Verizon Communications (VZ) 8-K 29 Jul 16 Other Events Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2015
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Trading Symbol	VZ
Entity Registrant Name	VERIZON COMMUNICATIONS INC
Entity Central Index Key	732,712

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Revenues
Service revenues and other	$ 114,696	$ 116,122	$ 112,454
Wireless equipment revenues	16,924	10,957	8,096
Total Operating Revenues	131,620	127,079	120,550
Operating Expenses
Cost of services (exclusive of items shown below)	29,438	28,306	28,534
Wireless cost of equipment	23,119	21,625	16,353
Selling, general and administrative expense	29,986	41,016	27,089
Depreciation and amortization expense	16,017	16,533	16,606
Total Operating Expenses	98,560	107,480	88,582
Operating Income	33,060	19,599	31,968
Equity in (losses) earnings of unconsolidated businesses	(86)	1,780	142
Other income and (expense), net	186	(1,194)	(166)
Interest expense	(4,920)	(4,915)	(2,667)
Income Before Provision For Income Taxes	28,240	15,270	29,277
Provision for income taxes	(9,865)	(3,314)	(5,730)
Net Income	18,375	11,956	23,547
Net income attributable to noncontrolling interests	496	2,331	12,050
Net income attributable to Verizon	$ 17,879	$ 9,625	$ 11,497
Basic Earnings Per Common Share
Net income attributable to Verizon	$ 4.38	$ 2.42	$ 4.01
Weighted-average shares outstanding (in millions)	4,085	3,974	2,866
Diluted Earnings Per Common Share
Net income attributable to Verizon	$ 4.37	$ 2.42	$ 4
Weighted-average shares outstanding (in millions)	4,093	3,981	2,874

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income	$ 18,375	$ 11,956	$ 23,547
Other Comprehensive Income, net of taxes
Foreign currency translation adjustments	(208)	(1,199)	60
Unrealized gains (losses) on cash flow hedges	(194)	(197)	25
Unrealized gains (losses) on marketable securities	(11)	(5)	16
Defined benefit pension and postretirement plans	(148)	154	22
Other comprehensive income (loss) attributable to Verizon	(561)	(1,247)	123
Other comprehensive loss attributable to noncontrolling interests		(23)	(15)
Total Comprehensive Income	17,814	10,686	23,655
Comprehensive income attributable to noncontrolling interests	496	2,308	12,035
Comprehensive income attributable to Verizon	$ 17,318	$ 8,378	$ 11,620

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 4,470	$ 10,598
Short-term investments	350	555
Accounts receivable, net of allowances of $882 and $739	13,457	13,993
Inventories	1,252	1,153
Assets held for sale	792	552
Prepaid expenses and other	2,034	2,685
Total current assets	22,355	29,536
Plant, property and equipment	220,163	230,508
Less accumulated depreciation	136,622	140,561
Plant, property and equipment, net	83,541	89,947
Investments in unconsolidated businesses	796	802
Wireless licenses	86,575	75,341
Goodwill	25,331	24,639
Other intangible assets, net	7,592	5,359
Non-current assets held for sale	10,267
Deposit for wireless licenses		921
Other assets	7,718	5,564
Total assets	244,175	232,109
Current liabilities
Debt maturing within one year	6,489	2,735
Accounts payable and accrued liabilities	19,362	16,680
Liabilities related to assets held for sale	463
Other	8,738	8,572
Total current liabilities	35,052	27,987
Long-term debt	103,240	110,029
Employee benefit obligations	29,957	33,280
Deferred income taxes	45,484	41,563
Non-current liabilities related to assets held for sale	959
Other liabilities	11,641	5,574
Equity
Series preferred stock ($.10 par value; none issued)
Common stock ($.10 par value; 4,242,374,240 shares issued in each period)	424	424
Contributed capital	11,196	11,155
Reinvested earnings	11,246	2,447
Accumulated other comprehensive income	550	1,111
Common stock in treasury, at cost	(7,416)	(3,263)
Deferred compensation - employee stock ownership plans and other	428	424
Noncontrolling interests	1,414	1,378
Total equity	17,842	13,676
Total liabilities and equity	$ 244,175	$ 232,109

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Accounts receivable, allowances	$ 882	$ 739
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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities
Net Income	$ 18,375	$ 11,956	$ 23,547
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	16,017	16,533	16,606
Employee retirement benefits	(1,747)	8,130	(5,052)
Deferred income taxes	3,516	(92)	5,785
Provision for uncollectible accounts	1,610	1,095	993
Equity in losses (earnings) of unconsolidated businesses, net of dividends received	127	(1,743)	(102)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses
Accounts receivable	(945)	(2,745)	(843)
Inventories	(99)	(132)	56
Other assets	942	(695)	(143)
Accounts payable and accrued liabilities	2,545	1,412	925
Other, net	(1,411)	(3,088)	(2,954)
Net cash provided by operating activities	38,930	30,631	38,818
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(17,775)	(17,191)	(16,604)
Acquisitions of investments and businesses, net of cash acquired	(3,545)	(182)	(494)
Acquisitions of wireless licenses	(9,942)	(354)	(580)
Proceeds from dispositions of wireless licenses		2,367	2,111
Proceeds from dispositions of businesses	48	120
Other, net	1,171	(616)	734
Net cash used in investing activities	(30,043)	(15,856)	(14,833)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	6,667	30,967	49,166
Repayments of long-term borrowings and capital lease obligations	(9,340)	(17,669)	(8,163)
Decrease in short-term obligations, excluding current maturities	(344)	(475)	(142)
Dividends paid	(8,538)	(7,803)	(5,936)
Proceeds from sale of common stock	40	34	85
Purchase of common stock for treasury	(5,134)		(153)
Special distribution to noncontrolling interest			(3,150)
Acquisition of noncontrolling interest		(58,886)
Other, net	1,634	(3,873)	(5,257)
Net cash provided by (used in) financing activities	(15,015)	(57,705)	26,450
Increase (decrease) in cash and cash equivalents	(6,128)	(42,930)	50,435
Cash and cash equivalents, beginning of period	10,598	53,528	3,093
Cash and cash equivalents, end of period	$ 4,470	$ 10,598	$ 53,528

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Contributed Capital	Reinvested Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Treasury Stock	Deferred Compensation-ESOPs and Other	Noncontrolling Interests
Balance at beginning of year (in shares) at Dec. 31, 2012		2,967,610				(109,041)
Balance at beginning of year at Dec. 31, 2012		$ 297	$ 37,990	$ (3,734)	$ 2,235	$ (4,071)	$ 440	$ 52,376
Shares purchased, in Shares						(3,500)
Foreign currency translation adjustments	$ 60				60
Net income attributable to Verizon	11,497			11,497
Restricted stock equity grant							152
Shares purchased						$ (153)
Unrealized gains (losses) on cash flow hedges					25
Net income attributable to noncontrolling interests	(12,050)							12,050
Dividends declared ($2.23, $2.16, $2.09) per share				(5,981)
Amortization							(171)
Employee plans (Note 15) (in Shares)						6,835
Unrealized gains (losses) on marketable securities	16				16
Other comprehensive loss	(15)							(15)
Employee plans (Note 15)						$ 260
Defined benefit pension and postretirement plans	22				22
Total comprehensive income	(12,035)							12,035
Shareowner plans (in shares)(Note 15)						96
Other comprehensive income (loss)					123
Distributions and other								(7,831)
Shareowner plans (Note 15)						$ 3
Other			(51)
Balance at end of year (in shares) at Dec. 31, 2013		2,967,610				(105,610)
Balance at end of year at Dec. 31, 2013	95,416	$ 297	37,939	1,782	2,358	$ (3,961)	421	56,580
Foreign currency translation adjustments	(1,199)				(1,199)
Acquisition of noncontrolling interest (Note 2)			(26,898)					(55,960)
Net income attributable to Verizon	9,625			9,625
Restricted stock equity grant							166
Unrealized gains (losses) on cash flow hedges					(197)
Net income attributable to noncontrolling interests	(2,331)							2,331
Dividends declared ($2.23, $2.16, $2.09) per share				(8,960)
Amortization							(163)
Common shares issued (Note 2) (in shares)		1,274,764
Employee plans (Note 15) (in Shares)						14,132
Unrealized gains (losses) on marketable securities	(5)				(5)
Other comprehensive loss	(23)							(23)
Employee plans (Note 15)						$ 541
Defined benefit pension and postretirement plans	154				154
Total comprehensive income	(2,308)							2,308
Shareowner plans (in shares)(Note 15)						4,105
Other comprehensive income (loss)					(1,247)
Distributions and other								(1,550)
Shareowner plans (Note 15)						$ 157
Other (in Shares)						(37)
Other			114
Balance at end of year (in shares) at Dec. 31, 2014		4,242,374				(87,410)
Balance at end of year at Dec. 31, 2014	13,676	$ 424	11,155	2,447	1,111	$ (3,263)	424	1,378
Common shares issued (Note 2)		$ 127
Shares purchased, in Shares						(104,402)
Foreign currency translation adjustments	(208)				(208)
Net income attributable to Verizon	17,879			17,879
Restricted stock equity grant							208
Shares purchased						$ (5,134)
Unrealized gains (losses) on cash flow hedges					(194)
Net income attributable to noncontrolling interests	(496)							496
Dividends declared ($2.23, $2.16, $2.09) per share				(9,080)
Amortization							(204)
Employee plans (Note 15) (in Shares)						17,072
Unrealized gains (losses) on marketable securities	(11)				(11)
Employee plans (Note 15)						$ 740
Defined benefit pension and postretirement plans	(148)				(148)
Total comprehensive income	$ (496)							496
Shareowner plans (in shares)(Note 15)	22,600					5,541
Other comprehensive income (loss)					(561)
Distributions and other								(460)
Shareowner plans (Note 15)	$ 900					$ 241
Other			41
Balance at end of year (in shares) at Dec. 31, 2015		4,242,374				(169,199)
Balance at end of year at Dec. 31, 2015	$ 17,842	$ 424	$ 11,196	$ 11,246	$ 550	$ (7,416)	$ 428	$ 1,414

Consolidated Statements of Cha8

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends declared, per share	$ 2.23	$ 2.16	$ 2.09

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Description of Business and Summary of Significant Accounting Policies	Note 1 Description of Business and Summary of Significant Accounting Policies Description of Business Verizon Communications Inc. (Verizon or the Company) is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, information and entertainment products and services to consumers, businesses and governmental agencies with a presence around the world. We have two reportable segments, Wireless and Wireline. For further information concerning our business segments, see Note 13. The Wireless segment provides wireless communications products and services across one of the most extensive and reliable wireless networks in the United States (U.S.) and has the largest fourth-generation (4G) Long-Term Evolution (LTE) technology and third-generation (3G) networks of any U.S. wireless service provider. The Wireline segment provides voice, data and video communications products and enhanced services, including broadband video and data, corporate networking solutions, data center and cloud services, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the United States, as well as to carriers, businesses and government customers both in the United States and around the world. Consolidation The method of accounting applied to investments, whether consolidated, equity or cost, involves an evaluation of all significant terms of the investments that explicitly grant or suggest evidence of control or influence over the operations of the investee. The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in Net income and Total equity. Investments in businesses which we do not control, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. Investments in which we do not have the ability to exercise significant influence over operating and financial policies are accounted for under the cost method. Equity and cost method investments are included in Investments in unconsolidated businesses in our consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated. Basis of Presentation We have reclassified certain prior year amounts to conform to the current year presentation. 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. We have retrospectively changed the classification and presentation of debt issuance costs, as required by this standard update, in our consolidated financial statements for all periods presented. Use of Estimates We prepare our financial statements using U.S. generally accepted accounting principles (GAAP), which require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Examples of significant estimates include: the allowance for doubtful accounts, the recoverability of plant, property and equipment, the recoverability of intangible assets and other long-lived assets, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, pension and postretirement benefit assumptions, contingencies and the identification of assets acquired and liabilities assumed in connection with business combinations. Revenue Recognition Multiple Deliverable Arrangements We offer products and services to our wireless and wireline customers through bundled arrangements. These arrangements involve multiple deliverables which may include products, services, or a combination of products and services. Wireless Our Wireless segment earns revenue primarily by providing access to and usage of its network as well as the sale of equipment. In general, access revenue is billed one month in advance and recognized when earned. Usage revenue is generally billed in arrears and recognized when service is rendered. Equipment sales revenue associated with the sale of wireless devices and accessories is generally recognized when the products are delivered to and accepted by the customer, as this is considered to be a separate earnings process from providing wireless services. For agreements involving the resale of third-party services in which we are considered the primary obligor in the arrangements, we record the revenue gross at the time of the sale. Under the Verizon device payment program (formerly known as Verizon Edge), our eligible wireless customers purchase phones or tablets at unsubsidized prices on an installment basis (a device installment plan). Certain devices are subject to promotions that allow customers to upgrade to a new device after paying down the minimum percentage of the device installment plan and trading in their device. When a customer has the right to upgrade to a new device by paying down the minimum percentage of the device installment plan and trading in their device, we account for this trade-in right as a guarantee obligation. The full amount of the trade-in right’s fair value (not an allocated value) is recognized as a guarantee liability and the remaining allocable consideration is allocated to the device. The value of the guarantee liability effectively results in a reduction to the revenue recognized for the sale of the device. In multiple element arrangements that bundle devices and monthly wireless service, revenue is allocated to each unit of accounting using a relative selling price method. At the inception of the arrangement, the amount allocable to the delivered units of accounting is limited to the amount that is not contingent upon the delivery of the monthly wireless service (the noncontingent amount). We effectively recognize revenue on the delivered device at the lesser of the amount allocated based on the relative selling price of the device or the noncontingent amount owed when the device is sold. Wireline Our Wireline segment earns revenue based upon usage of its network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is generally billed in arrears and recognized when service is rendered. We sell each of the services offered in bundled arrangements (i.e., voice, video and data), as well as separately; therefore each product or service has a standalone selling price. For these arrangements, revenue is allocated to each deliverable using a relative selling price method. Under this method, arrangement consideration is allocated to each separate deliverable based on our standalone selling price for each product or service. These services include Fios services, individually or in bundles, and High Speed Internet. When we bundle equipment with maintenance and monitoring services, we recognize equipment revenue when the equipment is installed in accordance with contractual specifications and ready for the customer’s use. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services. Installation-related fees, along with the associated costs up to but not exceeding these fees, are deferred and amortized over the estimated customer relationship period. Other Advertising revenues are generated through display advertising and search advertising. Display advertising revenue is generated by the display of graphical advertisements and other performance-based advertising. Search advertising revenue is generated when a consumer clicks on a text-based advertisement on their screen. Agreements for advertising typically take the forms of impression-based contracts, time-based contracts or performance-based contracts. Advertising revenues derived from impression-based contracts, in which we provide impressions in exchange for a fixed fee, are generally recognized as the impressions are delivered. Advertising revenues derived from time-based contracts, in which we provide promotions over a specified time period for a fixed fee, are recognized on a straight-line basis over the term of the contract, provided that we meet and will continue to meet our obligations under the contract. Advertising revenues derived from contracts where we are compensated based on certain performance criteria are recognized as we complete the contractually specified performance. We report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers on a net basis. Maintenance and Repairs We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services as these costs are incurred. Advertising Costs Costs for advertising products and services as well as other promotional and sponsorship costs are charged to Selling, general and administrative expense in the periods in which they are incurred (see Note 15). Earnings Per Common Share Basic earnings per common share are based on the weighted-average number of shares outstanding during the period. Where appropriate, diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans. There were a total of approximately 8 million, 7 million and 8 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013, respectively. For the year ended December 31, 2015, there were no outstanding options to purchase shares that would have been anti-dilutive. Outstanding options to purchase shares that were not included in the computation of diluted earnings per common share, because to do so would have been anti-dilutive for the period, were not significant for the years ended December 31, 2014 and 2013, respectively. On January 28, 2014, at a special meeting of our shareholders, we received shareholder approval to increase our authorized shares of common stock by 2 billion shares to an aggregate of 6.25 billion authorized shares of common stock. On February 4, 2014, this authorization became effective. On February 21, 2014, we issued approximately 1.27 billion shares of common stock upon completing the acquisition of Vodafone Group Plc’s indirect 45% interest in Cellco Partnership d/b/a Verizon Wireless. See Note 2 for additional information. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and include amounts held in money market funds. Marketable Securities We have investments in marketable securities, which are considered “available-for-sale” under the provisions of the accounting standard for certain debt and equity securities, and are included in the accompanying consolidated balance sheets in Short-term investments or Other assets. We continually evaluate our investments in marketable securities for impairment due to declines in market value considered to be other-than-temporary. That evaluation includes, in addition to persistent, declining stock prices, general economic and company-specific evaluations. In the event of a determination that a decline in market value is other-than-temporary, a charge to earnings is recorded for the loss, and a new cost basis in the investment is established. Allowance for Doubtful Accounts Accounts receivable are recorded in the consolidated financial statements at cost net of an allowance for credit losses. We maintain allowances for uncollectible accounts receivable, including our device installment plan receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Similar to traditional service revenue accounting treatment, we record device installment plan bad debt expense based on an estimate of the percentage of equipment revenue that will not be collected. This estimate is based on a number of factors including historical write-off experience, credit quality of the customer base and other factors such as macroeconomic conditions. Due to the device installment plan being incorporated in the standard Verizon Wireless bill, the collection and risk strategies continue to follow historical practices. We monitor the aging of our accounts with device installment plan receivables and write off account balances if collection efforts are unsuccessful and future collection is unlikely. Inventories Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost (determined principally on either an average cost or first-in, first-out basis) or market. Plant and Depreciation We record plant, property and equipment at cost. Plant, property and equipment are generally depreciated on a straight-line basis. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the remaining term of the related lease, calculated from the time the asset was placed in service. When depreciable assets are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts, and any gains or losses on disposition are recognized in income. We capitalize and depreciate network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets. Capitalized interest is reported as a reduction in interest expense and depreciated as part of the cost of the network-related assets. In connection with our ongoing review of the estimated remaining average useful lives of plant, property and equipment, we determined that changes were necessary to the remaining estimated useful lives of certain assets as a result of technology upgrades, enhancements, and planned retirements. These changes resulted in an increase in depreciation expense of $0.4 billion and $0.6 billion in 2015 and 2014, respectively. While the timing and extent of current deployment plans are subject to ongoing analysis and modification, we believe the current estimates of useful lives are reasonable. Computer Software Costs We capitalize the cost of internal-use network and non-network software that has a useful life in excess of one year. Subsequent additions, modifications or upgrades to internal-use network and non-network software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Planning, software maintenance and training costs are expensed in the period in which they are incurred. Also, we capitalize interest associated with the development of internal-use network and non-network software. Capitalized non-network internal-use software costs are amortized using the straight-line method over a period of 3 to 8 years and are included in Other intangible assets, net in our consolidated balance sheets. For a discussion of our impairment policy for capitalized software costs, see “Goodwill and Other Intangible Assets” below. Also, see Note 3 for additional detail of internal-use non-network software reflected in our consolidated balance sheets. Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Impairment testing for goodwill is performed annually in the fourth fiscal quarter or more frequently if impairment indicators are present. To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment. However, we may elect to bypass the qualitative assessment and perform an impairment test even if no indications of a potential impairment exist. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. Step one, performed to identify potential impairment, compares the fair value of the reporting unit (calculated using a market approach and/or a discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed to measure the amount of the impairment charge. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., fair value of reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment charge is recognized. Intangible Assets Not Subject to Amortization A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses. As a result, we treat the wireless licenses as an indefinite-lived intangible asset. We reevaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. We test our wireless licenses for potential impairment annually or more frequently if impairment indicators are present. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. The most recent quantitative assessment of our wireless licenses occurred in 2015. Our quantitative assessment consisted of comparing the estimated fair value of our aggregate wireless licenses to the aggregated carrying amount as of the test date. Using a quantitative assessment, we estimated the fair value of our aggregate wireless licenses using the Greenfield approach. The Greenfield approach is an income based valuation approach that values the wireless licenses by calculating the cash flow generating potential of a hypothetical start-up company that goes into business with no assets except the wireless licenses to be valued. A discounted cash flow analysis is used to estimate what a marketplace participant would be willing to pay to purchase the aggregated wireless licenses as of the valuation date. If the estimated fair value of the aggregated wireless licenses is less than the aggregated carrying amount of the wireless licenses then an impairment charge is recognized. In 2014 and 2013, we performed a qualitative assessment to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount. As part of our assessment, we considered several qualitative factors including the business enterprise value of our Wireless segment, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA (Earnings before interest, taxes, depreciation and amortization) margin projections), the projected financial performance of our Wireless segment, as well as other factors. Interest expense incurred while qualifying activities are performed to ready wireless licenses for their intended use is capitalized as part of wireless licenses. The capitalization period ends when the development is discontinued or substantially complete and the license is ready for its intended use. Intangible Assets Subject to Amortization and Long-Lived Assets Our intangible assets that do not have indefinite lives (primarily customer lists and non-network internal-use software) are amortized over their estimated useful lives. All of our intangible assets subject to amortization and long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any indications were present, we would test for recoverability by comparing the carrying amount of the asset group to the net undiscounted cash flows expected to be generated from the asset group. If those net undiscounted cash flows do not exceed the carrying amount, we would perform the next step, which is to determine the fair value of the asset and record an impairment, if any. We reevaluate the useful life determinations for these intangible assets each year to determine whether events and circumstances warrant a revision to their remaining useful lives. For information related to the carrying amount of goodwill, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 3. Fair Value Measurements Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 - No observable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy. Income Taxes Our effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations and tax planning strategies available to us in the various jurisdictions in which we operate. Deferred income taxes are provided for temporary differences in the bases between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at tax rates then in effect. We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The first step is recognition: we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The second step is measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability. The accounting standard relating to income taxes generated by leveraged lease transactions requires that changes in the projected timing of income tax cash flows generated by a leveraged lease transaction be recognized as a gain or loss in the year in which the change occurs. Significant management judgment is required in evaluating our tax positions and in determining our effective tax rate. Stock-Based Compensation We measure and recognize compensation expense for all stock-based compensation awards made to employees and directors based on estimated fair values. See Note 10 for further details. Foreign Currency Translation The functional currency of our foreign operations is generally the local currency. For these foreign entities, we translate income statement amounts at average exchange rates for the period, and we translate assets and liabilities at end-of-period exchange rates. We record these translation adjustments in Accumulated other comprehensive income, a separate component of Equity, in our consolidated balance sheets. We report exchange gains and losses on intercompany foreign currency transactions of a long-term nature in Accumulated other comprehensive income. Other exchange gains and losses are reported in income. Employee Benefit Plans Pension and postretirement health care and life insurance benefits earned during the year as well as interest on projected benefit obligations are accrued currently. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in operating results in the year in which they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management employees no longer earn pension benefits or earn service towards the company retiree medical subsidy (see Note 11). We recognize a pension or a postretirement plan’s funded status as either an asset or liability on the consolidated balance sheets. Also, we measure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive income, net of applicable income tax. Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates, interest rates, equity and commodity prices. We employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, foreign currency and prepaid forwards and collars, interest rate swap agreements, commodity swap and forward agreements and interest rate locks. We do not hold derivatives for trading purposes. We measure all derivatives, including derivatives embedded in other financial instruments, at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Our derivative instruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified as Level 2. Changes in the fair values of derivative instruments not qualifying as hedges or any ineffective portion of hedges are recognized in earnings in the current period. Changes in the fair values of derivative instruments used effectively as fair value hedges are recognized in earnings, along with changes in the fair value of the hedged item. Changes in the fair value of the effective portions of cash flow hedges are reported in Other comprehensive income (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 income (loss) as part of the cumulative translation adjustment and partially offset the impact of foreign currency changes on the value of our net investment. Variable Interest Entities VIEs are entities which lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, have equity investors which do not have the ability to make significant decisions relating to the entity’s operations through voting rights, do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We consolidate the assets and liabilities of VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is the party which has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Recently Adopted Accounting Standards During the first quarter of 2015, we adopted the accounting standard update related to the reporting of discontinued operations and disclosures of disposals of components of an entity, which changes the criteria for reporting discontinued operations. As a result of this standard update, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The prospective adoption of this standard update did not have an impact on our consolidated financial statements. During the fourth quarter of 2015, we early adopted the accounting standard update related to the balance sheet classification of deferred taxes. The standard update requires that deferred tax liabilities and assets be classified as noncurrent in the statement of financial position. We applied the amendments in this accounting standard update retrospectively to all periods presented. The adoption of this standard update did not have a significant impact on our 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 was issued. This standard adds Securities and Exchange Commission (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 consolidated financial statements. Recently Issued Accounting Standards In September 2015, the accounting standard update related to the simplification of the accounting for measurement-period adjustments in business combinations was issued. This standard update 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. We will adopt this standard update during the first quarter of 2016. The adoption of this standard update is not expected to have a significant impact on our consolidated financial statements. In May 2015, the account

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2015
Acquisitions and Divestitures	Note 2 Acquisitions and Divestitures Wireless Wireless Transaction On September 2, 2013, Verizon entered into a stock purchase agreement (the Stock Purchase Agreement) with Vodafone Group Plc (Vodafone) and Vodafone 4 Limited (Seller), pursuant to which Verizon agreed to acquire Vodafone’s indirect 45% interest in Cellco Partnership d/b/a Verizon Wireless (the Partnership, and such interest, the Vodafone Interest) for aggregate consideration of approximately $130 billion. On February 21, 2014, pursuant to the terms and subject to the conditions set forth in the Stock Purchase Agreement, Verizon acquired (the Wireless Transaction) from Seller all of the issued and outstanding capital stock (the Transferred Shares) of Vodafone Americas Finance 1 Inc., a subsidiary of Seller (VF1 Inc.), which indirectly through certain subsidiaries (together with VF1 Inc., the Purchased Entities) owned the Vodafone Interest. In consideration for the Transferred Shares, upon completion of the Wireless Transaction, Verizon (i) paid approximately $58.89 billion in cash, (ii) issued approximately 1.27 billion shares of Verizon’s common stock, par value $0.10 per share (the Stock Consideration), which was valued at approximately $61.3 billion at the closing of the Wireless Transaction, (iii) issued senior unsecured Verizon notes in an aggregate principal amount of $5.0 billion (the Verizon Notes), (iv) sold Verizon’s indirectly owned 23.1% interest in Vodafone Omnitel N.V. (Omnitel, and such interest, the Omnitel Interest), valued at $3.5 billion and (v) provided other consideration, which included the assumption of preferred stock valued at approximately $1.7 billion. The total cash paid to Vodafone and the other costs of the Wireless Transaction, including financing, legal and bank fees, were financed through the incurrence of third-party indebtedness. See Note 7 for additional information. In accordance with the accounting standard on consolidation, a change in a parent’s ownership interest while the parent retains a controlling financial interest in its subsidiary is accounted for as an equity transaction and remeasurement of assets and liabilities of previously controlled and consolidated subsidiaries is not permitted. As a result, we accounted for the Wireless Transaction by adjusting the carrying amount of the noncontrolling interest to reflect the change in Verizon’s ownership interest in the Partnership. Any difference between the fair value of the consideration paid and the amount by which the noncontrolling interest is adjusted has been recognized in equity attributable to Verizon. Omnitel Transaction On February 21, 2014, Verizon and Vodafone also consummated the sale of the Omnitel Interest (the Omnitel Transaction) by a subsidiary of Verizon to a subsidiary of Vodafone in connection with the Wireless Transaction pursuant to a separate share purchase agreement. As a result, during 2014, we recognized a pre-tax gain of $1.9 billion on the disposal of the Omnitel interest in Equity in (losses) earnings of unconsolidated businesses on our consolidated statement of income. Verizon Notes (Non-Cash Transaction) The Verizon Notes were issued pursuant to Verizon’s existing indenture. The Verizon Notes were issued in two separate series, with $2.5 billion due February 21, 2022 (the eight-year Verizon Notes) and $2.5 billion due February 21, 2025 (the eleven-year Verizon Notes). The Verizon Notes bear interest at a floating rate, which will be reset quarterly, with interest payable quarterly in arrears, beginning May 21, 2014. The eight-year Verizon notes bear interest at a floating rate equal to three-month London Interbank Offered Rate (LIBOR), plus 1.222%, and the eleven-year Verizon notes bear interest at a floating rate equal to three-month LIBOR, plus 1.372%. The indenture that governs the Verizon Notes contains certain negative covenants, including a negative pledge covenant and a merger or similar transaction covenant, affirmative covenants and events of default that are customary for companies maintaining an investment grade credit rating. An event of default for either series of the Verizon Notes may result in acceleration of the entire principal amount of all debt securities of that series. Beginning two years after the closing of the Wireless Transaction, Verizon may redeem all or any portion of the outstanding Verizon Notes held by Vodafone or any of its affiliates for a redemption price of 100% of the principal amount plus accrued and unpaid interest. The Verizon Notes may only be transferred by Vodafone to third parties in specified amounts during specified periods, commencing January 1, 2017. Any Verizon Notes held by third parties will not be redeemable by Verizon prior to their maturity dates. Verizon has agreed to file a registration statement with respect to the Verizon Notes at least three months prior to the Verizon Notes becoming transferable. Other Consideration (Non-Cash Transaction) Included in the other consideration provided to Vodafone is the indirect assumption of long-term obligations with respect to 5.143% Class D and Class E cumulative preferred stock (Preferred Stock) issued by one of the Purchased Entities. Both the Class D shares (825,000 shares outstanding) and Class E shares (825,000 shares outstanding) are mandatorily redeemable in April 2020 at $1,000 per share plus any accrued and unpaid dividends. Dividends accrue at 5.143% per annum and will be treated as interest expense. Both the Class D and Class E shares have been classified as liability instruments and were recorded at fair value as determined at the closing of the Wireless Transaction. Deferred Tax Liabilities Certain deferred taxes directly attributable to the Wireless Transaction have been calculated based on an analysis of taxes attributable to the difference between the tax basis of the investment in the noncontrolling interest that is assumed compared to Verizon’s book basis. As a result, Verizon recorded a deferred tax liability of approximately $13.5 billion. Spectrum License Transactions Since 2013, we have entered into several strategic spectrum transactions including: ● During the first quarter of 2013, we completed license exchange transactions with T-Mobile License LLC and Cricket License Company, LLC, a subsidiary of Leap Wireless, to exchange certain Advanced Wireless Services (AWS) licenses. These non-cash exchanges included a number of intra-market swaps that we expect will enable Verizon Wireless to make more efficient use of the AWS band. As a result of these exchanges, we received an aggregate $0.5 billion of AWS licenses at fair value and recorded an immaterial gain. ● During the third quarter of 2013, after receiving the required regulatory approvals, Verizon Wireless sold 39 lower 700 MHz B block spectrum licenses to AT&T Inc. (AT&T) in exchange for a payment of $1.9 billion and the transfer by AT&T to Verizon Wireless of AWS (10 MHz) licenses in certain markets in the western United States. Verizon Wireless also sold certain lower 700 MHz B block spectrum licenses to an investment firm for a payment of $0.2 billion. As a result, we received $0.5 billion of AWS licenses at fair value and we recorded a pre-tax gain of approximately $0.3 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2013. ● During the second quarter of 2014, we completed license exchange transactions with T-Mobile USA, Inc. (T-Mobile USA) to exchange certain AWS and Personal Communication Services (PCS) licenses. The exchange included a number of swaps that we expect will result in more efficient use of the AWS and PCS bands. As a result of these exchanges, we received $0.9 billion of AWS and PCS spectrum licenses at fair value and we recorded an immaterial gain. ● During the second quarter of 2014, we completed transactions pursuant to two additional agreements with T-Mobile USA with respect to our remaining 700 MHz A block spectrum licenses. Under one agreement, we sold certain of these licenses to T-Mobile USA in exchange for cash consideration of approximately $2.4 billion, and under the second agreement we exchanged the remainder of our 700 MHz A block spectrum licenses as well as AWS and PCS spectrum licenses for AWS and PCS spectrum licenses. As a result, we received $1.6 billion of AWS and PCS spectrum licenses at fair value and we recorded a pre-tax gain of approximately $0.7 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2014. ● During the third quarter of 2014, we entered into a license exchange agreement with affiliates of AT&T to exchange certain AWS and PCS spectrum licenses. This non-cash exchange was completed in January 2015 at which time we recorded an immaterial gain. ● On January 29, 2015, the FCC completed an auction of 65 MHz of spectrum, which it identified as the AWS-3 band. Verizon participated in that auction and was the high bidder on 181 spectrum licenses, for which we paid cash of approximately $10.4 billion. During the fourth quarter of 2014, we made a deposit of $0.9 billion related to our participation in this auction which is classified within Other, net investing activities on our consolidated statement of cash flows for the year ended December 31, 2014. During the first quarter of 2015, we submitted an application to the FCC and paid $9.5 billion to the FCC to complete payment for these licenses. The cash payment of $9.5 billion is classified within Acquisitions of wireless licenses on our consolidated statement of cash flows for the year ended December 31, 2015. On April 8, 2015, the FCC granted us these spectrum licenses. ● During the fourth quarter of 2015, we completed a license exchange transaction with an affiliate of T-Mobile USA to exchange certain AWS and PCS spectrum licenses. As a result we received $0.4 billion of AWS and PCS spectrum licenses at fair value and recorded a pre-tax gain of approximately $0.3 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2015. ● During the fourth quarter of 2015, we entered into a license exchange agreement with affiliates of AT&T to exchange certain AWS and PCS spectrum licenses. This non-cash exchange is expected to be completed during the first quarter of 2016 and we expect to record an immaterial gain. ● 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 second quarter of 2016 and we expect to record an immaterial gain. Tower Monetization Transaction During March 2015, we completed a transaction with American Tower Corporation (American Tower) pursuant to which American Tower acquired the exclusive rights to lease and operate approximately 11,300 of our wireless towers for an upfront payment of $5.0 billion. Under the terms of the leases, American Tower has exclusive rights to lease and operate the towers over an average term of approximately 28 years. As the leases expire, American Tower has fixed-price purchase options to acquire these towers based on their anticipated fair market values at the end of the lease terms. As part of this transaction, we also sold 162 towers for $0.1 billion. We have subleased capacity on the towers from American Tower for a minimum of 10 years at current market rates, with options to renew. The upfront payment, including the towers sold, which is primarily included within Other liabilities on our consolidated balance sheet, is accounted for as deferred rent and as a financing obligation. The $2.4 billion accounted for as deferred rent, which is presented within Other, net cash flows provided by operating activities, relates to the portion of the towers for which the right-of-use has passed to the tower operator. The $2.7 billion accounted for as a financing obligation, which is presented within Other, net cash flows used in financing activities, relates to the portion of the towers that we continue to occupy and use for network operations. Other During 2015, 2014 and 2013, we acquired various other wireless licenses and markets for cash consideration that was not significant. Additionally, during 2013, we obtained control of previously unconsolidated wireless partnerships, which were previously accounted for under the equity method and are now consolidated, which resulted in an immaterial gain. In 2013, we recorded $0.2 billion of goodwill as a result of these transactions. Wireline Access Line Sale On February 5, 2015, we announced that we have entered into a definitive agreement with Frontier Communications Corporation (Frontier) pursuant to which Verizon will sell its local exchange business and related landline activities in California, Florida and Texas, including Fios Internet and video customers, switched and special access lines and high-speed Internet service and long distance voice accounts in these three states for approximately $10.5 billion (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 assets and liabilities that will be sold are currently included in Verizon’s continuing operations and classified as assets held for sale and liabilities related to assets held for sale on our consolidated balance sheet as of December 31, 2015. For the years ended December 31, 2015 and 2014, these businesses generated approximately $5.4 billion of revenues, excluding revenues with affiliates, for each respective year and operating income of approximately $0.8 billion and an immaterial loss, respectively, based on the stand-alone financial results of the businesses. These amounts include direct expenses incurred of approximately $2.7 billion in each of the years ended December 31, 2015 and 2014 and (credits) charges related to pension and benefit actuarial valuation adjustments for these ILEC employees of $(0.2) billion and $0.6 billion for the years ended December 31, 2015 and 2014, respectively. The amounts also include indirect overhead expenses, which are a significant component of our cost structure. These stand-alone financial results also include approximately $1.0 billion of depreciation and amortization for the years ended December 31, 2015 and 2014, respectively. In our consolidated results, the depreciation and amortization of these ILEC assets ceased at the beginning of 2015 in accordance with the accounting model for assets held for sale. The transaction is subject to the satisfaction of certain closing conditions including, among others, receipt of federal approvals from the FCC and the antitrust authorities and state regulatory approvals. All federal and state regulatory approvals have been obtained. This transaction closed on April 1, 2016. Based on the number of voice connections and Fios Internet and video subscribers, respectively, as of December 31, 2015, the transaction would result in Frontier acquiring approximately 3.4 million voice connections, 1.6 million Fios Internet subscribers, 1.2 million Fios video subscribers and the related ILEC businesses from Verizon. The Wireline results from these businesses have been reclassified to Corporate and other for all periods presented to reflect comparable segment operating results consistent with the information regularly reviewed by our chief operating decision maker. 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 consolidated balance sheet as of December 31, 2015: (dollars in millions) Assets held for sale: Accounts receivable $ 435 Prepaid expense and other 58 Total current assets held for sale 493 Plant, property and equipment, net 8,884 Goodwill (Note 3) 1,328 Other assets 55 Total non-current assets held for sale 10,267 Total assets held for sale $ 10,760 Liabilities related to assets held for sale: Accounts payable and accrued liabilities $ 256 Other current liabilities 207 Total current liabilities related to assets held for sale 463 Long-term debt 594 Employee benefit obligations 289 Other liabilities 76 Total non-current liabilities related to assets held for sale 959 Total liabilities related to assets held for sale $ 1,422 Other On July 1, 2014, we sold a non-strategic Wireline business that provides communications solutions to a variety of government agencies for net cash proceeds of $0.1 billion and recorded an immaterial gain. During the fourth quarter of 2015, Verizon completed a sale of real estate for which we received total gross proceeds of $0.2 billion and recognized an immaterial deferred gain. The proceeds received as a result of this transaction have been classified within Cash flows used in investing activities on our consolidated statement of cash flows for the year ended December 31, 2015. 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 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 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 Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill recorded as a result of the AOL transaction represents future economic benefits we expect to achieve as a result of combining the operations of AOL and Verizon as well as assets acquired that could not be individually identified and separately recognized. The preliminary goodwill related to this acquisition is included within Corporate and other (see Note 3 for additional details). Pro Forma Information If the acquisition of AOL had been completed as of January 1, 2014, our results of operations, including Operating revenues and Net income attributable to Verizon, would not have been materially different from our previously reported results of operations. Real Estate Transaction On May 19, 2015, Verizon consummated a sale-leaseback transaction with a financial services firm for the buildings and real estate at our Basking Ridge, New Jersey location. We received total gross proceeds of $0.7 billion resulting in a deferred gain of $0.4 billion, which will be amortized over the initial leaseback term of twenty years. The leaseback of the buildings and real estate is accounted for as an operating lease. The proceeds received as a result of this transaction have been classified within Cash flows used in investing activities on our consolidated statement of cash flows for the year ended December 31, 2015. Other On September 3, 2015, AOL announced an agreement to acquire an advertising technology business for cash consideration that was not significant. The transaction was completed in October 2015. On October 7, 2014, Redbox Instant by Verizon, a venture between Verizon and Redbox Automated Retail, LLC (Redbox), a wholly-owned subsidiary of Outerwall Inc., ceased providing service to its customers. In accordance with an agreement between the parties, Redbox withdrew from the venture on October 20, 2014 and Verizon wound down and dissolved the venture during the fourth quarter of 2014. As a result of the termination of the venture, we recorded a pre-tax loss of $0.1 billion in the fourth quarter of 2014. During February 2014, Verizon acquired a business dedicated to the development of Internet Protocol (IP) television for cash consideration that was not significant. During the fourth quarter of 2013, Verizon acquired an industry leader in content delivery networks for $0.4 billion. Upon closing, we recorded $0.3 billion of goodwill. Additionally, we acquired a technology company for cash consideration that was not significant. The consolidated financial statements include the results of the operations of each of these acquisitions from the date each acquisition closed. On 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 to buy XO Holdings’ entity that owns its wireless spectrum exercisable under certain circumstances.

