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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Outstanding Long-term Debt Obligations | Outstanding long-term debt obligations as of December 31, 2024 and 2023 are as follows:
|  |  |  |  | (dollars in millions)
At December 31, | Maturities |  | Interest Rates % |  | 2024 |  | 2023
Verizon Communications | < 5 Years |  | 0.75 - 6.94 |  | $ | 29,325 |  |  | $ | 33,316 |
| 5-10 Years |  | 1.50 - 7.88 |  | 33,851 |  |  | 37,229 |
| > 10 Years |  | 1.13 - 8.95 |  | 52,719 |  |  | 55,355 |
| < 5 Years |  | Floating(1) |  | 1,171 |  |  | 2,099 |
| 5-10 Years |  | Floating(1) |  | 1,735 |  |  | 2,029 |
Alltel Corporation | < 5 Years |  | 6.80 |  | 38 |  |  | N/A
| 5-10 Years |  | 6.80 - 7.88 |  | 56 |  |  | 94 |
Operating telephone company subsidiaries – debentures | < 5 Years |  | 6.00 - 8.38 |  | 286 |  |  | 79 |
| 5-10 Years |  | 5.13 - 8.75 |  | 328 |  |  | 535 |
Other subsidiaries – asset-backed debt | < 5 Years |  | 0.50 - 6.09 |  | 16,363 |  |  | 14,048 |
| < 5 Years |  | Floating(1) |  | 9,805 |  |  | 8,163 |
Finance lease obligations (average rate of 4.8% and 2.9% in 2024 and 2023, respectively)(2) |  |  |  |  | 2,349 |  |  | 2,091 |
Vendor financing arrangements(2) |  |  |  |  | 85 |  |  | 64 |
Unamortized discount, net of premium |  |  |  |  | (3,604) |  |  | (3,812) |
Unamortized debt issuance costs |  |  |  |  | (558) |  |  | (616) |
Total long-term debt, including current maturities |  |  |  |  | 143,949 |  |  | 150,674 |
Less long-term debt maturing within one year |  |  |  |  | 22,568 |  |  | 12,973 |
Total long-term debt |  |  |  |  | $ | 121,381 |  |  | $ | 137,701 |
Long-term debt maturing within one year |  |  |  |  | $ | 22,568 |  |  | $ | 12,973 |
Add short-term vendor financing arrangements(2) |  |  |  |  | 65 |  |  | — |
Debt maturing within one year |  |  |  |  | $ | 22,633 |  |  | $ | 12,973 |
Add long-term debt |  |  |  |  | 121,381 |  |  | 137,701 |
Total debt |  |  |  |  | $ | 144,014 |  |  | $ | 150,674 |
N/A - not applicable (1) For the period ending December 2024, the debt obligations bore interest at floating rates, including floating rates associated with the Secured Overnight Financing Rate (SOFR) for the interest period plus an applicable interest margin per annum. Floating rates associated with SOFR for the interest payments made in December 2024 ranged from 4.598% to 5.556%. (2) Finance lease and vendor financing obligations are part of alternative financing arrangements.
Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs | Maturities of long-term debt (secured and unsecured) outstanding, including current maturities, excluding finance lease obligations and unamortized debt issuance costs, at December 31, 2024 are as follows:
Years | (dollars in millions)
2025 | $ | 21,709 |
2026 | 7,823 |
2027 | 9,158 |
2028 | 11,592 |
2029 | 8,673 |
Thereafter | 83,203 |
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 year ended December 31, 2024. Exchange Offers
(dollars in millions) | Principal Amount Exchanged |  | Principal Amount Issued
Verizon 0.850% - 4.329% notes and floating rate notes, due 2025 - 2028 | $ | 2,256 |  |  | $ | — |
Verizon 4.780% notes due 2035(1) | — |  |  | 2,191 |
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 consolidated balance sheets. Tender Offers
(dollars in millions) | Principal Amount Purchased |  | Cash Consideration(1)
Verizon 0.875% - 3.250% notes due 2025 - 2028 | € | 1,981 |  |  | $ | 2,237 |
Verizon 0.850% - 3.376% notes and floating rate notes, due 2025 - 2026 | $ | 3,314 |  |  | 3,267 |
Total |  |  | $ | 5,504 |
(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 9 for additional information on cross currency swap transactions related to the transaction. Repayments and Repurchases
(dollars in millions) | Principal Repaid/ Repurchased |  | Amount Paid(1)
Verizon 1.625% notes due 2024 | € | 685 |  |  | $ | 840 |
Verizon 4.073% notes due 2024 | £ | 413 |  |  | 582 |
Verizon 0.750% notes due 2024 | $ | 999 |  |  | 1,003 |
Verizon floating rate notes due 2024 | 95 |  |  | 96 |
Verizon 3.500% notes due 2024 | 1,161 |  |  | 1,182 |
Open market repurchases of various Verizon notes(2) | 1,255 |  |  | 985 |
Total |  |  | $ | 4,688 |
(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 9 for additional information on cross currency swap transactions related to the transaction. (2) During 2024, we recorded gains of $267 million in connection with the open market repurchases, which were reflected within Other income (expense), net in our consolidated statement of income. Issuances
(dollars in millions) | Principal Amount Issued |  | Net Proceeds(1)
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 |
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 9 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, in whole or in part, 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 year ended December 31, 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 |  | 1.92 | 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 |  | 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 |  | 1.98 | 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 |  | 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 |
(dollars in millions) | Interest Rates % |  | Expected Weighted-average Life to Maturity (in years) | Principal Amount Issued
November 2024 |  |  |  |
Series 2024-8 |  |  |  |
A-1a Senior class notes | 4.620 |  | 2.98 | $ | 816 |
A-1b Senior class notes | Compounded SOFR + 0.420 |  | 2.98 | 75 |
B Junior class notes | 4.820 |  | 2.98 | 68 |
C Junior class notes | 4.990 |  | 2.98 | 41 |
November 2024 total |  |  |  | 1,000 |
Total |  |  |  | $ | 6,923 |
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 consolidated balance sheets were as follows:
| At December 31, |  | At December 31,
(dollars in millions) | 2024 |  | 2023
Assets |  |  |
Accounts receivable, net | $ | 18,339 |  |  | $ | 14,550 |
Prepaid expenses and other | 322 |  |  | 1,288 |
Other assets | 11,647 |  |  | 11,682 |
Liabilities |  |  |
Accounts payable and accrued liabilities | 37 |  |  | 29 |
Debt maturing within one year | 17,312 |  |  | 7,483 |
Long-term debt | 8,827 |  |  | 14,700 |
Schedule of Line of Credit Facilities | Long-Term Credit Facilities
|  |  |  |  | At December 31, 2024
(dollars in millions) | Maturities |  | Facility Capacity |  | Unused Capacity |  | Principal Amount Outstanding
Verizon revolving credit facility(1) | 2028 |  | $ | 12,000 |  |  | $ | 11,963 |  |  | $ | — |
Various export credit facilities(2) | 2025 - 2031 |  | 10,000 |  |  | — |  |  | 5,441 |
Total |  |  | $ | 22,000 |  |  | $ | 11,963 |  |  | $ | 5,441 |
(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 December 31, 2024, there have been no drawings against the revolving credit facility since its inception. (2) During 2024, there were no drawings from these facilities. During 2023, we drew down $1.0 billion from these facilities. Borrowings under certain of these facilities are amortized 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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