Verizon Communications (VZ) 10-Q 28 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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	4,076,288,055

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Revenues
Service revenues and other	$ 28,217	$ 28,611
Wireless equipment revenues	3,954	3,373
Total Operating Revenues	32,171	31,984
Operating Expenses
Cost of services (exclusive of items shown below)	7,614	6,988
Wireless cost of equipment	4,998	5,108
Selling, general and administrative expense	7,600	7,939
Depreciation and amortization expense	4,017	3,989
Total Operating Expenses	24,229	24,024
Operating Income	7,942	7,960
Equity in losses of unconsolidated businesses	(20)	(34)
Other income, net	32	75
Interest expense	(1,188)	(1,332)
Income Before Provision For Income Taxes	6,766	6,669
Provision for income taxes	(2,336)	(2,331)
Net Income	4,430	4,338
Net income attributable to noncontrolling interests	120	119
Net income attributable to Verizon	$ 4,310	$ 4,219
Basic Earnings Per Common Share
Net income attributable to Verizon	$ 1.06	$ 1.03
Weighted-average shares outstanding (in millions)	4,080	4,116
Diluted Earnings Per Common Share
Net income attributable to Verizon	$ 1.06	$ 1.02
Weighted-average shares outstanding (in millions)	4,085	4,121
Dividends declared per common share	$ 0.565	$ 0.550

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income	$ 4,430	$ 4,338
Other comprehensive loss, net of taxes
Foreign currency translation adjustments	30	(141)
Unrealized loss on cash flow hedges	(58)	(13)
Unrealized (loss) gain on marketable securities	(18)	3
Defined benefit pension and postretirement plans	(45)	(44)
Other comprehensive loss attributable to Verizon	(91)	(195)
Total Comprehensive Income	4,339	4,143
Comprehensive income attributable to noncontrolling interests	120	119
Comprehensive income attributable to Verizon	$ 4,219	$ 4,024

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 5,846	$ 4,470
Short-term investments		350
Accounts receivable, net of allowances of $900 and $882	12,485	13,457
Inventories	1,142	1,252
Assets held for sale	720	792
Prepaid expenses and other	3,422	1,959
Total current assets	23,615	22,280
Plant, property and equipment	222,669	220,163
Less accumulated depreciation	139,658	136,622
Plant, property and equipment, net	83,011	83,541
Investments in unconsolidated businesses	821	796
Wireless licenses	86,830	86,575
Goodwill	25,364	25,331
Other intangible assets, net	8,216	8,338
Non-current assets held for sale	10,432	10,267
Other assets	6,298	7,047
Total assets	244,587	244,175
Current liabilities
Debt maturing within one year	6,265	6,489
Accounts payable and accrued liabilities	18,118	19,362
Liabilities related to assets held for sale	452	463
Other	8,477	8,738
Total current liabilities	33,312	35,052
Long-term debt	103,615	103,240
Employee benefit obligations	29,665	29,957
Deferred income taxes	45,568	45,484
Non-current liabilities related to assets held for sale	974	959
Other liabilities	$ 11,350	$ 11,641
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	11,191	11,196
Reinvested earnings	13,253	11,246
Accumulated other comprehensive income	459	550
Common stock in treasury, at cost	(7,279)	(7,416)
Deferred compensation - employee stock ownership plans and other	593	428
Noncontrolling interests	1,462	1,414
Total equity	20,103	17,842
Total liabilities and equity	$ 244,587	$ 244,175

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable, allowances	$ 900	$ 882
Series preferred stock, par value	$ 0.10	$ 0.10
Series preferred stock, issued	0	0
Common stock, par value	$ 0.1	$ 0.1
Common stock, shares issued	4,242,374,240	4,242,374,240

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net Income	$ 4,430	$ 4,338
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	4,017	3,989
Employee retirement benefits	356	284
Deferred income taxes	167	823
Provision for uncollectible accounts	353	383
Equity in losses of unconsolidated businesses, net of dividends received	29	44
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(1,162)	(888)
Other, net	(771)	1,196
Net cash provided by operating activities	7,419	10,169
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(3,387)	(3,665)
Acquisitions of investments and businesses, net of cash acquired	(161)	(2)
Acquisitions of wireless licenses	(131)	(9,555)
Other, net	243	46
Net cash used in investing activities	(3,436)	(13,176)
Cash Flows from Financing Activities
Proceeds from long-term borrowings		6,497
Repayments of long-term borrowings and capital lease obligations	(376)	(5,576)
Increase (decrease) in short-term obligations, excluding current maturities	(40)	482
Dividends paid	(2,302)	(2,153)
Proceeds from sale of common stock	3
Purchase of common stock for treasury		(5,000)
Other, net	108	2,545
Net cash used in financing activities	(2,607)	(3,205)
Increase (decrease) in cash and cash equivalents	1,376	(6,212)
Cash and cash equivalents, beginning of period	4,470	10,598
Cash and cash equivalents, end of period	$ 5,846	$ 4,386

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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, 2015. 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. Earnings Per Common Share There were a total of approximately 5 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three months ended March 31, 2016 and 2015, respectively. There were no outstanding options to purchase shares that would have been anti-dilutive for the three months ended March 31, 2016 and 2015, respectively. Recently Adopted Accounting Standards During the first quarter of 2016, we adopted the accounting standard update related to the simplification of the accounting for measurement-period adjustments in business combinations. This standard update requires an acquirer to recognize measurement-period adjustments in the reporting period in which the adjustments are determined and to 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. The prospective adoption of this standard update did not have a significant impact on our condensed consolidated financial statements. During the first quarter of 2016, we adopted the accounting standard update related to disclosures for investments in certain entities that calculate net asset value per share. 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 limits the required disclosures to investments for which the entity has elected to measure the fair value using the practical expedient. The retrospective adoption of this standard update did not have a significant impact on our condensed consolidated financial statements. During the first quarter of 2016, we adopted the accounting standard update related to the simplification of the presentation of debt issuance costs. 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. During the first quarter of 2016, we also adopted the accounting standard update related to the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. 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 applied the amendments in these accounting standard updates retrospectively to all periods presented. The adoption of these standard updates did not have a significant impact on our condensed consolidated financial statements. During the first quarter of 2016, we adopted the accounting standard update 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 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The prospective adoption of this standard update did not have an impact on our condensed consolidated financial statements. Recently Issued Accounting Standards In February 2016, the accounting standard update related to leases was issued. This standard update intends to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. In addition, through improved disclosure requirements, the standard update will enable users of financial statements to further understand the amount, timing, and uncertainty of cash flows arising from leases. This standard update is effective as of the first quarter of 2019; however, early adoption is permitted. We are currently evaluating the impact that this standard update will have 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 generally accepted accounting principles in the United States (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 only to the most current period presented, 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	3 Months Ended
	Mar. 31, 2016
Acquisitions and Divestitures	2. Acquisitions and Divestitures Wireless Spectrum License Transactions During the fourth quarter of 2015, we entered into a license exchange agreement with affiliates of AT&T Inc. to exchange certain Advanced Wireless Services (AWS) and Personal Communication Services (PCS) spectrum licenses. This non-cash exchange was completed in March 2016. As a result, we received $0.4 billion of AWS and PCS spectrum licenses at fair value and recorded a pre-tax gain of $0.1 billion in Selling, general and administrative expense on our condensed consolidated statement of income for the three months ended March 31, 2016. During the first quarter of 2016, we entered into a license exchange agreement with affiliates of Sprint Corporation, which provides for the exchange of certain AWS and PCS spectrum licenses. This non-cash exchange is expected to be completed in the third quarter of 2016 and we expect to record an immaterial gain. During the first quarter of 2016, we acquired various other wireless licenses for cash consideration that was not significant. Wireline Access Line Sale On February 5, 2015, we entered into a definitive agreement with Frontier Communications Corporation (Frontier) pursuant to which Verizon agreed to 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 (approximately $7.5 billion net of income taxes), 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 transaction closed on April 1, 2016. Based on the number of voice connections and Fios Internet and video subscribers, respectively, as of March 31, 2016, the transaction resulted in Frontier acquiring approximately 3.3 million voice connections, 1.6 million Fios Internet subscribers, 1.2 million Fios video subscribers and the related ILEC businesses from Verizon. The assets and liabilities that were sold were 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 sheets as of March 31, 2016 and December 31, 2015. The operating results of these businesses, collectively, 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 March 31, 2016: (dollars in millions) Assets held for sale: Accounts receivable $ 341 Prepaid expense and other 62 Total current assets held for sale 403 Plant, property and equipment, net 9,033 Goodwill 1,328 Other assets 71 Total non-current assets held for sale 10,432 Total assets held for sale $ 10,835 Liabilities related to assets held for sale: Accounts payable and accrued liabilities $ 262 Other current liabilities 190 Total current liabilities related to assets held for sale 452 Long-term debt 597 Employee benefit obligations 258 Other liabilities 119 Total non-current liabilities related to assets held for sale 974 Total liabilities related to assets held for sale $ 1,426 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 $3.8 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. The identification of the assets acquired and liabilities assumed are finalized and we are in the process of finalizing our valuations for deferred taxes. These adjustments are not expected to have a material impact on our condensed consolidated financial statements. The valuations will be finalized within 12 months following the close of the acquisition. The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market 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 identification of the assets acquired, including cash acquired of $0.5 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 $ 3,764 Estimated liabilities to be paid (1) 377 Total consideration $ 4,141 Assets acquired: Goodwill $ 1,903 Intangible assets subject to amortization 2,504 Other 1,551 Total assets acquired 5,958 Liabilities assumed: Total liabilities assumed 1,816 Net assets acquired: 4,142 Noncontrolling interest (1 ) Total consideration $ 4,141 (1) During the three months ended March 31, 2016, we made cash payments of $126 million in respect of acquisition-date estimated liabilities to be paid. As of March 31, 2016, the remaining balance of estimated liabilities to be paid was $251 million. 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 goodwill related to this acquisition is included within Corporate and other. Other On February 20, 2016, Verizon entered into a purchase agreement to acquire XO Holdings’ wireline business which owns and operates one of the largest fiber-based IP and Ethernet networks outside of Verizon’s footprint for approximately $1.8 billion, subject to adjustment. The transaction is subject to customary regulatory approvals and is expected to close in the first half of 2017. Separately, Verizon entered into an agreement to lease certain wireless spectrum from XO Holdings and has an option, exercisable under certain circumstances, to buy XO Holdings’ entity that owns its wireless spectrum. During the first quarter of 2016, we acquired various other businesses and investments for cash consideration that was not significant.

