XML 50 R26.htm IDEA: XBRL DOCUMENT
v3.24.2

Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 and six months ended June 30, 2024. Tender Offers
(dollars in millions) | Principal Amount Purchased |  | Cash Consideration(1)
Three Months Ended March 31, 2024 |  |  |
Verizon 0.875% - 3.250% notes due 2025 - 2028 | € | 1,981 |  |  | $ | 2,237 |
Three Months Ended March 31, 2024 total |  |  | 2,237 |
Six Months Ended June 30, 2024 total |  |  | $ | 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)
Three Months Ended March 31, 2024 |  |  |
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 |
Three Months Ended March 31, 2024 total |  |  | 2,028 |
Three Months Ended June 30, 2024 |  |  |
Verizon 4.073% notes due 2024 | £ | 413 |  |  | $ | 582 |
Open market repurchases of various Verizon notes | $ | 306 |  |  | 214 |
Three Months Ended June 30, 2024 total |  |  | 796 |
Six Months Ended June 30, 2024 total |  |  | $ | 2,824 |
(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)
Three Months Ended March 31, 2024 |  |  |
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 |
Three Months Ended March 31, 2024 total |  |  | 3,103 |
Six Months Ended June 30, 2024 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 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 six months ended June 30, 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 |
January 2024 total |  |  |  | 1,915 |
April 2024 |  |  |  |
Series 2024-3 |  |  |  |
A-1a Senior class notes | 5.340 |  | 2.99 | 605 |
A-1b Senior class notes | Compounded SOFR + 0.580(1) |  | 2.99 | 175 |
B Junior class notes | 5.540 |  | 2.99 | 59 |
C Junior class notes | 5.730 |  | 2.99 | 36 |
April 2024 total |  |  |  | 875 |
June 2024 |  |  |  |
Series 2024-4 |  |  |  |
A-1a Senior class notes | 5.210 |  | 1.98 | 289 |
A-1b Senior class notes | Compounded SOFR + 0.550(1) |  | 1.98 | 246 |
B Junior class notes | 5.400 |  | 1.98 | 41 |
C Junior class notes | 5.600 |  | 1.98 | 25 |
Series 2024-5 |  |  |  |
A Senior class notes | 5.000 |  | 4.98 | 512 |
B Junior class notes | 5.250 |  | 4.98 | 39 |
C Junior class notes | 5.490 |  | 4.98 | 24 |
June 2024 total |  |  |  | 1,176 |
Total |  |  |  | $ | 3,966 |
(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 June 2024 was 5.333%.
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 June 30, |  | At December 31,
(dollars in millions) | 2024 |  | 2023
Assets |  |  |
Accounts receivable, net | $ | 17,199 |  |  | $ | 14,550 |
Prepaid expenses and other | 1,402 |  |  | 1,288 |
Other assets | 11,470 |  |  | 11,682 |
Liabilities |  |  |
Accounts payable and accrued liabilities | 31 |  |  | 29 |
Debt maturing within one year | 16,103 |  |  | 7,483 |
Long-term debt | 7,912 |  |  | 14,700 |
Schedule of Line of Credit Facilities | Long-Term Credit Facilities
|  |  |  |  | At June 30, 2024 |  |  |  |
(dollars in millions) | Maturities |  | Facility Capacity |  | Unused Capacity |  | Principal Amount Outstanding |  |  |  |
Verizon revolving credit facility(1) | 2028 |  | $ | 12,000 |  |  | $ | 11,962 |  |  | $ | — |  |  |  |  |
Various export credit facilities(2) | 2024 - 2031 |  | 11,000 |  |  | — |  |  | 6,029 |  |  |  |  |
Total |  |  | $ | 23,000 |  |  | $ | 11,962 |  |  | $ | 6,029 |  |  |  |  |
(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 June 30, 2024, there have been no drawings against the revolving credit facility since its inception. (2) During the six months ended June 30, 2024, there were no drawings from these facilities. During the six months ended June 30, 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount and classification of assets and liabilities recognized in the transferor's statement of financial position at the end of each period presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(1) -SubTopic 30 -Topic 860 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A + Details
Name: | us-gaap_ScheduleOfQuantitativeInformationAboutFinancialAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration