Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

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

	(dollars in millions)
At December 31,	2019		2018		Increase / (Decrease)
Cash and cash equivalents	$	2,594	$	2,745	$	(151	)
Restricted cash:
Prepaid expenses and other	1,221		1,047		174
Other assets	102		124		(22		)
Cash, cash equivalents and restricted cash	$	3,917	$	3,916	$	1

Schedule of Cumulative Effect for Adoption of New Accounting Pronouncement

The following ASUs have been recently issued by the FASB.

Description	Date of Adoption	Effect on Financial Statements
ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05, Financial Instruments - Credit Losses (Topic 326)
In June 2016, the FASB issued this standard update which requires certain financial assets be measured at amortized cost net of an allowance for estimated credit losses such that the net receivable represents the present value of expected cash collection. In addition, this standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions and reasonable and supportable forecasts that affect the collectability of the amounts. An entity will apply the update through a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (January 1, 2020). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. Early adoption of this standard is permitted.	1/1/2020	We established a cross-functional coordinated team to implement the standard update. We have completed our assessment of the expected impacts and updated our processes to meet the standards reporting and disclosure requirements. Upon adoption of this standard on January 1, 2020, we expect the cumulative effect of initially applying the new standard to result in a decrease to the opening balance of retained earnings ranging from approximately $200 million to $300 million on a pre-tax basis ($150 million to $225 million net of tax), primarily related to the expected impact on certain device payment plan agreement receivables. We do not expect our operating results to be significantly impacted by this standard update.

The cumulative after-tax effect of the changes made to our consolidated balance sheet for the adoption of Topic 842 were as follows:

(dollars in millions)	At December 31, 2018		Adjustments due to Topic 842			At January 1, 2019
Prepaid expenses and other	$	5,453	$	(329	)	$	5,124
Operating lease right-of-use assets	—		23,241			23,241
Other assets	11,717		(2,048		)	9,669
Accounts payable and accrued liabilities	22,501		(3		)	22,498
Other current liabilities	8,239		(2		)	8,237
Current operating lease liabilities	—		2,931			2,931
Deferred income taxes	33,795		139			33,934
Non-current operating lease liabilities	—		19,203			19,203
Other liabilities	13,922		(1,815		)	12,107
Retained earnings	43,542		410			43,952
Noncontrolling interests	1,565		1			1,566

The following ASUs were issued by Financial Accounting Standards Board (FASB), and have been recently adopted by Verizon.

Description	Date of Adoption	Effect on Financial Statements
ASU 2016-02, ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01, Leases (Topic 842)
The FASB issued Topic 842 requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. In addition, Topic 842 enables users of financial statements to further understand the amount, timing and uncertainty of cash flows arising from leases. Topic 842 allowed for a modified retrospective application and was effective as of the first quarter of 2019. Entities were allowed to apply the modified retrospective approach: (1) retrospectively to each prior reporting period presented in the financial statements with the cumulative-effect adjustment recognized at the beginning of the earliest comparative period presented; or (2) retrospectively at the beginning of the period of adoption (January 1, 2019) through a cumulative-effect adjustment. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply.	1/1/2019	We adopted Topic 842 beginning on January 1, 2019, using the modified retrospective approach with a cumulative-effect adjustment to opening retained earnings recorded at the beginning of the period of adoption. Therefore, upon adoption, we have recognized and measured leases without revising comparative period information or disclosure. We recorded an increase of $410 million (net of tax) to retained earnings on January 1, 2019 which related to deferred sale leaseback gains recognized from prior transactions. Additionally, the adoption of the standard had a significant impact in our consolidated balance sheet due to the recognition of $22.1 billion of operating lease liabilities, along with $23.2 billion of operating lease right-of-use-assets.

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

		Adjustments due to
(dollars in millions)	At December 31, 2017	Topic 606	ASU 2018-02		Other ASUs		At January 1, 2018
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 consolidated statements of income is as follows:

	Year Ended December 31, 2018
(dollars in millions)	As reported			Balances without adoption of Topic 606			Adjustments
Operating Revenues
Service revenues and other	$	108,605		$	109,964		$	(1,359	)
Wireless equipment revenues	22,258			20,474			1,784
Total Operating Revenues	130,863			130,438			425
Cost of services (exclusive of items shown below)	32,185			32,240			(55		)
Cost of wireless equipment	23,323			23,189			134
Selling, general and administrative expense	31,083			32,588			(1,505		)
Equity in losses of unconsolidated businesses	(186		)	(187		)	1
Income Before Provision For Income Taxes	19,623			17,771			1,852
Provision for income taxes	(3,584		)	(3,104		)	(480		)
Net Income	$	16,039		$	14,667		$	1,372
Net income attributable to noncontrolling interests	$	511		$	481		$	30
Net income attributable to Verizon	15,528			14,186			1,342
Net Income	$	16,039		$	14,667		$	1,372