Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 24, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' | 4,141,140,749 | ' |
Entity Public Float | ' | ' | $144,030,746,074 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Revenues | $120,550 | $115,846 | $110,875 |
Operating Expenses | ' | ' | ' |
Cost of services and sales (exclusive of items shown below) | 44,887 | 46,275 | 45,875 |
Selling, general and administrative expense | 27,089 | 39,951 | 35,624 |
Depreciation and amortization expense | 16,606 | 16,460 | 16,496 |
Total Operating Expenses | 88,582 | 102,686 | 97,995 |
Operating Income | 31,968 | 13,160 | 12,880 |
Equity in earnings of unconsolidated businesses | 142 | 324 | 444 |
Other income and (expense), net | -166 | -1,016 | -14 |
Interest expense | -2,667 | -2,571 | -2,827 |
Income Before (Provision) Benefit For Income Taxes | 29,277 | 9,897 | 10,483 |
(Provision) Benefit for income taxes | -5,730 | 660 | -285 |
Net Income | 23,547 | 10,557 | 10,198 |
Net income attributable to noncontrolling interests | 12,050 | 9,682 | 7,794 |
Net income attributable to Verizon | 11,497 | 875 | 2,404 |
Net Income | $23,547 | $10,557 | $10,198 |
Basic Earnings Per Common Share | ' | ' | ' |
Net income attributable to Verizon | $4.01 | $0.31 | $0.85 |
Weighted-average shares outstanding (in millions) | 2,866 | 2,853 | 2,833 |
Diluted Earnings Per Common Share | ' | ' | ' |
Net income attributable to Verizon | $4 | $0.31 | $0.85 |
Weighted-average shares outstanding (in millions) | 2,874 | 2,862 | 2,839 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income | $23,547 | $10,557 | $10,198 |
Other Comprehensive Income, net of taxes | ' | ' | ' |
Foreign currency translation adjustments | 60 | 69 | -119 |
Unrealized gain (loss) on cash flow hedges | 25 | -68 | 30 |
Unrealized gain (loss) on marketable securities | 16 | 29 | -7 |
Defined benefit pension and postretirement plans | 22 | 936 | 316 |
Other comprehensive income attributable to Verizon | 123 | 966 | 220 |
Other comprehensive income (loss) attributable to noncontrolling interests | -15 | 10 | 1 |
Total Comprehensive Income | 23,655 | 11,533 | 10,419 |
Comprehensive income attributable to noncontrolling interests | 12,035 | 9,692 | 7,795 |
Comprehensive income attributable to Verizon | 11,620 | 1,841 | 2,624 |
Total Comprehensive Income | $23,655 | $11,533 | $10,419 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $53,528 | $3,093 |
Short-term investments | 601 | 470 |
Accounts receivable, net of allowances of $645 and $641 | 12,439 | 12,576 |
Inventories | 1,020 | 1,075 |
Prepaid expenses and other | 3,406 | 4,021 |
Total current assets | 70,994 | 21,235 |
Plant, property and equipment | 220,865 | 209,575 |
Less accumulated depreciation | 131,909 | 120,933 |
Plant, property and equipment, net | 88,956 | 88,642 |
Investments in unconsolidated businesses | 3,432 | 3,401 |
Wireless licenses | 75,747 | 77,744 |
Goodwill | 24,634 | 24,139 |
Other intangible assets, net | 5,800 | 5,933 |
Other assets | 4,535 | 4,128 |
Total assets | 274,098 | 225,222 |
Current liabilities | ' | ' |
Debt maturing within one year | 3,933 | 4,369 |
Accounts payable and accrued liabilities | 16,453 | 16,182 |
Other | 6,664 | 6,405 |
Total current liabilities | 27,050 | 26,956 |
Long-term debt | 89,658 | 47,618 |
Employee benefit obligations | 27,682 | 34,346 |
Deferred income taxes | 28,639 | 24,677 |
Other Liabilities | 5,653 | 6,092 |
Equity | ' | ' |
Series preferred stock ($.10 par value; none issued) | ' | ' |
Common stock ($.10 par value; 2,967,610,119 shares issued in both periods) | 297 | 297 |
Contributed capital | 37,939 | 37,990 |
Reinvested earnings (Accumulated deficit) | 1,782 | -3,734 |
Accumulated other comprehensive income | 2,358 | 2,235 |
Common stock in treasury, at cost | -3,961 | -4,071 |
Deferred compensation - employee stock ownership plans and other | 421 | 440 |
Noncontrolling interests | 56,580 | 52,376 |
Total equity | 95,416 | 85,533 |
Total liabilities and equity | $274,098 | $225,222 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $645 | $641 |
Series preferred stock, par value | $0.10 | $0.10 |
Series preferred stock, issued | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares issued | 2,967,610,119 | 2,967,610,119 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities | ' | ' | ' |
Net Income | $23,547 | $10,557 | $10,198 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization expense | 16,606 | 16,460 | 16,496 |
Employee retirement benefits | -5,052 | 8,198 | 7,426 |
Deferred income taxes | 5,785 | -952 | -223 |
Provision for uncollectible accounts | 993 | 972 | 1,026 |
Equity in earnings of unconsolidated businesses, net of dividends received | -102 | 77 | 36 |
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | ' | ' | ' |
Accounts receivable | -843 | -1,717 | -966 |
Inventories | 56 | -136 | 208 |
Other assets | -143 | 306 | 86 |
Accounts payable and accrued liabilities | 925 | 1,144 | -1,607 |
Other, net | -2,954 | -3,423 | -2,900 |
Net cash provided by operating activities | 38,818 | 31,486 | 29,780 |
Cash Flows from Investing Activities | ' | ' | ' |
Capital expenditures (including capitalized software) | -16,604 | -16,175 | -16,244 |
Acquisitions of investments and businesses, net of cash acquired | -494 | -913 | -1,797 |
Acquisitions of wireless licenses | -580 | -4,298 | -221 |
Proceeds from dispositions of wireless licenses | 2,111 | 363 | ' |
Net change in short-term investments | 63 | 27 | 35 |
Other, net | 671 | 494 | 977 |
Net cash used in investing activities | -14,833 | -20,502 | -17,250 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from long-term borrowings | 49,166 | 4,489 | 11,060 |
Repayments of long-term borrowings and capital lease obligations | -8,163 | -6,403 | -11,805 |
Decrease in short-term obligations, excluding current maturities | -142 | -1,437 | 1,928 |
Dividends paid | -5,936 | -5,230 | -5,555 |
Proceeds from sale of common stock | 85 | 315 | 241 |
Purchase of common stock for treasury | -153 | ' | ' |
Special distribution to noncontrolling interest | -3,150 | -8,325 | ' |
Other, net | -5,257 | -4,662 | -1,705 |
Net cash provided by (used in) financing activities | 26,450 | -21,253 | -5,836 |
Increase (decrease) in cash and cash equivalents | 50,435 | -10,269 | 6,694 |
Cash and cash equivalents, beginning of period | 3,093 | 13,362 | 6,668 |
Cash and cash equivalents, end of period | $53,528 | $3,093 | $13,362 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Stock | Contributed Capital | Reinvested Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income | Treasury Stock | Deferred Compensation-ESOPs and Other | Noncontrolling Interests |
In Millions, except Share data in Thousands | ||||||||
Balance at beginning of year at Dec. 31, 2010 | ' | $297 | $37,922 | $4,368 | $1,049 | ($5,267) | $200 | $48,343 |
Balance at beginning of year (in shares) at Dec. 31, 2010 | ' | 2,967,610 | ' | ' | ' | -140,587 | ' | ' |
Foreign currency translation adjustments | -119 | ' | ' | ' | -119 | ' | ' | ' |
Net income attributable to noncontrolling interests | -7,794 | ' | ' | ' | ' | ' | ' | 7,794 |
Net income attributable to Verizon | 2,404 | ' | ' | 2,404 | ' | ' | ' | ' |
Restricted stock equity grant | ' | ' | ' | ' | ' | ' | 146 | ' |
Other | ' | ' | -3 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on cash flow hedges | ' | ' | ' | ' | 30 | ' | ' | ' |
Other comprehensive income (loss) | 1 | ' | ' | ' | ' | ' | ' | 1 |
Dividends declared ($2.09, $2.03, $1.975) per share | ' | ' | ' | -5,593 | ' | ' | ' | ' |
Amortization | ' | ' | ' | ' | ' | ' | -38 | ' |
Employee plans (Note 15) (in shares) | ' | ' | ' | ' | ' | 6,982 | ' | ' |
Employee plans (Note 15) | ' | ' | ' | ' | ' | 265 | ' | ' |
Unrealized gains (losses) on marketable securities | -7 | ' | ' | ' | -7 | ' | ' | ' |
Total comprehensive income | 7,795 | ' | ' | ' | ' | ' | ' | 7,795 |
Defined benefit pension and postretirement plans | 316 | ' | ' | ' | 316 | ' | ' | ' |
Distributions and other | ' | ' | ' | ' | ' | ' | ' | -6,200 |
Shareowner plans, in Shares (Note 15) | ' | ' | ' | ' | ' | 11 | ' | ' |
Other comprehensive income | ' | ' | ' | ' | 220 | ' | ' | ' |
Balance at end of year at Dec. 31, 2011 | 85,908 | 297 | 37,919 | 1,179 | 1,269 | -5,002 | 308 | 49,938 |
Balance at end of year (in shares) at Dec. 31, 2011 | ' | 2,967,610 | ' | ' | ' | -133,594 | ' | ' |
Foreign currency translation adjustments | 69 | ' | ' | ' | 69 | ' | ' | ' |
Net income attributable to noncontrolling interests | -9,682 | ' | ' | ' | ' | ' | ' | 9,682 |
Net income attributable to Verizon | 875 | ' | ' | 875 | ' | ' | ' | ' |
Restricted stock equity grant | ' | ' | ' | ' | ' | ' | 196 | ' |
Other | ' | ' | 71 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on cash flow hedges | ' | ' | ' | ' | -68 | ' | ' | ' |
Other comprehensive income (loss) | 10 | ' | ' | ' | ' | ' | ' | 10 |
Dividends declared ($2.09, $2.03, $1.975) per share | ' | ' | ' | -5,788 | ' | ' | ' | ' |
Amortization | ' | ' | ' | ' | ' | ' | -64 | ' |
Employee plans (Note 15) (in shares) | ' | ' | ' | ' | ' | 11,434 | ' | ' |
Employee plans (Note 15) | ' | ' | ' | ' | ' | 433 | ' | ' |
Unrealized gains (losses) on marketable securities | 29 | ' | ' | ' | 29 | ' | ' | ' |
Total comprehensive income | 9,692 | ' | ' | ' | ' | ' | ' | 9,692 |
Defined benefit pension and postretirement plans | 936 | ' | ' | ' | 936 | ' | ' | ' |
Distributions and other | ' | ' | ' | ' | ' | ' | ' | -7,254 |
Shareowner plans, in Shares (Note 15) | ' | ' | ' | ' | ' | 13,119 | ' | ' |
Other comprehensive income | ' | ' | ' | ' | 966 | ' | ' | ' |
Shareowner plans (Note 15) | ' | ' | ' | ' | ' | 498 | ' | ' |
Balance at end of year at Dec. 31, 2012 | 85,533 | 297 | 37,990 | -3,734 | 2,235 | -4,071 | 440 | 52,376 |
Balance at end of year (in shares) at Dec. 31, 2012 | ' | 2,967,610 | ' | ' | ' | -109,041 | ' | ' |
Shares purchased, in Shares | ' | ' | ' | ' | ' | -3,500 | ' | ' |
Foreign currency translation adjustments | 60 | ' | ' | ' | 60 | ' | ' | ' |
Net income attributable to noncontrolling interests | -12,050 | ' | ' | ' | ' | ' | ' | 12,050 |
Net income attributable to Verizon | 11,497 | ' | ' | 11,497 | ' | ' | ' | ' |
Restricted stock equity grant | ' | ' | ' | ' | ' | ' | 152 | ' |
Other | ' | ' | -51 | ' | ' | ' | ' | ' |
Shares purchased | ' | ' | ' | ' | ' | -153 | ' | ' |
Unrealized gains (losses) on cash flow hedges | ' | ' | ' | ' | 25 | ' | ' | ' |
Other comprehensive income (loss) | -15 | ' | ' | ' | ' | ' | ' | -15 |
Dividends declared ($2.09, $2.03, $1.975) per share | ' | ' | ' | -5,981 | ' | ' | ' | ' |
Amortization | ' | ' | ' | ' | ' | ' | -171 | ' |
Employee plans (Note 15) (in shares) | ' | ' | ' | ' | ' | 6,835 | ' | ' |
Employee plans (Note 15) | ' | ' | ' | ' | ' | 260 | ' | ' |
Unrealized gains (losses) on marketable securities | 16 | ' | ' | ' | 16 | ' | ' | ' |
Total comprehensive income | 12,035 | ' | ' | ' | ' | ' | ' | 12,035 |
Defined benefit pension and postretirement plans | 22 | ' | ' | ' | 22 | ' | ' | ' |
Distributions and other | ' | ' | ' | ' | ' | ' | ' | -7,831 |
Shareowner plans, in Shares (Note 15) | ' | ' | ' | ' | ' | 96 | ' | ' |
Other comprehensive income | ' | ' | ' | ' | 123 | ' | ' | ' |
Shareowner plans (Note 15) | ' | ' | ' | ' | ' | 3 | ' | ' |
Balance at end of year at Dec. 31, 2013 | $95,416 | $297 | $37,939 | $1,782 | $2,358 | ($3,961) | $421 | $56,580 |
Balance at end of year (in shares) at Dec. 31, 2013 | ' | 2,967,610 | ' | ' | ' | -105,610 | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends declared, per share | $2.09 | $2.03 | $1.98 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | |||||||||||||||||||||
Verizon Communications Inc. and Subsidiaries | |||||||||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance at | ||||||||||||||||
Beginning of | Expenses | Other Accounts | Note (c)(d) | End of Period | |||||||||||||||||
Period | Note (a)(b) | ||||||||||||||||||||
Allowance for Uncollectible Accounts Receivable: | |||||||||||||||||||||
Year 2013 | $ | 641 | $ | 993 | $ | 162 | $ | 1,151 | $ | 645 | |||||||||||
Year 2012 | 802 | 972 | 113 | 1,246 | 641 | ||||||||||||||||
Year 2011 | 876 | 1,026 | 139 | 1,239 | 802 | ||||||||||||||||
Valuation Allowance for Deferred Tax Assets: | |||||||||||||||||||||
Year 2013 | $ | 2,041 | $ | 235 | $ | 30 | $ | 710 | $ | 1,596 | |||||||||||
Year 2012 | 2,376 | 120 | 38 | 493 | 2,041 | ||||||||||||||||
Year 2011 | 3,421 | 108 | 25 | 1,178 | 2,376 | ||||||||||||||||
(a) | Allowance for Uncollectible Accounts Receivable primarily includes amounts previously written off which were credited directly to this account when recovered. | ||||||||||||||||||||
(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_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
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 a holding company, which acting through its subsidiaries is one of the world’s leading providers of communications, information and entertainment products and services to consumers, businesses and governmental agencies with a presence in over 150 countries around the world. We have two reportable segments, Wireless and Wireline. For further information concerning our business segments, see Note 13. | |
The Wireless segment provides wireless communications services across one of the most extensive wireless networks in the United States (U.S.) and has the largest fourth-generation (4G) Long-Term Evolution (LTE) technology and third-generation (3G) networks of any U.S. wireless service provider. | |
The Wireline segment provides voice, data and video communications products and enhanced services including broadband video and data, corporate networking solutions, data center and cloud services, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the United States, as well as to carriers, businesses and government customers both in the United States and in over 150 other countries around the world. | |
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 interests are 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. | |
Basis of Presentation | |
We have reclassified certain prior year amounts to conform to the current year presentation. | |
Use of Estimates | |
We prepare our financial statements using U.S. generally accepted accounting principles (GAAP), which require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. | |
Examples of significant estimates include: the allowance for doubtful accounts, the recoverability of plant, property and equipment, the recoverability of intangible assets and other long-lived assets, unbilled revenues, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, pension and postretirement benefit assumptions, contingencies and allocation of purchase prices in connection with business combinations. | |
Revenue Recognition | |
Multiple Deliverable Arrangements | |
In both our Wireless and Wireline segments, we offer products and services to our customers through bundled arrangements. These arrangements involve multiple deliverables which may include products, services, or a combination of products and services. | |
Wireless | |
Our Wireless segment earns revenue primarily by providing access to and usage of its network. In general, access revenue is billed one month in advance and recognized when earned. Usage revenue is generally billed in arrears and recognized when service is rendered. Equipment sales revenue associated with the sale of wireless handsets and accessories is recognized when the products are delivered to and accepted by the customer, as this is considered to be a separate earnings process from providing wireless services. For agreements involving the resale of third-party services in which we are considered the primary obligor in the arrangements, we record the revenue gross at the time of the sale. For equipment sales, we generally subsidize the cost of wireless devices. The amount of this subsidy is generally contingent on the arrangement and terms selected by the customer. In multiple deliverable arrangements which involve the sale of equipment and a service contract, the equipment revenue is recognized up to the amount collected when the wireless device is sold. | |
Wireline | |
Our Wireline segment earns revenue based upon usage of its network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is generally billed in arrears and recognized when service is rendered. | |
We sell each of the services offered in bundled arrangements (i.e., voice, video and data), as well as separately; therefore each product or service has a standalone selling price. For these arrangements revenue is allocated to each deliverable using a relative selling price method. Under this method, arrangement consideration is allocated to each separate deliverable based on our standalone selling price for each product or service. These services include FiOS services, individually or in bundles, and High Speed Internet. | |
When we bundle equipment with maintenance and monitoring services, we recognize equipment revenue when the equipment is installed in accordance with contractual specifications and ready for the customer’s use. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services. | |
Installation related fees, along with the associated costs up to but not exceeding these fees, are deferred and amortized over the estimated customer relationship period. | |
For each of our segments we report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers on a net basis. | |
Maintenance and Repairs | |
We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services and sales as these costs are incurred. | |
Advertising Costs | |
Costs for advertising products and services as well as other promotional and sponsorship costs are charged to Selling, general and administrative expense in the periods in which they are incurred (see Note 15). | |
Earnings Per Common Share | |
Basic earnings per common share are based on the weighted-average number of shares outstanding during the period. Where appropriate, diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans. | |
There were a total of approximately 8 million, 9 million and 6 million stock options and restricted stock units outstanding included in the computation of diluted earnings per common share for the years ended December 31, 2013, 2012 and 2011, respectively. Outstanding options to purchase shares that were not included in the computation of diluted earnings per common share, because to do so would have been anti-dilutive for the period, were not significant for the years ended December 31, 2013 and 2012, respectively, and included approximately 19 million weighted-average shares for the years ended December 31, 2011. | |
As of December 31, 2013, we were authorized to issue up to 4.25 billion and 250 million shares of common stock and Series Preferred Stock, respectively. On January 28, 2014, at a special meeting of our shareholders, we received shareholder approval to increase our authorized shares of common stock by 2 billion shares to an aggregate of 6.25 billion authorized shares of common stock. On February 4, 2014, this authorization became effective. | |
Cash and Cash Equivalents | |
We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and include amounts held in money market funds. | |
Marketable Securities | |
We have investments in marketable securities, which are considered “available-for-sale” under the provisions of the accounting standard for certain debt and equity securities, and are included in the accompanying consolidated balance sheets in Short-term investments, Investments in unconsolidated businesses or Other assets. We continually evaluate our investments in marketable securities for impairment due to declines in market value considered to be other-than-temporary. That evaluation includes, in addition to persistent, declining stock prices, general economic and company-specific evaluations. In the event of a determination that a decline in market value is other-than-temporary, a charge to earnings is recorded for the loss, and a new cost basis in the investment is established. | |
Inventories | |
Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost (determined principally on either an average cost or first-in, first-out basis) or market. | |
Plant and Depreciation | |
We record plant, property and equipment at cost. Plant, property and equipment of wireline and wireless operations are generally depreciated on a straight-line basis. | |
Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the remaining term of the related lease, calculated from the time the asset was placed in service. | |
When the depreciable assets of our wireline and wireless operations are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts, and any gains or losses on disposition are recognized in income. | |
We capitalize and depreciate network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets. Capitalized interest is reported as a reduction in interest expense and depreciated as part of the cost of the network-related assets. | |
In connection with our ongoing review of the estimated remaining average useful lives of plant, property and equipment at our local telephone operations, we determined that there were no changes necessary for average useful lives for 2013, 2012 and 2011. In connection with our ongoing review of the estimated remaining average useful lives of plant, property and equipment at our wireless operations, we determined that changes were necessary to the remaining estimated useful lives as a result of technology upgrades, enhancements, and planned retirements. These changes resulted in an increase in depreciation expense of $0.4 billion in 2011. While the timing and extent of current deployment plans are subject to ongoing analysis and modification, we believe the current estimates of useful lives are reasonable. | |
Computer Software Costs | |
We capitalize the cost of internal-use network and non-network software that has a useful life in excess of one year. Subsequent additions, modifications or upgrades to internal-use network and non-network software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Planning, software maintenance and training costs are expensed in the period in which they are incurred. Also, we capitalize interest associated with the development of internal-use network and non-network software. Capitalized non-network internal-use software costs are amortized using the straight-line method over a period of 3 to 7 years and are included in Other intangible assets, net in our consolidated balance sheets. For a discussion of our impairment policy for capitalized software costs, see “Goodwill and Other Intangible Assets” below. Also, see Note 3 for additional detail of internal-use non-network software reflected in our consolidated balance sheets. | |
Goodwill and Other Intangible Assets | |
Goodwill | |
Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Impairment testing for goodwill is performed annually in the fourth fiscal quarter or more frequently if impairment indicators are present. The Company has the option to perform a qualitative assessment to determine if the fair value of the entity is less than its carrying value. However, the Company may elect to perform an impairment test even if no indications of a potential impairment exist. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. We have determined that in our case, the reporting units are our operating segments since that is the lowest level at which discrete, reliable financial and cash flow information is available. Step one compares the fair value of the reporting unit (calculated using a market approach and/or a discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., fair value of reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment is recognized. | |
Intangible Assets Not Subject to Amortization | |
A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses. As a result, we treat the wireless licenses as an indefinite-lived intangible asset. We reevaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. | |
We test our wireless licenses for potential impairment annually. In 2013, we performed a qualitative assessment to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount. As part of our assessment, we considered several qualitative factors including the business enterprise value of Wireless, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA (Earnings before interest, taxes, depreciation and amortization) margin projections), the projected financial performance of Wireless, as well as other factors. In 2012 and 2011, our quantitative assessment consisted of comparing the estimated fair value of our wireless licenses to the aggregated carrying amount as of the test date. Using the quantitative assessment, we evaluated our licenses on an aggregate basis using a direct value approach. The direct value approach estimates fair value using a discounted cash flow analysis to estimate what a marketplace participant would be willing to pay to purchase the aggregated wireless licenses as of the valuation date. If the fair value of the aggregated wireless licenses is less than the aggregated carrying amount of the licenses, an impairment is recognized. | |
Interest expense incurred while qualifying activities are performed to ready wireless licenses for their intended use is capitalized as part of wireless licenses. The capitalization period ends when the development is discontinued or substantially complete and the license is ready for its intended use. | |
Intangible Assets Subject to Amortization and Long-Lived Assets | |
Our intangible assets that do not have indefinite lives (primarily customer lists and non-network internal-use software) are amortized over their estimated useful lives. All of our intangible assets subject to amortization and long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any indications were present, we would test for recoverability by comparing the carrying amount of the asset group to the net undiscounted cash flows expected to be generated from the asset group. If those net undiscounted cash flows do not exceed the carrying amount, we would perform the next step, which is to determine the fair value of the asset and record an impairment, if any. We reevaluate the useful life determinations for these intangible assets each year to determine whether events and circumstances warrant a revision in their remaining useful lives. | |
For information related to the carrying amount of goodwill by segment, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 3. | |
Fair Value Measurements | |
Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: | |
Level 1—Quoted prices in active markets for identical assets or liabilities | |
Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities | |
Level 3—No observable pricing inputs in the market | |
Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. | |
Income Taxes | |
Our effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations and tax planning strategies available to us in the various jurisdictions in which we operate. | |
Deferred income taxes are provided for temporary differences in the bases between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at tax rates then in effect. We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. | |
We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The first step is recognition: we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The second step is measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability. | |
The accounting standard relating to income taxes generated by leveraged lease transactions requires that changes in the projected timing of income tax cash flows generated by a leveraged lease transaction be recognized as a gain or loss in the year in which the change occurs. | |
Significant management judgment is required in evaluating our tax positions and in determining our effective tax rate. | |
Stock-Based Compensation | |
We measure and recognize compensation expense for all stock-based compensation awards made to employees and directors based on estimated fair values. See Note 10 for further details. | |
Foreign Currency Translation | |
The functional currency of our foreign operations is generally the local currency. For these foreign entities, we translate income statement amounts at average exchange rates for the period, and we translate assets and liabilities at end-of-period exchange rates. We record these translation adjustments in Accumulated other comprehensive income, a separate component of Equity, in our consolidated balance sheets. We report exchange gains and losses on intercompany foreign currency transactions of a long-term nature in Accumulated other comprehensive income. Other exchange gains and losses are reported in income. | |
Employee Benefit Plans | |
Pension and postretirement health care and life insurance benefits earned during the year as well as interest on projected benefit obligations are accrued currently. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in operating results in the year in which they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management employees no longer earn pension benefits or earn service towards the company retiree medical subsidy (see Note 11). | |
We recognize a pension or a postretirement plan’s funded status as either an asset or liability on the consolidated balance sheets. Also, we measure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive income, net of applicable income tax. | |
Derivative Instruments | |
We have entered into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates, interest rates, equity and commodity prices. We employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, foreign currency and prepaid forwards and collars, interest rate and commodity swap agreements and interest rate locks. We do not hold derivatives for trading purposes. | |
We measure all derivatives, including derivatives embedded in other financial instruments, at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Our derivative instruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified as Level 2. Changes in the fair values of derivative instruments not qualifying as hedges or any ineffective portion of hedges are recognized in earnings in the current period. Changes in the fair values of derivative instruments used effectively as fair value hedges are recognized in earnings, along with changes in the fair value of the hedged item. Changes in the fair value of the effective portions of cash flow hedges are reported in Other comprehensive income and recognized in earnings when the hedged item is recognized in earnings. | |
Recently Adopted Accounting Standards | |
During the first quarter of 2013, we adopted the accounting standard update regarding testing of intangible assets for impairment. This standard update allows companies the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. An entity is not required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative impairment test unless the entity determines that it is more likely than not the asset is impaired. The adoption of this standard update did not have an impact on our consolidated financial statements. | |
During the first quarter of 2013, we adopted the accounting standard update regarding reclassifications out of Accumulated other comprehensive income. This standard update requires companies to report the effect of significant reclassifications out of Accumulated other comprehensive income on the respective line items in our consolidated statements of income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other required disclosures that provide additional detail about those amounts. See Note 14 for additional details. | |
During the third quarter of 2013, we adopted the accounting standard update regarding the ability to use the Federal Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes. Previously the interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate (LIBOR) were considered to be the only benchmark interest rates. The adoption of this standard update did not have a significant impact on our consolidated financial statements. | |
Recent Accounting Standards | |
In July 2013, the accounting standard update relating to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists was issued. The standard update provides that a liability related to an unrecognized tax benefit should be offset against same jurisdiction deferred tax assets for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. We will adopt this standard update during the first quarter of 2014. We are currently evaluating the consolidated balance sheet impact related to this standard update. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisitions and Divestitures | ' | ||||||||
Note 2 | |||||||||
Acquisitions and Divestitures | |||||||||
Wireless | |||||||||
Wireless Transaction | |||||||||
On September 2, 2013, Verizon entered into a stock purchase agreement (the Stock Purchase Agreement) with Vodafone Group Plc (Vodafone) and Vodafone 4 Limited (Seller), pursuant to which Verizon agreed to acquire Vodafone’s indirect 45% interest in Cellco Partnership d/b/a Verizon Wireless (the Partnership, and such interest, the Vodafone Interest) for aggregate consideration of approximately $130 billion. | |||||||||
On February 21, 2014, pursuant to the terms and subject to the conditions set forth in the Stock Purchase Agreement, Verizon acquired (the Wireless Transaction) from Seller all of the issued and outstanding capital stock (the Transferred Shares) of Vodafone Americas Finance 1 Inc., a subsidiary of Seller (VF1 Inc.), which indirectly through certain subsidiaries (together with VF1 Inc., the Purchased Entities) owned the Vodafone Interest. In consideration for the Transferred Shares, upon completion of the Wireless Transaction, Verizon (i) paid approximately $58.89 billion in cash, (ii) issued approximately $60.15 billion of Verizon’s common stock, par value $0.10 per share (the Stock Consideration), (iii) issued senior unsecured Verizon notes in an aggregate principal amount of $5.0 billion (the Verizon Notes), (iv) sold Verizon’s indirectly owned 23.1% interest in Vodafone Omnitel N.V. (Omnitel, and such interest, the Omnitel Interest), valued at $3.5 billion and (v) provided other consideration of approximately $2.5 billion. As a result of the Wireless Transaction, Verizon issued approximately 1.27 billion shares. The total cash paid to Vodafone and the other costs of the Wireless Transaction, including financing, legal and bank fees, were financed through the incurrence of third-party indebtedness. See Note 8 for additional information. | |||||||||
In accordance with the accounting standard on consolidation, a change in a parent’s ownership interest while the parent retains a controlling financial interest in its subsidiary is accounted for as an equity transaction and remeasurement of assets and liabilities of previously controlled and consolidated subsidiaries is not permitted. As a result, we will account for the Wireless Transaction by adjusting the carrying amount of the noncontrolling interest to reflect the change in Verizon’s ownership interest in Verizon Wireless. Any difference between the fair value of the consideration paid and the amount by which the noncontrolling interest is adjusted will be recognized in equity attributable to Verizon. | |||||||||
Omnitel Transaction | |||||||||
