Verizon Communications (VZ) 10-K 26 Feb 10 2009 FY Annual report Financial data

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
Operating Revenues	$107,808		$97,354		$93,469
Operating Expenses
Cost of services and sales (exclusive of items shown below)	44,299		39,007		37,547
Selling, general and administrative expense	32,950		26,898		25,967
Depreciation and amortization expense	16,532		14,565		14,377
Total Operating Expenses	93,781		80,470		77,891
Operating Income	14,027		16,884		15,578
Equity in earnings of unconsolidated businesses	553		567		585
Other income and (expense), net	90		282		211
Interest expense	(3,102)		(1,819)		(1,829)
Income Before Provision for Income Taxes, Discontinued Operations and Extraordinary Item	11,568		15,914		14,545
Provision for income taxes	(1,210)		(3,331)		(3,982)
Income Before Discontinued Operations and Extraordinary Item	10,358		12,583		10,563
Income from discontinued operations, net of tax	0		0		142
Extraordinary item, net of tax	0		0		(131)
Net Income	10,358		12,583		10,574
Net income attributable to noncontrolling interest	6,707		6,155		5,053
Net income attributable to Verizon	3,651		6,428		5,521
Net Income	$10,358		$12,583		$10,574
Basic Earnings Per Common Share
Income before discontinued operations and extraordinary item attributable to Verizon	1.29		2.26		1.9
Income from discontinued operations attributable to Verizon, net of tax	$0		$0		0.05
Extraordinary item attributable to Verizon, net of tax	$0		$0		-0.05
Net Income attributable to Verizon	1.29	[1]	2.26	[1]	1.91	[1]
Weighted-average shares outstanding (in millions)	2,841		2,849		2,898
Diluted Earnings Per Common Share
Income before discontinued operations and extraordinary item attributable to Verizon	1.29		2.26		1.9
Income from discontinued operations attributable to Verizon, net of tax	$0		$0		0.05
Extraordinary item attributable to Verizon, net of tax	$0		$0		-0.05
Net Income attributable to Verizon	1.29	[1]	2.26	[1]	1.9	[1]
Weighted-average shares outstanding (in millions)	2,841		2,850		2,902
[1]Total per share amounts may not add due to rounding

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current assets
Cash and cash equivalents	$2,009	$9,782
Short-term investments	490	509
Accounts receivable, net of allowances of $976 and $941	12,573	11,703
Inventories	2,289	2,092
Prepaid expenses and other	5,247	1,989
Total current assets	22,608	26,075
Plant, property and equipment	228,518	215,605
Less accumulated depreciation	137,052	129,059
Plant, property and equipment, net	91,466	86,546
Investments in unconsolidated businesses	3,535	3,393
Wireless licenses	72,067	61,974
Goodwill	22,472	6,035
Other intangible assets, net	6,764	5,199
Other investments	0	4,781
Other assets	8,339	8,349
Total assets	227,251	202,352
Current liabilities
Debt maturing within one year	7,205	4,993
Accounts payable and accrued liabilities	15,223	13,814
Other	6,708	7,099
Total current liabilities	29,136	25,906
Long-term debt	55,051	46,959
Employee benefit obligations	32,622	32,512
Deferred income taxes	19,310	11,769
Other liabilities	6,765	6,301
Equity
Series preferred stock ($.10 par value; none issued)	0	0
Common stock ($.10 par value; 2,967,610,119 shares issued in both periods)	297	297
Contributed capital	40,108	40,291
Reinvested earnings	17,592	19,250
Accumulated other comprehensive loss	(11,479)	(13,372)
Common stock in treasury, at cost	(5,000)	(4,839)
Deferred compensation - employee stock ownership plans and other	88	79
Noncontrolling interest	42,761	37,199
Total equity	84,367	78,905
Total liabilities and equity	$227,251	$202,352

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Millions, except Share data	Dec. 31, 2009	Dec. 31, 2008
Accounts receivable, allowances	$976	$941
Series preferred stock, par value	0.1	0.1
Series preferred stock, issued	0	0
Common stock, par value	0.1	0.1
Common stock, shares issued	2,967,610,119	2,967,610,119

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows from Operating Activities
Net Income	$10,358	$12,583	$10,574
Adjustments to reconcile net income to net cash provided by operating activities - continuing operations:
Depreciation and amortization expense	16,532	14,565	14,377
Employee retirement benefits	5,095	1,955	1,720
Deferred income taxes	1,384	2,183	408
Provision for uncollectible accounts	1,306	1,085	1,047
Equity in earnings of unconsolidated businesses, net of dividends received	389	212	1,986
Extraordinary item, net of tax	0	0	131
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses:
Accounts receivable	(1,393)	(1,085)	(1,931)
Inventories	235	(188)	(255)
Other assets	(102)	(59)	(140)
Accounts payable and accrued liabilities	(1,251)	(1,701)	(567)
Other, net	(988)	(1,993)	59
Net cash provided by operating activities - continuing operations	31,565	27,557	27,409
Net cash used in operating activities - discontinued operations	0	0	(570)
Net cash provided by operating activities	31,565	27,557	26,839
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(17,047)	(17,238)	(17,538)
Acquisitions of licenses, investments and businesses, net of cash acquired	(5,958)	(15,904)	(763)
Net change in short-term investments	84	1,677	169
Other, net	(410)	(114)	1,267
Net cash used in investing activities - continuing operations	(23,331)	(31,579)	(16,865)
Net cash provided by investing activities - discontinued operations	0	0	757
Net cash used in investing activities	(23,331)	(31,579)	(16,108)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	12,040	21,598	3,402
Repayments of long-term borrowings and capital lease obligations	(19,260)	(4,146)	(5,503)
Increase (decrease) in short-term obligations, excluding current maturities	(1,652)	2,389	(3,252)
Dividends paid	(5,271)	(4,994)	(4,773)
Proceeds from sale of common stock	0	16	1,274
Purchase of common stock for treasury	0	(1,368)	(2,843)
Other, net	(1,864)	(844)	(1,102)
Net cash provided by (used in) financing activities - continuing operations	(16,007)	12,651	(12,797)
Net cash used in financing activities - discontinued operations	0	0	0
Net cash provided by (used in) financing activities	(16,007)	12,651	(12,797)
Increase (decrease) in cash and cash equivalents	(7,773)	8,629	(2,066)
Cash and cash equivalents, beginning of year	9,782	1,153	3,219
Cash and cash equivalents, end of year	$2,009	$9,782	$1,153

