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Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Long-term Debt Obligations

Outstanding long-term debt obligations as of December 31, 2023 and 2022 are as follows:

															(dollars in millions)
At December 31,			Maturities						Interest  Rates %						2023						2022
Verizon Communications			< 5 Years						0.75 - 6.94						$	33,316					$	23,929
			5-10 Years						1.50 - 7.88						37,229						42,637
			> 10 Years						1.13 - 8.95						55,355						60,134
			< 5 Years						Floating(1)						2,099						2,992
			5-10 Years						Floating(1)						2,029						3,029
Alltel Corporation			5-10 Years						6.80 - 7.88						94						94
Operating telephone company subsidiaries—debentures			< 5 Years						6.00 - 6.50						79						—
			5-10 Years						5.13 - 8.75						535						475
			> 10 Years						5.13						—						139
Other subsidiaries—asset-backed debt			< 5 Years						0.41 - 6.09						14,048						9,767
			< 5 Years						Floating(1)						8,163						10,271
Finance lease obligations (average rate of 2.9% and 2.5% in 2023 and 2022, respectively)(2)															2,091						1,732
Vendor financing arrangements(2)															64						—
Unamortized discount, net of premium															(3,812)						(4,039)
Unamortized debt issuance costs															(616)						(671)
Total long-term debt, including current maturities															150,674						150,489
Less long-term debt maturing within one year															12,973						9,813
Total long-term debt															$	137,701					$	140,676
Long-term debt maturing within one year															$	12,973					$	9,813
Add commercial paper															—						150
Debt maturing within one year															12,973						9,963
Add long-term debt															137,701						140,676
Total debt															$	150,674					$	150,639

(1) For the period ending December 2023, the debt obligations bore interest at floating rates, including floating rates associated with the Secured Overnight Financing Rate (SOFR) for the interest period plus an applicable interest margin per annum. Floating rates associated with SOFR for the interest payments made in December 2023 ranged from 5.338% to 6.142%. For the period ending December 2022, the debt obligations bore interest at a floating rate associated with SOFR for the interest period or the London Interbank Offered Rate plus an applicable interest margin per annum, as applicable.

(2) Finance lease and vendor financing obligations are part of alternative financing arrangements.

Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs

Maturities of long-term debt (secured and unsecured) outstanding, including current maturities, excluding finance lease obligations and unamortized debt issuance costs, at December 31, 2023 are as follows:

Years			(dollars in millions)
2024			$	12,253
2025			17,783
2026			10,586
2027			7,198
2028			12,467
Thereafter			88,912

Schedule of Debt Transactions

The following tables show the significant transactions involving the senior unsecured debt securities of the Company and its subsidiaries that occurred during the year ended December 31, 2023.

Tender Offers

(dollars in millions)			Principal Amount Purchased						Cash Consideration(1)
Verizon 2.550% - 5.050% notes and floating rate notes, due 2024 - 2036			$	2,579					$	2,471

(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase.

Repayments and Repurchases

(dollars in millions)			Principal Repaid/ Repurchased						Amount Paid(1)
Verizon 3.500% notes and floating rate notes due 2023(2)			A$	1,050					$	850
Verizon 0.375% bonds due 2023(2)			CHF	600					633
Open market repurchases of various Verizon notes(3)			$	774					539
Total									$	2,022

(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 9 for additional information on cross currency swap transactions related to the repayment.

(3) During 2023, we recorded gains of $235 million in connection with the open market repurchases, which were reflected within Other income (expense), net in our consolidated statement of income.

Issuances

(dollars in millions)			Principal Amount Issued						Net Proceeds(1)
Verizon 5.050% notes due 2033(2)			$	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 year ended December 31, 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
September 2023
Series 2023-5
A-1a Senior fixed rate class notes			5.610						2.00			265
A-1b Senior floating rate class notes			Compounded SOFR + 0.680						2.00			114
B Junior class notes			5.850						2.00			—
C Junior class notes			6.090						2.00			17
Series 2023-6
A Senior class notes			5.350						5.00			557
B Junior class notes			5.590						5.00			—
C Junior class notes			5.840						5.00			—
September 2023 total												953
November 2023
Series 2023-7
A-1a Senior fixed rate class notes			5.670						3.00			435
A-1b Senior floating rate class notes			Compounded SOFR + 0.950						3.00			100
B Junior class notes			5.960						3.00			41
C Junior class notes			6.210						3.00			—
November 2023 total												576
Total												$	4,419

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 consolidated balance sheets were as follows:

			At December 31,						At December 31,
(dollars in millions)			2023						2022
Assets
Accounts receivable, net			$	14,550					$	13,906
Prepaid expenses and other			1,288						1,409
Other assets			11,682						9,894
Liabilities
Accounts payable and accrued liabilities			29						22
Debt maturing within one year			7,483						6,809
Long-term debt			14,700						13,199

Schedule of Line of Credit Facilities

Long-Term Credit Facilities

															At December 31, 2023
(dollars in millions)			Maturities						Facility Capacity						Unused Capacity						Principal Amount Outstanding
Verizon revolving credit facility(1)			2026						$	9,500					$	9,457					$	—
Various export credit facilities(2)			2024 - 2031						11,000						—						6,618
Total									$	20,500					$	9,457					$	6,618

(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 December 31, 2023, there have been no drawings against the $9.5 billion revolving credit facility since its inception.

(2) During 2023 and 2022, we drew down $1.0 billion and $3.0 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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