Verizon Communications (VZ) 10-Q 25 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2024 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	4,209,254,894
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000732712
Current Fiscal Year End Date	--12-31
Common Stock | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.10
Trading Symbol	VZ
Security Exchange Name	NYSE
Common Stock | The Nasdaq Global Select Market
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.10
Trading Symbol	VZ
Security Exchange Name	NASDAQ
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
3.500% Notes due 2032
Entity Information [Line Items]
Title of 12(b) Security	3.500% Notes due 2032
Trading Symbol	VZ 32B
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
3.750% Notes due 2036
Entity Information [Line Items]
Title of 12(b) Security	3.750% Notes due 2036
Trading Symbol	VZ 36B
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
	Mar. 31, 2024	Mar. 31, 2023
Operating Revenues
Operating Revenues	$ 32,981	$ 32,912
Operating Expenses
Selling, general and administrative expense	8,143	7,506
Depreciation and amortization expense	4,445	4,318
Total Operating Expenses	25,460	25,328
Operating Income	7,521	7,584
Equity in earnings (losses) of unconsolidated businesses	(9)	9
Other income, net	198	114
Interest expense	(1,635)	(1,207)
Income Before Provision For Income Taxes	6,075	6,500
Provision for income taxes	(1,353)	(1,482)
Net Income	4,722	5,018
Net income attributable to noncontrolling interests	120	109
Net income attributable to Verizon	4,602	4,909
Net Income	$ 4,722	$ 5,018
Basic Earnings Per Common Share
Net income attributable to Verizon (USD per share)	$ 1.09	$ 1.17
Weighted-average shares outstanding (in shares)	4,215	4,207
Diluted Earnings Per Common Share
Net income attributable to Verizon (USD per share)	$ 1.09	$ 1.17
Weighted-average shares outstanding (in shares)	4,219	4,211
Service revenues and other
Operating Revenues
Operating Revenues	$ 27,620	$ 27,152
Wireless equipment
Operating Revenues
Operating Revenues	5,361	5,760
Operating Expenses
Cost of services and equipment	5,905	6,426
Service
Operating Expenses
Cost of services and equipment	$ 6,967	$ 7,078

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 4,722	$ 5,018
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit
Foreign currency translation adjustments, net of tax of $(5) and $3	(50)	26
Unrealized gain on cash flow hedges, net of tax of $(11) and $(7)	35	21
Unrealized gain (loss) on fair value hedges, net of tax of $(68) and $103	200	(302)
Unrealized gain (loss) on marketable securities, net of tax of $0 and $(1)	(2)	4
Defined benefit pension and postretirement plans, net of tax of $1 and $15	(2)	(61)
Other comprehensive income (loss) attributable to Verizon	181	(312)
Total Comprehensive Income	4,903	4,706
Comprehensive income attributable to noncontrolling interests	120	109
Comprehensive income attributable to Verizon	$ 4,783	$ 4,597

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ (5)	$ 3
Unrealized gain (loss) on cash flow hedges, tax	(11)	(7)
Unrealized gain (loss) from fair value hedges, tax	(68)	103
Unrealized gain (loss) on marketable securities, tax	0	(1)
Defined benefit pension and postretirement plans, tax	$ 1	$ 15

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 2,365	$ 2,065
Accounts receivable	26,380	26,102
Less Allowance for credit losses	1,061	1,017
Accounts receivable, net of allowance	25,319	25,085
Inventories	2,076	2,057
Prepaid expenses and other	8,197	7,607
Total current assets	37,957	36,814
Property, plant and equipment	322,266	320,108
Less Accumulated depreciation	214,403	211,798
Property, plant and equipment, net	107,863	108,310
Investments in unconsolidated businesses	941	953
Wireless licenses	156,111	155,667
Goodwill	22,842	22,843
Other intangible assets, net	10,835	11,057
Operating lease right-of-use assets	24,351	24,726
Other assets	19,258	19,885
Total assets	380,158	380,255
Current liabilities
Debt maturing within one year	15,594	12,973
Accounts payable and accrued liabilities	20,139	23,453
Current operating lease liabilities	4,282	4,266
Other current liabilities	13,616	12,531
Total current liabilities	53,631	53,223
Long-term debt	136,104	137,701
Employee benefit obligations	12,805	13,189
Deferred income taxes	45,980	45,781
Non-current operating lease liabilities	19,654	20,002
Other liabilities	16,258	16,560
Total long-term liabilities	230,801	233,233
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	13,571	13,631
Retained earnings	84,714	82,915
Accumulated other comprehensive loss	(1,199)	(1,380)
Common stock in treasury, at cost (82,178,752 and 87,172,997 shares outstanding)	(3,602)	(3,821)
Deferred compensation – employee stock ownership plans (ESOPs) and other	421	656
Noncontrolling interests	1,392	1,369
Total equity	95,726	93,799
Total liabilities and equity	$ 380,158	$ 380,255

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	82,178,752	87,172,997

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net Income	$ 4,722	$ 5,018
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	4,445	4,318
Employee retirement benefits	62	54
Deferred income taxes	141	331
Provision for expected credit losses	567	530
Equity in losses of unconsolidated businesses, net of dividends received	14	10
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(2,531)	(774)
Other, net	(336)	(1,198)
Net cash provided by operating activities	7,084	8,289
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(4,376)	(5,958)
Acquisitions of wireless licenses	(449)	(598)
Collateral receipts (payments) related to derivative contracts, net	(432)	367
Other, net	12	79
Net cash used in investing activities	(5,245)	(6,110)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	3,110	504
Proceeds from asset-backed long-term borrowings	2,510	1,754
Net proceeds from short-term commercial paper	2,347	342
Repayments of long-term borrowings and finance lease obligations	(4,508)	(1,325)
Repayments of asset-backed long-term borrowings	(1,408)	(931)
Dividends paid	(2,796)	(2,744)
Other, net	(683)	17
Net cash used in financing activities	(1,428)	(2,383)
Increase (decrease) in cash, cash equivalents and restricted cash	411	(204)
Cash, cash equivalents and restricted cash, beginning of period	3,497	4,111
Cash, cash equivalents and restricted cash, end of period	$ 3,908	$ 3,907

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 and security. 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, 2023. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year. Earnings Per Common Share There were a total of approximately 3.7 million and 3.6 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 months ended March 31, 2024 and 2023, 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 and on the underlying receivables related to the participation interest 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. Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At March 31, At December 31, Increase (dollars in millions) 2024 2023 Cash and cash equivalents $ 2,365 $ 2,065 $ 300 Restricted cash: Prepaid expenses and other 1,341 1,244 97 Other assets 202 188 14 Cash, cash equivalents and restricted cash $ 3,908 $ 3,497 $ 411

Revenues and Contract Costs

Revenues and Contract Costs	3 Months Ended
	Mar. 31, 2024
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 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 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 months ended March 31, 2024 and March 31, 2023, revenues from arrangements that were not accounted for under Topic 606 were approximately $724 million and $749 million, respectively. Remaining Performance Obligations When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price may relate to service performance obligations which were not satisfied or were partially satisfied as of the end of the reporting period. Below we disclose information relating to these unsatisfied performance obligations. We apply the practical expedient available under Topic 606 that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less. This situation primarily arises with respect to certain month-to-month service contracts. At March 31, 2024, month-to-month service contracts represented approximately 95% of our wireless postpaid contracts and approximately 94% of our wireline Consumer and our Business Markets and Other contracts, compared to March 31, 2023, for which month-to-month service contracts represented approximately 94% of our wireless postpaid contracts and 92% 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 twenty-nine years ending in September 2053 and have aggregate contract minimum payments totaling $2.0 billion. At March 31, 2024, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the remainder of 2024, 2025 and thereafter was $21.1 billion, $23.2 billion and $13.3 billion, respectively. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications. Accounts Receivable and Contract Balances The timing of revenue recognition may differ from the time of billing to our customers. Receivables presented in our condensed consolidated balance sheets represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract. The following table presents information about receivables from contracts with customers: At March 31, At December 31, (dollars in millions) 2024 2023 Accounts Receivable (1) $ 9,401 $ 9,760 Device payment plan agreement receivables (2) 18,521 18,528 (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. 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. Revenue recognized related to contract liabilities existing at January 1, 2024 and January 1, 2023 were $4.4 billion and $4.3 billion for the three months ended March 31, 2024 and March 31, 2023, respectively. The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2024 2023 Assets Prepaid expenses and other $ 541 $ 546 Other assets 286 268 Total Contract Assets $ 827 $ 814 Liabilities Other current liabilities $ 7,143 $ 6,955 Other liabilities 1,949 1,947 Total Contract Liabilities $ 9,092 $ 8,902 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 two The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2024 2023 Assets Prepaid expenses and other $ 2,779 $ 2,756 Other assets 2,612 2,639 Total $ 5,391 $ 5,395 For the three months ended March 31, 2024 and March 31, 2023, we recognized expense of $829 million and $795 million, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income. We assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There were no impairment charges recognized for the three months ended March 31, 2024 or March 31, 2023.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and March 31, 2023, we made payments of $269 million and $114 million, respectively, for obligations related to clearing costs and accelerated clearing incentives. We expect to continue to make payments of approximately $100 million for the remaining obligations in 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). 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 represented a Level 3 measurement as defined in ASC 820, Fair Value Measurements and Disclosures. See Note 7 for additional information. The contingent consideration payable was based on the achievement of certain revenue and operational targets, measured over a two-year earn out period. Contingent consideration payments were completed in January of 2024. During the three months ended March 31, 2024 and March 31, 2023, Verizon made payments of $52 million

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Wireless Licenses, Goodwill, and Other Intangible Assets	Note 4. Wireless Licenses, Goodwill, and Other Intangible Assets Wireless Licenses The carrying amounts of our Wireless licenses are as follows: At March 31, At December 31, (dollars in millions) 2024 2023 Wireless licenses $ 156,111 $ 155,667 During the three months ended March 31, 2024 and March 31, 2023, we made payments of $269 million and $114 million, respectively, for obligations related to clearing costs and accelerated clearing incentives for wireless licenses in connection with Auction 107. See Note 3 for additional information. At March 31, 2024 and 2023, approximately $13.9 billion and $38.9 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded approximately $180 million and $449 million of capitalized interest on wireless licenses for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024, 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 Total Balance at January 1, 2024 (1) $ 21,177 $ 1,666 $ 22,843 Reclassifications, adjustments and other — (1) (1) Balance at March 31, 2024 $ 21,177 $ 1,665 $ 22,842 (1) Goodwill is net of accumulated impairment charges of $5.8 billion related to our Business reporting unit. Other Intangible Assets The following table displays the composition of Other intangible assets, net as well as the respective amortization periods: At March 31, 2024 At December 31, 2023 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 13 years) $ 4,335 $ (2,387) $ 1,948 $ 4,335 $ (2,193) $ 2,142 Non-network internal-use software (7 years) 25,950 (18,387) 7,563 25,524 (17,949) 7,575 Other (4 to 25 years) 2,656 (1,332) 1,324 2,656 (1,316) 1,340 Total $ 32,941 $ (22,106) $ 10,835 $ 32,515 $ (21,458) $ 11,057 The amortization expense for Other intangible assets was as follows: Three Months Ended (dollars in millions) March 31, 2024 $ 698 2023 647 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 2024 $ 1,997 2025 2,430 2026 2,187 2027 1,628 2028 1,220 2029 595

