millions) 2023 2022 Carrying amount of hedged liabilities $ 20,398 $ 21,741 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (5,809) (4,512) Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 422 488 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance | The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Three Months Ended September 30, 2023 2022 2023 2022 Service cost - Cost of services $ 46 $ 52 $ 11 $ 20 Service cost - Selling, general and administrative expense 6 7 2 4 Service cost $ 52 $ 59 $ 13 $ 24 Amortization of prior service cost (credit) $ 28 $ 24 $ (105) $ (106) Expected return on plan assets (254) (274) (9) (6) Interest cost 188 151 137 83 Remeasurement loss, net — 645 — — Other components $ (38) $ 546 $ 23 $ (29) Total $ 14 $ 605 $ 36 $ (5) (dollars in millions) Pension Health Care and Life Nine Months Ended September 30, 2023 2022 2023 2022 Service cost - Cost of services $ 137 $ 168 $ 34 $ 60 Service cost - Selling, general and administrative expense 20 23 6 11 Service cost $ 157 $ 191 $ 40 $ 71 Amortization of prior service cost (credit) $ 84 $ 54 $ (314) $ (419) Expected return on plan assets (760) (865) (24) (20) Interest cost 564 375 409 249 Remeasurement loss, net — 843 — — Other components $ (112) $ 407 $ 71 $ (190) Total $ 45 $ 598 $ 111 $ (119) |
Equity and Accumulated Other _2
Equity and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Components of Total Equity | Changes in the components of Total equity were as follows: Three Months Ended September 30, 2023 2022 (dollars in millions, except per share amounts, and shares in thousands) 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 13,523 13,872 Other 1 (405) Balance at end of period 13,524 13,467 Retained Earnings Balance at beginning of period 86,448 76,401 Net income attributable to Verizon 4,762 4,900 Dividends declared ($0.6650, $0.6525 per share) (2,796) (2,741) Other 2 (15) Balance at end of period 88,416 78,545 Accumulated Other Comprehensive Loss Balance at beginning of period attributable to Verizon (1,921) (1,320) Foreign currency translation adjustments (51) (120) Unrealized gain on cash flow hedges 21 22 Unrealized gain on fair value hedges 584 105 Unrealized loss on marketable securities (5) (8) Defined benefit pension and postretirement plans (56) (379) Other comprehensive income (loss) 493 (380) Balance at end of period attributable to Verizon (1,428) (1,700) Treasury Stock Balance at beginning of period (87,394) (3,830) (91,719) (4,020) Employee plans 62 2 103 5 Balance at end of period (87,332) (3,828) (91,616) (4,015) Deferred Compensation-ESOPs and Other Balance at beginning of period 544 654 Restricted stock equity grant 89 98 Amortization (5) (10) Balance at end of period 628 742 Noncontrolling Interests Balance at beginning of period 1,309 1,341 Total comprehensive income 122 124 Distributions and other (84) (150) Balance at end of period 1,347 1,315 Total Equity $ 99,088 $ 88,783 Nine Months Ended September 30, 2023 2022 (dollars in millions, except per share amounts, and shares in thousands) 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 13,420 13,861 Other 104 (394) Balance at end of period 13,524 13,467 Retained Earnings Balance at beginning of period 82,380 71,993 Net income attributable to Verizon 14,319 14,679 Dividends declared ($1.9700, $1.9325 per share) (8,285) (8,120) Other 2 (7) Balance at end of period 88,416 78,545 Accumulated Other Comprehensive Loss Balance at beginning of period attributable to Verizon (1,865) (927) Foreign currency translation adjustments (31) (285) Unrealized gain on cash flow hedges 67 301 Unrealized gain (loss) on fair value hedges 575 (167) Unrealized loss on marketable securities (3) (32) Defined benefit pension and postretirement plans (171) (590) Other comprehensive income (loss) 437 (773) Balance at end of period attributable to Verizon (1,428) (1,700) Treasury Stock Balance at beginning of period (91,572) (4,013) (93,635) (4,104) Employee plans 4,237 185 2,016 89 Shareholder plans 3 — 3 — Balance at end of period (87,332) (3,828) (91,616) (4,015) Deferred Compensation-ESOPs and Other Balance at beginning of period 793 538 Restricted stock equity grant 225 368 Amortization (390) (164) Balance at end of period 628 742 Noncontrolling Interests Balance at beginning of period 1,319 1,410 Total comprehensive income 349 371 Distributions and other (321) (466) Balance at end of period 1,347 1,315 Total Equity $ 99,088 $ 88,783 |
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 fair value hedges Unrealized gain (loss) on marketable securities Defined benefit pension and postretirement plans Total Balance at January 1, 2023 $ (698) $ (1,150) $ (431) $ (9) $ 423 $ (1,865) Excluded components recognized in other comprehensive income — — 636 — — 636 Other comprehensive income (loss) (31) 4 — (5) — (32) Amounts reclassified to net income — 63 (61) 2 (171) (167) Net other comprehensive income (loss) (31) 67 575 (3) (171) 437 Balance at September 30, 2023 $ (729) $ (1,083) $ 144 $ (12) $ 252 $ (1,428) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 family of 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 Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 External Operating Revenues Consumer Service $ 18,850 $ 18,421 $ 55,947 $ 54,696 Wireless equipment 4,902 5,558 14,210 16,640 Other (1) 1,450 1,809 4,359 5,247 Total Consumer 25,202 25,788 74,516 76,583 Business Enterprise and Public Sector 3,786 3,940 11,357 11,784 Business Markets and Other 3,180 3,231 9,383 9,428 Wholesale 552 656 1,738 1,926 Total Business 7,518 7,827 22,478 23,138 Total reportable segments $ 32,720 $ 33,615 $ 96,994 $ 99,721 Intersegment Revenues Consumer $ 55 $ 52 $ 156 $ 153 Business 9 10 26 34 Total reportable segments $ 64 $ 62 $ 182 $ 187 Total Operating Revenues Consumer $ 25,257 $ 25,840 $ 74,672 $ 76,736 Business (2) 7,527 7,837 22,504 23,172 Total reportable segments $ 32,784 $ 33,677 $ 97,176 $ 99,908 Operating Income Consumer $ 7,547 $ 7,349 $ 21,976 $ 21,818 Business 539 698 1,623 2,046 Total reportable segments $ 8,086 $ 8,047 $ 23,599 $ 23,864 (1) Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, revenues associated with certain products included in our device protection offerings, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement. (2) Service and other revenues included in our Business segment were approximately $6.6 billion and $6.8 billion for the three months ended September 30, 2023 and 2022, respectively, and $19.9 billion and $20.2 billion for the nine months ended September 30, 2023 and 2022, respectively. Wireless equipment revenues included in our Business segment were $911 million and $1.0 billion for the three months ended September 30, 2023 and 2022, respectively, and $2.6 billion and $2.9 billion for the nine months ended September 30, 2023 and 2022, respectively. The following table provides Fios revenue for our two reportable segments: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Consumer $ 2,897 $ 2,902 $ 8,672 $ 8,708 Business 308 304 923 897 Total Fios revenue $ 3,205 $ 3,206 $ 9,595 $ 9,605 The following table provides Wireless service revenue for our reportable segments and includes intersegment activity: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Consumer $ 15,963 $ 15,517 $ 47,324 $ 45,970 Business 3,367 3,273 10,008 9,580 Total Wireless service revenue $ 19,330 $ 18,790 $ 57,332 $ 55,550 |
