Document

0000732712-19-000059.txt : 20191025 0000732712-19-000059.hdr.sgml : 20191025 20191025070805 ACCESSION NUMBER: 0000732712-19-000059 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20191025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191025 DATE AS OF CHANGE: 20191025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VERIZON COMMUNICATIONS INC CENTRAL INDEX KEY: 0000732712 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 232259884 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08606 FILM NUMBER: 191167484 BUSINESS ADDRESS: STREET 1: 1095 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-395-1000 MAIL ADDRESS: STREET 1: 1095 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: BELL ATLANTIC CORP DATE OF NAME CHANGE: 19920703 8-K 1 a2019q38-k.htm 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________

FORM 8-K

______________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: October 25, 2019

(Date of earliest event reported)

______________________________________________________________________________

Verizon Communications Inc.

(Exact name of registrant as specified in its charter)

_______________________________________________________________________________




Delaware		1-8606	23-2259884
(State or other jurisdiction of incorporation)		(Commission File Number)	(I.R.S. Employer Identification No.)

1095 Avenue of the Americas			10036
New York,	New York
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 395-1000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:



Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.10	VZ	New York Stock Exchange
Common Stock, par value $0.10	VZ	The NASDAQ Global Select Market
2.375% Notes due 2022	VZ22A	New York Stock Exchange
0.500% Notes due 2022	VZ22B	New York Stock Exchange
1.625% Notes due 2024	VZ24B	New York Stock Exchange
4.073% Notes due 2024	VZ24C	New York Stock Exchange
0.875% Notes due 2025	VZ25	New York Stock Exchange
3.250% Notes due 2026	VZ26	New York Stock Exchange
1.375% Notes due 2026	VZ26B	New York Stock Exchange
0.875% Notes due 2027	VZ27E	New York Stock Exchange
1.375% Notes due 2028	VZ28	New York Stock Exchange
1.875% Notes due 2029	VZ29B	New York Stock Exchange
1.250% Notes due 2030	VZ30	New York Stock Exchange
1.875% Notes due 2030	VZ30A	New York Stock Exchange
2.625% Notes due 2031	VZ31	New York Stock Exchange
2.500% Notes due 2031	VZ31A	New York Stock Exchange
0.875% Notes due 2032	VZ32	New York Stock Exchange
4.750% Notes due 2034	VZ34	New York Stock Exchange
3.125% Notes due 2035	VZ35	New York Stock Exchange
3.375% Notes due 2036	VZ36A	New York Stock Exchange
2.875% Notes due 2038	VZ38B	New York Stock Exchange
1.500% Notes due 2039	VZ39C	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period or complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

Attached as an exhibit hereto are a press release and financial tables dated October 25, 2019 issued by Verizon Communications Inc. (Verizon).

Non-GAAP Measures

Verizon’s press release and financial tables include financial information prepared in conformity with generally accepted accounting principles in the United States (GAAP) as well as non-GAAP financial information. It is management's intent to provide non-GAAP financial information to enhance the understanding of Verizon's GAAP financial information and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that non-GAAP measures provide relevant and useful information, which is used by management, investors and other users of our financial information in assessing both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.

EBITDA and EBITDA Margin Related Non-GAAP Measures

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), Consolidated EBITDA Margin, Segment EBITDA and Segment EBITDA Margin are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior periods, as well as in evaluating operating performance in relation to Verizon’s competitors.

Consolidated EBITDA is calculated by adding back interest, taxes and depreciation and amortization expense to net income. Consolidated EBITDA Margin is calculated by dividing Consolidated EBITDA by consolidated operating revenues.

Segment EBITDA is calculated by adding back depreciation and amortization expense to segment operating income. Segment EBITDA Margin is calculated by dividing Segment EBITDA by segment total operating revenues.

Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin Related Non-GAAP Measures

Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin are non-GAAP financial measures that we believe provide relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. We believe that Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin are used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes and depreciation policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis.

Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in losses and earnings of unconsolidated businesses and other income and expense, net, and the following special items: Oath goodwill impairment, severance charges, product realignment charges, acquisition and integration related charges and net gain from dispositions of assets and businesses. Oath goodwill impairment relates to impairment charges recognized in the fourth quarter of 2018 as a result of the Company's annual goodwill impairment testing of its media business, Verizon Media, which operated in 2018 under the "Oath" brand. Severance charges recorded during 2018 are primarily related to the voluntary separation program and other headcount reduction initiatives. Product realignment charges recorded during 2018 primarily relate to the discontinuation of the go90 platform and associated content. Acquisition and integration related charges represent transaction expenses related to business acquisitions and incremental expenses directly incurred to integrate the acquired businesses into our operations. Net gain from dispositions of assets and businesses relates to the sale of various real estate properties and businesses.

Consolidated Adjusted EBITDA Margin is calculated by dividing Consolidated Adjusted EBITDA by Consolidated Operating Revenues.

Net Debt and Net Debt to Consolidated Adjusted EBITDA Ratio

Net Debt and Net Debt to Consolidated Adjusted EBITDA Ratio are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating Verizon’s ability to service its debt.

Net Debt is calculated by subtracting cash and cash equivalents from the sum of debt maturing within one year and long-term debt. Net Debt to Consolidated Adjusted EBITDA Ratio is calculated by dividing Net Debt by Consolidated Adjusted EBITDA. For

purposes of Net Debt to Consolidated Adjusted EBITDA Ratio, Consolidated Adjusted EBITDA is calculated for the last twelve months.

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating Verizon’s ability to service its unsecured debt from continuing operations.

Net Unsecured Debt is calculated by subtracting secured debt and cash and cash equivalents from the sum of debt maturing within one year and long-term debt. Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio is calculated by dividing Net Unsecured Debt by Consolidated Adjusted EBITDA. For purposes of Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Consolidated Adjusted EBITDA is calculated for the last twelve months.

Adjusted Earnings per Common Share (Adjusted EPS)

Adjusted EPS is a non-GAAP financial measure that we believe is useful to management, investors and other users of our financial information in evaluating our operating results and understanding our operating trends without the effect of special items. We believe excluding special items provides more comparable assessment of our financial results from period to period.

Adjusted EPS is calculated by excluding from the calculation of reported EPS the effect of the following special items (Special Items): pension remeasurement charge (credit), acquisition and integration-related charges, early debt redemption costs and net gain from dispositions of assets and businesses.

Adjusted Effective Income Tax Rate Attributable to Verizon Forecast (Adjusted ETR Forecast)

Adjusted ETR Forecast is a non-GAAP financial measure that we believe is useful to management, investors and other users of our financial information in assessing our effective income tax rate without the effect of special items which could vary from period to period. Adjusted ETR Forecast is calculated by dividing the Provision for income taxes by Net Income attributable to Verizon before tax after adjusting for the impact of Special Items.

We provided an Adjusted ETR forecast for our 2019 fiscal year. We have not provided a reconciliation of this non-GAAP forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2019.

Supplemental Information - Wireless and Wireline

The Wireless and Wireline segment results included in the schedules accompanying this Report are non-GAAP financial measures that we believe provide relevant and useful information to investors and other users of our financial information in reconciling the results of our new segments, Verizon Consumer Group and Verizon Business Group, effective as of April 1, 2019, to the historical presentation of our segment results prior to our strategic reorganization. This supplemental operating information is also provided to help investors and users understand trends in our new segment results.

The Wireless and Wireline segment results are calculated by adjusting total reportable segments operating revenues and operating expenses for intersegment transactions that have been eliminated under the new structure, and the impact of VZ Connect and other early-stage development businesses previously included in Corporate. Total reportable segments operating revenues and operating expenses are calculated by aggregating the total operating revenues and operating expenses of Verizon Consumer Group and Verizon Business Group. This supplemental operating information should be considered in addition to, but not as a substitute for, our segment financial information.