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions, except Share data in Thousands	Common Stock	Treasury Stock	Contributed Capital	Reinvested Earnings	Accumulated Other Comprehensive Loss	Deferred Compensation-ESOPs and Other	Noncontrolling Interest	Total
Balance at beginning of year at Dec. 31, 2006	$297	($1,871)	$40,124	$17,324	($7,503)	$191	$28,310
Balance at beginning of year at Dec. 31, 2006	2,967,652	(56,147)
Shares purchased		(68,063)
Other	(42)	0
Shares distributed
Employee plans		33,411
Shareowner plans		13
Net Income								10,574
Spin-off of local exchange businesses in Maine, New Hampshire and Vermont (Note 3)					0
Shares purchased		(2,843)
Adoption of tax accounting standards				(134)
Net income attributable to noncontrolling interest							5,053	(5,053)
Shares issued-employee and shareowner plans			58
Amortization						(112)
Other comprehensive income (loss)							5
Adjusted balance at beginning of year				17,190	(7,503)
Total comprehensive income							5,058
Foreign currency translation adjustments					838
Net income attributable to Verizon				5,521				5,521
Distributions and other							(1,102)
Unrealized gains (losses) on marketable securities					(4)
Dividends declared ($1.87, $1.78 and $1.67 per share)				(4,830)
Unrealized gains (losses) on cash flow hedges					1
Defined benefit pension and postretirement plans					1,943
Other	0	0	134	3	241
Shares distributed
Employee plans		1,224
Shareowner plans		1
Other comprehensive income (loss)					3,019
Total Comprehensive Income:
Comprehensive income attributable to noncontrolling interest							5,058
Balance at end of year at Dec. 31, 2007	2,967,610	(90,786)
Balance at end of year at Dec. 31, 2007	297	(3,489)	40,316	17,884	(4,484)	79	32,266	82,869
Shares purchased		(36,779)
Other	0	0
Shares distributed
Employee plans		468
Shareowner plans		7
Net Income								12,583
Spin-off of local exchange businesses in Maine, New Hampshire and Vermont (Note 3)					44
Shares purchased		(1,368)
Adoption of tax accounting standards				0
Net income attributable to noncontrolling interest							6,155	(6,155)
Shares issued-employee and shareowner plans			0
Amortization						0
Other comprehensive income (loss)							(30)
Adjusted balance at beginning of year				17,884	(4,440)
Total comprehensive income							6,125
Foreign currency translation adjustments					(231)
Net income attributable to Verizon				6,428				6,428
Distributions and other							(1,192)
Unrealized gains (losses) on marketable securities					(97)
Dividends declared ($1.87, $1.78 and $1.67 per share)				(5,062)
Unrealized gains (losses) on cash flow hedges					(40)
Defined benefit pension and postretirement plans					(8,564)
Other	0	0	(25)	0	0
Shares distributed
Employee plans		18
Shareowner plans		0
Other comprehensive income (loss)					(8,932)
Total Comprehensive Income:
Comprehensive income attributable to noncontrolling interest							6,125
Balance at end of year at Dec. 31, 2008	2,967,610	(127,090)
Balance at end of year at Dec. 31, 2008	297	(4,839)	40,291	19,250	(13,372)	79	37,199	78,905
Shares purchased		0
Other	0	(5,000)
Shares distributed
Employee plans		142
Shareowner plans		6
Net Income								10,358
Spin-off of local exchange businesses in Maine, New Hampshire and Vermont (Note 3)					0
Shares purchased		0
Adoption of tax accounting standards				0
Net income attributable to noncontrolling interest							6,707	(6,707)
Shares issued-employee and shareowner plans			0
Amortization						9
Other comprehensive income (loss)							103
Adjusted balance at beginning of year				19,250	(13,372)
Total comprehensive income							6,810
Foreign currency translation adjustments					78
Net income attributable to Verizon				3,651				3,651
Distributions and other							(1,248)
Unrealized gains (losses) on marketable securities					87
Dividends declared ($1.87, $1.78 and $1.67 per share)				(5,309)
Unrealized gains (losses) on cash flow hedges					87
Defined benefit pension and postretirement plans					1,641
Other	0	(166)	(183)	0	0
Shares distributed
Employee plans		5
Shareowner plans		0
Other comprehensive income (loss)					1,893
Total Comprehensive Income:
Comprehensive income attributable to noncontrolling interest							6,810
Balance at end of year at Dec. 31, 2009	2,967,610	(131,942)
Balance at end of year at Dec. 31, 2009	$297	($5,000)	$40,108	$17,592	($11,479)	$88	$42,761	$84,367

2_Statement Of Shareholders Equ

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (Reinvested Earnings, USD $)
	Total
Dividends declared, per share	1.67
Dividends declared, per share	1.78
Dividends declared, per share	1.87

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts
	12 Months Ended Dec. 31, 2009 USD / shares
Schedule II - Valuation and Qualifying Accounts	Schedule II - Valuation and Qualifying Accounts Verizon Communications Inc. and Subsidiaries For the Years Ended December31, 2009, 2008 and 2007 (dollars in millions) Additions Description Balanceat Beginningof Period Chargedto Expenses Chargedto OtherAccounts Note (a)(b) Deductions Note (c)(d) BalanceatEnd of Period Allowance for Uncollectible Accounts Receivable: Year 2009 $ 941 $ 1,306 $ 418 $ 1,689 $ 976 Year 2008 1,025 1,085 474 1,643 941 Year 2007 1,139 1,047 607 1,768 1,025 Valuation Allowance for Deferred Tax Assets: Year 2009 $ 2,995 $ 404 $ 43 $ 500 $ 2,942 Year 2008 2,944 127 404 480 2,995 Year 2007 2,600 71 832 559 2,944 (a) Allowance for Uncollectible Accounts Receivable includes: (1)amounts previously written off which were credited directly to this account when recovered; and (2)accruals charged to accounts payable for anticipated uncollectible charges on purchases of accounts receivable from others which were billed by us. Also includes amounts transferred from other accounts. (b) Valuation Allowance for Deferred Tax Assets includes current year increase to valuation allowance charged to equity and reclassifications from other balance sheet accounts. (c) Amounts written off as uncollectible or transferred to other accounts or utilized. (d) Reductions to valuation allowances related to deferred tax assets.

