Verizon Communications (VZ) 10-Q 26 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2016shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	VZ
Entity Registrant Name	VERIZON COMMUNICATIONS INC
Entity Central Index Key	732,712
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	4,076,633,952

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating Revenues
Service revenues and other	$ 26,813	$ 28,866	$ 81,858	$ 85,840
Wireless equipment revenues	4,124	4,292	11,782	11,526
Total Operating Revenues	30,937	33,158	93,640	97,366
Operating Expenses
Cost of services (exclusive of items shown below)	6,989	7,589	22,180	21,571
Wireless cost of equipment	5,240	5,716	14,882	16,279
Selling, general and administrative expense	8,226	8,309	25,601	24,222
Depreciation and amortization expense	3,942	4,009	11,941	11,978
Total Operating Expenses	24,397	25,623	74,604	74,050
Operating Income	6,540	7,535	19,036	23,316
Equity in losses of unconsolidated businesses	(23)	(18)	(63)	(70)
Other income and (expense), net	97	51	(1,697)	158
Interest expense	(1,038)	(1,202)	(3,239)	(3,742)
Income Before Provision For Income Taxes	5,576	6,366	14,037	19,662
Provision for income taxes	(1,829)	(2,195)	(5,029)	(6,800)
Net Income	3,747	4,171	9,008	12,862
Net income attributable to noncontrolling interests	127	133	376	374
Net income attributable to Verizon	$ 3,620	$ 4,038	$ 8,632	$ 12,488
Basic Earnings Per Common Share
Net income attributable to Verizon	$ 0.89	$ 0.99	$ 2.12	$ 3.05
Weighted-average shares outstanding (in millions)	4,079	4,072	4,080	4,089
Diluted Earnings Per Common Share
Net income attributable to Verizon	$ 0.89	$ 0.99	$ 2.11	$ 3.05
Weighted-average shares outstanding (in millions)	4,086	4,078	4,086	4,095
Dividends declared per common share	$ 0.5775	$ 0.5650	$ 1.7075	$ 1.6650

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Income	$ 3,747	$ 4,171	$ 9,008	$ 12,862
Other comprehensive income (loss), net of taxes
Foreign currency translation adjustments	(78)	(74)	(23)	(161)
Unrealized gain (loss) on cash flow hedges	147	(90)	(58)	(196)
Unrealized loss on marketable securities	(19)	(13)	(35)	(22)
Defined benefit pension and postretirement plans	(139)	(44)	2,324	(132)
Other comprehensive income (loss) attributable to Verizon	(89)	(221)	2,208	(511)
Total Comprehensive Income	3,658	3,950	11,216	12,351
Comprehensive income attributable to noncontrolling interests	127	133	376	374
Comprehensive income attributable to Verizon	$ 3,531	$ 3,817	$ 10,840	$ 11,977

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 6,441	$ 4,470
Short-term investments		350
Accounts receivable, net of allowances of $800 and $882	14,832	13,457
Inventories	1,318	1,252
Assets held for sale		792
Prepaid expenses and other	3,030	2,034
Total current assets	25,621	22,355
Plant, property and equipment	228,909	220,163
Less accumulated depreciation	145,495	136,622
Plant, property and equipment, net	83,414	83,541
Investments in unconsolidated businesses	1,119	796
Wireless licenses	87,407	86,575
Goodwill	25,970	25,331
Other intangible assets, net	7,692	7,592
Non-current assets held for sale		10,267
Other assets	8,275	7,718
Total assets	239,498	244,175
Current liabilities
Debt maturing within one year	3,852	6,489
Accounts payable and accrued liabilities	18,002	19,362
Liabilities related to assets held for sale		463
Other	8,444	8,738
Total current liabilities	30,298	35,052
Long-term debt	102,739	103,240
Employee benefit obligations	28,285	29,957
Deferred income taxes	44,617	45,484
Non-current liabilities related to assets held for sale		959
Other liabilities	11,576	11,641
Equity
Series preferred stock ($.10 par value; none issued)
Common stock ($.10 par value; 4,242,374,240 shares issued in each period)	424	424
Contributed capital	11,179	11,196
Reinvested earnings	12,918	11,246
Accumulated other comprehensive income	2,758	550
Common stock in treasury, at cost	(7,264)	(7,416)
Deferred compensation - employee stock ownership plans and other	445	428
Noncontrolling interests	1,523	1,414
Total equity	21,983	17,842
Total liabilities and equity	$ 239,498	$ 244,175

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Accounts receivable, allowances	$ 800	$ 882
Series preferred stock, par value	$ 0.10	$ 0.10
Series preferred stock, issued	0	0
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares issued	4,242,374,240	4,242,374,240

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows from Operating Activities
Net Income	$ 9,008	$ 12,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	11,941	11,978
Employee retirement benefits	4,531	1,184
Deferred income taxes	(2,331)	890
Provision for uncollectible accounts	963	1,136
Equity in losses of unconsolidated businesses, net of dividends received	94	98
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(4,010)	1,443
Other, net	(2,567)	(1,165)
Net cash provided by operating activities	17,629	28,426
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(11,398)	(12,540)
Acquisitions of businesses, net of cash acquired	(963)	(3,205)
Acquisitions of wireless licenses	(410)	(9,811)
Proceeds from dispositions of businesses	9,882
Other, net	350	960
Net cash used in investing activities	(2,539)	(24,596)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	8,152	6,497
Proceeds from asset-backed long-term borrowings	2,594
Repayments of long-term borrowings and capital lease obligations	(14,510)	(7,168)
Decrease in short-term obligations, excluding current maturities	(120)	(305)
Dividends paid	(6,908)	(6,373)
Proceeds from sale of common stock	3	31
Purchase of common stock for treasury		(5,134)
Other, net	(2,330)	1,899
Net cash used in financing activities	(13,119)	(10,553)
Increase (decrease) in cash and cash equivalents	1,971	(6,723)
Cash and cash equivalents, beginning of period	4,470	10,598
Cash and cash equivalents, end of period	$ 6,441	$ 3,875

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Basis of Presentation	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared based upon Securities and Exchange Commission (SEC) rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements for the year ended December 31, 2015 of Verizon Communications Inc. (Verizon or the Company) included in its Current Report on Form 8-K dated July 29, 2016. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year. We have reclassified certain prior year amounts to conform to the current year presentation. Earnings Per Common Share There were a total of approximately 7 million and 6 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2016, respectively. There were a total of approximately 6 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2015, respectively. There were no outstanding options to purchase shares that would have been anti-dilutive for the three and nine months ended September 30, 2016 and 2015, respectively. Recently Adopted Accounting Standards During the first quarter of 2016, we adopted the accounting standard update related to the simplification of the accounting for measurement-period adjustments in business combinations. This standard update requires an acquirer to recognize measurement-period adjustments in the reporting period in which the adjustments are determined and to record the effects on earnings of any changes resulting from the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. The prospective adoption of this standard update did not have a significant impact on our condensed consolidated financial statements. During the first quarter of 2016, we adopted the accounting standard update related to disclosures for investments in certain entities that calculate net asset value per share. This standard update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The standard update limits the required disclosures to investments for which the entity has elected to measure the fair value using the practical expedient. The retrospective adoption of this standard update did not have a significant impact on our condensed consolidated financial statements. During the first quarter of 2016, we adopted the accounting standard update related to the simplification of the presentation of debt issuance costs. This standard update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. During the first quarter of 2016, we also adopted the accounting standard update related to the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. This standard adds SEC paragraphs pursuant to an SEC Staff Announcement that the SEC staff would not object to an entity deferring and presenting debt issuance costs associated with a line-of-credit arrangement as an asset and subsequently amortizing the costs ratably over the term of the arrangement. We applied the amendments in these accounting standard updates retrospectively to all periods presented. The adoption of these standard updates did not have a significant impact on our condensed consolidated financial statements. During the first quarter of 2016, we adopted the accounting standard update related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The prospective adoption of this standard update did not have an impact on our condensed consolidated financial statements. During the second quarter of 2016, we prospectively changed our method for determining the date at which we remeasure plan assets and obligations as a result of a significant event during an interim period in accordance with Accounting Standards Update (ASU) 2015-04, Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets Recently Issued Accounting Standards In August 2016, the accounting standard update related to the classification of certain cash receipts and cash payments was issued. This standard update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this update are effective as of the first quarter of 2018; however, early adoption is permitted. We are currently evaluating the impact that this standard update will have on our condensed consolidated financial statements. In June 2016, the standard update related to the measurement of credit losses on financial instruments was issued. This standard update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard update is effective as of the first quarter of 2020; however, early adoption is permitted. We are currently evaluating the impact that this standard update will have on our condensed consolidated financial statements. In March 2016, the accounting standard update related to employee share-based payment accounting was issued. This standard update intends to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This standard update is effective as of the first quarter of 2017; however, early adoption is permitted. The adoption of this standard update is not expected to have a significant impact on our condensed consolidated financial statements. In February 2016, the accounting standard update related to leases was issued. This standard update intends to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. In addition, through improved disclosure requirements, the standard update will enable users of financial statements to further understand the amount, timing, and uncertainty of cash flows arising from leases. This standard update is effective as of the first quarter of 2019; however, early adoption is permitted. We are currently evaluating the impact that this standard update will have on our condensed consolidated financial statements. In May 2014, the accounting standard update related to the recognition of revenue from contracts with customers was issued. This standard update clarifies the principles for recognizing revenue and develops a common revenue standard for generally accepted accounting principles in the United States (U.S. GAAP) and International Financial Reporting Standards. The standard update also amends current guidance for the recognition of costs to obtain and fulfill contracts with customers requiring that all incremental costs of obtaining and direct costs of fulfilling contracts with customers be deferred and recognized over the expected customer life. 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 as well as timing of recognition of certain contract costs will be impacted. In August 2015, an accounting standard update was issued that delayed the effective date of this standard until the first quarter of 2018. There are two adoption methods available for implementation of the standard update related to the recognition of revenue from contracts with customers. Under one method, the guidance is applied retrospectively to contracts for each reporting period presented, subject to allowable practical expedients. Under the other method, the guidance is applied only to the most current period presented, recognizing the cumulative effect of the change as an adjustment to the beginning balance of retained earnings, and also requires additional disclosures comparing the results to the previous guidance. We are currently evaluating these adoption methods and the impact that this standard update will have on our condensed consolidated financial statements. We have established a cross-functional coordinated implementation team to implement the standard update related to the recognition of revenue from contracts with customers. We have identified and are in the process of implementing changes to our systems, processes and internal controls to meet the standard update’s reporting and disclosure requirements.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2016
Acquisitions and Divestitures	2. Acquisitions and Divestitures Wireless Spectrum License Transactions During the fourth quarter of 2015, we entered into a license exchange agreement with affiliates of AT&T Inc. (AT&T) to exchange certain Advanced Wireless Services (AWS) and Personal Communication Services (PCS) spectrum licenses. This non-cash exchange was completed in March 2016. As a result, we received $0.4 billion of AWS and PCS spectrum licenses at fair value and recorded a pre-tax gain of $0.1 billion in Selling, general and administrative expense on our condensed consolidated statement of income for the nine months ended September 30, 2016. During the first quarter of 2016, we entered into a license exchange agreement with affiliates of Sprint Corporation, which provides for the exchange of certain AWS and PCS spectrum licenses. This non-cash exchange was completed in September 2016. As a result, we received $0.3 billion of AWS and PCS spectrum licenses at fair value and recorded an immaterial gain in Selling, general and administrative expense on our condensed consolidated statement of income for the nine months ended September 30, 2016. During the fourth quarter of 2016, 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 subject to customary closing conditions and is expected to be completed in the first half of 2017. Upon completion of this transaction, we expect to record a gain which will be determined upon the closing of the transaction. During the three and nine months ended September 30, 2016, we acquired various other wireless licenses for cash consideration that was not significant. Wireline Access Line Sale On February 5, 2015, we entered into a definitive agreement with Frontier Communications Corporation (Frontier) pursuant to which Verizon agreed to sell its local exchange business and related landline activities in California, Florida and Texas, including Fios Internet and video customers, switched and special access lines and high-speed Internet service and long distance voice accounts in these three states for approximately $10.5 billion (approximately $7.3 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, did not involve any assets or liabilities of Verizon Wireless. The transaction closed on April 1, 2016. The transaction resulted in Frontier acquiring approximately 3.3 million voice connections, 1.6 million Fios Internet subscribers, 1.2 million Fios video subscribers and the related ILEC businesses from Verizon. For the nine months ended September 30, 2016, these businesses generated revenues of approximately $1.3 billion and operating income of $0.7 billion for Verizon. For the three and nine months ended September 30, 2015, these businesses generated revenues of $1.3 billion and $4.0 billion, respectively, and operating income of $0.7 billion and $2.1 billion, respectively. The operating results of these businesses are excluded from our Wireline segment for all periods presented to reflect comparable segment operating results consistent with the information regularly reviewed by our chief operating decision maker. During April 2016, Verizon used the net cash proceeds received of $9.9 billion to reduce its consolidated indebtedness (see Note 4). The assets and liabilities that were sold were included in Verizon’s continuing operations and classified as assets held for sale and liabilities related to assets held for sale on our condensed consolidated balance sheets through the completion of the transaction on April 1, 2016. As a result of the closing of the transaction, we derecognized plant, property, and equipment of $9.0 billion, goodwill of $1.3 billion, $0.7 billion of defined benefit pension and other postretirement benefit plan obligations and $0.6 billion of indebtedness assumed by Frontier. We recorded a pre-tax gain of approximately $1.0 billion in Selling, general and administrative expense on our condensed consolidated statement of income for nine months ended September 30, 2016. The pre-tax gain included a $0.5 billion pension and postretirement benefit curtailment gain due to the elimination of the accrual of pension and other postretirement benefits for some or all future services of a significant number of employees covered by three of our defined benefit pension plans and one of our other postretirement benefit plans. XO Holdings 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 targeted to close by the end of the first quarter of 2017, subject to regulatory approvals. Separately, Verizon entered into an agreement to lease certain wireless spectrum from XO Holdings and has an option, exercisable under certain circumstances, to buy the XO Holdings’ entity that owns its wireless spectrum. 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. The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in Accounting Standards Codification (ASC) 820, other than long-term debt assumed in the acquisition. The income approach was primarily used to value the intangible assets, consisting primarily of acquired technology and customer relationships. The income approach indicates value for an asset based on the present value of cash flow projected to be generated by the asset. Projected cash flow is discounted at a required rate of return that reflects the relative risk of achieving the cash flow and the time value of money. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for plant, property and equipment. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the property, less an allowance for loss in value due to depreciation. The following table summarizes the consideration to AOL’s shareholders and the identification of the assets acquired, including cash acquired of $0.5 billion, and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of AOL’s noncontrolling interests: (dollars in millions) As of June 23, 2015 Cash payment to AOL’s equity holders $ 3,764 Estimated liabilities to be paid (1) 377 Total consideration $ 4,141 Assets acquired: Goodwill $ 1,938 Intangible assets subject to amortization 2,504 Other 1,551 Total assets acquired 5,993 Liabilities assumed: Total liabilities assumed 1,851 Net assets acquired: 4,142 Noncontrolling interest (1 ) Total consideration $ 4,141 (1) During the nine months ended September 30, 2016, we made cash payments of $179 million in respect of acquisition-date estimated liabilities to be paid. As of September 30, 2016, the remaining balance of estimated liabilities to be paid was $198 million. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill recorded as a result of the AOL transaction represents future economic benefits we expect to achieve as a result of combining the operations of AOL and Verizon as well as assets acquired that could not be individually identified and separately recognized. The goodwill related to this acquisition is included within Corporate and other. Acquisition of Yahoo! Inc.’s Operating Business On July 23, 2016, we entered into a stock purchase agreement (the Purchase Agreement) with Yahoo! Inc. (Yahoo). Pursuant to the Purchase Agreement, upon the terms and subject to the conditions thereof, we will acquire the stock of one or more subsidiaries of Yahoo holding all of Yahoo’s operating business, for approximately $4.83 billion in cash, subject to certain adjustments (the Transaction). Prior to the closing of the Transaction, pursuant to a reorganization agreement, Yahoo will transfer all of the assets and liabilities constituting Yahoo’s operating business to the subsidiaries to be acquired in the Transaction. The assets to be acquired will not include Yahoo’s cash, its ownership interests in Alibaba, Yahoo! Japan and certain other investments, certain undeveloped land recently divested by Yahoo or certain non-core intellectual property. We will receive for our benefit and that of our current and certain future affiliates a non-exclusive, worldwide, perpetual, royalty-free license to all of Yahoo’s intellectual property that is not being conveyed with the business. Yahoo employees who transfer to Verizon will have any unvested Yahoo restricted stock units that they hold converted into cash-settleable Verizon restricted stock units, which will have the same vesting schedule as their Yahoo restricted stock units. The value of those outstanding restricted stock units on the date of signing was approximately $1.1 billion. The Transaction is subject to customary regulatory approvals and closing conditions, including the approval of Yahoo’s stockholders. On September 22, 2016, Yahoo announced that it had confirmed that a copy of certain information associated with at least 500 million user accounts was stolen from its network in late 2014. This could result in a material adverse effect under the terms of our agreement. We are continuing to evaluate the impacts of this event on the transaction. Other On July 29, 2016, Verizon acquired Telogis, Inc., a global, cloud-based mobile enterprise management software business for $0.9 billion of cash consideration. Upon closing, we recorded $0.6 billion of goodwill that is included within Corporate and other. On July 30, 2016, we entered into an agreement (the Transaction Agreement) to acquire Fleetmatics Group PLC, a public limited company incorporated in Ireland (Fleetmatics). Fleetmatics is a leading global provider of fleet and mobile workforce management solutions. Under the terms of the Transaction Agreement, we will acquire Fleetmatics pursuant to a scheme of arrangement under the Irish Companies Act 2014 for $60.00 per ordinary share in cash, representing a value of approximately $2.4 billion. The acquisition is subject to customary regulatory approvals and closing conditions, including the approval of Fleetmatics’ shareholders and the sanction of the scheme of arrangement by the Irish High Court. Approval from Fleetmatics’ shareholders has been obtained. We expect this transaction to close in the fourth quarter of 2016. On September 12, 2016, Verizon announced an agreement to acquire a leading provider of Internet of Things (IoT) solutions for smart communities for cash consideration that is not significant. The transaction was completed in October 2016. During the nine months ended September 30, 2016, we acquired various other businesses and investments for cash consideration that was not significant.

