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Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Operating Information

Our segments and their principal activities consist of the following:

Segment						Description
Verizon Consumer Group						Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon family of brands and through wholesale and other arrangements. We also provide fixed wireless access (FWA) broadband through our wireless networks. Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.
Verizon Business Group						Our Business segment provides wireless and wireline communications services and products, including data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products. We also provide FWA broadband through our wireless networks. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and select products and services to customers around the world.

The following table provides operating financial information for our two reportable segments:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2023						2022						2023						2022
External Operating Revenues
Consumer
Service			$	18,850					$	18,421					$	55,947					$	54,696
Wireless equipment			4,902						5,558						14,210						16,640
Other(1)			1,450						1,809						4,359						5,247
Total Consumer			25,202						25,788						74,516						76,583
Business
Enterprise and Public Sector			3,786						3,940						11,357						11,784
Business Markets and Other			3,180						3,231						9,383						9,428
Wholesale			552						656						1,738						1,926
Total Business			7,518						7,827						22,478						23,138
Total reportable segments			$	32,720					$	33,615					$	96,994					$	99,721
Intersegment Revenues
Consumer			$	55					$	52					$	156					$	153
Business			9						10						26						34
Total reportable segments			$	64					$	62					$	182					$	187
Total Operating Revenues
Consumer			$	25,257					$	25,840					$	74,672					$	76,736
Business(2)			7,527						7,837						22,504						23,172
Total reportable segments			$	32,784					$	33,677					$	97,176					$	99,908
Operating Income
Consumer			$	7,547					$	7,349					$	21,976					$	21,818
Business			539						698						1,623						2,046
Total reportable segments			$	8,086					$	8,047					$	23,599					$	23,864

(1) Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, revenues associated with certain products included in our device protection offerings, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.

(2) Service and other revenues included in our Business segment were approximately $6.6 billion and $6.8 billion for the three months ended September 30, 2023 and 2022, respectively, and $19.9 billion and $20.2 billion for the nine months ended September 30, 2023 and 2022, respectively. Wireless equipment revenues included in our Business segment were $911 million and $1.0 billion for the three months ended September 30, 2023 and 2022, respectively, and $2.6 billion and $2.9 billion for the nine months ended September 30, 2023 and 2022, respectively.

The following table provides Fios revenue for our two reportable segments:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2023						2022						2023						2022
Consumer			$	2,897					$	2,902					$	8,672					$	8,708
Business			308						304						923						897
Total Fios revenue			$	3,205					$	3,206					$	9,595					$	9,605

The following table provides Wireless service revenue for our reportable segments and includes intersegment activity:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2023						2022						2023						2022
Consumer			$	15,963					$	15,517					$	47,324					$	45,970
Business			3,367						3,273						10,008						9,580
Total Wireless service revenue			$	19,330					$	18,790					$	57,332					$	55,550

Summary of Reconciliation of Segment Operating Revenues

A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2023						2022						2023						2022
Total reportable segment operating revenues			$	32,784					$	33,677					$	97,176					$	99,908
Corporate and other			618						627						1,856						1,868
Eliminations			(66)						(63)						(188)						(192)
Total consolidated operating revenues			$	33,336					$	34,241					$	98,844					$	101,584

Summary of Reconciliation of Segment Operating Income

A reconciliation of the total reportable segment's operating income to consolidated income before provision for income taxes is as follows:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2023						2022						2023						2022
Total reportable segment operating income			$	8,086					$	8,047					$	23,599					$	23,864
Corporate and other			(551)						(85)						(899)						(299)
Severance charges			—						—						(237)						—
Other components of net periodic benefit charges (Note 8)			(62)						(68)						(186)						(323)
Total consolidated operating income			7,473						7,894						22,277						23,242
Equity in earnings (losses) of unconsolidated businesses			(18)						2						(42)						40
Other income (expense), net			170						(439)						494						(1,314)
Interest expense			(1,433)						(937)						(3,925)						(2,508)
Income Before Provision For Income Taxes			$	6,192					$	6,520					$	18,804					$	19,460

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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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