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Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income before Provision for Income Taxes | The components of income before provision for income taxes are as follows:
| (dollars in millions)
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Domestic | $ | 21,253 |  |  | $ | 15,668 |  |  | $ | 26,822 |
Foreign | 1,726 |  |  | 1,319 |  |  | 1,449 |
Total | $ | 22,979 |  |  | $ | 16,987 |  |  | $ | 28,271 |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows:
| (dollars in millions)
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 3,367 |  |  | $ | 2,070 |  |  | $ | 2,411 |
Foreign | 240 |  |  | 219 |  |  | 201 |
State and local | 608 |  |  | 215 |  |  | 938 |
Total | 4,215 |  |  | 2,504 |  |  | 3,550 |
Deferred |  |  |  |  |
Federal | 807 |  |  | 1,799 |  |  | 2,529 |
Foreign | (4) |  |  | 28 |  |  | (22) |
State and local | 12 |  |  | 561 |  |  | 466 |
Total | 815 |  |  | 2,388 |  |  | 2,973 |
Total income tax provision | $ | 5,030 |  |  | $ | 4,892 |  |  | $ | 6,523 |
Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates | The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate:
|  |  |  |  |  |  | (dollars in millions)
| 2024 |  | 2023 |  | 2022 |
Years Ended December 31, | Amount | Percent |  | Amount | Percent |  | Amount | Percent |
U.S. federal statutory tax rate | $ | 4,825 |  | 21.0 | % |  | $ | 3,567 |  | 21.0 | % |  | $ | 5,937 |  | 21.0 | % |
State and local income taxes, net of federal income tax effect(1) | 566 |  | 2.5 |  |  | 664 |  | 3.9 |  |  | 1,104 |  | 3.9 |  |
Foreign tax effects | (68) |  | (0.3) |  |  | (16) |  | (0.1) |  |  | (120) |  | (0.4) |  |
Effect of cross-border tax laws | — |  | — |  |  | 18 |  | 0.1 |  |  | 15 |  | 0.1 |  |
Tax credits | (27) |  | (0.1) |  |  | (27) |  | (0.2) |  |  | (30) |  | (0.1) |  |
Changes in valuation allowances | 15 |  | 0.1 |  |  | — |  | — |  |  | 11 |  | — |  |
Nontaxable or nondeductible items |  |  |  |  |  |  |  |  |
Goodwill impairment | — |  | — |  |  | 1,149 |  | 6.8 |  |  | — |  | — |  |
Other | (116) |  | (0.5) |  |  | (133) |  | (0.8) |  |  | (145) |  | (0.5) |  |
Changes in unrecognized tax benefits | 40 |  | 0.2 |  |  | (27) |  | (0.2) |  |  | (118) |  | (0.4) |  |
Other adjustments |  |  |  |  |  |  |  |  |
Federal refund claims | (17) |  | (0.1) |  |  | (245) |  | (1.4) |  |  | — |  | — |  |
Other | (188) |  | (0.9) |  |  | (58) |  | (0.3) |  |  | (131) |  | (0.5) |  |
Effective income tax rate | $ | 5,030 |  | 21.9 | % |  | $ | 4,892 |  | 28.8 | % |  | $ | 6,523 |  | 23.1 | % |
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Maryland and Pennsylvania for 2024, California, Georgia, Illinois, Maryland and Virginia for 2023, and California, Florida, Georgia, Illinois, New Jersey, Oregon and Pennsylvania for 2022.
Schedule of Cash Taxes Paid | The amounts of cash taxes paid by Verizon are as follows:
| (dollars in millions)
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Federal | $ | 4,745 |  |  | $ | 1,447 |  |  | $ | 1,865 |
State | 665 |  |  | 672 |  |  | 670 |
Foreign |  |  |  |  |
Ireland | 156 |  |  | 143 |  |  | 147 |
All other foreign | 66 |  |  | 81 |  |  | 54 |
Income taxes, net of amounts refunded | 5,632 |  |  | 2,343 |  |  | 2,736 |
Employment taxes | 992 |  |  | 1,016 |  |  | 1,245 |
Property and other taxes | 1,836 |  |  | 2,007 |  |  | 1,959 |
Total | $ | 8,460 |  |  | $ | 5,366 |  |  | $ | 5,940 |
Schedule of Deferred Taxes | Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows:
| (dollars in millions)
At December 31, | 2024 |  | 2023
Deferred tax assets |  |  |
Employee benefits | $ | 3,676 |  |  | $ | 3,913 |
Tax loss, credit, and other carry forwards | 1,719 |  |  | 1,922 |
Lease liabilities | 5,138 |  |  | 5,480 |
Other - assets | 1,735 |  |  | 1,708 |
| 12,268 |  |  | 13,023 |
Valuation allowances | (1,399) |  |  | (1,341) |
Deferred tax assets | 10,869 |  |  | 11,682 |
Deferred tax liabilities |  |  |
Spectrum and other intangible amortization | 29,302 |  |  | 28,535 |
Depreciation | 20,424 |  |  | 20,884 |
Lease right-of-use assets | 4,822 |  |  | 5,200 |
Other - liabilities | 2,904 |  |  | 2,696 |
Deferred tax liabilities | 57,452 |  |  | 57,315 |
Net deferred tax liability | $ | 46,583 |  |  | $ | 45,633 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:
|  |  | (dollars in millions)
| 2024 |  | 2023 |  | 2022
Balance at January 1, | $ | 2,705 |  |  | $ | 2,812 |  |  | $ | 3,134 |
Additions based on tax positions related to the current year | 91 |  |  | 114 |  |  | 123 |
Additions for tax positions of prior years | 203 |  |  | 185 |  |  | 122 |
Reductions for tax positions of prior years | (229) |  |  | (154) |  |  | (419) |
Settlements | (70) |  |  | (50) |  |  | (92) |
Lapses of statutes of limitations | (65) |  |  | (202) |  |  | (56) |
Balance at December 31, | $ | 2,635 |  |  | $ | 2,705 |  |  | $ | 2,812 |
Schedule of After Tax (Expenses) Benefits Related to Interest and Penalties in Provision for Income Taxes | We recognized the following net after-tax expenses (benefit) related to interest and penalties in the provision for income taxes:
Years Ended December 31, | (dollars in millions)
2024 | $ | 55 |
2023 | 86 |
2022 | 35 |
Schedule of After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet | The after-tax accruals for the payment of interest and penalties in the consolidated balance sheets are as follows:
At December 31, | (dollars in millions)
2024 | $ | 684 |
2023 | 630 |

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