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Basis of Presentation | 3 Months Ended
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Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation |
Note 1. Basis of Presentation
Verizon Communications Inc. (the Company) is a holding company that, acting through its subsidiaries (together with the Company, collectively, Verizon), is one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity and security. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and based upon Securities and Exchange Commission rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year. Earnings Per Common Share There were a total of approximately 3.7 million and 3.6 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for the three months ended March 31, 2024 and 2023, respectively. Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds. Cash collections on the receivables and on the underlying receivables related to the participation interest collateralizing our asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash. Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets:
| At March 31, |  | At December 31, |  | Increase
(dollars in millions) | 2024 |  | 2023 |
Cash and cash equivalents | $ | 2,365 |  |  | $ | 2,065 |  |  | $ | 300 |
Restricted cash: |  |  |  |  |
Prepaid expenses and other | 1,341 |  |  | 1,244 |  |  | 97 |
Other assets | 202 |  |  | 188 |  |  | 14 |
Cash, cash equivalents and restricted cash | $ | 3,908 |  |  | $ | 3,497 |  |  | $ | 411 |

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