Verizon Communications (VZ) 10-K 21 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	VZ
Entity Registrant Name	VERIZON COMMUNICATIONS INC
Entity Central Index Key	732,712
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		4,076,731,752
Entity Public Float			$ 227,584,340,225

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Revenues
Service revenues and other	$ 108,468	$ 114,696	$ 116,122
Wireless equipment revenues	17,512	16,924	10,957
Total Operating Revenues	125,980	131,620	127,079
Operating Expenses
Cost of services (exclusive of items shown below)	29,186	29,438	28,306
Wireless cost of equipment	22,238	23,119	21,625
Selling, general and administrative expense, net	31,569	29,986	41,016
Depreciation and amortization expense	15,928	16,017	16,533
Total Operating Expenses	98,921	98,560	107,480
Operating Income	27,059	33,060	19,599
Equity in (losses) earnings of unconsolidated businesses	(98)	(86)	1,780
Other income and (expense), net	(1,599)	186	(1,194)
Interest expense	(4,376)	(4,920)	(4,915)
Income Before Provision For Income Taxes	20,986	28,240	15,270
Provision for income taxes	(7,378)	(9,865)	(3,314)
Net Income	13,608	18,375	11,956
Net income attributable to noncontrolling interests	481	496	2,331
Net income attributable to Verizon	$ 13,127	$ 17,879	$ 9,625
Basic Earnings Per Common Share
Net income attributable to Verizon	$ 3.22	$ 4.38	$ 2.42
Weighted-average shares outstanding (in millions)	4,080	4,085	3,974
Diluted Earnings Per Common Share
Net income attributable to Verizon	$ 3.21	$ 4.37	$ 2.42
Weighted-average shares outstanding (in millions)	4,086	4,093	3,981

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Income	$ 13,608	$ 18,375	$ 11,956
Other Comprehensive Income, net of taxes
Foreign currency translation adjustments	(159)	(208)	(1,199)
Unrealized gains (losses) on cash flow hedges	198	(194)	(197)
Unrealized losses on marketable securities	(55)	(11)	(5)
Defined benefit pension and postretirement plans	2,139	(148)	154
Other comprehensive income (loss) attributable to Verizon	2,123	(561)	(1,247)
Other comprehensive loss attributable to noncontrolling interests			(23)
Total Comprehensive Income	15,731	17,814	10,686
Comprehensive income attributable to noncontrolling interests	481	496	2,308
Comprehensive income attributable to Verizon	$ 15,250	$ 17,318	$ 8,378

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 2,880	$ 4,470
Short-term investments		350
Accounts receivable, net of allowances of $845 and $882	17,513	13,457
Inventories	1,202	1,252
Assets held for sale	882	792
Prepaid expenses and other	3,918	2,034
Total current assets	26,395	22,355
Plant, property and equipment	232,215	220,163
Less accumulated depreciation	147,464	136,622
Plant, property and equipment, net	84,751	83,541
Investments in unconsolidated businesses	1,110	796
Wireless licenses	86,673	86,575
Goodwill	27,205	25,331
Other intangible assets, net	8,897	7,592
Non-current assets held for sale	613	10,267
Other assets	8,536	7,718
Total assets	244,180	244,175
Current liabilities
Debt maturing within one year	2,645	6,489
Accounts payable and accrued liabilities	19,593	19,362
Liabilities related to assets held for sale	24	463
Other	8,078	8,738
Total current liabilities	30,340	35,052
Long-term debt	105,433	103,240
Employee benefit obligations	26,166	29,957
Deferred income taxes	45,964	45,484
Non-current liabilities related to assets held for sale	6	959
Other liabilities	12,239	11,641
Equity
Series preferred stock ($.10 par value; none issued)
Common stock ($.10 par value; 4,242,374,240 shares issued in each period)	424	424
Contributed capital	11,182	11,196
Reinvested earnings	15,059	11,246
Accumulated other comprehensive income	2,673	550
Common stock in treasury, at cost	(7,263)	(7,416)
Deferred compensation - employee stock ownership plans and other	449	428
Noncontrolling interests	1,508	1,414
Total equity	24,032	17,842
Total liabilities and equity	$ 244,180	$ 244,175

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounts receivable, allowances	$ 845	$ 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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net Income	$ 13,608	$ 18,375	$ 11,956
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	15,928	16,017	16,533
Employee retirement benefits	2,705	(1,747)	8,130
Deferred income taxes	(1,063)	3,516	(92)
Provision for uncollectible accounts	1,420	1,610	1,095
Equity in losses (earnings) of unconsolidated businesses, net of dividends received	138	127	(1,743)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses
Accounts receivable	(5,067)	(945)	(2,745)
Inventories	61	(99)	(132)
Other assets	449	942	(695)
Accounts payable and accrued liabilities	(1,079)	2,545	1,412
Other, net	(4,385)	(1,411)	(3,088)
Net cash provided by operating activities	22,715	38,930	30,631
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(17,059)	(17,775)	(17,191)
Acquisitions of businesses, net of cash acquired	(3,765)	(3,545)	(182)
Acquisitions of wireless licenses	(534)	(9,942)	(354)
Proceeds from dispositions of wireless licenses			2,367
Proceeds from dispositions of businesses	9,882	48	120
Other, net	493	1,171	(616)
Net cash used in investing activities	(10,983)	(30,043)	(15,856)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	12,964	6,667	30,967
Proceeds from asset-backed long-term borrowings	4,986
Repayments of long-term borrowings and capital lease obligations	(19,159)	(9,340)	(17,669)
Decrease in short-term obligations, excluding current maturities	(149)	(344)	(475)
Dividends paid	(9,262)	(8,538)	(7,803)
Proceeds from sale of common stock	3	40	34
Purchase of common stock for treasury		(5,134)
Acquisition of noncontrolling interest			(58,886)
Other, net	(2,705)	1,634	(3,873)
Net cash used in financing activities	(13,322)	(15,015)	(57,705)
Decrease in cash and cash equivalents	(1,590)	(6,128)	(42,930)
Cash and cash equivalents, beginning of period	4,470	10,598	53,528
Cash and cash equivalents, end of period	$ 2,880	$ 4,470	$ 10,598

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Contributed Capital	Reinvested Earnings	Accumulated Other Comprehensive Income	Treasury Stock	Deferred Compensation-ESOPs and Other	Noncontrolling Interests
Balance at beginning of year (in shares) at Dec. 31, 2013		2,967,610				(105,610)
Balance at beginning of year at Dec. 31, 2013		$ 297	$ 37,939	$ 1,782	$ 2,358	$ (3,961)	$ 421	$ 56,580
Foreign currency translation adjustments	$ (1,199)				(1,199)
Acquisition of noncontrolling interest (Note 2)			(26,898)					(55,960)
Net income attributable to Verizon	9,625			9,625
Restricted stock equity grant							166
Unrealized gains (losses) on cash flow hedges					(197)
Net income attributable to noncontrolling interests	2,331							2,331
Dividends declared ($2.285, $2.23, $2.16) per share				(8,960)
Amortization							(163)
Common shares issued (Note 2) (in shares)		1,274,764
Employee plans (Note 14) (in Shares)						14,132
Unrealized losses on marketable securities	(5)				(5)
Other comprehensive loss	(23)							(23)
Employee plans (Note 14)						$ 541
Defined benefit pension and postretirement plans	154				154
Total comprehensive income	2,308							2,308
Shareowner plans (in shares)(Note 14)						4,105
Other comprehensive income (loss)					(1,247)
Distributions and other								(1,550)
Shareowner plans (Note 14)						$ 157
Other (in Shares)						(37)
Other			114
Balance at end of year (in shares) at Dec. 31, 2014		4,242,374				(87,410)
Balance at end of year at Dec. 31, 2014	13,676	$ 424	11,155	2,447	1,111	$ (3,263)	424	1,378
Common shares issued (Note 2)		$ 127
Shares purchased, in Shares						(104,402)
Foreign currency translation adjustments	(208)				(208)
Net income attributable to Verizon	17,879			17,879
Restricted stock equity grant							208
Shares purchased						$ (5,134)
Unrealized gains (losses) on cash flow hedges					(194)
Net income attributable to noncontrolling interests	496							496
Dividends declared ($2.285, $2.23, $2.16) per share				(9,080)
Amortization							(204)
Employee plans (Note 14) (in Shares)						17,072
Unrealized losses on marketable securities	(11)				(11)
Employee plans (Note 14)						$ 740
Defined benefit pension and postretirement plans	(148)				(148)
Total comprehensive income	$ 496							496
Shareowner plans (in shares)(Note 14)	22,600					5,541
Other comprehensive income (loss)					(561)
Distributions and other								(460)
Shareowner plans (Note 14)	$ 900					$ 241
Other			41
Balance at end of year (in shares) at Dec. 31, 2015		4,242,374				(169,199)
Balance at end of year at Dec. 31, 2015	17,842	$ 424	11,196	11,246	550	$ (7,416)	428	1,414
Foreign currency translation adjustments	(159)				(159)
Net income attributable to Verizon	13,127			13,127
Restricted stock equity grant							223
Unrealized gains (losses) on cash flow hedges					198
Net income attributable to noncontrolling interests	481							481
Dividends declared ($2.285, $2.23, $2.16) per share				(9,314)
Amortization							(202)
Employee plans (Note 14) (in Shares)						3,439
Unrealized losses on marketable securities	(55)				(55)
Employee plans (Note 14)						$ 150
Defined benefit pension and postretirement plans	2,139				2,139
Total comprehensive income	$ 481							481
Shareowner plans (in shares)(Note 14)	3,500					70
Other comprehensive income (loss)					2,123
Distributions and other								(387)
Shareowner plans (Note 14)						$ 3
Other			(14)
Balance at end of year (in shares) at Dec. 31, 2016		4,242,374				(165,690)
Balance at end of year at Dec. 31, 2016	$ 24,032	$ 424	$ 11,182	$ 15,059	$ 2,673	$ (7,263)	$ 449	$ 1,508

Consolidated Statements of Cha8

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends declared, per share	$ 2.285	$ 2.230	$ 2.160

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Schedule II - Valuation and Qualifying Accounts	Schedule II - Valuation and Qualifying Accounts Verizon Communications Inc. and Subsidiaries For the Years Ended December 31, 2016, 2015 and 2014 (dollars in millions) Additions Description Balance at Charged to Charged to Deductions Balance at Allowance for Uncollectible Accounts Receivable: Year 2016 (e) $ 1,037 $ 1,420 $ 204 $ 1,515 $ 1,146 Year 2015 (e) 739 1,610 200 1,512 1,037 Year 2014 645 1,095 141 1,142 739 Valuation Allowance for Deferred Tax Assets: Year 2016 $ 3,414 $ 146 $ 47 $ 1,134 $ 2,473 Year 2015 1,841 237 1,701 365 3,414 Year 2014 1,685 505 5 354 1,841 (a) Allowance for Uncollectible Accounts Receivable primarily includes amounts previously written off which were credited directly to this account when recovered. (b) Valuation Allowance for Deferred Tax Assets includes an increase to the valuation allowance as a result of the acquisition of AOL in 2015 and amounts charged to equity and reclassifications from other balance sheet accounts. (c) Amounts written off as uncollectible or transferred to other accounts or utilized. (d) Reductions to valuation allowances related to deferred tax assets. (e) Allowance for Uncollectible Accounts Receivable includes approximately $301 million and $155 million at December 31, 2016 and 2015, respectively, related to long-term device payment plan receivables.

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Description of Business and Summary of Significant Accounting Policies	Note 1 Description of Business and Summary of Significant Accounting Policies Description of Business Verizon Communications Inc. (Verizon or the Company) is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, information and entertainment products and services to consumers, businesses and governmental agencies with a presence around the world. We have two reportable segments, Wireless and Wireline. For further information concerning our business segments, see Note 12. The Wireless segment provides wireless communications services and products across one of the most extensive wireless networks in the United States (U.S.). We provide these services and equipment sales to consumer, business and government customers in the United States on a postpaid and prepaid basis. The Wireline segment provides voice, data and video communications products and enhanced services, including broadband video and data, corporate networking solutions, data center and cloud services, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the United States, as well as to carriers, businesses and government customers both in the United States and around the world. Consolidation The method of accounting applied to investments, whether consolidated, equity or cost, involves an evaluation of all significant terms of the investments that explicitly grant or suggest evidence of control or influence over the operations of the investee. The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in Net income and Total equity. Investments in businesses which we do not control, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. Investments in which we do not have the ability to exercise significant influence over operating and financial policies are accounted for under the cost method. Equity and cost method investments are included in Investments in unconsolidated businesses in our consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated. Basis of Presentation We have reclassified certain prior year amounts to conform to the current year presentation. Use of Estimates We prepare our financial statements using U.S. generally accepted accounting principles (GAAP), which requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Examples of significant estimates include: the allowance for doubtful accounts, the recoverability of plant, property and equipment, the recoverability of intangible assets and other long-lived assets, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations. Revenue Recognition Multiple Deliverable Arrangements We offer products and services to our wireless and wireline customers through bundled arrangements. These arrangements involve multiple deliverables which may include products, services, or a combination of products and services. Wireless Our Wireless segment earns revenue primarily by providing access to and usage of its network as well as the sale of equipment. In general, access revenue is billed one month in advance and recognized when earned. Usage revenue is generally billed in arrears and recognized when service is rendered. Equipment sales revenue associated with the sale of wireless devices and accessories is generally recognized when the products are delivered to and accepted by the customer, as this is considered to be a separate earnings process from providing wireless services. For agreements involving the resale of third-party services in which we are considered the primary obligor in the arrangements, we record the revenue gross at the time of the sale. Under the Verizon device payment program, our eligible wireless customers purchase wireless devices under a device payment plan agreement. 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, we account for this trade-in trade-in We may offer our customers certain promotions where a customer can trade-in trade-in trade-in trade-in. In multiple element arrangements that bundle devices and monthly wireless service, revenue is allocated to each unit of accounting using a relative selling price method. At the inception of the arrangement, the amount allocable to the delivered units of accounting is limited to the amount that is not contingent upon the delivery of the monthly wireless service (the noncontingent amount). We effectively recognize revenue on the delivered device at the lesser of the amount allocated based on the relative selling price of the device or the noncontingent amount owed when the device is sold. Wireline Our Wireline segment earns revenue based upon usage of its network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is generally billed in arrears and recognized when service is rendered. We sell each of the services offered in bundled arrangements (i.e., voice, video and data), as well as separately; therefore each product or service has a standalone selling price. For these arrangements, revenue is allocated to each deliverable using a relative selling price method. Under this method, arrangement consideration is allocated to each separate deliverable based on our standalone selling price for each product or service. These services include Fios services, individually or in bundles, and high-speed Internet. When we bundle equipment with maintenance and monitoring services, we recognize equipment revenue when the equipment is installed in accordance with contractual specifications and ready for the customer’s use. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services. Installation-related fees, along with the associated costs up to but not exceeding these fees, are deferred and amortized over the estimated customer relationship period. Other Advertising revenues are generated through display advertising and search advertising. Display advertising revenue is generated by the display of graphical advertisements and other performance-based advertising. Search advertising revenue is generated when a consumer clicks on a text-based advertisement on their screen. Agreements for advertising typically take the forms of impression-based contracts, time-based contracts or performance-based contracts. Advertising revenues derived from impression-based contracts, in which we provide impressions in exchange for a fixed fee, are generally recognized as the impressions are delivered. Advertising revenues derived from time-based contracts, in which we provide promotions over a specified time period for a fixed fee, are recognized on a straight-line basis over the term of the contract, provided that we meet and will continue to meet our obligations under the contract. Advertising revenues derived from contracts where we are compensated based on certain performance criteria are recognized as we complete the contractually specified performance. We report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers, which we pass through to our customers, on a net basis. Maintenance and Repairs We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services as these costs are incurred. Advertising Costs Costs for advertising products and services as well as other promotional and sponsorship costs are charged to Selling, general and administrative expense in the periods in which they are incurred (see Note 14). Earnings Per Common Share Basic earnings per common share are based on the weighted-average number of shares outstanding during the period. Where appropriate, diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans. There were a total of approximately 6 million, 8 million and 7 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the years ended December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016 and 2015, respectively, there were no outstanding options to purchase shares that would have been anti-dilutive. Outstanding options to purchase shares that were not included in the computation of diluted earnings per common share, because to do so would have been anti-dilutive for the period, were not significant for the year ended December 31, 2014. On January 28, 2014, at a special meeting of our shareholders, we received shareholder approval to increase our authorized shares of common stock by 2 billion shares to an aggregate of 6.25 billion authorized shares of common stock. On February 4, 2014, this authorization became effective. On February 21, 2014, we issued approximately 1.27 billion shares of common stock upon completing the acquisition of Vodafone Group Plc’s (Vodafone) indirect 45% interest in Cellco Partnership d/b/a Verizon Wireless. See Note 2 for additional information. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and include amounts held in money market funds. Marketable Securities We have investments in marketable securities, which are considered “available-for-sale” Allowance for Doubtful Accounts Accounts receivable are recorded in the consolidated financial statements at cost net of an allowance for credit losses, with the exception of device payment plan agreement receivables which are initially recorded at fair value. We maintain allowances for uncollectible accounts receivable, including our device payment plan agreement receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Our allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of specific customer accounts and includes consideration of the credit worthiness and financial condition of those customers. We record an allowance to reduce the receivables to the amount that is reasonably believed to be collectible. We also record an allowance for all other receivables based on multiple factors including historical experience with bad debts, the general economic environment and the aging of such receivables. Similar to traditional service revenue accounting treatment, we record device payment plan agreement bad debt expense based on an estimate of the percentage of equipment revenue that will not be collected. This estimate is based on a number of factors including historical write-off write-off Inventories Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost (determined principally on either an average cost or first-in, first-out Plant and Depreciation We record plant, property and equipment at cost. Plant, property and equipment are generally depreciated on a straight-line basis. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the remaining term of the related lease, calculated from the time the asset was placed in service. When depreciable assets are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts and any gains or losses on disposition are recognized in income. We capitalize and depreciate network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets. Capitalized interest is reported as a reduction in interest expense and depreciated as part of the cost of the network-related assets. In connection with our ongoing review of the estimated useful lives of plant, property and equipment during 2016, we determined that the average useful lives of certain leasehold improvements would be increased from 5 to 7 years. This change resulted in a decrease to depreciation expense of $0.2 billion in 2016. We determined that changes were also necessary to the remaining estimated useful lives of certain assets as a result of technology upgrades, enhancements, and planned retirements. These changes resulted in an increase in depreciation expense of $0.3 billion, $0.4 billion and $0.6 billion in 2016, 2015 and 2014, respectively. While the timing and extent of current deployment plans are subject to ongoing analysis and modification, we believe the current estimates of useful lives are reasonable. Computer Software Costs We capitalize the cost of internal-use non-network internal-use non-network internal-use non-network non-network internal-use internal-use non-network Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Impairment testing for goodwill is performed annually in the fourth fiscal quarter or more frequently if impairment indicators are present. To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment. However, we may elect to bypass the qualitative assessment and perform an impairment test even if no indications of a potential impairment exist. The impairment test for goodwill uses a two-step Intangible Assets Not Subject to Amortization A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses. As a result, we treat the wireless licenses as an indefinite-lived intangible asset. We re-evaluate We test our wireless licenses for potential impairment annually or more frequently if impairment indicators are present. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. In 2016 and 2014, we performed a qualitative assessment to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount. As part of our assessment, we considered several qualitative factors including the business enterprise value of our Wireless segment, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA (Earnings before interest, taxes, depreciation and amortization) margin projections), the projected financial performance of our Wireless segment, as well as other factors. The most recent quantitative assessments of our wireless licenses occurred in 2015. Our quantitative assessment consisted of comparing the estimated fair value of our aggregate wireless licenses to the aggregated carrying amount as of the test date. Using a quantitative assessment, we estimated the fair value of our aggregate wireless licenses using the Greenfield approach. The Greenfield approach is an income based valuation approach that values the wireless licenses by calculating the cash flow generating potential of a hypothetical start-up Interest expense incurred while qualifying activities are performed to ready wireless licenses for their intended use is capitalized as part of wireless licenses. The capitalization period ends when the development is discontinued or substantially complete and the license is ready for its intended use. Intangible Assets Subject to Amortization and Long-Lived Assets Our intangible assets that do not have indefinite lives (primarily customer lists and non-network internal-use re-evaluate For information related to the carrying amount of goodwill, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 3. Fair Value Measurements Fair value of financial and non-financial Level 1—Quoted prices in active markets for identical assets or liabilities Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3—No observable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy. Income Taxes Our effective tax rate is based on pre-tax Deferred income taxes are provided for temporary differences in the basis between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at tax rates then in effect. We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. We use a two-step more-likely-than-not more-likely-than-not Significant management judgment is required in evaluating our tax positions and in determining our effective tax rate. Stock-Based Compensation We measure and recognize compensation expense for all stock-based compensation awards made to employees and directors based on estimated fair values. See Note 9 for further details. Foreign Currency Translation The functional currency of our foreign operations is generally the local currency. For these foreign entities, we translate income statement amounts at average exchange rates for the period, and we translate assets and liabilities at end-of-period Employee Benefit Plans Pension and postretirement health care and life insurance benefits earned during the year as well as interest on projected benefit obligations are accrued currently. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in operating results in the year in which they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management employees no longer earn pension benefits or earn service towards the company retiree medical subsidy (see Note 10). We recognize a pension or a postretirement plan’s funded status as either an asset or liability on the consolidated balance sheets. Also, we measure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive income, net of applicable income tax. Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. 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 and interest rate caps. We do not hold derivatives for trading purposes. See Note 8. We measure all derivatives at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Our derivative instruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified as Level 2. Changes in the fair values of derivative instruments not qualifying as hedges or any ineffective portion of hedges are recognized in earnings in the current period. Changes in the fair values of derivative instruments used effectively as fair value hedges are recognized in earnings, along with changes in the fair value of the hedged item. Changes in the fair value of the effective portions of cash flow hedges are reported in Other comprehensive income (loss) and recognized in earnings when the hedged item is recognized in earnings. Changes in the fair value of the effective portion of net investment hedges of certain of our foreign operations are reported in Other comprehensive income (loss) as part of the cumulative translation adjustment and partially offset the impact of foreign currency changes on the value of our net investment. Variable Interest Entities VIEs are entities which lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, have equity investors which do not have the ability to make significant decisions relating to the entity’s operations through voting rights, do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We consolidate the assets and liabilities of VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is the party which has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Recently Adopted Accounting Standards During the first quarter of 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 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 (NAV) 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 NAV 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 impacted our presentation of pension and other postretirement benefit plan assets in the notes to the consolidated financial statements but did not have an impact on the measurement of the assets. 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 line-of-credit 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 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 month-end Recently Issued Accounting Standards In January 2017, the accounting standard update related to the simplification of the accounting for goodwill impairment was issued. The amendments in this update eliminate the requirement to perform step two of the goodwill impairment test, which requires a hypothetical purchase price allocation when an impairment is determined to have occurred. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This standard update is effective as of the first quarter of 2020; however, early adoption is permitted for any interim or annual impairment tests performed after January 1, 2017. Verizon expects to early adopt this standard as of January 1, 2017. The prospective adoption of this standard update is not expected to have a significant impact on our consolidated financial statements. In November 2016, the accounting standard update related to the classification and presentation of changes in restricted cash was issued. The amendments in this update require that cash and cash equivalent balances in a statement of cash flows include those amounts deemed to be restricted cash and restricted cash equivalents. This standard update is 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 consolidated financial statements. 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 for these issues. Among the updates, this standard update requires cash receipts from payments on a transferor’s beneficial interests in securitized trade receivables to be classified as cash inflows from investing activities. This standard update is 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 consolidated financial statements. We expect the amendment relating to beneficial interests in securitization transactions will have an impact on our presentation of collections of the deferred purchase price from sales of wireless device payment plan agreement receivables in our consolidated statements of cash flows. Upon adoption of this standard update in the first quarter of 2018, we expect to retrospectively reclassify approximately $1.1 billion of collections of deferred purchase price related to collections from customers for the year ended December 31, 2016 from Cash flows from operating activities to Cash flows from investing activities in our consolidated statements of cash flows. In June 2016, the standard update related to the measurement of credit losses on financial instruments was issued. This standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions and reasonable and supportable forecasts that affect the collectability of the amounts. 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 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. The retrospective adoption of this standard update is not expected to have a significant impact on our 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. Verizon’s current operating lease portfolio is primarily comprised of network, real estate, and equipment leases. Upon adoption of this standard, we expect our balance sheet to include a right of use asset and liability related to substantially all operating lease arrangements. We have established a cross-functional coordinated implementation team to implement the standard update related to leases. We are in the process of assessing the impact to our systems, processes and internal controls to meet the standard update’s reporting and disclosure requirements. In May 2014, the accounting standard update related to the recognition of revenue from contracts with customers was issued. This standard update along with related subsequently issued updates clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP. The standard update also amends current guidance for the recognition of costs to obtain and fulfill contracts with customers such that incremental costs of obtaining and direct costs of fulfilling contracts with customers will be deferred and amortized consistent with the transfer of the related good or service. 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. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the standard is applied only to the most current period presented and the cumulative effect of applying the standard

