XML 66 R42.htm IDEA: XBRL DOCUMENT v3.24.0.1

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Operating Financial Information for Reportable Segments

Our segments and their principal activities consist of the following:

Segment						Description
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.

The following tables provide operating financial information for our two reportable segments:

			(dollars in millions)
2023			Consumer						Business						Total  Reportable Segments
External Operating Revenues
Service			$	74,874					$	—					$	74,874
Wireless equipment			20,645						—						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 revenues			209						36						245
Total Operating Revenues(2)			101,626						30,122						131,748
Cost of services			17,580						10,180						27,760
Cost of wireless equipment			21,827						4,959						26,786
Selling, general and administrative expense			20,131						8,429						28,560
Depreciation and amortization expense			13,077						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)
2022			Consumer						Business						Total  Reportable Segments
External Operating Revenues
Service			$	73,139					$	—					$	73,139
Wireless equipment			23,168						—						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 revenues			203						43						246
Total Operating Revenues(2)			103,506						31,072						134,578
Cost of services			17,746						10,483						28,229
Cost of wireless equipment			25,134						5,362						30,496
Selling, general and administrative expense			19,064						8,284						27,348
Depreciation and amortization expense			12,716						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)
2021			Consumer						Business						Total  Reportable Segments
External Operating Revenues
Service			$	67,723					$	—					$	67,723
Wireless equipment			19,781						—						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 revenues			228						69						297
Total Operating Revenues(2)			95,300						31,042						126,342
Cost of services			16,581						10,653						27,234
Cost of wireless equipment			20,523						4,544						25,067
Selling, general and administrative expense			16,562						8,324						24,886
Depreciation and amortization expense			11,679						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,			2023						2022						2021
Consumer			$	11,614					$	11,622					$	11,558
Business			1,235						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,			2023						2022						2021
Consumer			$	63,358					$	61,509					$	56,103
Business			13,372						12,845						12,366
Total Wireless service revenue			$	76,730					$	74,354					$	68,469

Summary of Reconciliation of Segment Operating Revenues

A reconciliation of the total reportable segments’ operating revenues to consolidated operating revenues is as follows:

			(dollars in millions)
Years Ended December 31,			2023						2022						2021
Operating Revenues
Total reportable segments			$	131,748					$	134,578					$	126,342
Corporate and other			2,479						2,510						7,722
Reconciling items:
Eliminations			(253)						(253)						(451)
Consolidated Operating Revenues			$	133,974					$	136,835					$	133,613

Summary of Reconciliation of Segment Operating Income

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,			2023						2022						2021
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 income			22,877						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

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

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

X

- References

No definition available.

+ Details

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