See the accompanying schedules for reconciliations of non-GAAP financial measures to GAAP.

Item 9.01. Financial Statements and Exhibits



(d) Exhibits.

Exhibit Number		Description

99		Press release and financial tables, dated October 25, 2019, issued by Verizon Communications Inc.

104		Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



		Verizon Communications Inc.
		(Registrant)

Date:	October 25, 2019	/s/ Anthony T. Skiadas
		Anthony T. Skiadas
		Senior Vice President and Controller

EXHIBIT INDEX




Exhibit Number		Description

99		Press release and financial tables, dated October 25, 2019, issued by Verizon Communications Inc.

104		Cover Page Interactive Data File (formatted as inline XBRL).

EX-99 2 a2019q3exhibit99.htm EXHIBIT 99 Exhibit

Exhibit 99

News Release



FOR IMMEDIATE RELEASE	Media contacts:
October 25, 2019	Kim Ancin
	908.559.3227
	kimberly.ancin@verizon.com

	Eric Wilkens
	908.559.3063
	eric.wilkens@verizon.com

Verizon reports strong 3Q results propelled by

wireless customer growth

Highest third-quarter phone gross adds in five years, increased wireless net additions

and EPS growth

3Q 2019 highlights

Consolidated:


•	$1.25 in earnings per share (EPS), compared with $1.19 in 3Q 2018; adjusted EPS (non-GAAP), excluding special items, of $1.25, compared with $1.22 in 3Q 2018.

Consumer:


•	Total revenue of $22.7 billion, an increase of 1.4 percent year over year.


•	193,000 retail postpaid net additions, including 239,000 phone net additions, more than double the 112,000 phone net additions in third-quarter 2018, and 372,000 postpaid smartphone net additions.


•	Total retail postpaid churn of 1.05 percent, and retail postpaid phone churn of 0.79 percent.


•	30,000 Fios Internet net additions.

Business:


•	Total revenue of $7.9 billion, approximately flat year over year.


•	408,000 retail postpaid net additions, including 205,000 phone net additions.

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•	Total retail postpaid churn of 1.22 percent, and retail postpaid phone churn of 0.98 percent.

Wireless (non-GAAP):


•	Total revenue growth of 2.6 percent year over year to $23.6 billion, driven by a 2.7 percent increase in service revenue.


•	601,000 retail postpaid net additions, including 444,000 phone net additions, an increase from 295,000 phone net additions in third-quarter 2018, and 615,000 postpaid smartphone net additions, an increase from 510,000 postpaid smartphone net additions in third-quarter 2018. This growth was driven by a 10 percent year over year increase in phone gross additions.


•	Total retail postpaid churn of 1.09 percent, and retail postpaid phone churn of 0.82 percent.

Wireline (non-GAAP):


•	Total revenue of $7.1 billion, a decrease of 3.8 percent year over year.


•	36,000 Fios Internet net additions; Fios total revenue growth of 2.3 percent year over year.

NEW YORK - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong third-quarter 2019 results highlighted by increased cash flow and the most third-quarter phone gross additions in five years.

"Verizon continued its momentum in the third quarter by driving strong wireless volumes in both our Consumer and Business segments, while delivering solid financial results, highlighted by continued wireless service revenue growth, increased cash flow, and EPS growth," said Chairman and CEO Hans Vestberg. "We are focused on our 5G rollout strategy, looking to deploy next-generation networks while enhancing our industry-leading 4G LTE network. Going into the fourth quarter, we are energized by the strong performance of the business and we are confident in our strategy to drive value for our customers and growth for our shareholders."

For third-quarter 2019, Verizon reported EPS of $1.25, compared with $1.19 in third-quarter 2018. The company's reported earnings include a minimal net impact from special items: a net pre-tax gain of $261 million from dispositions of assets and businesses that was offset by a pension re-measurement pre-tax charge of $291 million. On an adjusted basis (non-GAAP), third-quarter 2019 EPS, excluding special items, was $1.25, compared with adjusted EPS of $1.22 in third-quarter 2018.

In third-quarter 2019, Verizon's results included the effects of a reduction in benefits from the adoption of a revenue recognition standard, primarily due to the deferral of commission expense, and the adoption of a lease accounting standard. The combined net impact was a 4 cent headwind in third-quarter 2019, and 13 cents year-to-date, which is included in the year-over-year increase in adjusted EPS.

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Consolidated results

Total consolidated operating revenues in third-quarter 2019 were $32.9 billion, up 0.9 percent from third-quarter 2018. This growth was primarily driven by higher wireless service revenue, partially offset by lower wireless equipment revenue and declines in legacy wireline revenue, predominantly in the Business segment.

Year-to-date cash flow from operations totaled $26.7 billion, an increase of $504 million year over year. This growth was the result of operational improvements in Verizon's businesses and lower discretionary employee benefit contributions, offset by higher cash tax payments and cash payments related to the Voluntary Separation Program. In September 2019, Verizon’s Board of Directors declared a quarterly dividend increase for the 13th consecutive year. Through third-quarter 2019, the company’s cash dividend payments totaled $7.5 billion.

Year-to-date capital expenditures were $12.3 billion through third-quarter 2019. Capital expenditures continue to support the launch and build-out of Verizon's 5G Ultra Wideband network, the growth in data and video traffic on the company's 4G LTE network, the deployment of significant fiber in markets nationwide and the upgrade to Verizon's Intelligent Edge Network architecture.

Strong operational cash flow and capital spending efficiencies have enabled Verizon to decrease total debt by $3.5 billion year to date. The company remains focused on reducing its unsecured debt portfolio while continuing to actively manage its near-term maturities, optimize its overall funding footprint, and lower its cost of capital.

In 2018, Verizon announced a goal to achieve $10 billion in cumulative cash savings by 2021. This initiative has yielded $4.6 billion of cumulative cash savings since the program began. In third-quarter 2019, Verizon realized over $400 million of expense savings from the Voluntary Separation Program, producing approximately $900 million in expense savings year-to-date.

Net income was $5.3 billion in third-quarter 2019. EBITDA (non-GAAP, earnings before interest, taxes, depreciation and amortization) totaled approximately $12.2 billion. Consolidated operating income margin was 24.9 percent in third-quarter 2019, compared with 23.5 percent in third-quarter 2018. Consolidated EBITDA margin (non-GAAP) was 37.0 percent in third-quarter 2019, compared with 37.6 percent in third-quarter 2018. Adjusted EBITDA margin (non-GAAP) in third-quarter 2019 was 36.6 percent, and consolidated adjusted EBITDA (non-GAAP) in third-quarter 2019 was $12.0 billion.

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Consumer results


•	Total Verizon Consumer revenues were $22.7 billion, an increase of 1.4 percent year over year, driven by continued strong growth in wireless service revenue and Fios service offerings, offset by declines in wireless equipment and legacy wireline services.

•

Verizon Consumer Group reported 193,000 wireless retail postpaid net additions in third-quarter 2019. This consisted of 239,000 phone net additions, more than double the 112,000 phone net additions in third-quarter 2018, and tablet net losses of 176,000, offset by 130,000 other connected device net additions, primarily wearables. Postpaid smartphone net additions were 372,000, an increase from 285,000 postpaid smartphone net additions in third-quarter 2018. This was driven by a 10 percent year over year increase in phone gross additions.


•	Consumer wireless service revenues increased 2.1 percent in third-quarter 2019, driven by customer step-ups to higher-priced plans and an increase in connections per account.


•	Total retail postpaid churn was 1.05 percent in third-quarter 2019, and retail postpaid phone churn was 0.79 percent.