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
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, 2016 $ 86,575 Acquisitions (Note 2) 3 Capitalized interest on wireless licenses 128 Reclassifications, adjustments and other 124 Balance at March 31, 2016 $ 86,830 Reclassifications, adjustments and other includes $0.4 billion received in exchanges of wireless licenses in 2016 as well as $0.3 billion of Wireless licenses that are classified as Assets held for sale on our condensed consolidated balance sheet at March 31, 2016 (see Note 2 for additional details). At March 31, 2016, approximately $10.4 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 5.6 years as of March 31, 2016. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2016 $ 18,393 $ 4,331 $ 2,607 $ 25,331 Acquisitions (Note 2) – – 31 31 Reclassifications, adjustments and other – 1 1 2 Balance at March 31, 2016 $ 18,393 $ 4,332 $ 2,639 $ 25,364 Other Intangible Assets The following table displays the composition of Other intangible assets, net: At March 31, 2016 At December 31, 2015 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 14 years) $ 4,136 $ (2,421 ) $ 1,715 $ 4,139 $ (2,365 ) $ 1,774 Non-network internal-use software (3 to 8 years) 14,769 (9,921 ) 4,848 14,542 (9,620 ) 4,922 Other (5 to 25 years) 2,302 (649 ) 1,653 2,220 (578 ) 1,642 Total $ 21,207 $ (12,991 ) $ 8,216 $ 20,901 $ (12,563 ) $ 8,338 The amortization expense for Other intangible assets was as follows: (dollars in millions) Three Months Ended March 31, 2016 $ 435 2015 381 The estimated future amortization expense for Other intangible assets is as follows: Years (dollars in millions) Remainder of 2016 $ 1,309 2017 1,561 2018 1,379 2019 1,149 2020 857

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt	4. Debt Changes to debt during the three months ended March 31, 2016 are as follows: (dollars in millions) Debt Maturing Long-term Total Balance at January 1, 2016 $ 6,489 $ 103,240 $ 109,729 Repayments of long-term borrowings and capital leases obligations (376 ) – (376 ) Decrease in short-term obligations, excluding current maturities (40 ) – (40 ) Reclassifications of long-term debt 81 (81 ) – Other 111 456 567 Balance at March 31, 2016 $ 6,265 $ 103,615 $ 109,880 April Tender Offers On March 4, 2016, we announced the commencement of three concurrent, but separate, tender offers (the April Tender Offers) to purchase for cash (1) any and all of the series of notes listed below in the Group 1 Any and All Offer, (2) any and all of the series of notes listed below in the Group 2 Any and All Offer and (3) up to $5.5 billion aggregate purchase price, excluding accrued and unpaid interest and any fees or commissions, of the series of notes listed below in the Group 3 Offer. The April Tender Offers for each series of notes were conditioned upon the closing of the sale of our local exchange business and related landline activities in California, Florida and Texas to Frontier and the receipt of at least $9.5 billion of the purchase price cash at closing (the Sale Condition). The Sale Condition was satisfied and the April Tender Offers were settled on April 4, 2016, resulting in the notes listed below being repurchased and cancelled for $10.2 billion, inclusive of accrued interest of $0.1 billion. The table below lists the series of notes included in the Group 1 Any and All Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Communications Inc. 2.50 % 2016 $ 2,182 $ 1,007.60 $ 1,272 2.00 % 2016 1,250 1,007.20 731 6.35 % 2019 1,750 1,133.32 970 $ 2,973 (1) Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration. The table below lists the series of notes included in the Group 2 Any and All Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Delaware LLC 8.375 % 2019 $ 15 $ 1,182.11 $ 15 8.625 % 2031 15 1,365.39 5 Verizon Maryland LLC 8.00 % 2029 50 1,301.32 22 8.30 % 2031 100 1,347.26 76 5.125 % 2033 350 1,012.50 171 Verizon New England Inc. 7.875 % 2029 349 1,261.63 176 Verizon New Jersey Inc. 8.00 % 2022 200 1,238.65 54 7.85 % 2029 149 1,311.32 63 Verizon New York Inc. 6.50 % 2028 100 1,151.71 28 7.375 % 2032 500 1,201.92 256 Verizon Pennsylvania LLC 6.00 % 2028 125 1,110.47 57 8.35 % 2030 175 1,324.10 127 8.75 % 2031 125 1,356.47 72 Verizon Virginia LLC 7.875 % 2022 100 1,227.79 43 8.375 % 2029 100 1,319.78 81 $ 1,246 (1) Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration. The table below lists the series of notes included in the Group 3 Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Communications Inc. 8.95 % 2039 $ 353 $ 1,506.50 $ 63 7.75 % 2032 251 1,315.19 33 7.35 % 2039 480 1,293.50 68 7.75 % 2030 1,206 1,377.92 276 6.55 % 2043 6,585 1,291.74 2,340 6.40 % 2033 2,196 1,220.28 466 6.90 % 2038 477 1,243.29 92 6.25 % 2037 750 1,167.66 114 6.40 % 2038 866 1,176.52 116 5.85 % 2035 1,500 1,144.68 250 6.00 % 2041 1,000 1,164.56 – 5.15 % 2023 8,517 1,152.83 – Alltel Corporation 7.875 % 2032 452 1,322.92 115 6.80 % 2029 235 1,252.93 47 GTE Corporation 6.94 % 2028 800 1,261.35 237 8.75 % 2021 300 1,307.34 93 $ 4,310 (1) Per $1,000 principal amount of notes April Early Debt Redemption On April 8, 2016, we redeemed in whole the following series of outstanding notes which were called for redemption on April 5, 2016 (collectively, April Early Debt Redemption): $0.9 billion aggregate principal amount of Verizon Communications 2.50% Notes due 2016 at 100.8% of the principal amount of such notes, $0.5 billion aggregate principal amount of Verizon Communications 2.00% Notes due 2016 at 100.8% of the principal amount of such notes, and $0.8 billion aggregate principal amount of Verizon Communications 6.35% Notes due 2019 at 113.5% of the principal amount of such notes. These notes were repurchased and cancelled for $2.3 billion, inclusive of an immaterial amount of accrued interest. During the second quarter of 2016, we expect to record a net pre-tax loss on early debt redemption of $1.8 billion in connection with the April Tender Offers and the April Early Debt Redemption. Credit Facility As of March 31, 2016, the unused borrowing capacity under our $8.0 billion credit facility was approximately $7.9 billion. Additional Financing Activities (Non-Cash Transaction) During the three months ended March 31, 2016, we financed, primarily through vendor financing arrangements, the purchase of approximately $0.1 billion of long-lived assets, consisting primarily of network equipment. At March 31, 2016, $1.0 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 statement of cash flows. Guarantees We guarantee the debentures and first mortgage bonds of our operating telephone company subsidiaries. As of March 31, 2016, $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. As a result of the closing of the Frontier transaction, as of April 1, 2016, GTE Southwest Inc., Verizon California Inc. and Verizon Florida LLC are no longer wholly-owned subsidiaries of Verizon, and the guarantees of $0.6 billion aggregate principal amount of debentures and first mortgage bonds of those entities have terminated pursuant to their terms. In addition, in connection with the Group 2 Any and All Offer, as of April 4, 2016, approximately $1.2 billion aggregate principal amount of debentures of our operating telephone company subsidiaries were repurchased and retired. Accordingly, as of April 4, 2016, guarantees remain in place with respect to approximately $1.2 billion aggregate principal amount of outstanding telephone company subsidiary debentures. We also guarantee the debt obligations of GTE Corporation that were issued and outstanding prior to July 1, 2003. As of March 31, 2016, $1.4 billion aggregate principal amount of these obligations were outstanding. In connection with the Group 3 Offer, as of April 4, 2016, approximately $0.3 billion aggregate principal amount of debt obligations of GTE Corporation were repurchased and retired. Accordingly, as of April 4, 2016, guarantees remain in place with respect to approximately $1.1 billion aggregate principal amount of GTE Corporation debt obligations.

