Verizon Communications (VZ) 10-Q 27 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	VZ
Entity Registrant Name	VERIZON COMMUNICATIONS INC
Entity Central Index Key	732,712
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	4,068,873,137

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Revenues
Service revenues and other	$ 28,866	$ 29,107	$ 85,840	$ 87,152
Wireless equipment revenues	4,292	2,479	11,526	6,735
Total Operating Revenues	33,158	31,586	97,366	93,887
Operating Expenses
Cost of services (exclusive of items shown below)	7,589	7,046	21,571	21,230
Wireless cost of equipment	5,716	5,206	16,279	14,298
Selling, general and administrative expense	8,309	8,277	24,222	24,159
Depreciation and amortization expense	4,009	4,167	11,978	12,465
Total Operating Expenses	25,623	24,696	74,050	72,152
Operating Income	7,535	6,890	23,316	21,735
Equity in earnings (losses) of unconsolidated businesses	(18)	(48)	(70)	1,811
Other income and (expense), net	51	71	158	(757)
Interest expense	(1,202)	(1,255)	(3,742)	(3,633)
Income Before Provision For Income Taxes	6,366	5,658	19,662	19,156
Provision for income taxes	(2,195)	(1,864)	(6,800)	(5,052)
Net Income	4,171	3,794	12,862	14,104
Net income attributable to noncontrolling interests	133	99	374	2,248
Net income attributable to Verizon	4,038	3,695	12,488	11,856
Net Income	$ 4,171	$ 3,794	$ 12,862	$ 14,104
Basic Earnings Per Common Share
Net income attributable to Verizon	$ 0.99	$ 0.89	$ 3.05	$ 3.03
Weighted-average shares outstanding (in millions)	4,072	4,152	4,089	3,912
Diluted Earnings Per Common Share
Net income attributable to Verizon	$ 0.99	$ 0.89	$ 3.05	$ 3.03
Weighted-average shares outstanding (in millions)	4,078	4,159	4,095	3,919
Dividends declared per common share	$ 0.565	$ 0.550	$ 1.665	$ 1.610

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Income	$ 4,171	$ 3,794	$ 12,862	$ 14,104
Other comprehensive loss, net of taxes
Foreign currency translation adjustments	(74)	(114)	(161)	(1,054)
Unrealized gain (loss) on cash flow hedges	(90)	153	(196)	(11)
Unrealized loss on marketable securities	(13)	(13)	(22)	(1)
Defined benefit pension and postretirement plans	(44)	(39)	(132)	(117)
Other comprehensive loss attributable to Verizon	(221)	(13)	(511)	(1,183)
Other comprehensive loss attributable to noncontrolling interests				(23)
Total Comprehensive Income	3,950	3,781	12,351	12,898
Comprehensive income attributable to noncontrolling interests	133	99	374	2,225
Comprehensive income attributable to Verizon	3,817	3,682	11,977	10,673
Total Comprehensive Income	$ 3,950	$ 3,781	$ 12,351	$ 12,898

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 3,875	$ 10,598
Short-term investments	306	555
Accounts receivable, net of allowances of $823 and $739	13,105	13,993
Inventories	1,319	1,153
Assets held for sale	895	552
Prepaid expenses and other	2,268	2,772
Total current assets	21,768	29,623
Plant, property and equipment	216,674	230,508
Less accumulated depreciation	134,112	140,561
Plant, property and equipment, net	82,562	89,947
Investments in unconsolidated businesses	779	802
Wireless licenses	86,331	75,341
Goodwill	25,124	24,639
Other intangible assets, net	8,322	5,728
Non-current assets held for sale	10,117
Deposit for wireless licenses		921
Other assets	7,070	5,707
Total assets	242,073	232,708
Current liabilities
Debt maturing within one year	7,264	2,735
Accounts payable and accrued liabilities	17,721	16,680
Liabilities related to assets held for sale	461
Other	9,046	8,649
Total current liabilities	34,492	28,064
Long-term debt	105,060	110,536
Employee benefit obligations	32,962	33,280
Deferred income taxes	42,896	41,578
Non-current liabilities related to assets held for sale	940
Other liabilities	$ 11,181	$ 5,574
Equity
Series preferred stock ($.10 par value; none issued)
Common stock ($.10 par value; 4,242,374,240 shares issued in each period)	$ 424	$ 424
Contributed capital	11,184	11,155
Reinvested earnings	8,156	2,447
Accumulated other comprehensive income	600	1,111
Common stock in treasury, at cost	(7,604)	(3,263)
Deferred compensation - employee stock ownership plans and other	378	424
Noncontrolling interests	1,404	1,378
Total equity	14,542	13,676
Total liabilities and equity	$ 242,073	$ 232,708

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accounts receivable, allowances	$ 823	$ 739
Series preferred stock, par value	$ 0.10	$ 0.10
Series preferred stock, issued	0	0
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares issued	4,242,374,240	4,242,374,240

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities
Net Income	$ 12,862	$ 14,104
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	11,978	12,465
Employee retirement benefits	1,184	843
Deferred income taxes	890	914
Provision for uncollectible accounts	1,136	684
Equity in earnings (losses) of unconsolidated businesses, net of dividends received	98	(1,785)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	1,443	(816)
Other, net	(1,165)	(3,252)
Net cash provided by operating activities	28,426	23,157
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(12,540)	(12,624)
Acquisitions of investments and businesses, net of cash acquired	(3,205)	(180)
Acquisitions of wireless licenses	(9,811)	(343)
Proceeds from dispositions of wireless licenses		2,367
Proceeds from dispositions of businesses		120
Other, net	960	230
Net cash used in investing activities	(24,596)	(10,430)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	6,497	21,575
Repayments of long-term borrowings and capital lease obligations	(7,168)	(12,594)
Decrease in short-term obligations, excluding current maturities	(305)	(426)
Dividends paid	(6,373)	(5,653)
Proceeds from sale of common stock	31	34
Purchase of common stock for treasury	(5,134)
Acquisition of noncontrolling interest		(58,886)
Other, net	1,899	(3,087)
Net cash used in financing activities	(10,553)	(59,037)
Decrease in cash and cash equivalents	(6,723)	(46,310)
Cash and cash equivalents, beginning of period	10,598	53,528
Cash and cash equivalents, end of period	$ 3,875	$ 7,218