Debt

Debt	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024. Tender Offers (dollars in millions) Principal Amount Purchased Cash Consideration (1) Verizon 0.875% - 3.250% notes due 2025 - 2028 € 1,981 $ 2,237 (1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase. In addition, for securities denominated in a currency other than the U.S. dollar, cash consideration is shown on a U.S. dollar equivalent basis and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the transaction. Repayments and Repurchases (dollars in millions) Principal Repaid/ Repurchased Amount Paid (1) Verizon 1.625% notes due 2024 € 685 $ 840 Verizon 0.750% notes due 2024 $ 999 1,003 Verizon floating rate notes due 2024 95 96 Open market repurchases of various Verizon notes 117 89 Total $ 2,028 (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 and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the transaction. Issuances (dollars in millions) Principal Amount Issued Net Proceeds (1) Verizon 3.500% notes due 2032 € 1,000 $ 1,062 Verizon 3.750% notes due 2036 € 1,000 1,061 Verizon 5.500% notes due 2054 (2) $ 1,000 980 Total $ 3,103 (1) Net proceeds were net of underwriting discounts and other issuance costs. In addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis. See Note 7 for additional information on cross currency swap transactions related to the issuances. (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 May 1, 2023 through the maturity date of the notes. Commercial Paper Program During the three months ended March 31, 2024, we issued $9.6 billion in commercial paper and we repaid $7.2 billion of commercial paper. As of March 31, 2024, we had $2.4 billion of commercial paper outstanding. These transactions are reflected within Cash flows from financing activities in our condensed consolidated statements of cash flows on a net basis. Asset-Backed Debt As of March 31, 2024 , the carrying value of our asset-backed debt was $23.3 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) or a participation interest in certain other receivables to one of the ABS Entities, which in turn transfers such receivables and participation interest 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 participation interest, and future collections on such receivables and underlying receivables related to such participation interest. These receivables and participation interest 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 participation interest, 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 and on the underlying receivables related to the participation interest 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 three months ended March 31, 2024 , we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued January 2024 Series 2024-1 A-1a Senior class notes 5.000 1.92 $ 835 A-1b Senior class notes Compounded SOFR + 0.650 (1) 1.92 279 B Junior class notes 5.240 1.92 — C Junior class notes 5.490 1.92 51 Series 2024-2 A Senior class notes 4.830 4.92 668 B Junior class notes 5.080 4.92 51 C Junior class notes 5.320 4.92 31 Total $ 1,915 (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 March 2024 was 5.319%. Under the terms of each series of ABS Notes outstanding as of March 31, 2024, there is a revolving period of up to two years, three years, or five years, as applicable, during which we may transfer additional receivables to the ABS Entity. During the three months ended March 31, 2024 , we made aggregate principal repayments of $508 million 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. In April 2024, we issued $875 million aggregate principal amount of senior and junior ABS Notes, with a blended interest rate of approximately 5.370%, through an ABS Entity. ABS Financing Facilities Under the two loan agreements outstanding in connection with the ABS Financing Facility originally entered into in 2021 and most recently renewed in 2023 (2021 ABS Financing Facility), we prepaid an aggregate of $900 million in January 2024 and borrowed an additional $600 million in March 2024 . The aggregate outstanding balance under the 2021 ABS Financing Facility was $8.2 billion as of March 31, 2024. In April 2024, we prepaid an aggregate of $900 million under a loan agreement outstanding in connection with the 2021 ABS Financing Facility. Under the loan agreement outstanding in connection with the ABS Financing Facility originally entered into in 2022 and most recently renewed in 2023 (2022 ABS Financing Facility), t he aggregate outstanding balance was $3.0 billion as of March 31, 2024 . Variable Interest Entities (VIEs) The ABS Entities meet the definition of a VIE for which we have determined that we are the primary beneficiary as we have both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity. Therefore, the assets, liabilities and activities of the ABS Entities are consolidated in our financial results and are included in amounts presented on the face of our condensed consolidated balance sheets. The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2024 2023 Assets Accounts receivable, net $ 15,557 $ 14,550 Prepaid expenses and other 1,389 1,288 Other assets 12,217 11,682 Liabilities Accounts payable and accrued liabilities 31 29 Debt maturing within one year 7,777 7,483 Long-term debt 15,514 14,700 The Accounts receivable, net amounts above does not include underlying receivables for which a participation interest has been transferred to the ABS Entities. See Note 6 for additional information on certain receivables and participation interest used to secure asset-backed debt. Long-Term Credit Facilities At March 31, 2024 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2028 $ 12,000 $ 11,956 $ — Various export credit facilities (2) 2024 - 2031 11,000 — 6,294 Total $ 23,000 $ 11,956 $ 6,294 (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 March 31, 2024 , there have been no drawings against the revolving credit facility since its inception. (2) During the three months ended March 31, 2024, there were no drawings from these facilities. During the three months ended March 31, 2023, we drew down $515 million from these facilities. Borrowings under certain of these facilities are repaid semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed. In March 2024, we amended our $9.5 billion revolving credit facility to increase the capacity to $12.0 billion and extended its maturity to 2028. Non-Cash Transactions During the three months ended March 31, 2024 and 2023, we financed, primarily through alternative financing arrangements, the purchase of approximately $463 million and $284 million, respectively, of long-lived assets consisting primarily of network equipment. As of March 31, 2024 and December 31, 2023 , $2.4 billion and $2.2 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 During the three months ended March 31, 2024 and 2023 , we recorded net debt extinguishment gains of $110 million and $70 million, respectively. The net gains are recorded in Other income, net in our condensed consolidated statements of income. Additionally, during the three months ended March 31, 2024 and 2023, we recorded insignificant transaction fees and interest expense as a result of the debt extinguishments. The total debt extinguishment gains are reflected within Other, net cash flow from operating activities, and the cash payments to extinguish the debt 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 March 31, 2024 , $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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable $ 14,289 $ 5,678 $ 6,413 $ 26,380 Less Allowance for credit losses 593 218 250 1,061 Accounts receivable, net of allowance $ 13,696 $ 5,460 $ 6,163 $ 25,319 (1) Other receivables primarily include wireline and other receivables, of which the allowances are individually insignificant. Included in Other assets and Accounts receivable, net at March 31, 2024 and December 31, 2023, are net device payment plan agreement receivables and net wireless service receivables of $27.6 billion and $26.1 billion, respectively, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets. Included in Accounts receivable, net at March 31, 2024 and December 31, 2023, are net other receivables of $767 million and $911 million, respectively, on which a participation interest has 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. While we no longer offer Consumer customers fixed-term subsidized service plans for devices, 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 both the current and non-current portions of device payment plan agreement receivables, net, recognized in our condensed consolidated balance sheets: At March 31, At December 31, (dollars in millions) 2024 2023 Device payment plan agreement receivables, gross $ 29,296 $ 29,206 Unamortized imputed interest (799) (758) Device payment plan agreement receivables, at amortized cost 28,497 28,448 Allowance (1) (1,194) (1,151) Device payment plan agreement receivables, net $ 27,303 $ 27,297 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 13,696 $ 13,173 Other assets 13,607 14,124 Device payment plan agreement receivables, net $ 27,303 $ 27,297 (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 may offer certain promotions that allow a customer to trade in their owned device in connection with the purchase of a new device. Under these types of promotions, the customer receives a credit for the value of the trade-in device. At March 31, 2024 and December 31, 2023, the amount of trade-in liability was $522 million and $566 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, disclosed in the table above, 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 three months ended March 31, 2024, by credit quality indicator and year of origination: Year of Origination (1) (dollars in millions) 2024 2023 2022 and prior Total Device payment plan agreement receivables, at amortized cost New customers $ 934 $ 2,745 $ 1,095 $ 4,774 Existing customers 3,496 12,620 7,607 23,723 Total $ 4,430 $ 15,365 $ 8,702 $ 28,497 Gross write-offs New customers $ 10 $ 190 $ 43 $ 243 Existing customers — 44 55 99 Total $ 10 $ 234 $ 98 $ 342 (1) Includes accounts that have been suspended at a point in time. The data presented in the table above was last updated on March 31, 2024. 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 three months ended March 31, 2024, by year of origination: Year of Origination (dollars in millions) 2024 2023 and prior Total Wireless service receivables, at amortized cost $ 5,434 $ 244 $ 5,678 Gross write-offs 13 124 137 The data presented in the table above was last updated on March 31, 2024. 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, if applicable. Activity in the allowance for credit losses by portfolio segment of receivables was as follows: (dollars in millions) Device Payment Plan Agreement Receivables (1) Wireless Service Plan Receivables Balance at January 1, 2024 $ 1,151 $ 213 Current period provision for expected credit losses 374 131 Write-offs charged against the allowance (342) (137) Recoveries collected 11 11 Balance at March 31, 2024 $ 1,194 $ 218 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables. We monitor delinquency and write-off experience based on the quality of our device payment plan agreement and wireless service receivables portfolios. The extent of our collection efforts with respect to a particular customer are based on the results of our proprietary custom internal scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent. These custom scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Since our customers’ behaviors may be impacted by general economic conditions, we analyzed whether changes in macroeconomic conditions impact our credit loss experience and have concluded that our credit loss estimates are generally not materially impacted by reasonable and supportable forecasts of future economic conditions. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. For device payment plan agreement receivables and wireless service receivables, we consider an account to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. The risk class determines the speed and severity of the collections effort including initiatives taken to facilitate customer payment. The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows: At March 31, (dollars in millions) 2024 Unbilled $ 27,199 Billed: Current 1,014 Past due 284 Device payment plan agreement receivables, at amortized cost $ 28,497