•	In third-quarter 2019, Verizon Consumer Group reported 30,000 Fios Internet net additions and 67,000 Fios Video net losses, reflecting the ongoing shift from traditional linear video to over-the-top offerings. Consumer Fios revenues increased by 1.7 percent, primarily due to the demand for broadband offerings.

•

Segment operating income was $7.5 billion, an increase of 3.8 percent year over year, and segment operating income margin was 33.0 percent. Segment EBITDA (non-GAAP) totaled $10.3 billion in third-quarter 2019, an increase of 0.7 percent year over year. Segment EBITDA margin (non-GAAP) was 45.3 percent, which was down 30 basis points year over year, including approximately 80 basis points from the deferral of commission expense and the lease accounting standard.

Business results


•	Total Verizon Business revenues were $7.9 billion, approximately flat year over year, as growth in wireless service revenue and high quality fiber products was offset by declines in legacy wireline products.


•	Verizon Business Group reported 408,000 wireless retail postpaid net additions in third-quarter 2019, an increase of 12.1 percent year over year. This consisted of 205,000 phone net additions, 112,000 tablet net additions and 91,000 other connected device additions.


•	Total retail postpaid churn was 1.22 percent in third-quarter 2019, and retail postpaid phone churn was 0.98 percent.

•

Segment operating income was $1.0 billion, a decrease of 15.3 percent year over year, and segment operating income margin was 12.4 percent. Segment EBITDA (non-GAAP) totaled $2.0 billion in third-quarter 2019, a decrease of 10.7 percent year over year. Segment EBITDA margin (non-GAAP) was 25.2 percent, down from 28.2 percent in third-quarter 2018, due in part to declines in high margin wholesale revenue and legacy wireline products. This includes headwinds of approximately 50 basis points from the deferral of commission expense and the lease accounting standard.

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Media results


•	Total Verizon Media revenues in third-quarter 2019 were $1.8 billion, down 2.0 percent year over year, continuing the improvement in revenue trends. Gains in native and mobile advertising continue to be offset by declines in desktop advertising, though the business is building momentum in key areas.

Outlook and guidance

As outlined in Verizon's second-quarter 2019 earnings release, the company expects the following:


•	Low single-digit percentage growth in adjusted 2019 EPS, excluding the impact of the lease accounting standard.


•	Low single-digit percentage growth in full-year consolidated revenues on a GAAP reported basis.


•	Cash taxes to be $2 billion to $3 billion higher than in 2018 due to benefits that were realized in 2018 that are not expected to repeat in 2019.


•	Capital spending for 2019 to be in the range of $17 billion to $18 billion, including the expanded commercial launch of 5G.


•	Adjusted effective income tax rate (non-GAAP) for full-year 2019 to be at the lower end of its previously disclosed range of 24 percent to 26 percent.

NOTE: See the accompanying schedules and www.verizon.com/about/investors for reconciliations to generally accepted accounting principles (GAAP) for non-GAAP financial measures cited in this document.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated revenues of $130.9 billion in 2018. The company operates America’s most awarded wireless network and the nation’s premier all-fiber network, and delivers integrated solutions to businesses worldwide. With brands like Yahoo, TechCrunch and HuffPost, the company’s media group helps consumers stay informed and entertained, communicate and transact, while creating new ways for advertisers and partners to connect. Verizon’s corporate responsibility prioritizes the environmental, social and governance issues most relevant to its business and impact to society.

####

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Forward-looking statements

In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “believes,” “estimates,” “expects,” “hopes” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: adverse conditions in the U.S. and international economies; the effects of competition in the markets in which we operate; material changes in technology or technology substitution; disruption of our key suppliers’ provisioning of products or services; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks; breaches of network or information technology security, natural

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disasters, terrorist attacks or acts of war or significant litigation and any resulting financial impact not covered by insurance; our high level of indebtedness; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; material adverse changes in labor matters, including labor negotiations, and any resulting financial and/or operational impact; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or treaties, or in their interpretation; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; the inability to implement our business strategies; and the inability to realize the expected benefits of strategic transactions.

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Verizon Communications Inc.

Condensed Consolidated Statements of Income



(dollars in millions, except per share amounts)
Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Operating Revenues
Service revenues and other	$	27,753		$	27,254		1.8	$	82,301		$	81,145		1.4
Wireless equipment revenues	5,141			5,353			(4.0)	14,792			15,437			(4.2)
Total Operating Revenues	32,894			32,607			0.9	97,093			96,582			0.5

Operating Expenses
Cost of services	7,902			7,842			0.8	23,396			24,022			(2.6)
Cost of wireless equipment	5,482			5,489			(0.1)	15,699			16,195			(3.1)
Selling, general and administrative expense	7,216			7,224			(0.1)	21,682			21,673			—
Depreciation and amortization expense	4,114			4,377			(6.0)	12,577			13,051			(3.6)
Total Operating Expenses	24,714			24,932			(0.9)	73,354			74,941			(2.1)

Operating Income	8,180			7,675			6.6	23,739			21,641			9.7
Equity in losses of unconsolidated businesses	(1		)	(3		)	(66.7)	(20		)	(250		)	(92.0)
Other income (expense), net	(110		)	214			*	(1,127		)	499			*
Interest expense	(1,146		)	(1,211		)	(5.4)	(3,571		)	(3,634		)	(1.7)
Income Before Provision For Income Taxes	6,923			6,675			3.7	19,021			18,256			4.2
Provision for income taxes	(1,586		)	(1,613		)	(1.7)	(4,450		)	(4,282		)	3.9
Net Income	$	5,337		$	5,062		5.4	$	14,571		$	13,974		4.3

Net income attributable to noncontrolling interests	$	143		$	138		3.6	$	401		$	385		4.2
Net income attributable to Verizon	5,194			4,924			5.5	14,170			13,589			4.3
Net Income	$	5,337		$	5,062		5.4	$	14,571		$	13,974		4.3

Basic Earnings Per Common Share
Net income attributable to Verizon	$	1.26		$	1.19		5.9	$	3.42		$	3.29		4.0
Weighted-average shares outstanding (in millions)	4,138			4,136				4,138			4,125

Diluted Earnings Per Common Share ⁽¹⁾
Net income attributable to Verizon	$	1.25		$	1.19		5.0	$	3.42		$	3.29		4.0
Weighted-average shares outstanding (in millions)	4,140			4,140				4,140			4,129

Footnotes:


(1)	Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.


*	Not meaningful

Verizon Communications Inc.

Condensed Consolidated Balance Sheets



(dollars in millions)
Unaudited	9/30/19			12/31/18			$ Change

Assets
Current assets
Cash and cash equivalents	$	3,020		$	2,745		$	275
Accounts receivable, net	24,713			25,102			(389		)
Inventories	1,538			1,336			202
Prepaid expenses and other	5,624			5,453			171
Total current assets	34,895			34,636			259

Property, plant and equipment	260,053			252,835			7,218
Less accumulated depreciation	171,204			163,549			7,655
Property, plant and equipment, net	88,849			89,286			(437		)
Investments in unconsolidated businesses	628			671			(43		)
Wireless licenses	94,433			94,130			303
Goodwill	24,570			24,614			(44		)
Other intangible assets, net	9,264			9,775			(511		)
Operating lease right-of-use assets	22,218			—			22,218
Other assets	10,018			11,717			(1,699		)
Total assets	$	284,875		$	264,829		$	20,046

Liabilities and Equity
Current liabilities
Debt maturing within one year	$	7,830		$	7,190		$	640
Accounts payable and accrued liabilities	19,566			22,501			(2,935		)
Current operating lease liabilities	2,959			—			2,959
Other current liabilities	8,854			8,239			615
Total current liabilities	39,209			37,930			1,279

Long-term debt	101,769			105,873			(4,104		)
Employee benefit obligations	18,236			18,599			(363		)
Deferred income taxes	34,592			33,795			797
Non-current operating lease liabilities	18,214			—			18,214
Other liabilities	12,543			13,922			(1,379		)
Total long-term liabilities	185,354			172,189			13,165

Equity
Common stock	429			429			—
Additional paid in capital	13,418			13,437			(19		)
Retained earnings	50,595			43,542			7,053
Accumulated other comprehensive income	1,104			2,370			(1,266		)
Common stock in treasury, at cost	(6,822		)	(6,986		)	164
Deferred compensation – employee stock ownership plans and other	197			353			(156		)
Noncontrolling interests	1,391			1,565			(174		)
Total equity	60,312			54,710			5,602
Total liabilities and equity	$	284,875		$	264,829		$	20,046

Verizon Communications Inc.

Consolidated - Selected Financial and Operating Statistics



(dollars in millions, except per share amounts)
Unaudited	9/30/19		12/31/18

Total debt	$	109,599	$	113,063
Net debt	$	106,579	$	110,318
Net unsecured debt	$	97,779	$	100,242
Net debt / Consolidated Adjusted EBITDA⁽¹⁾	2.2x		2.3x
Net unsecured debt / Consolidated Adjusted EBITDA⁽¹⁾	2.1x		2.1x
Common shares outstanding end of period (in millions)	4,136		4,132
Total employees (‘000)	135.4		144.5
Quarterly cash dividends declared per common share	$	0.6150	$	0.6025

Footnotes:


(1)	Consolidated adjusted EBITDA excludes the effects of non-operational items and special items.

Verizon Communications Inc.

Condensed Consolidated Statements of Cash Flows



(dollars in millions)
Unaudited	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			$ Change

Cash Flows from Operating Activities
Net Income	$	14,571		$	13,974		$	597
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	12,577			13,051			(474		)
Employee retirement benefits	(105		)	(886		)	781
Deferred income taxes	1,070			2,023			(953		)
Provision for uncollectible accounts	1,131			699			432
Equity in losses of unconsolidated businesses, net of dividends received	64			291			(227		)
Net loss on sale of divested businesses	94			—			94
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(3,902		)	(1,944		)	(1,958		)
Discretionary employee benefits contributions	(300		)	(1,679		)	1,379
Other, net	1,548			715			833
Net cash provided by operating activities	26,748			26,244			504

Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(12,332		)	(12,026		)	(306		)
Acquisitions of businesses, net of cash acquired	(29		)	(39		)	10
Acquisitions of wireless licenses	(299		)	(1,307		)	1,008
Proceeds from dispositions of businesses	27			—			27
Other, net	476			236			240
Net cash used in investing activities	(12,157		)	(13,136		)	979

Cash Flows from Financing Activities
Proceeds from long-term borrowings	8,360			5,932			2,428
Proceeds from asset-backed long-term borrowings	3,982			3,216			766
Repayments of long-term borrowings and finance lease obligations	(12,486		)	(9,776		)	(2,710		)
Repayments of asset-backed long-term borrowings	(5,273		)	(2,915		)	(2,358		)
Dividends paid	(7,474		)	(7,283		)	(191		)
Other, net	(1,410		)	(1,595		)	185
Net cash used in financing activities	(14,301		)	(12,421		)	(1,880		)

Increase in cash, cash equivalents and restricted cash	290			687			(397		)
Cash, cash equivalents and restricted cash, beginning of period	3,916			2,888			1,028
Cash, cash equivalents and restricted cash, end of period	$	4,206		$	3,575		$	631

Verizon Communications Inc.

Consumer - Selected Financial Results



(dollars in millions)
Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Operating Revenues
Service	$	16,433		$	16,193		1.5	$	49,042		$	48,066		2.0
Wireless equipment	4,257			4,508			(5.6)	12,326			13,029			(5.4)
Other	2,016			1,698			18.7	5,481			4,934			11.1
Total Operating Revenues	22,706			22,399			1.4	66,849			66,029			1.2

Operating Expenses
Cost of services	4,035			3,850			4.8	11,761			11,465			2.6
Cost of wireless equipment	4,291			4,379			(2.0)	12,342			12,948			(4.7)
Selling, general and administrative expense	4,085			3,947			3.5	12,090			11,426			5.8
Depreciation and amortization expense	2,806			3,010			(6.8)	8,581			8,982			(4.5)
Total Operating Expenses	15,217			15,186			0.2	44,774			44,821			(0.1)

Operating Income	$	7,489		$	7,213		3.8	$	22,075		$	21,208		4.1
Operating Income Margin	33.0		%	32.2		%		33.0		%	32.1		%

Segment EBITDA	$	10,295		$	10,223		0.7	$	30,656		$	30,190		1.5
Segment EBITDA Margin	45.3		%	45.6		%		45.9		%	45.7		%

Footnotes:

The segment financial results and metrics above are adjusted to exclude the effects of special items, as the Company’s chief operating decision maker excludes these items in assessing segment performance.

Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.

Consumer - Selected Operating Statistics




Unaudited									9/30/19			9/30/18			% Change

Connections (‘000):
Wireless retail postpaid connections									89,739			89,062			0.8
Wireless retail prepaid connections									4,183			4,736			(11.7	)
Total wireless retail connections									93,922			93,798			0.1

Fios video connections									4,203			4,423			(5.0	)
Fios Internet connections									5,867			5,711			2.7
Fios digital voice residence connections									3,672			3,833			(4.2	)
Fios digital connections									13,742			13,967			(1.6	)
Broadband connections									6,469			6,452			0.3
Voice connections									5,904			6,480			(8.9	)

Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change		9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Gross Additions (‘000):
Wireless retail postpaid	3,020			2,850			6.0		8,459			8,101			4.4

Net Additions Detail (‘000) :
Wireless retail postpaid ⁽¹⁾	193			151			27.8		118			243			(51.4	)
Wireless retail prepaid ⁽¹⁾	(81		)	(96		)	15.6		(470		)	(667		)	29.5
Total wireless retail ⁽¹⁾	112			55			*		(352		)	(424		)	17.0

Wireless retail postpaid phones ⁽¹⁾	239			112			*		149			(24		)	*

Fios video	(67		)	(64		)	(4.7	)	(174		)	(125		)	(39.2	)
Fios Internet	30			48			(37.5	)	106			146			(27.4	)
Fios digital voice residence	(53		)	(30		)	(76.7	)	(130		)	(72		)	(80.6	)
Fios digital	(90		)	(46		)	(95.7	)	(198		)	(51		)	*
Broadband	(5		)	5			*		9			11			(18.2	)
Voice	(154		)	(151		)	(2.0	)	(428		)	(448		)	4.5

Churn Rate:
Wireless retail postpaid	1.05		%	1.01		%			1.03		%	0.98		%
Wireless retail postpaid phones	0.79		%	0.77		%			0.77		%	0.75		%
Wireless retail	1.27		%	1.24		%			1.27		%	1.25		%

Revenue Statistics (in millions):
Wireless service revenue	$	13,533		$	13,257		2.1		$	40,346		$	39,260		2.8
Fios revenues	$	2,811		$	2,764		1.7		$	8,347		$	8,236		1.3

Verizon Communications Inc.



Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Other Wireless Statistics:
Wireless retail postpaid ARPA ⁽²⁾	$	118.89		$	117.06		1.6	$	118.16		$	115.34		2.4
Wireless retail postpaid upgrade rate	4.9		%	5.1		%
Wireless retail postpaid accounts (‘000) ⁽³⁾								33,898			34,005			(0.3	)
Wireless retail postpaid connections per account ⁽³⁾								2.65			2.62			1.1
Total wireless Internet postpaid base ⁽³⁾								16.1		%	15.9		%

Footnotes:

(1) Connection net additions include certain adjustments.

