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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 total2,237 
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 202495 96 
Open market repurchases of various Verizon notes117 89 
Three Months Ended March 31, 2024 total2,028 
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 total796 
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 total3,103 
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 notes5.0001.92$835 
A-1b Senior class notes
Compounded SOFR + 0.650(1)
1.92279 
B Junior class notes5.2401.92— 
C Junior class notes5.4901.9251 
Series 2024-2
A Senior class notes4.8304.92668 
B Junior class notes5.0804.9251 
C Junior class notes5.3204.9231 
January 2024 total 1,915 
April 2024
Series 2024-3
A-1a Senior class notes5.3402.99605 
A-1b Senior class notes
Compounded SOFR + 0.580(1)
2.99175 
B Junior class notes5.5402.9959 
C Junior class notes5.7302.9936 
April 2024 total875 
June 2024
Series 2024-4
A-1a Senior class notes5.2101.98289 
A-1b Senior class notes
Compounded SOFR + 0.550(1)
1.98246 
B Junior class notes5.4001.9841 
C Junior class notes5.6001.9825 
Series 2024-5
A Senior class notes5.0004.98512 
B Junior class notes5.2504.9839 
C Junior class notes5.4904.9824 
June 2024 total1,176 
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)20242023
Assets
Accounts receivable, net$17,199 $14,550 
Prepaid expenses and other1,402 1,288 
Other assets11,470 11,682 
Liabilities
Accounts payable and accrued liabilities31 29 
Debt maturing within one year16,103 7,483 
Long-term debt7,912 14,700 
Schedule of Line of Credit Facilities
Long-Term Credit Facilities
At June 30, 2024
(dollars in millions)MaturitiesFacility CapacityUnused Capacity Principal Amount Outstanding
Verizon revolving credit facility(1)
2028$12,000 $11,962 $— 
Various export credit facilities(2)
2024 - 203111,000 — 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.