On February 21, 2014, Verizon and Vodafone also implemented the sale of the Omnitel Interest (the Omnitel Transaction) by a subsidiary of Verizon to a subsidiary of Vodafone in connection with the Wireless Transaction pursuant to a separate share purchase agreement. We will recognize a gain on the disposal of the Omnitel interest in the first quarter of 2014. | |||||||||
Verizon Notes | |||||||||
The Verizon Notes were issued pursuant to Verizon’s existing indenture. The Verizon Notes were issued in two separate series, with $2.5 billion due February 21, 2022 and $2.5 billion due February 21, 2025. The Verizon Notes bear interest at a floating rate, which will be reset quarterly, with interest payable quarterly in arrears, beginning May 21, 2014. The eight-year Verizon notes bear interest at a floating rate equal to three-month LIBOR, plus 1.222%, and the eleven-year Verizon notes bear interest at a floating rate equal to three-month LIBOR, plus 1.372%. The indenture that governs the Verizon Notes contains certain negative covenants, including a negative pledge covenant and a merger or similar transaction covenant, affirmative covenants and events of default that are customary for companies maintaining an investment grade credit rating. An event of default for either series of the Verizon Notes may result in acceleration of the entire principal amount of all debt securities of that series. Beginning two years after the closing of the Wireless Transaction, Verizon may redeem all or any portion of the outstanding Verizon Notes held by Vodafone or any of its affiliates for a redemption price of 100% of the principal amount plus accrued and unpaid interest. The Verizon Notes may only be transferred by Vodafone to third parties in specified amounts during specified periods, commencing January 1, 2017. The Verizon Notes held by third parties will not be redeemable. Verizon has agreed to file a registration statement with respect to the Verizon Notes at least three months prior to the Verizon Notes becoming transferable. | |||||||||
Other Consideration | |||||||||
Included in the other consideration paid to Vodafone is the indirect assumption of long-term obligations with respect to 5.143% Class D and Class E cumulative preferred stock (Preferred Stock) issued by one of the Purchased Entities. Both the Class D (825,000 shares outstanding) and Class E shares (825,000 shares outstanding) are mandatorily redeemable in April 2020 at $1,000 per share plus any accrued and unpaid dividends. Dividends accrue at 5.143% per annum and will be treated as interest expense. Both the Class D and Class E shares will be classified as liability instruments and will be recorded at fair value as determined at the closing of the Wireless Transaction. | |||||||||
Pro Forma Information | |||||||||
The unaudited pro forma information presents the combined operating results of Verizon and the Vodafone Interest, with the results prior to the Wireless Transaction closing date adjusted to include the pro forma impact of: the elimination of the historical equity in earnings, net of tax, related to the investment in Omnitel; an adjustment to reflect interest expense associated with the additional indebtedness incurred and expected to be incurred in connection with the Wireless Transaction and outstanding as of the closing of the Wireless Transaction; an adjustment for the dividends on the Preferred Stock; an adjustment for the amortization of certain debt incurrence costs based on the contractual life of the underlying indebtedness; an adjustment to reflect changes in the provision for income taxes associated with the additional income attributable to Verizon and the benefit associated with the additional interest expense; the elimination of the historical net income attributable to noncontrolling interests, representing the noncontrolling interest in Verizon Wireless; and an adjustment to reflect the sum of all other adjustments to the pro forma condensed consolidated statements of income on net income attributable to Verizon. | |||||||||
The unaudited pro forma results are presented for illustrative purposes only. These pro forma results do not purport to be indicative of the results that would have actually been obtained if the Wireless Transaction had occurred as of January 1, 2012, nor does the pro forma data intend to be a projection of results that may be obtained in the future. | |||||||||
The following unaudited pro forma consolidated results of operations assume that the Wireless Transaction was completed as of January 1, 2012: | |||||||||
(dollars in millions) | |||||||||
Years ended December 31, | 2013 | 2012 | |||||||
Net income attributable to Verizon | $ | 17,058 | $ | 4,449 | |||||
Spectrum License Transactions | |||||||||
Since 2012, we have entered into several strategic spectrum transactions including: | |||||||||
• | During the third quarter of 2012, after receiving the required regulatory approvals, Verizon Wireless completed the following previously announced transactions in which we acquired wireless spectrum that will be used to deploy additional 4G LTE capacity: | ||||||||
¡ | Verizon Wireless acquired Advanced Wireless Services (AWS) spectrum in separate transactions with SpectrumCo and Cox TMI Wireless, LLC for which it paid an aggregate of $3.9 billion at the time of the closings. Verizon Wireless has also recorded a liability of $0.4 billion related to a three-year service obligation to SpectrumCo’s members pursuant to commercial agreements executed concurrently with the SpectrumCo transaction. | ||||||||
¡ | Verizon Wireless completed license purchase and exchange transactions with Leap Wireless, Savary Island Wireless, which is majority owned by Leap Wireless, and a subsidiary of T-Mobile USA, Inc. (T-Mobile USA). As a result of these transactions, Verizon Wireless received an aggregate $2.6 billion of AWS and Personal Communication Services (PCS) licenses at fair value and net cash proceeds of $0.2 billion, transferred certain AWS licenses to T-Mobile USA and a 700 megahertz (MHz) lower A block license to Leap Wireless, and recorded an immaterial gain. | ||||||||
• | During the first quarter of 2013, we completed license exchange transactions with T-Mobile License LLC and Cricket License Company, LLC, a subsidiary of Leap Wireless, to exchange certain AWS licenses. These non-cash exchanges include a number of intra-market swaps that we expect will enable Verizon Wireless to make more efficient use of the AWS band. As a result of these exchanges, we received an aggregate $0.5 billion of AWS licenses at fair value and recorded an immaterial gain. | ||||||||
• | During the third quarter of 2013, after receiving the required regulatory approvals, Verizon Wireless sold 39 lower 700 MHz B block spectrum licenses to AT&T Inc. (AT&T) in exchange for a payment of $1.9 billion and the transfer by AT&T to Verizon Wireless of AWS (10 MHz) licenses in certain markets in the western United States. Verizon Wireless also sold certain lower 700 MHz B block spectrum licenses to an investment firm for a payment of $0.2 billion. As a result, we received $0.5 billion of AWS licenses at fair value and we recorded a pre-tax gain of approximately $0.3 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2013. | ||||||||
• | During the fourth quarter of 2013, we entered into license exchange agreements with T-Mobile USA to exchange certain AWS and PCS licenses. These non-cash exchanges, which are subject to approval by the FCC and other customary closing conditions, are expected to close in the first half of 2014. The exchange includes a number of swaps that we expect will result in more efficient use of the AWS and PCS bands. As a result of these agreements, $0.9 billion of Wireless licenses are classified as held for sale and included in Prepaid expenses and other on our consolidated balance sheet at December 31, 2013. Upon completion of the transaction, we expect to record an immaterial gain. | ||||||||
• | Subsequent to the transaction with T-Mobile USA in the fourth quarter of 2013, on January 6, 2014, we announced two agreements with T-Mobile USA with respect to our remaining 700 MHz A block spectrum licenses. Under one agreement, we will sell certain of these licenses to T-Mobile USA in exchange for cash consideration of approximately $2.4 billion, and under the second agreement we will exchange the remainder of these licenses for AWS and PCS spectrum licenses. These transactions are subject to the approval of the FCC as well as other customary closing conditions. These transactions are expected to close in the middle of 2014. | ||||||||
Other | |||||||||
During 2013, we acquired various other wireless licenses and markets for cash consideration that was not significant. Additionally, we obtained control of previously unconsolidated wireless partnerships, which were previously accounted for under the equity method and are now consolidated, which resulted in an immaterial gain. We recorded $0.2 billion of goodwill as a result of these transactions. | |||||||||
During 2012, we acquired various other wireless licenses and markets for cash consideration that was not significant and recorded $0.2 billion of goodwill as a result of these transactions. | |||||||||
Wireline | |||||||||
HUGHES Telematics, Inc. | |||||||||
During July 2012, we acquired HUGHES Telematics, Inc. (HUGHES Telematics) for approximately $12 per share in cash for a total acquisition price of $0.6 billion. As a result of the transaction, HUGHES Telematics became a wholly-owned subsidiary of Verizon. The consolidated financial statements include the results of HUGHES Telematics’ operations from the date the acquisition closed. Upon closing, we recorded approximately $0.6 billion of goodwill, $0.1 billion of other intangibles, and assumed the debt obligations of HUGHES Telematics, which were approximately $0.1 billion as of the date of acquisition, and which were repaid by Verizon. Had this acquisition been completed on January 1, 2012 or 2011, the results of the acquired operations of HUGHES Telematics would not have had a significant impact on the consolidated net income attributable to Verizon. The acquisition has accelerated our ability to bring more telematics offerings to market for existing and new customers. | |||||||||
The acquisition of HUGHES Telematics was accounted for as a business combination under the acquisition method. The cost of the acquisition was allocated to the assets and liabilities acquired based on their fair values as of the close of the acquisition, with the excess amount being recorded as goodwill. | |||||||||
Terremark Worldwide, Inc. | |||||||||
During April 2011, we acquired Terremark Worldwide, Inc. (Terremark), a global provider of information technology infrastructure and cloud services, for $19 per share in cash. Closing and other direct acquisition-related costs totaled approximately $13 million after-tax. The acquisition was completed via a tender offer followed by a “short-form” merger under Delaware law through which Terremark became a wholly-owned subsidiary of Verizon. The acquisition enhanced Verizon’s offerings to business and government customers globally. | |||||||||
The consolidated financial statements include the results of Terremark’s operations from the date the acquisition closed. Had this acquisition been consummated on January 1, 2011 the results of Terremark’s acquired operations would not have had a significant impact on the consolidated net income attributable to Verizon. The debt obligations of Terremark that were outstanding at the time of its acquisition by Verizon were repaid during May 2011. | |||||||||
Other | |||||||||
During the fourth quarter of 2013, Verizon acquired an industry leader in content delivery networks for $0.4 billion. We expect the acquisition will increase our ability to meet the growing demand for online digital media content. Upon closing, we recorded $0.3 billion of goodwill. Additionally, we acquired a technology and television cloud company for cash consideration that was not significant. The consolidated financial statements include the results of the operations of each of these acquisitions from the date each acquisition closed. | |||||||||
On January 21, 2014, Verizon announced an agreement to acquire a business dedicated to the development of cloud television products and services for cash consideration that was not significant. The transaction, which was completed in February 2014, is expected to accelerate the availability of next-generation video services. |
Wireless_Licenses_Goodwill_and
Wireless Licenses, Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Wireless Licenses, Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Note 3 | |||||||||||||||||||||||||
Wireless Licenses, Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Wireless Licenses | |||||||||||||||||||||||||
Changes in the carrying amount of Wireless licenses are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 73,250 | |||||||||||||||||||||||
Acquisitions (Note 2) | 4,544 | ||||||||||||||||||||||||
Capitalized interest on wireless licenses | 205 | ||||||||||||||||||||||||
Reclassifications, adjustments and other | -255 | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 77,744 | |||||||||||||||||||||||
Acquisitions (Note 2) | 579 | ||||||||||||||||||||||||
Dispositions (Note 2) | -2,361 | ||||||||||||||||||||||||
Capitalized interest on wireless licenses | 566 | ||||||||||||||||||||||||
Reclassifications, adjustments and other | -781 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 75,747 | |||||||||||||||||||||||
Reclassifications, adjustments and other includes $0.9 billion of Wireless licenses that are classified as held for sale and included in Prepaid expenses and other on our consolidated balance sheet at December 31, 2013 as well as the exchanges of wireless licenses in 2013 and 2012. See Note 2 for additional details. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, approximately $7.7 billion and $7.3 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. | |||||||||||||||||||||||||
The average remaining renewal period of our wireless license portfolio was 5.1 years as of December 31, 2013. See Note 1 for additional details. | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Changes in the carrying amount of Goodwill are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Wireless | Wireline | Total | |||||||||||||||||||||||
Balance at January 1, 2012 | $ | 17,963 | $ | 5,394 | $ | 23,357 | |||||||||||||||||||
Acquisitions (Note 2) | 209 | 551 | 760 | ||||||||||||||||||||||
Reclassifications, adjustments and other | – | 22 | 22 | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 18,172 | $ | 5,967 | $ | 24,139 | |||||||||||||||||||
Acquisitions (Note 2) | 204 | 291 | 495 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 18,376 | $ | 6,258 | $ | 24,634 | |||||||||||||||||||
The increase in Goodwill at Wireless at December 31, 2013 was primarily due to obtaining control of previously unconsolidated wireless partnerships, which were previously accounted for under the equity method and are now consolidated. This resulted in an immaterial gain recorded during the year ended December 31, 2013. The increase in Goodwill at Wireline at December 31, 2013 was primarily due to the acquisition of a provider of content delivery networks. | |||||||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||
The following table displays the composition of Other intangible assets, net: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
At December 31, | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Customer lists (5 to 13 years) | $ | 3,639 | $ | (2,660 | ) | $ | 979 | $ | 3,556 | $ | (2,338 | ) | $ | 1,218 | |||||||||||
Non-network internal-use software (3 to 7 years) | 11,770 | (7,317 | ) | 4,453 | 10,415 | (6,210 | ) | 4,205 | |||||||||||||||||
Other (2 to 25 years) | 691 | (323 | ) | 368 | 802 | (292 | ) | 510 | |||||||||||||||||
Total | $ | 16,100 | $ | (10,300 | ) | $ | 5,800 | $ | 14,773 | $ | (8,840 | ) | $ | 5,933 | |||||||||||
The amortization expense for Other intangible assets was as follows: | |||||||||||||||||||||||||
Years | (dollars in millions) | ||||||||||||||||||||||||
2013 | $ | 1,587 | |||||||||||||||||||||||
2012 | 1,540 | ||||||||||||||||||||||||
2011 | 1,505 | ||||||||||||||||||||||||
Estimated annual amortization expense for Other intangible assets is as follows: | |||||||||||||||||||||||||
Years | (dollars in millions) | ||||||||||||||||||||||||
2014 | $ | 1,486 | |||||||||||||||||||||||
2015 | 1,215 | ||||||||||||||||||||||||
2016 | 971 | ||||||||||||||||||||||||
2017 | 784 | ||||||||||||||||||||||||
2018 | 619 |
Plant_Property_and_Equipment
Plant, Property and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Plant, Property and Equipment | ' | ||||||||||
Note 4 | |||||||||||
Plant, Property and Equipment | |||||||||||
The following table displays the details of Plant, property and equipment, which is stated at cost: | |||||||||||
(dollars in millions) | |||||||||||
At December 31, | Lives (years) | 2013 | 2012 | ||||||||
Land | – | $ | 819 | $ | 859 | ||||||
Buildings and equipment | 15-45 | 23,857 | 22,909 | ||||||||
Central office and other network equipment | 15-Mar | 121,594 | 113,262 | ||||||||
Cable, poles and conduit | Nov-50 | 55,240 | 53,761 | ||||||||
Leasehold improvements | 20-May | 5,877 | 5,404 | ||||||||
Work in progress | – | 4,176 | 4,126 | ||||||||
Furniture, vehicles and other | 20-Mar | 9,302 | 9,254 | ||||||||
220,865 | 209,575 | ||||||||||
Less accumulated depreciation | 131,909 | 120,933 | |||||||||
Total | $ | 88,956 | $ | 88,642 | |||||||
Investments_in_Unconsolidated_
Investments in Unconsolidated Businesses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments in Unconsolidated Businesses | ' | ||||||||||||
Note 5 | |||||||||||||
Investments in Unconsolidated Businesses | |||||||||||||
Our investments in unconsolidated businesses are comprised of the following: | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | Ownership | 2013 | 2012 | ||||||||||
Equity Investees | |||||||||||||
Vodafone Omnitel | 23.1 | % | $ | 2,511 | $ | 2,200 | |||||||
Other | Various | 818 | 1,106 | ||||||||||
Total equity investees | 3,329 | 3,306 | |||||||||||
Cost Investees | Various | 103 | 95 | ||||||||||
Total investments in unconsolidated businesses | $ | 3,432 | $ | 3,401 | |||||||||
Dividends and repatriations of foreign earnings received from these investees were not significant in 2013, $0.4 billion in 2012 and $0.5 billion in 2011. See Note 12 regarding undistributed earnings of our foreign subsidiaries. | |||||||||||||
Equity Method Investments | |||||||||||||
Vodafone Omnitel | |||||||||||||
Vodafone Omnitel N.V. (Vodafone Omnitel) is one of the largest wireless communications companies in Italy. At December 31, 2013 and 2012, our investment in Vodafone Omnitel included goodwill of $1.1 billion and $1.0 billion, respectively. As part of the consideration of the Wireless Transaction, a subsidiary of Verizon sold its entire ownership interest in Vodafone Omnitel to a subsidiary of Vodafone on February 21, 2014. See Note 2 for additional information. | |||||||||||||
Other Equity Investees | |||||||||||||
The remaining investments include wireless partnerships in the U.S., limited partnership investments in entities that invest in affordable housing projects and other smaller domestic and international investments. | |||||||||||||
Summarized Financial Information | |||||||||||||
Summarized financial information for our equity investees is as follows: | |||||||||||||
Balance Sheet | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Current assets | $ | 3,983 | $ | 3,516 | |||||||||
Noncurrent assets | 7,748 | 8,159 | |||||||||||
Total assets | $ | 11,731 | $ | 11,675 | |||||||||
Current liabilities | $ | 4,692 | $ | 5,526 | |||||||||
Noncurrent liabilities | 5 | 5 | |||||||||||
Equity | 7,034 | 6,144 | |||||||||||
Total liabilities and equity | $ | 11,731 | $ | 11,675 | |||||||||
Income Statement | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Net revenue | $ | 8,984 | $ | 10,825 | $ | 12,668 | |||||||
Operating income | 1,632 | 2,823 | 4,021 | ||||||||||
Net income | 925 | 1,679 | 2,451 |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Noncontrolling Interests | ' | ||||||||
Note 6 | |||||||||
Noncontrolling Interests | |||||||||
Noncontrolling interests in equity of subsidiaries were as follows: | |||||||||
(dollars in millions) | |||||||||
At December 31, | 2013 | 2012 | |||||||
Verizon Wireless | $ | 55,465 | $ | 51,492 | |||||
Wireless partnerships and other | 1,115 | 884 | |||||||
$ | 56,580 | $ | 52,376 | ||||||
Wireless Joint Venture | |||||||||
Our Wireless segment is primarily comprised of Cellco Partnership doing business as Verizon Wireless (Verizon Wireless). Cellco Partnership is a joint venture formed in April 2000 by the combination of the U.S. wireless operations and interests of Verizon and Vodafone. As of December 31, 2013, Verizon owned a controlling 55% interest in Verizon Wireless and Vodafone owned the remaining 45%. On February 21, 2014, Verizon completed the Wireless Transaction and acquired 100% ownership of Verizon Wireless. See Note 2 for additional information. | |||||||||
Special Distributions | |||||||||
In May 2013, the Board of Representatives of Verizon Wireless declared a distribution to its owners, which was paid in the second quarter of 2013 in proportion to their partnership interests on the payment date, in the aggregate amount of $7.0 billion. As a result, Vodafone received a cash payment of $3.15 billion and the remainder of the distribution was received by Verizon. | |||||||||
In November 2012, the Board of Representatives of Verizon Wireless declared a distribution to its owners, which was paid in the fourth quarter of 2012 in proportion to their partnership interests on the payment date, in the aggregate amount of $8.5 billion. As a result, Vodafone received a cash payment of $3.8 billion and the remainder of the distribution was received by Verizon. | |||||||||
In July 2011, the Board of Representatives of Verizon Wireless declared a distribution to its owners, which was paid in the first quarter of 2012 in proportion to their partnership interests on the payment date, in the aggregate amount of $10 billion. As a result, Vodafone received a cash payment of $4.5 billion and the remainder of the distribution was received by Verizon. |
Leasing_Arrangements
Leasing Arrangements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Leasing Arrangements | ' | ||||||||||||||||||||||||
Note 7 | |||||||||||||||||||||||||
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 our leasing portfolio along with telecommunications equipment, commercial real estate property and other equipment. These leases have remaining terms of up to 37 years as of December 31, 2013. 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 is secured by 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 U.S. GAAP. All recourse debt is reflected in our consolidated balance sheets. | |||||||||||||||||||||||||
At each reporting period, we monitor the credit quality of the various lessees in our portfolios. Regarding the leveraged lease portfolio, external credit reports are used where available and where not available we use internally developed indicators. These indicators or internal credit risk grades factor historic loss experience, the value of the underlying collateral, delinquency trends, and industry and general economic conditions. The credit quality of our lessees varies from AAA to CCC+. For each reporting period the leveraged leases within the portfolio are reviewed for indicators of impairment where it is probable the rent due according to the contractual terms of the lease will not be collected. All significant accounts, individually or in the aggregate, are current and none are classified as impaired. | |||||||||||||||||||||||||
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 December 31, | 2013 | 2012 | |||||||||||||||||||||||
Leveraged | Direct | Total | Leveraged | Direct | Total | ||||||||||||||||||||
Leases | Finance | Leases | Finance | ||||||||||||||||||||||
Leases | Leases | ||||||||||||||||||||||||
Minimum lease payments receivable | $ | 1,069 | $ | 16 | $ | 1,085 | $ | 1,253 | $ | 58 | $ | 1,311 | |||||||||||||
Estimated residual value | 780 | 5 | 785 | 923 | 6 | 929 | |||||||||||||||||||
Unearned income | -589 | -4 | -593 | (654 | ) | -10 | -664 | ||||||||||||||||||
Total | $ | 1,260 | $ | 17 | $ | 1,277 | $ | 1,522 | $ | 54 | $ | 1,576 | |||||||||||||
Allowance for doubtful accounts | -90 | -99 | |||||||||||||||||||||||
Finance lease receivables, net | $ | 1,187 | $ | 1,477 | |||||||||||||||||||||
Prepaid expenses and other | $ | 5 | $ | 22 | |||||||||||||||||||||
Other assets | 1,182 | 1,455 | |||||||||||||||||||||||
$ | 1,187 | $ | 1,477 | ||||||||||||||||||||||
Accumulated deferred taxes arising from leveraged leases, which are included in Deferred income taxes, amounted to $1.0 billion at December 31, 2013 and $1.2 billion at December 31, 2012. | |||||||||||||||||||||||||
The following table is a summary of the components of income from leveraged leases: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Pre-tax income | $ | 34 | $ | 30 | $ | 61 | |||||||||||||||||||
Income tax expense | 12 | 12 | 24 | ||||||||||||||||||||||
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 and allowances for doubtful accounts, along with expected receipts relating to operating leases for the periods shown at December 31, 2013, are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Years | Capital | Operating | |||||||||||||||||||||||
Leases | Leases | ||||||||||||||||||||||||
2014 | $ | 34 | $ | 197 | |||||||||||||||||||||
2015 | 46 | 170 | |||||||||||||||||||||||
2016 | 114 | 142 | |||||||||||||||||||||||
2017 | 38 | 50 | |||||||||||||||||||||||
2018 | 56 | 23 | |||||||||||||||||||||||
Thereafter | 797 | 19 | |||||||||||||||||||||||
Total | $ | 1,085 | $ | 601 | |||||||||||||||||||||
As Lessee | |||||||||||||||||||||||||
We lease certain facilities and equipment for use in our operations under both capital and operating leases. Total rent expense under operating leases amounted to $2.6 billion in 2013 and $2.5 billion in 2012 and 2011, respectively. | |||||||||||||||||||||||||
Amortization of capital leases is included in Depreciation and amortization expense in the consolidated statements of income. Capital lease amounts included in Plant, property and equipment are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Capital leases | $ | 353 | $ | 358 | |||||||||||||||||||||
Less accumulated amortization | 188 | 158 | |||||||||||||||||||||||
Total | $ | 165 | $ | 200 | |||||||||||||||||||||
The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2013, are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Years | Capital Leases | Operating Leases | |||||||||||||||||||||||
2014 | $ | 110 | $ | 2,255 | |||||||||||||||||||||
2015 | 70 | 2,020 | |||||||||||||||||||||||
2016 | 54 | 1,703 | |||||||||||||||||||||||
2017 | 46 | 1,379 | |||||||||||||||||||||||
2018 | 20 | 1,085 | |||||||||||||||||||||||
Thereafter | 83 | 3,748 | |||||||||||||||||||||||
Total minimum rental commitments | 383 | $ | 12,190 | ||||||||||||||||||||||
Less interest and executory costs | 90 | ||||||||||||||||||||||||
Present value of minimum lease payments | 293 | ||||||||||||||||||||||||
Less current installments | 91 | ||||||||||||||||||||||||
Long-term obligation at December 31, 2013 | $ | 202 | |||||||||||||||||||||||
Debt
Debt | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Debt | ' | ||||||||||||||
Note 8 | |||||||||||||||
Debt | |||||||||||||||
Changes to debt during 2013 are as follows: | |||||||||||||||
(dollars in millions) | |||||||||||||||
Debt Maturing | Long-term | Total | |||||||||||||
within One Year | Debt | ||||||||||||||
Balance at January 1, 2013 | $ | 4,369 | $ | 47,618 | $ | 51,987 | |||||||||
Proceeds from long-term borrowings | – | 49,166 | 49,166 | ||||||||||||
Repayments of long-term borrowings and capital leases obligations | (3,943 | ) | (4,220 | ) | (8,163 | ) | |||||||||
Decrease in short-term obligations, excluding current maturities | (142 | ) | – | (142 | ) | ||||||||||
Reclassifications of long-term debt | 3,328 | (3,328 | ) | – | |||||||||||
Other | 321 | 422 | 743 | ||||||||||||
Balance at December 31, 2013 | $ | 3,933 | $ | 89,658 | $ | 93,591 | |||||||||
Debt maturing within one year is as follows: | |||||||||||||||
(dollars in millions) | |||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||
Long-term debt maturing within one year | $ | 3,486 | $ | 3,869 | |||||||||||
Commercial paper and other | 447 | 500 | |||||||||||||
Total debt maturing within one year | $ | 3,933 | $ | 4,369 | |||||||||||
The weighted-average interest rate for our commercial paper outstanding was 0.2% and 0.4% at December 31, 2013 and 2012, respectively. | |||||||||||||||
Credit Facilities | |||||||||||||||
On August 13, 2013, we amended our $6.2 billion credit facility with a group of major financial institutions to extend the maturity date to August 12, 2017. As of December 31, 2013, the unused borrowing capacity under this credit facility was approximately $6.1 billion. | |||||||||||||||
During October 2013, we entered into a $2.0 billion 364-day revolving credit agreement with a group of major financial institutions. Although effective as of October 2013, we could not draw on this revolving credit agreement prior to the completion of the Wireless Transaction. We may use borrowings under the 364-day credit agreement for general corporate purposes. The 364-day revolving credit agreement contains certain negative covenants, including a negative pledge covenant, a merger or similar transaction covenant and an accounting changes covenant, affirmative covenants and events of default that are customary for companies maintaining an investment grade credit rating. In addition, this agreement requires us to maintain a leverage ratio (as defined in the agreement) not in excess of 3.50:1.00, until our credit ratings reach a certain level. | |||||||||||||||
Long-Term Debt | |||||||||||||||
Outstanding long-term debt obligations are as follows: | |||||||||||||||
(dollars in millions) | |||||||||||||||
At December 31, | Interest Rates % | Maturities | 2013 | 2012 | |||||||||||
Verizon Communications—notes payable and other | 0.50 – 3.85 | 2014 – 2042 | $ | 20,416 | $ | 11,198 | |||||||||
4.50 – 5.50 | 2015 – 2041 | 20,226 | 7,062 | ||||||||||||
5.55 – 6.90 | 2016 – 2043 | 31,965 | 11,031 | ||||||||||||
7.35 – 8.95 | 2018 – 2039 | 5,023 | 5,017 | ||||||||||||
Floating | 2014 – 2018 | 5,500 | 1,000 | ||||||||||||
Verizon Wireless—notes payable and other | 8.50 – 8.88 | 2015 – 2018 | 3,931 | 8,635 | |||||||||||
Verizon Wireless—Alltel assumed notes | 6.80 – 7.88 | 2016 – 2032 | 1,300 | 1,500 | |||||||||||
Telephone subsidiaries—debentures | 5.13 – 6.86 | 2027 – 2033 | 1,075 | 2,045 | |||||||||||
7.38 – 7.88 | 2022 – 2032 | 1,099 | 1,349 | ||||||||||||
8.00 – 8.75 | 2019 – 2031 | 880 | 880 | ||||||||||||
Other subsidiaries—debentures and other | 6.84 – 8.75 | 2018 – 2028 | 1,700 | 1,700 | |||||||||||
Capital lease obligations (average rate of 8.1% and 6.3% in 2013 and 2012, respectively) | 293 | 298 | |||||||||||||
Unamortized discount, net of premium | (264 | ) | (228 | ) | |||||||||||
Total long-term debt, including current maturities | 93,144 | 51,487 | |||||||||||||
Less long-term debt maturing within one year | 3,486 | 3,869 | |||||||||||||
Total long-term debt | $ | 89,658 | $ | 47,618 | |||||||||||
2013 | |||||||||||||||
During March 2013, we issued $0.5 billion aggregate principal amount of floating rate Notes due 2015 in a private placement resulting in cash proceeds of approximately $0.5 billion, net of discounts and issuance costs. The proceeds were used for the repayment of commercial paper. | |||||||||||||||
During April 2013, $1.25 billion of 5.25% Verizon Communications Notes matured and were repaid. In addition, during June 2013, $0.5 billion of 4.375% Verizon Communications Notes matured and were repaid. | |||||||||||||||
During September 2013, in connection with the Wireless Transaction, we issued $49.0 billion aggregate principal amount of fixed and floating rate notes resulting in cash proceeds of approximately $48.7 billion, net of discounts and issuance costs. The issuances consisted of the following: $2.25 billion aggregate principal amount of floating rate Notes due 2016 that bear interest at a rate equal to three-month LIBOR plus 1.53% which rate will be reset quarterly, $1.75 billion aggregate principal amount of floating rate Notes due 2018 that bear interest at a rate equal to three-month LIBOR plus 1.75% which rate will be reset quarterly, $4.25 billion aggregate principal amount of 2.50% Notes due 2016, $4.75 billion aggregate principal amount of 3.65% Notes due 2018, $4.0 billion aggregate principal amount of 4.50% Notes due 2020, $11.0 billion aggregate principal amount of 5.15% Notes due 2023, $6.0 billion aggregate principal amount of 6.40% Notes due 2033 and $15.0 billion aggregate principal amount of 6.55% Notes due 2043 (collectively, the new notes). The proceeds of the new notes were used to finance, in part, the Wireless Transaction and to pay related fees and expenses. As a result of the issuance of the new notes, we incurred interest expense related to the Wireless Transaction of $0.7 billion during 2013. | |||||||||||||||
In addition, during 2013 we utilized $0.2 billion under fixed rate vendor financing facilities. | |||||||||||||||
During February 2014, we issued €1.75 billion aggregate principal amount of 2.375% Notes due 2022, €1.25 billion aggregate principal amount of 3.25% Notes due 2026 and £0.85 billion aggregate principal amount of 4.75% Notes due 2034. The issuance of these Notes resulted in cash proceeds of approximately $5.4 billion, net of discounts and issuance costs. The net proceeds were used, in part, to finance the Wireless Transaction. Any net proceeds not used to finance the Wireless Transaction will be used for general corporate purposes. Also, during February 2014, we issued $0.5 billion aggregate principal amount of 5.9% Retail Notes due 2054 resulting in cash proceeds of approximately $0.5 billion, net of discounts and issuance costs. The proceeds will be used for general corporate purposes. | |||||||||||||||
Verizon Notes | |||||||||||||||
During February 2014, in connection with the Wireless Transaction, we issued $5.0 billion aggregate principal amount of floating rate notes. The Verizon Notes were issued in two separate series, with $2.5 billion due February 21, 2022 and $2.5 billion due February 21, 2025. The Verizon Notes bear interest at a floating rate, which will be reset quarterly, with interest payable quarterly in arrears, beginning May 21, 2014 (see Note 2). The eight-year Verizon notes bear interest at a floating rate equal to three-month LIBOR, plus 1.222%, and the eleven-year Verizon notes bear interest at a floating rate equal to three-month LIBOR, plus 1.372%. | |||||||||||||||
Term Loan Agreement | |||||||||||||||
During October 2013, we entered into a term loan agreement with a group of major financial institutions pursuant to which we drew $6.6 billion to finance, in part, the Wireless Transaction and to pay transaction costs. Half of any loans under the term loan agreement have a maturity of three years and the other half have a maturity of five years (the 5-Year Loans). The 5-Year Loans provide for the partial amortization of principal during the last two years that they are outstanding. Loans under the term loan agreement bear interest at floating rates. The term loan agreement contains certain negative covenants, including a negative pledge covenant, a merger or similar transaction covenant and an accounting changes covenant, affirmative covenants and events of default that are customary for companies maintaining an investment grade credit rating. In addition, the term loan agreement requires us to maintain a leverage ratio (as defined in the term loan agreement) not in excess of 3.50:1.00, until our credit ratings reach a certain level. | |||||||||||||||