Wireless Device Installment Pla

Wireless Device Installment Plans	3 Months Ended
	Mar. 31, 2016
Wireless Device Installment Plans	5. Wireless Device Installment Plans Under the Verizon device payment program, our eligible wireless customers purchase phones or tablets at unsubsidized prices on an installment basis (a device installment plan). Customers that activate service on devices purchased under the device payment program pay lower service fees as compared to those under our fixed-term service plans, and their installment charge is included in their standard wireless monthly bill. We have ongoing programs to sell certain device installment receivables to financial institutions. The outstanding portfolio of device installment plan receivables derecognized from our condensed consolidated balance sheet but which we continue to service was $9.6 billion at March 31, 2016. As of March 31, 2016, the total portfolio of device installment plan receivables, including derecognized device installment receivables, we are servicing was $12.9 billion. Wireless Device Installment Plan Receivables The following table displays device installment plan receivables, net, that continue to be recognized in our condensed consolidated balance sheets: (dollars in millions) At March 31, At December 31, Device installment plan receivables, gross $ 3,346 $ 3,720 Unamortized imputed interest (135 ) (142 ) Device installment plan receivables, net of unamortized imputed interest 3,211 3,578 Allowance for credit losses (513 ) (444 ) Device installment plan receivables, net $ 2,698 $ 3,134 Classified on our condensed consolidated balance sheets: Accounts receivable, net $ 1,663 $ 1,979 Other assets 1,035 1,155 Device installment plan receivables, net $ 2,698 $ 3,134 At the time of sale of devices to our customers, 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 custom empirical risk models to measure the credit quality of a customer and determine eligibility for the device payment program. Based upon the risk assessed by the models, a customer may be subject to lower limits on the total amount financed and be required to provide a down payment to enter into the program in accordance with the credit risk assessment. The down payment will vary in accordance with the risk assessed. We update our risk assessments monthly based on payment trends and other qualitative factors in order to monitor the overall quality of our receivables. The credit quality of our customers is consistent throughout the periods presented. Activity in the allowance for credit losses for the device installment plan receivables was as follows: (dollars in millions) Balance at January 1, 2016 $ 444 Bad debt expense 163 Write-offs (95 ) Allowance related to receivables sold (2 ) Other 3 Balance at March 31, 2016 $ 513 Customers that entered 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 all amounts due under their device installment agreement before being eligible to upgrade their device. However, on select devices, certain marketing promotions allow customers to upgrade to a new device after paying down the required device payment installment amount as well as trading in their device. When a customer enters into a device installment agreement with the right to upgrade to a new device, we record a guarantee liability in accordance with our accounting policy. The gross guarantee liability related to the upgrade program, which was approximately $0.1 billion at March 31, 2016 and $0.2 billion at December 31, 2015, was included in Other current liabilities on our condensed consolidated balance sheets. Sales of Wireless Device Installment Plan Receivables Wireless Device Installment Plan Receivables Purchase Agreement During 2015, we established a program (Receivables Purchase Agreement, or RPA) to sell from time to time, on an uncommitted basis, eligible device installment plan receivables to a group of primarily relationship banks (Purchasers). Under the program, we transfer the eligible receivables to wholly-owned subsidiaries that are bankruptcy remote special purpose entities (Sellers or SPEs). The Sellers then sell the receivables to the Purchasers for upfront cash proceeds 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. Eligible receivables under the RPA exclude device installment plans where a customer was required to provide a down payment. Revolving Sale of Wireless Device Installment Plan Receivables During the fourth quarter of 2015 and first quarter of 2016, we entered into separate uncommitted facilities under our existing RPA with the Purchasers to sell eligible device installment plan receivables on a revolving basis (Revolving Programs), subject to a maximum funding limit, to the Purchasers. The revolving period of both facilities ends in December 2016. Sales of eligible receivables by the Sellers, once initiated, generally occur and are settled on a monthly basis. The receivables sold under the Revolving Programs 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. Customer installment payments made towards receivables sold under the Revolving Programs will be available to purchase additional eligible installment plan receivables originated over the revolving period of each facility. Eligible receivables under the Revolving Programs exclude device installment plans where a customer was required to provide a down payment. The sales of receivables under the RPA and Revolving Programs 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 statements of cash flows. The following table provides a summary of device installment receivables sold under the RPA and the Revolving Programs: (dollars in millions) RPA Revolving Programs Three Months Ended March 31, 2016 2015 2016 2015 Device installment plan receivables sold, net (1) $ – $ 1,925 $ 2,617 $ – Cash proceeds received from new transfers – 1,271 1,978 – Cash proceeds received from reinvested collections – – 244 – Deferred purchase price recorded – 695 395 – (1) Device installment plan receivables net of allowances, imputed interest and the device trade-in right. Variable Interest Entities Under both the RPA and the Revolving Programs, the SPE’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 SPEs are not available to be used to satisfy obligations of any Verizon entities other than the Sellers. We determined that the SPEs are variable interest entities as they lack sufficient equity to finance their activities. Given that we have the power to direct the activities of the SPEs that most significantly impact the SPE’s economic performance, we are deemed to be the primary beneficiary of the SPEs. As a result, we consolidate the assets and liabilities of the SPEs into our condensed consolidated financial statements. Deferred Purchase Price Under both the RPA and the Revolving Programs, the deferred purchase price was initially recorded at fair value, based on the remaining installment amounts expected to be collected, adjusted, as applicable, for the time value of money and 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. The collection of the deferred purchase price is contingent on collections from customers. At March 31, 2016, our deferred purchase price receivable, which is held by the SPEs, was comprised of $1.3 billion included within Prepaid expenses and other and $1.3 billion included within Other assets in our condensed consolidated balance sheet. At December 31, 2015, our deferred purchase price receivable was $2.2 billion, which was included within Other assets in our condensed consolidated balance sheet. 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 on behalf of the Purchasers, 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 credit quality of the customers we continue to service is consistent throughout the periods presented. To date, we have collected and remitted approximately $2.6 billion, net of fees, of which an immaterial amount was returned as deferred purchase price. To date, cash proceeds received, net of remittances, were $6.9 billion. During the three months ended March 31, 2016, credit losses on receivables sold were an immaterial amount. In addition, we have continuing involvement related to the sold receivables as we may be responsible for absorbing additional credit losses pursuant to the agreements. The Company’s maximum exposure to loss related to the involvement with the SPEs is limited to the amount of the deferred purchase price, which was $2.6 billion as of March 31, 2016. 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 Purchasers. 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 171 $ – $ – $ 171 Fixed income securities – 622 – 622 Interest rate swaps – 296 – 296 Net investment hedges – 4 – 4 Total $ 171 $ 922 $ – $ 1,093 Liabilities: Other current liabilities: Cross currency swaps $ – $ 2 $ – $ 2 Other liabilities: Interest rate swaps – 1 – 1 Net investment hedge – 2 – 2 Cross currency swaps – 1,411 – 1,411 Forward interest rate swaps – 118 – 118 Total $ – $ 1,534 $ – $ 1,534 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2015: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Short-term investments: Equity securities $ 265 $ – $ – $ 265 Fixed income securities – 85 – 85 Other current assets: Fixed income securities 250 – – 250 Other assets: Fixed income securities – 928 – 928 Interest rate swaps – 128 – 128 Net investment hedges – 13 – 13 Cross currency swaps – 1 – 1 Total $ 515 $ 1,155 $ – $ 1,670 Liabilities: Other liabilities: Interest rate swaps $ – $ 19 $ – $ 19 Cross currency swaps – 1,638 – 1,638 Forward interest rate swaps – 24 – 24 Total $ – $ 1,681 $ – $ 1,681 (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 three months ended March 31, 2016. 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 March 31, 2016 At December 31, 2015 (dollars in millions) Carrying Fair Value Carrying Fair Value Short- and long-term debt, excluding capital leases $ 108,911 $ 124,405 $ 108,772 $ 118,216 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 related to derivative contracts under collateral exchange arrangements at March 31, 2016 and December 31, 2015, respectively, which was recorded as Prepaid expenses and other on our condensed consolidated balance sheets. During 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 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. The ineffective portion of these interest rate swaps was not material for the three months ended March 31, 2016 and 2015, respectively. 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. During the first quarter of 2016, we entered into forward interest rate swaps with a total notional value of $1.3 billion. During the three months ended March 31, 2016 and 2015, pre-tax losses of $0.1 billion, respectively, were recognized in Other comprehensive loss. 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, net to offset the related pre-tax foreign currency transaction gain or loss on the underlying debt obligations. During the three months ended March 31, 2016 and 2015, a pre-tax gain of $0.2 billion and a pre-tax loss of $0.9 billion, 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. The following table sets forth the notional amounts of our outstanding derivative instruments: At March 31, 2016 At December 31, 2015 (dollars in millions) Notional Amount Notional Amount Interest rate swaps $ 7,620 $ 7,620 Forward interest rate swaps 2,000 750 Cross currency swaps 9,675 9,675 Net investment hedge 864 864

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
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 three-year performance cycle. The PSUs are classified as liability awards because the PSU awards are paid in cash upon vesting. The PSU award liability is measured at its fair value at the end of each reporting period and, therefore, will fluctuate based on the price of Verizon common stock as well as performance relative to the targets. Dividend equivalent units are also paid to participants at the time that the PSU award is determined and paid, and in the same proportion as the PSU award. The granted and cancelled activity for the PSU award includes adjustments for the performance goals achieved. The following table summarizes the Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Performance Outstanding, January 1, 2016 13,903 17,203 Granted 3,622 5,487 Payments (4,548 ) (4,213 ) Cancelled/Forfeited (32 ) (43 ) Adjustments – 170 Outstanding, March 31, 2016 12,945 18,604 As of March 31, 2016, unrecognized compensation expense related to the unvested portion of Verizon’s RSUs and PSUs was approximately $0.6 billion and is expected to be recognized over approximately two years. The RSUs granted in 2016 have a weighted-average grant date fair value of $51.81 per unit.