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2015
Wireless Licenses, Goodwill and Other Intangible Assets	Note 3 Wireless Licenses, Goodwill and Other Intangible Assets Wireless Licenses Changes in the carrying amount of Wireless licenses are as follows: (dollars in millions) Balance at January 1, 2014 $ 75,747 Acquisitions (Note 2) 444 Dispositions (Note 2) (1,978) Capitalized interest on wireless licenses 167 Reclassifications, adjustments and other 961 Balance at December 31, 2014 $ 75,341 Acquisitions (Note 2) 10,474 Capitalized interest on wireless licenses 389 Reclassifications, adjustments and other 371 Balance at December 31, 2015 $ 86,575 Reclassifications, adjustments and other includes the exchanges of wireless licenses in 2015 and 2014 as well as $0.3 billion of Wireless licenses that are classified as Assets held for sale on our consolidated balance sheets at December 31, 2015 and 2014, respectively. See Note 2 for additional details. At December 31, 2015 and 2014, approximately $10.4 billion and $0.4 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. The increase is primarily due to licenses acquired in the AWS-3 auction. The average remaining renewal period of our wireless license portfolio was 5.6 years as of December 31, 2015. See Note 1 for additional details. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2014 $ 18,376 $ 6,258 $ - $ 24,634 Acquisitions (Note 2) 15 40 - 55 Dispositions (Note 2) - (38) - (38) Reclassifications, adjustments and other (1) (11) - (12) Balance at December 31, 2014 $ 18,390 $ 6,249 $ - $ 24,639 Acquisitions (Note 2) 3 - 2,035 2,038 Reclassifications, adjustments and other - (1,918) 572 (1,346) Balance at December 31, 2015 $ 18,393 $ 4,331 $ 2,607 $ 25,331 As a result of the acquisition of AOL in the second quarter of 2015, we recognized preliminary Goodwill of $1.9 billion, which is included within Other (see Note 2 for additional details). We also allocated $0.6 billion of goodwill on a relative fair value basis from Wireline to Other as a result of an internal reorganization. This increase was partially offset by a decrease in Goodwill in Wireline primarily due to the reclassification of $1.3 billion of Goodwill to Non-current assets held for sale on our consolidated balance sheet at December 31, 2015 as a result of our agreement to sell our local exchange business and related landline activities in California, Florida and Texas to Frontier (see Note 2 for additional details). The amount of Goodwill reclassified was based on a relative fair value basis. Other Intangible Assets The following table displays the composition of Other intangible assets, net: (dollars in millions) 2015 2014 Gross Accumulated Net Gross Accumulated Net At December 31, Amount Amortization Amount Amount Amortization Amount Customer lists (5 to 14 years) $ 4,139 $ (2,365) $ 1,774 $ 3,618 $ (2,924) $ 694 Non-network internal-use software (3 to 8 years) 14,542 (9,620) 4,922 12,791 (8,428) 4,363 Other (5 to 25 years) 1,346 (450) 896 670 (368) 302 Total $ 20,027 $ (12,435) $ 7,592 $ 17,079 $ (11,720) $ 5,359 The amortization expense for Other intangible assets was as follows: Years (dollars in millions) 2015 $ 1,694 2014 1,567 2013 1,587 Estimated annual amortization expense for Other intangible assets is as follows: Years (dollars in millions) 2016 $ 1,696 2017 1,491 2018 1,311 2019 1,082 2020 805

Plant, Property and Equipment

Plant, Property and Equipment	12 Months Ended
	Dec. 31, 2015
Plant, Property and Equipment	Note 4 Plant, Property and Equipment The following table displays the details of Plant, property and equipment, which is stated at cost: (dollars in millions) At December 31, Lives (years) 2015 2014 Land - $ 709 $ 763 Buildings and equipment 15-45 25,587 25,209 Central office and other network equipment 3-50 129,201 129,619 Cable, poles and conduit 11-50 44,290 54,797 Leasehold improvements 5-20 7,104 6,374 Work in progress - 4,907 4,580 Furniture, vehicles and other 3-20 8,365 9,166 220,163 230,508 Less accumulated depreciation 136,622 140,561 Plant, property and equipment, net $ 83,541 $ 89,947

Investments in Unconsolidated B

Investments in Unconsolidated Businesses	12 Months Ended
	Dec. 31, 2015
Investments in Unconsolidated Businesses	Note 5 Investments in Unconsolidated Businesses Equity Method Investments Vodafone Omnitel Vodafone Omnitel N.V. (Vodafone Omnitel) is one of the largest wireless communications companies in Italy. Prior to the completion of the Wireless Transaction on February 21, 2014, Verizon held a 23.1% ownership interest in Vodafone Omnitel. As part of the consideration of the Wireless Transaction, a subsidiary of Verizon sold its entire ownership interest in Vodafone Omnitel to a subsidiary of Vodafone on February 21, 2014. See Note 2 for additional information. Other Equity and Cost Investees The remaining investments include wireless partnerships in the U.S., limited partnership investments in entities that invest in affordable housing projects and other smaller domestic and international investments. Summarized Financial Information The financial information for our equity method investees in 2015 and 2014, including Vodafone Omnitel through the closing of the Wireless Transaction in February 2014, was not significant and therefore is not reflected in the table below. Summarized financial information for our equity investees in 2013 is as follows: Income Statement (dollars in millions) Years Ended December 31, 2013 Net revenue $ 8,984 Operating income 1,632 Net income 925

Leasing Arrangements

Leasing Arrangements	12 Months Ended
	Dec. 31, 2015
Leasing Arrangements	Note 6 Leasing Arrangements As Lessor We are the lessor in leveraged and direct financing lease agreements for commercial aircraft and power generating facilities, which comprise the majority of our leasing portfolio along with telecommunications equipment, commercial real estate property and other equipment. These leases have remaining terms of up to 23 years as of December 31, 2015. In addition, we lease space on certain of our cell towers to other wireless carriers. Minimum lease payments receivable represent unpaid rentals, less principal and interest on third-party nonrecourse debt relating to leveraged lease transactions. Since we have no general liability for this debt, which is secured by a senior security interest in the leased equipment and rentals, the related principal and interest have been offset against the minimum lease payments. All recourse debt is reflected in our consolidated balance sheets. At each reporting period, we monitor the credit quality of the various lessees in our portfolios. Regarding the leveraged lease portfolio, external credit reports are used where available and where not available we use internally developed indicators. These indicators or internal credit risk grades factor historic loss experience, the value of the underlying collateral, delinquency trends, and industry and general economic conditions. The credit quality of our lessees varies from A to CCC+. For each reporting period, the leveraged leases within the portfolio are reviewed for indicators of impairment where it is probable the rent due according to the contractual terms of the lease will not be collected. All significant accounts, individually or in the aggregate, are current and none are classified as impaired. Finance lease receivables, which are included in Prepaid expenses and other and Other assets in our consolidated balance sheets, are comprised of the following: (dollars in millions) At December 31, 2015 2014 Leveraged Leases Direct Finance Total Leveraged Leases Direct Finance Leases Total Minimum lease payments receivable $ 778 $ 7 $ 785 $ 1,095 $ 8 $ 1,103 Estimated residual value 496 2 498 600 2 602 Unearned income (309) (2) (311) (535) (2) (537) Total $ 965 $ 7 $ 972 $ 1,160 $ 8 $ 1,168 Allowance for doubtful accounts (78) (78) Finance lease receivables, net $ 894 $ 1,090 Prepaid expenses and other $ 3 $ 4 Other assets 891 1,086 $ 894 $ 1,090 Accumulated deferred taxes arising from leveraged leases, which are included in Deferred income taxes, amounted to $0.8 billion at December 31, 2015 and $0.9 billion at December 31, 2014. The future minimum lease payments to be received from noncancelable capital leases (direct financing and leveraged leases), net of nonrecourse loan payments related to leveraged leases and allowances for doubtful accounts, along with expected receipts relating to operating leases for the periods shown at December 31, 2015, are as follows: (dollars in millions) Years Capital Leases Operating Leases 2016 $ 93 $ 128 2017 94 103 2018 52 82 2019 44 51 2020 72 23 Thereafter 430 12 Total $ 785 $ 399 As Lessee We lease certain facilities and equipment for use in our operations under both capital and operating leases. Total rent expense under operating leases amounted to $3.2 billion in 2015, $2.7 billion in 2014 and $2.6 billion in 2013, respectively. During March 2015, we completed a transaction with American Tower pursuant to which American Tower acquired the exclusive rights to lease and operate approximately 11,300 of our wireless towers for an upfront payment of $5.0 billion. We have subleased capacity on the towers from American Tower for a minimum of 10 years at current market rates, with options to renew. Under this agreement, total rent payments amounted to $0.2 billion for the year ended December 31, 2015. We expect to make minimum future lease payments of approximately $2.6 billion. We continue to include the towers in Plant, property and equipment, net in our consolidated balance sheets and depreciate them accordingly. At December 31, 2015, $0.5 billion of towers were included in Plant, property and equipment, net. See Note 2 for additional information. Amortization of capital leases is included in Depreciation and amortization expense in the consolidated statements of income. Capital lease amounts included in Plant, property and equipment are as follows: (dollars in millions) At December 31, 2015 2014 Capital leases $ 421 $ 319 Less accumulated amortization (221) (171) Total $ 200 $ 148 The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2015, are as follows: (dollars in millions) Years Capital Leases Operating Leases 2016 $ 302 $ 2,744 2017 278 2,486 2018 187 2,211 2019 97 1,939 2020 45 1,536 Thereafter 159 7,297 Total minimum rental commitments 1,068 $ 18,213 Less interest and executory costs 111 Present value of minimum lease payments 957 Less current installments 271 Long-term obligation at December 31, 2015 $ 686

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt	Note 7 Debt Changes to debt during 2015 are as follows: (dollars in millions) Debt Maturing Long-term Total Balance at January 1, 2015 $ 2,735 $ 110,029 $ 112,764 Proceeds from long-term borrowings 4,000 2,667 6,667 Repayments of long-term borrowings and capital leases obligations (9,340) - (9,340) Decrease in short-term obligations, excluding current maturities (344) - (344) Reclassifications of long-term debt 8,556 (8,556) - Reclassification of long-term debt to Non-current liabilities related to assets held for sale (Note 2) - (594) (594) Debt acquired (Note 2) 461 92 553 Other 421 (398) 23 Balance at December 31, 2015 $ 6,489 $ 103,240 $ 109,729 Debt maturing within one year is as follows: (dollars in millions) At December 31, 2015 2014 Long-term debt maturing within one year $ 6,325 $ 2,397 Short-term notes payable 158 319 Commercial paper and other 6 19 Total debt maturing within one year $ 6,489 $ 2,735 The weighted-average interest rate for our commercial paper outstanding was 1.0% and 0.4% at December 31, 2015 and 2014, respectively. Credit Facility As of December 31, 2015, the unused borrowing capacity under our $8.0 billion four-year credit facility was approximately $7.9 billion. The credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. We use the credit facility for the issuance of letters of credit and for general corporate purposes. Long-Term Debt Outstanding long-term debt obligations are as follows: (dollars in millions) At December 31, Interest Rates % Maturities 2015 2014 Verizon Communications - notes payable and other 0.30 - 3.85 2016 - 2042 $ 26,281 $ 27,617 4.15 - 5.50 2018 - 2055 51,156 40,701 5.85 - 6.90 2018 - 2054 16,420 24,341 7.35 - 8.95 2018 - 2039 2,300 2,264 Floating 2016 - 2025 14,100 14,600 Verizon Wireless - notes payable and other 8.88 2018 68 676 Verizon Wireless - Alltel assumed notes 6.80 - 7.88 2029 - 2032 686 686 Telephone subsidiaries - debentures 5.13 - 6.50 2028 - 2033 575 1,075 7.38 - 7.88 2022 - 2032 1,099 1,099 8.00 - 8.75 2019 - 2031 780 880 Other subsidiaries - debentures and other 6.84 - 8.75 2018 - 2028 1,432 1,432 Capital lease obligations (average rate of 3.4% and 4.0% in 2015 and 2014, respectively) 957 516 Unamortized discount, net of premium (5,824) (2,954) Unamortized debt issuance costs (465) (507) Total long-term debt, including current maturities 109,565 112,426 Less long-term debt maturing within one year 6,325 2,397 Total long-term debt $ 103,240 $ 110,029 2015 February Exchange Offers On February 11, 2015, we announced the commencement of seven separate private offers to exchange (the February Exchange Offers) specified series of outstanding notes and debentures issued by Verizon and GTE Corporation (collectively, the Old Notes) for new Notes to be issued by Verizon (the New Notes) and, in the case of the 6.94% debentures due 2028 of GTE Corporation, cash. The February Exchange Offers have been accounted for as a modification of debt. On March 13, 2015, Verizon issued $2.9 billion aggregate principal amount of 4.272% Notes due 2036 (the 2036 New Notes), $5.0 billion aggregate principal amount of 4.522% Notes due 2048 (the 2048 New Notes) and $5.5 billion aggregate principal amount of 4.672% Notes due 2055 (the 2055 New Notes) in satisfaction of the exchange offer consideration on tendered Old Notes (not including accrued and unpaid interest on the Old Notes). The following tables list the series of Old Notes included in the February Exchange Offers and the principal amount of each such series accepted by Verizon for exchange. The table below lists the series of Old Notes included in the February Exchange Offers for the 2036 New Notes: (dollars in millions) Interest Rate Maturity Principal Amount Principal Amount Verizon Communications Inc. 5.15% 2023 $ 11,000 $ 2,483 The table below lists the series of Old Notes included in the February Exchange Offers for the 2048 New Notes: (dollars in millions) Interest Rate Maturity Principal Principal Amount Verizon Communications Inc. 6.90% 2038 $ 1,250 $ 773 6.40% 2038 1,750 884 6.40% 2033 4,355 2,159 6.25% 2037 750 - GTE Corporation 6.94% 2028 800 - $ 3,816 The table below lists the series of Old Notes included in the February Exchange Offers for the 2055 New Notes: (dollars in millions) Interest Rate Maturity Principal Principal Amount Verizon Communications Inc. 6.55% 2043 $ 10,670 $ 4,084 Term Loan Agreement During the first quarter of 2015, we entered into a term loan agreement with a major financial institution, pursuant to which we borrowed $6.5 billion for general corporate purposes, including the acquisition of spectrum licenses. Borrowings under the term loan agreement were to mature in March 2016, with a $4.0 billion mandatory prepayment required in June 2015. The term loan agreement contained certain negative covenants, including a negative pledge covenant, a merger or similar transaction covenant and an accounting changes covenant, affirmative covenants and events of default that are customary for companies maintaining an investment grade credit rating. In addition, the term loan agreement required us to maintain a leverage ratio (as defined in the term loan agreement) not in excess of 3.50:1.00, until our credit ratings were equal to or higher than A3 and A- at Moody’s Investors Service and Standard & Poor’s Ratings Services, respectively. During March 2015, we prepaid approximately $5.0 billion of the term loan agreement, which satisfied the mandatory prepayment. During the third and fourth quarters of 2015, respectively, we made repayments of approximately $1.0 billion and $0.5 billion. As of December 31, 2015, no amounts remained outstanding under the term loan agreement. Other During June 2015, as part of the Merger Agreement with AOL, we assumed approximately $0.6 billion of debt and capital lease obligations. As of December 31, 2015, approximately $0.4 billion of the assumed debt and capital lease obligations were repaid. During October 2015, we executed a $0.2 billion, 1.5% loan due 2018. Also, during March 2015, $0.5 billion of floating rate Verizon Communications Notes matured and were repaid. During November 2015, $1.0 billion of 0.7% Verizon Communications Notes matured and were repaid. 2014 During February 2014, we issued €1.75 billion aggregate principal amount of 2.375% Notes due 2022, €1.25 billion aggregate principal amount of 3.25% Notes due 2026 and £0.85 billion aggregate principal amount of 4.75% Notes due 2034. The issuance of these Notes resulted in cash proceeds of approximately $5.4 billion, net of discounts and issuance costs. The net proceeds were used, in part, to finance the Wireless Transaction. Net proceeds not used to finance the Wireless Transaction were used for general corporate purposes. Also, during February 2014, we issued $0.5 billion aggregate principal amount of 5.90% Notes due 2054 resulting in cash proceeds of approximately $0.5 billion, net of discounts and issuance costs. The net proceeds were used for general corporate purposes. During March 2014, we issued $4.5 billion aggregate principal amount of fixed and floating rate notes resulting in cash proceeds of approximately $4.5 billion, net of discounts and issuance costs. The issuances consisted of the following: $0.5 billion aggregate principal amount Floating Rate Notes due 2019 that bear interest at a rate equal to three-month LIBOR plus 0.77% which rate will be reset quarterly, $0.5 billion aggregate principal amount of 2.55% Notes due 2019, $1.0 billion aggregate principal amount of 3.45% Notes due 2021, $1.25 billion aggregate principal amount of 4.15% Notes due 2024 and $1.25 billion aggregate principal amount of 5.05% Notes due 2034. During March 2014, the net proceeds were used to purchase notes in the Tender Offer described below. Also, during March 2014, $1.0 billion of LIBOR plus 0.61% Verizon Communications Notes and $1.5 billion of 1.95% Verizon Communications Notes matured and were repaid. During September 2014, we issued $0.9 billion aggregate principal amount of 4.8% Notes due 2044. The issuance of these Notes resulted in cash proceeds of approximately $0.9 billion, net of discounts and issuance costs. The net proceeds were used for general corporate purposes. Also, during September 2014, we redeemed $0.8 billion aggregate principal amount of Verizon 1.25% Notes due November 2014 and recorded an immaterial amount of early debt redemption costs. During October 2014, we issued $6.5 billion aggregate principal amount of fixed rate notes. The issuance of these notes resulted in cash proceeds of approximately $6.4 billion, net of discounts and issuance costs and after reimbursement of certain expenses. The issuance consisted of the following: $1.5 billion aggregate principal amount of 3.00% Notes due 2021, $2.5 billion aggregate principal amount of 3.50% Notes due 2024, and $2.5 billion aggregate principal amount of 4.40% Notes due 2034. The net proceeds from the issuance was used to redeem (i) in whole the following series of outstanding notes which were called for early redemption in November 2014 (collectively, November Early Debt Redemption): $0.5 billion aggregate principal amount of Verizon Communications 4.90% Notes due 2015 at 103.7% of the principal amount of such notes, $0.6 billion aggregate principal amount of Verizon Communications 5.55% Notes due 2016 at 106.3% of the principal amount of such notes, $1.3 billion aggregate principal amount of Verizon Communications 3.00% Notes due 2016 at 103.4% of the principal amount of such notes, $0.4 billion aggregate principal amount of Verizon Communications 5.50% Notes due 2017 at 110.5% of the principal amount of such notes, $0.7 billion aggregate principal amount of Verizon Communications 8.75% Notes due 2018 at 125.2% of the principal amount of such notes, $0.1 billion aggregate principal amount of Alltel Corporation 7.00% Debentures due 2016 at 108.7% of the principal amount of such notes and $0.4 billion aggregate principal amount of Cellco Partnership and Verizon Wireless Capital LLC 8.50% Notes due 2018 at 124.5% of the principal amount of such notes; and (ii) $1.0 billion aggregate principal amount of Verizon Communications 2.50% Notes due 2016 at 103.0% of the principal amount of such notes. Proceeds not used for the redemption of these notes were used for general corporate purposes. Any accrued and unpaid interest was paid to the date of redemption (see “Early Debt Redemption and Other Costs”). During December 2014, we issued €1.4 billion aggregate principal amount of 1.625% Notes due 2024 and €1.0 billion aggregate principal amount of 2.625% Notes due 2031. The issuance of these Notes resulted in cash proceeds of approximately $3.0 billion, net of discounts and issuance costs and after reimbursement of certain expenses. The net proceeds were used for general corporate purposes. Verizon Notes (Non-Cash Transaction) During February 2014, in connection with the Wireless Transaction, we issued $5.0 billion aggregate principal amount of floating rate notes. The Verizon Notes were issued in two separate series, with $2.5 billion due February 21, 2022 and $2.5 billion due February 21, 2025. The Verizon Notes bear interest at a floating rate, which will be reset quarterly, with interest payable quarterly in arrears, beginning May 21, 2014 (see Note 2). The eight-year Verizon notes bear interest at a floating rate equal to three-month LIBOR, plus 1.222%, and the eleven-year Verizon notes bear interest at a floating rate equal to three-month LIBOR, plus 1.372%. Preferred Stock (Non-Cash Transaction) As a result of the Wireless Transaction, we assumed long-term obligations with respect to 5.143% Class D and Class E cumulative Preferred Stock issued by one of the Purchased Entities. Both the Class D shares (825,000 shares outstanding) and Class E shares (825,000 shares outstanding) are mandatorily redeemable in April 2020 at $1,000 per share plus any accrued and unpaid dividends. Dividends accrue at 5.143% per annum and will be treated as interest expense. Both the Class D and Class E shares have been classified as liability instruments and were recorded at fair value as determined at the closing of the Wireless Transaction. Term Loan Agreement During February 2014, we drew $6.6 billion pursuant to a term loan agreement, which was entered into during October 2013, with a group of major financial institutions to finance, in part, the Wireless Transaction. $3.3 billion of the loans under the term loan agreement had a maturity of three years (the 3-Year Loans) and $3.3 billion of the loans under the term loan agreement had a maturity of five years (the 5-Year Loans). The 5-Year Loans provide for the partial amortization of principal during the last two years that they are outstanding. Loans under the term loan agreement bear interest at floating rates. The term loan agreement contains certain negative covenants, including a negative pledge covenant, a merger or similar transaction covenant and an accounting changes covenant, affirmative covenants and events of default that are customary for companies maintaining an investment grade credit rating. In addition, the term loan agreement requires us to maintain a leverage ratio (as defined in the term loan agreement) not in excess of 3.50:1.00, until our credit ratings are equal to or higher than A3 and A- at Moody’s Investors Service and Standard & Poor’s Ratings Services, respectively. During June 2014, we issued $3.3 billion aggregate principal amount of fixed and floating rate notes resulting in cash proceeds of approximately $3.3 billion, net of discounts and issuance costs. The issuances consisted of the following: $1.3 billion aggregate principal amount of Floating Rate Notes due 2017 that will bear interest at a rate equal to three-month LIBOR plus 0.40% which will be reset quarterly and $2.0 billion aggregate principal amount of 1.35% Notes due 2017. We used the net proceeds from the offering of these notes to repay the 3-Year Loans on June 12, 2014. During July 2014, we amended the term loan agreement, settled the outstanding $3.3 billion of 5-Year Loans and borrowed $3.3 billion of new loans. The new loans mature in July 2019, bear interest at a lower interest rate and require lower amortization payments in 2017 and 2018. In connection with the transaction, which primarily settled on a net basis, we recorded approximately $0.5 billion of proceeds from long-term borrowings and of repayments of long-term borrowings, respectively. Tender Offer On March 10, 2014, we announced the commencement of a tender offer (the Tender Offer) to purchase for cash any and all of the series of notes listed in the following table: (dollars in millions, except for Purchase Price) Interest Maturity Principal Amount Purchase Price (1) Principal Amount Verizon Communications 6.10 % 2018 $ 1,500 $ 1,170.07 $ 748 5.50 % 2018 1,500 1,146.91 763 8.75 % 2018 1,300 1,288.35 564 5.55 % 2016 1,250 1,093.62 652 5.50 % 2017 750 1,133.22 353 Cellco Partnership and Verizon Wireless Capital LLC 8.50 % 2018 1,000 1,279.63 619 Alltel Corporation 7.00 % 2016 300 1,125.26 157 GTE Corporation 6.84 % 2018 600 1,196.85 266 $ 4,122 (1) Per $1,000 principal amount of notes The Tender Offer for each series of notes was subject to a financing condition, which was either satisfied or waived with respect to all series. The Tender Offer expired on March 17, 2014 and settled on March 19, 2014. In addition to the purchase price, any accrued and unpaid interest on the purchased notes was paid to the date of purchase. During March 2014, we recorded early debt redemption costs in connection with the Tender Offer (see “Early Debt Redemption and Other Costs”). May Exchange Offer On May 29, 2014, we announced the commencement of a private exchange offer (the May Exchange Offer) to exchange up to all Cellco Partnership and Verizon Wireless Capital LLC’s £0.6 billion outstanding aggregate principal amount of 8.875% Notes due 2018 (the 2018 Old Notes) for Verizon’s new sterling-denominated Notes due 2024 (the New Notes) and an amount of cash. This exchange offer has been accounted for as a modification of debt. In connection with the May Exchange Offer, which expired on June 25, 2014, we issued £0.7 billion aggregate principal of New Notes and made a cash payment of £22 million in exchange for £0.6 billion aggregate principal amount of tendered 2018 Old Notes. The New Notes bear interest at a rate of 4.073% per annum. Concurrent with the issuance of the New Notes, we entered into cross currency swaps to fix our future interest and principal payments in U.S. dollars (see Note 9). July Exchange Offers On July 23, 2014, we announced the commencement of eleven separate private offers to exchange (the July Exchange Offers) specified series of outstanding Notes issued by Verizon and Alltel Corporation (collectively, the Old Notes) for new Notes to be issued by Verizon. The July Exchange Offers have been accounted for as a modification of debt. On August 21, 2014, Verizon issued $3.3 billion aggregate principal amount of 2.625% Notes due 2020 (the 2020 New Notes), $4.5 billion aggregate principal amount of 4.862% Notes due 2046 (the 2046 New Notes) and $5.5 billion aggregate principal amount of 5.012% Notes due 2054 (the 2054 New Notes) in satisfaction of the exchange offer consideration on tendered Old Notes (not including accrued and unpaid interest on the Old Notes). The following tables list the series of Old Notes included in the July Exchange Offers and the principal amount of each such series accepted by Verizon for exchange. The table below lists the series of Old Notes included in the July Exchange Offers for the 2020 New Notes: (dollars in millions) Interest Maturity Principal Amount Principal Amount Exchange Verizon Communications 3.65 % 2018 $ 4,750 $ 2,052 2.50 % 2016 4,250 1,068 $ 3,120 The table below lists the series of Old Notes included in the July Exchange Offers for the 2046 New Notes: (dollars in millions) Interest Maturity Principal Amount Principal Amount Exchange Verizon Communications 6.40 % 2033 $ 6,000 $ 1,645 7.75 % 2030 2,000 794 7.35 % 2039 1,000 520 7.75 % 2032 400 149 Alltel Corporation 7.875 % 2032 700 248 6.80 % 2029 300 65 $ 3,421 The table below lists the series of Old Notes included in the July Exchange Offers for the 2054 New Notes: (dollars in millions) Interest Maturity Principal Amount Principal Amount Exchange Verizon Communications 6.55 % 2043 $ 15,000 $ 4,330 6.40 % 2038 1,750 - 6.90 % 2038 1,250 - $ 4,330 Verizon Wireless – Notes Payable and Other Verizon Wireless Capital LLC, a wholly-owned subsidiary of Verizon Wireless, is a limited liability company formed under the laws of Delaware on December 7, 2001 as a special purpose finance subsidiary to facilitate the offering of debt securities of Verizon Wireless by acting as co-issuer. Other than the financing activities as a co-issuer of Verizon Wireless indebtedness, Verizon Wireless Capital LLC has no material assets, operations or revenues. Verizon Wireless is jointly and severally liable with Verizon Wireless Capital LLC for co-issued notes. 2015 During December 2015, we repaid $0.6 billion upon maturity for €0.5 billion aggregate principal amount of Cellco Partnership and Verizon Wireless Capital LLC 8.750% Notes due 2015, and the related cross currency swap was settled. 2014 In addition to the retirements of debt securities in connection with the Tender Offer, the May Exchange Offer, the July Exchange Offers and the November Early Debt Redemption, as noted above, during March 2014, Verizon Wireless redeemed $1.25 billion aggregate principal amount of the Cellco Partnership and Verizon Wireless Capital LLC 8.50% Notes due 2018 at 127.135% of the principal amount of such notes, plus accrued and unpaid interest (see “Early Debt Redemption and Other Costs”). Telephone and Other Subsidiary Debt 2014 During 2014, a series of notes held by GTE Corporation was included in the Tender Offer described above. Early Debt Redemption and Other Costs During March 2014, we recorded net debt redemption costs of $0.9 billion in connection with the early redemption of $1.25 billion aggregate principal amount of Cellco Partnership and Verizon Wireless Capital LLC 8.50% Notes due 2018, and the purchase of the following notes pursuant to the Tender Offer: $0.7 billion of the then outstanding $1.5 billion aggregate principal amount of Verizon 6.10% Notes due 2018, $0.8 billion of the then outstanding $1.5 billion aggregate principal amount of Verizon 5.50% Notes due 2018, $0.6 billion of the then outstanding $1.3 billion aggregate principal amount of Verizon 8.75% Notes due 2018, $0.7 billion of the then outstanding $1.25 billion aggregate principal amount of Verizon 5.55% Notes due 2016, $0.4 billion of the then outstanding $0.75 billion aggregate principal amount of Verizon 5.50% Notes due 2017, $0.6 billion of the then outstanding $1.0 billion aggregate principal amount of Cellco Partnership and Verizon Wireless Capital LLC 8.50% Notes due 2018, $0.2 billion of the then outstanding $0.3 billion aggregate principal amount of Alltel Corporation 7.00% Debentures due 2016 and $0.3 billion of the then outstanding $0.6 billion aggregate principal amount of GTE Corporation 6.84% Debentures due 2018. During the fourth quarter of 2014, we recorded net debt redemption costs of $0.5 billion in connection with the early redemption of $0.5 billion aggregate principal amount of Verizon 4.90% Notes due 2015, $0.6 billion aggregate principal amount of Verizon 5.55% Notes due 2016, $1.3 billion aggregate principal amount of Verizon 3.00% Notes due 2016, $0.4 billion aggregate principal amount of Verizon 5.50% Notes due 2017, $0.7 billion aggregate principal amount of Verizon 8.75% Notes due 2018, $1.0 billion of the then outstanding $3.2 billion aggregate principal amount of Verizon 2.50% Notes due 2016, $0.1 billion aggregate principal amount Alltel Corporation 7.00% Debentures due 2016 and $0.4 billion aggregate principal amount of Cellco Partnership and Verizon Wireless Capital LLC 8.50% Notes due 2018, as well as $0.3 billion of other costs. We recognize early debt redemption costs in Other income and (expense), net on our consolidated statements of income. Additional Financing Activities (Non-Cash Transaction) We financed, primarily through vendor financing arrangements, the purchase of approximately $0.7 billion of long-lived assets during 2015 and 2014, consisting primarily of network equipment. At December 31, 2015, $0.9 billion of vendor financing arrangements remained outstanding. These purchases are non-cash financing activities and therefore not reflected within Capital expenditures on our consolidated statements of cash flows. Guarantees We guarantee the debentures and first mortgage bonds of our operating telephone company subsidiaries. As of December 31, 2015, $3.1 billion aggregate principal amount of these obligations remained outstanding. Each guarantee will remain in place for the life of the obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of Verizon. We also guarantee the debt obligations of GTE Corporation that were issued and outstanding prior to July 1, 2003. As of December 31, 2015, $1.4 billion aggregate principal amount of these obligations remain outstanding. Debt Covenants We and our consolidated subsidiaries are in compliance with all of our financial and restrictive covenants. Maturities of Long-Term Debt Maturities of long-term debt outstanding, excluding unamortized debt issuance costs, at December 31, 2015 are as follows: Years (dollars in millions) 2016 $ 6,325 2017 4,195 2018 7,072 2019 5,645 2020 8,860 Thereafter 77,933