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2016
Acquisitions and Divestitures	Note 2 Acquisitions and Divestitures Wireless Wireless Transaction On September 2, 2013, Verizon entered into a stock purchase agreement (the Stock Purchase Agreement) with Vodafone and Vodafone 4 Limited (Seller), pursuant to which Verizon agreed to acquire Vodafone’s indirect 45% interest in Cellco Partnership d/b/a Verizon Wireless (the Partnership, and such interest, the Vodafone Interest) for aggregate consideration of approximately $130 billion. On February 21, 2014, pursuant to the terms and subject to the conditions set forth in the Stock Purchase Agreement, Verizon acquired (the Wireless Transaction) from Seller all of the issued and outstanding capital stock (the Transferred Shares) of Vodafone Americas Finance 1 Inc., a subsidiary of Seller (VF1 Inc.), which indirectly through certain subsidiaries (together with VF1 Inc., the Purchased Entities) owned the Vodafone Interest. In consideration for the Transferred Shares, upon completion of the Wireless Transaction, Verizon (i) paid approximately $58.89 billion in cash, (ii) issued approximately 1.27 billion shares of Verizon’s common stock, par value $0.10 per share, which was valued at approximately $61.3 billion at the closing of the Wireless Transaction, (iii) issued senior unsecured Verizon notes in an aggregate principal amount of $5.0 billion (the Verizon Notes), (iv) sold Verizon’s indirectly owned 23.1% interest in Vodafone Omnitel N.V. (Omnitel, and such interest, the Omnitel Interest), valued at $3.5 billion and (v) provided other consideration, which included the assumption of preferred stock valued at approximately $1.7 billion. The total cash paid to Vodafone and the other costs of the Wireless Transaction, including financing, legal and bank fees, were financed through the incurrence of third-party indebtedness. In accordance with the accounting standard on consolidation, a change in a parent’s ownership interest while the parent retains a controlling financial interest in its subsidiary is accounted for as an equity transaction and remeasurement of assets and liabilities of previously controlled and consolidated subsidiaries is not permitted. As a result, we accounted for the Wireless Transaction by adjusting the carrying amount of the noncontrolling interest to reflect the change in Verizon’s ownership interest in the Partnership. Any difference between the fair value of the consideration paid and the amount by which the noncontrolling interest is adjusted has been recognized in equity attributable to Verizon. Omnitel Transaction On February 21, 2014, Verizon and Vodafone also consummated the sale of the Omnitel Interest (the Omnitel Transaction) by a subsidiary of Verizon to a subsidiary of Vodafone in connection with the Wireless Transaction pursuant to a separate share purchase agreement. As a result, during 2014, we recognized a pre-tax Verizon Notes (Non-Cash The Verizon Notes were issued pursuant to Verizon’s existing indenture. The Verizon Notes were issued in two separate series, with $2.5 billion due February 21, 2022 (the eight-year Verizon Notes) and $2.5 billion due February 21, 2025 (the eleven-year Verizon Notes). The Verizon Notes bear interest at a floating rate, which will be reset quarterly, with interest payable quarterly in arrears, beginning May 21, 2014. The eight-year Verizon notes bear interest at a floating rate equal to the three-month London Interbank Offered Rate (LIBOR), plus 1.222%, and the eleven-year Verizon notes bear interest at a floating rate equal to the three-month LIBOR, plus 1.372%. On December 7, 2016, we redeemed the eight-year Verizon Notes (see Note 6 for additional details). Other Consideration (Non-Cash Included in the other consideration provided to Vodafone is the indirect assumption of long-term obligations with respect to 5.143% Class D and Class E cumulative preferred stock issued by one of the Purchased Entities. Both the Class D shares (825,000 shares outstanding) and Class E shares (825,000 shares outstanding) are mandatorily redeemable in April 2020 at $1,000 per share plus any accrued and unpaid dividends. Dividends accrue at 5.143% per annum and will be treated as interest expense. Both the Class D and Class E shares have been classified as liability instruments and were recorded at fair value as determined at the closing of the Wireless Transaction. Deferred Tax Liabilities Certain deferred taxes directly attributable to the Wireless Transaction have been calculated based on an analysis of taxes attributable to the difference between the tax basis of the investment in the noncontrolling interest that is assumed compared to Verizon’s book basis. As a result, Verizon recorded a deferred tax liability of approximately $13.5 billion. Spectrum License Transactions Since 2014, we have entered into several strategic spectrum transactions including: • During the second quarter of 2014, we completed license exchange transactions with T-Mobile (T-Mobile • During the second quarter of 2014, we completed transactions pursuant to two additional agreements with T-Mobile T-Mobile pre-tax • During the third quarter of 2014, we entered into a license exchange agreement with affiliates of AT&T Inc. (AT&T) to exchange certain AWS and PCS spectrum licenses. This non-cash • On January 29, 2015, the FCC completed an auction of 65 MHz of spectrum, which it identified as the AWS-3 • During the fourth quarter of 2015, we completed a license exchange transaction with an affiliate of T-Mobile pre-tax • During the fourth quarter of 2015, we entered into a license exchange agreement with affiliates of AT&T to exchange certain AWS and PCS spectrum licenses. This non-cash pre-tax • 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 • 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. As a result of this agreement, $0.9 billion of Wireless licenses are classified as held for sale on our consolidated balance sheet as of December 31, 2016. This non-cash Tower Monetization Transaction During March 2015, we completed a transaction with American Tower Corporation (American Tower) pursuant to which American Tower acquired the exclusive rights to lease and operate approximately 11,300 of our wireless towers for an upfront payment of $5.0 billion. Under the terms of the leases, American Tower has exclusive rights to lease and operate the towers over an average term of approximately 28 years. As the leases expire, American Tower has fixed-price purchase options to acquire these towers based on their anticipated fair market values at the end of the lease terms. As part of this transaction, we also sold 162 towers for $0.1 billion. We have subleased capacity on the towers from American Tower for a minimum of 10 years at current market rates, with options to renew. The upfront payment, including the towers sold, which is primarily included within Other liabilities on our consolidated balance sheet, is accounted for as deferred rent and as a financing obligation. The $2.4 billion accounted for as deferred rent, which is presented within Other, net cash flows provided by operating activities, relates to the portion of the towers for which the right-of-use Other During 2016, 2015 and 2014, we acquired various other wireless licenses and markets 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 sold 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 (Access Line Sale). The transaction, which included 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 years ended December 31, 2016, 2015 and 2014, these businesses generated revenues of approximately $1.3 billion, $5.3 billion and $5.4 billion, respectively, and operating income of $0.7 billion, $2.8 billion and $2.0 billion, respectively, for Verizon. 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 6). 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 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 pre-tax XO Holdings On February 20, 2016, we entered into a purchase agreement to acquire XO Holdings’ wireline business, which owns and operates one of the largest fiber-based Internet Protocol (IP) and Ethernet networks, for approximately $1.8 billion, subject to adjustment. We completed the acquisition on February 1, 2017. Separately, we entered into an agreement to lease certain wireless spectrum from a wholly-owned subsidiary of XO Holdings that holds its wireless spectrum. Verizon has an option, exercisable under certain circumstances, to buy that subsidiary. The acquisition of XO Holdings’ wireline business will be accounted for as a business combination. While we have commenced the appraisals necessary to identify the tangible and intangible assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date, the initial identification of the assets acquired and liabilities assumed is not yet available. Data Center Sale On December 6, 2016, we entered into a definitive agreement with Equinix, Inc. (Equinix) pursuant to which Verizon will sell 24 customer-facing data center sites in the United States and Latin America, for approximately $3.6 billion, subject to certain adjustments. The sale does not affect Verizon’s data center services delivered from 27 sites in Europe, Asia-Pacific and Canada, or its managed hosting and cloud offerings. We plan to account for a portion of the transaction, consisting of the data center buildings, land and related assets, as a sale of real estate. The real estate assets to be sold of $0.7 billion are currently included in Verizon’s continuing operations and classified as held and used within Plant, property and equipment, net on our consolidated balance sheet at December 31, 2016. The non-real Non-current Other On July 1, 2014, we sold a non-strategic During the fourth quarter of 2015, we completed a sale of real estate for which we received total gross proceeds of $0.2 billion and recognized an immaterial deferred gain. The proceeds received as a result of this transaction have been classified within Cash flows used in investing activities on our consolidated statement of cash flows for the year ended December 31, 2015. Other Acquisition of AOL Inc. On May 12, 2015, we entered into an Agreement and Plan of Merger (the Merger Agreement) with AOL Inc. (AOL) pursuant to which we commenced a tender offer to acquire all of the outstanding shares of common stock of AOL at a price of $50.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes. On June 23, 2015, we completed the tender offer and merger, and AOL became a wholly-owned subsidiary of Verizon. The aggregate cash consideration paid by Verizon at the closing of these transactions was approximately $3.8 billion. Holders of approximately 6.6 million shares exercised appraisal rights under Delaware law. If they had not exercised these rights, Verizon would have paid an additional $330 million for such shares at the closing. AOL is a leader in the digital content and advertising platform space. Verizon has been investing in emerging technology that taps into the market shift to digital content and advertising. AOL’s business model aligns with this approach, and we believe that its combination of owned and operated content properties plus a digital advertising platform enhances our ability to further develop future revenue streams. The acquisition of AOL has been accounted for as a business combination. The identification of the assets acquired and liabilities assumed are finalized. 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 year ended December 31, 2016, we made cash payments of $179 million in respect of acquisition-date estimated liabilities to be paid. As of December 31, 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 (see Note 3 for additional details). Acquisition of Yahoo! Inc.’s Operating Business On July 23, 2016, Verizon 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 agreed to 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 related 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. On February 20, 2017, Verizon and Yahoo entered into an amendment to the Purchase Agreement, pursuant to which the Transaction purchase price will be reduced by $350 million to approximately $4.48 billion in cash, subject to certain adjustments. Subject to certain exceptions, the parties also agreed that certain user security and data breaches incurred by Yahoo (and the losses arising therefrom) will be disregarded (1) for purposes of specified conditions to Verizon’s obligations to close the Transaction and (2) in determining whether a “Business Material Adverse Effect” under the Purchase Agreement has occurred. Concurrently with the amendment of the Purchase Agreement, Yahoo and Yahoo Holdings, Inc., a wholly owned subsidiary of Yahoo that Verizon has agreed to purchase pursuant to the Transaction, also entered into an amendment to the related reorganization agreement, pursuant to which Yahoo (which has announced that it intends to change its name to Altaba Inc. following the closing of the Transaction) will retain 50% of certain post-closing liabilities arising out of governmental or third party investigations, litigations or other claims related to certain user security and data breaches incurred by Yahoo. In accordance with the original Transaction Agreements, Yahoo will continue to retain 100% of any liabilities arising out of any shareholder lawsuits (including derivative claims) and investigations and actions by the SEC. The Transaction remains subject to customary closing conditions, including the approval of Yahoo’s stockholders, and is expected to close in the second quarter of 2017. Fleetmatics Group PLC 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. Pursuant to the terms of the Transaction Agreement, we acquired Fleetmatics for $60.00 per ordinary share in cash. The aggregate merger consideration was approximately $2.5 billion, including cash acquired of $0.1 billion. We completed the acquisition on November 7, 2016. As a result of the transaction, Fleetmatics became a wholly-owned subsidiary of Verizon. The consolidated financial statements include the results of Fleetmatics’ operations from the date the acquisition closed. Had this acquisition been completed on January 1, 2016 or 2015, the results of the acquired operations of Fleetmatics would not have had a significant impact on the consolidated net income attributable to Verizon. Upon closing, we recorded approximately $1.4 billion of goodwill and $1.1 billion of other intangibles. The acquisition of Fleetmatics was accounted for as a business combination. The consideration was allocated to the assets acquired and liabilities assumed based on their fair values as of the close of the acquisition. 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 Fleetmatics transaction represents future economic benefits we expect to achieve as a result of the acquisition. The goodwill related to this acquisition is included within Corporate and other (see Note 3 for additional details). Other On July 29, 2016, we acquired Telogis, Inc., a global cloud-based mobile enterprise management software business, for $0.9 billion of cash consideration. Upon closing, we recorded $0.5 billion of goodwill that is included within Corporate and other. On September 12, 2016, we announced an agreement to acquire a leading provider of IoT solutions for smart communities for cash consideration that is not significant. The transaction was completed in October 2016. On September 3, 2015, AOL announced an agreement to acquire an advertising technology business for cash consideration that was not significant. The transaction was completed in October 2015. On October 7, 2014, Redbox Instant by Verizon, a venture between Verizon and Redbox Automated Retail, LLC (Redbox), a wholly-owned subsidiary of Outerwall Inc., ceased providing service to its customers. In accordance with an agreement between the parties, Redbox withdrew from the venture on October 20, 2014 and Verizon wound down and dissolved the venture during the fourth quarter of 2014. As a result of the termination of the venture, we recorded a pre-tax During February 2014, we acquired a business dedicated to the development of IP television for cash consideration that was not significant. Real Estate Transaction On May 19, 2015, we consummated a sale-leaseback transaction with a financial services firm for the buildings and real estate at our Basking Ridge, New Jersey location. We received total gross proceeds of $0.7 billion resulting in a deferred gain of $0.4 billion, which will be amortized over the initial leaseback term of twenty years. The leaseback of the buildings and real estate is accounted for as an operating lease. The proceeds received as a result of this transaction have been classified within Cash flows used in investing activities on our consolidated statement of cash flows for the year ended December 31, 2015.

Wireless Licenses, Goodwill and

Wireless Licenses, Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2016
Wireless Licenses, Goodwill and Other Intangible Assets	Note 3 Wireless Licenses, Goodwill and Other Intangible Assets Wireless Licenses Changes in the carrying amount of Wireless licenses are as follows: (dollars in millions) Balance at January 1, 2015 $ 75,341 Acquisitions (Note 2) 10,474 Capitalized interest on wireless licenses 389 Reclassifications, adjustments and other 371 Balance at December 31, 2015 $ 86,575 Acquisitions (Note 2) 28 Capitalized interest on wireless licenses 506 Reclassifications, adjustments and other (436 ) Balance at December 31, 2016 $ 86,673 Reclassifications, adjustments and other includes the exchanges of wireless licenses in 2016 and 2015 as well as $0.9 billion and $0.3 billion of Wireless licenses that are classified as Assets held for sale on our consolidated balance sheets at December 31, 2016 and 2015, respectively. See Note 2 for additional details. At December 31, 2016 and 2015, approximately $10.0 billion and $10.4 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. The average remaining renewal period of our wireless license portfolio was 5.1 years as of December 31, 2016. See Note 1 for additional details. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2015 $ 18,390 $ 6,249 $ – $ 24,639 Acquisitions (Note 2) 3 – 2,035 2,038 Reclassifications, adjustments and other – (1,918 ) 572 (1,346 ) Balance at December 31, 2015 $ 18,393 $ 4,331 $ 2,607 $ 25,331 Acquisitions (Note 2) – – 2,310 2,310 Reclassifications, adjustments and other – (547 ) 111 (436 ) Balance at December 31, 2016 $ 18,393 $ 3,784 $ 5,028 $ 27,205 During the second quarter of 2016, we allocated $0.1 billion of Goodwill on a relative fair value basis from Wireline to Other as a result of the reclassification of our telematics businesses (see Note 12 for additional details). During the fourth quarter of 2016, we allocated $0.4 billion of Goodwill on a relative fair value basis from Wireline to Non-current As a result of the acquisition of AOL in the second quarter of 2015, we recognized Goodwill of $1.9 billion, which is included within Other (see Note 2 for additional details). We also allocated $0.6 billion of goodwill on a relative fair value basis from Wireline to Other as a result of an internal reorganization. This increase was partially offset by a decrease in Goodwill in Wireline primarily due to the reclassification of $1.3 billion of Goodwill to Non-current Other Intangible Assets The following table displays the composition of Other intangible assets, net: (dollars in millions) 2016 2015 At December 31, Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer lists (6 to 14 years) $ 2,884 $ (480 ) $ 2,404 $ 4,139 $ (2,365 ) $ 1,774 Non-network internal-use 16,135 (10,913 ) 5,222 14,542 (9,620 ) 4,922 Other (5 to 25 years) 1,854 (583 ) 1,271 1,346 (450 ) 896 Total $ 20,873 $ (11,976 ) $ 8,897 $ 20,027 $ (12,435 ) $ 7,592 The amortization expense for Other intangible assets was as follows: Years (dollars in millions) 2016 $ 1,701 2015 1,694 2014 1,567 Estimated annual amortization expense for Other intangible assets is as follows: Years (dollars in millions) 2017 $ 1,749 2018 1,564 2019 1,358 2020 1,121 2021 938

Plant, Property and Equipment

Plant, Property and Equipment	12 Months Ended
	Dec. 31, 2016
Plant, Property and Equipment	Note 4 Plant, Property and Equipment The following table displays the details of Plant, property and equipment, which is stated at cost: (dollars in millions) At December 31, Lives (years) 2016 2015 Land – $ 667 $ 709 Buildings and equipment 7-45 27,117 25,587 Central office and other network equipment 3-50 136,737 129,201 Cable, poles and conduit 7-50 45,639 44,290 Leasehold improvements 5-20 7,627 7,104 Work in progress – 5,710 4,907 Furniture, vehicles and other 3-20 8,718 8,365 232,215 220,163 Less accumulated depreciation 147,464 136,622 Plant, property and equipment, net $ 84,751 $ 83,541

Leasing Arrangements

Leasing Arrangements	12 Months Ended
	Dec. 31, 2016
Leasing Arrangements	Note 5 Leasing Arrangements As Lessee We lease certain facilities and equipment for use in our operations under both capital and operating leases. Total rent expense under operating leases amounted to $3.6 billion in 2016, $3.2 billion in 2015 and $2.7 billion in 2014. Amortization of capital leases is included in Depreciation and amortization expense in the consolidated statements of income. Capital lease amounts included in Plant, property and equipment are as follows: (dollars in millions) At December 31, 2016 2015 Capital leases $ 1,277 $ 1,046 Less accumulated amortization (524 ) (318 ) Total $ 753 $ 728 The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2016, are as follows: (dollars in millions) Years Capital Leases Operating Leases 2017 $ 366 $ 2,822 2018 272 2,583 2019 149 2,304 2020 111 1,927 2021 62 1,515 Thereafter 79 6,724 Total minimum rental commitments 1,039 $ 17,875 Less interest and executory costs 89 Present value of minimum lease payments 950 Less current installments 335 Long-term obligation at December 31, 2016 $ 615 Tower Monetization Transaction During March 2015, we completed a transaction with American Tower pursuant to which American Tower acquired the exclusive rights to lease and operate approximately 11,300 of our wireless towers for an upfront payment of $5.0 billion. We have subleased capacity on the towers from American Tower for a minimum of 10 years at current market rates, with options to renew. Under this agreement, total rent payments amounted to $0.3 billion and $0.2 billion for the years ended December 31, 2016 and 2015, respectively. We expect to make minimum future lease payments of approximately $2.4 billion. We continue to include the towers in Plant, property and equipment, net in our consolidated balance sheets and depreciate them accordingly. At December 31, 2016 and 2015, $0.5 billion of towers related to this transaction were included in Plant, property and equipment, net. See Note 2 for additional information.

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt	Note 6 Debt Changes to debt during 2016 are as follows: (dollars in millions) Debt Maturing within One Year Long-term Debt Total Balance at January 1, 2016 $ 6,489 $ 103,240 $ 109,729 Proceeds from long-term borrowings 120 12,844 12,964 Proceeds from asset-backed long-term borrowings – 4,986 4,986 Repayments of long-term borrowings and capital leases obligations (8,125 ) (11,034 ) (19,159 ) Decrease in short-term obligations, excluding current maturities (149 ) – (149 ) Reclassifications of long-term debt 4,088 (4,088 ) – Other 222 (515 ) (293 ) Balance at December 31, 2016 $ 2,645 $ 105,433 $ 108,078 Debt maturing within one year is as follows: (dollars in millions) At December 31, 2016 2015 Long-term debt maturing within one year $ 2,477 $ 6,325 Short-term notes payable 168 158 Commercial paper and other – 6 Total debt maturing within one year $ 2,645 $ 6,489 Credit facilities 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 December 31, 2016, the unused borrowing capacity under our $9.0 billion credit facility was approximately $8.9 billion. The credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. We use the credit facility for the issuance of letters of credit and for general corporate purposes. In March 2016, we entered into an equipment credit facility insured by Eksportkreditnamnden Stockholm, Sweden (EKN), the Swedish export credit agency, with the ability to borrow up to $1 billion to finance locally-sourced network equipment-related purchases. The facility has borrowings available through June 2017, contingent upon the amount of equipment-related purchases made by Verizon. As of December 31, 2016 we had drawn $0.5 billion on the facility and the unused borrowing capacity was $0.5 billion. Long-Term Debt Outstanding long-term debt obligations are as follows: (dollars in millions) At December 31, Interest Rates % Maturities 2016 2015 Verizon Communications—notes payable and other 0.50 – 3.85 2017 – 2042 $ 28,491 $ 26,281 4.11 – 5.50 2018 – 2055 53,909 51,156 5.85 – 6.90 2018 – 2054 11,295 16,420 7.35 – 8.95 2018 – 2039 1,860 2,300 Floating 2017 – 2025 9,750 14,100 Verizon Wireless—Alltel assumed notes 6.80 – 7.88 2029 – 2032 525 686 Telephone subsidiaries—debentures 5.13 – 6.50 2028 – 2033 319 575 7.38 – 7.88 2022 – 2032 561 1,099 8.00 – 8.75 2022 – 2031 328 780 Other subsidiaries—notes payable, debentures and other 6.84 – 8.75 2018 – 2028 1,102 1,500 Verizon Wireless and other subsidiaries—asset-backed debt 1.42 – 2.36 2021 2,485 – Floating 2021 2,520 – Capital lease obligations (average rate of 3.5% and 3.4% in 2016 and 2015, respectively) 950 957 Unamortized discount, net of premium (5,716 ) (5,824) Unamortized debt issuance costs (469 ) (465) Total long-term debt, including current maturities 107,910 109,565 Less long-term debt maturing within one year 2,477 6,325 Total long-term debt $ 105,433 $ 103,240 2016 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 Rate Maturity Principal Amount Outstanding Purchase Price (1) Principal Amount Purchased 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 Rate Maturity Principal Amount Outstanding Purchase Price (1) Principal Amount Purchased 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 Rate Maturity Principal Amount Outstanding Purchase Price (1) Principal Amount Purchased 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 and Redemptions 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 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. During October 2016, we issued the following series of notes: €1.0 billion aggregate principal amount of Verizon Communications 0.500% Notes due 2022, €1.0 billion aggregate principal amount of Verizon Communications 0.875% Notes due 2025, €1.25 billion aggregate principal amount of Verizon Communications 1.375% Notes due 2028, and £0.45 billion aggregate principal amount of Verizon Communications 3.125% Notes due 2035. The issuance of these notes resulted in cash proceeds of approximately $4.1 billion, net of discounts and issuance costs and after reimbursement of certain expenses. The net proceeds from the sale of the notes were used for general corporate purposes, including the financing of our acquisition of Fleetmatics and the repayment of outstanding indebtedness. During December 2016, we redeemed in whole $2.0 billion aggregate principal amount of Verizon Communications 1.35% Notes due 2017 at 100.321% of the principal amount of such notes, plus any accrued and unpaid interest to the date of redemption, for an immaterial loss. Also in December 2016, we repurchased $2.5 billion aggregate principal amount of the eight-year Verizon Notes at 100% of the aggregate principal amount of such notes plus accrued and unpaid interest to the date of redemption. During February 2017, we issued $1.5 billion aggregate principal amount of 4.95% Notes due 2047. The issuance of these Notes resulted in cash proceeds of approximately $1.5 billion, net of discounts and issuance costs and after reimbursement of certain expenses. The net proceeds were used for general corporate purposes. 2017 Term Loan Agreement During January 2017, we entered into a term loan credit agreement with a syndicate of major financial institutions, pursuant to which we can borrow up to $5.5 billion for (i) the acquisition of Yahoo and (ii) general corporate purposes. Borrowings under the term loan credit agreement mature 18 months following the funding date, with a partial mandatory prepayment required within six months following the funding date. The term loan agreement contains certain negative covenants, including a negative pledge covenant, a merger or similar transaction covenant and an accounting changes covenant, affirmative covenants and events of default that are customary for companies maintaining an investment grade credit rating. In addition, the term loan credit agreement requires us to maintain a leverage ratio (as defined in the term loan credit agreement) not in excess of 3.50:1.00, until our credit ratings are equal to or higher than A3 and A- January 2017 Exchange Offers and Cash Offers On January 25, 2017, we commenced eighteen separate private offers to exchange (the January 2017 Exchange Offers) specified series of outstanding Notes issued by Verizon Communications (the Old Notes) for new Notes to be issued by Verizon Communications. In connection with the January 2017 Exchange Offers, which expired on January 31, 2017 and settled on February 3, 2017, we issued $3.2 billion aggregate principal amount of Verizon Communications 2.946% Notes due 2022, $1.7 billion aggregate principal amount of Verizon Communications 4.812% Notes due 2039 and $4.1 billion aggregate principal amount of Verizon Communications 5.012% Notes due 2049 (collectively, the New Notes) plus applicable cash of $0.6 billion (not including accrued and unpaid interest on the Old Notes) in exchange for $8.3 billion aggregate principal amount of tendered Old Notes. We concurrently commenced eighteen separate offers to purchase for cash (the January 2017 Cash Offers) the Old Notes. In connection with the January 2017 Cash Offers, which expired on January 31, 2017 and settled on February 3, 2017, we repurchased $0.5 billion aggregate principal amount of Old Notes for $0.5 billion, exclusive of accrued interest. 2015 February Exchange Offers On February 11, 2015, we announced the commencement of seven separate private offers to exchange (the February Exchange Offers) specified series of outstanding notes and debentures issued by Verizon and GTE Corporation (collectively, the Old Notes) for new Notes to be issued by Verizon (the New Notes) and, in the case of the 6.94% debentures due 2028 of GTE Corporation, cash. The February Exchange Offers have been accounted for as a modification of debt. On March 13, 2015, Verizon issued $2.9 billion aggregate principal amount of 4.272% Notes due 2036 (the 2036 New Notes), $5.0 billion aggregate principal amount of 4.522% Notes due 2048 (the 2048 New Notes) and $5.5 billion aggregate principal amount of 4.672% Notes due 2055 (the 2055 New Notes) in satisfaction of the exchange offer consideration on tendered Old Notes (not including accrued and unpaid interest on the Old Notes). The following tables list the series of Old Notes included in the February Exchange Offers and the principal amount of each such series accepted by Verizon for exchange. The table below lists the series of Old Notes included in the February Exchange Offers for the 2036 New Notes: (dollars in millions) Interest Rate Maturity Principal Amount Outstanding Principal Amount Accepted For Verizon Communications Inc. 5.15 % 2023 $ 11,000 $ 2,483 The table below lists the series of Old Notes included in the February Exchange Offers for the 2048 New Notes: (dollars in millions) Interest Rate Maturity Principal Amount Outstanding Principal Amount Accepted For Verizon Communications Inc. 6.90 % 2038 $ 1,250 $ 773 6.40 % 2038 1,750 884 6.40 % 2033 4,355 2,159 6.25 % 2037 750 – GTE Corporation 6.94 % 2028 800 – $ 3,816 The table below lists the series of Old Notes included in the February Exchange Offers for the 2055 New Notes: (dollars in millions) Interest Rate Maturity Principal Amount Outstanding Principal Amount Accepted For Exchange Verizon Communications Inc. 6.55 % 2043 $ 10,670 $ 4,084 Term Loan Agreement During the first quarter of 2015, we entered into a term loan agreement with a major financial institution, pursuant to which we borrowed $6.5 billion for general corporate purposes, including the acquisition of spectrum licenses. Borrowings under the term loan agreement were to mature in March 2016, with a $4.0 billion mandatory prepayment required in June 2015. The term loan agreement contained certain negative covenants, including a negative pledge covenant, a merger or similar transaction covenant and an accounting changes covenant, affirmative covenants and events of default that are customary for companies maintaining an investment grade credit rating. In addition, the term loan agreement required us to maintain a leverage ratio (as defined in the term loan agreement) not in excess of 3.50:1.00, until our credit ratings were equal to or higher than A3 and A- During March 2015, we prepaid approximately $5.0 billion of the term loan agreement, which satisfied the mandatory prepayment. During the third and fourth quarters of 2015, respectively, we made repayments of approximately $1.0 billion and $0.5 billion. As of December 31, 2015, no amounts remained outstanding under the term loan agreement. Other During June 2015, as part of the Merger Agreement with AOL, we assumed approximately $0.6 billion of debt and capital lease obligations. During 2015, approximately $0.4 billion of the assumed debt and capital lease obligations were repaid. During October 2015, we executed a $0.2 billion, 1.5% loan due 2018. Also, during March 2015, $0.5 billion of floating rate Verizon Communications Notes matured and were repaid. During November 2015, $1.0 billion of 0.7% Verizon Communications Notes matured and were repaid. During December 2015, we repaid $0.6 billion upon maturity for €0.5 billion aggregate principal amount of Cellco Partnership and Verizon Wireless Capital LLC 8.750% Notes due 2015, and the related cross currency swap was settled. Asset-Backed Debt As of December 31, 2016, the carrying value of our asset-backed debt was $5.0 billion. Our asset-backed debt includes notes (the Asset-Backed Notes) issued to third-party investors (Investors) and loans (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 transfer 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, but 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 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 consolidated statements of cash flows. Repayments of our asset-backed debt and related interest payments made from the segregated accounts are non-cash 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%. In November 2016, we issued $1.4 billion aggregate principal amount of senior and junior asset-backed notes through an ABS Entity. The senior asset-backed notes have an expected weighted-average life of about 2.6 years and bear interest at 1.68% per annum. The junior asset-backed notes have an expected weighted-average life of about 3.3 years and bear interest at a weighted-average rate of 2.26%. 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 September 2016, we entered into a device payment plan agreement financing facility through an ABS Entity 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. We had the option of requesting an additional $1.5 billion of committed funding. During December 2016, we received additional funding of $1.0 billion under this option. These loans have an expected weighted-average life of about 2.4 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 December 31, 2016, outstanding borrowings under the ABS Financing Facility were $2.5 billion. Although the ABS Financing Facility is fully drawn as of December 31, 2016, we have the right to prepay all or a portion thereof at any time. If we choose to prepay, the amount prepaid shall be available for further drawdowns until September 2018, except in certain circumstances. Variable Interest Entities (VIEs) The ABS Entities meet the definition of a VIE for which we have determined we are the primary beneficiary as 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 consolidated balance sheets. The assets and liabilities related to our asset-backed debt arrangements included on our consolidated balance sheets were as follows: (dollars in millions) At December 31, 2016 2015 Assets Account receivable, net $ 3,383 $ – Prepaid expenses and other 236 – Other Assets 2,383 – Liabilities Accounts payable and accrued liabilities 4 – Long-term debt 4,988 – See Note 7 for more information on device payment plan agreement receivables used to secure asset-backed debt. Early Debt Redemption and Other Costs During 2016, we recorded net pre-tax We recognize early debt redemption costs in Other income and (expense), net on our consolidated statements of income and within our Net cash used in financing activities on our consolidated statements of cash flows. Additional Financing Activities (Non-Cash During the years ended December 31, 2016 and 2015, we financed, primarily through vendor financing arrangements, the purchase of approximately $0.5 billion and $0.7 billion, respectively, of long-lived assets consisting primarily of network equipment. At December 31, 2016, $1.1 billion relating to vendor financing arrangements, including those entered into in prior years, remained outstanding. These purchases are non-cash Guarantees We guarantee the debentures of our operating telephone company subsidiaries. As of December 31, 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 Access Line Sale on 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 LLC as successor in interest to GTE Corporation that were issued and outstanding prior to July 1, 2003. As of December 31, 2016, $1.1 billion aggregate principal amount of these obligations remain outstanding. Debt Covenants We and our consolidated subsidiaries are in compliance with all of our financial and restrictive covenants. Maturities of Long-Term Debt Maturities of long-term debt outstanding, excluding unamortized debt issuance costs, at December 31, 2016 are as follows: Years (dollars in millions) 2017 $ 2,477 2018 7,229 2019 5,548 2020 9,040 2021 12,097 Thereafter 71,988