Bridge Credit Agreement | |||||||||||||||
During September 2013, we entered into a $61.0 billion bridge credit agreement with a group of major financial institutions. The credit agreement provided us with the ability to borrow up to $61.0 billion to finance, in part, the Wireless Transaction and to pay related transaction costs. Following the September 2013 issuance of notes, borrowing availability under the bridge credit agreement was reduced to $12.0 billion. Following the effectiveness of the term loan agreement in October 2013, the bridge credit agreement was terminated in accordance with its terms and as such, the related fees of $0.2 billion were recognized in Other income and (expense), net during the fourth quarter of 2013. | |||||||||||||||
2012 | |||||||||||||||
On November 2, 2012, we announced the commencement of a tender offer (the Tender Offer) to purchase for cash any and all of the outstanding $1.25 billion aggregate principal amount of 8.95% Verizon Communications Notes due 2039. In the Tender Offer that was completed November 9, 2012, $0.9 billion aggregate principal amount of the notes was purchased at a price of 186.5% of the principal amount of the notes (see “Early Debt Redemption and Other Costs”) and $0.35 billion principal amount of the notes remained outstanding. Any accrued and unpaid interest on the principal purchased was paid to the date of purchase. | |||||||||||||||
During November 2012, we issued $4.5 billion aggregate principal amount of fixed rate notes resulting in cash proceeds of approximately $4.47 billion, net of discounts and issuance costs. The issuances consisted of the following: $1.0 billion of 0.70% Notes due 2015, $0.5 billion of 1.10% Notes due 2017, $1.75 billion of 2.45% Notes due 2022 and $1.25 billion of 3.85% Notes due 2042. During December 2012, the net proceeds were used to redeem: $0.7 billion of the $2.0 billion of 8.75% Notes due November 2018 at a redemption price of 140.2% of the principal amount of the notes (see “Early Debt Redemption and Other Costs”), $0.75 billion of 4.35% Notes due February 2013 at a redemption price of 100.7% of the principal amount of the notes and certain telephone subsidiary debt (see “Telephone and Other Subsidiary Debt”), as well as for the Tender Offer and other general corporate purposes. Any accrued and unpaid interest was paid to the date of redemption. | |||||||||||||||
In addition, during 2012 we utilized $0.2 billion under fixed rate vendor financing facilities. | |||||||||||||||
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 December 7, 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 liable with Verizon Wireless Capital LLC for co-issued notes. | |||||||||||||||
2013 | |||||||||||||||
During November 2013, $1.25 billion of 7.375% Verizon Wireless Notes and $0.2 billion of 6.50% Verizon Wireless Notes matured and were repaid. Also during November 2013, Verizon Wireless redeemed $3.5 billion of 5.55% Notes, due February 1, 2014 at a redemption price of 101% of the principal amount of the notes. Any accrued and unpaid interest was paid to the date of redemption. | |||||||||||||||
2012 | |||||||||||||||
During February 2012, $0.8 billion of 5.25% Verizon Wireless Notes matured and were repaid. During July 2012, $0.8 billion of 7.0% Verizon Wireless Notes matured and were repaid. | |||||||||||||||
Telephone and Other Subsidiary Debt | |||||||||||||||
2013 | |||||||||||||||
During May 2013, $0.1 billion of 7.0% Verizon New York Inc. Debentures matured and were repaid. During June 2013, $0.1 billion of 7.0% Verizon New York Inc. Debentures matured and were repaid. In addition, during June 2013, we redeemed $0.25 billion of 7.15% Verizon Maryland LLC Debentures, due May 2023 at a redemption price of 100% of the principal amount of the debentures. During October 2013, $0.3 billion of 4.75% Verizon New England Inc. Debentures matured and were repaid. During November 2013, we redeemed $0.3 billion of 6.70% Verizon New York Inc. Debentures, due November 2023 at a redemption price of 100% of the principal amount of the debentures. During December 2013, we redeemed $0.2 billion of 7.0% Verizon New York Inc. Debentures, due December 2033 at a redemption price of 100% of the principal amount of the debentures and $20 million of 7.0% Verizon Delaware LLC Debentures, due December 2023 at a redemption price of 100% of the principal amount of the debentures. Any accrued and unpaid interest was paid to the date of redemption. | |||||||||||||||
2012 | |||||||||||||||
During January 2012, $1.0 billion of 5.875% Verizon New Jersey Inc. Debentures matured and were repaid. During December 2012, we redeemed the $1.0 billion of 4.625% Verizon Virginia LLC Debentures, Series A, due March 2013 at a redemption price of 101.1% of the principal amount of the debentures. Any accrued and unpaid interest was paid to the date of redemption. | |||||||||||||||
In addition, during 2012, various Telephone and Other Subsidiary Debentures totaling approximately $0.2 billion were repaid and any accrued and unpaid interest was paid to the date of payment. | |||||||||||||||
Early Debt Redemption and Other Costs | |||||||||||||||
During November 2012, we recorded debt redemption costs of $0.8 billion in connection with the purchase of $0.9 billion of the $1.25 billion of 8.95% Verizon Communications Notes due 2039 in a cash tender offer. | |||||||||||||||
During December 2012, we recorded debt redemption costs of $0.3 billion in connection with the early redemption of $0.7 billion of the $2.0 billion of 8.75% Verizon Communications Notes due 2018, $1.0 billion of 4.625% Verizon Virginia LLC Debentures, Series A, due March 2013 and $0.75 billion of 4.35% Verizon Communications Notes due February 2013, as well as $0.3 billion of other costs. | |||||||||||||||
Guarantees | |||||||||||||||
We guarantee the debentures and first mortgage bonds of our operating telephone company subsidiaries. As of December 31, 2013, $3.1 billion principal amount of these obligations remain outstanding. Each guarantee will remain in place for the life of the obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of Verizon. | |||||||||||||||
We also guarantee the debt obligations of GTE Corporation that were issued and outstanding prior to July 1, 2003. As of December 31, 2013, $1.7 billion principal amount of these obligations remain outstanding. | |||||||||||||||
Debt Covenants | |||||||||||||||
We and our consolidated subsidiaries are in compliance with all debt covenants. | |||||||||||||||
Maturities of Long-Term Debt | |||||||||||||||
Maturities of long-term debt outstanding at December 31, 2013 are as follows: | |||||||||||||||
Years | (dollars in millions) | ||||||||||||||
2014 | $ | 3,486 | |||||||||||||
2015 | 2,740 | ||||||||||||||
2016 | 10,818 | ||||||||||||||
2017 | 1,331 | ||||||||||||||
2018 | 14,970 | ||||||||||||||
Thereafter | 59,799 |
Fair_Value_Measurements_and_Fi
Fair Value Measurements and Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements and Financial Instruments | ' | ||||||||||||||||
Note 9 | |||||||||||||||||
Fair Value Measurements and Financial Instruments | |||||||||||||||||
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2013: | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
Level 1(1) | Level 2(2) | Level 3(3) | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Fixed income securities | $ | 9,190 | $ | – | $ | – | $ | 9,190 | |||||||||
Short-term investments: | |||||||||||||||||
Equity securities | 387 | – | – | 387 | |||||||||||||
Fixed income securities | 3 | 211 | – | 214 | |||||||||||||
Other assets: | |||||||||||||||||
Forward interest rate swaps | – | 76 | – | 76 | |||||||||||||
Fixed income securities | – | 875 | – | 875 | |||||||||||||
Cross currency swaps | – | 166 | – | 166 | |||||||||||||
Total | $ | 9,580 | $ | 1,328 | $ | – | $ | 10,908 | |||||||||
Liabilities: | |||||||||||||||||
Other liabilities: | |||||||||||||||||
Interest rate swaps | $ | – | $ | 23 | $ | – | $ | 23 | |||||||||
Total | $ | – | $ | 23 | $ | – | $ | 23 | |||||||||
(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) | no observable pricing inputs in the market | ||||||||||||||||
Equity securities consist of investments in common stock of domestic and international corporations measured using quoted prices in active markets. | |||||||||||||||||
Fixed income securities consist primarily of investments in U.S. Treasuries, as well as municipal bonds. We use quoted prices in active markets for our U.S. Treasury securities, and therefore these securities are classified as Level 1. For all other fixed income securities that do not have quoted prices in active markets, we use alternative matrix pricing resulting in these debt securities being 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. There were no transfers within the fair value hierarchy during 2013. | |||||||||||||||||
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 terms and maturities, which is a Level 1 measurement, as well as quoted prices for similar terms and maturities in inactive markets and future cash flows discounted at current rates, which are Level 2 measurements. The fair value of our short-term and long-term debt, excluding capital leases, was as follows: | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Short- and long-term debt, excluding capital leases | $ | 93,298 | $ | 103,527 | $ | 51,689 | $ | 61,552 | |||||||||
Derivative Instruments | |||||||||||||||||
Interest Rate Swaps | |||||||||||||||||
We have entered into domestic interest rate swaps to achieve a targeted mix of fixed and variable rate debt. We principally receive fixed rates and pay variable rates based on LIBOR, resulting in a net increase or decrease to Interest expense. 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 consolidated balance sheets as assets and liabilities. | |||||||||||||||||
During 2012, interest rate swaps with a notional value of $5.8 billion were settled. As a result of the settlements, we received net proceeds of $0.7 billion, including accrued interest which is included in Other, net operating activities in the consolidated statement of cash flows. The fair value basis adjustment to the underlying debt instruments was recognized into earnings as a reduction of Interest expense over the remaining lives of the underlying debt obligations. During the second quarter of 2013, interest rate swaps with a notional value of $1.25 billion matured and the impact to our consolidated financial statements was not material. During the third quarter of 2013, we entered into interest rate swaps with a total notional value of $1.8 billion. At December 31, 2013 and 2012, the fair value of these interest rate swaps was not material. At December 31, 2013, the total notional amount of these interest rate swaps was $1.8 billion. The ineffective portion of these interest rate swaps was not material at December 31, 2013. | |||||||||||||||||
Forward Interest Rate Swaps | |||||||||||||||||
In order to manage our exposure to future interest rate changes, during the fourth quarter of 2013, we entered into forward interest rate swaps with a notional value of $2.0 billion. We designated these contracts as cash flow hedges. The fair value of these contracts was not material at December 31, 2013. | |||||||||||||||||
Cross Currency Swaps | |||||||||||||||||
Verizon Wireless previously entered into cross currency swaps designated as cash flow hedges to exchange approximately $1.6 billion of British Pound Sterling and Euro-denominated debt into U.S. dollars and to fix our future interest and principal payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. A portion of the gains and losses recognized in Other comprehensive income was reclassified to Other income and (expense), net to offset the related pre-tax foreign currency transaction gain or loss on the underlying debt obligations. The fair value of the outstanding swaps was not material at December 31, 2013 or December 31, 2012. During 2013 and 2012 the gains with respect to these swaps were not material. | |||||||||||||||||
During February 2014, we entered into cross currency swaps designated as cash flow hedges to exchange approximately $5.4 billion of Euro and British Pound Sterling denominated debt into U.S. dollars and to fix our future interest and principal payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. | |||||||||||||||||
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, certain notes receivable, including lease receivables, and derivative contracts. Our policy is to deposit our temporary cash investments with major financial institutions. Counterparties to our derivative contracts are also major financial institutions with whom we have negotiated derivatives agreements (ISDA master agreement) and credit support annex agreements which provide rules for collateral exchange. We generally apply collateralized arrangements with our counterparties for uncleared derivatives to mitigate credit risk. We may enter into swaps on an uncollateralized basis in certain circumstances. While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect the settlement of these transactions to have a material effect on our results of operations or financial condition. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Note 10 | |||||||||||||
Stock-Based Compensation | |||||||||||||
Verizon Communications Long-Term Incentive Plan | |||||||||||||
The Verizon Communications Inc. Long-Term Incentive Plan (the Plan) 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 119.6 million shares. | |||||||||||||
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 equity awards because the RSUs will be paid in Verizon common stock upon vesting. The RSU equity awards are measured using the grant date fair value of Verizon common stock and are not remeasured at the end of each reporting period. 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. | |||||||||||||
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 performance goals have been achieved over the three-year performance cycle. 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 Verizon common 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 granted and cancelled activity for the PSU award includes adjustments for the performance goals achieved. | |||||||||||||
The following table summarizes Verizon’s Restricted Stock Unit and Performance Stock Unit activity: | |||||||||||||
(shares in thousands) | Restricted Stock | Performance Stock | |||||||||||
Units | Units | ||||||||||||
Outstanding January 1, 2011 | 20,923 | 32,380 | |||||||||||
Granted | 6,667 | 10,348 | |||||||||||
Payments | (7,600 | ) | (12,137 | ) | |||||||||
Cancelled/Forfeited | (154 | ) | (2,977 | ) | |||||||||
Outstanding December 31, 2011 | 19,836 | 27,614 | |||||||||||
Granted | 6,350 | 20,537 | |||||||||||
Payments | (7,369 | ) | (8,499 | ) | |||||||||
Cancelled/Forfeited | (148 | ) | (189 | ) | |||||||||
Outstanding December 31, 2012 | 18,669 | 39,463 | |||||||||||
Granted | 4,950 | 7,470 | |||||||||||
Payments | (7,246 | ) | (22,703 | ) | |||||||||
Cancelled/Forfeited | (180 | ) | (506 | ) | |||||||||
Outstanding December 31, 2013 | 16,193 | 23,724 | |||||||||||
As of December 31, 2013, unrecognized compensation expense related to the unvested portion of Verizon’s RSUs and PSUs was approximately $0.4 billion and is expected to be recognized over approximately two years. | |||||||||||||
The RSUs granted in 2013 and 2012 have weighted-average grant date fair values of $47.96 and $38.67 per unit, respectively. During 2013, 2012 and 2011, we paid $1.1 billion, $0.6 billion and $0.7 billion, respectively, to settle RSUs and PSUs classified as liability awards. | |||||||||||||
Verizon Wireless’ Long-Term Incentive Plan | |||||||||||||
The Verizon Wireless Long-Term Incentive Plan (the Wireless Plan) provides compensation opportunities to eligible employees of Verizon Wireless (the Partnership). Under the Wireless Plan, Value Appreciation Rights (VARs) were granted to eligible employees. As of December 31, 2013, all VARs were fully vested. We have not granted new VARs since 2004. | |||||||||||||
VARs reflect the change in the value of the Partnership, as defined in the Wireless Plan. Similar to stock options, the valuation is determined using a Black-Scholes model. Once VARs become vested, employees can exercise their VARs and receive a payment that is equal to the difference between the VAR price on the date of grant and the VAR price on the date of exercise, less applicable taxes. All outstanding VARs are fully exercisable and have a maximum term of 10 years. All VARs were granted at a price equal to the estimated fair value of the Partnership, as defined in the Wireless Plan, at the date of the grant. | |||||||||||||
The following table summarizes the assumptions used in the Black-Scholes model during 2013: | |||||||||||||
End of Period | |||||||||||||
Risk-free rate | 0.11% | ||||||||||||
Expected term (in years) | 0.12 | ||||||||||||
Expected volatility | 43.27% | ||||||||||||
The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the measurement date. Expected volatility was based on a blend of the historical and implied volatility of publicly traded peer companies for a period equal to the VARs expected life ending on the measurement date. | |||||||||||||
The following table summarizes the Value Appreciation Rights activity: | |||||||||||||
(shares in thousands) | VARs | Weighted- | |||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding rights, January 1, 2011 | 11,569 | $ | 13.11 | ||||||||||
Exercised | (3,303 | ) | 14.87 | ||||||||||
Cancelled/Forfeited | (52 | ) | 14.74 | ||||||||||
Outstanding rights, December 31, 2011 | 8,214 | 12.39 | |||||||||||
Exercised | (3,427 | ) | 10.3 | ||||||||||
Cancelled/Forfeited | (21 | ) | 11.1 | ||||||||||
Outstanding rights, December 31, 2012 | 4,766 | 13.89 | |||||||||||
Exercised | (1,916 | ) | 13.89 | ||||||||||
Cancelled/Forfeited | (3 | ) | 13.89 | ||||||||||
Outstanding rights, December 31, 2013 | 2,847 | 13.89 | |||||||||||
During 2013, 2012 and 2011, we paid $0.1 billion, respectively, to settle VARs classified as liability awards. | |||||||||||||
Stock-Based Compensation Expense | |||||||||||||
After-tax compensation expense for stock-based compensation related to RSUs, PSUs, and VARs described above included in Net income attributable to Verizon was $0.4 billion, $0.7 billion and $0.5 billion for 2013, 2012 and 2011, respectively. | |||||||||||||
Stock Options | |||||||||||||
The Plan provides for grants of stock options to participants at an option price per share of no less than 100% of the fair market value of Verizon common stock on the date of grant. Each grant has a 10-year life, vesting equally over a three-year period, starting at the date of the grant. We have not granted new stock options since 2004. | |||||||||||||
The following table summarizes Verizon’s stock option activity: | |||||||||||||
(shares in thousands) | Stock Options | Weighted- | |||||||||||
Average | |||||||||||||
Exercise | |||||||||||||
Price | |||||||||||||
Outstanding, January 1, 2011 | 56,844 | $ | 44.25 | ||||||||||
Exercised | (7,104 | ) | 35 | ||||||||||
Cancelled/Forfeited | (21,921 | ) | 51.06 | ||||||||||
Outstanding, December 31, 2011 | 27,819 | 41.24 | |||||||||||
Exercised | (7,447 | ) | 35.2 | ||||||||||
Cancelled/Forfeited | (17,054 | ) | 45.15 | ||||||||||
Outstanding, December 31, 2012 | 3,318 | 34.69 | |||||||||||
Exercised | (2,253 | ) | 34.85 | ||||||||||
Cancelled/Forfeited | (82 | ) | 34.49 | ||||||||||
Outstanding, December 31, 2013 | 983 | 34.35 | |||||||||||
All stock options outstanding at December 31, 2013, 2012 and 2011 were exercisable. | |||||||||||||
The following table summarizes information about Verizon’s stock options outstanding as of December 31, 2013: | |||||||||||||
Range of Exercise Prices | Stock Options | Weighted-Average | Weighted-Average | ||||||||||
(in thousands) | Remaining Life | Exercise Price | |||||||||||
(years) | |||||||||||||
$30.00-39.99 | 969 | 0.1 | $ | 34.18 | |||||||||
40.00-49.99 | 14 | 0.1 | 46.31 | ||||||||||
Total | 983 | 0.1 | 34.35 | ||||||||||
The total intrinsic value for stock options outstanding as of December 31, 2013 is not significant. The total intrinsic value of stock options exercised was not significant in 2013 and the associated tax benefits were not significant in 2013, 2012 and 2011. The amount of cash received from the exercise of stock options was $0.1 billion in 2013, $0.3 billion in 2012 and $0.2 billion in 2011. There was no stock option expense for 2013, 2012 and 2011. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Employee Benefits | ' | ||||||||||||||||||||||||
Note 11 | |||||||||||||||||||||||||
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 our share of the cost for certain recent and future retirees. In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include pension and benefit related credits and/or charges based on actuarial assumptions, including projected discount rates and an estimated return on plan assets. These estimates are updated in the fourth quarter to reflect actual return on plan assets and updated actuarial assumptions. The adjustment is recognized in the income statement during the fourth quarter or upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains/losses. | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in Benefit Obligations | |||||||||||||||||||||||||
Beginning of year | $ | 26,773 | $ | 30,582 | $ | 26,844 | $ | 27,369 | |||||||||||||||||
Service cost | 395 | 358 | 318 | 359 | |||||||||||||||||||||
Interest cost | 1,002 | 1,449 | 1,095 | 1,284 | |||||||||||||||||||||
Plan amendments | (149 | ) | 183 | (119 | ) | (1,826 | ) | ||||||||||||||||||
Actuarial (gain) loss, net | (2,327 | ) | 6,074 | (3,576 | ) | 1,402 | |||||||||||||||||||
Benefits paid | (1,777 | ) | (2,735 | ) | (1,520 | ) | (1,744 | ) | |||||||||||||||||
Curtailment and termination benefits | 4 | – | – | – | |||||||||||||||||||||
Annuity purchase | – | (8,352 | ) | – | – | ||||||||||||||||||||
Settlements paid | (889 | ) | (786 | ) | – | – | |||||||||||||||||||
End of year | $ | 23,032 | $ | 26,773 | $ | 23,042 | $ | 26,844 | |||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Beginning of year | $ | 18,282 | $ | 24,110 | $ | 2,657 | $ | 2,628 | |||||||||||||||||
Actual return on plan assets | 1,388 | 2,326 | 556 | 312 | |||||||||||||||||||||
Company contributions | 107 | 3,719 | 1,360 | 1,461 | |||||||||||||||||||||
Benefits paid | (1,777 | ) | (2,735 | ) | (1,520 | ) | (1,744 | ) | |||||||||||||||||
Settlements paid | (889 | ) | (786 | ) | – | – | |||||||||||||||||||
Annuity purchase | – | (8,352 | ) | – | – | ||||||||||||||||||||
End of year | $ | 17,111 | $ | 18,282 | $ | 3,053 | $ | 2,657 | |||||||||||||||||
Funded Status | |||||||||||||||||||||||||
End of year | $ | (5,921 | ) | $ | (8,491 | ) | $ | (19,989 | ) | $ | (24,187 | ) | |||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Amounts recognized on the balance sheet | |||||||||||||||||||||||||
Noncurrent assets | $ | 339 | $ | 236 | $ | – | $ | – | |||||||||||||||||
Current liabilities | (137 | ) | (129 | ) | (710 | ) | (766 | ) | |||||||||||||||||
Noncurrent liabilities | (6,123 | ) | (8,598 | ) | (19,279 | ) | (23,421 | ) | |||||||||||||||||
Total | $ | (5,921 | ) | $ | (8,491 | ) | $ | (19,989 | ) | $ | (24,187 | ) | |||||||||||||
Amounts recognized in Accumulated Other | |||||||||||||||||||||||||
Comprehensive Income (Pre-tax) | |||||||||||||||||||||||||
Prior Service Benefit (Cost) | $ | 25 | $ | 181 | $ | (2,120 | ) | $ | (2,247 | ) | |||||||||||||||
Total | $ | 25 | $ | 181 | $ | (2,120 | ) | $ | (2,247 | ) | |||||||||||||||
Beginning in 2013, as a result of federal health care reform, Verizon no longer files for the Retiree Drug Subsidy (RDS) and instead contracts with a Medicare Part D plan on a group basis to provide prescription drug benefits to Medicare eligible retirees. | |||||||||||||||||||||||||
During 2012, we reached agreements with the Communications Workers of America and the International Brotherhood of Electrical Workers on new, three-year contracts that cover approximately 43,000 Wireline employees. This resulted in the adoption of plan amendments which will result in lower other postretirement benefit costs in 2013 and beyond. | |||||||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $22.9 billion and $26.5 billion at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 22,610 | $ | 26,351 | |||||||||||||||||||||
Accumulated benefit obligation | 22,492 | 26,081 | |||||||||||||||||||||||
Fair value of plan assets | 16,350 | 17,623 | |||||||||||||||||||||||
Net Periodic Cost | |||||||||||||||||||||||||
The following table summarizes the benefit (income) cost related to our pension and postretirement health care and life insurance plans: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | 395 | $ | 358 | $ | 307 | $ | 318 | $ | 359 | $ | 299 | |||||||||||||
Amortization of prior service cost (credit) | 6 | (1 | ) | 72 | (247 | ) | (89 | ) | (57 | ) | |||||||||||||||
Subtotal | 401 | 357 | 379 | 71 | 270 | 242 | |||||||||||||||||||
Expected return on plan assets | (1,245 | ) | (1,795 | ) | (1,976 | ) | (143 | ) | (171 | ) | (163 | ) | |||||||||||||
Interest cost | 1,002 | 1,449 | 1,590 | 1,095 | 1,284 | 1,421 | |||||||||||||||||||
Subtotal | 158 | 11 | (7 | ) | 1,023 | 1,383 | 1,500 | ||||||||||||||||||
Remeasurement (gain) loss, net | (2,470 | ) | 5,542 | 4,146 | (3,989 | ) | 1,262 | 1,787 | |||||||||||||||||
Net periodic benefit (income) cost | (2,312 | ) | 5,553 | 4,139 | (2,966 | ) | 2,645 | 3,287 | |||||||||||||||||
Curtailment and termination benefits | 4 | – | – | – | – | – | |||||||||||||||||||
Total | $ | (2,308 | ) | $ | 5,553 | $ | 4,139 | $ | (2,966 | ) | $ | 2,645 | $ | 3,287 | |||||||||||
Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive (income) loss are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Prior service cost | $ | (149 | ) | $ | 183 | $ | (119 | ) | $ | (1,826 | ) | ||||||||||||||
Reversal of amortization items | |||||||||||||||||||||||||
Prior service cost | (6 | ) | 1 | 247 | 89 | ||||||||||||||||||||
Total recognized in other comprehensive (income) loss (pre-tax) | $ | (155 | ) | $ | 184 | $ | 128 | $ | -1,737 | ||||||||||||||||
The estimated prior service cost for the defined benefit pension plan that will be amortized from Accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year is not significant. The estimated prior service cost for the defined benefit postretirement plans that will be amortized from Accumulated other comprehensive income into net periodic benefit (income) cost over the next fiscal year is $0.3 billion. | |||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
The weighted-average assumptions used in determining benefit obligations follow: | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 4.2 | % | |||||||||||||||||
Rate of compensation increases | 3 | 3 | N/A | N/A | |||||||||||||||||||||
The weighted-average assumptions used in determining net periodic cost follow: | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 5.75 | % | 4.2 | % | 5 | % | 5.75 | % | |||||||||||||
Expected return on plan assets | 7.5 | 7.5 | 8 | 5.6 | 7 | 6 | |||||||||||||||||||
Rate of compensation increases | 3 | 3 | 3 | N/A | N/A | N/A | |||||||||||||||||||
In order to project the long-term target investment return for the total portfolio, estimates are prepared for the total return of each major asset class over the subsequent 10-year period. Those estimates are based on a combination of factors including the current market interest rates and valuation levels, consensus earnings expectations and historical long-term risk premiums. To determine the aggregate return for the pension trust, the projected return of each individual asset class is then weighted according to the allocation to that investment area in the trust’s long-term asset allocation policy. | |||||||||||||||||||||||||
The assumed health care cost trend rates follow: | |||||||||||||||||||||||||
Health Care and Life | |||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Healthcare cost trend rate assumed for next year | 6.5 | % | 7 | % | 7.5 | % | |||||||||||||||||||
Rate to which cost trend rate gradually declines | 4.75 | 5 | 5 | ||||||||||||||||||||||
Year the rate reaches the level it is assumed to remain thereafter | 2020 | 2016 | 2016 | ||||||||||||||||||||||
A one-percentage point change in the assumed health care cost trend rate would have the following effects: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
One-Percentage Point | Increase | Decrease | |||||||||||||||||||||||
Effect on 2013 service and interest cost | $ | 184 | $ | (150 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation as of December 31, 2013 | 2,539 | (2,086 | ) | ||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
Historically, our portfolio strategy emphasized a long-term equity orientation, significant global diversification, and the use of both public and private investments. In an effort to reduce the risk of our portfolio strategy and better align assets with liabilities, we have shifted our strategy to one that is more liability driven, where cash flows from investments better match projected benefit payments but result in lower asset returns. We intend to reduce the likelihood that assets will decline at a time when liabilities increase (referred to as liability hedging), with the goal to reduce the risk of underfunding to the plan and its participants and beneficiaries. Both active and passive management approaches are used depending on perceived market efficiencies and various other factors. Our diversification and risk control processes serve to minimize the concentration of risk. | |||||||||||||||||||||||||
While target allocation percentages will vary over time, the company’s overall investment strategy is to achieve a mix of assets, which allows us to meet projected benefits payments while taking into consideration risk and return. The current target allocation for plan assets is designed so that 70% of the assets have the objective of achieving a return in excess of the growth in liabilities (comprised of public equities, private equities, real estate, hedge funds and emerging debt) and 30% of the assets are invested as liability hedging assets (typically longer duration fixed income). This allocation will shift as funded status improves to a higher allocation to liability hedging assets. Target policies will be revisited periodically to ensure they are in line with fund objectives. Due to our diversification and risks control processes, there are no significant concentrations of risk, in terms of sector, industry, geography or company names. | |||||||||||||||||||||||||
Pension and healthcare and life plans assets do not include significant amounts of Verizon common stock. | |||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||
The fair values for the pension plans by asset category at December 31, 2013 are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 968 | $ | 881 | $ | 87 | $ | – | |||||||||||||||||
Equity securities | 4,200 | 3,300 | 900 | – | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||
U.S. Treasuries and agencies | 1,097 | 691 | 406 | – | |||||||||||||||||||||
Corporate bonds | 2,953 | 212 | 2,579 | 162 | |||||||||||||||||||||
International bonds | 364 | 51 | 313 | – | |||||||||||||||||||||
Other | 3 | – | 3 | – | |||||||||||||||||||||
Real estate | 1,784 | – | – | 1,784 | |||||||||||||||||||||
Other | |||||||||||||||||||||||||
Private equity | 3,942 | – | – | 3,942 | |||||||||||||||||||||
Hedge funds | 1,800 | – | 604 | 1,196 | |||||||||||||||||||||
Total | $ | 17,111 | $ | 5,135 | $ | 4,892 | $ | 7,084 | |||||||||||||||||
The fair values for the pension plans by asset category at December 31, 2012 are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,618 | $ | 1,586 | $ | 32 | $ | – | |||||||||||||||||
Equity securities | 2,944 | 2,469 | 475 | – | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||
U.S. Treasuries and agencies | 1,589 | 1,125 | 464 | – | |||||||||||||||||||||
Corporate bonds | 2,456 | 35 | 2,225 | 196 | |||||||||||||||||||||
International bonds | 601 | 140 | 461 | – | |||||||||||||||||||||
Other | 210 | – | 210 | – | |||||||||||||||||||||
Real estate | 2,018 | – | – | 2,018 | |||||||||||||||||||||
Other | |||||||||||||||||||||||||
Private equity | 5,039 | – | – | 5,039 | |||||||||||||||||||||
Hedge funds | 1,807 | – | 1,249 | 558 | |||||||||||||||||||||
Total | $ | 18,282 | $ | 5,355 | $ | 5,116 | $ | 7,811 | |||||||||||||||||
The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Corporate | Real | Private | Hedge | Total | |||||||||||||||||||||
Bonds | Estate | Equity | Funds | ||||||||||||||||||||||
Balance at January 1, 2012 | $ | 189 | $ | 2,158 | $ | 6,055 | $ | 662 | $ | 9,064 | |||||||||||||||
Actual gain on plan assets | 12 | 84 | 146 | 43 | 285 | ||||||||||||||||||||
Purchases and sales | (14 | ) | (224 | ) | (1,162 | ) | (147 | ) | (1,547 | ) | |||||||||||||||
Transfers in | 9 | – | – | – | 9 | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 196 | $ | 2,018 | $ | 5,039 | $ | 558 | $ | 7,811 | |||||||||||||||
Actual gain on plan assets | 12 | 81 | 674 | 84 | 851 | ||||||||||||||||||||
Purchases and sales | (13 | ) | (315 | ) | (1,732 | ) | (124 | ) | (2,184 | ) | |||||||||||||||
Transfers in (out) | (33 | ) | – | (39 | ) | 678 | 606 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 162 | $ | 1,784 | $ | 3,942 | $ | 1,196 | $ | 7,084 | |||||||||||||||
Health Care and Life Plans | |||||||||||||||||||||||||
The fair values for the other postretirement benefit plans by asset category at December 31, 2013 are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 237 | $ | 12 | $ | 225 | $ | – | |||||||||||||||||
Equity securities | 2,178 | 1,324 | 854 | – | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||
U.S. Treasuries and agencies | 121 | 94 | 27 | – | |||||||||||||||||||||
Corporate bonds | 252 | 45 | 207 | – | |||||||||||||||||||||
International bonds | 104 | 18 | 86 | – | |||||||||||||||||||||
Other | 161 | 40 | 121 | – | |||||||||||||||||||||
Total | $ | 3,053 | $ | 1,533 | $ | 1,520 | $ | – | |||||||||||||||||
The fair values for the other postretirement benefit plans by asset category at December 31, 2012 are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 291 | $ | 13 | $ | 278 | $ | – | |||||||||||||||||
Equity securities | 1,753 | 1,004 | 749 | – | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||
U.S. Treasuries and agencies | 118 | 80 | 38 | – | |||||||||||||||||||||
Corporate bonds | 192 | 11 | 181 | – | |||||||||||||||||||||
International bonds | 189 | 72 | 117 | – | |||||||||||||||||||||
Other | 114 | – | 114 | – | |||||||||||||||||||||
Total | $ | 2,657 | $ | 1,180 | $ | 1,477 | $ | – | |||||||||||||||||
The following are general descriptions of asset categories, as well as the valuation methodologies and inputs used to determine the fair value of each major category of assets. | |||||||||||||||||||||||||
Cash and cash equivalents include short-term investment funds, primarily in diversified portfolios of investment grade money market instruments and are valued using quoted market prices or other valuation methods, and thus are classified within Level 1 or Level 2. | |||||||||||||||||||||||||
