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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Operating Information | 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 fixed wireless access (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 Internet of Things 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 table provides operating financial information for our two reportable segments:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
External Operating Revenues |  |  |  |  |  |  |
Consumer |  |  |  |  |  |  |
Service | $ | 19,208 |  |  | $ | 18,641 |  |  | $ | 38,206 |  |  | $ | 37,097 |
Wireless equipment | 4,143 |  |  | 4,430 |  |  | 8,633 |  |  | 9,308 |
Other(1) | 1,521 |  |  | 1,435 |  |  | 3,038 |  |  | 2,909 |
Total Consumer | 24,872 |  |  | 24,506 |  |  | 49,877 |  |  | 49,314 |
Business |  |  |  |  |  |  |
Enterprise and Public Sector | 3,545 |  |  | 3,784 |  |  | 7,132 |  |  | 7,571 |
Business Markets and Other | 3,199 |  |  | 3,104 |  |  | 6,389 |  |  | 6,203 |
Wholesale | 547 |  |  | 587 |  |  | 1,137 |  |  | 1,186 |
Total Business | 7,291 |  |  | 7,475 |  |  | 14,658 |  |  | 14,960 |
Total reportable segments | $ | 32,163 |  |  | $ | 31,981 |  |  | $ | 64,535 |  |  | $ | 64,274 |
Intersegment Revenues |  |  |  |  |  |  |
Consumer | $ | 55 |  |  | $ | 52 |  |  | $ | 107 |  |  | $ | 101 |
Business | 9 |  |  | 8 |  |  | 18 |  |  | 17 |
Total reportable segments | $ | 64 |  |  | $ | 60 |  |  | $ | 125 |  |  | $ | 118 |
Total Operating Revenues |  |  |  |  |  |  |
Consumer | $ | 24,927 |  |  | $ | 24,558 |  |  | $ | 49,984 |  |  | $ | 49,415 |
Business(2) | 7,300 |  |  | 7,483 |  |  | 14,676 |  |  | 14,977 |
Total reportable segments | $ | 32,227 |  |  | $ | 32,041 |  |  | $ | 64,660 |  |  | $ | 64,392 |
Operating Income |  |  |  |  |  |  |
Consumer | $ | 7,604 |  |  | $ | 7,330 |  |  | $ | 14,976 |  |  | $ | 14,429 |
Business | 500 |  |  | 533 |  |  | 899 |  |  | 1,084 |
Total reportable segments | $ | 8,104 |  |  | $ | 7,863 |  |  | $ | 15,875 |  |  | $ | 15,513 |
(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 included in our Business segment were approximately $6.4 billion and $6.6 billion for the three months ended June 30, 2024 and 2023, respectively, and $13.0 billion and $13.2 billion for the six months ended June 30, 2024 and 2023, respectively. Wireless equipment revenues included in our Business segment were $855 million and $847 million for the three months ended June 30, 2024 and 2023, respectively, and $1.7 billion for both the six months ended June 30, 2024 and 2023. The following table provides Fios revenue for our two reportable segments:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Consumer | $ | 2,896 |  |  | $ | 2,886 |  |  | $ | 5,792 |  |  | $ | 5,775 |
Business | 313 |  |  | 308 |  |  | 624 |  |  | 615 |
Total Fios revenue | $ | 3,209 |  |  | $ | 3,194 |  |  | $ | 6,416 |  |  | $ | 6,390 |
The following table provides Wireless service revenue for our reportable segments and includes intersegment activity:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Consumer | $ | 16,342 |  |  | $ | 15,762 |  |  | $ | 32,476 |  |  | $ | 31,361 |
Business | 3,431 |  |  | 3,351 |  |  | 6,810 |  |  | 6,641 |
Total Wireless service revenue | $ | 19,773 |  |  | $ | 19,113 |  |  | $ | 39,286 |  |  | $ | 38,002 |
Summary of Reconciliation of Segment Operating Revenues | A reconciliation of the reportable segments' operating revenues to consolidated operating revenues is as follows:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Total reportable segments operating revenues | $ | 32,227 |  |  | $ | 32,041 |  |  | $ | 64,660 |  |  | $ | 64,392 |
Corporate and other | 633 |  |  | 621 |  |  | 1,244 |  |  | 1,238 |
Eliminations | (64) |  |  | (66) |  |  | (127) |  |  | (122) |
Total consolidated operating revenues | $ | 32,796 |  |  | $ | 32,596 |  |  | $ | 65,777 |  |  | $ | 65,508 |
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:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Total reportable segments operating income | $ | 8,104 |  |  | $ | 7,863 |  |  | $ | 15,875 |  |  | $ | 15,513 |
Corporate and other | (277) |  |  | (344) |  |  | (413) |  |  | (348) |
Severance charges | — |  |  | (237) |  |  | — |  |  | (237) |
Other components of net periodic benefit charges (Note 8) | (9) |  |  | (62) |  |  | (17) |  |  | (124) |
Legacy legal matter | — |  |  | — |  |  | (106) |  |  | — |
Total consolidated operating income | 7,818 |  |  | 7,220 |  |  | 15,339 |  |  | 14,804 |
Equity in losses of unconsolidated businesses | (14) |  |  | (33) |  |  | (23) |  |  | (24) |
Other income (expense), net | (72) |  |  | 210 |  |  | 126 |  |  | 324 |
Interest expense | (1,698) |  |  | (1,285) |  |  | (3,333) |  |  | (2,492) |
Income Before Provision For Income Taxes | $ | 6,034 |  |  | $ | 6,112 |  |  | $ | 12,109 |  |  | $ | 12,612 |

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- 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
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- 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
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- 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
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