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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
Note 17. Quarterly Financial Information (Unaudited)
 
(dollars in millions, except per share amounts)
 
Quarter Ended
First Quarter

 
Second Quarter

 
Third Quarter

 
Fourth Quarter

 
Full Year

2018
 
 
 
 
 
 
 
 
 
Operating Revenues
$
31,772

 
$
32,203

 
$
32,607

 
$
34,281

 
$
130,863

Operating Income
7,349

 
6,617

 
7,675

 
637

 
22,278

Net Income
4,666

 
4,246

 
5,062

 
2,065

 
16,039

Net Income Attributable to Verizon
4,545

 
4,120

 
4,924

 
1,939

 
15,528

Basic Earnings Per Share Attributable to Verizon(1)
$
1.11

 
$
1.00

 
$
1.19

 
$
0.47

 
$
3.76

Diluted Earnings Per Share Attributable to Verizon(1)
$
1.11

 
$
1.00

 
$
1.19

 
$
0.47

 
$
3.76

 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
Operating Revenues
$
29,814

 
$
30,548

 
$
31,717

 
$
33,955

 
$
126,034

Operating Income
6,963

 
8,013

 
6,990

 
5,459

 
27,425

Net Income
3,553

 
4,478

 
3,736

 
18,783

 
30,550

Net Income Attributable to Verizon
3,450

 
4,362

 
3,620

 
18,669

 
30,101

Basic Earnings Per Share Attributable to Verizon(1)
$
0.85

 
$
1.07

 
$
0.89

 
$
4.57

 
$
7.37

Diluted Earnings Per Share Attributable to Verizon(1)
$
0.84

 
$
1.07

 
$
0.89

 
$
4.56

 
$
7.36


(1) Net income attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.

Results of operations for 2018 and 2017 include the following after-tax charges (credits) attributable to Verizon:
 
 
 
 
 
 
 
 
 
(dollars in millions)
 
 
2018
 
2017
 
First Quarter

 
Second Quarter

 
Third Quarter

 
Fourth Quarter

 
First Quarter

 
Second Quarter

 
Third Quarter

 
Fourth Quarter

Severance, pension and benefits charges (credits)
$
—

 
$
250

 
$
(335
)
 
$
108

 
$
—

 
$
118

 
$
—

 
$
732

Early debt redemption costs
184

 
—

 
352

 
—

 
512

 
—

 
274

 
409

Acquisition and integration related charges
82

 
92

 
103

 
142

 
—

 
355

 
100

 
95

Gain on spectrum license transactions
—

 
—

 
—

 
—

 
(77
)
 
—

 
—

 
(91
)
Net gain on sale of divested businesses
—

 
—

 
—

 
—

 
—

 
(931
)
 
—

 
—

Product realignment charges
—

 
509

 
—

 
—

 
—

 
—

 
—

 
461

Corporate tax reform
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(16,761
)
Oath goodwill impairment
—

 
—

 
—

 
4,527

 
—

 
—

 
—

 
—

Historical Wireless legal entity restructuring
—

 
—

 
—

 
(2,065
)
 
—

 
—

 
—

 
—


Historical Wireless Legal Entity Restructuring
During the fourth quarter of 2018, we completed an internal reorganization of legal entities within the historical Wireless business and recorded a non-recurring deferred tax benefit of approximately $2.1 billion in our consolidated statement of income for the year ended December 31, 2018, which reduced our deferred tax liability by the same amount.

Corporate Tax Reform
During the fourth quarter of 2017, we recorded a one-time corporate tax reduction of approximately $16.8 billion in (Provision) benefit for income taxes in our consolidated statement of income for the year ended December 31, 2017. Verizon has completed its analysis of the impacts of the TCJA, including analyzing the effects of any IRS and U.S. Treasury guidance issued, and state tax law changes enacted, within the maximum one year measurement period resulting in no significant adjustments to the provisional amount previously recorded.