Equity securities are investments in common stock of domestic and international corporations in a variety of industry sectors, and are valued primarily using quoted market prices or other valuation methods, and thus are classified within Level 1 or Level 2. | |||||||||||||||||||||||||
Fixed income securities include U.S. Treasuries and agencies, debt obligations of foreign governments and domestic and foreign corporations. Fixed income also includes investments in collateralized mortgage obligations, mortgage backed securities and interest rate swaps. The fair value of fixed income securities is based on observable prices for identical or comparable assets, adjusted using benchmark curves, sector grouping, matrix pricing, broker/dealer quotes and issuer spreads, and thus is classified within Level 1 or Level 2. | |||||||||||||||||||||||||
Real estate investments include those in limited partnerships that invest in various commercial and residential real estate projects both domestically and internationally. The fair values of real estate assets are typically determined by using income and/or cost approaches or a comparable sales approach, taking into consideration discount and capitalization rates, financial conditions, local market conditions and the status of the capital markets, and thus are classified within Level 3. | |||||||||||||||||||||||||
Private equity investments include those in limited partnerships that invest in operating companies that are not publicly traded on a stock exchange. Investment strategies in private equity include leveraged buyouts, venture capital, distressed investments and investments in natural resources. These investments are valued using inputs such as trading multiples of comparable public securities, merger and acquisition activity and pricing data from the most recent equity financing taking into consideration illiquidity, and thus are classified within Level 3. | |||||||||||||||||||||||||
Hedge fund investments include those seeking to maximize absolute returns using a broad range of strategies to enhance returns and provide additional diversification. The fair values of hedge funds are estimated using net asset value per share (NAV) of the investments. Verizon has the ability to redeem these investments at NAV within the near term and thus are classified within Level 2. Investments that cannot be redeemed in the near term are classified within Level 3. | |||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||
In 2013, contributions to our qualified pension plans were not material. Also in 2013, we contributed $0.1 billion to our nonqualified pension plans and $1.4 billion to our other postretirement benefit plans. We anticipate approximately $1.2 billion in contributions to our qualified pension plans, $0.2 billion to our nonqualified pension plans and $1.4 billion to our other postretirement benefit plans in 2014. | |||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
The benefit payments to retirees are expected to be paid as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Year | Pension Benefits | Health Care and Life | |||||||||||||||||||||||
2014 | $ | 2,980 | $ | 1,582 | |||||||||||||||||||||
2015 | 2,280 | 1,574 | |||||||||||||||||||||||
2016 | 1,742 | 1,538 | |||||||||||||||||||||||
2017 | 1,666 | 1,506 | |||||||||||||||||||||||
2018 | 1,377 | 1,474 | |||||||||||||||||||||||
2019-2023 | 6,712 | 6,846 | |||||||||||||||||||||||
Savings Plan and Employee Stock Ownership Plans | |||||||||||||||||||||||||
We maintain four leveraged employee stock ownership plans (ESOP). Only one plan currently has unallocated shares. We match a certain percentage of eligible employee contributions to the savings plans with shares of our common stock from this ESOP. At December 31, 2013, the number of unallocated and allocated shares of common stock in this ESOP was 163 thousand and 62 million, respectively. All leveraged ESOP shares are included in earnings per share computations. | |||||||||||||||||||||||||
Total savings plan costs were $1.0 billion in 2013 and $0.7 billion in 2012 and 2011, respectively. | |||||||||||||||||||||||||
Pension Annuitization | |||||||||||||||||||||||||
On October 17, 2012, we, along with our subsidiary Verizon Investment Management Corp., and Fiduciary Counselors Inc., as independent fiduciary of the Verizon Management Pension Plan (the Plan), entered into a definitive purchase agreement with The Prudential Insurance Company of America (Prudential) and Prudential Financial, Inc., pursuant to which the Plan would purchase a single premium group annuity contract from Prudential. | |||||||||||||||||||||||||
On December 10, 2012, upon issuance of the group annuity contract by Prudential, Prudential irrevocably assumed the obligation to make future annuity payments to approximately 41,000 Verizon management retirees who began receiving pension payments from the Plan prior to January 1, 2010. The amount of each retiree’s annuity payment equals the amount of such individual’s pension benefit. In addition, the group annuity contract is intended to replicate the same rights to future payments, such as survivor benefits, that are currently offered by the Plan. | |||||||||||||||||||||||||
We contributed approximately $2.6 billion to the Plan between September 1, 2012 and December 31, 2012 in connection with the transaction so that the Plan’s funding percentage would not decrease as a result of the transaction. | |||||||||||||||||||||||||
Severance Benefits | |||||||||||||||||||||||||
The following table provides an analysis of our actuarially determined severance liability recorded in accordance with the accounting standard regarding employers’ accounting for postemployment benefits: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Year | Beginning of Year | Charged to | Payments | Other | End of Year | ||||||||||||||||||||
Expense | |||||||||||||||||||||||||
2011 | $ | 1,569 | $ | 32 | $ | (474 | ) | $ | (14 | ) | $ | 1,113 | |||||||||||||
2012 | 1,113 | 396 | (531 | ) | 32 | 1,010 | |||||||||||||||||||
2013 | 1,010 | 134 | (381 | ) | (6 | ) | 757 | ||||||||||||||||||
Severance, Pension and Benefit (Credits) Charges | |||||||||||||||||||||||||
During 2013, we recorded net pre-tax severance, pension and benefits credits of approximately $6.2 billion primarily for our pension and postretirement plans in accordance with our accounting policy to recognize actuarial gains and losses in the year in which they occur. The credits were primarily driven by an increase in our discount rate assumption used to determine the current year liabilities from a weighted-average of 4.2% at December 31, 2012 to a weighted-average of 5.0% at December 31, 2013 ($4.3 billion), lower than assumed retiree medical costs and other assumption adjustments ($1.4 billion) and the difference between our estimated return on assets of 7.5% at December 31, 2012 and our actual return on assets of 8.6% at December 31, 2013 ($0.5 billion). | |||||||||||||||||||||||||
During 2012, we recorded net pre-tax severance, pension and benefits charges of approximately $7.2 billion primarily for our pension and postretirement plans in accordance with our accounting policy to recognize actuarial gains and losses in the year in which they occur. The charges were primarily driven by a decrease in our discount rate assumption used to determine the current year liabilities from a weighted-average of 5% at December 31, 2011 to a weighted-average of 4.2% at December 31, 2012 ($5.3 billion) and revisions to the retirement assumptions for participants and other assumption adjustments, partially offset by the difference between our estimated return on assets of 7.5% and our actual return on assets of 10% ($0.7 billion). As part of this charge, we also recorded $1.0 billion related to the annuitization of pension liabilities, as described above, as well as severance charges of $0.4 billion primarily for approximately 4,000 management employees. | |||||||||||||||||||||||||
During 2011, we recorded net pre-tax severance, pension and benefits charges of approximately $6.0 billion for our pension and postretirement plans in accordance with our accounting policy to recognize actuarial gains and losses in the year in which they occur. The charges were primarily driven by a decrease in our discount rate assumption used to determine the current year liabilities from 5.75% at December 31, 2010 to 5% at December 31, 2011 ($5.0 billion); the difference between our estimated return on assets of 8% and our actual return on assets of 5% ($0.9 billion); and revisions to the life expectancy of participants and other adjustments to assumptions. |
Taxes
Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Taxes | ' | ||||||||||||
Note 12 | |||||||||||||
Taxes | |||||||||||||
The components of income before (provision) benefit for income taxes are as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 28,833 | $ | 9,316 | $ | 9,724 | |||||||
Foreign | 444 | 581 | 759 | ||||||||||
Total | $ | 29,277 | $ | 9,897 | $ | 10,483 | |||||||
The components of the provision (benefit) for income taxes are as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | (197 | ) | $ | 223 | $ | 193 | ||||||
Foreign | (59 | ) | (45 | ) | 25 | ||||||||
State and Local | 201 | 114 | 290 | ||||||||||
Total | (55 | ) | 292 | 508 | |||||||||
Deferred | |||||||||||||
Federal | 5,060 | (559 | ) | 270 | |||||||||
Foreign | 8 | 10 | (38 | ) | |||||||||
State and Local | 717 | (403 | ) | (455 | ) | ||||||||
Total | 5,785 | (952 | ) | (223 | ) | ||||||||
Total income tax provision (benefit) | $ | 5,730 | $ | (660 | ) | $ | 285 | ||||||
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 December 31, | 2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income tax rate, net of federal tax benefits | 2.1 | (1.9 | ) | (1.0 | ) | ||||||||
Affordable housing credit | (0.6 | ) | (1.9 | ) | (1.8 | ) | |||||||
Employee benefits including ESOP dividend | (0.4 | ) | (1.1 | ) | (1.4 | ) | |||||||
Equity in earnings from unconsolidated businesses | (0.3 | ) | (1.4 | ) | (1.9 | ) | |||||||
Noncontrolling interests | (14.3 | ) | (33.7 | ) | (23.0 | ) | |||||||
Other, net | (1.9 | ) | (1.7 | ) | (3.2 | ) | |||||||
Effective income tax rate | 19.6 | % | (6.7 | )% | 2.7 | % | |||||||
The effective income tax rate for 2013 was 19.6% compared to (6.7)% for 2012. The increase in the effective income tax rate and provision for income taxes was primarily due to higher income before income taxes as a result of severance, pension and benefit credits recorded during 2013 compared to lower income before income taxes as a result of severance, pension and benefit charges as well as early debt redemption costs recorded during 2012. | |||||||||||||
The effective income tax rate for 2012 was (6.7)% compared to 2.7% for 2011. The negative effective income tax rate for 2012 and the decrease in the provision for income taxes during 2012 compared to 2011 was primarily due to lower income before income taxes as a result of higher severance, pension and benefit charges as well as early debt redemption costs recorded during 2012. | |||||||||||||
The amounts of cash taxes paid are as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Income taxes, net of amounts refunded | $ | 422 | $ | 351 | $ | 762 | |||||||
Employment taxes | 1,282 | 1,308 | 1,328 | ||||||||||
Property and other taxes | 2,082 | 1,727 | 1,883 | ||||||||||
Total | $ | 3,786 | $ | 3,386 | $ | 3,973 | |||||||
Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Employee benefits | $ | 10,242 | $ | 13,644 | |||||||||
Tax loss and credit carry forwards | 2,747 | 4,819 | |||||||||||
Uncollectible accounts receivable | 213 | 206 | |||||||||||
Other - assets | 959 | 1,050 | |||||||||||
14,161 | 19,719 | ||||||||||||
Valuation allowances | (1,596 | ) | (2,041 | ) | |||||||||
Deferred tax assets | 12,565 | 17,678 | |||||||||||
Former MCI intercompany accounts receivable basis difference | 1,121 | 1,275 | |||||||||||
Depreciation | 14,030 | 13,953 | |||||||||||
Leasing activity | 997 | 1,208 | |||||||||||
Wireless joint venture including wireless licenses | 23,032 | 22,171 | |||||||||||
Other - liabilities | 1,470 | 1,320 | |||||||||||
Deferred tax liabilities | 40,650 | 39,927 | |||||||||||
Net deferred tax liability | $ | 28,085 | $ | 22,249 | |||||||||
At December 31, 2013, undistributed earnings of our foreign subsidiaries indefinitely invested outside the U.S. amounted to approximately $2.1 billion. The majority of Verizon’s cash flow is generated from domestic operations and we are not dependent on foreign cash or earnings to meet our funding requirements, nor do we intend to repatriate these undistributed foreign earnings to fund U.S. operations. Furthermore, a portion of these undistributed earnings represent amounts that legally must be kept in reserve in accordance with certain foreign jurisdictional requirements and are unavailable for distribution or repatriation. As a result, we have not provided U.S. deferred taxes on these undistributed earnings because we intend that they will remain indefinitely reinvested outside of the U.S. and therefore unavailable for use in funding U.S. operations. Determination of the amount of unrecognized deferred taxes related to these undistributed earnings is not practicable. | |||||||||||||
At December 31, 2013, we had net after-tax loss and credit carry forwards for income tax purposes of approximately $2.7 billion. Of these net after-tax loss and credit carry forwards, approximately $2.1 billion will expire between 2014 and 2033 and approximately $0.6 billion may be carried forward indefinitely. The amount of net after-tax loss and credit carry forwards reflected as a deferred tax asset above has been reduced by approximately $0.1 billion at December 31, 2012 due to federal and state tax law limitations on utilization of net operating losses. | |||||||||||||
During 2013, the valuation allowance decreased approximately $0.4 billion. The balance of the valuation allowance at December 31, 2013 and the 2013 activity is primarily related to state and foreign tax losses and credit carry forwards. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1, | $ | 2,943 | $ | 3,078 | $ | 3,242 | |||||||
Additions based on tax positions related to the current year | 116 | 131 | 111 | ||||||||||
Additions for tax positions of prior years | 250 | 92 | 456 | ||||||||||
Reductions for tax positions of prior years | (801 | ) | (415 | ) | (644 | ) | |||||||
Settlements | (210 | ) | 100 | (56 | ) | ||||||||
Lapses of statutes of limitations | (168 | ) | (43 | ) | (31 | ) | |||||||
Balance at December 31, | $ | 2,130 | $ | 2,943 | $ | 3,078 | |||||||
Included in the total unrecognized tax benefits at December 31, 2013, 2012 and 2011 is $1.4 billion, $2.1 billion and $2.2 billion, respectively, that if recognized, would favorably affect the effective income tax rate. | |||||||||||||
We recognized the following net after-tax benefits related to interest and penalties in the provision for income taxes: | |||||||||||||
Years Ended December 31, | (dollars in millions) | ||||||||||||
2013 | $ | 33 | |||||||||||
2012 | 82 | ||||||||||||
2011 | 60 | ||||||||||||
The after-tax accruals for the payment of interest and penalties in the consolidated balance sheets are as follows: | |||||||||||||
At December 31, | (dollars in millions) | ||||||||||||
2013 | $ | 274 | |||||||||||
2012 | 386 | ||||||||||||
The decrease in unrecognized tax benefits was primarily due to the resolution of issues with the Internal Revenue Services (IRS) involving tax years 2004 through 2006, as well as the resolution of tax controversies in Canada and Italy. | |||||||||||||
Verizon and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. As a large taxpayer, we are under audit by the IRS and multiple state and foreign jurisdictions for various open tax years. The IRS is currently examining the Company’s U.S. income tax returns for tax years 2007-2009 and Cellco Partnership’s U.S. income tax returns for tax years 2010-2011. Significant tax examinations and litigation are ongoing in New York City for tax years as early as 2000. The amount of the liability for unrecognized tax benefits will change in the next twelve months due to the expiration of the statute of limitations in various jurisdictions and it is reasonably possible that various current tax examinations will conclude or require reevaluations of the Company’s tax positions during this period. An estimate of the range of the possible change cannot be made until these tax matters are further developed or resolved. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Information | ' | ||||||||||||
Note 13 | |||||||||||||
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 maker’s assessment of segment performance. | |||||||||||||
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, pension and other employee benefit related costs, lease financing, as well as other adjustments and gains and losses that are not allocated in assessing segment performance due to their 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 as these items are included in the chief operating decision maker’s assessment of segment performance. | |||||||||||||
The reconciliation of segment operating revenues and expenses to consolidated operating revenues and expenses below also includes 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 or non-operational nature. | |||||||||||||
We have adjusted prior period consolidated and segment information, where applicable, to conform to current year presentation. | |||||||||||||
Our segments and their principal activities consist of the following: | |||||||||||||
Segment | Description | ||||||||||||
Wireless | Wireless’ communications products and services include wireless voice and data services and equipment sales, which are provided to consumer, business and government customers across the United States. | ||||||||||||
Wireline | Wireline’s voice, data and video communications products and enhanced services include broadband video and data, corporate networking solutions, data center and cloud services, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the United States, as well as to carriers, businesses and government customers both in the United States and in over 150 other countries around the world. | ||||||||||||
The following table provides operating financial information for our two reportable segments: | |||||||||||||
(dollars in millions) | |||||||||||||
2013 | Wireless | Wireline | Total Segments | ||||||||||
External Operating Revenues | |||||||||||||
Retail service | $ | 66,282 | $ | – | $ | 66,282 | |||||||
Other service | 2,691 | – | 2,691 | ||||||||||
Service revenue | 68,973 | – | 68,973 | ||||||||||
Equipment | 8,096 | – | 8,096 | ||||||||||
Other | 3,851 | – | 3,851 | ||||||||||
Consumer retail | – | 14,737 | 14,737 | ||||||||||
Small business | – | 2,587 | 2,587 | ||||||||||
Mass Markets | – | 17,324 | 17,324 | ||||||||||
Strategic services | – | 8,410 | 8,410 | ||||||||||
Core | – | 6,267 | 6,267 | ||||||||||
Global Enterprise | – | 14,677 | 14,677 | ||||||||||
Global Wholesale | – | 5,703 | 5,703 | ||||||||||
Other | – | 456 | 456 | ||||||||||
Intersegment revenues | 103 | 1,063 | 1,166 | ||||||||||
Total operating revenues | 81,023 | 39,223 | 120,246 | ||||||||||
Cost of services and sales | 23,648 | 21,928 | 45,576 | ||||||||||
Selling, general and administrative expense | 23,176 | 8,595 | 31,771 | ||||||||||
Depreciation and amortization expense | 8,202 | 8,327 | 16,529 | ||||||||||
Total operating expenses | 55,026 | 38,850 | 93,876 | ||||||||||
Operating income | $ | 25,997 | $ | 373 | $ | 26,370 | |||||||
Assets | $ | 146,429 | $ | 84,573 | $ | 231,002 | |||||||
Plant, property and equipment, net | 35,932 | 51,885 | 87,817 | ||||||||||
Capital expenditures | 9,425 | 6,229 | 15,654 | ||||||||||
(dollars in millions) | |||||||||||||
2012 | Wireless | Wireline | Total Segments | ||||||||||
External Operating Revenues | |||||||||||||
Retail service | $ | 61,383 | $ | – | $ | 61,383 | |||||||
Other service | 2,290 | – | 2,290 | ||||||||||
Service revenue | 63,673 | – | 63,673 | ||||||||||
Equipment | 8,010 | – | 8,010 | ||||||||||
Other | 4,096 | – | 4,096 | ||||||||||
Consumer retail | – | 14,043 | 14,043 | ||||||||||
Small business | – | 2,648 | 2,648 | ||||||||||
Mass Markets | – | 16,691 | 16,691 | ||||||||||
Strategic services | – | 8,052 | 8,052 | ||||||||||
Core | – | 7,240 | 7,240 | ||||||||||
Global Enterprise | – | 15,292 | 15,292 | ||||||||||
Global Wholesale | – | 6,177 | 6,177 | ||||||||||
Other | – | 508 | 508 | ||||||||||
Intersegment revenues | 89 | 1,112 | 1,201 | ||||||||||
Total operating revenues | 75,868 | 39,780 | 115,648 | ||||||||||
Cost of services and sales | 24,490 | 22,413 | 46,903 | ||||||||||
Selling, general and administrative expense | 21,650 | 8,883 | 30,533 | ||||||||||
Depreciation and amortization expense | 7,960 | 8,424 | 16,384 | ||||||||||
Total operating expenses | 54,100 | 39,720 | 93,820 | ||||||||||
Operating income | $ | 21,768 | $ | 60 | $ | 21,828 | |||||||
Assets | $ | 142,485 | $ | 84,815 | $ | 227,300 | |||||||
Plant, property and equipment, net | 34,545 | 52,911 | 87,456 | ||||||||||
Capital expenditures | 8,857 | 6,342 | 15,199 | ||||||||||
(dollars in millions) | |||||||||||||
2011 | Wireless | Wireline | Total Segments | ||||||||||
External Operating Revenues | |||||||||||||
Retail service | $ | 56,601 | $ | – | $ | 56,601 | |||||||
Other service | 2,497 | – | 2,497 | ||||||||||
Service revenue | 59,098 | – | 59,098 | ||||||||||
Equipment | 7,446 | – | 7,446 | ||||||||||
Other | 3,517 | – | 3,517 | ||||||||||
Consumer retail | – | 13,605 | 13,605 | ||||||||||
Small business | – | 2,720 | 2,720 | ||||||||||
Mass Markets | – | 16,325 | 16,325 | ||||||||||
Strategic services | – | 7,607 | 7,607 | ||||||||||
Core | – | 8,014 | 8,014 | ||||||||||
Global Enterprise | – | 15,621 | 15,621 | ||||||||||
Global Wholesale | – | 6,795 | 6,795 | ||||||||||
Other | – | 704 | 704 | ||||||||||
Intersegment revenues | 93 | 1,237 | 1,330 | ||||||||||
Total operating revenues | 70,154 | 40,682 | 110,836 | ||||||||||
Cost of services and sales | 24,086 | 22,158 | 46,244 | ||||||||||
Selling, general and administrative expense | 19,579 | 9,107 | 28,686 | ||||||||||
Depreciation and amortization expense | 7,962 | 8,458 | 16,420 | ||||||||||
Total operating expenses | 51,627 | 39,723 | 91,350 | ||||||||||
Operating income | $ | 18,527 | $ | 959 | $ | 19,486 | |||||||
Assets | $ | 147,378 | $ | 86,185 | $ | 233,563 | |||||||
Plant, property and equipment, net | 33,451 | 54,149 | 87,600 | ||||||||||
Capital expenditures | 8,973 | 6,399 | 15,372 | ||||||||||
Reconciliation to Consolidated Financial Information | |||||||||||||
A reconciliation of the segment operating revenues to consolidated operating revenues is as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Operating Revenues | |||||||||||||
Total reportable segments | $ | 120,246 | $ | 115,648 | $ | 110,836 | |||||||
Reconciling items: | |||||||||||||
Corporate, eliminations and other | 304 | 198 | 39 | ||||||||||
Consolidated operating revenues | $ | 120,550 | $ | 115,846 | $ | 110,875 | |||||||
A reconciliation of the total of the reportable segments’ operating income to consolidated Income before (provision) benefit for income taxes is as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Operating Income | |||||||||||||
Total segment operating income | $ | 26,370 | $ | 21,828 | $ | 19,486 | |||||||
Severance, pension and benefit credits (charges) (Note 11) | 6,232 | (7,186 | ) | (5,954 | ) | ||||||||
Gain on spectrum license transaction (Note 2) | 278 | – | – | ||||||||||
Litigation settlements (Note 16) | – | (384 | ) | – | |||||||||
Other costs (Note 8) | – | (276 | ) | – | |||||||||
Corporate, eliminations and other | (912 | ) | (822 | ) | (652 | ) | |||||||
Consolidated operating income | 31,968 | 13,160 | 12,880 | ||||||||||
Equity in earnings of unconsolidated businesses | 142 | 324 | 444 | ||||||||||
Other income and (expense), net | (166 | ) | (1,016 | ) | (14 | ) | |||||||
Interest expense | (2,667 | ) | (2,571 | ) | (2,827 | ) | |||||||
Income Before (Provision) Benefit for Income Taxes | $ | 29,277 | $ | 9,897 | $ | 10,483 | |||||||
A reconciliation of the total of the reportable segments’ assets to consolidated assets is as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Total reportable segments | $ | 231,002 | $ | 227,300 | |||||||||
Corporate, eliminations and other | 43,096 | (2,078 | ) | ||||||||||
Total consolidated | $ | 274,098 | $ | 225,222 | |||||||||
Corporate, eliminations and other at December 31, 2013 is primarily comprised of cash and cash equivalents which were used to complete the Wireless Transaction on February 21, 2014. | |||||||||||||
We generally account for intersegment sales of products and services and asset transfers at current market prices. No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2013, 2012 and 2011. International operating revenues and long-lived assets are not significant. |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||||
Note 14 | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Significant changes in the components of Other comprehensive income, net of provision for income taxes are described below. | |||||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||
The changes in the balances of Accumulated other comprehensive income by component are as follows: | |||||||||||||||||||||
(dollars in millions) | Foreign currency | Unrealized | Unrealized | Defined benefit | Total | ||||||||||||||||
translation | gain on cash | gain on | pension and | ||||||||||||||||||
adjustments | flow hedges | marketable | postretirement | ||||||||||||||||||
securities | plans | ||||||||||||||||||||
Balance at January 1, 2013 | $ | 793 | $ | 88 | $ | 101 | $ | 1,253 | $ | 2,235 | |||||||||||
Other comprehensive income | 60 | 50 | 33 | – | 143 | ||||||||||||||||
Amounts reclassified to net income | – | (25 | ) | (17 | ) | 22 | (20 | ) | |||||||||||||
Net other comprehensive income | 60 | 25 | 16 | 22 | 123 | ||||||||||||||||
Balance at December 31, 2013 | $ | 853 | $ | 113 | $ | 117 | $ | 1,275 | $ | 2,358 | |||||||||||
The amounts presented above in net other comprehensive income are net of taxes and noncontrolling interests, which are not significant. For the year ended December 31, 2013, the amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Cost of services and sales and Selling, general and administrative expense on our consolidated statements of income. For the year ended December 31, 2013, all other amounts reclassified to net income in the table above are included in Other income, net on our consolidated statements of income. | |||||||||||||||||||||
Foreign Currency Translation Adjustments | |||||||||||||||||||||
The change in Foreign currency translation adjustments during 2013, 2012 and 2011 was primarily related to our investment in Vodafone Omnitel N.V. and was primarily driven by the movements of the U.S. dollar against the Euro. | |||||||||||||||||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||||||||||||||||||||
During 2013, 2012 and 2011, Unrealized gains (losses) on cash flow hedges included in Other comprehensive income (loss) attributable to noncontrolling interests, primarily reflect activity related to a cross currency swap (see Note 9). Reclassification adjustments for gains (losses) realized in net income were not significant. | |||||||||||||||||||||
Net Unrealized Gains (Losses) on Marketable Securities | |||||||||||||||||||||
During 2013, 2012 and 2011, reclassification adjustments on marketable securities for gains (losses) realized in net income were not significant. | |||||||||||||||||||||
Defined Benefit Pension and Postretirement Plans | |||||||||||||||||||||
The change in Defined benefit pension and postretirement plans at December 31, 2013 was not significant. | |||||||||||||||||||||
The change in Defined benefit pension and postretirement plans of $0.9 billion, net of taxes of $0.6 billion at December 31, 2012 was primarily a result of plan amendments. |
Additional_Financial_Informati
Additional Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Additional Financial Information | ' | ||||||||||||
Note 15 | |||||||||||||
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 December 31, | 2013 | 2012 | 2011 | ||||||||||
Depreciation expense | $ | 15,019 | $ | 14,920 | $ | 14,991 | |||||||
Interest costs on debt balances | 3,421 | 2,977 | 3,269 | ||||||||||
Capitalized interest costs | (754 | ) | (406 | ) | (442 | ) | |||||||
Advertising expense | 2,438 | 2,381 | 2,523 | ||||||||||
Balance Sheet Information | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Accounts Payable and Accrued Liabilities | |||||||||||||
Accounts payable | $ | 4,954 | $ | 4,454 | |||||||||
Accrued expenses | 3,954 | 4,529 | |||||||||||
Accrued vacation, salaries and wages | 4,790 | 5,006 | |||||||||||
Interest payable | 1,199 | 632 | |||||||||||
Taxes payable | 1,556 | 1,561 | |||||||||||
$ | 16,453 | $ | 16,182 | ||||||||||
Other Current Liabilities | |||||||||||||
Advance billings and customer deposits | $ | 2,829 | $ | 3,554 | |||||||||
Dividends payable | 1,539 | 1,494 | |||||||||||
Other | 2,296 | 1,357 | |||||||||||
$ | 6,664 | $ | 6,405 | ||||||||||
Cash Flow Information | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Cash Paid | |||||||||||||
Interest, net of amounts capitalized | $ | 2,122 | $ | 1,971 | $ | 2,629 | |||||||
Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 24.6 million common shares issued from Treasury stock during 2012, related to dividend payments, which had an aggregate value of $1.0 billion. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies | ' |
Note 16 | |
Commitments and Contingencies | |
In the ordinary course of business Verizon is involved in various commercial litigation and regulatory proceedings at the state and federal level. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods, 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. | |
Verizon is currently involved in approximately 50 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 sell products and seek injunctive relief as well. These cases have progressed to various degrees and a small number may go to trial in the coming 12 months if they are not otherwise resolved. In the third quarter of 2012, we settled a number of patent litigation matters, including cases with ActiveVideo Networks Inc. (ActiveVideo) and TiVo Inc. (TiVo). In connection with the settlements with ActiveVideo and TiVo, we recorded a charge of $0.4 billion in the third quarter of 2012 and will pay and recognize over the following six years an additional $0.2 billion. | |
In connection with the execution of agreements for the sales of businesses and investments, Verizon ordinarily provides representations and warranties to the purchasers pertaining to a variety of nonfinancial matters, such as ownership of the securities being sold, as well as indemnity from certain financial losses. From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business. | |
Subsequent to the sale of Verizon Information Services Canada in 2004, we continue to provide a guarantee to publish directories, which was issued when the directory business was purchased in 2001 and had a 30-year term (before extensions). The preexisting guarantee continues, without modification, despite the subsequent sale of Verizon Information Services Canada and the spin-off of our domestic print and Internet yellow pages directories business. The possible financial impact of the guarantee, which is not expected to be adverse, cannot be reasonably estimated as a variety of the potential outcomes available under the guarantee result in costs and revenues or benefits that may offset each other. We do not believe performance under the guarantee is likely. | |
As of December 31, 2013, letters of credit totaling approximately $0.1 billion, which were executed in the normal course of business and support several financing arrangements and payment obligations to third parties, were outstanding. | |
We have several commitments primarily to purchase handsets and peripherals, equipment, software, programming and network services, and marketing activities, which will be used or sold in the ordinary course of business, from a variety of suppliers totaling $33.4 billion. Of this total amount, $19.7 billion is attributable to 2014, $8.8 billion is attributable to 2015 through 2016, $4.1 billion is attributable to 2017 through 2018 and $0.8 billion is attributable to years thereafter. These amounts do not represent our entire anticipated purchases in the future, but represent only those items that are the subject of contractual obligations. Our commitments are generally determined based on the noncancelable quantities or termination amounts. Purchases against our commitments for 2013 totaled approximately $16 billion. Since the commitments to purchase programming services from television networks and broadcast stations have no minimum volume requirement, we estimated our obligation based on number of subscribers at December 31, 2013, and applicable rates stipulated in the contracts in effect at that time. We also purchase products and services as needed with no firm commitment. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||||||
Note 17 | |||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | |||||||||||||||||||||||||
(dollars in millions, except per share amounts) | |||||||||||||||||||||||||
Net Income (Loss) attributable to Verizon(1) | |||||||||||||||||||||||||
Quarter Ended | Operating | Operating | Amount | Per Share- | Per Share- | Net | |||||||||||||||||||
Revenues | Income | Basic | Diluted | Income | |||||||||||||||||||||
(Loss) | (Loss) | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
31-Mar | $ | 29,420 | $ | 6,222 | $ | 1,952 | $ | 0.68 | $ | 0.68 | $ | 4,855 | |||||||||||||
30-Jun | 29,786 | 6,555 | 2,246 | 0.78 | 0.78 | 5,198 | |||||||||||||||||||
30-Sep | 30,279 | 7,128 | 2,232 | 0.78 | 0.78 | 5,578 | |||||||||||||||||||
31-Dec | 31,065 | 12,063 | 5,067 | 1.77 | 1.76 | 7,916 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
31-Mar | $ | 28,242 | $ | 5,195 | $ | 1,686 | $ | 0.59 | $ | 0.59 | $ | 3,906 | |||||||||||||
30-Jun | 28,552 | 5,651 | 1,825 | 0.64 | 0.64 | 4,285 | |||||||||||||||||||
30-Sep | 29,007 | 5,483 | 1,593 | 0.56 | 0.56 | 4,292 | |||||||||||||||||||
31-Dec | 30,045 | (3,169 | ) | (4,229 | ) | (1.48 | ) | (1.48 | ) | -1,926 | |||||||||||||||
• | Results of operations for the second quarter of 2013 include after-tax credits attributable to Verizon of $0.1 billion related to a pension remeasurement. | ||||||||||||||||||||||||
• | Results of operations for the third quarter of 2013 include immaterial after-tax credits attributable to Verizon related to a gain on a spectrum license transaction, as well as immaterial after-tax costs attributable to Verizon related to the Wireless Transaction. | ||||||||||||||||||||||||
• | Results of operations for the fourth quarter of 2013 include after-tax credits attributable to Verizon of $3.7 billion related to severance, pension and benefit credits, as well as after-tax costs attributable to Verizon of $0.5 billion related to the Wireless Transaction. | ||||||||||||||||||||||||
• | Results of operations for the third quarter of 2012 include after-tax charges attributable to Verizon of $0.2 billion related to legal settlements. | ||||||||||||||||||||||||
• | Results of operations for the fourth quarter of 2012 include after-tax charges attributable to Verizon of $5.3 billion related to severance, pension and benefit charges and early debt redemption and other costs. | ||||||||||||||||||||||||