Wireless Device Payment Plans

Wireless Device Payment Plans	12 Months Ended
	Dec. 31, 2016
Wireless Device Payment Plans	Note 7 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 receivables, net, that continue to be recognized in our consolidated balance sheets: (dollars in millions) At December 31, 2016 2015 Device payment plan agreement receivables, gross $ 11,797 $ 3,720 Unamortized imputed interest (511 ) (142 ) Device payment plan agreement receivables, net of unamortized imputed interest 11,286 3,578 Allowance for credit losses (688 ) (444 ) Device payment plan agreement receivables, net $ 10,598 $ 3,134 Classified on our consolidated balance sheets: Accounts receivable, net $ 6,140 $ 1,979 Other assets 4,458 1,155 Device payment plan agreement receivables, net $ 10,598 $ 3,134 Included in our device payment plan agreement receivables, net at December 31, 2016 are net device payment plan agreement receivables of $5.7 billion that have been transferred to ABS Entities and continue to be reported in our consolidated financial statements. We may offer our customers certain promotions where a customer can trade-in trade-in trade-in trade-in. trade-in trade-in At the time of 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 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. 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 The balance and aging of the device payment plan agreement receivables on a gross basis was as follows: (dollars in millions) At December 31, 2016 2015 Unbilled $ 11,089 $ 3,420 Billed: Current 557 227 Past due 151 73 Device payment plan agreement receivables, gross $ 11,797 $ 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 692 Write-offs (479 ) Allowance related to receivables sold 28 Other 3 Balance at December 31, 2016 $ 688 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, we record a guarantee liability in accordance with our accounting policy. 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 Under the Non-Revolving 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 consolidated statements of income. The cash proceeds received from the Purchasers are recorded within Cash flows provided by operating activities on our consolidated statements of cash flows. During 2016, we sold $3.3 billion of receivables, net of allowance and imputed interest, under the Revolving Program. 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 2015, we sold $6.1 billion of receivables, net of allowances and imputed interest, under the Non-Revolving 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 trade-in Variable Interest Entities (VIEs) 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 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 $7.1 billion, net of fees. To date, cash proceeds received, net of remittances, were $3.0 billion. During 2016, credit losses on receivables sold were $0.2 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 outstanding deferred purchase price, which was $1.6 billion as of December 31, 2016. The maximum exposure to loss represents an estimated loss that would be incurred under severe, hypothetical circumstances whereby the Company would not receive the portion of the proceeds withheld by the Purchasers. As we believe the probability of these circumstances occurring is remote, the maximum exposure to loss is not an indication of the Company’s expected loss.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements and Financial Instruments	Note 8 Fair Value Measurements and Financial Instruments Recurring Fair Value Measurements The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2016: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 123 $ – $ – $ 123 Fixed income securities 10 566 – 576 Interest rate swaps – 71 – 71 Cross currency swaps – 45 – 45 Interest rate cap – 10 – 10 Total $ 133 $ 692 $ – $ 825 Liabilities: Other liabilities: Interest rate swaps $ – $ 236 $ – $ 236 Cross currency swaps – 1,803 – 1,803 Total $ – $ 2,039 $ – $ 2,039 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 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 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: (dollars in millions) At December 31, 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value Short- and long-term debt, excluding capital leases $ 107,128 $ 117,584 $ 108,772 $ 118,216 Derivative Instruments Interest Rate Swaps We enter into 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 interest rate risk exposure of designated debt issuances. We record the interest rate swaps at fair value on our consolidated balance sheets as assets and liabilities. Changes in the fair value of the interest rate swaps are recorded to Interest expense, which are offset by changes in the fair value of the hedged debt due to changes in interest rates. During 2015, we entered into interest rate swaps with a total notional value of $5.8 billion. During 2016, we entered into interest rate swaps with a total notional value of $6.3 billion and settled $0.9 billion notional amount of interest rate swaps. The ineffective portion of these interest rate swaps was not material at December 31, 2016 and 2015. Forward Interest Rate Swaps In order to manage our exposure to future interest rate changes, we have entered into forward interest rate swaps. We designated these contracts as cash flow hedges. During 2015, we settled $2.0 billion notional amount of forward interest rate swaps for a pre-tax pre-tax pre-tax Cross Currency Swaps We have entered into cross currency swaps designated as cash flow hedges to exchange our British Pound Sterling and Euro-denominated debt into U.S. dollars and to fix our future interest and principal payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. During 2015, we settled $0.6 billion of cross currency swaps on maturity. During 2016, we entered into cross currency swaps with a total notional value of $3.3 billion and settled $0.1 billion notional amount of 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 pre-tax Net Investment Hedges We have designated certain foreign currency instruments as net investment hedges to mitigate foreign exchange exposure related to non-U.S. de-designated Undesignated Derivatives We also have the following derivative which we use as an economic hedge but for which we have elected not to apply hedge accounting. Interest Rate Caps We enter into interest rate caps to mitigate our interest exposure to interest rate increases on our ABS Financing Facility. During 2016, we entered into such interest rate caps with a notional value of $2.5 billion and recognized an immaterial reduction in Interest expense. The following table sets forth the notional amounts of our outstanding derivative instruments: At December 31, 2016 At December 31, 2015 (dollars in millions) Notional Amount Notional Amount Interest rate swaps $ 13,099 $ 7,620 Forward interest rate swaps – 750 Cross currency swaps 12,890 9,675 Net investment hedge – 864 Interest rate caps 2,540 – Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, including device payment plan agreement receivables, certain notes receivable, including lease receivables, and derivative contracts. Our policy is to deposit our temporary cash investments with major financial institutions. Counterparties to our derivative contracts are also major financial institutions with whom we have negotiated derivatives agreements (ISDA master agreement) and credit support annex agreements which provide rules for collateral exchange. We generally apply collateralized arrangements with our counterparties for uncleared derivatives to mitigate credit risk. At December 31, 2016 and 2015, we posted collateral of approximately $0.2 billion and $0.1 billion, respectively, related to derivative contracts under collateral exchange arrangements, which were recorded as Prepaid expenses and other in our consolidated balance sheets. During the first and second quarters of 2015, we paid an immaterial amount of cash to enter into amendments to certain collateral exchange arrangements. These amendments suspend cash collateral posting for a specified period of time by both counterparties. We are in the process of negotiating extensions to amendments expiring during 2017. We may enter into swaps on an uncollateralized basis in certain circumstances. While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect the settlement of these transactions to have a material effect on our results of operations or financial condition.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2016
Stock-Based Compensation	Note 9 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 generally classified as equity awards because the RSUs will be paid in Verizon common stock upon vesting. The RSU equity awards are measured using the grant date fair value of Verizon common stock and are not remeasured at the end of each reporting period. Dividend equivalent units are also paid to participants at the time the RSU award is paid, and in the same proportion as the RSU award. Performance Stock Units The Plan also provides for grants of Performance Stock Units (PSUs) that generally vest at the end of the third year after the grant. As defined by the Plan, the Human Resources Committee of the Board of Directors determines the number of PSUs a participant earns based on the extent to which the corresponding performance goals have been achieved over the three-year performance cycle. The PSUs are classified as liability awards because the PSU awards are paid in cash upon vesting. The PSU award liability is measured at its fair value at the end of each reporting period and, therefore, will fluctuate based on the price of Verizon common stock as well as performance relative to the targets. Dividend equivalent units are also paid to participants at the time that the PSU award is determined and paid, and in the same proportion as the PSU award. The granted and cancelled activity for the PSU award includes adjustments for the performance goals achieved. The following table summarizes Verizon’s Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Stock Units Performance Stock Units Outstanding January 1, 2014 16,193 23,724 Granted 5,278 7,359 Payments (6,202 ) (9,153 ) Cancelled/Forfeited (262 ) (1,964 ) Outstanding December 31, 2014 15,007 19,966 Granted 4,958 7,044 Payments (5,911 ) (6,732 ) Cancelled/Forfeited (151 ) (3,075 ) Outstanding December 31, 2015 13,903 17,203 Granted 4,409 6,391 Payments (4,890 ) (4,702 ) Cancelled/Forfeited (114 ) (1,143 ) Adjustments – 170 Outstanding December 31, 2016 13,308 17,919 As of December 31, 2016, unrecognized compensation expense related to the unvested portion of Verizon’s RSUs and PSUs was approximately $0.3 billion and is expected to be recognized over approximately two years. The RSUs granted in 2016 and 2015 have weighted-average grant date fair values of $51.86 and $48.15 per unit, respectively. During 2016, 2015 and 2014, we paid $0.4 billion, $0.4 billion and $0.6 billion, respectively, to settle RSUs and PSUs classified as liability awards. Stock-Based Compensation Expense After-tax

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2016
Employee Benefits	Note 10 Employee Benefits We maintain non-contributory non-contributory, Pension and Other Postretirement Benefits Pension and other postretirement benefits for certain employees are subject to collective bargaining agreements. Modifications in benefits have been bargained from time to time, and we may also periodically amend the benefits in the management plans. The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans. Obligations and Funded Status (dollars in millions) Pension Health Care and Life At December 31, 2016 2015 2016 2015 Change in Benefit Obligations Beginning of year $ 22,016 $ 25,320 $ 24,223 $ 27,097 Service cost 322 374 193 324 Interest cost 677 969 746 1,117 Plan amendments 428 – (5,142 ) (45 ) Actuarial (gain) loss, net 1,017 (1,361 ) 1,289 (2,733 ) Benefits paid (938 ) (971 ) (1,349 ) (1,370 ) Curtailment and termination benefits 4 – – – Settlements paid (1,270 ) (2,315 ) – – Divestiture (Note 2) (1,144 ) – (310 ) (167 ) End of year $ 21,112 $ 22,016 $ 19,650 $ 24,223 Change in Plan Assets Beginning of year $ 16,124 $ 18,548 $ 1,760 $ 2,435 Actual return on plan assets 882 118 35 28 Company contributions 837 744 917 667 Benefits paid (938 ) (971 ) (1,349 ) (1,370 ) Settlements paid (1,270 ) (2,315 ) – – Divestiture (Note 2) (972 ) – – – End of year $ 14,663 $ 16,124 $ 1,363 $ 1,760 Funded Status End of year $ (6,449 ) $ (5,892 ) $ (18,287 ) $ (22,463 ) As a result of the Access Line Sale which closed on April 1, 2016, we derecognized $0.7 billion of defined benefit pension and other postretirement benefit plan obligations, including $0.2 billion that had been reclassified to Non-current (dollars in millions) Pension Health Care and Life At December 31, 2016 2015 2016 2015 Amounts recognized on the balance sheet Noncurrent assets $ 2 $ 349 $ – $ – Current liabilities (88 ) (93 ) (639 ) (695 ) Noncurrent liabilities (6,363 ) (6,148 ) (17,648 ) (21,768 ) Total $ (6,449 ) $ (5,892 ) $ (18,287 ) $ (22,463 ) Amounts recognized in Accumulated Other (Pre-tax) Prior Service Cost (Benefit) $ 443 $ (51 ) $ (6,072 ) $ (2,038 ) Total $ 443 $ (51 ) $ (6,072 ) $ (2,038 ) The accumulated benefit obligation for all defined benefit pension plans was $21.1 billion and $22.0 billion at December 31, 2016 and 2015, respectively. 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 was 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). 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 resulted in a decrease to net periodic benefit cost and increase to pre-tax Information for pension plans with an accumulated benefit obligation in excess of plan assets follows: (dollars in millions) At December 31, 2016 2015 Projected benefit obligation $ 21,048 $ 21,694 Accumulated benefit obligation 20,990 21,636 Fair value of plan assets 14,596 15,452 Net Periodic Cost The following table summarizes the benefit (income) cost related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Years Ended December 31, 2016 2015 2014 2016 2015 2014 Service cost $ 322 $ 374 $ 327 $ 193 $ 324 $ 258 Amortization of prior service cost (credit) 21 (5 ) (8 ) (657 ) (287 ) (253 ) Expected return on plan assets (1,045 ) (1,270 ) (1,181 ) (54 ) (101 ) (161 ) Interest cost 677 969 1,035 746 1,117 1,107 Remeasurement (gain) loss, net 1,198 (209 ) 2,380 1,300 (2,659 ) 4,615 Net periodic benefit (income) cost 1,173 (141 ) 2,553 1,528 (1,606 ) 5,566 Curtailment and termination benefits 4 – 11 – – – Total $ 1,177 $ (141 ) $ 2,564 $ 1,528 $ (1,606 ) $ 5,566 Other pre-tax (dollars in millions) Pension Health Care and Life At December 31, 2016 2015 2016 2015 Prior service cost (benefit) $ 428 $ – $ (5,142 ) $ (45 ) Reversal of amortization items Prior service cost (benefit) (21 ) 5 657 287 Amounts reclassified to net income 87 – 451 – Total recognized in other comprehensive (income) loss (pre-tax) $ 494 $ 5 $ (4,034 ) $ 242 Amounts reclassified to net income for the year ended December 31, 2016 includes the reclassification to Selling, general and administrative expense of a pre-tax The estimated prior service cost for the defined benefit pension plans that will be amortized from Accumulated other comprehensive income into net periodic benefit (income) cost over the next fiscal year is not significant. The estimated prior service cost for the defined benefit postretirement plans that will be amortized from Accumulated other comprehensive income into net periodic benefit (income) cost over the next fiscal year is ($0.9) billion. Assumptions The weighted-average assumptions used in determining benefit obligations follow: Pension Health Care and Life At December 31, 2016 2015 2016 2015 Discount Rate 4.30 % 4.60 % 4.20 % 4.60 % Rate of compensation increases 3.00 3.00 N/A N/A The weighted-average assumptions used in determining net periodic cost follow: Pension Health Care and Life At December 31, 2016 2015 2014 2016 2015 2014 Discount rate in effect for determining service cost 4.50 % 4.20 % 5.00 % 4.50 % 4.20 % 5.00 % Discount rate in effect for determining interest cost 3.20 4.20 5.00 3.40 4.20 5.00 Expected return on plan assets 7.00 7.25 7.25 3.80 4.80 5.50 Rate of compensation increases 3.00 3.00 3.00 N/A N/A N/A Effective January 1, 2016, we changed the method we use to estimate the interest component of net periodic benefit cost for pension and other postretirement benefits. Historically, we estimated the interest cost component utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We have elected to utilize a full yield curve approach in the estimation of interest cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We have made this change to provide a more precise measurement of interest cost by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. We have accounted for this change as a change in accounting estimate and accordingly accounted for it prospectively. For the year ended December 31, 2016, the impact of this change on our consolidated GAAP results was a reduction of the interest cost component of net periodic benefit cost by approximately $0.4 billion. The use of the full yield curve approach does not impact how we measure our total benefit obligations at year end or our annual net periodic benefit cost as any change in the interest cost component is completely offset by the actuarial gain or loss measured at year end which is immediately recognized in the income statement. Accordingly, this change in estimate did not impact our income from continuing operations, net income or earnings per share as measured on an annual basis. In determining our pension and other postretirement benefit obligations, we used a weighted-average discount rate of 4.2%. The rate was selected to approximate the composite interest rates available on a selection of high-quality bonds available in the market at December 31, 2016. The bonds selected had maturities that coincided with the time periods during which benefits payments are expected to occur, were non-callable In order to project the long-term target investment return for the total portfolio, estimates are prepared for the total return of each major asset class over the subsequent 10-year The assumed health care cost trend rates follow: Health Care and Life At December 31, 2016 2015 2014 Healthcare cost trend rate assumed for next year 6.50 % 6.00 % 6.50 % Rate to which cost trend rate gradually declines 4.50 4.50 4.75 Year the rate reaches the level it is assumed to remain thereafter 2025 2024 2022 A one-percentage (dollars in millions) One-Percentage Increase Decrease Effect on 2016 service and interest cost $ 100 $ (81 ) Effect on postretirement benefit obligation as of December 31, 2016 609 (616 ) Plan Assets The company’s overall investment strategy is to achieve a mix of assets which allows us to meet projected benefit payments while taking into consideration risk and return. While target allocation percentages will vary over time, the current target allocation for plan assets is designed so that 65% of the assets have the objective of achieving a return in excess of the growth in liabilities (comprised of public equities, private equities, real estate, hedge funds and emerging debt) and 35% of the assets are invested as liability hedging assets (where cash flows from investments better match projected benefit payments, typically longer duration fixed income). This allocation will shift as funded status improves to a higher allocation of liability hedging assets. Target policies will be revisited periodically to ensure they are in line with fund objectives. Both active and passive management approaches are used depending on perceived market efficiencies and various other factors. Due to our diversification and risk control processes, there are no significant concentrations of risk, in terms of sector, industry, geography or company names. Pension and healthcare and life plans assets do not include significant amounts of Verizon common stock. Pension Plans The fair values for the pension plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,228 $ 1,219 $ 9 $ – Equity securities 1,883 1,883 – – Fixed income securities U.S. Treasuries and agencies 1,251 880 371 – Corporate bonds 2,375 152 2,126 97 International bonds 713 20 679 14 Real estate 655 – – 655 Other Private equity 624 – – 624 Hedge funds 526 – 522 4 Total investments at fair value 9,255 4,154 3,707 1,394 Investments measured at NAV 5,408 Total $ 14,663 $ 4,154 $ 3,707 $ 1,394 The fair values for the pension plans by asset category at December 31, 2015 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,387 $ 1,375 $ 12 $ – Equity securities 2,237 2,234 – 3 Fixed income securities U.S. Treasuries and agencies 1,265 884 381 – Corporate bonds 2,350 192 2,030 128 International bonds 710 33 657 20 Other 2 – 2 – Real estate 873 – – 873 Other Private equity 609 – – 609 Hedge funds 194 – 194 – Total investments at fair value 9,627 4,718 3,276 1,633 Investments measured at NAV 6,497 Total $ 16,124 $ 4,718 $ 3,276 $ 1,633 The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Equity Corporate International Real Estate Private Hedge Total Balance at January 1, 2015 $ 1 $ 100 $ 18 $ 692 $ 624 $ – $ 1,435 Actual gain (loss) on plan assets – 6 (2 ) 93 45 – 142 Purchases and sales – 18 5 (24 ) (60 ) – (61 ) Transfers in (out) 2 4 (1 ) 112 – – 117 Balance at December 31, 2015 $ 3 $ 128 $ 20 $ 873 $ 609 $ – $ 1,633 Actual gain (loss) on plan assets (1 ) (9 ) (2 ) 169 12 – 169 Purchases and sales (2 ) (22 ) (4 ) (387 ) 3 4 (408 ) Balance at December 31, 2016 $ – $ 97 $ 14 $ 655 $ 624 $ 4 $ 1,394 Health Care and Life Plans The fair values for the other postretirement benefit plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 131 $ 1 $ 130 $ – Equity securities 463 463 – – Fixed income securities U.S. Treasuries and agencies 23 22 1 – Corporate bonds 170 145 25 – International bonds 60 30 30 – Total investments at fair value 847 661 186 – Investments measured at NAV 516 Total $ 1,363 $ 661 $ 186 $ – The fair values for the other postretirement benefit plans by asset category at December 31, 2015 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 162 $ – $ 162 $ – Equity securities 768 752 16 – Fixed income securities U.S. Treasuries and agencies 21 19 2 – Corporate bonds 208 133 75 – International bonds 79 19 60 – Total investments at fair value 1,238 923 315 – Investments measured at NAV 522 Total $ 1,760 $ 923 $ 315 $ – The following are general descriptions of asset categories, as well as the valuation methodologies and inputs used to determine the fair value of each major category of assets. Cash and cash equivalents include short-term investment funds, primarily in diversified portfolios of investment grade money market instruments and are valued using quoted market prices or other valuation methods. Investments in securities traded on national and foreign securities exchanges are valued by the trustee at the last reported sale prices on the last business day of the year or, if no sales were reported on that date, at the last reported bid prices. Government obligations, corporate bonds, international bonds and asset-backed securities are valued using matrix prices with input from independent third-party valuation sources. Over-the-counter Commingled funds not traded on national exchanges are priced by the funds’ custodian or administrator at NAV. Commingled funds held by third-party custodians appointed by the fund managers provide the fund managers with a NAV. The fund managers have the responsibility for providing this information to the custodian of the respective plan. The investment manager of the entity values venture capital, corporate finance, and natural resource limited partnership investments. Real estate investments are valued at amounts based upon appraisal reports prepared by either independent real estate appraisers or the investment manager using discounted cash flows or market comparable data. Loans secured by mortgages are carried at the lesser of the unpaid balance or appraised value of the underlying properties. The values assigned to these investments are based upon available and current market information and do not necessarily represent amounts which might ultimately be realized. Because of the inherent uncertainty of valuation, estimated fair values might differ significantly from the values that would have been used had a ready market for the securities existed. These differences could be material. Forward currency contracts, futures, and options are valued by the trustee at the exchange rates and market prices prevailing on the last business day of the year. Both exchange rates and market prices are readily available from published sources. These securities are classified by the asset class of the underlying holdings. Hedge funds are valued by the custodian at NAV based on statements received from the investment manager. These funds are valued in accordance with the terms of their corresponding offering or private placement memoranda. Commingled funds, hedge funds, venture capital, corporate finance, natural resource and real estate limited partnership investments for which fair value is measured using the NAV per share as a practical expedient are not leveled within the fair value hierarchy and are included as a reconciling item to total investments. Employer Contributions In 2016, we contributed $0.8 billion to our qualified pension plans which included $0.2 billion of discretionary contributions, $0.1 billion to our nonqualified pension plans and $1.1 billion to our other postretirement benefit plans. We anticipate a minimum contribution of $0.6 billion to our qualified pension plans in 2017. Nonqualified pension plans contributions are estimated to be $0.1 billion and contributions to our other postretirement benefit plans are estimated to be $0.8 billion in 2017. Estimated Future Benefit Payments The benefit payments to retirees are expected to be paid as follows: (dollars in millions) Year Pension Benefits Health Care and Life 2017 $ 2,356 $ 1,259 2018 1,790 1,284 2019 1,722 1,290 2020 1,204 1,302 2021 1,189 1,327 2022-2026 5,777 6,616 Savings Plan and Employee Stock Ownership Plans We maintain four leveraged employee stock ownership plans (ESOP). We match a certain percentage of eligible employee contributions to the savings plans with shares of our common stock from this ESOP. At December 31, 2016, the number of allocated shares of common stock in this ESOP was 55 million. There were no unallocated shares of common stock in this ESOP at December 31, 2016. All leveraged ESOP shares are included in earnings per share computations. Total savings plan costs were $0.7 billion in 2016, $0.9 billion in 2015 and $0.9 billion in 2014. Severance Benefits The following table provides an analysis of our actuarially determined severance liability recorded in accordance with the accounting standard regarding employers’ accounting for postemployment benefits: (dollars in millions) Year Beginning of Year Charged to Payments Other End of Year 2014 $ 757 $ 531 $ (406 ) $ (7 ) $ 875 2015 875 551 (619 ) (7 ) 800 2016 800 417 (583 ) 22 656 Severance, Pension and Benefit Charges (Credits) During 2016, we recorded net pre-tax (MP-2016) The net pre-tax pre-tax lump-sum pre-tax pre-tax pre-tax lump-sum pre-tax lump-sum pre-tax During 2015, we recorded net pre-tax (MP-2015) During 2014, we recorded net pre-tax (RP-2014 MP-2014)

