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Debt (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt Transactions | The following tables show the significant transactions involving the senior unsecured debt securities of Verizon and its subsidiaries that occurred during the three and six months ended June 30, 2023. Repayments and Repurchases
(dollars in millions) | Principal Repaid/ Repurchased |  | Amount Paid (1)
Three Months Ended March 30, 2023 |  |  |
Verizon 3.500% notes and floating rate notes due 2023 (2) | A$ | 1,050 |  |  | $ | 850 |
Open market repurchases of various Verizon notes | $ | 260 |  |  | 190 |
Three Months Ended March 30, 2023 total |  |  | 1,040 |
Three Months Ended June 30, 2023 |  |  |
Verizon 0.375% bonds due 2023 (2) | CHF | 600 |  |  | $ | 633 |
Open market repurchases of various Verizon notes | $ | 247 |  |  | 177 |
Three Months Ended June 30, 2023 total |  |  | 810 |
Six Months Ended June 30, 2023 total |  |  | $ | 1,850 |
(1) Represents amount paid to repay or repurchase, including any accrued interest. In addition, for securities denominated in a currency other than the U.S. dollar, amount paid is shown on a U.S. dollar equivalent basis. (2) U.S. dollar amount paid represents the amount payable at maturity per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the repayment. Issuances
(dollars in millions) | Principal Amount Issued |  | Net Proceeds (1)
Three Months Ended June 30, 2023 |  |  |
Verizon 5.050% notes due 2033 (2) | $ | 1,000 |  |  | $ | 994 |
Three and Six Months Ended June 30, 2023 total | $ | 1,000 |  |  | $ | 994 |
(1) Net proceeds were net of underwriting discounts and other issuance costs. (2) An amount equal to the net proceeds from these notes is expected to be used to fund, in whole or in part, certain renewable energy projects, including new and existing investments made by us during the period from January 1, 2023 through the maturity date of the notes. During the six months ended June 30, 2023, we completed the following ABS Notes transactions:
(dollars in millions) | Interest Rates % |  | Expected Weighted-average Life to Maturity (in years) | Principal Amount Issued
January 2023 |  |  |  |
Series 2023-1 |  |  |  |
A Senior class notes | 4.490 |  | 2.98 | $ | 891 |
B Junior class notes | 4.740 |  | 2.98 | — |
C Junior class notes | 4.980 |  | 2.98 | 41 |
January 2023 total |  |  |  | 932 |
April 2023 |  |  |  |
Series 2023-2 |  |  |  |
A Senior class notes | 4.890 |  | 1.99 | 891 |
B Junior class notes | 5.130 |  | 1.99 | — |
C Junior class notes | 5.380 |  | 1.99 | 41 |
Series 2023-3 |  |  |  |
A Senior class notes | 4.730 |  | 4.99 | 268 |
B Junior class notes | 4.970 |  | 4.99 | — |
C Junior class notes | 5.220 |  | 4.99 | 12 |
April 2023 total |  |  |  | 1,212 |
June 2023 |  |  |  |
Series 2023-4 |  |  |  |
A-1a Senior fixed rate class notes | 5.160 |  | 2.97 | 538 |
A-1b Senior floating rate class notes | Compounded SOFR + 0.850 |  | 2.97 | 175 |
B Junior class notes | 5.400 |  | 2.97 | — |
C Junior class notes | 5.650 |  | 2.97 | 33 |
June 2023 total |  |  |  | 746 |
Total |  |  |  | $ | 2,890 |
Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements | The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows:
| At June 30, |  | At December 31,
(dollars in millions) | 2023 |  | 2022
Assets |  |  |
Accounts receivable, net | $ | 14,143 |  |  | $ | 13,906 |
Prepaid expenses and other | 1,469 |  |  | 1,409 |
Other assets | 11,468 |  |  | 9,894 |
Liabilities |  |  |
Accounts payable and accrued liabilities | 24 |  |  | 22 |
Debt maturing within one year | 9,593 |  |  | 6,809 |
Long-term debt | 11,749 |  |  | 13,199 |
Schedule of Line of Credit Facilities | Long-Term Credit Facilities
|  |  |  |  | At June 30, 2023 |  |  |  |
(dollars in millions) | Maturities |  | Facility Capacity |  | Unused Capacity |  | Principal Amount Outstanding |  |  |  |
Verizon revolving credit facility (1) | 2026 |  | $ | 9,500 |  |  | $ | 9,455 |  |  | $ | — |  |  |  |  |
Various export credit facilities (2) | 2024 - 2031 |  | 11,000 |  |  | 486 |  |  | 6,720 |  |  |  |  |
Total |  |  | $ | 20,500 |  |  | $ | 9,941 |  |  | $ | 6,720 |  |  |  |  |
(1) The revolving 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. The revolving credit facility provides for the issuance of letters of credit. As of June 30, 2023, there have been no drawings against the $9.5 billion revolving credit facility since its inception. (2) During the six months ended June 30, 2023 and 2022, we drew down $515 million and $2.0 billion, respectively, from these facilities. Borrowings under certain of these facilities are amortized semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.

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