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Basis of Presentation	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared based upon Securities and Exchange Commission (SEC) rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements included in the Verizon Communications Inc. (Verizon or the Company) Annual Report on Form 10-K for the year ended December 31, 2014. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year. We have reclassified certain prior year amounts to conform to the current year presentation. Leasing Arrangements 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 primarily 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. Earnings Per Common Share There were a total of approximately 6 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2015, respectively. There were a total of approximately 7 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2014, respectively. Recently Adopted Accounting Standards During the first quarter of 2015, we adopted the accounting standard update related to the reporting of discontinued operations and disclosures of disposals of components of an entity, which changes the criteria for reporting discontinued operations. As a result of this standard update, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The prospective adoption of this standard update did not have an impact on our condensed consolidated financial statements. Recently Issued Accounting Standards In September 2015, the accounting standard update related to the simplification of the accounting for measurement-period adjustments in business combinations was issued. This standard update eliminates the requirement to account for measurement-period adjustments retrospectively. This standard update instead requires an acquirer to recognize the measurement-period adjustments in the reporting period in which the adjustments are determined. This standard update also requires that an acquirer record the effects on earnings of any changes resulting from the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. We will adopt this standard update during the first quarter of 2016. The adoption of this standard update is not expected to have a significant impact on our condensed consolidated financial statements. In July 2015, the accounting standard update related to the simplification of the measurement of inventory was issued. This standard update does not apply to inventory that is measured using last-in, first-out or the retail inventory method. This standard update applies to all other inventory, which includes inventory that is measured using first-in, first-out or average cost methods. The standard update requires entities to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This standard update is effective as of the first quarter of 2017. Early adoption is permitted. The adoption of this standard update is not expected to have an impact on our condensed consolidated financial statements. In May 2015, the accounting standard update related to disclosures for investments in certain entities that calculate net asset value per share was issued. This standard update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The standard update also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. We will adopt this standard update during the first quarter of 2016 and apply retrospectively to all periods presented. The adoption of this standard update is not expected to have a significant impact on our condensed consolidated financial statements. In April 2015, the accounting standard update related to the simplification of the presentation of debt issuance costs was issued. This standard update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the accounting standard update related to the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements was issued. This standard adds SEC paragraphs pursuant to an SEC Staff Announcement that the SEC staff would not object to an entity deferring and presenting debt issuance costs associated with a line-of-credit arrangement as an asset and subsequently amortizing the costs ratably over the term of the arrangement. We will adopt these standard updates during the first quarter of 2016. The adoption of these standard updates is not expected to have a significant impact on our condensed consolidated financial statements. In January 2015, the accounting standard update related to the reporting of extraordinary and unusual items was issued. This standard update eliminates the concept of extraordinary items from generally accepted accounting principles in the United States (U.S. GAAP) as part of an initiative to reduce complexity in accounting standards while maintaining or improving the usefulness of the information provided to the users of the financial statements. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and expanded to include items that are both unusual in nature and infrequent in occurrence. We will adopt this standard update during the first quarter of 2016. The adoption of this standard update is not expected to have a significant impact on our condensed consolidated financial statements. In June 2014, an accounting standard update was issued related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard update resolves the diverse accounting treatment for these share-based payments by requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. We will adopt this standard update during the first quarter of 2016. The adoption of this standard update is not expected to have a significant impact on our condensed consolidated financial statements. In May 2014, the accounting standard update related to the recognition of revenue from contracts with customers was issued. This standard update clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The standard update intends to provide a more robust framework for addressing revenue issues; improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; and provide more useful information to users of financial statements through improved disclosure requirements. Upon adoption of this standard update, we expect that the allocation and timing of revenue recognition will be impacted. In August 2015, an accounting standard update was issued that delays the effective date of this standard until the first quarter of 2018. Companies are permitted to early adopt the standard in the first quarter of 2017. There are two adoption methods available for implementation of the standard update related to the recognition of revenue from contracts with customers. Under one method, the guidance is applied retrospectively to contracts for each reporting period presented, subject to allowable practical expedients. Under the other method, the guidance is applied to contracts not completed as of the date of initial application, recognizing the cumulative effect of the change as an adjustment to the beginning balance of retained earnings, and also requires additional disclosures comparing the results to the previous guidance. We are currently evaluating these adoption methods and the impact that this standard update will have on our condensed consolidated financial statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2015
Acquisitions and Divestitures	2. Acquisitions and Divestitures Wireless Spectrum License Transactions On January 29, 2015, the Federal Communications Commission (FCC) completed an auction of 65 MHz of spectrum, which it identified as the Advanced Wireless Services (AWS)-3 band. Verizon participated in that auction and was the high bidder on 181 spectrum licenses, for which we paid cash of approximately $10.4 billion. During the fourth quarter of 2014, we made a deposit of $0.9 billion related to our participation in this auction. During the first quarter of 2015, we submitted an application to the FCC and paid $9.5 billion to the FCC to complete payment for these licenses. The cash payment of $9.5 billion is classified within Acquisitions of wireless licenses on our condensed consolidated statement of cash flows for the nine months ended September 30, 2015. On April 8, 2015, the FCC granted us these spectrum licenses. During the first quarter of 2015, we completed a license exchange transaction with affiliates of AT&T Inc. to exchange certain AWS and Personal Communication Services (PCS) spectrum licenses and as a result we recorded an immaterial gain. During July 2015, we entered into a license exchange agreement with an affiliate of T-Mobile USA, Inc., which provides for the exchange of certain AWS and PCS spectrum licenses. This non-cash exchange is expected to be completed near the end of 2015. During the three and nine months ended September 30, 2015, we acquired or exchanged various other wireless licenses for cash consideration that was not significant. Tower Monetization Transaction During March 2015, we completed a transaction with American Tower Corporation (American Tower) pursuant to which American Tower acquired the exclusive rights to lease and operate approximately 11,300 of our wireless towers for an upfront payment of $5.0 billion. Under the terms of the leases, American Tower has exclusive rights to lease and operate the towers over an average term of approximately 28 years. As the leases expire, American Tower has fixed-price purchase options to acquire these towers based on their anticipated fair market values at the end of the lease terms. As part of this transaction, we also sold 162 towers for $0.1 billion. We will sublease capacity on the towers from American Tower for a minimum of 10 years at current market rates, with options to renew. The upfront payment, including the towers sold, which is primarily included within Other liabilities on our condensed consolidated balance sheet, is accounted for as deferred rent and as a financing obligation. The $2.4 billion accounted for as deferred rent, which is presented within Other, net cash flows provided by operating activities, relates to the portion of the towers for which the right-of-use has passed to the tower operator. The $2.7 billion accounted for as a financing obligation, which is presented within Other, net cash flows used in financing activities, relates to the portion of the towers that we continue to occupy and use for network operations. Wireline Access Line Sale On February 5, 2015, we announced that we have entered into a definitive agreement with Frontier Communications Corporation (Frontier) pursuant to which Verizon will sell its local exchange business and related landline activities in California, Florida, and Texas, including fios internet and video customers, switched and special access lines and high-speed Internet service and long distance voice accounts in these three states for approximately $10.5 billion, subject to certain adjustments and including the assumption of $0.6 billion of indebtedness from Verizon by Frontier. The transaction, which includes the acquisition by Frontier of the equity interests of Verizon’s incumbent local exchange carriers (ILECs) in California, Florida and Texas, does not involve any assets or liabilities of Verizon Wireless. The assets and liabilities that will be sold are currently included in Verizon’s continuing operations and classified as assets held for sale and liabilities related to assets held for sale on our condensed consolidated balance sheet as of September 30, 2015. The transaction is subject to the satisfaction of certain closing conditions including, among others, receipt of federal approvals from the FCC and the antitrust authorities and state regulatory approvals. The federal approvals have been obtained, as well as approval from the Texas Public Utility Commission. We expect this transaction to close at the end of the first quarter of 2016. Based on the number of connections as of December 31, 2014, the transaction will result in Frontier acquiring approximately 3.7 million voice connections, 1.5 million fios internet subscribers, 1.2 million fios video subscribers and the related ILEC businesses from Verizon. This business generated annual revenues of approximately $5.4 billion, excluding revenue with affiliates, for Verizon in 2014. The operating results of this business are included within our Wireline segment for all periods presented. The following table summarizes the major classes of assets and liabilities of our local exchange and related landline activities in California, Florida and Texas which are classified as held for sale on our condensed consolidated balance sheet as of September 30, 2015: (dollars in millions) Assets held for sale: Accounts receivable $ 467 Prepaid expense and other 59 Total current assets held for sale 526 Plant, property and equipment, net 8,738 Goodwill (Note 3) 1,328 Other assets 51 Total non-current assets held for sale 10,117 Total assets held for sale $ 10,643 Liabilities related to assets held for sale: Accounts payable and accrued liabilities $ 253 Other current liabilities 208 Total current liabilities related to assets held for sale 461 Long-term debt 594 Employee benefit obligations 295 Other liabilities 51 Total non-current liabilities related to assets held for sale 940 Total liabilities related to assets held for sale $ 1,401 Other Acquisition of AOL Inc. On May 12, 2015, we entered into an Agreement and Plan of Merger (the Merger Agreement) with AOL Inc. (AOL) pursuant to which we commenced a tender offer to acquire all of the outstanding shares of common stock of AOL at a price of $50.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes. On June 23, 2015, we completed the tender offer and merger, and AOL became a wholly-owned subsidiary of Verizon. The aggregate cash consideration paid by Verizon at the closing of these transactions was approximately $3.7 billion. Holders of approximately 6.6 million shares exercised appraisal rights under Delaware law. If they had not exercised these rights, Verizon would have paid an additional $330 million for such shares at the closing. AOL is a leader in the digital content and advertising platform space. Verizon has been investing in emerging technology that taps into the market shift to digital content and advertising. AOL’s business model aligns with this approach, and we believe that its combination of owned and operated content properties plus a digital advertising platform enhances our ability to further develop future revenue streams. The acquisition of AOL has been accounted for as a business combination. We have commenced the appraisals necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date. As the values of certain of these assets, liabilities and noncontrolling interests are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The valuations will be finalized within 12 months following the close of the acquisition. When the valuations are finalized, any changes to the preliminary valuation of assets acquired and liabilities assumed may result in adjustments to the preliminary fair value of the net identifiable assets acquired and goodwill. The fair values of the assets acquired and liabilities assumed were preliminarily determined using the income, cost and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in Accounting Standards Codification (ASC) 820, other than long-term debt assumed in the acquisition. The income approach was primarily used to value the intangible assets, consisting primarily of acquired technology and customer relationships. The income approach indicates value for an asset based on the present value of cash flow projected to be generated by the asset. Projected cash flow is discounted at a required rate of return that reflects the relative risk of achieving the cash flow and the time value of money. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for plant, property and equipment. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the property, less an allowance for loss in value due to depreciation. The following table summarizes the consideration to AOL’s shareholders and the preliminary identification of the assets acquired, including cash acquired of $0.6 billion, and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of AOL’s noncontrolling interests: (dollars in millions) As of June 23, 2015 Cash payment to AOL’s equity holders $ 3,748 Estimated liabilities to be paid 384 Total consideration $ 4,132 Assets acquired: Goodwill $ 1,814 Intangible assets subject to amortization 2,612 Other 1,650 Total assets acquired 6,076 Liabilities assumed: Total liabilities assumed 1,943 Net assets acquired: 4,133 Noncontrolling interest (1 ) Total consideration $ 4,132 Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill recorded as a result of the AOL transaction represents future economic benefits we expect to achieve as a result of combining the operations of AOL and Verizon as well as assets acquired that could not be individually identified and separately recognized. The preliminary goodwill related to this acquisition is included within Corporate, eliminations and other (see Note 3 for additional details). Pro Forma Information If the acquisition of AOL was completed as of January 1, 2014, our results of operations, including Operating revenues and Net income attributable to Verizon, would not have been materially different from our previously reported results of operations. Real Estate Transaction On May 19, 2015, Verizon consummated a sale-leaseback transaction with a financial services firm for the buildings and real estate at our Basking Ridge, New Jersey location. We received total gross proceeds of $0.7 billion resulting in a deferred gain of $0.4 billion, which will be amortized over the initial leaseback term of twenty years. The leaseback of the buildings and real estate is accounted for as an operating lease. The proceeds received as a result of this transaction have been classified within Cash flows used in investing activities on our condensed consolidated statement of cash flows for the nine months ended September 30, 2015. Other On September 3, 2015, AOL announced an agreement to acquire an advertising technology business for cash consideration that was not significant. The transaction was completed in October 2015.

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2015
Wireless Licenses, Goodwill and Other Intangible Assets	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, 2015 $ 75,341 Acquisitions (Note 2) 10,474 Capitalized interest on wireless licenses 258 Reclassifications, adjustments and other 258 Balance at September 30, 2015 $ 86,331 Reclassifications, adjustments and other includes the exchanges of wireless licenses in 2015 as well as $0.1 billion of Wireless licenses that are classified as Assets held for sale on our condensed consolidated balance sheet at September 30, 2015 (see Note 2 for additional details). At September 30, 2015, approximately $10.7 billion of wireless licenses were under development for commercial service for which we were capitalizing interest costs. The average remaining renewal period for our wireless licenses portfolio was 5.9 years as of September 30, 2015. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2015 $ 18,390 $ 6,249 $ – $ 24,639 Acquisitions (Note 2) 3 – 1,814 1,817 Reclassifications, adjustments and other (Note 2) – (1,916 ) 584 (1,332 ) Balance at September 30, 2015 $ 18,393 $ 4,333 $ 2,398 $ 25,124 As a result of the acquisition of AOL in the second quarter of 2015, we recognized preliminary Goodwill of $1.8 billion, which is included within Corporate, eliminations and other (see Note 2 for additional details). We also allocated $0.6 billion of goodwill on a relative fair value basis from Wireline to Corporate, eliminations and other as a result of an internal reorganization. This increase was partially offset by a decrease in Goodwill in Wireline primarily due to the reclassification of $1.3 billion of Goodwill to Non-current assets held for sale on our condensed consolidated balance sheet at September 30, 2015 as a result of our agreement to sell our local exchange business and related landline activities in California, Florida, and Texas to Frontier (see Note 2 for additional details). The amount of Goodwill reclassified was based on the relative fair value of the transaction to the Wireline reporting unit. Other Intangible Assets The following table displays the composition of Other intangible assets, net: At September 30, 2015 At December 31, 2014 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 13 years) $ 4,986 $ (3,057) $ 1,929 $ 3,618 $ (2,924) $ 694 Non-network internal-use software (3 to 7 years) 14,907 (9,421) 5,486 13,194 (8,462) 4,732 Other (5 to 25 years) 1,329 (422) 907 670 (368) 302 Total $ 21,222 $ (12,900) $ 8,322 $ 17,482 $ (11,754) $ 5,728 The amortization expense for Other intangible assets was as follows: (dollars in millions) Three Months Ended Nine Months Ended 2015 $ 438 $ 1,247 2014 391 1,178 The estimated future amortization expense for Other intangible assets is as follows: Years (dollars in millions) Remainder of 2015 $ 454 2016 1,609 2017 1,408 2018 1,228 2019 1,001

