000073271212/312020FYFALSE3.1us-gaap:AccountingStandardsUpdate201613MemberP2YP5Y115P2Y00007327122020-01-012020-12-310000732712us-gaap:CommonStockMemberexch:XNYM2020-01-012020-12-310000732712us-gaap:CommonStockMemberexch:XNGS2020-01-012020-12-310000732712vz:A1.625NotesDue2024Member2020-01-012020-12-310000732712vz:A4.073NotesDue2024Member2020-01-012020-12-310000732712vz:A0.875NotesDue2025Member2020-01-012020-12-310000732712vz:A3.250NotesDue2026Member2020-01-012020-12-310000732712vz:A1.375NotesDue2026Member2020-01-012020-12-310000732712vz:A0.875NotesDue2027Member2020-01-012020-12-310000732712vz:A1.375NotesDue2028Member2020-01-012020-12-310000732712vz:A1125NotesDue2028Member2020-01-012020-12-310000732712vz:A1.875NotesDue2029Member2020-01-012020-12-310000732712vz:A1.250NotesDue2030Member2020-01-012020-12-310000732712vz:A1.875NotesDue2030Member2020-01-012020-12-310000732712vz:A2.625NotesDue2031Member2020-01-012020-12-310000732712vz:A2.500NotesDue2031Member2020-01-012020-12-310000732712vz:A0.875NotesDue2032Member2020-01-012020-12-310000732712vz:A1300NotesDue2033Member2020-01-012020-12-310000732712vz:A4.750NotesDue2034Member2020-01-012020-12-310000732712vz:A3.125NotesDue2035Member2020-01-012020-12-310000732712vz:A3.375NotesDue2036Member2020-01-012020-12-310000732712vz:A2.875NotesDue2038Member2020-01-012020-12-310000732712vz:A1875NotesDue2038Member2020-01-012020-12-310000732712vz:A1.500NotesDue2039Member2020-01-012020-12-310000732712vz:A3.500FixedRateNotesDue2039Member2020-01-012020-12-310000732712vz:A1850NotesDue2040Member2020-01-012020-12-31iso4217:USD00007327122020-06-30xbrli:shares00007327122021-01-290000732712vz:MediaBusinessMember2020-01-012020-12-310000732712vz:StraightPathCommunicationsIncMember2017-05-012017-05-3100007327122020-12-31vz:Agreement0000732712vz:ServiceAndOtherMember2020-01-012020-12-310000732712vz:ServiceAndOtherMember2019-01-012019-12-310000732712vz:ServiceAndOtherMember2018-01-012018-12-310000732712us-gaap:ProductMember2020-01-012020-12-310000732712us-gaap:ProductMember2019-01-012019-12-310000732712us-gaap:ProductMember2018-01-012018-12-3100007327122019-01-012019-12-3100007327122018-01-012018-12-310000732712us-gaap:ServiceMember2020-01-012020-12-310000732712us-gaap:ServiceMember2019-01-012019-12-310000732712us-gaap:ServiceMember2018-01-012018-12-31iso4217:USDxbrli:shares00007327122019-12-3100007327122018-12-3100007327122017-12-310000732712us-gaap:CommonStockMember2019-12-310000732712us-gaap:CommonStockMember2018-12-310000732712us-gaap:CommonStockMember2017-12-310000732712us-gaap:CommonStockMember2020-01-012020-12-310000732712us-gaap:CommonStockMember2019-01-012019-12-310000732712us-gaap:CommonStockMember2018-01-012018-12-310000732712us-gaap:CommonStockMember2020-12-310000732712us-gaap:AdditionalPaidInCapitalMember2019-12-310000732712us-gaap:AdditionalPaidInCapitalMember2018-12-310000732712us-gaap:AdditionalPaidInCapitalMember2017-12-310000732712us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000732712us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310000732712us-gaap:AdditionalPaidInCapitalMember2018-01-012018-12-310000732712us-gaap:AdditionalPaidInCapitalMember2020-12-310000732712us-gaap:RetainedEarningsMember2019-12-310000732712us-gaap:RetainedEarningsMember2018-12-310000732712us-gaap:RetainedEarningsMember2017-12-310000732712srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310000732712srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2018-12-310000732712srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2017-12-310000732712us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000732712us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2018-12-310000732712us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2017-12-310000732712us-gaap:RetainedEarningsMember2020-01-012020-12-310000732712us-gaap:RetainedEarningsMember2019-01-012019-12-310000732712us-gaap:RetainedEarningsMember2018-01-012018-12-310000732712us-gaap:RetainedEarningsMember2020-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2018-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2017-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-12-310000732712us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000732712us-gaap:TreasuryStockMember2019-12-310000732712us-gaap:TreasuryStockMember2018-12-310000732712us-gaap:TreasuryStockMember2017-12-310000732712us-gaap:TreasuryStockMember2020-01-012020-12-310000732712us-gaap:TreasuryStockMember2019-01-012019-12-310000732712us-gaap:TreasuryStockMember2018-01-012018-12-310000732712us-gaap:TreasuryStockMember2020-12-310000732712us-gaap:DeferredCompensationShareBasedPaymentsMember2019-12-310000732712us-gaap:DeferredCompensationShareBasedPaymentsMember2018-12-310000732712us-gaap:DeferredCompensationShareBasedPaymentsMember2017-12-310000732712us-gaap:DeferredCompensationShareBasedPaymentsMember2020-01-012020-12-310000732712us-gaap:DeferredCompensationShareBasedPaymentsMember2019-01-012019-12-310000732712us-gaap:DeferredCompensationShareBasedPaymentsMember2018-01-012018-12-310000732712us-gaap:DeferredCompensationShareBasedPaymentsMember2020-12-310000732712us-gaap:NoncontrollingInterestMember2019-12-310000732712us-gaap:NoncontrollingInterestMember2018-12-310000732712us-gaap:NoncontrollingInterestMember2017-12-310000732712us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000732712us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000732712us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310000732712us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000732712us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2018-12-310000732712us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2017-12-310000732712us-gaap:NoncontrollingInterestMember2020-01-012020-12-310000732712us-gaap:NoncontrollingInterestMember2019-01-012019-12-310000732712us-gaap:NoncontrollingInterestMember2018-01-012018-12-310000732712us-gaap:NoncontrollingInterestMember2020-12-31vz:planvz:payment_plan0000732712vz:FixedTermPlanMember2020-01-012020-12-310000732712vz:DevicePaymentPlanMember2020-01-012020-12-310000732712us-gaap:CashAndCashEquivalentsMember2020-01-012020-12-310000732712us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-12-310000732712us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-12-310000732712us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-01-012020-12-310000732712us-gaap:OtherAssetsMember2020-12-310000732712us-gaap:OtherAssetsMember2019-12-310000732712us-gaap:OtherAssetsMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMember2020-01-012020-12-310000732712vz:PropertyPlantAndEquipmentByEstimatedUsefulLifeMembervz:CableFiberAndTelephonePolesMember2018-01-012018-12-310000732712srt:MinimumMembervz:NonNetworkInternalUseSoftwareMember2020-01-012020-12-310000732712vz:NonNetworkInternalUseSoftwareMembersrt:MaximumMember2020-01-012020-12-310000732712srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-010000732712srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-01-010000732712us-gaap:AccountingStandardsUpdate201602Member2019-01-0100007327122019-01-010000732712us-gaap:AccountingStandardsUpdate201409Member2018-01-010000732712us-gaap:AccountingStandardsUpdate201802Member2018-01-010000732712vz:OtherAccountingStandardsUpdatesMember2018-01-0100007327122018-01-010000732712vz:MediaBusinessMember2019-01-012019-12-310000732712vz:MediaBusinessMember2018-01-012018-12-31xbrli:pure0000732712vz:WirelessPostpaidContractsMember2020-12-310000732712vz:WirelineConsumerAndSmallAndMediumBusinessContractsMember2020-12-310000732712vz:WirelessPostpaidContractsMember2019-12-310000732712vz:WirelineConsumerAndSmallAndMediumBusinessContractsMember2019-12-310000732712vz:ResellerArrangementsMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMembersrt:MaximumMember2020-01-012020-12-3100007327122021-01-01vz:CustomerContractsThatHaveContractMinimumOverTotalContractTermMember2020-12-3100007327122021-01-012020-12-3100007327122022-01-012020-12-3100007327122023-01-012020-12-310000732712us-gaap:OtherCurrentLiabilitiesMember2020-12