Summary of Reconciliation of Segment Operating Revenues | A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Total reportable segment operating revenues $ 32,784 $ 33,677 $ 97,176 $ 99,908 Corporate and other 618 627 1,856 1,868 Eliminations (66) (63) (188) (192) Total consolidated operating revenues $ 33,336 $ 34,241 $ 98,844 $ 101,584 |
Summary of Reconciliation of Segment Operating Income | A reconciliation of the total reportable segment's operating income to consolidated income before provision for income taxes is as follows: Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions) 2023 2022 2023 2022 Total reportable segment operating income $ 8,086 $ 8,047 $ 23,599 $ 23,864 Corporate and other (551) (85) (899) (299) Severance charges — — (237) — Other components of net periodic benefit charges (Note 8) (62) (68) (186) (323) Total consolidated operating income 7,473 7,894 22,277 23,242 Equity in earnings (losses) of unconsolidated businesses (18) 2 (42) 40 Other income (expense), net 170 (439) 494 (1,314) Interest expense (1,433) (937) (3,925) (2,508) Income Before Provision For Income Taxes $ 6,192 $ 6,520 $ 18,804 $ 19,460 |
Basis of Presentation - Earning
Basis of Presentation - Earnings Per Common Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Dilutive securities (in shares) | 3.4 | 1.6 | 4.2 | 1.5 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 4,210 | $ 2,605 | ||
Restricted cash: | ||||
Prepaid expenses and other | 1,298 | 1,343 | ||
Other assets | 152 | 163 | ||
Cash, cash equivalents and restricted cash | 5,660 | $ 3,587 | $ 4,111 | $ 4,161 |
Increase (decrease) in cash, cash equivalents and restricted cash | 1,549 | $ (574) | ||
Cash and cash equivalents | ||||
Restricted cash: | ||||
Increase (decrease) in cash, cash equivalents and restricted cash | 1,605 | |||
Prepaid expenses and other | ||||
Restricted cash: | ||||
Increase (decrease) in cash, cash equivalents and restricted cash | (45) | |||
Other assets | ||||
Restricted cash: | ||||
Increase (decrease) in cash, cash equivalents and restricted cash | $ (11) |
Revenues and Contract Costs - A
Revenues and Contract Costs - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Revenue from arrangements not accounted for under Topic 606 | $ 693 | $ 774 | $ 2,200 | $ 2,400 |
Amortization of deferred contract costs | $ 799 | $ 735 | $ 2,400 | $ 2,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months | 3 months | ||
Revenue, remaining performance obligation | $ 6,500 | $ 6,500 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | ||
Revenue, remaining performance obligation | $ 22,100 | $ 22,100 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | ||||
Revenue, remaining performance obligation | $ 19,700 | $ 19,700 | ||
Wireless postpaid contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of month-to-month contracts of total service contracts | 94% | 94% | 94% | 94% |
Wireline Consumer And Business Markets And Other Contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of month-to-month contracts of total service contracts | 94% | 90% | 94% | 90% |
Customer Contracts that Have Contract Minimum over Total Contract Term | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 16 years | 16 years | ||
Revenue, remaining performance obligation | $ 1,400 | $ 1,400 | ||
Minimum | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred contract cost, amortization period | 1 year | 1 year | ||
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 | 7 years | 7 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 - S
Revenues and Contract Costs - Schedule of Receivables from Contracts with Customers (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Accounts Receivable | $ 9,325 | $ 11,274 |
Device payment plan agreement receivables | $ 17,122 | $ 16,648 |
Revenues and Contract Costs - C
Revenues and Contract Costs - Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||||
Contract asset | $ 790 | $ 790 | $ 863 | ||
Contract liability | 8,629 | 8,629 | $ 8,234 | ||
Revenue recognized related to contract liabilities existing | $ 202 | $ 167 | $ 4,800 | $ 4,800 |
Revenues and Contract Costs -_2
Revenues and Contract Costs - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Prepaid expenses and other | $ 541 | $ 656 |
Other assets | 249 | 207 |
Total | 790 | 863 |
Liabilities | ||
Other current liabilities | 6,853 | 6,583 |
Other liabilities | 1,776 | 1,651 |
Total | $ 8,629 | $ 8,234 |
Revenues and Contract Costs -_3
Revenues and Contract Costs - Schedule of Cost Incurred to Obtain or Fulfill Contracts with Customers (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Prepaid expenses and other | $ 2,673 | $ 2,629 |
Other assets | 2,503 | 2,475 |
Total | $ 5,176 | $ 5,104 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 15 Months Ended | |||
Nov. 23, 2021 | Oct. 31, 2023 | Feb. 28, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2024 | |
Business Acquisition [Line Items] | ||||||
Payments for deposits | $ 1,859 | $ 2,890 | ||||
Business acquisition, purchase price in cash | 0 | (248) | ||||
Estimated fair value of the contingent consideration | 125 | |||||
Spectrum licenses | Spectrum Licenses, C-Band | ||||||
Business Acquisition [Line Items] | ||||||
Estimated clearing and incentive costs | $ 7,600 | |||||
Spectrum licenses | Spectrum Licenses, C-Band | Scenario, Forecast | ||||||
Business Acquisition [Line Items] | ||||||
Estimated clearing and incentive costs | $ 400 | |||||
Spectrum licenses | Spectrum Licenses, C-Band | Projected Clearing Costs | ||||||
Business Acquisition [Line Items] | ||||||
Payments for deposits | 578 | 1,600 | ||||
Spectrum licenses | Spectrum Licenses, C-Band | Projected Clearing Costs | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Payments for deposits | $ 3,700 | |||||
TracFone Wireless, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, purchase price in cash | $ 3,500 | |||||
Number of shares issuable (in shares) | 57,596,544 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 3,000 | |||||
Future cash consideration related to achievement of certain performance measures | 650 | |||||
Estimated fair value of the contingent consideration | $ 560 | |||||
Contingent consideration, earn out period | 2 years | |||||
Contingent consideration payment | $ 182 | 113 | ||||
Cash proceeds from acquisition | $ 248 |
Wireless Licenses, Goodwill a_3
Wireless Licenses, Goodwill and Other Intangible Assets - Carrying Amount of Wireless Licenses (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Wireless licenses | $ 155,465 | $ 149,796 |
Wireless Licenses, Goodwill a_4
Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Payments for deposits | $ 1,859 | $ 2,890 | |