Wireless Device Installment Pla

Wireless Device Installment Plans	12 Months Ended
	Dec. 31, 2015
Wireless Device Installment Plans	Note 8 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. As of December 31, 2015 and 2014, respectively, the total portfolio of device installment plan receivables we are servicing was $11.9 billion and $3.8 billion. During 2015, we entered into programs to sell certain device installment receivables. The outstanding portfolio of device installment plan receivables derecognized from our consolidated balance sheets but which we continue to service was $8.2 billion at December 31, 2015. Wireless Device Installment Plan Receivables The following table displays device installment plan receivables, net, that continue to be recognized in our consolidated balance sheets: (dollars in millions) At December 31, 2015 2014 Device installment plan receivables, gross $ 3,720 $ 3,833 Unamortized imputed interest (142) (155) Device installment plan receivables, net of unamortized imputed interest 3,578 3,678 Allowance for credit losses (444) (76) Device installment plan receivables, net $ 3,134 $ 3,602 Classified on our consolidated balance sheets: Accounts receivable, net $ 1,979 $ 2,470 Other assets 1,155 1,132 Device installment plan receivables, net $ 3,134 $ 3,602 At the time of sale, we impute risk adjusted interest on the device installment plan receivables. We record the imputed interest as a reduction to the related accounts receivable. Interest income, which is included within Service revenues and other on our 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 required to provide a down payment to enter into the program and may be subject to lower limits on the total amount financed. 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, 2015 $ 76 Bad debt expenses 662 Write-offs (203) Allowance related to receivables sold (101) Other 10 Balance at December 31, 2015 $ 444 Customers entering into device installment agreements prior to May 31, 2015 have the right to upgrade their device, subject to certain conditions, including making a stated portion of the required device payments and trading in their device. Generally, customers entering into device installment agreements on or after June 1, 2015 are required to repay all amounts due under their device installment agreement before being eligible to upgrade their device. However, certain devices are subject to promotions that allow customers to upgrade to a new device after paying down the minimum percentage of their device installment plan and trading in their device. When a customer is eligible 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 $0.2 billion at December 31, 2015 and $0.7 billion at December 31, 2014, was primarily included in Other current liabilities on our consolidated balance sheets. Sales of Wireless Device Installment Plan Receivables Wireless Device Installment Plan Receivables Purchase Agreement During the first quarter of 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, we entered into a one-year uncommitted facility to sell eligible device installment plan receivables on a revolving basis (Revolving Program), subject to a maximum funding limit, to the Purchasers. Sales of eligible receivables by the Sellers, once initiated, generally occur and are settled on a monthly basis. The receivables sold under the Revolving 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. Customer installment payments will be available to purchase eligible installment plan receivables originated over the facility’s term. Eligible receivables under the Revolving Program exclude device installment plans where a customer was required to provide a down payment. The sales of receivables under the RPA and Revolving Program did not have a material impact on our consolidated statements of income. The cash proceeds received from the Purchasers are recorded within Cash flows provided by operating activities on our consolidated statement of cash flows. The following table provides a summary of device installment receivables sold under the RPA and the Revolving Program during the year ended December 31, 2015: (dollars in millions) RPA Revolving Program Total Device installment plan receivables sold, net (1) $ 6,093 $ 3,270 $ 9,363 Cash proceeds received (2) 4,502 2,738 7,240 Deferred purchase price recorded 1,690 532 2,222 (1) (2) Variable Interest Entities Under both the RPA and the Revolving Program, 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 VIEs 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 consolidated financial statements. Deferred Purchase Price Under both the RPA and the Revolving Program, 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 December 31, 2015, our deferred purchase price receivable was $2.2 billion, which is held by the SPEs and is included within Other assets on our 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, 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. During the year ended December 31, 2015, we have collected and remitted approximately $1.3 billion, net of fees, of which an immaterial amount was returned as deferred purchase price. During the year ended December 31, 2015, 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 $2.2 billion as of December 31, 2015. The maximum exposure to loss represents an estimated loss that would be incurred under severe, hypothetical circumstances whereby the Company would not receive the portion of the proceeds withheld by the 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 and Fin

Fair Value Measurements and Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements and Financial Instruments	Note 9 Fair Value Measurements and Financial Instruments Recurring Fair Value Measurements The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of 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) (2) (3) 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 2015. Fair Value of Short-term and Long-term Debt The fair value of our debt is determined using various methods, including quoted prices for identical terms and maturities, which is a Level 1 measurement, as well as quoted prices for similar terms and maturities in inactive markets and future cash flows discounted at current rates, which are Level 2 measurements. The fair value of our short-term and long-term debt, excluding capital leases, was as follows: (dollars in millions) At December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Short- and long-term debt, excluding capital leases $ 108,772 $ 118,216 $ 112,248 $ 126,549 Derivative Instruments 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 LIBOR, resulting in a net increase or decrease to Interest expense. These swaps are designated as fair value hedges and hedge against changes in the fair value of our debt portfolio. We record the interest rate swaps at fair value on our consolidated balance sheets as assets and liabilities. During the third quarter of 2015, we entered into interest rate swaps with a total notional value of $3.2 billion. During the fourth quarter of 2015, we entered into interest rate swaps with a total notional value of $2.6 billion. At December 31, 2015 and 2014, the total notional amount of the interest rate swaps was $7.6 billion and $1.8 billion, respectively. The fair value of these contracts was $0.1 billion at December 31, 2015 and was not material at December 31, 2014. The ineffective portion of these interest rate swaps was not material at December 31, 2015 and 2014. Forward Interest Rate Swaps In order to manage our exposure to future interest rate changes, we have entered into forward interest rate swaps. We designated these contracts as cash flow hedges. At December 31, 2014, these swaps had a notional value of $2.0 billion. The fair value of these contracts was $0.2 billion at December 31, 2014, which was included within Other liabilities on our consolidated balance sheet. During the third quarter of 2015, we settled these forward interest rate swaps and the pre-tax loss was not material. During the third quarter of 2015, we entered into forward interest rate swaps with a total notional value of $0.8 billion. The fair value of these contracts was not material at December 31, 2015. Cross Currency Swaps Verizon Wireless previously entered into cross currency swaps designated as cash flow hedges to exchange approximately $1.6 billion of British Pound Sterling and Euro-denominated debt into U.S. dollars and to fix our future interest and principal payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. In June 2014, we settled $0.8 billion of these cross currency swaps and the gains with respect to these swaps were not material. In December 2015, we settled $0.6 billion of these cross currency swaps on maturity. During the first quarter of 2014, we entered into cross currency swaps designated as cash flow hedges to exchange approximately $5.4 billion of Euro and British Pound Sterling denominated debt into U.S. dollars. During the second quarter of 2014, we entered into cross currency swaps designated as cash flow hedges to exchange approximately $1.2 billion of British Pound Sterling denominated debt into U.S. dollars. During the fourth quarter of 2014, we entered into cross currency swaps designated as cash flow hedges to exchange approximately $3.0 billion of Euro denominated debt into U.S. dollars and to fix our future interest and principal payments in U.S. dollars. Each of these cross currency swaps was entered into in order to mitigate the impact of foreign currency transaction gains or losses. A portion of the gains and losses recognized in Other comprehensive income was reclassified to Other income and (expense), net to offset the related pre-tax foreign currency transaction gain or loss on the underlying debt obligations. The fair value of the outstanding swaps was $1.6 billion and $0.6 billion, which was primarily included within Other liabilities on our consolidated balance sheets at December 31, 2015 and 2014, respectively. At December 31, 2015, the total notional amount of the cross currency swaps was $9.7 billion. During 2015 and 2014, a pre-tax loss of $1.2 billion and a pre-tax loss of $0.1 billion, respectively, was recognized in Other comprehensive income with respect to these swaps. Net Investment Hedges We entered into foreign currency forward contracts that are designated as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. During the third quarter of 2015, we entered into net investment hedges with a total notional value of $0.9 billion with the contract tenor maturing in 2018. The fair value of these contracts was not material at December 31, 2015. Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, certain notes receivable, including lease receivables, and derivative contracts. Our policy is to deposit our temporary cash investments with major financial institutions. Counterparties to our derivative contracts are also major financial institutions with whom we have negotiated derivatives agreements (ISDA master agreement) and credit support annex agreements which provide rules for collateral exchange. We generally apply collateralized arrangements with our counterparties for uncleared derivatives to mitigate credit risk. At December 31, 2015 and 2014, we posted collateral of approximately $0.1 billion and $0.6 billion, respectively, related to derivative contracts under collateral exchange arrangements, which were recorded as Prepaid expenses and other in our consolidated balance sheets. During the first and second quarters of 2015, we paid an immaterial amount of cash to enter into amendments to certain collateral exchange arrangements. These amendments suspend cash collateral posting for a specified period of time by both counterparties. We may enter into swaps on an uncollateralized basis in certain circumstances. While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect the settlement of these transactions to have a material effect on our results of operations or financial condition. Nonrecurring Fair Value Measurements The Company measures certain assets and liabilities at fair value on a nonrecurring basis. During the fourth quarter of 2014, certain long-lived assets met the criteria to be classified as held for sale. At that time, the fair value of these long-lived assets was measured, resulting in expected disposal losses of $0.1 billion. The fair value of these assets held for sale was measured with the assistance of third-party appraisals and other estimates of fair value, which used market approach techniques as part of the analysis. The fair value measurement was categorized as Level 3, as significant unobservable inputs were used in the valuation. The expected disposal losses, which represented the difference between the fair value less cost to sell and the carrying amount of the assets held for sale, were included in Selling, general and administrative expenses.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2015
Stock-Based Compensation	Note 10 Stock-Based Compensation Verizon Communications Long-Term Incentive Plan The Verizon Communications Inc. Long-Term Incentive Plan (the Plan) permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and other awards. The maximum number of shares available for awards from the Plan is 119.6 million shares. Restricted Stock Units The Plan provides for grants of Restricted Stock Units (RSUs) that generally vest at the end of the third year after the grant. The RSUs are classified as equity awards because the RSUs will be paid in Verizon common stock upon vesting. The RSU equity awards are measured using the grant date fair value of Verizon common stock and are not remeasured at the end of each reporting period. Dividend equivalent units are also paid to participants at the time the RSU award is paid, and in the same proportion as the RSU award. Performance Stock Units The Plan also provides for grants of Performance Stock Units (PSUs) that generally vest at the end of the third year after the grant. As defined by the Plan, the Human Resources Committee of the Board of Directors determines the number of PSUs a participant earns based on the extent to which the corresponding performance goals have been achieved over the three-year performance cycle. The PSUs are classified as liability awards because the PSU awards are paid in cash upon vesting. The PSU award liability is measured at its fair value at the end of each reporting period and, therefore, will fluctuate based on the price of Verizon common stock as well as performance relative to the targets. Dividend equivalent units are also paid to participants at the time that the PSU award is determined and paid, and in the same proportion as the PSU award. The granted and cancelled activity for the PSU award includes adjustments for the performance goals achieved. The following table summarizes Verizon’s Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Stock Performance Stock Outstanding January 1, 2013 18,669 39,463 Granted 4,950 7,470 Payments (7,246) (22,703) Cancelled/Forfeited (180) (506) Outstanding December 31, 2013 16,193 23,724 Granted 5,278 7,359 Payments (6,202) (9,153) Cancelled/Forfeited (262) (1,964) Outstanding December 31, 2014 15,007 19,966 Granted 4,958 7,044 Payments (5,911) (6,732) Cancelled/Forfeited (151) (3,075) Outstanding December 31, 2015 13,903 17,203 As of December 31, 2015, unrecognized compensation expense related to the unvested portion of Verizon’s RSUs and PSUs was approximately $0.3 billion and is expected to be recognized over approximately two years. The RSUs granted in 2015 and 2014 have weighted-average grant date fair values of $48.15 and $47.23 per unit, respectively. During 2015, 2014 and 2013, we paid $0.4 billion, $0.6 billion and $1.1 billion, respectively, to settle RSUs and PSUs classified as liability awards. Verizon Wireless’ Long-Term Incentive Plan The Verizon Wireless Long-Term Incentive Plan (the Wireless Plan) provided compensation opportunities to eligible employees of Verizon Wireless (the Partnership). Under the Wireless Plan, Value Appreciation Rights (VARs) were granted to eligible employees. We have not granted new VARs since 2004. As of December 31, 2015, there are no VARs that remain outstanding. Stock-Based Compensation Expense After-tax compensation expense for stock-based compensation related to RSUs, PSUs and VARs described above included in Net income attributable to Verizon was $0.3 billion, $0.3 billion and $0.4 billion for 2015, 2014 and 2013, respectively. Stock Options The Plan provides for grants of stock options to participants at an option price per share of no less than 100% of the fair market value of Verizon common stock on the date of grant. Each grant has a 10-year life, vesting equally over a three-year period, starting at the date of the grant. We have not granted new stock options since 2004. As of December 31, 2015, there are no stock options that remain outstanding.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2015
Employee Benefits	Note 11 Employee Benefits We maintain non-contributory defined benefit pension plans for many of our employees. In addition, we maintain postretirement health care and life insurance plans for our retirees and their dependents, which are both contributory and non-contributory, and include a limit on our share of the cost for certain recent and future retirees. In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include pension and benefit related credits and/or charges based on actuarial assumptions, including projected discount rates and an estimated return on plan assets. These estimates are updated in the fourth quarter to reflect actual return on plan assets and updated actuarial assumptions. The adjustment is recognized in the income statement during the fourth quarter or upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses. Pension and Other Postretirement Benefits Pension and other postretirement benefits for many of our employees are subject to collective bargaining agreements. Modifications in benefits have been bargained from time to time, and we may also periodically amend the benefits in the management plans. The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans. Obligations and Funded Status (dollars in millions) Pension Health Care and Life At December 31, 2015 2014 2015 2014 Change in Benefit Obligations Beginning of year $ 25,320 $ 23,032 $ 27,097 $ 23,042 Service cost 374 327 324 258 Interest cost 969 1,035 1,117 1,107 Plan amendments - (89) (45) (412) Actuarial (gain) loss, net (1,361) 2,977 (2,733) 4,645 Benefits paid (971) (1,566) (1,370) (1,543) Curtailment and termination benefits - 11 - - Settlements paid (2,315) (407) - - Reclassifications (Note 2) - - (167) - End of year $ 22,016 $ 25,320 $ 24,223 $ 27,097 Change in Plan Assets Beginning of year $ 18,548 $ 17,111 $ 2,435 $ 3,053 Actual return on plan assets 118 1,778 28 193 Company contributions 744 1,632 667 732 Benefits paid (971) (1,566) (1,370) (1,543) Settlements paid (2,315) (407) - - End of year $ 16,124 $ 18,548 $ 1,760 $ 2,435 Funded Status End of year $ (5,892) $ (6,772) $ (22,463) $ (24,662) We reclassified $0.2 billion to Non-current liabilities related to assets held for sale as a result of our agreement to sell our local exchange business and related landline activities in California, Florida and Texas to Frontier (see Note 2 for additional details). (dollars in millions) Pension Health Care and Life At December 31, 2015 2014 2015 2014 Amounts recognized on the balance sheet Noncurrent assets $ 349 $ 337 $ - $ - Current liabilities (93) (122) (695) (528) Noncurrent liabilities (6,148) (6,987) (21,768) (24,134) Total $ (5,892) $ (6,772) $ (22,463) $ (24,662) Amounts recognized in Accumulated Other Comprehensive Income (Pre-tax) Prior Service Benefit (Cost) $ (51) $ (56) $ (2,038) $ (2,280) Total $ (51) $ (56) $ (2,038) $ (2,280) The accumulated benefit obligation for all defined benefit pension plans was $22.0 billion and $25.3 billion at December 31, 2015 and 2014, respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets follows: (dollars in millions) At December 31, 2015 2014 Projected benefit obligation $ 21,694 $ 24,919 Accumulated benefit obligation 21,636 24,851 Fair value of plan assets 15,452 17,810 Net Periodic Cost The following table summarizes the benefit (income) cost related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Years Ended December 31, 2015 2014 2013 2015 2014 2013 Service cost $ 374 $ 327 $ 395 $ 324 $ 258 $ 318 Amortization of prior service cost (credit) (5) (8) 6 (287) (253) (247) Expected return on plan assets (1,270) (1,181) (1,245) (101) (161) (143) Interest cost 969 1,035 1,002 1,117 1,107 1,095 Remeasurement (gain) loss, net (209) 2,380 (2,470) (2,659) 4,615 (3,989) Net periodic benefit (income) cost (141) 2,553 (2,312) (1,606) 5,566 (2,966) Curtailment and termination benefits - 11 4 - - - Total $ (141) $ 2,564 $ (2,308) $ (1,606) $ 5,566 $ (2,966) Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive (income) loss are as follows: (dollars in millions) Pension Health Care and Life At December 31, 2015 2014 2015 2014 Prior service cost $ - $ (89) $ (45) $ (413) Reversal of amortization items Prior service cost 5 8 287 253 Total recognized in other comprehensive (income) loss (pre-tax) $ 5 $ (81) $ 242 $ (160) The estimated prior service cost for the defined benefit pension plans that will be amortized from Accumulated other comprehensive income (loss) into net periodic benefit (income) cost over the next fiscal year is not significant. The estimated prior service cost for the defined benefit postretirement plans that will be amortized from Accumulated other comprehensive income into net periodic benefit (income) cost over the next fiscal year is $0.3 billion. Assumptions The weighted-average assumptions used in determining benefit obligations follow: Pension Health Care and Life At December 31, 2015 2014 2015 2014 Discount Rate 4.60% 4.20% 4.60 % 4.20% Rate of compensation increases 3.00 3.00 N/A N/A The weighted-average assumptions used in determining net periodic cost follow: Pension Health Care and Life At December 31, 2015 2014 2013 2015 2014 2013 Discount Rate 4.20 % 5.00% 4.20% 4.20 % 5.00% 4.20% Expected return on plan assets 7.25 7.25 7.50 4.80 5.50 5.60 Rate of compensation increases 3.00 3.00 3.00 N/A N/A N/A 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 will account for this change as a change in accounting estimate and accordingly will account for it prospectively. We estimate the impact of this change on our consolidated GAAP results for the first quarter of 2016 will be a reduction of the interest cost component of net periodic benefit cost and an increase to Net income by approximately $0.1 billion. However, at this time the estimated impact of this change on the remaining 2016 interim periods and for annual 2016 results cannot be reasonably estimated because it is possible that in the future there may be changes to underlying assumptions, including an interim remeasurement of our benefit obligations, which could result in different estimates. The use of the full yield curve approach does not impact how we measure our total benefit obligations at year end 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 the income statement. 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. In order to project the long-term target investment return for the total portfolio, estimates are prepared for the total return of each major asset class over the subsequent 10-year period. Those estimates are based on a combination of factors including the current market interest rates and valuation levels, consensus earnings expectations and historical long-term risk premiums. To determine the aggregate return for the pension trust, the projected return of each individual asset class is then weighted according to the allocation to that investment area in the trust’s long-term asset allocation policy. The assumed health care cost trend rates follow: Health Care and Life At December 31, 2015 2014 2013 Healthcare cost trend rate assumed for next year 6.00 % 6.50% 6.50% Rate to which cost trend rate gradually declines 4.50 4.75 4.75 Year the rate reaches the level it is assumed to remain thereafter 2024 2022 2020 A one-percentage point change in the assumed health care cost trend rate would have the following effects: (dollars in millions) One-Percentage Point Increase Decrease Effect on 2015 service and interest cost $ 249 $ (194) Effect on postretirement benefit obligation as of December 31, 2015 3,074 (2,516) Plan Assets The company’s overall investment strategy is to achieve a mix of assets which allows us to meet projected benefit payments while taking into consideration risk and return. While target allocation percentages will vary over time, the current target allocation for plan assets is designed so that 65% of the assets have the objective of achieving a return in excess of the growth in liabilities (comprised of public equities, private equities, real estate, hedge funds and emerging debt) and 35% of the assets are invested as liability hedging assets (where cash flows from investments better match projected benefit payments, typically longer duration fixed income). This allocation will shift as funded status improves to a higher allocation of liability hedging assets. Target policies will be revisited periodically to ensure they are in line with fund objectives. Both active and passive management approaches are used depending on perceived market efficiencies and various other factors. Due to our diversification and risk control processes, there are no significant concentrations of risk, in terms of sector, industry, geography or company names. Pension and healthcare and life plans assets do not include significant amounts of Verizon common stock. Pension Plans The fair values for the pension plans by asset category at December 31, 2015 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,459 $ 1,375 $ 84 $ - Equity securities 3,216 2,313 900 3 Fixed income securities U.S. Treasuries and agencies 1,264 884 380 - Corporate bonds 3,024 194 2,702 128 International bonds 713 34 659 20 Other 3 - 3 - Real estate 1,670 - 39 1,631 Other Private equity 2,988 - - 2,988 Hedge funds 1,787 - 730 1,057 Total $ 16,124 $ 4,800 $ 5,497 $ 5,827 The fair values for the pension plans by asset category at December 31, 2014 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,983 $ 1,814 $ 169 $ - Equity securities 4,339 2,952 1,277 110 Fixed income securities U.S. Treasuries and agencies 1,257 830 427 - Corporate bonds 2,882 264 2,506 112 International bonds 582 39 524 19 Other 3 - 3 - Real estate 1,792 - - 1,792 Other Private equity 3,748 - 204 3,544 Hedge funds 1,962 - 1,164 798 Total $ 18,548 $ 5,899 $ 6,274 $ 6,375 The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Equity Securities Corporate Bonds International Bonds Real Estate Private Equity Hedge Funds Total Balance at January 1, 2014 $ - $ 162 $ - $ 1,784 $ 3,942 $ 1,196 $ 7,084 Actual gain (loss) on plan assets (1) 5 - 42 73 33 152 Purchases and sales 106 (50) 8 (34) (471) 144 (297) Transfers in (out) 5 (5) 11 - - (575) (564) Balance at December 31, 2014 $ 110 $ 112 $ 19 $ 1,792 $ 3,544 $ 798 $ 6,375 Actual gain (loss) on plan assets 1 4 (3) 132 63 12 209 Purchases and sales 16 18 5 (259) (619) 324 (515) Transfers in (out) (124) (6) (1) (34) - (77) (242) Balance at December 31, 2015 $ 3 $ 128 $ 20 $ 1,631 $ 2,988 $ 1,057 $ 5,827 Health Care and Life Plans The fair values for the other postretirement benefit plans by asset category at December 31, 2015 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 162 $ 8 $ 154 $ - Equity securities 974 752 222 - Fixed income securities U.S. Treasuries and agencies 21 18 3 - Corporate bonds 524 133 391 - International bonds 79 19 60 - Other - - - - Total $ 1,760 $ 930 $ 830 $ - The fair values for the other postretirement benefit plans by asset category at December 31, 2014 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 208 $ 6 $ 202 $ - Equity securities 1,434 1,172 262 - Fixed income securities U.S. Treasuries and agencies 105 98 7 - Corporate bonds 461 119 296 46 International bonds 111 14 97 - Other 116 - 116 - Total $ 2,435 $ 1,409 $ 980 $ 46 The following is a reconciliation of the beginning and ending balance of the other postretirement benefit plans assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Corporate Bonds Total Balance at December 31, 2013 $ - $ - Actual gain on plan assets 1 1 Purchases and sales 45 45 Balance at December 31, 2014 $ 46 $ 46 Transfers in (out) (46) (46) Balance at December 31, 2015 $ - $ - The following are general descriptions of asset categories, as well as the valuation methodologies and inputs used to determine the fair value of each major category of assets. Cash and cash equivalents include short-term investment funds, primarily in diversified portfolios of investment grade money market instruments and are valued using quoted market prices or other valuation methods, and thus are classified within Level 1 or Level 2. Equity securities are investments in common stock of domestic and international corporations in a variety of industry sectors, and are valued primarily using quoted market prices at the end of the reporting period or other valuation methods based on observable inputs, and thus are classified as Level 1 or Level 2. Investments not traded on a national securities exchange use other valuation methods such as pricing models or quoted prices of securities with similar characteristics depending upon market activity and availability of quoted market prices, and thus are classified as Level 3. Fixed income securities include U.S. Treasuries and agencies, debt obligations of foreign governments and domestic and foreign corporations. Fixed income also includes investments in collateralized mortgage obligations, mortgage backed securities and interest rate swaps. The fair value of fixed income securities is based on observable prices for identical or comparable assets, adjusted using benchmark curves, sector grouping, matrix pricing, broker/dealer quotes and issuer spreads, and thus are classified within Level 1 or Level 2. Real estate investments include those in limited partnerships that invest in various commercial and residential real estate projects both domestically and internationally. The fair values of real estate assets are typically determined by using income and/or cost approaches or a comparable sales approach, taking into consideration discount and capitalization rates, financial conditions, local market conditions and the status of the capital markets, and thus are classified within Level 3. Commingled funds, included within the Cash and cash equivalents, Equity securities, Fixed income securities and Real estate investment asset categories, are typically valued at net asset value (NAV) provided by the fund administrator. NAV is the redemption value of the units held at year end. As a practical expedient, management has determined that NAV approximates fair value. These assets are categorized as Level 2 or Level 3 depending upon liquidity. Private equity investments include those in limited partnerships that invest in operating companies that are not publicly traded on a stock exchange. Investment strategies in private equity include leveraged buyouts, venture capital, distressed investments and investments in natural resources. These investments are valued using inputs such as trading multiples of comparable public securities, merger and acquisition activity and pricing data from the most recent equity financing taking into consideration illiquidity, and thus are classified within Level 3. Hedge fund investments include those seeking to maximize absolute returns using a broad range of strategies to enhance returns and provide additional diversification. The fair values of hedge funds are estimated using the NAV of the investments as a practical expedient. Investments of this type for which Verizon has the ability to fully redeem at NAV within the near term are classified within Level 2. Investments that cannot be redeemed in the near term are classified within Level 3. Employer Contributions In 2015, we contributed $0.7 billion to our qualified pension plans, $0.1 billion to our nonqualified pension plans and $0.9 billion to our other postretirement benefit plans. We anticipate a minimum contribution of $0.6 billion to our qualified pension plans in 2016. Nonqualified pension plans contributions are estimated to be $0.1 billion and contributions to our other postretirement benefit plans are estimated to be $0.9 billion in 2016. Estimated Future Benefit Payments The benefit payments to retirees are expected to be paid as follows: (dollars in millions) Year Pension Benefits Health Care and Life 2016 $ 1,906 $ 1,390 2017 1,757 1,390 2018 1,441 1,384 2019 1,391 1,354 2020 1,371 1,349 2021-2025 6,699 6,889 Savings Plan and Employee Stock Ownership Plans We maintain four leveraged employee stock ownership plans (ESOP). We match a certain percentage of eligible employee contributions to the savings plans with shares of our common stock from this ESOP. At December 31, 2015, the number of allocated shares of common stock in this ESOP was 57 million. There were no unallocated shares of common stock in this ESOP at December 31, 2015. All leveraged ESOP shares are included in earnings per share computations. Total savings plan costs were $0.9 billion in 2015, $0.9 billion in 2014 and $1.0 billion in 2013. Severance Benefits The following table provides an analysis of our actuarially determined severance liability recorded in accordance with the accounting standard regarding employers’ accounting for postemployment benefits: (dollars in millions) Year Beginning of Year Charged to Payments Other End of Year 2013 $ 1,010 $ 134 $ (381) $ (6) $ 757 2014 757 531 (406) (7) 875 2015 875 551 (619) (7) 800 Severance, Pension and Benefit (Credits) Charges During 2015, we recorded net pre-tax severance, pension and benefit credits of approximately $2.3 billion primarily for our pension and postretirement plans in accordance with our accounting policy to recognize actuarial gains and losses in the year in which they occur. The credits were primarily driven by an increase in our discount rate assumption used to determine the current year liabilities from a weighted-average of 4.2% at December 31, 2014 to a weighted-average of 4.6% at December 31, 2015 ($2.5 billion), the execution of a new prescription drug contract during 2015 ($1.0 billion) and a change in mortality assumptions primarily driven by the use of updated actuarial tables (MP-2015) issued by the Society of Actuaries ($0.9 billion), partially offset by the difference between our estimated return on assets of 7.25% at December 31, 2014 and our actual return on assets of 0.7% at December 31, 2015 ($1.2 billion), severance costs recorded under our existing separation plans ($0.6 billion) and other assumption adjustments ($0.3 billion). During 2014, we recorded net pre-tax severance, pension and benefit charges of approximately $7.5 billion primarily for our pension and postretirement plans in accordance with our accounting policy to recognize actuarial gains and losses in the year in which they occur. The charges were primarily driven by a decrease in our discount rate assumption used to determine the current year liabilities from a weighted-average of 5.0% at December 31, 2013 to a weighted-average of 4.2% at December 31, 2014 ($5.2 billion), a change in mortality assumptions primarily driven by the use of updated actuarial tables (RP-2014 and MP-2014) issued by the Society of Actuaries in October 2014 ($1.8 billion) and revisions to the retirement assumptions for participants and other assumption adjustments, partially offset by the difference between our estimated return on assets of 7.25% and our actual return on assets of 10.5% ($0.6 billion). As part of this charge, we recorded severance costs of $0.5 billion under our existing separation plans. During 2013, we recorded net pre-tax severance, pension and benefit credits of approximately $6.2 billion primarily for our pension and postretirement plans in accordance with our accounting policy to recognize actuarial gains and losses in the year in which they occur. The credits were primarily driven by an increase in our discount rate assumption used to determine the current year liabilities from a weighted-average of 4.2% at December 31, 2012 to a weighted-average of 5.0% at December 31, 2013 ($4.3 billion), lower than assumed retiree medical costs and other assumption adjustments ($1.4 billion) and the difference between our estimated return on assets of 7.5% at December 31, 2012 and our actual return on assets of 8.6% at December 31, 2013 ($0.5 billion).

