XML 41 R17.htm IDEA: XBRL DOCUMENT v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information
Note 10. Segment Information
Reportable Segments
We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision maker’s assessment of segment performance.

Our segments and their principal activities consist of the following:
SegmentDescription
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.
Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis. Our Business segment's wireless and wireline products and services are organized by the primary customer groups targeted by these offerings: Enterprise and Public Sector, Business Markets and Other, and Wholesale.

Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results and therefore included in the chief operating decision maker’s assessment of segment performance.
The following table provides operating financial information for our two reportable segments:
 Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions)2024202320242023
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 Sector3,545 3,784 7,132 7,571 
Business Markets and Other
3,199 3,104 6,389 6,203 
Wholesale547 587 1,137 1,186 
Total Business7,291 7,475 14,658 14,960 
Total reportable segments$32,163 $31,981 $64,535 $64,274 
Intersegment Revenues
Consumer$55 $52 $107 $101 
Business9 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 
Business500 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 EndedSix Months Ended
June 30,June 30,
(dollars in millions)2024202320242023
Consumer$2,896 $2,886 $5,792 $5,775 
Business313 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 EndedSix Months Ended
June 30,June 30,
(dollars in millions)2024202320242023
Consumer$16,342 $15,762 $32,476 $31,361 
Business3,431 3,351 6,810 6,641 
Total Wireless service revenue$19,773 $19,113 $39,286 $38,002 
Reconciliation to Consolidated Financial Information
The reconciliation of segment operating revenues and operating income to consolidated operating revenues and operating income below includes the effects of special items that the chief operating decision maker does not consider in assessing segment performance, primarily because of their nature.

A reconciliation of the reportable segments' operating revenues to consolidated operating revenues is as follows:
Three Months EndedSix Months Ended
 June 30,June 30,
(dollars in millions)2024202320242023
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 

A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows:
 Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions)2024202320242023
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 income7,818 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 

No single customer accounted for more than 10% of our total operating revenues during the three and six months ended June 30, 2024 or 2023.

The chief operating decision maker does not review disaggregated assets on a segment basis; therefore, such information is not presented. Depreciation and amortization included in the measure of segment profitability is primarily allocated based on proportional usage, and is included within Total reportable segments operating income.