(2) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.

(3) Statistics presented as of end of period.

Certain intersegment transactions with corporate entities have not been eliminated.

* Not meaningful

Verizon Communications Inc.

Business - Selected Financial Results



(dollars in millions)
Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Operating Revenues
Global Enterprise	$	2,714		$	2,782		(2.4)	$	8,078		$	8,416		(4.0)
Small and Medium Business	2,899			2,729			6.2	8,392			7,905			6.2
Public Sector and Other	1,472			1,455			1.2	4,435			4,322			2.6
Wholesale	800			927			(13.7)	2,467			2,884			(14.5)
Total Operating Revenues	7,885			7,893			(0.1)	23,372			23,527			(0.7)

Operating Expenses
Cost of services	2,666			2,657			0.3	7,838			8,027			(2.4)
Cost of wireless equipment	1,190			1,110			7.2	3,356			3,247			3.4
Selling, general and administrative expense	2,042			1,900			7.5	5,984			5,694			5.1
Depreciation and amortization expense	1,010			1,072			(5.8)	3,098			3,190			(2.9)
Total Operating Expenses	6,908			6,739			2.5	20,276			20,158			0.6

Operating Income	$	977		$	1,154		(15.3)	$	3,096		$	3,369		(8.1)
Operating Income Margin	12.4		%	14.6		%		13.2		%	14.3		%

Segment EBITDA	$	1,987		$	2,226		(10.7)	$	6,194		$	6,559		(5.6)
Segment EBITDA Margin	25.2		%	28.2		%		26.5		%	27.9		%

Footnotes:

Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.

Business - Selected Operating Statistics




Unaudited								9/30/2019			9/30/2018			% Change

Connections (‘000):
Wireless retail postpaid connections								24,732			23,073			7.2

Fios video connections								77			74			4.1
Fios Internet connections								322			302			6.6
Fios digital connections								399			376			6.1
Broadband connections								492			506			(2.8)
Voice connections								5,058			5,529			(8.5)

Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Gross Additions ('000):
Wireless retail postpaid	1,302			1,163			12.0	3,644			3,405			7.0

Net Add Detail (‘000):
Wireless retail postpaid ⁽¹⁾	408			364			12.1	995			1,063			(6.4)
Wireless retail postpaid phones ⁽¹⁾	205			183			12.0	496			494			0.4

Fios video	1			1			—	3			3			—
Fios Internet	6			6			—	16			17			(5.9)
Fios digital	7			7			—	19			20			(5.0)
Broadband	(2		)	(3		)	33.3	(9		)	(12		)	25.0
Voice	(105		)	(110		)	4.5	(341		)	(364		)	6.3

Churn Rate:
Wireless retail postpaid	1.22		%	1.17		%		1.22		%	1.16		%
Wireless retail postpaid phones	0.98		%	0.95		%		0.99		%	0.95		%

Revenue Statistics (in millions):
Wireless service revenue	$	2,850		$	2,687		6.1	$	8,319		$	7,803		6.6
Fios revenues	$	243		$	222		9.5	$	725		$	657		10.4

Other Operating Statistics:
Wireless retail postpaid upgrade rate	4.5		%	4.8		%
Total wireless Internet postpaid base ⁽²⁾								33.5		%	33.1		%

Footnotes:

(1) Connection net additions include certain adjustments.

(2) Statistics presented as of end of period.

Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.

Supplemental Information - Wireless Historical Financial Results

The following supplemental schedule contains historical wireless segment results and is provided to help investors understand trends in our new segment results.



(dollars in millions)
Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Operating Revenues
Service	$	16,398		$	15,966		2.7	$	48,714		$	47,122		3.4
Equipment	5,141			5,353			(4.0)	14,792			15,437			(4.2)
Other	2,030			1,654			22.7	5,445			4,763			14.3
Total Operating Revenues	23,569			22,973			2.6	68,951			67,322			2.4

Operating Expenses
Cost of services	2,583			2,350			9.9	7,461			6,900			8.1
Cost of equipment	5,482			5,489			(0.1)	15,699			16,195			(3.1)
Selling, general and administrative expense	4,462			4,169			7.0	13,061			12,052			8.4
Depreciation and amortization expense	2,259			2,454			(7.9)	6,840			7,341			(6.8)
Total Operating Expenses	14,786			14,462			2.2	43,061			42,488			1.3

Operating Income	$	8,783		$	8,511		3.2	$	25,890		$	24,834		4.3
Operating Income Margin	37.3		%	37.0		%		37.5		%	36.9		%

Segment EBITDA	$	11,042		$	10,965		0.7	$	32,730		$	32,175		1.7
Segment EBITDA Margin	46.8		%	47.7		%		47.5		%	47.8		%

Footnotes:

The segment financial results and metrics above are adjusted to exclude the effects of special items.

Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.

Supplemental Information - Wireless Historical Operating Statistics

The following supplemental schedule contains historical wireless segment results and is provided to help investors understand trends in our new segment results.




Unaudited								9/30/19			9/30/18			% Change

Connections (‘000)
Retail postpaid								114,471			112,135			2.1
Retail prepaid								4,183			4,736			(11.7)
Total retail								118,654			116,871			1.5

Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Net Add Detail (‘000) ⁽¹⁾
Retail postpaid	601			515			16.7	1,113			1,306			(14.8)
Retail prepaid	(81		)	(96		)	15.6	(470		)	(667		)	29.5
Total retail	520			419			24.1	643			639			0.6

Account Statistics
Retail postpaid accounts (‘000) ⁽²⁾								35,371			35,309			0.2
Retail postpaid connections per account ⁽²⁾								3.24			3.18			1.9
Retail postpaid ARPA ⁽³⁾	$	139.01		$	136.58		1.8	$	137.83		$	134.28		2.6

Churn Detail
Retail postpaid	1.09		%	1.04		%		1.07		%	1.02		%
Retail	1.26		%	1.22		%		1.26		%	1.23		%

Retail Postpaid Connection Statistics⁽²⁾
Total smartphone postpaid phone base								93.5		%	91.7		%
Total Internet postpaid base								19.8		%	19.4		%

Footnotes:

(1) Connection net additions include certain adjustments.

(2) Statistics presented as of end of period.

(3) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.

The segment financial results and metrics above are adjusted to exclude the effects of special items.

Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.

Supplemental Information - Wireline Historical Financial Results

The following supplemental schedule contains historical wireline segment results and is provided to help investors understand trends in our new segment results.



(dollars in millions)
Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Operating Revenues
Consumer Markets	$	3,124		$	3,138		(0.4)	$	9,397		$	9,420		(0.2)
Enterprise Solutions	2,085			2,172			(4.0)	6,309			6,623			(4.7)
Partner Solutions	1,044			1,166			(10.5)	3,162			3,594			(12.0)
Business Markets	795			840			(5.4)	2,443			2,561			(4.6)
Other	46			55			(16.4)	173			189			(8.5)
Total Operating Revenues	7,094			7,371			(3.8)	21,484			22,387			(4.0)

Operating Expenses
Cost of services	4,318			4,371			(1.2)	12,701			13,223			(3.9)
Selling, general and administrative expense	1,542			1,498			2.9	4,701			4,554			3.2
Depreciation and amortization expense	1,480			1,552			(4.6)	4,606			4,610			(0.1)
Total Operating Expenses	7,340			7,421			(1.1)	22,008			22,387			(1.7)

Operating Loss	$	(246	)	$	(50	)	*	$	(524	)	$	—		*
Operating Loss Margin	(3.5		)%	(0.7		)%		(2.4		)%	0.0		%

Segment EBITDA	$	1,234		$	1,502		(17.8)	$	4,082		$	4,610		(11.5)
Segment EBITDA Margin	17.4		%	20.4		%		19.0		%	20.6		%

Footnotes:

The segment financial results and metrics above are adjusted to exclude the effects of special items.