-310000732712us-gaap:OtherCurrentLiabilitiesMember2019-12-310000732712us-gaap:OtherLiabilitiesMember2020-12-310000732712us-gaap:OtherLiabilitiesMember2019-12-310000732712srt:MinimumMember2020-12-310000732712srt:MaximumMember2020-12-31vz:auctionvz:license0000732712vz:SpectrumLicenses24GHzMember2019-01-012019-12-310000732712vz:SpectrumLicenses28GHzMember2019-01-012019-12-310000732712vz:SpectrumLicensesMember2019-01-012019-12-3100007327122020-03-012020-03-310000732712vz:SpectrumLicensesMember2020-03-012020-03-310000732712vz:SpectrumLicensesMember2020-03-012020-03-310000732712vz:SpectrumLicensesMember2019-12-012019-12-310000732712vz:SpectrumLicensesMember2020-01-012020-12-310000732712vz:PriorityAccessLicensesMember2020-09-012020-09-300000732712srt:SubsidiariesMembervz:SpectrumLicensesCBandMemberus-gaap:SubsequentEventMembervz:SpectrumLicensesMember2021-02-242021-02-240000732712vz:VariousOtherWirelessLicensesMembervz:SpectrumLicensesMember2020-01-012020-12-310000732712vz:StraightPathCommunicationsIncMember2017-05-310000732712vz:StraightPathCommunicationsIncMember2018-02-012018-02-280000732712vz:WirelessLicensesMembervz:StraightPathCommunicationsIncMember2018-02-012018-02-280000732712vz:BlueJeansNetworkMember2020-05-012020-05-310000732712vz:BlueJeansNetworkMember2020-01-012020-12-310000732712vz:BlueJeansNetworkMember2020-05-310000732712vz:TracFoneWirelessIncMember2020-09-012020-09-300000732712vz:TracFoneWirelessIncMembersrt:MinimumMember2020-09-012020-09-300000732712vz:TracFoneWirelessIncMembersrt:MaximumMember2020-09-012020-09-300000732712vz:TracFoneWirelessIncMember2020-09-30vz:numberOfCustomers0000732712vz:BluegrassCellularCertainAssetsMember2020-10-012020-10-31vz:numberOfCounties0000732712vz:BuildingsAndRealEstateMember2019-01-012019-12-310000732712vz:OtherAcquisitionsMember2020-01-012020-12-310000732712vz:HuffingtonPostBusinessMember2020-11-012020-11-300000732712vz:WirelessLicensesMember2020-12-310000732712vz:WirelessLicensesMember2019-12-310000732712vz:WirelessLicensesMember2020-01-012020-12-310000732712vz:WirelessLicensesMember2019-01-012019-12-310000732712vz:WirelessLicensesMember2020-03-310000732712vz:SpectrumLicensesMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-12-310000732712vz:SpectrumLicenses39GHzMember2020-01-012020-12-310000732712vz:SpectrumLicenses39GHzMember2020-06-300000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2018-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2018-12-310000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2018-12-310000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2018-12-310000732712us-gaap:CorporateNonSegmentMember2018-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2019-01-012019-03-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2019-01-012019-03-310000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2019-01-012019-03-310000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2019-01-012019-03-310000732712us-gaap:CorporateNonSegmentMember2019-01-012019-03-3100007327122019-01-012019-03-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2019-03-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2019-03-310000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2019-03-310000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2019-03-310000732712us-gaap:CorporateNonSegmentMember2019-03-3100007327122019-03-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2019-04-012019-04-010000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2019-04-012019-04-010000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2019-04-012019-04-010000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2019-04-012019-04-010000732712us-gaap:CorporateNonSegmentMember2019-04-012019-04-0100007327122019-04-012019-04-010000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2019-04-010000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2019-04-010000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2019-04-010000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2019-04-010000732712us-gaap:CorporateNonSegmentMember2019-04-0100007327122019-04-010000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2019-04-022019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2019-04-022019-12-310000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2019-04-022019-12-310000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2019-04-022019-12-310000732712us-gaap:CorporateNonSegmentMember2019-04-022019-12-3100007327122019-04-022019-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2019-12-310000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2019-12-310000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2019-12-310000732712us-gaap:CorporateNonSegmentMember2019-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2020-01-012020-12-310000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712us-gaap:CorporateNonSegmentMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2020-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2020-12-310000732712us-gaap:OperatingSegmentsMembervz:WirelessMember2020-12-310000732712vz:WirelineMemberus-gaap:OperatingSegmentsMember2020-12-310000732712us-gaap:CorporateNonSegmentMember2020-12-3100007327122019-10-012019-12-3100007327122018-10-012018-12-310000732712us-gaap:CustomerListsMembersrt:MinimumMember2020-01-012020-12-310000732712us-gaap:CustomerListsMembersrt:MaximumMember2020-01-012020-12-310000732712us-gaap:CustomerListsMember2020-12-310000732712us-gaap:CustomerListsMember2019-12-310000732712vz:NonNetworkInternalUseSoftwareMember2020-12-310000732712vz:NonNetworkInternalUseSoftwareMember2019-12-310000732712us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2020-01-012020-12-310000732712us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2020-01-012020-12-310000732712us-gaap:OtherIntangibleAssetsMember2020-12-310000732712us-gaap:OtherIntangibleAssetsMember2019-12-310000732712us-gaap:LandMember2020-12-310000732712us-gaap:LandMember2019-12-310000732712srt:MinimumMembervz:BuildingsAndEquipmentMember2020-01-012020-12-310000732712vz:BuildingsAndEquipmentMembersrt:MaximumMember2020-01-012020-12-310000732712vz:BuildingsAndEquipmentMember2020-12-310000732712vz:BuildingsAndEquipmentMember2019-12-310000732712srt:MinimumMembervz:CentralOfficeAndOtherNetworkEquipmentMember2020-01-012020-12-310000732712vz:CentralOfficeAndOtherNetworkEquipmentMembersrt:MaximumMember2020-01-012020-12-310000732712vz:CentralOfficeAndOtherNetworkEquipmentMember2020-12-310000732712vz:CentralOfficeAndOtherNetworkEquipmentMember2019-12-310000732712srt:MinimumMembervz:CablePolesAndConduitMember2020-01-012020-12-310000732712vz:CablePolesAndConduitMembersrt:MaximumMember2020-01-012020-12-310000732712vz:CablePolesAndConduitMember2020-12-310000732712vz:CablePolesAndConduitMember2019-12-310000732712srt:MinimumMemberus-gaap:LeaseholdImprovementsMember2020-01-012020-12-310000732712us-gaap:LeaseholdImprovementsMembersrt:MaximumMember2020-01-012020-12-310000732712us-gaap:LeaseholdImprovementsMember2020-12-310000732712us-gaap:LeaseholdImprovementsMember2019-12-310000732712us-gaap:ConstructionInProgressMember2020-12-310000732712us-gaap:ConstructionInProgressMember2019-12-310000732712vz:FurnitureVehiclesAndOtherMembersrt:MinimumMember2020-01-012020-12-310000732712vz:FurnitureVehiclesAndOtherMembersrt:MaximumMember2020-01-012020-12-310000732712vz:FurnitureVehiclesAndOtherMember2020-12-310000732712vz:FurnitureVehiclesAndOtherMember2019-12-310000732712srt:MinimumMember2020-01-012020-12-310000732712srt:MaximumMember2020-01-012020-12-31vz:Lease0000732712vz:TowerMonetizationTransactionMember2015-03-310000732712vz:TowerMonetizationTransactionMember2015-03-012015-03-3100007327122019-07-232019-07-23vz:option0000732712vz:MaturitiesLessThan5YearsMembersrt:MinimumMembervz:VerizonCommunicationsMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:VerizonCommunicationsMembersrt:MaximumMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:VerizonCommunicationsMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:VerizonCommunicationsMember2019-12-310000732712vz:Maturities5To10YearsMembersrt:MinimumMembervz:VerizonCommunicationsMember2020-12-310000732712vz:Maturities5To10YearsMembervz:VerizonCommunicationsMembersrt:MaximumMember2020-12-310000732712vz:Maturities5To10YearsMembervz:VerizonCommunicationsMember2020-12-310000732712vz:Maturities5To10YearsMembervz:VerizonCommunicationsMember2019-12-310000732712srt:MinimumMembervz:VerizonCommunicationsMembervz:MaturitiesGreaterThan10YearsMember2020-12-310000732712vz:VerizonCommunicationsMembervz:MaturitiesGreaterThan10YearsMembersrt:MaximumMember2020-12-310000732712vz:VerizonCommunicationsMembervz:MaturitiesGreaterThan10YearsMember2020-12-310000732712vz:VerizonCommunicationsMembervz:MaturitiesGreaterThan10YearsMember2019-12-310000732712vz:FloatingRateMaturitiesLessThan5YearsMembervz:VerizonCommunicationsMember2020-12-310000732712vz:FloatingRateMaturitiesLessThan5YearsMembervz:VerizonCommunicationsMember2019-12-310000732712vz:VerizonCommunicationsMembervz:FloatingRateMaturities5To10YearsMember2020-12-310000732712vz:VerizonCommunicationsMembervz:FloatingRateMaturities5To10YearsMember2019-12-310000732712vz:Maturities5To10YearsMembervz:AlltelCorporationMember2020-12-310000732712vz:Maturities5To10YearsMembervz:AlltelCorporationMember2019-12-310000732712vz:AlltelCorporationMembervz:MaturitiesGreaterThan10YearsMember2020-12-310000732712vz:AlltelCorporationMembervz:MaturitiesGreaterThan10YearsMember2019-12-310000732712vz:MaturitiesLessThan5YearsMembersrt:MinimumMembervz:TelephoneSubsidiariesMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:TelephoneSubsidiariesMembersrt:MaximumMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:TelephoneSubsidiariesMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:TelephoneSubsidiariesMember2019-12-310000732712vz:Maturities5To10YearsMembersrt:MinimumMembervz:TelephoneSubsidiariesMember2020-12-310000732712vz:Maturities5To10YearsMembervz:TelephoneSubsidiariesMembersrt:MaximumMember2020-12-310000732712vz:Maturities5To10YearsMembervz:TelephoneSubsidiariesMember2020-12-310000732712vz:Maturities5To10YearsMembervz:TelephoneSubsidiariesMember2019-12-310000732712srt:MinimumMembervz:TelephoneSubsidiariesMembervz:MaturitiesGreaterThan10YearsMember2020-12-310000732712vz:TelephoneSubsidiariesMembervz:MaturitiesGreaterThan10YearsMembersrt:MaximumMember2020-12-310000732712vz:TelephoneSubsidiariesMembervz:MaturitiesGreaterThan10YearsMember2020-12-310000732712vz:TelephoneSubsidiariesMembervz:MaturitiesGreaterThan10YearsMember2019-12-310000732712vz:MaturitiesLessThan5YearsMembervz:GTELLCMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:GTELLCMember2019-12-310000732712vz:Maturities5To10YearsMembervz:GTELLCMember2020-12-310000732712vz:Maturities5To10YearsMembervz:GTELLCMember2019-12-310000732712vz:MaturitiesLessThan5YearsMembersrt:MinimumMembervz:OtherSubsidiariesMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:OtherSubsidiariesMembersrt:MaximumMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:OtherSubsidiariesMember2020-12-310000732712vz:MaturitiesLessThan5YearsMembervz:OtherSubsidiariesMember2019-12-310000732712vz:FloatingRateMaturitiesLessThan5YearsMembervz:OtherSubsidiariesMember2020-12-310000732712vz:FloatingRateMaturitiesLessThan5YearsMembervz:OtherSubsidiariesMember2019-12-310000732712vz:FinanceLeaseLiabilityMember2020-12-310000732712vz:FinanceLeaseLiabilityMember2019-12-310000732712vz:AssetBackedDebtMember2020-01-012020-12-310000732712vz:AssetBackedDebtMember2019-01-012019-12-310000732712vz:A2020ExchangeOffersMembersrt:MinimumMembervz:Verizon24505150NotesAndFloatingRateNotesDue20212024Member2020-12-310000732712vz:A2020ExchangeOffersMembervz:Verizon24505150NotesAndFloatingRateNotesDue20212024Membersrt:MaximumMember2020-12-310000732712vz:A2020ExchangeOffersMembervz:Verizon24505150NotesAndFloatingRateNotesDue20212024Member2020-12-310000732712vz:A2020ExchangeOffersMembervz:Verizon1680NotesDue2030Member2020-12-310000732712vz:A2020ExchangeOffersMembersrt:MinimumMembervz:Verizon50126550NotesDue20372049Member2020-12-310000732712vz:A2020ExchangeOffersMembervz:Verizon50126550NotesDue20372049Membersrt:MaximumMember2020-12-310000732712vz:A2020ExchangeOffersMembervz:Verizon50126550NotesDue20372049Member2020-12-310000732712vz:Verizon2987NotesDue2056Membervz:A2020ExchangeOffersMember2020-12-310000732712vz:A2020ExchangeOffersMember2020-12-310000732712vz:A2020ExchangeOffersMember2020-01-012020-12-310000732712vz:A495NotesDue2047Member2020-12-310000732712vz:A495NotesDue2047Member2020-01-012020-12-310000732712vz:A5143PreferredStockDue2020Member2020-12-310000732712vz:A5143PreferredStockDue2020Member2020-01-012020-12-310000732712us-gaap:LondonInterbankOfferedRateLIBORMembervz:LIBORPlus0550NotesDue2020Member2020-01-012020-12-310000732712vz:LIBORPlus0550NotesDue2020Member2020-12-310000732712vz:LIBORPlus0550NotesDue2020Member2020-01-012020-12-310000732712vz:A4600NotesDue2021Member2020-12-310000732712vz:A4600NotesDue2021Member2020-01-012020-12-310000732712vz:A3125NotesDue2022Member2020-12-310000732712vz:A3125NotesDue2022Member2020-01-012020-12-310000732712vz:A3450NotesDue2021Member2020-12-310000732712vz:A3450NotesDue2021Member2020-01-012020-12-310000732712vz:VariousVerizonNotesOfOpenMarketRepurchaseMember2020-12-310000732712vz:VariousVerizonNotesOfOpenMarketRepurchaseMember2020-01-012020-12-310000732712vz:A2.375NotesDue2022Member2020-12-310000732712vz:A2.375NotesDue2022Member2020-01-012020-12-310000732712vz:A0.500NotesDue2022Member2020-12-310000732712vz:A0.500NotesDue2022Member2020-01-012020-12-31iso4217:EUR0000732712vz:A3.600NotesDue2060Member2020-12-310000732712vz:A3.600NotesDue2060Member2020-01-012020-12-310000732712vz:A3.000NotesDue2027Member2020-12-310000732712vz:A3.000NotesDue2027Member2020-01-012020-12-310000732712vz:A3.150NotesDue2030Member2020-12-310000732712vz:A3.150NotesDue2030Member2020-01-012020-12-310000732712vz:A4.000NotesDue2050Member2020-12-310000732712vz:A4.000NotesDue2050Member2020-01-012020-12-310000732712vz:A1500NotesDue2030Member2020-12-310000732712vz:A1500NotesDue2030Member2020-01-012020-12-310000732712vz:A3000NotesDue2060Member2020-12-310000732712vz:A3000NotesDue2060Member2020-01-012020-12-310000732712vz:A0850NotesDue2025Member2020-12-310000732712vz:A0850NotesDue2025Member2020-01-012020-12-310000732712vz:A1750NotesDue2031Member2020-12-310000732712vz:A1750NotesDue2031Member2020-01-012020-12-310000732712vz:A2650NotesDue2040Member2020-12-310000732712vz:A2650NotesDue2040Member2020-01-012020-12-310000732712vz:A2875NotesDue2050Member2020-12-310000732712vz:A2875NotesDue2050Member2020-01-012020-12-310000732712vz:A3000NotesDue20602Member2020-12-310000732712vz:A3000NotesDue20602Member2020-01-012020-12-310000732712vz:A2500NotesDue2030Member2020-12-31iso4217:CAD0000732712vz:A2500NotesDue2030Member2020-01-012020-12-310000732712vz:A3625NotesDue2050Member2020-12-310000732712vz:A3625NotesDue2050Member2020-01-012020-12-310000732712vz:A1300NotesDue2033Member2020-12-310000732712vz:A1300NotesDue2033Member2020-01-012020-12-310000732712vz:A1850NotesDue2040Member2020-12-310000732712vz:A1850NotesDue2040Member2020-01-012020-12-310000732712vz:A1125NotesDue2028Member2020-12-31iso4217:GBP0000732712vz:A1125NotesDue2028Member2020-01-012020-12-310000732712vz:A1875NotesDue2038Member2020-12-310000732712vz:A1875NotesDue2038Member2020-01-012020-12-310000732712us-gaap:LineOfCreditMember2020-12-310000732712us-gaap:CommercialPaperMember2020-12-310000732712us-gaap:CommercialPaperMember2020-04-300000732712us-gaap:CommercialPaperMember2020-04-012020-06-300000732712us-gaap:CommercialPaperMember2020-07-012020-09-300000732712vz:AssetBackedDebtMember2020-12-310000732712vz:January2020ABSNotesMembervz:ClassA1aSeniorSecuredNotesMember2020-01-310000732712vz:January2020ABSNotesMembervz:ClassA1aSeniorSecuredNotesMember2020-01-012020-01-310000732712us-gaap:LondonInterbankOfferedRateLIBORMembervz:ClassA1bSeniorSecuredNotesMembervz:January2020ABSNotesMember2020-01-012020-01-310000732712vz:ClassA1bSeniorSecuredNotesMembervz:January2020ABSNotesMember2020-01-012