(1) | Net income (loss) attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount. |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Consolidation | ' |
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 interests are 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. | |
Basis of Presentation | ' |
Basis of Presentation | |
We have reclassified certain prior year amounts to conform to the current year presentation. | |
Use of Estimates | ' |
Use of Estimates | |
We prepare our financial statements using U.S. generally accepted accounting principles (GAAP), which require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. | |
Examples of significant estimates include: the allowance for doubtful accounts, the recoverability of plant, property and equipment, the recoverability of intangible assets and other long-lived assets, unbilled revenues, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, pension and postretirement benefit assumptions, contingencies and allocation of purchase prices in connection with business combinations. | |
Revenue Recognition | ' |
Revenue Recognition | |
Multiple Deliverable Arrangements | |
In both our Wireless and Wireline segments, we offer products and services to our customers through bundled arrangements. These arrangements involve multiple deliverables which may include products, services, or a combination of products and services. | |
Wireless | |
Our Wireless segment earns revenue primarily by providing access to and usage of its network. In general, access revenue is billed one month in advance and recognized when earned. Usage revenue is generally billed in arrears and recognized when service is rendered. Equipment sales revenue associated with the sale of wireless handsets and accessories is recognized when the products are delivered to and accepted by the customer, as this is considered to be a separate earnings process from providing wireless services. For agreements involving the resale of third-party services in which we are considered the primary obligor in the arrangements, we record the revenue gross at the time of the sale. For equipment sales, we generally subsidize the cost of wireless devices. The amount of this subsidy is generally contingent on the arrangement and terms selected by the customer. In multiple deliverable arrangements which involve the sale of equipment and a service contract, the equipment revenue is recognized up to the amount collected when the wireless device is sold. | |
Wireline | |
Our Wireline segment earns revenue based upon usage of its network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is generally billed in arrears and recognized when service is rendered. | |
We sell each of the services offered in bundled arrangements (i.e., voice, video and data), as well as separately; therefore each product or service has a standalone selling price. For these arrangements revenue is allocated to each deliverable using a relative selling price method. Under this method, arrangement consideration is allocated to each separate deliverable based on our standalone selling price for each product or service. These services include FiOS services, individually or in bundles, and High Speed Internet. | |
When we bundle equipment with maintenance and monitoring services, we recognize equipment revenue when the equipment is installed in accordance with contractual specifications and ready for the customer’s use. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services. | |
Installation related fees, along with the associated costs up to but not exceeding these fees, are deferred and amortized over the estimated customer relationship period. | |
For each of our segments we report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers on a net basis. | |
Maintenance and Repairs | ' |
Maintenance and Repairs | |
We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services and sales as these costs are incurred. | |
Advertising Costs | ' |
Advertising Costs | |
Costs for advertising products and services as well as other promotional and sponsorship costs are charged to Selling, general and administrative expense in the periods in which they are incurred (see Note 15). | |
Earnings Per Common Share | ' |
Earnings Per Common Share | |
Basic earnings per common share are based on the weighted-average number of shares outstanding during the period. Where appropriate, diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans. | |
There were a total of approximately 8 million, 9 million and 6 million stock options and restricted stock units outstanding included in the computation of diluted earnings per common share for the years ended December 31, 2013, 2012 and 2011, respectively. Outstanding options to purchase shares that were not included in the computation of diluted earnings per common share, because to do so would have been anti-dilutive for the period, were not significant for the years ended December 31, 2013 and 2012, respectively, and included approximately 19 million weighted-average shares for the years ended December 31, 2011. | |
As of December 31, 2013, we were authorized to issue up to 4.25 billion and 250 million shares of common stock and Series Preferred Stock, respectively. On January 28, 2014, at a special meeting of our shareholders, we received shareholder approval to increase our authorized shares of common stock by 2 billion shares to an aggregate of 6.25 billion authorized shares of common stock. On February 4, 2014, this authorization became effective. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and include amounts held in money market funds. | |
Marketable Securities | ' |
Marketable Securities | |
We have investments in marketable securities, which are considered “available-for-sale” under the provisions of the accounting standard for certain debt and equity securities, and are included in the accompanying consolidated balance sheets in Short-term investments, Investments in unconsolidated businesses or Other assets. We continually evaluate our investments in marketable securities for impairment due to declines in market value considered to be other-than-temporary. That evaluation includes, in addition to persistent, declining stock prices, general economic and company-specific evaluations. In the event of a determination that a decline in market value is other-than-temporary, a charge to earnings is recorded for the loss, and a new cost basis in the investment is established. | |
Inventories | ' |
Inventories | |
Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost (determined principally on either an average cost or first-in, first-out basis) or market. | |
Plant and Depreciation | ' |
Plant and Depreciation | |
We record plant, property and equipment at cost. Plant, property and equipment of wireline and wireless operations are generally depreciated on a straight-line basis. | |
Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the remaining term of the related lease, calculated from the time the asset was placed in service. | |
When the depreciable assets of our wireline and wireless operations are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts, and any gains or losses on disposition are recognized in income. | |
We capitalize and depreciate network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets. Capitalized interest is reported as a reduction in interest expense and depreciated as part of the cost of the network-related assets. | |
In connection with our ongoing review of the estimated remaining average useful lives of plant, property and equipment at our local telephone operations, we determined that there were no changes necessary for average useful lives for 2013, 2012 and 2011. In connection with our ongoing review of the estimated remaining average useful lives of plant, property and equipment at our wireless operations, we determined that changes were necessary to the remaining estimated useful lives as a result of technology upgrades, enhancements, and planned retirements. These changes resulted in an increase in depreciation expense of $0.4 billion in 2011. While the timing and extent of current deployment plans are subject to ongoing analysis and modification, we believe the current estimates of useful lives are reasonable. | |
Computer Software Costs | ' |
Computer Software Costs | |
We capitalize the cost of internal-use network and non-network software that has a useful life in excess of one year. Subsequent additions, modifications or upgrades to internal-use network and non-network software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Planning, software maintenance and training costs are expensed in the period in which they are incurred. Also, we capitalize interest associated with the development of internal-use network and non-network software. Capitalized non-network internal-use software costs are amortized using the straight-line method over a period of 3 to 7 years and are included in Other intangible assets, net in our consolidated balance sheets. For a discussion of our impairment policy for capitalized software costs, see “Goodwill and Other Intangible Assets” below. Also, see Note 3 for additional detail of internal-use non-network software reflected in our consolidated balance sheets. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
Goodwill | |
Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Impairment testing for goodwill is performed annually in the fourth fiscal quarter or more frequently if impairment indicators are present. The Company has the option to perform a qualitative assessment to determine if the fair value of the entity is less than its carrying value. However, the Company may elect to perform an impairment test even if no indications of a potential impairment exist. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. We have determined that in our case, the reporting units are our operating segments since that is the lowest level at which discrete, reliable financial and cash flow information is available. Step one compares the fair value of the reporting unit (calculated using a market approach and/or a discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., fair value of reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment is recognized. | |
Intangible Assets Not Subject to Amortization | |
A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses. As a result, we treat the wireless licenses as an indefinite-lived intangible asset. We reevaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. | |
We test our wireless licenses for potential impairment annually. In 2013, we performed a qualitative assessment to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount. As part of our assessment, we considered several qualitative factors including the business enterprise value of Wireless, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA (Earnings before interest, taxes, depreciation and amortization) margin projections), the projected financial performance of Wireless, as well as other factors. In 2012 and 2011, our quantitative assessment consisted of comparing the estimated fair value of our wireless licenses to the aggregated carrying amount as of the test date. Using the quantitative assessment, we evaluated our licenses on an aggregate basis using a direct value approach. The direct value approach estimates fair value using a discounted cash flow analysis to estimate what a marketplace participant would be willing to pay to purchase the aggregated wireless licenses as of the valuation date. If the fair value of the aggregated wireless licenses is less than the aggregated carrying amount of the licenses, an impairment is recognized. | |
Interest expense incurred while qualifying activities are performed to ready wireless licenses for their intended use is capitalized as part of wireless licenses. The capitalization period ends when the development is discontinued or substantially complete and the license is ready for its intended use. | |
Intangible Assets Subject to Amortization and Long-Lived Assets | |
Our intangible assets that do not have indefinite lives (primarily customer lists and non-network internal-use software) are amortized over their estimated useful lives. All of our intangible assets subject to amortization and long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any indications were present, we would test for recoverability by comparing the carrying amount of the asset group to the net undiscounted cash flows expected to be generated from the asset group. If those net undiscounted cash flows do not exceed the carrying amount, we would perform the next step, which is to determine the fair value of the asset and record an impairment, if any. We reevaluate the useful life determinations for these intangible assets each year to determine whether events and circumstances warrant a revision in their remaining useful lives. | |
For information related to the carrying amount of goodwill by segment, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 3. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: | |
Level 1—Quoted prices in active markets for identical assets or liabilities | |
Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities | |
Level 3—No observable pricing inputs in the market | |
Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. | |
Income Taxes | ' |
Income Taxes | |
Our effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations and tax planning strategies available to us in the various jurisdictions in which we operate. | |
Deferred income taxes are provided for temporary differences in the bases between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at tax rates then in effect. We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. | |
We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The first step is recognition: we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The second step is measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability. | |
The accounting standard relating to income taxes generated by leveraged lease transactions requires that changes in the projected timing of income tax cash flows generated by a leveraged lease transaction be recognized as a gain or loss in the year in which the change occurs. | |
Significant management judgment is required in evaluating our tax positions and in determining our effective tax rate. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
We measure and recognize compensation expense for all stock-based compensation awards made to employees and directors based on estimated fair values. See Note 10 for further details. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The functional currency of our foreign operations is generally the local currency. For these foreign entities, we translate income statement amounts at average exchange rates for the period, and we translate assets and liabilities at end-of-period exchange rates. We record these translation adjustments in Accumulated other comprehensive income, a separate component of Equity, in our consolidated balance sheets. We report exchange gains and losses on intercompany foreign currency transactions of a long-term nature in Accumulated other comprehensive income. Other exchange gains and losses are reported in income. | |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
Pension and postretirement health care and life insurance benefits earned during the year as well as interest on projected benefit obligations are accrued currently. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in operating results in the year in which they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management employees no longer earn pension benefits or earn service towards the company retiree medical subsidy (see Note 11). | |
We recognize a pension or a postretirement plan’s funded status as either an asset or liability on the consolidated balance sheets. Also, we measure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive income, net of applicable income tax. | |
Derivative Instruments | ' |
Derivative Instruments | |
We have entered into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates, interest rates, equity and commodity prices. We employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, foreign currency and prepaid forwards and collars, interest rate and commodity swap agreements and interest rate locks. We do not hold derivatives for trading purposes. | |
We measure all derivatives, including derivatives embedded in other financial instruments, at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Our derivative instruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified as Level 2. Changes in the fair values of derivative instruments not qualifying as hedges or any ineffective portion of hedges are recognized in earnings in the current period. Changes in the fair values of derivative instruments used effectively as fair value hedges are recognized in earnings, along with changes in the fair value of the hedged item. Changes in the fair value of the effective portions of cash flow hedges are reported in Other comprehensive income and recognized in earnings when the hedged item is recognized in earnings. | |
Recently Adopted Accounting Standards | ' |
Recently Adopted Accounting Standards | |
During the first quarter of 2013, we adopted the accounting standard update regarding testing of intangible assets for impairment. This standard update allows companies the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. An entity is not required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative impairment test unless the entity determines that it is more likely than not the asset is impaired. The adoption of this standard update did not have an impact on our consolidated financial statements. | |
During the first quarter of 2013, we adopted the accounting standard update regarding reclassifications out of Accumulated other comprehensive income. This standard update requires companies to report the effect of significant reclassifications out of Accumulated other comprehensive income on the respective line items in our consolidated statements of income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other required disclosures that provide additional detail about those amounts. See Note 14 for additional details. | |
During the third quarter of 2013, we adopted the accounting standard update regarding the ability to use the Federal Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes. Previously the interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate (LIBOR) were considered to be the only benchmark interest rates. The adoption of this standard update did not have a significant impact on our consolidated financial statements. | |
Recent Accounting Standards | ' |
Recent Accounting Standards | |
In July 2013, the accounting standard update relating to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists was issued. The standard update provides that a liability related to an unrecognized tax benefit should be offset against same jurisdiction deferred tax assets for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. We will adopt this standard update during the first quarter of 2014. We are currently evaluating the consolidated balance sheet impact related to this standard update. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Pro Forma Consolidated Results of Operations | ' | ||||||||
The following unaudited pro forma consolidated results of operations assume that the Wireless Transaction was completed as of January 1, 2012: | |||||||||
(dollars in millions) | |||||||||
Years ended December 31, | 2013 | 2012 | |||||||
Net income attributable to Verizon | $ | 17,058 | $ | 4,449 |
Wireless_Licenses_Goodwill_and1
Wireless Licenses, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Changes in Carrying Amount of Wireless Licenses | ' | ||||||||||||||||||||||||
Changes in the carrying amount of Wireless licenses are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 73,250 | |||||||||||||||||||||||
Acquisitions (Note 2) | 4,544 | ||||||||||||||||||||||||
Capitalized interest on wireless licenses | 205 | ||||||||||||||||||||||||
Reclassifications, adjustments and other | -255 | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 77,744 | |||||||||||||||||||||||
Acquisitions (Note 2) | 579 | ||||||||||||||||||||||||
Dispositions (Note 2) | -2,361 | ||||||||||||||||||||||||
Capitalized interest on wireless licenses | 566 | ||||||||||||||||||||||||
Reclassifications, adjustments and other | -781 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 75,747 | |||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
Changes in the carrying amount of Goodwill are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Wireless | Wireline | Total | |||||||||||||||||||||||
Balance at January 1, 2012 | $ | 17,963 | $ | 5,394 | $ | 23,357 | |||||||||||||||||||
Acquisitions (Note 2) | 209 | 551 | 760 | ||||||||||||||||||||||
Reclassifications, adjustments and other | – | 22 | 22 | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 18,172 | $ | 5,967 | $ | 24,139 | |||||||||||||||||||
Acquisitions (Note 2) | 204 | 291 | 495 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 18,376 | $ | 6,258 | $ | 24,634 | |||||||||||||||||||
Composition of Other Intangible Assets, Net | ' | ||||||||||||||||||||||||
The following table displays the composition of Other intangible assets, net: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
At December 31, | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Customer lists (5 to 13 years) | $ | 3,639 | $ | (2,660 | ) | $ | 979 | $ | 3,556 | $ | (2,338 | ) | $ | 1,218 | |||||||||||
Non-network internal-use software (3 to 7 years) | 11,770 | (7,317 | ) | 4,453 | 10,415 | (6,210 | ) | 4,205 | |||||||||||||||||
Other (2 to 25 years) | 691 | (323 | ) | 368 | 802 | (292 | ) | 510 | |||||||||||||||||
Total | $ | 16,100 | $ | (10,300 | ) | $ | 5,800 | $ | 14,773 | $ | (8,840 | ) | $ | 5,933 | |||||||||||
Amortization Expense for Other Intangible Assets | ' | ||||||||||||||||||||||||
The amortization expense for Other intangible assets was as follows: | |||||||||||||||||||||||||
Years | (dollars in millions) | ||||||||||||||||||||||||
2013 | $ | 1,587 | |||||||||||||||||||||||
2012 | 1,540 | ||||||||||||||||||||||||
2011 | 1,505 | ||||||||||||||||||||||||
Estimated Annual Amortization Expense for Other Intangible Assets | ' | ||||||||||||||||||||||||
Estimated annual amortization expense for Other intangible assets is as follows: | |||||||||||||||||||||||||
Years | (dollars in millions) | ||||||||||||||||||||||||
2014 | $ | 1,486 | |||||||||||||||||||||||
2015 | 1,215 | ||||||||||||||||||||||||
2016 | 971 | ||||||||||||||||||||||||
2017 | 784 | ||||||||||||||||||||||||
2018 | 619 |
Plant_Property_and_Equipment_T
Plant, Property and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Plant, Property and Equipment | ' | ||||||||||
The following table displays the details of Plant, property and equipment, which is stated at cost: | |||||||||||
(dollars in millions) | |||||||||||
At December 31, | Lives (years) | 2013 | 2012 | ||||||||
Land | – | $ | 819 | $ | 859 | ||||||
Buildings and equipment | 15-45 | 23,857 | 22,909 | ||||||||
Central office and other network equipment | 15-Mar | 121,594 | 113,262 | ||||||||
Cable, poles and conduit | Nov-50 | 55,240 | 53,761 | ||||||||
Leasehold improvements | 20-May | 5,877 | 5,404 | ||||||||
Work in progress | – | 4,176 | 4,126 | ||||||||
Furniture, vehicles and other | 20-Mar | 9,302 | 9,254 | ||||||||
220,865 | 209,575 | ||||||||||
Less accumulated depreciation | 131,909 | 120,933 | |||||||||
Total | $ | 88,956 | $ | 88,642 | |||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Businesses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Investments in Unconsolidated Businesses | ' | ||||||||||||
Our investments in unconsolidated businesses are comprised of the following: | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | Ownership | 2013 | 2012 | ||||||||||
Equity Investees | |||||||||||||
Vodafone Omnitel | 23.1 | % | $ | 2,511 | $ | 2,200 | |||||||
Other | Various | 818 | 1,106 | ||||||||||
Total equity investees | 3,329 | 3,306 | |||||||||||
Cost Investees | Various | 103 | 95 | ||||||||||
Total investments in unconsolidated businesses | $ | 3,432 | $ | 3,401 | |||||||||
Schedule of Summarized Financial Information for Equity Investees, Balance Sheet | ' | ||||||||||||
Summarized financial information for our equity investees is as follows: | |||||||||||||
Balance Sheet | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Current assets | $ | 3,983 | $ | 3,516 | |||||||||
Noncurrent assets | 7,748 | 8,159 | |||||||||||
Total assets | $ | 11,731 | $ | 11,675 | |||||||||
Current liabilities | $ | 4,692 | $ | 5,526 | |||||||||
Noncurrent liabilities | 5 | 5 | |||||||||||
Equity | 7,034 | 6,144 | |||||||||||
Total liabilities and equity | $ | 11,731 | $ | 11,675 | |||||||||
Schedule of Summarized Financial Information for Equity Investees, Income Statement | ' | ||||||||||||
Income Statement | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Net revenue | $ | 8,984 | $ | 10,825 | $ | 12,668 | |||||||
Operating income | 1,632 | 2,823 | 4,021 | ||||||||||
Net income | 925 | 1,679 | 2,451 |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Noncontrolling Interest in Equity Subsidiaries | ' | ||||||||
Noncontrolling interests in equity of subsidiaries were as follows: | |||||||||
(dollars in millions) | |||||||||
At December 31, | 2013 | 2012 | |||||||
Verizon Wireless | $ | 55,465 | $ | 51,492 | |||||
Wireless partnerships and other | 1,115 | 884 | |||||||
$ | 56,580 | $ | 52,376 | ||||||
Leasing_Arrangements_Tables
Leasing Arrangements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Finance Lease Receivables Included in Prepaid Expenses and Other and Other Assets | ' | ||||||||||||||||||||||||
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 December 31, | 2013 | 2012 | |||||||||||||||||||||||
Leveraged | Direct | Total | Leveraged | Direct | Total | ||||||||||||||||||||
Leases | Finance | Leases | Finance | ||||||||||||||||||||||
Leases | Leases | ||||||||||||||||||||||||
Minimum lease payments receivable | $ | 1,069 | $ | 16 | $ | 1,085 | $ | 1,253 | $ | 58 | $ | 1,311 | |||||||||||||
Estimated residual value | 780 | 5 | 785 | 923 | 6 | 929 | |||||||||||||||||||
Unearned income | -589 | -4 | -593 | (654 | ) | -10 | -664 | ||||||||||||||||||
Total | $ | 1,260 | $ | 17 | $ | 1,277 | $ | 1,522 | $ | 54 | $ | 1,576 | |||||||||||||
Allowance for doubtful accounts | -90 | -99 | |||||||||||||||||||||||
Finance lease receivables, net | $ | 1,187 | $ | 1,477 | |||||||||||||||||||||
Prepaid expenses and other | $ | 5 | $ | 22 | |||||||||||||||||||||
Other assets | 1,182 | 1,455 | |||||||||||||||||||||||
$ | 1,187 | $ | 1,477 | ||||||||||||||||||||||
Components of Income from Leveraged Leases | ' | ||||||||||||||||||||||||
The following table is a summary of the components of income from leveraged leases: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Pre-tax income | $ | 34 | $ | 30 | $ | 61 | |||||||||||||||||||
Income tax expense | 12 | 12 | 24 | ||||||||||||||||||||||
Schedule of Future Minimum Lease Payments Received from Capital Leases | ' | ||||||||||||||||||||||||
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 and allowances for doubtful accounts, along with expected receipts relating to operating leases for the periods shown at December 31, 2013, are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Years | Capital | Operating | |||||||||||||||||||||||
Leases | Leases | ||||||||||||||||||||||||
2014 | $ | 34 | $ | 197 | |||||||||||||||||||||
2015 | 46 | 170 | |||||||||||||||||||||||
2016 | 114 | 142 | |||||||||||||||||||||||
2017 | 38 | 50 | |||||||||||||||||||||||
2018 | 56 | 23 | |||||||||||||||||||||||
Thereafter | 797 | 19 | |||||||||||||||||||||||
Total | $ | 1,085 | $ | 601 | |||||||||||||||||||||
Amortization of Capital Leases | ' | ||||||||||||||||||||||||
Amortization of capital leases is included in Depreciation and amortization expense in the consolidated statements of income. Capital lease amounts included in Plant, property and equipment are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Capital leases | $ | 353 | $ | 358 | |||||||||||||||||||||
Less accumulated amortization | 188 | 158 | |||||||||||||||||||||||
Total | $ | 165 | $ | 200 | |||||||||||||||||||||
Schedule of Aggregate Minimum Rental Commitments under Noncancelable Leases | ' | ||||||||||||||||||||||||
The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2013, are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Years | Capital Leases | Operating Leases | |||||||||||||||||||||||
2014 | $ | 110 | $ | 2,255 | |||||||||||||||||||||
2015 | 70 | 2,020 | |||||||||||||||||||||||
2016 | 54 | 1,703 | |||||||||||||||||||||||
2017 | 46 | 1,379 | |||||||||||||||||||||||
2018 | 20 | 1,085 | |||||||||||||||||||||||
Thereafter | 83 | 3,748 | |||||||||||||||||||||||
Total minimum rental commitments | 383 | $ | 12,190 | ||||||||||||||||||||||
Less interest and executory costs | 90 | ||||||||||||||||||||||||
Present value of minimum lease payments | 293 | ||||||||||||||||||||||||
Less current installments | 91 | ||||||||||||||||||||||||
Long-term obligation at December 31, 2013 | $ | 202 | |||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations | ' | ||||||||||||||
Changes to debt during 2013 are as follows: | |||||||||||||||
(dollars in millions) | |||||||||||||||
Debt Maturing | Long-term | Total | |||||||||||||
within One Year | Debt | ||||||||||||||
Balance at January 1, 2013 | $ | 4,369 | $ | 47,618 | $ | 51,987 | |||||||||
Proceeds from long-term borrowings | – | 49,166 | 49,166 | ||||||||||||
Repayments of long-term borrowings and capital leases obligations | (3,943 | ) | (4,220 | ) | (8,163 | ) | |||||||||
Decrease in short-term obligations, excluding current maturities | (142 | ) | – | (142 | ) | ||||||||||
Reclassifications of long-term debt | 3,328 | (3,328 | ) | – | |||||||||||
Other | 321 | 422 | 743 | ||||||||||||
Balance at December 31, 2013 | $ | 3,933 | $ | 89,658 | $ | 93,591 | |||||||||
Debt Maturing within One Year | ' | ||||||||||||||
Debt maturing within one year is as follows: | |||||||||||||||
(dollars in millions) | |||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||
Long-term debt maturing within one year | $ | 3,486 | $ | 3,869 | |||||||||||
Commercial paper and other | 447 | 500 | |||||||||||||
Total debt maturing within one year | $ | 3,933 | $ | 4,369 | |||||||||||
Long-term Debt Table | ' | ||||||||||||||
Outstanding long-term debt obligations are as follows: | |||||||||||||||
(dollars in millions) | |||||||||||||||
At December 31, | Interest Rates % | Maturities | 2013 | 2012 | |||||||||||
Verizon Communications—notes payable and other | 0.50 – 3.85 | 2014 – 2042 | $ | 20,416 | $ | 11,198 | |||||||||
4.50 – 5.50 | 2015 – 2041 | 20,226 | 7,062 | ||||||||||||
5.55 – 6.90 | 2016 – 2043 | 31,965 | 11,031 | ||||||||||||
7.35 – 8.95 | 2018 – 2039 | 5,023 | 5,017 | ||||||||||||
Floating | 2014 – 2018 | 5,500 | 1,000 | ||||||||||||
Verizon Wireless—notes payable and other | 8.50 – 8.88 | 2015 – 2018 | 3,931 | 8,635 | |||||||||||
Verizon Wireless—Alltel assumed notes | 6.80 – 7.88 | 2016 – 2032 | 1,300 | 1,500 | |||||||||||
Telephone subsidiaries—debentures | 5.13 – 6.86 | 2027 – 2033 | 1,075 | 2,045 | |||||||||||
7.38 – 7.88 | 2022 – 2032 | 1,099 | 1,349 | ||||||||||||
8.00 – 8.75 | 2019 – 2031 | 880 | 880 | ||||||||||||
Other subsidiaries—debentures and other | 6.84 – 8.75 | 2018 – 2028 | 1,700 | 1,700 | |||||||||||
Capital lease obligations (average rate of 8.1% and 6.3% in 2013 and 2012, respectively) | 293 | 298 | |||||||||||||
Unamortized discount, net of premium | (264 | ) | (228 | ) | |||||||||||
Total long-term debt, including current maturities | 93,144 | 51,487 | |||||||||||||
Less long-term debt maturing within one year | 3,486 | 3,869 | |||||||||||||
Total long-term debt | $ | 89,658 | $ | 47,618 | |||||||||||
Maturities of Long-term Debt | ' | ||||||||||||||
Maturities of long-term debt outstanding at December 31, 2013 are as follows: | |||||||||||||||
Years | (dollars in millions) | ||||||||||||||
2014 | $ | 3,486 | |||||||||||||
2015 | 2,740 | ||||||||||||||
2016 | 10,818 | ||||||||||||||
2017 | 1,331 | ||||||||||||||
2018 | 14,970 | ||||||||||||||
Thereafter | 59,799 |
Fair_Value_Measurements_and_Fi1
Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
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 December 31, 2013: | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
Level 1(1) | Level 2(2) | Level 3(3) | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Fixed income securities | $ | 9,190 | $ | – | $ | – | $ | 9,190 | |||||||||
Short-term investments: | |||||||||||||||||
Equity securities | 387 | – | – | 387 | |||||||||||||
Fixed income securities | 3 | 211 | – | 214 | |||||||||||||
Other assets: | |||||||||||||||||
Forward interest rate swaps | – | 76 | – | 76 | |||||||||||||
Fixed income securities | – | 875 | – | 875 | |||||||||||||
Cross currency swaps | – | 166 | – | 166 | |||||||||||||
Total | $ | 9,580 | $ | 1,328 | $ | – | $ | 10,908 | |||||||||
Liabilities: | |||||||||||||||||
Other liabilities: | |||||||||||||||||
Interest rate swaps | $ | – | $ | 23 | $ | – | $ | 23 | |||||||||
Total | $ | – | $ | 23 | $ | – | $ | 23 | |||||||||
(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) | no observable 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 capital leases, was as follows: | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Short- and long-term debt, excluding capital leases | $ | 93,298 | $ | 103,527 | $ | 51,689 | $ | 61,552 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Restricted and Performance Stock Unit Activity | ' | ||||||||||||
The following table summarizes Verizon’s Restricted Stock Unit and Performance Stock Unit activity: | |||||||||||||
(shares in thousands) | Restricted Stock | Performance Stock | |||||||||||
Units | Units | ||||||||||||
Outstanding January 1, 2011 | 20,923 | 32,380 | |||||||||||
Granted | 6,667 | 10,348 | |||||||||||
Payments | (7,600 | ) | (12,137 | ) | |||||||||
Cancelled/Forfeited | (154 | ) | (2,977 | ) | |||||||||
Outstanding December 31, 2011 | 19,836 | 27,614 | |||||||||||
Granted | 6,350 | 20,537 | |||||||||||
Payments | (7,369 | ) | (8,499 | ) | |||||||||
Cancelled/Forfeited | (148 | ) | (189 | ) | |||||||||
Outstanding December 31, 2012 | 18,669 | 39,463 | |||||||||||
Granted | 4,950 | 7,470 | |||||||||||
Payments | (7,246 | ) | (22,703 | ) | |||||||||
Cancelled/Forfeited | (180 | ) | (506 | ) | |||||||||
Outstanding December 31, 2013 | 16,193 | 23,724 | |||||||||||
Schedule of Assumptions Used in Black-Scholes Model | ' | ||||||||||||
The following table summarizes the assumptions used in the Black-Scholes model during 2013: | |||||||||||||
End of Period | |||||||||||||
Risk-free rate | 0.11% | ||||||||||||
Expected term (in years) | 0.12 | ||||||||||||
Expected volatility | 43.27% | ||||||||||||
Schedule of Value Appreciation Rights Activity | ' | ||||||||||||
The following table summarizes the Value Appreciation Rights activity: | |||||||||||||
(shares in thousands) | VARs | Weighted- | |||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding rights, January 1, 2011 | 11,569 | $ | 13.11 | ||||||||||
Exercised | (3,303 | ) | 14.87 | ||||||||||
Cancelled/Forfeited | (52 | ) | 14.74 | ||||||||||