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2016
Wireless Licenses, Goodwill and Other Intangible Assets	3. Wireless Licenses, Goodwill and Other Intangible Assets Wireless Licenses Changes in the carrying amount of Wireless licenses are as follows: (dollars in millions) Balance at January 1, 2016 $ 86,575 Acquisitions (Note 2) 26 Capitalized interest on wireless licenses 384 Reclassifications, adjustments and other 422 Balance at September 30, 2016 $ 87,407 Reclassifications, adjustments and other includes the exchanges of wireless licenses in 2016 (see Note 2 for additional details). At September 30, 2016, approximately $10.4 billion of wireless licenses were under development for commercial service for which we were capitalizing interest costs. The average remaining renewal period for our wireless licenses portfolio was 5.2 years as of September 30, 2016. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2016 $ 18,393 $ 4,331 $ 2,607 $ 25,331 Acquisitions (Note 2) – – 641 641 Reclassifications, adjustments and other – (113 ) 111 (2 ) Balance at September 30, 2016 $ 18,393 $ 4,218 $ 3,359 $ 25,970 We recognized goodwill of $0.6 billion in Corporate and other as a result of an acquisition in the third quarter of 2016 (see Note 2 for additional details). During the second quarter of 2016, we allocated $0.1 billion of Goodwill on a relative fair value basis from Wireline to Corporate and other as a result of the reclassification of our vehicle original equipment manufacturer (OEM) and Networkfleet businesses (see Note 10 for additional details). Other Intangible Assets The following table displays the composition of Other intangible assets, net: At September 30, 2016 At December 31, 2015 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (6 to 14 years) $ 3,963 $ (2,355 ) $ 1,608 $ 4,139 $ (2,365 ) $ 1,774 Non-network internal-use software (3 to 8 years) 15,530 (10,593 ) 4,937 14,542 (9,620 ) 4,922 Other (5 to 25 years) 1,688 (541 ) 1,147 1,346 (450 ) 896 Total $ 21,181 $ (13,489) $ 7,692 $ 20,027 $ (12,435) $ 7,592 The amortization expense for Other intangible assets was as follows: (dollars in millions) Three Months Ended Nine Months Ended 2016 $ 419 $ 1,255 2015 438 1,247 The estimated future amortization expense for Other intangible assets is as follows: Years (dollars in millions) Remainder of 2016 $ 416 2017 1,505 2018 1,327 2019 1,121 2020 892

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt	4. Debt Changes to debt during the nine months ended September 30, 2016 are as follows: (dollars in millions) Debt Maturing Long-term Total Balance at January 1, 2016 $ 6,489 $ 103,240 $ 109,729 Proceeds from borrowings – 8,152 8,152 Proceeds from asset-backed borrowings – 2,594 2,594 Repayments of borrowings and capital leases obligations (6,110 ) (8,400 ) (14,510 ) Decrease in short-term obligations, excluding current maturities (120 ) – (120 ) Reclassifications of long-term debt 3,412 (3,412 ) – Other 181 565 746 Balance at September 30, 2016 $ 3,852 $ 102,739 $ 106,591 April Tender Offers On March 4, 2016, we announced the commencement of three concurrent, but separate, tender offers (the April Tender Offers) to purchase for cash (1) any and all of the series of notes listed below in the Group 1 Any and All Offer, (2) any and all of the series of notes listed below in the Group 2 Any and All Offer and (3) up to $5.5 billion aggregate purchase price, excluding accrued and unpaid interest and any fees or commissions, of the series of notes listed below in the Group 3 Offer. The April Tender Offers for each series of notes were conditioned upon the closing of the sale of our local exchange business and related landline activities in California, Florida and Texas to Frontier and the receipt of at least $9.5 billion of the purchase price cash at closing (the Sale Condition). The Sale Condition was satisfied and the April Tender Offers were settled on April 4, 2016, resulting in the notes listed below being repurchased and cancelled for $10.2 billion, inclusive of accrued interest of $0.1 billion. The table below lists the series of notes included in the Group 1 Any and All Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Communications Inc. 2.50 % 2016 $ 2,182 $ 1,007.60 $ 1,272 2.00 % 2016 1,250 1,007.20 731 6.35 % 2019 1,750 1,133.32 970 $ 2,973 (1) Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration. The table below lists the series of notes included in the Group 2 Any and All Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Delaware LLC 8.375 % 2019 $ 15 $ 1,182.11 $ 15 8.625 % 2031 15 1,365.39 5 Verizon Maryland LLC 8.00 % 2029 50 1,301.32 22 8.30 % 2031 100 1,347.26 76 5.125 % 2033 350 1,012.50 171 Verizon New England Inc. 7.875 % 2029 349 1,261.63 176 Verizon New Jersey Inc. 8.00 % 2022 200 1,238.65 54 7.85 % 2029 149 1,311.32 63 Verizon New York Inc. 6.50 % 2028 100 1,151.71 28 7.375 % 2032 500 1,201.92 256 Verizon Pennsylvania LLC 6.00 % 2028 125 1,110.47 57 8.35 % 2030 175 1,324.10 127 8.75 % 2031 125 1,356.47 72 Verizon Virginia LLC 7.875 % 2022 100 1,227.79 43 8.375 % 2029 100 1,319.78 81 $ 1,246 (1) Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration. The table below lists the series of notes included in the Group 3 Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Communications Inc. 8.95 % 2039 $ 353 $ 1,506.50 $ 63 7.75 % 2032 251 1,315.19 33 7.35 % 2039 480 1,293.50 68 7.75 % 2030 1,206 1,377.92 276 6.55 % 2043 6,585 1,291.74 2,340 6.40 % 2033 2,196 1,220.28 466 6.90 % 2038 477 1,243.29 92 6.25 % 2037 750 1,167.66 114 6.40 % 2038 866 1,176.52 116 5.85 % 2035 1,500 1,144.68 250 6.00 % 2041 1,000 1,164.56 – 5.15 % 2023 8,517 1,152.83 – Alltel Corporation 7.875 % 2032 452 1,322.92 115 6.80 % 2029 235 1,252.93 47 GTE Corporation 6.94 % 2028 800 1,261.35 237 8.75 % 2021 300 1,307.34 93 $ 4,310 (1) Per $1,000 principal amount of notes April Early Debt Redemption On April 8, 2016, we redeemed in whole the following series of outstanding notes which were called for redemption on April 5, 2016 (collectively, April Early Debt Redemption): $0.9 billion aggregate principal amount of Verizon Communications 2.50% Notes due 2016 at 100.8% of the principal amount of such notes, $0.5 billion aggregate principal amount of Verizon Communications 2.00% Notes due 2016 at 100.8% of the principal amount of such notes, and $0.8 billion aggregate principal amount of Verizon Communications 6.35% Notes due 2019 at 113.5% of the principal amount of such notes. These notes were repurchased and cancelled for $2.3 billion, inclusive of an immaterial amount of accrued interest. Debt Issuances During August 2016, we issued $6.2 billion aggregate principal amount of fixed and floating rate notes. The issuance of these Notes resulted in cash proceeds of approximately $6.1 billion, net of discounts and issuance costs and after reimbursement of certain expenses. The issuance consisted of the following series of notes: $0.4 billion aggregate principal amount of Verizon Communications Floating Rate Notes due 2019, $1.0 billion aggregate principal amount of Verizon Communications 1.375% Notes due 2019, $1.0 billion aggregate principal amount of Verizon Communications 1.750% Notes due 2021, $2.3 billion aggregate principal amount of Verizon Communications 2.625% Notes due 2026, and $1.5 billion aggregate principal amount of Verizon Communications 4.125% Notes due 2046. The floating rate notes bear interest at a rate equal to the three-month London Interbank Offered Rate (LIBOR) plus 0.370%, which rate will be reset quarterly. The net proceeds were used for general corporate purposes, including to repay at maturity on September 15, 2016, $2.3 billion aggregate principal amount of our floating rate notes, plus accrued interest on the notes. During September 2016, we issued $2.1 billion aggregate principal amount of 4.20% Notes due 2046. The issuance of these Notes resulted in cash proceeds of approximately $2.0 billion, net of discounts and issuance costs and after reimbursement of certain expenses. The net proceeds were used to redeem in whole $0.9 billion aggregate principal amount of Verizon Communications 4.80% Notes due 2044 at 100% of the principal amount of such notes, plus any accrued and unpaid interest to the date of redemption, for an immaterial loss. Proceeds not used for the redemption of these notes were used for general corporate purposes. Asset-Backed Debt As of September 30, 2016, the carrying value of our asset-backed debt was $2.6 billion. Our asset-backed debt includes notes (the Asset-Backed Notes) issued to third-party investors (Investors) and loans (the ABS Financing Facility) received from banks and their conduit facilities (collectively, the Banks). Our consolidated asset-backed securitization bankruptcy remote legal entities (each, an ABS Entity or collectively, the ABS Entities) issue the debt or are otherwise party to the transaction documentation in connection with our asset-backed debt transactions. Under the terms of our asset-backed debt, we transfer device payment plan agreement receivables from Cellco Partnership and certain other affiliates of Verizon (collectively, the Originators) to one of the ABS Entities, which in turn transfers such receivables to another ABS Entity that issues the debt. Verizon entities retain the equity interests in the ABS Entities, which represent the rights to all funds not needed to make required payments on the asset-backed debt and other related payments and expenses. Our asset-backed debt is secured by the transferred device payment plan agreement receivables and future collections on such receivables. The device payment plan agreement receivables transferred to the ABS Entities and related assets, consisting primarily of restricted cash, will only be available for payment of asset-backed debt and expenses related thereto, payments to the Originators in respect of additional transfers of device payment plan agreement receivables, and other obligations arising from our asset-backed debt transactions, and will not be available to pay other obligations or claims of Verizon’s creditors until the associated asset-backed debt and other obligations are satisfied. The Investors or Banks, as applicable, which hold our asset-backed debt have legal recourse to the assets securing the debt and do not have any recourse to Verizon with respect to the payment of principal and interest on the debt. Under a parent support agreement, Verizon has agreed to guarantee certain of the payment obligations of Cellco Partnership and the Originators to the ABS Entities. Cash collections on the device payment plan agreement receivables are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets on our condensed consolidated balance sheets. Proceeds from our asset-backed debt transactions, deposits to the segregated accounts and payments to the Originators in respect of additional transfers of device payment plan agreement receivables are reflected in Cash flows from financing activities in our condensed consolidated statements of cash flows. Repayments of our asset-backed debt and related interest payments made from the segregated accounts are non-cash activities and therefore not reflected within Cash flows from financing activities in our condensed consolidated statements of cash flows. The asset-backed debt issued and the assets securing this debt are included on our condensed consolidated balance sheets. Asset-Backed Notes In July 2016, we issued $1.2 billion aggregate principal amount of senior and junior asset-backed notes through an ABS Entity, of which $1.1 billion of notes were sold to Investors. The senior asset-backed notes have an expected weighted average life of about 2.5 years and bear interest at 1.42% per annum. The junior asset-backed notes have an expected weighted average life of about 3.2 years and bear interest at a weighted-average rate of 1.53%. Under the terms of the asset-backed notes, there is a two year revolving period during which we may transfer additional receivables to the ABS Entity. ABS Financing Facility During the third quarter of 2016, we entered into a device payment plan agreement financing facility with a number of financial institutions. Under the terms of the ABS Financing Facility, such counterparties made advances under asset-backed loans backed by device payment plan agreement receivables for proceeds of $1.5 billion, and we have the option of requesting an additional $1.5 billion of committed funding. These loans have an expected weighted average life of about 2.6 years and bear interest at floating rates. There is a two year revolving period, which may be extended, during which we may transfer additional receivables to the ABS Entity. Subject to certain conditions, we may also remove receivables from the ABS Entity. We may prepay the outstanding amounts of the loans without penalty, but in certain cases, with breakage costs. As of September 30, 2016, outstanding borrowings under the ABS Financing Facility were $1.5 billion. Variable Interest Entities The ABS Entities meet the definition of a variable interest entity (VIE) for which we have determined that we have both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity. Therefore the assets, liabilities and activities of the ABS Entities are consolidated in our financial results and are included in amounts presented on the face of our condensed consolidated balance sheets. The assets and liabilities related to our asset-backed debt arrangements included on our condensed consolidated balance sheets were as follows: (dollars in millions) September 30, 2016 December 31, 2015 Assets Account receivable, net $ 1,733 $ – Prepaid expenses and other 71 – Other assets 1,296 – Liabilities Long-term debt 2,595 – See Note 5 for more information on device payment plan agreement receivables used to secure asset-backed debt. Credit Facility On September 23, 2016, we amended our $8.0 billion credit facility to increase the availability to $9.0 billion and extend the maturity to September 23, 2020. As of September 30, 2016, the unused borrowing capacity under our $9.0 billion credit facility was approximately $8.9 billion. Additional Financing Activities (Non-Cash Transaction) During the nine months ended September 30, 2016, we financed, primarily through vendor financing arrangements, the purchase of approximately $0.4 billion of long-lived assets, consisting primarily of network equipment. At September 30, 2016, $1.1 billion relating to vendor financing arrangements, including those entered into in prior years, remained outstanding. These purchases are non-cash financing activities and therefore not reflected within Capital expenditures on our condensed consolidated statements of cash flows. Early Debt Redemptions During the second quarter of 2016, we recorded a net pre-tax loss on early debt redemption of $1.8 billion in connection with the April Tender Offers and the April Early Debt Redemption. We recognize early debt redemption costs in Other income and (expense), net on our condensed consolidated statements of income. Guarantees We guarantee the debentures of our operating telephone company subsidiaries. As of September 30, 2016, $1.2 billion aggregate principal amount of these obligations remained outstanding. Each guarantee will remain in place for the life of the obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of Verizon. As a result of the closing of the Frontier transaction, as of April 1, 2016, GTE Southwest Inc., Verizon California Inc. and Verizon Florida LLC are no longer wholly-owned subsidiaries of Verizon, and the guarantees of $0.6 billion aggregate principal amount of debentures and first mortgage bonds of those entities have terminated pursuant to their terms. We also guarantee the debt obligations of GTE Corporation that were issued and outstanding prior to July 1, 2003. As of September 30, 2016, $1.1 billion aggregate principal amount of these obligations were outstanding.