020-01-310000732712vz:ClassA1bSeniorSecuredNotesMembervz:January2020ABSNotesMember2020-01-310000732712vz:ClassBJuniorSecuredNotesMembervz:January2020ABSNotesMember2020-01-310000732712vz:ClassBJuniorSecuredNotesMembervz:January2020ABSNotesMember2020-01-012020-01-310000732712vz:January2020ABSNotesMembervz:ClassCJuniorSecuredNotesMember2020-01-310000732712vz:January2020ABSNotesMembervz:ClassCJuniorSecuredNotesMember2020-01-012020-01-310000732712vz:January2020ABSNotesMember2020-01-310000732712vz:August2020ABSNotesMembervz:ClassASeniorSecuredNotesMember2020-08-310000732712vz:August2020ABSNotesMembervz:ClassASeniorSecuredNotesMember2020-08-012020-08-310000732712vz:August2020ABSNotesMembervz:ClassBJuniorSecuredNotesMember2020-08-310000732712vz:August2020ABSNotesMembervz:ClassBJuniorSecuredNotesMember2020-08-012020-08-310000732712vz:August2020ABSNotesMembervz:ClassCJuniorSecuredNotesMember2020-08-310000732712vz:August2020ABSNotesMembervz:ClassCJuniorSecuredNotesMember2020-08-012020-08-310000732712vz:August2020ABSNotesMember2020-08-310000732712vz:November2020ABSNotesMembervz:ClassASeniorSecuredNotesMember2020-11-300000732712vz:November2020ABSNotesMembervz:ClassASeniorSecuredNotesMember2020-11-012020-11-300000732712vz:November2020ABSNotesMembervz:ClassBJuniorSecuredNotesMember2020-11-300000732712vz:November2020ABSNotesMembervz:ClassBJuniorSecuredNotesMember2020-11-012020-11-300000732712vz:November2020ABSNotesMembervz:ClassCJuniorSecuredNotesMember2020-11-300000732712vz:November2020ABSNotesMembervz:ClassCJuniorSecuredNotesMember2020-11-012020-11-300000732712vz:November2020ABSNotesMember2020-11-300000732712vz:AssetBackedNotesMember2020-12-310000732712vz:ClassA1bSeniorSecuredNotesMembervz:January2020ABSNotesMember2020-12-310000732712vz:AssetBackedNotesMember2020-01-012020-12-310000732712vz:AssetBackedNotesMemberus-gaap:SecuredDebtMember2020-01-012020-12-310000732712vz:AssetBackedNotesMemberus-gaap:SecuredDebtMember2019-01-012019-12-310000732712vz:AssetBackedNotesMemberus-gaap:SubsequentEventMemberus-gaap:SecuredDebtMember2021-01-012021-01-310000732712vz:A2020ABSFinancingFacilityMember2020-01-012020-12-310000732712vz:A2020ABSFinancingFacilityMember2020-12-310000732712us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000732712us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310000732712us-gaap:RevolvingCreditFacilityMember2020-12-310000732712vz:EquipmentCreditFacilitiesMember2020-12-310000732712vz:EquipmentCreditFacilitiesMember2020-01-012020-12-310000732712vz:EquipmentCreditFacilitiesMember2019-01-012019-12-310000732712vz:DelayedDrawTermLoanCreditAgreementMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2021-02-24vz:Debt_Instrument0000732712vz:DelayedDrawTermLoanCreditAgreementMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2021-02-242021-02-240000732712us-gaap:FederalFundsEffectiveSwapRateMembervz:DelayedDrawTermLoanCreditAgreementMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2021-02-242021-02-240000732712us-gaap:LondonInterbankOfferedRateLIBORMembervz:DelayedDrawTermLoanCreditAgreementMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2021-02-242021-02-240000732712vz:CreditRatingsMembervz:DelayedDrawTermLoanCreditAgreementMemberus-gaap:BaseRateMembersrt:MinimumMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2021-02-242021-02-240000732712vz:CreditRatingsMembervz:DelayedDrawTermLoanCreditAgreementMemberus-gaap:BaseRateMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMembersrt:MaximumMember2021-02-242021-02-240000732712us-gaap:LondonInterbankOfferedRateLIBORMembervz:CreditRatingsMembervz:DelayedDrawTermLoanCreditAgreementMembersrt:MinimumMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2021-02-242021-02-240000732712us-gaap:LondonInterbankOfferedRateLIBORMembervz:CreditRatingsMembervz:DelayedDrawTermLoanCreditAgreementMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMembersrt:MaximumMember2021-02-242021-02-240000732712vz:DelayedDrawTermLoanCreditAgreementMembersrt:ScenarioForecastMemberus-gaap:LineOfCreditMember2021-12-312021-12-310000732712vz:DelayedDrawTermLoanCreditAgreementMembersrt:MinimumMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2021-02-242021-02-240000732712vz:DelayedDrawTermLoanCreditAgreementMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMembersrt:MaximumMember2021-02-242021-02-240000732712vz:VendorFinancingFacilityMembervz:NetworkEquipmentMember2020-01-012020-12-310000732712vz:VendorFinancingFacilityMembervz:NetworkEquipmentMember2019-01-012019-12-310000732712vz:VendorFinancingFacilityMembervz:NetworkEquipmentMember2018-01-012018-12-310000732712vz:VendorFinancingFacilityMembervz:NetworkEquipmentMember2020-12-310000732712vz:VendorFinancingFacilityMembervz:NetworkEquipmentMember2019-12-310000732712vz:GuaranteeOfDebenturesOfOperatingTelephoneCompanySubsidiariesMember2020-12-310000732712vz:GuaranteeOfDebtObligationsOfGeneralTelephoneAndElectronicsCorporationMember2020-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMember2020-12-310000732712vz:WirelessServicePlanReceivablesMember2020-12-310000732712vz:OtherReceivablesMember2020-12-310000732712us-gaap:AccountsReceivableMember2020-12-310000732712us-gaap:AccountsReceivableMember2019-12-310000732712vz:ProductTradeInMember2020-12-310000732712vz:ProductTradeInMember2019-12-310000732712vz:VerizonConsumerGroupMembervz:DevicePaymentPlanAgreementReceivablesMembersrt:MinimumMember2020-01-012020-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMembervz:VerizonBusinessGroupMembersrt:MinimumMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMembervz:DevicePaymentPlanAgreementReceivablesMembersrt:MaximumMember2020-01-012020-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMembervz:VerizonBusinessGroupMembersrt:MaximumMember2020-01-012020-12-310000732712srt:MinimumMember2018-10-012018-12-310000732712srt:MaximumMember2018-10-012018-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMembervz:NewCustomerMember2020-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMembervz:ExistingCustomerMember2020-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMember2019-12-310000732712vz:WirelessServicePlanReceivablesMember2019-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMemberus-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000732712us-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMembervz:WirelessServicePlanReceivablesMember2019-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000732712srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMembervz:WirelessServicePlanReceivablesMember2019-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMember2020-01-012020-12-310000732712vz:WirelessServicePlanReceivablesMember2020-01-012020-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMemberus-gaap:UnbilledRevenuesMember2020-12-310000732712vz:DevicePaymentPlanAgreementReceivablesMemberus-gaap:BilledRevenuesMember2020-12-310000732712vz:CashFlowsUsedInInvestingActivitiesMember2018-01-012018-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeForwardMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-12-310000732712us-gaap:ForeignExchangeForwardMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:ForeignExchangeForwardMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:ForeignExchangeForwardMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:FixedIncomeSecuritiesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:FixedIncomeSecuritiesMemberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:CurrencySwapMemberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:CurrencySwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:CurrencySwapMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:CurrencySwapMemberus-gaap:OtherAssetsMember2020-12-310000732712us-gaap:FairValueInputsLevel1Member2020-12-310000732712us-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentLiabilitiesMembervz:ForwardStartingInterestRateSwapsMember2020-12-310000732712us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Membervz:ForwardStartingInterestRateSwapsMember2020-12-310000732712us-gaap:OtherCurrentLiabilitiesMembervz:ForwardStartingInterestRateSwapsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherCurrentLiabilitiesMembervz:ForwardStartingInterestRateSwapsMember2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMember2020-12-310000732712us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMember2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2020-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMember2020-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMember2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMembervz:ForwardStartingInterestRateSwapsMember2020-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Membervz:ForwardStartingInterestRateSwapsMember2020-12-310000732712us-gaap:OtherLiabilitiesMembervz:ForwardStartingInterestRateSwapsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherLiabilitiesMembervz:ForwardStartingInterestRateSwapsMember2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:FixedIncomeSecuritiesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:FixedIncomeSecuritiesMemberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:CurrencySwapMemberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:CurrencySwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:CurrencySwapMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:CurrencySwapMemberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:ForeignExchangeForwardMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:ForeignExchangeForwardMemberus-gaap:OtherAssetsMember2019-12-310000732712us-gaap:FairValueInputsLevel1Member2019-12-310000732712us-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2019-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMember2019-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMember2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMembervz:ForwardStartingInterestRateSwapsMember2019-12-310000732712us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Membervz:ForwardStartingInterestRateSwapsMember2019-12-310000732712us-gaap:OtherLiabilitiesMembervz:ForwardStartingInterestRateSwapsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:OtherLiabilitiesMembervz:ForwardStartingInterestRateSwapsMember2019-12-310000732712us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310000732712us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310000732712us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000732712us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000732712us-gaap:InterestRateSwapMember2020-12-310000732712us-gaap:InterestRateSwapMember2019-12-310000732712us-gaap:CurrencySwapMember2020-12-310000732712us-gaap:CurrencySwapMember2019-12-310000732712vz:ForwardStartingInterestRateSwapsMember2020-12-310000732712vz:ForwardStartingInterestRateSwapsMember2019-12-310000732712us-gaap:InterestRateCapMember2020-12-310000732712us-gaap:InterestRateCapMember2019-12-310000732712us-gaap:ForeignExchangeForwardMember2020-12-310000732712us-gaap:ForeignExchangeForwardMember2019-12-310000732712us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2020-01-012020-12-310000732712us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2019-01-012019-12-310000732712us-gaap:FairValueHedgingMemberus-gaap:LongTermDebtMember2020-12-310000732712us-gaap:FairValueHedgingMemberus-gaap:LongTermDebtMember2019-12-310000732712us-gaap:CashFlowHedgingMemberus-gaap:CurrencySwapMember2020-01-012020-12-310000732712us-gaap:CashFlowHedgingMemberus-gaap:CurrencySwapMember2019-01-012019-12-310000732712us-gaap:CashFlowHedgingMembervz:ForwardStartingInterestRateSwapsMember2020-01-012020-12-310000732712us-gaap:CashFlowHedgingMembervz:ForwardStartingInterestRateSwapsMember2019-01-012019-12-310000732712us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMember2020-01-012020-12-310000732712us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMember2019-01-012019-12-310000732712us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMemberus-gaap:SubsequentEventMember2021-01-012021-02-250000732712us-gaap:NetInvestmentHedgingMembervz:EuroDenominatedDebtMember2020-12-310000732712us-gaap:NetInvestmentHedgingMembervz:EuroDenominatedDebtMember2019-12-310000732712us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-12-310000732712us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2019-01-012019-12-310000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMember2020-01-012020-12-310000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMembervz:VerizonFourPointSixSevenTwoPercentToFivePointZeroOneTwoPercentNotesDue2054Through2055Membervz:DebtTenderOffersMember2019-01-012019-12-310000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMembersrt:MinimumMembervz:VerizonFourPointSixSevenTwoPercentToFivePointZeroOneTwoPercentNotesDue2054Through2055Membervz:DebtTenderOffersMember2019-12-310000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMembervz:VerizonFourPointSixSevenTwoPercentToFivePointZeroOneTwoPercentNotesDue2054Through2055Membervz:DebtTenderOffersMembersrt:MaximumMember2019-12-310000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMembervz:VerizonThreePointEightFiveZeroPercentToEightPointNineFiveZeroPercentNotesDue2021Through2055Membervz:DebtTenderOffersMember2019-01-012019-12-310000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMembervz:VerizonThreePointEightFiveZeroPercentToEightPointNineFiveZeroPercentNotesDue2021Through2055Membervz:DebtTenderOffersMember2019-11-012019-11-300000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMembervz:VerizonThreePointEightFiveZeroPercentToEightPointNineFiveZeroPercentNotesDue2021Through2055Membervz:DebtTenderOffersMember2019-12-012019-12-310000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMembersrt:MinimumMembervz:VerizonThreePointEightFiveZeroPercentToEightPointNineFiveZeroPercentNotesDue2021Through2055Membervz:DebtTenderOffersMember2019-12-310000732712us-gaap:TreasuryLockMemberus-gaap:NondesignatedMembervz:VerizonThreePointEightFiveZeroPercentToEightPointNineFiveZeroPercentNotesDue2021Through2055Membervz:DebtTenderOffersMembersrt:MaximumMember2019-12-310000732712vz:A2017LongTermIncentivePlanMember2020-12-31vz:installment0000732712us-gaap:RestrictedStockUnitsRSUMembervz:A2017LongTermIncentivePlanMember2020-01-012020-12-310000732712vz:A2017LongTermIncentivePlanMembervz:BroadBasedEmployeeSpecialAwardOfRestrictedStockUnitsMember2018-02-012018-02-280000732712vz:PerformanceStockUnitsMember2020-01-012020-12-310000732712vz:RestrictedStockUnitsRSUEquityAwardsMember2017-12-310000732712vz:RestrictedStockUnitsRSULiabilityAwardsMember2017-12-310000732712vz:PerformanceStockUnitsEquityAwardsMember2017-12-310000732712vz:PerformanceStockUnitsLiabilityAwardsMember2017-12-310000732712vz:RestrictedStockUnitsRSUEquityAwardsMember2018-01-012018-12-310000732712vz:RestrictedStockUnitsRSULiabilityAwardsMember2018-01-012018-12-310000732712vz:PerformanceStockUnitsEquityAwardsMember2018-01-012018-12-310000732712vz:PerformanceStockUnitsLiabilityAwardsMember2018-01-012018-12-310000732712vz:RestrictedStockUnitsRSUEquityAwardsMember2018-12-310000732712vz:RestrictedStockUnitsRSULiabilityAwardsMember2018-12-310000732712vz:PerformanceStockUnitsEquityAwardsMember2018-12-310000732712vz:PerformanceStockUnitsLiabilityAwardsMember2018-12-310000732712vz:RestrictedStockUnitsRSUEquityAwardsMember2019-01-012019-12-310000732712vz:RestrictedStockUnitsRSULiabilityAwardsMember2019-01-012019-12-310000732712vz:PerformanceStockUnitsEquityAwardsMember2019-01-012019-12-310000732712vz:PerformanceStockUnitsLiabilityAwardsMember2019-01-012019-12-310000732712vz:RestrictedStockUnitsRSUEquityAwardsMember2019-12-310000732712vz:RestrictedStockUnitsRSULiabilityAwardsMember2019-12-310000732712vz:PerformanceStockUnitsEquityAwardsMember2019-12-310000732712vz:PerformanceStockUnitsLiabilityAwardsMember2019-12-310000732712vz:RestrictedStockUnitsRSUEquityAwardsMember2020-01-012020-12-310000732712vz:RestrictedStockUnitsRSULiabilityAwardsMember2020-01-012020-12-310000732712vz:PerformanceStockUnitsEquityAwardsMember2020-01-012020-12-310000732712vz:PerformanceStockUnitsLiabilityAwardsMember2020-01-012020-12-310000732712vz:RestrictedStockUnitsRSUEquityAwardsMember2020-12-310000732712vz:RestrictedStockUnitsRSULiabilityAwardsMember2020-12-310000732712vz:PerformanceStockUnitsEquityAwardsMember2020-12-310000732712vz:PerformanceStockUnitsLiabilityAwardsMember2020-12-310000732712vz:RestrictedStockUnitsAndPerformanceStockUnitsMember2020-12-310000732712vz:RestrictedStockUnitsAndPerformanceStockUnitsMember2020-01-012020-12-310000732712vz:RestrictedStockUnitsAndPerformanceStockUnitsMember2019-01-012019-12-310000732712vz:RestrictedStockUnitsAndPerformanceStockUnitsMember2018-01-012018-12-310000732712us-gaap:PensionPlansDefinedBenefitMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMember2018-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-12-310000732712us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000732712us-gaap:PensionPlansDefinedBenefitMember2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000732712vz:ChangesInDiscountRateAssumptionMember2020-01-012020-12-310000732712vz:ChangesInDiscountRateAssumptionMember2019-01-012019-12-310000732712vz:CreditsChargesPrimarilyDrivenByOtherAssumptionAdjustmentsMember2019-01-012019-12-310000732712vz:HealthcareClaimsAndTrendAdjustmentsMember2019-01-012019-12-3100007327122018-08-012018-08-310000732712us-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310000732712vz:CostofServiceMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000732712vz:CostofServiceMemberus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000732712vz:CostofServiceMemberus-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310000732712vz:CostofServiceMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000732712vz:CostofServiceMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000732712vz:CostofServiceMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-01-012018-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2018-01-012018-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2018-01-012018-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-01-012018-12-310000732712vz:PensionAndPostretirementPlanMember2020-12-310000732712srt:MinimumMembervz:ReturnSeekingAssetsMember2020-12-310000732712srt:MaximumMembervz:ReturnSeekingAssetsMember2020-12-310000732712srt:MinimumMembervz:LiabilityHedgingAssetsMember2020-12-310000732712vz:LiabilityHedgingAssetsMembersrt:MaximumMember2020-12-310000732712us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMembersrt:MaximumMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membervz:InternationalBondsMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:OtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membervz:OtherFixedIncomeSecuritiesMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:OtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:OtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanRealEstateMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:HedgeFundsMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membervz:InternationalBondsMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:OtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membervz:OtherFixedIncomeSecuritiesMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:OtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:OtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanRealEstateMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:HedgeFundsMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2018-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2018-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel3Member2018-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2018-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2018-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2018-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2018-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000732712us-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000732712us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000732712us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000732712us-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMember2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembervz:InternationalBondsMember2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310000732712us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000732712us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000732712us-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMember2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembervz:InternationalBondsMember2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembervz:InternationalBondsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2019-12-310000732712us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310000732712us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2019-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:NonqualifiedPlanMember2020-01-012020-12-310000732712us-gaap:PensionPlansDefinedBenefitMemberus-gaap:NonqualifiedPlanMember2020-12-310000732712vz:CreditsChargesDueToDifferenceBetweenEstimatedReturnOnAssetsAndActualReturnOnAssetsMember2020-01-012020-12-310000732712vz:CreditsChargesDueToDifferenceBetweenEstimatedReturnOnAssetsAndActualReturnOnAssetsMember2019-01-012019-12-310000732712vz:ChangesInDiscountRateAssumptionMember2018-01-012018-12-310000732712vz:CreditsChargesPrimarilyDrivenByOtherAssumptionAdjustmentsMember2018-01-012018-12-310000732712vz:HealthcareClaimsAndTrendAdjustmentsMember2018-01-012018-12-310000732712vz:CreditsChargesDueToDifferenceBetweenEstimatedReturnOnAssetsAndActualReturnOnAssetsMember2018-01-012018-12-310000732712vz:EffectOfParticipantsRetiringMember2018-01-012018-12-31vz:Employee0000732712vz:A2018VoluntarySeparationProgramMember2018-09-012019-06-300000732712vz:A2018VoluntarySeparationProgramMember2018-01-012018-12-310000732712vz:OtherExistingSeparationProgramMember2018-01-012018-12-31vz:segment0000732712vz:VerizonConsumerGroupMemberus-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712us-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:ProductMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ProductMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712us-gaap:ProductMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2020-01-012020-12-310000732712us-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2020-01-012020-12-310000732712us-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMembervz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMembervz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMembervz:PublicSectorAndOtherMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:PublicSectorAndOtherMembervz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:PublicSectorAndOtherMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMembervz:WholesaleMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMembervz:WholesaleMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:WholesaleMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:IntersegmentEliminationMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:IntersegmentEliminationMember2020-01-012020-12-310000732712us-gaap:IntersegmentEliminationMember2020-01-012020-12-310000732712us-gaap:OperatingSegmentsMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMembervz:ServiceAndOtherMember2020-01-012020-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ProductMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712us-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:ProductMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ProductMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712us-gaap:ProductMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2019-01-012019-12-310000732712us-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2019-01-012019-12-310000732712us-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMembervz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMembervz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMembervz:PublicSectorAndOtherMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:PublicSectorAndOtherMembervz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:PublicSectorAndOtherMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMembervz:WholesaleMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMembervz:WholesaleMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:WholesaleMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:IntersegmentEliminationMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:IntersegmentEliminationMember2019-01-012019-12-310000732712us-gaap:IntersegmentEliminationMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712us-gaap:OperatingSegmentsMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMembervz:ServiceAndOtherMember2019-01-012019-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ProductMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712us-gaap:ServiceMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:ProductMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ProductMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712us-gaap:ProductMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2018-01-012018-12-310000732712us-gaap:OperatingSegmentsMembervz:ConsumerOtherMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2018-01-012018-12-310000732712us-gaap:OperatingSegmentsMembervz:SmallAndMediumBusinessMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMembervz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMembervz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:BusinessGlobalEnterpriseMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMembervz:PublicSectorAndOtherMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:PublicSectorAndOtherMembervz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:PublicSectorAndOtherMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMembervz:WholesaleMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMembervz:WholesaleMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:WholesaleMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:IntersegmentEliminationMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:IntersegmentEliminationMember2018-01-012018-12-310000732712us-gaap:IntersegmentEliminationMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712us-gaap:OperatingSegmentsMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMembervz:ServiceAndOtherMember2018-01-012018-12-310000732712vz:VerizonBusinessGroupMemberus-gaap:ProductMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMembervz:FiosRevenuesMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMembervz:FiosRevenuesMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMembervz:FiosRevenuesMember2018-01-012018-12-310000732712vz:FiosRevenuesMembervz:VerizonBusinessGroupMember2020-01-012020-12-310000732712vz:FiosRevenuesMembervz:VerizonBusinessGroupMember2019-01-012019-12-310000732712vz:FiosRevenuesMembervz:VerizonBusinessGroupMember2018-01-012018-12-310000732712vz:FiosRevenuesMember2020-01-012020-12-310000732712vz:FiosRevenuesMember2019-01-012019-12-310000732712vz:FiosRevenuesMember2018-01-012018-12-310000732712vz:VerizonConsumerGroupMembervz:WirelessServiceMember2020-01-012020-12-310000732712vz:VerizonConsumerGroupMembervz:WirelessServiceMember2019-01-012019-12-310000732712vz:VerizonConsumerGroupMembervz:WirelessServiceMember2018-01-012018-12-310000732712vz:WirelessServiceMembervz:VerizonBusinessGroupMember2020-01-012020-12-310000732712vz:WirelessServiceMembervz:VerizonBusinessGroupMember2019-01-012019-12-310000732712vz:WirelessServiceMembervz:VerizonBusinessGroupMember2018-01-012018-12-310000732712vz:WirelessServiceMember2020-01-012020-12-310000732712vz:WirelessServiceMember2019-01-012019-12-310000732712vz:WirelessServiceMember2018-01-012018-12-310000732712vz:CorporateAndReconcilingItemsMember2020-01-012020-12-310000732712vz:CorporateAndReconcilingItemsMember2019-01-012019-12-310000732712vz:CorporateAndReconcilingItemsMember2018-01-012018-12-310000732712srt:ConsolidationEliminationsMember2020-01-012020-12-310000732712srt:ConsolidationEliminationsMember2019-01-012019-12-310000732712srt:ConsolidationEliminationsMember2018-01-012018-12-310000732712srt:AffiliatedEntityMember2019-12-012019-12-310000732712vz:SaleOfPreferredSharesMembersrt:AffiliatedEntityMember2019-12-012019-12-310000732712srt:AffiliatedEntityMemberus-gaap:PreferredStockMember2019-12-012019-12-3100007327122020-02-290000732712us-gaap:AccumulatedTranslationAdjustmentMember2017-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2017-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2017-12-310000732712us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2017-12-310000732712us-gaap:AccumulatedTranslationAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310000732712srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2017-12-310000732712us-gaap:AccumulatedTranslationAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2017-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2017-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2017-12-310000732712srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2017-12-310000732712us-gaap:AccumulatedTranslationAdjustmentMember2018-01-012018-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-01-012018-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-01-012018-12-310000732712us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-01-012018-12-310000732712us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310000732712us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000732712us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-12-310000732712us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-12-310000732712us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000732712us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000732712us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-12-310000732712us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-12-310000732712us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000732712us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000732712us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000732712us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-31vz:LegalMatter0000732712us-gaap:PaymentGuaranteeMembersrt:MinimumMember2020-01-012020-12-310000732712us-gaap:PaymentGuaranteeMembersrt:MaximumMember2020-01-012020-12-310000732712srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AllowanceForCreditLossMember2019-12-310000732712us-gaap:AllowanceForCreditLossMember2020-01-012020-12-310000732712us-gaap:AllowanceForCreditLossMember2020-12-310000732712us-gaap:AllowanceForCreditLossMember2018-12-310000732712us-gaap:AllowanceForCreditLossMember2019-01-012019-12-310000732712us-gaap:AllowanceForCreditLossMember2019-12-310000732712us-gaap:AllowanceForCreditLossMember2017-12-310000732712us-gaap:AllowanceForCreditLossMember2018-01-012018-12-310000732712us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2019-12-310000732712us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-01-012020-12-310000732712us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-12-310000732712us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2018-12-310000732712us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2019-01-012019-12-310000732712us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2017-12-310000732712us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2018-01-012018-12-310000732712us-gaap:AllowanceForCreditLossMembervz:LongtermDeviceInstallmentPlanReceivableMember2020-12-310000732712us-gaap:AllowanceForCreditLossMembervz:LongtermDeviceInstallmentPlanReceivableMember2019-12-310000732712us-gaap:AllowanceForCreditLossMembervz:LongtermDeviceInstallmentPlanReceivableMember2018-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark one)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to        