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Note 7. Fair Value Measurements and Financial Instruments Recurring Fair Value Measurements The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 19 $ — $ 19 Cross currency swaps — 2 — 2 Interest rate caps — 41 — 41 Other assets: Fixed income securities — 265 — 265 Cross currency swaps — 598 — 598 Interest rate caps — 5 — 5 Total $ — $ 930 $ — $ 930 Liabilities: Other current liabilities: Interest rate swaps $ — $ 1,670 $ — $ 1,670 Cross currency swaps — 351 — 351 Foreign exchange forwards — 10 — 10 Interest rate caps — 41 — 41 Other liabilities: Interest rate swaps — 3,424 — 3,424 Cross currency swaps — 1,816 — 1,816 Interest rate caps — 5 — 5 Total $ — $ 7,317 $ — $ 7,317 (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, 2023: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 25 $ — $ 25 Cross currency swaps — 4 — 4 Foreign exchange forwards — 4 — 4 Interest rate caps — 37 — 37 Other assets: Fixed income securities — 254 — 254 Cross currency swaps — 758 — 758 Interest rate caps — 7 — 7 Total $ — $ 1,089 $ — $ 1,089 Liabilities: Other current liabilities: Interest rate swaps $ — $ 823 $ — $ 823 Cross currency swaps — 294 — 294 Foreign exchange forwards — 1 — 1 Interest rate caps — 37 — 37 Contingent consideration — — 52 52 Other liabilities: Interest rate swaps — 3,648 — 3,648 Cross currency swaps — 1,791 — 1,791 Interest rate caps — 7 — 7 Total $ — $ 6,601 $ 52 $ 6,653 (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 both March 31, 2024 and December 31, 2023, the carrying amount of our investments without readily determinable fair values was $764 million. During the three months ended March 31, 2024, there were insignificant adjustments due to observable price changes and there were insignificant amounts of impairment charges. As of March 31, 2024, cumulative adjustments due to observable price changes and impairment charges were $209 million and $99 million, respectively. Verizon had a liability for contingent consideration related to its acquisition of TracFone, completed in November 2021. The fair value was calculated using a probability-weighted discounted cash flow model and represented 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 was remeasured to fair value. Contingent consideration payments were completed in January of 2024. During the three months ended March 31, 2024 and March 31, 2023 , we made payments of $52 million and $102 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 March 31, 2024 $ 149,515 $ 86,574 $ 58,724 $ — $ 145,298 At December 31, 2023 148,583 86,806 58,804 — 145,610 Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. We employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency swaps, forward starting interest rate swaps, treasury rate locks, interest rate caps, swaptions and foreign exchange forwards. We do not hold derivatives for trading purposes. The following table sets forth the notional amounts of our outstanding derivative instruments: At March 31, At December 31, (dollars in millions) 2024 2023 Interest rate swaps $ 26,071 $ 26,071 Cross currency swaps 32,604 33,526 Foreign exchange forwards 1,130 1,050 The following tables summarize the activities of our designated derivatives: Three Months Ended March 31, (dollars in millions) 2024 2023 Interest Rate Swaps: Notional value entered into $ — $ — Notional value settled — — Pre-tax gain (loss) recognized in Interest expense 2 (1) Cross Currency Swaps: Notional value entered into 2,146 — Notional value settled 3,067 838 Pre-tax gain (loss) on cross currency swaps recognized in Interest expense (742) 355 Pre-tax gain (loss) on hedged debt recognized in Interest expense 742 (355) Excluded components recognized in Other comprehensive income (loss) 282 (378) Initial value of the excluded component amortized into Interest expense 26 27 Three Months Ended March 31, (dollars in millions) 2024 2023 Other, net Cash Flows from Financing Activities: Cash paid for settlement of cross currency swaps, net $ (216) $ (117) 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 March 31, At December 31, (dollars in millions) 2024 2023 Carrying amount of hedged liabilities $ 21,197 $ 21,838 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (4,979) (4,354) Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 378 400 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 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. 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 months ended March 31, 2024 and March 31, 2023 , 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. On March 31, 2022, we elected to de-designate our cross currency swaps previously designated as cash flow hedges and re-designated these swaps as fair value hedges. For these hedges, we 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. During the three months ended March 31, 2024 and March 31, 2023 , 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. We estimate that $93 million will be amortized into Interest expense within the next 12 months. Net Investment Hedges We have designated certain foreign currency debt instruments as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. The notional amount of Euro-denominated debt designated as a net investment hedge was €750 million as of both March 31, 2024 and December 31, 2023. Undesignated Derivatives We also have the following derivative contracts which we use as economic hedges but for which we have elected not to apply hedge accounting. The following table summarizes the activity of our derivatives not designated in hedging relationships: Three Months Ended March 31, (dollars in millions) 2024 2023 Foreign Exchange Forwards: Notional value entered into $ 3,140 $ 2,655 Notional value settled 3,060 2,595 Pre-tax gain (loss) recognized in Other income, net (22) 10 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. Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, including device payment plan agreement receivables, certain notes receivable, including lease receivables, and derivative contracts. Counterparties to our derivative contracts are major financial institutions with whom we have negotiated derivatives agreements (ISDA master agreements) and credit support annex (CSA) agreements which provide rules for collateral exchange. The CSA agreements contain fixed cap amounts or rating based thresholds such that we or our counterparties may be required to hold or post collateral based upon changes in outstanding positions as compared to established thresholds or caps and changes in credit ratings. We do not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value. At March 31, 2024, we did not hold any collateral. At March 31, 2024, we posted $1.8 billion of collateral related to derivative contracts under collateral exchange agreements, which was recorded as Prepaid expenses and other in our condensed consolidated balance sheet. At December 31, 2023, we did not hold any collateral. At December 31, 2023, we posted $1.4 billion of collateral related to derivative contracts under collateral exchange arrangements, which was recorded as Prepaid expenses and other in our condensed consolidated balance sheet. While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect that any such nonperformance would result in a significant effect on our results of operations or financial condition due to our diversified pool of counterparties.

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2024
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, 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 and 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 March 31, 2024 2023 2024 2023 Service cost - Cost of services $ 41 $ 46 $ 11 $ 11 Service cost - Selling, general and administrative expense 7 7 2 2 Service cost $ 48 $ 53 $ 13 $ 13 Amortization of prior service cost (credit) $ 28 $ 28 $ (32) $ (105) Expected return on plan assets (208) (253) (7) (7) Interest cost 157 188 135 136 Remeasurement gain, net (73) — — — Other components $ (96) $ (37) $ 96 $ 24 Total $ (48) $ 16 $ 109 $ 37 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, net. During the three months ended March 31, 2024, we updated the expected return on plan assets assumption for our pension plans from 7.50% at December 31, 2023 to 8.00% based upon the expected market returns from the March 31, 2024 asset allocation. Pension Annuitization On February 29, 2024, we entered into two separate commitment agreements, one by and between the Company, State Street Global Advisors Trust Company (“State Street”), as independent fiduciary of the Verizon Management Pension Plan and Verizon Pension Plan for Associates (the “Pension Plans”), and The Prudential Insurance Company of America (“Prudential”), and one by and between the Company, State Street and RGA Reinsurance Company (“RGA”), under which the Pension Plans purchased nonparticipating single premium group annuity contracts from Prudential and RGA, respectively, to settle approximately $5.9 billion of benefit liabilities of the Pension Plans. The purchase of the group annuity contracts closed on March 6, 2024. The group annuity contracts primarily cover a population that includes 56,000 retirees who commenced benefit payments from the Pension Plans prior to January 1, 2023 (“Transferred Participants”). Prudential and RGA each irrevocably guarantee and assume the sole obligation to make future payments to the Transferred Participants as provided under their respective group annuity contracts, with direct payments beginning July 1, 2024. The aggregate amount of each Transferred Participant’s payment under the group annuity contracts will be equal to the amount of each individual’s payment under the Pension Plans. The purchase of the group annuity contracts was funded directly by transferring $5.7 billion of assets of the Pension Plans. The Company made additional contributions to the Pension Plans prior to the closing date of the transaction, as discussed below. With these contributions, the funded ratio of each of the Pension Plans does not change as a result of this transaction. During the three months ended March 31, 2024, we recorded a net pre-tax settlement gain as a result of this transaction, as discussed below. Pension plan assets and liabilities are primarily presented within Employee benefit obligations in our condensed consolidated balance sheets. Severance Payments During the three months ended March 31, 2024, we paid severance benefits of $118 million. At March 31, 2024, we had a remaining severance liability of $456 million, a portion of which includes future contractual payments to separated employees. Employer Contributions During the three months ended March 31, 2024, we made discretionary contributions to the Pension Plans in the aggregate amount of $365 million. During the three months ended March 31, 2023, we made no contributions to our qualified pension plans. During the three months ended March 31, 2024 and March 31, 2023, we made insignificant contributions to our nonqualified pension plans. No mandatory qualified pension plans contributions are expected or required through December 31, 2024. No significant changes are expected with respect to the nonqualified pension and other postretirement benefit plans contributions in 2024. Remeasurement gain, net During the three months ended March 31, 2024, we recorded a net pre-tax remeasurement gain of $73 million in our pension plans due to a net pre-tax settlement gain of $200 million resulting from the pension annuitization transaction discussed above, partially offset by a net pre-tax remeasurement loss of $127 million triggered by settlements. The net pre-tax remeasurement loss recorded for the three months ended March 31, 2024, was primarily driven by a $613 million charge resulting from the difference between our estimated and actual return on assets, partially offset by a credit of $486 million due to changes in our discount rate assumption used to determine the current year liabilities of our pension plans.