Taxes

Taxes	12 Months Ended
	Dec. 31, 2016
Taxes	Note 11 Taxes The components of income before provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Domestic $ 20,047 $ 27,639 $ 12,992 Foreign 939 601 2,278 Total $ 20,986 $ 28,240 $ 15,270 The components of the provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Current Federal $ 7,451 $ 5,476 $ 2,657 Foreign 148 70 81 State and Local 842 803 668 Total 8,441 6,349 3,406 Deferred Federal (933 ) 3,377 (51 ) Foreign (2 ) 9 (9 ) State and Local (128 ) 130 (32 ) Total (1,063 ) 3,516 (92 ) Total income tax provision $ 7,378 $ 9,865 $ 3,314 The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate: Years Ended December 31, 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local income tax rate, net of federal tax benefits 2.2 2.1 2.7 Affordable housing credit (0.7 ) (0.5 ) (1.0 ) Employee benefits including ESOP dividend (0.5 ) (0.4 ) (0.7 ) Disposition of Omnitel Interest – – (5.9 ) Noncontrolling interests (0.6 ) (0.5 ) (5.0 ) Non-deductible 2.2 – – Other, net (2.4 ) (0.8 ) (3.4 ) Effective income tax rate 35.2 % 34.9 % 21.7 % The effective income tax rate for 2016 was 35.2% compared to 34.9% for 2015. The increase in the effective income tax rate was primarily due to the impact of $527 million included in the provision for income taxes from goodwill not deductible for tax purposes in connection with the Access Line Sale on April 1, 2016. This increase was partially offset by the impact that lower income before income taxes in the current period has on each of the reconciling items specified in the table above. The decrease in the provision for income taxes was primarily due to lower income before income taxes due to severance, pension and benefit charges recorded in 2016 compared to severance, pension and benefit credits recorded in 2015. The effective income tax rate for 2015 was 34.9% compared to 21.7% for 2014. The increase in the effective income tax rate and provision for income taxes was primarily due to the impact of higher income before income taxes due to severance, pension and benefit credits recorded in 2015 compared to severance, pension and benefit charges recorded in 2014, as well as tax benefits associated with the utilization of certain tax credits in connection with the Omnitel Transaction in 2014. The amounts of cash taxes paid are as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Income taxes, net of amounts refunded $ 9,577 $ 5,293 $ 4,093 Employment taxes 1,196 1,284 1,290 Property and other taxes 1,796 1,868 1,797 Total $ 12,569 $ 8,445 $ 7,180 The increase in cash taxes paid during 2016 compared to 2015 was due to a $3.2 billion increase in income taxes paid primarily as a result of the Access Line Sale. Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows: (dollars in millions) At December 31, 2016 2015 Employee benefits $ 10,453 $ 12,220 Tax loss and credit carry forwards 3,318 4,099 Other - assets 2,632 2,504 16,403 18,823 Valuation allowances (2,473 ) (3,414 ) Deferred tax assets 13,930 15,409 Spectrum and other intangible amortization 31,404 29,945 Depreciation 22,848 24,725 Other - liabilities 5,642 6,125 Deferred tax liabilities 59,894 60,795 Net deferred tax liability $ 45,964 $ 45,386 At December 31, 2016, undistributed earnings of our foreign subsidiaries indefinitely invested outside the United States amounted to approximately $2.3 billion. The majority of Verizon’s cash flow is generated from domestic operations and we are not dependent on foreign cash or earnings to meet our funding requirements, nor do we intend to repatriate these undistributed foreign earnings to fund U.S. operations. Furthermore, a portion of these undistributed earnings represent amounts that legally must be kept in reserve in accordance with certain foreign jurisdictional requirements and are unavailable for distribution or repatriation. As a result, we have not provided U.S. deferred taxes on these undistributed earnings because we intend that they will remain indefinitely reinvested outside of the United States and therefore unavailable for use in funding U.S. operations. Determination of the amount of unrecognized deferred taxes related to these undistributed earnings is not practicable. At December 31, 2016, we had net after-tax after-tax During 2016, the valuation allowance decreased approximately $0.9 billion. The balance of the valuation allowance at December 31, 2016 is primarily related to state and foreign tax losses and the 2016 activity is primarily the result of the utilization and expiration of certain tax attributes. Unrecognized Tax Benefits A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: (dollars in millions) 2016 2015 2014 Balance at January 1, $ 1,635 $ 1,823 $ 2,130 Additions based on tax positions related to the current year 338 194 80 Additions for tax positions of prior years 188 330 627 Reductions for tax positions of prior years (153 ) (412 ) (278 ) Settlements (18 ) (79 ) (239 ) Lapses of statutes of limitations (88 ) (221 ) (497 ) Balance at December 31, $ 1,902 $ 1,635 $ 1,823 Included in the total unrecognized tax benefits at December 31, 2016, 2015 and 2014 is $1.5 billion, $1.2 billion and $1.3 billion, respectively, that if recognized, would favorably affect the effective income tax rate. We recognized the following net after-tax Years Ended December 31, (dollars in millions) 2016 $ (25 ) 2015 43 2014 92 The after-tax At December 31, (dollars in millions) 2016 $ 142 2015 125 Verizon and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. As a large taxpayer, we are under audit by the Internal Revenue Service (IRS) and multiple state and foreign jurisdictions for various open tax years. The IRS is currently examining the Company’s U.S. income tax returns for tax years 2013-2014, Cellco Partnership’s U.S. income tax return for tax year 2013, and AOL’s U.S. income tax returns for tax years 2011-2012. Tax controversies are ongoing for tax years as early as 2006. The amount of the liability for unrecognized tax benefits will change in the next twelve months due to the expiration of the statute of limitations in various jurisdictions and it is reasonably possible that various current tax examinations will conclude or require reevaluations of the Company’s tax positions during this period. An estimate of the range of the possible change cannot be made until these tax matters are further developed or resolved.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2016
Segment Information	Note 12 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. Our segments and their principal activities consist of the following: Segment Description Wireless Wireless’ communications products and services include wireless voice and data services and equipment sales, which are provided to consumer, business and government customers across the United States. Wireline Wireline’s voice, data and video communications products and enhanced services include broadband video and data, corporate networking solutions, data center and cloud services, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the United States, as well as to carriers, businesses and government customers both in the United States and around the world. Corporate and other includes the results of our digital media, including AOL, telematics and other businesses, investments in unconsolidated businesses, unallocated corporate expenses, 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 On April 1, 2016, we completed the Access Line Sale. On July 1, 2014, our Wireline segment sold a non-strategic In addition, Corporate and other includes the results of our telematics businesses for all periods presented, which were reclassified from our Wireline segment effective April 1, 2016. The impact of this reclassification was not material to our consolidated financial statements or our segment results of operations. The reconciliation of segment operating revenues and expenses to consolidated operating revenues and expenses below also includes those items of a non-operational non-operational We have adjusted prior period consolidated and segment information, where applicable, to conform to current year presentation. The following table provides operating financial information for our two reportable segments: (dollars in millions) 2016 Wireless Wireline Total Reportable External Operating Revenues Service $ 66,362 $ – $ 66,362 Equipment 17,511 – 17,511 Other 4,915 – 4,915 Consumer retail – 12,751 12,751 Small business – 1,651 1,651 Mass Markets – 14,402 14,402 Global Enterprise – 11,620 11,620 Global Wholesale – 4,052 4,052 Other – 320 320 Intersegment revenues 398 951 1,349 Total operating revenues 89,186 31,345 120,531 Cost of services 7,988 18,619 26,607 Wireless cost of equipment 22,238 – 22,238 Selling, general and administrative expense 19,924 6,585 26,509 Depreciation and amortization expense 9,183 6,101 15,284 Total operating expenses 59,333 31,305 90,638 Operating income $ 29,853 $ 40 $ 29,893 Assets $ 211,345 $ 66,679 $ 278,024 Plant, property and equipment, net 42,898 40,205 83,103 Capital expenditures 11,240 4,504 15,744 (dollars in millions) 2015 Wireless Wireline Total Reportable External Operating Revenues Service $ 70,305 $ – $ 70,305 Equipment 16,924 – 16,924 Other 4,294 – 4,294 Consumer retail – 12,696 12,696 Small business – 1,744 1,744 Mass Markets – 14,440 14,440 Global Enterprise – 12,048 12,048 Global Wholesale – 4,301 4,301 Other – 338 338 Intersegment revenues 157 967 1,124 Total operating revenues 91,680 32,094 123,774 Cost of services 7,803 18,816 26,619 Wireless cost of equipment 23,119 – 23,119 Selling, general and administrative expense 21,805 7,256 29,061 Depreciation and amortization expense 8,980 6,543 15,523 Total operating expenses 61,707 32,615 94,322 Operating income (loss) $ 29,973 $ (521 ) $ 29,452 Assets $ 185,405 $ 78,305 $ 263,710 Plant, property and equipment, net 40,911 41,044 81,955 Capital expenditures 11,725 5,049 16,774 (dollars in millions) 2014 Wireless Wireline Total Reportable External Operating Revenues Service $ 72,555 $ – $ 72,555 Equipment 10,957 – 10,957 Other 4,021 – 4,021 Consumer retail – 12,168 12,168 Small business – 1,829 1,829 Mass Markets – 13,997 13,997 Global Enterprise – 12,802 12,802 Global Wholesale – 4,520 4,520 Other – 527 527 Intersegment revenues 113 947 1,060 Total operating revenues 87,646 32,793 120,439 Cost of services 7,200 19,413 26,613 Wireless cost of equipment 21,625 – 21,625 Selling, general and administrative expense 23,602 7,394 30,996 Depreciation and amortization expense 8,459 6,817 15,276 Total operating expenses 60,886 33,624 94,510 Operating income (loss) $ 26,760 $ (831 ) $ 25,929 Assets $ 160,333 $ 76,629 $ 236,962 Plant, property and equipment, net 38,276 50,318 88,594 Capital expenditures 10,515 5,750 16,265 Reconciliation to Consolidated Financial Information A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Operating Revenues Total reportable segments $ 120,531 $ 123,774 $ 120,439 Corporate and other 5,663 3,738 2,106 Reconciling items: Impact of divested operations (Note 2) 1,280 5,280 5,625 Eliminations (1,494 ) (1,172 ) (1,091 ) Consolidated operating revenues $ 125,980 $ 131,620 $ 127,079 Fios revenues are included within our Wireline segment and amounted to approximately $11.2 billion, $10.7 billion, and $9.8 billion for the years ended December 31, 2016, 2015 and 2014, respectively. A reconciliation of the total of the reportable segments’ operating income to consolidated Income before provision for income taxes is as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Operating Income Total reportable segments $ 29,893 $ 29,452 $ 25,929 Corporate and other (1,721 ) (1,720 ) (1,217 ) Reconciling items: Severance, pension and benefit credits (charges) (Note 10) (2,923 ) 2,256 (7,507 ) Gain on access line sale (Note 2) 1,007 – – Gain on spectrum license transactions (Note 2) 142 254 707 Impact of divested operations (Note 2) 661 2,818 2,021 Other costs – – (334 ) Consolidated operating income 27,059 33,060 19,599 Equity in (losses) earnings of unconsolidated businesses (98 ) (86 ) 1,780 Other income and (expense), net (1,599 ) 186 (1,194 ) Interest expense (4,376 ) (4,920 ) (4,915 ) Income Before Provision for Income Taxes $ 20,986 $ 28,240 $ 15,270 A reconciliation of the total of the reportable segments’ assets to consolidated assets is as follows: (dollars in millions) At December 31, 2016 2015 Assets Total reportable segments $ 278,024 $ 263,710 Corporate and other 213,787 205,476 Eliminations (247,631 ) (225,011 ) Total consolidated $ 244,180 $ 244,175 No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2016, 2015 and 2014. International operating revenues and long-lived assets are not significant.

Comprehensive Income

Comprehensive Income	12 Months Ended
	Dec. 31, 2016
Comprehensive Income	Note 13 Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Significant changes in the components of Other comprehensive income, net of provision for income taxes are described below. Accumulated Other Comprehensive Income The changes in the balances of Accumulated other comprehensive income by component are as follows: (dollars in millions) Foreign Unrealized gain (loss) on cash flow Unrealized gain (loss) on Defined benefit pension and Total Balance at January 1, 2014 $ 853 $ 113 $ 117 $ 1,275 $ 2,358 Other comprehensive income (loss) (288 ) (89 ) 14 – (363 ) Amounts reclassified to net income (911 ) (108 ) (19 ) 154 (884 ) Net other comprehensive income (loss) (1,199 ) (197 ) (5 ) 154 (1,247 ) Balance at December 31, 2014 (346 ) (84 ) 112 1,429 1,111 Other comprehensive loss (208 ) (1,063 ) (5 ) – (1,276 ) Amounts reclassified to net income – 869 (6 ) (148 ) 715 Net other comprehensive loss (208 ) (194 ) (11 ) (148 ) (561 ) Balance at December 31, 2015 (554 ) (278 ) 101 1,281 550 Other comprehensive income (loss) (159 ) (225 ) (13 ) 2,881 2,484 Amounts reclassified to net income – 423 (42 ) (742 ) (361 ) Net other comprehensive income (loss) (159 ) 198 (55 ) 2,139 2,123 Balance at December 31, 2016 $ (713 ) $ (80 ) $ 46 $ 3,420 $ 2,673 The amounts presented above in net other comprehensive income (loss) are net of taxes. The amounts reclassified to net income related to foreign currency translation adjustments in the table above are included in Equity in (losses) earnings of unconsolidated businesses (see Note 2 for additional information). The amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Cost of services and Selling, general and administrative expense on our consolidated statements of income (see Note 10 for additional information). The amounts reclassified to net income related to unrealized gain (loss) on marketable securities in the table above are included in Other income and (expense), net on our consolidated statements of income. The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges in the table above are included in Other income and (expense), net and Interest expense on our consolidated statements of income (see Note 8 for additional information).

Additional Financial Informatio

Additional Financial Information	12 Months Ended
	Dec. 31, 2016
Additional Financial Information	Note 14 Additional Financial Information The tables that follow provide additional financial information related to our consolidated financial statements: Income Statement Information (dollars in millions) Years Ended December 31, 2016 2015 2014 Depreciation expense $ 14,227 $ 14,323 $ 14,966 Interest costs on debt balances 5,080 5,504 5,291 Capitalized interest costs (704 ) (584 ) (376 ) Advertising expense 2,744 2,749 2,526 Balance Sheet Information (dollars in millions) At December 31, 2016 2015 Accounts Payable and Accrued Liabilities Accounts payable $ 7,084 $ 5,700 Accrued expenses 5,717 5,659 Accrued vacation, salaries and wages 3,813 4,420 Interest payable 1,463 1,529 Taxes payable 1,516 2,054 $ 19,593 $ 19,362 Other Current Liabilities Advance billings and customer deposits $ 2,914 $ 2,969 Dividends payable 2,375 2,323 Other 2,789 3,446 $ 8,078 $ 8,738 Cash Flow Information (dollars in millions) Years Ended December 31, 2016 2015 2014 Cash Paid Interest, net of amounts capitalized $ 4,085 $ 4,491 $ 4,429 Other, net Cash Flows from Operating Activities Changes in device payment plan agreement receivables-non-current $ (3,303 ) $ (23 ) $ (1,010 ) Proceeds from Tower Monetization Transaction – 2,346 – Other, net (1,082 ) (3,734 ) (2,078 ) $ (4,385 ) $ (1,411 ) $ (3,088 ) During the year ended December 31, 2016, Verizon did not repurchase any shares of Verizon’s common stock under our authorized share buyback program. During the year ended December 31, 2015, Verizon repurchased approximately 2.8 million shares of the Company’s common stock under our authorized share buyback program for approximately $0.1 billion. At December 31, 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. In addition to the previously authorized three-year share buyback program, in 2015, the Verizon Board of Directors authorized Verizon to enter into an accelerated share repurchase (ASR) agreement to repurchase $5.0 billion of the Company’s common stock. On February 10, 2015, in exchange for an up-front Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans. During the year ended December 31, 2016, we issued 3.5 million common shares from Treasury stock, which had an immaterial aggregate value. During the year ended December 31, 2015, we issued 22.6 million common shares from Treasury stock, which had an aggregate value of $0.9 billion.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies	Note 15 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 35 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing 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 spin-off As of December 31, 2016, letters of credit totaling approximately $0.4 billion, which were executed in the normal course of business and support several financing arrangements and payment obligations to third parties, were outstanding. We have several commitments primarily to purchase programming and network services, equipment, software and marketing services, which will be used or sold in the ordinary course of business, from a variety of suppliers totaling $16.8 billion. Of this total amount, $6.9 billion is attributable to 2017, $6.4 billion is attributable to 2018 through 2019, $1.3 billion is attributable to 2020 through 2021 and $2.2 billion is attributable to years thereafter. These amounts do not represent our entire anticipated purchases in the future, but represent only those items that are the subject of contractual obligations. Our commitments are generally determined based on the noncancelable quantities or termination amounts. Purchases against our commitments totaled approximately $8.1 billion for 2016, $10.2 billion for 2015, and $21.0 billion for 2014. Since the commitments to purchase programming services from television networks and broadcast stations have no minimum volume requirement, we estimated our obligation based on number of subscribers at December 31, 2016, and applicable rates stipulated in the contracts in effect at that time. We also purchase products and services as needed with no firm commitment.

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information	Note 16 Quarterly Financial Information (Unaudited) (dollars in millions, except per share amounts) Net Income attributable to Verizon (1) Quarter Ended Operating Operating Amount Per Share- Per Share- Net 2016 March 31 $ 32,171 $ 7,942 $ 4,310 $ 1.06 $ 1.06 $ 4,430 June 30 30,532 4,554 702 .17 .17 831 September 30 30,937 6,540 3,620 .89 .89 3,747 December 31 32,340 8,023 4,495 1.10 1.10 4,600 2015 March 31 $ 31,984 $ 7,960 $ 4,219 $ 1.03 $ 1.02 $ 4,338 June 30 32,224 7,821 4,231 1.04 1.04 4,353 September 30 33,158 7,535 4,038 .99 .99 4,171 December 31 34,254 9,744 5,391 1.32 1.32 5,513 • Results of operations for the first quarter of 2016 include after-tax after-tax • Results of operations for the second quarter of 2016 include after-tax after-tax after-tax • Results of operations for the third quarter of 2016 include after-tax • Results of operations for the fourth quarter of 2016 include after-tax • Results of operations for the third quarter of 2015 include after-tax • Results of operations for the fourth quarter of 2015 include after-tax after-tax (1) Net income attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.

Description of Business and S26

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Consolidation	Consolidation The method of accounting applied to investments, whether consolidated, equity or cost, involves an evaluation of all significant terms of the investments that explicitly grant or suggest evidence of control or influence over the operations of the investee. The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in Net income and Total equity. Investments in businesses which we do not control, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. Investments in which we do not have the ability to exercise significant influence over operating and financial policies are accounted for under the cost method. Equity and cost method investments are included in Investments in unconsolidated businesses in our consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated.
Basis of Presentation	Basis of Presentation We have reclassified certain prior year amounts to conform to the current year presentation.
Use of Estimates	Use of Estimates We prepare our financial statements using U.S. generally accepted accounting principles (GAAP), which requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Examples of significant estimates include: the allowance for doubtful accounts, the recoverability of plant, property and equipment, the recoverability of intangible assets and other long-lived assets, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations.
Revenue Recognition	Revenue Recognition Multiple Deliverable Arrangements We offer products and services to our wireless and wireline customers through bundled arrangements. These arrangements involve multiple deliverables which may include products, services, or a combination of products and services. Wireless Our Wireless segment earns revenue primarily by providing access to and usage of its network as well as the sale of equipment. In general, access revenue is billed one month in advance and recognized when earned. Usage revenue is generally billed in arrears and recognized when service is rendered. Equipment sales revenue associated with the sale of wireless devices and accessories is generally recognized when the products are delivered to and accepted by the customer, as this is considered to be a separate earnings process from providing wireless services. For agreements involving the resale of third-party services in which we are considered the primary obligor in the arrangements, we record the revenue gross at the time of the sale. Under the Verizon device payment program, our eligible wireless customers purchase wireless devices under a device payment plan agreement. 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, we account for this trade-in trade-in We may offer our customers certain promotions where a customer can trade-in trade-in trade-in trade-in. In multiple element arrangements that bundle devices and monthly wireless service, revenue is allocated to each unit of accounting using a relative selling price method. At the inception of the arrangement, the amount allocable to the delivered units of accounting is limited to the amount that is not contingent upon the delivery of the monthly wireless service (the noncontingent amount). We effectively recognize revenue on the delivered device at the lesser of the amount allocated based on the relative selling price of the device or the noncontingent amount owed when the device is sold. Wireline Our Wireline segment earns revenue based upon usage of its network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is generally billed in arrears and recognized when service is rendered. We sell each of the services offered in bundled arrangements (i.e., voice, video and data), as well as separately; therefore each product or service has a standalone selling price. For these arrangements, revenue is allocated to each deliverable using a relative selling price method. Under this method, arrangement consideration is allocated to each separate deliverable based on our standalone selling price for each product or service. These services include Fios services, individually or in bundles, and high-speed Internet. When we bundle equipment with maintenance and monitoring services, we recognize equipment revenue when the equipment is installed in accordance with contractual specifications and ready for the customer’s use. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services. Installation-related fees, along with the associated costs up to but not exceeding these fees, are deferred and amortized over the estimated customer relationship period. Other Advertising revenues are generated through display advertising and search advertising. Display advertising revenue is generated by the display of graphical advertisements and other performance-based advertising. Search advertising revenue is generated when a consumer clicks on a text-based advertisement on their screen. Agreements for advertising typically take the forms of impression-based contracts, time-based contracts or performance-based contracts. Advertising revenues derived from impression-based contracts, in which we provide impressions in exchange for a fixed fee, are generally recognized as the impressions are delivered. Advertising revenues derived from time-based contracts, in which we provide promotions over a specified time period for a fixed fee, are recognized on a straight-line basis over the term of the contract, provided that we meet and will continue to meet our obligations under the contract. Advertising revenues derived from contracts where we are compensated based on certain performance criteria are recognized as we complete the contractually specified performance. We report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers, which we pass through to our customers, on a net basis.
Maintenance and Repairs	Maintenance and Repairs We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services as these costs are incurred.
Advertising Costs	Advertising Costs Costs for advertising products and services as well as other promotional and sponsorship costs are charged to Selling, general and administrative expense in the periods in which they are incurred (see Note 14).
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share are based on the weighted-average number of shares outstanding during the period. Where appropriate, diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans. There were a total of approximately 6 million, 8 million and 7 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the years ended December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016 and 2015, respectively, there were no outstanding options to purchase shares that would have been anti-dilutive. Outstanding options to purchase shares that were not included in the computation of diluted earnings per common share, because to do so would have been anti-dilutive for the period, were not significant for the year ended December 31, 2014. On January 28, 2014, at a special meeting of our shareholders, we received shareholder approval to increase our authorized shares of common stock by 2 billion shares to an aggregate of 6.25 billion authorized shares of common stock. On February 4, 2014, this authorization became effective. On February 21, 2014, we issued approximately 1.27 billion shares of common stock upon completing the acquisition of Vodafone Group Plc’s (Vodafone) indirect 45% interest in Cellco Partnership d/b/a Verizon Wireless. See Note 2 for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and include amounts held in money market funds.
Marketable Securities	Marketable Securities We have investments in marketable securities, which are considered “available-for-sale”
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Accounts receivable are recorded in the consolidated financial statements at cost net of an allowance for credit losses, with the exception of device payment plan agreement receivables which are initially recorded at fair value. We maintain allowances for uncollectible accounts receivable, including our device payment plan agreement receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Our allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of specific customer accounts and includes consideration of the credit worthiness and financial condition of those customers. We record an allowance to reduce the receivables to the amount that is reasonably believed to be collectible. We also record an allowance for all other receivables based on multiple factors including historical experience with bad debts, the general economic environment and the aging of such receivables. Similar to traditional service revenue accounting treatment, we record device payment plan agreement bad debt expense based on an estimate of the percentage of equipment revenue that will not be collected. This estimate is based on a number of factors including historical write-off write-off
Inventories	Inventories Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost (determined principally on either an average cost or first-in, first-out
Plant and Depreciation	Plant and Depreciation We record plant, property and equipment at cost. Plant, property and equipment are generally depreciated on a straight-line basis. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the remaining term of the related lease, calculated from the time the asset was placed in service. When depreciable assets are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts and any gains or losses on disposition are recognized in income. We capitalize and depreciate network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets. Capitalized interest is reported as a reduction in interest expense and depreciated as part of the cost of the network-related assets. In connection with our ongoing review of the estimated useful lives of plant, property and equipment during 2016, we determined that the average useful lives of certain leasehold improvements would be increased from 5 to 7 years. This change resulted in a decrease to depreciation expense of $0.2 billion in 2016. We determined that changes were also necessary to the remaining estimated useful lives of certain assets as a result of technology upgrades, enhancements, and planned retirements. These changes resulted in an increase in depreciation expense of $0.3 billion, $0.4 billion and $0.6 billion in 2016, 2015 and 2014, respectively. While the timing and extent of current deployment plans are subject to ongoing analysis and modification, we believe the current estimates of useful lives are reasonable.
Computer Software Costs	Computer Software Costs We capitalize the cost of internal-use non-network internal-use non-network internal-use non-network non-network internal-use internal-use non-network
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Impairment testing for goodwill is performed annually in the fourth fiscal quarter or more frequently if impairment indicators are present. To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment. However, we may elect to bypass the qualitative assessment and perform an impairment test even if no indications of a potential impairment exist. The impairment test for goodwill uses a two-step Intangible Assets Not Subject to Amortization A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses. As a result, we treat the wireless licenses as an indefinite-lived intangible asset. We re-evaluate We test our wireless licenses for potential impairment annually or more frequently if impairment indicators are present. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. In 2016 and 2014, we performed a qualitative assessment to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount. As part of our assessment, we considered several qualitative factors including the business enterprise value of our Wireless segment, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA (Earnings before interest, taxes, depreciation and amortization) margin projections), the projected financial performance of our Wireless segment, as well as other factors. The most recent quantitative assessments of our wireless licenses occurred in 2015. Our quantitative assessment consisted of comparing the estimated fair value of our aggregate wireless licenses to the aggregated carrying amount as of the test date. Using a quantitative assessment, we estimated the fair value of our aggregate wireless licenses using the Greenfield approach. The Greenfield approach is an income based valuation approach that values the wireless licenses by calculating the cash flow generating potential of a hypothetical start-up Interest expense incurred while qualifying activities are performed to ready wireless licenses for their intended use is capitalized as part of wireless licenses. The capitalization period ends when the development is discontinued or substantially complete and the license is ready for its intended use. Intangible Assets Subject to Amortization and Long-Lived Assets Our intangible assets that do not have indefinite lives (primarily customer lists and non-network internal-use re-evaluate For information related to the carrying amount of goodwill, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 3.
Fair Value Measurements	Fair Value Measurements Fair value of financial and non-financial Level 1—Quoted prices in active markets for identical assets or liabilities Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3—No observable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy.
Income Taxes	Income Taxes Our effective tax rate is based on pre-tax Deferred income taxes are provided for temporary differences in the basis between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at tax rates then in effect. We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. We use a two-step more-likely-than-not more-likely-than-not Significant management judgment is required in evaluating our tax positions and in determining our effective tax rate.
Stock-Based Compensation	Stock-Based Compensation We measure and recognize compensation expense for all stock-based compensation awards made to employees and directors based on estimated fair values. See Note 9 for further details.
Foreign Currency Translation	Foreign Currency Translation The functional currency of our foreign operations is generally the local currency. For these foreign entities, we translate income statement amounts at average exchange rates for the period, and we translate assets and liabilities at end-of-period
Employee Benefit Plans	Employee Benefit Plans Pension and postretirement health care and life insurance benefits earned during the year as well as interest on projected benefit obligations are accrued currently. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in operating results in the year in which they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management employees no longer earn pension benefits or earn service towards the company retiree medical subsidy (see Note 10). We recognize a pension or a postretirement plan’s funded status as either an asset or liability on the consolidated balance sheets. Also, we measure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive income, net of applicable income tax.
Derivative Instruments	Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. 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 and interest rate caps. We do not hold derivatives for trading purposes. See Note 8. We measure all derivatives at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Our derivative instruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified as Level 2. Changes in the fair values of derivative instruments not qualifying as hedges or any ineffective portion of hedges are recognized in earnings in the current period. Changes in the fair values of derivative instruments used effectively as fair value hedges are recognized in earnings, along with changes in the fair value of the hedged item. Changes in the fair value of the effective portions of cash flow hedges are reported in Other comprehensive income (loss) and recognized in earnings when the hedged item is recognized in earnings. Changes in the fair value of the effective portion of net investment hedges of certain of our foreign operations are reported in Other comprehensive income (loss) as part of the cumulative translation adjustment and partially offset the impact of foreign currency changes on the value of our net investment.
Variable Interest Entities	Variable Interest Entities VIEs are entities which lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, have equity investors which do not have the ability to make significant decisions relating to the entity’s operations through voting rights, do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We consolidate the assets and liabilities of VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is the party which has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards During the first quarter of 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 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 (NAV) 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 NAV 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 impacted our presentation of pension and other postretirement benefit plan assets in the notes to the consolidated financial statements but did not have an impact on the measurement of the assets. 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 line-of-credit 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 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 month-end
Recently Issued Accounting Standards	Recently Issued Accounting Standards In January 2017, the accounting standard update related to the simplification of the accounting for goodwill impairment was issued. The amendments in this update eliminate the requirement to perform step two of the goodwill impairment test, which requires a hypothetical purchase price allocation when an impairment is determined to have occurred. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This standard update is effective as of the first quarter of 2020; however, early adoption is permitted for any interim or annual impairment tests performed after January 1, 2017. Verizon expects to early adopt this standard as of January 1, 2017. The prospective adoption of this standard update is not expected to have a significant impact on our consolidated financial statements. In November 2016, the accounting standard update related to the classification and presentation of changes in restricted cash was issued. The amendments in this update require that cash and cash equivalent balances in a statement of cash flows include those amounts deemed to be restricted cash and restricted cash equivalents. This standard update is 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 consolidated financial statements. 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 for these issues. Among the updates, this standard update requires cash receipts from payments on a transferor’s beneficial interests in securitized trade receivables to be classified as cash inflows from investing activities. This standard update is 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 consolidated financial statements. We expect the amendment relating to beneficial interests in securitization transactions will have an impact on our presentation of collections of the deferred purchase price from sales of wireless device payment plan agreement receivables in our consolidated statements of cash flows. Upon adoption of this standard update in the first quarter of 2018, we expect to retrospectively reclassify approximately $1.1 billion of collections of deferred purchase price related to collections from customers for the year ended December 31, 2016 from Cash flows from operating activities to Cash flows from investing activities in our consolidated statements of cash flows. In June 2016, the standard update related to the measurement of credit losses on financial instruments was issued. This standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions and reasonable and supportable forecasts that affect the collectability of the amounts. 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 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. The retrospective adoption of this standard update is not expected to have a significant impact on our 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. Verizon’s current operating lease portfolio is primarily comprised of network, real estate, and equipment leases. Upon adoption of this standard, we expect our balance sheet to include a right of use asset and liability related to substantially all operating lease arrangements. We have established a cross-functional coordinated implementation team to implement the standard update related to leases. We are in the process of assessing the impact to our systems, processes and internal controls to meet the standard update’s reporting and disclosure requirements. In May 2014, the accounting standard update related to the recognition of revenue from contracts with customers was issued. This standard update along with related subsequently issued updates clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP. The standard update also amends current guidance for the recognition of costs to obtain and fulfill contracts with customers such that incremental costs of obtaining and direct costs of fulfilling contracts with customers will be deferred and amortized consistent with the transfer of the related good or service. 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. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the standard is applied only to the most current period presented and the cumulative effect of applying the standard would be recognized at the date of initial application. In August 2015, an accounting standard update was issued that delayed the effective date of this standard until the first quarter of 2018, at which time we plan to adopt the standard. We are in process of evaluating the impact of the standard update. The ultimate impact on revenue resulting from the application of the new standard will be subject to assessments that are dependent on many variables, including, but not limited to, the terms of our contractual arrangements and our mix of business. Upon adoption, we expect that the allocation of revenue between equipment and service for our wireless fixed-term service plans will result in more revenue allocated to equipment and recognized earlier as compared with current GAAP. We expect the timing of recognition of our sales commission expenses will also be impacted, as a substantial portion of these costs (which are currently expensed) will be capitalized and amortized as described above. In 2016, total sales commission expenses were approximately $4.2 billion. In 2017, we expect total sales commission expenses to decline as our wireless customers continue to migrate from our fixed-term service plans to device payment plans which have lower commission structures. We continue to evaluate the available transition methods. Our considerations include, but are not limited to, the comparability of our financial statements and the comparability within our industry from application of the new standard to our contractual arrangements. We plan to select a transition method by the second half of 2017. 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 (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2016, we made cash payments of $179 million in respect of acquisition-date estimated liabilities to be paid. As of December 31, 2016, the remaining balance of estimated liabilities to be paid was $198 million.