Taxes

Taxes	12 Months Ended
	Dec. 31, 2015
Taxes	Note 12 Taxes The components of income before provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Domestic $ 27,639 $ 12,992 $ 28,833 Foreign 601 2,278 444 Total $ 28,240 $ 15,270 $ 29,277 The components of the provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Current Federal $ 5,476 $ 2,657 $ (197) Foreign 70 81 (59) State and Local 803 668 201 Total 6,349 3,406 (55) Deferred Federal 3,377 (51) 5,060 Foreign 9 (9) 8 State and Local 130 (32) 717 Total 3,516 (92) 5,785 Total income tax provision $ 9,865 $ 3,314 $ 5,730 The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate: Years Ended December 31, 2015 2014 2013 Statutory federal income tax rate 35.0 35.0 % 35.0 % State and local income tax rate, net of federal tax benefits 2.1 2.7 2.1 Affordable housing credit (0.5) (1.0) (0.6) Employee benefits including ESOP dividend (0.4) (0.7) (0.4) Disposition of Omnitel Interest - (5.9) - Noncontrolling interests (0.5) (5.0) (14.3) Other, net (0.8) (3.4) (2.2) Effective income tax rate 34.9 % 21.7 % 19.6 % The effective income tax rate for 2015 was 34.9% compared to 21.7% for 2014. The increase in the effective income tax rate and provision for income taxes was primarily due to the impact of higher income before income taxes due to severance, pension and benefit credits recorded in 2015 compared to severance, pension and benefit charges recorded in 2014, as well as tax benefits associated with the utilization of certain tax credits in connection with the Omnitel Transaction in 2014. The effective income tax rate for 2014 was 21.7% compared to 19.6% for 2013. The increase in the effective income tax rate was primarily due to additional income taxes on the incremental income from the Wireless Transaction completed on February 21, 2014 and was partially offset by the utilization of certain tax credits in connection with the Omnitel Transaction in 2014 and the effective income tax rate impact of lower income before income taxes due to severance, pension and benefit charges recorded in 2014 compared to severance, pension and benefit credits recorded in 2013. The decrease in the provision for income taxes was primarily due to lower income before income taxes due to severance, pension and benefit charges recorded in 2014 compared to severance, pension and benefit credits recorded in 2013. The amounts of cash taxes paid are as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Income taxes, net of amounts refunded $ 5,293 $ 4,093 $ 422 Employment taxes 1,284 1,290 1,282 Property and other taxes 1,868 1,797 2,082 Total $ 8,445 $ 7,180 $ 3,786 Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows: (dollars in millions) At December 31, 2015 2014 Employee benefits $ 12,220 $ 13,350 Tax loss and credit carry forwards 4,099 2,255 Other – assets 2,504 2,247 18,823 17,852 Valuation allowances (3,414) (1,841) Deferred tax assets 15,409 16,011 Spectrum and other intangible amortization 29,945 28,283 Depreciation 24,725 23,423 Other – liabilities 6,125 5,754 Deferred tax liabilities 60,795 57,460 Net deferred tax liability $ 45,386 $ 41,449 At December 31, 2015, undistributed earnings of our foreign subsidiaries indefinitely invested outside the United States amounted to approximately $1.8 billion. The majority of Verizon’s cash flow is generated from domestic operations and we are not dependent on foreign cash or earnings to meet our funding requirements, nor do we intend to repatriate these undistributed foreign earnings to fund U.S. operations. Furthermore, a portion of these undistributed earnings represent amounts that legally must be kept in reserve in accordance with certain foreign jurisdictional requirements and are unavailable for distribution or repatriation. As a result, we have not provided U.S. deferred taxes on these undistributed earnings because we intend that they will remain indefinitely reinvested outside of the United States and therefore unavailable for use in funding U.S. operations. Determination of the amount of unrecognized deferred taxes related to these undistributed earnings is not practicable. At December 31, 2015, we had net after-tax loss and credit carry forwards for income tax purposes of approximately $4.1 billion that primarily relate to state and foreign tax losses. Of these net after-tax loss and credit carry forwards, approximately $2.5 billion will expire between 2016 and 2035 and approximately $1.6 billion may be carried forward indefinitely. During 2015, the valuation allowance increased approximately $1.6 billion primarily as a result of the acquisition of AOL. The balance of the valuation allowance at December 31, 2015 and the 2015 activity is primarily related to state and foreign tax losses. Unrecognized Tax Benefits A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: (dollars in millions) 2015 2014 2013 Balance at January 1, $ 1,823 $ 2,130 $ 2,943 Additions based on tax positions related to the current year 194 80 116 Additions for tax positions of prior years 330 627 250 Reductions for tax positions of prior years (412) (278) (801) Settlements (79) (239) (210) Lapses of statutes of limitations (221) (497) (168) Balance at December 31, $ 1,635 $ 1,823 $ 2,130 Included in the total unrecognized tax benefits at December 31, 2015, 2014 and 2013 is $1.2 billion, $1.3 billion and $1.4 billion, respectively, that if recognized, would favorably affect the effective income tax rate. We recognized the following net after-tax benefits related to interest and penalties in the provision for income taxes: Years Ended December 31, (dollars in millions) 2015 $ 43 2014 92 2013 33 The after-tax accruals for the payment of interest and penalties in the consolidated balance sheets are as follows: At December 31, (dollars in millions) 2015 $ 125 2014 169 The decrease in unrecognized tax benefits was primarily due to an internal restructure that eliminated certain state unrecognized tax benefits and the expiration of the statute of limitations in various jurisdictions, partially offset by an increase in unrecognized tax benefits related to the acquisition of AOL. Verizon and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. As a large taxpayer, we are under audit by the IRS and multiple state and foreign jurisdictions for various open tax years. The IRS is currently examining the Company’s U.S. income tax returns for tax years 2010-2012, Cellco Partnership’s U.S. income tax returns for tax years 2013-2014, and AOL’s U.S. income tax returns for tax years 2011-2012. Tax controversies are ongoing for tax years as early as 2006. The amount of the liability for unrecognized tax benefits will change in the next twelve months due to the expiration of the statute of limitations in various jurisdictions and it is reasonably possible that various current tax examinations will conclude or require reevaluations of the Company’s tax positions during this period. An estimate of the range of the possible change cannot be made until these tax matters are further developed or resolved.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Information	Note 13 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 the historical results of divested operations and other adjustments and gains and losses that are not allocated in assessing segment performance due to their non-operational nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses that are not individually significant are included in all segment results as these items are included in the chief operating decision maker’s assessment of segment performance. 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. On April 1, 2016, we completed the sale of our local exchange business and related landline activities in California, Florida and Texas to Frontier. On July 1, 2014, our Wireline segment sold a non-strategic business (see Note 2). Accordingly, the Wireline results from these operations have been reclassified to Corporate and other for all periods presented to reflect comparable segment operating results consistent with the information regularly reviewed by our chief operating decision maker. In addition, Corporate and other includes the results of our vehicle original equipment manufacturer (OEM) and Networkfleet businesses for all periods presented, which were reclassified from our Wireline segment effective April 1, 2016. The impact of this reclassification was not material to our consolidated financial statements or our segment results of operations. Effective January 1, 2014, we reclassified the results of certain businesses, such as development stage businesses that support our strategic initiatives, from our Wireline segment to Corporate and other. The impact of this reclassification was not material to our consolidated financial statements or our segment results of operations. We have adjusted prior period consolidated and segment information, where applicable, to conform to current year presentation. Our segments and their principal activities consist of the following: Segment Description Wireless Wireless’ communications products and services include wireless voice and data services and equipment sales, which are provided to consumer, business and government customers across the United States. Wireline Wireline’s voice, data and video communications products and enhanced services include broadband video and data, corporate networking solutions, data center and cloud services, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the United States, as well as to carriers, businesses and government customers both in the United States and around the world. The following table provides operating financial information for our two reportable segments: (dollars in millions) 2015 Wireless Wireline Total Segments External Operating Revenues Service revenue $ 70,305 $ - $ 70,305 Equipment 16,924 - 16,924 Other 4,294 - 4,294 Consumer retail - 12,696 12,696 Small business - 1,744 1,744 Mass Markets - 14,440 14,440 Strategic services - 7,803 7,803 Core - 4,245 4,245 Global Enterprise - 12,048 12,048 Global Wholesale - 4,301 4,301 Other - 338 338 Intersegment revenues 157 967 1,124 Total operating revenues 91,680 32,094 123,774 Cost of services 7,803 18,816 26,619 Wireless cost of equipment 23,119 - 23,119 Selling, general and administrative expense 21,805 7,256 29,061 Depreciation and amortization expense 8,980 6,543 15,523 Total operating expenses 61,707 32,615 94,322 Operating income (loss) $ 29,973 $ $ 29,452 Assets $ 185,405 $ 78,305 $ 263,710 Plant, property and equipment, net 40,911 41,044 81,955 Capital expenditures 11,725 5,049 16,774 (dollars in millions) 2014 Wireless Wireline Total Segments External Operating Revenues Service revenue $ 72,555 $ - $ 72,555 Equipment 10,957 - 10,957 Other 4,021 - 4,021 Consumer retail - 12,168 12,168 Small business - 1,829 1,829 Mass Markets - 13,997 13,997 Strategic services - 8,021 8,021 Core - 4,781 4,781 Global Enterprise - 12,802 12,802 Global Wholesale - 4,520 4,520 Other - 527 527 Intersegment revenues 113 947 1,060 Total operating revenues 87,646 32,793 120,439 Cost of services 7,200 19,413 26,613 Wireless cost of equipment 21,625 - 21,625 Selling, general and administrative expense 23,602 7,394 30,996 Depreciation and amortization expense 8,459 6,817 15,276 Total operating expenses 60,886 33,624 94,510 Operating income (loss) $ 26,760 $ (831) $ 25,929 Assets $ 160,333 $ 76,629 $ 236,962 Plant, property and equipment, net 38,276 50,318 88,594 Capital expenditures 10,515 5,750 16,265 (dollars in millions) 2013 Wireless Wireline Total Segments External Operating Revenues Service revenue $ 68,973 $ - $ 68,973 Equipment 8,096 - 8,096 Other 3,851 - 3,851 Consumer retail - 11,499 11,499 Small business - 1,909 1,909 Mass Markets - 13,408 13,408 Strategic services - 7,903 7,903 Core - 5,486 5,486 Global Enterprise - 13,389 13,389 Global Wholesale - 4,781 4,781 Other - 484 484 Intersegment revenues 103 992 1,095 Total operating revenues 81,023 33,054 114,077 Cost of services 7,295 19,399 26,694 Wireless cost of equipment 16,353 - 16,353 Selling, general and administrative expense 23,176 7,737 30,913 Depreciation and amortization expense 8,202 7,101 15,303 Total operating expenses 55,026 34,237 89,263 Operating income (loss) $ 25,997 $ (1,183) $ 24,814 Assets $ 146,356 $ 84,512 $ 230,868 Plant, property and equipment, net 35,932 51,885 87,817 Capital expenditures 9,425 6,229 15,654 Reconciliation to Consolidated Financial Information A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Operating Revenues Total reportable segments $ 123,774 $ 120,439 $ 114,077 Corporate and other 3,738 2,106 1,666 Reconciling items: Impact of divested operations (Note 2) 5,280 5,625 5,954 Eliminations (1,172) (1,091) (1,147) Consolidated operating revenues $ 131,620 $ 127,079 $ 120,550 Fios revenues are included within our Wireline segment and amounted to approximately $10.8 billion, $9.8 billion, and $8.4 billion for the years ended December 31, 2015, 2014, and 2013, respectively. A reconciliation of the total of the reportable segments’ operating income to consolidated Income before provision for income taxes is as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Operating Income Total reportable segments $ 29,452 $ 25,929 $ 24,814 Corporate and other (1,720) (1,217) (1,025) Reconciling items: Severance, pension and benefit credits (charges) (Note 11) 2,256 (7,507) 6,232 Gain on spectrum license transactions (Note 2) 254 707 278 Impact of divested operations (Note 2) 2,818 2,021 1,669 Other costs - (334) - Consolidated operating income 33,060 19,599 31,968 Equity in (losses) earnings of unconsolidated businesses (86) 1,780 142 Other income and (expense), net 186 (1,194) (166) Interest expense (4,920) (4,915) (2,667) Income Before Provision for Income Taxes $ 28,240 $ 15,270 $ 29,277 A reconciliation of the total of the reportable segments’ assets to consolidated assets is as follows: (dollars in millions) At December 31, 2015 2014 Assets Total reportable segments $ 263,710 $ 236,962 Corporate and other 205,476 191,190 Eliminations (225,011) (196,043) Total consolidated $ 244,175 $ 232,109 We generally account for intersegment sales of products and services and asset transfers at arm’s length prices. No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2015, 2014 and 2013. International operating revenues and long-lived assets are not significant.

Comprehensive Income

Comprehensive Income	12 Months Ended
	Dec. 31, 2015
Comprehensive Income	Note 14 Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Significant changes in the components of Other comprehensive income, net of provision for income taxes are described below. Accumulated Other Comprehensive Income The changes in the balances of Accumulated other comprehensive income by component are as follows: (dollars in millions) Foreign currency Unrealized loss on cash flow hedges Unrealized loss on Defined benefit pension and Total Balance at January 1, 2015 $ (346) $ (84) $ 112 $ 1,429 $ 1,111 Other comprehensive loss (208) (1,063) (5) - (1,276) Amounts reclassified to net income - 869 (6) (148) 715 Net other comprehensive loss (208) (194) (11) (148) (561) Balance at December 31, 2015 (554) $ (278) $ 101 $ 1,281 $ 550 The amounts presented above in net other comprehensive loss are net of taxes and noncontrolling interests, which are not significant. For the year ended December 31, 2015, 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 consolidated statement of income. For the year ended December 31, 2015, all other amounts reclassified to net income in the table above are included in Other income and (expense), net on our consolidated statement of income. Foreign Currency Translation Adjustments The change in Foreign currency translation adjustments during 2015 was related to our non-U.S. dollar net investments in foreign subsidiaries. The change in Foreign currency translation adjustments during 2014 was primarily a result of the completion of the Omnitel transaction. The change in Foreign currency translation adjustments during 2013 was primarily related to our investment in Vodafone Omnitel N.V. which was driven by the movements of the U.S. dollar against the Euro. Net Unrealized Gains (Losses) on Cash Flow Hedges During 2014 and 2013, Unrealized gains (losses) on cash flow hedges included in Other comprehensive income (loss) attributable to noncontrolling interests primarily reflect activity related to cross currency swaps. Reclassification adjustments on cash flow hedges primarily reflect the reclassification to Other income and (expense), net of a portion of the unrealized gains and losses on cross currency swaps to offset related pre-tax foreign currency transaction gain or loss on the underlying debt obligations (see Note 9). Net Unrealized Gains (Losses) on Marketable Securities During 2015, 2014 and 2013, reclassification adjustments on marketable securities for gains (losses) realized in net income were not significant. Defined Benefit Pension and Postretirement Plans The change in Defined benefit pension and postretirement plans at December 31, 2015 and 2014, respectively, was not significant.

Additional Financial Informatio

Additional Financial Information	12 Months Ended
	Dec. 31, 2015
Additional Financial Information	Note 15 Additional Financial Information The tables that follow provide additional financial information related to our consolidated financial statements: Income Statement Information (dollars in millions) Years Ended December 31, 2015 2014 2013 Depreciation expense $ 14,323 $ 14,966 $ 15,019 Interest costs on debt balances 5,504 5,291 3,421 Capitalized interest costs (584) (376) (754) Advertising expense 2,749 2,526 2,438 Balance Sheet Information (dollars in millions) At December 31, 2015 2014 Accounts Payable and Accrued Liabilities Accounts payable $ 6,391 $ 5,598 Accrued expenses 5,281 4,016 Accrued vacation, salaries and wages 4,107 4,131 Interest payable 1,529 1,478 Taxes payable 2,054 1,457 $ 19,362 $ 16,680 Other Current Liabilities Advance billings and customer deposits $ 2,969 $ 3,125 Dividends payable 2,323 2,307 Other 3,446 3,140 $ 8,738 $ 8,572 Cash Flow Information (dollars in millions) Years Ended December 31, 2015 2014 2013 Cash Paid Interest, net of amounts capitalized $ 4,491 $ 4,429 $ 2,122 During the year ended December 31, 2015, Verizon repurchased approximately 2.8 million shares of the Company’s common stock under our authorized share buyback program for approximately $0.1 billion. At December 31, 2015, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 97.2 million. In addition to the previously authorized three-year share buyback program, in February 2015, the Verizon Board of Directors authorized Verizon to enter into an accelerated share repurchase (ASR) agreement to repurchase $5.0 billion of the Company’s common stock. On February 10, 2015, in exchange for an up-front payment totaling $5.0 billion, Verizon received an initial delivery of 86.2 million shares having a value of approximately $4.25 billion. On June 5, 2015, Verizon received an additional 15.4 million shares as final settlement of the transaction under the ASR agreement. In total, 101.6 million shares were delivered under the ASR at an average repurchase price of $49.21. Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 22.6 million common shares issued from Treasury stock during the year ended December 31, 2015, which had an aggregate value of $0.9 billion.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies	Note 16 Commitments and Contingencies In the ordinary course of business Verizon is involved in various commercial litigation and regulatory proceedings at the state and federal level. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods, including the Hicksville matter described below, will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period. Reserves have been established to cover environmental matters relating to discontinued businesses and past telecommunications activities. These reserves include funds to address contamination at the site of a former Sylvania facility in Hicksville NY, which had processed nuclear fuel rods in the 1950s and 1960s. In September 2005, the Army Corps of Engineers (ACE) accepted the site into its Formerly Utilized Sites Remedial Action Program. As a result, the ACE has taken primary responsibility for addressing the contamination at the site. An adjustment to the reserves may be made after a cost allocation is conducted with respect to the past and future expenses of all of the parties. Adjustments to the environmental reserve may also be made based upon the actual conditions found at other sites requiring remediation. Verizon is currently involved in approximately 60 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing entities and effectively seek only monetary damages; a small number are brought by companies that have sold products and seek injunctive relief as well. These cases have progressed to various stages and a small number may go to trial in the coming 12 months if they are not otherwise resolved. In connection with the execution of agreements for the sales of businesses and investments, Verizon ordinarily provides representations and warranties to the purchasers pertaining to a variety of nonfinancial matters, such as ownership of the securities being sold, as well as indemnity from certain financial losses. From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business. Subsequent to the sale of Verizon Information Services Canada in 2004, we continue to provide a guarantee to publish directories, which was issued when the directory business was purchased in 2001 and had a 30-year term (before extensions). The preexisting guarantee continues, without modification, despite the subsequent sale of Verizon Information Services Canada and the spin-off of our domestic print and Internet yellow pages directories business. The possible financial impact of the guarantee, which is not expected to be adverse, cannot be reasonably estimated as a variety of the potential outcomes available under the guarantee result in costs and revenues or benefits that may offset each other. We do not believe performance under the guarantee is likely. As of December 31, 2015, letters of credit totaling approximately $0.1 billion, which were executed in the normal course of business and support several financing arrangements and payment obligations to third parties, were outstanding. We have several commitments primarily to purchase programming and network services, equipment, software, handsets and peripherals, and marketing activities, which will be used or sold in the ordinary course of business, from a variety of suppliers totaling $21.9 billion. Of this total amount, $8.4 billion is attributable to 2016, $9.2 billion is attributable to 2017 through 2018, $2.3 billion is attributable to 2019 through 2020 and $2.0 billion is attributable to years thereafter. These amounts do not represent our entire anticipated purchases in the future, but represent only those items that are the subject of contractual obligations. Our commitments are generally determined based on the noncancelable quantities or termination amounts. Purchases against our commitments for 2015 totaled approximately $10.2 billion. Since the commitments to purchase programming services from television networks and broadcast stations have no minimum volume requirement, we estimated our obligation based on number of subscribers at December 31, 2015, and applicable rates stipulated in the contracts in effect at that time. We also purchase products and services as needed with no firm commitment.

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information	Note 17 Quarterly Financial Information (Unaudited) (dollars in millions, except per share amounts) Net Income (Loss) attributable to Verizon (1) Operating Operating Per Share- Per Share- Net Income Quarter Ended Revenues Income (Loss) Amount Basic Diluted (Loss) 2015 March 31 $ 31,984 $ 7,960 $ 4,219 $ 1.03 $ 1.02 $ 4,338 June 30 32,224 7,821 4,231 1.04 1.04 4,353 September 30 33,158 7,535 4,038 .99 .99 4,171 December 31 34,254 9,744 5,391 1.32 1.32 5,513 2014 March 31 $ 30,818 $ 7,160 $ 3,947 $ 1.15 $ 1.15 $ 5,986 June 30 31,483 7,685 4,214 1.02 1.01 4,324 September 30 31,586 6,890 3,695 .89 .89 3,794 December 31 33,192 (2,136) (2,231) (.54) (.54) (2,148) ● Results of operations for the third quarter of 2015 include after-tax charges attributable to Verizon of $0.2 billion related to a pension remeasurement. ● Results of operations for the fourth quarter of 2015 include after-tax credits attributable to Verizon of $1.6 billion related to severance, pension and benefit credits, as well as after-tax credits attributable to Verizon of $0.2 billion related to a gain on spectrum license transactions. ● Results of operations for the first quarter of 2014 include after-tax-credits attributable to Verizon of $1.9 billion related to the sale of its entire ownership interest in Vodafone Omnitel, as well as after-tax costs attributable to Verizon of $0.6 billion related to early debt redemptions and $0.3 billion related to the Wireless Transaction. ● Results of operations for the second quarter of 2014 include after-tax credits attributable to Verizon of $0.4 billion related to a gain on spectrum license transactions. ● Results of operations for the fourth quarter of 2014 include after-tax charges attributable to Verizon of $4.7 billion related to severance, pension and benefit charges, as well as after-tax costs attributable to Verizon of $0.5 billion related to early debt redemption and other costs. (1) Net income (loss) attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.