Certain intersegment transactions with corporate entities have not been eliminated.


*	Not meaningful

Verizon Communications Inc.

Supplemental Information - Wireline Historical Operating Statistics

The following supplemental schedule contains historical wireline segment results and is provided to help investors understand trends in our new segment results.




Unaudited								9/30/2019			9/30/2018			% Change

Connections (‘000)
Fios video connections								4,280			4,497			(4.8)
Fios Internet connections								6,189			6,013			2.9
Fios digital voice residence connections								3,672			3,833			(4.2)
Fios digital connections								14,141			14,343			(1.4)
Broadband connections								6,961			6,958			—
Voice connections								10,962			12,009			(8.7)

Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18			% Change	9 Mos. Ended 9/30/19			9 Mos. Ended 9/30/18			% Change

Net Add Detail (‘000)
Fios video connections	(66		)	(63		)	(4.8)	(171		)	(122		)	(40.2)
Fios Internet connections	36			54			(33.3)	122			163			(25.2)
Fios digital voice residence connections	(53		)	(30		)	(76.7)	(130		)	(72		)	(80.6)
Fios digital connections	(83		)	(39		)	*	(179		)	(31		)	*
Broadband connections	(7		)	2			*	—			(1		)	*
Voice connections	(259		)	(261		)	0.8	(770		)	(812		)	5.2

Revenue Statistics
Fios revenues (in millions)	$	3,054		$	2,986		2.3	$	9,072		$	8,893		2.0

Footnotes:

The segment financial results and metrics above are adjusted to exclude the effects of special items.

Certain intersegment transactions with corporate entities have not been eliminated.


*	Not meaningful

Verizon Communications Inc.

Non-GAAP Reconciliations - Consolidated Verizon

Consolidated EBITDA, Consolidated EBITDA Margin, Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin



(dollars in millions)
Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 6/30/19		3 Mos. Ended 3/31/19			3 Mos. Ended 12/31/18			3 Mos. Ended 9/30/18			3 Mos. Ended 6/30/18			3 Mos. Ended 3/31/18

Consolidated Net Income	$	5,337		$	4,074	$	5,160		$	2,065		$	5,062		$	4,246		$	4,666
Add/(subtract):
Provision (benefit) for income taxes	1,586			1,236		1,628			(698		)	1,613			1,281			1,388
Interest expense	1,146			1,215		1,210			1,199			1,211			1,222			1,201
Depreciation and amortization expense	4,114			4,232		4,231			4,352			4,377			4,350			4,324
Consolidated EBITDA	$	12,183		$	10,757	$	12,229		$	6,918		$	12,263		$	11,099		$	11,579

Add/(subtract):
Other (income) expense, net*	$	110		$	1,312	$	(295	)	$	(1,865	)	$	(214	)	$	(360	)	$	75
Equity in losses (earnings) of unconsolidated businesses†	1			13		6			(64		)	3			228			19
Oath goodwill impairment	—			—		—			4,591			—			—			—
Severance charges	—			—		—			1,818			—			339			—
Product realignment charges‡	—			—		—			—			—			450			—
Acquisition and integration related charges‡	—			—		—			187			130			109			105
Net gain from dispositions of assets and businesses	(261		)	—		—			—			—			—			—
	(150		)	1,325		(289		)	4,667			(81		)	766			199
Consolidated Adjusted EBITDA	$	12,033		$	12,082	$	11,940		$	11,585		$	12,182		$	11,865		$	11,778
Consolidated Operating Revenues - Quarter to Date	$	32,894										$	32,607
Operating Income	$	8,180										$	7,675
Operating Income Margin - Quarter to Date	24.9		%									23.5		%
Consolidated EBITDA Margin - Quarter to Date	37.0		%									37.6		%
Consolidated Adjusted EBITDA Margin - Quarter to Date	36.6		%


*	Includes Pension and benefits mark-to-market adjustments and Early debt redemption costs, where applicable.


†	Includes Product realignment charges, where applicable.


‡	Excludes depreciation and amortization expense, where applicable.

Net Debt and Net Debt to Consolidated Adjusted EBITDA Ratio



(dollars in millions)
Unaudited	9/30/19		12/31/18

Debt maturing within one year	$	7,830	$	7,190
Long-term debt	101,769		105,873
Total Debt	109,599		113,063
Less Cash and cash equivalents	3,020		2,745
Net Debt	$	106,579	$	110,318
Net Debt to Consolidated Adjusted EBITDA Ratio	2.2x		2.3x

Verizon Communications Inc.

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio



(dollars in millions)
Unaudited	9/30/19		12/31/18

Total Debt	$	109,599	$	113,063
Less Secured debt	8,800		10,076
Unsecured debt	100,799		102,987
Less Cash and cash equivalents	3,020		2,745
Net Unsecured Debt	$	97,779	$	100,242
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio	2.1x		2.1x

Adjusted Earnings per Common Share (Adjusted EPS)⁽¹⁾



(dollars in millions, except per share amounts)
Unaudited										3 Mos. Ended 9/30/19												3 Mos. Ended 9/30/18
	Pre-tax			Tax			After-Tax						Pre-tax			Tax			After-Tax
EPS										$	1.25											$	1.19
Pension remeasurement charge (credit)	$	291		$	(76	)	$	215		0.05			$	(454	)	$	119		$	(335	)	(0.08		)
Acquisition and integration-related charges	—			—			—			—			137			(34		)	103			0.02
Early debt redemption costs	—			—			—			—			476			(124		)	352			0.09
Net gain from dispositions of assets and businesses	(261		)	37			(224		)	(0.05		)	—			—			—			—
	$	30		$	(39	)	$	(9	)	$	—		$	159		$	(39	)	$	120		$	0.03
Adjusted EPS										$	1.25											$	1.22


(1)	Adjusted EPS may not add due to rounding.

Verizon Communications Inc.

Non-GAAP Reconciliations - Segments

Segment EBITDA and Segment EBITDA Margin

Consumer



(dollars in millions)
Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18

Operating Income	$	7,489		$	7,213
Add Depreciation and amortization expense	2,806			3,010
Segment EBITDA	$	10,295		$	10,223
Year over year change	0.7		%

Total operating revenues	$	22,706		$	22,399
Operating Income Margin	33.0		%	32.2		%
Segment EBITDA Margin	45.3		%	45.6		%
Segment EBITDA Margin - Year Over Year Change	(30) bps

Business



(dollars in millions)
Unaudited	3 Mos. Ended 9/30/19			3 Mos. Ended 9/30/18

Operating Income	$	977		$	1,154
Add Depreciation and amortization expense	1,010			1,072
Segment EBITDA	$	1,987		$	2,226
Year over year change	(10.7		)%

Total operating revenues	$	7,885		$	7,893
Operating Income Margin	12.4		%	14.6		%
Segment EBITDA Margin	25.2		%	28.2		%

Verizon Communications Inc.

Supplemental Information- VZ 2.0 to Historical Financial Results Reconciliation⁽¹⁾

The following tables present a reconciliation of financial results for our current reportable segments, Consumer and Business, to our historical reportable segments, Wireless and Wireline.



