Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt Transactions

During the three months ended March 31, 2020, we completed the following ABS Notes transactions:

(dollars in millions)	Interest Rates %		Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
A-1a Senior class notes	1.850		2.46	$	1,326
A-1b Senior floating rate class notes	LIBOR + 0.270	(1)	2.46	100
B Junior class notes	1.980		3.18	98
C Junior class notes	2.060		3.36	76
Total				$	1,600

⁽¹⁾ The one-month London Interbank Offered Rate (LIBOR) at March 31, 2020 was 0.993%.

The following table shows the transactions that occurred during the three months ended March 31, 2020.

Redemptions, Repurchases and Repayments

(dollars in millions)	Principal Redeemed/ Repurchased/ Repaid		Amount Paid as % of Principal (1)
Verizon 4.950% notes due 2047	$	1,475	100.000	%

⁽¹⁾ Percentage represents price paid to redeem, repurchase and repay.

In April 2020, we redeemed, in whole, on the maturity date thereof, subsidiary preferred stock for approximately $1.7 billion, plus accrued and unpaid dividends.

Issuances

(amounts in millions)	Principal Amount Issued		Net Proceeds (1)
Verizon 3.600% notes due 2060	$	2,385	$	2,369
Verizon 3.000% notes due 2027	750		747
Verizon 3.150% notes due 2030	1,500		1,489
Verizon 4.000% notes due 2050	1,250		1,241
Total	$	5,885	$	5,846

⁽¹⁾ Net proceeds were net of discount and issuance costs.

Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements

The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows:

	At March 31,		At December 31,
(dollars in millions)	2020		2019
Assets
Account receivable, net	$	10,444	$	10,525
Prepaid expenses and other	1,108		1,180
Other assets	3,720		3,856
Liabilities
Accounts payable and accrued liabilities	11		11
Short-term portion of long-term debt	5,804		5,578
Long-term debt	7,185		6,791

Schedule of Line of Credit Facilities

				At March 31, 2020
(dollars in millions)	Maturities	Facility Capacity		Unused Capacity		Principal Amount Outstanding
Verizon revolving credit facility (1)	2022	$	9,500	$	9,391	N/A
Various export credit facilities (2)	2022-2027	5,500		—		4,382
Total		$	15,000	$	9,391	$	4,382

⁽¹⁾ The revolving credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. The revolving credit facility provides for the issuance of letters of credit.

⁽²⁾ These credit facilities were used to finance equipment-related purchases. Borrowings under certain of these facilities amortize semi-annually in equal installments up to the applicable maturity dates.