Outstanding rights, December 31, 2011 | 8,214 | 12.39 | |||||||||||
Exercised | (3,427 | ) | 10.3 | ||||||||||
Cancelled/Forfeited | (21 | ) | 11.1 | ||||||||||
Outstanding rights, December 31, 2012 | 4,766 | 13.89 | |||||||||||
Exercised | (1,916 | ) | 13.89 | ||||||||||
Cancelled/Forfeited | (3 | ) | 13.89 | ||||||||||
Outstanding rights, December 31, 2013 | 2,847 | 13.89 | |||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||
The following table summarizes Verizon’s stock option activity: | |||||||||||||
(shares in thousands) | Stock Options | Weighted- | |||||||||||
Average | |||||||||||||
Exercise | |||||||||||||
Price | |||||||||||||
Outstanding, January 1, 2011 | 56,844 | $ | 44.25 | ||||||||||
Exercised | (7,104 | ) | 35 | ||||||||||
Cancelled/Forfeited | (21,921 | ) | 51.06 | ||||||||||
Outstanding, December 31, 2011 | 27,819 | 41.24 | |||||||||||
Exercised | (7,447 | ) | 35.2 | ||||||||||
Cancelled/Forfeited | (17,054 | ) | 45.15 | ||||||||||
Outstanding, December 31, 2012 | 3,318 | 34.69 | |||||||||||
Exercised | (2,253 | ) | 34.85 | ||||||||||
Cancelled/Forfeited | (82 | ) | 34.49 | ||||||||||
Outstanding, December 31, 2013 | 983 | 34.35 | |||||||||||
Schedule of Stock Option Outstanding | ' | ||||||||||||
The following table summarizes information about Verizon’s stock options outstanding as of December 31, 2013: | |||||||||||||
Range of Exercise Prices | Stock Options | Weighted-Average | Weighted-Average | ||||||||||
(in thousands) | Remaining Life | Exercise Price | |||||||||||
(years) | |||||||||||||
$30.00-39.99 | 969 | 0.1 | $ | 34.18 | |||||||||
40.00-49.99 | 14 | 0.1 | 46.31 | ||||||||||
Total | 983 | 0.1 | 34.35 | ||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Change In Benefit Obligations, Change In Plan Assets, Funded Status, Amounts Recognized on Balance Sheet, and Amounts Recognized In Accumulated Other Comprehensive Income (Pretax) | ' | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in Benefit Obligations | |||||||||||||||||||||||||
Beginning of year | $ | 26,773 | $ | 30,582 | $ | 26,844 | $ | 27,369 | |||||||||||||||||
Service cost | 395 | 358 | 318 | 359 | |||||||||||||||||||||
Interest cost | 1,002 | 1,449 | 1,095 | 1,284 | |||||||||||||||||||||
Plan amendments | (149 | ) | 183 | (119 | ) | (1,826 | ) | ||||||||||||||||||
Actuarial (gain) loss, net | (2,327 | ) | 6,074 | (3,576 | ) | 1,402 | |||||||||||||||||||
Benefits paid | (1,777 | ) | (2,735 | ) | (1,520 | ) | (1,744 | ) | |||||||||||||||||
Curtailment and termination benefits | 4 | – | – | – | |||||||||||||||||||||
Annuity purchase | – | (8,352 | ) | – | – | ||||||||||||||||||||
Settlements paid | (889 | ) | (786 | ) | – | – | |||||||||||||||||||
End of year | $ | 23,032 | $ | 26,773 | $ | 23,042 | $ | 26,844 | |||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Beginning of year | $ | 18,282 | $ | 24,110 | $ | 2,657 | $ | 2,628 | |||||||||||||||||
Actual return on plan assets | 1,388 | 2,326 | 556 | 312 | |||||||||||||||||||||
Company contributions | 107 | 3,719 | 1,360 | 1,461 | |||||||||||||||||||||
Benefits paid | (1,777 | ) | (2,735 | ) | (1,520 | ) | (1,744 | ) | |||||||||||||||||
Settlements paid | (889 | ) | (786 | ) | – | – | |||||||||||||||||||
Annuity purchase | – | (8,352 | ) | – | – | ||||||||||||||||||||
End of year | $ | 17,111 | $ | 18,282 | $ | 3,053 | $ | 2,657 | |||||||||||||||||
Funded Status | |||||||||||||||||||||||||
End of year | $ | (5,921 | ) | $ | (8,491 | ) | $ | (19,989 | ) | $ | (24,187 | ) | |||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Amounts recognized on the balance sheet | |||||||||||||||||||||||||
Noncurrent assets | $ | 339 | $ | 236 | $ | – | $ | – | |||||||||||||||||
Current liabilities | (137 | ) | (129 | ) | (710 | ) | (766 | ) | |||||||||||||||||
Noncurrent liabilities | (6,123 | ) | (8,598 | ) | (19,279 | ) | (23,421 | ) | |||||||||||||||||
Total | $ | (5,921 | ) | $ | (8,491 | ) | $ | (19,989 | ) | $ | (24,187 | ) | |||||||||||||
Amounts recognized in Accumulated Other | |||||||||||||||||||||||||
Comprehensive Income (Pre-tax) | |||||||||||||||||||||||||
Prior Service Benefit (Cost) | $ | 25 | $ | 181 | $ | (2,120 | ) | $ | (2,247 | ) | |||||||||||||||
Total | $ | 25 | $ | 181 | $ | (2,120 | ) | $ | (2,247 | ) | |||||||||||||||
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | ' | ||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 22,610 | $ | 26,351 | |||||||||||||||||||||
Accumulated benefit obligation | 22,492 | 26,081 | |||||||||||||||||||||||
Fair value of plan assets | 16,350 | 17,623 | |||||||||||||||||||||||
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance | ' | ||||||||||||||||||||||||
The following table summarizes the benefit (income) cost related to our pension and postretirement health care and life insurance plans: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | 395 | $ | 358 | $ | 307 | $ | 318 | $ | 359 | $ | 299 | |||||||||||||
Amortization of prior service cost (credit) | 6 | (1 | ) | 72 | (247 | ) | (89 | ) | (57 | ) | |||||||||||||||
Subtotal | 401 | 357 | 379 | 71 | 270 | 242 | |||||||||||||||||||
Expected return on plan assets | (1,245 | ) | (1,795 | ) | (1,976 | ) | (143 | ) | (171 | ) | (163 | ) | |||||||||||||
Interest cost | 1,002 | 1,449 | 1,590 | 1,095 | 1,284 | 1,421 | |||||||||||||||||||
Subtotal | 158 | 11 | (7 | ) | 1,023 | 1,383 | 1,500 | ||||||||||||||||||
Remeasurement (gain) loss, net | (2,470 | ) | 5,542 | 4,146 | (3,989 | ) | 1,262 | 1,787 | |||||||||||||||||
Net periodic benefit (income) cost | (2,312 | ) | 5,553 | 4,139 | (2,966 | ) | 2,645 | 3,287 | |||||||||||||||||
Curtailment and termination benefits | 4 | – | – | – | – | – | |||||||||||||||||||
Total | $ | (2,308 | ) | $ | 5,553 | $ | 4,139 | $ | (2,966 | ) | $ | 2,645 | $ | 3,287 | |||||||||||
Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | ' | ||||||||||||||||||||||||
Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive (income) loss are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Prior service cost | $ | (149 | ) | $ | 183 | $ | (119 | ) | $ | (1,826 | ) | ||||||||||||||
Reversal of amortization items | |||||||||||||||||||||||||
Prior service cost | (6 | ) | 1 | 247 | 89 | ||||||||||||||||||||
Total recognized in other comprehensive (income) loss (pre-tax) | $ | (155 | ) | $ | 184 | $ | 128 | $ | -1,737 | ||||||||||||||||
Weighted Average Assumptions Used in Determining Benefit Obligations and Net Periodic Cost | ' | ||||||||||||||||||||||||
The weighted-average assumptions used in determining benefit obligations follow: | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 4.2 | % | |||||||||||||||||
Rate of compensation increases | 3 | 3 | N/A | N/A | |||||||||||||||||||||
The weighted-average assumptions used in determining net periodic cost follow: | |||||||||||||||||||||||||
Pension | Health Care and Life | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 5.75 | % | 4.2 | % | 5 | % | 5.75 | % | |||||||||||||
Expected return on plan assets | 7.5 | 7.5 | 8 | 5.6 | 7 | 6 | |||||||||||||||||||
Rate of compensation increases | 3 | 3 | 3 | N/A | N/A | N/A | |||||||||||||||||||
Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
The assumed health care cost trend rates follow: | |||||||||||||||||||||||||
Health Care and Life | |||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Healthcare cost trend rate assumed for next year | 6.5 | % | 7 | % | 7.5 | % | |||||||||||||||||||
Rate to which cost trend rate gradually declines | 4.75 | 5 | 5 | ||||||||||||||||||||||
Year the rate reaches the level it is assumed to remain thereafter | 2020 | 2016 | 2016 | ||||||||||||||||||||||
Effects of One Percentage Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
A one-percentage point change in the assumed health care cost trend rate would have the following effects: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
One-Percentage Point | Increase | Decrease | |||||||||||||||||||||||
Effect on 2013 service and interest cost | $ | 184 | $ | (150 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation as of December 31, 2013 | 2,539 | (2,086 | ) | ||||||||||||||||||||||
Reconciliation of Beginning and Ending Balance of Pension Plan Assets Measured at Fair Value | ' | ||||||||||||||||||||||||
The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Corporate | Real | Private | Hedge | Total | |||||||||||||||||||||
Bonds | Estate | Equity | Funds | ||||||||||||||||||||||
Balance at January 1, 2012 | $ | 189 | $ | 2,158 | $ | 6,055 | $ | 662 | $ | 9,064 | |||||||||||||||
Actual gain on plan assets | 12 | 84 | 146 | 43 | 285 | ||||||||||||||||||||
Purchases and sales | (14 | ) | (224 | ) | (1,162 | ) | (147 | ) | (1,547 | ) | |||||||||||||||
Transfers in | 9 | – | – | – | 9 | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 196 | $ | 2,018 | $ | 5,039 | $ | 558 | $ | 7,811 | |||||||||||||||
Actual gain on plan assets | 12 | 81 | 674 | 84 | 851 | ||||||||||||||||||||
Purchases and sales | (13 | ) | (315 | ) | (1,732 | ) | (124 | ) | (2,184 | ) | |||||||||||||||
Transfers in (out) | (33 | ) | – | (39 | ) | 678 | 606 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 162 | $ | 1,784 | $ | 3,942 | $ | 1,196 | $ | 7,084 | |||||||||||||||
Expected Benefit Payments to Retirees | ' | ||||||||||||||||||||||||
The benefit payments to retirees are expected to be paid as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Year | Pension Benefits | Health Care and Life | |||||||||||||||||||||||
2014 | $ | 2,980 | $ | 1,582 | |||||||||||||||||||||
2015 | 2,280 | 1,574 | |||||||||||||||||||||||
2016 | 1,742 | 1,538 | |||||||||||||||||||||||
2017 | 1,666 | 1,506 | |||||||||||||||||||||||
2018 | 1,377 | 1,474 | |||||||||||||||||||||||
2019-2023 | 6,712 | 6,846 | |||||||||||||||||||||||
Schedule of Recorded Severance Liability | ' | ||||||||||||||||||||||||
The following table provides an analysis of our actuarially determined severance liability recorded in accordance with the accounting standard regarding employers’ accounting for postemployment benefits: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Year | Beginning of Year | Charged to | Payments | Other | End of Year | ||||||||||||||||||||
Expense | |||||||||||||||||||||||||
2011 | $ | 1,569 | $ | 32 | $ | (474 | ) | $ | (14 | ) | $ | 1,113 | |||||||||||||
2012 | 1,113 | 396 | (531 | ) | 32 | 1,010 | |||||||||||||||||||
2013 | 1,010 | 134 | (381 | ) | (6 | ) | 757 | ||||||||||||||||||
Pension | ' | ||||||||||||||||||||||||
Fair Values for Plans by Asset Category | ' | ||||||||||||||||||||||||
The fair values for the pension plans by asset category at December 31, 2013 are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 968 | $ | 881 | $ | 87 | $ | – | |||||||||||||||||
Equity securities | 4,200 | 3,300 | 900 | – | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||
U.S. Treasuries and agencies | 1,097 | 691 | 406 | – | |||||||||||||||||||||
Corporate bonds | 2,953 | 212 | 2,579 | 162 | |||||||||||||||||||||
International bonds | 364 | 51 | 313 | – | |||||||||||||||||||||
Other | 3 | – | 3 | – | |||||||||||||||||||||
Real estate | 1,784 | – | – | 1,784 | |||||||||||||||||||||
Other | |||||||||||||||||||||||||
Private equity | 3,942 | – | – | 3,942 | |||||||||||||||||||||
Hedge funds | 1,800 | – | 604 | 1,196 | |||||||||||||||||||||
Total | $ | 17,111 | $ | 5,135 | $ | 4,892 | $ | 7,084 | |||||||||||||||||
The fair values for the pension plans by asset category at December 31, 2012 are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,618 | $ | 1,586 | $ | 32 | $ | – | |||||||||||||||||
Equity securities | 2,944 | 2,469 | 475 | – | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||
U.S. Treasuries and agencies | 1,589 | 1,125 | 464 | – | |||||||||||||||||||||
Corporate bonds | 2,456 | 35 | 2,225 | 196 | |||||||||||||||||||||
International bonds | 601 | 140 | 461 | – | |||||||||||||||||||||
Other | 210 | – | 210 | – | |||||||||||||||||||||
Real estate | 2,018 | – | – | 2,018 | |||||||||||||||||||||
Other | |||||||||||||||||||||||||
Private equity | 5,039 | – | – | 5,039 | |||||||||||||||||||||
Hedge funds | 1,807 | – | 1,249 | 558 | |||||||||||||||||||||
Total | $ | 18,282 | $ | 5,355 | $ | 5,116 | $ | 7,811 | |||||||||||||||||
Postretirement Benefit Plans | ' | ||||||||||||||||||||||||
Fair Values for Plans by Asset Category | ' | ||||||||||||||||||||||||
Health Care and Life Plans | |||||||||||||||||||||||||
The fair values for the other postretirement benefit plans by asset category at December 31, 2013 are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 237 | $ | 12 | $ | 225 | $ | – | |||||||||||||||||
Equity securities | 2,178 | 1,324 | 854 | – | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||
U.S. Treasuries and agencies | 121 | 94 | 27 | – | |||||||||||||||||||||
Corporate bonds | 252 | 45 | 207 | – | |||||||||||||||||||||
International bonds | 104 | 18 | 86 | – | |||||||||||||||||||||
Other | 161 | 40 | 121 | – | |||||||||||||||||||||
Total | $ | 3,053 | $ | 1,533 | $ | 1,520 | $ | – | |||||||||||||||||
The fair values for the other postretirement benefit plans by asset category at December 31, 2012 are as follows: | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 291 | $ | 13 | $ | 278 | $ | – | |||||||||||||||||
Equity securities | 1,753 | 1,004 | 749 | – | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||
U.S. Treasuries and agencies | 118 | 80 | 38 | – | |||||||||||||||||||||
Corporate bonds | 192 | 11 | 181 | – | |||||||||||||||||||||
International bonds | 189 | 72 | 117 | – | |||||||||||||||||||||
Other | 114 | – | 114 | – | |||||||||||||||||||||
Total | $ | 2,657 | $ | 1,180 | $ | 1,477 | $ | – | |||||||||||||||||
Taxes_Tables
Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Income before (Provision) Benefit for Income Taxes | ' | ||||||||||||
The components of income before (provision) benefit for income taxes are as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 28,833 | $ | 9,316 | $ | 9,724 | |||||||
Foreign | 444 | 581 | 759 | ||||||||||
Total | $ | 29,277 | $ | 9,897 | $ | 10,483 | |||||||
Components of Provision (Benefit) for Income Taxes | ' | ||||||||||||
The components of the provision (benefit) for income taxes are as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | (197 | ) | $ | 223 | $ | 193 | ||||||
Foreign | (59 | ) | (45 | ) | 25 | ||||||||
State and Local | 201 | 114 | 290 | ||||||||||
Total | (55 | ) | 292 | 508 | |||||||||
Deferred | |||||||||||||
Federal | 5,060 | (559 | ) | 270 | |||||||||
Foreign | 8 | 10 | (38 | ) | |||||||||
State and Local | 717 | (403 | ) | (455 | ) | ||||||||
Total | 5,785 | (952 | ) | (223 | ) | ||||||||
Total income tax provision (benefit) | $ | 5,730 | $ | (660 | ) | $ | 285 | ||||||
Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates | ' | ||||||||||||
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 December 31, | 2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income tax rate, net of federal tax benefits | 2.1 | (1.9 | ) | (1.0 | ) | ||||||||
Affordable housing credit | (0.6 | ) | (1.9 | ) | (1.8 | ) | |||||||
Employee benefits including ESOP dividend | (0.4 | ) | (1.1 | ) | (1.4 | ) | |||||||
Equity in earnings from unconsolidated businesses | (0.3 | ) | (1.4 | ) | (1.9 | ) | |||||||
Noncontrolling interests | (14.3 | ) | (33.7 | ) | (23.0 | ) | |||||||
Other, net | (1.9 | ) | (1.7 | ) | (3.2 | ) | |||||||
Effective income tax rate | 19.6 | % | (6.7 | )% | 2.7 | % | |||||||
Schedule of Cash Taxes Paid | ' | ||||||||||||
The amounts of cash taxes paid are as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Income taxes, net of amounts refunded | $ | 422 | $ | 351 | $ | 762 | |||||||
Employment taxes | 1,282 | 1,308 | 1,328 | ||||||||||
Property and other taxes | 2,082 | 1,727 | 1,883 | ||||||||||
Total | $ | 3,786 | $ | 3,386 | $ | 3,973 | |||||||
Schedule of Deferred Taxes | ' | ||||||||||||
Significant components of deferred tax assets and liabilities are as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Employee benefits | $ | 10,242 | $ | 13,644 | |||||||||
Tax loss and credit carry forwards | 2,747 | 4,819 | |||||||||||
Uncollectible accounts receivable | 213 | 206 | |||||||||||
Other - assets | 959 | 1,050 | |||||||||||
14,161 | 19,719 | ||||||||||||
Valuation allowances | (1,596 | ) | (2,041 | ) | |||||||||
Deferred tax assets | 12,565 | 17,678 | |||||||||||
Former MCI intercompany accounts receivable basis difference | 1,121 | 1,275 | |||||||||||
Depreciation | 14,030 | 13,953 | |||||||||||
Leasing activity | 997 | 1,208 | |||||||||||
Wireless joint venture including wireless licenses | 23,032 | 22,171 | |||||||||||
Other - liabilities | 1,470 | 1,320 | |||||||||||
Deferred tax liabilities | 40,650 | 39,927 | |||||||||||
Net deferred tax liability | $ | 28,085 | $ | 22,249 | |||||||||
Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1, | $ | 2,943 | $ | 3,078 | $ | 3,242 | |||||||
Additions based on tax positions related to the current year | 116 | 131 | 111 | ||||||||||
Additions for tax positions of prior years | 250 | 92 | 456 | ||||||||||
Reductions for tax positions of prior years | (801 | ) | (415 | ) | (644 | ) | |||||||
Settlements | (210 | ) | 100 | (56 | ) | ||||||||
Lapses of statutes of limitations | (168 | ) | (43 | ) | (31 | ) | |||||||
Balance at December 31, | $ | 2,130 | $ | 2,943 | $ | 3,078 | |||||||
Schedule of After Tax Benefits Related to Interest and Penalties in Provision for Income Taxes | ' | ||||||||||||
We recognized the following net after-tax benefits related to interest and penalties in the provision for income taxes: | |||||||||||||
Years Ended December 31, | (dollars in millions) | ||||||||||||
2013 | $ | 33 | |||||||||||
2012 | 82 | ||||||||||||
2011 | 60 | ||||||||||||
Schedule of After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet | ' | ||||||||||||
The after-tax accruals for the payment of interest and penalties in the consolidated balance sheets are as follows: | |||||||||||||
At December 31, | (dollars in millions) | ||||||||||||
2013 | $ | 274 | |||||||||||
2012 | 386 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Operating Financial Information for Reportable Segments | ' | ||||||||||||
The following table provides operating financial information for our two reportable segments: | |||||||||||||
(dollars in millions) | |||||||||||||
2013 | Wireless | Wireline | Total Segments | ||||||||||
External Operating Revenues | |||||||||||||
Retail service | $ | 66,282 | $ | – | $ | 66,282 | |||||||
Other service | 2,691 | – | 2,691 | ||||||||||
Service revenue | 68,973 | – | 68,973 | ||||||||||
Equipment | 8,096 | – | 8,096 | ||||||||||
Other | 3,851 | – | 3,851 | ||||||||||
Consumer retail | – | 14,737 | 14,737 | ||||||||||
Small business | – | 2,587 | 2,587 | ||||||||||
Mass Markets | – | 17,324 | 17,324 | ||||||||||
Strategic services | – | 8,410 | 8,410 | ||||||||||
Core | – | 6,267 | 6,267 | ||||||||||
Global Enterprise | – | 14,677 | 14,677 | ||||||||||
Global Wholesale | – | 5,703 | 5,703 | ||||||||||
Other | – | 456 | 456 | ||||||||||
Intersegment revenues | 103 | 1,063 | 1,166 | ||||||||||
Total operating revenues | 81,023 | 39,223 | 120,246 | ||||||||||
Cost of services and sales | 23,648 | 21,928 | 45,576 | ||||||||||
Selling, general and administrative expense | 23,176 | 8,595 | 31,771 | ||||||||||
Depreciation and amortization expense | 8,202 | 8,327 | 16,529 | ||||||||||
Total operating expenses | 55,026 | 38,850 | 93,876 | ||||||||||
Operating income | $ | 25,997 | $ | 373 | $ | 26,370 | |||||||
Assets | $ | 146,429 | $ | 84,573 | $ | 231,002 | |||||||
Plant, property and equipment, net | 35,932 | 51,885 | 87,817 | ||||||||||
Capital expenditures | 9,425 | 6,229 | 15,654 | ||||||||||
(dollars in millions) | |||||||||||||
2012 | Wireless | Wireline | Total Segments | ||||||||||
External Operating Revenues | |||||||||||||
Retail service | $ | 61,383 | $ | – | $ | 61,383 | |||||||
Other service | 2,290 | – | 2,290 | ||||||||||
Service revenue | 63,673 | – | 63,673 | ||||||||||
Equipment | 8,010 | – | 8,010 | ||||||||||
Other | 4,096 | – | 4,096 | ||||||||||
Consumer retail | – | 14,043 | 14,043 | ||||||||||
Small business | – | 2,648 | 2,648 | ||||||||||
Mass Markets | – | 16,691 | 16,691 | ||||||||||
Strategic services | – | 8,052 | 8,052 | ||||||||||
Core | – | 7,240 | 7,240 | ||||||||||
Global Enterprise | – | 15,292 | 15,292 | ||||||||||
Global Wholesale | – | 6,177 | 6,177 | ||||||||||
Other | – | 508 | 508 | ||||||||||
Intersegment revenues | 89 | 1,112 | 1,201 | ||||||||||
Total operating revenues | 75,868 | 39,780 | 115,648 | ||||||||||
Cost of services and sales | 24,490 | 22,413 | 46,903 | ||||||||||
Selling, general and administrative expense | 21,650 | 8,883 | 30,533 | ||||||||||
Depreciation and amortization expense | 7,960 | 8,424 | 16,384 | ||||||||||
Total operating expenses | 54,100 | 39,720 | 93,820 | ||||||||||
Operating income | $ | 21,768 | $ | 60 | $ | 21,828 | |||||||
Assets | $ | 142,485 | $ | 84,815 | $ | 227,300 | |||||||
Plant, property and equipment, net | 34,545 | 52,911 | 87,456 | ||||||||||
Capital expenditures | 8,857 | 6,342 | 15,199 | ||||||||||
(dollars in millions) | |||||||||||||
2011 | Wireless | Wireline | Total Segments | ||||||||||
External Operating Revenues | |||||||||||||
Retail service | $ | 56,601 | $ | – | $ | 56,601 | |||||||
Other service | 2,497 | – | 2,497 | ||||||||||
Service revenue | 59,098 | – | 59,098 | ||||||||||
Equipment | 7,446 | – | 7,446 | ||||||||||
Other | 3,517 | – | 3,517 | ||||||||||
Consumer retail | – | 13,605 | 13,605 | ||||||||||
Small business | – | 2,720 | 2,720 | ||||||||||
Mass Markets | – | 16,325 | 16,325 | ||||||||||
Strategic services | – | 7,607 | 7,607 | ||||||||||
Core | – | 8,014 | 8,014 | ||||||||||
Global Enterprise | – | 15,621 | 15,621 | ||||||||||
Global Wholesale | – | 6,795 | 6,795 | ||||||||||
Other | – | 704 | 704 | ||||||||||
Intersegment revenues | 93 | 1,237 | 1,330 | ||||||||||
Total operating revenues | 70,154 | 40,682 | 110,836 | ||||||||||
Cost of services and sales | 24,086 | 22,158 | 46,244 | ||||||||||
Selling, general and administrative expense | 19,579 | 9,107 | 28,686 | ||||||||||
Depreciation and amortization expense | 7,962 | 8,458 | 16,420 | ||||||||||
Total operating expenses | 51,627 | 39,723 | 91,350 | ||||||||||
Operating income | $ | 18,527 | $ | 959 | $ | 19,486 | |||||||
Assets | $ | 147,378 | $ | 86,185 | $ | 233,563 | |||||||
Plant, property and equipment, net | 33,451 | 54,149 | 87,600 | ||||||||||
Capital expenditures | 8,973 | 6,399 | 15,372 | ||||||||||
Summary of Reconciliation of Segment Operating Revenues | ' | ||||||||||||
A reconciliation of the segment operating revenues to consolidated operating revenues is as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Operating Revenues | |||||||||||||
Total reportable segments | $ | 120,246 | $ | 115,648 | $ | 110,836 | |||||||
Reconciling items: | |||||||||||||
Corporate, eliminations and other | 304 | 198 | 39 | ||||||||||
Consolidated operating revenues | $ | 120,550 | $ | 115,846 | $ | 110,875 | |||||||
Summary of Reconciliation of Segment Operating Income | ' | ||||||||||||
A reconciliation of the total of the reportable segments’ operating income to consolidated Income before (provision) benefit for income taxes is as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Operating Income | |||||||||||||
Total segment operating income | $ | 26,370 | $ | 21,828 | $ | 19,486 | |||||||
Severance, pension and benefit credits (charges) (Note 11) | 6,232 | (7,186 | ) | (5,954 | ) | ||||||||
Gain on spectrum license transaction (Note 2) | 278 | – | – | ||||||||||
Litigation settlements (Note 16) | – | (384 | ) | – | |||||||||
Other costs (Note 8) | – | (276 | ) | – | |||||||||
Corporate, eliminations and other | (912 | ) | (822 | ) | (652 | ) | |||||||
Consolidated operating income | 31,968 | 13,160 | 12,880 | ||||||||||
Equity in earnings of unconsolidated businesses | 142 | 324 | 444 | ||||||||||
Other income and (expense), net | (166 | ) | (1,016 | ) | (14 | ) | |||||||
Interest expense | (2,667 | ) | (2,571 | ) | (2,827 | ) | |||||||
Income Before (Provision) Benefit for Income Taxes | $ | 29,277 | $ | 9,897 | $ | 10,483 | |||||||
Summary of Reconciliation of Segment Assets | ' | ||||||||||||
A reconciliation of the total of the reportable segments’ assets to consolidated assets is as follows: | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Total reportable segments | $ | 231,002 | $ | 227,300 | |||||||||
Corporate, eliminations and other | 43,096 | (2,078 | ) | ||||||||||
Total consolidated | $ | 274,098 | $ | 225,222 | |||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Schedule of Components in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The changes in the balances of Accumulated other comprehensive income by component are as follows: | |||||||||||||||||||||
(dollars in millions) | Foreign currency | Unrealized | Unrealized | Defined benefit | Total | ||||||||||||||||
translation | gain on cash | gain on | pension and | ||||||||||||||||||
adjustments | flow hedges | marketable | postretirement | ||||||||||||||||||
securities | plans | ||||||||||||||||||||
Balance at January 1, 2013 | $ | 793 | $ | 88 | $ | 101 | $ | 1,253 | $ | 2,235 | |||||||||||
Other comprehensive income | 60 | 50 | 33 | – | 143 | ||||||||||||||||
Amounts reclassified to net income | – | (25 | ) | (17 | ) | 22 | (20 | ) | |||||||||||||
Net other comprehensive income | 60 | 25 | 16 | 22 | 123 | ||||||||||||||||
Balance at December 31, 2013 | $ | 853 | $ | 113 | $ | 117 | $ | 1,275 | $ | 2,358 | |||||||||||
Additional_Financial_Informati1
Additional Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Statement Information | ' | ||||||||||||
Income Statement Information | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Depreciation expense | $ | 15,019 | $ | 14,920 | $ | 14,991 | |||||||
Interest costs on debt balances | 3,421 | 2,977 | 3,269 | ||||||||||
Capitalized interest costs | (754 | ) | (406 | ) | (442 | ) | |||||||
Advertising expense | 2,438 | 2,381 | 2,523 | ||||||||||
Balance Sheet Information | ' | ||||||||||||
Balance Sheet Information | |||||||||||||
(dollars in millions) | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Accounts Payable and Accrued Liabilities | |||||||||||||
Accounts payable | $ | 4,954 | $ | 4,454 | |||||||||
Accrued expenses | 3,954 | 4,529 | |||||||||||
Accrued vacation, salaries and wages | 4,790 | 5,006 | |||||||||||
Interest payable | 1,199 | 632 | |||||||||||
Taxes payable | 1,556 | 1,561 | |||||||||||
$ | 16,453 | $ | 16,182 | ||||||||||
Other Current Liabilities | |||||||||||||
Advance billings and customer deposits | $ | 2,829 | $ | 3,554 | |||||||||
Dividends payable | 1,539 | 1,494 | |||||||||||
Other | 2,296 | 1,357 | |||||||||||
$ | 6,664 | $ | 6,405 | ||||||||||
Cash Flow Information | ' | ||||||||||||
Cash Flow Information | |||||||||||||
(dollars in millions) | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Cash Paid | |||||||||||||
Interest, net of amounts capitalized | $ | 2,122 | $ | 1,971 | $ | 2,629 |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | |||||||||||||||||||||||||
(dollars in millions, except per share amounts) | |||||||||||||||||||||||||
Net Income (Loss) attributable to Verizon(1) | |||||||||||||||||||||||||
Quarter Ended | Operating | Operating | Amount | Per Share- | Per Share- | Net | |||||||||||||||||||
Revenues | Income | Basic | Diluted | Income | |||||||||||||||||||||
(Loss) | (Loss) | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
31-Mar | $ | 29,420 | $ | 6,222 | $ | 1,952 | $ | 0.68 | $ | 0.68 | $ | 4,855 | |||||||||||||
30-Jun | 29,786 | 6,555 | 2,246 | 0.78 | 0.78 | 5,198 | |||||||||||||||||||
30-Sep | 30,279 | 7,128 | 2,232 | 0.78 | 0.78 | 5,578 | |||||||||||||||||||
31-Dec | 31,065 | 12,063 | 5,067 | 1.77 | 1.76 | 7,916 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
31-Mar | $ | 28,242 | $ | 5,195 | $ | 1,686 | $ | 0.59 | $ | 0.59 | $ | 3,906 | |||||||||||||
30-Jun | 28,552 | 5,651 | 1,825 | 0.64 | 0.64 | 4,285 | |||||||||||||||||||
30-Sep | 29,007 | 5,483 | 1,593 | 0.56 | 0.56 | 4,292 | |||||||||||||||||||
31-Dec | 30,045 | (3,169 | ) | (4,229 | ) | (1.48 | ) | (1.48 | ) | -1,926 | |||||||||||||||
• | Results of operations for the second quarter of 2013 include after-tax credits attributable to Verizon of $0.1 billion related to a pension remeasurement. | ||||||||||||||||||||||||
• | Results of operations for the third quarter of 2013 include immaterial after-tax credits attributable to Verizon related to a gain on a spectrum license transaction, as well as immaterial after-tax costs attributable to Verizon related to the Wireless Transaction. | ||||||||||||||||||||||||
• | Results of operations for the fourth quarter of 2013 include after-tax credits attributable to Verizon of $3.7 billion related to severance, pension and benefit credits, as well as after-tax costs attributable to Verizon of $0.5 billion related to the Wireless Transaction. | ||||||||||||||||||||||||
• | Results of operations for the third quarter of 2012 include after-tax charges attributable to Verizon of $0.2 billion related to legal settlements. | ||||||||||||||||||||||||
• | Results of operations for the fourth quarter of 2012 include after-tax charges attributable to Verizon of $5.3 billion related to severance, pension and benefit charges and early debt redemption and other costs. | ||||||||||||||||||||||||
(1) | Net income (loss) attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $641 | $802 | $876 | |||
Charged to expenses | 993 | 972 | 1,026 | |||
Charged to other Accounts | 162 | [1],[2] | 113 | [1],[2] | 139 | [1],[2] |
Deductions | 1,151 | [3],[4] | 1,246 | [3],[4] | 1,239 | [3],[4] |
Balance at End of Period | 645 | 641 | 802 | |||
Valuation Allowance of Deferred Tax Assets | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 2,041 | 2,376 | 3,421 | |||
Charged to expenses | 235 | 120 | 108 | |||
Charged to other Accounts | 30 | [1],[2] | 38 | [1],[2] | 25 | [1],[2] |
Deductions | 710 | [3],[4] | 493 | [3],[4] | 1,178 | [3],[4] |
Balance at End of Period | $1,596 | $2,041 | $2,376 | |||
[1] | Allowance for Uncollectible Accounts Receivable primarily includes amounts previously written off which were credited directly to this account when recovered. | |||||
[2] | Valuation Allowance for Deferred Tax Assets includes current year increase to valuation allowance charged to equity and reclassifications from other balance sheet accounts. | |||||
[3] | Amounts written off as uncollectible or transferred to other accounts or utilized. | |||||
[4] | Reductions to valuation allowances related to deferred tax assets. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 28, 2014 | Jan. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 |
Segment | Subsequent Event | Subsequent Event | Capitalized non-network internal-use software | Capitalized non-network internal-use software | Property Plant and Equipment by Estimated Useful Life | Wireline | |||
Increase in number of authorized common shares | Minimum | Maximum | Country | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of countries outside the United States of America to which our Wireline segment provides products and services | ' | ' | ' | ' | ' | ' | ' | ' | 150 |
Number of Reportable Segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options and restricted stock units outstanding to purchase shares included in diluted earnings per common share | 8,000,000 | 9,000,000 | 6,000,000 | ' | ' | ' | ' | ' | ' |
Anti-dilutive shares not included in computation of diluted earnings per common share | ' | ' | 19,000,000 | ' | ' | ' | ' | ' | ' |
Number of Common stock authorized to be issued | 4,250,000,000 | ' | ' | 6,250,000,000 | 2,000,000,000 | ' | ' | ' | ' |
Number of preferred stock authorized to be issued | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Depreciation expenses | $15,019 | $14,920 | $14,991 | ' | ' | ' | ' | $400 | ' |
Useful life for finite-lived intangible assets, years | ' | ' | ' | ' | ' | '3 years | '7 years | ' | ' |
Wireless license period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of benefit realized on ultimate settlement | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Nov. 30, 2012 | Nov. 02, 2012 | Dec. 31, 2013 | Feb. 21, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 06, 2014 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Feb. 21, 2014 | Sep. 02, 2013 | Feb. 21, 2014 | Feb. 21, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 21, 2014 | Feb. 21, 2014 | Feb. 21, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 26, 2012 | Apr. 30, 2011 | |
Verizon Notes | Verizon Notes | T Mobile and Cricket AWS Licenses Exchange | AT&T Spectrum License Transaction Amount Received Upon Closing | Investment Firm Spectrum License Transaction Amount Received Upon Closing | ATT and Investment Firm License Transactions | Wireless Licenses | Wireless Licenses | Wireless Licenses | Advanced Wireless Services Spectrum Licenses | Advanced Wireless Services Spectrum Licenses | License Purchase and Exchange Transactions | License Purchase and Exchange Transactions | Vodafone Omnitel N.V. | Stock Purchase Agreement | Stock Purchase Agreement | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Acquisition of Other Wireless Licenses and Markets | Acquisition of Other Wireless Licenses and Markets | July 26, 2012 Hughes Telematics Acquisition | Terremark Worldwide, Inc. | |||||||
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | 5.143% Class D Cumulative Preferred Stock | 5.143% Class E Cumulative Preferred Stock | Verizon Notes | Verizon Notes due February 21, 2022 | Verizon Notes due February 21, 2025 | |||||||||||||||||||||||
Subsequent Event | Subsequent Event | Subsequent Event | ||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of noncontrolling interest by Vodafone Group Plc in Cellco Partnership joint venture | 45.00% | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate consideration to complete the Wireless Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $130,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid to complete the Wireless Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,890,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of common shares issued to Vodafone shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.10 | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | 500,000,000 | 4,500,000,000 | 1,250,000,000 | ' | 5,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000,000 | 2,500,000,000 | 2,500,000,000 | ' | ' | ' | ' |
Verizon ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling price (fair value) of Verizon's equity method investment in Vodafone Omnitel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other consideration paid to Vodafone | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,270,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21-Feb-22 | 21-Feb-25 | ' | ' | ' | ' |
Quarterly interest payment start date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21-May-14 | ' | ' | ' | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Three-month LIBOR, plus 1.222% | 'Three-month LIBOR, plus 1.372% | ' | ' | ' | ' |
Debt instrument, marginal rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.22% | 1.37% | ' | ' | ' | ' |
Redemption price of notes percentage | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 825,000 | 825,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2020-04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock redemption price, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividend rate, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | 500,000,000 | 579,000,000 | 4,544,000,000 | ' | 3,900,000,000 | ' | 2,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Liabilities | 5,653,000,000 | 5,653,000,000 | 6,092,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
