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Additional Financial Information | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Additional Financial Information |
Note 15. Additional Financial Information
The following tables provide additional financial information related to our consolidated financial statements: Income Statement Information
| (dollars in millions)
Years Ended December 31, | 2023 |  | 2022 |  | 2021
Depreciation expense | $ | 14,937 |  |  | $ | 14,592 |  |  | $ | 14,119 |
Interest costs on debt balances | 7,123 |  |  | 5,429 |  |  | 5,148 |
Net amortization of debt discount | 219 |  |  | 214 |  |  | 178 |
Capitalized interest costs | (1,818) |  |  | (2,030) |  |  | (1,841) |
Advertising expense | 3,847 |  |  | 3,556 |  |  | 3,394 |
| (dollars in millions)
Years Ended December 31, | 2023 |  | 2022 |  | 2021
Other income (expense), net |  |  |  |  |
Interest income | $ | 354 |  |  | $ | 146 |  |  | $ | 48 |
Other components of net periodic benefit (cost) income | (938) |  |  | 2,386 |  |  | 3,785 |
Net debt extinguishment gains (losses) | 308 |  |  | (1,077) |  |  | (3,541) |
Other, net | (37) |  |  | (82) |  |  | 20 |
| $ | (313) |  |  | $ | 1,373 |  |  | $ | 312 |
Balance Sheet Information
| (dollars in millions)
At December 31, | 2023 |  | 2022
Prepaid expenses and other |  |  |
Prepaid taxes | $ | 550 |  |  | $ | 167 |
Deferred contract costs | 2,756 |  |  | 2,629 |
Collateral payments related to derivative contracts | 1,406 |  |  | 2,286 |
Restricted cash | 1,244 |  |  | 1,343 |
Other prepaid expense and other | 1,651 |  |  | 1,933 |
| $ | 7,607 |  |  | $ | 8,358 |
Accounts payable and accrued liabilities |  |  |
Accounts payable | $ | 10,021 |  |  | $ | 8,750 |
Accrued expenses | 5,190 |  |  | 7,824 |
Accrued vacation, salaries and wages | 4,060 |  |  | 3,950 |
Interest payable | 1,570 |  |  | 1,577 |
Taxes payable | 2,612 |  |  | 1,876 |
| $ | 23,453 |  |  | $ | 23,977 |
Other current liabilities |  |  |
Dividends payable | $ | 2,821 |  |  | $ | 2,764 |
Contract liability | 6,955 |  |  | 6,583 |
Other | 2,755 |  |  | 2,750 |
| $ | 12,531 |  |  | $ | 12,097 |
As of December 31, 2023 and 2022, Property, plant and equipment includes approximately $3.8 billion and $6.0 billion of additions that have not yet been paid. Cash Flow Information
| (dollars in millions)
Years Ended December 31, | 2023 |  | 2022 |  | 2021
Cash Paid |  |  |  |  |
Interest, net of amounts capitalized | $ | 4,384 |  |  | $ | 3,316 |  |  | $ | 3,435 |
Income taxes, net of amounts refunded | 2,343 |  |  | 2,736 |  |  | 3,040 |
Other, net Cash Flows from Operating Activities |  |  |  |  |
Changes in device payment plan agreement non-current receivables | $ | (2,975) |  |  | $ | (4,919) |  |  | $ | (2,438) |
Net debt extinguishment (gains) losses | (308) |  |  | 1,077 |  |  | 3,541 |
Loss on spectrum licenses | — |  |  | — |  |  | 223 |
Gain on disposition of Media business | — |  |  | — |  |  | (1,051) |
Other, net | (427) |  |  | 64 |  |  | (368) |
| $ | (3,710) |  |  | $ | (3,778) |  |  | $ | (93) |
Other, net Cash Flows from Financing Activities |  |  |  |  |
Net debt related costs(1) | $ | (73) |  |  | $ | (366) |  |  | $ | (2,309) |
Other, net | (1,397) |  |  | (1,706) |  |  | (1,523) |
| $ | (1,470) |  |  | $ | (2,072) |  |  | $ | (3,832) |
(1) These costs include the premiums paid for the early extinguishment of debt, fees paid in connection with exchange and tender offers, and settlements of associated instruments.
Supplier Finance Program We maintain a voluntary supplier finance program (SFP) with a financial institution which provides certain suppliers the option, at their sole discretion, to participate in the program and sell their receivables due from Verizon to the financial institution on a non-recourse basis. The eligible suppliers negotiate the terms directly with the financial institution and we have no involvement in establishing those terms nor are we a party to these agreements. Our payments associated with the invoices from the suppliers participating in the SFP are made to the financial institution according to the original invoice terms generally at 90 days from the invoice date and for the original invoice amount. No additional payments are exchanged between Verizon and the financial institution related to the SFP. Verizon does not pledge any assets nor provide any guarantees to the financial institution in connection with the SFP. The SFP can be terminated by Verizon or the financial institution with a 60-day notice period. Confirmed obligations outstanding related to suppliers participating in the SFP are recorded within Accounts payable and accrued liabilities in our consolidated balance sheets and the associated payments are reflected in the operating activities section of our consolidated statements of cash flows. As of December 31, 2023 and 2022, $817 million and $1.0 billion, respectively, remained as confirmed obligations outstanding related to suppliers participating in the SFP.

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