	3 Mos. Ended 9/30/19
														(dollars in millions)
	VZ 2.0													Historical
	Consumer			Business			Total Reportable Segments		Adjustments⁽²⁾			Adjusted Total Reportable Segments		Wireless									Wireline													Historical Total Reportable Segments
Unaudited														Service		Equipment		Other		Total Wireless			Consumer Markets		Enterprise Solutions		Partner Solutions		Business Markets		Other		Total Wireline
External Operating Revenues
Total Operating Revenues	$	22,706		$	7,885		$	30,591	$	72		$	30,663	$	16,398	$	5,141	$	2,030	$	23,569		$	3,124	$	2,085	$	1,044	$	795	$	46	$	7,094		$	30,663

Operating Expenses
Cost of services	4,035			2,666			6,701		200			6,901								2,583													4,318			6,901
Cost of wireless equipment	4,291			1,190			5,481		1			5,482								5,482													—			5,482
Selling, general and administrative expense	4,085			2,042			6,127		(123		)	6,004								4,462													1,542			6,004
Depreciation and amortization expense	2,806			1,010			3,816		(77		)	3,739								2,259													1,480			3,739
Total Operating Expenses	15,217			6,908			22,125		1			22,126								14,786													7,340			22,126
Operating Income (Loss)	$	7,489		$	977		$	8,466	$	71		$	8,537							$	8,783												$	(246	)	$	8,537
Add Depreciation and amortization expense	2,806			1,010			3,816		(77		)	3,739								2,259													1,480			3,739
Segment EBITDA	$	10,295		$	1,987		$	12,282	$	(6	)	$	12,276							$	11,042												$	1,234		$	12,276
Operating Income (Loss) Margin	33.0		%	12.4		%														37.3		%											(3.5		)%
Segment EBITDA Margin	45.3		%	25.2		%														46.8		%											17.4		%

Footnotes:

(1) Information presented for VZ 2.0 and historical financial results includes intersegment transactions.

(2) Adjustment represents intersegment transactions that have been eliminated under the new structure net of the impact of VZ Connect and other early-stage development businesses previously included in Corporate.

Verizon Communications Inc.

Supplemental Information- VZ 2.0 to Historical Financial Results Reconciliation⁽¹⁾



	3 Mos. Ended 9/30/18
														(dollars in millions)
	VZ 2.0													Historical
	Consumer			Business			Total Reportable Segments		Adjustments⁽²⁾			Adjusted Total Reportable Segments		Wireless									Wireline													Historical Total Reportable Segments
Unaudited														Service		Equipment		Other		Total Wireless			Consumer Markets		Enterprise Solutions		Partner Solutions		Business Markets		Other		Total Wireline
External Operating Revenues
Total Operating Revenues	$	22,399		$	7,893		$	30,292	$	52		$	30,344	$	15,966	$	5,353	$	1,654	$	22,973		$	3,138	$	2,172	$	1,166	$	840	$	55	$	7,371		$	30,344

Operating Expenses
Cost of services	3,850			2,657			6,507		214			6,721								2,350													4,371			6,721
Cost of wireless equipment	4,379			1,110			5,489		—			5,489								5,489													—			5,489
Selling, general and administrative expense	3,947			1,900			5,847		(180		)	5,667								4,169													1,498			5,667
Depreciation and amortization expense	3,010			1,072			4,082		(76		)	4,006								2,454													1,552			4,006
Total Operating Expenses	15,186			6,739			21,925		(42		)	21,883								14,462													7,421			21,883
Operating Income (Loss)	$	7,213		$	1,154		$	8,367	$	94		$	8,461							$	8,511												$	(50	)	$	8,461
Add Depreciation and amortization expense	3,010			1,072			4,082		(76		)	4,006								2,454													1,552			4,006
Segment EBITDA	$	10,223		$	2,226		$	12,449	$	18		$	12,467							$	10,965												$	1,502		$	12,467
Operating Income (Loss) Margin	32.2		%	14.6		%														37.0		%											(0.7		)%
Segment EBITDA Margin	45.6		%	28.2		%														47.7		%											20.4		%

Footnotes:

(1) Information presented for VZ 2.0 and historical financial results includes intersegment transactions.

Verizon Communications Inc.

Supplemental Information- VZ 2.0 to Historical Financial Results Reconciliation⁽¹⁾



	9 Mos. Ended 9/30/19
														(dollars in millions)
	VZ 2.0													Historical
	Consumer			Business			Total Reportable Segments		Adjustments⁽²⁾			Adjusted Total Reportable Segments		Wireless									Wireline													Historical Total Reportable Segments
Unaudited														Service		Equipment		Other		Total Wireless			Consumer Markets		Enterprise Solutions		Partner Solutions		Business Markets		Other		Total Wireline
External Operating Revenues
Total Operating Revenues	$	66,849		$	23,372		$	90,221	$	214		$	90,435	$	48,714	$	14,792	$	5,445	$	68,951		$	9,397	$	6,309	$	3,162	$	2,443	$	173	$	21,484		$	90,435

Operating Expenses
Cost of services	11,761			7,838			19,599		563			20,162								7,461													12,701			20,162
Cost of wireless equipment	12,342			3,356			15,698		1			15,699								15,699													—			15,699
Selling, general and administrative expense	12,090			5,984			18,074		(312		)	17,762								13,061													4,701			17,762
Depreciation and amortization expense	8,581			3,098			11,679		(233		)	11,446								6,840													4,606			11,446
Total Operating Expenses	44,774			20,276			65,050		19			65,069								43,061													22,008			65,069
Operating Income (Loss)	$	22,075		$	3,096		$	25,171	$	195		$	25,366							$	25,890												$	(524	)	$	25,366
Add Depreciation and amortization expense	8,581			3,098			11,679		(233		)	11,446								6,840													4,606			11,446
Segment EBITDA	$	30,656		$	6,194		$	36,850	$	(38	)	$	36,812							$	32,730												$	4,082		$	36,812
Operating Income (Loss) Margin	33.0		%	13.2		%														37.5		%											(2.4		)%
Segment EBITDA Margin	45.9		%	26.5		%														47.5		%											19.0		%

Footnotes:

(1) Information presented for VZ 2.0 and historical financial results includes intersegment transactions.

Verizon Communications Inc.

Supplemental Information- VZ 2.0 to Historical Financial Results Reconciliation⁽¹⁾



	9 Mos. Ended 9/30/18
														(dollars in millions)
	VZ 2.0													Historical
	Consumer			Business			Total Reportable Segments		Adjustments⁽²⁾			Adjusted Total Reportable Segments		Wireless									Wireline													Historical Total Reportable Segments
Unaudited														Service		Equipment		Other		Total Wireless			Consumer Markets		Enterprise Solutions		Partner Solutions		Business Markets		Other		Total Wireline
External Operating Revenues
Total Operating Revenues	$	66,029		$	23,527		$	89,556	$	153		$	89,709	$	47,122	$	15,437	$	4,763	$	67,322		$	9,420	$	6,623	$	3,594	$	2,561	$	189	$	22,387		$	89,709

Operating Expenses
Cost of services	11,465			8,027			19,492		631			20,123								6,900													13,223			20,123
Cost of wireless equipment	12,948			3,247			16,195		—			16,195								16,195													—			16,195
Selling, general and administrative expense	11,426			5,694			17,120		(514		)	16,606								12,052													4,554			16,606
Depreciation and amortization expense	8,982			3,190			12,172		(221		)	11,951								7,341													4,610			11,951
Total Operating Expenses	44,821			20,158			64,979		(104		)	64,875								42,488													22,387			64,875
Operating Income	$	21,208		$	3,369		$	24,577	$	257		$	24,834							$	24,834												$	—		$	24,834
Add Depreciation and amortization expense	8,982			3,190			12,172		(221		)	11,951								7,341													4,610			11,951
Segment EBITDA	$	30,190		$	6,559		$	36,749	$	36		$	36,785							$	32,175												$	4,610		$	36,785
Operating Income Margin	32.1		%	14.3		%														36.9		%											0.0		%
Segment EBITDA Margin	45.7		%	27.9		%														47.8		%											20.6		%

Footnotes:

(1) Information presented for VZ 2.0 and historical financial results includes intersegment transactions.