Wireless Device Payment Plans

Wireless Device Payment Plans	9 Months Ended
	Sep. 30, 2016
Wireless Device Payment Plans	5. Wireless Device Payment Plans Under the Verizon device payment program, our eligible wireless customers purchase wireless devices under a device payment plan agreement. 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 device payment plan charge is included on their standard wireless monthly bill. Wireless Device Payment Plan Agreement Receivables The following table displays device payment plan agreement receivables, net, that continue to be recognized in our condensed consolidated balance sheets: (dollars in millions) At September 30, At December 31, Device payment plan agreement receivables, gross $ 7,735 $ 3,720 Unamortized imputed interest (332 ) (142 ) Device payment plan agreement receivables, net of unamortized imputed interest 7,403 3,578 Allowance for credit losses (601 ) (444 ) Device payment plan agreement receivables, net $ 6,802 $ 3,134 Classified on our condensed consolidated balance sheets: Accounts receivable, net $ 4,000 $ 1,979 Other assets 2,802 1,155 Device payment plan agreement receivables, net $ 6,802 $ 3,134 Included in our device payment plan agreement receivables, net at September 30, 2016 are net device payment plan agreement receivables of $3.0 billion that have been transferred to ABS Entities and continue to be reported in our condensed consolidated financial statements. At the time of the sale of a device, we impute risk adjusted interest on the device payment plan agreement receivables. We record the imputed interest as a reduction to the related accounts receivable. Interest income, which is included within Service revenues and other on our condensed consolidated statements of income, is recognized over the financed device payment term. When originating device payment plan agreements, we use internal and external data sources to create a credit risk score to measure the credit quality of a customer and to determine eligibility for the device payment program. If a customer is either new to Verizon Wireless or has less than 210 days of customer tenure with Verizon Wireless (a new customer), the credit decision process relies more heavily on external data sources. If the customer has 210 days or more of customer tenure with Verizon Wireless (an existing customer), the credit decision process relies on internal data sources. Verizon Wireless’ experience has been that the payment attributes of longer tenured customers are highly predictive when considering their ability to pay in the future. External data sources include obtaining a credit report from a national consumer credit reporting agency, if available. Verizon Wireless uses its internal data and/or credit data obtained from the credit reporting agencies to create a custom credit risk score. The custom credit risk score is generated automatically (except with respect to a small number of applications where the information needs manual intervention) from the applicant’s credit data using Verizon Wireless’ proprietary custom credit models, which are empirically derived, demonstrably and statistically sound. The credit risk score measures the likelihood that the potential customer will become severely delinquent and be disconnected for non-payment. For a small portion of new customer applications, a traditional credit report is not available from one of the national credit reporting agencies because the potential customer does not have sufficient credit history. In those instances, alternate credit data is used for the risk assessment. Based on the custom credit risk score, we assign each customer to a credit class, each of which has a specified required down payment percentage and specified credit limits. Device payment plan agreement receivables originated from customers assigned to credit classes requiring no down payment represent the lowest risk. Device payment plan agreement receivables originated from customers assigned to credit classes requiring a down payment represent a higher risk. Subsequent to origination, Verizon Wireless monitors delinquency and write-off experience as key credit quality indicators for its portfolio of device payment plan agreements and fixed-term service plans. The extent of our collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral scoring models which analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent. These customer scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. We continuously monitor collection performance results and the credit quality of our device payment plan agreement receivables based on a variety of metrics, including aging. Verizon Wireless considers an account to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. The balance and aging of the device payment plan agreement receivables on a gross basis was as follows: (dollars in millions) At September 30, At December 31, Unbilled $ 7,261 $ 3,420 Billed: Current 375 227 Past due 99 73 Device payment plan agreement receivables, gross $ 7,735 $ 3,720 Activity in the allowance for credit losses for the device payment plan agreement receivables was as follows: (dollars in millions) Balance at January 1, 2016 $ 444 Bad debt expense 437 Write-offs (347 ) Allowance related to receivables sold 59 Other 8 Balance at September 30, 2016 $ 601 Customers that entered into device payment plan 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 payment plan agreement payments and trading in their device in good working order. Generally, customers entering into device payment plan agreements on or after June 1, 2015 are required to repay all amounts due under their device payment plan agreements before being eligible to upgrade their device. However, on select devices, certain marketing promotions have been revocably offered to customers to upgrade to a new device after paying down a certain specified portion of the required device payment plan agreement amount as well as trading in their device in good working order. When a customer enters into a device payment plan agreement with the right to upgrade to a new device or for a device that is subject to an upgrade promotion, we may record a guarantee liability in accordance with our accounting policy. The gross guarantee liability related to the upgrade program, which was $0.1 billion at September 30, 2016 and approximately $0.2 billion at December 31, 2015, is included in Other current liabilities on our condensed consolidated balance sheets. Sales of Wireless Device Payment Plan Agreement Receivables During 2015 and 2016, we established programs pursuant to a Receivables Purchase Agreement, or RPA, to sell from time to time, on an uncommitted basis, eligible device payment plan agreement receivables to a group of primarily relationship banks (Purchasers) on both a revolving (Revolving Program) and non-revolving (Non-Revolving Program) basis. The receivables sold under the RPA are no longer considered assets of Verizon. The outstanding portfolio of device payment plan agreement receivables derecognized from our condensed consolidated balance sheet, but which we continue to service, was $6.4 billion at September 30, 2016. As of September 30, 2016, the total portfolio of device payment plan agreement receivables, including derecognized device payment plan agreement receivables, that we are servicing was $14.1 billion. Under the Non-Revolving Program, we transfer the eligible receivables to wholly-owned subsidiaries that are bankruptcy remote special purpose entities (Sellers). 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). Under the Revolving Program, we sell eligible device payment plan agreement receivables on a revolving basis, 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. Customer payments made towards receivables sold under the Revolving Program will be available to purchase additional eligible device payment plan agreement receivables originated during the revolving period. We elected to end the revolving period in July 2016. 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 excluded device payment plan agreements where a new customer was required to provide a down payment. The sales of receivables under the RPA did not have a material impact on our condensed consolidated statements of income. The cash proceeds received from the Purchasers are recorded within Cash flows provided by operating activities on our condensed consolidated statements of cash flows. There were no sales of device payment plan agreement receivables during the three months ended September 30, 2016. During the nine months ended September 30, 2016, we sold $3.3 billion of receivables, net of allowances and imputed interest. We received cash proceeds from new transfers of $2.0 billion and cash proceeds from reinvested collections of $0.9 billion, and recorded a deferred purchase price of $0.4 billion. During the three and nine months ended September 30, 2015, we sold $2.4 billion and $6.1 billion, respectively, of receivables, net of allowances and imputed interest, and received cash proceeds from new transfers of $2.0 billion and $4.5 billion, respectively. Additionally, during the three and nine months ended September 30, 2015, we recorded a deferred purchase price of $0.4 billion and $1.7 billion, respectively. Deferred Purchase Price Under the RPA, the deferred purchase price was initially recorded at fair value, based on the remaining device payment 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 in connection with upgrades. 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. To date, we have collected $0.5 billion which was returned as deferred purchase price and recorded within Cash flows provided by operating activities on our condensed consolidated statements of cash flows. At September 30, 2016, our deferred purchase price receivable, which is held by the Sellers, was comprised of $1.2 billion included within Prepaid expenses and other and $1.0 billion included within Other assets in our condensed consolidated balance sheets. At December 31, 2015, our deferred purchase price receivable was $2.2 billion, which was included within Other assets in our condensed consolidated balance sheets. Variable Interest Entities Under the RPA, the Sellers’ sole business consists of the acquisition of the receivables from Cellco Partnership and certain other affiliates of Verizon and the resale of the receivables to the Purchasers. The assets of the Sellers are not available to be used to satisfy obligations of any Verizon entities other than the Sellers. We determined that the Sellers are VIEs as they lack sufficient equity to finance their activities. Given that we have the power to direct the activities of the Sellers that most significantly impact the Sellers’ economic performance, we are deemed to be the primary beneficiary of the Sellers. As a result, we consolidate the assets and liabilities of the Sellers into our condensed consolidated financial statements. Continuing Involvement Verizon has continuing involvement with the sold receivables as it services the receivables. We continue to service the customer and their related receivables on behalf of the Purchasers, including facilitating customer payment collection, in exchange for a monthly servicing fee. While servicing the receivables, the same policies and procedures are applied to the sold receivables that apply to owned receivables, and we continue to maintain normal relationships with our customers. The credit quality of the customers we continue to service is consistent throughout the periods presented. To date, we have collected and remitted approximately $5.7 billion, net of fees. To date, cash proceeds received, net of remittances, were $4.4 billion. During the nine months ended September 30, 2016, credit losses on receivables sold were $0.1 billion. 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 Sellers is limited to the amount of the deferred purchase price, which was $2.2 billion as of September 30, 2016. The maximum exposure to loss represents an estimated loss that would be incurred under severe, hypothetical circumstances whereby the Company would not receive the portion of the proceeds withheld by the Purchasers. As we believe the probability of these circumstances occurring is remote, the maximum exposure to loss is not an indication of the Company’s expected loss.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements	6. Fair Value Measurements The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2016: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 126 $ – $ – $ 126 Fixed income securities 15 605 – 620 Interest rate swaps – 420 – 420 Net investment hedge – 6 – 6 Interest rate cap – 3 – 3 Total $ 141 $ 1,034 $ – $ 1,175 Liabilities: Other liabilities: Interest rate swaps $ – $ 2 $ – $ 2 Net investment hedge – 1 – 1 Cross currency swaps – 1,536 – 1,536 Total $ – $ 1,539 $ – $ 1,539 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2015: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Short-term investments: Equity securities $ 265 $ – $ – $ 265 Fixed income securities – 85 – 85 Other current assets: Fixed income securities 250 – – 250 Other assets: Fixed income securities – 928 – 928 Interest rate swaps – 128 – 128 Net investment hedges – 13 – 13 Cross currency swaps – 1 – 1 Total $ 515 $ 1,155 $ – $ 1,670 Liabilities: Other liabilities: Interest rate swaps $ – $ 19 $ – $ 19 Cross currency swaps – 1,638 – 1,638 Forward interest rate swaps – 24 – 24 Total $ – $ 1,681 $ – $ 1,681 (1) quoted prices in active markets for identical assets or liabilities (2) observable inputs other than quoted prices in active markets for identical assets and liabilities (3) no observable pricing inputs in the market Equity securities consist of investments in common stock of domestic and international corporations measured using quoted prices in active markets. Fixed income securities consist primarily of investments in municipal bonds as well as U.S. Treasury securities. We use quoted prices in active markets for our U.S. Treasury securities, therefore these securities are classified as Level 1. For all other fixed income securities that do not have quoted prices in active markets, we use alternative matrix pricing resulting in these debt securities being classified as Level 2. Derivative contracts are valued using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified within Level 2. We use mid-market pricing for fair value measurements of our derivative instruments. Our derivative instruments are recorded on a gross basis. We recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the fair value hierarchy during the nine months ended September 30, 2016. Fair Value of Short-term and Long-term Debt The fair value of our debt is determined using various methods, including quoted prices for identical terms and maturities, which is a Level 1 measurement, as well as quoted prices for similar terms and maturities in inactive markets and future cash flows discounted at current rates, which are Level 2 measurements. The fair value of our short-term and long-term debt, excluding capital leases, was as follows: At September 30, 2016 At December 31, 2015 (dollars in millions) Carrying Fair Value Carrying Fair Value Short- and long-term debt, excluding capital leases $ 105,628 $ 122,520 $ 108,772 $ 118,216 Derivative Instruments We enter into derivative transactions to manage our exposure to fluctuations in foreign currency exchange rates, interest rates, and equity and commodity prices. We employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, foreign currency and prepaid forwards and collars, interest rate swap agreements, commodity swap and forward agreements, interest rate locks and interest rate caps. We do not hold derivatives for trading purposes. We posted collateral of approximately $0.2 billion and $0.1 billion related to derivative contracts under collateral exchange arrangements at September 30, 2016 and December 31, 2015, respectively, which was recorded as Prepaid expenses and other on our condensed consolidated balance sheets. During 2015, we paid an immaterial amount of cash to enter into amendments to certain collateral exchange arrangements. These amendments suspend cash collateral posting for a specified period of time by both counterparties. We measure all derivatives at fair value and recognize them as either assets or liabilities on our condensed consolidated balance sheets. Changes in the fair values of derivative instruments not qualifying as hedges or any ineffective portion of hedges are recognized in earnings in the current period. Changes in the fair values of derivative instruments used effectively as fair value hedges are recognized in earnings, along with changes in the fair value of the hedged item. Changes in the fair value of the effective portions of cash flow hedges are reported in Other comprehensive 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. 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. During the third quarter of 2016, we entered into interest rate swaps with a total notional value of $1.1 billion. During the third quarter of 2016, we settled $0.9 billion notional amount of interest rate swaps. The ineffective portion of these interest rate swaps was not material for the three and nine months ended September 30, 2016 and 2015, respectively. Forward Interest Rate Swaps In order to manage our exposure to future interest rate changes, we have entered into forward interest rate swaps. We designated these contracts as cash flow hedges. During the first quarter of 2016, we entered into forward interest rate swaps with a total notional value of $1.3 billion. During the third quarter of 2016, we settled $2.0 billion notional amount of these forward interest rate swaps. During the three and nine months ended September 30, 2016, pre-tax losses of an immaterial amount and $0.2 billion, respectively, were recognized in Other comprehensive income (loss). During the three and nine months ended September 30, 2015, pre-tax gains of $0.2 billion, respectively, were recognized in Other comprehensive income (loss). Cross Currency Swaps We enter into cross currency swaps to exchange British Pound Sterling and Euro-denominated debt into U.S. dollars and to fix our future interest and principal payments in U.S. dollars, as well as to mitigate the effect of foreign currency transaction gains or losses. These swaps are designated as cash flow hedges. During the second quarter of 2016, we settled $0.1 billion of these cross currency swaps upon redemption of the related debt. A portion of the gains and losses recognized in Other comprehensive income (loss) was reclassified to Other income and (expense), net to offset the related pre-tax foreign currency transaction gain or loss on the underlying debt obligations. During the three and nine months ended September 30, 2016, pre-tax gains of $0.3 billion and $0.1 billion, respectively, were recognized in Other comprehensive income (loss). During the three and nine months ended September 30, 2015, pre-tax losses of $0.2 billion and $0.9 billion, respectively, were recognized in Other comprehensive income (loss). Net Investment Hedges We enter into foreign currency forward contracts that are designated as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. Interest Rate Caps We enter into interest rate caps to mitigate our interest exposure on our ABS Financing Facility against changes in interest rates. We have not applied hedge accounting to these interest rate caps. During the third quarter of 2016, we entered into interest rate caps with a notional value of $1.5 billion. The following table sets forth the notional amounts of our outstanding derivative instruments: At September 30, 2016 At December 31, 2015 (dollars in millions) Notional Amount Notional Amount Interest rate swaps $ 7,850 $ 7,620 Forward interest rate swaps – 750 Cross currency swaps 9,606 9,675 Net investment hedge 864 864 Interest rate caps 1,540 –