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2016
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 our consolidated statement of income 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 March 31, 2016 2015 2016 2015 Service cost $ 80 $ 94 $ 61 $ 81 Amortization of prior service credit (1 ) 1 (73 ) (72 ) Expected return on plan assets (271 ) (317 ) (15 ) (25 ) Interest cost 186 243 224 279 Remeasurement loss, net 165 – – – Total $ 159 $ 21 $ 197 $ 263 Effective January 1, 2016, we changed the method we use to estimate the interest component of net periodic benefit cost for pension and other postretirement benefits. Historically, we estimated the interest cost component utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We have elected to utilize a full yield curve approach in the estimation of interest cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We have made this change to provide a more precise measurement of interest cost by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. We have accounted for this change as a change in accounting estimate and accordingly will account for it prospectively. For the three months ended March 31, 2016, the impact of this change was a reduction of the interest cost component of net periodic benefit cost and an increase to Net income of approximately $0.1 billion. The use of the full yield curve approach does not impact how we measure our total benefit obligations at December 31 or our annual net periodic benefit cost as any change in the interest cost component is completely offset by the actuarial gain or loss measured at year end which is immediately recognized in our consolidated statement of income. Accordingly, this change in estimate will not impact our income from continuing operations, net income or earnings per share as measured on an annual basis. Pension Remeasurement During the three months ended March 31, 2016, we recorded a net pre-tax pension remeasurement charge of approximately $0.2 billion in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur. The pension remeasurement charge relates to settlements for employees who received lump-sum distributions in one of Verizon’s seven defined benefit pension plans. The pension remeasurement charge was primarily driven by an approximately 43 basis point decrease in our discount rate assumption used to determine the current year liabilities of this pension plan. Our weighted-average discount rate assumption decreased from 4.60% at December 31, 2015 to 4.21% at March 31, 2016. Severance Payments During the three months ended March 31, 2016, we paid severance benefits of $0.3 billion. At March 31, 2016, we had a remaining severance liability of $0.5 billion, a portion of which includes future contractual payments to employees separated as of March 31, 2016. Employer Contributions During the three months ended March 31, 2016, we contributed $0.3 billion to our other postretirement benefit plans and $0.1 billion to our qualified pension plans. The contributions to our nonqualified pension plans were not material during the three months ended March 31, 2016. There have been no material changes with respect to the qualified and nonqualified pension contributions in 2016 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, 2015.

Equity and Accumulated Other Co

Equity and Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2016
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, 2016 $ 16,428 $ 1,414 $ 17,842 Net income 4,310 120 4,430 Other comprehensive loss (91 ) – (91 ) Comprehensive income 4,219 120 4,339 Contributed capital (5 ) – (5 ) Dividends declared (2,303 ) – (2,303 ) Common stock in treasury 137 – 137 Distributions and other 165 (72 ) 93 Balance at March 31, 2016 $ 18,641 $ 1,462 $ 20,103 Common Stock Verizon did not repurchase any shares of Verizon common stock through its previously authorized share buyback program during the three months ended March 31, 2016. At March 31, 2016, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 97.2 million. Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 3.1 million common shares issued from Treasury stock during the three months ended March 31, 2016. 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, 2016 $ (554 ) $ (278 ) $ 101 $ 1,281 $ 550 Other comprehensive income (loss) 30 75 (2 ) – 103 Amounts reclassified to net income – (133 ) (16 ) (45 ) (194 ) Net other comprehensive income (loss) 30 (58 ) (18 ) (45 ) (91 ) Balance at March 31, 2016 $ (524 ) $ (336 ) $ 83 $ 1,236 $ 459 The amounts presented above in net other comprehensive income (loss) are net of taxes and noncontrolling interests, which are not significant. For the three months ended March 31, 2016, the amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Cost of services and Selling, general and administrative expense on our condensed consolidated statement of income. For the three months ended March 31, 2016, all other amounts reclassified to net income in the table above are included in Other income, net on our condensed consolidated statement of income.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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 and other includes the operations of AOL and related businesses, unallocated corporate expenses, the results of other businesses, such as our investments in unconsolidated businesses, pension and other employee benefit related costs and lease financing. Corporate and other also includes other adjustments and gains and losses that are not allocated in assessing segment performance due to their non-operational nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses that are not individually significant are included in all segment results as these items are included in the chief operating decision maker’s assessment of segment performance. The reconciliation of segment operating revenues and expenses to consolidated operating revenues and expenses below also includes those items of a non-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 March 31, (dollars in millions) 2016 2015 External Operating Revenues Wireless Service revenue $ 16,769 $ 17,896 Equipment 3,954 3,373 Other 1,196 1,033 Total Wireless 21,919 22,302 Wireline Consumer retail 4,022 3,992 Small business 568 600 Mass Markets 4,590 4,592 Global Enterprise 3,161 3,263 Global Wholesale 1,213 1,266 Other 76 87 Total Wireline 9,040 9,208 Total reportable segments $ 30,959 $ 31,510 Intersegment Revenues Wireless $ 85 $ 26 Wireline 250 261 Total reportable segments $ 335 $ 287 Total Operating Revenues Wireless $ 22,004 $ 22,328 Wireline 9,290 9,469 Total reportable segments $ 31,294 $ 31,797 Operating Income Wireless $ 7,880 $ 7,810 Wireline 589 405 Total reportable segments $ 8,469 $ 8,215 (dollars in millions) At March 31, At December 31, Assets Wireless $ 190,892 $ 185,405 Wireline 73,221 78,305 Total reportable segments 264,113 263,710 Corporate and other 210,199 205,476 Eliminations (229,725 ) (225,011 ) Total consolidated – reported $ 244,587 $ 244,175 A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended March 31, (dollars in millions) 2016 2015 Total reportable segment operating revenues $ 31,294 $ 31,797 Corporate and other 1,232 474 Eliminations (355 ) (287 ) Total consolidated operating revenues $ 32,171 $ 31,984 Fios revenues are included within our Wireline segment and amounted to approximately $3.5 billion and $3.4 billion for the three months ended March 31, 2016 and 2015, respectively. 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 March 31, (dollars in millions) 2016 2015 Total reportable segment operating income $ 8,469 $ 8,215 Corporate and other (504 ) (255 ) Pension remeasurement (Note 8) (165 ) – Gain on spectrum license transaction (Note 2) 142 – Total consolidated operating income 7,942 7,960 Equity in losses of unconsolidated businesses (20 ) (34 ) Other income, net 32 75 Interest expense (1,188 ) (1,332 ) Income Before Provision For Income Taxes $ 6,766 $ 6,669 No single customer accounted for more than 10% of our total operating revenues during the three months ended March 31, 2016 and 2015.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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, including the Hicksville matter described below, will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period. 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 50 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing entities and effectively seek only monetary damages; a small number are brought by companies that 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)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: (dollars in millions) Assets held for sale: Accounts receivable $ 341 Prepaid expense and other 62 Total current assets held for sale 403 Plant, property and equipment, net 9,033 Goodwill 1,328 Other assets 71 Total non-current assets held for sale 10,432 Total assets held for sale $ 10,835 Liabilities related to assets held for sale: Accounts payable and accrued liabilities $ 262 Other current liabilities 190 Total current liabilities related to assets held for sale 452 Long-term debt 597 Employee benefit obligations 258 Other liabilities 119 Total non-current liabilities related to assets held for sale 974 Total liabilities related to assets held for sale $ 1,426
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 identification of the assets acquired, including cash acquired of $0.5 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 $ 3,764 Estimated liabilities to be paid (1) 377 Total consideration $ 4,141 Assets acquired: Goodwill $ 1,903 Intangible assets subject to amortization 2,504 Other 1,551 Total assets acquired 5,958 Liabilities assumed: Total liabilities assumed 1,816 Net assets acquired: 4,142 Noncontrolling interest (1 ) Total consideration $ 4,141 (1) During the three months ended March 31, 2016, we made cash payments of $126 million in respect of acquisition-date estimated liabilities to be paid. As of March 31, 2016, the remaining balance of estimated liabilities to be paid was $251 million.

Wireless Licenses, Goodwill a19

Wireless Licenses, Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 $ 86,575 Acquisitions (Note 2) 3 Capitalized interest on wireless licenses 128 Reclassifications, adjustments and other 124 Balance at March 31, 2016 $ 86,830
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, 2016 $ 18,393 $ 4,331 $ 2,607 $ 25,331 Acquisitions (Note 2) – – 31 31 Reclassifications, adjustments and other – 1 1 2 Balance at March 31, 2016 $ 18,393 $ 4,332 $ 2,639 $ 25,364
Composition of Other Intangible Assets, Net	The following table displays the composition of Other intangible assets, net: At March 31, 2016 At December 31, 2015 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (5 to 14 years) $ 4,136 $ (2,421 ) $ 1,715 $ 4,139 $ (2,365 ) $ 1,774 Non-network internal-use software (3 to 8 years) 14,769 (9,921 ) 4,848 14,542 (9,620 ) 4,922 Other (5 to 25 years) 2,302 (649 ) 1,653 2,220 (578 ) 1,642 Total $ 21,207 $ (12,991 ) $ 8,216 $ 20,901 $ (12,563 ) $ 8,338
Amortization Expense for Other Intangible Assets	The amortization expense for Other intangible assets was as follows: (dollars in millions) Three Months Ended March 31, 2016 $ 435 2015 381
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 2016 $ 1,309 2017 1,561 2018 1,379 2019 1,149 2020 857

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations	Changes to debt during the three months ended March 31, 2016 are as follows: (dollars in millions) Debt Maturing Long-term Total Balance at January 1, 2016 $ 6,489 $ 103,240 $ 109,729 Repayments of long-term borrowings and capital leases obligations (376 ) – (376 ) Decrease in short-term obligations, excluding current maturities (40 ) – (40 ) Reclassifications of long-term debt 81 (81 ) – Other 111 456 567 Balance at March 31, 2016 $ 6,265 $ 103,615 $ 109,880
Schedule of Notes included in the Tender Offers	The table below lists the series of notes included in the Group 1 Any and All Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Communications Inc. 2.50 % 2016 $ 2,182 $ 1,007.60 $ 1,272 2.00 % 2016 1,250 1,007.20 731 6.35 % 2019 1,750 1,133.32 970 $ 2,973 (1) Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration. The table below lists the series of notes included in the Group 2 Any and All Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Delaware LLC 8.375 % 2019 $ 15 $ 1,182.11 $ 15 8.625 % 2031 15 1,365.39 5 Verizon Maryland LLC 8.00 % 2029 50 1,301.32 22 8.30 % 2031 100 1,347.26 76 5.125 % 2033 350 1,012.50 171 Verizon New England Inc. 7.875 % 2029 349 1,261.63 176 Verizon New Jersey Inc. 8.00 % 2022 200 1,238.65 54 7.85 % 2029 149 1,311.32 63 Verizon New York Inc. 6.50 % 2028 100 1,151.71 28 7.375 % 2032 500 1,201.92 256 Verizon Pennsylvania LLC 6.00 % 2028 125 1,110.47 57 8.35 % 2030 175 1,324.10 127 8.75 % 2031 125 1,356.47 72 Verizon Virginia LLC 7.875 % 2022 100 1,227.79 43 8.375 % 2029 100 1,319.78 81 $ 1,246 (1) Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration. The table below lists the series of notes included in the Group 3 Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Communications Inc. 8.95 % 2039 $ 353 $ 1,506.50 $ 63 7.75 % 2032 251 1,315.19 33 7.35 % 2039 480 1,293.50 68 7.75 % 2030 1,206 1,377.92 276 6.55 % 2043 6,585 1,291.74 2,340 6.40 % 2033 2,196 1,220.28 466 6.90 % 2038 477 1,243.29 92 6.25 % 2037 750 1,167.66 114 6.40 % 2038 866 1,176.52 116 5.85 % 2035 1,500 1,144.68 250 6.00 % 2041 1,000 1,164.56 – 5.15 % 2023 8,517 1,152.83 – Alltel Corporation 7.875 % 2032 452 1,322.92 115 6.80 % 2029 235 1,252.93 47 GTE Corporation 6.94 % 2028 800 1,261.35 237 8.75 % 2021 300 1,307.34 93 $ 4,310 (1) Per $1,000 principal amount of notes