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Oct. 25, 2019

Entity Information [Line Items]

Entity Incorporation, State or Country Code DE

Entity File Number 1-8606

Entity Central Index Key 0000732712

Document Type 8-K

Amendment Flag false

Document Period End Date Oct. 25, 2019

Entity Registrant Name Verizon Communications Inc.

City Area Code 212

Local Phone Number 395-1000

Entity Information, Former Legal or Registered Name Not Applicable

Written Communications false

Soliciting Material false

Pre-commencement Tender Offer false

Pre-commencement Issuer Tender Offer false

Entity Emerging Growth Company false

Entity Tax Identification Number 23-2259884

Entity Address, Address Line One 1095 Avenue of the Americas

Entity Address, Postal Zip Code 10036

Entity Address, City or Town New York,

Entity Address, State or Province NY

NEW YORK MERCANTILE EXCHANGE [Member] | Common Stock [Member]

Entity Information [Line Items]

Title of 12(b) Security Common Stock, par value $0.10

Trading Symbol VZ

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 2.375% Notes Due 2022 [Member]

Entity Information [Line Items]

Title of 12(b) Security 2.375% Notes due 2022

Trading Symbol VZ22A

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 0.500% Notes Due 2022 [Member]

Entity Information [Line Items]

Title of 12(b) Security 0.500% Notes due 2022

Trading Symbol VZ22B

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 1.625% Notes Due 2024 [Member]

Entity Information [Line Items]

Title of 12(b) Security 1.625% Notes due 2024

Trading Symbol VZ24B

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 4.073% Notes Due 2024 [Member]

Entity Information [Line Items]

Title of 12(b) Security 4.073% Notes due 2024

Trading Symbol VZ24C

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 0.875% Notes Due 2025 [Member]

Entity Information [Line Items]

Title of 12(b) Security 0.875% Notes due 2025

Trading Symbol VZ25

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 3.250% Notes Due 2026 [Member]

Entity Information [Line Items]

Title of 12(b) Security 3.250% Notes due 2026

Trading Symbol VZ26

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 1.375% Notes Due 2026 [Member]

Entity Information [Line Items]

Title of 12(b) Security 1.375% Notes due 2026

Trading Symbol VZ26B

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 0.875% Notes Due 2027 [Member]

Entity Information [Line Items]

Title of 12(b) Security 0.875% Notes due 2027

Trading Symbol VZ27E

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 1.375% Notes Due 2028 [Member]

Entity Information [Line Items]

Title of 12(b) Security 1.375% Notes due 2028

Trading Symbol VZ28

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 1.875% Notes Due 2029 [Member]

Entity Information [Line Items]

Title of 12(b) Security 1.875% Notes due 2029

Trading Symbol VZ29B

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 1.250% Notes Due 2030 [Member]

Entity Information [Line Items]

Title of 12(b) Security 1.250% Notes due 2030

Trading Symbol VZ30

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 1.875% Notes Due 2030 [Member]

Entity Information [Line Items]

Title of 12(b) Security 1.875% Notes due 2030

Trading Symbol VZ30A

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 2.625% Notes Due 2031 [Member]

Entity Information [Line Items]

Title of 12(b) Security 2.625% Notes due 2031

Trading Symbol VZ31

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 2.500% Notes Due 2031 [Member]

Entity Information [Line Items]

Title of 12(b) Security 2.500% Notes due 2031

Trading Symbol VZ31A

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 0.875% Notes Due 2032 [Member]

Entity Information [Line Items]

Title of 12(b) Security 0.875% Notes due 2032

Trading Symbol VZ32

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 4.750% Notes Due 2034 [Member]

Entity Information [Line Items]

Title of 12(b) Security 4.750% Notes due 2034

Trading Symbol VZ34

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 3.125% Notes Due 2035 [Member]

Entity Information [Line Items]

Title of 12(b) Security 3.125% Notes due 2035

Trading Symbol VZ35

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 3.375% Notes Due 2036 [Member]

Entity Information [Line Items]

Title of 12(b) Security 3.375% Notes due 2036

Trading Symbol VZ36A

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 2.875% Notes Due 2038 [Member]

Entity Information [Line Items]

Title of 12(b) Security 2.875% Notes due 2038

Trading Symbol VZ38B

Security Exchange Name NYSE

NEW YORK MERCANTILE EXCHANGE [Member] | 1.500% Notes Due 2039 [Member]

Entity Information [Line Items]

Title of 12(b) Security 1.500% Notes due 2039

Trading Symbol VZ39C

Security Exchange Name NYSE

NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | Common Stock [Member]

Entity Information [Line Items]

Title of 12(b) Security Common Stock, par value $0.10

Trading Symbol VZ

Security Exchange Name NASDAQ

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Cover	Oct. 25, 2019
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Entity File Number	1-8606
Entity Central Index Key	0000732712
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 25, 2019
Entity Registrant Name	Verizon Communications Inc.
City Area Code	212
Local Phone Number	395-1000
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Tax Identification Number	23-2259884
Entity Address, Address Line One	1095 Avenue of the Americas
Entity Address, Postal Zip Code	10036
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
NEW YORK MERCANTILE EXCHANGE [Member] \| Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.10
Trading Symbol	VZ
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 2.375% Notes Due 2022 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.375% Notes due 2022
Trading Symbol	VZ22A
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 0.500% Notes Due 2022 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes due 2022
Trading Symbol	VZ22B
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 1.625% Notes Due 2024 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2024
Trading Symbol	VZ24B
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 4.073% Notes Due 2024 [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.073% Notes due 2024
Trading Symbol	VZ24C
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 0.875% Notes Due 2025 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.875% Notes due 2025
Trading Symbol	VZ25
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 3.250% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.250% Notes due 2026
Trading Symbol	VZ26
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 1.375% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2026
Trading Symbol	VZ26B
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 0.875% Notes Due 2027 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.875% Notes due 2027
Trading Symbol	VZ27E
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 1.375% Notes Due 2028 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2028
Trading Symbol	VZ28
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 1.875% Notes Due 2029 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2029
Trading Symbol	VZ29B
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 1.250% Notes Due 2030 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2030
Trading Symbol	VZ30
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 1.875% Notes Due 2030 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2030
Trading Symbol	VZ30A
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 2.625% Notes Due 2031 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.625% Notes due 2031
Trading Symbol	VZ31
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 2.500% Notes Due 2031 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.500% Notes due 2031
Trading Symbol	VZ31A
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 0.875% Notes Due 2032 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.875% Notes due 2032
Trading Symbol	VZ32
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 4.750% Notes Due 2034 [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.750% Notes due 2034
Trading Symbol	VZ34
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 3.125% Notes Due 2035 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.125% Notes due 2035
Trading Symbol	VZ35
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 3.375% Notes Due 2036 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.375% Notes due 2036
Trading Symbol	VZ36A
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 2.875% Notes Due 2038 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.875% Notes due 2038
Trading Symbol	VZ38B
Security Exchange Name	NYSE
NEW YORK MERCANTILE EXCHANGE [Member] \| 1.500% Notes Due 2039 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.500% Notes due 2039
Trading Symbol	VZ39C
Security Exchange Name	NYSE
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] \| Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.10
Trading Symbol	VZ
Security Exchange Name	NASDAQ