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt	4. Debt Changes to debt during the nine months ended September 30, 2015 are as follows: (dollars in millions) Debt Maturing Long-term Total Balance at January 1, 2015 $ 2,735 $ 110,536 $ 113,271 Proceeds from borrowings 4,000 2,497 6,497 Repayments of borrowings and capital leases obligations (7,168 ) – (7,168 ) Decrease in short-term obligations, excluding current maturities (305 ) – (305 ) Reclassifications of long-term debt 7,249 (7,249 ) – Reclassification of long-term debt to Non-current liabilities related to assets held for sale (Note 2) – (594 ) (594 ) Debt acquired (Note 2) 461 92 553 Other 292 (222 ) 70 Balance at September 30, 2015 $ 7,264 $ 105,060 $ 112,324 During June 2015, as part of the Merger Agreement with AOL, we assumed approximately $0.6 billion of debt and capital lease obligations. As of September 30, 2015, approximately $0.4 billion of the assumed debt and capital lease obligations were repaid. February Exchange Offers On February 11, 2015, we announced the commencement of seven separate private offers to exchange (the February Exchange Offers) specified series of outstanding notes and debentures issued by Verizon and GTE Corporation (collectively, the Old Notes) for new Notes to be issued by Verizon (the New Notes) and, in the case of the 6.94% debentures due 2028 of GTE Corporation, cash. The February Exchange Offers have been accounted for as a modification of debt. On March 13, 2015, Verizon issued $2.9 billion aggregate principal amount of 4.272% Notes due 2036 (the 2036 New Notes), $5.0 billion aggregate principal amount of 4.522% Notes due 2048 (the 2048 New Notes) and $5.5 billion aggregate principal amount of 4.672% Notes due 2055 (the 2055 New Notes) in satisfaction of the exchange offer consideration on tendered Old Notes (not including accrued and unpaid interest on the Old Notes). The following tables list the series of Old Notes included in the February Exchange Offers and the principal amount of each such series accepted by Verizon for exchange. The table below lists the series of Old Notes included in the February Exchange Offer for the 2036 New Notes: (dollars in millions) Interest Maturity Principal Principal Verizon Communications Inc. 5.15 % 2023 $ 11,000 $ 2,483 The table below lists the series of Old Notes included in the February Exchange Offers for the 2048 New Notes: (dollars in millions) Interest Maturity Principal Principal Verizon Communications Inc. 6.90 % 2038 $ 1,250 $ 773 6.40 % 2038 1,750 884 6.40 % 2033 4,355 2,159 6.25 % 2037 750 – GTE Corporation 6.94 % 2028 800 – $ 3,816 The table below lists the series of Old Notes included in the February Exchange Offer for the 2055 New Notes: (dollars in millions) Interest Maturity Principal Principal Verizon Communications Inc. 6.55 % 2043 $ 10,670 $ 4,084 Term Loan Agreement During the first quarter of 2015, we entered into a term loan agreement with a major financial institution, pursuant to which we borrowed $6.5 billion for general corporate purposes, including the acquisition of spectrum licenses. Borrowings under the term loan agreement mature in March 2016, with a $4.0 billion mandatory prepayment required by June 2015. 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 are equal to or higher than A3 and A- at Moody’s Investors Service and Standard & Poor’s Ratings Services, respectively. During March 2015, we prepaid approximately $5.0 billion of the term loan agreement, which satisfied the mandatory prepayment. During the third quarter of 2015, we made an additional repayment of approximately $1.0 billion. Credit Facilities As of September 30, 2015, the unused borrowing capacity under our $8.0 billion credit facility was approximately $7.9 billion. Additional Financing Activities (Non-Cash Transaction) During the nine months ended September 30, 2015, we financed, primarily through vendor financing arrangements, the purchase of approximately $0.6 billion of long-lived assets, consisting primarily of network equipment. At September 30, 2015, $0.9 billion relating to vendor financing arrangements, including those entered into in prior years, remained outstanding. These purchases are non-cash financing activities and therefore not reflected within Capital expenditures on our condensed consolidated statements of cash flows. Guarantees We guarantee the debentures and first mortgage bonds of our operating telephone company subsidiaries. As of September 30, 2015, $3.1 billion aggregate principal amount of these obligations remained outstanding. Each guarantee will remain in place for the life of the obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of Verizon. We also guarantee the debt obligations of GTE Corporation that were issued and outstanding prior to July 1, 2003. As of September 30, 2015, $1.4 billion aggregate principal amount of these obligations remain outstanding.

Wireless Device Installment Pla

Wireless Device Installment Plans	9 Months Ended
	Sep. 30, 2015
Wireless Device Installment Plans	5. Wireless Device Installment Plans We offer new and existing customers the option to participate in a program that provides eligible wireless customers with the ability to pay for their device over a period of time (a device installment plan). Customers entering into device installment agreements prior to May 31, 2015, have the right to upgrade their device, subject to certain conditions, including making a stated portion of the required device payments and trading in their device. Generally, customers entering into device installment agreements on or after June 1, 2015 are required to repay their device installment agreement before being eligible to upgrade their device. However, certain devices are subject to promotions that allow customers to upgrade to a new device after making a stated portion of the required device payments and trading in their device. When a customer has the right to upgrade to a new device by making a stated portion of the required device payments and trading in their device, we record a guarantee liability in accordance with our accounting policy. The gross guarantee liability related to this program, which was approximately $0.4 billion at September 30, 2015, and $0.7 billion at December 31, 2014, was primarily included in Other current liabilities on our condensed consolidated balance sheets. The following table displays the device installment plan receivables, net: (dollars in millions) At September 30, At December 31, Device installment plan receivables, gross $ 3,432 $ 3,833 Unamortized imputed interest (139 ) (155 ) Device installment plan receivables, net of unamortized imputed interest 3,293 3,678 Allowance for credit losses (363 ) (76 ) Device installment plan receivables, net $ 2,930 $ 3,602 Classified on our condensed consolidated balance sheets: Accounts receivable, net $ 1,888 $ 2,470 Other assets 1,042 1,132 Device installment plan receivables, net $ 2,930 $ 3,602 At the time of sale, we impute risk adjusted interest on the device installment plan receivables. We record the imputed interest as a reduction to the related accounts receivable. Interest income, which is included within Service revenues and other on our condensed consolidated statements of income, is recognized over the financed installment term. We assess the collectability of our device installment plan receivables based upon a variety of factors, including the credit quality of the customer base, payment trends and other qualitative factors. We use risk models to measure the credit quality of a customer and determine eligibility for the device payment program. For new customers, we use a custom empirical credit scoring model built specifically for Verizon Wireless. Risk segmentation is based on the contents of the applicant’s credit file, such as age, credit history and history of delinquency. For existing customers, we use a custom internal risk model. This model uses a number of internal variables, including, but not limited to, consumer credit risk scores, service plan characteristics, payment history and account status. Customers with a higher credit risk profile are required to pay a higher down payment for devices financed under the device installment plan and are subject to lower limits on the total amount financed. We record device installment plan bad debt expense based on an estimate of the percentage of equipment revenue that will not be collected. This estimate is based on a number of factors including historical write-off experience, credit quality of the customer base and other factors such as macro-economic conditions. We monitor the aging of our device installment plan receivables and write off account balances if collection efforts are unsuccessful and future collection is unlikely based on customer credit ratings and the length of time from the original billing date. Sales of Wireless Device Installment Plan Receivables During the first quarter of 2015, we established a program to sell from time to time, on an uncommitted basis, selected device installment plan receivables to a group of primarily relationship banks (Purchasers). Under the program, we transfer the receivables to wholly-owned subsidiaries that are bankruptcy remote special purpose entities (Sellers). The Sellers then sell the receivables to the Purchasers for cash and additional consideration upon settlement of the receivables (the deferred purchase price). The receivables sold under the program are no longer considered assets of Verizon. We continue to bill and collect on the receivables in exchange for a monthly servicing fee, which is not material. Under this arrangement, each Seller’s sole business consists of the acquisition of the receivables from Verizon and the resale of the receivables to the Purchasers. The assets of the Sellers are not available to be used to satisfy obligations of any Verizon entities other than the Sellers. During the three months ended March 31, 2015, we sold $2.0 billion of receivables, net of allowances, imputed interest and the device trade-in right, and received cash proceeds of $1.3 billion. Additionally, we recorded a deferred purchase price of $0.7 billion. During the three months ended June 30, 2015, we sold $1.7 billion of receivables, net of allowances, imputed interest and the device trade-in right, and received cash proceeds of $1.2 billion. Additionally, we recorded a deferred purchase price of $0.6 billion. During the three months ended September 30, 2015, we sold $2.4 billion of receivables, net of allowances and imputed interest, and received cash proceeds of $2.0 billion. Additionally, we recorded a deferred purchase price of $0.4 billion. The deferred purchase price was initially recorded at fair value, based on the remaining installment amounts expected to be collected, adjusted by the timing and estimated value of the device trade-in. The estimated value of the device trade-in considers prices expected to be offered to us by independent third parties. This estimate contemplates changes in value after the launch of a device. The fair value measurements are considered to be Level 3 measurements within the fair value hierarchy. At September 30, 2015, our deferred purchase price receivable was $1.7 billion, which is included within Other assets on our condensed consolidated balance sheet. Generally, our maximum exposure to loss as a result of selling these device installment plan receivables is limited to the amount of our deferred purchase price. The sales of receivables did not have a material impact on our condensed consolidated statements of income. The cash proceeds received from the Purchasers are recorded within Cash flows provided by operating activities on our condensed consolidated statement of cash flows as the cash received from the Purchasers upon the sale of the receivables and the collection of the deferred purchase price is not subject to significant interest rate risk. Continuing Involvement Verizon has continuing involvement with the sold receivables as it services the receivables. We continue to service the customer and their related receivables, including facilitating customer payment collection, in exchange for a monthly servicing fee. While servicing the receivables, the same policies and procedures are applied to the sold receivables that apply to owned receivables, and we continue to maintain normal relationships with our customers. The total portfolio of device installment plan receivables we are servicing was $9.1 billion at September 30, 2015. In addition, we have continuing involvement related to the sold receivables as we may be responsible for absorbing additional credit losses pursuant to the agreement. The Company’s maximum exposure to loss related to the involvement with the Sellers was $1.7 billion as of September 30, 2015. The maximum exposure to loss represents an estimated loss that would be incurred under severe, hypothetical circumstances whereby the Company would not receive the portion of the proceeds withheld by the Sellers. As we believe the probability of these circumstances occurring is remote, the maximum exposure to loss is not an indication of the Company’s expected loss.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements	6. Fair Value Measurements The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2015: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Short-term investments: Equity securities $ 251 $ – $ – $ 251 Fixed income securities – 55 – 55 Other current assets: Fixed income securities 250 – – 250 Other assets: Fixed income securities – 960 – 960 Interest rate swaps – 144 – 144 Net investment hedges – 4 – 4 Cross currency swaps – 2 – 2 Total $ 501 $ 1,165 $ – $ 1,666 Liabilities: Other current liabilities: Cross currency swaps and other $ – $ 110 $ – $ 110 Other liabilities: Cross currency swaps – 1,344 – 1,344 Forward interest rate swaps – 8 – 8 Net investment hedges – 2 – 2 Total $ – $ 1,464 $ – $ 1,464 (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 municipal bonds as well as U.S. Treasury securities. We use quoted prices in active markets for our U.S. Treasury securities, 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 the nine months ended September 30, 2015. 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: At September 30, 2015 At December 31, 2014 (dollars in millions) Carrying Fair Value Carrying Fair Value Short- and long-term debt, excluding capital leases $ 111,373 $ 120,207 $ 112,755 $ 126,549 Derivative Instruments We enter into derivative transactions to manage our exposure to fluctuations in foreign currency exchange rates, interest rates, and 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 swap agreements, commodity swap and forward agreements and interest rate locks. We do not hold derivatives for trading purposes. We posted collateral of approximately $0.1 billion and $0.6 billion related to derivative contracts under collateral exchange arrangements at September 30, 2015 and December 31, 2014, respectively, which was recorded as Prepaid expenses and other on our condensed consolidated balance sheets. During the first and second quarter of 2015, we paid an immaterial amount of cash to enter into amendments to certain collateral exchange arrangements. These amendments suspend cash collateral posting for a specified period of time by both counterparties. We measure all derivatives, including derivatives embedded in other financial instruments, at fair value and recognize them as either assets or liabilities on our condensed consolidated balance sheets. 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 loss and recognized in earnings when the hedged item is recognized in earnings. Changes in the fair value of the effective portion of net investment hedges of certain of our foreign operations are reported in Other comprehensive loss as part of the cumulative translation adjustment and partially offset the impact of foreign currency changes on the value of our net investment. Interest Rate Swaps We enter 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 the London Interbank Offered Rate, 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 condensed consolidated balance sheets as assets and liabilities. During the third quarter of 2015, we entered into interest rate swaps with a total notional value of $3.2 billion. At September 30, 2015 and December 31, 2014, the total notional amount of the interest rate swaps was $4.9 billion and $1.8 billion, respectively. The fair value of these contracts was $0.1 billion at September 30, 2015 and was not material at December 31, 2014. The ineffective portion of these interest rate swaps was not material for the three and nine months ended September 30, 2015. Forward Interest Rate Swaps In order to manage our exposure to future interest rate changes, we have entered into forward interest rate swaps. We designated these contracts as cash flow hedges. At December 31, 2014, these swaps had a notional value of $2.0 billion. The fair value of these contracts was $0.2 billion at December 31, 2014, which was included within Other liabilities on our condensed consolidated balance sheets. During the third quarter of 2015, we settled these forward interest rate swaps and the pre-tax loss was not material. During the third quarter of 2015, we entered into forward interest rate swaps with a total notional value of $0.8 billion. The fair value of these contracts was not material at September 30, 2015. Cross Currency Swaps We enter into cross currency swaps to exchange 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 effect of foreign currency transaction gains or losses. These swaps are designated as cash flow hedges. A portion of the gains and losses recognized in Other comprehensive loss 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 $1.4 billion at September 30, 2015 and $0.6 billion at December 31, 2014, which were primarily included within Other liabilities on our condensed consolidated balance sheets. At September 30, 2015 and December 31, 2014, the total notional amount of the cross currency swaps was $10.3 billion. During the three and nine months ended September 30, 2015, pre-tax losses of $0.2 billion and $0.9 billion, respectively, were recognized in Other comprehensive loss. During the three and nine months ended September 30, 2014, a pre-tax loss of $0.1 billion and an immaterial pre-tax loss, respectively, were recognized in Other comprehensive loss. Net Investment Hedges We enter into foreign currency forward contracts that are designated as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. During the third quarter of 2015, we entered into net investment hedges with a total notional value of $0.9 billion with the longest contract tenor maturing in 2018. The fair value of these contracts was not material at September 30, 2015.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Stock-Based Compensation	7. 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 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 following table summarizes the Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Performance Outstanding, January 1, 2015 15,007 19,966 Granted 4,674 6,772 Payments (5,874 ) (6,732 ) Cancelled/Forfeited (123 ) (275 ) Outstanding, September 30, 2015 13,684 19,731 As of September 30, 2015, unrecognized compensation expense related to the unvested portion of outstanding RSUs and PSUs was approximately $0.4 billion and is expected to be recognized over approximately two years. The RSUs granted in 2015 have a weighted-average grant date fair value of $48.26 per unit.