Description of Business and S26

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Consolidation	Consolidation The method of accounting applied to investments, whether consolidated, equity or cost, involves an evaluation of all significant terms of the investments that explicitly grant or suggest evidence of control or influence over the operations of the investee. The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in Net income and Total equity. Investments in businesses which we do not control, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. Investments in which we do not have the ability to exercise significant influence over operating and financial policies are accounted for under the cost method. Equity and cost method investments are included in Investments in unconsolidated businesses in our consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated.
Basis of Presentation	Basis of Presentation We have reclassified certain prior year amounts to conform to the current year presentation. 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. We have retrospectively changed the classification and presentation of debt issuance costs, as required by this standard update, in our consolidated financial statements for all periods presented.
Use of Estimates	Use of Estimates We prepare our financial statements using U.S. generally accepted accounting principles (GAAP), which require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Examples of significant estimates include: the allowance for doubtful accounts, the recoverability of plant, property and equipment, the recoverability of intangible assets and other long-lived assets, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, pension and postretirement benefit assumptions, contingencies and the identification of assets acquired and liabilities assumed in connection with business combinations.
Revenue Recognition	Revenue Recognition Multiple Deliverable Arrangements We offer products and services to our wireless and wireline customers through bundled arrangements. These arrangements involve multiple deliverables which may include products, services, or a combination of products and services. Wireless Our Wireless segment earns revenue primarily by providing access to and usage of its network as well as the sale of equipment. In general, access revenue is billed one month in advance and recognized when earned. Usage revenue is generally billed in arrears and recognized when service is rendered. Equipment sales revenue associated with the sale of wireless devices and accessories is generally recognized when the products are delivered to and accepted by the customer, as this is considered to be a separate earnings process from providing wireless services. For agreements involving the resale of third-party services in which we are considered the primary obligor in the arrangements, we record the revenue gross at the time of the sale. Under the Verizon device payment program (formerly known as Verizon Edge), our eligible wireless customers purchase phones or tablets at unsubsidized prices on an installment basis (a device installment plan). Certain devices are subject to promotions that allow customers to upgrade to a new device after paying down the minimum percentage of the device installment plan and trading in their device. When a customer has the right to upgrade to a new device by paying down the minimum percentage of the device installment plan and trading in their device, we account for this trade-in right as a guarantee obligation. The full amount of the trade-in right’s fair value (not an allocated value) is recognized as a guarantee liability and the remaining allocable consideration is allocated to the device. The value of the guarantee liability effectively results in a reduction to the revenue recognized for the sale of the device. In multiple element arrangements that bundle devices and monthly wireless service, revenue is allocated to each unit of accounting using a relative selling price method. At the inception of the arrangement, the amount allocable to the delivered units of accounting is limited to the amount that is not contingent upon the delivery of the monthly wireless service (the noncontingent amount). We effectively recognize revenue on the delivered device at the lesser of the amount allocated based on the relative selling price of the device or the noncontingent amount owed when the device is sold. Wireline Our Wireline segment earns revenue based upon usage of its network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is generally billed in arrears and recognized when service is rendered. We sell each of the services offered in bundled arrangements (i.e., voice, video and data), as well as separately; therefore each product or service has a standalone selling price. For these arrangements, revenue is allocated to each deliverable using a relative selling price method. Under this method, arrangement consideration is allocated to each separate deliverable based on our standalone selling price for each product or service. These services include Fios services, individually or in bundles, and High Speed Internet. When we bundle equipment with maintenance and monitoring services, we recognize equipment revenue when the equipment is installed in accordance with contractual specifications and ready for the customer’s use. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services. Installation-related fees, along with the associated costs up to but not exceeding these fees, are deferred and amortized over the estimated customer relationship period. Other Advertising revenues are generated through display advertising and search advertising. Display advertising revenue is generated by the display of graphical advertisements and other performance-based advertising. Search advertising revenue is generated when a consumer clicks on a text-based advertisement on their screen. Agreements for advertising typically take the forms of impression-based contracts, time-based contracts or performance-based contracts. Advertising revenues derived from impression-based contracts, in which we provide impressions in exchange for a fixed fee, are generally recognized as the impressions are delivered. Advertising revenues derived from time-based contracts, in which we provide promotions over a specified time period for a fixed fee, are recognized on a straight-line basis over the term of the contract, provided that we meet and will continue to meet our obligations under the contract. Advertising revenues derived from contracts where we are compensated based on certain performance criteria are recognized as we complete the contractually specified performance. We report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers on a net basis.
Maintenance and Repairs	Maintenance and Repairs We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services as these costs are incurred.
Advertising Costs	Advertising Costs Costs for advertising products and services as well as other promotional and sponsorship costs are charged to Selling, general and administrative expense in the periods in which they are incurred (see Note 15).
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share are based on the weighted-average number of shares outstanding during the period. Where appropriate, diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans. There were a total of approximately 8 million, 7 million and 8 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013, respectively. For the year ended December 31, 2015, there were no outstanding options to purchase shares that would have been anti-dilutive. Outstanding options to purchase shares that were not included in the computation of diluted earnings per common share, because to do so would have been anti-dilutive for the period, were not significant for the years ended December 31, 2014 and 2013, respectively. On January 28, 2014, at a special meeting of our shareholders, we received shareholder approval to increase our authorized shares of common stock by 2 billion shares to an aggregate of 6.25 billion authorized shares of common stock. On February 4, 2014, this authorization became effective. On February 21, 2014, we issued approximately 1.27 billion shares of common stock upon completing the acquisition of Vodafone Group Plc’s indirect 45% interest in Cellco Partnership d/b/a Verizon Wireless. See Note 2 for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and include amounts held in money market funds.
Marketable Securities	Marketable Securities We have investments in marketable securities, which are considered “available-for-sale” under the provisions of the accounting standard for certain debt and equity securities, and are included in the accompanying consolidated balance sheets in Short-term investments or Other assets. We continually evaluate our investments in marketable securities for impairment due to declines in market value considered to be other-than-temporary. That evaluation includes, in addition to persistent, declining stock prices, general economic and company-specific evaluations. In the event of a determination that a decline in market value is other-than-temporary, a charge to earnings is recorded for the loss, and a new cost basis in the investment is established.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Accounts receivable are recorded in the consolidated financial statements at cost net of an allowance for credit losses. We maintain allowances for uncollectible accounts receivable, including our device installment plan receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Similar to traditional service revenue accounting treatment, we record device installment plan bad debt expense based on an estimate of the percentage of equipment revenue that will not be collected. This estimate is based on a number of factors including historical write-off experience, credit quality of the customer base and other factors such as macroeconomic conditions. Due to the device installment plan being incorporated in the standard Verizon Wireless bill, the collection and risk strategies continue to follow historical practices. We monitor the aging of our accounts with device installment plan receivables and write off account balances if collection efforts are unsuccessful and future collection is unlikely.
Inventories	Inventories Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost (determined principally on either an average cost or first-in, first-out basis) or market.
Plant and Depreciation	Plant and Depreciation We record plant, property and equipment at cost. Plant, property and equipment are generally depreciated on a straight-line basis. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the remaining term of the related lease, calculated from the time the asset was placed in service. When depreciable assets are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts, and any gains or losses on disposition are recognized in income. We capitalize and depreciate network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets. Capitalized interest is reported as a reduction in interest expense and depreciated as part of the cost of the network-related assets. In connection with our ongoing review of the estimated remaining average useful lives of plant, property and equipment, we determined that changes were necessary to the remaining estimated useful lives of certain assets as a result of technology upgrades, enhancements, and planned retirements. These changes resulted in an increase in depreciation expense of $0.4 billion and $0.6 billion in 2015 and 2014, respectively. While the timing and extent of current deployment plans are subject to ongoing analysis and modification, we believe the current estimates of useful lives are reasonable.
Computer Software Costs	Computer Software Costs We capitalize the cost of internal-use network and non-network software that has a useful life in excess of one year. Subsequent additions, modifications or upgrades to internal-use network and non-network software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Planning, software maintenance and training costs are expensed in the period in which they are incurred. Also, we capitalize interest associated with the development of internal-use network and non-network software. Capitalized non-network internal-use software costs are amortized using the straight-line method over a period of 3 to 8 years and are included in Other intangible assets, net in our consolidated balance sheets. For a discussion of our impairment policy for capitalized software costs, see “Goodwill and Other Intangible Assets” below. Also, see Note 3 for additional detail of internal-use non-network software reflected in our consolidated balance sheets.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Impairment testing for goodwill is performed annually in the fourth fiscal quarter or more frequently if impairment indicators are present. To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment. However, we may elect to bypass the qualitative assessment and perform an impairment test even if no indications of a potential impairment exist. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. Step one, performed to identify potential impairment, compares the fair value of the reporting unit (calculated using a market approach and/or a discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed to measure the amount of the impairment charge. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., fair value of reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment charge is recognized. Intangible Assets Not Subject to Amortization A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses. As a result, we treat the wireless licenses as an indefinite-lived intangible asset. We reevaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. We test our wireless licenses for potential impairment annually or more frequently if impairment indicators are present. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. The most recent quantitative assessment of our wireless licenses occurred in 2015. Our quantitative assessment consisted of comparing the estimated fair value of our aggregate wireless licenses to the aggregated carrying amount as of the test date. Using a quantitative assessment, we estimated the fair value of our aggregate wireless licenses using the Greenfield approach. The Greenfield approach is an income based valuation approach that values the wireless licenses by calculating the cash flow generating potential of a hypothetical start-up company that goes into business with no assets except the wireless licenses to be valued. A discounted cash flow analysis is used to estimate what a marketplace participant would be willing to pay to purchase the aggregated wireless licenses as of the valuation date. If the estimated fair value of the aggregated wireless licenses is less than the aggregated carrying amount of the wireless licenses then an impairment charge is recognized. In 2014 and 2013, we performed a qualitative assessment to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount. As part of our assessment, we considered several qualitative factors including the business enterprise value of our Wireless segment, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA (Earnings before interest, taxes, depreciation and amortization) margin projections), the projected financial performance of our Wireless segment, as well as other factors. Interest expense incurred while qualifying activities are performed to ready wireless licenses for their intended use is capitalized as part of wireless licenses. The capitalization period ends when the development is discontinued or substantially complete and the license is ready for its intended use. Intangible Assets Subject to Amortization and Long-Lived Assets Our intangible assets that do not have indefinite lives (primarily customer lists and non-network internal-use software) are amortized over their estimated useful lives. All of our intangible assets subject to amortization and long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any indications were present, we would test for recoverability by comparing the carrying amount of the asset group to the net undiscounted cash flows expected to be generated from the asset group. If those net undiscounted cash flows do not exceed the carrying amount, we would perform the next step, which is to determine the fair value of the asset and record an impairment, if any. We reevaluate the useful life determinations for these intangible assets each year to determine whether events and circumstances warrant a revision to their remaining useful lives. For information related to the carrying amount of goodwill, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 3.
Fair Value Measurements	Fair Value Measurements Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 - No observable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy.
Income Taxes	Income Taxes Our effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations and tax planning strategies available to us in the various jurisdictions in which we operate. Deferred income taxes are provided for temporary differences in the bases between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at tax rates then in effect. We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The first step is recognition: we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The second step is measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability. The accounting standard relating to income taxes generated by leveraged lease transactions requires that changes in the projected timing of income tax cash flows generated by a leveraged lease transaction be recognized as a gain or loss in the year in which the change occurs. Significant management judgment is required in evaluating our tax positions and in determining our effective tax rate.
Stock-Based Compensation	Stock-Based Compensation We measure and recognize compensation expense for all stock-based compensation awards made to employees and directors based on estimated fair values. See Note 10 for further details.
Foreign Currency Translation	Foreign Currency Translation The functional currency of our foreign operations is generally the local currency. For these foreign entities, we translate income statement amounts at average exchange rates for the period, and we translate assets and liabilities at end-of-period exchange rates. We record these translation adjustments in Accumulated other comprehensive income, a separate component of Equity, in our consolidated balance sheets. We report exchange gains and losses on intercompany foreign currency transactions of a long-term nature in Accumulated other comprehensive income. Other exchange gains and losses are reported in income.
Employee Benefit Plans	Employee Benefit Plans Pension and postretirement health care and life insurance benefits earned during the year as well as interest on projected benefit obligations are accrued currently. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in operating results in the year in which they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management employees no longer earn pension benefits or earn service towards the company retiree medical subsidy (see Note 11). We recognize a pension or a postretirement plan’s funded status as either an asset or liability on the consolidated balance sheets. Also, we measure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive income, net of applicable income tax.
Derivative Instruments	Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates, interest rates, equity and commodity prices. We employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, foreign currency and prepaid forwards and collars, interest rate swap agreements, commodity swap and forward agreements and interest rate locks. We do not hold derivatives for trading purposes. We measure all derivatives, including derivatives embedded in other financial instruments, at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Our derivative instruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified as Level 2. Changes in the fair values of derivative instruments not qualifying as hedges or any ineffective portion of hedges are recognized in earnings in the current period. Changes in the fair values of derivative instruments used effectively as fair value hedges are recognized in earnings, along with changes in the fair value of the hedged item. Changes in the fair value of the effective portions of cash flow hedges are reported in Other comprehensive income (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 income (loss) as part of the cumulative translation adjustment and partially offset the impact of foreign currency changes on the value of our net investment.
Variable Interest Entities	Variable Interest Entities VIEs are entities which lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, have equity investors which do not have the ability to make significant decisions relating to the entity’s operations through voting rights, do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We consolidate the assets and liabilities of VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is the party which has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards During the first quarter of 2015, we adopted the accounting standard update related to the reporting of discontinued operations and disclosures of disposals of components of an entity, which changes the criteria for reporting discontinued operations. As a result of this standard update, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The prospective adoption of this standard update did not have an impact on our consolidated financial statements. During the fourth quarter of 2015, we early adopted the accounting standard update related to the balance sheet classification of deferred taxes. The standard update requires that deferred tax liabilities and assets be classified as noncurrent in the statement of financial position. We applied the amendments in this accounting standard update retrospectively to all periods presented. The adoption of this standard update did not have a significant impact on our 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 was issued. This standard adds Securities and Exchange Commission (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 consolidated financial statements.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In September 2015, the accounting standard update related to the simplification of the accounting for measurement-period adjustments in business combinations was issued. This standard update 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. We will adopt this standard update during the first quarter of 2016. The adoption of this standard update is not expected to have a significant impact on our consolidated financial statements. In May 2015, the accounting standard update related to disclosures for investments in certain entities that calculate net asset value per share was issued. This standard update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The standard update also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. We will adopt this standard update during the first quarter of 2016 and apply it retrospectively to all periods presented. The adoption of this standard update is not expected to have a significant impact on our consolidated financial statements. In June 2014, an accounting standard update was issued related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. We will adopt this standard update during the first quarter of 2016. The adoption of this standard update is not expected to have a significant impact on our consolidated financial statements. In May 2014, the accounting standard update related to the recognition of revenue from contracts with customers was issued. This standard update clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The standard update intends to provide a more robust framework for addressing revenue issues; improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; and provide more useful information to users of financial statements through improved disclosure requirements. Upon adoption of this standard update, we expect that the allocation and timing of revenue recognition will be impacted. In August 2015, an accounting standard update was issued that delays the effective date of this standard until the first quarter of 2018. Companies are permitted to early adopt the standard in the first quarter of 2017. There are two adoption methods available for implementation of the standard update related to the recognition of revenue from contracts with customers. Under one method, the guidance is applied retrospectively to contracts for each reporting period presented, subject to allowable practical expedients. Under the other method, the guidance is applied 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 consolidated financial statements.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2015
Major Classes of Assets and Liabilities of Local Exchange and Related Landline Activities in California, Florida and Texas	The following table summarizes the major classes of assets and liabilities of our local exchange and related landline activities in California, Florida and Texas which are classified as held for sale on our consolidated balance sheet as of December 31, 2015: (dollars in millions) Assets held for sale: Accounts receivable $ 435 Prepaid expense and other 58 Total current assets held for sale 493 Plant, property and equipment, net 8,884 Goodwill (Note 3) 1,328 Other assets 55 Total non-current assets held for sale 10,267 Total assets held for sale $ 10,760 Liabilities related to assets held for sale: Accounts payable and accrued liabilities $ 256 Other current liabilities 207 Total current liabilities related to assets held for sale 463 Long-term debt 594 Employee benefit obligations 289 Other liabilities 76 Total non-current liabilities related to assets held for sale 959 Total liabilities related to assets held for sale $ 1,422
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 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

Wireless Licenses, Goodwill a28

Wireless Licenses, Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Changes in Carrying Amount of Wireless Licenses	Changes in the carrying amount of Wireless licenses are as follows: (dollars in millions) Balance at January 1, 2014 $ 75,747 Acquisitions (Note 2) 444 Dispositions (Note 2) (1,978) Capitalized interest on wireless licenses 167 Reclassifications, adjustments and other 961 Balance at December 31, 2014 $ 75,341 Acquisitions (Note 2) 10,474 Capitalized interest on wireless licenses 389 Reclassifications, adjustments and other 371 Balance at December 31, 2015 $ 86,575
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, 2014 $ 18,376 $ 6,258 $ - $ 24,634 Acquisitions (Note 2) 15 40 - 55 Dispositions (Note 2) - (38) - (38) Reclassifications, adjustments and other (1) (11) - (12) Balance at December 31, 2014 $ 18,390 $ 6,249 $ - $ 24,639 Acquisitions (Note 2) 3 - 2,035 2,038 Reclassifications, adjustments and other - (1,918) 572 (1,346) Balance at December 31, 2015 $ 18,393 $ 4,331 $ 2,607 $ 25,331
Composition of Other Intangible Assets, Net	The following table displays the composition of Other intangible assets, net: (dollars in millions) 2015 2014 Gross Accumulated Net Gross Accumulated Net At December 31, Amount Amortization Amount Amount Amortization Amount Customer lists (5 to 14 years) $ 4,139 $ (2,365) $ 1,774 $ 3,618 $ (2,924) $ 694 Non-network internal-use software (3 to 8 years) 14,542 (9,620) 4,922 12,791 (8,428) 4,363 Other (5 to 25 years) 1,346 (450) 896 670 (368) 302 Total $ 20,027 $ (12,435) $ 7,592 $ 17,079 $ (11,720) $ 5,359
Amortization Expense for Other Intangible Assets	The amortization expense for Other intangible assets was as follows: Years (dollars in millions) 2015 $ 1,694 2014 1,567 2013 1,587
Estimated Future Amortization Expense for Other Intangible Assets	Estimated annual amortization expense for Other intangible assets is as follows: Years (dollars in millions) 2016 $ 1,696 2017 1,491 2018 1,311 2019 1,082 2020 805

Plant, Property and Equipment (

Plant, Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Plant, Property and Equipment	The following table displays the details of Plant, property and equipment, which is stated at cost: (dollars in millions) At December 31, Lives (years) 2015 2014 Land - $ 709 $ 763 Buildings and equipment 15-45 25,587 25,209 Central office and other network equipment 3-50 129,201 129,619 Cable, poles and conduit 11-50 44,290 54,797 Leasehold improvements 5-20 7,104 6,374 Work in progress - 4,907 4,580 Furniture, vehicles and other 3-20 8,365 9,166 220,163 230,508 Less accumulated depreciation 136,622 140,561 Plant, property and equipment, net $ 83,541 $ 89,947

Investments in Unconsolidated30

Investments in Unconsolidated Businesses (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Summarized Financial Information for Equity Investees, Income Statement	Income Statement (dollars in millions) Years Ended December 31, 2013 Net revenue $ 8,984 Operating income 1,632 Net income 925

Leasing Arrangements (Tables)

Leasing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Finance Lease Receivables Included in Prepaid Expenses and Other and Other Assets	Finance lease receivables, which are included in Prepaid expenses and other and Other assets in our consolidated balance sheets, are comprised of the following: (dollars in millions) At December 31, 2015 2014 Leveraged Leases Direct Finance Total Leveraged Leases Direct Finance Leases Total Minimum lease payments receivable $ 778 $ 7 $ 785 $ 1,095 $ 8 $ 1,103 Estimated residual value 496 2 498 600 2 602 Unearned income (309) (2) (311) (535) (2) (537) Total $ 965 $ 7 $ 972 $ 1,160 $ 8 $ 1,168 Allowance for doubtful accounts (78) (78) Finance lease receivables, net $ 894 $ 1,090 Prepaid expenses and other $ 3 $ 4 Other assets 891 1,086 $ 894 $ 1,090
Schedule of Future Minimum Lease Payments Received from Capital Leases	The future minimum lease payments to be received from noncancelable capital leases (direct financing and leveraged leases), net of nonrecourse loan payments related to leveraged leases and allowances for doubtful accounts, along with expected receipts relating to operating leases for the periods shown at December 31, 2015, are as follows: (dollars in millions) Years Capital Leases Operating Leases 2016 $ 93 $ 128 2017 94 103 2018 52 82 2019 44 51 2020 72 23 Thereafter 430 12 Total $ 785 $ 399
Amortization of Capital Leases	Capital lease amounts included in Plant, property and equipment are as follows: (dollars in millions) At December 31, 2015 2014 Capital leases $ 421 $ 319 Less accumulated amortization (221) (171) Total $ 200 $ 148
Schedule of Aggregate Minimum Rental Commitments under Noncancelable Leases	The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2015, are as follows: (dollars in millions) Years Capital Leases Operating Leases 2016 $ 302 $ 2,744 2017 278 2,486 2018 187 2,211 2019 97 1,939 2020 45 1,536 Thereafter 159 7,297 Total minimum rental commitments 1,068 $ 18,213 Less interest and executory costs 111 Present value of minimum lease payments 957 Less current installments 271 Long-term obligation at December 31, 2015 $ 686

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations	Changes to debt during 2015 are as follows: (dollars in millions) Debt Maturing Long-term Total Balance at January 1, 2015 $ 2,735 $ 110,029 $ 112,764 Proceeds from long-term borrowings 4,000 2,667 6,667 Repayments of long-term borrowings and capital leases obligations (9,340) - (9,340) Decrease in short-term obligations, excluding current maturities (344) - (344) Reclassifications of long-term debt 8,556 (8,556) - Reclassification of long-term debt to Non-current liabilities related to assets held for sale (Note 2) - (594) (594) Debt acquired (Note 2) 461 92 553 Other 421 (398) 23 Balance at December 31, 2015 $ 6,489 $ 103,240 $ 109,729
Debt Maturing within One Year	Debt maturing within one year is as follows: (dollars in millions) At December 31, 2015 2014 Long-term debt maturing within one year $ 6,325 $ 2,397 Short-term notes payable 158 319 Commercial paper and other 6 19 Total debt maturing within one year $ 6,489 $ 2,735
Long-term Debt Table	Outstanding long-term debt obligations are as follows: (dollars in millions) At December 31, Interest Rates % Maturities 2015 2014 Verizon Communications - notes payable and other 0.30 - 3.85 2016 - 2042 $ 26,281 $ 27,617 4.15 - 5.50 2018 - 2055 51,156 40,701 5.85 - 6.90 2018 - 2054 16,420 24,341 7.35 - 8.95 2018 - 2039 2,300 2,264 Floating 2016 - 2025 14,100 14,600 Verizon Wireless - notes payable and other 8.88 2018 68 676 Verizon Wireless - Alltel assumed notes 6.80 - 7.88 2029 - 2032 686 686 Telephone subsidiaries - debentures 5.13 - 6.50 2028 - 2033 575 1,075 7.38 - 7.88 2022 - 2032 1,099 1,099 8.00 - 8.75 2019 - 2031 780 880 Other subsidiaries - debentures and other 6.84 - 8.75 2018 - 2028 1,432 1,432 Capital lease obligations (average rate of 3.4% and 4.0% in 2015 and 2014, respectively) 957 516 Unamortized discount, net of premium (5,824) (2,954) Unamortized debt issuance costs (465) (507) Total long-term debt, including current maturities 109,565 112,426 Less long-term debt maturing within one year 6,325 2,397 Total long-term debt $ 103,240 $ 110,029
Schedule of Notes Repurchased as part of a Tender Offer	On March 10, 2014, we announced the commencement of a tender offer (the Tender Offer) to purchase for cash any and all of the series of notes listed in the following table: (dollars in millions, except for Purchase Price) Interest Maturity Principal Amount Purchase Price (1) Principal Amount Verizon Communications 6.10 % 2018 $ 1,500 $ 1,170.07 $ 748 5.50 % 2018 1,500 1,146.91 763 8.75 % 2018 1,300 1,288.35 564 5.55 % 2016 1,250 1,093.62 652 5.50 % 2017 750 1,133.22 353 Cellco Partnership and Verizon Wireless Capital LLC 8.50 % 2018 1,000 1,279.63 619 Alltel Corporation 7.00 % 2016 300 1,125.26 157 GTE Corporation 6.84 % 2018 600 1,196.85 266 $ 4,122 (1) Per $1,000 principal amount of notes
Maturities of Long-Term Debt Excluding Unamortized Debt Issuance Costs	Maturities of long-term debt outstanding, excluding unamortized debt issuance costs, at December 31, 2015 are as follows: Years (dollars in millions) 2016 $ 6,325 2017 4,195 2018 7,072 2019 5,645 2020 8,860 Thereafter 77,933
February Exchange Offers
Schedule of Notes Included in Exchange Offer	The table below lists the series of Old Notes included in the February Exchange Offers for the 2036 New Notes: (dollars in millions) Interest Rate Maturity Principal Amount Principal Amount Verizon Communications Inc. 5.15% 2023 $ 11,000 $ 2,483 The table below lists the series of Old Notes included in the February Exchange Offers for the 2048 New Notes: (dollars in millions) Interest Rate Maturity Principal Principal Amount Verizon Communications Inc. 6.90% 2038 $ 1,250 $ 773 6.40% 2038 1,750 884 6.40% 2033 4,355 2,159 6.25% 2037 750 - GTE Corporation 6.94% 2028 800 - $ 3,816 The table below lists the series of Old Notes included in the February Exchange Offers for the 2055 New Notes: (dollars in millions) Interest Rate Maturity Principal Principal Amount Verizon Communications Inc. 6.55% 2043 $ 10,670 $ 4,084
July Exchange Offers
Schedule of Notes Included in Exchange Offer	The table below lists the series of Old Notes included in the July Exchange Offers for the 2020 New Notes: (dollars in millions) Interest Maturity Principal Amount Principal Amount Exchange Verizon Communications 3.65 % 2018 $ 4,750 $ 2,052 2.50 % 2016 4,250 1,068 $ 3,120 The table below lists the series of Old Notes included in the July Exchange Offers for the 2046 New Notes: (dollars in millions) Interest Maturity Principal Amount Principal Amount Exchange Verizon Communications 6.40 % 2033 $ 6,000 $ 1,645 7.75 % 2030 2,000 794 7.35 % 2039 1,000 520 7.75 % 2032 400 149 Alltel Corporation 7.875 % 2032 700 248 6.80 % 2029 300 65 $ 3,421 The table below lists the series of Old Notes included in the July Exchange Offers for the 2054 New Notes: (dollars in millions) Interest Maturity Principal Amount Principal Amount Exchange Verizon Communications 6.55 % 2043 $ 15,000 $ 4,330 6.40 % 2038 1,750 - 6.90 % 2038 1,250 - $ 4,330

Wireless Device Installment P33

Wireless Device Installment Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Device Installment Plan Receivables	The following table displays device installment plan receivables, net, that continue to be recognized in our consolidated balance sheets: (dollars in millions) At December 31, 2015 2014 Device installment plan receivables, gross $ 3,720 $ 3,833 Unamortized imputed interest (142) (155) Device installment plan receivables, net of unamortized imputed interest 3,578 3,678 Allowance for credit losses (444) (76) Device installment plan receivables, net $ 3,134 $ 3,602 Classified on our consolidated balance sheets: Accounts receivable, net $ 1,979 $ 2,470 Other assets 1,155 1,132 Device installment plan receivables, net $ 3,134 $ 3,602
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, 2015 $ 76 Bad debt expenses 662 Write-offs (203) Allowance related to receivables sold (101) Other 10 Balance at December 31, 2015 $ 444
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 Program during the year ended December 31, 2015: (dollars in millions) RPA Revolving Program Total Device installment plan receivables sold, net (1) $ 6,093 $ 3,270 $ 9,363 Cash proceeds received (2) 4,502 2,738 7,240 Deferred purchase price recorded 1,690 532 2,222 (1) (2)

Fair Value Measurements and F34

Fair Value Measurements and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of 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) (2) (3)
Schedule of Fair Value of Short-Term and Long-Term Debt, Excluding Capital Leases	The fair value of our short-term and long-term debt, excluding capital leases, was as follows: (dollars in millions) At December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Short- and long-term debt, excluding capital leases $ 108,772 $ 118,216 $ 112,248 $ 126,549

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Restricted and Performance Stock Unit Activity	The following table summarizes Verizon’s Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Stock Performance Stock Outstanding January 1, 2013 18,669 39,463 Granted 4,950 7,470 Payments (7,246) (22,703) Cancelled/Forfeited (180) (506) Outstanding December 31, 2013 16,193 23,724 Granted 5,278 7,359 Payments (6,202) (9,153) Cancelled/Forfeited (262) (1,964) Outstanding December 31, 2014 15,007 19,966 Granted 4,958 7,044 Payments (5,911) (6,732) Cancelled/Forfeited (151) (3,075) Outstanding December 31, 2015 13,903 17,203

Employee Benefits (Tables)

Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2015
Change In Benefit Obligations, Change In Plan Assets, Funded Status, Amounts Recognized on Balance Sheet, and Amounts Recognized In Accumulated Other Comprehensive Income (Pretax)	The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans. Obligations and Funded Status (dollars in millions) Pension Health Care and Life At December 31, 2015 2014 2015 2014 Change in Benefit Obligations Beginning of year $ 25,320 $ 23,032 $ 27,097 $ 23,042 Service cost 374 327 324 258 Interest cost 969 1,035 1,117 1,107 Plan amendments - (89) (45) (412) Actuarial (gain) loss, net (1,361) 2,977 (2,733) 4,645 Benefits paid (971) (1,566) (1,370) (1,543) Curtailment and termination benefits - 11 - - Settlements paid (2,315) (407) - - Reclassifications (Note 2) - - (167) - End of year $ 22,016 $ 25,320 $ 24,223 $ 27,097 Change in Plan Assets Beginning of year $ 18,548 $ 17,111 $ 2,435 $ 3,053 Actual return on plan assets 118 1,778 28 193 Company contributions 744 1,632 667 732 Benefits paid (971) (1,566) (1,370) (1,543) Settlements paid (2,315) (407) - - End of year $ 16,124 $ 18,548 $ 1,760 $ 2,435 Funded Status End of year $ (5,892) $ (6,772) $ (22,463) $ (24,662) We reclassified $0.2 billion to Non-current liabilities related to assets held for sale as a result of our agreement to sell our local exchange business and related landline activities in California, Florida and Texas to Frontier (see Note 2 for additional details). (dollars in millions) Pension Health Care and Life At December 31, 2015 2014 2015 2014 Amounts recognized on the balance sheet Noncurrent assets $ 349 $ 337 $ - $ - Current liabilities (93) (122) (695) (528) Noncurrent liabilities (6,148) (6,987) (21,768) (24,134) Total $ (5,892) $ (6,772) $ (22,463) $ (24,662) Amounts recognized in Accumulated Other Comprehensive Income (Pre-tax) Prior Service Benefit (Cost) $ (51) $ (56) $ (2,038) $ (2,280) Total $ (51) $ (56) $ (2,038) $ (2,280)
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets	Information for pension plans with an accumulated benefit obligation in excess of plan assets follows: (dollars in millions) At December 31, 2015 2014 Projected benefit obligation $ 21,694 $ 24,919 Accumulated benefit obligation 21,636 24,851 Fair value of plan assets 15,452 17,810
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance	The following table summarizes the benefit (income) cost related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Years Ended December 31, 2015 2014 2013 2015 2014 2013 Service cost $ 374 $ 327 $ 395 $ 324 $ 258 $ 318 Amortization of prior service cost (credit) (5) (8) 6 (287) (253) (247) Expected return on plan assets (1,270) (1,181) (1,245) (101) (161) (143) Interest cost 969 1,035 1,002 1,117 1,107 1,095 Remeasurement (gain) loss, net (209) 2,380 (2,470) (2,659) 4,615 (3,989) Net periodic benefit (income) cost (141) 2,553 (2,312) (1,606) 5,566 (2,966) Curtailment and termination benefits - 11 4 - - - Total $ (141) $ 2,564 $ (2,308) $ (1,606) $ 5,566 $ (2,966)
Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss	Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive (income) loss are as follows: (dollars in millions) Pension Health Care and Life At December 31, 2015 2014 2015 2014 Prior service cost $ - $ (89) $ (45) $ (413) Reversal of amortization items Prior service cost 5 8 287 253 Total recognized in other comprehensive (income) loss (pre-tax) $ 5 $ (81) $ 242 $ (160)
Weighted Average Assumptions Used in Determining Benefit Obligations and Net Periodic Cost	The weighted-average assumptions used in determining benefit obligations follow: Pension Health Care and Life At December 31, 2015 2014 2015 2014 Discount Rate 4.60% 4.20% 4.60 % 4.20% Rate of compensation increases 3.00 3.00 N/A N/A The weighted-average assumptions used in determining net periodic cost follow: Pension Health Care and Life At December 31, 2015 2014 2013 2015 2014 2013 Discount Rate 4.20 % 5.00% 4.20% 4.20 % 5.00% 4.20% Expected return on plan assets 7.25 7.25 7.50 4.80 5.50 5.60 Rate of compensation increases 3.00 3.00 3.00 N/A N/A N/A
Health Care Cost Trend Rates	The assumed health care cost trend rates follow: Health Care and Life At December 31, 2015 2014 2013 Healthcare cost trend rate assumed for next year 6.00 % 6.50% 6.50% Rate to which cost trend rate gradually declines 4.50 4.75 4.75 Year the rate reaches the level it is assumed to remain thereafter 2024 2022 2020
Effects of One Percentage Point Change in Assumed Health Care Cost Trend Rates	A one-percentage point change in the assumed health care cost trend rate would have the following effects: (dollars in millions) One-Percentage Point Increase Decrease Effect on 2015 service and interest cost $ 249 $ (194) Effect on postretirement benefit obligation as of December 31, 2015 3,074 (2,516)
Expected Benefit Payments to Retirees	The benefit payments to retirees are expected to be paid as follows: (dollars in millions) Year Pension Benefits Health Care and Life 2016 $ 1,906 $ 1,390 2017 1,757 1,390 2018 1,441 1,384 2019 1,391 1,354 2020 1,371 1,349 2021-2025 6,699 6,889
Schedule of Recorded Severance Liability	The following table provides an analysis of our actuarially determined severance liability recorded in accordance with the accounting standard regarding employers’ accounting for postemployment benefits: (dollars in millions) Year Beginning of Year Charged to Payments Other End of Year 2013 $ 1,010 $ 134 $ (381) $ (6) $ 757 2014 757 531 (406) (7) 875 2015 875 551 (619) (7) 800
Pension
Fair Values for Plans by Asset Category	The fair values for the pension plans by asset category at December 31, 2015 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,459 $ 1,375 $ 84 $ - Equity securities 3,216 2,313 900 3 Fixed income securities U.S. Treasuries and agencies 1,264 884 380 - Corporate bonds 3,024 194 2,702 128 International bonds 713 34 659 20 Other 3 - 3 - Real estate 1,670 - 39 1,631 Other Private equity 2,988 - - 2,988 Hedge funds 1,787 - 730 1,057 Total $ 16,124 $ 4,800 $ 5,497 $ 5,827 The fair values for the pension plans by asset category at December 31, 2014 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,983 $ 1,814 $ 169 $ - Equity securities 4,339 2,952 1,277 110 Fixed income securities U.S. Treasuries and agencies 1,257 830 427 - Corporate bonds 2,882 264 2,506 112 International bonds 582 39 524 19 Other 3 - 3 - Real estate 1,792 - - 1,792 Other Private equity 3,748 - 204 3,544 Hedge funds 1,962 - 1,164 798 Total $ 18,548 $ 5,899 $ 6,274 $ 6,375
Reconciliation of Beginning and Ending Balance of Plan Assets Measured at Fair Value	The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Equity Securities Corporate Bonds International Bonds Real Estate Private Equity Hedge Funds Total Balance at January 1, 2014 $ - $ 162 $ - $ 1,784 $ 3,942 $ 1,196 $ 7,084 Actual gain (loss) on plan assets (1) 5 - 42 73 33 152 Purchases and sales 106 (50) 8 (34) (471) 144 (297) Transfers in (out) 5 (5) 11 - - (575) (564) Balance at December 31, 2014 $ 110 $ 112 $ 19 $ 1,792 $ 3,544 $ 798 $ 6,375 Actual gain (loss) on plan assets 1 4 (3) 132 63 12 209 Purchases and sales 16 18 5 (259) (619) 324 (515) Transfers in (out) (124) (6) (1) (34) - (77) (242) Balance at December 31, 2015 $ 3 $ 128 $ 20 $ 1,631 $ 2,988 $ 1,057 $ 5,827
Other Postretirement Benefit Plan
Fair Values for Plans by Asset Category	Health Care and Life Plans The fair values for the other postretirement benefit plans by asset category at December 31, 2015 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 162 $ 8 $ 154 $ - Equity securities 974 752 222 - Fixed income securities U.S. Treasuries and agencies 21 18 3 - Corporate bonds 524 133 391 - International bonds 79 19 60 - Other - - - - Total $ 1,760 $ 930 $ 830 $ - The fair values for the other postretirement benefit plans by asset category at December 31, 2014 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 208 $ 6 $ 202 $ - Equity securities 1,434 1,172 262 - Fixed income securities U.S. Treasuries and agencies 105 98 7 - Corporate bonds 461 119 296 46 International bonds 111 14 97 - Other 116 - 116 - Total $ 2,435 $ 1,409 $ 980 $ 46
Reconciliation of Beginning and Ending Balance of Plan Assets Measured at Fair Value	The following is a reconciliation of the beginning and ending balance of the other postretirement benefit plans assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Corporate Bonds Total Balance at December 31, 2013 $ - $ - Actual gain on plan assets 1 1 Purchases and sales 45 45 Balance at December 31, 2014 $ 46 $ 46 Transfers in (out) (46) (46) Balance at December 31, 2015 $ - $ -

