Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash are included in the following line items on the condensed consolidated balance sheets:

	At June 30,		At December 31,		Increase/
(dollars in millions)	2018		2017		(Decrease)
Cash and cash equivalents	$	1,750	$	2,079	$	(329	)
Restricted cash:
Prepaid expenses and other	851		693		158
Other assets	127		116		11
Cash, cash equivalents and restricted cash	$	2,728	$	2,888	$	(160	)

Schedule of Restricted Cash

Cash, cash equivalents and restricted cash are included in the following line items on the condensed consolidated balance sheets:

	At June 30,		At December 31,		Increase/
(dollars in millions)	2018		2017		(Decrease)
Cash and cash equivalents	$	1,750	$	2,079	$	(329	)
Restricted cash:
Prepaid expenses and other	851		693		158
Other assets	127		116		11
Cash, cash equivalents and restricted cash	$	2,728	$	2,888	$	(160	)

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 606, ASU 2018-02 and other ASUs were as follows:

			Adjustments due to
(dollars in millions)	At December 31, 2017		Topic 606			ASU 2018-02			Other ASUs			At January 1, 2018
Accounts receivable, net of allowance	$	23,493	$	53		$	—		$	—		$	23,546
Prepaid expenses and other	3,307		2,014			—			—			5,321
Other assets	9,787		1,238			—			(59		)	10,966
Investments in unconsolidated businesses	1,039		2			—			—			1,041
Other current liabilities	8,352		(541		)	—			—			7,811
Deferred income taxes	31,232		1,008			—			(31		)	32,209
Other liabilities	12,433		(94		)	—			—			12,339
Retained earnings	35,635		2,890			(652		)	(6		)	37,867
Accumulated other comprehensive income	2,659		—			652			(22		)	3,289
Noncontrolling interests	1,591		44			—			—			1,635

A reconciliation of the adjustments from the adoption of Topic 606 relative to Topic 605 on certain impacted financial statement line items in our condensed consolidated statements of income and balance sheet were as follows:

	Three Months Ended June 30, 2018
(dollars in millions)	As reported			Balances without adoption of Topic 606			Adjustments
Operating Revenues
Service revenues and other	$	27,159		$	27,469		$	(310	)
Wireless equipment revenues	5,044			4,590			454
Total Operating Revenues	$	32,203		$	32,059		$	144
Cost of services (exclusive of items shown below)	$	8,234		$	8,251		$	(17	)
Wireless cost of equipment	5,397			5,351			46
Selling, general and administrative expense	7,605			7,948			(343		)
Equity in losses of unconsolidated businesses	(228		)	(229		)	1
Income Before Provision For Income Taxes	5,527			5,068			459
Provision for income taxes	(1,281		)	(1,164		)	(117		)
Net Income	$	4,246		$	3,904		$	342
Net income attributable to noncontrolling interests	$	126		$	116		$	10
Net income attributable to Verizon	4,120			3,788			332
Net Income	$	4,246		$	3,904		$	342

	Six Months Ended June 30, 2018
(dollars in millions)	As reported			Balances without adoption of Topic 606			Adjustments
Operating Revenues
Service revenues and other	$	53,891		$	54,602		$	(711	)
Wireless equipment revenues	10,084			9,184			900
Total Operating Revenues	$	63,975		$	63,786		$	189
Cost of services (exclusive of items shown below)	$	16,180		$	16,207		$	(27	)
Wireless cost of equipment	10,706			10,638			68
Selling, general and administrative expense	14,449			15,182			(733		)
Equity in losses of unconsolidated businesses	(247		)	(248		)	1
Income Before Provision For Income Taxes	11,581			10,699			882
Provision for income taxes	(2,669		)	(2,444		)	(225		)
Net Income	$	8,912		$	8,255		$	657
Net income attributable to noncontrolling interests	$	247		$	230		$	17
Net income attributable to Verizon	8,665			8,025			640
Net Income	$	8,912		$	8,255		$	657

	At June 30, 2018
(dollars in millions)	As reported		Balances without adoption of Topic 606		Adjustments
Assets
Current assets
Accounts receivable, net of allowance	$	23,099	$	22,895	$	204
Prepaid expenses and other	4,925		2,790		2,135
Investments in unconsolidated businesses	787		784		3
Other assets	10,943		9,200		1,743
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities	18,560		18,233		327
Other current liabilities	8,303		8,938		(635		)
Deferred income taxes	35,069		34,164		905
Other liabilities	13,201		13,304		(103		)
Equity
Retained earnings	41,657		38,109		3,548
Noncontrolling interests	1,551		1,508		43