Basis of Presentation (Tables)

9 Months Ended

Sep. 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 September 30,		At December 31,		Increase
(dollars in millions)	2018		2017
Cash and cash equivalents	$	2,538	$	2,079	$	459
Restricted cash:
Prepaid expenses and other	915		693		222
Other assets	122		116		6
Cash, cash equivalents and restricted cash	$	3,575	$	2,888	$	687

Schedule of Restricted Cash

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

	At September 30,		At December 31,		Increase
(dollars in millions)	2018		2017
Cash and cash equivalents	$	2,538	$	2,079	$	459
Restricted cash:
Prepaid expenses and other	915		693		222
Other assets	122		116		6
Cash, cash equivalents and restricted cash	$	3,575	$	2,888	$	687

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 September 30, 2018
(dollars in millions)	As reported			Balances without adoption of Topic 606			Adjustments
Operating Revenues
Service revenues and other	$	27,254		$	27,582		$	(328	)
Wireless equipment revenues	5,353			4,950			403
Total Operating Revenues	$	32,607		$	32,532		$	75
Cost of services (exclusive of items shown below)	$	7,842		$	7,853		$	(11	)
Wireless cost of equipment	5,489			5,449			40
Selling, general and administrative expense	7,224			7,545			(321		)
Equity in losses of unconsolidated businesses	(3		)	(3		)	—
Income Before Provision For Income Taxes	6,675			6,308			367
Provision for income taxes	(1,613		)	(1,512		)	(101		)
Net Income	$	5,062		$	4,796		$	266
Net income attributable to noncontrolling interests	$	138		$	133		$	5
Net income attributable to Verizon	4,924			4,663			261
Net Income	$	5,062		$	4,796		$	266

	Nine Months Ended September 30, 2018
(dollars in millions)	As reported			Balances without adoption of Topic 606			Adjustments
Operating Revenues
Service revenues and other	$	81,145		$	82,184		$	(1,039	)
Wireless equipment revenues	15,437			14,134			1,303
Total Operating Revenues	$	96,582		$	96,318		$	264
Cost of services (exclusive of items shown below)	$	24,022		$	24,060		$	(38	)
Wireless cost of equipment	16,195			16,087			108
Selling, general and administrative expense	21,673			22,727			(1,054		)
Equity in losses of unconsolidated businesses	(250		)	(251		)	1
Income Before Provision For Income Taxes	18,256			17,007			1,249
Provision for income taxes	(4,282		)	(3,956		)	(326		)
Net Income	$	13,974		$	13,051		$	923
Net income attributable to noncontrolling interests	$	385		$	363		$	22
Net income attributable to Verizon	13,589			12,688			901
Net Income	$	13,974		$	13,051		$	923

	At September 30, 2018
(dollars in millions)	As reported		Balances without adoption of Topic 606		Adjustments
Assets
Current assets
Accounts receivable, net of allowance	$	24,012	$	23,755	$	257
Prepaid expenses and other	5,334		3,041		2,293
Investments in unconsolidated businesses	732		729		3
Other assets	11,275		9,406		1,869
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities	19,342		18,820		522
Other current liabilities	8,323		8,905		(582		)
Deferred income taxes	35,712		34,901		811
Other liabilities	13,496		13,682		(186		)
Equity
Retained earnings	44,091		40,300		3,791
Noncontrolling interests	1,592		1,526		66