Wireless Licenses | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Wireless licenses under development | 22,100 | 45,400 | |
Interest costs capitalized | $ 1,200 | 1,300 | |
Average remaining renewal period of wireless license portfolio (in years) | 10 years | ||
Spectrum licenses | Spectrum Licenses, C-Band | Projected Clearing Costs | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Payments for deposits | $ 578 | $ 1,600 | |
Spectrum licenses | Spectrum Licenses, C-Band | Projected Clearing Costs | Subsequent Event | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Payments for deposits | $ 3,700 |
Wireless Licenses, Goodwill a_5
Wireless Licenses, Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 28,671 |
Reclassifications, adjustments and other | (29) |
Ending balance | 28,642 |
Goodwill, impairment charge | 27 |
Operating Segments | Consumer | |
Goodwill [Roll Forward] | |
Beginning balance | 21,142 |
Reclassifications, adjustments and other | 0 |
Ending balance | 21,142 |
Operating Segments | Business | |
Goodwill [Roll Forward] | |
Beginning balance | 7,502 |
Reclassifications, adjustments and other | (2) |
Ending balance | 7,500 |
Other | |
Goodwill [Roll Forward] | |
Beginning balance | 27 |
Reclassifications, adjustments and other | (27) |
Ending balance | $ 0 |
Wireless Licenses, Goodwill a_6
Wireless Licenses, Goodwill and Other Intangible Assets - Composition of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 31,834 | $ 30,562 |
Accumulated Amortization | (20,882) | (19,101) |
Net Amount | 10,952 | 11,461 |
Customer Lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 4,335 | 4,335 |
Accumulated Amortization | (2,049) | (1,646) |
Net Amount | $ 2,286 | 2,689 |
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] | ||
Other intangible asset, useful life | 7 years | |
Gross Amount | $ 24,853 | 23,421 |
Accumulated Amortization | (17,586) | (16,397) |
Net Amount | 7,267 | 7,024 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 2,646 | 2,806 |
Accumulated Amortization | (1,247) | (1,058) |
Net Amount | $ 1,399 | $ 1,748 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible asset, useful life | 4 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible asset, useful life | 25 years |
Wireless Licenses, Goodwill a_7
Wireless Licenses, Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense for other intangible assets | $ 690 | $ 658 | $ 1,990 | $ 1,944 |
Remainder of 2023 | 665 | 665 | ||
2024 | 2,481 | 2,481 | ||
2025 | 2,278 | 2,278 | ||
2026 | 2,031 | 2,031 | ||
2027 | 1,477 | 1,477 | ||
2028 | $ 1,065 | $ 1,065 |
Debt - Repayments, Redemptions
Debt - Repayments, Redemptions and Repurchases (Details) SFr in Millions, $ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 CHF (SFr) | Mar. 31, 2023 AUD ($) | |
Debt Instrument [Line Items] | ||||||
Amount Paid | $ 810 | $ 1,040 | $ 1,850 | |||
Debt Tender Offers | ||||||
Debt Instrument [Line Items] | ||||||
Principal Amount Purchased | $ 2,579 | 2,579 | ||||
Cash Consideration | 2,471 | 2,471 | ||||
Verizon 2.550%-5.050% Notes And Floating Rate Notes Due 2024-2036 | Debt Tender Offers | ||||||
Debt Instrument [Line Items] | ||||||
Principal Amount Purchased | 2,579 | $ 2,579 | ||||
Cash Consideration | $ 2,471 | |||||
Verizon 2.550%-5.050% Notes And Floating Rate Notes Due 2024-2036 | Debt Tender Offers | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate on debt instrument | 2.55% | 2.55% | ||||
Verizon 2.550%-5.050% Notes And Floating Rate Notes Due 2024-2036 | Debt Tender Offers | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate on debt instrument | 5.05% | 5.05% | ||||
Verizon 3.500% notes and floating rate notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate on debt instrument | 3.50% | 3.50% | ||||
Principal Repaid/ Repurchased | $ 1,050 | |||||
Amount Paid | $ 850 | |||||
Verizon 0.375% bonds due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate on debt instrument | 0.375% | 0.375% | ||||
Principal Repaid/ Repurchased | SFr | SFr 600 | |||||
Amount Paid | $ 633 | |||||
Open market repurchases of various Verizon notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal Repaid/ Repurchased | 247 | 260 | ||||
Amount Paid | $ 177 | $ 190 | ||||
Verizon 5.050% notes due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate on debt instrument | 5.05% | 5.05% | ||||
Principal Amount Issued | $ 1,000 | $ 1,000 | $ 1,000 | |||
Net Proceeds | $ 994 | $ 994 |
Debt - Short-Term Borrowings an
Debt - Short-Term Borrowings and Commercial Paper Program (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
Mar. 31, 2023 | Sep. 30, 2023 | |
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 20,500,000,000 | |
Line of Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 500,000,000 | |
Amount drawn from credit facilities | $ 500,000,000 | |
Short-term debt outstanding | 0 | |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Commercial paper issued | 9,100,000,000 | |
Repayments of short-term debt | 8,700,000,000 | |
Commercial paper | $ 500,000,000 |
Debt - Asset-Backed Debt Narrat
Debt - Asset-Backed Debt Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | |
Debt Instrument [Line Items] | |||
Repayments of debt | $ 810 | $ 1,040 | $ 1,850 |
Asset-Backed Debt | |||
Debt Instrument [Line Items] | |||
Secured debt, carrying value | 21,000 | ||
Secured Debt | Asset Backed Notes | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 3,000 | ||
Secured Debt | Asset Backed Notes | Term One | |||
Debt Instrument [Line Items] | |||
Revolving period | 18 months | ||
Secured Debt | Asset Backed Notes | Term Two | |||
Debt Instrument [Line Items] | |||
Revolving period | 2 years | ||
Secured Debt | Asset Backed Notes | Term Three | |||
Debt Instrument [Line Items] | |||
Revolving period | 3 years | ||
Secured Debt | Asset Backed Notes | Term Four | |||
Debt Instrument [Line Items] | |||
Revolving period | 5 years |
Debt - Schedule of ABS Notes Tr
Debt - Schedule of ABS Notes Transactions (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Sep. 30, 2023 | |
Secured Overnight Financial Rate (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 5.313% | ||||
Asset Backed Notes | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Issued | $ 3,843 | $ 3,843 | |||
January 2023 | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Issued | $ 932 | ||||
January 2023 | A Senior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 4.49% | ||||
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 23 days | ||||
Principal Amount Issued | $ 891 | ||||
January 2023 | B Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 4.74% | ||||
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 23 days | ||||
Principal Amount Issued | $ 0 | ||||
January 2023 | C Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 4.98% | ||||
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 23 days | ||||
Principal Amount Issued | $ 41 | ||||
April 2023 | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Issued | $ 1,212 | ||||
April 2023 | A Senior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 4.89% | ||||
Expected Weighted-average Life to Maturity (in years) | 1 year 11 months 26 days | ||||