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Description of Business and Summary of Significant Accounting Policies	Note 1 Description of Business and Summary of Significant Accounting Policies Description of Business Verizon Communications Inc. (Verizon or the Company) is one of the worlds leading providers of communications services. We have two reportable segments, Domestic Wireless and Wireline. For further information concerning our business segments, see Note 14. Verizons Domestic Wireless segment, operating as Verizon Wireless, provides wireless voice and data products and equipment across the United States (U.S.) using one of the most extensive and reliable wireless networks in the nation. Verizon Wireless continues to expand its wireless data, messaging and multi-media offerings at broadband speeds for both consumer and business customers. Our Wireline segment provides communications services, including voice, broadband video and data, network access, nationwide long distance and other communications products and services, and also owns and operates one of the most expansive end-to-end global Internet Protocol (IP) networks. We continue to deploy advanced broadband network technology, with our fiber-to-the-premises network, operated under the FiOS service mark, creating a platform with sufficient bandwidth and capabilities to meet customers current and future needs. FiOS allows us to offer our customers a wide array of broadband services, including advanced data and video offerings. Our IP network includes over 485,000 route miles of fiber optic cable and provides access to over 150 countries across six continents, enabling us to provide next-generation IP network products and information technology services to medium and large businesses and government customers worldwide. Consolidation The method of accounting applied to investments, whether consolidated, equity or cost, involves an evaluation of all significant terms of the investments that explicitly grant or suggest evidence of control or influence over the operations of the investee. The consolidated financial statements include our controlled subsidiaries. For controlled subsidiaries that are not wholly owned, the noncontrolling interest is included in Net income and Total equity. Investments in businesses which we do not control, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. Investments in which we do not have the ability to exercise significant influence over operating and financial policies are accounted for under the cost method. Equity and cost method investments are included in Investments in unconsolidated businesses in our consolidated balance sheets. Certain of our cost method investments are classified as available-for-sale securities and adjusted to fair value pursuant to the accounting standard related to debt and equity securities. All significant intercompany accounts and transactions have been eliminated. We have evaluated subsequent events through February 26, 2010, the date these consolidated financial statements were filed with the U.S. Securities and Exchange Commission (SEC). We have reclassified certain prior year amounts to conform to the current

Acquisitions

Acquisitions
	12 Months Ended Dec. 31, 2009 USD / shares
Acquisitions	Note 2 Acquisitions Acquisition of Alltel Corporation On June5, 2008, Verizon Wireless entered into an agreement and plan of merger with Alltel Corporation (Alltel), a provider of wireless voice and data services to consumer and business customers in 34 states, and its controlling stockholder, Atlantis Holdings LLC, an affiliate of private investment firms TPG Capital and GS Capital Partners, to acquire, in an all-cash merger, 100% of the equity of Alltel for cash consideration of $5.9 billion and the assumption of approximately $24 billion of aggregate principal amount of Alltel debt. Verizon Wireless closed the transaction on January9, 2009. We expect to experience substantial operational benefits from the acquisition of Alltel, including additional combined overall cost savings from reduced roaming costs by moving more traffic to our own network, reduced network-related costs from the elimination of duplicate facilities, consolidation of platforms, efficient traffic consolidation, and reduced overall expenses relating to advertising, overhead and headcount. We expect reduced combined capital expenditures as a result of greater economies of scale and the rationalization of network assets. We believe that the use of the same technology platform is facilitating the integration of Alltels network operations with ours. We have substantially completed the appraisals necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed, the fair value of noncontrolling interests, and the amount of goodwill recognized as of the acquisition date. The fair values of the assets acquired and liabilities assumed were determined using the income, cost, and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market other than interest rate swaps (see Note 10) and long-term debt assumed in the acquisition. The income approach was primarily used to value the intangible assets, consisting primarily of wireless licenses and customer relationships. The income approach indicates value for a subject asset based on the present value of cash flows projected to be generated by the asset. Projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for plant, property and equipment. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, less an allowance for loss in value due to depreciation. The market approach, which indicates value for a subject asset based on available market pricing for comparable assets, was utilized in combination with the income approach for certain acquired investments. Additionally, Alltel historically conducted business operations in certain markets through non-wholly owned entities (Managed Partnerships). The fair value of the noncontrolling interests in these Managed Partnerships as of the acquis

Dispositions, Discontinued Oper

Dispositions, Discontinued Operations and Extraordinary Item
	12 Months Ended Dec. 31, 2009 USD / shares
Dispositions, Discontinued Operations and Extraordinary Item	Note 3 Dispositions, Discontinued Operations and Extraordinary Item Dispositions 2009 On May13, 2009, we announced plans to spin off a newly formed subsidiary of Verizon (Spinco) to our stockholders.Spinco will hold defined assets and liabilities of the local exchange business and related landline activities of Verizon in Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia and Wisconsin, and in portions of California bordering Arizona, Nevada and Oregon, including Internet access and long distance services and broadband video provided to designated customers in those areas.Immediately following the spin-off, Spinco plans to merge with Frontier Communications Corporation (Frontier) pursuant to a definitive agreement with Frontier, and Frontier will be the surviving corporation.The transactions do not involve any assets or liabilities of Verizon Wireless.The merger will result in Frontier acquiring approximately 4million access lines and certain related businesses from Verizon, which collectively generated annual revenues of approximately $4 billion for Verizons Wireline segment. Depending on the trading prices of Frontier common stock prior to the closing of the merger, Verizon stockholders will collectively own between approximately 66% and 71% of Frontiers outstanding equity immediately following the closing of the merger, and Frontier stockholders will collectively own between approximately 29% and 34% of Frontiers outstanding equity immediately following the closing of the merger (in each case, before any closing adjustments).The actual number of shares of common stock to be issued by Frontier in the merger will be calculated based upon several factors, including the average trading price of Frontier common stock during a pre-closing measuring period (subject to a collar) and other closing adjustments.Verizon will not own any shares of Frontier after the merger. Both the spin-off and merger are expected to qualify as tax-free transactions, except to the extent that cash is paid to Verizon stockholders in lieu of fractional shares. In connection with the spin-off, Verizon expects to receive from Spinco approximately $3.3 billion in value through a combination of a special cash payment to Verizon, a reduction in Verizons consolidated indebtedness, and, in certain circumstances, the issuance to Verizon of debt securities of Spinco.In the merger, Verizon stockholders are expected to receive approximately $5.3 billion of Frontier common stock, assuming the average trading price of Frontier common stock during the pre-closing measuring period is within the collar and no closing adjustments. During 2009, we recorded pretax charges of $453 million ($287 million after-tax) for costs incurred related to our Wireline cost reduction initiatives, as well as network, non-network software and other activities to enable the markets to be divested to operate on a stand-alone basis subsequent to the closing of the transaction with Frontier, and professional advisory and legal fees in connection with this transaction. 2008 On March31, 2008, we complet