License purchase and exchange transactions, net cash proceeds | ' | 2,111,000,000 | 363,000,000 | ' | ' | ' | ' | ' | ' | 1,900,000,000 | 200,000,000 | ' | ' | ' | 2,400,000,000 | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of licenses | ' | 278,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-for-sale, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill acquired | 300,000,000 | 495,000,000 | 760,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 | 600,000,000 | ' |
Business Acquisition, Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | $19 |
Business acquisition, purchase price in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' |
Merger integration and acquisition related charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 |
Payments to acquire businesses, net of cash acquired | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro_Forma_Consolidated_Results
Pro Forma Consolidated Results of Operations (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' |
Net income attributable to Verizon | $17,058 | $4,449 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Wireless Licenses (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Beginning balance | $77,744 | ' | ' |
Capitalized interest on wireless licenses | 754 | 406 | 442 |
Ending balance | 75,747 | 77,744 | ' |
Wireless Licenses | ' | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Beginning balance | 77,744 | 73,250 | ' |
Acquisitions (Note 2) | 579 | 4,544 | ' |
Dispositions (Note 2) | -2,361 | ' | ' |
Capitalized interest on wireless licenses | 566 | 205 | ' |
Reclassifications, adjustments and other | -781 | -255 | ' |
Ending balance | $75,747 | $77,744 | ' |
Wireless_Licenses_Goodwill_and2
Wireless Licenses Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Wireless Licenses, Goodwill and Other Intangible Assets [Line Items] | ' | ' |
Wireless licenses under development | $4,176,000,000 | $4,126,000,000 |
Average remaining renewal period of wireless license portfolio (in years) | '5 years 1 month 6 days | ' |
Wireless Licenses | ' | ' |
Wireless Licenses, Goodwill and Other Intangible Assets [Line Items] | ' | ' |
Assets Held-for-sale, Current | 900,000,000 | ' |
Wireless licenses under development | $7,700,000,000 | $7,300,000,000 |
Changes_in_Carrying_Amount_of_1
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Beginning balance | ' | $24,139 | $23,357 |
Acquisitions (Note 2) | 300 | 495 | 760 |
Reclassifications, adjustments and other | ' | ' | 22 |
Ending balance | 24,634 | 24,634 | 24,139 |
Wireless | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Beginning balance | ' | 18,172 | 17,963 |
Acquisitions (Note 2) | ' | 204 | 209 |
Ending balance | 18,376 | 18,376 | 18,172 |
Wireline | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Beginning balance | ' | 5,967 | 5,394 |
Acquisitions (Note 2) | ' | 291 | 551 |
Reclassifications, adjustments and other | ' | ' | 22 |
Ending balance | $6,258 | $6,258 | $5,967 |
Composition_of_Other_Intangibl
Composition of Other Intangible Assets Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Customer lists (5 to 13 years) | Customer lists (5 to 13 years) | Customer lists (5 to 13 years) | Customer lists (5 to 13 years) | Non-Network Internal-Use Software (3 To 7 Years) | Non-Network Internal-Use Software (3 To 7 Years) | Non-Network Internal-Use Software (3 To 7 Years) | Non-Network Internal-Use Software (3 To 7 Years) | Other (2 To 25 Years) | Other (2 To 25 Years) | Other (2 To 25 Years) | Other (2 To 25 Years) | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amount | $16,100 | $14,773 | $3,639 | $3,556 | ' | ' | $11,770 | $10,415 | ' | ' | $691 | $802 | ' | ' |
Accumulated Amortization | -10,300 | -8,840 | -2,660 | -2,338 | ' | ' | -7,317 | -6,210 | ' | ' | -323 | -292 | ' | ' |
Net Amount | $5,800 | $5,933 | $979 | $1,218 | ' | ' | $4,453 | $4,205 | ' | ' | $368 | $510 | ' | ' |
Useful life for finite-lived intangible assets, years | ' | ' | ' | ' | '5 years | '13 years | ' | ' | '3 years | '7 years | ' | ' | '2 years | '25 years |
Amortization_Expense_for_Other
Amortization Expense for Other Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense for other intangible assets | $1,587 | $1,540 | $1,505 |
Estimated_Annual_Amortization_
Estimated Annual Amortization Expense for Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $1,486 |
2015 | 1,215 |
2016 | 971 |
2017 | 784 |
2018 | $619 |
Summary_of_Plant_Property_and_
Summary of Plant Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Buildings and Equipment | Buildings and Equipment | Central Office and Other Network Equipment | Central Office and Other Network Equipment | Cable Poles and Conduit | Cable Poles and Conduit | Leasehold Improvements | Leasehold Improvements | Furniture Vehicles and Other | Furniture Vehicles and Other | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life (years) | ' | ' | '15 years | '45 years | '3 years | '15 years | '11 years | '50 years | '5 years | '20 years | '3 years | '20 years |
Land | $819 | $859 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buildings and equipment | 23,857 | 22,909 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Central office and other network equipment | 121,594 | 113,262 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cable, poles and conduit | 55,240 | 53,761 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasehold improvements | 5,877 | 5,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Work in progress | 4,176 | 4,126 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Furniture, vehicles and other | 9,302 | 9,254 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant, property and equipment | 220,865 | 209,575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less accumulated depreciation | 131,909 | 120,933 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $88,956 | $88,642 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Unconsolidated_B
Investment in Unconsolidated Businesses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investee | $3,329 | $3,306 |
Cost method investee | 103 | 95 |
Total investments in unconsolidated businesses | 3,432 | 3,401 |
Vodafone Omnitel N.V. | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership | 23.10% | ' |
Equity method investee | 2,511 | 2,200 |
Other Members | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investee | $818 | $1,106 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Businesses - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Dividends and repatriations of foreign earnings received | $0 | $400,000,000 | $500,000,000 |
Goodwill | 24,634,000,000 | 24,139,000,000 | 23,357,000,000 |
Vodafone Omnitel N.V. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Goodwill | $1,100,000,000 | $1,000,000,000 | ' |
Schedule_of_Summarized_Financi
Schedule of Summarized Financial Information for Equity Investees Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Current assets | $3,983 | $3,516 |
Noncurrent assets | 7,748 | 8,159 |
Total assets | 11,731 | 11,675 |
Current liabilities | 4,692 | 5,526 |
Noncurrent liabilities | 5 | 5 |
Equity | 7,034 | 6,144 |
Total liabilities and equity | $11,731 | $11,675 |
Schedule_of_Summarized_Financi1
Schedule of Summarized Financial Information for Equity Investees Income Statement (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Net revenue | $8,984 | $10,825 | $12,668 |
Operating income | 1,632 | 2,823 | 4,021 |
Net income | $925 | $1,679 | $2,451 |
Noncontrolling_Interest_In_Equ
Noncontrolling Interest In Equity Subsidiaries (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Verizon Wireless | $55,465 | $51,492 |
Wireless partnerships and other | 1,115 | 884 |
Total noncontrolling interest | $56,580 | $52,376 |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 21, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
Subsequent Event | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | |||
Paid by Verizon Wireless to Vodafone Group Plc | Paid by Verizon Wireless to Vodafone Group Plc | Paid by Verizon Wireless to Vodafone Group Plc | |||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Controlling interest percentage | 55.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Noncontrolling interest percentage | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable, date declared | ' | ' | ' | '2013-05 | '2012-11 | '2011-07 | ' | ' | ' |
Distribution to partners | $3,150 | $8,325 | ' | $7,000 | $8,500 | $10,000 | $3,150 | $3,800 | $4,500 |
Leasing_Arrangements_Additiona
Leasing Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Billions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | |||
Operating Leased Assets [Line Items] | ' | ' | ' |
Number of years remaining on current lease agreements high end of range | 37 | ' | ' |
Accumulated deferred taxes arising from leveraged leases | $1 | $1.20 | ' |
Rent expense under operating leases | $2.60 | $2.50 | $2.50 |
Finance_Lease_Receivables_Incl
Finance Lease Receivables Included in Prepaid Expenses and Other and Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Operating Leased Assets [Line Items] | ' | ' |
Minimum lease payments receivable, Leveraged Leases | $1,069 | $1,253 |
Estimated residual value, Leveraged Leases | 780 | 923 |
Unearned income, Leveraged Leases | -589 | -654 |
Total, Leverage Leases | 1,260 | 1,522 |
Minimum lease payments receivable, Direct Finance Leases | 16 | 58 |
Estimated residual value, Direct Finance Leases | 5 | 6 |
Unearned income, Direct Finance Leases | -4 | -10 |
Total, Direct Finance Leases | 17 | 54 |
Finance lease receivables, total minimum lease payments receivable | 1,085 | 1,311 |
Estimated residual value, Total | 785 | 929 |
Unearned income, Total | -593 | -664 |
Total investment in leases | 1,277 | 1,576 |
Allowance for doubtful accounts | -90 | -99 |
Finance lease receivables, net | 1,187 | 1,477 |
Prepaid expenses and other | 5 | 22 |
Other assets | 1,182 | 1,455 |
Finance lease receivables, net | $1,187 | $1,477 |
Components_of_Income_from_Leve
Components of Income from Leveraged Leases (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Operating Leases [Line Items] | ' | ' | ' |
Pre-tax income | $34 | $30 | $61 |
Income tax expense | $12 | $12 | $24 |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments Received from Capital Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Capital Leases And Operating Leases [Line Items] | ' | ' |
Future capital lease payments receivable within one year of the balance sheet date on nonoperating leases | $34 | ' |
Future capital lease payments receivable within the second year from the balance sheet date on nonoperating leases | 46 | ' |
Future capital lease payments receivable within the third year from the balance sheet date on nonoperating leases | 114 | ' |
Future capital lease payments receivable within the fourth year from the balance sheet date on nonoperating leases | 38 | ' |
Future capital lease payments receivable within the fifth year from the balance sheet date on nonoperating leases | 56 | ' |
Future capital lease payments receivable after the fifth year from the balance sheet date on nonoperating leases | 797 | ' |
Future capital lease payments receivable on nonoperating leases | 1,085 | 1,311 |
Future operating lease payments receivable within one year of the balance sheet date | 197 | ' |
Future operating lease payments receivable within the second year from the balance sheet date | 170 | ' |
Future operating lease payments receivable within the third year from the balance sheet date | 142 | ' |
Future operating lease payments receivable within the fourth year from the balance sheet date | 50 | ' |
Future operating lease payments receivable within the fifth year from the balance sheet date | 23 | ' |
Future operating lease payments receivable after the fifth year from the balance sheet date | 19 | ' |
Future operating lease payments receivable | $601 | ' |
Amortization_of_Capital_Leases
Amortization of Capital Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ' | ' |
Capital leases | $353 | $358 |
Less accumulated amortization | 188 | 158 |
Total | $165 | $200 |
Schedule_of_Aggregate_Minimum_
Schedule of Aggregate Minimum Rental Commitments under Noncancelable Leases (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Capital Leases And Operating Leases [Line Items] | ' |
Contractually required capital lease payments, due within one year of the balance sheet date | $110 |
Contractually required capital lease payments, due within the second year from the balance sheet date | 70 |
Contractually required capital lease payments, due within the third year from the balance sheet date | 54 |
Contractually required capital lease payments, due within the fourth year from the balance sheet date | 46 |
Contractually required capital lease payments, due within the fifth year from the balance sheet date | 20 |
Contractually required capital lease payments, due after the fifth year from the balance sheet date | 83 |
Contractually required capital lease payments | 383 |
Less interest and executory costs | 90 |
Present value of minimum lease payments | 293 |
Less current installments | 91 |
Long-term obligation at December 31, 2013 | 202 |
Contractually required operating lease payments, due within one year of the balance sheet date | 2,255 |
Contractually required operating lease payments, due within the second year from the balance sheet date | 2,020 |
Contractually required operating lease payments, due within the third year from the balance sheet date | 1,703 |
Contractually required operating lease payments, due within the fourth year from the balance sheet date | 1,379 |
Contractually required operating lease payments, due within the fifth year from the balance sheet date | 1,085 |
Contractually required operating lease payments, due after the fifth year from the balance sheet date | 3,748 |
Contractually required operating lease payments | $12,190 |
Changes_to_Debt_Detail
Changes to Debt (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Debt maturing within one year, Balance at January 1, 2013 | $4,369 | ' | ' |
Long-term debt, Balance at January 1, 2013 | 47,618 | ' | ' |
Total, Balance at January 1, 2013 | 51,987 | ' | ' |
Proceeds from long-term borrowings | 49,166 | 4,489 | 11,060 |
Repayments of long-term borrowings and capital leases obligations | -8,163 | -6,403 | -11,805 |
Decrease in short-term obligations, excluding current maturities | -142 | -1,437 | 1,928 |
Reclassifications of long-term debt | 3,486 | 3,869 | ' |
Other | 743 | ' | ' |
Debt maturing within one year, Balance at December 31, 2013 | 3,933 | 4,369 | ' |
Long-term debt, Balance at December 31, 2013 | 89,658 | 47,618 | ' |
Total, Balance at December 31, 2013 | 93,591 | 51,987 | ' |
Debt Maturing Within One Year | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt maturing within one year, Balance at January 1, 2013 | 4,369 | ' | ' |
Repayments of long-term borrowings and capital leases obligations | -3,943 | ' | ' |
Decrease in short-term obligations, excluding current maturities | -142 | ' | ' |
Reclassifications of long-term debt | 3,328 | ' | ' |
Other | 321 | ' | ' |
Debt maturing within one year, Balance at December 31, 2013 | 3,933 | ' | ' |
Long-term Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, Balance at January 1, 2013 | 47,618 | ' | ' |
Proceeds from long-term borrowings | 49,166 | ' | ' |
Repayments of long-term borrowings and capital leases obligations | -4,220 | ' | ' |
Reclassifications of long-term debt | -3,328 | ' | ' |
Other | 422 | ' | ' |
Long-term debt, Balance at December 31, 2013 | $89,658 | ' | ' |
Debt_Maturing_Within_One_Year_
Debt Maturing Within One Year (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Long-term debt maturing within one year | $3,486 | $3,869 |
Commercial paper and other | 447 | 500 |
Total debt maturing within one year | $3,933 | $4,369 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Feb. 29, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Jun. 30, 2013 | 31-May-13 | Jun. 30, 2013 | Oct. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 24, 2013 | Oct. 24, 2013 | Oct. 24, 2013 | Oct. 24, 2013 | Dec. 31, 2013 | Feb. 27, 2014 | Feb. 27, 2014 | Feb. 27, 2014 | Feb. 27, 2014 | Feb. 27, 2014 | Feb. 21, 2014 | Feb. 21, 2014 | Feb. 21, 2014 | Feb. 21, 2014 | Oct. 24, 2013 | Oct. 24, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Bridge Loan | Four Year Credit Facility | Verizon Communications Notes | Verizon Communications Notes | Verizon Communications Notes | Fixed and Floating Rate Notes Issued Related to Wireless Transaction | Fixed and Floating Rate Notes Issued Related to Wireless Transaction | Floating Rate Notes Due 2016 | Floating Rate Notes Due 2016 | Floating Rate Notes Due 2018 | Floating Rate Notes Due 2018 | Notes Due 2016 | Notes Due 2018 | Notes Due 2020 | Notes Due 2023 | Notes Due 2033 | Notes Due 2043 | Fixed Rate Vendor Financing Facility | Fixed Rate Vendor Financing Facility | Reduction in Debt Borrowing Capacity | Notes Due Two Thousand And Fifteen | Notes Due Twenty Seventeen | Notes Due Twenty Twenty Two | Notes Due Twenty Forty Two | Notes 8.75 Percent | Notes 8.75 Percent | Notes 4.35% | Notes 4.35% | 7.375% Verizon Wireless Note | 6.50% Verizon Wireless Note | 5.55% Notes due 2014 | 5.25% Verizon Wireless Note | 7.0% Verizon Wireless Note | Verizon New York Inc Debentures | Verizon New York Inc Debentures | Verizon New York Inc Debentures | Verizon New York Inc Debentures | Verizon Maryland LLC Debentures | October 31, 2013 Verizon New England Inc. Debentures | Verizon Delaware LLC Debentures | Verizon New Jersey Inc. Debentures | Verizon Virginia LLC Debentures, Series A | Other Telephone and Subsidiary Debentures | November 30, 2012 Verizon Communications Notes due 2039 | December 31, 2012 Verizon Communications Notes due 2018 | Guarantee Of Debentures And First Mortgage Bonds Of Operating Telephone Company Subsidiaries | Guarantee of Debt Obligations of GTE Corporation | Term Loan Agreement | Term Loan Agreement | Term Loan Agreement Maturity 3 Years | Term Loan Agreement Maturity 5 Years | Verizon Notes | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | 364-Day Revolving Credit Agreement | 364-Day Revolving Credit Agreement | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | Verizon Wireless | USD ($) | USD ($) | Bridge Loan | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum | USD ($) | 2.375% Notes due 2022 | 3.25% Notes due 2026 | 4.75% Notes due 2034 | Notes Due Twenty Fifty Four | Verizon Notes | Verizon Notes | Verizon Notes due February 21, 2022 | Verizon Notes due February 21, 2025 | USD ($) | Maximum | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | GBP (£) | USD ($) | USD ($) | Verizon Wireless | Verizon Wireless | Verizon Wireless | |||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of commercial paper | ' | 0.40% | ' | 0.40% | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity of term loan agreement | ' | ' | ' | ' | ' | ' | ' | $6,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maturity date | ' | ' | ' | ' | ' | ' | ' | 12-Aug-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of unused borrowing capacity on four-year credit facility | ' | ' | ' | ' | ' | ' | ' | 6,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of borrowing under revolving credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350.00% |
Aggregate principal amount | 500,000,000 | ' | 4,500,000,000 | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | 49,000,000,000 | 2,250,000,000 | ' | 1,750,000,000 | ' | 4,250,000,000 | 4,750,000,000 | 4,000,000,000 | 11,000,000,000 | 6,000,000,000 | 15,000,000,000 | ' | ' | ' | 1,000,000,000 | 500,000,000 | 1,750,000,000 | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,750,000,000 | 1,250,000,000 | 850,000,000 | 500,000,000 | 5,000,000,000 | 5,000,000,000 | 2,500,000,000 | 2,500,000,000 | ' | ' |
Debt instrument maturity date | '2015 | ' | '2039 | ' | ' | ' | ' | ' | ' | ' | 'February 2013 | ' | ' | '2016 | ' | '2018 | ' | '2016 | '2018 | '2020 | '2023 | '2033 | '2043 | ' | ' | ' | '2015 | '2017 | '2022 | '2042 | 'November 2018 | ' | ' | 'February 2013 | ' | ' | ' | ' | ' | 'December 2033 | 'November 2023 | ' | ' | 'May 2023 | ' | 'December 2023 | ' | 'March 2013 | ' | '2039 | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | '2022 | '2026 | '2034 | '2054 | ' | ' | ' | ' | ' | ' |
Cash proceeds from issuance of debt, net of discounts and issuance costs | 500,000,000 | ' | 4,470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 48,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000,000 | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' |
Amount of notes repaid | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | 500,000,000 | 1,250,000,000 | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | 750,000,000 | ' | 1,250,000,000 | 200,000,000 | 3,500,000,000 | 800,000,000 | 800,000,000 | 200,000,000 | 300,000,000 | 100,000,000 | 100,000,000 | 250,000,000 | 300,000,000 | 20,000,000 | 1,000,000,000 | 1,000,000,000 | 200,000,000 | 900,000,000 | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate on debt instrument | ' | ' | ' | ' | ' | 8.95% | ' | ' | 4.38% | 5.25% | 4.35% | ' | ' | ' | ' | ' | ' | 2.50% | 3.65% | 4.50% | 5.15% | 6.40% | 6.55% | ' | ' | ' | 0.70% | 1.10% | 2.45% | 3.85% | ' | 8.75% | 4.35% | ' | 7.38% | 6.50% | 5.55% | 5.25% | 7.00% | 7.00% | 6.70% | 7.00% | 7.00% | 7.15% | 4.75% | 7.00% | 5.88% | 4.63% | ' | 8.95% | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | 2.38% | 3.25% | 4.75% | 5.90% | ' | ' | ' | ' | ' | ' |
Debt instrument, marginal rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.53% | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.22% | 1.37% | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 1.53% | ' | 'LIBOR plus 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Three-month LIBOR, plus 1.222% | 'Three-month LIBOR, plus 1.372% | ' | ' |
Interest expense on debt related to the Wireless Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate vendor financing facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly interest payment start date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21-May-14 | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21-Feb-22 | 21-Feb-25 | ' | ' |
Debt instrument maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of borrowing capacity under bridge credit agreement | ' | ' | ' | ' | ' | ' | 61,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related fees for termination of bridge credit agreement | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of notes percentage | ' | ' | 186.50% | 100.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140.20% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | 100.00% | ' | 100.00% | ' | 101.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under the credit facility | ' | 350,000,000 | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of notes percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption costs | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Cost | ' | 300,000,000 | ' | 276,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount outstanding in connection with the guarantee of debt obligations | ' | $51,987,000,000 | ' | $51,987,000,000 | $93,591,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,100,000,000 | $1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding_LongTerm_Debt_Obli
Outstanding Long-Term Debt Obligations (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Capital lease obligations (average rate of 8.1% and 6.3% in 2013 and 2012, respectively) | $293 | $298 |
Unamortized discount, net of premium | -264 | -228 |
Total long-term debt, including current maturities | 93,144 | 51,487 |
Less long-term debt maturing within one year | 3,486 | 3,869 |
Total long-term debt | 89,658 | 47,618 |
Verizon Communications | 0.50% - 3.85% Notes Payable And Other | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 0.50% | ' |
Interest rate range, maximum | 3.85% | ' |
Maturity date range, start | '2014 | ' |
Maturity date range, end | '2042 | ' |
Notes payable and other | 20,416 | 11,198 |
Verizon Communications | 4.50% - 5.50% Notes Payable And Other | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 4.50% | ' |
Interest rate range, maximum | 5.50% | ' |
Maturity date range, start | '2015 | ' |
Maturity date range, end | '2041 | ' |
Notes payable and other | 20,226 | 7,062 |
Verizon Communications | 5.55% - 6.90% Notes Payable And Other | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 5.55% | ' |
Interest rate range, maximum | 6.90% | ' |
Maturity date range, start | '2016 | ' |
Maturity date range, end | '2043 | ' |
Notes payable and other | 31,965 | 11,031 |
Verizon Communications | 7.35% - 8.95% Notes Payable And Other | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 7.35% | ' |
Interest rate range, maximum | 8.95% | ' |
Maturity date range, start | '2018 | ' |
Maturity date range, end | '2039 | ' |
Notes payable and other | 5,023 | 5,017 |
Verizon Communications | Floating Notes Payable And Other | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Maturity date range, start | '2014 | ' |
Maturity date range, end | '2018 | ' |
Notes payable and other | 5,500 | 1,000 |
Verizon Wireless | 8.50% - 8.88% Notes Payable and Other | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 8.50% | ' |
Interest rate range, maximum | 8.88% | ' |
Maturity date range, start | '2015 | ' |
Maturity date range, end | '2018 | ' |
Notes payable and other | 3,931 | 8,635 |
Verizon Wireless | 6.80% - 7.88% Alltel assumed notes | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 6.80% | ' |
Interest rate range, maximum | 7.88% | ' |
Maturity date range, start | '2016 | ' |
Maturity date range, end | '2032 | ' |
Notes payable and other | 1,300 | 1,500 |
Telephone Subsidiaries | 5.13% - 6.86% Debentures | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 5.13% | ' |
Interest rate range, maximum | 6.86% | ' |
Maturity date range, start | '2027 | ' |
Maturity date range, end | '2033 | ' |
Notes payable and other | 1,075 | 2,045 |
Telephone Subsidiaries | 7.38% - 7.88% Debentures | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 7.38% | ' |
Interest rate range, maximum | 7.88% | ' |
Maturity date range, start | '2022 | ' |
Maturity date range, end | '2032 | ' |
Notes payable and other | 1,099 | 1,349 |
Telephone Subsidiaries | 8.00% - 8.75% Debentures | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 8.00% | ' |
Interest rate range, maximum | 8.75% | ' |
Maturity date range, start | '2019 | ' |
Maturity date range, end | '2031 | ' |
Notes payable and other | 880 | 880 |
Other Subsidiaries | 6.84% - 8.75% Debentures And Other | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Interest rate range, minimum | 6.84% | ' |
Interest rate range, maximum | 8.75% | ' |
Maturity date range, start | '2018 | ' |
Maturity date range, end | '2028 | ' |
Notes payable and other | $1,700 | $1,700 |
Outstanding_LongTerm_Debt_Obli1
Outstanding Long-Term Debt Obligations (Parenthetical) (Detail) (Average Rates For Capital Lease Obligations) | Dec. 31, 2013 | Dec. 31, 2012 |
Average Rates For Capital Lease Obligations | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Capital lease obligations average rate | 8.10% | 6.30% |
Maturities_of_LongTerm_Debt_De
Maturities of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' |
2014 | $3,486 |
2015 | 2,740 |
2016 | 10,818 |
2017 | 1,331 |
2018 | 14,970 |
Thereafter | $59,799 |
Schedule_of_Assets_and_Liabili
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | $10,908 | |
Fair value of liabilities measured on a recurring basis | 23 | |
Cash and Cash Equivalents | Fixed Income Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 9,190 | |
Short-term Investments | Fixed Income Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 214 | |
Short-term Investments | Equity Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 387 | |
Other Assets | Fixed Income Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 875 | |
Other Assets | Forward Interest Rate Swaps | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 76 | |
Other Assets | Cross Currency Swaps | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 166 | |
Other Liabilities | Interest Rate Swaps | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of liabilities measured on a recurring basis | 23 | |
Level 1 | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 9,580 | [1] |
Level 1 | Cash and Cash Equivalents | Fixed Income Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 9,190 | [1] |
Level 1 | Short-term Investments | Fixed Income Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 3 | [1] |
Level 1 | Short-term Investments | Equity Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 387 | [1] |
Level 2 | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 1,328 | [2] |
Fair value of liabilities measured on a recurring basis | 23 | [2] |
Level 2 | Short-term Investments | Fixed Income Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 211 | [2] |
Level 2 | Other Assets | Fixed Income Securities | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 875 | [2] |
Level 2 | Other Assets | Forward Interest Rate Swaps | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 76 | [2] |
Level 2 | Other Assets | Cross Currency Swaps | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of assets measured on a recurring basis | 166 | [2] |
Level 2 | Other Liabilities | Interest Rate Swaps | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Fair value of liabilities measured on a recurring basis | $23 | [2] |
[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 |
Fair_Value_of_Short_Term_and_L
Fair Value of Short Term and Long Term Debt Excluding Capital Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short- and long-term debt | $93,591 | $51,987 |
Carrying Amount, Fair Value Disclosure | Excluding Capital Leases | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short- and long-term debt | 93,298 | 51,689 |
Fair Value, Fair Value Disclosure | Excluding Capital Leases | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short- and long-term debt | $103,527 | $61,552 |
Fair_Value_Measurements_and_Fi2
Fair Value Measurements and Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Billions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 26, 2014 |
Forward Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Cross Currency Swaps | Cross Currency Swaps | ||
Subsequent Event | ||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | $2 | $1.80 | $1.80 | $1.25 | $5.80 | ' | ' |
Net proceeds from settlement of interest rate swaps | 0.7 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from other debt | ' | ' | ' | ' | ' | ' | $1.60 | $5.40 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Billions, except Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum number of shares available for awards under the Long-Term Incentive Plan | 119.6 | ' | ' |
Period of stock option life following date of grant, in years | 10 | ' | ' |
Share-based compensation | $0.40 | $0.70 | $0.50 |
Percentage of fair market value of Verizon common stock on the grant date | 100.00% | ' | ' |
Vesting period of stock options, in years | '3 years | ' | ' |
Cash received from the exercise of stock options | 0.1 | 0.3 | 0.2 |
Stock option expense | 0 | 0 | 0 |
Value Appreciation Rights | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Payments made to settle compensation classified as liability awards | 0.1 | 0.1 | 0.1 |
Period of stock option life following date of grant, in years | 10 | ' | ' |
Restricted Stock Units and Performance Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense related to the unvested portion of Verizon's RSUs and PSUs | 0.4 | ' | ' |
Weighted-average period of unrecognized compensation expense related to the unvested portion of Verizon's RSUs and PSUs (in years) | '2 years | ' | ' |
Payments made to settle compensation classified as liability awards | $1.10 | $0.60 | $0.70 |
Restricted Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant date fair value per unit | $47.96 | $38.67 | ' |
Restricted_and_Performance_Sto
Restricted and Performance Stock Unit Activity (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning Balance | 18,669 | 19,836 | 20,923 |
Granted | 4,950 | 6,350 | 6,667 |
Payments | -7,246 | -7,369 | -7,600 |
Cancelled/Forfeited | -180 | -148 | -154 |
Ending Balance | 16,193 | 18,669 | 19,836 |
Performance Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning Balance | 39,463 | 27,614 | 32,380 |
Granted | 7,470 | 20,537 | 10,348 |
Payments | -22,703 | -8,499 | -12,137 |
Cancelled/Forfeited | -506 | -189 | -2,977 |
Ending Balance | 23,724 | 39,463 | 27,614 |
Assumptions_Used_in_BlackSchol
Assumptions Used in Black-Scholes Model (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free rate | 0.11% |
Expected term (in years) | '1 month 13 days |
Expected volatility | 43.27% |
Value_Appreciation_Rights_Acti
Value Appreciation Rights Activity (Detail) (Value Appreciation Rights, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Value Appreciation Rights | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning Balance | 4,766 | 8,214 | 11,569 |
Exercised | -1,916 | -3,427 | -3,303 |
Cancelled/Forfeited | -3 | -21 | -52 |
Ending Balance | 2,847 | 4,766 | 8,214 |
Beginning Balance | $13.89 | $12.39 | $13.11 |
Exercised | $13.89 | $10.30 | $14.87 |
Cancelled/Forfeited | $13.89 | $11.10 | $14.74 |
Ending Balance | $13.89 | $13.89 | $12.39 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (Stock Options, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning Balance | 3,318 | 27,819 | 56,844 |
Exercised | -2,253 | -7,447 | -7,104 |
Cancelled/Forfeited | -82 | -17,054 | -21,921 |
Ending Balance | 983 | 3,318 | 27,819 |
Beginning Balance | $34.69 | $41.24 | $44.25 |
Exercised | $34.85 | $35.20 | $35 |
Cancelled/Forfeited | $34.49 | $45.15 | $51.06 |
Ending Balance | $34.35 | $34.69 | $41.24 |
Stock_Option_Outstanding_Detai
Stock Option Outstanding (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock Options | 983 |
Weighted-Average Remaining Life (years) | '1 month 6 days |
Weighted-Average Exercise Price | $34.35 |
Exercise Price Range 30.00-39.99 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, low | $30 |
Range of Exercise Prices, high | $39.99 |
Stock Options | 969 |
Weighted-Average Remaining Life (years) | '1 month 6 days |
Weighted-Average Exercise Price | $34.18 |
Exercise Price Range 40.00-49.99 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, low | $40 |
Range of Exercise Prices, high | $49.99 |
Stock Options | 14 |
Weighted-Average Remaining Life (years) | '1 month 6 days |
Weighted-Average Exercise Price | $46.31 |
Change_In_Benefit_Obligations_
Change In Benefit Obligations Change In Plan Assets Funded Status Amounts Recognized On Balance Sheet And Amounts Recognized In Accumulated Other Comprehensive Loss Pretax (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
End of year | $3,053 | $2,657 | ' |
Noncurrent liabilities | -27,682 | -34,346 | ' |
Pension | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning of year | 26,773 | 30,582 | ' |
Service cost | 395 | 358 | 307 |
Interest cost | 1,002 | 1,449 | 1,590 |
Plan amendments | -149 | 183 | ' |
Actuarial (gain) loss, net | -2,327 | 6,074 | ' |
Benefits paid | -1,777 | -2,735 | ' |
Curtailment and termination benefits | 4 | ' | ' |
Annuity purchase | ' | -8,352 | ' |
Settlements paid | -889 | -786 | ' |
End of year | 23,032 | 26,773 | 30,582 |
