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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information
Note 13. Segment Information
Reportable Segments
We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. 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:
SegmentDescription
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 FWA broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access. 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 FWA broadband, 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 provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world.

Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis.

Our Business segment’s wireless and wireline products and services are organized by the primary customer groups targeted by these offerings. During the first quarter of 2023, Verizon reorganized the customer groups within its Business segment. Previously, this segment was comprised of four customer groups: Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale. Following the reorganization, there are now three customer groups: Enterprise and Public Sector, Business Markets and Other, and Wholesale. Enterprise and Public Sector combines the customers previously included in Global Enterprise and Public Sector and Other (excluding BlueJeans and Connect customers) as well as the commercial wireline customers previously included in Small and Medium Business. Business Markets and Other combines the customers previously
included in Small and Medium Business (excluding commercial wireline customers), the BlueJeans customers previously included in Global Enterprise and Public Sector and Other, and the Connect customers previously included in Public Sector and Other. The Wholesale customer group remained unchanged. Prior period operating revenue results within the Business segment have been recast for these reorganized customer groups. There was no change to the composition of our reportable segments and total segment results, nor the determination of segment profit.

Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the historical results of divested businesses including Verizon Media, and other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results and therefore included in the chief operating decision maker’s assessment of segment performance.

We completed the sale of Verizon Media on September 1, 2021. See Note 3 for additional information on the sale of Verizon Media.

The following tables provide operating financial information for our two reportable segments:
(dollars in millions)
2023ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service$74,874 $— $74,874 
Wireless equipment20,645 — 20,645 
Other(1)
5,898 — 5,898 
Enterprise and Public Sector— 15,076 15,076 
Business Markets and Other— 12,697 12,697 
Wholesale— 2,313 2,313 
Intersegment revenues209 36 245 
Total Operating Revenues(2)
101,626 30,122 131,748 
Cost of services17,580 10,180 27,760 
Cost of wireless equipment21,827 4,959 26,786 
Selling, general and administrative expense20,131 8,429 28,560 
Depreciation and amortization expense13,077 4,488 17,565 
Total Operating Expenses
72,615 28,056 100,671 
Operating Income$29,011 $2,066 $31,077 
(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 and Wireless equipment revenues included in our Business segment amounted to approximately $26.4 billion and $3.7 billion, respectively, for the year ended December 31, 2023.
(dollars in millions)
2022ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service$73,139 $— $73,139 
Wireless equipment23,168 — 23,168 
Other(1)
6,996 — 6,996 
Enterprise and Public Sector— 15,692 15,692 
Business Markets and Other— 12,753 12,753 
Wholesale— 2,584 2,584 
Intersegment revenues203 43 246 
Total Operating Revenues(2)
103,506 31,072 134,578 
Cost of services17,746 10,483 28,229 
Cost of wireless equipment25,134 5,362 30,496 
Selling, general and administrative expense19,064 8,284 27,348 
Depreciation and amortization expense12,716 4,312 17,028 
Total Operating Expenses
74,660 28,441 103,101 
Operating Income$28,846 $2,631 $31,477 
(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 and Wireless equipment revenues included in our Business segment amounted to approximately $27.0 billion and $4.0 billion, respectively, for the year ended December 31, 2022.

(dollars in millions)
2021ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service$67,723 $— $67,723 
Wireless equipment19,781 — 19,781 
Other(1)
7,568 — 7,568 
Enterprise and Public Sector— 16,387 16,387 
Business Markets and Other— 11,906 11,906 
Wholesale— 2,680 2,680 
Intersegment revenues228 69 297 
Total Operating Revenues(2)
95,300 31,042 126,342 
Cost of services16,581 10,653 27,234 
Cost of wireless equipment20,523 4,544 25,067 
Selling, general and administrative expense16,562 8,324 24,886 
Depreciation and amortization expense11,679 4,084 15,763 
Total Operating Expenses
65,345 27,605 92,950 
Operating Income$29,955 $3,437 $33,392 
(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 and Wireless equipment revenues included in our Business segment amounted to approximately $27.7 billion and $3.4 billion, respectively, for the year ended December 31, 2021.

The following table provides Fios revenues for our two reportable segments:
(dollars in millions)
Years Ended December 31,202320222021
Consumer$11,614 $11,622 $11,558 
Business1,235 1,201 1,136 
Total Fios revenue$12,849 $12,823 $12,694 
The following table provides Wireless service revenue for our reportable segments and includes intersegment activity:
(dollars in millions)
Years Ended December 31,202320222021
Consumer$63,358 $61,509 $56,103 
Business13,372 12,845 12,366 
Total Wireless service revenue$76,730 $74,354 $68,469 

Reconciliation to Consolidated Financial Information
The reconciliation of segment operating revenues and operating income to consolidated operating revenues and operating income below includes the effects of special items that the chief operating decision maker does not consider in assessing segment performance, primarily because of their nature.

A reconciliation of the total reportable segments’ operating revenues to consolidated operating revenues is as follows:
(dollars in millions)
Years Ended December 31,202320222021
Operating Revenues
Total reportable segments$131,748 $134,578 $126,342 
Corporate and other2,479 2,510 7,722 
Reconciling items:
Eliminations(253)(253)(451)
Consolidated Operating Revenues$133,974 $136,835 $133,613 

A reconciliation of the total reportable segments’ operating income to consolidated income before provision for income taxes is as follows:
(dollars in millions)
Years Ended December 31,202320222021
Operating Income
Total reportable segments$31,077 $31,477 $33,392 
Corporate and other(643)(319)(449)
Reconciling items:
Severance charges(533)(304)(209)
Other components of net periodic pension and benefit charges (Note 11)(248)(387)(769)
Verizon Business Group goodwill impairment(5,841)— — 
Asset rationalization(480)— — 
Non-strategic business shutdown(179)— — 
Business transformation costs(176)— — 
Legal settlement(100)— — 
Loss on spectrum licenses— — (223)
Net gain from disposition of business— — 706 
Consolidated operating income22,877 30,467 32,448 
Equity in earnings (losses) of unconsolidated businesses(53)44 145 
Other income (expense), net(313)1,373 312 
Interest expense(5,524)(3,613)(3,485)
Income Before Provision For Income Taxes$16,987 $28,271 $29,420 
No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2023, 2022 or 2021. International operating revenues were not significant during the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023 and 2022, international long-lived assets were not significant.
The chief operating decision maker does not review disaggregated assets on a segment basis; therefore, such information is not presented. Depreciation and amortization included in the measure of segment profitability is primarily allocated based on proportional usage, and is included within Total reportable segment operating income.