Equity and Accumulated Other Co

Equity and Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (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 13,631 13,420 Other (60) 103 Balance at end of period 13,571 13,523 Retained Earnings Balance at beginning of period 82,915 82,380 Net income attributable to Verizon 4,602 4,909 Dividends declared ($0.6650, $0.6525 per share) (2,799) (2,746) Other (4) — Balance at end of period 84,714 84,543 Accumulated Other Comprehensive Loss Balance at beginning of period attributable to Verizon (1,380) (1,865) Foreign currency translation adjustments (50) 26 Unrealized gain on cash flow hedges 35 21 Unrealized gain (loss) on fair value hedges 200 (302) Unrealized gain (loss) on marketable securities (2) 4 Defined benefit pension and postretirement plans (2) (61) Other comprehensive income (loss) 181 (312) Balance at end of period attributable to Verizon (1,199) (2,177) Treasury Stock Balance at beginning of period (87,173) (3,821) (91,572) (4,013) Employee plans 4,992 219 4,127 181 Shareholder plans 2 — 3 — Balance at end of period (82,179) (3,602) (87,442) (3,832) Deferred Compensation-ESOPs and Other Balance at beginning of period 656 793 Restricted stock equity grant 102 (14) Amortization (337) (382) Balance at end of period 421 397 Noncontrolling Interests Balance at beginning of period 1,369 1,319 Total comprehensive income 120 109 Distributions and other (97) (92) Balance at end of period 1,392 1,336 Total Equity $ 95,726 $ 94,219 Common Stock Verizon did not repurchase any shares of the Company's common stock through its previously authorized share buyback program during the three months ended March 31, 2024. At March 31, 2024, 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 shareholder plans, including 5 million shares of common stock issued from treasury stock during the three months ended March 31, 2024. 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 loss on marketable securities Defined benefit pension and postretirement plans Total Balance at January 1, 2024 $ (636) $ (1,062) $ 105 $ (2) $ 215 $ (1,380) Excluded components recognized in other comprehensive income — — 211 — — 211 Other comprehensive loss (50) — — (2) — (52) Amounts reclassified to net income — 35 (11) — (2) 22 Net other comprehensive income (loss) (50) 35 200 (2) (2) 181 Balance at March 31, 2024 $ (686) $ (1,027) $ 305 $ (4) $ 213 $ (1,199) 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, 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 loss on marketable securities and defined benefit pension and postretirement plans in the table above are included in Other income, net in our condensed consolidated statements of income. See Note 8 for additional information.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
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 5G or 4G LTE networks as an alternative to traditional landline internet access. 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 FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and a subset of these 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: Enterprise and Public Sector, Business Markets and Other, and Wholesale. 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 or used 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 and therefore 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 March 31, (dollars in millions) 2024 2023 External Operating Revenues Consumer Service $ 18,998 $ 18,456 Wireless equipment 4,490 4,878 Other (1) 1,517 1,474 Total Consumer 25,005 24,808 Business Enterprise and Public Sector 3,587 3,787 Business Markets and Other 3,190 3,099 Wholesale 590 599 Total Business 7,367 7,485 Total reportable segments $ 32,372 $ 32,293 Intersegment Revenues Consumer $ 52 $ 49 Business 9 9 Total reportable segments $ 61 $ 58 Total Operating Revenues Consumer $ 25,057 $ 24,857 Business (2) 7,376 7,494 Total reportable segments $ 32,433 $ 32,351 Operating Income Consumer $ 7,372 $ 7,099 Business 399 551 Total reportable segments $ 7,771 $ 7,650 (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 and Wireless equipment revenues included in our Business segment were approximately $6.5 billion and $871 million, respectively, for the three months ended March 31, 2024, and were approximately $6.6 billion and $882 million, respectively, for the three months ended March 31, 2023. The following table provides Fios revenue for our two reportable segments: Three Months Ended March 31, (dollars in millions) 2024 2023 Consumer $ 2,896 $ 2,889 Business 311 307 Total Fios revenue $ 3,207 $ 3,196 The following table provides Wireless service revenue for our reportable segments and includes intersegment activity: Three Months Ended March 31, (dollars in millions) 2024 2023 Consumer $ 16,134 $ 15,599 Business 3,379 3,290 Total Wireless service revenue $ 19,513 $ 18,889 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 segments' operating revenues to consolidated operating revenues is as follows: Three Months Ended March 31, (dollars in millions) 2024 2023 Total reportable segments operating revenues $ 32,433 $ 32,351 Corporate and other 611 617 Eliminations (63) (56) Total consolidated operating revenues $ 32,981 $ 32,912 A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows: Three Months Ended March 31, (dollars in millions) 2024 2023 Total reportable segments operating income $ 7,771 $ 7,650 Corporate and other (136) (4) Other components of net periodic benefit charges (Note 8) (8) (62) Legacy legal matter (106) — Total consolidated operating income 7,521 7,584 Equity in earnings (losses) of unconsolidated businesses (9) 9 Other income, net 198 114 Interest expense (1,635) (1,207) Income Before Provision For Income Taxes $ 6,075 $ 6,500 No single customer accounted for more than 10% of our total operating revenues during the three months ended March 31, 2024 or 2023. 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 segments operating income.

Additional Financial Informatio

Additional Financial Information	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Additional Financial Information	Note 11. Additional Financial Information We maintain a voluntary supplier finance program 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. As of March 31, 2024

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 30 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 March 31, 2024, Verizon had 27 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. Fifteen of the 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
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to Verizon	$ 4,602	$ 4,909

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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, 2023. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds. Cash collections on the receivables and on the underlying receivables related to the participation interest
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. Remaining Performance Obligations 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)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At March 31, At December 31, Increase (dollars in millions) 2024 2023 Cash and cash equivalents $ 2,365 $ 2,065 $ 300 Restricted cash: Prepaid expenses and other 1,341 1,244 97 Other assets 202 188 14 Cash, cash equivalents and restricted cash $ 3,908 $ 3,497 $ 411
Schedule of Restricted Cash	Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets: At March 31, At December 31, Increase (dollars in millions) 2024 2023 Cash and cash equivalents $ 2,365 $ 2,065 $ 300 Restricted cash: Prepaid expenses and other 1,341 1,244 97 Other assets 202 188 14 Cash, cash equivalents and restricted cash $ 3,908 $ 3,497 $ 411

Revenues and Contract Costs (Ta

Revenues and Contract Costs (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following table presents information about receivables from contracts with customers: At March 31, At December 31, (dollars in millions) 2024 2023 Accounts Receivable (1) $ 9,401 $ 9,760 Device payment plan agreement receivables (2) 18,521 18,528 (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 balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2024 2023 Assets Prepaid expenses and other $ 541 $ 546 Other assets 286 268 Total Contract Assets $ 827 $ 814 Liabilities Other current liabilities $ 7,143 $ 6,955 Other liabilities 1,949 1,947 Total Contract Liabilities $ 9,092 $ 8,902
Capitalized Contract Cost	The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2024 2023 Assets Prepaid expenses and other $ 2,779 $ 2,756 Other assets 2,612 2,639 Total $ 5,391 $ 5,395

Wireless Licenses, Goodwill a_2

Wireless Licenses, Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Wireless Licenses	The carrying amounts of our Wireless licenses are as follows: At March 31, At December 31, (dollars in millions) 2024 2023 Wireless licenses $ 156,111 $ 155,667
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Consumer Business Total Balance at January 1, 2024 (1) $ 21,177 $ 1,666 $ 22,843 Reclassifications, adjustments and other — (1) (1) Balance at March 31, 2024 $ 21,177 $ 1,665 $ 22,842 (1) Goodwill is net of accumulated impairment charges of $5.8 billion related to our Business reporting unit.
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 March 31, 2024 At December 31, 2023 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 13 years) $ 4,335 $ (2,387) $ 1,948 $ 4,335 $ (2,193) $ 2,142 Non-network internal-use software (7 years) 25,950 (18,387) 7,563 25,524 (17,949) 7,575 Other (4 to 25 years) 2,656 (1,332) 1,324 2,656 (1,316) 1,340 Total $ 32,941 $ (22,106) $ 10,835 $ 32,515 $ (21,458) $ 11,057
Amortization Expense for Other Intangible Assets	The amortization expense for Other intangible assets was as follows: Three Months Ended (dollars in millions) March 31, 2024 $ 698 2023 647
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 2024 $ 1,997 2025 2,430 2026 2,187 2027 1,628 2028 1,220 2029 595

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024. Tender Offers (dollars in millions) Principal Amount Purchased Cash Consideration (1) Verizon 0.875% - 3.250% notes due 2025 - 2028 € 1,981 $ 2,237 (1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase. In addition, for securities denominated in a currency other than the U.S. dollar, cash consideration is shown on a U.S. dollar equivalent basis and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the transaction. Repayments and Repurchases (dollars in millions) Principal Repaid/ Repurchased Amount Paid (1) Verizon 1.625% notes due 2024 € 685 $ 840 Verizon 0.750% notes due 2024 $ 999 1,003 Verizon floating rate notes due 2024 95 96 Open market repurchases of various Verizon notes 117 89 Total $ 2,028 (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 and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the transaction. Issuances (dollars in millions) Principal Amount Issued Net Proceeds (1) Verizon 3.500% notes due 2032 € 1,000 $ 1,062 Verizon 3.750% notes due 2036 € 1,000 1,061 Verizon 5.500% notes due 2054 (2) $ 1,000 980 Total $ 3,103 (1) Net proceeds were net of underwriting discounts and other issuance costs. In addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis. See Note 7 for additional information on cross currency swap transactions related to the issuances. (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 May 1, 2023 through the maturity date of the notes. During the three months ended March 31, 2024 , we completed the following ABS Notes transactions: (dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued January 2024 Series 2024-1 A-1a Senior class notes 5.000 1.92 $ 835 A-1b Senior class notes Compounded SOFR + 0.650 (1) 1.92 279 B Junior class notes 5.240 1.92 — C Junior class notes 5.490 1.92 51 Series 2024-2 A Senior class notes 4.830 4.92 668 B Junior class notes 5.080 4.92 51 C Junior class notes 5.320 4.92 31 Total $ 1,915 (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 March 2024 was 5.319%.
Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements	The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows: At March 31, At December 31, (dollars in millions) 2024 2023 Assets Accounts receivable, net $ 15,557 $ 14,550 Prepaid expenses and other 1,389 1,288 Other assets 12,217 11,682 Liabilities Accounts payable and accrued liabilities 31 29 Debt maturing within one year 7,777 7,483 Long-term debt 15,514 14,700
Schedule of Line of Credit Facilities	Long-Term Credit Facilities At March 31, 2024 (dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding Verizon revolving credit facility (1) 2028 $ 12,000 $ 11,956 $ — Various export credit facilities (2) 2024 - 2031 11,000 — 6,294 Total $ 23,000 $ 11,956 $ 6,294 (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 March 31, 2024 , there have been no drawings against the revolving credit facility since its inception. (2) During the three months ended March 31, 2024, there were no drawings from these facilities. During the three months ended March 31, 2023, we drew down $515 million from these facilities. Borrowings under certain of these facilities are repaid semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.

