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Debt (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024.

Exchange Offers

(dollars in millions)			Principal Amount Exchanged						Principal Amount Issued
Three Months Ended September 30, 2024
Verizon 0.850% - 4.329% notes and floating rate notes, due 2025 - 2028			$	2,256					$	—
Verizon 4.780% notes due 2035(1)			—						2,191
Three and Nine Months Ended September 30, 2024 total(2)			$	2,256					$	2,191

(1) The principal amount issued in exchange does not include either an insignificant amount of cash paid in lieu of the issuance of fractional new notes or accrued and unpaid interest paid on the old notes accepted for exchange to the date of exchange.

(2) The debt exchange offers above meet the criteria to be accounted for as a modification of debt. As a result, the excess of the principal amount of notes exchanged over the principal amount of new notes issued of $65 million was recorded as a premium to Long-term debt in the condensed consolidated balance sheets.

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
Nine Months Ended September 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
Three Months Ended September 30, 2024
Open market repurchases of various Verizon notes			$	450					$	362
Three Months Ended September 30, 2024 total									362
Nine Months Ended September 30, 2024 total									$	3,186

(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
Nine Months Ended September 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 nine months ended September 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
September 2024
Series 2024-6
A-1a Senior class notes			4.170						2.92			1,069
A-1b Senior class notes			Compounded SOFR + 0.670(1)						2.92			267
B Junior class notes			4.420						2.92			—
C Junior class notes			4.670						2.92			61
Series 2024-7
A Senior class notes			4.350						4.92			535
B Junior class notes			4.600						4.92			—
C Junior class notes			4.840						4.92			25
September 2024 total												1,957
Total												$	5,923

(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 September 2024 was 5.342%.

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 September 30,						At December 31,
(dollars in millions)			2024						2023
Assets
Accounts receivable, net			$	17,169					$	14,550
Prepaid expenses and other			290						1,288
Other assets			10,697						11,682
Liabilities
Accounts payable and accrued liabilities			33						29
Debt maturing within one year			15,281						7,483
Long-term debt			8,991						14,700

Schedule of Line of Credit Facilities

Long-Term Credit Facilities

															At September 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						—						5,706
Total									$	23,000					$	11,962					$	5,706

(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 September 30, 2024, there have been no drawings against the revolving credit facility since its inception.

(2) During the nine months ended September 30, 2024, there were no drawings from these facilities. During the nine months ended September 30, 2023, we drew down $1.0 billion 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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