Beginning of year | 18,282 | 24,110 | ' |
Actual return on plan assets | 1,388 | 2,326 | ' |
Company contributions | 107 | 3,719 | ' |
Benefits paid | -1,777 | -2,735 | ' |
Settlements paid | -889 | -786 | ' |
Annuity purchase | ' | -8,352 | ' |
End of year | 17,111 | 18,282 | 24,110 |
End of year | -5,921 | -8,491 | ' |
Noncurrent assets | 339 | 236 | ' |
Current liabilities | -137 | -129 | ' |
Noncurrent liabilities | -6,123 | -8,598 | ' |
Total | -5,921 | -8,491 | ' |
Prior Service Benefit (Cost) | 25 | 181 | ' |
Total | 25 | 181 | ' |
Health Care And Life | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning of year | 26,844 | 27,369 | ' |
Service cost | 318 | 359 | 299 |
Interest cost | 1,095 | 1,284 | 1,421 |
Plan amendments | -119 | -1,826 | ' |
Actuarial (gain) loss, net | -3,576 | 1,402 | ' |
Benefits paid | -1,520 | -1,744 | ' |
End of year | 23,042 | 26,844 | 27,369 |
Beginning of year | 2,657 | 2,628 | ' |
Actual return on plan assets | 556 | 312 | ' |
Company contributions | 1,360 | 1,461 | ' |
Benefits paid | -1,520 | -1,744 | ' |
End of year | 3,053 | 2,657 | 2,628 |
End of year | -19,989 | -24,187 | ' |
Current liabilities | -710 | -766 | ' |
Noncurrent liabilities | -19,279 | -23,421 | ' |
Total | -19,989 | -24,187 | ' |
Prior Service Benefit (Cost) | -2,120 | -2,247 | ' |
Total | ($2,120) | ($2,247) | ' |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 10, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Employee | Verizon Management Defined Benefit Pension Plan Employees | Return Seeking Assets | Liability Hedging Assets | Verizon Management Pension Plan Liabilities Expected to be Purchased by The Prudential Insurance Company of America and Prudential Financial Inc. | Verizon Management Pension Plan Liabilities Expected to be Purchased by The Prudential Insurance Company of America and Prudential Financial Inc. | Charges Primarily Driven By Decrease In Discount Rate Assumption | Charges Primarily Driven By Decrease In Discount Rate Assumption | Charges Due To Difference Between Estimated Return On Assets And Actual Return On Assets | Charges Due To Difference Between Estimated Return On Assets And Actual Return On Assets | Charges Due To Difference Between Estimated Return On Assets And Actual Return On Assets | Annuitization Benefit | Severance charges to management employees | Non Qualified Pension Plans | Postretirement Benefit Plans | Qualified Pension Trusts | Charges Primarily Driven By Increase In Discount Rate Assumption | Charges Primarily Driven By Other Assumption Adjustments | ||||
Employee | Employee | ||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Retirees Covered By Group Annuity Contract | ' | ' | ' | ' | 43,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation for all defined benefit pension plans | $22,900,000,000 | $26,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Define benefits postretirement plans amortized from accumulated other comprehensive income | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, period used to determine overall expected long term rate of return on assets assumption (in years) | '10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target allocation percentage of assets | ' | ' | ' | ' | ' | 70.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan contributions by employer | ' | ' | ' | ' | ' | ' | ' | 2,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 1,400,000,000 | ' | ' | ' |
Defined benefit plan contributions by employer in next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 1,400,000,000 | 1,200,000,000 | ' | ' |
Number of unallocated shares of common stock in ESOP | 163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of allocated shares of common stock in ESOP | 62,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total savings plan cost | 1,000,000,000 | 700,000,000 | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Retirees Covered Under Group Annuity Contract | ' | ' | ' | ' | ' | ' | ' | ' | 41,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance, Pension and Benefit (Credits) Charges | ($6,232,000,000) | $7,186,000,000 | $5,954,000,000 | ' | ' | ' | ' | ' | ' | $5,300,000,000 | $5,000,000,000 | ($500,000,000) | $700,000,000 | $900,000,000 | $1,000,000,000 | $400,000,000 | ' | ' | ' | ($4,300,000,000) | ($1,400,000,000) |
Discount Rate | 5.00% | 4.20% | 5.00% | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected return on plan assets | ' | 7.50% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual return on assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.60% | 10.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Number of management employees | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Information_for_Pension_Plans_
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $22,610 | $26,351 |
Accumulated benefit obligation | 22,492 | 26,081 |
Fair value of plan assets | $16,350 | $17,623 |
Benefit_or_Income_Cost_Related
Benefit or Income Cost Related to Pension and Postretirement Health Care and Life Insurance Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $395 | $358 | $307 |
Amortization of prior service cost (credit) | 6 | -1 | 72 |
Subtotal | 401 | 357 | 379 |
Expected return on plan assets | -1,245 | -1,795 | -1,976 |
Interest cost | 1,002 | 1,449 | 1,590 |
Subtotal | 158 | 11 | -7 |
Remeasurement (gain) loss, net | -2,470 | 5,542 | 4,146 |
Net periodic benefit (income) cost | -2,312 | 5,553 | 4,139 |
Curtailment and termination benefits | 4 | ' | ' |
Total | -2,308 | 5,553 | 4,139 |
Health Care And Life | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 318 | 359 | 299 |
Amortization of prior service cost (credit) | -247 | -89 | -57 |
Subtotal | 71 | 270 | 242 |
Expected return on plan assets | -143 | -171 | -163 |
Interest cost | 1,095 | 1,284 | 1,421 |
Subtotal | 1,023 | 1,383 | 1,500 |
Remeasurement (gain) loss, net | -3,989 | 1,262 | 1,787 |
Net periodic benefit (income) cost | -2,966 | 2,645 | 3,287 |
Total | ($2,966) | $2,645 | $3,287 |
Other_Pretax_Changes_in_Plan_A
Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | ($149) | $183 |
Reversal of amortization items - Prior service cost | -6 | 1 |
Total recognized in other comprehensive (income) loss (pre-tax) | -155 | 184 |
Health Care And Life | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | -119 | -1,826 |
Reversal of amortization items - Prior service cost | 247 | 89 |
Total recognized in other comprehensive (income) loss (pre-tax) | $128 | ($1,737) |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used In Determining Benefit Obligations (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Discount Rate | 5.00% | 4.20% | 5.00% | 5.75% |
Pension | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Discount Rate | 5.00% | 4.20% | ' | ' |
Rate of compensation increases | 3.00% | 3.00% | ' | ' |
Health Care And Life | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Discount Rate | 5.00% | 4.20% | ' | ' |
Weighted_Average_Assumptions_U1
Weighted Average Assumptions Used In Determining Net Periodic Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on plan assets | ' | 7.50% | 8.00% |
Pension | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 4.20% | 5.00% | 5.75% |
Expected return on plan assets | 7.50% | 7.50% | 8.00% |
Rate of compensation increases | 3.00% | 3.00% | 3.00% |
Health Care And Life | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 4.20% | 5.00% | 5.75% |
Expected return on plan assets | 5.60% | 7.00% | 6.00% |
Health_Care_Cost_Trend_Rates_D
Health Care Cost Trend Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Healthcare cost trend rate assumed for next year | 6.50% | 7.00% | 7.50% |
Rate to which cost trend rate gradually declines | 4.75% | 5.00% | 5.00% |
Year the rate reaches the level it is assumed to remain thereafter | '2020 | '2016 | '2016 |
Effects_of_One_Percentage_Poin
Effects of One Percentage Point Change In Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on 2013 service and interest cost, Increase | $184 |
Effect on 2013 service and interest cost, Decrease | -150 |
Effect on postretirement benefit obligation as of December 31, 2013, Increase | 2,539 |
Effect on postretirement benefit obligation as of December 31, 2013, Decrease | ($2,086) |
Fair_Values_for_Plans_by_Asset
Fair Values for Plans by Asset Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | $3,053 | $2,657 | ' |
Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 237 | 291 | ' |
Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 2,178 | 1,753 | ' |
US Treasuries and agencies | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 121 | 118 | ' |
Corporate Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 252 | 192 | ' |
International Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 104 | 189 | ' |
Other Fixed Income Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 161 | 114 | ' |
Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 1,533 | 1,180 | ' |
Level 1 | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 12 | 13 | ' |
Level 1 | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 1,324 | 1,004 | ' |
Level 1 | US Treasuries and agencies | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 94 | 80 | ' |
Level 1 | Corporate Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 45 | 11 | ' |
Level 1 | International Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 18 | 72 | ' |
Level 1 | Other Fixed Income Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 40 | ' | ' |
Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 1,520 | 1,477 | ' |
Level 2 | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 225 | 278 | ' |
Level 2 | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 854 | 749 | ' |
Level 2 | US Treasuries and agencies | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 27 | 38 | ' |
Level 2 | Corporate Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 207 | 181 | ' |
Level 2 | International Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 86 | 117 | ' |
Level 2 | Other Fixed Income Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 121 | 114 | ' |
Pension | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 17,111 | 18,282 | 24,110 |
Pension | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 968 | 1,618 | ' |
Pension | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 4,200 | 2,944 | ' |
Pension | US Treasuries and agencies | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 1,097 | 1,589 | ' |
Pension | Corporate Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 2,953 | 2,456 | ' |
Pension | International Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 364 | 601 | ' |
Pension | Other Fixed Income Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 3 | 210 | ' |
Pension | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 1,784 | 2,018 | ' |
Pension | Private Equity | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 3,942 | 5,039 | ' |
Pension | Hedge Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 1,800 | 1,807 | ' |
Pension | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 5,135 | 5,355 | ' |
Pension | Level 1 | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 881 | 1,586 | ' |
Pension | Level 1 | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 3,300 | 2,469 | ' |
Pension | Level 1 | US Treasuries and agencies | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 691 | 1,125 | ' |
Pension | Level 1 | Corporate Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 212 | 35 | ' |
Pension | Level 1 | International Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 51 | 140 | ' |
Pension | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 4,892 | 5,116 | ' |
Pension | Level 2 | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 87 | 32 | ' |
Pension | Level 2 | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 900 | 475 | ' |
Pension | Level 2 | US Treasuries and agencies | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 406 | 464 | ' |
Pension | Level 2 | Corporate Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 2,579 | 2,225 | ' |
Pension | Level 2 | International Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 313 | 461 | ' |
Pension | Level 2 | Other Fixed Income Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 3 | 210 | ' |
Pension | Level 2 | Hedge Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 604 | 1,249 | ' |
Pension | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 7,084 | 7,811 | ' |
Pension | Level 3 | Corporate Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 162 | 196 | ' |
Pension | Level 3 | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 1,784 | 2,018 | ' |
Pension | Level 3 | Private Equity | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | 3,942 | 5,039 | ' |
Pension | Level 3 | Hedge Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values for the pension plans by asset category | $1,196 | $558 | ' |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Balance of Pension Plan Assets Measured at Fair Value (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | $7,811 | $9,064 |
Actual gain on plan assets | 851 | 285 |
Purchases and sales | -2,184 | -1,547 |
Transfers in (out) | 606 | 9 |
Ending Balance | 7,084 | 7,811 |
Corporate Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | 196 | 189 |
Actual gain on plan assets | 12 | 12 |
Purchases and sales | -13 | -14 |
Transfers in (out) | -33 | 9 |
Ending Balance | 162 | 196 |
Real Estate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | 2,018 | 2,158 |
Actual gain on plan assets | 81 | 84 |
Purchases and sales | -315 | -224 |
Ending Balance | 1,784 | 2,018 |
Private Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | 5,039 | 6,055 |
Actual gain on plan assets | 674 | 146 |
Purchases and sales | -1,732 | -1,162 |
Transfers in (out) | -39 | ' |
Ending Balance | 3,942 | 5,039 |
Hedge Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | 558 | 662 |
Actual gain on plan assets | 84 | 43 |
Purchases and sales | -124 | -147 |
Transfers in (out) | 678 | ' |
Ending Balance | $1,196 | $558 |
Fair_Values_For_Other_Postreti
Fair Values For Other Postretirement Benefit Plans By Asset Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | $3,053 | $2,657 |
Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 237 | 291 |
Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 2,178 | 1,753 |
US Treasuries and agencies | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 121 | 118 |
Corporate Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 252 | 192 |
International Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 104 | 189 |
Other Fixed Income Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 161 | 114 |
Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 1,533 | 1,180 |
Level 1 | Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 12 | 13 |
Level 1 | Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 1,324 | 1,004 |
Level 1 | US Treasuries and agencies | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 94 | 80 |
Level 1 | Corporate Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 45 | 11 |
Level 1 | International Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 18 | 72 |
Level 1 | Other Fixed Income Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 40 | ' |
Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 1,520 | 1,477 |
Level 2 | Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 225 | 278 |
Level 2 | Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 854 | 749 |
Level 2 | US Treasuries and agencies | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 27 | 38 |
Level 2 | Corporate Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 207 | 181 |
Level 2 | International Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | 86 | 117 |
Level 2 | Other Fixed Income Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair values for the pension plans by asset category | $121 | $114 |
Expected_Benefit_Payments_to_R
Expected Benefit Payments to Retirees (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $2,980 |
2015 | 2,280 |
2016 | 1,742 |
2017 | 1,666 |
2018 | 1,377 |
2019-2023 | 6,712 |
Health Care And Life | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 1,582 |
2015 | 1,574 |
2016 | 1,538 |
2017 | 1,506 |
2018 | 1,474 |
2019-2023 | $6,846 |
Recorded_Severance_Liability_D
Recorded Severance Liability (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning of Year | $1,010 | $1,113 | $1,569 |
Charged to Expense | 134 | 396 | 32 |
Payments | -381 | -531 | -474 |
Other | -6 | 32 | -14 |
End of Year | $757 | $1,010 | $1,113 |
Components_of_Income_before_Pr
Components of Income before (Provision) benefit for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Domestic | $28,833 | $9,316 | $9,724 |
Foreign | 444 | 581 | 759 |
Income Before (Provision) Benefit For Income Taxes | $29,277 | $9,897 | $10,483 |
Components_of_Provision_benefi
Components of Provision (benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Provision of Income Taxes [Line Items] | ' | ' | ' |
Federal | ($197) | $223 | $193 |
Foreign | -59 | -45 | 25 |
State and Local | 201 | 114 | 290 |
Total | -55 | 292 | 508 |
Federal | 5,060 | -559 | 270 |
Foreign | 8 | 10 | -38 |
State and Local | 717 | -403 | -455 |
Total | 5,785 | -952 | -223 |
Total income tax provision (benefit) | $5,730 | ($660) | $285 |
Schedule_for_Principal_Reasons
Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income tax rate, net of federal tax benefits | 2.10% | -1.90% | -1.00% |
Affordable housing credit | -0.60% | -1.90% | -1.80% |
Employee benefits including ESOP dividend | -0.40% | -1.10% | -1.40% |
Equity in earnings from unconsolidated businesses | -0.30% | -1.40% | -1.90% |
Noncontrolling interests | -14.30% | -33.70% | -23.00% |
Other, net | -1.90% | -1.70% | -3.20% |
Effective income tax rate | 19.60% | -6.70% | 2.70% |
Taxes_Additional_Information_D
Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Billions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Taxes [Line Items] | ' | ' | ' |
Effective income tax rate | 19.60% | -6.70% | 2.70% |
Undistributed earnings of our foreign subsidiaries | $2.10 | ' | ' |
Net tax loss and credit carry forwards (tax effected) | 2.7 | ' | ' |
Net tax loss and credit carry forwards (tax effected), portion that will expire between 2014 and 2032 | 2.1 | ' | ' |
Operating loss carry forwards amount | 0.6 | ' | ' |
Reduction of net tax loss and credit carryforwards reflected as a deferred tax asset | ' | 0.1 | ' |
Decrease in valuation allowance | 0.4 | ' | ' |
Unrecognized tax benefits, that if recognized, would favorably affect the effective income tax rate | $1.40 | $2.10 | $2.20 |
Schedule_of_Cash_Taxes_Paid_De
Schedule of Cash Taxes Paid (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Income taxes, net of amounts refunded | $422 | $351 | $762 |
Employment taxes | 1,282 | 1,308 | 1,328 |
Property and other taxes | 2,082 | 1,727 | 1,883 |
Total | $3,786 | $3,386 | $3,973 |
Schedule_of_Deferred_Taxes_Det
Schedule of Deferred Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' | ' |
Employee benefits | $10,242 | $13,644 |
Tax loss and credit carry forwards | 2,747 | 4,819 |
Uncollectible accounts receivable | 213 | 206 |
Other - assets | 959 | 1,050 |
Deferred Tax Assets, Gross, Total | 14,161 | 19,719 |
Valuation allowances | -1,596 | -2,041 |
Deferred tax assets | 12,565 | 17,678 |
Former MCI intercompany accounts receivable basis difference | 1,121 | 1,275 |
Depreciation | 14,030 | 13,953 |
Leasing activity | 997 | 1,208 |
Wireless joint venture including wireless licenses | 23,032 | 22,171 |
Other - liabilities | 1,470 | 1,320 |
Deferred tax liabilities | 40,650 | 39,927 |
Net deferred tax liability | $28,085 | $22,249 |
Reconciliation_of_Beginning_an1
Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Balance at January 1, | $2,943 | $3,078 | $3,242 |
Additions based on tax positions related to the current year | 116 | 131 | 111 |
Additions for tax positions of prior years | 250 | 92 | 456 |
Reductions for tax positions of prior years | -801 | -415 | -644 |
Settlements | -210 | 100 | -56 |
Lapses of statutes of limitations | -168 | -43 | -31 |
Balance at December 31, | $2,130 | $2,943 | $3,078 |
Schedule_of_After_Tax_Benefits
Schedule of After Tax Benefits Related To Interest and Penalties in Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Income tax examination, penalties and interest expense | $33 | $82 | $60 |
After_Tax_Accrual_for_Payment_
After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Taxes [Line Items] | ' | ' |
Income tax examination, penalties and interest accrued | $274 | $386 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' |
Number of customers individually accounting for more than ten percent of total operating revenues | 'No single customer accounted for more than 10% of our total operating revenues | 'No single customer accounted for more than 10% of our total operating revenues | 'No single customer accounted for more than 10% of our total operating revenues |
Percentage maximum accounted for | 10.00% | 10.00% | 10.00% |
Wireline | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of countries outside the United States of America to which our Wireline segment provides products and services | 150 | ' | ' |
Operating_Financial_Informatio
Operating Financial Information for Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | $31,065 | $30,279 | $29,786 | $29,420 | $30,045 | $29,007 | $28,552 | $28,242 | $120,550 | $115,846 | $110,875 |
Cost of services and sales | ' | ' | ' | ' | ' | ' | ' | ' | 44,887 | 46,275 | 45,875 |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 27,089 | 39,951 | 35,624 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,606 | 16,460 | 16,496 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 88,582 | 102,686 | 97,995 |
Operating income | 12,063 | 7,128 | 6,555 | 6,222 | -3,169 | 5,483 | 5,651 | 5,195 | 31,968 | 13,160 | 12,880 |
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 120,246 | 115,648 | 110,836 |
Cost of services and sales | ' | ' | ' | ' | ' | ' | ' | ' | 45,576 | 46,903 | 46,244 |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 31,771 | 30,533 | 28,686 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,529 | 16,384 | 16,420 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 93,876 | 93,820 | 91,350 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 26,370 | 21,828 | 19,486 |
Operating Segments | Wireless | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 81,023 | 75,868 | 70,154 |
Cost of services and sales | ' | ' | ' | ' | ' | ' | ' | ' | 23,648 | 24,490 | 24,086 |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 23,176 | 21,650 | 19,579 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,202 | 7,960 | 7,962 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 55,026 | 54,100 | 51,627 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 25,997 | 21,768 | 18,527 |
Operating Segments | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 39,223 | 39,780 | 40,682 |
Cost of services and sales | ' | ' | ' | ' | ' | ' | ' | ' | 21,928 | 22,413 | 22,158 |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,595 | 8,883 | 9,107 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,327 | 8,424 | 8,458 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 38,850 | 39,720 | 39,723 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 373 | 60 | 959 |
Operating Segments | Service Revenue Retail Service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 66,282 | 61,383 | 56,601 |
Operating Segments | Service Revenue Retail Service | Wireless | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 66,282 | 61,383 | 56,601 |
Operating Segments | Service Revenue Other Service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,691 | 2,290 | 2,497 |
Operating Segments | Service Revenue Other Service | Wireless | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,691 | 2,290 | 2,497 |
Operating Segments | Service Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 68,973 | 63,673 | 59,098 |
Operating Segments | Service Revenue | Wireless | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 68,973 | 63,673 | 59,098 |
Operating Segments | Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,096 | 8,010 | 7,446 |
Operating Segments | Equipment | Wireless | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,096 | 8,010 | 7,446 |
Operating Segments | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,851 | 4,096 | 3,517 |
Operating Segments | Other | Wireless | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,851 | 4,096 | 3,517 |
Operating Segments | Mass Markets Consumer Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,737 | 14,043 | 13,605 |
Operating Segments | Mass Markets Consumer Retail | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,737 | 14,043 | 13,605 |
Operating Segments | Mass Markets Small Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,587 | 2,648 | 2,720 |
Operating Segments | Mass Markets Small Business | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,587 | 2,648 | 2,720 |
Operating Segments | Mass Markets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 17,324 | 16,691 | 16,325 |
Operating Segments | Mass Markets | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 17,324 | 16,691 | 16,325 |
Operating Segments | Global Enterprise Strategic Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,410 | 8,052 | 7,607 |
Operating Segments | Global Enterprise Strategic Services | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,410 | 8,052 | 7,607 |
Operating Segments | Global Enterprise Core | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,267 | 7,240 | 8,014 |
Operating Segments | Global Enterprise Core | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,267 | 7,240 | 8,014 |
Operating Segments | Global Enterprise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,677 | 15,292 | 15,621 |
Operating Segments | Global Enterprise | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,677 | 15,292 | 15,621 |
Operating Segments | Global Wholesale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,703 | 6,177 | 6,795 |
Operating Segments | Global Wholesale | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,703 | 6,177 | 6,795 |
Operating Segments | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 456 | 508 | 704 |
Operating Segments | Other | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 456 | 508 | 704 |
Operating Segments | Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,166 | -1,201 | -1,330 |
Operating Segments | Intersegment Revenues | Wireless | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -103 | -89 | -93 |
Operating Segments | Intersegment Revenues | Wireline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($1,063) | ($1,112) | ($1,237) |
Reconciliation_of_Segment_Asse
Reconciliation of Segment Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $274,098 | $225,222 | ' |
Plant, property and equipment, net | 88,956 | 88,642 | ' |
Capital expenditures | 16,604 | 16,175 | 16,244 |
Operating Segments | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 231,002 | 227,300 | 233,563 |
Plant, property and equipment, net | 87,817 | 87,456 | 87,600 |
Capital expenditures | 15,654 | 15,199 | 15,372 |
Operating Segments | Wireless | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 146,429 | 142,485 | 147,378 |
Plant, property and equipment, net | 35,932 | 34,545 | 33,451 |
Capital expenditures | 9,425 | 8,857 | 8,973 |
Operating Segments | Wireline | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 84,573 | 84,815 | 86,185 |
Plant, property and equipment, net | 51,885 | 52,911 | 54,149 |
Capital expenditures | $6,229 | $6,342 | $6,399 |
Summary_of_Reconciliation_of_S
Summary of Reconciliation of Segment Operating Revenues (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | $31,065 | $30,279 | $29,786 | $29,420 | $30,045 | $29,007 | $28,552 | $28,242 | $120,550 | $115,846 | $110,875 |
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 120,246 | 115,648 | 110,836 |
Corporate, Eliminations and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $304 | $198 | $39 |
Reconciliation_of_Total_Report
Reconciliation of Total Reportable Segments Operating Income to Consolidated Income before (Provision) Benefit for Income Taxes (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance, pension and benefit credits (charges) (Note 11) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,232 | ($7,186) | ($5,954) |
Gain on spectrum license transaction (Note 2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278 | ' | ' |
Litigation settlements (Note 16) | ' | ' | ' | ' | ' | ' | -400 | ' | ' | ' | -384 | ' |
Other costs (Note 8) | -300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -276 | ' |
Operating income | ' | 12,063 | 7,128 | 6,555 | 6,222 | -3,169 | 5,483 | 5,651 | 5,195 | 31,968 | 13,160 | 12,880 |
Equity in earnings of unconsolidated businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142 | 324 | 444 |
Other income and (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -166 | -1,016 | -14 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,667 | -2,571 | -2,827 |
Income Before (Provision) Benefit for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,277 | 9,897 | 10,483 |
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,370 | 21,828 | 19,486 |
Corporate, Eliminations and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($912) | ($822) | ($652) |
Summary_of_Reconciliation_of_R
Summary of Reconciliation of Reportable Segment Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Assets | $274,098 | $225,222 | ' |
Operating Segments | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Assets | 231,002 | 227,300 | 233,563 |
Corporate, Eliminations and Other | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Assets | $43,096 | ($2,078) | ' |
Changes_in_Balances_of_Accumul
Changes in Balances of Accumulated Other Comprehensive Income by Component (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity And Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | $2,235 | ' | ' |
Other comprehensive income | 143 | ' | ' |
Amounts reclassified to net income | -20 | ' | ' |
Other comprehensive income attributable to Verizon | 123 | 966 | 220 |
Balance at December 31, 2013 | 2,358 | 2,235 | ' |
Foreign currency translation adjustments | ' | ' | ' |
Equity And Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | 793 | ' | ' |
Other comprehensive income | 60 | ' | ' |
Other comprehensive income attributable to Verizon | 60 | ' | ' |
Balance at December 31, 2013 | 853 | ' | ' |
Unrealized gain on cash flow hedges | ' | ' | ' |
Equity And Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | 88 | ' | ' |
Other comprehensive income | 50 | ' | ' |
Amounts reclassified to net income | -25 | ' | ' |
Other comprehensive income attributable to Verizon | 25 | ' | ' |
Balance at December 31, 2013 | 113 | ' | ' |
Unrealized gain on marketable securities | ' | ' | ' |
Equity And Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | 101 | ' | ' |
Other comprehensive income | 33 | ' | ' |
Amounts reclassified to net income | -17 | ' | ' |
Other comprehensive income attributable to Verizon | 16 | ' | ' |
Balance at December 31, 2013 | 117 | ' | ' |
Defined benefit pension and postretirement plans | ' | ' | ' |
Equity And Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | 1,253 | ' | ' |
Amounts reclassified to net income | 22 | ' | ' |
Other comprehensive income attributable to Verizon | 22 | ' | ' |
Balance at December 31, 2013 | $1,275 | ' | ' |
Comprehensive_Income_Additiona
Comprehensive Income - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Change in Defined benefit pension and postretirement plans, net of tax | $22,000,000 | $936,000,000 | $316,000,000 |
Change in Defined benefit pension and postretirement plans, tax portion | ' | $600,000,000 | ' |
Income_Statement_Information_D
Income Statement Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' |
Depreciation expense | $15,019 | $14,920 | $14,991 |
Interest costs on debt balances | 3,421 | 2,977 | 3,269 |
Capitalized interest costs | -754 | -406 | -442 |
Advertising expense | $2,438 | $2,381 | $2,523 |
Balance_Sheet_Information_Deta
Balance Sheet Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ' | ' |
Accounts payable | $4,954 | $4,454 |
Accrued expenses | 3,954 | 4,529 |
Accrued vacation, salaries and wages | 4,790 | 5,006 |
Interest payable | 1,199 | 632 |
Taxes payable | 1,556 | 1,561 |
Total accounts payable and accrued liabilities | 16,453 | 16,182 |
Advance billings and customer deposits | 2,829 | 3,554 |
Dividends payable | 1,539 | 1,494 |
Other | 2,296 | 1,357 |
Total other current liabilities | $6,664 | $6,405 |
Cash_Flow_Information_Detail
Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | ' | ' | ' |
Interest, net of amounts capitalized | $2,122 | $1,971 | $2,629 |
Additional_Financial_Informati2
Additional Financial Information - Additional Information (Detail) (USD $) | 12 Months Ended |
In Billions, except Share data in Millions, unless otherwise specified | Dec. 31, 2012 |
Supplemental Cash Flow Information [Line Items] | ' |
Common shares issued from treasury related to dividend payments | 24.6 |
Aggregate value of common shares issued from treasury related to dividend payments | $1 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Approximate number of federal district court actions alleged for patent infringement | ' | 50 | ' |
Payments for Legal Settlements | $400,000,000 | ' | $384,000,000 |
Litigation settlements, payment period | ' | '6 years | ' |
Future payments for Legal Settlements | 200,000,000 | ' | ' |
Guarantee obligations, year term (in years) | ' | '30 | ' |
Letters of credit | ' | 100,000,000 | ' |
Purchase commitments | ' | 33,400,000,000 | ' |
2014 | ' | 19,700,000,000 | ' |
2015-2016 | ' | 8,800,000,000 | ' |
2017-2018 | ' | 4,100,000,000 | ' |
Thereafter | ' | 800,000,000 | ' |
Purchases against commitments | ' | $16,000,000,000 | ' |
Schedule_of_Quarterly_Financia
Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | $31,065 | $30,279 | $29,786 | $29,420 | $30,045 | $29,007 | $28,552 | $28,242 | $120,550 | $115,846 | $110,875 | ||||||||
Operating Income (Loss) | 12,063 | 7,128 | 6,555 | 6,222 | -3,169 | 5,483 | 5,651 | 5,195 | 31,968 | 13,160 | 12,880 | ||||||||
Net Income (Loss) attributable to Verizon | 5,067 | [1] | 2,232 | [1] | 2,246 | [1] | 1,952 | [1] | -4,229 | [1] | 1,593 | [1] | 1,825 | [1] | 1,686 | [1] | 11,497 | 875 | 2,404 |
Earnings (Loss) Per Share, Basic | $1.77 | [1] | $0.78 | [1] | $0.78 | [1] | $0.68 | [1] | ($1.48) | [1] | $0.56 | [1] | $0.64 | [1] | $0.59 | [1] | $4.01 | $0.31 | $0.85 |
Earnings (Loss) Per Share, Diluted | $1.76 | [1] | $0.78 | [1] | $0.78 | [1] | $0.68 | [1] | ($1.48) | [1] | $0.56 | [1] | $0.64 | [1] | $0.59 | [1] | $4 | $0.31 | $0.85 |
Net Income (Loss) | $7,916 | $5,578 | $5,198 | $4,855 | ($1,926) | $4,292 | $4,285 | $3,906 | $23,547 | $10,557 | $10,198 | ||||||||
[1] | Net income (loss) attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount. |
Schedule_of_Quarterly_Financia1
Schedule of Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | ||||
In Billions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Pension remeasurement charge | Legal Settlement | Severance, pension and benefit charges and costs related to the early redemption of debt | Severance, Pension and Benefit Credit | Wireless Transaction Costs | |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' |
After-tax credits (charges) included in consolidated results of operations | $0.10 | ($0.20) | ($5.30) | $3.70 | ($0.50) |