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2015
Employee Benefits	8. 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 or upon a remeasurement event to reflect actual return on plan assets and updated actuarial assumptions. The adjustment will be recognized in the income statement during the fourth quarter or upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses. Net Periodic 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 Three Months Ended September 30, 2015 2014 2015 2014 Service cost $ 93 $ 82 $ 81 $ 65 Amortization of prior service credit (1 ) (2 ) (72 ) (63 ) Expected return on plan assets (317 ) (296 ) (25 ) (41 ) Interest cost 242 259 280 277 Remeasurement loss, net 342 – – – Total $ 359 $ 43 $ 264 $ 238 (dollars in millions) Pension Health Care and Life Nine Months Ended September 30, 2015 2014 2015 2014 Service cost $ 280 $ 245 $ 243 $ 194 Amortization of prior service credit (3 ) (6 ) (215 ) (190 ) Expected return on plan assets (952 ) (886 ) (76 ) (122 ) Interest cost 727 777 838 831 Remeasurement loss, net 342 – – – Total $ 394 $ 130 $ 790 $ 713 Pension Remeasurement During the three and nine months ended September 30, 2015, we recorded net pre-tax pension remeasurement charges of approximately $0.3 billion, in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur. The pension remeasurement charges relate to settlements for employees who received lump-sum distributions in four of Verizon’s seven defined benefit pension plans, representing 73% of the pension benefit obligation at December 31, 2014. The pension remeasurement charges from the impacted plans were primarily driven by a $0.7 billion loss resulting from the difference between our expected return on assets assumption of 7.25% at December 31, 2014 and our annualized actual return on assets of 1.96% at September 30, 2015, as well as other losses of $0.1 billion. These losses were partially offset by a gain of $0.5 billion resulting from an increase in our discount rate assumption used to determine the current year liabilities of our pension plans. Our weighted-average discount rate assumption increased from 4.2% at December 31, 2014 to 4.5% at September 30, 2015. Severance Payments During the three and nine months ended September 30, 2015, we paid severance benefits of $0.1 billion and $0.5 billion, respectively. At September 30, 2015, we had a remaining severance liability of $0.4 billion, a portion of which includes future contractual payments to employees separated as of September 30, 2015. Employer Contributions During the three and nine months ended September 30, 2015, we contributed an immaterial amount and $0.7 billion, respectively, to our other postretirement benefit plans and $0.4 billion and $0.7 billion, respectively, to our qualified pension plans. The contributions to our nonqualified pension plans were not material during the three and nine months ended September 30, 2015. There have been no material changes with respect to the qualified and nonqualified pension contributions in 2015 as previously disclosed in Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014.