Device Payment Plan and Wireles

Device Payment Plan and Wireless Service Receivables (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 (dollars in millions) Device payment plan agreement Wireless Other receivables (1) Total Accounts receivable $ 14,289 $ 5,678 $ 6,413 $ 26,380 Less Allowance for credit losses 593 218 250 1,061 Accounts receivable, net of allowance $ 13,696 $ 5,460 $ 6,163 $ 25,319 (1) Other receivables primarily include wireline and other receivables, of which the allowances are individually insignificant. The following table displays both the current and non-current portions of device payment plan agreement receivables, net, recognized in our condensed consolidated balance sheets: At March 31, At December 31, (dollars in millions) 2024 2023 Device payment plan agreement receivables, gross $ 29,296 $ 29,206 Unamortized imputed interest (799) (758) Device payment plan agreement receivables, at amortized cost 28,497 28,448 Allowance (1) (1,194) (1,151) Device payment plan agreement receivables, net $ 27,303 $ 27,297 Classified in our condensed consolidated balance sheets: Accounts receivable, net $ 13,696 $ 13,173 Other assets 13,607 14,124 Device payment plan agreement receivables, net $ 27,303 $ 27,297 (1)
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 three months ended March 31, 2024, by credit quality indicator and year of origination: Year of Origination (1) (dollars in millions) 2024 2023 2022 and prior Total Device payment plan agreement receivables, at amortized cost New customers $ 934 $ 2,745 $ 1,095 $ 4,774 Existing customers 3,496 12,620 7,607 23,723 Total $ 4,430 $ 15,365 $ 8,702 $ 28,497 Gross write-offs New customers $ 10 $ 190 $ 43 $ 243 Existing customers — 44 55 99 Total $ 10 $ 234 $ 98 $ 342 (1) Includes accounts that have been suspended at a point in time. The data presented in the table above was last updated on March 31, 2024. 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 three months ended March 31, 2024, by year of origination: Year of Origination (dollars in millions) 2024 2023 and prior Total Wireless service receivables, at amortized cost $ 5,434 $ 244 $ 5,678 Gross write-offs 13 124 137 The data presented in the table above was last updated on March 31, 2024.
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, 2024 $ 1,151 $ 213 Current period provision for expected credit losses 374 131 Write-offs charged against the allowance (342) (137) Recoveries collected 11 11 Balance at March 31, 2024 $ 1,194 $ 218 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables.
Balance and Aging of Device Payment Plan Agreement Receivables on Gross Basis	The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows: At March 31, (dollars in millions) 2024 Unbilled $ 27,199 Billed: Current 1,014 Past due 284 Device payment plan agreement receivables, at amortized cost $ 28,497

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 19 $ — $ 19 Cross currency swaps — 2 — 2 Interest rate caps — 41 — 41 Other assets: Fixed income securities — 265 — 265 Cross currency swaps — 598 — 598 Interest rate caps — 5 — 5 Total $ — $ 930 $ — $ 930 Liabilities: Other current liabilities: Interest rate swaps $ — $ 1,670 $ — $ 1,670 Cross currency swaps — 351 — 351 Foreign exchange forwards — 10 — 10 Interest rate caps — 41 — 41 Other liabilities: Interest rate swaps — 3,424 — 3,424 Cross currency swaps — 1,816 — 1,816 Interest rate caps — 5 — 5 Total $ — $ 7,317 $ — $ 7,317 (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, 2023: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Prepaid expenses and other: Fixed income securities $ — $ 25 $ — $ 25 Cross currency swaps — 4 — 4 Foreign exchange forwards — 4 — 4 Interest rate caps — 37 — 37 Other assets: Fixed income securities — 254 — 254 Cross currency swaps — 758 — 758 Interest rate caps — 7 — 7 Total $ — $ 1,089 $ — $ 1,089 Liabilities: Other current liabilities: Interest rate swaps $ — $ 823 $ — $ 823 Cross currency swaps — 294 — 294 Foreign exchange forwards — 1 — 1 Interest rate caps — 37 — 37 Contingent consideration — — 52 52 Other liabilities: Interest rate swaps — 3,648 — 3,648 Cross currency swaps — 1,791 — 1,791 Interest rate caps — 7 — 7 Total $ — $ 6,601 $ 52 $ 6,653 (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 March 31, 2024 $ 149,515 $ 86,574 $ 58,724 $ — $ 145,298 At December 31, 2023 148,583 86,806 58,804 — 145,610
Notional Amounts of Outstanding Derivative Instruments	The following table sets forth the notional amounts of our outstanding derivative instruments: At March 31, At December 31, (dollars in millions) 2024 2023 Interest rate swaps $ 26,071 $ 26,071 Cross currency swaps 32,604 33,526 Foreign exchange forwards 1,130 1,050
Schedule Of Derivative Instruments Activity	The following tables summarize the activities of our designated derivatives: Three Months Ended March 31, (dollars in millions) 2024 2023 Interest Rate Swaps: Notional value entered into $ — $ — Notional value settled — — Pre-tax gain (loss) recognized in Interest expense 2 (1) Cross Currency Swaps: Notional value entered into 2,146 — Notional value settled 3,067 838 Pre-tax gain (loss) on cross currency swaps recognized in Interest expense (742) 355 Pre-tax gain (loss) on hedged debt recognized in Interest expense 742 (355) Excluded components recognized in Other comprehensive income (loss) 282 (378) Initial value of the excluded component amortized into Interest expense 26 27 Three Months Ended March 31, (dollars in millions) 2024 2023 Other, net Cash Flows from Financing Activities: Cash paid for settlement of cross currency swaps, net $ (216) $ (117) The following table summarizes the activity of our derivatives not designated in hedging relationships: Three Months Ended March 31, (dollars in millions) 2024 2023 Foreign Exchange Forwards: Notional value entered into $ 3,140 $ 2,655 Notional value settled 3,060 2,595 Pre-tax gain (loss) recognized in Other income, net (22) 10
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 March 31, At December 31, (dollars in millions) 2024 2023 Carrying amount of hedged liabilities $ 21,197 $ 21,838 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (4,979) (4,354) Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 378 400

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 2024 2023 Service cost - Cost of services $ 41 $ 46 $ 11 $ 11 Service cost - Selling, general and administrative expense 7 7 2 2 Service cost $ 48 $ 53 $ 13 $ 13 Amortization of prior service cost (credit) $ 28 $ 28 $ (32) $ (105) Expected return on plan assets (208) (253) (7) (7) Interest cost 157 188 135 136 Remeasurement gain, net (73) — — — Other components $ (96) $ (37) $ 96 $ 24 Total $ (48) $ 16 $ 109 $ 37

Equity and Accumulated Other _2

Equity and Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (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 13,631 13,420 Other (60) 103 Balance at end of period 13,571 13,523 Retained Earnings Balance at beginning of period 82,915 82,380 Net income attributable to Verizon 4,602 4,909 Dividends declared ($0.6650, $0.6525 per share) (2,799) (2,746) Other (4) — Balance at end of period 84,714 84,543 Accumulated Other Comprehensive Loss Balance at beginning of period attributable to Verizon (1,380) (1,865) Foreign currency translation adjustments (50) 26 Unrealized gain on cash flow hedges 35 21 Unrealized gain (loss) on fair value hedges 200 (302) Unrealized gain (loss) on marketable securities (2) 4 Defined benefit pension and postretirement plans (2) (61) Other comprehensive income (loss) 181 (312) Balance at end of period attributable to Verizon (1,199) (2,177) Treasury Stock Balance at beginning of period (87,173) (3,821) (91,572) (4,013) Employee plans 4,992 219 4,127 181 Shareholder plans 2 — 3 — Balance at end of period (82,179) (3,602) (87,442) (3,832) Deferred Compensation-ESOPs and Other Balance at beginning of period 656 793 Restricted stock equity grant 102 (14) Amortization (337) (382) Balance at end of period 421 397 Noncontrolling Interests Balance at beginning of period 1,369 1,319 Total comprehensive income 120 109 Distributions and other (97) (92) Balance at end of period 1,392 1,336 Total Equity $ 95,726 $ 94,219
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 loss on marketable securities Defined benefit pension and postretirement plans Total Balance at January 1, 2024 $ (636) $ (1,062) $ 105 $ (2) $ 215 $ (1,380) Excluded components recognized in other comprehensive income — — 211 — — 211 Other comprehensive loss (50) — — (2) — (52) Amounts reclassified to net income — 35 (11) — (2) 22 Net other comprehensive income (loss) (50) 35 200 (2) (2) 181 Balance at March 31, 2024 $ (686) $ (1,027) $ 305 $ (4) $ 213 $ (1,199)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
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 5G or 4G LTE networks as an alternative to traditional landline internet access. 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 FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world. The following table provides operating financial information for our two reportable segments: Three Months Ended March 31, (dollars in millions) 2024 2023 External Operating Revenues Consumer Service $ 18,998 $ 18,456 Wireless equipment 4,490 4,878 Other (1) 1,517 1,474 Total Consumer 25,005 24,808 Business Enterprise and Public Sector 3,587 3,787 Business Markets and Other 3,190 3,099 Wholesale 590 599 Total Business 7,367 7,485 Total reportable segments $ 32,372 $ 32,293 Intersegment Revenues Consumer $ 52 $ 49 Business 9 9 Total reportable segments $ 61 $ 58 Total Operating Revenues Consumer $ 25,057 $ 24,857 Business (2) 7,376 7,494 Total reportable segments $ 32,433 $ 32,351 Operating Income Consumer $ 7,372 $ 7,099 Business 399 551 Total reportable segments $ 7,771 $ 7,650 (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 and Wireless equipment revenues included in our Business segment were approximately $6.5 billion and $871 million, respectively, for the three months ended March 31, 2024, and were approximately $6.6 billion and $882 million, respectively, for the three months ended March 31, 2023. The following table provides Fios revenue for our two reportable segments: Three Months Ended March 31, (dollars in millions) 2024 2023 Consumer $ 2,896 $ 2,889 Business 311 307 Total Fios revenue $ 3,207 $ 3,196 The following table provides Wireless service revenue for our reportable segments and includes intersegment activity: Three Months Ended March 31, (dollars in millions) 2024 2023 Consumer $ 16,134 $ 15,599 Business 3,379 3,290 Total Wireless service revenue $ 19,513 $ 18,889
Summary of Reconciliation of Segment Operating Revenues	A reconciliation of the reportable segments' operating revenues to consolidated operating revenues is as follows: Three Months Ended March 31, (dollars in millions) 2024 2023 Total reportable segments operating revenues $ 32,433 $ 32,351 Corporate and other 611 617 Eliminations (63) (56) Total consolidated operating revenues $ 32,981 $ 32,912
Summary of Reconciliation of Segment Operating Income	A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows: Three Months Ended March 31, (dollars in millions) 2024 2023 Total reportable segments operating income $ 7,771 $ 7,650 Corporate and other (136) (4) Other components of net periodic benefit charges (Note 8) (8) (62) Legacy legal matter (106) — Total consolidated operating income 7,521 7,584 Equity in earnings (losses) of unconsolidated businesses (9) 9 Other income, net 198 114 Interest expense (1,635) (1,207) Income Before Provision For Income Taxes $ 6,075 $ 6,500

Basis of Presentation - Earning

Basis of Presentation - Earnings Per Common Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Dilutive securities (in shares)	3.7	3.6