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Stock-Based Compensation	7. Stock-Based Compensation Verizon Communications Long-Term Incentive Plan The Verizon Communications Inc. Long-Term Incentive Plan (the Plan) permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and other awards. The maximum number of shares available for awards from the Plan is 119.6 million shares. Restricted Stock Units The Plan provides for grants of Restricted Stock Units (RSUs) that generally vest at the end of the third year after the grant. The RSUs are classified as equity awards because the RSUs will be paid in Verizon common stock upon vesting. The RSU equity awards are measured using the grant date fair value of Verizon common stock and are not remeasured at the end of each reporting period. Dividend equivalent units are also paid to participants at the time the RSU award is paid, and in the same proportion as the RSU award. Performance Stock Units The Plan also provides for grants of Performance Stock Units (PSUs) that generally vest at the end of the third year after the grant. As defined by the Plan, the Human Resources Committee of the Board of Directors determines the number of PSUs a participant earns based on the extent to which the corresponding performance goals have been achieved over the three-year performance cycle. The PSUs are classified as liability awards because the PSU awards are paid in cash upon vesting. The PSU award liability is measured at its fair value at the end of each reporting period and, therefore, will fluctuate based on the price of Verizon common stock as well as performance relative to the targets. Dividend equivalent units are also paid to participants at the time that the PSU award is determined and paid, and in the same proportion as the PSU award. The granted and cancelled activity for the PSU award includes adjustments for the performance goals achieved. The following table summarizes the Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Performance Outstanding, January 1, 2016 13,903 17,203 Granted 4,044 6,124 Payments (4,736 ) (4,702 ) Cancelled/Forfeited (94 ) (131 ) Adjustments – 170 Outstanding, September 30, 2016 13,117 18,664 As of September 30, 2016, unrecognized compensation expense related to the unvested portion of Verizon’s RSUs and PSUs was approximately $0.4 billion and is expected to be recognized over approximately two years. The RSUs granted in 2016 have a weighted-average grant date fair value of $51.90 per unit.

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2016
Employee Benefits	8. Employee Benefits We maintain non-contributory defined benefit pension plans for many of our employees. In addition, we maintain postretirement health care and life insurance plans for certain retirees and their dependents, which are both contributory and non-contributory, and include a limit on our share of the cost for certain recent and future retirees. In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include pension and benefit related credits and/or charges based on actuarial assumptions, including projected discount rates and an estimated return on plan assets. These estimates are updated in the fourth quarter or upon a remeasurement event to reflect actual return on plan assets and updated actuarial assumptions. The adjustment will be recognized in our consolidated statement of income during the fourth quarter or upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses. Net Periodic Cost The following table summarizes the benefit (income) cost related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Three Months Ended September 30, 2016 2015 2016 2015 Service cost $ 82 $ 93 $ 40 $ 81 Amortization of prior service cost (credit) 10 (1 ) (235 ) (72 ) Expected return on plan assets (257 ) (317 ) (13 ) (25 ) Interest cost 162 242 162 280 Remeasurement loss, net 555 342 – – Net periodic benefit (income) cost $ 552 $ 359 $ (46 ) $ 264 Termination benefits 4 – – – Total $ 556 $ 359 $ (46 ) $ 264 (dollars in millions) Pension Health Care and Life Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ 238 $ 280 $ 153 $ 243 Amortization of prior service cost (credit) 12 (3 ) (421 ) (215 ) Expected return on plan assets (785 ) (952 ) (41 ) (76 ) Interest cost 518 727 583 838 Remeasurement loss, net 1,977 342 2,293 – Net periodic benefit (income) cost $ 1,960 $ 394 $ 2,567 $ 790 Termination benefits 4 – – – Total $ 1,964 $ 394 $ 2,567 $ 790 Changes in Accounting for Benefit Plans Effective January 1, 2016, we changed the method we use to estimate the interest component of net periodic benefit cost for pension and other postretirement benefits. Historically, we estimated the interest cost component utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We have elected to utilize a full yield curve approach in the estimation of interest cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We have made this change to provide a more precise measurement of interest cost by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. We have accounted for this change as a change in accounting estimate and accordingly will account for it prospectively. For the three and nine months ended September 30, 2016, the impact of this change was a reduction of the interest cost component of net periodic benefit cost and an increase to operating income of approximately $0.1 billion and $0.3 billion, respectively. The use of the full yield curve approach does not impact how we measure our total benefit obligations at December 31 or our annual net periodic benefit cost as any change in the interest cost component is completely offset by the actuarial gain or loss measured at year end which is immediately recognized in our consolidated statements of income. Accordingly, this change in estimate will not impact our income from continuing operations, net income or earnings per share as measured on an annual basis. 2016 Collective Bargaining Negotiations In the collective bargaining agreements ratified in June 2016, Verizon’s annual postretirement benefit obligation for retiree healthcare remains capped at the levels established by the previous contracts ratified in 2012. Effective January 2016, prior to reaching these new collective bargaining agreements, certain retirees began to pay for the costs of retiree healthcare in accordance with the provisions relating to caps in the previous contracts. In reaching new collective bargaining agreements in 2016, there is a mutual understanding that the substantive postretirement benefit plans provide that Verizon’s annual postretirement benefit obligation for retiree healthcare is capped and, accordingly, we began accounting for the contractual healthcare caps in June 2016. We also adopted changes to our defined benefit pension plans and other postretirement benefit plans to reflect the agreed upon terms and conditions of the collective bargaining agreements. The impact is a reduction in our postretirement benefit plan obligations of approximately $5.1 billion and an increase in our defined benefit pension plan obligations of approximately $0.4 billion, which have been recorded as a net increase to Accumulated other comprehensive income of $2.9 billion (net of taxes of $1.8 billion) during the nine months ended September 30, 2016. The amount recorded in Accumulated other comprehensive income will be reclassified to net periodic benefit cost on a straight-line basis over the average remaining service period of the respective plans’ participants which, on a weighted-average basis, is 12.2 years for defined benefit pension plans and 7.8 years for other postretirement benefit plans. The above noted reclassification will result in a decrease to net periodic benefit cost and an increase to pre-tax income of approximately $0.4 billion for the seven months ended December 31, 2016, of which $0.2 billion has been reclassified to net periodic cost during the three and nine months ended September 30, 2016. Severance, Pension and Benefit Charges (Credits) During the nine months ended September 30, 2016, we recorded a net pre-tax curtailment gain of $0.5 billion due to the elimination of the accrual of benefits for some or all future services of a significant number of employees covered by three of our defined benefit pension plans and one of our other postretirement benefit plans (see Note 2 for additional details). During the three months ended September 30, 2016, we recorded net pre-tax severance, pension and benefit charges of approximately $0.8 billion primarily for our pension plans in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur. The pension remeasurement charges of $0.6 billion primarily related to settlements for employees who received lump-sum distributions in five of our defined benefit pension plans. The charges were primarily driven by a decrease in our discount rate assumption of $0.8 billion used to determine the current year liabilities of our pension plans, partially offset by the difference between our expected return on assets of 7.0% and our annualized actual return on assets of 11.0% at August 31, 2016 ($0.2 billion). Our weighted average discount rate assumption was 3.61% at August 31, 2016. As part of this charge, we recorded severance costs of $0.2 billion under our existing separation plans. During the three months ended June 30, 2016, we recorded net pre-tax pension and benefit remeasurement charges of approximately $3.6 billion in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur. These charges were comprised of a net pre-tax pension and benefit remeasurement charge of $0.8 billion measured as of April 1, 2016 related to curtailments in three of our defined benefit pension plans and one of our other postretirement benefit plans, a net pre-tax pension and benefit remeasurement charge of $2.7 billion measured as of May 31, 2016 in two defined benefit pension plans and three other postretirement benefit plans as a result of our accounting for the contractual healthcare caps and bargained for changes, and a net pre-tax pension and benefit remeasurement charge of $0.1 billion measured as of May 31, 2016 related to settlements for employees who received lump-sum distributions in three of Verizon’s defined benefit pension plans. The pension and benefit remeasurement charges were primarily driven by a decrease in our discount rate assumption used to determine the current year liabilities of our pension and other postretirement benefit plans ($2.7 billion) and updated healthcare cost trend rate assumptions ($0.9 billion). Our weighted-average discount rate assumption decreased from 4.60% at December 31, 2015 to 3.99% at May 31, 2016. During the three months ended March 31, 2016, we also recorded a net pre-tax pension and benefit remeasurement charge of $0.2 billion related to settlements for employees who received lump-sum distributions in one of Verizon’s defined benefit pension plans. During the three and nine months ended September 30, 2015, we recorded net pre-tax pension remeasurement charges of approximately $0.3 billion, in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur. The pension remeasurement charges relate to settlements for employees who received lump-sum distributions in four of Verizon’s seven defined benefit pension plans. The pension remeasurement charges from the impacted plans were primarily driven by a $0.7 billion loss resulting from the difference between our expected return on assets assumption of 7.25% at December 31, 2014 and our annualized actual return on assets of 1.96% at September 30, 2015, as well as other losses of $0.1 billion. These losses were partially offset by a gain of $0.5 billion resulting from an increase in our discount rate assumption used to determine the current year liabilities of our pension plans. Our weighted-average discount rate assumption increased from 4.2% at December 31, 2014 to 4.5% at September 30, 2015. Severance Payments During the three and nine months ended September 30, 2016, we paid severance benefits of $0.1 billion and $0.4 billion, respectively. At September 30, 2016, we had a remaining severance liability of $0.6 billion, a portion of which includes future contractual payments to employees separated as of September 30, 2016. Employer Contributions During the three and nine months ended September 30, 2016, we contributed $0.2 billion and $0.9 billion, respectively, to our other postretirement benefit plans. During the three and nine months ended September 30, 2016, we contributed $0.5 billion and $0.8 billion, respectively, to our qualified pension plans, which included $0.2 billion of discretionary contributions. The contributions to our nonqualified pension plans were $0.1 billion during the three and nine months ended September 30, 2016. There have been no material changes with respect to the qualified and nonqualified pension contributions in 2016 as previously disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the year ended December 31, 2015 included in our Current Report on Form 8-K dated July 29, 2016.