Principal Amount Issued | $ 891 | ||||
April 2023 | B Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.13% | ||||
Expected Weighted-average Life to Maturity (in years) | 1 year 11 months 26 days | ||||
Principal Amount Issued | $ 0 | ||||
April 2023 | C Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.38% | ||||
Expected Weighted-average Life to Maturity (in years) | 1 year 11 months 26 days | ||||
Principal Amount Issued | $ 41 | ||||
April 2023 | A Senior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 4.73% | ||||
Expected Weighted-average Life to Maturity (in years) | 4 years 11 months 26 days | ||||
Principal Amount Issued | $ 268 | ||||
April 2023 | B Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 4.97% | ||||
Expected Weighted-average Life to Maturity (in years) | 4 years 11 months 26 days | ||||
Principal Amount Issued | $ 0 | ||||
April 2023 | C Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.22% | ||||
Expected Weighted-average Life to Maturity (in years) | 4 years 11 months 26 days | ||||
Principal Amount Issued | $ 12 | ||||
June 2023 | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Issued | $ 746 | ||||
June 2023 | A-1a Senior fixed rate class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.16% | ||||
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 19 days | ||||
Principal Amount Issued | $ 538 | ||||
June 2023 | A-1b Senior floating rate class notes | Secured Overnight Financial Rate (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.85% | ||||
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 19 days | ||||
Principal Amount Issued | $ 175 | ||||
June 2023 | B Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.40% | ||||
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 19 days | ||||
Principal Amount Issued | $ 0 | ||||
June 2023 | C Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.65% | ||||
Expected Weighted-average Life to Maturity (in years) | 2 years 11 months 19 days | ||||
Principal Amount Issued | $ 33 | ||||
September 2023 ABS Notes | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Issued | $ 953 | $ 953 | |||
September 2023 ABS Notes | A-1a Senior fixed rate class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.61% | 5.61% | |||
Expected Weighted-average Life to Maturity (in years) | 2 years | ||||
Principal Amount Issued | $ 265 | $ 265 | |||
September 2023 ABS Notes | A-1b Senior floating rate class notes | Secured Overnight Financial Rate (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.68% | ||||
Expected Weighted-average Life to Maturity (in years) | 2 years | ||||
Principal Amount Issued | $ 114 | $ 114 | |||
September 2023 ABS Notes | B Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.85% | 5.85% | |||
Expected Weighted-average Life to Maturity (in years) | 2 years | ||||
Principal Amount Issued | $ 0 | $ 0 | |||
September 2023 ABS Notes | C Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 6.09% | 6.09% | |||
Expected Weighted-average Life to Maturity (in years) | 2 years | ||||
Principal Amount Issued | $ 17 | $ 17 | |||
September 2023 ABS Notes | A Senior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.35% | 5.35% | |||
Expected Weighted-average Life to Maturity (in years) | 5 years | ||||
Principal Amount Issued | $ 557 | $ 557 | |||
September 2023 ABS Notes | B Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.59% | 5.59% | |||
Expected Weighted-average Life to Maturity (in years) | 5 years | ||||
Principal Amount Issued | $ 0 | $ 0 | |||
September 2023 ABS Notes | C Junior class notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 5.84% | 5.84% | |||
Expected Weighted-average Life to Maturity (in years) | 5 years | ||||
Principal Amount Issued | $ 0 | $ 0 |
Debt - ABS Financing Facilities
Debt - ABS Financing Facilities (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2021 agreement | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 810 | $ 1,040 | $ 1,850 | |||
2021 ABS Financing Facility | ||||||
Debt Instrument [Line Items] | ||||||
Number of loan agreements | agreement | 2 | |||||
Amount drawn from credit facilities | $ 325 | |||||
Repayments of debt | $ 700 | |||||
Debt outstanding | 7,600 | |||||
2022 ABS Financing Facility | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Amount drawn from credit facilities | $ 500 | |||||
Debt outstanding | $ 2,500 |
Debt - Assets and Liabilities R
Debt - Assets and Liabilities Related to Asset-backed Debt Arrangements (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Prepaid expenses and other | $ 8,067 | $ 8,358 |
Other assets | 18,147 | 17,260 |
Accounts payable and accrued liabilities | 26,140 | 23,977 |
Debt maturing within one year | 12,950 | 9,963 |
Long-term debt | 134,441 | 140,676 |
Variable Interest Entity, Primary Beneficiary | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Accounts receivable, net | 14,199 | 13,906 |
Prepaid expenses and other | 1,373 | 1,409 |
Other assets | 11,293 | 9,894 |
Accounts payable and accrued liabilities | 26 | 22 |
Debt maturing within one year | 8,250 | 6,809 |
Long-term debt | $ 12,701 | $ 13,199 |
Debt - Credit Facilities, Non-C
Debt - Credit Facilities, Non-Cash Transaction, Guarantees (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Facility Capacity | $ 20,500,000,000 | $ 20,500,000,000 | |||
Unused Capacity | 9,456,000,000 | 9,456,000,000 | |||
Principal Amount Outstanding | 6,882,000,000 | 6,882,000,000 | |||
Debt extinguishment gains (losses) | 85,000,000 | $ 50,000,000 | 224,000,000 | $ (1,100,000,000) | |
Guarantee of Debentures of Operating Telephone Company Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Principal amount outstanding in connection with the guarantee of debt obligations | 614,000,000 | 614,000,000 | |||
Network Equipment | Alternative Financing Facility | |||||
Debt Instrument [Line Items] | |||||
Value of purchase assets financed | 942,000,000 | 583,000,000 | |||
Long-term debt maturing within one year | 2,100,000,000 | 2,100,000,000 | $ 1,700,000,000 | ||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Facility Capacity | 9,500,000,000 | 9,500,000,000 | |||
Unused Capacity | 9,456,000,000 | 9,456,000,000 | |||
Principal Amount Outstanding | 0 | 0 | |||
Amount drawn from credit facilities | 0 | ||||
Equipment Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Facility Capacity | 11,000,000,000 | 11,000,000,000 | |||
Unused Capacity | 0 | 0 | |||
Principal Amount Outstanding | $ 6,882,000,000 | 6,882,000,000 | |||
Amount drawn from credit facilities | $ 1,000,000,000 | $ 3,000,000,000 |
Device Payment Plan Agreement_2
Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable, net | $ 12,344 | $ 12,929 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable | 24,559 | 25,332 |
Less Allowance for credit losses | 957 | 826 |
Accounts receivable, net of allowance | 23,602 | $ 24,506 |
Device payment plan agreement | ||
Financing Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable | 12,860 | |
Less Allowance for credit losses | 516 | |
Accounts receivable, net | 12,344 | |
