Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt Transactions

The following table shows the transactions that occurred during the nine months ended September 30, 2020.

Redemptions, Repurchases and Repayments

(dollars in millions)	Principal Redeemed/ Repurchased/ Repaid		Amount Paid (1)
Three Months Ended March 31, 2020
Verizon 4.950% notes due 2047	$	1,475	$	1,475
Three Months Ended March 31, 2020 total	$	1,475	$	1,475
Three Months Ended June 30, 2020
Verizon 5.143% preferred stock due 2020	$	1,650	$	1,650
Verizon floating rate (LIBOR +0.550%) notes due 2020 (2)	1,018		1,018
Verizon 4.600% notes due 2021	920		949
Verizon 3.125% notes due 2022	1,256		1,314
Open market repurchases of various Verizon notes	121		143
Verizon 2.375% notes due 2022 (3)	€	935	$	1,199
Verizon 0.500% notes due 2022 (4)	€	454	$	517
Three Months Ended June 30, 2020 total			6,790
Nine Months Ended September 30, 2020 total			$	8,265

⁽¹⁾ Represents amount paid to redeem, repurchase or repay, excluding interest or dividend.

⁽²⁾ The three-month London Interbank Offered Rate (LIBOR).

⁽³⁾ Principal and premium amount repaid was €980 million. U.S. dollar amount paid includes cash settlement from derivatives entered into in connection with the transaction. See Note 7 for information on cross currency swaps.

⁽⁴⁾ Principal and premium amount repaid was €463 million. U.S. dollar amount paid includes cash settlement from derivatives entered into in connection with the transaction. See Note 7 for information on cross currency swaps.

Issuances

(amounts in millions)	Principal Amount Issued		Net Proceeds (1)
Three Months Ended March 31, 2020
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
Three Months Ended March 31, 2020 total	$	5,885	$	5,846
Three Months Ended June 30, 2020
Verizon 2.500% notes due 2030 (2)	C$	1,000	$	705
Verizon 3.625% notes due 2050 (2)	C$	300	209
Verizon 1.300% notes due 2033 (2)	€	1,350	1,464
Verizon 1.850% notes due 2040 (2)	€	800	869
Three Months Ended June 30, 2020 total			$	3,247
Three Months Ended September 30, 2020
Verizon 1.500% notes due 2030 (3)	$	1,000	$	995
Verizon 3.000% notes due 2060	1,123		1,115
Three Months Ended September 30, 2020 total	$	2,123	$	2,110
Nine Months Ended September 30, 2020 total			$	11,203

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

⁽²⁾ See Note 7 for information on cross currency swaps.

⁽³⁾ An amount equal to the net proceeds from this green bond is expected to be used to fund, in whole or in part, certain renewable energy projects, including new and existing investments made by us during the period from July 1, 2020 through the maturity date of the green bond.

During the nine months ended September 30, 2020, we completed the following ABS Notes transactions:

(dollars in millions)	Interest Rates %		Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
March 2020
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
March 2020 total				1,600
September 2020
A Senior class notes	0.470		2.48	1,426
B Junior class notes	0.680		3.18	98
C Junior class notes	0.830		3.36	76
September 2020 total				1,600
Total				$	3,200

⁽¹⁾ The one-month LIBOR at September 30, 2020 was 0.148%.

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 September 30,		At December 31,
(dollars in millions)	2020		2019
Assets
Account receivable, net	$	9,438	$	10,525
Prepaid expenses and other	1,013		1,180
Other assets	3,011		3,856
Liabilities
Accounts payable and accrued liabilities	8		11
Short-term portion of long-term debt	3,589		5,578
Long-term debt	6,503		6,791

Schedule of Line of Credit Facilities

				At September 30, 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)	2022-2028	7,500		1,000		$	5,059
Total		$	17,000	$	10,391	$	5,059

n/a - not applicable

⁽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 are used to finance equipment-related purchases. Borrowings under certain of these facilities amortize semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding.

In October 2020, we amended our $9.5 billion revolving credit facility to extend its maturity to 2024.