Equity and Accumulated Other Co

Equity and Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2015
Equity and Accumulated Other Comprehensive Income	9. Equity and Accumulated Other Comprehensive Income Equity Changes in the components of Total equity were as follows: (dollars in millions) Attributable Noncontrolling Total Balance at January 1, 2015 $ 12,298 $ 1,378 $ 13,676 Net income 12,488 374 12,862 Other comprehensive loss (511 ) – (511 ) Comprehensive income 11,977 374 12,351 Contributed capital 29 – 29 Dividends declared (6,779 ) – (6,779 ) Common stock in treasury (4,341 ) – (4,341 ) Distributions and other (46 ) (348 ) (394 ) Balance at September 30, 2015 $ 13,138 $ 1,404 $ 14,542 Common Stock During the nine months ended September 30, 2015, Verizon repurchased approximately 2.8 million shares of the Company’s common stock under our authorized share buyback program for approximately $0.1 billion. At September 30, 2015, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 97.2 million. In February 2015, the Verizon Board of Directors authorized Verizon to enter into an accelerated share repurchase (ASR) agreement to repurchase $5.0 billion of the Company’s common stock. On February 10, 2015, in exchange for an upfront payment totaling $5.0 billion, Verizon received an initial delivery of 86.2 million shares having a value of approximately $4.25 billion. On June 5, 2015, Verizon received an additional 15.4 million shares as final settlement of the transaction under the ASR agreement. In total, 101.6 million shares were delivered under the ASR at an average repurchase price of $49.21. Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 18.3 million common shares issued from Treasury stock during the nine months ended September 30, 2015, which had an aggregate value of $0.7 billion. 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 loss on Defined benefit pension and Total Balance at January 1, 2015 $ (346 ) $ (84 ) $ 112 $ 1,429 $ 1,111 Other comprehensive loss (161 ) (246 ) (13 ) – (420 ) Amounts reclassified to net income – 50 (9 ) (132 ) (91 ) Net other comprehensive loss (161 ) (196 ) (22 ) (132 ) (511 ) Balance at September 30, 2015 $ (507 ) $ (280 ) $ 90 $ 1,297 $ 600 The amounts presented above in net other comprehensive loss are net of taxes and noncontrolling interests, which are not significant. For the nine months ended September 30, 2015, the amounts reclassified to net income related to defined benefit pension and postretirement plans were included in Cost of services and Selling, general and administrative expense on our condensed consolidated statement of income. For the nine months ended September 30, 2015, all other amounts reclassified to net income were included in Other income and (expense), net on our condensed consolidated statement of income.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Information	10. Segment Information Reportable Segments We have two reportable segments, Wireless and Wireline, 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 the operations of AOL and related businesses, 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 the historical results of divested operations and 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. On July 1, 2014, our Wireline segment sold a non-strategic business. Accordingly, the historical Wireline results for these operations have been reclassified to Corporate, eliminations and other to reflect comparable segment operating results. The reconciliation of segment operating revenues and expenses to consolidated operating revenues and expenses below also includes those items of a 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-operational nature. We have adjusted prior period consolidated and segment information, where applicable, to conform to current period presentation. Our reportable 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 around the world. The following table provides operating financial information for our two reportable segments: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 External Operating Revenues Wireless Service $ 17,580 $ 18,337 $ 53,146 $ 54,365 Equipment 4,292 2,479 11,526 6,735 Other 1,108 991 3,196 3,011 Total Wireless 22,980 21,807 67,868 64,111 Wireline Consumer retail 4,012 3,902 12,041 11,606 Small business 585 613 1,778 1,858 Mass Markets 4,597 4,515 13,819 13,464 Strategic services 2,011 2,068 6,089 6,207 Core 1,196 1,305 3,605 4,074 Global Enterprise 3,207 3,373 9,694 10,281 Global Wholesale 1,211 1,298 3,707 3,954 Other 84 138 248 414 Total Wireline 9,099 9,324 27,468 28,113 Total reportable segments 32,079 31,131 95,336 92,224 Corporate, eliminations and other 1,079 455 2,030 1,663 Total consolidated – reported $ 33,158 $ 31,586 $ 97,366 $ 93,887 Intersegment Revenues Wireless $ 25 $ 28 $ 78 $ 86 Wireline 256 252 779 756 Total reportable segments 281 280 857 842 Corporate, eliminations and other (281 ) (280 ) (857 ) (842 ) Total consolidated – reported $ – $ – $ – $ – Total Operating Revenues Wireless $ 23,005 $ 21,835 $ 67,946 $ 64,197 Wireline 9,355 9,576 28,247 28,869 Total reportable segments 32,360 31,411 96,193 93,066 Corporate, eliminations and other 798 175 1,173 821 Total consolidated – reported $ 33,158 $ 31,586 $ 97,366 $ 93,887 Operating Income Wireless $ 7,668 $ 6,955 $ 23,174 $ 21,258 Wireline 577 225 1,486 619 Total reportable segments 8,245 7,180 24,660 21,877 Corporate, eliminations and other (710 ) (290 ) (1,344 ) (142 ) Total consolidated – reported $ 7,535 $ 6,890 $ 23,316 $ 21,735 (dollars in millions) At September 30, At December 31, Assets Wireless $ 181,612 $ 160,385 Wireline 78,528 76,673 Total reportable segments 260,140 237,058 Corporate, eliminations and other (18,067 ) (4,350 ) Total consolidated – reported $ 242,073 $ 232,708 A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Total reportable segment operating revenues $ 32,360 $ 31,411 $ 96,193 $ 93,066 Impact of divested operations – – – 256 Corporate, eliminations and other 798 175 1,173 565 Total consolidated operating revenues $ 33,158 $ 31,586 $ 97,366 $ 93,887 A reconciliation of the total of the reportable segments’ operating income to consolidated income before provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2015 2014 2015 2014 Total reportable segment operating income $ 8,245 $ 7,180 $ 24,660 $ 21,877 Pension remeasurement (Note 8) (342 ) – (342 ) – Gain on spectrum license transactions – – – 707 Impact of divested operations – – – 12 Corporate, eliminations and other (368 ) (290 ) (1,002 ) (861 ) Total consolidated operating income 7,535 6,890 23,316 21,735 Equity in earnings (losses) of unconsolidated businesses (18 ) (48 ) (70 ) 1,811 Other income and (expense), net 51 71 158 (757 ) Interest expense (1,202 ) (1,255 ) (3,742 ) (3,633 ) Income Before Provision For Income Taxes $ 6,366 $ 5,658 $ 19,662 $ 19,156 No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 30, 2015 and 2014.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies	11. Commitments and Contingencies In the ordinary course of business Verizon is involved in various commercial litigation and regulatory proceedings at the state and federal level. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period. Reserves have been established to cover environmental matters relating to discontinued businesses and past telecommunications activities. These reserves include funds to address contamination at the site of a former Sylvania facility in Hicksville, NY, which had processed nuclear fuel rods in the 1950s and 1960s. In September 2005, the Army Corps of Engineers (ACE) accepted the site into its Formerly Utilized Sites Remedial Action Program. As a result, the ACE has taken primary responsibility for addressing the contamination at the site. An adjustment to the reserves may be made after a cost allocation is conducted with respect to the past and future expenses of all of the parties. Adjustments to the environmental reserve may also be made based upon the actual conditions found at other sites requiring remediation. Verizon is currently involved in approximately 60 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing entities and effectively seek only monetary damages; a small number are brought by companies that have sold products and seek injunctive relief as well. These cases have progressed to various stages and a small number may go to trial in the coming 12 months if they are not otherwise resolved. In connection with the execution of agreements for the sales of businesses and investments, Verizon ordinarily provides representations and warranties to the purchasers pertaining to a variety of nonfinancial matters, such as ownership of the securities being sold, as well as indemnity from certain financial losses. From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business. 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.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2015
Major Classes of Assets and Liabilities of Local Exchange and Related Landline Activities in California, Florida and Texas	The following table summarizes the major classes of assets and liabilities of our local exchange and related landline activities in California, Florida and Texas which are classified as held for sale on our condensed consolidated balance sheet as of September 30, 2015: (dollars in millions) Assets held for sale: Accounts receivable $ 467 Prepaid expense and other 59 Total current assets held for sale 526 Plant, property and equipment, net 8,738 Goodwill (Note 3) 1,328 Other assets 51 Total non-current assets held for sale 10,117 Total assets held for sale $ 10,643 Liabilities related to assets held for sale: Accounts payable and accrued liabilities $ 253 Other current liabilities 208 Total current liabilities related to assets held for sale 461 Long-term debt 594 Employee benefit obligations 295 Other liabilities 51 Total non-current liabilities related to assets held for sale 940 Total liabilities related to assets held for sale $ 1,401
AOL Inc
Purchase Price Identified Based on Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the consideration to AOL’s shareholders and the preliminary identification of the assets acquired, including cash acquired of $0.6 billion, and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of AOL’s noncontrolling interests: (dollars in millions) As of June 23, 2015 Cash payment to AOL’s equity holders $ 3,748 Estimated liabilities to be paid 384 Total consideration $ 4,132 Assets acquired: Goodwill $ 1,814 Intangible assets subject to amortization 2,612 Other 1,650 Total assets acquired 6,076 Liabilities assumed: Total liabilities assumed 1,943 Net assets acquired: 4,133 Noncontrolling interest (1 ) Total consideration $ 4,132

Wireless Licenses, Goodwill a19

Wireless Licenses, Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 $ 75,341 Acquisitions (Note 2) 10,474 Capitalized interest on wireless licenses 258 Reclassifications, adjustments and other 258 Balance at September 30, 2015 $ 86,331
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2015 $ 18,390 $ 6,249 $ – $ 24,639 Acquisitions (Note 2) 3 – 1,814 1,817 Reclassifications, adjustments and other (Note 2) – (1,916 ) 584 (1,332 ) Balance at September 30, 2015 $ 18,393 $ 4,333 $ 2,398 $ 25,124
Composition of Other Intangible Assets, Net	The following table displays the composition of Other intangible assets, net: At September 30, 2015 At December 31, 2014 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 13 years) $ 4,986 $ (3,057) $ 1,929 $ 3,618 $ (2,924) $ 694 Non-network internal-use software (3 to 7 years) 14,907 (9,421) 5,486 13,194 (8,462) 4,732 Other (5 to 25 years) 1,329 (422) 907 670 (368) 302 Total $ 21,222 $ (12,900) $ 8,322 $ 17,482 $ (11,754) $ 5,728
Amortization Expense for Other Intangible Assets	The amortization expense for Other intangible assets was as follows: (dollars in millions) Three Months Ended Nine Months Ended 2015 $ 438 $ 1,247 2014 391 1,178
Estimated Future Amortization Expense for Other Intangible Assets	The estimated future amortization expense for Other intangible assets is as follows: Years (dollars in millions) Remainder of 2015 $ 454 2016 1,609 2017 1,408 2018 1,228 2019 1,001

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations	Changes to debt during the nine months ended September 30, 2015 are as follows: (dollars in millions) Debt Maturing Long-term Total Balance at January 1, 2015 $ 2,735 $ 110,536 $ 113,271 Proceeds from borrowings 4,000 2,497 6,497 Repayments of borrowings and capital leases obligations (7,168 ) – (7,168 ) Decrease in short-term obligations, excluding current maturities (305 ) – (305 ) Reclassifications of long-term debt 7,249 (7,249 ) – Reclassification of long-term debt to Non-current liabilities related to assets held for sale (Note 2) – (594 ) (594 ) Debt acquired (Note 2) 461 92 553 Other 292 (222 ) 70 Balance at September 30, 2015 $ 7,264 $ 105,060 $ 112,324
Schedule of Notes Included in Exchange Offer	The table below lists the series of Old Notes included in the February Exchange Offer for the 2036 New Notes: (dollars in millions) Interest Maturity Principal Principal Verizon Communications Inc. 5.15 % 2023 $ 11,000 $ 2,483 The table below lists the series of Old Notes included in the February Exchange Offers for the 2048 New Notes: (dollars in millions) Interest Maturity Principal Principal Verizon Communications Inc. 6.90 % 2038 $ 1,250 $ 773 6.40 % 2038 1,750 884 6.40 % 2033 4,355 2,159 6.25 % 2037 750 – GTE Corporation 6.94 % 2028 800 – $ 3,816 The table below lists the series of Old Notes included in the February Exchange Offer for the 2055 New Notes: (dollars in millions) Interest Maturity Principal Principal Verizon Communications Inc. 6.55 % 2043 $ 10,670 $ 4,084

Wireless Device Installment P21

Wireless Device Installment Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Device Installment Plan Receivables	The following table displays the device installment plan receivables, net: (dollars in millions) At September 30, At December 31, Device installment plan receivables, gross $ 3,432 $ 3,833 Unamortized imputed interest (139 ) (155 ) Device installment plan receivables, net of unamortized imputed interest 3,293 3,678 Allowance for credit losses (363 ) (76 ) Device installment plan receivables, net $ 2,930 $ 3,602 Classified on our condensed consolidated balance sheets: Accounts receivable, net $ 1,888 $ 2,470 Other assets 1,042 1,132 Device installment plan receivables, net $ 2,930 $ 3,602

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2015: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Short-term investments: Equity securities $ 251 $ – $ – $ 251 Fixed income securities – 55 – 55 Other current assets: Fixed income securities 250 – – 250 Other assets: Fixed income securities – 960 – 960 Interest rate swaps – 144 – 144 Net investment hedges – 4 – 4 Cross currency swaps – 2 – 2 Total $ 501 $ 1,165 $ – $ 1,666 Liabilities: Other current liabilities: Cross currency swaps and other $ – $ 110 $ – $ 110 Other liabilities: Cross currency swaps – 1,344 – 1,344 Forward interest rate swaps – 8 – 8 Net investment hedges – 2 – 2 Total $ – $ 1,464 $ – $ 1,464 (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: At September 30, 2015 At December 31, 2014 (dollars in millions) Carrying Fair Value Carrying Fair Value Short- and long-term debt, excluding capital leases $ 111,373 $ 120,207 $ 112,755 $ 126,549

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Restricted and Performance Stock Unit Activity	The following table summarizes the Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Performance Outstanding, January 1, 2015 15,007 19,966 Granted 4,674 6,772 Payments (5,874 ) (6,732 ) Cancelled/Forfeited (123 ) (275 ) Outstanding, September 30, 2015 13,684 19,731