Wireless Licenses, Goodwill a28

Wireless Licenses, Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Changes in Carrying Amount of Wireless Licenses	Changes in the carrying amount of Wireless licenses are as follows: (dollars in millions) Balance at January 1, 2015 $ 75,341 Acquisitions (Note 2) 10,474 Capitalized interest on wireless licenses 389 Reclassifications, adjustments and other 371 Balance at December 31, 2015 $ 86,575 Acquisitions (Note 2) 28 Capitalized interest on wireless licenses 506 Reclassifications, adjustments and other (436 ) Balance at December 31, 2016 $ 86,673
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2015 $ 18,390 $ 6,249 $ – $ 24,639 Acquisitions (Note 2) 3 – 2,035 2,038 Reclassifications, adjustments and other – (1,918 ) 572 (1,346 ) Balance at December 31, 2015 $ 18,393 $ 4,331 $ 2,607 $ 25,331 Acquisitions (Note 2) – – 2,310 2,310 Reclassifications, adjustments and other – (547 ) 111 (436 ) Balance at December 31, 2016 $ 18,393 $ 3,784 $ 5,028 $ 27,205
Composition of Other Intangible Assets, Net	The following table displays the composition of Other intangible assets, net: (dollars in millions) 2016 2015 At December 31, Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer lists (6 to 14 years) $ 2,884 $ (480 ) $ 2,404 $ 4,139 $ (2,365 ) $ 1,774 Non-network internal-use 16,135 (10,913 ) 5,222 14,542 (9,620 ) 4,922 Other (5 to 25 years) 1,854 (583 ) 1,271 1,346 (450 ) 896 Total $ 20,873 $ (11,976 ) $ 8,897 $ 20,027 $ (12,435 ) $ 7,592
Amortization Expense for Other Intangible Assets	The amortization expense for Other intangible assets was as follows: Years (dollars in millions) 2016 $ 1,701 2015 1,694 2014 1,567
Estimated Future Amortization Expense for Other Intangible Assets	Estimated annual amortization expense for Other intangible assets is as follows: Years (dollars in millions) 2017 $ 1,749 2018 1,564 2019 1,358 2020 1,121 2021 938

Plant, Property and Equipment (

Plant, Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Plant, Property and Equipment	The following table displays the details of Plant, property and equipment, which is stated at cost: (dollars in millions) At December 31, Lives (years) 2016 2015 Land – $ 667 $ 709 Buildings and equipment 7-45 27,117 25,587 Central office and other network equipment 3-50 136,737 129,201 Cable, poles and conduit 7-50 45,639 44,290 Leasehold improvements 5-20 7,627 7,104 Work in progress – 5,710 4,907 Furniture, vehicles and other 3-20 8,718 8,365 232,215 220,163 Less accumulated depreciation 147,464 136,622 Plant, property and equipment, net $ 84,751 $ 83,541

Leasing Arrangements (Tables)

Leasing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Capital Leased Assets	Capital lease amounts included in Plant, property and equipment are as follows: (dollars in millions) At December 31, 2016 2015 Capital leases $ 1,277 $ 1,046 Less accumulated amortization (524 ) (318 ) Total $ 753 $ 728
Schedule of Aggregate Minimum Rental Commitments under Noncancelable Operating Leases	The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2016, are as follows: (dollars in millions) Years Capital Leases Operating Leases 2017 $ 366 $ 2,822 2018 272 2,583 2019 149 2,304 2020 111 1,927 2021 62 1,515 Thereafter 79 6,724 Total minimum rental commitments 1,039 $ 17,875 Less interest and executory costs 89 Present value of minimum lease payments 950 Less current installments 335 Long-term obligation at December 31, 2016 $ 615
Schedule of Aggregate Minimum Rental Commitments under Noncancelable Capital Leases	The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2016, are as follows: (dollars in millions) Years Capital Leases Operating Leases 2017 $ 366 $ 2,822 2018 272 2,583 2019 149 2,304 2020 111 1,927 2021 62 1,515 Thereafter 79 6,724 Total minimum rental commitments 1,039 $ 17,875 Less interest and executory costs 89 Present value of minimum lease payments 950 Less current installments 335 Long-term obligation at December 31, 2016 $ 615

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations	Changes to debt during 2016 are as follows: (dollars in millions) Debt Maturing within One Year Long-term Debt Total Balance at January 1, 2016 $ 6,489 $ 103,240 $ 109,729 Proceeds from long-term borrowings 120 12,844 12,964 Proceeds from asset-backed long-term borrowings – 4,986 4,986 Repayments of long-term borrowings and capital leases obligations (8,125 ) (11,034 ) (19,159 ) Decrease in short-term obligations, excluding current maturities (149 ) – (149 ) Reclassifications of long-term debt 4,088 (4,088 ) – Other 222 (515 ) (293 ) Balance at December 31, 2016 $ 2,645 $ 105,433 $ 108,078
Debt Maturing within One Year	Debt maturing within one year is as follows: (dollars in millions) At December 31, 2016 2015 Long-term debt maturing within one year $ 2,477 $ 6,325 Short-term notes payable 168 158 Commercial paper and other – 6 Total debt maturing within one year $ 2,645 $ 6,489
Long-term Debt Table	Outstanding long-term debt obligations are as follows: (dollars in millions) At December 31, Interest Rates % Maturities 2016 2015 Verizon Communications—notes payable and other 0.50 – 3.85 2017 – 2042 $ 28,491 $ 26,281 4.11 – 5.50 2018 – 2055 53,909 51,156 5.85 – 6.90 2018 – 2054 11,295 16,420 7.35 – 8.95 2018 – 2039 1,860 2,300 Floating 2017 – 2025 9,750 14,100 Verizon Wireless—Alltel assumed notes 6.80 – 7.88 2029 – 2032 525 686 Telephone subsidiaries—debentures 5.13 – 6.50 2028 – 2033 319 575 7.38 – 7.88 2022 – 2032 561 1,099 8.00 – 8.75 2022 – 2031 328 780 Other subsidiaries—notes payable, debentures and other 6.84 – 8.75 2018 – 2028 1,102 1,500 Verizon Wireless and other subsidiaries—asset-backed debt 1.42 – 2.36 2021 2,485 – Floating 2021 2,520 – Capital lease obligations (average rate of 3.5% and 3.4% in 2016 and 2015, respectively) 950 957 Unamortized discount, net of premium (5,716 ) (5,824) Unamortized debt issuance costs (469 ) (465) Total long-term debt, including current maturities 107,910 109,565 Less long-term debt maturing within one year 2,477 6,325 Total long-term debt $ 105,433 $ 103,240
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 Rate Maturity Principal Amount Outstanding Purchase Price (1) Principal Amount Purchased 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 Rate Maturity Principal Amount Outstanding Purchase Price (1) Principal Amount Purchased 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 Rate Maturity Principal Amount Outstanding Purchase Price (1) Principal Amount Purchased 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 consolidated balance sheets were as follows: (dollars in millions) At December 31, 2016 2015 Assets Account receivable, net $ 3,383 $ – Prepaid expenses and other 236 – Other Assets 2,383 – Liabilities Accounts payable and accrued liabilities 4 – Long-term debt 4,988 –
Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs	Maturities of long-term debt outstanding, excluding unamortized debt issuance costs, at December 31, 2016 are as follows: Years (dollars in millions) 2017 $ 2,477 2018 7,229 2019 5,548 2020 9,040 2021 12,097 Thereafter 71,988
February Exchange Offers
Schedule of Notes Included in Exchange Offer	The table below lists the series of Old Notes included in the February Exchange Offers for the 2036 New Notes: (dollars in millions) Interest Rate Maturity Principal Amount Outstanding Principal Amount Accepted For Verizon Communications Inc. 5.15 % 2023 $ 11,000 $ 2,483 The table below lists the series of Old Notes included in the February Exchange Offers for the 2048 New Notes: (dollars in millions) Interest Rate Maturity Principal Amount Outstanding Principal Amount Accepted For Verizon Communications Inc. 6.90 % 2038 $ 1,250 $ 773 6.40 % 2038 1,750 884 6.40 % 2033 4,355 2,159 6.25 % 2037 750 – GTE Corporation 6.94 % 2028 800 – $ 3,816 The table below lists the series of Old Notes included in the February Exchange Offers for the 2055 New Notes: (dollars in millions) Interest Rate Maturity Principal Amount Outstanding Principal Amount Accepted For Exchange Verizon Communications Inc. 6.55 % 2043 $ 10,670 $ 4,084

Wireless Device Payment Plans (

Wireless Device Payment Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Device Payment Plan Receivables, Net	The following table displays device payment plan receivables, net, that continue to be recognized in our consolidated balance sheets: (dollars in millions) At December 31, 2016 2015 Device payment plan agreement receivables, gross $ 11,797 $ 3,720 Unamortized imputed interest (511 ) (142 ) Device payment plan agreement receivables, net of unamortized imputed interest 11,286 3,578 Allowance for credit losses (688 ) (444 ) Device payment plan agreement receivables, net $ 10,598 $ 3,134 Classified on our consolidated balance sheets: Accounts receivable, net $ 6,140 $ 1,979 Other assets 4,458 1,155 Device payment plan agreement receivables, net $ 10,598 $ 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 December 31, 2016 2015 Unbilled $ 11,089 $ 3,420 Billed: Current 557 227 Past due 151 73 Device payment plan agreement receivables, gross $ 11,797 $ 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 692 Write-offs (479 ) Allowance related to receivables sold 28 Other 3 Balance at December 31, 2016 $ 688

Fair Value Measurements and F33

Fair Value Measurements and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2016: (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 123 $ – $ – $ 123 Fixed income securities 10 566 – 576 Interest rate swaps – 71 – 71 Cross currency swaps – 45 – 45 Interest rate cap – 10 – 10 Total $ 133 $ 692 $ – $ 825 Liabilities: Other liabilities: Interest rate swaps $ – $ 236 $ – $ 236 Cross currency swaps – 1,803 – 1,803 Total $ – $ 2,039 $ – $ 2,039 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: (dollars in millions) At December 31, 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value Short- and long-term debt, excluding capital leases $ 107,128 $ 117,584 $ 108,772 $ 118,216
Notional Amounts of Outstanding Derivative Instruments	The following table sets forth the notional amounts of our outstanding derivative instruments: At December 31, 2016 At December 31, 2015 (dollars in millions) Notional Amount Notional Amount Interest rate swaps $ 13,099 $ 7,620 Forward interest rate swaps – 750 Cross currency swaps 12,890 9,675 Net investment hedge – 864 Interest rate caps 2,540 –

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Restricted and Performance Stock Unit Activity	The following table summarizes Verizon’s Restricted Stock Unit and Performance Stock Unit activity: (shares in thousands) Restricted Stock Units Performance Stock Units Outstanding January 1, 2014 16,193 23,724 Granted 5,278 7,359 Payments (6,202 ) (9,153 ) Cancelled/Forfeited (262 ) (1,964 ) Outstanding December 31, 2014 15,007 19,966 Granted 4,958 7,044 Payments (5,911 ) (6,732 ) Cancelled/Forfeited (151 ) (3,075 ) Outstanding December 31, 2015 13,903 17,203 Granted 4,409 6,391 Payments (4,890 ) (4,702 ) Cancelled/Forfeited (114 ) (1,143 ) Adjustments – 170 Outstanding December 31, 2016 13,308 17,919

Employee Benefits (Tables)

Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2016
Change In Benefit Obligations, Change In Plan Assets, Funded Status, Amounts Recognized on Balance Sheet, and Amounts Recognized In Accumulated Other Comprehensive Income (Pretax)	The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans. Obligations and Funded Status (dollars in millions) Pension Health Care and Life At December 31, 2016 2015 2016 2015 Change in Benefit Obligations Beginning of year $ 22,016 $ 25,320 $ 24,223 $ 27,097 Service cost 322 374 193 324 Interest cost 677 969 746 1,117 Plan amendments 428 – (5,142 ) (45 ) Actuarial (gain) loss, net 1,017 (1,361 ) 1,289 (2,733 ) Benefits paid (938 ) (971 ) (1,349 ) (1,370 ) Curtailment and termination benefits 4 – – – Settlements paid (1,270 ) (2,315 ) – – Divestiture (Note 2) (1,144 ) – (310 ) (167 ) End of year $ 21,112 $ 22,016 $ 19,650 $ 24,223 Change in Plan Assets Beginning of year $ 16,124 $ 18,548 $ 1,760 $ 2,435 Actual return on plan assets 882 118 35 28 Company contributions 837 744 917 667 Benefits paid (938 ) (971 ) (1,349 ) (1,370 ) Settlements paid (1,270 ) (2,315 ) – – Divestiture (Note 2) (972 ) – – – End of year $ 14,663 $ 16,124 $ 1,363 $ 1,760 Funded Status End of year $ (6,449 ) $ (5,892 ) $ (18,287 ) $ (22,463 ) As a result of the Access Line Sale which closed on April 1, 2016, we derecognized $0.7 billion of defined benefit pension and other postretirement benefit plan obligations, including $0.2 billion that had been reclassified to Non-current (dollars in millions) Pension Health Care and Life At December 31, 2016 2015 2016 2015 Amounts recognized on the balance sheet Noncurrent assets $ 2 $ 349 $ – $ – Current liabilities (88 ) (93 ) (639 ) (695 ) Noncurrent liabilities (6,363 ) (6,148 ) (17,648 ) (21,768 ) Total $ (6,449 ) $ (5,892 ) $ (18,287 ) $ (22,463 ) Amounts recognized in Accumulated Other (Pre-tax) Prior Service Cost (Benefit) $ 443 $ (51 ) $ (6,072 ) $ (2,038 ) Total $ 443 $ (51 ) $ (6,072 ) $ (2,038 )
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets	Information for pension plans with an accumulated benefit obligation in excess of plan assets follows: (dollars in millions) At December 31, 2016 2015 Projected benefit obligation $ 21,048 $ 21,694 Accumulated benefit obligation 20,990 21,636 Fair value of plan assets 14,596 15,452
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance	The following table summarizes the benefit (income) cost related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Years Ended December 31, 2016 2015 2014 2016 2015 2014 Service cost $ 322 $ 374 $ 327 $ 193 $ 324 $ 258 Amortization of prior service cost (credit) 21 (5 ) (8 ) (657 ) (287 ) (253 ) Expected return on plan assets (1,045 ) (1,270 ) (1,181 ) (54 ) (101 ) (161 ) Interest cost 677 969 1,035 746 1,117 1,107 Remeasurement (gain) loss, net 1,198 (209 ) 2,380 1,300 (2,659 ) 4,615 Net periodic benefit (income) cost 1,173 (141 ) 2,553 1,528 (1,606 ) 5,566 Curtailment and termination benefits 4 – 11 – – – Total $ 1,177 $ (141 ) $ 2,564 $ 1,528 $ (1,606 ) $ 5,566
Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss	Other pre-tax (dollars in millions) Pension Health Care and Life At December 31, 2016 2015 2016 2015 Prior service cost (benefit) $ 428 $ – $ (5,142 ) $ (45 ) Reversal of amortization items Prior service cost (benefit) (21 ) 5 657 287 Amounts reclassified to net income 87 – 451 – Total recognized in other comprehensive (income) loss (pre-tax) $ 494 $ 5 $ (4,034 ) $ 242
Weighted Average Assumptions Used in Determining Benefit Obligations and Net Periodic Cost	The weighted-average assumptions used in determining benefit obligations follow: Pension Health Care and Life At December 31, 2016 2015 2016 2015 Discount Rate 4.30 % 4.60 % 4.20 % 4.60 % Rate of compensation increases 3.00 3.00 N/A N/A The weighted-average assumptions used in determining net periodic cost follow: Pension Health Care and Life At December 31, 2016 2015 2014 2016 2015 2014 Discount rate in effect for determining service cost 4.50 % 4.20 % 5.00 % 4.50 % 4.20 % 5.00 % Discount rate in effect for determining interest cost 3.20 4.20 5.00 3.40 4.20 5.00 Expected return on plan assets 7.00 7.25 7.25 3.80 4.80 5.50 Rate of compensation increases 3.00 3.00 3.00 N/A N/A N/A
Health Care Cost Trend Rates	The assumed health care cost trend rates follow: Health Care and Life At December 31, 2016 2015 2014 Healthcare cost trend rate assumed for next year 6.50 % 6.00 % 6.50 % Rate to which cost trend rate gradually declines 4.50 4.50 4.75 Year the rate reaches the level it is assumed to remain thereafter 2025 2024 2022
Effects of One Percentage Point Change in Assumed Health Care Cost Trend Rates	A one-percentage (dollars in millions) One-Percentage Increase Decrease Effect on 2016 service and interest cost $ 100 $ (81 ) Effect on postretirement benefit obligation as of December 31, 2016 609 (616 )
Expected Benefit Payments to Retirees	The benefit payments to retirees are expected to be paid as follows: (dollars in millions) Year Pension Benefits Health Care and Life 2017 $ 2,356 $ 1,259 2018 1,790 1,284 2019 1,722 1,290 2020 1,204 1,302 2021 1,189 1,327 2022-2026 5,777 6,616
Schedule of Recorded Severance Liability	The following table provides an analysis of our actuarially determined severance liability recorded in accordance with the accounting standard regarding employers’ accounting for postemployment benefits: (dollars in millions) Year Beginning of Year Charged to Payments Other End of Year 2014 $ 757 $ 531 $ (406 ) $ (7 ) $ 875 2015 875 551 (619 ) (7 ) 800 2016 800 417 (583 ) 22 656
Pension
Fair Values for Plans by Asset Category	The fair values for the pension plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,228 $ 1,219 $ 9 $ – Equity securities 1,883 1,883 – – Fixed income securities U.S. Treasuries and agencies 1,251 880 371 – Corporate bonds 2,375 152 2,126 97 International bonds 713 20 679 14 Real estate 655 – – 655 Other Private equity 624 – – 624 Hedge funds 526 – 522 4 Total investments at fair value 9,255 4,154 3,707 1,394 Investments measured at NAV 5,408 Total $ 14,663 $ 4,154 $ 3,707 $ 1,394 The fair values for the pension plans by asset category at December 31, 2015 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,387 $ 1,375 $ 12 $ – Equity securities 2,237 2,234 – 3 Fixed income securities U.S. Treasuries and agencies 1,265 884 381 – Corporate bonds 2,350 192 2,030 128 International bonds 710 33 657 20 Other 2 – 2 – Real estate 873 – – 873 Other Private equity 609 – – 609 Hedge funds 194 – 194 – Total investments at fair value 9,627 4,718 3,276 1,633 Investments measured at NAV 6,497 Total $ 16,124 $ 4,718 $ 3,276 $ 1,633
Reconciliation of Beginning and Ending Balance of Plan Assets Measured at Fair Value	The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Equity Corporate International Real Estate Private Hedge Total Balance at January 1, 2015 $ 1 $ 100 $ 18 $ 692 $ 624 $ – $ 1,435 Actual gain (loss) on plan assets – 6 (2 ) 93 45 – 142 Purchases and sales – 18 5 (24 ) (60 ) – (61 ) Transfers in (out) 2 4 (1 ) 112 – – 117 Balance at December 31, 2015 $ 3 $ 128 $ 20 $ 873 $ 609 $ – $ 1,633 Actual gain (loss) on plan assets (1 ) (9 ) (2 ) 169 12 – 169 Purchases and sales (2 ) (22 ) (4 ) (387 ) 3 4 (408 ) Balance at December 31, 2016 $ – $ 97 $ 14 $ 655 $ 624 $ 4 $ 1,394
Other Postretirement Benefit Plan
Fair Values for Plans by Asset Category	Health Care and Life Plans The fair values for the other postretirement benefit plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 131 $ 1 $ 130 $ – Equity securities 463 463 – – Fixed income securities U.S. Treasuries and agencies 23 22 1 – Corporate bonds 170 145 25 – International bonds 60 30 30 – Total investments at fair value 847 661 186 – Investments measured at NAV 516 Total $ 1,363 $ 661 $ 186 $ – The fair values for the other postretirement benefit plans by asset category at December 31, 2015 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 162 $ – $ 162 $ – Equity securities 768 752 16 – Fixed income securities U.S. Treasuries and agencies 21 19 2 – Corporate bonds 208 133 75 – International bonds 79 19 60 – Total investments at fair value 1,238 923 315 – Investments measured at NAV 522 Total $ 1,760 $ 923 $ 315 $ –

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Components of Income before Provision for Income Taxes	The components of income before provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Domestic $ 20,047 $ 27,639 $ 12,992 Foreign 939 601 2,278 Total $ 20,986 $ 28,240 $ 15,270
Components of Provision for Income Taxes	The components of the provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Current Federal $ 7,451 $ 5,476 $ 2,657 Foreign 148 70 81 State and Local 842 803 668 Total 8,441 6,349 3,406 Deferred Federal (933 ) 3,377 (51 ) Foreign (2 ) 9 (9 ) State and Local (128 ) 130 (32 ) Total (1,063 ) 3,516 (92 ) Total income tax provision $ 7,378 $ 9,865 $ 3,314
Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates	The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate: Years Ended December 31, 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local income tax rate, net of federal tax benefits 2.2 2.1 2.7 Affordable housing credit (0.7 ) (0.5 ) (1.0 ) Employee benefits including ESOP dividend (0.5 ) (0.4 ) (0.7 ) Disposition of Omnitel Interest – – (5.9 ) Noncontrolling interests (0.6 ) (0.5 ) (5.0 ) Non-deductible 2.2 – – Other, net (2.4 ) (0.8 ) (3.4 ) Effective income tax rate 35.2 % 34.9 % 21.7 %
Schedule of Cash Taxes Paid	The amounts of cash taxes paid are as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Income taxes, net of amounts refunded $ 9,577 $ 5,293 $ 4,093 Employment taxes 1,196 1,284 1,290 Property and other taxes 1,796 1,868 1,797 Total $ 12,569 $ 8,445 $ 7,180
Schedule of Deferred Taxes	Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows: (dollars in millions) At December 31, 2016 2015 Employee benefits $ 10,453 $ 12,220 Tax loss and credit carry forwards 3,318 4,099 Other - assets 2,632 2,504 16,403 18,823 Valuation allowances (2,473 ) (3,414 ) Deferred tax assets 13,930 15,409 Spectrum and other intangible amortization 31,404 29,945 Depreciation 22,848 24,725 Other - liabilities 5,642 6,125 Deferred tax liabilities 59,894 60,795 Net deferred tax liability $ 45,964 $ 45,386
Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits	A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: (dollars in millions) 2016 2015 2014 Balance at January 1, $ 1,635 $ 1,823 $ 2,130 Additions based on tax positions related to the current year 338 194 80 Additions for tax positions of prior years 188 330 627 Reductions for tax positions of prior years (153 ) (412 ) (278 ) Settlements (18 ) (79 ) (239 ) Lapses of statutes of limitations (88 ) (221 ) (497 ) Balance at December 31, $ 1,902 $ 1,635 $ 1,823
Schedule of After Tax (Expenses) Benefits Related to Interest and Penalties in Provision for Income Taxes	We recognized the following net after-tax Years Ended December 31, (dollars in millions) 2016 $ (25 ) 2015 43 2014 92
Schedule of After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet	The after-tax At December 31, (dollars in millions) 2016 $ 142 2015 125

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Operating Financial Information for Reportable Segments	The following table provides operating financial information for our two reportable segments: (dollars in millions) 2016 Wireless Wireline Total Reportable External Operating Revenues Service $ 66,362 $ – $ 66,362 Equipment 17,511 – 17,511 Other 4,915 – 4,915 Consumer retail – 12,751 12,751 Small business – 1,651 1,651 Mass Markets – 14,402 14,402 Global Enterprise – 11,620 11,620 Global Wholesale – 4,052 4,052 Other – 320 320 Intersegment revenues 398 951 1,349 Total operating revenues 89,186 31,345 120,531 Cost of services 7,988 18,619 26,607 Wireless cost of equipment 22,238 – 22,238 Selling, general and administrative expense 19,924 6,585 26,509 Depreciation and amortization expense 9,183 6,101 15,284 Total operating expenses 59,333 31,305 90,638 Operating income $ 29,853 $ 40 $ 29,893 Assets $ 211,345 $ 66,679 $ 278,024 Plant, property and equipment, net 42,898 40,205 83,103 Capital expenditures 11,240 4,504 15,744 (dollars in millions) 2015 Wireless Wireline Total Reportable External Operating Revenues Service $ 70,305 $ – $ 70,305 Equipment 16,924 – 16,924 Other 4,294 – 4,294 Consumer retail – 12,696 12,696 Small business – 1,744 1,744 Mass Markets – 14,440 14,440 Global Enterprise – 12,048 12,048 Global Wholesale – 4,301 4,301 Other – 338 338 Intersegment revenues 157 967 1,124 Total operating revenues 91,680 32,094 123,774 Cost of services 7,803 18,816 26,619 Wireless cost of equipment 23,119 – 23,119 Selling, general and administrative expense 21,805 7,256 29,061 Depreciation and amortization expense 8,980 6,543 15,523 Total operating expenses 61,707 32,615 94,322 Operating income (loss) $ 29,973 $ (521 ) $ 29,452 Assets $ 185,405 $ 78,305 $ 263,710 Plant, property and equipment, net 40,911 41,044 81,955 Capital expenditures 11,725 5,049 16,774 (dollars in millions) 2014 Wireless Wireline Total Reportable External Operating Revenues Service $ 72,555 $ – $ 72,555 Equipment 10,957 – 10,957 Other 4,021 – 4,021 Consumer retail – 12,168 12,168 Small business – 1,829 1,829 Mass Markets – 13,997 13,997 Global Enterprise – 12,802 12,802 Global Wholesale – 4,520 4,520 Other – 527 527 Intersegment revenues 113 947 1,060 Total operating revenues 87,646 32,793 120,439 Cost of services 7,200 19,413 26,613 Wireless cost of equipment 21,625 – 21,625 Selling, general and administrative expense 23,602 7,394 30,996 Depreciation and amortization expense 8,459 6,817 15,276 Total operating expenses 60,886 33,624 94,510 Operating income (loss) $ 26,760 $ (831 ) $ 25,929 Assets $ 160,333 $ 76,629 $ 236,962 Plant, property and equipment, net 38,276 50,318 88,594 Capital expenditures 10,515 5,750 16,265
Summary of Reconciliation of Segment Operating Revenues	A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Operating Revenues Total reportable segments $ 120,531 $ 123,774 $ 120,439 Corporate and other 5,663 3,738 2,106 Reconciling items: Impact of divested operations (Note 2) 1,280 5,280 5,625 Eliminations (1,494 ) (1,172 ) (1,091 ) Consolidated operating revenues $ 125,980 $ 131,620 $ 127,079
Summary of Reconciliation of Segment Operating Income	A reconciliation of the total of the reportable segments’ operating income to consolidated Income before provision for income taxes is as follows: (dollars in millions) Years Ended December 31, 2016 2015 2014 Operating Income Total reportable segments $ 29,893 $ 29,452 $ 25,929 Corporate and other (1,721 ) (1,720 ) (1,217 ) Reconciling items: Severance, pension and benefit credits (charges) (Note 10) (2,923 ) 2,256 (7,507 ) Gain on access line sale (Note 2) 1,007 – – Gain on spectrum license transactions (Note 2) 142 254 707 Impact of divested operations (Note 2) 661 2,818 2,021 Other costs – – (334 ) Consolidated operating income 27,059 33,060 19,599 Equity in (losses) earnings of unconsolidated businesses (98 ) (86 ) 1,780 Other income and (expense), net (1,599 ) 186 (1,194 ) Interest expense (4,376 ) (4,920 ) (4,915 ) Income Before Provision for Income Taxes $ 20,986 $ 28,240 $ 15,270
Summary of Reconciliation of Segment Assets	A reconciliation of the total of the reportable segments’ assets to consolidated assets is as follows: (dollars in millions) At December 31, 2016 2015 Assets Total reportable segments $ 278,024 $ 263,710 Corporate and other 213,787 205,476 Eliminations (247,631 ) (225,011 ) Total consolidated $ 244,180 $ 244,175