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 2,365		$ 2,065
Restricted cash:
Prepaid expenses and other	1,341		1,244
Other assets	202		188
Cash, cash equivalents and restricted cash	3,908	$ 3,907	$ 3,497	$ 4,111
Increase in cash, cash equivalents and restricted cash	411	$ (204)
Cash and cash equivalents
Restricted cash:
Increase in cash, cash equivalents and restricted cash	300
Prepaid expenses and other
Restricted cash:
Increase in cash, cash equivalents and restricted cash	97
Other assets
Restricted cash:
Increase in cash, cash equivalents and restricted cash	$ 14

Revenues and Contract Costs - A

Revenues and Contract Costs - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segments | segment	2
Revenue from arrangements not accounted for under Topic 606	$ 724,000,000	$ 749,000,000
Revenue recognized related to contract liabilities existing	4,400,000,000	4,300,000,000
Amortization of deferred contract costs	829,000,000	795,000,000
Contract assets impairment charge	$ 0	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, remaining performance obligation	$ 21,100,000,000
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	1 year
Revenue, remaining performance obligation	$ 23,200,000,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation	$ 13,300,000,000
Wireless postpaid contracts
Disaggregation of Revenue [Line Items]
Percentage of month-to-month contracts of total service contracts	95%	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%	92%
Customer Contracts that Have Contract Minimum over Total Contract Term | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	29 years
Revenue, remaining performance obligation	$ 2,000,000,000
Minimum
Disaggregation of Revenue [Line Items]
Deferred contract cost, amortization period	2 years
Minimum | Wireless Service, Option One
Disaggregation of Revenue [Line Items]
Customer contracts service term	1 month
Minimum | Wireless Service, Option Two
Disaggregation of Revenue [Line Items]
Customer contracts service term	1 month
Minimum | Consumer
Disaggregation of Revenue [Line Items]
Customer contracts service term	12 months
Minimum | Consumer | Reseller Arrangements
Disaggregation of Revenue [Line Items]
Customer contracts service term	2 years
Maximum
Disaggregation of Revenue [Line Items]
Deferred contract cost, amortization period	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	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts Receivable	$ 9,401	$ 9,760
Device payment plan agreement receivables	$ 18,521	$ 18,528

Revenues and Contract Costs - C

Revenues and Contract Costs - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities existing	$ 4,400	$ 4,300
Assets
Prepaid expenses and other	541		$ 546
Other assets	286		268
Total Contract Assets	827		814
Liabilities
Other current liabilities	7,143		6,955
Other liabilities	1,949		1,947
Total Contract Liabilities	$ 9,092		$ 8,902

Revenues and Contract Costs -_2

Revenues and Contract Costs - Schedule of Cost Incurred to Obtain or Fulfill Contracts with Customers (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Prepaid expenses and other	$ 2,779	$ 2,756
Other assets	2,612	2,639
Total	$ 5,391	$ 5,395

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 23, 2021	Feb. 28, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024
Business Acquisition [Line Items]
Payments for deposits			$ 449	$ 598
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					$ 100
Spectrum licenses | Spectrum Licenses, C-Band | Projected Clearing Costs
Business Acquisition [Line Items]
Payments for deposits			269	114
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
Contingent consideration	$ 560
Contingent consideration, earn out period	2 years
Contingent consideration payment			$ 52	$ 102

Wireless Licenses, Goodwill a_3

Wireless Licenses, Goodwill and Other Intangible Assets - Carrying Amount of Wireless Licenses (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Wireless licenses	$ 156,111	$ 155,667

Wireless Licenses, Goodwill a_4

Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Payments for deposits	$ 449	$ 598
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Wireless licenses under development	13,900	38,900
Interest costs capitalized	$ 180	449
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	$ 269	$ 114

Wireless Licenses, Goodwill a_5

Wireless Licenses, Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 22,843
Reclassifications, adjustments and other	(1)
Ending balance	22,842
Goodwill accumulated impairment charge		$ 5,800
Operating Segments | Consumer
Goodwill [Roll Forward]
Beginning balance	21,177
Reclassifications, adjustments and other	0
Ending balance	21,177
Operating Segments | Business
Goodwill [Roll Forward]
Beginning balance	1,666
Reclassifications, adjustments and other	(1)
Ending balance	$ 1,665

Wireless Licenses, Goodwill a_6

Wireless Licenses, Goodwill and Other Intangible Assets - Composition of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 32,941	$ 32,515
Accumulated Amortization	(22,106)	(21,458)
Net Amount	10,835	11,057
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Amount	4,335	4,335
Accumulated Amortization	(2,387)	(2,193)
Net Amount	$ 1,948	2,142
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	$ 25,950	25,524
Accumulated Amortization	(18,387)	(17,949)
Net Amount	7,563	7,575
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,656	2,656
Accumulated Amortization	(1,332)	(1,316)
Net Amount	$ 1,324	$ 1,340
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	4 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Other intangible asset, useful life	25 years

Wireless Licenses, Goodwill a_7

Wireless Licenses, Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for other intangible assets	$ 698	$ 647
Remainder of 2024	1,997
2025	2,430
2026	2,187
2027	1,628
2028	1,220
2029	$ 595

Debt - Repayments and Repurchas

Debt - Repayments and Repurchases (Details) - 3 months ended Mar. 31, 2024 € in Millions, $ in Millions	USD ($)	EUR (€)	USD ($)
Debt Instrument [Line Items]
Amount Paid	$ 2,028
Net Proceeds	3,103
Verizon 0.875%-3.250% Notes Due 2025 - 2028 | Debt Tender Offers
Debt Instrument [Line Items]
Principal Amount Purchased | €		€ 1,981
Cash Consideration	2,237
Verizon 0.875%-3.250% Notes Due 2025 - 2028 | Debt Tender Offers | Minimum
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.875%	0.875%
Verizon 0.875%-3.250% Notes Due 2025 - 2028 | Debt Tender Offers | Maximum
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.25%	3.25%
Verizon 1.625% notes due 2024
Debt Instrument [Line Items]
Stated interest rate on debt instrument		1.625%	1.625%
Principal Repaid/ Repurchased | €		€ 685
Amount Paid	840
Verizon 0.750% notes due 2024
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.75%	0.75%
Principal Repaid/ Repurchased			$ 999
Amount Paid	1,003
Verizon floating rate notes due 2024
Debt Instrument [Line Items]
Principal Repaid/ Repurchased			95
Amount Paid	96
Open market repurchases of various Verizon notes
Debt Instrument [Line Items]
Principal Repaid/ Repurchased			$ 117
Amount Paid	89
3.500% Notes due 2032
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.50%	3.50%
Principal Amount Issued | €		€ 1,000
Net Proceeds	1,062
3.750% Notes due 2036
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.75%	3.75%
Principal Amount Issued | €		€ 1,000
Net Proceeds	1,061
Verizon 5.500% notes due 2054
Debt Instrument [Line Items]
Stated interest rate on debt instrument		5.50%	5.50%
Principal Amount Issued			$ 1,000
Net Proceeds	$ 980

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - Commercial Paper $ in Billions	3 Months Ended
	Mar. 31, 2024 USD ($)
Short-term Debt [Line Items]
Commercial paper issued	$ 9.6
Repayments of short-term debt	7.2
Commercial paper	$ 2.4

Debt - Asset-Backed Debt Narrat

Debt - Asset-Backed Debt Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 25, 2024
Debt Instrument [Line Items]
Repayments of debt	$ 2,028
Asset-Backed Debt
Debt Instrument [Line Items]
Secured debt, carrying value	23,300
Asset Backed Notes
Debt Instrument [Line Items]
Principal Amount Issued	1,915
Asset Backed Notes | Subsequent Event
Debt Instrument [Line Items]
Principal Amount Issued		$ 875
Debt instrument, interest rate, stated percentage		5.37%
Secured Debt | Asset Backed Notes
Debt Instrument [Line Items]
Repayments of debt	$ 508
Secured Debt | Asset Backed Notes | Term One
Debt Instrument [Line Items]
Revolving period	2 years
Secured Debt | Asset Backed Notes | Term Two
Debt Instrument [Line Items]
Revolving period	3 years
Secured Debt | Asset Backed Notes | Term Three
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
	Mar. 31, 2024	Jan. 31, 2024
Secured Overnight Financial Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	5.319%
Asset Backed Notes
Debt Instrument [Line Items]
Principal Amount Issued	$ 1,915
January 2024 ABS Notes | A-1a Senior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		5%
Expected Weighted-average Life to Maturity (in years)		1 year 11 months 1 day
Principal Amount Issued		$ 835
January 2024 ABS Notes | A-1b Senior class notes
Debt Instrument [Line Items]
Expected Weighted-average Life to Maturity (in years)		1 year 11 months 1 day
Principal Amount Issued		$ 279
January 2024 ABS Notes | A-1b Senior class notes | Secured Overnight Financial Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.65%
January 2024 ABS Notes | B Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		5.24%
Expected Weighted-average Life to Maturity (in years)		1 year 11 months 1 day
Principal Amount Issued		$ 0
January 2024 ABS Notes | C Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		5.49%
Expected Weighted-average Life to Maturity (in years)		1 year 11 months 1 day
Principal Amount Issued		$ 51
January 2024 ABS Notes | A Senior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		4.83%
Expected Weighted-average Life to Maturity (in years)		4 years 11 months 1 day
Principal Amount Issued		$ 668
January 2024 ABS Notes | B Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		5.08%
Expected Weighted-average Life to Maturity (in years)		4 years 11 months 1 day
Principal Amount Issued		$ 51
January 2024 ABS Notes | C Junior class notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		5.32%
Expected Weighted-average Life to Maturity (in years)		4 years 11 months 1 day
Principal Amount Issued		$ 31

Debt - ABS Financing Facilities

Debt - ABS Financing Facilities (Details) $ in Millions	1 Months Ended			3 Months Ended
	Apr. 25, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) agreement
Debt Instrument [Line Items]
Repayments of debt				$ 2,028
2021 ABS Financing Facility
Debt Instrument [Line Items]
Number of loan agreements | agreement				2
Repayments of debt			$ 900
Amount drawn from credit facilities		$ 600
Debt outstanding		8,200		$ 8,200
2021 ABS Financing Facility | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 900
2022 ABS Financing Facility | Secured Debt
Debt Instrument [Line Items]
Debt outstanding		$ 3,000		$ 3,000

Debt - Assets and Liabilities R

Debt - Assets and Liabilities Related to Asset-backed Debt Arrangements (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Prepaid expenses and other	$ 8,197	$ 7,607
Other assets	19,258	19,885
Accounts payable and accrued liabilities	20,139	23,453
Debt maturing within one year	15,594	12,973
Long-term debt	136,104	137,701
Variable Interest Entity, Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Accounts receivable, net	15,557	14,550
Prepaid expenses and other	1,389	1,288
Other assets	12,217	11,682
Accounts payable and accrued liabilities	31	29
Debt maturing within one year	7,777	7,483
Long-term debt	$ 15,514	$ 14,700