Equity and Accumulated Other Co

Equity and Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2016
Equity and Accumulated Other Comprehensive Income	9. Equity and Accumulated Other Comprehensive Income Equity Changes in the components of Total equity were as follows: (dollars in millions) Attributable Noncontrolling Total Balance at January 1, 2016 $ 16,428 $ 1,414 $ 17,842 Net income 8,632 376 9,008 Other comprehensive income 2,208 – 2,208 Comprehensive income 10,840 376 11,216 Contributed capital (17 ) – (17 ) Dividends declared (6,960 ) – (6,960 ) Common stock in treasury 152 – 152 Distributions and other 17 (267 ) (250 ) Balance at September 30, 2016 $ 20,460 $ 1,523 $ 21,983 Common Stock Verizon did not repurchase any shares of Verizon common stock through its previously authorized share buyback program during the nine months ended September 30, 2016. At September 30, 2016, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 97.2 million. Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans, including 3.5 million common shares issued from Treasury stock during the nine months ended September 30, 2016. Accumulated Other Comprehensive Income The changes in the balances of Accumulated other comprehensive income by component are as follows: (dollars in millions) Foreign currency Unrealized loss on cash flow hedges Unrealized loss on Defined benefit pension and Total Balance at January 1, 2016 $ (554 ) $ (278 ) $ 101 $ 1,281 $ 550 Other comprehensive income (loss) (23 ) (91 ) 8 2,902 2,796 Amounts reclassified to net income – 33 (43 ) (578 ) (588 ) Net other comprehensive income (loss) (23 ) (58 ) (35 ) 2,324 2,208 Balance at September 30, 2016 $ (577 ) $ (336 ) $ 66 $ 3,605 $ 2,758 The amounts presented above in net other comprehensive income (loss) are net of taxes which are not significant except as noted below. For the nine months ended September 30, 2016, the amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Cost of services and Selling, general and administrative expense on our condensed consolidated statements of income. For the nine months ended September 30, 2016, the amounts reclassified to net income related to unrealized loss on marketable securities in the table above are included in Other income and (expense), net on our condensed consolidated statements of income. For the nine months ended September 30, 2016, the amounts reclassified to net income related to unrealized loss on cash flow hedges in the table above are included in Other income and (expense), net and Interest expense on our condensed consolidated statements of income. Defined Benefit Pension and Postretirement Plans The change in defined benefit and postretirement plans for the nine months ended September 30, 2016 of $4.7 billion ($2.9 billion net of taxes) was due to the change in prior service credit as a result of our accounting for contractual healthcare caps and bargained for changes (see Note 8 for additional detail). Reclassification adjustments on defined benefit pension and postretirement plans for the nine months ended September 30, 2016 include the reclassification to Selling, general and administrative expense of a pre-tax pension and postretirement benefit curtailment gain of $0.5 billion ($0.3 billion net of taxes) due to the transfer of employees to Frontier, which caused the elimination of a significant amount of future service in three of our defined benefit pension plans and one of our other postretirement benefit plans requiring us to recognize a portion of the prior service credits (see Note 2 for additional detail).

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Information	10. Segment Information Reportable Segments We have two reportable segments, Wireless and Wireline, which we operate and manage as strategic business units and organize by products and services. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision maker’s assessment of segment performance. Corporate and other includes the operations of AOL and related businesses, unallocated corporate expenses, the results of other insignificant businesses, such as our vehicle OEM and Networkfleet businesses and investments in unconsolidated businesses accounted for on an equity method basis, 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 (see Note 2). Accordingly, the corresponding Wireline results for these operations have been reclassified to Corporate and other for all comparative periods presented consistent with the information regularly reviewed by our chief operating decision maker. In addition, Corporate and other includes the results of our vehicle 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 condensed consolidated financial statements or our segment results of operations. We have adjusted prior period consolidated and segment information, where applicable, to conform to current period presentation. Our reportable segments and their principal activities consist of the following: Segment Description Wireless Wireless’ communications products and services include wireless voice and data services and equipment sales, which are provided to consumer, business and government customers across the United States. Wireline Wireline’s voice, data and video communications products and enhanced services include broadband video and data, corporate networking solutions, data center and cloud services, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the United States, as well as to carriers, businesses and government customers both in the United States and around the world. The following table provides operating financial information for our two reportable segments: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2016 2015 2016 2015 External Operating Revenues Wireless Service revenue $ 16,647 $ 17,580 $ 50,108 $ 53,146 Equipment 4,124 4,292 11,782 11,526 Other 1,249 1,108 3,661 3,196 Total Wireless 22,020 22,980 65,551 67,868 Wireline Consumer retail 3,174 3,168 9,519 9,470 Small business 411 434 1,241 1,320 Mass Markets 3,585 3,602 10,760 10,790 Global Enterprise 2,886 2,987 8,748 9,040 Global Wholesale 1,009 1,046 3,071 3,209 Other 78 87 248 256 Total Wireline 7,558 7,722 22,827 23,295 Total reportable segments $ 29,578 $ 30,702 $ 88,378 $ 91,163 Intersegment Revenues Wireless $ 81 $ 25 $ 258 $ 78 Wireline 229 245 706 735 Total reportable segments $ 310 $ 270 $ 964 $ 813 Total Operating Revenues Wireless $ 22,101 $ 23,005 $ 65,809 $ 67,946 Wireline 7,787 7,967 23,533 24,030 Total reportable segments $ 29,888 $ 30,972 $ 89,342 $ 91,976 Operating Income (Loss) Wireless $ 7,647 $ 7,668 $ 23,544 $ 23,174 Wireline 156 (109 ) (374 ) (528 ) Total reportable segments $ 7,803 $ 7,559 $ 23,170 $ 22,646 (dollars in millions) At September 30, 2016 At December 31, 2015 Assets Wireless $ 204,409 $ 185,405 Wireline 63,586 78,305 Total reportable segments 267,995 263,710 Corporate and other 208,837 205,476 Eliminations (237,334 ) (225,011 ) Total consolidated – reported $ 239,498 $ 244,175 A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2016 2015 2016 2015 Total reportable segment operating revenues $ 29,888 $ 30,972 $ 89,342 $ 91,976 Corporate and other 1,403 1,170 4,078 2,259 Eliminations (354 ) (291 ) (1,060 ) (845 ) Impact of divested operations – 1,307 1,280 3,976 Total consolidated operating revenues $ 30,937 $ 33,158 $ 93,640 $ 97,366 Fios revenues are included within our Wireline segment and amounted to approximately $2.8 billion and $8.3 billion, respectively, for the three and nine months ended September 30, 2016. Fios revenues amounted to approximately $2.7 billion and $8.0 billion, respectively, for the three and nine months ended September 30, 2015. A reconciliation of the total of the reportable segments’ operating income to consolidated income before provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2016 2015 2016 2015 Total reportable segment operating income $ 7,803 $ 7,559 $ 23,170 $ 22,646 Corporate and other (466 ) (399 ) (1,432 ) (1,097 ) Severance, pension and benefit charges (Note 8) (797 ) (342 ) (4,512 ) (342 ) Gain on access line sale (Note 2) – – 1,007 – Gain on spectrum license transaction (Note 2) – – 142 – Impact of divested operations – 717 661 2,109 Total consolidated operating income 6,540 7,535 19,036 23,316 Equity in losses of unconsolidated businesses (23 ) (18 ) (63 ) (70 ) Other income and (expense), net 97 51 (1,697 ) 158 Interest expense (1,038 ) (1,202 ) (3,239 ) (3,742 ) Income Before Provision For Income Taxes $ 5,576 $ 6,366 $ 14,037 $ 19,662 No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 30, 2016 and 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies	11. Commitments and Contingencies In the ordinary course of business, Verizon is involved in various commercial litigation and regulatory proceedings at the state and federal level. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods, including the Hicksville matter described below, will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period. Reserves have been established to cover environmental matters relating to discontinued businesses and past telecommunications activities. These reserves include funds to address contamination at the site of a former Sylvania facility in Hicksville, NY, which had processed nuclear fuel rods in the 1950s and 1960s. In September 2005, the Army Corps of Engineers (ACE) accepted the site into its Formerly Utilized Sites Remedial Action Program. As a result, the ACE has taken primary responsibility for addressing the contamination at the site. An adjustment to the reserves may be made after a cost allocation is conducted with respect to the past and future expenses of all of the parties. Adjustments to the environmental reserve may also be made based upon the actual conditions found at other sites requiring remediation. Verizon is currently involved in approximately 40 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing entities and effectively seek only monetary damages; a small number are brought by companies that have sold products and seek injunctive relief as well. These cases have progressed to various stages and a small number may go to trial in the coming 12 months if they are not otherwise resolved. In connection with the execution of agreements for the sales of businesses and investments, Verizon ordinarily provides representations and warranties to the purchasers pertaining to a variety of nonfinancial matters, such as ownership of the securities being sold, as well as indemnity from certain financial losses. From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business. Subsequent to the sale of Verizon Information Services Canada in 2004, we continue to provide a guarantee to publish directories, which was issued when the directory business was purchased in 2001 and had a 30-year term (before extensions). The preexisting guarantee continues, without modification, despite the subsequent sale of Verizon Information Services Canada and the spin-off of our domestic print and Internet yellow pages directories business. The possible financial impact of the guarantee, which is not expected to be adverse, cannot be reasonably estimated as a variety of the potential outcomes available under the guarantee result in costs and revenues or benefits that may offset each other. We do not believe performance under the guarantee is likely.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2016
AOL Inc
Purchase Price Identified Based on Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the consideration to AOL’s shareholders and the identification of the assets acquired, including cash acquired of $0.5 billion, and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of AOL’s noncontrolling interests: (dollars in millions) As of June 23, 2015 Cash payment to AOL’s equity holders $ 3,764 Estimated liabilities to be paid (1) 377 Total consideration $ 4,141 Assets acquired: Goodwill $ 1,938 Intangible assets subject to amortization 2,504 Other 1,551 Total assets acquired 5,993 Liabilities assumed: Total liabilities assumed 1,851 Net assets acquired: 4,142 Noncontrolling interest (1 ) Total consideration $ 4,141 (1) During the nine months ended September 30, 2016, we made cash payments of $179 million in respect of acquisition-date estimated liabilities to be paid. As of September 30, 2016, the remaining balance of estimated liabilities to be paid was $198 million.

Wireless Licenses, Goodwill a19

Wireless Licenses, Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Changes in Carrying Amount of Wireless Licenses	Changes in the carrying amount of Wireless licenses are as follows: (dollars in millions) Balance at January 1, 2016 $ 86,575 Acquisitions (Note 2) 26 Capitalized interest on wireless licenses 384 Reclassifications, adjustments and other 422 Balance at September 30, 2016 $ 87,407
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2016 $ 18,393 $ 4,331 $ 2,607 $ 25,331 Acquisitions (Note 2) – – 641 641 Reclassifications, adjustments and other – (113 ) 111 (2 ) Balance at September 30, 2016 $ 18,393 $ 4,218 $ 3,359 $ 25,970
Composition of Other Intangible Assets, Net	The following table displays the composition of Other intangible assets, net: At September 30, 2016 At December 31, 2015 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Customer lists (6 to 14 years) $ 3,963 $ (2,355 ) $ 1,608 $ 4,139 $ (2,365 ) $ 1,774 Non-network internal-use software (3 to 8 years) 15,530 (10,593 ) 4,937 14,542 (9,620 ) 4,922 Other (5 to 25 years) 1,688 (541 ) 1,147 1,346 (450 ) 896 Total $ 21,181 $ (13,489) $ 7,692 $ 20,027 $ (12,435) $ 7,592
Amortization Expense for Other Intangible Assets	The amortization expense for Other intangible assets was as follows: (dollars in millions) Three Months Ended Nine Months Ended 2016 $ 419 $ 1,255 2015 438 1,247
Estimated Future Amortization Expense for Other Intangible Assets	The estimated future amortization expense for Other intangible assets is as follows: Years (dollars in millions) Remainder of 2016 $ 416 2017 1,505 2018 1,327 2019 1,121 2020 892

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations	Changes to debt during the nine months ended September 30, 2016 are as follows: (dollars in millions) Debt Maturing Long-term Total Balance at January 1, 2016 $ 6,489 $ 103,240 $ 109,729 Proceeds from borrowings – 8,152 8,152 Proceeds from asset-backed borrowings – 2,594 2,594 Repayments of borrowings and capital leases obligations (6,110 ) (8,400 ) (14,510 ) Decrease in short-term obligations, excluding current maturities (120 ) – (120 ) Reclassifications of long-term debt 3,412 (3,412 ) – Other 181 565 746 Balance at September 30, 2016 $ 3,852 $ 102,739 $ 106,591
Schedule of Notes included in the Tender Offers	The table below lists the series of notes included in the Group 1 Any and All Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Communications Inc. 2.50 % 2016 $ 2,182 $ 1,007.60 $ 1,272 2.00 % 2016 1,250 1,007.20 731 6.35 % 2019 1,750 1,133.32 970 $ 2,973 (1) Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration. The table below lists the series of notes included in the Group 2 Any and All Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Delaware LLC 8.375 % 2019 $ 15 $ 1,182.11 $ 15 8.625 % 2031 15 1,365.39 5 Verizon Maryland LLC 8.00 % 2029 50 1,301.32 22 8.30 % 2031 100 1,347.26 76 5.125 % 2033 350 1,012.50 171 Verizon New England Inc. 7.875 % 2029 349 1,261.63 176 Verizon New Jersey Inc. 8.00 % 2022 200 1,238.65 54 7.85 % 2029 149 1,311.32 63 Verizon New York Inc. 6.50 % 2028 100 1,151.71 28 7.375 % 2032 500 1,201.92 256 Verizon Pennsylvania LLC 6.00 % 2028 125 1,110.47 57 8.35 % 2030 175 1,324.10 127 8.75 % 2031 125 1,356.47 72 Verizon Virginia LLC 7.875 % 2022 100 1,227.79 43 8.375 % 2029 100 1,319.78 81 $ 1,246 (1) Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration. The table below lists the series of notes included in the Group 3 Offer: (dollars in millions, except for Purchase Price) Interest Maturity Principal Purchase Price (1) Principal Verizon Communications Inc. 8.95 % 2039 $ 353 $ 1,506.50 $ 63 7.75 % 2032 251 1,315.19 33 7.35 % 2039 480 1,293.50 68 7.75 % 2030 1,206 1,377.92 276 6.55 % 2043 6,585 1,291.74 2,340 6.40 % 2033 2,196 1,220.28 466 6.90 % 2038 477 1,243.29 92 6.25 % 2037 750 1,167.66 114 6.40 % 2038 866 1,176.52 116 5.85 % 2035 1,500 1,144.68 250 6.00 % 2041 1,000 1,164.56 – 5.15 % 2023 8,517 1,152.83 – Alltel Corporation 7.875 % 2032 452 1,322.92 115 6.80 % 2029 235 1,252.93 47 GTE Corporation 6.94 % 2028 800 1,261.35 237 8.75 % 2021 300 1,307.34 93 $ 4,310 (1) Per $1,000 principal amount of notes
Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements	The assets and liabilities related to our asset-backed debt arrangements included on our condensed consolidated balance sheets were as follows: (dollars in millions) September 30, 2016 December 31, 2015 Assets Account receivable, net $ 1,733 $ – Prepaid expenses and other 71 – Other assets 1,296 – Liabilities Long-term debt 2,595 –