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Components of Income before Provision for Income Taxes	The components of income before provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Domestic $ 27,639 $ 12,992 $ 28,833 Foreign 601 2,278 444 Total $ 28,240 $ 15,270 $ 29,277
Components of Provision for Income Taxes	The components of the provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Current Federal $ 5,476 $ 2,657 $ (197) Foreign 70 81 (59) State and Local 803 668 201 Total 6,349 3,406 (55) Deferred Federal 3,377 (51) 5,060 Foreign 9 (9) 8 State and Local 130 (32) 717 Total 3,516 (92) 5,785 Total income tax provision $ 9,865 $ 3,314 $ 5,730
Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates	The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate: Years Ended December 31, 2015 2014 2013 Statutory federal income tax rate 35.0 35.0 % 35.0 % State and local income tax rate, net of federal tax benefits 2.1 2.7 2.1 Affordable housing credit (0.5) (1.0) (0.6) Employee benefits including ESOP dividend (0.4) (0.7) (0.4) Disposition of Omnitel Interest - (5.9) - Noncontrolling interests (0.5) (5.0) (14.3) Other, net (0.8) (3.4) (2.2) Effective income tax rate 34.9 % 21.7 % 19.6 %
Schedule of Cash Taxes Paid	The amounts of cash taxes paid are as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Income taxes, net of amounts refunded $ 5,293 $ 4,093 $ 422 Employment taxes 1,284 1,290 1,282 Property and other taxes 1,868 1,797 2,082 Total $ 8,445 $ 7,180 $ 3,786
Schedule of Deferred Taxes	Significant components of deferred tax assets and liabilities are as follows: (dollars in millions) At December 31, 2015 2014 Employee benefits $ 12,220 $ 13,350 Tax loss and credit carry forwards 4,099 2,255 Other – assets 2,504 2,247 18,823 17,852 Valuation allowances (3,414) (1,841) Deferred tax assets 15,409 16,011 Spectrum and other intangible amortization 29,945 28,283 Depreciation 24,725 23,423 Other – liabilities 6,125 5,754 Deferred tax liabilities 60,795 57,460 Net deferred tax liability $ 45,386 $ 41,449
Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits	A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: (dollars in millions) 2015 2014 2013 Balance at January 1, $ 1,823 $ 2,130 $ 2,943 Additions based on tax positions related to the current year 194 80 116 Additions for tax positions of prior years 330 627 250 Reductions for tax positions of prior years (412) (278) (801) Settlements (79) (239) (210) Lapses of statutes of limitations (221) (497) (168) Balance at December 31, $ 1,635 $ 1,823 $ 2,130
Schedule of After Tax Benefits Related to Interest and Penalties in Provision for Income Taxes	We recognized the following net after-tax benefits related to interest and penalties in the provision for income taxes: Years Ended December 31, (dollars in millions) 2015 $ 43 2014 92 2013 33
Schedule of After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet	The after-tax accruals for the payment of interest and penalties in the consolidated balance sheets are as follows: At December 31, (dollars in millions) 2015 $ 125 2014 169

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Operating Financial Information for Reportable Segments	The following table provides operating financial information for our two reportable segments: (dollars in millions) 2015 Wireless Wireline Total Segments External Operating Revenues Service revenue $ 70,305 $ - $ 70,305 Equipment 16,924 - 16,924 Other 4,294 - 4,294 Consumer retail - 12,696 12,696 Small business - 1,744 1,744 Mass Markets - 14,440 14,440 Strategic services - 7,803 7,803 Core - 4,245 4,245 Global Enterprise - 12,048 12,048 Global Wholesale - 4,301 4,301 Other - 338 338 Intersegment revenues 157 967 1,124 Total operating revenues 91,680 32,094 123,774 Cost of services 7,803 18,816 26,619 Wireless cost of equipment 23,119 - 23,119 Selling, general and administrative expense 21,805 7,256 29,061 Depreciation and amortization expense 8,980 6,543 15,523 Total operating expenses 61,707 32,615 94,322 Operating income (loss) $ 29,973 $ $ 29,452 Assets $ 185,405 $ 78,305 $ 263,710 Plant, property and equipment, net 40,911 41,044 81,955 Capital expenditures 11,725 5,049 16,774 (dollars in millions) 2014 Wireless Wireline Total Segments External Operating Revenues Service revenue $ 72,555 $ - $ 72,555 Equipment 10,957 - 10,957 Other 4,021 - 4,021 Consumer retail - 12,168 12,168 Small business - 1,829 1,829 Mass Markets - 13,997 13,997 Strategic services - 8,021 8,021 Core - 4,781 4,781 Global Enterprise - 12,802 12,802 Global Wholesale - 4,520 4,520 Other - 527 527 Intersegment revenues 113 947 1,060 Total operating revenues 87,646 32,793 120,439 Cost of services 7,200 19,413 26,613 Wireless cost of equipment 21,625 - 21,625 Selling, general and administrative expense 23,602 7,394 30,996 Depreciation and amortization expense 8,459 6,817 15,276 Total operating expenses 60,886 33,624 94,510 Operating income (loss) $ 26,760 $ (831) $ 25,929 Assets $ 160,333 $ 76,629 $ 236,962 Plant, property and equipment, net 38,276 50,318 88,594 Capital expenditures 10,515 5,750 16,265 (dollars in millions) 2013 Wireless Wireline Total Segments External Operating Revenues Service revenue $ 68,973 $ - $ 68,973 Equipment 8,096 - 8,096 Other 3,851 - 3,851 Consumer retail - 11,499 11,499 Small business - 1,909 1,909 Mass Markets - 13,408 13,408 Strategic services - 7,903 7,903 Core - 5,486 5,486 Global Enterprise - 13,389 13,389 Global Wholesale - 4,781 4,781 Other - 484 484 Intersegment revenues 103 992 1,095 Total operating revenues 81,023 33,054 114,077 Cost of services 7,295 19,399 26,694 Wireless cost of equipment 16,353 - 16,353 Selling, general and administrative expense 23,176 7,737 30,913 Depreciation and amortization expense 8,202 7,101 15,303 Total operating expenses 55,026 34,237 89,263 Operating income (loss) $ 25,997 $ (1,183) $ 24,814 Assets $ 146,356 $ 84,512 $ 230,868 Plant, property and equipment, net 35,932 51,885 87,817 Capital expenditures 9,425 6,229 15,654
Summary of Reconciliation of Segment Operating Revenues	A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: (dollars in millions) Years Ended December 31, 2015 2014 2013 Operating Revenues Total reportable segments $ 123,774 $ 120,439 $ 114,077 Corporate and other 3,738 2,106 1,666 Reconciling items: Impact of divested operations (Note 2) 5,280 5,625 5,954 Eliminations (1,172) (1,091) (1,147) Consolidated operating revenues $ 131,620 $ 127,079 $ 120,550
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: (dollars in millions) Years Ended December 31, 2015 2014 2013 Operating Income Total reportable segments $ 29,452 $ 25,929 $ 24,814 Corporate and other (1,720) (1,217) (1,025) Reconciling items: Severance, pension and benefit credits (charges) (Note 11) 2,256 (7,507) 6,232 Gain on spectrum license transactions (Note 2) 254 707 278 Impact of divested operations (Note 2) 2,818 2,021 1,669 Other costs - (334) - Consolidated operating income 33,060 19,599 31,968 Equity in (losses) earnings of unconsolidated businesses (86) 1,780 142 Other income and (expense), net 186 (1,194) (166) Interest expense (4,920) (4,915) (2,667) Income Before Provision for Income Taxes $ 28,240 $ 15,270 $ 29,277
Summary of Reconciliation of Segment Assets	A reconciliation of the total of the reportable segments’ assets to consolidated assets is as follows: (dollars in millions) At December 31, 2015 2014 Assets Total reportable segments $ 263,710 $ 236,962 Corporate and other 205,476 191,190 Eliminations (225,011) (196,043) Total consolidated $ 244,175 $ 232,109

Comprehensive Income (Tables)

Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2015
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 loss on cash flow hedges Unrealized loss on Defined benefit pension and Total Balance at January 1, 2015 $ (346) $ (84) $ 112 $ 1,429 $ 1,111 Other comprehensive loss (208) (1,063) (5) - (1,276) Amounts reclassified to net income - 869 (6) (148) 715 Net other comprehensive loss (208) (194) (11) (148) (561) Balance at December 31, 2015 (554) $ (278) $ 101 $ 1,281 $ 550

Additional Financial Informat40

Additional Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Income Statement Information	Income Statement Information (dollars in millions) Years Ended December 31, 2015 2014 2013 Depreciation expense $ 14,323 $ 14,966 $ 15,019 Interest costs on debt balances 5,504 5,291 3,421 Capitalized interest costs (584) (376) (754) Advertising expense 2,749 2,526 2,438
Balance Sheet Information	Balance Sheet Information (dollars in millions) At December 31, 2015 2014 Accounts Payable and Accrued Liabilities Accounts payable $ 6,391 $ 5,598 Accrued expenses 5,281 4,016 Accrued vacation, salaries and wages 4,107 4,131 Interest payable 1,529 1,478 Taxes payable 2,054 1,457 $ 19,362 $ 16,680 Other Current Liabilities Advance billings and customer deposits $ 2,969 $ 3,125 Dividends payable 2,323 2,307 Other 3,446 3,140 $ 8,738 $ 8,572
Cash Flow Information	Cash Flow Information (dollars in millions) Years Ended December 31, 2015 2014 2013 Cash Paid Interest, net of amounts capitalized $ 4,491 $ 4,429 $ 2,122

Quarterly Financial Informati41

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information	Quarterly Financial Information (Unaudited) (dollars in millions, except per share amounts) Net Income (Loss) attributable to Verizon (1) Operating Operating Per Share- Per Share- Net Income Quarter Ended Revenues Income (Loss) Amount Basic Diluted (Loss) 2015 March 31 $ 31,984 $ 7,960 $ 4,219 $ 1.03 $ 1.02 $ 4,338 June 30 32,224 7,821 4,231 1.04 1.04 4,353 September 30 33,158 7,535 4,038 .99 .99 4,171 December 31 34,254 9,744 5,391 1.32 1.32 5,513 2014 March 31 $ 30,818 $ 7,160 $ 3,947 $ 1.15 $ 1.15 $ 5,986 June 30 31,483 7,685 4,214 1.02 1.01 4,324 September 30 31,586 6,890 3,695 .89 .89 3,794 December 31 33,192 (2,136) (2,231) (.54) (.54) (2,148) ● Results of operations for the third quarter of 2015 include after-tax charges attributable to Verizon of $0.2 billion related to a pension remeasurement. ● Results of operations for the fourth quarter of 2015 include after-tax credits attributable to Verizon of $1.6 billion related to severance, pension and benefit credits, as well as after-tax credits attributable to Verizon of $0.2 billion related to a gain on spectrum license transactions. ● Results of operations for the first quarter of 2014 include after-tax-credits attributable to Verizon of $1.9 billion related to the sale of its entire ownership interest in Vodafone Omnitel, as well as after-tax costs attributable to Verizon of $0.6 billion related to early debt redemptions and $0.3 billion related to the Wireless Transaction. ● Results of operations for the second quarter of 2014 include after-tax credits attributable to Verizon of $0.4 billion related to a gain on spectrum license transactions. ● Results of operations for the fourth quarter of 2014 include after-tax charges attributable to Verizon of $4.7 billion related to severance, pension and benefit charges, as well as after-tax costs attributable to Verizon of $0.5 billion related to early debt redemption and other costs. (1) Net income (loss) attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.

Description of Business and S42

Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	Feb. 21, 2014shares	Dec. 31, 2015USD ($)Segmentshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Jan. 28, 2014shares	Sep. 02, 2013
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment		2
Restricted stock units outstanding to purchase shares included in diluted earnings per common share		8,000,000	7,000,000	8,000,000
Number of common stock authorized to be issued					6,250,000,000
Increase in Depreciation expenses | $		$ 14,323	$ 14,966	$ 15,019
Wireless license period		10 years
Property Plant and Equipment by Estimated Useful Life
Organization And Summary Of Significant Accounting Policies [Line Items]
Increase in Depreciation expenses | $		$ 400	$ 600
Stock Purchase Agreement
Organization And Summary Of Significant Accounting Policies [Line Items]
Common shares issued	1,270,000,000
Stock Purchase Agreement | Cellco Partnership DBA Verizon Wireless
Organization And Summary Of Significant Accounting Policies [Line Items]
Percentage of noncontrolling interest by Vodafone Group Plc in Cellco Partnership joint venture						45.00%
Non-Network Internal-Use Software | Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Useful life for finite-lived intangible assets, years		3 years
Non-Network Internal-Use Software | Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Useful life for finite-lived intangible assets, years		8 years
Increase in number of authorized common shares
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of common stock authorized to be issued					2,000,000,000

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Detail)

Feb. 20, 2016USD ($)

Jun. 23, 2015USD ($)shares

May 19, 2015USD ($)

Feb. 05, 2015USD ($)

Jan. 29, 2015USD ($)Licenses

Feb. 21, 2014USD ($)$ / sharesshares

Sep. 02, 2013USD ($)

Mar. 31, 2015USD ($)Leases

Dec. 31, 2015USD ($)CustomerUnit$ / shares

Jun. 30, 2015USD ($)

Mar. 31, 2015USD ($)Leases

Dec. 31, 2014USD ($)$ / shares

Jun. 30, 2014USD ($)

Dec. 31, 2013USD ($)

Sep. 30, 2013USD ($)

Mar. 31, 2013USD ($)

Dec. 31, 2015USD ($)CustomerUnit$ / shares

Dec. 31, 2014USD ($)$ / shares

Dec. 31, 2013USD ($)

May 12, 2015$ / shares

Business Acquisition [Line Items]

Cash paid to complete the Wireless Transaction

$ 58,886,000,000

Common stock, par value | $ / shares

$ 0.1

$ 0.1

$ 0.1

$ 0.1

Deferred tax liability attributable to the Wireless Transaction

$ 45,386,000,000

$ 41,449,000,000

$ 45,386,000,000

$ 41,449,000,000

License purchase and exchange transactions, net cash proceeds

2,367,000,000

$ 2,111,000,000

Gain on sale of licenses

254,000,000

707,000,000

278,000,000

Cash paid to acquire spectrum licenses

9,942,000,000

354,000,000

580,000,000

Goodwill acquired

$ 300,000,000

2,038,000,000

55,000,000

Proceeds from dispositions of businesses

48,000,000

120,000,000

Payments to acquire businesses, net of cash acquired

$ 400,000,000

3,545,000,000

182,000,000

494,000,000

Access Line Sale with Frontier

Business Acquisition [Line Items]

Proceeds from dispositions of businesses

$ 10,500,000,000

Net consideration from disposition of businesses

7,500,000,000

Debt assumed by Frontier

$ 600,000,000

Revenue from disposition of business

5,400,000,000

5,400,000,000

Operating income from disposition of business

800,000,000

Direct expenses from disposition of business

2,700,000,000

2,700,000,000

Pension and benefit actuarial valuation adjustments from disposition of business

(200,000,000)

600,000,000

Depreciation and amortization from disposition of business

$ 1,000,000,000

$ 1,000,000,000

Number of FiOS Internet subscribers to be divested | Customer

1,600,000

1,600,000

Number of voice connections to be divested | Unit

3,400,000

3,400,000

Number of FiOS Video subscribers to be divested | Customer

1,200,000

1,200,000

Buildings and real estate | Basking Ridge, New Jersey

Business Acquisition [Line Items]

Cash proceeds from sale-leaseback

$ 700,000,000

Deferred gain on sale leaseback transaction

$ 400,000,000

Initial leaseback term

20 years

Real Estate

Business Acquisition [Line Items]

Cash proceeds from sale-leaseback

$ 200,000,000

T Mobile and Cricket AWS Licenses Exchange

Business Acquisition [Line Items]

Acquisitions

$ 500,000,000

AT&T Spectrum License Transaction Amount Received Upon Closing

Business Acquisition [Line Items]

License purchase and exchange transactions, net cash proceeds

$ 1,900,000,000

Investment Firm Spectrum License Transaction Amount Received Upon Closing

Business Acquisition [Line Items]

License purchase and exchange transactions, net cash proceeds

200,000,000

ATT and Investment Firm License Transactions

Business Acquisition [Line Items]

Acquisitions

500,000,000

Gain on sale of licenses

$ 300,000,000

FCC spectrum licenses auction

Business Acquisition [Line Items]

FCC auction spectrum licenses | Licenses

181

Cash paid to acquire spectrum licenses

$ 10,400,000,000

$ 9,500,000,000

900,000,000

Verizon Notes

Business Acquisition [Line Items]

Aggregate principal amount of Verizon Notes

$ 5,000,000,000

Redemption price of notes percentage

100.00%

Verizon Notes due February 21, 2022

Business Acquisition [Line Items]

Aggregate principal amount of Verizon Notes

2,500,000,000

Verizon Notes due February 21, 2025

Business Acquisition [Line Items]

Aggregate principal amount of Verizon Notes

$ 2,500,000,000

T-Mobile Wireless licenses agreement

Business Acquisition [Line Items]

License purchase and exchange transactions, net cash proceeds

$ 2,400,000,000

T-Mobile Wireless licenses agreement | Advanced Wireless Services Spectrum Licenses

Business Acquisition [Line Items]

Acquisitions

900,000,000

T-Mobile USA 700 MHz A Block Wireless licenses agreements | Advanced Wireless Services Spectrum Licenses

Business Acquisition [Line Items]

Acquisitions

$ 1,600,000,000

Gain on sale of licenses

$ 700,000,000

T-Mobile USA Affiliate Wireless Licenses Agreements | Advanced Wireless Services Spectrum Licenses

Business Acquisition [Line Items]

Acquisitions

400,000,000

Gain on sale of licenses

$ 300,000,000

Redbox Instant by Verizon

Business Acquisition [Line Items]

Pre-tax loss on termination of venture

$ (100,000,000)

Vodafone Omnitel N.V.

Business Acquisition [Line Items]

Verizon ownership percentage

23.10%

Selling price (fair value) of Verizon's equity method investment in Vodafone Omnitel

$ 3,500,000,000

Pre-tax gain on sale of equity interest

$ 1,900,000,000

AOL Inc

Business Acquisition [Line Items]

Total consideration

$ 4,141,000,000

Goodwill acquired

$ 1,900,000,000

Business acquisition, share price | $ / shares

$ 50

Business acquisition, purchase price in cash

$ 3,764,000,000

Number of shares exercised under appraisal rights of Delaware law | shares

6,600,000

Business acquisition, potential additional payment

$ 330,000,000

Cash acquired

$ 500,000,000

Wireless Transaction

Business Acquisition [Line Items]

Total consideration

$ 130,000,000,000

Cash paid to complete the Wireless Transaction

58,890,000,000

Aggregate value of common shares issued to Vodafone shareholders

$ 61,300,000,000

Common stock, par value | $ / shares

$ 0.10

Other consideration paid to Vodafone

$ 1,700,000,000

Common shares issued | shares

1,270,000,000

Preferred stock redemption date

2020-04

Preferred stock redemption price, per share | $ / shares

$ 1,000

Preferred stock dividend rate, percentage

5.143%

Deferred tax liability attributable to the Wireless Transaction

$ 13,500,000,000

Wireless Transaction | Series D Preferred Stock

Business Acquisition [Line Items]

Preferred stock shares outstanding | shares

825,000

Wireless Transaction | Series E Preferred Stock

Business Acquisition [Line Items]

Preferred stock shares outstanding | shares

825,000

Wireless Transaction | Verizon Notes

Business Acquisition [Line Items]

Quarterly interest payment start date

May 21, 2014

Wireless Transaction | Verizon Notes due February 21, 2022

Business Acquisition [Line Items]

Debt instrument maturity date

Feb. 21, 2022

Debt instrument, description of variable rate basis

Three-month LIBOR, plus 1.222%

Wireless Transaction | Verizon Notes due February 21, 2022 | London Interbank Offered Rate (LIBOR)

Business Acquisition [Line Items]

Debt instrument, marginal rate

1.222%

Wireless Transaction | Verizon Notes due February 21, 2025

Business Acquisition [Line Items]

Debt instrument maturity date

Feb. 21, 2025

Debt instrument, description of variable rate basis

Three-month LIBOR, plus 1.372%

Wireless Transaction | Verizon Notes due February 21, 2025 | London Interbank Offered Rate (LIBOR)

Business Acquisition [Line Items]

Debt instrument, marginal rate

1.372%

Wireless Transaction | Cellco Partnership DBA Verizon Wireless

Business Acquisition [Line Items]

Percentage of noncontrolling interest by Vodafone Group Plc in Cellco Partnership joint venture

45.00%

Tower Monetization Transaction

Business Acquisition [Line Items]

Number of towers subject to failed sale-leaseback | Leases

11,300

11,300

Cash proceeds from failed sale-leaseback

$ 5,000,000,000

Term of Lease

28 years

Number of towers subject to disposition | Leases

162

162

Cash proceeds from disposition of towers

$ 100,000,000

Minimum years of sublease capacity on towers

10 years

March 2015 Tower Monetization Transaction- Other, net cash flows provided by operating activities

Business Acquisition [Line Items]

Cash proceeds from failed sale-leaseback

$ 2,400,000,000

March 2015 Tower Monetization Transaction- Other, net cash flows used in financing activities

Business Acquisition [Line Items]

Cash proceeds from failed sale-leaseback

$ 2,700,000,000

Acquisition of Other Wireless Licenses and Markets

Business Acquisition [Line Items]

Goodwill acquired

$ 200,000,000

Subsequent Event | XO Holdings

Business Acquisition [Line Items]

Payments to acquire businesses, net of cash acquired

$ 1,800,000,000

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	Dec. 31, 2015	Dec. 31, 2014
Assets held for sale:
Total current assets held for sale	$ 792	$ 552
Total non-current assets held for sale	10,267
Liabilities related to assets held for sale:
Total current liabilities related to assets held for sale	463
Long-term debt	594
Total non-current liabilities related to assets held for sale	959
Held for Sale
Assets held for sale:
Accounts receivable	435
Prepaid expense and other	58
Total current assets held for sale	493
Plant, property and equipment, net	8,884
Goodwill (Note 3)	1,328
Other assets	55
Total non-current assets held for sale	10,267
Total assets held for sale	10,760
Liabilities related to assets held for sale:
Accounts payable and accrued liabilities	256
Other current liabilities	207
Total current liabilities related to assets held for sale	463
Long-term debt	594
Employee benefit obligations	289
Other liabilities	76
Total non-current liabilities related to assets held for sale	959
Total liabilities related to assets held for sale	$ 1,422

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	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets acquired:
Goodwill		$ 25,331		$ 24,639	$ 24,634
Liabilities assumed:
Total liabilities assumed		$ 553
AOL Inc
Business Acquisition [Line Items]
Cash payment to AOL's equity holders	$ 3,764
Estimated liabilities to be paid	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		$ 600
Net assets acquired:	4,142
Noncontrolling interest	(1)
Total consideration	$ 4,141

Changes in Carrying Amount of W

Changes in Carrying Amount of Wireless Licenses (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	$ 75,341
Capitalized interest on wireless licenses	584	$ 376	$ 754
Ending balance	86,575	75,341
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	75,341	75,747
Acquisitions (Note 2)	10,474	444
Dispositions (Note 2)		(1,978)
Capitalized interest on wireless licenses	389	167
Reclassifications, adjustments and other	371	961
Ending balance	$ 86,575	$ 75,341	$ 75,747

Wireless Licenses, Goodwill a47

Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale			$ 792	$ 552
Wireless licenses under development			4,907	4,580
Goodwill		$ 300	2,038	55
Reclassifications, adjustments and other (Note 2)			(1,346)	(12)
AOL Inc
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 1,900
Other Operating Segments
Indefinite-lived Intangible Assets [Line Items]
Goodwill			2,035
Reclassifications, adjustments and other (Note 2)			572
Held for Sale
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale			493
Goodwill Held for Sale			1,328
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale			300	300
Wireless licenses under development			$ 10,400	$ 400
Average remaining renewal period of wireless license portfolio (in years)			5 years 7 months 6 days

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Line Items]
Beginning balance		$ 24,639	$ 24,634
Acquisitions (Note 2)	$ 300	2,038	55
Disposition of Goodwill			(38)
Reclassifications, adjustments and other		(1,346)	(12)
Ending balance	24,634	25,331	24,639
Wireless
Goodwill [Line Items]
Beginning balance		18,390	18,376
Acquisitions (Note 2)		3	15
Reclassifications, adjustments and other			(1)
Ending balance	18,376	18,393	18,390
Wireline
Goodwill [Line Items]
Beginning balance		6,249	6,258
Acquisitions (Note 2)			40
Disposition of Goodwill			(38)
Reclassifications, adjustments and other		(1,918)	(11)
Ending balance	$ 6,258	4,331	$ 6,249
Other Operating Segments
Goodwill [Line Items]
Acquisitions (Note 2)		2,035
Reclassifications, adjustments and other		572
Ending balance		$ 2,607

Composition of Other Intangible

Composition of Other Intangible Assets Net (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 20,027	$ 17,079
Accumulated Amortization	(12,435)	(11,720)
Net Amount	7,592	5,359
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Amount	4,139	3,618
Accumulated Amortization	(2,365)	(2,924)
Net Amount	$ 1,774	694
Customer Lists | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	5 years
Customer Lists | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	14 years
Non-Network Internal-Use Software
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 14,542	12,791
Accumulated Amortization	(9,620)	(8,428)
Net Amount	$ 4,922	4,363
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	$ 1,346	670
Accumulated Amortization	(450)	(368)
Net Amount	$ 896	$ 302
Other Intangible Assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	5 years
Other Intangible Assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	25 years

Amortization Expense for Other

Amortization Expense for Other Intangible Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization expense for other intangible assets	$ 1,694	$ 1,567	$ 1,587

Estimated Future Amortization E

Estimated Future Amortization Expense for Other Intangible Assets (Detail) $ in Millions	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
2,016	$ 1,696
2,017	1,491
2,018	1,311
2,019	1,082
2,020	$ 805

Summary of Plant Property and E

Summary of Plant Property and Equipment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Land	$ 709	$ 763
Buildings and equipment	25,587	25,209
Central office and other network equipment	129,201	129,619
Cable, poles and conduit	44,290	54,797
Leasehold improvements	7,104	6,374
Work in progress	4,907	4,580
Furniture, vehicles and other	8,365	9,166
Plant, property and equipment	220,163	230,508
Less accumulated depreciation	136,622	140,561
Plant, property and equipment, net	$ 83,541	$ 89,947
Buildings and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	15 years
Buildings and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	45 years
Central Office and Other Network Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	3 years
Central Office and Other Network Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	50 years
Cable Poles and Conduit | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	11 years
Cable Poles and Conduit | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	50 years
Leasehold Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	5 years
Leasehold Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	20 years
Furniture Vehicles and Other | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	3 years
Furniture Vehicles and Other | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	20 years

Investments in Unconsolidated53

Investments in Unconsolidated Businesses - Additional Information (Detail)	Feb. 21, 2014
Vodafone Omnitel N.V.
Schedule of Equity Method Investments [Line Items]
Verizon ownership percentage	23.10%

Schedule of Summarized Financia

Schedule of Summarized Financial Information for Equity Investees Income Statement (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2013USD ($)
Schedule of Equity Method Investments [Line Items]
Net revenue	$ 8,984
Operating income	1,632
Net income	$ 925

Leasing Arrangements - Addition

Leasing Arrangements - Additional Information (Detail) $ in Billions	1 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)Leases	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Schedule of Operating Leases [Line Items]
Number of years remaining on current lease agreements high end of range		23 years
Accumulated deferred taxes arising from leveraged leases		$ 0.8	$ 0.9
Rent expense under operating leases		3.2	$ 2.7	$ 2.6
Tower Monetization Transaction
Schedule of Operating Leases [Line Items]
Number of towers subject to failed sale-leaseback | Leases	11,300
Cash proceeds from failed sale-leaseback	$ 5
Minimum years of sublease capacity on towers	10 years
Lease payment		0.2
Financing obligation payments		2.6
Towers in plant property and equipment net		$ 0.5

Finance Lease Receivables Inclu

Finance Lease Receivables Included in Prepaid Expenses and Other and Other Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Schedule of Operating Leases [Line Items]
Minimum lease payments receivable, Leveraged Leases	$ 778	$ 1,095
Estimated residual value, Leveraged Leases	496	600
Unearned income, Leveraged Leases	(309)	(535)
Total, Leverage Leases	965	1,160
Minimum lease payments receivable, Direct Finance Leases	7	8
Estimated residual value, Direct Finance Leases	2	2
Unearned income, Direct Finance Leases	(2)	(2)
Total, Direct Finance Leases	7	8
Minimum lease payments receivable, Total	785	1,103
Estimated residual value, Total	498	602
Unearned income, Total	(311)	(537)
Total investment in leases	972	1,168
Allowance for doubtful accounts	(78)	(78)
Finance lease receivables, net	894	1,090
Prepaid expenses and other	3	4
Other assets	891	1,086
Finance lease receivables, net	$ 894	$ 1,090

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments Received (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Capital Leases And Operating Leases [Line Items]
Future capital lease payments receivable within one year of the balance sheet date on nonoperating leases	$ 93
Future capital lease payments receivable within the second year from the balance sheet date on nonoperating leases	94
Future capital lease payments receivable within the third year from the balance sheet date on nonoperating leases	52
Future capital lease payments receivable within the fourth year from the balance sheet date on nonoperating leases	44
Future capital lease payments receivable within the fifth year from the balance sheet date on nonoperating leases	72
Future capital lease payments receivable after the fifth year from the balance sheet date on nonoperating leases	430
Future capital lease payments receivable on nonoperating leases	785	$ 1,103
Future operating lease payments receivable within one year of the balance sheet date	128
Future operating lease payments receivable within the second year from the balance sheet date	103
Future operating lease payments receivable within the third year from the balance sheet date	82
Future operating lease payments receivable within the fourth year from the balance sheet date	51
Future operating lease payments receivable within the fifth year from the balance sheet date	23
Future operating lease payments receivable after the fifth year from the balance sheet date	12
Future operating lease payments receivable	$ 399

Amortization of Capital Leases

Amortization of Capital Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Capital Leased Assets [Line Items]
Capital leases	$ 421	$ 319
Less accumulated amortization	(221)	(171)
Total	$ 200	$ 148

Schedule of Aggregate Minimum R

Schedule of Aggregate Minimum Rental Commitments under Noncancelable Leases (Detail) $ in Millions	Dec. 31, 2015USD ($)
Capital Leases And Operating Leases [Line Items]
Contractually required capital lease payments, due within one year of the balance sheet date	$ 302
Contractually required capital lease payments, due within the second year from the balance sheet date	278
Contractually required capital lease payments, due within the third year from the balance sheet date	187
Contractually required capital lease payments, due within the fourth year from the balance sheet date	97
Contractually required capital lease payments, due within the fifth year from the balance sheet date	45
Contractually required capital lease payments, due after the fifth year from the balance sheet date	159
Contractually required capital lease payments	1,068
Less interest and executory costs	111
Present value of minimum lease payments	957
Less current installments	271
Long-term obligation at December 31, 2014	686
Present value of minimum lease payments	957
Contractually required operating lease payments, due within one year of the balance sheet date	2,744
Contractually required operating lease payments, due within the second year from the balance sheet date	2,486
Contractually required operating lease payments, due within the third year from the balance sheet date	2,211
Contractually required operating lease payments, due within the fourth year from the balance sheet date	1,939
Contractually required operating lease payments, due within the fifth year from the balance sheet date	1,536
Contractually required operating lease payments, due after the fifth year from the balance sheet date	7,297
Contractually required operating lease payments	$ 18,213

Changes to Debt (Detail)

Changes to Debt (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Debt maturing within one year, Balance at January 1, 2015	$ 2,735
Long-term debt, Balance at January 1, 2015	110,029
Total,Balance at January 1, 2015	112,764
Proceeds from long-term borrowings	6,667	$ 30,967	$ 49,166
Repayments of long-term borrowings and capital leases obligations	(9,340)	(17,669)	(8,163)
Decrease in short-term obligations, excluding current maturities	(344)	(475)	$ (142)
Reclassification of long-term debt to Non-current liabilities related to assets held for sale	(594)
Debt acquired (Note 2)	553
Other	23
Debt maturing within one year, Balance at December 31, 2015	6,489	2,735
Long-term debt, Balance at December 31, 2015	103,240	110,029
Total, Balance at December 31, 2015	109,729	112,764
Debt Maturing Within One Year
Debt Instrument [Line Items]
Debt maturing within one year, Balance at January 1, 2015	2,735
Proceeds from long-term borrowings	4,000
Repayments of long-term borrowings and capital leases obligations	(9,340)
Decrease in short-term obligations, excluding current maturities	(344)
Reclassifications of long-term debt	8,556
Debt acquired	461
Other	421
Debt maturing within one year, Balance at December 31, 2015	6,489	2,735
Long-term Debt
Debt Instrument [Line Items]
Long-term debt, Balance at January 1, 2015	110,029
Proceeds from long-term borrowings	2,667
Reclassifications of long-term debt	(8,556)
Reclassification of long-term debt to Non-current liabilities related to assets held for sale	(594)
Debt acquired (Note 2)	92
Other	(398)
Long-term debt, Balance at December 31, 2015	$ 103,240	$ 110,029

Debt Maturing Within One Year (

Debt Maturing Within One Year (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Long-term debt maturing within one year	$ 6,325	$ 2,397
Short-term notes payable	158	319
Commercial paper and other	6	19
Total debt maturing within one year	$ 6,489	$ 2,735