Wireless Device Installment P21

Wireless Device Installment Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Device Installment Plan Receivables	The following table displays device installment plan receivables, net, that continue to be recognized in our condensed consolidated balance sheets: (dollars in millions) At March 31, At December 31, Device installment plan receivables, gross $ 3,346 $ 3,720 Unamortized imputed interest (135 ) (142 ) Device installment plan receivables, net of unamortized imputed interest 3,211 3,578 Allowance for credit losses (513 ) (444 ) Device installment plan receivables, net $ 2,698 $ 3,134 Classified on our condensed consolidated balance sheets: Accounts receivable, net $ 1,663 $ 1,979 Other assets 1,035 1,155 Device installment plan receivables, net $ 2,698 $ 3,134
Activity in Allowance for Credit Losses for Device Installment Plan Receivables	Activity in the allowance for credit losses for the device installment plan receivables was as follows: (dollars in millions) Balance at January 1, 2016 $ 444 Bad debt expense 163 Write-offs (95 ) Allowance related to receivables sold (2 ) Other 3 Balance at March 31, 2016 $ 513
Summary of Device Installment Receivables Sold under RPA and Revolving Program	The following table provides a summary of device installment receivables sold under the RPA and the Revolving Programs: (dollars in millions) RPA Revolving Programs Three Months Ended March 31, 2016 2015 2016 2015 Device installment plan receivables sold, net (1) $ – $ 1,925 $ 2,617 $ – Cash proceeds received from new transfers – 1,271 1,978 – Cash proceeds received from reinvested collections – – 244 – Deferred purchase price recorded – 695 395 – (1) Device installment plan receivables net of allowances, imputed interest and the device trade-in right.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2016: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 171 $ – $ – $ 171 Fixed income securities – 622 – 622 Interest rate swaps – 296 – 296 Net investment hedges – 4 – 4 Total $ 171 $ 922 $ – $ 1,093 Liabilities: Other current liabilities: Cross currency swaps $ – $ 2 $ – $ 2 Other liabilities: Interest rate swaps – 1 – 1 Net investment hedge – 2 – 2 Cross currency swaps – 1,411 – 1,411 Forward interest rate swaps – 118 – 118 Total $ – $ 1,534 $ – $ 1,534 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2015: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Short-term investments: Equity securities $ 265 $ – $ – $ 265 Fixed income securities – 85 – 85 Other current assets: Fixed income securities 250 – – 250 Other assets: Fixed income securities – 928 – 928 Interest rate swaps – 128 – 128 Net investment hedges – 13 – 13 Cross currency swaps – 1 – 1 Total $ 515 $ 1,155 $ – $ 1,670 Liabilities: Other liabilities: Interest rate swaps $ – $ 19 $ – $ 19 Cross currency swaps – 1,638 – 1,638 Forward interest rate swaps – 24 – 24 Total $ – $ 1,681 $ – $ 1,681 (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 March 31, 2016 At December 31, 2015 (dollars in millions) Carrying Fair Value Carrying Fair Value Short- and long-term debt, excluding capital leases $ 108,911 $ 124,405 $ 108,772 $ 118,216
Notional Amounts of Outstanding Derivative Instruments	The following table sets forth the notional amounts of our outstanding derivative instruments: At March 31, 2016 At December 31, 2015 (dollars in millions) Notional Amount Notional Amount Interest rate swaps $ 7,620 $ 7,620 Forward interest rate swaps 2,000 750 Cross currency swaps 9,675 9,675 Net investment hedge 864 864

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 13,903 17,203 Granted 3,622 5,487 Payments (4,548 ) (4,213 ) Cancelled/Forfeited (32 ) (43 ) Adjustments – 170 Outstanding, March 31, 2016 12,945 18,604

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 2016 2015 Service cost $ 80 $ 94 $ 61 $ 81 Amortization of prior service credit (1 ) 1 (73 ) (72 ) Expected return on plan assets (271 ) (317 ) (15 ) (25 ) Interest cost 186 243 224 279 Remeasurement loss, net 165 – – – Total $ 159 $ 21 $ 197 $ 263

Equity and Accumulated Other 25

Equity and Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 $ 16,428 $ 1,414 $ 17,842 Net income 4,310 120 4,430 Other comprehensive loss (91 ) – (91 ) Comprehensive income 4,219 120 4,339 Contributed capital (5 ) – (5 ) Dividends declared (2,303 ) – (2,303 ) Common stock in treasury 137 – 137 Distributions and other 165 (72 ) 93 Balance at March 31, 2016 $ 18,641 $ 1,462 $ 20,103
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, 2016 $ (554 ) $ (278 ) $ 101 $ 1,281 $ 550 Other comprehensive income (loss) 30 75 (2 ) – 103 Amounts reclassified to net income – (133 ) (16 ) (45 ) (194 ) Net other comprehensive income (loss) 30 (58 ) (18 ) (45 ) (91 ) Balance at March 31, 2016 $ (524 ) $ (336 ) $ 83 $ 1,236 $ 459

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Operating Financial Information for Reportable Segments	The following table provides operating financial information for our two reportable segments: Three Months Ended March 31, (dollars in millions) 2016 2015 External Operating Revenues Wireless Service revenue $ 16,769 $ 17,896 Equipment 3,954 3,373 Other 1,196 1,033 Total Wireless 21,919 22,302 Wireline Consumer retail 4,022 3,992 Small business 568 600 Mass Markets 4,590 4,592 Global Enterprise 3,161 3,263 Global Wholesale 1,213 1,266 Other 76 87 Total Wireline 9,040 9,208 Total reportable segments $ 30,959 $ 31,510 Intersegment Revenues Wireless $ 85 $ 26 Wireline 250 261 Total reportable segments $ 335 $ 287 Total Operating Revenues Wireless $ 22,004 $ 22,328 Wireline 9,290 9,469 Total reportable segments $ 31,294 $ 31,797 Operating Income Wireless $ 7,880 $ 7,810 Wireline 589 405 Total reportable segments $ 8,469 $ 8,215
Summary of Reconciliation of Segment Assets	(dollars in millions) At March 31, At December 31, Assets Wireless $ 190,892 $ 185,405 Wireline 73,221 78,305 Total reportable segments 264,113 263,710 Corporate and other 210,199 205,476 Eliminations (229,725 ) (225,011 ) Total consolidated – reported $ 244,587 $ 244,175
Summary of Reconciliation of Segment Operating Revenues	A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended March 31, (dollars in millions) 2016 2015 Total reportable segment operating revenues $ 31,294 $ 31,797 Corporate and other 1,232 474 Eliminations (355 ) (287 ) Total consolidated operating revenues $ 32,171 $ 31,984
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 March 31, (dollars in millions) 2016 2015 Total reportable segment operating income $ 8,469 $ 8,215 Corporate and other (504 ) (255 ) Pension remeasurement (Note 8) (165 ) – Gain on spectrum license transaction (Note 2) 142 – Total consolidated operating income 7,942 7,960 Equity in losses of unconsolidated businesses (20 ) (34 ) Other income, net 32 75 Interest expense (1,188 ) (1,332 ) Income Before Provision For Income Taxes $ 6,766 $ 6,669

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basis of Presentation [Line Items]
Restricted stock units outstanding to purchase shares included in diluted earnings per common share	5	5

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions	Feb. 20, 2016USD ($)	Jun. 23, 2015USD ($)shares	Feb. 05, 2015USD ($)	Mar. 31, 2016USD ($)CustomerUnit	Mar. 31, 2015USD ($)	May. 12, 2015$ / shares
Business Acquisition [Line Items]
Pre-tax gain on sale of wireless licenses				$ 142
Payments to acquire businesses, net of cash acquired				$ 161	$ 2
Access Line Sale with Frontier
Business Acquisition [Line Items]
Proceeds from dispositions of businesses			$ 10,500
Net consideration from disposition of businesses			7,500
Debt assumed by Frontier			$ 600
Number of FiOS Internet subscribers to be divested | Customer				1,600,000
Number of voice connections to be divested | Unit				3,300,000
Number of FiOS Video subscribers to be divested | Customer				1,200,000
Advanced Wireless Services Spectrum Licenses
Business Acquisition [Line Items]
Pre-tax gain on sale of wireless licenses				$ 100
Acquisitions				400
AOL Inc
Business Acquisition [Line Items]
Business acquisition, share price | $ / shares						$ 50
Business acquisition, purchase price in cash		$ 3,764		$ 126
Number of shares exercised under appraisal rights of Delaware law | shares		6.6
Business acquisition, potential additional payment		$ 330
Cash acquired		$ 500
XO Holdings
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 1,800