Wireless service | ||
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable | 5,503 | |
Less Allowance for credit losses | 203 | |
Accounts receivable, net | 5,300 | |
Other receivables | ||
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable | 6,196 | |
Less Allowance for credit losses | 238 | |
Accounts receivable, net | $ 5,958 |
Device Payment Plan Agreement_3
Device Payment Plan Agreement and Wireless Service Receivables - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables transferred to ABS Entities | $ 25,301,000,000 | $ 24,828,000,000 |
Guarantee liability | 0 | 54,000,000 |
Contract liability | 8,629,000,000 | 8,234,000,000 |
Asset Pledged as Collateral without Right | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables transferred to ABS Entities | 25,300,000,000 | 23,600,000,000 |
Product Trade-in | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contract liability | $ 400,000,000 | $ 562,000,000 |
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 | |
Business | Minimum | Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer tenure period | 12 months | |
Business | Maximum | Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer tenure period | 12 months | |
Consumer | Minimum | Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer tenure period | 45 days | |
Consumer | Maximum | Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer tenure period | 45 days |
Device Payment Plan Agreement_4
Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Device Payment Plan Agreement Receivables (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Device payment plan agreement receivables, gross | $ 26,988 | $ 26,188 |
Unamortized imputed interest | (642) | (479) |
Device payment plan agreement receivables, at amortized cost | 26,346 | 25,709 |
Allowance | (1,045) | (881) |
Device payment plan agreement receivables, net | 25,301 | 24,828 |
Accounts receivable, net | 12,344 | 12,929 |
Other assets | $ 12,957 | $ 11,899 |
Device Payment Plan Agreement_5
Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Credit Quality Indicators (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Device payment plan agreement receivables, at amortized cost | ||
Device payment plan agreement receivables, at amortized cost | $ 26,988 | $ 26,188 |
Device payment plan agreement | ||
Device payment plan agreement receivables, at amortized cost | ||
2023 | 12,373 | |
2022 | 12,521 | |
2021 and prior | 1,452 | |
Device payment plan agreement receivables, at amortized cost | 26,346 | |
Gross write-offs | ||
2023 | 217 | |
2022 | 517 | |
2021 and prior | 138 | |
Gross write-offs | 872 | |
Wireless Service Plan Receivables | ||
Device payment plan agreement receivables, at amortized cost | ||
2023 | 5,415 | |
2022 | 88 | |
Device payment plan agreement receivables, at amortized cost | 5,503 | |
Gross write-offs | ||
2023 | 190 | |
2022 and prior | 152 | |
Gross write-offs | 342 | |
New customers | Device payment plan agreement | ||
Device payment plan agreement receivables, at amortized cost | ||
2023 | 2,224 | |
2022 | 1,640 | |
2021 and prior | 192 | |
Device payment plan agreement receivables, at amortized cost | 4,056 | |
Gross write-offs | ||
2023 | 197 | |
2022 | 345 | |
2021 and prior | 52 | |
Gross write-offs | 594 | |
Existing customers | Device payment plan agreement | ||
Device payment plan agreement receivables, at amortized cost | ||
2023 | 10,149 | |
2022 | 10,881 | |
2021 and prior | 1,260 | |
Device payment plan agreement receivables, at amortized cost | 22,290 | |
Gross write-offs | ||
2023 | 20 | |
2022 | 172 | |
2021 and prior | 86 | |
Gross write-offs | $ 278 |
Device Payment Plan Agreement_6
Device Payment Plan Agreement and Wireless Service Receivables - Allowance for Credit Losses (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 881 |
Ending balance | 1,045 |
Device payment plan agreement | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 881 |
Current period provision for expected credit losses | 1,011 |
Write-offs charged against the allowance | (872) |
Recoveries collected | 25 |
Ending balance | 1,045 |
Wireless Service Plan Receivables | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 143 |
Current period provision for expected credit losses | 375 |
Write-offs charged against the allowance | (342) |
Recoveries collected | 27 |
Ending balance | $ 203 |
Device Payment Plan Agreement_7
Device Payment Plan Agreement and Wireless Service Receivables - Balance and Aging of Receivables (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | $ 26,988 | $ 26,188 |
Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | 26,346 | |
Unbilled | Current | Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | 25,109 | |
Billed | Current | Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | 996 | |
Billed | Past due | Device payment plan agreement | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | $ 241 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Total | $ 705 | $ 790 |
Liabilities: | ||
Contingent consideration | 125 | |
Total | 9,223 | 8,685 |
Other current liabilities | ||
Liabilities: | ||
Contingent consideration | 274 | |
Other liabilities | ||
Liabilities: | ||
Contingent consideration | 43 | |
Fixed income securities | Prepaid expenses and other | ||
Assets: | ||
Fixed income securities | 33 | 37 |
Fixed income securities | Other assets | ||
Assets: | ||
Fixed income securities | 236 | 349 |
Interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 1,143 | 731 |
Interest rate swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 4,782 | 3,902 |
Cross currency swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 2 | 42 |
Cross currency swaps | Other assets | ||
Assets: | ||
Derivative asset | 355 | 263 |
Cross currency swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 301 | 346 |
Cross currency swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 2,784 | 3,295 |
Foreign exchange forwards | ||
Assets: | ||
Derivative asset | 6 | |
Liabilities: | ||
Derivative liabilities | 9 | 1 |
Interest rate caps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 68 | 63 |
Interest rate caps | Other assets | ||
Assets: | ||
Derivative asset | 11 | 30 |
Interest rate caps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 68 | 63 |
Interest rate caps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 11 | 30 |
Level 1 | ||
Assets: | ||
Total | 0 | 0 |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 0 | 0 |
Level 1 | Other current liabilities | ||
Liabilities: | ||
Contingent consideration | 0 | |
Level 1 | Other liabilities | ||
Liabilities: | ||
Contingent consideration | 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 | 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 | ||
Assets: | ||
Derivative asset | 0 | |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Interest rate caps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | 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 | 0 |
Level 1 | Interest rate caps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 2 | ||
Assets: | ||