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Wireless Licenses, Goodwill and Other Intangible Assets	Note 4 Wireless Licenses, Goodwill and Other Intangible Assets Wireless Licenses Changes in the carrying amount of wireless licenses are as follows: (dollarsinmillions) Balance at December31, 2007 $ 50,796 Wireless licenses acquired 10,626 Capitalized interest on wireless licenses 557 Reclassifications, adjustments and other (5) Balance at December31, 2008 $ 61,974 Wireless licenses acquired (Note 2) 9,444 Capitalized interest on wireless licenses 730 Reclassifications, adjustments and other (81) Balance at December31, 2009 $ 72,067 Reclassifications, adjustments and other during 2009 primarily include wireless licenses that are included in the Alltel Divestiture Markets (see Note 2) as held for sale and included in Prepaid expenses and other in the accompanying consolidated balance sheets. As of December31, 2009 and 2008, $12.2 billion and $12.4 billion, respectively, of wireless licenses were under development for commercial service for which we are capitalizing interest costs. The average remaining renewal period of our wireless license portfolio was 8.0 years as of December31, 2009 (see Note 1, Goodwill and Other Intangible Assets Intangible Assets Not Subject to Amortization). On March20, 2008, the FCC announced the results of Auction 73 of wireless spectrum licenses in the 700 MHz band. We were the successful bidder for twenty-five 12 MHz licenses in the A-Block frequency, seventy-seven 12 MHz licenses in the B-Block frequency and seven 22 MHz licenses (nationwide with the exception of Alaska) in the C-Block frequency, with an aggregate bid price of $9,363 million. We have made all required payments to the FCC for these licenses by April 2008. The FCC granted us these licenses on November26, 2008. Goodwill Changes in the carrying amount of goodwill are as follows: (dollars in millions) Domestic Wireless Wireline Total Balance at December31, 2007 $ 345 $ 4,900 $ 5,245 Acquisitions (Note 2) 954 954 Reclassifications, adjustments and other (2 ) (162 ) (164) Balance at December31, 2008 $ 1,297 $ 4,738 $ 6,035 Acquisitions (Note 2) 16,353 16,353 Reclassifications, adjustments and other 88 (4 ) 84 Balance at December31, 2009 $ 17,738 $ 4,734 $ 22,472 Reclassifications, adjustments and other in Domestic Wireless during 2009 relate to the finalization of the Rural Cellular purchase accounting, partially offset by goodwill that is included in the Alltel Divestiture Markets (see Note 2) as held for sale and included in Prepaid expenses and other in the accompanying consolidated financial statements. Reclassifications, adjustments and other during 2008 reflect the revised estimated tax losses of acquired assets and liabilities. Other Intangible Assets The following table displays the composition of Other intangible assets: (dollars in millions) At December31,

Plant, Property and Equipment

Plant, Property and Equipment
	12 Months Ended Dec. 31, 2009 USD / shares
Plant, Property and Equipment	Note 5 Plant, Property and Equipment The following table displays the details of plant, property and equipment, which is stated at cost: (dollars in millions) At December31, 2009 2008 Land $ 925 $ 813 Buildings and equipment 21,492 20,085 Network equipment 184,547 174,715 Furniture, office and data processing equipment 9,083 9,177 Work in progress 3,331 3,038 Leasehold improvements 4,694 3,903 Vehicles and other 4,446 3,874 228,518 215,605 Less accumulated depreciation 137,052 129,059 Total $ 91,466 $ 86,546

Investments in Unconsolidated B

Investments in Unconsolidated Businesses
	12 Months Ended Dec. 31, 2009 USD / shares
Investments in Unconsolidated Businesses	Note 6 Investments in Unconsolidated Businesses Our investments in unconsolidated businesses are comprised of the following: (dollars in millions) At December31, Ownership 2009 2008 Equity Investees Vodafone Omnitel 23.1 % $ 1,978 $ 2,182 Other Various 1,130 877 Total equity investees 3,108 3,059 Cost Investees Various 427 334 Total investments in unconsolidated businesses $ 3,535 $ 3,393 Dividends and repatriations of foreign earnings received from these investees amounted to $942 million in 2009, $779 million in 2008 and $2,571 million in 2007. Equity Method Investments Vodafone Omnitel Vodafone Omnitel N.V. (Vodafone Omnitel) is the second largest wireless communications company in Italy. At December31, 2009 and 2008, our investment in Vodafone Omnitel included goodwill of $1,132 million and $1,105 million, respectively. During 2009 and 2008, Verizon received net distributions from Vodafone Omnitel of approximately $874 million and $670 million, respectively. Other Equity Investees We have limited partnership investments in entities that invest in affordable housing projects, for which we provide funding as a limited partner and receive tax deductions and tax credits based on our partnership interests. At December31, 2009 and 2008, we had equity investments in these partnerships of $888 million and $761 million, respectively. We adjust the carrying value of these investments for any losses incurred by the limited partnerships through earnings. The remaining investments include wireless partnerships in the U.S. and other smaller domestic and international investments. Cost Method Investments Some of our cost investments are carried at their current market value. Other cost investments are carried at their original cost if the current market value is not readily determinable. We do however, adjust the carrying value of these securities in cases where we have determined that a decline in their estimated market value is other-than-temporary. The carrying value for investments carried at cost was not significant at December31, 2009 and 2008. Summarized Financial Information Summarized financial information for our equity investees is as follows: Balance Sheet (dollars in millions) At December31, 2009 2008 Current assets $ 3,588 $ 3,247 Noncurrent assets 8,179 8,315 Total assets $ 11,767 $ 11,562 Current liabilities $ 6,804 $ 5,847 Noncurrent liabilities 49 54 Equity 4,914 5,661 Total liabilities and equity $ 11,767 $ 11,562 Income Statement (dollars in millions) Years Ended December 31, 2009 2008 2007 Net revenue $ 12,903 $ 13,077 $ 11,317 Operating income 4,313 3,820 4,643 Net income 2,717 2,634 2,511

Noncontrolling Interest

Noncontrolling Interest
	12 Months Ended Dec. 31, 2009 USD / shares
Noncontrolling Interest	Note 7 Noncontrolling Interest Noncontrolling interests in equity of subsidiaries were as follows: (dollars in millions) At December31, 2009 2008 Noncontrolling interests in consolidated subsidiaries: Wireless joint venture $ 41,950 $ 36,683 Cellular partnerships and other 811 516 $ 42,761 $ 37,199 Wireless Joint Venture Our Domestic Wireless segment, Cellco Partnership doing business as Verizon Wireless (Verizon Wireless) is a joint venture formed in April 2000 by the combination of the U.S. wireless operations and interests of Verizon and Vodafone. Verizon owns a controlling 55% interest in Verizon Wireless and Vodafone owns the remaining 45%.

Leasing Arrangements

Leasing Arrangements
	12 Months Ended Dec. 31, 2009 USD / shares
Leasing Arrangements	Note 8 Leasing Arrangements As Lessor We are the lessor in leveraged and direct financing lease agreements for commercial aircraft and power generating facilities, which comprise the majority of the portfolio along with telecommunications equipment, real estate property and other equipment. These leases have remaining terms up to 41 years as of December31, 2009. In addition, we lease space on certain of our cell towers to other wireless carriers. Minimum lease payments receivable represent unpaid rentals, less principal and interest on third-party nonrecourse debt relating to leveraged lease transactions. Since we have no general liability for this debt, which holds a senior security interest in the leased equipment and rentals, the related principal and interest have been offset against the minimum lease payments receivable in accordance with GAAP. All recourse debt is reflected in our consolidated balance sheets. Finance lease receivables, which are included in Prepaid expenses and other and Other assets in our consolidated balance sheets are comprised of the following: (dollars in millions) At December31, 2009 2008 Leveraged Leases Direct Finance Leases Total Leveraged Leases Direct Finance Leases Total Minimum lease payments receivable $ 2,504 $ 166 $ 2,670 $ 2,734 $ 133 $ 2,867 Estimated residual value 1,410 12 1,422 1,501 12 1,513 Unearned income (1,251) (19) (1,270) (1,400 ) (23) (1,423) Total $ 2,663 $ 159 $ 2,822 $ 2,835 $ 122 $ 2,957 Allowance for doubtful accounts (158) (159) Finance lease receivables, net $ 2,664 $ 2,798 Current $ 72 $ 46 Noncurrent 2,592 2,752 $ 2,664 $ 2,798 Accumulated deferred taxes arising from leveraged leases, which are included in Deferred income taxes, amounted to $2,081 million at December31, 2009 and $2,218 million at December31, 2008. The following table is a summary of the components of income from leveraged leases: (dollars in millions) Years Ended December31, 2009 2008 2007 Pretax lease income $ 83 $ 74 $ 78 Income tax expense 34 30 30 Investment tax credits 4 4 4 The future minimum lease payments to be received from noncancelable capital leases (direct financing and leveraged leases), net of nonrecourse loan payments related to leveraged leases, along with payments relating to operating leases for the periods shown at December31, 2009, are as follows: (dollars in millions) Years CapitalLeases OperatingLeases 2010 $ 228 $ 117 2011 169 96 2012 135 70 2013 136 41 2014 124 20 Thereafter 1,878 47

Debt

Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Debt	Note 9 Debt Debt Maturing Within One Year Debt maturing within one year is as follows: (dollarsinmillions) At December31, 2009 2008 Long-term debt maturing within one year $ 6,105 $ 3,506 Commercial paper 1,100 1,487 Total debt maturing within one year $ 7,205 $ 4,993 The weighted average interest rate for our commercial paper at December31, 2009 and December31, 2008 was 0.7% and 2.9%, respectively. Capital expenditures (primarily acquisition and construction of network assets) are partially financed pending long-term financing through bank loans and the issuance of commercial paper payable within 12 months. On April15, 2009, we terminated all commitments under our previous $6.0 billion three-year credit facility with a syndicate of lenders that was scheduled to mature in September 2009 and entered into a new $5.3 billion 364-day credit facility with a group of major financial institutions. As of December31, 2009, the unused borrowing capacity under the 364-day credit facility was approximately $5.2 billion. A commitment fee accrues on the unused portion of the credit facility. Long-Term Debt Outstanding long-term debt obligations are as follows: (dollars in millions) At December31, InterestRates% Maturities 2009 2008 Verizon Wireless notes payable and other 3.755.55 20112014 $ 7,000 $ 7.388.89 2011 2018 6,118 5,983 Floating 2011 6,246 4,440 Verizon Wireless Alltel assumed notes 6.50 7.88 2012 2032 2,334 Verizon Communications notes payable and other 4.35 5.50 2010 2018 6,196 7,878 5.55 6.90 2012 2038 10,386 8,741 7.25 8.95 2010 2039 9,671 8,822 Telephone subsidiaries debentures 4.63 7.00 2010 2033 8,797 9,654 7.15 7.88 2012 2032 1,449 1,449 8.00 8.75 2010 2031 1,080 1,080 Other subsidiaries debentures and other 6.84 8.75 2018 2028 1,700 2,200 Employee stock ownership plan loans NYNEX debentures 9.55 2010 23 47 Capital lease obligations (average rates of 6.3% and 6.2%, respectively) 397 390 Unamortized discount, net of premium (241 ) (219) Total long-term debt, including current maturities 61,156 50,465 Less long-term debt maturing within one year 6,105 3,506 Total long-term debt $ 55,051 $ 46,959 Verizon Wireless Notes Payable and Other Verizon Wireless Capital LLC, a wholly owned subsidiary of Verizon Wireless, is a limited liability company formed under the laws of Delaware on December7, 2001 as a special purpose finance subsidiary to facilitate the offering of debt securities of Verizon Wireless by acting as co-issuer.Other than the financing activities as a co-issuer of Verizon Wireless indebtedness, Verizon Wireless Capital LLC has no material assets, operations or revenues.Verizon Wireless is jointly and severally li

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value Measurements and Financial Instruments	Note 10 Fair Value Measurements and Financial Instruments The following table presents the balances of assets measured at fair value on a recurring basis as of December31, 2009: (dollarsinmillions) Level1 Level2 Level3 Total Assets: Short-term investments $ 274 $ 216 $ $ 490 Investments in unconsolidated businesses 417 417 Other assets 1,365 1,365 Short-term investments and Investments in unconsolidated businesses include equity securities, mutual funds and U.S. Treasuries, which are generally measured using quoted prices in active markets and are classified as Level 1. Other assets and the short-term investments classified as Level 2 are comprised of domestic and foreign corporate and government bonds. While quoted prices in active markets for certain of these debt securities are available, for some they are not. We use alternative matrix pricing as a practical expedient resulting in our debt securities being classified as Level 2. Our derivative contracts included in Other assets are primarily comprised of cross currency and interest rate swaps. 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. Gross unrealized gains and losses on marketable securities and other investments were not significant during 2009 and 2008. Upon closing of the Alltel acquisition (see Note 2), the $4.8 billion investment in Alltel debt, which was classified as Level 3 at December31, 2008, became an intercompany loan and is eliminated in consolidation. Investment Impairment Charge During 2008, we recorded a pretax charge of $48 million ($31 million after-tax) related to an other-than-temporary decline in the fair value of our investments in certain marketable securities. Fair Value of Short-term and Long-term Debt The fair value of our short-term and long-term debt, excluding capital leases, is determined based on market quotes for similar terms and maturities or future cash flows discounted at current rates. The fair value and carrying value of our long-term and short-term debt, excluding capital leases, were as follows: (dollars in millions) At December 31, 2009 2008 Carrying Amount FairValue Carrying Amount FairValue Short- and long-term debt $ 61,859 $ 67,359 $ 51,562 $ 53,174 Derivatives Interest Rate Swaps We have entered into domestic interest rate swaps to achieve a targeted mix of fixed and variable rate debt, where we principally receive fixed rates and pay variable rates based on London Interbank Offered Rate (LIBOR). These swaps are designated as fair value hedges and hedge against changes in the fair value of our debt portfolio. We record the interest rate swaps at fair value on our balance sheet as assets and liabilities. Changes in the fair value of the interest rate swaps are recorded to i