Wireless Device Payment Plans (

Wireless Device Payment Plans (Tables)	9 Months Ended
	Sep. 30, 2016
Device Payment Plan Agreement Receivables	The following table displays device payment plan agreement receivables, net, that continue to be recognized in our condensed consolidated balance sheets: (dollars in millions) At September 30, At December 31, Device payment plan agreement receivables, gross $ 7,735 $ 3,720 Unamortized imputed interest (332 ) (142 ) Device payment plan agreement receivables, net of unamortized imputed interest 7,403 3,578 Allowance for credit losses (601 ) (444 ) Device payment plan agreement receivables, net $ 6,802 $ 3,134 Classified on our condensed consolidated balance sheets: Accounts receivable, net $ 4,000 $ 1,979 Other assets 2,802 1,155 Device payment plan agreement receivables, net $ 6,802 $ 3,134
Balance and Aging of Device Payment Plan Agreement Receivables on Gross Basis	The balance and aging of the device payment plan agreement receivables on a gross basis was as follows: (dollars in millions) At September 30, At December 31, Unbilled $ 7,261 $ 3,420 Billed: Current 375 227 Past due 99 73 Device payment plan agreement receivables, gross $ 7,735 $ 3,720
Activity in Allowance for Credit Losses for Device Payment Plan Agreement Receivables	Activity in the allowance for credit losses for the device payment plan agreement receivables was as follows: (dollars in millions) Balance at January 1, 2016 $ 444 Bad debt expense 437 Write-offs (347 ) Allowance related to receivables sold 59 Other 8 Balance at September 30, 2016 $ 601

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2016: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 126 $ – $ – $ 126 Fixed income securities 15 605 – 620 Interest rate swaps – 420 – 420 Net investment hedge – 6 – 6 Interest rate cap – 3 – 3 Total $ 141 $ 1,034 $ – $ 1,175 Liabilities: Other liabilities: Interest rate swaps $ – $ 2 $ – $ 2 Net investment hedge – 1 – 1 Cross currency swaps – 1,536 – 1,536 Total $ – $ 1,539 $ – $ 1,539 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2015: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Short-term investments: Equity securities $ 265 $ – $ – $ 265 Fixed income securities – 85 – 85 Other current assets: Fixed income securities 250 – – 250 Other assets: Fixed income securities – 928 – 928 Interest rate swaps – 128 – 128 Net investment hedges – 13 – 13 Cross currency swaps – 1 – 1 Total $ 515 $ 1,155 $ – $ 1,670 Liabilities: Other liabilities: Interest rate swaps $ – $ 19 $ – $ 19 Cross currency swaps – 1,638 – 1,638 Forward interest rate swaps – 24 – 24 Total $ – $ 1,681 $ – $ 1,681 (1) quoted prices in active markets for identical assets or liabilities (2) observable inputs other than quoted prices in active markets for identical assets and liabilities (3) no observable pricing inputs in the market
Schedule of Fair Value of Short-Term and Long-Term Debt, Excluding Capital Leases	The fair value of our short-term and long-term debt, excluding capital leases, was as follows: At September 30, 2016 At December 31, 2015 (dollars in millions) Carrying Fair Value Carrying Fair Value Short- and long-term debt, excluding capital leases $ 105,628 $ 122,520 $ 108,772 $ 118,216
Notional Amounts of Outstanding Derivative Instruments	The following table sets forth the notional amounts of our outstanding derivative instruments: At September 30, 2016 At December 31, 2015 (dollars in millions) Notional Amount Notional Amount Interest rate swaps $ 7,850 $ 7,620 Forward interest rate swaps – 750 Cross currency swaps 9,606 9,675 Net investment hedge 864 864 Interest rate caps 1,540 –

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of Restricted and Performance Stock Unit Activity	The following table summarizes the Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Performance Outstanding, January 1, 2016 13,903 17,203 Granted 4,044 6,124 Payments (4,736 ) (4,702 ) Cancelled/Forfeited (94 ) (131 ) Adjustments – 170 Outstanding, September 30, 2016 13,117 18,664

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2016
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance	The following table summarizes the benefit (income) cost related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Three Months Ended September 30, 2016 2015 2016 2015 Service cost $ 82 $ 93 $ 40 $ 81 Amortization of prior service cost (credit) 10 (1 ) (235 ) (72 ) Expected return on plan assets (257 ) (317 ) (13 ) (25 ) Interest cost 162 242 162 280 Remeasurement loss, net 555 342 – – Net periodic benefit (income) cost $ 552 $ 359 $ (46 ) $ 264 Termination benefits 4 – – – Total $ 556 $ 359 $ (46 ) $ 264 (dollars in millions) Pension Health Care and Life Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ 238 $ 280 $ 153 $ 243 Amortization of prior service cost (credit) 12 (3 ) (421 ) (215 ) Expected return on plan assets (785 ) (952 ) (41 ) (76 ) Interest cost 518 727 583 838 Remeasurement loss, net 1,977 342 2,293 – Net periodic benefit (income) cost $ 1,960 $ 394 $ 2,567 $ 790 Termination benefits 4 – – – Total $ 1,964 $ 394 $ 2,567 $ 790

Equity and Accumulated Other 25

Equity and Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of Changes in Components of Total Equity	Changes in the components of Total equity were as follows: (dollars in millions) Attributable Noncontrolling Total Balance at January 1, 2016 $ 16,428 $ 1,414 $ 17,842 Net income 8,632 376 9,008 Other comprehensive income 2,208 – 2,208 Comprehensive income 10,840 376 11,216 Contributed capital (17 ) – (17 ) Dividends declared (6,960 ) – (6,960 ) Common stock in treasury 152 – 152 Distributions and other 17 (267 ) (250 ) Balance at September 30, 2016 $ 20,460 $ 1,523 $ 21,983
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, 2016 $ (554 ) $ (278 ) $ 101 $ 1,281 $ 550 Other comprehensive income (loss) (23 ) (91 ) 8 2,902 2,796 Amounts reclassified to net income – 33 (43 ) (578 ) (588 ) Net other comprehensive income (loss) (23 ) (58 ) (35 ) 2,324 2,208 Balance at September 30, 2016 $ (577 ) $ (336 ) $ 66 $ 3,605 $ 2,758

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Summary of Operating Financial Information for Reportable Segments	The following table provides operating financial information for our two reportable segments: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2016 2015 2016 2015 External Operating Revenues Wireless Service revenue $ 16,647 $ 17,580 $ 50,108 $ 53,146 Equipment 4,124 4,292 11,782 11,526 Other 1,249 1,108 3,661 3,196 Total Wireless 22,020 22,980 65,551 67,868 Wireline Consumer retail 3,174 3,168 9,519 9,470 Small business 411 434 1,241 1,320 Mass Markets 3,585 3,602 10,760 10,790 Global Enterprise 2,886 2,987 8,748 9,040 Global Wholesale 1,009 1,046 3,071 3,209 Other 78 87 248 256 Total Wireline 7,558 7,722 22,827 23,295 Total reportable segments $ 29,578 $ 30,702 $ 88,378 $ 91,163 Intersegment Revenues Wireless $ 81 $ 25 $ 258 $ 78 Wireline 229 245 706 735 Total reportable segments $ 310 $ 270 $ 964 $ 813 Total Operating Revenues Wireless $ 22,101 $ 23,005 $ 65,809 $ 67,946 Wireline 7,787 7,967 23,533 24,030 Total reportable segments $ 29,888 $ 30,972 $ 89,342 $ 91,976 Operating Income (Loss) Wireless $ 7,647 $ 7,668 $ 23,544 $ 23,174 Wireline 156 (109 ) (374 ) (528 ) Total reportable segments $ 7,803 $ 7,559 $ 23,170 $ 22,646
Summary of Reconciliation of Segment Assets	(dollars in millions) At September 30, 2016 At December 31, 2015 Assets Wireless $ 204,409 $ 185,405 Wireline 63,586 78,305 Total reportable segments 267,995 263,710 Corporate and other 208,837 205,476 Eliminations (237,334 ) (225,011 ) Total consolidated – reported $ 239,498 $ 244,175
Summary of Reconciliation of Segment Operating Revenues	Areconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2016 2015 2016 2015 Total reportable segment operating revenues $ 29,888 $ 30,972 $ 89,342 $ 91,976 Corporate and other 1,403 1,170 4,078 2,259 Eliminations (354 ) (291 ) (1,060 ) (845 ) Impact of divested operations – 1,307 1,280 3,976 Total consolidated operating revenues $ 30,937 $ 33,158 $ 93,640 $ 97,366
Summary of Reconciliation of Segment Operating Income	Are conciliation of the total of the reportable segments’ operating income to consolidated income before provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2016 2015 2016 2015 Total reportable segment operating income $ 7,803 $ 7,559 $ 23,170 $ 22,646 Corporate and other (466 ) (399 ) (1,432 ) (1,097 ) Severance, pension and benefit charges (Note 8) (797 ) (342 ) (4,512 ) (342 ) Gain on access line sale (Note 2) – – 1,007 – Gain on spectrum license transaction (Note 2) – – 142 – Impact of divested operations – 717 661 2,109 Total consolidated operating income 6,540 7,535 19,036 23,316 Equity in losses of unconsolidated businesses (23 ) (18 ) (63 ) (70 ) Other income and (expense), net 97 51 (1,697 ) 158 Interest expense (1,038 ) (1,202 ) (3,239 ) (3,742 ) Income Before Provision For Income Taxes $ 5,576 $ 6,366 $ 14,037 $ 19,662

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Basis of Presentation [Line Items]
Restricted stock units outstanding to purchase shares included in diluted earnings per common share	7	6	6	6

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions

Sep. 22, 2016Customer

Jul. 30, 2016USD ($)$ / shares

Jul. 29, 2016USD ($)

Jul. 23, 2016USD ($)

Feb. 20, 2016USD ($)

Jun. 23, 2015USD ($)shares

Feb. 05, 2015USD ($)

Apr. 30, 2016USD ($)

Sep. 30, 2016USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2016USD ($)plan

Sep. 30, 2015USD ($)

Apr. 01, 2016USD ($)CustomerUnit

Dec. 31, 2015USD ($)

May 12, 2015$ / shares

Business Acquisition [Line Items]

Pre-tax gain on sale of wireless licenses

$ 142

Proceeds from dispositions of businesses

9,882

Operating Revenues

$ 30,937

$ 33,158

93,640

$ 97,366

Operating Income

6,540

7,535

19,036

23,316

Goodwill

$ 25,970

25,970

$ 25,331

Access Line Sale with Frontier

Business Acquisition [Line Items]

Proceeds from dispositions of businesses

$ 10,500

Net consideration from disposition of businesses

7,300

Debt assumed by Frontier

$ 600

Number of FiOS Internet subscribers divested | Customer

1,600,000

Number of voice connections divested | Unit

3,300,000

Number of FiOS video subscribers divested | Customer

1,200,000

Operating Revenues

1,300

1,300

4,000

Operating Income

$ 700

700

$ 2,100

Net cash proceeds received used to reduce consolidated indebtedness

$ 9,900

Derecognition of net assets, plant, property, and equipment

$ 9,000

Derecognition of net assets, goodwill

1,300

Derecognition of net assets, defined benefit pension and other postretirement benefit plan obligations

700

Derecognition of debt assumed by Frontier

$ 600

Pre-tax gain on sale of business

$ 1,007

Access Line Sale with Frontier | Pension

Business Acquisition [Line Items]

Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan

3

Access Line Sale with Frontier | Other Postretirement Benefit Plan

Business Acquisition [Line Items]

Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan

1

Access Line Sale with Frontier | Selling, general and administrative expense

Business Acquisition [Line Items]

Pre-tax gain on sale of business

$ 1,000

Curtailment gain

500

Advanced Wireless Services Spectrum Licenses

Business Acquisition [Line Items]

Pre-tax gain on sale of wireless licenses

100

Acquisitions

400

Advanced Wireless Services Spectrum Licenses | Sprint Corporation

Business Acquisition [Line Items]

Acquisitions

300

AOL Inc

Business Acquisition [Line Items]

Business acquisition, purchase price in cash

$ 3,764

$ 179

Business acquisition, share price | $ / shares

$ 50

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

6.6

Business acquisition, potential additional payment

$ 330

Cash acquired

500

Goodwill

$ 1,938

Yahoo! Inc.

Business Acquisition [Line Items]

Business acquisition, purchase price in cash

$ 4,830

Yahoo! Inc. | Minimum

Business Acquisition [Line Items]

Number of user accounts | Customer

500,000,000

Yahoo! Inc. | Restricted Stock Units

Business Acquisition [Line Items]

Outstanding restricted stock units to be awarded to employees who transferred from yahoo

$ 1,100

XO Holdings

Business Acquisition [Line Items]

Business acquisition, purchase price in cash

$ 1,800

Telogis Inc

Business Acquisition [Line Items]

Business acquisition, purchase price in cash

$ 900

Telogis Inc | Corporate and Other

Business Acquisition [Line Items]

Goodwill

$ 600

Fleetmatics Group PLC

Business Acquisition [Line Items]

Business acquisition, purchase price in cash

$ 2,400

Business acquisition, share price | $ / shares

$ 60

Consideration and Preliminary I

Consideration and Preliminary Identification of Assets Acquired, Including Cash Acquired and Liabilities Assumed as well as Fair Value Of Noncontrolling Interests (Detail) - USD ($) $ in Millions	Jun. 23, 2015		Sep. 30, 2016	Dec. 31, 2015
Assets acquired:
Goodwill			$ 25,970	$ 25,331
AOL Inc
Business Acquisition [Line Items]
Cash payment to AOL's equity holders	$ 3,764		179
Estimated liabilities to be paid	377	[1]	$ 198
Total consideration	4,141
Assets acquired:
Goodwill	1,938
Intangible assets subject to amortization	2,504
Other	1,551
Total assets acquired	5,993
Liabilities assumed:
Total liabilities assumed	1,851
Net assets acquired:	4,142
Noncontrolling interest	(1)
Total consideration	$ 4,141
[1]	During the nine months ended September 30, 2016, we made cash payments of $179 million in respect of acquisition-date estimated liabilities to be paid. As of September 30, 2016, the remaining balance of estimated liabilities to be paid was $198 million.

Consideration and Preliminary30

Consideration and Preliminary Identification of Assets Acquired, Including Cash Acquired and Liabilities Assumed as well as Fair Value Of Noncontrolling Interests (Parenthetical) (Detail) - AOL Inc - USD ($) $ in Millions	Jun. 23, 2015		Sep. 30, 2016
Business Acquisition [Line Items]
Cash payment to AOL's equity holders	$ 3,764		$ 179
Estimated liabilities to be paid	$ 377	[1]	$ 198
[1]	During the nine months ended September 30, 2016, we made cash payments of $179 million in respect of acquisition-date estimated liabilities to be paid. As of September 30, 2016, the remaining balance of estimated liabilities to be paid was $198 million.