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2015
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 Three Months Ended September 30, 2015 2014 2015 2014 Service cost $ 93 $ 82 $ 81 $ 65 Amortization of prior service credit (1 ) (2 ) (72 ) (63 ) Expected return on plan assets (317 ) (296 ) (25 ) (41 ) Interest cost 242 259 280 277 Remeasurement loss, net 342 – – – Total $ 359 $ 43 $ 264 $ 238 (dollars in millions) Pension Health Care and Life Nine Months Ended September 30, 2015 2014 2015 2014 Service cost $ 280 $ 245 $ 243 $ 194 Amortization of prior service credit (3 ) (6 ) (215 ) (190 ) Expected return on plan assets (952 ) (886 ) (76 ) (122 ) Interest cost 727 777 838 831 Remeasurement loss, net 342 – – – Total $ 394 $ 130 $ 790 $ 713

Equity and Accumulated Other 25

Equity and Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Changes in Components of Total Equity	Changes in the components of Total equity were as follows: (dollars in millions) Attributable Noncontrolling Total Balance at January 1, 2015 $ 12,298 $ 1,378 $ 13,676 Net income 12,488 374 12,862 Other comprehensive loss (511 ) – (511 ) Comprehensive income 11,977 374 12,351 Contributed capital 29 – 29 Dividends declared (6,779 ) – (6,779 ) Common stock in treasury (4,341 ) – (4,341 ) Distributions and other (46 ) (348 ) (394 ) Balance at September 30, 2015 $ 13,138 $ 1,404 $ 14,542
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 loss on Defined benefit pension and Total Balance at January 1, 2015 $ (346 ) $ (84 ) $ 112 $ 1,429 $ 1,111 Other comprehensive loss (161 ) (246 ) (13 ) – (420 ) Amounts reclassified to net income – 50 (9 ) (132 ) (91 ) Net other comprehensive loss (161 ) (196 ) (22 ) (132 ) (511 ) Balance at September 30, 2015 $ (507 ) $ (280 ) $ 90 $ 1,297 $ 600

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Operating Financial Information for Reportable Segments	The following table provides operating financial information for our two reportable segments: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 External Operating Revenues Wireless Service $ 17,580 $ 18,337 $ 53,146 $ 54,365 Equipment 4,292 2,479 11,526 6,735 Other 1,108 991 3,196 3,011 Total Wireless 22,980 21,807 67,868 64,111 Wireline Consumer retail 4,012 3,902 12,041 11,606 Small business 585 613 1,778 1,858 Mass Markets 4,597 4,515 13,819 13,464 Strategic services 2,011 2,068 6,089 6,207 Core 1,196 1,305 3,605 4,074 Global Enterprise 3,207 3,373 9,694 10,281 Global Wholesale 1,211 1,298 3,707 3,954 Other 84 138 248 414 Total Wireline 9,099 9,324 27,468 28,113 Total reportable segments 32,079 31,131 95,336 92,224 Corporate, eliminations and other 1,079 455 2,030 1,663 Total consolidated – reported $ 33,158 $ 31,586 $ 97,366 $ 93,887 Intersegment Revenues Wireless $ 25 $ 28 $ 78 $ 86 Wireline 256 252 779 756 Total reportable segments 281 280 857 842 Corporate, eliminations and other (281 ) (280 ) (857 ) (842 ) Total consolidated – reported $ – $ – $ – $ – Total Operating Revenues Wireless $ 23,005 $ 21,835 $ 67,946 $ 64,197 Wireline 9,355 9,576 28,247 28,869 Total reportable segments 32,360 31,411 96,193 93,066 Corporate, eliminations and other 798 175 1,173 821 Total consolidated – reported $ 33,158 $ 31,586 $ 97,366 $ 93,887 Operating Income Wireless $ 7,668 $ 6,955 $ 23,174 $ 21,258 Wireline 577 225 1,486 619 Total reportable segments 8,245 7,180 24,660 21,877 Corporate, eliminations and other (710 ) (290 ) (1,344 ) (142 ) Total consolidated – reported $ 7,535 $ 6,890 $ 23,316 $ 21,735
Summary of Reconciliation of Segment Assets	(dollars in millions) At September 30, At December 31, Assets Wireless $ 181,612 $ 160,385 Wireline 78,528 76,673 Total reportable segments 260,140 237,058 Corporate, eliminations and other (18,067 ) (4,350 ) Total consolidated – reported $ 242,073 $ 232,708
Reconciliation of Segment Operating Revenues to Consolidated Operating Revenues	A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Total reportable segment operating revenues $ 32,360 $ 31,411 $ 96,193 $ 93,066 Impact of divested operations – – – 256 Corporate, eliminations and other 798 175 1,173 565 Total consolidated operating revenues $ 33,158 $ 31,586 $ 97,366 $ 93,887
Summary of Reconciliation of Segment Operating Income	A reconciliation of the total of the reportable segments’ operating income to consolidated income before provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2015 2014 2015 2014 Total reportable segment operating income $ 8,245 $ 7,180 $ 24,660 $ 21,877 Pension remeasurement (Note 8) (342 ) – (342 ) – Gain on spectrum license transactions – – – 707 Impact of divested operations – – – 12 Corporate, eliminations and other (368 ) (290 ) (1,002 ) (861 ) Total consolidated operating income 7,535 6,890 23,316 21,735 Equity in earnings (losses) of unconsolidated businesses (18 ) (48 ) (70 ) 1,811 Other income and (expense), net 51 71 158 (757 ) Interest expense (1,202 ) (1,255 ) (3,742 ) (3,633 ) Income Before Provision For Income Taxes $ 6,366 $ 5,658 $ 19,662 $ 19,156

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basis of Presentation [Line Items]
Restricted stock units outstanding to purchase shares included in diluted earnings per common share	6	7	6	7

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions	Jun. 23, 2015USD ($)$ / sharesshares	May. 19, 2015USD ($)	Feb. 05, 2015USD ($)CustomerLeasesUnit	Jan. 29, 2015USD ($)Licenses	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Business Acquisition [Line Items]
Cash paid to acquire spectrum licenses										$ 9,811	$ 343
Proceeds from dispositions of businesses											120
Operating Revenues					$ 33,158			$ 31,586		$ 97,366	$ 93,887
Access Line Sale with Frontier
Business Acquisition [Line Items]
Proceeds from dispositions of businesses			$ 10,500
Debt assumed by Frontier			$ 600
Number of FiOS Internet subscribers to be divested | Customer			1,500,000
Number of voice connections to be divested | Unit			3,700,000
Number of FiOS Video subscribers to be divested | Customer			1,200,000
Access Lines and Other Business Assets Acquired by Frontier
Business Acquisition [Line Items]
Operating Revenues									$ 5,400
Buildings and real estate | Basking Ridge, New Jersey
Business Acquisition [Line Items]
Cash proceeds from sale-leaseback		$ 700
Deferred gain on sale leaseback transaction		$ 400
Initial leaseback term		20 years
Tower Monetization Transaction
Business Acquisition [Line Items]
Number of towers subject to failed sale-leaseback | Leases			11,300
Cash proceeds from failed sale-leaseback			$ 5,000
Term of Lease			28 years
Number of towers subject to disposition | Leases			162
Cash proceeds from disposition of towers			$ 100
Minimum years of sublease capacity on towers			10 years
March 2015 Tower Monetization Transaction- Other, net cash flows provided by operating activities
Business Acquisition [Line Items]
Cash proceeds from failed sale-leaseback			$ 2,400
March 2015 Tower Monetization Transaction- Other, net cash flows used in financing activities
Business Acquisition [Line Items]
Cash proceeds from failed sale-leaseback			$ 2,700
AOL Inc
Business Acquisition [Line Items]
Business acquisition, share price | $ / shares	$ 50
Business acquisition, purchase price in cash	$ 3,748
Number of shares exercised under appraisal rights of Delaware law | shares	6.6
Business acquisition, potential additional payment	$ 330
Cash acquired	$ 600
FCC spectrum licenses auction
Business Acquisition [Line Items]
FCC auction spectrum licenses | Licenses				181
Cash paid to acquire spectrum licenses				$ 10,400		$ 9,500	$ 900

Major Classes of Assets and Lia

Major Classes of Assets and Liabilities of Local Exchange and Related Landline Activities in California, Florida and Texas (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Assets held for sale:
Total current assets held for sale	$ 895	$ 552
Total non-current assets held for sale	10,117
Liabilities related to assets held for sale:
Total current liabilities related to assets held for sale	461
Long-term debt	594
Total non-current liabilities related to assets held for sale	940
Held for Sale
Assets held for sale:
Accounts receivable	467
Prepaid expense and other	59
Total current assets held for sale	526
Plant, property and equipment, net	8,738
Goodwill (Note 3)	1,328
Other assets	51
Total non-current assets held for sale	10,117
Total assets held for sale	10,643
Liabilities related to assets held for sale:
Accounts payable and accrued liabilities	253
Other current liabilities	208
Total current liabilities related to assets held for sale	461
Long-term debt	594
Employee benefit obligations	295
Other liabilities	51
Total non-current liabilities related to assets held for sale	940
Total liabilities related to assets held for sale	$ 1,401

Consideration and Preliminary I

Consideration and Preliminary Identification of Assets Acquired, Including Cash Acquired and Liabilities Assumed as well as Fair Value Of Noncontrolling Interests (Detail) - USD ($) $ in Millions	Jun. 23, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets acquired:
Goodwill		$ 25,124		$ 24,639
Liabilities assumed:
Total liabilities assumed		$ 553
AOL Inc
Business Acquisition [Line Items]
Cash payment to AOL's equity holders	$ 3,748
Estimated liabilities to be paid	384
Total consideration	4,132
Assets acquired:
Goodwill	1,814
Intangible assets subject to amortization	2,612
Other	1,650
Total assets acquired	6,076
Liabilities assumed:
Total liabilities assumed	1,943		$ 600
Net assets acquired:	4,133
Noncontrolling interest	(1)
Total consideration	$ 4,132

Changes in Carrying Amount of W

Changes in Carrying Amount of Wireless Licenses (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	$ 75,341
Ending balance	86,331
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	75,341
Acquisitions (Note 2)	10,474
Capitalized interest on wireless licenses	258
Reclassifications, adjustments and other	258
Ending balance	$ 86,331

Wireless Licenses, Goodwill a32

Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale	$ 895	$ 552
Goodwill	1,817
Reclassifications, adjustments and other (Note 2)	(1,332)
Other Operating Segments
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,814
Reclassifications, adjustments and other (Note 2)	584
Held for Sale
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale	526
Goodwill Held for Sale	1,328
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale	100
Wireless licenses under development	$ 10,700
Average remaining renewal period of wireless license portfolio (in years)	5 years 10 months 24 days