Total | 705 | 790 |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 9,098 | 8,368 |
Level 2 | Other current liabilities | ||
Liabilities: | ||
Contingent consideration | 0 | |
Level 2 | Other liabilities | ||
Liabilities: | ||
Contingent consideration | 0 | |
Level 2 | Fixed income securities | Prepaid expenses and other | ||
Assets: | ||
Fixed income securities | 33 | 37 |
Level 2 | Fixed income securities | Other assets | ||
Assets: | ||
Fixed income securities | 236 | 349 |
Level 2 | Interest rate swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 1,143 | 731 |
Level 2 | Interest rate swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 4,782 | 3,902 |
Level 2 | Cross currency swaps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 2 | 42 |
Level 2 | Cross currency swaps | Other assets | ||
Assets: | ||
Derivative asset | 355 | 263 |
Level 2 | Cross currency swaps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 301 | 346 |
Level 2 | Cross currency swaps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 2,784 | 3,295 |
Level 2 | Foreign exchange forwards | ||
Assets: | ||
Derivative asset | 6 | |
Liabilities: | ||
Derivative liabilities | 9 | 1 |
Level 2 | Interest rate caps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 68 | 63 |
Level 2 | Interest rate caps | Other assets | ||
Assets: | ||
Derivative asset | 11 | 30 |
Level 2 | Interest rate caps | Other current liabilities | ||
Liabilities: | ||
Derivative liabilities | 68 | 63 |
Level 2 | Interest rate caps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | 11 | 30 |
Level 3 | ||
Assets: | ||
Total | 0 | 0 |
Liabilities: | ||
Contingent consideration | 125 | |
Total | 125 | 317 |
Level 3 | Other current liabilities | ||
Liabilities: | ||
Contingent consideration | 274 | |
Level 3 | Other liabilities | ||
Liabilities: | ||
Contingent consideration | 43 | |
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 | 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 | ||
Assets: | ||
Derivative asset | 0 | |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Interest rate caps | Prepaid expenses and other | ||
Assets: | ||
Derivative asset | 0 | 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 | 0 |
Level 3 | Interest rate caps | Other liabilities | ||
Liabilities: | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Additional Information (Detail) € in Millions | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2024 USD ($) | Sep. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Mar. 31, 2022 USD ($) | |
Derivatives, Fair Value [Line Items] | |||||||
Carrying amount of our investments without readily determinable fair values | $ 721,000,000 | $ 804,000,000 | |||||
Cumulative adjustments due to observable price changes | 159,000,000 | ||||||
Cumulative adjustments due to impairment charges | 89,000,000 | ||||||
Initial value of the excluded component | $ 1,000,000,000 | ||||||
Derivative liability fair value of collateral | 2,100,000,000 | 2,300,000,000 | |||||
Derivative asset fair value of collateral | 0 | $ 0 | |||||
TracFone Wireless, Inc. | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Contingent consideration payment | $ 182,000,000 | $ 113,000,000 | |||||
Scenario, Forecast | Interest Expense | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Excluded component estimated to be amortized into interest expense | $ 106,000,000 | ||||||
Euro Denominated Debt | Net Investment Hedges | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional amount | € | € 750 | € 750 |
Fair Value Measurements and F_5
Fair Value Measurements and Financial Instruments - Debt Excluding Capital Leases (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | $ 145,404 | $ 148,906 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | 133,358 | 139,041 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | 79,888 | 84,385 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument fair value | 53,470 | 54,656 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 26,071 | $ 26,071 |
Cross currency swaps | ||
Derivative [Line Items] | ||
Notional amount | 33,526 | 34,976 |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Notional amount | $ 995 | $ 920 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest rate swaps | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Notional value entered into | $ 0 | $ 0 | $ 0 | $ 7,155 |
Notional value settled | 0 | 0 | 0 | 863 |
Cash received (paid) for settlement of derivatives | 0 | 40 | ||
Interest rate swaps | Fair Value Hedges | Interest Expense | ||||
Derivative [Line Items] | ||||
Pre-tax gain recognized in Interest expense | 2 | 2 | 3 | 2 |
Cross currency swaps | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Notional value entered into | 0 | 0 | 0 | 0 |
Notional value settled | 0 | 0 | 1,450 | 0 |
Exchange gains and losses from the conversion of foreign currency denominated as debt | (1,036) | (2,039) | (311) | (3,847) |
Excluded component | 809 | 169 | 851 | (171) |
Cash received (paid) for settlement of derivatives | (67) | 0 | ||
Cross currency swaps | Fair Value Hedges | Verizon Stated And Floating Rate Notes and Bonds | ||||
Derivative [Line Items] | ||||
Exchange gains and losses from the conversion of foreign currency denominated as debt | 1,036 | 2,039 | 311 | 3,847 |
Cross currency swaps | Fair Value Hedges | Interest Expense | ||||
Derivative [Line Items] | ||||
Excluded component | 28 | 27 | 82 | 54 |
Cross currency swaps | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in other comprehensive loss | (430) | |||
Forward starting interest rate swaps | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Notional value entered into | 0 | 0 | 0 | 0 |
Notional value settled | 0 | 0 | 0 | 1,000 |
Pre-tax gain (loss) recognized in other comprehensive loss | 0 | 0 | 0 | 196 |
Cash received (paid) for settlement of derivatives | 0 | (107) | ||
Treasury rate locks | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Notional value entered into | 0 | 0 | 500 | 0 |
Notional value settled | 0 | 0 | 500 | 0 |
Pre-tax gain (loss) recognized in other comprehensive loss | $ 0 | $ 0 | 5 | 0 |
Cash received (paid) for settlement of derivatives | $ 5 | $ 0 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Carrying amount of hedged liabilities | $ 20,398 | $ 21,741 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities | (5,809) | (4,512) |
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued | $ 422 | $ 488 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Foreign exchange forwards | ||||
Derivative [Line Items] | ||||
Notional value entered into | $ 2,800 | $ 2,642 | $ 8,225 | $ 8,144 |
Notional value settled | 2,785 | 2,703 | 8,150 | 8,136 |
Pre-tax loss recognized | (39) | (75) | (17) | (169) |
Swaptions | ||||
Derivative [Line Items] | ||||
Notional value settled | 0 | 0 | 0 | 1,000 |
Pre-tax loss recognized | 0 | 0 | 0 | (33) |
Notional value sold | $ 0 | $ 0 | $ 0 | $ 1,000 |
Employee Benefits - Costs by Pl
Employee Benefits - Costs by Plans (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 52 | $ 59 | $ 157 | $ 191 | |