Comprehensive Income (Tables)

Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2016
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 Unrealized gain (loss) on cash flow Unrealized gain (loss) on Defined benefit pension and Total Balance at January 1, 2014 $ 853 $ 113 $ 117 $ 1,275 $ 2,358 Other comprehensive income (loss) (288 ) (89 ) 14 – (363 ) Amounts reclassified to net income (911 ) (108 ) (19 ) 154 (884 ) Net other comprehensive income (loss) (1,199 ) (197 ) (5 ) 154 (1,247 ) Balance at December 31, 2014 (346 ) (84 ) 112 1,429 1,111 Other comprehensive loss (208 ) (1,063 ) (5 ) – (1,276 ) Amounts reclassified to net income – 869 (6 ) (148 ) 715 Net other comprehensive loss (208 ) (194 ) (11 ) (148 ) (561 ) Balance at December 31, 2015 (554 ) (278 ) 101 1,281 550 Other comprehensive income (loss) (159 ) (225 ) (13 ) 2,881 2,484 Amounts reclassified to net income – 423 (42 ) (742 ) (361 ) Net other comprehensive income (loss) (159 ) 198 (55 ) 2,139 2,123 Balance at December 31, 2016 $ (713 ) $ (80 ) $ 46 $ 3,420 $ 2,673

Additional Financial Informat39

Additional Financial Information (Tables)	12 Months Ended
	Dec. 31, 2016
Income Statement Information	The tables that follow provide additional financial information related to our consolidated financial statements: Income Statement Information (dollars in millions) Years Ended December 31, 2016 2015 2014 Depreciation expense $ 14,227 $ 14,323 $ 14,966 Interest costs on debt balances 5,080 5,504 5,291 Capitalized interest costs (704 ) (584 ) (376 ) Advertising expense 2,744 2,749 2,526
Balance Sheet Information	Balance Sheet Information (dollars in millions) At December 31, 2016 2015 Accounts Payable and Accrued Liabilities Accounts payable $ 7,084 $ 5,700 Accrued expenses 5,717 5,659 Accrued vacation, salaries and wages 3,813 4,420 Interest payable 1,463 1,529 Taxes payable 1,516 2,054 $ 19,593 $ 19,362 Other Current Liabilities Advance billings and customer deposits $ 2,914 $ 2,969 Dividends payable 2,375 2,323 Other 2,789 3,446 $ 8,078 $ 8,738
Cash Flow Information	Cash Flow Information (dollars in millions) Years Ended December 31, 2016 2015 2014 Cash Paid Interest, net of amounts capitalized $ 4,085 $ 4,491 $ 4,429 Other, net Cash Flows from Operating Activities Changes in device payment plan agreement receivables-non-current $ (3,303 ) $ (23 ) $ (1,010 ) Proceeds from Tower Monetization Transaction – 2,346 – Other, net (1,082 ) (3,734 ) (2,078 ) $ (4,385 ) $ (1,411 ) $ (3,088 )

Quarterly Financial Informati40

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information	Quarterly Financial Information (Unaudited) (dollars in millions, except per share amounts) Net Income attributable to Verizon (1) Quarter Ended Operating Operating Amount Per Share- Per Share- Net 2016 March 31 $ 32,171 $ 7,942 $ 4,310 $ 1.06 $ 1.06 $ 4,430 June 30 30,532 4,554 702 .17 .17 831 September 30 30,937 6,540 3,620 .89 .89 3,747 December 31 32,340 8,023 4,495 1.10 1.10 4,600 2015 March 31 $ 31,984 $ 7,960 $ 4,219 $ 1.03 $ 1.02 $ 4,338 June 30 32,224 7,821 4,231 1.04 1.04 4,353 September 30 33,158 7,535 4,038 .99 .99 4,171 December 31 34,254 9,744 5,391 1.32 1.32 5,513 • Results of operations for the first quarter of 2016 include after-tax after-tax • Results of operations for the second quarter of 2016 include after-tax after-tax after-tax • Results of operations for the third quarter of 2016 include after-tax • Results of operations for the fourth quarter of 2016 include after-tax • Results of operations for the third quarter of 2015 include after-tax • Results of operations for the fourth quarter of 2015 include after-tax after-tax (1) Net income attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Allowance for Doubtful Accounts
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period		$ 1,037	[1]	$ 739		$ 645
Charged to expenses		1,420	[1]	1,610	[1]	1,095
Charged to other Accounts	[2],[3]	204	[1]	200	[1]	141
Deductions	[4],[5]	1,515	[1]	1,512	[1]	1,142
Balance at End of Period		1,146	[1]	1,037	[1]	739
Valuation Allowance of Deferred Tax Assets
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period		3,414		1,841		1,685
Charged to expenses		146		237		505
Charged to other Accounts	[2],[3]	47		1,701		5
Deductions	[4],[5]	1,134		365		354
Balance at End of Period		$ 2,473		$ 3,414		$ 1,841
[1]	Allowance for Uncollectible Accounts Receivable includes approximately $301 million and $155 million at December 31, 2016 and 2015, respectively, related to long-term device payment plan receivables.
[2]	Allowance for Uncollectible Accounts Receivable primarily includes amounts previously written off which were credited directly to this account when recovered.
[3]	Valuation Allowance for Deferred Tax Assets includes an increase to the valuation allowance as a result of the acquisition of AOL in 2015 and amounts charged to equity and reclassifications from other balance sheet accounts.
[4]	Amounts written off as uncollectible or transferred to other accounts or utilized.
[5]	Reductions to valuation allowances related to deferred tax assets.

Valuation and Qualifying Acco42

Valuation and Qualifying Accounts (Parenthetical) (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Millions	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves	$ 1,146	[1]	$ 1,037	[1]	$ 739	$ 645
Long-term device installment plan receivable
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves	$ 301		$ 155
[1]	Allowance for Uncollectible Accounts Receivable includes approximately $301 million and $155 million at December 31, 2016 and 2015, respectively, related to long-term device payment plan receivables.

Description of Business and S43

Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	Feb. 21, 2014shares	Dec. 31, 2016USD ($)Segmentshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Jan. 28, 2014shares	Sep. 02, 2013
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment		2
Restricted stock units outstanding to purchase shares included in diluted earnings per common share | shares		6,000,000	8,000,000	7,000,000
Number of common stock authorized to be issued | shares					6,250,000,000
Increase (Decrease) in Depreciation expenses		$ 14,227	$ 14,323	$ 14,966
Wireless license period		10 years
Stock Purchase Agreement
Organization And Summary Of Significant Accounting Policies [Line Items]
Common shares issued | shares	1,270,000,000
Stock Purchase Agreement | Cellco Partnership DBA Verizon Wireless
Organization And Summary Of Significant Accounting Policies [Line Items]
Percentage of noncontrolling interest by Vodafone Group Plc in Cellco Partnership joint venture						45.00%
Accounting Standards Update 2016-15
Organization And Summary Of Significant Accounting Policies [Line Items]
New accounting standard update		$ 1,100
Accounting Standards Update 2014-09
Organization And Summary Of Significant Accounting Policies [Line Items]
New accounting standard update		$ 4,200
Minimum | Leasehold Improvements
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life (years)		5 years
Maximum | Leasehold Improvements
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life (years)		20 years
Property Plant and Equipment by Estimated Useful Life
Organization And Summary Of Significant Accounting Policies [Line Items]
Increase (Decrease) in Depreciation expenses		$ 300	$ 400	$ 600
Property Plant and Equipment by Estimated Useful Life | Leasehold Improvements
Organization And Summary Of Significant Accounting Policies [Line Items]
Increase (Decrease) in Depreciation expenses		$ 200
Property, Plant and Equipment, Useful Life (years)		7 years	5 years
Non-Network Internal-Use Software | Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Useful life for finite-lived intangible assets, years		3 years
Non-Network Internal-Use Software | Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Useful life for finite-lived intangible assets, years		8 years
Increase in number of authorized common shares
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of common stock authorized to be issued | shares					2,000,000,000

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Detail)	Feb. 20, 2017USD ($)	Dec. 06, 2016USD ($)Site	Jul. 30, 2016USD ($)$ / shares	Jul. 29, 2016USD ($)	Jul. 23, 2016USD ($)	Feb. 20, 2016USD ($)	Jun. 23, 2015USD ($)shares	May 19, 2015USD ($)	Feb. 05, 2015USD ($)	Jan. 29, 2015USD ($)Licenses	Feb. 21, 2014USD ($)$ / sharesshares	Sep. 02, 2013USD ($)	Apr. 30, 2016USD ($)	Mar. 31, 2015USD ($)Leases	Dec. 31, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)$ / shares	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)Leases	Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2016USD ($)plan$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)	Nov. 07, 2016USD ($)	Apr. 01, 2016USD ($)CustomerUnit	May 12, 2015$ / shares
Business Acquisition [Line Items]
Cash paid to complete the Wireless Transaction																											$ 58,886,000,000
Common stock, par value | $ / shares															$ 0.10				$ 0.10						$ 0.10	$ 0.10
Deferred tax liability attributable to the Wireless Transaction															$ 45,964,000,000				$ 45,386,000,000						$ 45,964,000,000	$ 45,386,000,000
License purchase and exchange transactions, net cash proceeds																											2,367,000,000
Gain on sale of licenses																									142,000,000	254,000,000	707,000,000
Cash paid to acquire spectrum licenses																									534,000,000	9,942,000,000	354,000,000
Assets held for sale															882,000,000				792,000,000						882,000,000	792,000,000
Cash proceeds from failed sale-leaseback																										2,346,000,000
Proceeds from dispositions of businesses																									9,882,000,000	48,000,000	120,000,000
Operating Revenues															32,340,000,000	$ 30,937,000,000	$ 30,532,000,000	$ 32,171,000,000	34,254,000,000	$ 33,158,000,000	$ 32,224,000,000	$ 31,984,000,000			125,980,000,000	131,620,000,000	127,079,000,000
Operating Income															8,023,000,000	$ 6,540,000,000	$ 4,554,000,000	$ 7,942,000,000	9,744,000,000	$ 7,535,000,000	$ 7,821,000,000	7,960,000,000			27,059,000,000	33,060,000,000	19,599,000,000
Real estate assets held and used															84,751,000,000				83,541,000,000						84,751,000,000	83,541,000,000
Non-current assets held for sale															613,000,000				10,267,000,000						613,000,000	10,267,000,000
Goodwill															27,205,000,000				25,331,000,000				$ 24,639,000,000		27,205,000,000	25,331,000,000	24,639,000,000
Data Center Sale with Equinix
Business Acquisition [Line Items]
Proceeds from dispositions of businesses		$ 3,600,000,000
Real estate assets held and used															700,000,000										700,000,000
Non-current assets held for sale															613,000,000										613,000,000
United States and Latin America | Data Center Sale with Equinix
Business Acquisition [Line Items]
Number of data center sites that will be sold | Site		24
Europe, Asia-Pacific and Canada | Data Center Sale with Equinix
Business Acquisition [Line Items]
Number of data center sites | Site		27
Access Line Sale with Frontier
Business Acquisition [Line Items]
Proceeds from dispositions of businesses									$ 10,500,000,000
Net consideration from disposition of businesses									7,300,000,000
Debt assumed by Frontier									$ 600,000,000
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																									1,300,000,000	5,300,000,000	5,400,000,000
Operating Income																									700,000,000	2,800,000,000	2,000,000,000
Net cash proceeds received used to reduce consolidated indebtedness													$ 9,900,000,000
Derecognition of net assets, plant, property, and equipment																													$ 9,000,000,000
Derecognition of net assets, goodwill																													1,300,000,000
Derecognition of net assets, defined benefit pension and other postretirement benefit plan obligations																			700,000,000							700,000,000			700,000,000
Derecognition of debt assumed by Frontier																													$ 600,000,000
Pre-tax gain (loss) on sale of business and termination of venture																									$ 1,007,000,000
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 (loss) on sale of business and termination of venture																									$ 1,000,000,000
Curtailment gain																									500,000,000
Real Estate
Business Acquisition [Line Items]
Cash Proceeds from Sale-Leaseback																			200,000,000
Advanced Wireless Services Spectrum Licenses
Business Acquisition [Line Items]
Acquisitions																									400,000,000
Gain on sale of licenses																									100,000,000
FCC spectrum licenses auction
Business Acquisition [Line Items]
FCC auction spectrum licenses | Licenses										181
Cash paid to acquire spectrum licenses										$ 10,400,000,000												$ 9,500,000,000	900,000,000
Wireless Licenses
Business Acquisition [Line Items]
Acquisitions																									28,000,000	10,474,000,000
Assets held for sale															$ 900,000,000				300,000,000						900,000,000	$ 300,000,000
Verizon Notes
Business Acquisition [Line Items]
Aggregate principal amount of Verizon Notes											$ 5,000,000,000
Verizon Notes due February 21, 2022
Business Acquisition [Line Items]
Aggregate principal amount of Verizon Notes											2,500,000,000
Verizon Notes due February 21, 2025
Business Acquisition [Line Items]
Aggregate principal amount of Verizon Notes											$ 2,500,000,000
T-Mobile Wireless licenses agreement
Business Acquisition [Line Items]
License purchase and exchange transactions, net cash proceeds																								$ 2,400,000,000
T-Mobile Wireless licenses agreement | Advanced Wireless Services Spectrum Licenses
Business Acquisition [Line Items]
Acquisitions																								900,000,000
T-Mobile USA 700 MHz A Block Wireless licenses agreements | Advanced Wireless Services Spectrum Licenses
Business Acquisition [Line Items]
Acquisitions																								$ 1,600,000,000
Gain on sale of licenses																											700,000,000
T-Mobile USA Affiliate Wireless Licenses Agreements | Advanced Wireless Services Spectrum Licenses
Business Acquisition [Line Items]
Acquisitions																			400,000,000
Gain on sale of licenses																			$ 300,000,000
Basking Ridge, New Jersey | Buildings and real estate
Business Acquisition [Line Items]
Cash Proceeds from Sale-Leaseback								$ 700,000,000
Deferred gain on sale leaseback transaction								$ 400,000,000
Initial leaseback term								20 years
Redbox Instant by Verizon
Business Acquisition [Line Items]
Pre-tax gain (loss) on sale of business and termination of venture																							$ (100,000,000)
Vodafone Omnitel N.V.
Business Acquisition [Line Items]
Verizon ownership percentage											23.10%
Selling price (fair value) of Verizon's equity method investment in Vodafone Omnitel											$ 3,500,000,000
Pre-tax gain on sale of equity interest																											$ 1,900,000,000
Sprint Corporation | Advanced Wireless Services Spectrum Licenses
Business Acquisition [Line Items]
Acquisitions																									300,000,000
Wireless Transaction
Business Acquisition [Line Items]
Business acquisition merger consideration												$ 130,000,000,000
Cash paid to complete the Wireless Transaction											58,890,000,000
Aggregate value of common shares issued to Vodafone shareholders											$ 61,300,000,000
Common stock, par value | $ / shares											$ 0.10
Other consideration paid to Vodafone											$ 1,700,000,000
Common shares issued | shares											1,270,000,000
Preferred stock redemption date											2020-04
Preferred stock redemption price, per share | $ / shares											$ 1,000
Preferred stock dividend rate, percentage											5.143%
Deferred tax liability attributable to the Wireless Transaction											$ 13,500,000,000
Wireless Transaction | Series D Preferred Stock
Business Acquisition [Line Items]
Preferred stock shares outstanding | shares											825,000
Wireless Transaction | Series E Preferred Stock
Business Acquisition [Line Items]
Preferred stock shares outstanding | shares											825,000
Wireless Transaction | Verizon Notes
Business Acquisition [Line Items]
Quarterly interest payment start date											May 21, 2014
Wireless Transaction | Verizon Notes due February 21, 2022
Business Acquisition [Line Items]
Debt instrument maturity date											Feb. 21, 2022
Debt instrument, description of variable rate basis											Three-month LIBOR, plus 1.222%
Wireless Transaction | Verizon Notes due February 21, 2022 | London Interbank Offered Rate (LIBOR)
Business Acquisition [Line Items]
Debt instrument, marginal rate											1.222%
Wireless Transaction | Verizon Notes due February 21, 2025
Business Acquisition [Line Items]
Debt instrument maturity date											Feb. 21, 2025
Debt instrument, description of variable rate basis											Three-month LIBOR, plus 1.372%
Wireless Transaction | Verizon Notes due February 21, 2025 | London Interbank Offered Rate (LIBOR)
Business Acquisition [Line Items]
Debt instrument, marginal rate											1.372%
Wireless Transaction | Cellco Partnership DBA Verizon Wireless
Business Acquisition [Line Items]
Percentage of noncontrolling interest by Vodafone Group Plc in Cellco Partnership joint venture												45.00%
Tower Monetization Transaction
Business Acquisition [Line Items]
Number of towers subject to failed sale-leaseback | Leases														11,300								11,300
Cash proceeds from failed sale-leaseback														$ 5,000,000,000
Term of Lease														28 years
Number of towers subject to disposition | Leases														162								162
Cash proceeds from disposition of towers														$ 100,000,000
Minimum years of sublease capacity on towers														10 years
March 2015 Tower Monetization Transaction- Other, net cash flows provided by operating activities
Business Acquisition [Line Items]
Cash proceeds from failed sale-leaseback														$ 2,400,000,000
March 2015 Tower Monetization Transaction- Other, net cash flows used in financing activities
Business Acquisition [Line Items]
Cash proceeds from failed sale-leaseback														$ 2,700,000,000
AOL Inc
Business Acquisition [Line Items]
Business acquisition merger consideration							$ 4,141,000,000
Business acquisition, purchase price in cash							$ 3,764,000,000																		$ 179,000,000
Business acquisition, share price | $ / shares																														$ 50
Number of shares exercised under appraisal rights of Delaware law | shares							6,600,000
Business acquisition, potential additional payment							$ 330,000,000
Cash acquired							500,000,000
Goodwill							1,938,000,000
Intangible assets subject to amortization							$ 2,504,000,000
Fleetmatics Group PLC
Business Acquisition [Line Items]
Business acquisition merger consideration			$ 2,500,000,000
Business acquisition, share price | $ / shares			$ 60
Cash acquired			$ 100,000,000
Goodwill																												$ 1,400,000,000
Intangible assets subject to amortization																												$ 1,100,000,000
XO Holdings
Business Acquisition [Line Items]
Business acquisition, purchase price in cash						$ 1,800,000,000
Yahoo! Inc.
Business Acquisition [Line Items]
Business acquisition, purchase price in cash					$ 4,830,000,000
Yahoo! Inc. | Restricted Stock Units
Business Acquisition [Line Items]
Outstanding restricted stock units to be awarded to employees who transferred from yahoo					$ 1,100,000,000
Yahoo! Inc. | Subsequent Event
Business Acquisition [Line Items]
Business acquisition, purchase price in cash	$ 4,480,000,000
Purchase price reduction due to Purchase Agreement Amendment	$ (350,000,000)
Post-closing liabilities arising from data breach percent retained	50.00%
Post-closing liabilities arising from shareholders percent retained	100.00%
Telogis Inc
Business Acquisition [Line Items]
Business acquisition, purchase price in cash				$ 900,000,000
Telogis Inc | Corporate and Other
Business Acquisition [Line Items]
Goodwill				$ 500,000,000

Consideration and Preliminary I

Consideration and Preliminary Identification of Assets Acquired, Including Cash Acquired and Liabilities Assumed as well as Fair Value Of Noncontrolling Interests (Detail) - USD ($) $ in Millions	Jun. 23, 2015		Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets acquired:
Goodwill			$ 27,205	$ 25,331		$ 24,639
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				$ 600
Net assets acquired:	4,142
Noncontrolling interest	(1)
Total consideration	$ 4,141
[1]	During the year ended December 31, 2016, we made cash payments of $179 million in respect of acquisition-date estimated liabilities to be paid. As of December 31, 2016, the remaining balance of estimated liabilities to be paid was $198 million.

Consideration and Preliminary46

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		Dec. 31, 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 year ended December 31, 2016, we made cash payments of $179 million in respect of acquisition-date estimated liabilities to be paid. As of December 31, 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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	$ 86,575
Capitalized interest on wireless licenses	704	$ 584	$ 376
Ending balance	86,673	86,575
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	86,575	75,341
Acquisitions (Note 2)	28	10,474
Capitalized interest on wireless licenses	506	389
Reclassifications, adjustments and other	(436)	371
Ending balance	$ 86,673	$ 86,575	$ 75,341

Wireless Licenses, Goodwill a48

Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 06, 2016Site
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale			$ 882	$ 792
Wireless licenses under development			5,710	4,907
Reclassifications, adjustments and other			(436)	(1,346)
Acquisitions (Note 2)			2,310	2,038
Wireless Licenses
Indefinite-lived Intangible Assets [Line Items]
Assets held for sale			900	300
Wireless licenses under development			$ 10,000	10,400
Average remaining renewal period of wireless license portfolio (in years)			5 years 1 month 6 days
Other Operating Segments
Indefinite-lived Intangible Assets [Line Items]
Reclassifications, adjustments and other	$ 100		$ 111	572
Acquisitions (Note 2)			2,310	2,035
United States and Latin America | Data Center Sale with Equinix
Indefinite-lived Intangible Assets [Line Items]
Number of data center sites that will be sold | Site					24
AOL Inc
Indefinite-lived Intangible Assets [Line Items]
Acquisitions (Note 2)		$ 1,900
Held for Sale
Indefinite-lived Intangible Assets [Line Items]
Goodwill held for sale			$ 400	$ 1,300

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Beginning balance		$ 25,331	$ 24,639
Acquisitions (Note 2)		2,310	2,038
Reclassifications, adjustments and other		(436)	(1,346)
Ending balance		27,205	25,331
Wireless
Goodwill [Line Items]
Beginning balance		18,393	18,390
Acquisitions (Note 2)			3
Ending balance		18,393	18,393
Wireline
Goodwill [Line Items]
Beginning balance		4,331	6,249
Reclassifications, adjustments and other		(547)	(1,918)
Ending balance		3,784	4,331
Other Operating Segments
Goodwill [Line Items]
Beginning balance		2,607
Acquisitions (Note 2)		2,310	2,035
Reclassifications, adjustments and other	$ 100	111	572
Ending balance		$ 5,028	$ 2,607

Composition of Other Intangible

Composition of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 20,873	$ 20,027
Accumulated Amortization	(11,976)	(12,435)
Net Amount	8,897	7,592
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,884	4,139
Accumulated Amortization	(480)	(2,365)
Net Amount	$ 2,404	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	$ 16,135	14,542
Accumulated Amortization	(10,913)	(9,620)
Net Amount	$ 5,222	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	$ 1,854	1,346
Accumulated Amortization	(583)	(450)
Net Amount	$ 1,271	$ 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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization expense for other intangible assets	$ 1,701	$ 1,694	$ 1,567

Estimated Future Amortization E

Estimated Future Amortization Expense for Other Intangible Assets (Detail) $ in Millions	Dec. 31, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
2,017	$ 1,749
2,018	1,564
2,019	1,358
2,020	1,121
2,021	$ 938

Summary of Plant, Property and

Summary of Plant, Property and Equipment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Land	$ 667	$ 709
Buildings and equipment	27,117	25,587
Central office and other network equipment	136,737	129,201
Cable, poles and conduit	45,639	44,290
Leasehold improvements	7,627	7,104
Work in progress	5,710	4,907
Furniture, vehicles and other	8,718	8,365
Plant, property and equipment	232,215	220,163
Less accumulated depreciation	147,464	136,622
Plant, property and equipment, net	$ 84,751	$ 83,541
Buildings and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	7 years
Buildings and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	45 years
Central Office and Other Network Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	3 years
Central Office and Other Network Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	50 years
Cable Poles and Conduit | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	7 years
Cable Poles and Conduit | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	50 years
Leasehold Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	5 years
Leasehold Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	20 years
Furniture Vehicles and Other | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	3 years
Furniture Vehicles and Other | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (years)	20 years

Leasing Arrangements - Addition

Leasing Arrangements - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)Leases	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Operating Leases [Line Items]
Rent expense under operating leases		$ 3,600	$ 3,200	$ 2,700
Cash proceeds from failed sale-leaseback			2,346
Tower Monetization Transaction
Schedule of Operating Leases [Line Items]
Number of towers subject to failed sale-leaseback | Leases	11,300
Cash proceeds from failed sale-leaseback	$ 5,000
Minimum years of sublease capacity on towers	10 years
Lease payment		300	200
Financing obligation payments		2,400
Towers in plant property and equipment net		$ 500	$ 500

Schedule of Capital Leased Asse

Schedule of Capital Leased Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Capital Leased Assets [Line Items]
Capital leases	$ 1,277	$ 1,046
Less accumulated amortization	(524)	(318)
Total	$ 753	$ 728

Schedule of Aggregate Minimum R

Schedule of Aggregate Minimum Rental Commitments under Noncancelable Leases (Detail) $ in Millions	Dec. 31, 2016USD ($)
Capital Leases And Operating Leases [Line Items]
Contractually required capital lease payments, due within one year of the balance sheet date	$ 366
Contractually required capital lease payments, due within the second year from the balance sheet date	272
Contractually required capital lease payments, due within the third year from the balance sheet date	149
Contractually required capital lease payments, due within the fourth year from the balance sheet date	111
Contractually required capital lease payments, due within the fifth year from the balance sheet date	62
Contractually required capital lease payments, due after the fifth year from the balance sheet date	79
Contractually required capital lease payments	1,039
Less interest and executory costs	89
Present value of minimum lease payments	950
Less current installments	335
Long-term obligation at December 31, 2016	615
Present value of minimum lease payments	950
Contractually required operating lease payments, due within one year of the balance sheet date	2,822
Contractually required operating lease payments, due within the second year from the balance sheet date	2,583
Contractually required operating lease payments, due within the third year from the balance sheet date	2,304
Contractually required operating lease payments, due within the fourth year from the balance sheet date	1,927
Contractually required operating lease payments, due within the fifth year from the balance sheet date	1,515
Contractually required operating lease payments, due after the fifth year from the balance sheet date	6,724
Contractually required operating lease payments	$ 17,875