Changes in Carrying Amount of W

Changes in Carrying Amount of Wireless Licenses (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	$ 86,575
Ending balance	87,407
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	86,575
Acquisitions (Note 2)	26
Capitalized interest on wireless licenses	384
Reclassifications, adjustments and other	422
Ending balance	$ 87,407

Wireless Licenses, Goodwill a32

Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2016
Indefinite-lived Intangible Assets [Line Items]
Acquisitions (Note 2)			$ 641
Reclassifications, adjustments and other			(2)
Other Operating Segments
Indefinite-lived Intangible Assets [Line Items]
Acquisitions (Note 2)	$ 600		641
Reclassifications, adjustments and other		$ 100	111
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Wireless licenses under development	$ 10,400		$ 10,400
Average remaining renewal period of wireless license portfolio (in years)			5 years 2 months 12 days

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2016
Goodwill [Line Items]
Beginning balance			$ 25,331
Acquisitions (Note 2)			641
Reclassifications, adjustments and other			(2)
Ending balance	$ 25,970		25,970
Wireless
Goodwill [Line Items]
Beginning balance			18,393
Ending balance	18,393		18,393
Wireline
Goodwill [Line Items]
Beginning balance			4,331
Reclassifications, adjustments and other			(113)
Ending balance	4,218		4,218
Other Operating Segments
Goodwill [Line Items]
Beginning balance			2,607
Acquisitions (Note 2)	600		641
Reclassifications, adjustments and other		$ 100	111
Ending balance	$ 3,359		$ 3,359

Composition of Other Intangible

Composition of Other Intangible Assets Net (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 21,181	$ 20,027
Accumulated Amortization	(13,489)	(12,435)
Net Amount	7,692	7,592
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Amount	3,963	4,139
Accumulated Amortization	(2,355)	(2,365)
Net Amount	$ 1,608	1,774
Customer Lists | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	6 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	$ 15,530	14,542
Accumulated Amortization	(10,593)	(9,620)
Net Amount	$ 4,937	4,922
Non-Network Internal-Use Software | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	3 years
Non-Network Internal-Use Software | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	8 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 1,688	1,346
Accumulated Amortization	(541)	(450)
Net Amount	$ 1,147	$ 896
Other Intangible Assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	5 years
Other Intangible Assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life for finite-lived intangible assets, years	25 years

Amortization Expense for Other

Amortization Expense for Other Intangible Assets (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization expense for other intangible assets	$ 419	$ 438	$ 1,255	$ 1,247

Estimated Future Amortization E

Estimated Future Amortization Expense for Other Intangible Assets (Detail) $ in Millions	Sep. 30, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	$ 416
2,017	1,505
2,018	1,327
2,019	1,121
2,020	$ 892

Changes to Debt (Detail)

Changes to Debt (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Balance at January 1, 2016	$ 6,489
Balance at January 1, 2016	103,240
Balance at January 1, 2016	109,729
Proceeds from borrowings	8,152	$ 6,497
Proceeds from asset-backed borrowings	2,594
Repayments of borrowings and capital leases obligations	(14,510)	(7,168)
Decrease in short-term obligations, excluding current maturities	(120)	$ (305)
Other	746
Balance at September 30, 2016	3,852
Balance at September 30, 2016	102,739
Balance at September 30, 2016	106,591
Debt Maturing Within One Year
Debt Instrument [Line Items]
Balance at January 1, 2016	6,489
Repayments of borrowings and capital leases obligations	(6,110)
Decrease in short-term obligations, excluding current maturities	(120)
Reclassifications of long-term debt	3,412
Other	181
Balance at September 30, 2016	3,852
Long-term Debt
Debt Instrument [Line Items]
Balance at January 1, 2016	103,240
Proceeds from borrowings	8,152
Proceeds from asset-backed borrowings	2,594
Repayments of borrowings and capital leases obligations	(8,400)
Reclassifications of long-term debt	3,412
Other	565
Balance at September 30, 2016	$ 102,739

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)

Sep. 23, 2016

Sep. 15, 2016

Apr. 08, 2016

Apr. 05, 2016

Apr. 04, 2016

Apr. 01, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Sep. 30, 2016

Dec. 31, 2015

Debt Instrument [Line Items]

Net pre-tax loss on early debt redemption

$ (1,800,000,000)

Principal amount outstanding in connection with the guarantee of debt obligations

$ 106,591,000,000

$ 106,591,000,000

$ 106,591,000,000

$ 109,729,000,000

Credit Facility

Debt Instrument [Line Items]

Borrowing capacity

$ 9,000,000,000

9,000,000,000

9,000,000,000

9,000,000,000

Amount of unused borrowing capacity under credit facility

8,900,000,000

8,900,000,000

8,900,000,000

Credit facility expiry date

Sep. 23, 2020

Previously Disclosed | Credit Facility

Debt Instrument [Line Items]

Borrowing capacity

$ 8,000,000,000

Network Equipment | Vendor Financing Facility

Debt Instrument [Line Items]

Value of purchase assets financed

400,000,000

Long-term debt maturing within one year

1,100,000,000

1,100,000,000

1,100,000,000

April Early Debt Redemption

Debt Instrument [Line Items]

Extinguishment of Debt, Amount

$ 2,300,000,000

2016 Tender Offers

Debt Instrument [Line Items]

Aggregate purchase price

$ 9,500,000,000

Tender offer for notes, settlement date

Apr. 4, 2016

Repayment of debt

$ 10,200,000,000

Accrued interest paid

100,000,000

2016 Tender Offers | Maximum

Debt Instrument [Line Items]

Aggregate purchase price

$ 5,500,000,000

2.50% Notes due 2016 | April Early Debt Redemption

Debt Instrument [Line Items]

Amount of notes repaid

$ 900,000,000

Stated interest rate on debt instrument

2.50%

Debt instrument maturity date

2,016

Notes purchased price of principal amount of note, percentage

100.80%

2.00% Notes due 2016 | April Early Debt Redemption

Debt Instrument [Line Items]

Amount of notes repaid

$ 500,000,000

Stated interest rate on debt instrument

2.00%

Debt instrument maturity date

2,016

Notes purchased price of principal amount of note, percentage

100.80%

6.35% Notes due 2019 | April Early Debt Redemption

Debt Instrument [Line Items]

Amount of notes repaid

$ 800,000,000

Stated interest rate on debt instrument

6.35%

Debt instrument maturity date

2,019

Notes purchased price of principal amount of note, percentage

113.50%

Guarantee Of Debentures And First Mortgage Bonds Of Operating Telephone Company Subsidiaries

Debt Instrument [Line Items]

Termination of guarantee for aggregate principal amount of debentures

$ 600,000,000

August Debt Issuance

Debt Instrument [Line Items]

Amount of notes repaid

$ 2,300,000,000

Debt instrument face amount

$ 6,200,000,000

Proceeds from long-term borrowings

$ 6,100,000,000

August Debt Issuance | Floating Rate Notes

Debt Instrument [Line Items]

Debt instrument maturity date

2,019

Debt instrument face amount

$ 400,000,000

August Debt Issuance | 1.375% Notes Due 2019

Debt Instrument [Line Items]

Stated interest rate on debt instrument

1.375%

Debt instrument maturity date

2,019

Debt instrument face amount

$ 1,000,000,000

August Debt Issuance | 1.750% Notes Due 2021

Debt Instrument [Line Items]

Stated interest rate on debt instrument

1.75%

Debt instrument maturity date

2,021

Debt instrument face amount

$ 1,000,000,000

August Debt Issuance | 2.625% Notes Due 2026

Debt Instrument [Line Items]

Stated interest rate on debt instrument

2.625%

Debt instrument maturity date

2,026

Debt instrument face amount

$ 2,300,000,000

August Debt Issuance | 4.125% Notes Due 2046

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.125%

Debt instrument maturity date

2,046

Debt instrument face amount

$ 1,500,000,000

August Debt Issuance | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, percentage points added to the reference rate

0.37%

Guarantee of Debentures of Operating Telephone Company Subsidiaries

Debt Instrument [Line Items]

Principal amount outstanding in connection with the guarantee of debt obligations

1,200,000,000

1,200,000,000

1,200,000,000

Guarantee of Debt Obligations of GTE Corporation

Debt Instrument [Line Items]

Principal amount outstanding in connection with the guarantee of debt obligations

$ 1,100,000,000

$ 1,100,000,000

$ 1,100,000,000

September Debt Issuance | 4.20% Notes Due 2046

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.20%

4.20%

4.20%

Debt instrument maturity date

2,046

Debt instrument face amount

$ 2,100,000,000

$ 2,100,000,000

$ 2,100,000,000

Proceeds from long-term borrowings

2,000,000,000

4.80% Notes Due 2044 | September Debt Redemption

Debt Instrument [Line Items]

Amount of notes repaid

$ 900,000,000

Stated interest rate on debt instrument

4.80%

4.80%

4.80%

Debt instrument maturity date

2,044

Notes purchased price of principal amount of note, percentage

100.00%

Asset-Backed Debt

Debt Instrument [Line Items]

Asset-backed debt, carrying value

$ 2,600,000,000

$ 2,600,000,000

$ 2,600,000,000

Asset Backed Notes

Debt Instrument [Line Items]

Collateral revolving period

2 years

Asset Backed Notes | Senior and junior asset-backed notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 1,200,000,000

Asset Backed Notes | Senior asset-backed notes

Debt Instrument [Line Items]

Stated interest rate on debt instrument

1.42%

Debt instrument maturity period

2 years 6 months

Asset Backed Notes | Junior asset-backed notes

Debt Instrument [Line Items]

Debt instrument maturity period

3 years 2 months 12 days

Debt instrument weighted average interest rate

1.53%

Asset Backed Notes | Third Party Investors | Senior and junior asset-backed notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 1,100,000,000

ABS Financing Facility

Debt Instrument [Line Items]

Asset-backed debt, carrying value

1,500,000,000

$ 1,500,000,000

1,500,000,000

Debt instrument maturity period

2 years 7 months 6 days

Collateral revolving period

2 years

Borrowing capacity

1,500,000,000

$ 1,500,000,000

1,500,000,000

Additional borrowing capacity

$ 1,500,000,000

$ 1,500,000,000

$ 1,500,000,000

Tender Offer to Purchase for Ca

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

Tender Offer to Purchase for 40

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

Tender Offer to Purchase for 41

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

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements (Detail) $ in Millions	Sep. 30, 2016USD ($)
Accounts Receivable, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets	$ 1,733
Prepaid Expenses and Other
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets	71
Other Assets
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets	1,296
Long-term Debt
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Liabilities	$ 2,595

Device Payment Plan Agreement R

Device Payment Plan Agreement Receivables, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 7,735	$ 3,720
Unamortized imputed interest	(332)	(142)
Device payment plan agreement receivables, net of unamortized imputed interest	7,403	3,578
Allowance for credit losses	(601)	(444)
Device payment plan agreement receivables, net	6,802	3,134
Accounts Receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, net	4,000	1,979
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, net	$ 2,802	$ 1,155

Wireless Device Payment Plans -

Wireless Device Payment Plans - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables transferred to ABS Entities	$ 3,000,000,000		$ 3,000,000,000
Number of customer tenure days			210 days
Guarantee liability	100,000,000		$ 100,000,000		$ 200,000,000
Receivables derecognized under receivable securitization program	6,400,000,000		6,400,000,000
Total portfolio of device payment plan agreement receivables	14,100,000,000		14,100,000,000
Device payment plan agreement receivables sold, net	0	$ 2,400,000,000	3,300,000,000	$ 6,100,000,000
Cash proceeds received from new transfers		2,000,000,000	2,000,000,000	4,500,000,000
Cash proceeds received from reinvested collections			900,000,000
Deferred purchase price recorded		$ 400,000,000	400,000,000	$ 1,700,000,000
Deferred purchase price receivable collected			500,000,000
Finance receivables collected and remitted, net of fees			5,700,000,000
Cash proceeds received, net of remittances	4,400,000,000		4,400,000,000
Credit losses on receivables sold			100,000,000
Maximum exposure to loss related to involvement with sellers	2,200,000,000		2,200,000,000
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred purchase price receivable	1,000,000,000		1,000,000,000		$ 2,200,000,000
Prepaid Expenses and Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred purchase price receivable	$ 1,200,000,000		$ 1,200,000,000

Balance and Aging of Device Pay

Balance and Aging of Device Payment Plan Agreement Receivables on Gross Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 7,735	$ 3,720
Unbilled
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, current	7,261	3,420
Billed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, current	375	227
Device payment plan agreement receivables, past due	$ 99	$ 73

Activity in Allowance for Credi

Activity in Allowance for Credit Losses for Device Payment Plan Agreement Receivables (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at January 1, 2016	$ 444
Bad debt expense	437
Write-offs	(347)
Allowance related to receivables sold	59
Other	8
Balance at September 30, 2016	$ 601

Schedule of Assets and Liabil47

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions		Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis		$ 1,175	$ 1,670
Fair value of liabilities measured on a recurring basis		1,539	1,681
Other Assets | Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis		3
Other Assets | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis		126
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		620	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		420	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		6	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		2	19
Other Liabilities | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis		1
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		1,536	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
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
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]	141	515
Level 1 | Other Assets | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]	126
Level 1 | 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	[1]	15
Level 1 | Short-term Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]		265
Level 1 | Other current assets | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]		250
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]	1,034	1,155
Fair value of liabilities measured on a recurring basis	[2]	1,539	1,681
Level 2 | Other Assets | Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]	3
Level 2 | Other Assets | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]	605	928
Level 2 | Other Assets | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]	420	128
Level 2 | Other Assets | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]	6	13
Level 2 | Other Assets | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]		1
Level 2 | Other Liabilities | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	[2]	2	19
Level 2 | Other Liabilities | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	[2]	1
Level 2 | Other Liabilities | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	[2]	$ 1,536	1,638
Level 2 | Other Liabilities | Forward Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	[2]		24
Level 2 | Short-term Investments | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]		$ 85
[1]	quoted prices in active markets for identical assets or liabilities
[2]	observable inputs other than quoted prices in active markets for identical assets and liabilities

Fair Value of Short Term and Lo

Fair Value of Short Term and Long Term Debt Excluding Capital Leases (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 106,591	$ 109,729
Carrying Amount, Fair Value Disclosure | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	105,628	108,772
Estimate of Fair Value Measurement | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 122,520	$ 118,216

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative liability fair value of collateral	$ 200		$ 200				$ 100
New Interest Rate Swaps | Fair Value Hedges
Derivatives, Fair Value [Line Items]
Notional amount	1,100		1,100
Settled Interest Rate Swaps | Fair Value Hedges
Derivatives, Fair Value [Line Items]
Notional amount	900		900
New Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount						$ 1,300
Settled Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	2,000		2,000
Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount							750
Pre-tax gain (loss) recognized in other comprehensive income (loss)		$ 200	(200)	$ 200
Cross Currency Swaps
Derivatives, Fair Value [Line Items]
Notional amount	9,606		9,606				$ 9,675
Pre-tax gain (loss) recognized in other comprehensive income (loss)	300	$ (200)	100	$ (900)
Cross Currency Swaps | Cash Flow Hedges | Settled
Derivatives, Fair Value [Line Items]
Notional amount					$ 100
Interest Rate Cap
Derivatives, Fair Value [Line Items]
Notional amount	$ 1,540		$ 1,540