Debt - Additional Information (

Debt - Additional Information (Detail) $ / shares in Units, € in Millions, £ in Millions	Mar. 31, 2015USD ($)	Nov. 30, 2014	Aug. 21, 2014USD ($)	May 29, 2014GBP (£)	Mar. 10, 2014USD ($)	Feb. 21, 2014USD ($)$ / sharesshares	Dec. 31, 2015USD ($)shares	Nov. 30, 2015USD ($)	Oct. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jul. 31, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Feb. 28, 2014USD ($)	Dec. 31, 2015USD ($)shares	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015EUR (€)shares	Jun. 30, 2015USD ($)	Jun. 23, 2015USD ($)	Dec. 31, 2014EUR (€)	Feb. 28, 2014EUR (€)	Feb. 28, 2014GBP (£)
Debt Instrument [Line Items]
Debt acquired (Note 2)							$ 553,000,000											$ 553,000,000				$ 553,000,000
Cash proceeds from issuance of debt, net of discounts and issuance costs																	$ 5,400,000,000
Repayments of long-term borrowings and capital lease obligations																						9,340,000,000	$ 17,669,000,000	$ 8,163,000,000
Proceeds from long-term borrowings																						6,667,000,000	$ 30,967,000,000	$ 49,166,000,000
Tender offer for notes, expiration date																							Mar. 17, 2014
Tender offer for notes, settlement date																							Mar. 19, 2014
Cash payment related to exchange offer | £				£ 22
Debt redemption cost																$ 900,000,000					$ 500,000,000
Debt Tender Offer, Principal amount purchased					$ 4,122,000,000
Other costs																					300,000,000		$ 334,000,000
Long-term debt maturing within one year							6,325,000,000				$ 2,397,000,000							6,325,000,000			2,397,000,000	6,325,000,000	2,397,000,000
Principal amount outstanding in connection with the guarantee of debt obligations							$ 109,729,000,000				$ 112,764,000,000							$ 109,729,000,000			$ 112,764,000,000	109,729,000,000	$ 112,764,000,000
AOL Inc
Debt Instrument [Line Items]
Debt acquired (Note 2)																										$ 600,000,000	$ 1,816,000,000
Repayments of debt and capital lease obligations																						$ 400,000,000
Wireless Transaction
Debt Instrument [Line Items]
Preferred stock dividend rate, percentage						5.143%
Preferred stock redemption date						2020-04
Preferred stock redemption price, per share | $ / shares						$ 1,000
Commercial Paper
Debt Instrument [Line Items]
Weighted average interest rate of commercial paper							1.00%				0.40%							1.00%			0.40%	1.00%	0.40%		1.00%			0.40%
December 2014 Euro Debt Issuance
Debt Instrument [Line Items]
Cash proceeds from issuance of debt, net of discounts and issuance costs											$ 3,000,000,000
Series D Preferred Stock | Verizon Wireless
Debt Instrument [Line Items]
Preferred stock shares outstanding | shares							825,000											825,000				825,000			825,000
Series D Preferred Stock | Wireless Transaction
Debt Instrument [Line Items]
Preferred stock shares outstanding | shares						825,000
Series E Preferred Stock | Verizon Wireless
Debt Instrument [Line Items]
Preferred stock shares outstanding | shares							825,000											825,000				825,000			825,000
Series E Preferred Stock | Wireless Transaction
Debt Instrument [Line Items]
Preferred stock shares outstanding | shares						825,000
Network Equipment | Vendor Financing Facility
Debt Instrument [Line Items]
Value of purchase assets financed																						$ 700,000,000	$ 700,000,000
Long-term debt maturing within one year							$ 900,000,000											$ 900,000,000				900,000,000
Credit Facility
Debt Instrument [Line Items]
Borrowing capacity							8,000,000,000											8,000,000,000				8,000,000,000
Amount of unused borrowing capacity under credit facility							7,900,000,000											7,900,000,000				7,900,000,000
6.94% Notes due 2028 | Old Notes in Exchange for 2048 New Notes | GTE Corporation
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.94%									6.94%										6.94%
Debt instrument maturity date	2,028
2036 New Notes in February Exchange Offers | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.272%									4.272%										4.272%
Debt instrument maturity date	2,036
Aggregate principal amount	$ 2,900,000,000									$ 2,900,000,000										$ 2,900,000,000
2048 New Notes in February Exchange Offers | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.522%									4.522%										4.522%
Debt instrument maturity date	2,048
Aggregate principal amount	$ 5,000,000,000									$ 5,000,000,000										$ 5,000,000,000
2055 New Notes in February Exchange Offers | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.672%									4.672%										4.672%
Debt instrument maturity date	2,055
Aggregate principal amount	$ 5,500,000,000									$ 5,500,000,000										$ 5,500,000,000
January 2015 Term Loan Agreement
Debt Instrument [Line Items]
Borrowing capacity	$ 6,500,000,000									6,500,000,000										6,500,000,000
Term loan agreement partial mandatory prepayment amount																				$ 4,000,000,000
Debt instrument maturity date																				2016-03
Date in which a partial mandatory prepayment is required																				2015-06
Leverage ratio																				350.00%
Term loan agreement prepaid amount										5,000,000,000
Repayments of Lines of Credit																		500,000,000	$ 1,000,000,000
Line of credit							0											0				0
1.5% loan due 2018
Debt Instrument [Line Items]
Stated interest rate on debt instrument									1.50%
Debt instrument maturity date									2,018
Aggregate principal amount									$ 200,000,000
Floating Rate Notes | Verizon Communications
Debt Instrument [Line Items]
Amount of notes repaid										$ 500,000,000
Zero Point Seven Percent Notes | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument								0.70%
Amount of notes repaid								$ 1,000,000,000
2.375% Notes due 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument																	2.375%												2.375%	2.375%
Debt instrument maturity date																	2,022
Aggregate principal amount | €																													€ 1,750
3.25% Notes due 2026
Debt Instrument [Line Items]
Stated interest rate on debt instrument																	3.25%												3.25%	3.25%
Debt instrument maturity date																	2,026
Aggregate principal amount | €																													€ 1,250
4.75% Notes due 2034
Debt Instrument [Line Items]
Stated interest rate on debt instrument																	4.75%												4.75%	4.75%
Debt instrument maturity date																	2,034
Aggregate principal amount | £																														£ 850
Notes Due Twenty Fifty Four
Debt Instrument [Line Items]
Stated interest rate on debt instrument																	5.90%												5.90%	5.90%
Debt instrument maturity date																	2,054
Aggregate principal amount																	$ 500,000,000
Cash proceeds from issuance of debt, net of discounts and issuance costs																	500,000,000
Fixed Rate And Floating Rate Notes
Debt Instrument [Line Items]
Aggregate principal amount															$ 3,300,000,000	4,500,000,000
Cash proceeds from issuance of debt, net of discounts and issuance costs															$ 3,300,000,000	$ 4,500,000,000
Floating Rate Notes due 2019
Debt Instrument [Line Items]
Debt instrument maturity date																2,019
Aggregate principal amount																$ 500,000,000
Debt instrument, description of variable rate basis																Three-month LIBOR plus 0.77%
Floating Rate Notes due 2019 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, marginal rate																0.77%
2.55% Notes due 2019
Debt Instrument [Line Items]
Stated interest rate on debt instrument																2.55%
Debt instrument maturity date																2,019
Aggregate principal amount																$ 500,000,000
3.45% Notes due 2021
Debt Instrument [Line Items]
Stated interest rate on debt instrument																3.45%
Debt instrument maturity date																2,021
Aggregate principal amount																$ 1,000,000,000
4.15% Notes due 2024
Debt Instrument [Line Items]
Stated interest rate on debt instrument																4.15%
Debt instrument maturity date																2,024
Aggregate principal amount																$ 1,250,000,000
5.05% Notes due 2034
Debt Instrument [Line Items]
Stated interest rate on debt instrument																5.05%
Debt instrument maturity date																2,034
Aggregate principal amount																$ 1,250,000,000
0.61% Notes | Verizon Communications
Debt Instrument [Line Items]
Amount of notes repaid																$ 1,000,000,000
Debt instrument, description of variable rate basis																LIBOR plus 0.61%
0.61% Notes | London Interbank Offered Rate (LIBOR) | Verizon Communications
Debt Instrument [Line Items]
Debt instrument, marginal rate																0.61%
1.95% Notes | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument																1.95%
Amount of notes repaid																$ 1,500,000,000
4.8% Notes Due 2044
Debt Instrument [Line Items]
Stated interest rate on debt instrument													4.80%
Debt instrument maturity date													2,044
Aggregate principal amount													$ 900,000,000
Cash proceeds from issuance of debt, net of discounts and issuance costs													$ 900,000,000
1.25% Notes due November 2014
Debt Instrument [Line Items]
Stated interest rate on debt instrument													1.25%
Debt instrument maturity date													2014-11
Amount of notes repaid													$ 800,000,000
1.625% Notes Due 2024 | December 2014 Euro Debt Issuance
Debt Instrument [Line Items]
Stated interest rate on debt instrument											1.625%										1.625%		1.625%					1.625%
Debt instrument maturity date											2,024
Aggregate principal amount | €																												€ 1,400
2.625% Notes Due 2031 | December 2014 Euro Debt Issuance
Debt Instrument [Line Items]
Stated interest rate on debt instrument											2.625%										2.625%		2.625%					2.625%
Debt instrument maturity date											2,031
Aggregate principal amount | €																												€ 1,000
Verizon Notes
Debt Instrument [Line Items]
Aggregate principal amount						$ 5,000,000,000
Notes purchased price of principal amount of note, percentage																							100.00%
Verizon Notes | Verizon Wireless
Debt Instrument [Line Items]
Quarterly interest payment start date						May 21, 2014
Verizon Notes | Wireless Transaction
Debt Instrument [Line Items]
Quarterly interest payment start date						May 21, 2014
Verizon Notes due February 21, 2022
Debt Instrument [Line Items]
Aggregate principal amount						$ 2,500,000,000
Verizon Notes due February 21, 2022 | Verizon Wireless
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis						Three-month LIBOR, plus 1.222%
Debt instrument maturity date						Feb. 21, 2022
Verizon Notes due February 21, 2022 | Wireless Transaction
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis						Three-month LIBOR, plus 1.222%
Debt instrument maturity date						Feb. 21, 2022
Verizon Notes due February 21, 2022 | London Interbank Offered Rate (LIBOR) | Verizon Wireless
Debt Instrument [Line Items]
Debt instrument, marginal rate						1.222%
Verizon Notes due February 21, 2022 | London Interbank Offered Rate (LIBOR) | Wireless Transaction
Debt Instrument [Line Items]
Debt instrument, marginal rate						1.222%
Verizon Notes due February 21, 2025
Debt Instrument [Line Items]
Aggregate principal amount						$ 2,500,000,000
Verizon Notes due February 21, 2025 | Verizon Wireless
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis						Three-month LIBOR, plus 1.372%
Debt instrument maturity date						Feb. 21, 2025
Verizon Notes due February 21, 2025 | Wireless Transaction
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis						Three-month LIBOR, plus 1.372%
Debt instrument maturity date						Feb. 21, 2025
Verizon Notes due February 21, 2025 | London Interbank Offered Rate (LIBOR) | Verizon Wireless
Debt Instrument [Line Items]
Debt instrument, marginal rate						1.372%
Verizon Notes due February 21, 2025 | London Interbank Offered Rate (LIBOR) | Wireless Transaction
Debt Instrument [Line Items]
Debt instrument, marginal rate						1.372%
Term Loan Agreement
Debt Instrument [Line Items]
Aggregate principal amount																	$ 6,600,000,000
Term Loan Agreement | Maximum
Debt Instrument [Line Items]
Leverage ratio																	350.00%
Term Loan Agreement Maturity 3 Years
Debt Instrument [Line Items]
Aggregate principal amount																	$ 3,300,000,000
Debt instrument maturity period																	3 years
Term Loan Agreement Maturity 5 Years
Debt Instrument [Line Items]
Aggregate principal amount																	$ 3,300,000,000
Debt instrument maturity period																	5 years
Repayments of long-term borrowings and capital lease obligations														$ 3,300,000,000
Floating Rate Notes Due 2017
Debt Instrument [Line Items]
Debt instrument maturity date															2,017
Aggregate principal amount															$ 1,300,000,000
Debt instrument, description of variable rate basis															Three-month LIBOR plus 0.40%
Floating Rate Notes Due 2017 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, marginal rate															0.40%
1.35% Notes due 2017
Debt Instrument [Line Items]
Stated interest rate on debt instrument															1.35%
Debt instrument maturity date															2,017
Aggregate principal amount															$ 2,000,000,000
July 2014 Term Loan Agreement
Debt Instrument [Line Items]
Debt instrument maturity date														2019-07
New Five Year Term Notes
Debt Instrument [Line Items]
Aggregate principal amount														$ 3,300,000,000
Proceeds from long-term borrowings														500,000,000
Repayment of Feb. 2014 Term Loan Agreement Maturity 5 Years
Debt Instrument [Line Items]
Repayments of long-term borrowings and capital lease obligations														$ 500,000,000
May Exchange Offer
Debt Instrument [Line Items]
Stated interest rate on debt instrument				4.073%
Aggregate principal amount | £				£ 700
May Exchange Offer | Cellco Partnership and Verizon Wireless Capital LLC
Debt Instrument [Line Items]
Stated interest rate on debt instrument				8.875%
Debt instrument maturity date				2,018
May Exchange Offer | Cellco Partnership and Verizon Wireless Capital LLC | Maximum
Debt Instrument [Line Items]
Aggregate principal amount | £				£ 600
2024 New Notes In May Exchange Offer
Debt Instrument [Line Items]
Debt instrument maturity date				2,024
2020 New Notes in July Exchange Offers
Debt Instrument [Line Items]
Stated interest rate on debt instrument			2.625%
Debt instrument maturity date			2,020
Aggregate principal amount			$ 3,300,000,000
2046 New Notes in July Exchange Offers
Debt Instrument [Line Items]
Stated interest rate on debt instrument			4.862%
Debt instrument maturity date			2,046
Aggregate principal amount			$ 4,500,000,000
2054 New Notes in July Exchange Offers
Debt Instrument [Line Items]
Stated interest rate on debt instrument			5.012%
Debt instrument maturity date			2,054
Aggregate principal amount			$ 5,500,000,000
8.5% Notes due 2018 | Cellco Partnership and Verizon Wireless Capital LLC
Debt Instrument [Line Items]
Stated interest rate on debt instrument					8.50%											8.50%
Debt instrument maturity date					2,018											2,018
Aggregate principal amount																$ 1,000,000,000
Amount of notes repaid																$ 1,250,000,000					$ 400,000,000
Notes purchased price of principal amount of note, percentage																127.135%
Debt Tender Offer, Principal amount purchased					$ 619,000,000											$ 600,000,000
4.90% Notes due 2015 | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument											4.90%										4.90%		4.90%					4.90%
Debt instrument maturity date																					2,015
Amount of notes repaid																					$ 500,000,000
5.55% Notes due 2016 | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument					5.55%
Debt instrument maturity date					2,016
Aggregate principal amount																1,250,000,000
Amount of notes repaid																					$ 600,000,000
Debt Tender Offer, Principal amount purchased					$ 652,000,000											700,000,000
3.00% Notes due 2016 | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument											3.00%										3.00%		3.00%					3.00%
Debt instrument maturity date																					2,016
Amount of notes repaid																					$ 1,300,000,000
5.50% Notes due 2017 | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument					5.50%
Debt instrument maturity date					2,017
Aggregate principal amount																750,000,000
Amount of notes repaid																					400,000,000
Debt Tender Offer, Principal amount purchased					$ 353,000,000											400,000,000
8.75% Notes due 2018 | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument					8.75%
Debt instrument maturity date					2,018
Aggregate principal amount																1,300,000,000
Amount of notes repaid																					700,000,000
Debt Tender Offer, Principal amount purchased					$ 564,000,000											600,000,000
7.00% Debentures due 2016 | Alltel Corporation
Debt Instrument [Line Items]
Stated interest rate on debt instrument					7.00%
Debt instrument maturity date					2,016
Aggregate principal amount																300,000,000
Amount of notes repaid																					100,000,000
Debt Tender Offer, Principal amount purchased					$ 157,000,000											200,000,000
2.50% Notes due 2016 | Verizon Communications
Debt Instrument [Line Items]
Aggregate principal amount											$ 3,200,000,000										3,200,000,000		$ 3,200,000,000
Amount of notes repaid																					$ 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											3,100,000,000				3,100,000,000
Guarantee of Debt Obligations of GTE Corporation
Debt Instrument [Line Items]
Principal amount outstanding in connection with the guarantee of debt obligations							$ 1,400,000,000											$ 1,400,000,000				$ 1,400,000,000
6.10% Notes due 2018 | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument					6.10%
Debt instrument maturity date					2,018
Aggregate principal amount																1,500,000,000
Debt Tender Offer, Principal amount purchased					$ 748,000,000											700,000,000
5.50% Notes due 2018 | Verizon Communications
Debt Instrument [Line Items]
Stated interest rate on debt instrument					5.50%
Debt instrument maturity date					2,018
Aggregate principal amount																1,500,000,000
Debt Tender Offer, Principal amount purchased					$ 763,000,000											800,000,000
6.84% Debentures due 2018 | GTE Corporation
Debt Instrument [Line Items]
Stated interest rate on debt instrument					6.84%
Debt instrument maturity date					2,018
Aggregate principal amount																600,000,000
Debt Tender Offer, Principal amount purchased					$ 266,000,000											$ 300,000,000
Fixed Rate Notes
Debt Instrument [Line Items]
Aggregate principal amount												$ 6,500,000,000
Cash proceeds from issuance of debt, net of discounts and issuance costs												$ 6,400,000,000
3.00% Fixed Rate Notes Due 2021
Debt Instrument [Line Items]
Stated interest rate on debt instrument												3.00%
Debt instrument maturity date												2,021
Aggregate principal amount												$ 1,500,000,000
3.50% Fixed Rate Notes Due 2024
Debt Instrument [Line Items]
Stated interest rate on debt instrument												3.50%
Debt instrument maturity date												2,024
Aggregate principal amount												$ 2,500,000,000
4.40% Fixed Rate Notes Due 2034
Debt Instrument [Line Items]
Stated interest rate on debt instrument												4.40%
Debt instrument maturity date												2,034
Aggregate principal amount												$ 2,500,000,000
4.90% Notes due 2015 Called for Early Redemption in November 2014
Debt Instrument [Line Items]
Stated interest rate on debt instrument												4.90%
Debt instrument maturity date												2,015
Notes purchased price of principal amount of note, percentage		103.70%
5.55% Notes due 2016 Called for Early Redemption in November 2014
Debt Instrument [Line Items]
Stated interest rate on debt instrument												5.55%
Debt instrument maturity date												2,016
Notes purchased price of principal amount of note, percentage		106.30%
3.00% Notes due 2016 Called for Early Redemption in November 2014
Debt Instrument [Line Items]
Stated interest rate on debt instrument												3.00%
Debt instrument maturity date												2,016
Notes purchased price of principal amount of note, percentage		103.40%
5.50% Notes Due 2017 Called for Early Redemption in November 2014
Debt Instrument [Line Items]
Stated interest rate on debt instrument												5.50%
Debt instrument maturity date												2,017
Notes purchased price of principal amount of note, percentage		110.50%
8.75% Notes Due 2018 Called for Early Redemption in November 2014
Debt Instrument [Line Items]
Stated interest rate on debt instrument												8.75%
Debt instrument maturity date												2,018
Notes purchased price of principal amount of note, percentage		125.20%
7.00% Debentures Due 2016 Called for Early Redemption in November 2014 | Alltel Corporation
Debt Instrument [Line Items]
Stated interest rate on debt instrument												7.00%
Debt instrument maturity date												2,016
Notes purchased price of principal amount of note, percentage		108.70%
8.50% Debentures Due 2018 Called for Early Redemption in November 2014 | Cellco Partnership and Verizon Wireless Capital LLC
Debt Instrument [Line Items]
Stated interest rate on debt instrument												8.50%
Debt instrument maturity date												2,018
Notes purchased price of principal amount of note, percentage		124.50%
2.50% Notes Due 2016 Called for Early Redemption in November 2014
Debt Instrument [Line Items]
Stated interest rate on debt instrument												2.50%
Debt instrument maturity date												2,016
Notes purchased price of principal amount of note, percentage		103.00%
8.75% Notes due 2015 | Cellco Partnership and Verizon Wireless Capital LLC
Debt Instrument [Line Items]
Stated interest rate on debt instrument							8.75%											8.75%				8.75%			8.75%
Aggregate principal amount | €																									€ 500
Amount of notes repaid							$ 600,000,000

Outstanding Long-Term Debt Obli

Outstanding Long-Term Debt Obligations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Capitalization, Long-term Debt [Line Items]
Capital lease obligations (average rate of 3.4% and 4.0% in 2015 and 2014, respectively)	$ 957	$ 516
Unamortized discount, net of premium	(5,824)	(2,954)
Unamortized debt issuance costs	(465)	(507)
Total long-term debt, including current maturities	109,565	112,426
Less long-term debt maturing within one year	6,325	2,397
Total long-term debt	$ 103,240	110,029
Verizon Communications | 0.30% - 3.85% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	0.30%
Interest rate range, maximum	3.85%
Maturity date range, start	2,016
Maturity date range, end	2,042
Notes payable and other	$ 26,281	27,617
Verizon Communications | 4.15% - 5.50% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	4.15%
Interest rate range, maximum	5.50%
Maturity date range, start	2,018
Maturity date range, end	2,055
Notes payable and other	$ 51,156	40,701
Verizon Communications | 5.85% - 6.90% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	5.85%
Interest rate range, maximum	6.90%
Maturity date range, start	2,018
Maturity date range, end	2,054
Notes payable and other	$ 16,420	24,341
Verizon Communications | 7.35% - 8.95% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	7.35%
Interest rate range, maximum	8.95%
Maturity date range, start	2,018
Maturity date range, end	2,039
Notes payable and other	$ 2,300	2,264
Verizon Communications | Floating Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,016
Maturity date range, end	2,025
Notes payable and other	$ 14,100	14,600
Verizon Wireless | 8.88% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	8.88%
Maturity date	2,018
Notes payable and other	$ 68	676
Verizon Wireless | 6.80% - 7.88% Alltel assumed notes
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	6.80%
Interest rate range, maximum	7.88%
Maturity date range, start	2,029
Maturity date range, end	2,032
Notes payable and other	$ 686	686
Telephone Subsidiaries | 5.13% - 6.50% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	5.13%
Interest rate range, maximum	6.50%
Maturity date range, start	2,028
Maturity date range, end	2,033
Notes payable and other	$ 575	1,075
Telephone Subsidiaries | 7.38% - 7.88% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	7.38%
Interest rate range, maximum	7.88%
Maturity date range, start	2,022
Maturity date range, end	2,032
Notes payable and other	$ 1,099	1,099
Telephone Subsidiaries | 8.00% - 8.75% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	8.00%
Interest rate range, maximum	8.75%
Maturity date range, start	2,019
Maturity date range, end	2,031
Notes payable and other	$ 780	880
Other Subsidiaries | 6.84% - 8.75% Debentures And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate range, minimum	6.84%
Interest rate range, maximum	8.75%
Maturity date range, start	2,018
Maturity date range, end	2,028
Notes payable and other	$ 1,432	$ 1,432

Outstanding Long-Term Debt Ob64

Outstanding Long-Term Debt Obligations (Parenthetical) (Detail)	Dec. 31, 2015	Dec. 31, 2014
Capital Lease Obligations
Schedule of Capitalization, Long-term Debt [Line Items]
Capital lease obligations average rate	3.40%	4.00%

Schedule of Notes Included in E

Schedule of Notes Included in Exchange Offer (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Aug. 21, 2014
Old Notes in Exchange for 2036 New Notes | Verizon Communications | 5.15% Notes Due 2023
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.15%
Debt instrument maturity date	2,023
Principal amount outstanding	$ 11,000
Exchange Offer, Principal Amount Accepted For Exchange	2,483
Old Notes in Exchange for 2048 New Notes
Debt Instrument [Line Items]
Exchange Offer, Principal Amount Accepted For Exchange	$ 3,816
Old Notes in Exchange for 2048 New Notes | Verizon Communications | 6.90% Notes due 2038
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.90%
Debt instrument maturity date	2,038
Principal amount outstanding	$ 1,250
Exchange Offer, Principal Amount Accepted For Exchange	$ 773
Old Notes in Exchange for 2048 New Notes | Verizon Communications | 6.40% Notes due 2038
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.40%
Debt instrument maturity date	2,038
Principal amount outstanding	$ 1,750
Exchange Offer, Principal Amount Accepted For Exchange	$ 884
Old Notes in Exchange for 2048 New Notes | Verizon Communications | 6.40% Notes due 2033
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.40%
Debt instrument maturity date	2,033
Principal amount outstanding	$ 4,355
Exchange Offer, Principal Amount Accepted For Exchange	$ 2,159
Old Notes in Exchange for 2048 New Notes | Verizon Communications | 6.25% Notes due 2037
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.25%
Debt instrument maturity date	2,037
Principal amount outstanding	$ 750
Old Notes in Exchange for 2048 New Notes | GTE Corporation | 6.94% Notes due 2028
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.94%
Debt instrument maturity date	2,028
Principal amount outstanding	$ 800
Old Notes in Exchange for 2055 New Notes | Verizon Communications | 6.55% Notes due 2043
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.55%
Debt instrument maturity date	2,043
Principal amount outstanding	$ 10,670
Exchange Offer, Principal Amount Accepted For Exchange	$ 4,084
Old Notes in Exchange for 2020 New Notes | Verizon Communications
Debt Instrument [Line Items]
Exchange Offer, Principal Amount Accepted For Exchange		$ 3,120
Old Notes in Exchange for 2020 New Notes | Verizon Communications | 3.65% Notes due 2018
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.65%
Debt instrument maturity date		2,018
Principal amount outstanding		$ 4,750
Exchange Offer, Principal Amount Accepted For Exchange		$ 2,052
Old Notes in Exchange for 2020 New Notes | Verizon Communications | 2.50% Notes due 2016
Debt Instrument [Line Items]
Stated interest rate on debt instrument		2.50%
Debt instrument maturity date		2,016
Principal amount outstanding		$ 4,250
Exchange Offer, Principal Amount Accepted For Exchange		$ 1,068
Old Notes in Exchange for 2046 New Notes | Verizon Communications | 6.40% Notes due 2033
Debt Instrument [Line Items]
Stated interest rate on debt instrument		6.40%
Debt instrument maturity date		2,033
Principal amount outstanding		$ 6,000
Exchange Offer, Principal Amount Accepted For Exchange		$ 1,645
Old Notes in Exchange for 2046 New Notes | Verizon Communications | 7.75% Notes due 2030
Debt Instrument [Line Items]
Stated interest rate on debt instrument		7.75%
Debt instrument maturity date		2,030
Principal amount outstanding		$ 2,000
Exchange Offer, Principal Amount Accepted For Exchange		$ 794
Old Notes in Exchange for 2046 New Notes | Verizon Communications | 7.35% Notes due 2039
Debt Instrument [Line Items]
Stated interest rate on debt instrument		7.35%
Debt instrument maturity date		2,039
Principal amount outstanding		$ 1,000
Exchange Offer, Principal Amount Accepted For Exchange		$ 520
Old Notes in Exchange for 2046 New Notes | Verizon Communications | 7.75% Notes due 2032
Debt Instrument [Line Items]
Stated interest rate on debt instrument		7.75%
Debt instrument maturity date		2,032
Principal amount outstanding		$ 400
Exchange Offer, Principal Amount Accepted For Exchange		$ 149
Old Notes in Exchange for 2046 New Notes | Alltel Corporation | 7.875% Notes due 2032
Debt Instrument [Line Items]
Stated interest rate on debt instrument		7.875%
Debt instrument maturity date		2,032
Principal amount outstanding		$ 700
Exchange Offer, Principal Amount Accepted For Exchange		$ 248
Old Notes in Exchange for 2046 New Notes | Alltel Corporation | 6.80% Notes due 2029
Debt Instrument [Line Items]
Stated interest rate on debt instrument		6.80%
Debt instrument maturity date		2,029
Principal amount outstanding		$ 300
Exchange Offer, Principal Amount Accepted For Exchange		65
Old Notes in Exchange for 2046 New Notes | Verizon Communications And Alltel Corporation
Debt Instrument [Line Items]
Exchange Offer, Principal Amount Accepted For Exchange		3,421
Old Notes in Exchange for 2054 New Notes | Verizon Communications
Debt Instrument [Line Items]
Exchange Offer, Principal Amount Accepted For Exchange		$ 4,330
Old Notes in Exchange for 2054 New Notes | Verizon Communications | 6.90% Notes due 2038
Debt Instrument [Line Items]
Stated interest rate on debt instrument		6.90%
Debt instrument maturity date		2,038
Principal amount outstanding		$ 1,250
Old Notes in Exchange for 2054 New Notes | Verizon Communications | 6.40% Notes due 2038
Debt Instrument [Line Items]
Stated interest rate on debt instrument		6.40%
Debt instrument maturity date		2,038
Principal amount outstanding		$ 1,750
Old Notes in Exchange for 2054 New Notes | Verizon Communications | 6.55% Notes due 2043
Debt Instrument [Line Items]
Stated interest rate on debt instrument		6.55%
Debt instrument maturity date		2,043
Principal amount outstanding		$ 15,000
Exchange Offer, Principal Amount Accepted For Exchange		$ 4,330

Tender Offer to Purchase for Ca

Tender Offer to Purchase for Cash Any And All of Series Of Notes (Detail) $ in Millions		Mar. 10, 2014USD ($)	Mar. 31, 2014USD ($)
Debt Instrument [Line Items]
Principal Amount Purchased		$ 4,122
Verizon Communications | 6.10% Notes due 2018
Debt Instrument [Line Items]
Interest Rate		6.10%
Debt instrument maturity date		2,018
Principal amount outstanding		$ 1,500
Purchase Price	[1]	1,170.07
Principal Amount Purchased		$ 748	$ 700
Verizon Communications | 5.50% Notes due 2018
Debt Instrument [Line Items]
Interest Rate		5.50%
Debt instrument maturity date		2,018
Principal amount outstanding		$ 1,500
Purchase Price	[1]	1,146.91
Principal Amount Purchased		$ 763	800
Verizon Communications | 8.75% Notes due 2018
Debt Instrument [Line Items]
Interest Rate		8.75%
Debt instrument maturity date		2,018
Principal amount outstanding		$ 1,300
Purchase Price	[1]	1,288.35
Principal Amount Purchased		$ 564	600
Verizon Communications | 5.55% Notes due 2016
Debt Instrument [Line Items]
Interest Rate		5.55%
Debt instrument maturity date		2,016
Principal amount outstanding		$ 1,250
Purchase Price	[1]	1,093.62
Principal Amount Purchased		$ 652	700
Verizon Communications | 5.50% Notes due 2017
Debt Instrument [Line Items]
Interest Rate		5.50%
Debt instrument maturity date		2,017
Principal amount outstanding		$ 750
Purchase Price	[1]	1,133.22
Principal Amount Purchased		$ 353	$ 400
Cellco Partnership and Verizon Wireless Capital LLC | 8.5% Notes due 2018
Debt Instrument [Line Items]
Interest Rate		8.50%	8.50%
Debt instrument maturity date		2,018	2,018
Principal amount outstanding		$ 1,000
Purchase Price	[1]	1,279.63
Principal Amount Purchased		$ 619	$ 600
Alltel Corporation | 7.00% Debentures due 2016
Debt Instrument [Line Items]
Interest Rate		7.00%
Debt instrument maturity date		2,016
Principal amount outstanding		$ 300
Purchase Price	[1]	1,125.26
Principal Amount Purchased		$ 157	200
GTE Corporation | 6.84% Debentures due 2018
Debt Instrument [Line Items]
Interest Rate		6.84%
Debt instrument maturity date		2,018
Principal amount outstanding		$ 600
Purchase Price	[1]	1,196.85
Principal Amount Purchased		$ 266	$ 300
[1]	Per $1,000 principal amount of notes

Maturities of Long-Term Debt Ex

Maturities of Long-Term Debt Excluding Unamortized Debt Issuance Costs (Detail) $ in Millions	Dec. 31, 2015USD ($)
Long Term Debt Maturities Repayments Of Principal [Line Items]
2,016	$ 6,325
2,017	4,195
2,018	7,072
2,019	5,645
2,020	8,860
Thereafter	$ 77,933

Wireless Equipment Installment

Wireless Equipment Installment Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total portfolio of device installment plan receivables	$ 11,900	$ 3,800
Receivables derecognized under receivable securitization program	8,200
Guarantee liability	200	$ 700
Deferred purchase price receivable	2,222
Finance receivables collected and remitted, net of fees	1,300
Maximum exposure to loss related to involvement with sellers	2,200
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred purchase price receivable	$ 2,200

Device Installment Plan Receiva

Device Installment Plan Receivables, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, gross	$ 3,720	$ 3,833
Unamortized imputed interest	(142)	(155)
Device installment plan receivables, net of unamortized imputed interest	3,578	3,678
Allowance for credit losses	(444)	(76)
Device installment plan receivables, net	3,134	3,602
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, net	1,979	2,470
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables, net	$ 1,155	$ 1,132

Activity in Allowance for Credi

Activity in Allowance for Credit Losses for Device Installment Plan Receivables (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at January 1, 2015	$ 76
Bad debt expenses	662
Write-offs	(203)
Allowance related to receivables sold	(101)
Other	10
Balance at December 31, 2015	$ 444

Summary of Device Installment R

Summary of Device Installment Receivables Sold under RPA and Revolving Program (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables sold, net	$ 9,363	[1]
Cash proceeds received	7,240	[2]
Deferred purchase price recorded	2,222
Receivables Purchase Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables sold, net	6,093	[1]
Cash proceeds received	4,502	[2]
Deferred purchase price recorded	1,690
Revolving Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device installment plan receivables sold, net	3,270	[1]
Cash proceeds received	2,738	[2]
Deferred purchase price recorded	$ 532
[1]	Device installment plan receivables net of allowances, imputed interest and the device trade-in right.
[2]	As of December 31, 2015, cash proceeds received, net of remittances, were $5.9 billion.