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Line Items]
Beginning balance	$ 24,639
Acquisitions (Note 2)	1,817
Reclassifications, adjustments and other (Note 2)	(1,332)
Ending balance	25,124
Wireless
Goodwill [Line Items]
Beginning balance	18,390
Acquisitions (Note 2)	3
Ending balance	18,393
Wireline
Goodwill [Line Items]
Beginning balance	6,249
Reclassifications, adjustments and other (Note 2)	(1,916)
Ending balance	4,333
Other Operating Segments
Goodwill [Line Items]
Acquisitions (Note 2)	1,814
Reclassifications, adjustments and other (Note 2)	584
Ending balance	$ 2,398

Composition of Other Intangible

Composition of Other Intangible Assets Net (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 21,222	$ 17,482
Accumulated Amortization	(12,900)	(11,754)
Net Amount	8,322	5,728
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Amount	4,986	3,618
Accumulated Amortization	(3,057)	(2,924)
Net Amount	$ 1,929	694
Customer Lists | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	5 years
Customer Lists | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	13 years
Non-Network Internal-Use Software
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 14,907	13,194
Accumulated Amortization	(9,421)	(8,462)
Net Amount	$ 5,486	4,732
Non-Network Internal-Use Software | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	3 years
Non-Network Internal-Use Software | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	7 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 1,329	670
Accumulated Amortization	(422)	(368)
Net Amount	$ 907	$ 302
Other Intangible Assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	5 years
Other Intangible Assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	25 years

Amortization Expense for Other

Amortization Expense for Other Intangible Assets (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization expense for other intangible assets	$ 438	$ 391	$ 1,247	$ 1,178

Estimated Future Amortization E

Estimated Future Amortization Expense for Other Intangible Assets (Detail) $ in Millions	Sep. 30, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2015	$ 454
2,016	1,609
2,017	1,408
2,018	1,228
2,019	$ 1,001

Changes to Debt (Detail)

Changes to Debt (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Debt maturing within one year, Balance at January 1, 2015	$ 2,735
Long-term debt,Balance at January 1, 2015	110,536
Total,Balance at January 1, 2015	113,271
Proceeds from borrowings	6,497	$ 21,575
Repayments of borrowings and capital leases obligations	(7,168)	(12,594)
Decrease in short-term obligations, excluding current maturities	(305)	$ (426)
Reclassification of long-term debt to Non-current liabilities related to assets held for sale (Note 2)	(594)
Debt acquired (Note 2)	553
Other	70
Debt maturing within one year, Balance at September 30, 2015	7,264
Long-term debt, Balance at September 30, 2015	105,060
Total, Balance at September 30, 2015	112,324
Debt Maturing Within One Year
Debt Instrument [Line Items]
Debt maturing within one year, Balance at January 1, 2015	2,735
Proceeds from borrowings	4,000
Repayments of borrowings and capital leases obligations	(7,168)
Decrease in short-term obligations, excluding current maturities	(305)
Reclassifications of long-term debt	7,249
Debt acquired (Note 2)	461
Other	292
Debt maturing within one year, Balance at September 30, 2015	7,264
Long-term Debt
Debt Instrument [Line Items]
Long-term debt,Balance at January 1, 2015	110,536
Proceeds from borrowings	2,497
Reclassifications of long-term debt	(7,249)
Reclassification of long-term debt to Non-current liabilities related to assets held for sale (Note 2)	(594)
Debt acquired (Note 2)	92
Other	(222)
Long-term debt, Balance at September 30, 2015	$ 105,060

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Mar. 31, 2015	Mar. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Jun. 23, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt acquired (Note 2)			$ 553,000,000		$ 553,000,000
Borrowing capacity			8,000,000,000		8,000,000,000
Principal amount outstanding in connection with the guarantee of debt obligations			112,324,000,000		112,324,000,000			$ 113,271,000,000
AOL Inc
Debt Instrument [Line Items]
Debt acquired (Note 2)						$ 600,000,000	$ 1,943,000,000
Repayments of debt and capital lease obligations					400,000,000
Vendor Financing Facility | Network Equipment
Debt Instrument [Line Items]
Value of purchase assets financed					600,000,000
Long-term debt maturing within one year			900,000,000		900,000,000
Guarantee Of Debentures And First Mortgage Bonds Of Operating Telephone Company Subsidiaries
Debt Instrument [Line Items]
Principal amount outstanding in connection with the guarantee of debt obligations			3,100,000,000		3,100,000,000
Guarantee of Debt Obligations of GTE Corporation
Debt Instrument [Line Items]
Principal amount outstanding in connection with the guarantee of debt obligations			1,400,000,000		1,400,000,000
6.94% Notes due 2028 | Old Notes in Exchange for 2048 New Notes | GTE Corporation
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.94%	6.94%		6.94%
Debt instrument maturity date	2,028
2036 New Notes in February Exchange Offers | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.272%	4.272%		4.272%
Debt instrument maturity date	2,036
Aggregate principal amount	$ 2,900,000,000	$ 2,900,000,000		$ 2,900,000,000
2048 New Notes in February Exchange Offers | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.522%	4.522%		4.522%
Debt instrument maturity date	2,048
Aggregate principal amount	$ 5,000,000,000	$ 5,000,000,000		$ 5,000,000,000
2055 New Notes in February Exchange Offers | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.672%	4.672%		4.672%
Debt instrument maturity date	2,055
Aggregate principal amount	$ 5,500,000,000	$ 5,500,000,000		$ 5,500,000,000
January 2015 Term Loan Agreement
Debt Instrument [Line Items]
Borrowing capacity	$ 6,500,000,000	6,500,000,000		6,500,000,000
Term loan agreement partial mandatory prepayment amount				$ 4,000,000,000
Debt instrument maturity date				2016-03
Date in which a partial mandatory prepayment is required				2015-06
Leverage ratio				350.00%
Term loan agreement prepaid amount		$ 5,000,000,000
Term loan agreement additional repayment amount			1,000,000,000
Amount of unused borrowing capacity under credit facility			$ 7,900,000,000		$ 7,900,000,000

Schedule of Notes Included in E

Schedule of Notes Included in Exchange Offer (Detail) $ in Millions	Mar. 31, 2015USD ($)
Old Notes in Exchange for 2036 New Notes | Verizon Communications | 5.15%t Notes Due 2023
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.15%
Debt instrument maturity date	2,023
Principal amount outstanding	$ 11,000
Exchange Offer, Principal Amount Accepted For Exchange	2,483
Old Notes in Exchange for 2048 New Notes
Debt Instrument [Line Items]
Exchange Offer, Principal Amount Accepted For Exchange	$ 3,816
Old Notes in Exchange for 2048 New Notes | Verizon Communications | 6.90% Notes due 2038
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.90%
Debt instrument maturity date	2,038
Principal amount outstanding	$ 1,250
Exchange Offer, Principal Amount Accepted For Exchange	$ 773
Old Notes in Exchange for 2048 New Notes | Verizon Communications | 6.40% Notes due 2038
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.40%
Debt instrument maturity date	2,038
Principal amount outstanding	$ 1,750
Exchange Offer, Principal Amount Accepted For Exchange	$ 884
Old Notes in Exchange for 2048 New Notes | Verizon Communications | 6.40% Notes due 2033
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.40%
Debt instrument maturity date	2,033
Principal amount outstanding	$ 4,355
Exchange Offer, Principal Amount Accepted For Exchange	$ 2,159
Old Notes in Exchange for 2048 New Notes | Verizon Communications | 6.25% Notes due 2037
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.25%
Debt instrument maturity date	2,037
Principal amount outstanding	$ 750
Old Notes in Exchange for 2048 New Notes | GTE Corporation | 6.94% Notes due 2028
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.94%
Debt instrument maturity date	2,028
Principal amount outstanding	$ 800
Old Notes in Exchange for 2055 New Notes | Verizon Communications | 6.55% Notes due 2043
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.55%
Debt instrument maturity date	2,043
Principal amount outstanding	$ 10,670
Exchange Offer, Principal Amount Accepted For Exchange	$ 4,084

Wireless Device Installment P40

Wireless Device Installment Plans - Additional Information (Detail) - USD ($) $ in Billions	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantee liability	$ 0.4			$ 0.7
Sale of receivables	2.4	$ 1.7	$ 2
Proceeds from receivable	2	1.2	1.3
Deferred purchase price receivable	0.4	$ 0.6	$ 0.7
Total portfolio of device installment plan receivables	9.1
Maximum exposure to loss related to involvement with sellers	1.7
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred purchase price receivable	$ 1.7

Device Installment Plan Receiva

Device Installment Plan Receivables, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, gross	$ 3,432	$ 3,833
Unamortized imputed interest	(139)	(155)
Device installment plan receivables, net of unamortized imputed interest	3,293	3,678
Allowance for credit losses	(363)	(76)
Device installment plan receivables, net	2,930	3,602
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, net	1,888	2,470
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, net	$ 1,042	$ 1,132

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring $ in Millions	Sep. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	$ 1,666
Fair value of liabilities measured on a recurring basis	1,464
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	251
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	55
Other current 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	250
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	960
Other Assets | 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	144
Other Assets | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	4
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	2
Other Current Liabilities | Cross Currency Swaps and Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	110
Other Liabilities | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	1,344
Other Liabilities | Forward 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	8
Other Liabilities | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	2
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	501	[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	251	[1]
Level 1 | Other current 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	250	[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	1,165	[2]
Fair value of liabilities measured on a recurring basis	1,464	[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	55	[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	960	[2]
Level 2 | Other Assets | 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	144	[2]
Level 2 | Other Assets | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	4	[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	2	[2]
Level 2 | Other Current Liabilities | Cross Currency Swaps and Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	110	[2]
Level 2 | Other Liabilities | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	1,344	[2]
Level 2 | Other Liabilities | Forward 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	8	[2]
Level 2 | Other Liabilities | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	$ 2	[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 Lo

Fair Value of Short Term and Long Term Debt Excluding Capital Leases (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 112,324	$ 113,271
Carrying Amount, Fair Value Disclosure | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	111,373	112,755
Estimate of Fair Value Measurement | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 120,207	$ 126,549

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Derivative Collateral
Derivatives, Fair Value [Line Items]
Derivative liability fair value of collateral	$ 100,000,000		$ 100,000,000	$ 600,000,000
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	4,900,000,000		4,900,000,000	1,800,000,000
Fair value of notional amount	100,000,000		100,000,000
Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	800,000,000		800,000,000	2,000,000,000
Fair value of notional amount				200,000,000
Cross Currency Swaps
Derivatives, Fair Value [Line Items]
Notional amount	10,300,000,000		10,300,000,000	10,300,000,000
Fair value of cross currency swaps	1,400,000,000		1,400,000,000	$ 600,000,000
Pre-tax gain (loss) recognized in other comprehensive loss	(200,000,000)	$ (100,000,000)	(900,000,000)
New | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	3,200,000,000		3,200,000,000
Net Investment Hedges
Derivatives, Fair Value [Line Items]
Notional amount	$ 900,000,000		$ 900,000,000