Stock-Based Compensation

Stock-Based Compensation
	12 Months Ended Dec. 31, 2009 USD / shares
Stock-Based Compensation	Note 11 Stock-Based Compensation Verizon Communications Long-Term Incentive Plan In May 2009, Verizon shareholders approved the 2009 Verizon Communications Inc. Long-Term Incentive Plan (the Plan) which permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and other awards. The maximum number of shares available for awards from the Plan is 115million shares. The Plan amends and restates the previous long-term incentive plan. Restricted Stock Units The Plan provides for grants of Restricted Stock Units (RSUs) that generally vest at the end of the third year after the grant. The RSUs are classified as liability awards because the RSUs will be paid in cash upon vesting. The RSU award liability is measured at its fair value at the end of each reporting period and, therefore, will fluctuate based on the performance of Verizons stock. Dividend equivalent units are also paid to participants at the time the RSU award is paid, and in the same proportion as the RSU award. The following table summarizes Verizons Restricted Stock Unit activity: (shares in thousands) RestrictedStock Units Weighted-Average Grant-Date Fair Value Outstanding, January1, 2007 15,593 $ 33.67 Granted 6,779 37.59 Payments (602) 36.75 Cancelled/Forfeited (197) 34.81 Outstanding December31, 2007 21,573 34.80 Granted 7,277 36.64 Payments (6,869) 36.06 Cancelled/Forfeited (161) 35.45 Outstanding December31, 2008 21,820 35.01 Granted 7,101 31.90 Payments (9,357) 31.65 Cancelled/Forfeited (121) 35.43 Outstanding December31, 2009 19,443 35.50 Performance Stock Units The Plan also provides for grants of Performance Stock Units (PSUs) that generally vest at the end of the third year after the grant. As defined by the Plan, the Human Resources Committee of the Board of Directors determines the number of PSUs a participant earns based on the extent to which the corresponding goals have been achieved over the three-year performance cycle. All payments are subject to approval by the Human Resources Committee.The PSUs are classified as liability awards because the PSU awards are paid in cash upon vesting. The PSU award liability is measured at its fair value at the end of each reporting period and, therefore, will fluctuate based on the price of Verizons stock as well as performance relative to the targets. Dividend equivalent units are also paid to participants at the time that the PSU award is determined and paid, and in the same proportion as the PSU award. The following table summarizes Verizons Performance Stock Unit activity: (shares in thousands) PerformanceStock Units Weighted-Average Grant-Date Fair Value Outstanding, January1, 2007 28,423 $ 34.22 Granted 10,371 37.59 Payments (5,759) 36.75 Cancelled/Forfeited (900) 36.18 Outstanding December31, 2007 32,135 34.

Employee Benefits

Employee Benefits
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Benefits	Note 12 Employee Benefits We maintain non-contributory defined benefit pension plans for many of our employees. In addition, we maintain postretirement health care and life insurance plans for our retirees and their dependents, which are both contributory and non-contributory, and include a limit on the Companys share of cost for certain recent and future retirees. We also sponsor defined contribution savings plans to provide opportunities for eligible employees to save for retirement on a tax-deferred basis. We use a measurement date of December31 for our pension and postretirement health care and life insurance plans. Pension and Other Postretirement Benefits Pension and other postretirement benefits for many of our employees are subject to collective bargaining agreements. Modifications in benefits have been bargained from time to time, and we may also periodically amend the benefits in the management plans. The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans. Obligations and Funded Status (dollarsinmillions) Pension HealthCareandLife At December31, 2009 2008 2009 2008 Change in Benefit Obligations Beginning of year $ 30,394 $ 32,495 $ 27,096 $ 27,306 Service cost 384 382 311 306 Interest cost 1,924 1,966 1,766 1,663 Plan amendments 300 (5 ) 24 Actuarial (gain) loss, net 2,056 (154 ) (469 ) (483) Benefits paid (2,565 ) (2,577 ) (1,740 ) (1,529) Termination benefits 75 32 18 7 Curtailment (gain) loss, net 1,245 352 (29) Acquisitions and divestitures, net 192 (183 ) 8 (169) Settlements (1,887 ) (1,867 ) End of year $ 31,818 $ 30,394 $ 27,337 $ 27,096 Change in Plan Assets Beginning of year $ 27,791 $ 42,659 $ 2,555 $ 4,142 Actual return on plan assets 4,793 (10,680 ) 638 (1,285) Company contributions 337 487 1,638 1,227 Benefits paid (2,565 ) (2,577 ) (1,740 ) (1,529) Settlements (1,887 ) (1,867 ) Acquisitions and divestitures, net 123 (231 ) End of year $ 28,592 $ 27,791 $ 3,091 $ 2,555 Funded Status End of year $ (3,226 ) $ (2,603 ) $ (24,246 ) $ (24,541) (dollars in millions) Pension Health Care and Life At December31, 2009 2008 2009 2008 Amounts recognized on the balance sheet Noncurrent assets $ 3,141 $ 3,132 $ $ Current liabilities (139 ) (122 ) (542 ) (496) Noncurrent l