Changes to Debt (Detail)

Changes to Debt (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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 long-term borrowings	12,964	$ 6,667	$ 30,967
Proceeds from asset-backed long-term borrowings	4,986
Repayments of long-term borrowings and capital leases obligations	(19,159)	(9,340)	(17,669)
Decrease in short-term obligations, excluding current maturities	(149)	(344)	$ (475)
Other	(293)
Balance at December 31, 2016	2,645	6,489
Balance at December 31, 2016	105,433	103,240
Balance at December 31, 2016	108,078	109,729
Debt Maturing within One Year
Debt Instrument [Line Items]
Balance at January 1, 2016	6,489
Proceeds from long-term borrowings	120
Repayments of long-term borrowings and capital leases obligations	(8,125)
Decrease in short-term obligations, excluding current maturities	(149)
Reclassifications of long-term debt	4,088
Other	222
Balance at December 31, 2016	2,645	6,489
Long-term Debt
Debt Instrument [Line Items]
Balance at January 1, 2016	103,240
Proceeds from long-term borrowings	12,844
Proceeds from asset-backed long-term borrowings	4,986
Repayments of long-term borrowings and capital leases obligations	(11,034)
Reclassifications of long-term debt	4,088
Other	(515)
Balance at December 31, 2016	$ 105,433	$ 103,240

Debt Maturing Within One Year (

Debt Maturing Within One Year (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Long-term debt maturing within one year	$ 2,477	$ 6,325
Short-term notes payable	168	158
Commercial paper and other		6
Total debt maturing within one year	$ 2,645	$ 6,489

Debt - Additional Information (

Debt - Additional Information (Detail) € in Millions, £ in Millions

Jan. 25, 2017USD ($)

Sep. 15, 2016USD ($)

Apr. 08, 2016USD ($)

Apr. 05, 2016

Apr. 04, 2016USD ($)

Apr. 01, 2016USD ($)

Mar. 31, 2015USD ($)

Feb. 21, 2017USD ($)

Jan. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Nov. 30, 2016USD ($)

Oct. 31, 2016USD ($)

Sep. 30, 2016USD ($)

Aug. 31, 2016USD ($)

Jul. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Nov. 30, 2015USD ($)

Oct. 31, 2015USD ($)

Mar. 31, 2015USD ($)

Dec. 31, 2015USD ($)

Sep. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Oct. 31, 2016EUR (€)

Oct. 31, 2016GBP (£)

Sep. 23, 2016USD ($)

Mar. 31, 2016USD ($)

Mar. 04, 2016USD ($)

Dec. 31, 2015EUR (€)

Jun. 30, 2015USD ($)

Jun. 23, 2015USD ($)

Feb. 21, 2014USD ($)

Debt Instrument [Line Items]

Net pre-tax losses on early debt redemption

$ (1,800,000,000)

Long-term debt maturing within one year

$ 2,477,000,000

$ 6,325,000,000

$ 6,325,000,000

2,477,000,000

$ 6,325,000,000

Principal amount outstanding in connection with the guarantee of debt obligations

108,078,000,000

109,729,000,000

109,729,000,000

108,078,000,000

109,729,000,000

Credit Facility

Debt Instrument [Line Items]

Borrowing capacity

9,000,000,000

$ 9,000,000,000

$ 9,000,000,000

$ 1,000,000,000

Credit facility expiry date

Sep. 23, 2020

Amount of unused borrowing capacity under credit facility

8,900,000,000

$ 8,900,000,000

Line of credit

500,000,000

500,000,000

Credit Facility | Letter of Credit

Debt Instrument [Line Items]

Amount of unused borrowing capacity under credit facility

500,000,000

500,000,000

Previously Disclosed | Credit Facility

Debt Instrument [Line Items]

Borrowing capacity

$ 8,000,000,000

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

August Debt Issuance

Debt Instrument [Line Items]

Amount of notes repaid

$ 2,300,000,000

Aggregate principal amount

$ 6,200,000,000

Proceeds from long-term borrowings

$ 6,100,000,000

October Debt Issuance

Debt Instrument [Line Items]

Proceeds from long-term borrowings

$ 4,100,000,000

January 2015 Term Loan Agreement

Debt Instrument [Line Items]

Borrowing capacity

$ 6,500,000,000

$ 6,500,000,000

$ 6,500,000,000

Line of credit

0

0

$ 0

Leverage ratio

350.00%

Term loan agreement partial mandatory prepayment amount

$ 4,000,000,000

Debt instrument maturity date

2016-03

Date in which a partial mandatory prepayment is required

2015-06

Term loan agreement prepaid amount

$ 5,000,000,000

Repayments of Lines of Credit

$ 500,000,000

$ 1,000,000,000

1.5% loan due 2018

Debt Instrument [Line Items]

Stated interest rate on debt instrument

1.50%

Debt instrument maturity date

2,018

Aggregate principal amount

$ 200,000,000

Asset Backed Notes

Debt Instrument [Line Items]

Collateral revolving period

2 years

2 years

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

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

Verizon Notes due February 21, 2022

Debt Instrument [Line Items]

Aggregate principal amount

$ 2,500,000,000

Asset-Backed Debt

Debt Instrument [Line Items]

Asset-backed debt, carrying value

5,000,000,000

5,000,000,000

ABS Financing Facility

Debt Instrument [Line Items]

Debt instrument maturity period

2 years 4 months 24 days

Asset-backed debt, carrying value

2,500,000,000

$ 2,500,000,000

Collateral revolving period

2 years

Borrowings under financing facility

1,000,000,000

$ 1,500,000,000

Additional borrowing capacity

1,500,000,000

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

Maximum | 2016 Tender Offers

Debt Instrument [Line Items]

Aggregate purchase price

$ 5,500,000,000

April Early Debt Redemption

Debt Instrument [Line Items]

Extinguishment of Debt, Amount

$ 2,300,000,000

April Early Debt Redemption | 2.50% Notes due 2016

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%

April Early Debt Redemption | 2.00% Notes due 2016

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%

April Early Debt Redemption | 6.35% Notes due 2019

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%

September Debt Redemption | 4.80% Notes Due 2044

Debt Instrument [Line Items]

Amount of notes repaid

$ 900,000,000

Stated interest rate on debt instrument

4.80%

Debt instrument maturity date

2,044

Notes purchased price of principal amount of note, percentage

100.00%

December Debt Redemption | 1.35% Notes due 2017

Debt Instrument [Line Items]

Amount of notes repaid

$ 2,000,000,000

Stated interest rate on debt instrument

1.35%

1.35%

Debt instrument maturity date

2,017

Notes purchased price of principal amount of note, percentage

100.321%

December Debt Redemption | Verizon Notes due February 21, 2022

Debt Instrument [Line Items]

Amount of notes repaid

$ 2,500,000,000

Notes purchased price of principal amount of note, percentage

100.00%

Floating Rate Notes | August Debt Issuance

Debt Instrument [Line Items]

Debt instrument maturity date

2,019

Aggregate principal amount

$ 400,000,000

1.375% Notes Due 2019 | August Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

1.375%

Debt instrument maturity date

2,019

Aggregate principal amount

$ 1,000,000,000

1.750% Notes Due 2021 | August Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

1.75%

Debt instrument maturity date

2,021

Aggregate principal amount

$ 1,000,000,000

2.625% Notes Due 2026 | August Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

2.625%

Debt instrument maturity date

2,026

Aggregate principal amount

$ 2,300,000,000

4.125% Notes Due 2046 | August Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.125%

Debt instrument maturity date

2,046

Aggregate principal amount

$ 1,500,000,000

4.20% Notes Due 2046 | September Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.20%

Debt instrument maturity date

2,046

Aggregate principal amount

$ 2,100,000,000

Proceeds from long-term borrowings

$ 2,000,000,000

0.500% Notes due 2022 | October Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

0.50%

0.50%

Debt instrument maturity date

2,022

Aggregate principal amount | €

€ 1,000

0.875% Notes due 2025 | October Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

0.875%

0.875%

Debt instrument maturity date

2,025

Aggregate principal amount | €

€ 1,000

1.375% Notes due 2028 | October Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

1.375%

1.375%

Debt instrument maturity date

2,028

Aggregate principal amount | €

€ 1,250

3.125% Notes due 2035 | October Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

3.125%

3.125%

Debt instrument maturity date

2,035

Aggregate principal amount | £

£ 450

Senior and junior asset-backed notes | Asset Backed Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 1,400,000,000

$ 1,200,000,000

Senior asset-backed notes | Asset Backed Notes

Debt Instrument [Line Items]

Stated interest rate on debt instrument

1.68%

1.42%

Debt instrument maturity period

2 years 7 months 6 days

2 years 6 months

Junior asset-backed notes | Asset Backed Notes

Debt Instrument [Line Items]

Debt instrument maturity period

3 years 3 months 18 days

3 years 2 months 12 days

Debt instrument weighted average interest rate

2.26%

1.53%

GTE Corporation | Old Notes in Exchange for 2048 New Notes | 6.94% Notes due 2028

Debt Instrument [Line Items]

Stated interest rate on debt instrument

6.94%

6.94%

6.94%

Debt instrument maturity date

2,028

Verizon Communications | 2036 New Notes in February Exchange Offers

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.272%

4.272%

4.272%

Debt instrument maturity date

2,036

Aggregate principal amount

$ 2,900,000,000

$ 2,900,000,000

$ 2,900,000,000

Verizon Communications | 2048 New Notes in February Exchange Offers

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.522%

4.522%

4.522%

Debt instrument maturity date

2,048

Aggregate principal amount

$ 5,000,000,000

$ 5,000,000,000

$ 5,000,000,000

Verizon Communications | 2055 New Notes in February Exchange Offers

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.672%

4.672%

4.672%

Debt instrument maturity date

2,055

Aggregate principal amount

$ 5,500,000,000

$ 5,500,000,000

$ 5,500,000,000

Verizon Communications | Floating Rate Notes

Debt Instrument [Line Items]

Amount of notes repaid

$ 500,000,000

Verizon Communications | 0.70% Notes

Debt Instrument [Line Items]

Amount of notes repaid

$ 1,000,000,000

Stated interest rate on debt instrument

0.70%

Cellco Partnership and Verizon Wireless Capital LLC | 8.75% Notes due 2015

Debt Instrument [Line Items]

Amount of notes repaid

$ 600,000,000

Stated interest rate on debt instrument

8.75%

8.75%

8.75%

8.75%

Aggregate principal amount | €

€ 500

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

Debt Instrument [Line Items]

Aggregate principal amount

$ 1,100,000,000

Subsequent Event | January 2017 Term Loan Agreement

Debt Instrument [Line Items]

Borrowing capacity

$ 5,500,000,000

Debt instrument maturity period

18 months

Term loan agreement partial mandatory prepayment period

6 months

Leverage ratio

350.00%

Subsequent Event | January 2017 Exchange Offers

Debt Instrument [Line Items]

Exchange offer expiration date

Jan. 31, 2017

Exchange Offer Settlement Date

Feb. 3, 2017

Subsequent Event | January 2017 Cash Offers

Debt Instrument [Line Items]

Amount of notes repaid

$ 500,000,000

Cash offer expiration date

Jan. 31, 2017

Cash offer settlement date

Feb. 3, 2017

Subsequent Event | 4.95% Notes due 2047 | February Debt Issuance

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.95%

Debt instrument maturity date

2,047

Aggregate principal amount

$ 1,500,000,000

Proceeds from long-term borrowings

$ 1,500,000,000

Subsequent Event | Old Notes in Exchange New Notes | January 2017 Exchange Offers

Debt Instrument [Line Items]

Aggregate principal amount

$ 8,300,000,000

Subsequent Event | Old Notes in Exchange New Notes | January 2017 Cash Offers

Debt Instrument [Line Items]

Aggregate principal amount

500,000,000

Subsequent Event | Verizon Communications | January 2017 Exchange Offers

Debt Instrument [Line Items]

Amount of notes repaid

$ 600,000,000

Subsequent Event | Verizon Communications | 2.946% Notes due 2022

Debt Instrument [Line Items]

Stated interest rate on debt instrument

2.946%

Debt instrument maturity date

2,022

Aggregate principal amount

$ 3,200,000,000

Subsequent Event | Verizon Communications | 4.812% Notes due 2039

Debt Instrument [Line Items]

Stated interest rate on debt instrument

4.812%

Debt instrument maturity date

2,039

Aggregate principal amount

$ 1,700,000,000

Subsequent Event | Verizon Communications | 5.012% Notes due 2049

Debt Instrument [Line Items]

Stated interest rate on debt instrument

5.012%

Debt instrument maturity date

2,049

Aggregate principal amount

$ 4,100,000,000

Network Equipment | Vendor Financing Facility

Debt Instrument [Line Items]

Value of purchase assets financed

$ 500,000,000

$ 700,000,000

Long-term debt maturing within one year

$ 1,100,000,000

$ 1,100,000,000

London Interbank Offered Rate (LIBOR) | August Debt Issuance

Debt Instrument [Line Items]

Debt instrument, percentage points added to the reference rate

0.37%

AOL Inc

Debt Instrument [Line Items]

Debt acquired (Note 2)

$ 600,000,000

$ 1,851,000,000

Repayments of debt and capital lease obligations

$ 400,000,000

Outstanding Long-Term Debt Obli

Outstanding Long-Term Debt Obligations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of Capitalization, Long-term Debt [Line Items]
Capital lease obligations (average rate of 3.5% and 3.4% in 2016 and 2015, respectively)	$ 950	$ 957
Unamortized discount, net of premium	(5,716)	(5,824)
Unamortized debt issuance costs	(469)	(465)
Total long-term debt, including current maturities	107,910	109,565
Less long-term debt maturing within one year	2,477	6,325
Total long-term debt	$ 105,433	103,240
Verizon Communications | 0.50% - 3.85% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,017
Maturity date range, end	2,042
Notes payable and other	$ 28,491	26,281
Verizon Communications | 4.11% - 5.50% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,018
Maturity date range, end	2,055
Notes payable and other	$ 53,909	51,156
Verizon Communications | 5.85% - 6.90% Notes Payable and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,018
Maturity date range, end	2,054
Notes payable and other	$ 11,295	16,420
Verizon Communications | 7.35% - 8.95% Notes Payable and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,018
Maturity date range, end	2,039
Notes payable and other	$ 1,860	2,300
Verizon Communications | Floating Notes Payable and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,017
Maturity date range, end	2,025
Notes payable and other	$ 9,750	14,100
Verizon Wireless | 6.80% - 7.88% Alltel assumed notes
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,029
Maturity date range, end	2,032
Notes payable and other	$ 525	686
Telephone Subsidiaries | 8.00% - 8.75% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,022
Maturity date range, end	2,031
Notes payable and other	$ 328	780
Telephone Subsidiaries | 5.13% - 6.50% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,028
Maturity date range, end	2,033
Notes payable and other	$ 319	575
Telephone Subsidiaries | 7.38% - 7.88% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,022
Maturity date range, end	2,032
Notes payable and other	$ 561	1,099
Other Subsidiaries | 6.84% - 8.75% Notes Payable, Debentures and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date range, start	2,018
Maturity date range, end	2,028
Notes payable and other	$ 1,102	$ 1,500
Verizon Wireless and Other Subsidiaries | 1.42% - 2.36% Asset Backed Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date	2,021
Asset-backed debt, carrying value	$ 2,485
Verizon Wireless and Other Subsidiaries | Floating Asset-backed Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Maturity date	2,021
Asset-backed debt, carrying value	$ 2,520
Minimum | Verizon Communications | 0.50% - 3.85% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	0.50%
Minimum | Verizon Communications | 4.11% - 5.50% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	4.11%
Minimum | Verizon Communications | 5.85% - 6.90% Notes Payable and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	5.85%
Minimum | Verizon Communications | 7.35% - 8.95% Notes Payable and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	7.35%
Minimum | Verizon Wireless | 6.80% - 7.88% Alltel assumed notes
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	6.80%
Minimum | Telephone Subsidiaries | 8.00% - 8.75% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	8.00%
Minimum | Telephone Subsidiaries | 5.13% - 6.50% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	5.13%
Minimum | Telephone Subsidiaries | 7.38% - 7.88% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	7.38%
Minimum | Other Subsidiaries | 6.84% - 8.75% Notes Payable, Debentures and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	6.84%
Minimum | Verizon Wireless and Other Subsidiaries | 1.42% - 2.36% Asset Backed Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	1.42%
Maximum | Verizon Communications | 0.50% - 3.85% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	3.85%
Maximum | Verizon Communications | 4.11% - 5.50% Notes Payable And Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	5.50%
Maximum | Verizon Communications | 5.85% - 6.90% Notes Payable and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	6.90%
Maximum | Verizon Communications | 7.35% - 8.95% Notes Payable and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	8.95%
Maximum | Verizon Wireless | 6.80% - 7.88% Alltel assumed notes
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	7.88%
Maximum | Telephone Subsidiaries | 8.00% - 8.75% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	8.75%
Maximum | Telephone Subsidiaries | 5.13% - 6.50% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	6.50%
Maximum | Telephone Subsidiaries | 7.38% - 7.88% Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	7.88%
Maximum | Other Subsidiaries | 6.84% - 8.75% Notes Payable, Debentures and Other
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	8.75%
Maximum | Verizon Wireless and Other Subsidiaries | 1.42% - 2.36% Asset Backed Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Interest Rate	2.36%

Outstanding Long-Term Debt Ob61

Outstanding Long-Term Debt Obligations (Parenthetical) (Detail)	Dec. 31, 2016	Dec. 31, 2015
Capital Lease Obligations
Schedule of Capitalization, Long-term Debt [Line Items]
Capital lease obligations average rate	3.50%	3.40%

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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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 63

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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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]
Interest Rate	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 64

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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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%
Debt instrument maturity date	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 Notes Included in E

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

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements (Detail) $ in Millions	Dec. 31, 2016USD ($)
Accounts Receivable, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets	$ 3,383
Prepaid Expenses and Other
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets	236
Other Assets
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets	2,383
Accounts Payable and Accrued Liabilities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Liabilities	4
Long-term Debt
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Liabilities	$ 4,988

Maturities of Long-term Debt ex

Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs (Detail) $ in Millions	Dec. 31, 2016USD ($)
Long Term Debt Maturities Repayments Of Principal [Line Items]
2,017	$ 2,477
2,018	7,229
2,019	5,548
2,020	9,040
2,021	12,097
Thereafter	$ 71,988

Device Payment Plan Receivables

Device Payment Plan Receivables, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 11,797	$ 3,720
Unamortized imputed interest	(511)	(142)
Device payment plan agreement receivables, net of unamortized imputed interest	11,286	3,578
Allowance for credit losses	(688)	(444)
Device payment plan agreement receivables, net	10,598	3,134
Accounts Receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, net	6,140	1,979
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, net	$ 4,458	$ 1,155

Wireless Device Payment Plans -

Wireless Device Payment Plans - Additional Information (Detail) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables transferred to ABS Entities	$ 5.7
Number of customer tenure days	210 days
Receivables derecognized under receivable securitization program	$ 4.3
Total portfolio of device payment plan agreement receivables	16.1
Deferred purchase price receivable collected	1.1
Finance receivables collected and remitted, net of fees	7.1
Cash proceeds received, net of remittances	3
Credit losses on receivables sold	0.2
Maximum exposure to loss related to involvement with sellers	1.6
Revolving Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables sold, net	3.3	$ 3.3
Cash proceeds received from new transfers	2	2.7
Cash proceeds received from reinvested collections	0.9
Deferred purchase price recorded	0.4	0.6
Non-Revolving Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables sold, net		6.1
Cash proceeds received from new transfers		4.5
Deferred purchase price recorded		1.7
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred purchase price receivable	0.4	$ 2.2
Prepaid Expenses and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred purchase price receivable	$ 1.2

Balance and Aging of Device Pay

Balance and Aging of Device Payment Plan Agreement Receivables on Gross Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, gross	$ 11,797	$ 3,720
Unbilled
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, current	11,089	3,420
Billed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Device payment plan agreement receivables, current	557	227
Device payment plan agreement receivables, past due	$ 151	$ 73

Activity in Allowance for Credi

Activity in Allowance for Credit Losses for Device Payment Plan Agreement Receivables (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at January 1, 2016	$ 444
Bad debt expense	692
Write-offs	(479)
Allowance related to receivables sold	28
Other	3
Balance at December 31, 2016	$ 688

Schedule of Assets and Liabil72

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis		$ 825	$ 1,670
Fair value of liabilities measured on a recurring basis		2,039	1,681
Short-term Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis			265
Short-term Investments | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis			85
Other current assets | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis			250
Other Assets | 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		10
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		123
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		576	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		71	128
Other Assets | Net Investment Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis			13
Other Assets | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis		45	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		236	19
Other Liabilities | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis		1,803	1,638
Other Liabilities | Forward Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis			24
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]	133	515
Level 1 | Short-term Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]		265
Level 1 | Other current assets | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]		250
Level 1 | Other Assets | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[1]	123
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]	10
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]	692	1,155
Fair value of liabilities measured on a recurring basis	[2]	2,039	1,681
Level 2 | Short-term Investments | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets measured on a recurring basis	[2]		85
Level 2 | Other Assets | 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]	10
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]	566	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]	71	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]		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]	45	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]	236	19
Level 2 | Other Liabilities | Cross Currency Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on a recurring basis	[2]	$ 1,803	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
[1]	quoted prices in active markets for identical assets or liabilities
[2]	observable inputs other than quoted prices in active markets for identical assets and liabilities

Fair Value of Short Term and Lo

Fair Value of Short Term and Long Term Debt Excluding Capital Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Estimate of Fair Value Measurement | Excluding Capital Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 117,584	$ 118,216
Carrying Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short- and long-term debt	$ 107,128	$ 108,772

Fair Value Measurements and F74

Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative liability fair value of collateral	$ 200	$ 100
New Net Investment Hedges | Foreign Currency Forward Contracts
Derivatives, Fair Value [Line Items]
Notional amount		900
New Net Investment Hedges | Euro Denominated Debt
Derivatives, Fair Value [Line Items]
Notional amount	800
Settled Net Investment Hedges | Foreign Currency Forward Contracts
Derivatives, Fair Value [Line Items]
Notional amount	900
New Interest Rate Swaps | Fair Value Hedges
Derivatives, Fair Value [Line Items]
Notional amount	6,300	5,800
Settled Interest Rate Swaps | Fair Value Hedges
Derivatives, Fair Value [Line Items]
Notional amount	900
Cross Currency Swaps
Derivatives, Fair Value [Line Items]
Notional amount	12,890	9,675
Pre-tax loss recognized in other comprehensive income (loss)	(100)	(1,200)
Settled Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	2,000	2,000
New Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	1,300	800
Forward Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount		750
Pre-tax loss recognized in other comprehensive income (loss)	(200)	(100)
Settled Cross Currency Swaps | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Notional amount	100	$ 600
New Cross Currency Swaps | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Notional amount	3,300
Interest Rate Caps
Derivatives, Fair Value [Line Items]
Notional amount	$ 2,540

Notional Amounts of Outstanding

Notional Amounts of Outstanding Derivative Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Net Investment Hedges
Derivative [Line Items]
Notional amount		$ 864
Interest Rate Swaps
Derivative [Line Items]
Notional amount	$ 13,099	7,620
Forward Interest Rate Swaps
Derivative [Line Items]
Notional amount		750
Cross Currency Swaps
Derivative [Line Items]
Notional amount	12,890	$ 9,675
Interest Rate Caps
Derivative [Line Items]
Notional amount	$ 2,540

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for awards under the Long-Term Incentive Plan				119,600,000
Share-based compensation	$ 0.4	$ 0.3	$ 0.3
Restricted Stock Units and Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to the unvested portion of RSUs and PSUs	$ 0.3
Weighted-average period of unrecognized compensation expense related to the unvested portion of RSUs and PSUs (in years)	2 years
Payments made to settle compensation classified as liability awards	$ 0.4	$ 0.4	$ 0.6
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per unit	$ 51.86	$ 48.15

Restricted and Performance Stoc

Restricted and Performance Stock Unit Activity (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	13,903	15,007	16,193
Granted	4,409	4,958	5,278
Payments	(4,890)	(5,911)	(6,202)
Cancelled/Forfeited	(114)	(151)	(262)
Ending Balance	13,308	13,903	15,007
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	17,203	19,966	23,724
Granted	6,391	7,044	7,359
Payments	(4,702)	(6,732)	(9,153)
Cancelled/Forfeited	(1,143)	(3,075)	(1,964)
Adjustments	170
Ending Balance	17,919	17,203	19,966

Change In Benefit Obligations C

Change In Benefit Obligations Change In Plan Assets Funded Status Amounts Recognized On Balance Sheet And Amounts Recognized In Accumulated Other Comprehensive Loss Pretax (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Actuarial (gain) loss, net	$ 1,900	$ 2,500
Noncurrent liabilities	(26,166)	(26,166)	$ (29,957)
Pension
Defined Benefit Plan Disclosure [Line Items]
Beginning of year		22,016	25,320
Service cost		322	374	$ 327
Interest cost		677	969	1,035
Plan amendments		428
Actuarial (gain) loss, net		1,017	(1,361)
Benefits paid		(938)	(971)
Curtailment and termination benefits		4		11
Settlements paid		(1,270)	(2,315)
Divestiture (Note 2)		(1,144)
End of year	21,112	21,112	22,016	25,320
Beginning of year		16,124	18,548
Actual return on plan assets		882	118
Company contributions		837	744
Benefits paid		(938)	(971)
Settlements paid		(1,270)	(2,315)
Divestiture (Note 2)		(972)
End of year	14,663	14,663	16,124	18,548
End of year	(6,449)	(6,449)	(5,892)
Noncurrent assets	2	2	349
Current liabilities	(88)	(88)	(93)
Noncurrent liabilities	(6,363)	(6,363)	(6,148)
Total	(6,449)	(6,449)	(5,892)
Prior Service Cost (Benefit)		443	(51)
Total	443	443	(51)
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Beginning of year		24,223	27,097
Service cost		193	324	258
Interest cost		746	1,117	1,107
Plan amendments		(5,142)	(45)
Actuarial (gain) loss, net		1,289	(2,733)
Benefits paid		(1,349)	(1,370)
Divestiture (Note 2)		(310)	(167)
End of year	19,650	19,650	24,223	27,097
Beginning of year		1,760	2,435
Actual return on plan assets		35	28
Company contributions		917	667
Benefits paid		(1,349)	(1,370)
End of year	1,363	1,363	1,760	$ 2,435
End of year	(18,287)	(18,287)	(22,463)
Current liabilities	(639)	(639)	(695)
Noncurrent liabilities	(17,648)	(17,648)	(21,768)
Total	(18,287)	(18,287)	(22,463)
Prior Service Cost (Benefit)		(6,072)	(2,038)
Total	$ (6,072)	$ (6,072)	$ (2,038)