Amortization of prior service cost (credit) | 28 | 24 | 84 | 54 | |
Expected return on plan assets | (254) | (274) | (760) | (865) | |
Interest cost | 188 | 151 | 564 | 375 | |
Remeasurement loss, net | 0 | 645 | $ 198 | 0 | 843 |
Other components | (38) | 546 | (112) | 407 | |
Total | 14 | 605 | 45 | 598 | |
Pension | Cost of services | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 46 | 52 | 137 | 168 | |
Pension | Selling, general and administrative expense | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 6 | 7 | 20 | 23 | |
Health Care and Life | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 13 | 24 | 40 | 71 | |
Amortization of prior service cost (credit) | (105) | (106) | (314) | (419) | |
Expected return on plan assets | (9) | (6) | (24) | (20) | |
Interest cost | 137 | 83 | 409 | 249 | |
Remeasurement loss, net | 0 | 0 | 0 | 0 | |
Other components | 23 | (29) | 71 | (190) | |
Total | 36 | (5) | 111 | (119) | |
Health Care and Life | Cost of services | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 11 | 20 | 34 | 60 | |
Health Care and Life | Selling, general and administrative expense | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 2 | $ 4 | $ 6 | $ 11 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount paid in severance benefits over the period | $ 224 | $ 450 | |||
Pre-tax severance changes | 35 | 284 | |||
Post employment benefits liability | 434 | 434 | |||
Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer discretionary contribution amount | 200 | ||||
Remeasurement gain (loss), net | $ 0 | $ (645) | $ (198) | $ 0 | $ (843) |
Charge due to difference between estimated and actual return on assets | 3,500 | 654 | |||
Credit due to change in discount rate assumption | $ 2,900 | $ 456 |
Equity and Accumulated Other _3
Equity and Accumulated Other Comprehensive Loss - Changes in Components of Total Equity (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Loss [Line Items] | ||||
Dividends declared per common share (USD per share) | $ 0.6650 | $ 0.6525 | $ 1.9700 | $ 1.9325 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Treasury stock, beginning balance (in shares) | (91,572,258) | |||
Beginning balance | $ 92,463 | |||
Net income attributable to Verizon | $ 4,762 | $ 4,900 | 14,319 | $ 14,679 |
Foreign currency translation adjustments | (51) | (120) | (31) | (285) |
Unrealized gain on cash flow hedges | 21 | 22 | 67 | 301 |
Unrealized gain on fair value hedges | 584 | 105 | 575 | (167) |
Unrealized loss on marketable securities | (5) | (8) | (3) | (32) |
Defined benefit pension and postretirement plans | (56) | (379) | (171) | (590) |
Other comprehensive income (loss) | 493 | (380) | $ 437 | (773) |
Shareholder plans (in shares) | 4,200,000 | |||
Total comprehensive income | $ 5,377 | 4,644 | $ 15,105 | 14,277 |
Treasury stock, ending balance (in shares) | (87,331,987) | (87,331,987) | ||
Ending balance | $ 99,088 | $ 88,783 | $ 99,088 | $ 88,783 |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 4,291,434,000 | 4,291,434,000 | 4,291,434,000 | 4,291,434,000 |
Beginning balance | $ 429 | $ 429 | $ 429 | $ 429 |
Ending balance (in shares) | 4,291,434,000 | 4,291,434,000 | 4,291,434,000 | 4,291,434,000 |
Ending balance | $ 429 | $ 429 | $ 429 | $ 429 |
Additional Paid In Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 13,523 | 13,872 | 13,420 | 13,861 |
Other | 1 | (405) | 104 | (394) |
Ending balance | 13,524 | 13,467 | 13,524 | 13,467 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 86,448 | 76,401 | 82,380 | 71,993 |
Net income attributable to Verizon | 4,762 | 4,900 | 14,319 | 14,679 |
Dividends declared ($0.6650, $0.6525 per share) | (2,796) | (2,741) | (8,285) | (8,120) |
Other | 2 | (15) | 2 | (7) |
Ending balance | 88,416 | 78,545 | 88,416 | 78,545 |
Accumulated Other Comprehensive Loss | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (1,921) | (1,320) | (1,865) | (927) |
Foreign currency translation adjustments | (51) | (120) | (31) | (285) |
Unrealized gain on cash flow hedges | 21 | 22 | 67 | 301 |
Unrealized gain on fair value hedges | 584 | 105 | 575 | (167) |
Unrealized loss on marketable securities | (5) | (8) | (3) | (32) |
Defined benefit pension and postretirement plans | (56) | (379) | (171) | (590) |
Other comprehensive income (loss) | 493 | (380) | 437 | (773) |
Ending balance | $ (1,428) | $ (1,700) | $ (1,428) | $ (1,700) |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Treasury stock, beginning balance (in shares) | (87,394,000) | (91,719,000) | (91,572,000) | (93,635,000) |
Beginning balance | $ (3,830) | $ (4,020) | $ (4,013) | $ (4,104) |
Employee plans (in shares) | 62,000 | 103,000 | 4,237,000 | 2,016,000 |
Employee plans | $ 2 | $ 5 | $ 185 | $ 89 |
Shareholder plans (in shares) | 3,000 | 3,000 | ||
Shareholder plans | $ 0 | $ 0 | ||
Treasury stock, ending balance (in shares) | (87,332,000) | (91,616,000) | (87,332,000) | (91,616,000) |
Ending balance | $ (3,828) | $ (4,015) | $ (3,828) | $ (4,015) |
Deferred Compensation-ESOPs and Other | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 544 | 654 | 793 | 538 |
Restricted stock equity grant | 89 | 98 | 225 | 368 |
Amortization | (5) | (10) | (390) | (164) |
Ending balance | 628 | 742 | 628 | 742 |
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,309 | 1,341 | 1,319 | 1,410 |
Total comprehensive income | 122 | 124 | 349 | 371 |
Distributions and other | (84) | (150) | (321) | (466) |
Ending balance | $ 1,347 | $ 1,315 | $ 1,347 | $ 1,315 |
Equity and Accumulated Other _4
Equity and Accumulated Other Comprehensive Loss - Additional Information (Detail) shares in Millions | 9 Months Ended |
Sep. 30, 2023 shares | |
Stockholders' Equity Note [Abstract] | |
Stock repurchase program, remaining shares available for purchase (in shares) | 100 |
Shareholder plans (in shares) | 4.2 |
Equity and Accumulated Other _5
Equity and Accumulated Other Comprehensive Loss - Changes in AOCI (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Beginning balance | $ 92,463 | |||
Other comprehensive income (loss) attributable to Verizon | $ 493 | $ (380) | 437 | $ (773) |
Ending balance | 99,088 | 88,783 | 99,088 | 88,783 |
Accumulated Other Comprehensive Loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Beginning balance | (1,921) | (1,320) | (1,865) | (927) |
Other comprehensive income (loss) | (32) | |||
Amounts reclassified to net income | (167) | |||
Other comprehensive income (loss) attributable to Verizon | 493 | (380) | 437 | (773) |
Ending balance | (1,428) | $ (1,700) | (1,428) | $ (1,700) |
Foreign currency translation adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Beginning balance | (698) | |||
Other comprehensive income (loss) | (31) | |||
Other comprehensive income (loss) attributable to Verizon | (31) | |||
Ending balance | (729) | (729) | ||
Unrealized gain (loss) on cash flow hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Beginning balance | (1,150) | |||
Other comprehensive income (loss) | 4 | |||
Amounts reclassified to net income | 63 | |||
Other comprehensive income (loss) attributable to Verizon | 67 | |||