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Billions	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for awards under the Long-Term Incentive Plan | shares	119,600,000
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 RSUs and PSUs	$ 0.4
Weighted-average period of unrecognized compensation expense related to the unvested portion of RSUs and PSUs (in years)	2 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per unit | $ / shares	$ 48.26

Restricted and Performance Stoc

Restricted and Performance Stock Unit Activity (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2015shares
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	15,007
Granted	4,674
Payments	(5,874)
Cancelled/Forfeited	(123)
Ending Balance	13,684
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	19,966
Granted	6,772
Payments	(6,732)
Cancelled/Forfeited	(275)
Ending Balance	19,731

Benefit or Income Cost Related

Benefit or Income Cost Related to Pension and Postretirement Health Care and Life Insurance Plans (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 93	$ 82	$ 280	$ 245
Amortization of prior service credit	(1)	(2)	(3)	(6)
Expected return on plan assets	(317)	(296)	(952)	(886)
Interest cost	242	259	727	777
Remeasurement loss, net	342		342
Total	359	43	394	130
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Service cost	81	65	243	194
Amortization of prior service credit	(72)	(63)	(215)	(190)
Expected return on plan assets	(25)	(41)	(76)	(122)
Interest cost	280	277	838	831
Total	$ 264	$ 238	$ 790	$ 713

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | plan			7
Percentage of pension benefit obligation			73.00%
Expected return on assets assumption			7.25%
Actual return on assets		1.96%
Amount paid in severance benefits over the period	$ 100	$ 500
Post employment benefits liability	$ 400	$ 400
Weighted Average
Defined Benefit Plan Disclosure [Line Items]
Discount rate assumption	4.50%	4.50%	4.20%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer		$ 700
Qualified pension plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer	$ 400	700
Pension
Defined Benefit Plan Disclosure [Line Items]
Pension remeasurement credit (charges)	(342)	(342)
Pension Charges Driven By Difference Between Expected Return on Assets and Annualized Actual Return On Assets
Defined Benefit Plan Disclosure [Line Items]
Pension remeasurement credit (charges)	(700)	(700)
Pension Charges Driven By Other
Defined Benefit Plan Disclosure [Line Items]
Pension remeasurement credit (charges)	(100)	(100)
Pension Remeasurement Gain Primarily Driven By Increase In Discount Rate Assumption
Defined Benefit Plan Disclosure [Line Items]
Pension remeasurement credit (charges)	$ 500	$ 500

Changes in Components of Total

Changes in Components of Total equity (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Note [Line Items]
Balance at January 1, 2015			$ 13,676
Net Income	$ 4,171	$ 3,794	12,862	$ 14,104
Other comprehensive loss			(511)
Total Comprehensive Income	3,950	$ 3,781	12,351	$ 12,898
Contributed capital			29
Dividends declared			(6,779)
Common stock in treasury			(4,341)
Distributions and other			(394)
Balance at September 30, 2015	14,542		14,542
Verizon
Equity Note [Line Items]
Balance at January 1, 2015			12,298
Net Income			12,488
Other comprehensive loss			(511)
Total Comprehensive Income			11,977
Contributed capital			29
Dividends declared			(6,779)
Common stock in treasury			(4,341)
Distributions and other			(46)
Balance at September 30, 2015	13,138		13,138
Noncontrolling Interests
Equity Note [Line Items]
Balance at January 1, 2015			1,378
Net Income			374
Total Comprehensive Income			374
Distributions and other			(348)
Balance at September 30, 2015	$ 1,404		$ 1,404

Equity and Accumulated Other 50

Equity and Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions	Jun. 05, 2015	Feb. 10, 2015	Sep. 30, 2015
Equity and Comprehensive Income [Line Items]
Payment for repurchase of common stock			$ 5,134,000,000
Common shares issued from Treasury stock			18.3
Treasury stock aggregate value			$ 700,000,000
Share Buyback Program
Equity and Comprehensive Income [Line Items]
Number of shares repurchased			2.8
Payment for repurchase of common stock			$ 100,000,000
Share Buyback Program | Maximum
Equity and Comprehensive Income [Line Items]
Number of shares authorized for repurchase			97.2
February 2015 Accelerated Stock Repurchase
Equity and Comprehensive Income [Line Items]
Number of shares repurchased	15.4	86.2	101.6
Payment for repurchase of common stock		$ 4,250,000,000
Accelerated Share Repurchase		5,000,000,000
Average repurchase price			$ 49.21
Expected Payment Related To February 2015 Accelerated Stock Repurchase
Equity and Comprehensive Income [Line Items]
Payment for repurchase of common stock		$ 5,000,000,000

Changes in Balances of Accumula

Changes in Balances of Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015			$ 1,111
Other comprehensive loss			(420)
Amounts reclassified to net income			(91)
Other comprehensive loss attributable to Verizon	$ (221)	$ (13)	(511)	$ (1,183)
Balance at September 30, 2015	600		600
Foreign currency translation adjustments
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015			(346)
Other comprehensive loss			(161)
Other comprehensive loss attributable to Verizon			(161)
Balance at September 30, 2015	(507)		(507)
Unrealized loss on cash flow hedges
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015			(84)
Other comprehensive loss			(246)
Amounts reclassified to net income			50
Other comprehensive loss attributable to Verizon			(196)
Balance at September 30, 2015	(280)		(280)
Unrealized loss on marketable securities
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015			112
Other comprehensive loss			(13)
Amounts reclassified to net income			(9)
Other comprehensive loss attributable to Verizon			(22)
Balance at September 30, 2015	90		90
Defined benefit pension and postretirement plans
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015			1,429
Amounts reclassified to net income			(132)
Other comprehensive loss attributable to Verizon			(132)
Balance at September 30, 2015	$ 1,297		$ 1,297

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Segment
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 during the three and nine months ended September 30, 2015 and 2014.

Operating Financial Information

Operating Financial Information for Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Operating Revenues	$ 33,158	$ 31,586	$ 97,366	$ 93,887
Operating income	7,535	6,890	23,316	21,735
Wireless
Segment Reporting Information [Line Items]
Operating Revenues	23,005	21,835	67,946	64,197
Operating income	7,668	6,955	23,174	21,258
Wireline
Segment Reporting Information [Line Items]
Operating Revenues	9,355	9,576	28,247	28,869
Operating income	577	225	1,486	619
Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Operating Revenues	798	175	1,173	821
Operating income	(710)	(290)	(1,344)	(142)
Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues	32,360	31,411	96,193	93,066
Operating income	8,245	7,180	24,660	21,877
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Operating Revenues	22,980	21,807	67,868	64,111
Operating Segments | Wireless | Service Revenue
Segment Reporting Information [Line Items]
Operating Revenues	17,580	18,337	53,146	54,365
Operating Segments | Wireless | Equipment
Segment Reporting Information [Line Items]
Operating Revenues	4,292	2,479	11,526	6,735
Operating Segments | Wireless | Other
Segment Reporting Information [Line Items]
Operating Revenues	1,108	991	3,196	3,011
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Operating Revenues	9,099	9,324	27,468	28,113
Operating Segments | Wireline | Other
Segment Reporting Information [Line Items]
Operating Revenues	84	138	248	414
Operating Segments | Wireline | Mass Markets Consumer Retail
Segment Reporting Information [Line Items]
Operating Revenues	4,012	3,902	12,041	11,606
Operating Segments | Wireline | Mass Markets Small Business
Segment Reporting Information [Line Items]
Operating Revenues	585	613	1,778	1,858
Operating Segments | Wireline | Mass Markets
Segment Reporting Information [Line Items]
Operating Revenues	4,597	4,515	13,819	13,464
Operating Segments | Wireline | Global Enterprise Strategic Services
Segment Reporting Information [Line Items]
Operating Revenues	2,011	2,068	6,089	6,207
Operating Segments | Wireline | Global Enterprise Core
Segment Reporting Information [Line Items]
Operating Revenues	1,196	1,305	3,605	4,074
Operating Segments | Wireline | Global Enterprise
Segment Reporting Information [Line Items]
Operating Revenues	3,207	3,373	9,694	10,281
Operating Segments | Wireline | Global Wholesale
Segment Reporting Information [Line Items]
Operating Revenues	1,211	1,298	3,707	3,954
Operating Segments | Reportable Segment
Segment Reporting Information [Line Items]
Operating Revenues	32,079	31,131	95,336	92,224
Operating Segments | Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Operating Revenues	1,079	455	2,030	1,663
Intersegment Revenues | Wireless
Segment Reporting Information [Line Items]
Operating Revenues	25	28	78	86
Intersegment Revenues | Wireline
Segment Reporting Information [Line Items]
Operating Revenues	256	252	779	756
Intersegment Revenues | Reportable Segment
Segment Reporting Information [Line Items]
Operating Revenues	281	280	857	842
Intersegment Revenues | Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Operating Revenues	$ (281)	$ (280)	$ (857)	$ (842)

Reconciliation of Segment Asset

Reconciliation of Segment Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 242,073	$ 232,708
Operating Segments
Segment Reporting Information [Line Items]
Assets	260,140	237,058
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Assets	181,612	160,385
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Assets	78,528	76,673
Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Assets	$ (18,067)	$ (4,350)

Summary of Reconciliation of Se

Summary of Reconciliation of Segment Operating Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	$ 33,158	$ 31,586	$ 97,366	$ 93,887
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	32,360	31,411	96,193	93,066
Revenue Generated By Assets Sold
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues				256
Corporate, Eliminations and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	$ 798	$ 175	$ 1,173	$ 565

Reconciliation of Total Reporta

Reconciliation of Total Reportable Segments Operating Income to Consolidated Income before Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Gain on spectrum license transactions				$ 707
Operating income	$ 7,535	$ 6,890	$ 23,316	21,735
Equity in earnings (losses) of unconsolidated businesses	(18)	(48)	(70)	1,811
Other income and (expense), net	51	71	158	(757)
Interest expense	(1,202)	(1,255)	(3,742)	(3,633)
Income Before Provision For Income Taxes	6,366	5,658	19,662	19,156
Pension
Segment Reporting Information [Line Items]
Pension Remeasurement (Note 8)	(342)		(342)
Operating Segments
Segment Reporting Information [Line Items]
Operating income	8,245	7,180	24,660	21,877
Operating Income Generated By Assets Sold
Segment Reporting Information [Line Items]
Operating income				12
Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Operating income	$ (368)	$ (290)	$ (1,002)	$ (861)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015LegalMatter
Loss Contingencies [Line Items]
Approximate number of federal district court actions alleged for patent infringement	60
Guarantee obligations, year term (in years)	30 years