Notional Amounts of Outstanding

Notional Amounts of Outstanding Derivative Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Net Investment Hedges
Derivative [Line Items]
Notional amount	$ 864	$ 864
Interest Rate Swaps
Derivative [Line Items]
Notional amount	7,850	7,620
Forward Interest Rate Swaps
Derivative [Line Items]
Notional amount		750
Cross Currency Swaps
Derivative [Line Items]
Notional amount	9,606	$ 9,675
Interest Rate Caps
Derivative [Line Items]
Notional amount	$ 1,540

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Billions	9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for awards under the Long-Term Incentive Plan | shares	119,600,000
Restricted Stock Units and Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to the unvested portion of RSUs and PSUs | $	$ 0.4
Weighted-average period of unrecognized compensation expense related to the unvested portion of RSUs and PSUs (in years)	2 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per unit | $ / shares	$ 51.90

Restricted and Performance Stoc

Restricted and Performance Stock Unit Activity (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2016shares
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	13,903
Granted	4,044
Payments	(4,736)
Cancelled/Forfeited	(94)
Ending Balance	13,117
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	17,203
Granted	6,124
Payments	(4,702)
Cancelled/Forfeited	(131)
Adjustments	170
Ending Balance	18,664

Benefit or Income Cost Related

Benefit or Income Cost Related to Pension and Postretirement Health Care and Life Insurance Plans (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Remeasurement loss, net	$ 797	$ 3,600	$ 342	$ 4,512	$ 342
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	82		93	238	280
Amortization of prior service cost (credit)	10		(1)	12	(3)
Expected return on plan assets	(257)		(317)	(785)	(952)
Interest cost	162		242	518	727
Remeasurement loss, net	555		342	1,977	342
Net periodic benefit (income) cost	552		359	1,960	394
Termination benefits	4			4
Total	556		359	1,964	394
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Service cost	40		81	153	243
Amortization of prior service cost (credit)	(235)		(72)	(421)	(215)
Expected return on plan assets	(13)		(25)	(41)	(76)
Interest cost	162		280	583	838
Remeasurement loss, net				2,293
Net periodic benefit (income) cost	(46)		264	2,567	790
Total	$ (46)		$ 264	$ 2,567	$ 790

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) $ in Millions	Aug. 31, 2016	May 31, 2016USD ($)plan	Apr. 01, 2016USD ($)plan	Sep. 30, 2016USD ($)plan	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)plan	Sep. 30, 2015USD ($)plan	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)plan	Sep. 30, 2015USD ($)plan	Dec. 31, 2014plan	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)				$ (797)	$ (3,600)		$ (342)		$ (4,512)	$ (342)
Severance, pension and benefit charges				200
Amount paid in severance benefits over the period				100					400
Post employment benefits liability				600					600
Weighted Average
Defined Benefit Plan Disclosure [Line Items]
Discount rate assumption	3.61%	3.99%					4.50%			4.50%	4.20%	4.60%
Access Line Sale with Frontier | Selling, general and administrative expense
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain									500
Curtailment
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)			$ (800)
Contractual Healthcare Caps and Bargain
Defined Benefit Plan Disclosure [Line Items]
Change in defined benefit and postretirement plans, due to change in prior service credit, net of taxes									2,900
Change in defined benefit and postretirement plans, due to change in prior service credit, tax									1,800
Reclassification to net periodic cost				200					200
Pension and benefit remeasurement credit (charge)		$ (2,700)
Contractual Healthcare Caps and Bargain | Scenario, Forecast
Defined Benefit Plan Disclosure [Line Items]
Reclassification to net periodic cost								$ (400)
Increase in pre-tax income								$ 400
Pension
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)				(555)			$ (342)		$ (1,977)	$ (342)
Pension | Access Line Sale with Frontier
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan									3
Pension | Curtailment
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | plan			3
Pension | Contractual Healthcare Caps and Bargain
Defined Benefit Plan Disclosure [Line Items]
Average remaining service period of defined benefit pension plans									12 years 2 months 12 days
(Reduction) Increase in benefit obligation				400					$ 400
Number of defined benefit pension plans | plan		2
Pension | Lump Sum Distributions
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)		$ (100)		$ (600)		$ (200)
Number of defined benefit pension plans | plan		3		5		1	4		5	4	7
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer				$ 200					$ 900
Other Postretirement Benefit Plan | Access Line Sale with Frontier
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan									1
Other Postretirement Benefit Plan | Curtailment
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | plan			1
Other Postretirement Benefit Plan | Contractual Healthcare Caps and Bargain
Defined Benefit Plan Disclosure [Line Items]
Average remaining service period of defined benefit pension plans									7 years 9 months 18 days
(Reduction) Increase in benefit obligation				(5,100)					$ (5,100)
Number of defined benefit pension plans | plan		3
Charges Primarily Driven By Decrease In Discount Rate Assumption
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)		$ (2,700)		(800)
Charges Driven by Healthcare Cost Trend Rate Assumptions
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)		$ (900)
Pension Credit (Charge) Driven By Difference Between Expected Return on Assets and Annualized Actual Return On Assets
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)				200			$ (700)			$ (700)
Expected return on assets assumption	7.00%										7.25%
Actual return on assets	11.00%									1.96%
Pension Charges Driven By Other
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)							(100)			$ (100)
Pension Remeasurement Gain Primarily Driven By Increase In Discount Rate Assumption
Defined Benefit Plan Disclosure [Line Items]
Pension and benefit remeasurement credit (charge)							$ 500			$ 500
Qualified pension plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer				500					800
Defined benefit plan discretionary contributions by employer				200					200
Non Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer				100					100
Change method used to estimate interest component of net periodic benefit cost for pension and other Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Reduction of interest cost				100					300
Increase to operating income				$ 100					$ 300

Changes in Components of Total

Changes in Components of Total equity (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity Note [Line Items]
Balance at January 1, 2016			$ 17,842
Net Income	$ 3,747	$ 4,171	9,008	$ 12,862
Other comprehensive income			2,208
Total Comprehensive Income	3,658	$ 3,950	11,216	$ 12,351
Contributed capital			(17)
Dividends declared			(6,960)
Common stock in treasury			152
Distributions and other			(250)
Balance at September 30, 2016	21,983		21,983
Verizon
Equity Note [Line Items]
Balance at January 1, 2016			16,428
Net Income			8,632
Other comprehensive income			2,208
Total Comprehensive Income			10,840
Contributed capital			(17)
Dividends declared			(6,960)
Common stock in treasury			152
Distributions and other			17
Balance at September 30, 2016	20,460		20,460
Noncontrolling Interests
Equity Note [Line Items]
Balance at January 1, 2016			1,414
Net Income			376
Total Comprehensive Income			376
Distributions and other			(267)
Balance at September 30, 2016	$ 1,523		$ 1,523

Equity and Accumulated Other 56

Equity and Accumulated Other Comprehensive Income - Additional Information (Detail) $ in Billions	9 Months Ended
	Sep. 30, 2016USD ($)planshares
Equity and Comprehensive Income [Line Items]
Common shares issued from Treasury stock | shares	3,500,000
Contractual Healthcare Caps and Bargain
Equity and Comprehensive Income [Line Items]
Change in defined benefit and postretirement plans, due to change in prior service credit, before tax	$ 4.7
Change in defined benefit and postretirement plans, due to change in prior service credit, net of taxes	$ 2.9
Access Line Sale with Frontier | Pension
Equity and Comprehensive Income [Line Items]
Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan	3
Access Line Sale with Frontier | Other Postretirement Benefit Plan
Equity and Comprehensive Income [Line Items]
Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan	1
Selling, general and administrative expense | Access Line Sale with Frontier
Equity and Comprehensive Income [Line Items]
Curtailment gain	$ 0.5
Curtailment gain net of tax	$ 0.3
Share Buyback Program
Equity and Comprehensive Income [Line Items]
Number of shares repurchased | shares	0
Share Buyback Program | Maximum
Equity and Comprehensive Income [Line Items]
Number of shares authorized for repurchase | shares	97,200,000

Changes in Balances of Accumula

Changes in Balances of Accumulated Other Comprehensive Income by Component (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	$ 17,842
Net other comprehensive income (loss)	2,208
Balance at September 30, 2016	21,983
Foreign currency translation adjustments
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	(554)
Other comprehensive income (loss)	(23)
Net other comprehensive income (loss)	(23)
Balance at September 30, 2016	(577)
Unrealized loss on cash flow hedges
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	(278)
Other comprehensive income (loss)	(91)
Amounts reclassified to net income	33
Net other comprehensive income (loss)	(58)
Balance at September 30, 2016	(336)
Unrealized loss on marketable securities
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	101
Other comprehensive income (loss)	8
Amounts reclassified to net income	(43)
Net other comprehensive income (loss)	(35)
Balance at September 30, 2016	66
Defined benefit pension and postretirement plans
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	1,281
Other comprehensive income (loss)	2,902
Amounts reclassified to net income	(578)
Net other comprehensive income (loss)	2,324
Balance at September 30, 2016	3,605
Accumulated Other Comprehensive Income
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at January 1, 2016	550
Other comprehensive income (loss)	2,796
Amounts reclassified to net income	(588)
Net other comprehensive income (loss)	2,208
Balance at September 30, 2016	$ 2,758

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Segment	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Segment reporting information, revenue	$ 30,937	$ 33,158	$ 93,640	$ 97,366
Number of customers individually accounting for more than ten percent of total operating revenues			No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 30, 2016 and 2015.
Wireline
Segment Reporting Information [Line Items]
Segment reporting information, revenue	7,787	7,967	$ 23,533	24,030
Fios revenues | Wireline
Segment Reporting Information [Line Items]
Segment reporting information, revenue	$ 2,800	$ 2,700	$ 8,300	$ 8,000

Operating Financial Information

Operating Financial Information for Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Operating Revenues	$ 30,937	$ 33,158	$ 93,640	$ 97,366
Operating income (Loss)	6,540	7,535	19,036	23,316
Wireless
Segment Reporting Information [Line Items]
Operating Revenues	22,101	23,005	65,809	67,946
Operating income (Loss)	7,647	7,668	23,544	23,174
Wireline
Segment Reporting Information [Line Items]
Operating Revenues	7,787	7,967	23,533	24,030
Operating income (Loss)	156	(109)	(374)	(528)
Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues	29,888	30,972	89,342	91,976
Operating income (Loss)	7,803	7,559	23,170	22,646
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Operating Revenues	22,020	22,980	65,551	67,868
Operating Segments | Wireless | Service Revenue
Segment Reporting Information [Line Items]
Operating Revenues	16,647	17,580	50,108	53,146
Operating Segments | Wireless | Equipment Revenue
Segment Reporting Information [Line Items]
Operating Revenues	4,124	4,292	11,782	11,526
Operating Segments | Wireless | Other External Operating Non-Service Revenues
Segment Reporting Information [Line Items]
Operating Revenues	1,249	1,108	3,661	3,196
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Operating Revenues	7,558	7,722	22,827	23,295
Operating Segments | Wireline | Mass Markets Consumer Retail
Segment Reporting Information [Line Items]
Operating Revenues	3,174	3,168	9,519	9,470
Operating Segments | Wireline | Mass Markets Small Business
Segment Reporting Information [Line Items]
Operating Revenues	411	434	1,241	1,320
Operating Segments | Wireline | Mass Markets
Segment Reporting Information [Line Items]
Operating Revenues	3,585	3,602	10,760	10,790
Operating Segments | Wireline | Global Enterprise
Segment Reporting Information [Line Items]
Operating Revenues	2,886	2,987	8,748	9,040
Operating Segments | Wireline | Global Wholesale
Segment Reporting Information [Line Items]
Operating Revenues	1,009	1,046	3,071	3,209
Operating Segments | Wireline | Other
Segment Reporting Information [Line Items]
Operating Revenues	78	87	248	256
Operating Segments | Reportable Segment
Segment Reporting Information [Line Items]
Operating Revenues	29,578	30,702	88,378	91,163
Intersegment Revenues | Wireless
Segment Reporting Information [Line Items]
Operating Revenues	81	25	258	78
Intersegment Revenues | Wireline
Segment Reporting Information [Line Items]
Operating Revenues	229	245	706	735
Intersegment Revenues | Reportable Segment
Segment Reporting Information [Line Items]
Operating Revenues	$ 310	$ 270	$ 964	$ 813

Reconciliation of Segment Asset

Reconciliation of Segment Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Assets	$ 239,498	$ 244,175
Operating Segments
Segment Reporting Information [Line Items]
Assets	267,995	263,710
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Assets	204,409	185,405
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Assets	63,586	78,305
Corporate and Other
Segment Reporting Information [Line Items]
Assets	208,837	205,476
Eliminations
Segment Reporting Information [Line Items]
Assets	$ (237,334)	$ (225,011)

Summary of Reconciliation of Se

Summary of Reconciliation of Segment Operating Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	$ 30,937	$ 33,158	$ 93,640	$ 97,366
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	29,888	30,972	89,342	91,976
Corporate and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	1,403	1,170	4,078	2,259
Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	$ (354)	(291)	(1,060)	(845)
Revenue Generated By Assets Sold
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue		$ 1,307	$ 1,280	$ 3,976

Reconciliation of Total Reporta

Reconciliation of Total Reportable Segments Operating Income to Consolidated Income before Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Severance, pension and benefit charges (Note 8)	$ (797)	$ (3,600)	$ (342)	$ (4,512)	$ (342)
Gain on spectrum license transaction (Note 2)				142
Operating Income	6,540		7,535	19,036	23,316
Equity in losses of unconsolidated businesses	(23)		(18)	(63)	(70)
Other income and (expense), net	97		51	(1,697)	158
Interest expense	(1,038)		(1,202)	(3,239)	(3,742)
Income Before Provision For Income Taxes	5,576		6,366	14,037	19,662
Access Line Sale with Frontier
Segment Reporting Information [Line Items]
Gain on access line sale (Note 2)				1,007
Operating Income			700	700	2,100
Operating Segments
Segment Reporting Information [Line Items]
Operating Income	7,803		7,559	23,170	22,646
Corporate and Other
Segment Reporting Information [Line Items]
Operating Income	$ (466)		(399)	(1,432)	(1,097)
Operating Income Generated By Assets Sold
Segment Reporting Information [Line Items]
Operating Income			$ 717	$ 661	$ 2,109

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016LegalMatter
Loss Contingencies [Line Items]
Approximate number of federal district court actions alleged for patent infringement	40
Guarantee obligations, year term (in years)	30 years