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	Mar. 31, 2016	Dec. 31, 2015
Assets held for sale:
Total current assets held for sale	$ 720	$ 792
Total non-current assets held for sale	10,432	10,267
Liabilities related to assets held for sale:
Total current liabilities related to assets held for sale	452	463
Total non-current liabilities related to assets held for sale	974	$ 959
Held for Sale
Assets held for sale:
Accounts receivable	341
Prepaid expense and other	62
Total current assets held for sale	403
Plant, property and equipment, net	9,033
Goodwill	1,328
Other assets	71
Total non-current assets held for sale	10,432
Total assets held for sale	10,835
Liabilities related to assets held for sale:
Accounts payable and accrued liabilities	262
Other current liabilities	190
Total current liabilities related to assets held for sale	452
Long-term debt	597
Employee benefit obligations	258
Other liabilities	119
Total non-current liabilities related to assets held for sale	974
Total liabilities related to assets held for sale	$ 1,426

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		Mar. 31, 2016	Dec. 31, 2015
Assets acquired:
Goodwill			$ 25,364	$ 25,331
AOL Inc
Business Acquisition [Line Items]
Cash payment to AOL's equity holders	$ 3,764		126
Estimated liabilities to be paid	377	[1]	$ 251
Total consideration	4,141
Assets acquired:
Goodwill	1,903
Intangible assets subject to amortization	2,504
Other	1,551
Total assets acquired	5,958
Liabilities assumed:
Total liabilities assumed	1,816
Net assets acquired:	4,142
Noncontrolling interest	(1)
Total consideration	$ 4,141
[1]	During the three months ended March 31, 2016, we made cash payments of $126 million in respect of acquisition-date estimated liabilities to be paid. As of March 31, 2016, the remaining balance of estimated liabilities to be paid was $251 million.

Consideration and Preliminary31

Consideration and Preliminary Identification of Assets Acquired, Including Cash Acquired and Liabilities Assumed as well as Fair Value Of Noncontrolling Interests (Parenthetical) (Detail) - AOL Inc - USD ($) $ in Millions	Jun. 23, 2015		Mar. 31, 2016
Business Acquisition [Line Items]
Cash payment to AOL's equity holders	$ 3,764		$ 126
Estimated liabilities to be paid	$ 377	[1]	$ 251
[1]	During the three months ended March 31, 2016, we made cash payments of $126 million in respect of acquisition-date estimated liabilities to be paid. As of March 31, 2016, the remaining balance of estimated liabilities to be paid was $251 million.

Changes in Carrying Amount of W

Changes in Carrying Amount of Wireless Licenses (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	$ 86,575
Ending balance	86,830
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	86,575
Acquisitions (Note 2)	3
Capitalized interest on wireless licenses	128
Reclassifications, adjustments and other	124
Ending balance	$ 86,830

Wireless Licenses, Goodwill a33

Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale	$ 720	$ 792
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale	300
Acquisitions	3
Wireless licenses under development	$ 10,400
Average remaining renewal period of wireless license portfolio (in years)	5 years 7 months 6 days
Advanced Wireless Services Spectrum Licenses
Indefinite-lived Intangible Assets [Line Items]
Acquisitions	$ 400

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill [Line Items]
Beginning balance	$ 25,331
Acquisitions (Note 2)	31
Reclassifications, adjustments and other	2
Ending balance	25,364
Wireless
Goodwill [Line Items]
Beginning balance	18,393
Ending balance	18,393
Wireline
Goodwill [Line Items]
Beginning balance	4,331
Reclassifications, adjustments and other	1
Ending balance	4,332
Other Operating Segments
Goodwill [Line Items]
Beginning balance	2,607
Acquisitions (Note 2)	31
Reclassifications, adjustments and other	1
Ending balance	$ 2,639

Composition of Other Intangible

Composition of Other Intangible Assets Net (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 21,207	$ 20,901
Accumulated Amortization	(12,991)	(12,563)
Net Amount	8,216	8,338
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Amount	4,136	4,139
Accumulated Amortization	(2,421)	(2,365)
Net Amount	$ 1,715	1,774
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	14 years
Non-Network Internal-Use Software
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 14,769	14,542
Accumulated Amortization	(9,921)	(9,620)
Net Amount	$ 4,848	4,922
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	8 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,302	2,220
Accumulated Amortization	(649)	(578)
Net Amount	$ 1,653	$ 1,642
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
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization expense for other intangible assets	$ 435	$ 381

Estimated Future Amortization E

Estimated Future Amortization Expense for Other Intangible Assets (Detail) $ in Millions	Mar. 31, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	$ 1,309
2,017	1,561
2,018	1,379
2,019	1,149
2,020	$ 857

Changes to Debt (Detail)

Changes to Debt (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Balance at January 1, 2016	$ 6,489
Balance at January 1, 2016	103,240
Balance at January 1, 2016	109,729
Repayments of long-term borrowings and capital leases obligations	(376)	$ (5,576)
Decrease in short-term obligations, excluding current maturities	(40)	$ 482
Other	567
Balance at March 31, 2016	6,265
Balance at March 31, 2016	103,615
Balance at March 31, 2016	109,880
Debt Maturing Within One Year
Debt Instrument [Line Items]
Balance at January 1, 2016	6,489
Repayments of long-term borrowings and capital leases obligations	(376)
Decrease in short-term obligations, excluding current maturities	(40)
Reclassifications of long-term debt	81
Other	111
Balance at March 31, 2016	6,265
Long-term Debt
Debt Instrument [Line Items]
Balance at January 1, 2016	103,240
Reclassifications of long-term debt	81
Other	456
Balance at March 31, 2016	$ 103,615

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Apr. 08, 2016	Apr. 05, 2016	Apr. 04, 2016	Apr. 01, 2016	Mar. 04, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal amount outstanding in connection with the guarantee of debt obligations							$ 109,880,000,000	$ 109,729,000,000
Credit Facility
Debt Instrument [Line Items]
Borrowing capacity							8,000,000,000
Amount of unused borrowing capacity under credit facility							7,900,000,000
Scenario, Forecast
Debt Instrument [Line Items]
Expected net pre-tax loss on early debt redemption						$ 1,800,000,000
Network Equipment | Vendor Financing Facility
Debt Instrument [Line Items]
Value of purchase assets financed							100,000,000
Long-term debt maturing within one year							1,000,000,000
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
Guarantee Of Debentures And First Mortgage Bonds Of Operating Telephone Company Subsidiaries | Subsequent Event
Debt Instrument [Line Items]
Principal amount outstanding in connection with the guarantee of debt obligations			$ 1,200,000,000
Termination of guarantee for aggregate principal amount of debentures				$ 600,000,000
Guarantee Of Debentures And First Mortgage Bonds Of Operating Telephone Company Subsidiaries | Subsequent Event | Group 2
Debt Instrument [Line Items]
Extinguishment of Debt, Amount			1,200,000,000
2016 Tender Offers
Debt Instrument [Line Items]
Aggregate purchase price					$ 9,500,000,000
Tender offer for notes, settlement date					Apr. 4, 2016
Repayment of debt					$ 10,200,000,000
Accrued interest paid					100,000,000
2016 Tender Offers | Maximum
Debt Instrument [Line Items]
Aggregate purchase price					$ 5,500,000,000
2.50% Notes due 2016 | Subsequent Event
Debt Instrument [Line Items]
Amount of notes repaid	$ 900,000,000
Stated interest rate on debt instrument	2.50%
Debt instrument maturity date	2,016
Notes purchased price of principal amount of note, percentage		100.80%
2.00% Notes due 2016 | Subsequent Event
Debt Instrument [Line Items]
Amount of notes repaid	$ 500,000,000
Stated interest rate on debt instrument	2.00%
Debt instrument maturity date	2,016
Notes purchased price of principal amount of note, percentage		100.80%
6.35% Notes due 2019 | Subsequent Event
Debt Instrument [Line Items]
Amount of notes repaid	$ 800,000,000
Stated interest rate on debt instrument	6.35%
Debt instrument maturity date	2,019
Notes purchased price of principal amount of note, percentage		113.50%
April Early Debt Redemption | Subsequent Event
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	$ 2,300,000,000
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
Guarantee of Debt Obligations of GTE Corporation | Subsequent Event
Debt Instrument [Line Items]
Principal amount outstanding in connection with the guarantee of debt obligations			1,100,000,000
Guarantee of Debt Obligations of GTE Corporation | Subsequent Event | Group 3
Debt Instrument [Line Items]
Extinguishment of Debt, Amount			$ 300,000,000

Tender Offer to Purchase for Ca

Tender Offer to Purchase for Cash any and all of the Group 1 Any and All Notes (Detail) $ in Millions	Mar. 04, 2016USD ($)
Verizon Communications | 2.50% Notes due 2016
Debt Instrument [Line Items]
Interest Rate	2.50%
Maturity	2,016
Principal Amount Outstanding	$ 2,182
Purchase Price	1,007.60	[1]
Principal Amount Purchased	$ 1,272
Verizon Communications | 2.0% Notes due 2016
Debt Instrument [Line Items]
Interest Rate	2.00%
Maturity	2,016
Principal Amount Outstanding	$ 1,250
Purchase Price	1,007.20	[1]
Principal Amount Purchased	$ 731
Verizon Communications | 6.35% Notes due 2019
Debt Instrument [Line Items]
Interest Rate	6.35%
Maturity	2,019
Principal Amount Outstanding	$ 1,750
Purchase Price	1,133.32	[1]
Principal Amount Purchased	$ 970
Tender Offer to Purchase for Cash Any and All of the Group 1 Any and All Notes
Debt Instrument [Line Items]
Principal Amount Purchased	$ 2,973
[1]	Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration.