Debt - Credit Facilities, Non-C

Debt - Credit Facilities, Non-Cash Transaction, Guarantees (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Facility Capacity	$ 23,000,000,000
Unused Capacity	11,956,000,000
Principal Amount Outstanding	6,294,000,000
Debt extinguishment gains (losses)	110,000,000	$ 70,000,000
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
Network Equipment | Alternative Financing Facility
Debt Instrument [Line Items]
Value of purchase assets financed	463,000,000	284,000,000
Long-term debt maturing within one year	2,400,000,000		$ 2,200,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Facility Capacity	12,000,000,000		$ 9,500,000,000
Unused Capacity	11,956,000,000
Principal Amount Outstanding	0
Equipment Credit Facilities
Debt Instrument [Line Items]
Facility Capacity	11,000,000,000
Unused Capacity	0
Principal Amount Outstanding	6,294,000,000
Amount drawn from credit facilities	$ 0	$ 515,000,000

Device Payment Plan Agreement_2

Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, net	$ 13,696	$ 13,173
Accounts and Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable	26,380	26,102
Less Allowance for credit losses	1,061	1,017
Accounts receivable, net of allowance	25,319	$ 25,085
Device payment plan agreement
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable	14,289
Less Allowance for credit losses	593
Accounts receivable, net	13,696
Wireless service
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable	5,678
Less Allowance for credit losses	218
Accounts receivable, net	5,460
Other receivables
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable	6,413
Less Allowance for credit losses	250
Accounts receivable, net	$ 6,163

Device Payment Plan Agreement_3

Device Payment Plan Agreement and Wireless Service Receivables - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables transferred to ABS Entities	$ 27,303	$ 27,297
Other receivables, net, current	767	911
Contract liability	9,092	8,902
Asset Pledged as Collateral without Right
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables transferred to ABS Entities	27,600	26,100
Product Trade-in
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract liability	$ 522	$ 566
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	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Device payment plan agreement receivables, gross	$ 29,296	$ 29,206
Unamortized imputed interest	(799)	(758)
Device payment plan agreement receivables, at amortized cost	28,497	28,448
Allowance	(1,194)	(1,151)
Device payment plan agreement receivables, net	27,303	27,297
Accounts receivable, net	13,696	13,173
Other assets	$ 13,607	$ 14,124

Device Payment Plan Agreement_5

Device Payment Plan Agreement and Wireless Service Receivables - Schedule of Credit Quality Indicators (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Device payment plan agreement receivables, at amortized cost
Device payment plan agreement receivables, at amortized cost	$ 29,296	$ 29,206
Device payment plan agreement
Device payment plan agreement receivables, at amortized cost
2024	4,430
2023	15,365
2022 and prior	8,702
Device payment plan agreement receivables, at amortized cost	28,497
Gross write-offs
2024	10
2023	234
2022 and prior	98
Gross write-offs	342
Wireless Service Plan Receivables
Device payment plan agreement receivables, at amortized cost
2024	5,434
2023	244
Device payment plan agreement receivables, at amortized cost	5,678
Gross write-offs
2024	13
2023 and prior	124
Gross write-offs	137
New customers | Device payment plan agreement
Device payment plan agreement receivables, at amortized cost
2024	934
2023	2,745
2022 and prior	1,095
Device payment plan agreement receivables, at amortized cost	4,774
Gross write-offs
2024	10
2023	190
2022 and prior	43
Gross write-offs	243
Existing customers | Device payment plan agreement
Device payment plan agreement receivables, at amortized cost
2024	3,496
2023	12,620
2022 and prior	7,607
Device payment plan agreement receivables, at amortized cost	23,723
Gross write-offs
2024	0
2023	44
2022 and prior	55
Gross write-offs	$ 99

Device Payment Plan Agreement_6

Device Payment Plan Agreement and Wireless Service Receivables - Allowance for Credit Losses (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,151
Ending balance	1,194
Device payment plan agreement
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,151
Current period provision for expected credit losses	374
Write-offs charged against the allowance	(342)
Recoveries collected	11
Ending balance	1,194
Wireless Service Plan Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	213
Current period provision for expected credit losses	131
Write-offs charged against the allowance	(137)
Recoveries collected	11
Ending balance	$ 218

Device Payment Plan Agreement_7

Device Payment Plan Agreement and Wireless Service Receivables - Balance and Aging of Receivables (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 29,296	$ 29,206
Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	28,497
Unbilled | Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	27,199
Billed | Current | Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	1,014
Billed | Past due | Device payment plan agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 284

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total	$ 930	$ 1,089
Liabilities:
Contingent consideration		52
Total	7,317	6,653
Fixed income securities
Assets:
Debt securities, available-for-sale, current	19	25
Debt securities, available-for-sale, noncurrent	265	254
Cross currency swaps
Assets:
Derivative asset, current	2	4
Derivative asset, noncurrent	598	758
Liabilities:
Derivative liability, current	351	294
Derivative liability, noncurrent	1,816	1,791
Interest rate swaps
Liabilities:
Derivative liability, current	1,670	823
Derivative liability, noncurrent	3,424	3,648
Foreign exchange forwards
Assets:
Derivative asset, current		4
Liabilities:
Derivative liability, current	10	1
Interest rate caps
Assets:
Derivative asset, current	41	37
Derivative asset, noncurrent	5	7
Liabilities:
Derivative liability, current	41	37
Derivative liability, noncurrent	5	7
Level 1
Assets:
Total	0	0
Liabilities:
Contingent consideration		0
Total	0	0
Level 1 | Fixed income securities
Assets:
Debt securities, available-for-sale, current	0	0
Debt securities, available-for-sale, noncurrent	0	0
Level 1 | Cross currency swaps
Assets:
Derivative asset, current	0	0
Derivative asset, noncurrent	0	0
Liabilities:
Derivative liability, current	0	0
Derivative liability, noncurrent	0	0
Level 1 | Interest rate swaps
Liabilities:
Derivative liability, current	0	0
Derivative liability, noncurrent	0	0
Level 1 | Foreign exchange forwards
Assets:
Derivative asset, current		0
Liabilities:
Derivative liability, current	0	0
Level 1 | Interest rate caps
Assets:
Derivative asset, current	0	0
Derivative asset, noncurrent	0	0
Liabilities:
Derivative liability, current	0	0
Derivative liability, noncurrent	0	0
Level 2
Assets:
Total	930	1,089
Liabilities:
Contingent consideration		0
Total	7,317	6,601
Level 2 | Fixed income securities
Assets:
Debt securities, available-for-sale, current	19	25
Debt securities, available-for-sale, noncurrent	265	254
Level 2 | Cross currency swaps
Assets:
Derivative asset, current	2	4
Derivative asset, noncurrent	598	758
Liabilities:
Derivative liability, current	351	294
Derivative liability, noncurrent	1,816	1,791
Level 2 | Interest rate swaps
Liabilities:
Derivative liability, current	1,670	823
Derivative liability, noncurrent	3,424	3,648
Level 2 | Foreign exchange forwards
Assets:
Derivative asset, current		4
Liabilities:
Derivative liability, current	10	1
Level 2 | Interest rate caps
Assets:
Derivative asset, current	41	37
Derivative asset, noncurrent	5	7
Liabilities:
Derivative liability, current	41	37
Derivative liability, noncurrent	5	7
Level 3
Assets:
Total	0	0
Liabilities:
Contingent consideration		52
Total	0	52
Level 3 | Fixed income securities
Assets:
Debt securities, available-for-sale, current	0	0
Debt securities, available-for-sale, noncurrent	0	0
Level 3 | Cross currency swaps
Assets:
Derivative asset, current	0	0
Derivative asset, noncurrent	0	0
Liabilities:
Derivative liability, current	0	0
Derivative liability, noncurrent	0	0
Level 3 | Interest rate swaps
Liabilities:
Derivative liability, current	0	0
Derivative liability, noncurrent	0	0
Level 3 | Foreign exchange forwards
Assets:
Derivative asset, current		0
Liabilities:
Derivative liability, current	0	0
Level 3 | Interest rate caps
Assets:
Derivative asset, current	0	0
Derivative asset, noncurrent	0	0
Liabilities:
Derivative liability, current	0	0
Derivative liability, noncurrent	$ 0	$ 0

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Additional Information (Detail) € in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Mar. 31, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Carrying amount of our investments without readily determinable fair values	$ 764,000,000				$ 764,000,000
Cumulative adjustments due to observable price changes	209,000,000
Cumulative adjustments due to impairment charges	99,000,000
Initial value of the excluded component							$ 1,000,000,000
Derivative asset fair value of collateral	0				0
Derivative liability fair value of collateral	1,800,000,000				$ 1,400,000,000
TracFone Wireless, Inc.
Derivatives, Fair Value [Line Items]
Contingent consideration payment	$ 52,000,000	$ 102,000,000
Scenario, Forecast | Interest Expense
Derivatives, Fair Value [Line Items]
Excluded component estimated to be amortized into interest expense			$ 93,000,000
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	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	$ 149,515	$ 148,583
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	145,298	145,610
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	86,574	86,806
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	58,724	58,804
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument fair value	$ 0	$ 0

Fair Value Measurements and F_6

Fair Value Measurements and Financial Instruments - Notional Amounts of Outstanding Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 26,071	$ 26,071
Cross currency swaps
Derivative [Line Items]
Notional amount	32,604	33,526
Foreign exchange forwards
Derivative [Line Items]
Notional amount	$ 1,130	$ 1,050

Fair Value Measurements and F_7

Fair Value Measurements and Financial Instruments - Schedule of Designated Derivative Activity (Details) - Fair Value Hedges - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest rate swaps
Derivative [Line Items]
Notional value entered into	$ 0	$ 0
Notional value settled	0	0
Interest rate swaps | Interest Expense
Derivative [Line Items]
Pre-tax gain (loss) recognized in Interest expense	2	(1)
Cross currency swaps
Derivative [Line Items]
Notional value entered into	2,146	0
Notional value settled	3,067	838
Exchange gains (losses) from the conversion of foreign currency denominated as debt	(742)	355
Excluded component	282	(378)
Cash received (paid) for settlement of derivatives	(216)	(117)
Cross currency swaps | Verizon Stated And Floating Rate Notes and Bonds
Derivative [Line Items]
Exchange gains (losses) from the conversion of foreign currency denominated as debt	742	(355)
Cross currency swaps | Interest Expense
Derivative [Line Items]
Excluded component	$ 26	$ 27

Fair Value Measurements and F_8

Fair Value Measurements and Financial Instruments - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - Long-term Debt - Fair Value Hedges - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Carrying amount of hedged liabilities	$ 21,197	$ 21,838
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities	(4,979)	(4,354)
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued	$ 378	$ 400