Summary of Device Installment72

Summary of Device Installment Receivables Sold under RPA and Revolving Program (Parenthetical) (Detail) $ in Billions	Dec. 31, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash proceeds received from device installment plan receivables sold, net of remittances	$ 5.9

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring $ in Millions	Dec. 31, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	$ 1,670
Fair value of liabilities measured on a recurring basis	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 | 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	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	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	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	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	1,638
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	24
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	515	[1]
Level 1 | Short-term Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	265	[1]
Level 1 | Other current assets | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	250	[1]
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	1,155	[2]
Fair value of liabilities measured on a recurring basis	1,681	[2]
Level 2 | Short-term Investments | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	85	[2]
Level 2 | Other Assets | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	928	[2]
Level 2 | Other Assets | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	128	[2]
Level 2 | Other Assets | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	13	[2]
Level 2 | Other Assets | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	1	[2]
Level 2 | Other Liabilities | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	19	[2]
Level 2 | Other Liabilities | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	1,638	[2]
Level 2 | Other Liabilities | Forward Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	$ 24	[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	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 109,729	$ 112,764
Carrying Amount, Fair Value Disclosure | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	108,772	112,248
Estimate of Fair Value Measurement | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 118,216	$ 126,549

Fair Value Measurements and F75

Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015	Jun. 30, 2014	Mar. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative liability fair value of collateral	$ 100,000,000	$ 600,000,000
Fair Value, Measurements, Nonrecurring
Derivatives, Fair Value [Line Items]
Expected disposal losses of long-lived assets		100,000,000
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	7,600,000,000	1,800,000,000
Fair value of notional amount	100,000,000
Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount		2,000,000,000	$ 800,000,000
Fair value of notional amount		200,000,000
Previously Issued Cross Currency Swaps
Derivatives, Fair Value [Line Items]
Derivative amount of hedged item		1,600,000,000
Currency Swap Settled
Derivatives, Fair Value [Line Items]
Notional amount	600,000,000			$ 800,000,000
Cross Currency Swaps
Derivatives, Fair Value [Line Items]
Notional amount	9,700,000,000
Derivative amount of hedged item		3,000,000,000		$ 1,200,000,000	$ 5,400,000,000
Fair value of cross currency swaps	1,600,000,000	600,000,000
Pre-tax gain (loss) recognized in other comprehensive income (loss)	(1,200,000,000)	$ (100,000,000)
New | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	$ 2,600,000,000		3,200,000,000
Net Investment Hedges
Derivatives, Fair Value [Line Items]
Notional amount			$ 900,000,000

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for awards under the Long-Term Incentive Plan	119,600,000
Share-based compensation	$ 0.3	$ 0.3	$ 0.4
Percentage of fair market value of Verizon common stock on the grant date	100.00%
Period of stock option life following date of grant, in years	10 years
Vesting period of stock options, in years	3 years
Stock options outstanding	0
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	$ 0.3
Weighted-average period of unrecognized compensation expense related to the unvested portion of RSUs and PSUs (in years)	2 years
Payments made to settle compensation classified as liability awards	$ 0.4	$ 0.6	$ 1.1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per unit	$ 48.15	$ 47.23

Restricted and Performance Stoc

Restricted and Performance Stock Unit Activity (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	15,007	16,193	18,669
Granted	4,958	5,278	4,950
Payments	(5,911)	(6,202)	(7,246)
Cancelled/Forfeited	(151)	(262)	(180)
Ending Balance	13,903	15,007	16,193
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	19,966	23,724	39,463
Granted	7,044	7,359	7,470
Payments	(6,732)	(9,153)	(22,703)
Cancelled/Forfeited	(3,075)	(1,964)	(506)
Ending Balance	17,203	19,966	23,724

Change In Benefit Obligations C

Change In Benefit Obligations Change In Plan Assets Funded Status Amounts Recognized On Balance Sheet And Amounts Recognized In Accumulated Other Comprehensive Loss Pretax (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (29,957)	$ (33,280)
Pension
Defined Benefit Plan Disclosure [Line Items]
Beginning of year	25,320	23,032
Service cost	374	327	$ 395
Interest cost	969	1,035	1,002
Plan amendments		(89)
Actuarial (gain) loss, net	(1,361)	2,977
Benefits paid	(971)	(1,566)
Curtailment and termination benefits		11	4
Settlements paid	(2,315)	(407)
End of year	22,016	25,320	23,032
Beginning of year	18,548	17,111
Actual return on plan assets	118	1,778
Company contributions	744	1,632
Benefits paid	(971)	(1,566)
Settlements paid	(2,315)	(407)
End of year	16,124	18,548	17,111
End of year	(5,892)	(6,772)
Noncurrent assets	349	337
Current liabilities	(93)	(122)
Noncurrent liabilities	(6,148)	(6,987)
Total	(5,892)	(6,772)
Prior Service Benefit (Cost)	(51)	(56)
Total	(51)	(56)
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Beginning of year	27,097	23,042
Service cost	324	258	318
Interest cost	1,117	1,107	1,095
Plan amendments	(45)	(412)
Actuarial (gain) loss, net	(2,733)	4,645
Benefits paid	(1,370)	(1,543)
Reclassifications (Note 2)	(167)
End of year	24,223	27,097	23,042
Beginning of year	2,435	3,053
Actual return on plan assets	28	193
Company contributions	667	732
Benefits paid	(1,370)	(1,543)
End of year	1,760	2,435	$ 3,053
End of year	(22,463)	(24,662)
Current liabilities	(695)	(528)
Noncurrent liabilities	(21,768)	(24,134)
Total	(22,463)	(24,662)
Prior Service Benefit (Cost)	(2,038)	(2,280)
Total	$ (2,038)	$ (2,280)

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation for all defined benefit pension plans		$ 22,000	$ 25,300
Defined benefits postretirement plans amortized from accumulated other comprehensive income		$ 300
Defined benefit plan, period used to determine overall expected long term rate of return on assets assumption (in years)		10
Number of allocated shares of common stock in ESOP		57
Total savings plan cost		$ 900	900	$ 1,000
Severance, Pension and Benefit (Credits) Charges		$ (2,256)	$ 7,507	$ (6,232)
Discount Rate		4.60%	4.20%	5.00%	4.20%
Severance, pension and benefit charges		$ 600	$ 500
Scenario, Forecast | Change method used to estimate interest component of net periodic benefit cost for pension and other Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated impact of change in assumptions	$ 100
Return Seeking Assets
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets		65.00%
Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets		35.00%
Qualified pension plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer		$ 700
Defined benefit plan contributions by employer in next fiscal year		600
Non qualified pension plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer		100
Defined benefit plan contributions by employer in next fiscal year		100
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer		900
Defined benefit plan contributions by employer in next fiscal year		900
Charges Primarily Driven By Decrease In Discount Rate Assumption
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges			5,200
(Credits) Charges Due To Difference Between Estimated Return On Assets And Actual Return On Assets
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges		$ 1,200	$ (600)	$ (500)
Expected return on plan assets			7.25%	7.25%	7.50%
Actual return on assets		0.70%	10.50%	8.60%
(Credits) Charges Primarily Driven By Use of Updated Actuarial Tables
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges		$ (900)	$ 1,800
Credits Primarily Driven By Increase In Discount Rate Assumption
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges		(2,500)		$ (4,300)
(Credits) Charges Primarily Driven By Other Assumption Adjustments
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges		300		$ (1,400)
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Reclassification		167
Defined benefit plan contributions by employer		$ 667	$ 732
Discount Rate		4.60%	4.20%
Expected return on plan assets		4.80%	5.50%	5.60%
Credits Due to Execution of New Prescription Drug Contract
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges		$ (1,000)

Information for Pension Plans w

Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 21,694	$ 24,919
Accumulated benefit obligation	21,636	24,851
Fair value of plan assets	$ 15,452	$ 17,810

Benefit or Income Cost Related

Benefit or Income Cost Related to Pension and Postretirement Health Care and Life Insurance Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 374	$ 327	$ 395
Amortization of prior service cost (credit)	(5)	(8)	6
Expected return on plan assets	(1,270)	(1,181)	(1,245)
Interest cost	969	1,035	1,002
Remeasurement (gain) loss, net	(209)	2,380	(2,470)
Net periodic benefit (income) cost	(141)	2,553	(2,312)
Curtailment and termination benefits		11	4
Total	(141)	2,564	(2,308)
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Service cost	324	258	318
Amortization of prior service cost (credit)	(287)	(253)	(247)
Expected return on plan assets	(101)	(161)	(143)
Interest cost	1,117	1,107	1,095
Remeasurement (gain) loss, net	(2,659)	4,615	(3,989)
Net periodic benefit (income) cost	(1,606)	5,566	(2,966)
Total	$ (1,606)	$ 5,566	$ (2,966)

Other Pretax Changes in Plan As

Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pension
Defined Benefit Plan Disclosure [Line Items]
Prior service cost		$ (89)
Reversal of amortization items - Prior service cost	$ 5	8
Total recognized in other comprehensive (income) loss (pre-tax)	5	(81)
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	(45)	(413)
Reversal of amortization items - Prior service cost	287	253
Total recognized in other comprehensive (income) loss (pre-tax)	$ 242	$ (160)

Weighted Average Assumptions Us

Weighted Average Assumptions Used In Determining Benefit Obligations (Detail)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.60%	4.20%	5.00%	4.20%
Pension
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.60%	4.20%
Rate of compensation increases	3.00%	3.00%
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.60%	4.20%

Weighted Average Assumptions 84

Weighted Average Assumptions Used In Determining Net Periodic Cost (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.20%	5.00%	4.20%
Expected return on plan assets	7.25%	7.25%	7.50%
Rate of compensation increases	3.00%	3.00%	3.00%
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.20%	5.00%	4.20%
Expected return on plan assets	4.80%	5.50%	5.60%

Health Care Cost Trend Rates (D

Health Care Cost Trend Rates (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Healthcare cost trend rate assumed for next year	6.00%	6.50%	6.50%
Rate to which cost trend rate gradually declines	4.50%	4.75%	4.75%
Year the rate reaches the level it is assumed to remain thereafter	2,024	2,022	2,020

Effects of One Percentage Point

Effects of One Percentage Point Change In Assumed Health Care Cost Trend Rates (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Defined Benefit Plan Disclosure [Line Items]
Effect on 2015 service and interest cost, Increase	$ 249
Effect on 2015 service and interest cost, Decrease	(194)
Effect on postretirement benefit obligation as of December 31, 2015, Increase	3,074
Effect on postretirement benefit obligation as of December 31, 2015, Decrease	$ (2,516)

Fair Values for Plans by Asset

Fair Values for Plans by Asset Category (Detail) - Pension - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	$ 16,124	$ 18,548	$ 17,111
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	1,459	1,983
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	3,216	4,339
US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	1,264	1,257
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	3,024	2,882
International Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	713	582
Other Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	3	3
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	1,670	1,792
Private Equity
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	2,988	3,748
Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	1,787	1,962
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	4,800	5,899
Level 1 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	1,375	1,814
Level 1 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	2,313	2,952
Level 1 | US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	884	830
Level 1 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	194	264
Level 1 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	34	39
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	5,497	6,274
Level 2 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	84	169
Level 2 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	900	1,277
Level 2 | US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	380	427
Level 2 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	2,702	2,506
Level 2 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	659	524
Level 2 | Other Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	3	3
Level 2 | Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	39
Level 2 | Private Equity
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category		204
Level 2 | Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	730	1,164
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	5,827	6,375
Level 3 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	3	110
Level 3 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	128	112
Level 3 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	20	19
Level 3 | Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	1,631	1,792
Level 3 | Private Equity
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	2,988	3,544
Level 3 | Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the pension plans by asset category	$ 1,057	$ 798

Reconciliation of Beginning and

Reconciliation of Beginning and Ending Balance of Pension Plan Assets Measured at Fair Value (Detail) - Pension - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	$ 6,375	$ 7,084
Actual gain (loss) on plan assets	209	152
Purchases and sales	(515)	(297)
Transfers in (out)	(242)	(564)
Ending Balance	5,827	6,375
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	110
Actual gain (loss) on plan assets	1	(1)
Purchases and sales	16	106
Transfers in (out)	(124)	5
Ending Balance	3	110
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	112	162
Actual gain (loss) on plan assets	4	5
Purchases and sales	18	(50)
Transfers in (out)	(6)	(5)
Ending Balance	128	112
International Bonds
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	19
Actual gain (loss) on plan assets	(3)
Purchases and sales	5	8
Transfers in (out)	(1)	11
Ending Balance	20	19
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	1,792	1,784
Actual gain (loss) on plan assets	132	42
Purchases and sales	(259)	(34)
Transfers in (out)	(34)
Ending Balance	1,631	1,792
Private Equity
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	3,544	3,942
Actual gain (loss) on plan assets	63	73
Purchases and sales	(619)	(471)
Ending Balance	2,988	3,544
Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	798	1,196
Actual gain (loss) on plan assets	12	33
Purchases and sales	324	144
Transfers in (out)	(77)	(575)
Ending Balance	$ 1,057	$ 798

Fair Values For Other Postretir

Fair Values For Other Postretirement Benefit Plans By Asset Category (Detail) - Other Postretirement Benefit Plan - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	$ 1,760	$ 2,435
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	162	208
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	974	1,434
US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	21	105
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	524	461
International Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	79	111
Other Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category		116
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	930	1,409
Level 1 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	8	6
Level 1 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	752	1,172
Level 1 | US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	18	98
Level 1 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	133	119
Level 1 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	19	14
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	830	980
Level 2 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	154	202
Level 2 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	222	262
Level 2 | US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	3	7
Level 2 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	391	296
Level 2 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category	$ 60	97
Level 2 | Other Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category		116
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category		46
Level 3 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair values for the other postretirement benefit plans by asset category		$ 46

Reconciliation of Beginning a90

Reconciliation of Beginning and Ending Balance of Other Postretirement Benefit Plan Assets Measured at Fair Value (Detail) - Other Postretirement Benefit Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	$ 46
Transfers in (out)	(46)
Actual gain on plan assets		$ 1
Purchases and sales		45
Ending Balance		46
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	46
Transfers in (out)	$ (46)
Actual gain on plan assets		1
Purchases and sales		45
Ending Balance		$ 46

Expected Benefit Payments to Re

Expected Benefit Payments to Retirees (Detail) $ in Millions	Dec. 31, 2015USD ($)
Pension
Defined Benefit Plan Disclosure [Line Items]
2,016	$ 1,906
2,017	1,757
2,018	1,441
2,019	1,391
2,020	1,371
2021-2025	6,699
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
2,016	1,390
2,017	1,390
2,018	1,384
2,019	1,354
2,020	1,349
2021-2025	$ 6,889

Recorded Severance Liability (D

Recorded Severance Liability (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Beginning of Year	$ 875	$ 757	$ 1,010
Charged to Expense	551	531	134
Payments	(619)	(406)	(381)
Other	(7)	(7)	(6)
End of Year	$ 800	$ 875	$ 757

Components of Income before (Pr

Components of Income before (Provision) benefit for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components Of Income Tax Expense Benefit [Line Items]
Domestic	$ 27,639	$ 12,992	$ 28,833
Foreign	601	2,278	444
Income Before Provision For Income Taxes	$ 28,240	$ 15,270	$ 29,277

Components of Provision (benefi

Components of Provision (benefit) for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Provision of Income Taxes [Line Items]
Federal	$ 5,476	$ 2,657	$ (197)
Foreign	70	81	(59)
State and Local	803	668	201
Total	6,349	3,406	(55)
Federal	3,377	(51)	5,060
Foreign	9	(9)	8
State and Local	130	(32)	717
Total	3,516	(92)	5,785
Total income tax provision	$ 9,865	$ 3,314	$ 5,730

Schedule for Principal Reasons

Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Rate Reconciliation [Line Items]
Statutory federal income tax rate	35.00%	35.00%	35.00%
State and local income tax rate, net of federal tax benefits	2.10%	2.70%	2.10%
Affordable housing credit	(0.50%)	(1.00%)	(0.60%)
Employee benefits including ESOP dividend	(0.40%)	(0.70%)	(0.40%)
Noncontrolling interests	(0.50%)	(5.00%)	(14.30%)
Other, net	(0.80%)	(3.40%)	(2.20%)
Effective income tax rate	34.90%	21.70%	19.60%
Vodafone Omnitel N.V.
Income Tax Rate Reconciliation [Line Items]
Disposition of Omnitel Interest		(5.90%)

Taxes - Additional Information

Taxes - Additional Information (Detail) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Taxes [Line Items]
Effective income tax rate	34.90%	21.70%	19.60%
Undistributed earnings of our foreign subsidiaries	$ 1.8
Net tax loss and credit carry forwards (tax effected)	4.1
Net tax loss and credit carry forwards (tax effected), portion that will expire between 2016 and 2035	2.5
Operating loss carry forwards amount	1.6
Increase in valuation allowance	1.6
Unrecognized tax benefits, that if recognized, would favorably affect the effective income tax rate	$ 1.2	$ 1.3	$ 1.4

Schedule of Cash Taxes Paid (De

Schedule of Cash Taxes Paid (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Income taxes, net of amounts refunded	$ 5,293	$ 4,093	$ 422
Employment taxes	1,284	1,290	1,282
Property and other taxes	1,868	1,797	2,082
Total	$ 8,445	$ 7,180	$ 3,786

Schedule of Deferred Taxes (Det

Schedule of Deferred Taxes (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Employee benefits	$ 12,220	$ 13,350
Tax loss and credit carry forwards	4,099	2,255
Other - assets	2,504	2,247
Deferred Tax Assets, Gross, Total	18,823	17,852
Valuation allowances	(3,414)	(1,841)
Deferred tax assets	15,409	16,011
Spectrum and other intangible amortization	29,945	28,283
Depreciation	24,725	23,423
Other - liabilities	6,125	5,754
Deferred tax liabilities	60,795	57,460
Net deferred tax liability	$ 45,386	$ 41,449

Reconciliation of Beginning a99

Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
Balance at January 1,	$ 1,823	$ 2,130	$ 2,943
Additions based on tax positions related to the current year	194	80	116
Additions for tax positions of prior years	330	627	250
Reductions for tax positions of prior years	(412)	(278)	(801)
Settlements	(79)	(239)	(210)
Lapses of statutes of limitations	(221)	(497)	(168)
Balance at December 31,	$ 1,635	$ 1,823	$ 2,130

Schedule of After Tax Benefits

Schedule of After Tax Benefits Related To Interest and Penalties in Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
Income tax examination, penalties and interest expense	$ 43	$ 92	$ 33

After Tax Accrual for Payment o

After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Income tax examination, penalties and interest accrued	$ 125	$ 169

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)Segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment									2
Segment reporting information, revenue	$ 34,254	$ 33,158	$ 32,224	$ 31,984	$ 33,192	$ 31,586	$ 31,483	$ 30,818	$ 131,620	$ 127,079	$ 120,550
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 years ended December 31, 2015, 2014 and 2013.
Fios revenues | Wireline
Segment Reporting Information [Line Items]
Segment reporting information, revenue									$ 10,800	$ 9,800	$ 8,400

Operating Financial Information

Operating Financial Information for Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Operating Revenues	$ 34,254	$ 33,158	$ 32,224	$ 31,984	$ 33,192	$ 31,586	$ 31,483	$ 30,818	$ 131,620	$ 127,079	$ 120,550
Cost of services									29,438	28,306	28,534
Wireless cost of equipment									23,119	21,625	16,353
Selling, general and administrative expense									29,986	41,016	27,089
Depreciation and amortization expense									16,017	16,533	16,606
Total operating expenses									98,560	107,480	88,582
Operating Income (Loss)	$ 9,744	$ 7,535	$ 7,821	$ 7,960	$ (2,136)	$ 6,890	$ 7,685	$ 7,160	33,060	19,599	31,968
Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues									123,774	120,439	114,077
Cost of services									26,619	26,613	26,694
Wireless cost of equipment									23,119	21,625	16,353
Selling, general and administrative expense									29,061	30,996	30,913
Depreciation and amortization expense									15,523	15,276	15,303
Total operating expenses									94,322	94,510	89,263
Operating Income (Loss)									29,452	25,929	24,814
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									91,680	87,646	81,023
Cost of services									7,803	7,200	7,295
Wireless cost of equipment									23,119	21,625	16,353
Selling, general and administrative expense									21,805	23,602	23,176
Depreciation and amortization expense									8,980	8,459	8,202
Total operating expenses									61,707	60,886	55,026
Operating Income (Loss)									29,973	26,760	25,997
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									32,094	32,793	33,054
Cost of services									18,816	19,413	19,399
Selling, general and administrative expense									7,256	7,394	7,737
Depreciation and amortization expense									6,543	6,817	7,101
Total operating expenses									32,615	33,624	34,237
Operating Income (Loss)									(521)	(831)	(1,183)
Operating Segments | Service Revenue
Segment Reporting Information [Line Items]
Operating Revenues									70,305	72,555	68,973
Operating Segments | Service Revenue | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									70,305	72,555	68,973
Operating Segments | Equipment Revenue
Segment Reporting Information [Line Items]
Operating Revenues									16,924	10,957	8,096
Operating Segments | Equipment Revenue | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									16,924	10,957	8,096
Operating Segments | Other External Operating Non-Service Revenues
Segment Reporting Information [Line Items]
Operating Revenues									4,294	4,021	3,851
Operating Segments | Other External Operating Non-Service Revenues | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									4,294	4,021	3,851
Operating Segments | Mass Markets Consumer Retail
Segment Reporting Information [Line Items]
Operating Revenues									12,696	12,168	11,499
Operating Segments | Mass Markets Consumer Retail | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									12,696	12,168	11,499
Operating Segments | Mass Markets Small Business
Segment Reporting Information [Line Items]
Operating Revenues									1,744	1,829	1,909
Operating Segments | Mass Markets Small Business | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									1,744	1,829	1,909
Operating Segments | Mass Markets
Segment Reporting Information [Line Items]
Operating Revenues									14,440	13,997	13,408
Operating Segments | Mass Markets | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									14,440	13,997	13,408
Operating Segments | Global Enterprise Strategic Services
Segment Reporting Information [Line Items]
Operating Revenues									7,803	8,021	7,903
Operating Segments | Global Enterprise Strategic Services | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									7,803	8,021	7,903
Operating Segments | Global Enterprise Core
Segment Reporting Information [Line Items]
Operating Revenues									4,245	4,781	5,486
Operating Segments | Global Enterprise Core | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									4,245	4,781	5,486
Operating Segments | Global Enterprise
Segment Reporting Information [Line Items]
Operating Revenues									12,048	12,802	13,389
Operating Segments | Global Enterprise | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									12,048	12,802	13,389
Operating Segments | Global Wholesale
Segment Reporting Information [Line Items]
Operating Revenues									4,301	4,520	4,781
Operating Segments | Global Wholesale | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									4,301	4,520	4,781
Operating Segments | Other
Segment Reporting Information [Line Items]
Operating Revenues									338	527	484
Operating Segments | Other | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									338	527	484
Operating Segments | Intersegment Revenues
Segment Reporting Information [Line Items]
Operating Revenues									1,124	1,060	1,095
Operating Segments | Intersegment Revenues | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									157	113	103
Operating Segments | Intersegment Revenues | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									$ 967	$ 947	$ 992

Reconciliation of Segment Asset

Reconciliation of Segment Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Assets	$ 244,175	$ 232,109
Plant, property and equipment, net	83,541	89,947
Capital expenditures	17,775	17,191	$ 16,604
Operating Segments
Segment Reporting Information [Line Items]
Assets	263,710	236,962	230,868
Plant, property and equipment, net	81,955	88,594	87,817
Capital expenditures	16,774	16,265	15,654
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Assets	185,405	160,333	146,356
Plant, property and equipment, net	40,911	38,276	35,932
Capital expenditures	11,725	10,515	9,425
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Assets	78,305	76,629	84,512
Plant, property and equipment, net	41,044	50,318	51,885
Capital expenditures	$ 5,049	$ 5,750	$ 6,229

Summary of Reconciliation of Se

Summary of Reconciliation of Segment Operating Revenues (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	$ 34,254	$ 33,158	$ 32,224	$ 31,984	$ 33,192	$ 31,586	$ 31,483	$ 30,818	$ 131,620	$ 127,079	$ 120,550
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue									123,774	120,439	114,077
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue									3,738	2,106	1,666
Revenue Generated By Assets Sold
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue									5,280	5,625	5,954
Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue									$ (1,172)	$ (1,091)	$ (1,147)

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								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Severance, pension and benefit credits (charges) (Note 11)									$ 2,256	$ (7,507)	$ 6,232
Gain on spectrum license transactions (Note 2)									254	707	278
Other costs					$ (300)					(334)
Operating income	$ 9,744	$ 7,535	$ 7,821	$ 7,960	$ (2,136)	$ 6,890	$ 7,685	$ 7,160	33,060	19,599	31,968
Equity in (losses) earnings of unconsolidated businesses									(86)	1,780	142
Other income and (expense), net									186	(1,194)	(166)
Interest expense									(4,920)	(4,915)	(2,667)
Income Before Provision for Income Taxes									28,240	15,270	29,277
Operating Segments
Segment Reporting Information [Line Items]
Operating income									29,452	25,929	24,814
Corporate and other
Segment Reporting Information [Line Items]
Operating income									(1,720)	(1,217)	(1,025)
Operating Income Generated By Assets Sold
Segment Reporting Information [Line Items]
Operating income									$ 2,818	$ 2,021	$ 1,669

Summary of Reconciliation of Re

Summary of Reconciliation of Reportable Segment Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Assets	$ 244,175	$ 232,109
Operating Segments
Segment Reporting Information [Line Items]
Assets	263,710	236,962	$ 230,868
Corporate and other
Segment Reporting Information [Line Items]
Assets	205,476	191,190
Eliminations
Segment Reporting Information [Line Items]
Assets	$ (225,011)	$ (196,043)

Changes in Balances of Accumula

Changes in Balances of Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015	$ 1,111
Other comprehensive loss	(1,276)
Amounts reclassified to net income	715
Other comprehensive income (loss) attributable to Verizon	(561)	$ (1,247)	$ 123
Balance at December 31, 2015	550	1,111
Foreign currency translation adjustments
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015	(346)
Other comprehensive loss	(208)
Other comprehensive income (loss) attributable to Verizon	(208)
Balance at December 31, 2015	(554)	(346)
Unrealized loss on cash flow hedges
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015	(84)
Other comprehensive loss	(1,063)
Amounts reclassified to net income	869
Other comprehensive income (loss) attributable to Verizon	(194)
Balance at December 31, 2015	(278)	(84)
Unrealized loss on marketable securities
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015	112
Other comprehensive loss	(5)
Amounts reclassified to net income	(6)
Other comprehensive income (loss) attributable to Verizon	(11)
Balance at December 31, 2015	101	112
Defined benefit pension and postretirement plans
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2015	1,429
Amounts reclassified to net income	(148)
Other comprehensive income (loss) attributable to Verizon	(148)
Balance at December 31, 2015	$ 1,281	$ 1,429

Income Statement Information (D

Income Statement Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Depreciation expense	$ 14,323	$ 14,966	$ 15,019
Interest costs on debt balances	5,504	5,291	3,421
Capitalized interest costs	(584)	(376)	(754)
Advertising expense	$ 2,749	$ 2,526	$ 2,438

Balance Sheet Information (Deta

Balance Sheet Information (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Accounts payable	$ 6,391	$ 5,598
Accrued expenses	5,281	4,016
Accrued vacation, salaries and wages	4,107	4,131
Interest payable	1,529	1,478
Taxes payable	2,054	1,457
Total accounts payable and accrued liabilities	19,362	16,680
Advance billings and customer deposits	2,969	3,125
Dividends payable	2,323	2,307
Other	3,446	3,140
Total other current liabilities	$ 8,738	$ 8,572

Cash Flow Information (Detail)

Cash Flow Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items]
Interest, net of amounts capitalized	$ 4,491	$ 4,429	$ 2,122

Additional Financial Informa112

Additional Financial Information - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands	Jun. 05, 2015	Feb. 10, 2015	Dec. 31, 2015	Dec. 31, 2013
Supplemental Cash Flow Information [Line Items]
Payment for repurchase of common stock			$ 5,134,000,000	$ 153,000,000
Common shares issued from Treasury stock			22,600
Treasury stock aggregate value			$ 900,000,000
Share Buyback Program
Supplemental Cash Flow Information [Line Items]
Number of shares repurchased			2,800
Payment for repurchase of common stock			$ 100,000,000
Share Buyback Program | Maximum
Supplemental Cash Flow Information [Line Items]
Number of shares authorized for repurchase			97,200
February 2015 Accelerated Stock Repurchase
Supplemental Cash Flow Information [Line Items]
Number of shares repurchased	15,400	86,200	101,600
Payment for repurchase of common stock		$ 4,250,000,000
Accelerated Share Repurchase		5,000,000,000
Average repurchase price			$ 49.21
Expected Payment related to February 2015 Accelerated Stock Repurchase
Supplemental Cash Flow Information [Line Items]
Payment for repurchase of common stock		$ 5,000,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Billions	12 Months Ended
	Dec. 31, 2015USD ($)LegalMatter
Loss Contingencies [Line Items]
Approximate number of federal district court actions alleged for patent infringement | LegalMatter	60
Guarantee obligations, year term (in years)	30 years
Letters of credit	$ 0.1
Purchase commitments	21.9
2,016	8.4
2017-2018	9.2
2019-2020	2.3
Thereafter	2
Purchases against commitments	$ 10.2

Schedule of Quarterly Financial

Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information [Line Items]
Operating Revenues	$ 34,254		$ 33,158		$ 32,224		$ 31,984		$ 33,192		$ 31,586		$ 31,483		$ 30,818		$ 131,620	$ 127,079	$ 120,550
Operating Income (Loss)	9,744		7,535		7,821		7,960		(2,136)		6,890		7,685		7,160		33,060	19,599	31,968
Net Income (Loss) attributable to Verizon	$ 5,391	[1]	$ 4,038	[1]	$ 4,231	[1]	$ 4,219	[1]	$ (2,231)	[1]	$ 3,695	[1]	$ 4,214	[1]	$ 3,947	[1]	$ 17,879	$ 9,625	$ 11,497
Earnings (Loss) Per Share, Basic	$ 1.32	[1]	$ 0.99	[1]	$ 1.04	[1]	$ 1.03	[1]	$ (0.54)	[1]	$ 0.89	[1]	$ 1.02	[1]	$ 1.15	[1]	$ 4.38	$ 2.42	$ 4.01
Earnings (Loss) Per Share, Diluted	$ 1.32	[1]	$ 0.99	[1]	$ 1.04	[1]	$ 1.02	[1]	$ (0.54)	[1]	$ 0.89	[1]	$ 1.01	[1]	$ 1.15	[1]	$ 4.37	$ 2.42	$ 4
Net Income (Loss)	$ 5,513		$ 4,171		$ 4,353		$ 4,338		$ (2,148)		$ 3,794		$ 4,324		$ 5,986		$ 18,375	$ 11,956	$ 23,547
[1]	Net income (loss) attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.

Schedule of Quarterly Financ115

Schedule of Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Billions	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014
Severance, Pension and Benefit Credit
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations	$ 1.6	$ 0.2	$ 4.7
Wireless Transaction Costs
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations					$ 0.3
Vodafone Omnitel N.V.
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations					1.9
Early Debt Redemption Costs And Other
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations			$ 0.5		$ 0.6
Spectrum
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations	$ 0.2			$ 0.4