Tender Offer to Purchase for 41

Tender Offer to Purchase for Cash Any and All of the Group 2 Any and All Notes (Detail) $ in Millions	Mar. 04, 2016USD ($)
Verizon Delaware LLC | 8.375% Debentures due 2019
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.375%
Debt instrument maturity date	2,019
Principal Amount Outstanding	$ 15
Purchase Price	1,182.11	[1]
Principal Amount Purchased	$ 15
Verizon Delaware LLC | 8.625% Debentures due 2031
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.625%
Debt instrument maturity date	2,031
Principal Amount Outstanding	$ 15
Purchase Price	1,365.39	[1]
Principal Amount Purchased	$ 5
Verizon Maryland LLC | 8.00% Debentures due 2029
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.00%
Debt instrument maturity date	2,029
Principal Amount Outstanding	$ 50
Purchase Price	1,301.32	[1]
Principal Amount Purchased	$ 22
Verizon Maryland LLC | 8.30% Debentures due 2031
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.30%
Debt instrument maturity date	2,031
Principal Amount Outstanding	$ 100
Purchase Price	1,347.26	[1]
Principal Amount Purchased	$ 76
Verizon Maryland LLC | 5.125% Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.125%
Debt instrument maturity date	2,033
Principal Amount Outstanding	$ 350
Purchase Price	1,012.50	[1]
Principal Amount Purchased	$ 171
Verizon New England Inc | 7.875% Debentures due 2029
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.875%
Debt instrument maturity date	2,029
Principal Amount Outstanding	$ 349
Purchase Price	1,261.63	[1]
Principal Amount Purchased	$ 176
Verizon New Jersey Inc | 8.00% Debentures due 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.00%
Debt instrument maturity date	2,022
Principal Amount Outstanding	$ 200
Purchase Price	1,238.65	[1]
Principal Amount Purchased	$ 54
Verizon New Jersey Inc | 7.85% Debentures due 2029
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.85%
Debt instrument maturity date	2,029
Principal Amount Outstanding	$ 149
Purchase Price	1,311.32	[1]
Principal Amount Purchased	$ 63
Verizon New York Inc | 6.50% Debentures due 2028
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.50%
Debt instrument maturity date	2,028
Principal Amount Outstanding	$ 100
Purchase Price	1,151.71	[1]
Principal Amount Purchased	$ 28
Verizon New York Inc | 7.375% Debentures due 2032
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.375%
Debt instrument maturity date	2,032
Principal Amount Outstanding	$ 500
Purchase Price	1,201.92	[1]
Principal Amount Purchased	$ 256
Verizon Pennsylvania LLC | 6.00% Debentures due 2028
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.00%
Debt instrument maturity date	2,028
Principal Amount Outstanding	$ 125
Purchase Price	1,110.47	[1]
Principal Amount Purchased	$ 57
Verizon Pennsylvania LLC | 8.35% Debentures due 2030
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.35%
Debt instrument maturity date	2,030
Principal Amount Outstanding	$ 175
Purchase Price	1,324.10	[1]
Principal Amount Purchased	$ 127
Verizon Pennsylvania LLC | 8.75% Debentures due 2031
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.75%
Debt instrument maturity date	2,031
Principal Amount Outstanding	$ 125
Purchase Price	1,356.47	[1]
Principal Amount Purchased	$ 72
Verizon Virginia LLC | 7.875% Debentures due 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.875%
Debt instrument maturity date	2,022
Principal Amount Outstanding	$ 100
Purchase Price	1,227.79	[1]
Principal Amount Purchased	$ 43
Verizon Virginia LLC | 8.375% Debentures due 2029
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.375%
Debt instrument maturity date	2,029
Principal Amount Outstanding	$ 100
Purchase Price	1,319.78	[1]
Principal Amount Purchased	$ 81
Tender Offer to Purchase for Cash Any and All of the Group 2 Any and All Notes
Debt Instrument [Line Items]
Principal Amount Purchased	$ 1,246
[1]	Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration.

Tender Offer to Purchase for 42

Tender Offer to Purchase for Cash Group 3 Notes (Detail) $ in Millions	Mar. 04, 2016USD ($)
Verizon Communications | 8.95% Notes due 2039
Debt Instrument [Line Items]
Interest Rate	8.95%
Maturity	2,039
Principal Amount Outstanding	$ 353
Purchase Price	1,506.50	[1]
Principal Amount Purchased	$ 63
Verizon Communications | 7.75% Notes due 2032
Debt Instrument [Line Items]
Interest Rate	7.75%
Maturity	2,032
Principal Amount Outstanding	$ 251
Purchase Price	1,315.19	[1]
Principal Amount Purchased	$ 33
Verizon Communications | 7.35% Notes due 2039
Debt Instrument [Line Items]
Interest Rate	7.35%
Maturity	2,039
Principal Amount Outstanding	$ 480
Purchase Price	1,293.50	[1]
Principal Amount Purchased	$ 68
Verizon Communications | 7.75% Notes due 2030
Debt Instrument [Line Items]
Interest Rate	7.75%
Maturity	2,030
Principal Amount Outstanding	$ 1,206
Purchase Price	1,377.92	[1]
Principal Amount Purchased	$ 276
Verizon Communications | 6.55% Notes due 2043
Debt Instrument [Line Items]
Interest Rate	6.55%
Maturity	2,043
Principal Amount Outstanding	$ 6,585
Purchase Price	1,291.74	[1]
Principal Amount Purchased	$ 2,340
Verizon Communications | 6.40% Notes due 2033
Debt Instrument [Line Items]
Interest Rate	6.40%
Maturity	2,033
Principal Amount Outstanding	$ 2,196
Purchase Price	1,220.28	[1]
Principal Amount Purchased	$ 466
Verizon Communications | 6.90% Notes due 2038
Debt Instrument [Line Items]
Interest Rate	6.90%
Maturity	2,038
Principal Amount Outstanding	$ 477
Purchase Price	1,243.29	[1]
Principal Amount Purchased	$ 92
Verizon Communications | 6.25% Notes due 2037
Debt Instrument [Line Items]
Interest Rate	6.25%
Maturity	2,037
Principal Amount Outstanding	$ 750
Purchase Price	1,167.66	[1]
Principal Amount Purchased	$ 114
Verizon Communications | 6.40% Notes due 2038
Debt Instrument [Line Items]
Interest Rate	6.40%
Maturity	2,038
Principal Amount Outstanding	$ 866
Purchase Price	1,176.52	[1]
Principal Amount Purchased	$ 116
Verizon Communications | 5.85% Notes due 2035
Debt Instrument [Line Items]
Interest Rate	5.85%
Maturity	2,035
Principal Amount Outstanding	$ 1,500
Purchase Price	1,144.68	[1]
Principal Amount Purchased	$ 250
Verizon Communications | 6.00% Notes due 2041
Debt Instrument [Line Items]
Interest Rate	6.00%
Maturity	2,041
Principal Amount Outstanding	$ 1,000
Purchase Price	1,164.56	[1]
Verizon Communications | 5.15% Notes Due 2023
Debt Instrument [Line Items]
Interest Rate	5.15%
Maturity	2,023
Principal Amount Outstanding	$ 8,517
Purchase Price	1,152.83	[1]
Alltel Corporation | 7.875% Debentures due 2032
Debt Instrument [Line Items]
Interest Rate	7.875%
Maturity	2,032
Principal Amount Outstanding	$ 452
Purchase Price	1,322.92	[1]
Principal Amount Purchased	$ 115
Alltel Corporation | 6.80% Debentures Due 2029
Debt Instrument [Line Items]
Interest Rate	6.80%
Maturity	2,029
Principal Amount Outstanding	$ 235
Purchase Price	1,252.93	[1]
Principal Amount Purchased	$ 47
GTE Corporation | 6.94% Debentures due 2028
Debt Instrument [Line Items]
Interest Rate	6.94%
Maturity	2,028
Principal Amount Outstanding	$ 800
Purchase Price	1,261.35	[1]
Principal Amount Purchased	$ 237
GTE Corporation | 8.75% Debentures due 2021
Debt Instrument [Line Items]
Interest Rate	8.75%
Maturity	2,021
Principal Amount Outstanding	$ 300
Purchase Price	1,307.34	[1]
Principal Amount Purchased	$ 93
Tender Offer to Purchase for Cash Waterfall Series of Notes
Debt Instrument [Line Items]
Principal Amount Purchased	$ 4,310
[1]	Per $1,000 principal amount of notes

Wireless Equipment Installment

Wireless Equipment Installment Plans - Additional Information (Detail) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total portfolio of device installment plan receivables	$ 12.9
Receivables derecognized under receivable securitization program	9.6
Guarantee liability	0.1	$ 0.2
Finance receivables collected and remitted, net of fees	2.6
Cash proceeds received, net of remittances	6.9
Maximum exposure to loss related to involvement with sellers	2.6
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred purchase price receivable	1.3	$ 2.2
Prepaid Expenses and Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred purchase price receivable	$ 1.3

Device Installment Plan Receiva

Device Installment Plan Receivables, Net (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, gross	$ 3,346	$ 3,720
Unamortized imputed interest	(135)	(142)
Device installment plan receivables, net of unamortized imputed interest	3,211	3,578
Allowance for credit losses	(513)	(444)
Device installment plan receivables, net	2,698	3,134
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, net	1,663	1,979
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, net	$ 1,035	$ 1,155

Activity in Allowance for Credi

Activity in Allowance for Credit Losses for Device Installment Plan Receivables (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at January 1, 2016	$ 444
Bad debt expense	163
Write-offs	(95)
Allowance related to receivables sold	(2)
Other	3
Balance at March 31, 2016	$ 513

Summary of Device Installment R

Summary of Device Installment Receivables Sold under RPA and Revolving Program (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Receivables Purchase Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables sold, net	[1]		$ 1,925
Cash proceeds received from new transfers			1,271
Deferred purchase price recorded			$ 695
Revolving Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables sold, net	[1]	$ 2,617
Cash proceeds received from new transfers		1,978
Cash proceeds received from reinvested collections		244
Deferred purchase price recorded		$ 395
[1]	Device installment plan receivables net of allowances, imputed interest and the device trade-in right.