Fair Value Measurements and F_9

Fair Value Measurements and Financial Instruments - Schedule of Derivatives Not Designated as Hedges (Details) - Foreign exchange forwards - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Notional value entered into	$ 3,140	$ 2,655
Notional value settled	3,060	2,595
Pre-tax gain (loss) recognized in Other income, net	$ (22)	$ 10

Employee Benefits - Costs by Pl

Employee Benefits - Costs by Plans (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 48	$ 53
Amortization of prior service cost (credit)	28	28
Expected return on plan assets	(208)	(253)
Interest cost	157	188
Remeasurement gain, net	(73)	0
Other components	(96)	(37)
Total	(48)	16
Pension | Cost of services
Defined Benefit Plan Disclosure [Line Items]
Service cost	41	46
Pension | Selling, general and administrative expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	7
Health Care and Life
Defined Benefit Plan Disclosure [Line Items]
Service cost	13	13
Amortization of prior service cost (credit)	(32)	(105)
Expected return on plan assets	(7)	(7)
Interest cost	135	136
Remeasurement gain, net	0	0
Other components	96	24
Total	109	37
Health Care and Life | Cost of services
Defined Benefit Plan Disclosure [Line Items]
Service cost	11	11
Health Care and Life | Selling, general and administrative expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) $ in Millions				3 Months Ended
	Mar. 06, 2024 retiree	Feb. 29, 2024 USD ($) agreement	Dec. 31, 2023	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of pension authorization commitment agreements | agreement		2
Liability, defined benefit plan		$ 5,900
Amount paid in severance benefits over the period				$ 118
Post employment benefits liability				$ 456
Pension
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets			7.50%	8%
Number of retirees receiving benefit payments from pension plan | retiree	56,000
Defined benefit plan, plan assets, increase (decrease) for assets transferred to (from) plan				$ 5,700
Employer discretionary contribution amount				365	$ 0
Remeasurement gain (loss), net				73	$ 0
Defined benefit plan, benefit obligation, actuarial gain (loss) from pension annuitization				200
Defined benefit plan, benefit obligation, actuarial gain (loss) from settlements				(127)
Charge due to difference between estimated and actual return on assets				613
Defined benefit plan, benefit obligation, actuarial gain (loss) from assumptions used calculating benefit obligation, discount rate				$ 486

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
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, beginning balance (in shares)	(87,172,997)
Beginning balance	$ 93,799
Net income attributable to Verizon	4,602	$ 4,909
Foreign currency translation adjustments	(50)	26
Unrealized gain on cash flow hedges	35	21
Unrealized gain (loss) on fair value hedges	200	(302)
Unrealized gain (loss) on marketable securities	(2)	4
Defined benefit pension and postretirement plans	(2)	(61)
Other comprehensive income (loss) attributable to Verizon	$ 181	(312)
Shareholder plans (in shares)	5,000,000
Total comprehensive income	$ 4,903	4,706
Treasury stock, ending balance (in shares)	(82,178,752)
Ending balance	$ 95,726	$ 94,219
Dividends declared per common share (USD per share)	$ 0.6650	$ 0.6525
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,291,434,000	4,291,434,000
Beginning balance	$ 429	$ 429
Ending balance (in shares)	4,291,434,000	4,291,434,000
Ending balance	$ 429	$ 429
Additional Paid In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	13,631	13,420
Other	(60)	103
Ending balance	13,571	13,523
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	82,915	82,380
Net income attributable to Verizon	4,602	4,909
Dividends declared ($0.6650, $0.6525 per share)	(2,799)	(2,746)
Other	(4)	0
Ending balance	84,714	84,543
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,380)	(1,865)
Foreign currency translation adjustments	(50)	26
Unrealized gain on cash flow hedges	35	21
Unrealized gain (loss) on fair value hedges	200	(302)
Unrealized gain (loss) on marketable securities	(2)	4
Defined benefit pension and postretirement plans	(2)	(61)
Other comprehensive income (loss) attributable to Verizon	181	(312)
Ending balance	$ (1,199)	$ (2,177)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, beginning balance (in shares)	(87,173,000)	(91,572,000)
Beginning balance	$ (3,821)	$ (4,013)
Employee plans (in shares)	4,992,000	4,127,000
Employee plans	$ 219	$ 181
Shareholder plans (in shares)	2,000	3,000
Shareholder plans	$ 0	$ 0
Treasury stock, ending balance (in shares)	(82,179,000)	(87,442,000)
Ending balance	$ (3,602)	$ (3,832)
Deferred Compensation-ESOPs and Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	656	793
Restricted stock equity grant	102	(14)
Amortization	(337)	(382)
Ending balance	421	397
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,369	1,319
Total comprehensive income	120	109
Distributions and other	(97)	(92)
Ending balance	$ 1,392	$ 1,336

Equity and Accumulated Other _4

Equity and Accumulated Other Comprehensive Loss - Additional Information (Detail) shares in Millions	3 Months Ended
	Mar. 31, 2024 shares
Stockholders' Equity Note [Abstract]
Stock repurchase program, remaining shares available for purchase (in shares)	100
Shareholder plans (in shares)	5

Equity and Accumulated Other _5

Equity and Accumulated Other Comprehensive Loss - Changes in AOCI (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 93,799
Other comprehensive income (loss) attributable to Verizon	181	$ (312)
Ending balance	95,726	94,219
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,380)	(1,865)
Other comprehensive loss	(52)
Amounts reclassified to net income	22
Other comprehensive income (loss) attributable to Verizon	181	(312)
Ending balance	(1,199)	$ (2,177)
Foreign  currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(636)
Other comprehensive loss	(50)
Other comprehensive income (loss) attributable to Verizon	(50)
Ending balance	(686)
Unrealized gain (loss) on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,062)
Amounts reclassified to net income	35
Other comprehensive income (loss) attributable to Verizon	35
Ending balance	(1,027)
Unrealized gain (loss) on fair value hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	105
Other comprehensive loss	211
Amounts reclassified to net income	(11)
Other comprehensive income (loss) attributable to Verizon	200
Ending balance	305
Unrealized loss on marketable securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2)
Other comprehensive loss	(2)
Other comprehensive income (loss) attributable to Verizon	(2)
Ending balance	(4)
Defined benefit pension and postretirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	215
Amounts reclassified to net income	(2)
Other comprehensive income (loss) attributable to Verizon	(2)
Ending balance	$ 213

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 segment state
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
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
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Operating revenues	$ 32,981	$ 32,912
Operating Income	7,521	7,584
Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	5,361	5,760
Service revenues and other
Segment Reporting Information [Line Items]
Operating revenues	27,620	27,152
Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	3,207	3,196
Wireless service
Segment Reporting Information [Line Items]
Operating revenues	19,513	18,889
Consumer | Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	2,896	2,889
Consumer | Wireless service
Segment Reporting Information [Line Items]
Operating revenues	16,134	15,599
Business | Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	871	882
Business | Service revenues and other
Segment Reporting Information [Line Items]
Operating revenues	6,500	6,600
Business | Fios revenues
Segment Reporting Information [Line Items]
Operating revenues	311	307
Business | Wireless service
Segment Reporting Information [Line Items]
Operating revenues	3,379	3,290
Operating Segments Excluding Intersegment Elimination
Segment Reporting Information [Line Items]
Operating revenues	32,372	32,293
Operating Segments Excluding Intersegment Elimination | Consumer
Segment Reporting Information [Line Items]
Operating revenues	25,005	24,808
Operating Segments Excluding Intersegment Elimination | Consumer | Service
Segment Reporting Information [Line Items]
Operating revenues	18,998	18,456
Operating Segments Excluding Intersegment Elimination | Consumer | Wireless equipment
Segment Reporting Information [Line Items]
Operating revenues	4,490	4,878
Operating Segments Excluding Intersegment Elimination | Consumer | Other
Segment Reporting Information [Line Items]
Operating revenues	1,517	1,474
Operating Segments Excluding Intersegment Elimination | Business
Segment Reporting Information [Line Items]
Operating revenues	7,367	7,485
Operating Segments Excluding Intersegment Elimination | Business | Enterprise and Public Sector
Segment Reporting Information [Line Items]
Operating revenues	3,587	3,787
Operating Segments Excluding Intersegment Elimination | Business | Business Markets and Other
Segment Reporting Information [Line Items]
Operating revenues	3,190	3,099
Operating Segments Excluding Intersegment Elimination | Business | Wholesale
Segment Reporting Information [Line Items]
Operating revenues	590	599
Intersegment Eliminations
Segment Reporting Information [Line Items]
Operating revenues	61	58
Intersegment Eliminations | Consumer
Segment Reporting Information [Line Items]
Operating revenues	52	49
Intersegment Eliminations | Business
Segment Reporting Information [Line Items]
Operating revenues	9	9
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	32,433	32,351
Operating Income	7,771	7,650
Operating Segments | Consumer
Segment Reporting Information [Line Items]
Operating revenues	25,057	24,857
Operating Income	7,372	7,099
Operating Segments | Business
Segment Reporting Information [Line Items]
Operating revenues	7,376	7,494
Operating Income	$ 399	$ 551

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Revenues (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 32,981	$ 32,912
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	32,433	32,351
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	611	617
Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ (63)	$ (56)

Segment Information - Reconci_2

Segment Information - Reconciliation of Segments Operating Income to Consolidated Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Operating income	$ 7,521	$ 7,584
Other components of net periodic benefit charges	(8)	(62)
Legacy legal matter	(106)	0
Equity in earnings (losses) of unconsolidated businesses	(9)	9
Other income, net	198	114
Interest expense	(1,635)	(1,207)
Income Before Provision For Income Taxes	6,075	6,500
Operating Segments
Segment Reporting Information [Line Items]
Operating income	7,771	7,650
Corporate and other
Segment Reporting Information [Line Items]
Operating income	$ (136)	$ (4)

Additional Financial Informat_2

Additional Financial Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Supplier finance program, obligation outstanding	$ 654	$ 817

Commitments and Contingencies (

Commitments and Contingencies (Detail)	3 Months Ended
	Mar. 31, 2024 court_action facility agreement
Guarantor Obligations [Line Items]
Approximate number of federal district court actions alleged for patent infringement | court_action	30
Payment Guarantee
Guarantor Obligations [Line Items]
Number of renewable energy purchase agreements | agreement	27
Guarantee obligation, number of commercial operation facilities | facility	15
Payment Guarantee | Minimum
Guarantor Obligations [Line Items]
Fixed price term	12 years
Payment Guarantee | Maximum
Guarantor Obligations [Line Items]
Fixed price term	20 years