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes	Note 13 Income Taxes The components of Income before provision for income taxes, Discontinued operations, Extraordinary item and Cumulative effect of accounting change are as follows: (dollars in millions) Years Ended December 31, 2009 2008 2007 Domestic $ 10,673 $ 14,993 $ 13,561 Foreign 895 921 984 $ 11,568 $ 15,914 $ 14,545 The components of the provision for income taxes from continuing operations are as follows: (dollars in millions) Years Ended December31, 2009 2008 2007 Current Federal $ (611 ) $ 365 $ 2,568 Foreign 73 240 461 State and Local 364 543 545 (174 ) 1,148 3,574 Deferred Federal 1,085 2,214 397 Foreign (35 ) (91 ) 66 State and Local 340 66 (48) 1,390 2,189 415 Investment tax credits (6 ) (6 ) (7) Total income tax expense $ 1,210 $ 3,331 $ 3,982 The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate: Years Ended December31, 2009 2008 2007 Statutory federal income tax rate 35.0 % 35.0 % 35.0% State and local income tax rate, net of federal tax benefits 0.8 2.5 2.2 Distributions from foreign investments (0.4 ) 3.9 Equity in earnings from unconsolidated businesses (1.9 ) (1.4 ) (1.5) Noncontrolling interest (18.7 ) (12.3 ) (11.0) Other, net (4.7 ) (2.5 ) (1.2) Effective income tax rate 10.5 % 20.9 % 27.4% The effective income tax rate in 2009 decreased to 10.5% from 20.9% in 2008. The decrease was primarily driven by higher earnings attributable to the noncontrolling interest, which accounted for an 18.7 percentage point reduction in the effective tax rate in 2009 compared to a 12.3 percentage point reduction in 2008. Included within the (4.7)% Other, net above is the impact of lower federal taxes, net of higher state taxes attributable to prior year adjustments to tax balances that were not material to the overall effective income tax rate. The state and local income tax rate, net of federal tax benefits, in 2009 decreased to 0.8% from 2.5% in 2008 due to reductions in unrecognized tax benefits after statutes of limitations in multiple jurisdictions lapsed and the impact of earnings attributable to the noncontrolling interest. The effective income tax rate in 2008 decreased to 20.9% from 27.4% in 2007. The decrease was primarily due to recording $610 million of foreign and domestic taxes and expenses in 2007 relating to our share of Vodafone Omnitels distributable earnings. This expense, which increased the effective tax rate by 3.9 percentage points in 2007 compared to 2008, was primarily comprised of $300 million of Italian withholding taxes and $260 million of U.S. federal income taxes. Verizon rec

Segment Information

Segment Information
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Information	Note 14 Segment Information Reportable Segments We have two reportable segments, which we operate and manage as strategic business units and organize by products and services. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision makers assessment of segment performance. Beginning in 2009, we changed the manner in which the Wireline segment reports Operating revenues to align our financial presentation to the continued evolution of the wireline business. Accordingly, there are four revenue-producing lines of business within the Wireline segment: Mass Markets, Global Enterprise, Global Wholesale and Other. Mass Markets includes consumer and small business revenues. Global Enterprise includes retail revenue from enterprise customers, both domestic and international. Global Wholesale includes wholesale revenues, both domestic and international. Other primarily includes operator services, payphone services and revenues from the former MCI mass markets customer base. Corporate, eliminations and other includes unallocated corporate expenses, intersegment eliminations recorded in consolidation, the results of other businesses, such as our investments in unconsolidated businesses, lease financing, and other adjustments and gains and losses that are not allocated in assessing segment performance due to their non-recurring or non-operational nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses that are not individually significant are included in all segment results, since these items are included in the chief operating decision makers assessment of segment performance. The reconciliation of segment operating revenues and expenses to consolidated operating revenues and expenses below also include those items of a non-recurring or non-operational nature. We exclude from segment results the effects of certain items that management does not consider in assessing segment performance, primarily because of their non-recurring non-operational nature. In 2008, we completed the spin-off of our local exchange and related business assets in Maine, New Hampshire and Vermont. Accordingly, Wireline results from divested operations, including the impact of the non strategic assets sold during the first quarter of 2007, have been reclassified to Corporate and Other and reflect comparable operating results. In 2007, we completed the sale of our 52% interest in TELPRI and our interest in CANTV which were reported in our former International segment. Our segments and their principal activities consist of the following: Segment Description DomesticWireless Domestic Wirelesss products and services include wireless voice and data services and equipment sales across the U.S. Wireline Wirelines communications products and services include voice, Internet access, broadband video and data, next generation Internet protocol (IP) network services, network access, long distance and other services. We provide these products and services to consumers in th

Comprehensive Income

Comprehensive Income
	12 Months Ended Dec. 31, 2009 USD / shares
Comprehensive Income	Note 15 Comprehensive Income Comprehensive income (loss) consists of net income and other gains and losses affecting equity that, under GAAP, are excluded from net income. Significant changes in the components of Other comprehensive income (loss), net of income tax expense (benefit), are described below. Foreign Currency Translation The changes in Foreign currency translation adjustments were as follows: (dollars in millions) Years Ended December31, 2009 2008 2007 Foreign Currency Translation Adjustments: Vodafone Omnitel $ 49 $ (119 ) $ 397 CANTV 412 Other international operations 29 (112 ) 29 $ 78 $ (231 ) $ 838 Net Unrealized Gains (Losses) on Cash Flow Hedges The changes in Unrealized gains (losses) on cash flow hedges were as follows: (dollars in millions) Years Ended December31, 2009 2008 2007 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized gains (losses), net of taxes $ 112 $ (43 ) $ (2) Less reclassification adjustments for gains realized in net income, net of taxes 25 (3 ) (3) Net unrealized gains (losses) on cash flow hedges $ 87 $ (40 ) $ 1 Unrealized Gains (Losses) on Marketable Securities The changes in Unrealized gains (losses) on marketable securities were as follows: (dollars in millions) Years Ended December31, 2009 2008 2007 Unrealized Gains (Losses) on Marketable Securities Unrealized gains (losses), net of taxes $ 95 $ (142 ) $ 13 Less reclassification adjustments for gains (losses) realized in net income, net of taxes 8 (45 ) 17 Net unrealized gains (losses) on marketable securities $ 87 $ (97 ) $ (4) Accumulated Other Comprehensive Loss The components of Accumulated other comprehensive loss were as follows: (dollars in millions) At December31, 2009 2008 Foreign currency translation adjustments $ 1,014 $ 936 Net unrealized gain (loss) on cash flow hedges 37 (50) Unrealized gain (loss) on marketable securities 50 (37) Defined benefit pension and postretirement plans (12,580 ) (14,221) Accumulated Other Comprehensive Loss $ (11,479 ) $ (13,372) Foreign Currency Translation Adjustments The change in Foreign currency translation adjustments during 2009 was primarily driven by the devaluation of the U.S. dollar against the Euro. The change in Foreign currency translation adjustments during 2008 was primarily driven by the settlement of the foreign currency forward contracts, which hedged a portion of our net investment in Vodafone Omnitel and the devaluation of the Euro. During 2007, we sold our interest in CANTV (see Note 3). Net Unrealized Gains (Losses) on Cash Flow Hedges During 2009 and 2008, Unrealized gains on cash flow hedges, included in Other comprehensive income attributable to noncontrolling interest

