XML 65 R41.htm IDEA: XBRL DOCUMENT v3.24.0.1

Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-SubTopic 10
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-19

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Cash Taxes Paid

+ References

No definition available.

+ Details

Name:	vz_CashTaxesPaidTableTextBlock
Namespace Prefix:	vz_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of the after-tax accrual for the payment of interest and penalties in the consolidated balance sheet

+ References

No definition available.

+ Details

Name:	vz_ScheduleOfAfterTaxAccrualForPaymentOfInterestAndPenaltiesInConsolidatedBalanceSheetTableTextBlock
Namespace Prefix:	vz_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of after-tax benefits related to interest and penalties in the provision for income taxes

+ References

No definition available.

+ Details

Name:	vz_ScheduleOfAfterTaxBenefitsRelatedToInterestAndPenaltiesInProvisionForIncomeTaxesTableTextBlock
Namespace Prefix:	vz_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration