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Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
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, | 2023 |  | 2022 |  | 2021
Domestic | $ | 15,668 |  |  | $ | 26,822 |  |  | $ | 27,607 |
Foreign | 1,319 |  |  | 1,449 |  |  | 1,813 |
Total | $ | 16,987 |  |  | $ | 28,271 |  |  | $ | 29,420 |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows:
| (dollars in millions)
Years Ended December 31, | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 2,070 |  |  | $ | 2,411 |  |  | $ | 1,876 |
Foreign | 219 |  |  | 201 |  |  | 248 |
State and Local | 215 |  |  | 938 |  |  | 414 |
Total | 2,504 |  |  | 3,550 |  |  | 2,538 |
Deferred |  |  |  |  |
Federal | 1,799 |  |  | 2,529 |  |  | 3,354 |
Foreign | 28 |  |  | (22) |  |  | (97) |
State and Local | 561 |  |  | 466 |  |  | 1,007 |
Total | 2,388 |  |  | 2,973 |  |  | 4,264 |
Total income tax provision | $ | 4,892 |  |  | $ | 6,523 |  |  | $ | 6,802 |
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, | 2023 |  | 2022 |  | 2021
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income tax rate, net of federal tax benefits | 3.6 |  |  | 3.9 |  |  | 3.8 |
Noncontrolling interest | (0.6) |  |  | (0.4) |  |  | (0.4) |
Goodwill impairment | 7.0 |  |  | — |  |  | — |
Divestitures | — |  |  | — |  |  | (0.6) |
Tax credits | (0.8) |  |  | (0.5) |  |  | (0.5) |
Other, net | (1.4) |  |  | (0.9) |  |  | (0.2) |
Effective income tax rate | 28.8 | % |  | 23.1 | % |  | 23.1 | %
Schedule of Cash Taxes Paid | The amounts of cash taxes paid by Verizon are as follows:
| (dollars in millions)
Years Ended December 31, | 2023 |  | 2022 |  | 2021
Income taxes, net of amounts refunded | $ | 2,343 |  |  | $ | 2,736 |  |  | $ | 3,040 |
Employment taxes | 1,016 |  |  | 1,245 |  |  | 1,225 |
Property and other taxes | 2,007 |  |  | 1,959 |  |  | 1,756 |
Total | $ | 5,366 |  |  | $ | 5,940 |  |  | $ | 6,021 |
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, | 2023 |  | 2022
Deferred Tax Assets |  |  |
Employee benefits | $ | 3,913 |  |  | $ | 3,888 |
Tax loss, credit, and other carry forwards | 1,922 |  |  | 1,940 |
Lease liabilities | 5,480 |  |  | 5,395 |
Other - assets | 1,708 |  |  | 1,591 |
| 13,023 |  |  | 12,814 |
Valuation allowances | (1,341) |  |  | (1,347) |
Deferred tax assets | 11,682 |  |  | 11,467 |
Deferred Tax Liabilities |  |  |
Spectrum and other intangible amortization | 28,535 |  |  | 25,851 |
Depreciation | 20,884 |  |  | 21,388 |
Lease right-of-use assets | 5,200 |  |  | 5,007 |
Other - liabilities | 2,696 |  |  | 2,489 |
Deferred tax liabilities | 57,315 |  |  | 54,735 |
Net deferred tax liability | $ | 45,633 |  |  | $ | 43,268 |
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)
| 2023 |  | 2022 |  | 2021
Balance at January 1, | $ | 2,812 |  |  | $ | 3,134 |  |  | $ | 2,944 |
Additions based on tax positions related to the current year | 114 |  |  | 123 |  |  | 150 |
Additions for tax positions of prior years | 185 |  |  | 122 |  |  | 621 |
Reductions for tax positions of prior years | (154) |  |  | (419) |  |  | (330) |
Settlements | (50) |  |  | (92) |  |  | (163) |
Lapses of statutes of limitations | (202) |  |  | (56) |  |  | (88) |
Balance at December 31, | $ | 2,705 |  |  | $ | 2,812 |  |  | $ | 3,134 |
Schedule of After Tax (Expenses) Benefits Related to Interest and Penalties in Provision for Income Taxes | We recognized the following net after-tax expenses (benefit) related to interest and penalties in the provision for income taxes:
Years Ended December 31, | (dollars in millions)
2023 | $ | 86 |
2022 | 35 |
2021 | (21) |
Schedule of After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet | The after-tax accruals for the payment of interest and penalties in the consolidated balance sheets are as follows:
At December 31, | (dollars in millions)
2023 | $ | 630 |
2022 | 544 |

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