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis		$ 1,093	$ 1,670
Fair value of liabilities measured on a recurring basis		1,534	1,681
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			265
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			85
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 | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis		171
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		622	928
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		296	128
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	13
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			1
Other Liabilities | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis		1	19
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		1,411	1,638
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		118	24
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
Other Current 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		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	[1]	171	515
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	[1]		265
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	[1]		250
Level 1 | Other Assets | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]	171
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]	922	1,155
Fair value of liabilities measured on a recurring basis	[2]	1,534	1,681
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	[2]		85
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	[2]	622	928
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	[2]	296	128
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	[2]	4	13
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]		1
Level 2 | Other Liabilities | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	[2]	1	19
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	[2]	1,411	1,638
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	[2]	118	$ 24
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
Level 2 | Other Current 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	[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	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 109,880	$ 109,729
Carrying Amount, Fair Value Disclosure | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	108,911	108,772
Estimate of Fair Value Measurement | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 124,405	$ 118,216

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative liability fair value of collateral	$ 100		$ 100
Cross Currency Swaps
Derivatives, Fair Value [Line Items]
Notional amount	9,675		9,675
Pre-tax gain (loss) recognized in other comprehensive income (loss)	200	$ (900)
New Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	1,300
Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	2,000		$ 750
Pre-tax gain (loss) recognized in other comprehensive income (loss)	$ (100)	$ (100)

Notional Amounts of Outstanding

Notional Amounts of Outstanding Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Net Investment Hedges
Derivative [Line Items]
Notional amount	$ 864	$ 864
Interest Rate Swaps
Derivative [Line Items]
Notional amount	7,620	7,620
Forward Interest Rate Swaps
Derivative [Line Items]
Notional amount	2,000	750
Cross Currency Swaps
Derivative [Line Items]
Notional amount	$ 9,675	$ 9,675

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Billions	3 Months Ended
	Mar. 31, 2016USD ($)$ / 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 | $	$ 0.6
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	$ 51.81

Restricted and Performance Stoc

Restricted and Performance Stock Unit Activity (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2016shares
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	13,903
Granted	3,622
Payments	(4,548)
Cancelled/Forfeited	(32)
Ending Balance	12,945
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	17,203
Granted	5,487
Payments	(4,213)
Cancelled/Forfeited	(43)
Adjustments	170
Ending Balance	18,604

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
	Mar. 31, 2016	Mar. 31, 2015
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 80	$ 94
Amortization of prior service credit	(1)	1
Expected return on plan assets	(271)	(317)
Interest cost	186	243
Remeasurement loss, net	165
Total	159	21
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Service cost	61	81
Amortization of prior service credit	(73)	(72)
Expected return on plan assets	(15)	(25)
Interest cost	224	279
Total	$ 197	$ 263

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)plan	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | plan	7
Basis point decrease in discount rate assumption	0.43%
Amount paid in severance benefits over the period	$ 300
Post employment benefits liability	$ 500
Weighted Average
Defined Benefit Plan Disclosure [Line Items]
Discount rate assumption	4.21%	4.60%
Pension
Defined Benefit Plan Disclosure [Line Items]
Pension remeasurement credit (charge)	$ (165)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer	300
Qualified pension plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer	100
Change method used to estimate interest component of net periodic benefit cost for pension and other Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	(100)
Increase to Net income	$ 100

Changes in Components of Total

Changes in Components of Total equity (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity Note [Line Items]
Balance at January 1, 2016	$ 17,842
Net Income	4,430	$ 4,338
Other comprehensive loss	(91)
Total Comprehensive Income	4,339	$ 4,143
Contributed capital	(5)
Dividends declared	(2,303)
Common stock in treasury	137
Distributions and other	93
Balance at March 31, 2016	20,103
Verizon
Equity Note [Line Items]
Balance at January 1, 2016	16,428
Net Income	4,310
Other comprehensive loss	(91)
Total Comprehensive Income	4,219
Contributed capital	(5)
Dividends declared	(2,303)
Common stock in treasury	137
Distributions and other	165
Balance at March 31, 2016	18,641
Noncontrolling Interests
Equity Note [Line Items]
Balance at January 1, 2016	1,414
Net Income	120
Total Comprehensive Income	120
Distributions and other	(72)
Balance at March 31, 2016	$ 1,462

Equity and Accumulated Other 56

Equity and Accumulated Other Comprehensive Income - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016shares
Equity and Comprehensive Income [Line Items]
Common shares issued from Treasury stock	3,100,000
Share Buyback Program
Equity and Comprehensive Income [Line Items]
Number of shares repurchased	0
Share Buyback Program | Maximum
Equity and Comprehensive Income [Line Items]
Number of shares authorized for repurchase	97,200,000

Changes in Balances of Accumula

Changes in Balances of Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	$ 550
Other comprehensive income (loss)	103
Amounts reclassified to net income	(194)
Other comprehensive loss attributable to Verizon	(91)	$ (195)
Balance at March 31, 2016	459
Foreign currency translation adjustments
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	(554)
Other comprehensive income (loss)	30
Other comprehensive loss attributable to Verizon	30
Balance at March 31, 2016	(524)
Unrealized loss on cash flow hedges
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	(278)
Other comprehensive income (loss)	75
Amounts reclassified to net income	(133)
Other comprehensive loss attributable to Verizon	(58)
Balance at March 31, 2016	(336)
Unrealized loss on marketable securities
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	101
Other comprehensive income (loss)	(2)
Amounts reclassified to net income	(16)
Other comprehensive loss attributable to Verizon	(18)
Balance at March 31, 2016	83
Defined benefit pension and postretirement plans
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	1,281
Amounts reclassified to net income	(45)
Other comprehensive loss attributable to Verizon	(45)
Balance at March 31, 2016	$ 1,236

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)Segment	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Segment reporting information, revenue	$ 32,171	$ 31,984
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 months ended March 31, 2016 and 2015.
Wireline
Segment Reporting Information [Line Items]
Segment reporting information, revenue	$ 9,290	9,469
Fios revenues | Wireline
Segment Reporting Information [Line Items]
Segment reporting information, revenue	$ 3,500	$ 3,400

Operating Financial Information

Operating Financial Information for Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Operating Revenues	$ 32,171	$ 31,984
Operating income	7,942	7,960
Wireless
Segment Reporting Information [Line Items]
Operating Revenues	22,004	22,328
Operating income	7,880	7,810
Wireline
Segment Reporting Information [Line Items]
Operating Revenues	9,290	9,469
Operating income	589	405
Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues	31,294	31,797
Operating income	8,469	8,215
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Operating Revenues	21,919	22,302
Operating Segments | Wireless | Service Revenue
Segment Reporting Information [Line Items]
Operating Revenues	16,769	17,896
Operating Segments | Wireless | Equipment Revenue
Segment Reporting Information [Line Items]
Operating Revenues	3,954	3,373
Operating Segments | Wireless | Other External Operating Non-Service Revenues
Segment Reporting Information [Line Items]
Operating Revenues	1,196	1,033
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Operating Revenues	9,040	9,208
Operating Segments | Wireline | Mass Markets Consumer Retail
Segment Reporting Information [Line Items]
Operating Revenues	4,022	3,992
Operating Segments | Wireline | Mass Markets Small Business
Segment Reporting Information [Line Items]
Operating Revenues	568	600
Operating Segments | Wireline | Mass Markets
Segment Reporting Information [Line Items]
Operating Revenues	4,590	4,592
Operating Segments | Wireline | Global Enterprise
Segment Reporting Information [Line Items]
Operating Revenues	3,161	3,263
Operating Segments | Wireline | Global Wholesale
Segment Reporting Information [Line Items]
Operating Revenues	1,213	1,266
Operating Segments | Wireline | Other
Segment Reporting Information [Line Items]
Operating Revenues	76	87
Operating Segments | Reportable Segment
Segment Reporting Information [Line Items]
Operating Revenues	30,959	31,510
Intersegment Revenues | Wireless
Segment Reporting Information [Line Items]
Operating Revenues	85	26
Intersegment Revenues | Wireline
Segment Reporting Information [Line Items]
Operating Revenues	250	261
Intersegment Revenues | Reportable Segment
Segment Reporting Information [Line Items]
Operating Revenues	$ 335	$ 287

Reconciliation of Segment Asset

Reconciliation of Segment Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Assets	$ 244,587	$ 244,175
Operating Segments
Segment Reporting Information [Line Items]
Assets	264,113	263,710
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Assets	190,892	185,405
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Assets	73,221	78,305
Corporate and Other
Segment Reporting Information [Line Items]
Assets	210,199	205,476
Eliminations
Segment Reporting Information [Line Items]
Assets	$ (229,725)	$ (225,011)

Summary of Reconciliation of Se

Summary of Reconciliation of Segment Operating Revenues (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	$ 32,171	$ 31,984
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	31,294	31,797
Corporate and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	1,232	474
Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	$ (355)	$ (287)

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
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Gain on spectrum license transaction (Note 2)	$ 142
Operating income	7,942	$ 7,960
Equity in losses of unconsolidated businesses	(20)	(34)
Other income, net	32	75
Interest expense	(1,188)	(1,332)
Income Before Provision For Income Taxes	6,766	6,669
Pension
Segment Reporting Information [Line Items]
Pension remeasurement (Note 8)	(165)
Operating Segments
Segment Reporting Information [Line Items]
Operating income	8,469	8,215
Corporate and Other
Segment Reporting Information [Line Items]
Operating income	$ (504)	$ (255)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016LegalMatter
Loss Contingencies [Line Items]
Approximate number of federal district court actions alleged for patent infringement	50
Guarantee obligations, year term (in years)	30 years