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) shares in Millions, $ in Millions	Aug. 31, 2016USD ($)plan	May 31, 2016USD ($)plan	Apr. 01, 2016USD ($)plan	Mar. 31, 2016USD ($)plan	Dec. 31, 2016USD ($)shares	Dec. 31, 2016USD ($)planshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation for all defined benefit pension plans					$ 21,100	$ 21,100	$ 22,000
Defined benefits postretirement plans amortized from accumulated other comprehensive income						$ (900)
Discount Rate					4.20%	4.20%	4.60%	4.20%	5.00%
Defined benefit plan, period used to determine overall expected long term rate of return on assets assumption (in years)						10
Number of allocated shares of common stock in ESOP | shares					55	55
Total savings plan cost						$ 700	$ 900	$ 900
Severance, Pension and Benefit (Credits) Charges						2,923	(2,256)	7,507
Pension and other postretirement benefit remeasurement (credits) charges					$ 1,900	2,500
Severance costs						400	600	500
Lower negotiated prescription drug pricing					500	500
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						400
Minimum
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefit obligations					300	300
Access Line Sale with Frontier
Defined Benefit Plan Disclosure [Line Items]
Derecognition of net assets, defined benefit pension and other postretirement benefit plan obligations			$ 700				700
Access Line Sale with Frontier | Selling, general and administrative expense
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain						500
Curtailment gain, net of tax						300
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
Increase in pre-tax income						400
Reclassification to net periodic cost					$ (400)	$ (400)
Return Seeking Assets
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets						65.00%
Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets						35.00%
Credits Primarily Driven By Increase In Discount Rate Assumption
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges							(2,500)
Credits Due to Execution of New Prescription Drug Contract
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges							(1,000)
(Credits) Charges Primarily Driven By Use of Updated Actuarial Tables
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges						$ (500)	(900)	1,800
(Credits) Charges Due To Difference Between Estimated Return On Assets And Actual Return On Assets
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges						$ 200	$ 1,200	$ (600)
Expected return on plan assets							7.00%	7.25%	7.25%
Actual return on assets						6.00%	0.70%	10.50%
(Credits) Charges Primarily Driven By Other Assumption Adjustments
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges						$ 300	$ 300
Charges Primarily Driven By Decrease In Discount Rate Assumption
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges						2,100		$ 5,200
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Reclassification						$ 310	$ 167
Discount Rate					4.20%	4.20%	4.60%
Pension and other postretirement benefit obligations					$ 19,650	$ 19,650	$ 24,223	$ 27,097
Defined benefit plan contributions by employer						917	667
Pension and other postretirement benefit remeasurement (credits) charges						$ 1,289	$ (2,733)
Expected return on plan assets						3.80%	4.80%	5.50%
Pension
Defined Benefit Plan Disclosure [Line Items]
Reclassification						$ 1,144
Discount Rate					4.30%	4.30%	4.60%
Pension and other postretirement benefit obligations					$ 21,112	$ 21,112	$ 22,016	$ 25,320
Defined benefit plan contributions by employer						837	744
Pension and other postretirement benefit remeasurement (credits) charges						$ 1,017	$ (1,361)
Expected return on plan assets						7.00%	7.25%	7.25%
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 | 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
Pension | Lump Sum Distributions
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefit remeasurement (credits) charges	$ 600	$ 100		$ 200
Number of defined benefit pension plans | plan	5	3		1
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer						1,100
Defined benefit plan contributions by employer in next fiscal year						$ 800
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 | 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 other postretirement benefit plans | plan		3
Qualified pension plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer						800
Defined benefit plan discretionary contributions by employer						200
Defined benefit plan contributions by employer in next fiscal year						600
Non Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer						100
Defined benefit plan contributions by employer in next fiscal year						100
Charges Primarily Driven by Updated Health Care Trend Cost Assumptions
Defined Benefit Plan Disclosure [Line Items]
Severance, Pension and Benefit (Credits) Charges						$ 900
Pension and Benefit Plans | Contractual Healthcare Caps and Bargain
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefit remeasurement (credits) charges		$ 2,700
Number of defined benefit pension plans | plan		2
Pension and Benefit Plans | Defined Benefit Plan Curtailments
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefit remeasurement (credits) charges			$ 800
Number of defined benefit pension plans | plan			3
Number of other postretirement benefit plans | plan			1

Information for Pension Plans w

Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 21,048	$ 21,694
Accumulated benefit obligation	20,990	21,636
Fair value of plan assets	$ 14,596	$ 15,452

Benefit or Income Cost Related

Benefit or Income Cost Related to Pension and Postretirement Health Care and Life Insurance Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 322	$ 374	$ 327
Amortization of prior service cost (credit)	21	(5)	(8)
Expected return on plan assets	(1,045)	(1,270)	(1,181)
Interest cost	677	969	1,035
Remeasurement (gain) loss, net	1,198	(209)	2,380
Net periodic benefit (income) cost	1,173	(141)	2,553
Curtailment and termination benefits	4		11
Total	1,177	(141)	2,564
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Service cost	193	324	258
Amortization of prior service cost (credit)	(657)	(287)	(253)
Expected return on plan assets	(54)	(101)	(161)
Interest cost	746	1,117	1,107
Remeasurement (gain) loss, net	1,300	(2,659)	4,615
Net periodic benefit (income) cost	1,528	(1,606)	5,566
Total	$ 1,528	$ (1,606)	$ 5,566

Other Pretax Changes in Plan As

Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Pension
Defined Benefit Plan Disclosure [Line Items]
Prior service cost (benefit)	$ 428
Reversal of amortization items Prior service cost (benefit)	(21)	$ 5
Amounts reclassified to net income	87
Total recognized in other comprehensive (income) loss (pre-tax)	494	5
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Prior service cost (benefit)	(5,142)	(45)
Reversal of amortization items Prior service cost (benefit)	657	287
Amounts reclassified to net income	451
Total recognized in other comprehensive (income) loss (pre-tax)	$ (4,034)	$ 242

Weighted Average Assumptions Us

Weighted Average Assumptions Used In Determining Benefit Obligations (Detail)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.20%	4.60%	4.20%	5.00%
Pension
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.30%	4.60%
Rate of compensation increases	3.00%	3.00%
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.20%	4.60%

Weighted Average Assumptions 84

Weighted Average Assumptions Used In Determining Net Periodic Cost (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension
Defined Benefit Plan Disclosure [Line Items]
Discount rate in effect for determining service cost	4.50%	4.20%	5.00%
Discount rate in effect for determining interest cost	3.20%	4.20%	5.00%
Expected return on plan assets	7.00%	7.25%	7.25%
Rate of compensation increases	3.00%	3.00%	3.00%
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
Discount rate in effect for determining service cost	4.50%	4.20%	5.00%
Discount rate in effect for determining interest cost	3.40%	4.20%	5.00%
Expected return on plan assets	3.80%	4.80%	5.50%

Health Care Cost Trend Rates (D

Health Care Cost Trend Rates (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Healthcare cost trend rate assumed for next year	6.50%	6.00%	6.50%
Rate to which cost trend rate gradually declines	4.50%	4.50%	4.75%
Year the rate reaches the level it is assumed to remain thereafter	2,025	2,024	2,022

Effects of One Percentage Point

Effects of One Percentage Point Change In Assumed Health Care Cost Trend Rates (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Defined Benefit Plan Disclosure [Line Items]
Effect on 2016 service and interest cost, Increase	$ 100
Effect on 2016 service and interest cost, Decrease	(81)
Effect on postretirement benefit obligation as of December 31, 2016, Increase	609
Effect on postretirement benefit obligation as of December 31, 2016, Decrease	$ (616)

Fair Values for Plans by Asset

Fair Values for Plans by Asset Category (Detail) - Pension - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	$ 9,255	$ 9,627
Investments measured at NAV	5,408	6,497
Total Investments at fair value	14,663	16,124	$ 18,548
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	1,228	1,387
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	1,883	2,237
US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	1,251	1,265
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	2,375	2,350
International Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	713	710
Other Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value		2
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	655	873
Private Equity
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	624	609
Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	526	194
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	4,154	4,718
Total Investments at fair value	4,154	4,718
Level 1 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	1,219	1,375
Level 1 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	1,883	2,234
Level 1 | US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	880	884
Level 1 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	152	192
Level 1 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	20	33
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	3,707	3,276
Total Investments at fair value	3,707	3,276
Level 2 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	9	12
Level 2 | US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	371	381
Level 2 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	2,126	2,030
Level 2 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	679	657
Level 2 | Other Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value		2
Level 2 | Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	522	194
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	1,394	1,633
Total Investments at fair value	1,394	1,633
Level 3 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value		3
Level 3 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	97	128
Level 3 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	14	20
Level 3 | Real Estate
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	655	873
Level 3 | Private Equity
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	624	$ 609
Level 3 | Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	$ 4

Reconciliation of Beginning and

Reconciliation of Beginning and Ending Balance of Pension Plan Assets Measured at Fair Value (Detail) - Pension - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	$ 1,633	$ 1,435
Actual gain (loss) on plan assets	169	142
Purchases and sales	(408)	(61)
Transfers in (out)		117
Ending Balance	1,394	1,633
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	3	1
Actual gain (loss) on plan assets	(1)
Purchases and sales	(2)
Transfers in (out)		2
Ending Balance		3
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	128	100
Actual gain (loss) on plan assets	(9)	6
Purchases and sales	(22)	18
Transfers in (out)		4
Ending Balance	97	128
International Bonds
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	20	18
Actual gain (loss) on plan assets	(2)	(2)
Purchases and sales	(4)	5
Transfers in (out)		(1)
Ending Balance	14	20
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	873	692
Actual gain (loss) on plan assets	169	93
Purchases and sales	(387)	(24)
Transfers in (out)		112
Ending Balance	655	873
Private Equity
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	609	624
Actual gain (loss) on plan assets	12	45
Purchases and sales	3	(60)
Ending Balance	624	$ 609
Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Purchases and sales	4
Ending Balance	$ 4

Fair Values For Other Postretir

Fair Values For Other Postretirement Benefit Plans By Asset Category (Detail) - Other Postretirement Benefit Plan - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	$ 847	$ 1,238
Investments measured at NAV	516	522
Total Investments at fair value	1,363	1,760
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	131	162
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	463	768
US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	23	21
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	170	208
International Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	60	79
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	661	923
Total Investments at fair value	661	923
Level 1 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	1
Level 1 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	463	752
Level 1 | US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	22	19
Level 1 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	145	133
Level 1 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	30	19
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	186	315
Total Investments at fair value	186	315
Level 2 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	130	162
Level 2 | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value		16
Level 2 | US Treasuries and agencies
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	1	2
Level 2 | Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	25	75
Level 2 | International Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Investments at fair value	$ 30	$ 60

Expected Benefit Payments to Re

Expected Benefit Payments to Retirees (Detail) $ in Millions	Dec. 31, 2016USD ($)
Pension
Defined Benefit Plan Disclosure [Line Items]
2,017	$ 2,356
2,018	1,790
2,019	1,722
2,020	1,204
2,021	1,189
2022-2026	5,777
Health Care And Life
Defined Benefit Plan Disclosure [Line Items]
2,017	1,259
2,018	1,284
2,019	1,290
2,020	1,302
2,021	1,327
2022-2026	$ 6,616

Recorded Severance Liability (D

Recorded Severance Liability (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Beginning of Year	$ 800	$ 875	$ 757
Charged to Expense	417	551	531
Payments	(583)	(619)	(406)
Other	22	(7)	(7)
End of Year	$ 656	$ 800	$ 875

Components of Income before (Pr

Components of Income before (Provision) benefit for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components Of Income Tax Expense Benefit [Line Items]
Domestic	$ 20,047	$ 27,639	$ 12,992
Foreign	939	601	2,278
Income Before Provision For Income Taxes	$ 20,986	$ 28,240	$ 15,270

Components of Provision (benefi

Components of Provision (benefit) for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Provision of Income Taxes [Line Items]
Federal	$ 7,451	$ 5,476	$ 2,657
Foreign	148	70	81
State and Local	842	803	668
Total	8,441	6,349	3,406
Federal	(933)	3,377	(51)
Foreign	(2)	9	(9)
State and Local	(128)	130	(32)
Total	(1,063)	3,516	(92)
Total income tax provision	$ 7,378	$ 9,865	$ 3,314

Schedule for Principal Reasons

Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Rate Reconciliation [Line Items]
Statutory federal income tax rate	35.00%	35.00%	35.00%
State and local income tax rate, net of federal tax benefits	2.20%	2.10%	2.70%
Affordable housing credit	(0.70%)	(0.50%)	(1.00%)
Employee benefits including ESOP dividend	(0.50%)	(0.40%)	(0.70%)
Noncontrolling interests	(0.60%)	(0.50%)	(5.00%)
Non-deductible goodwill	2.20%
Other, net	(2.40%)	(0.80%)	(3.40%)
Effective income tax rate	35.20%	34.90%	21.70%
Vodafone Omnitel N.V.
Income Tax Rate Reconciliation [Line Items]
Disposition of Omnitel Interest			(5.90%)

Taxes - Additional Information

Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Taxes [Line Items]
Effective income tax rate	35.20%	34.90%	21.70%
Provision for income taxes from goodwill	$ 527
Increase in income taxes paid	3,200
Undistributed earnings of our foreign subsidiaries	2,300
Net tax loss and credit carry forwards (tax effected)	3,300
Net tax loss and credit carry forwards (tax effected), portion that will expire between 2017 and 2036	1,900
Operating loss carry forwards amount	1,400
Decrease in valuation allowance	(900)
Unrecognized tax benefits, that if recognized, would favorably affect the effective income tax rate	$ 1,500	$ 1,200	$ 1,300

Schedule of Cash Taxes Paid (De

Schedule of Cash Taxes Paid (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Income taxes, net of amounts refunded	$ 9,577	$ 5,293	$ 4,093
Employment taxes	1,196	1,284	1,290
Property and other taxes	1,796	1,868	1,797
Total	$ 12,569	$ 8,445	$ 7,180

Schedule of Deferred Taxes (Det

Schedule of Deferred Taxes (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Employee benefits	$ 10,453	$ 12,220
Tax loss and credit carry forwards	3,318	4,099
Other - assets	2,632	2,504
Deferred Tax Assets, Gross, Total	16,403	18,823
Valuation allowances	(2,473)	(3,414)
Deferred tax assets	13,930	15,409
Spectrum and other intangible amortization	31,404	29,945
Depreciation	22,848	24,725
Other - liabilities	5,642	6,125
Deferred tax liabilities	59,894	60,795
Net deferred tax liability	$ 45,964	$ 45,386

Reconciliation of Beginning a98

Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Balance at January 1,	$ 1,635	$ 1,823	$ 2,130
Additions based on tax positions related to the current year	338	194	80
Additions for tax positions of prior years	188	330	627
Reductions for tax positions of prior years	(153)	(412)	(278)
Settlements	(18)	(79)	(239)
Lapses of statutes of limitations	(88)	(221)	(497)
Balance at December 31,	$ 1,902	$ 1,635	$ 1,823

Schedule of After Tax (Expenses

Schedule of After Tax (Expenses) Benefits Related To Interest and Penalties in Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Income tax examination, penalties and interest expense	$ (25)	$ 43	$ 92

After Tax Accrual for Payment o

After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Income tax examination, penalties and interest accrued	$ 142	$ 125

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)Segment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment									2
Segment reporting information, revenue	$ 32,340	$ 30,937	$ 30,532	$ 32,171	$ 34,254	$ 33,158	$ 32,224	$ 31,984	$ 125,980	$ 131,620	$ 127,079
Number of customers individually accounting for more than ten percent of total operating revenues									No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2016, 2015 and 2014.
Fios revenues | Wireline
Segment Reporting Information [Line Items]
Segment reporting information, revenue									$ 11,200	$ 10,700	$ 9,800

Operating Financial Information

Operating Financial Information for Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Operating Revenues	$ 32,340	$ 30,937	$ 30,532	$ 32,171	$ 34,254	$ 33,158	$ 32,224	$ 31,984	$ 125,980	$ 131,620	$ 127,079
Cost of services									29,186	29,438	28,306
Wireless cost of equipment									22,238	23,119	21,625
Selling, general and administrative expense									31,569	29,986	41,016
Depreciation and amortization expense									15,928	16,017	16,533
Total operating expenses									98,921	98,560	107,480
Operating Income	$ 8,023	$ 6,540	$ 4,554	$ 7,942	$ 9,744	$ 7,535	$ 7,821	$ 7,960	27,059	33,060	19,599
Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues									120,531	123,774	120,439
Cost of services									26,607	26,619	26,613
Wireless cost of equipment									22,238	23,119	21,625
Selling, general and administrative expense									26,509	29,061	30,996
Depreciation and amortization expense									15,284	15,523	15,276
Total operating expenses									90,638	94,322	94,510
Operating Income									29,893	29,452	25,929
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									89,186	91,680	87,646
Cost of services									7,988	7,803	7,200
Wireless cost of equipment									22,238	23,119	21,625
Selling, general and administrative expense									19,924	21,805	23,602
Depreciation and amortization expense									9,183	8,980	8,459
Total operating expenses									59,333	61,707	60,886
Operating Income									29,853	29,973	26,760
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									31,345	32,094	32,793
Cost of services									18,619	18,816	19,413
Selling, general and administrative expense									6,585	7,256	7,394
Depreciation and amortization expense									6,101	6,543	6,817
Total operating expenses									31,305	32,615	33,624
Operating Income									40	(521)	(831)
Operating Segments | Service Revenue
Segment Reporting Information [Line Items]
Operating Revenues									66,362	70,305	72,555
Operating Segments | Service Revenue | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									66,362	70,305	72,555
Operating Segments | Equipment Revenue
Segment Reporting Information [Line Items]
Operating Revenues									17,511	16,924	10,957
Operating Segments | Equipment Revenue | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									17,511	16,924	10,957
Operating Segments | Other External Operating Non-Service Revenues
Segment Reporting Information [Line Items]
Operating Revenues									4,915	4,294	4,021
Operating Segments | Other External Operating Non-Service Revenues | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									4,915	4,294	4,021
Operating Segments | Mass Markets Consumer Retail
Segment Reporting Information [Line Items]
Operating Revenues									12,751	12,696	12,168
Operating Segments | Mass Markets Consumer Retail | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									12,751	12,696	12,168
Operating Segments | Mass Markets Small Business
Segment Reporting Information [Line Items]
Operating Revenues									1,651	1,744	1,829
Operating Segments | Mass Markets Small Business | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									1,651	1,744	1,829
Operating Segments | Mass Markets
Segment Reporting Information [Line Items]
Operating Revenues									14,402	14,440	13,997
Operating Segments | Mass Markets | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									14,402	14,440	13,997
Operating Segments | Global Enterprise
Segment Reporting Information [Line Items]
Operating Revenues									11,620	12,048	12,802
Operating Segments | Global Enterprise | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									11,620	12,048	12,802
Operating Segments | Global Wholesale
Segment Reporting Information [Line Items]
Operating Revenues									4,052	4,301	4,520
Operating Segments | Global Wholesale | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									4,052	4,301	4,520
Operating Segments | Other
Segment Reporting Information [Line Items]
Operating Revenues									320	338	527
Operating Segments | Other | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									320	338	527
Operating Segments | Intersegment Revenues
Segment Reporting Information [Line Items]
Operating Revenues									1,349	1,124	1,060
Operating Segments | Intersegment Revenues | Wireless
Segment Reporting Information [Line Items]
Operating Revenues									398	157	113
Operating Segments | Intersegment Revenues | Wireline
Segment Reporting Information [Line Items]
Operating Revenues									$ 951	$ 967	$ 947

Reconciliation of Segment Asset

Reconciliation of Segment Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 244,180	$ 244,175
Plant, property and equipment, net	84,751	83,541
Capital expenditures	17,059	17,775	$ 17,191
Operating Segments
Segment Reporting Information [Line Items]
Assets	278,024	263,710	236,962
Plant, property and equipment, net	83,103	81,955	88,594
Capital expenditures	15,744	16,774	16,265
Operating Segments | Wireless
Segment Reporting Information [Line Items]
Assets	211,345	185,405	160,333
Plant, property and equipment, net	42,898	40,911	38,276
Capital expenditures	11,240	11,725	10,515
Operating Segments | Wireline
Segment Reporting Information [Line Items]
Assets	66,679	78,305	76,629
Plant, property and equipment, net	40,205	41,044	50,318
Capital expenditures	$ 4,504	$ 5,049	$ 5,750

Summary of Reconciliation of Se

Summary of Reconciliation of Segment Operating Revenues (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue	$ 32,340	$ 30,937	$ 30,532	$ 32,171	$ 34,254	$ 33,158	$ 32,224	$ 31,984	$ 125,980	$ 131,620	$ 127,079
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue									120,531	123,774	120,439
Corporate and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue									5,663	3,738	2,106
Revenue Generated By Assets Sold
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue									1,280	5,280	5,625
Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment reporting information, revenue									$ (1,494)	$ (1,172)	$ (1,091)

Reconciliation of Total Reporta

Reconciliation of Total Reportable Segments Operating Income to Consolidated Income before Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Severance, pension and benefit credits (charges) (Note 10)									$ (2,923)	$ 2,256	$ (7,507)
Gain on spectrum license transactions (Note 2)									142	254	707
Other costs											(334)
Operating Income	$ 8,023	$ 6,540	$ 4,554	$ 7,942	$ 9,744	$ 7,535	$ 7,821	$ 7,960	27,059	33,060	19,599
Equity in (losses) earnings of unconsolidated businesses									(98)	(86)	1,780
Other income and (expense), net									(1,599)	186	(1,194)
Interest expense									(4,376)	(4,920)	(4,915)
Income Before Provision for Income Taxes									20,986	28,240	15,270
Access Line Sale with Frontier
Segment Reporting Information [Line Items]
Gain on access line sale (Note 2)									1,007
Operating Income									700	2,800	2,000
Operating Segments
Segment Reporting Information [Line Items]
Operating Income									29,893	29,452	25,929
Corporate and Other
Segment Reporting Information [Line Items]
Operating Income									(1,721)	(1,720)	(1,217)
Operating Income Generated By Assets Sold
Segment Reporting Information [Line Items]
Operating Income									$ 661	$ 2,818	$ 2,021

Summary of Reconciliation of Re

Summary of Reconciliation of Reportable Segment Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 244,180	$ 244,175
Operating Segments
Segment Reporting Information [Line Items]
Assets	278,024	263,710	$ 236,962
Corporate and Other
Segment Reporting Information [Line Items]
Assets	213,787	205,476
Eliminations
Segment Reporting Information [Line Items]
Assets	$ (247,631)	$ (225,011)

Changes in Balances of Accumula

Changes in Balances of Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at beginning of year	$ 17,842	$ 13,676
Balance at end of year	24,032	17,842	$ 13,676
Foreign currency translation adjustments
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at beginning of year	(554)	(346)	853
Other comprehensive income (loss)	(159)	(208)	(288)
Amounts reclassified to net income			(911)
Net other comprehensive income (loss)	(159)	(208)	(1,199)
Balance at end of year	(713)	(554)	(346)
Unrealized gain (loss) on cash flow hedges
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at beginning of year	(278)	(84)	113
Other comprehensive income (loss)	(225)	(1,063)	(89)
Amounts reclassified to net income	423	869	(108)
Net other comprehensive income (loss)	198	(194)	(197)
Balance at end of year	(80)	(278)	(84)
Unrealized gain (loss) on marketable securities
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at beginning of year	101	112	117
Other comprehensive income (loss)	(13)	(5)	14
Amounts reclassified to net income	(42)	(6)	(19)
Net other comprehensive income (loss)	(55)	(11)	(5)
Balance at end of year	46	101	112
Defined benefit pension and postretirement plans
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at beginning of year	1,281	1,429	1,275
Other comprehensive income (loss)	2,881
Amounts reclassified to net income	(742)	(148)	154
Net other comprehensive income (loss)	2,139	(148)	154
Balance at end of year	3,420	1,281	1,429
Accumulated Other Comprehensive Income
Equity And Accumulated Other Comprehensive Income [Line Items]
Balance at beginning of year	550	1,111	2,358
Other comprehensive income (loss)	2,484	(1,276)	(363)
Amounts reclassified to net income	(361)	715	(884)
Net other comprehensive income (loss)	2,123	(561)	(1,247)
Balance at end of year	$ 2,673	$ 550	$ 1,111

Income Statement Information (D

Income Statement Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Depreciation expense	$ 14,227	$ 14,323	$ 14,966
Interest costs on debt balances	5,080	5,504	5,291
Capitalized interest costs	(704)	(584)	(376)
Advertising expense	$ 2,744	$ 2,749	$ 2,526

Balance Sheet Information (Deta

Balance Sheet Information (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Accounts payable	$ 7,084	$ 5,700
Accrued expenses	5,717	5,659
Accrued vacation, salaries and wages	3,813	4,420
Interest payable	1,463	1,529
Taxes payable	1,516	2,054
Total accounts payable and accrued liabilities	19,593	19,362
Advance billings and customer deposits	2,914	2,969
Dividends payable	2,375	2,323
Other	2,789	3,446
Total other current liabilities	$ 8,078	$ 8,738

Cash Flow Information (Detail)

Cash Flow Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items]
Interest, net of amounts capitalized	$ 4,085	$ 4,491	$ 4,429
Changes in device payment plan agreement receivables - non-current	(3,303)	(23)	(1,010)
Proceeds from Tower Monetization Transaction		2,346
Other, net	(1,082)	(3,734)	(2,078)
Other, net	$ (4,385)	$ (1,411)	$ (3,088)

Additional Financial Informa111

Additional Financial Information - Additional Information (Detail) - USD ($)	Jun. 05, 2015	Feb. 10, 2015	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Information [Line Items]
Payment for repurchase of common stock				$ 5,134,000,000
Treasury stock aggregate value				$ 900,000,000
Common shares issued from Treasury stock			3,500,000	22,600,000
2015 Accelerated Stock Repurchase
Supplemental Cash Flow Information [Line Items]
Number of shares repurchased	15,400,000	86,200,000		101,600,000
Payment for repurchase of common stock		$ 4,250,000,000
Accelerated Share Repurchase		5,000,000,000
Up-front payment for repurchase of common stock		$ (5,000,000,000)
Average repurchase price				$ 49.21
Share Buyback Program
Supplemental Cash Flow Information [Line Items]
Number of shares repurchased			0	2,800,000
Payment for repurchase of common stock				$ 100,000,000
Share Buyback Program | Maximum
Supplemental Cash Flow Information [Line Items]
Number of shares authorized for repurchase			97,200,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Billions	12 Months Ended
	Dec. 31, 2016USD ($)LegalMatter	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Loss Contingencies [Line Items]
Approximate number of federal district court actions alleged for patent infringement | LegalMatter	35
Guarantee obligations, year term (in years)	30 years
Letters of credit	$ 0.4
Purchase commitments	16.8
Purchase commitments due in 2017	6.9
Purchase commitments due in 2018 through 2019	6.4
Purchase commitments due in 2020 through 2021	1.3
Purchase commitments due after five year	2.2
Purchases against commitments	$ 8.1	$ 10.2	$ 21

Schedule of Quarterly Financial

Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended																12 Months Ended
	Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information [Line Items]
Operating Revenues	$ 32,340		$ 30,937		$ 30,532		$ 32,171		$ 34,254		$ 33,158		$ 32,224		$ 31,984		$ 125,980	$ 131,620	$ 127,079
Operating Income	8,023		6,540		4,554		7,942		9,744		7,535		7,821		7,960		27,059	33,060	19,599
Net Income attributable to Verizon	$ 4,495	[1]	$ 3,620	[1]	$ 702	[1]	$ 4,310	[1]	$ 5,391	[1]	$ 4,038	[1]	$ 4,231	[1]	$ 4,219	[1]	$ 13,127	$ 17,879	$ 9,625
Earnings Per Share, Basic	$ 1.10	[1]	$ 0.89	[1]	$ 0.17	[1]	$ 1.06	[1]	$ 1.32	[1]	$ 0.99	[1]	$ 1.04	[1]	$ 1.03	[1]	$ 3.22	$ 4.38	$ 2.42
Earnings Per Share, Diluted	$ 1.10	[1]	$ 0.89	[1]	$ 0.17	[1]	$ 1.06	[1]	$ 1.32	[1]	$ 0.99	[1]	$ 1.04	[1]	$ 1.02	[1]	$ 3.21	$ 4.37	$ 2.42
Net Income	$ 4,600		$ 3,747		$ 831		$ 4,430		$ 5,513		$ 4,171		$ 4,353		$ 4,338		$ 13,608	$ 18,375	$ 11,956
[1]	Net income attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.

Schedule of Quarterly Financ114

Schedule of Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Billions	3 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015
Severance, Pension, and Benefit Credit (Charges)
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations	$ 1	$ (0.5)	$ (2.2)	$ (0.1)	$ 1.6	$ (0.2)
Spectrum
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations				$ 0.1	$ 0.2
Early Debt Redemption Costs
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations			(1.1)
Gain on Access Line Sale
Quarterly Financial Information [Line Items]
After-tax credits (charges) included in consolidated results of operations			$ 0.1