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Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
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 three months ended March 31, 2024. Tender Offers
(dollars in millions) | Principal Amount Purchased |  | Cash Consideration(1)
Verizon 0.875% - 3.250% notes due 2025 - 2028 | € | 1,981 |  |  | $ | 2,237 |
(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase. In addition, for securities denominated in a currency other than the U.S. dollar, cash consideration is shown on a U.S. dollar equivalent basis and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the transaction. Repayments and Repurchases
(dollars in millions) | Principal Repaid/ Repurchased |  | Amount Paid(1)
Verizon 1.625% notes due 2024 | € | 685 |  |  | $ | 840 |
Verizon 0.750% notes due 2024 | $ | 999 |  |  | 1,003 |
Verizon floating rate notes due 2024 | 95 |  |  | 96 |
Open market repurchases of various Verizon notes | 117 |  |  | 89 |
Total |  |  | $ | 2,028 |
(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 and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the transaction. Issuances
(dollars in millions) | Principal Amount Issued |  | Net Proceeds(1)
Verizon 3.500% notes due 2032 | € | 1,000 |  |  | $ | 1,062 |
Verizon 3.750% notes due 2036 | € | 1,000 |  |  | 1,061 |
Verizon 5.500% notes due 2054(2) | $ | 1,000 |  |  | 980 |
Total |  |  | $ | 3,103 |
(1) Net proceeds were net of underwriting discounts and other issuance costs. In addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis. See Note 7 for additional information on cross currency swap transactions related to the issuances. (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 May 1, 2023 through the maturity date of the notes. During the three months ended March 31, 2024, we completed the following ABS Notes transactions:
(dollars in millions) | Interest Rates % |  | Expected Weighted-average Life to Maturity (in years) | Principal Amount Issued
January 2024 |  |  |  |
Series 2024-1 |  |  |  |
A-1a Senior class notes | 5.000 |  | 1.92 | $ | 835 |
A-1b Senior class notes | Compounded SOFR + 0.650(1) |  | 1.92 | 279 |
B Junior class notes | 5.240 |  | 1.92 | — |
C Junior class notes | 5.490 |  | 1.92 | 51 |
Series 2024-2 |  |  |  |
A Senior class notes | 4.830 |  | 4.92 | 668 |
B Junior class notes | 5.080 |  | 4.92 | 51 |
C Junior class notes | 5.320 |  | 4.92 | 31 |
Total |  |  |  | $ | 1,915 |
(1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes. Compounded SOFR for the interest payment made in March 2024 was 5.319%.
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 condensed consolidated balance sheets were as follows:
| At March 31, |  | At December 31,
(dollars in millions) | 2024 |  | 2023
Assets |  |  |
Accounts receivable, net | $ | 15,557 |  |  | $ | 14,550 |
Prepaid expenses and other | 1,389 |  |  | 1,288 |
Other assets | 12,217 |  |  | 11,682 |
Liabilities |  |  |
Accounts payable and accrued liabilities | 31 |  |  | 29 |
Debt maturing within one year | 7,777 |  |  | 7,483 |
Long-term debt | 15,514 |  |  | 14,700 |
Schedule of Line of Credit Facilities | Long-Term Credit Facilities
|  |  |  |  | At March 31, 2024 |  |  |  |
(dollars in millions) | Maturities |  | Facility Capacity |  | Unused Capacity |  | Principal Amount Outstanding |  |  |  |
Verizon revolving credit facility(1) | 2028 |  | $ | 12,000 |  |  | $ | 11,956 |  |  | $ | — |  |  |  |  |
Various export credit facilities(2) | 2024 - 2031 |  | 11,000 |  |  | — |  |  | 6,294 |  |  |  |  |
Total |  |  | $ | 23,000 |  |  | $ | 11,956 |  |  | $ | 6,294 |  |  |  |  |
(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 March 31, 2024, there have been no drawings against the revolving credit facility since its inception. (2) During the three months ended March 31, 2024, there were no drawings from these facilities. During the three months ended March 31, 2023, we drew down $515 million from these facilities. Borrowings under certain of these facilities are repaid 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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