Additional Financial Informatio

Additional Financial Information
	12 Months Ended Dec. 31, 2009 USD / shares
Additional Financial Information	Note 16 Additional Financial Information The tables that follow provide additional financial information related to our consolidated financial statements: Income Statement Information (dollars in millions) Years Ended December31, 2009 2008 2007 Depreciation expense $ 14,562 $ 13,182 $ 13,036 Interest cost incurred 4,029 2,566 2,258 Capitalized interest (927 ) (747 ) (429) Advertising costs 3,020 2,754 2,463 Balance Sheet Information (dollars in millions) Years Ended December31, 2009 2008 Accounts Payable and Accrued Liabilities Accounts payable $ 4,337 $ 3,856 Accrued expenses 3,486 2,299 Accrued vacation, salaries and wages 5,084 4,871 Interest payable 872 652 Taxes payable 1,444 2,136 $ 15,223 $ 13,814 Other Current Liabilities Advance billings and customer deposits $ 2,644 $ 2,651 Dividends payable 1,372 1,334 Other 2,692 3,114 $ 6,708 $ 7,099 Cash Flow Information (dollars in millions) Years Ended December31, 2009 2008 2007 Cash Paid Income taxes, net of amounts refunded $ 158 $ 1,206 $ 2,491 Interest, net of amounts capitalized 2,573 1,664 1,682 Supplemental Investing and Financing Transactions Cash acquired in business combinations 1,044 397 17 Assets acquired in business combinations 35,861 2,800 589 Liabilities assumed in business combinations 6,865 376 154 Debt assumed in business combinations 23,929 1,505

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies	Note 17 Commitments and Contingencies Several state and federal regulatory proceedings may require our telephone operations to pay penalties or to refund to customers a portion of the revenues collected in the current and prior periods. There are also various legal actions pending to which we are a party and claims which, if asserted, may lead to other legal actions. We have established reserves for specific liabilities in connection with regulatory and legal actions, including environmental matters that we currently deem to be probable and estimable. We do not expect that the ultimate resolution of pending regulatory and legal matters in future periods, including the Hicksville matter described below, 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. During 2003, under a government-approved plan, remediation commenced at the site of a former Sylvania facility in Hicksville, New York that processed nuclear fuel rods in the 1950s and 1960s. Remediation beyond original expectations proved to be necessary and a reassessment of the anticipated remediation costs was conducted. A reassessment of costs related to remediation efforts at several other former facilities was also undertaken. In September 2005, the Army Corps of Engineers (ACE) accepted the Hicksville site into the Formerly Utilized Sites Remedial Action Program. This may result in the ACE performing some or all of the remediation effort for the Hicksville site with a corresponding decrease in costs to Verizon. To the extent that the ACE assumes responsibility for remedial work at the Hicksville site, an adjustment to a reserve previously established for the remediation may be made. Adjustments to the reserve may also be made based upon actual conditions discovered during the remediation at this or any other site requiring remediation. 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. Subsequent to the sale of Verizon Information Services Canada in 2004, we continue to provide a guarantee to publish directories, which was issued when the directory business was purchased in 2001 and had a 30-year term (before extensions). The preexisting guarantee continues, without modification, despite the subsequent sale of Verizon Information Services Canada and the spin-off of our domestic print and Internet yellow pages directories business. The possible financial impact of the guarantee, which is not expected to be adverse, cannot be reasonably estimated since a variety of the potential outcomes available under the guarantee result in costs and revenues or benefits that may offset each other. In addition, performance under the guarantee is not likely. As of December31, 2009, letters of credit totaling approximately $117 million were executed in the normal course of business, which support several financing arrange

Quarterly Financial Information

Quarterly Financial Information (Unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Quarterly Financial Information (Unaudited)	Note 18 Quarterly Financial Information (Unaudited) (dollars in millions, except per share amounts) NetIncome(Loss)attributabletoVerizon(1) Quarter Ended Operating Revenues Operating Income Amount PerShare- Basic PerShare- Diluted NetIncome 2009 March 31 $ 26,591 $ 4,694 $ 1,645 $ .58 $ .58 $ 3,210 June 30 26,861 4,418 1,483 .52 .52 3,160 September 30 27,265 3,986 1,176 .41 .41 2,887 December 31 27,091 929 (653 ) (.23 ) (.23 ) 1,101 2008 March 31 $ 23,833 $ 4,333 $ 1,642 $ .57 $ .57 $ 3,049 June 30 24,124 4,546 1,882 .66 .66 3,404 September 30 24,752 4,173 1,669 .59 .59 3,199 December 31 24,645 3,832 1,235 .43 .43 2,931 Results of operations for the first quarter of 2009 include after tax charges attributable to Verizon of $96 million related to acquisition related charges and $50 million of merger integration costs. Results of operations for the second quarter of 2009 include after tax charges attributable to Verizon of $253 million related to severance, pension and benefits charges, $52 million of merger integration costs and $8 million of acquisition related charges. Results of operations for the third quarter of 2009 include after-tax charges attributable to Verizon of $372 million related to severance, pension and benefits charges, $103 million of merger integration and acquisition costs, and $41 million related to access line spin-off charges. Results of operations for the fourth quarter of 2009 include after-tax charges attributable to Verizon of $1,862 million for severance, pension and benefits charges, $246 million for wireline cost reduction initiatives and access line spin-off charges, and $71 million of merger integration and acquisition costs. Results of operations for the first quarter of 2008 include after-tax charges of $18 million for merger integration costs and $81 million related to access line spin-off charges. Results of operations for the second quarter of 2008 include after-tax charges attributable to Verizon of $22 million for merger integration costs. Results of operations for the third quarter of 2008 include after-tax charges attributable to Verizon of $32 million for merger integration costs and $164 million for severance, pension and benefit charges. Results of operations for the fourth quarter of 2008 include after-tax charges attributable to Verizon of $35 million for merger integration costs, $31 million investment related charges attributable to an other-than-temporary decline in the fair value of our investments in marketable securities, and $424 million for severance, pension and other charges. (1) Net income attributable to Verizon per common share is computed independently for each quarter

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Jan. 29, 2010	Jun. 30, 2009
Trading Symbol	VZ
Entity Registrant Name	VERIZON COMMUNICATIONS INC
Entity Central Index Key	0000732712
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		2,835,726,911
Entity Public Float			$85,127,332,045