Ending balance | (1,083) | (1,083) | ||
Unrealized gain (loss) on fair value hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Beginning balance | (431) | |||
Other comprehensive income (loss) | 636 | |||
Amounts reclassified to net income | (61) | |||
Other comprehensive income (loss) attributable to Verizon | 575 | |||
Ending balance | 144 | 144 | ||
Unrealized gain (loss) on marketable securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Beginning balance | (9) | |||
Other comprehensive income (loss) | (5) | |||
Amounts reclassified to net income | 2 | |||
Other comprehensive income (loss) attributable to Verizon | (3) | |||
Ending balance | (12) | (12) | ||
Defined benefit pension and postretirement plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Beginning balance | 423 | |||
Amounts reclassified to net income | (171) | |||
Other comprehensive income (loss) attributable to Verizon | (171) | |||
Ending balance | $ 252 | $ 252 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2023 segment customer_group state | Dec. 31, 2022 customer_group | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 2 | |
Number of customer groups | customer_group | 3 | 4 |
Consumer | ||
Segment Reporting Information [Line Items] | ||
Number of states in which wireline services are provided | state | 9 |
Segment Information - Operating
Segment Information - Operating Financial Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 33,336 | $ 34,241 | $ 98,844 | $ 101,584 |
Operating Income | 7,473 | 7,894 | 22,277 | 23,242 |
Wireless equipment | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 5,813 | 6,575 | 16,850 | 19,585 |
Service revenues and other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 27,523 | 27,666 | 81,994 | 81,999 |
Fios revenues | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 3,205 | 3,206 | 9,595 | 9,605 |
Wireless service | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 19,330 | 18,790 | 57,332 | 55,550 |
Consumer | Fios revenues | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 2,897 | 2,902 | 8,672 | 8,708 |
Consumer | Wireless service | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 15,963 | 15,517 | 47,324 | 45,970 |
Business | Wireless equipment | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 911 | 1,000 | 2,600 | 2,900 |
Business | Service revenues and other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 6,600 | 6,800 | 19,900 | 20,200 |
Business | Fios revenues | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 308 | 304 | 923 | 897 |
Business | Wireless service | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 3,367 | 3,273 | 10,008 | 9,580 |
Operating Segments Excluding Intersegment Elimination | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 32,720 | 33,615 | 96,994 | 99,721 |
Operating Segments Excluding Intersegment Elimination | Consumer | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 25,202 | 25,788 | 74,516 | 76,583 |
Operating Segments Excluding Intersegment Elimination | Consumer | Service | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 18,850 | 18,421 | 55,947 | 54,696 |
Operating Segments Excluding Intersegment Elimination | Consumer | Wireless equipment | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 4,902 | 5,558 | 14,210 | 16,640 |
Operating Segments Excluding Intersegment Elimination | Consumer | Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,450 | 1,809 | 4,359 | 5,247 |
Operating Segments Excluding Intersegment Elimination | Business | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 7,518 | 7,827 | 22,478 | 23,138 |
Operating Segments Excluding Intersegment Elimination | Business | Enterprise and Public Sector | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 3,786 | 3,940 | 11,357 | 11,784 |
Operating Segments Excluding Intersegment Elimination | Business | Business Markets and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 3,180 | 3,231 | 9,383 | 9,428 |
Operating Segments Excluding Intersegment Elimination | Business | Wholesale | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 552 | 656 | 1,738 | 1,926 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 64 | 62 | 182 | 187 |
Intersegment Eliminations | Consumer | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 55 | 52 | 156 | 153 |
Intersegment Eliminations | Business | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 9 | 10 | 26 | 34 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 32,784 | 33,677 | 97,176 | 99,908 |
Operating Income | 8,086 | 8,047 | 23,599 | 23,864 |
Operating Segments | Consumer | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 25,257 | 25,840 | 74,672 | 76,736 |
Operating Income | 7,547 | 7,349 | 21,976 | 21,818 |
Operating Segments | Business | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 7,527 | 7,837 | 22,504 | 23,172 |
Operating Income | $ 539 | $ 698 | $ 1,623 | $ 2,046 |
Segment Information - Reconcili
Segment Information - Reconciliation of Operating Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | $ 33,336 | $ 34,241 | $ 98,844 | $ 101,584 |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 32,784 | 33,677 | 97,176 | 99,908 |
Corporate and other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 618 | 627 | 1,856 | 1,868 |
Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | $ (66) | $ (63) | $ (188) | $ (192) |
Segment Information - Reconci_2
Segment Information - Reconciliation of Segments Operating Income to Consolidated Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Operating income | $ 7,473 | $ 7,894 | $ 22,277 | $ 23,242 |
Severance charges | 0 | 0 | (237) | 0 |
Other components of net periodic benefit charges | (62) | (68) | (186) | (323) |
Equity in earnings (losses) of unconsolidated businesses | (18) | 2 | (42) | 40 |
Other income (expense), net | 170 | (439) | 494 | (1,314) |
Interest expense | (1,433) | (937) | (3,925) | (2,508) |
Income Before Provision For Income Taxes | 6,192 | 6,520 | 18,804 | 19,460 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 8,086 | 8,047 | 23,599 | 23,864 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ (551) | $ (85) | $ (899) | $ (299) |
Additional Financial Informat_2
Additional Financial Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | ||
Supplier finance program, termination notice period | 60 days | |
Supplier finance program, obligation outstanding | $ 740 | $ 1,000 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | 9 Months Ended |
Sep. 30, 2023 agreement facility court_action | |
Guarantor Obligations [Line Items] | |
Approximate number of federal district court actions alleged for patent infringement | court_action | 25 |
Payment Guarantee | |
Guarantor Obligations [Line Items] | |
Number of renewable energy purchase agreements | agreement | 26 |
Guarantee obligation, number of commercial operation facilities | facility | 10 |
Payment Guarantee | Minimum | |
Guarantor Obligations [Line Items] | |
Fixed price term | 12 years |
Payment Guarantee | Maximum | |
Guarantor Obligations [Line Items] | |
Fixed price term | 20 years |