Commission file number: 1-8606
Verizon Communications Inc.
(Exact name of registrant as specified in its charter)
Delaware23-2259884
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
1095 Avenue of the Americas
New York, New York10036
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212395-1000

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

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.10VZNew York Stock Exchange
Common Stock, par value $0.10VZThe NASDAQ Global Select Market
1.625% Notes due 2024VZ24BNew York Stock Exchange
4.073% Notes due 2024VZ24CNew York Stock Exchange
0.875% Notes due 2025VZ25New York Stock Exchange
3.250% Notes due 2026VZ26New York Stock Exchange
1.375% Notes due 2026VZ26BNew York Stock Exchange
0.875% Notes due 2027VZ27ENew York Stock Exchange
1.375% Notes due 2028VZ28New York Stock Exchange
1.125% Notes due 2028VZ28ANew York Stock Exchange
1.875% Notes due 2029VZ29BNew York Stock Exchange
1.250% Notes due 2030VZ30New York Stock Exchange
1.875% Notes due 2030VZ30ANew York Stock Exchange
2.625% Notes due 2031VZ31New York Stock Exchange
2.500% Notes due 2031VZ31ANew York Stock Exchange
0.875% Notes due 2032VZ32New York Stock Exchange
1.300% Notes due 2033VZ33BNew York Stock Exchange
4.750% Notes due 2034VZ34New York Stock Exchange
3.125% Notes due 2035VZ35New York Stock Exchange
3.375% Notes due 2036VZ36ANew York Stock Exchange
2.875% Notes due 2038VZ38BNew York Stock Exchange
1.875% Notes due 2038VZ38CNew York Stock Exchange
1.500% Notes due 2039VZ39CNew York Stock Exchange
3.500% Fixed Rate Notes due 2039VZ39DNew York Stock Exchange
1.850% Notes due 2040VZ40New York Stock Exchange




Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes     No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.   Yes     No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes     No
At June 30, 2020, the aggregate market value of the registrant’s voting stock held by non-affiliates was approximately $228,143,965,409.
At January 29, 2021, 4,138,148,588 shares of the registrant’s common stock were outstanding, after deducting 153,285,058 shares held in treasury.

Documents Incorporated By Reference:
Portions of the registrant’s definitive Proxy Statement to be delivered to shareholders in connection with the registrant’s 2021 Annual Meeting of Shareholders (Part III).



TABLE OF CONTENTS
Item No.Page
PART I
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
Item 4.
PART II
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
PART III
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
PART IV
Item 15.
Item 16.
Certifications


Table of Contents
PART I

Item 1.    Business
General
Verizon Communications Inc. (Verizon or the Company) is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity, security and control.

Our principal executive offices are located at 1095 Avenue of the Americas, New York, New York 10036 (telephone number 212-395-1000).

We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

Verizon Consumer Group
Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the United States (U.S.) under the Verizon brand and through wholesale and other arrangements. Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios. In 2020, the Consumer segment’s revenues were $88.5 billion, representing approximately 69% of Verizon’s consolidated revenues. As of December 31, 2020, Consumer had approximately 94 million wireless retail connections, approximately 7 million broadband connections, which includes Fios and Digital Subscriber Line (DSL) internet connections, and approximately 4 million Fios video connections.

Verizon Business Group
Our Business segment provides wireless and wireline communications services and products, including data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things (IoT) services and products. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and select products and services to customers around the world. In 2020, the Business segment's revenues were $31.0 billion, representing approximately 24% of Verizon’s consolidated revenues. As of December 31, 2020, Business had approximately 27 million wireless retail postpaid connections and approximately 482 thousand broadband connections, which includes Fios and DSL internet connections.

Additional discussion of our reportable segments is included in Item 7. under the headings "Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview" and - "Segment Results of Operations" and in Note 13 to the consolidated financial statements of Verizon Communications Inc. and Subsidiaries.

Service and Product Offerings
Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis. Our Business segment’s wireless and wireline products and services are organized by the primary customer groups targeted by these offerings: Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale.

Wireless
We offer wireless services and equipment to customers of both Consumer and Business.

Wireless Services
Our Consumer and Business segments provide a wide variety of wireless services accessible on a broad range of devices. Customers can obtain our wireless services on a postpaid or prepaid basis. Retail (non-wholesale) postpaid accounts primarily represent retail customers that are directly served and managed by Verizon and use Verizon branded services. A single account may include monthly wireless services for a variety of connected devices. Our postpaid service is generally billed one month in advance for a monthly access charge in return for access to and usage of network services. Our prepaid service is offered only to Consumer customers and enables individuals to obtain wireless services without credit verification by paying for all services in advance. Approximately 96% of our Consumer retail connections were postpaid connections as of December 31, 2020.

We offer various postpaid and prepaid service plans tailored to the needs of our customers. Depending on those needs at a particular time, our plans may include features related to, among other things: unlimited or metered domestic and/or international voice, data, and texting; the ability to share data allowances and/or use data allowances in different periods; high definition voice and video features; the ability to use a device as a Wi-Fi hotspot; and varying data rates depending on the plan and usage on that plan. Our service offerings vary from time to time
4

Table of Contents
based on customer needs, technology changes and market conditions and may be provided as standard plans or as part of limited time promotional offers.

Access to the internet is available on all smartphones and nearly all basic phones. In addition, our customers can access the internet at broadband speeds on notebook computers and tablets that are either wireless-enabled or that are used in conjunction with separate dedicated devices that provide a mobile Wi-Fi connection.

We no longer offer Consumer customers new fixed-term, subsidized service plans for devices; however, we continue to offer subsidized plans to our Business customers. We also continue to service existing plans for customers who have not yet purchased and activated devices under the Verizon device payment program.

Wireless Equipment
Consumer and Business offer several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets and other wireless-enabled connected devices, such as smart watches. In certain cases, we permit customers to acquire equipment from us using device payment plans, which permit the customer to pay for the device in installments over time.

Verizon Consumer Group
In addition to the wireless services and equipment discussed above, Consumer sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis.

Residential Fixed Services. We provide residential fixed connectivity solutions to customers over our 100% fiber-optic network through our Verizon Fios product portfolio, and over a traditional copper-based network to customers who are not served by Fios. As of December 31, 2020, we have commercially launched fifth-generation (5G) fixed wireless technology for the home (5G Home) in 12 U.S. markets. In addition, in 2020, we launched our Long-Term Evolution (LTE) Home fixed wireless access internet service in rural parts of 189 markets across 48 U.S. states.

We offer residential fixed services tailored to the needs of our customers. Depending on those needs at a particular time, our services may include features related to, among other things: internet access at different speed tiers using fiber-optic, copper or wireless technology; video services that may feature a variety of channel options, video on demand products, cloud-based services and digital video recording capabilities; over-the-top video services; and voice services.

Network Access Services. We sell network access to mobile virtual network operators (MVNOs) on a wholesale basis, who in turn resell wireless service under their own brand(s) to consumers. Our largest such arrangement is with TracFone Wireless Inc. (Tracfone), a provider of prepaid and value mobile services in the U.S. In September 2020, we entered into a purchase agreement with América Móvil to acquire Tracfone. The transaction is subject to regulatory approvals and closing conditions and is expected to close in the second half of 2021.

Verizon Business Group
In addition to the wireless services and equipment discussed above, our Business segment provides wireless and wireline communications services and products, including data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT products and services.

Small and Medium Business
Small and Medium Business offers wireless services and equipment, conferencing services, tailored voice and networking products, Fios services, Internet Protocol (IP) networking, advanced voice solutions and security and managed information technology (IT) services to our U.S.-based small and medium businesses that do not meet the requirements to be categorized as Global Enterprise, as described below. In 2020, Small and Medium Business revenues were $11.1 billion, representing approximately 36% of Business’s total revenues.

In addition to the wireless services and equipment discussed above, Small and Medium Business provides fixed connectivity solutions comparable to the residential fixed services provided by Consumer, as well as business services and connectivity similar to the products and services offered by Global Enterprise, in each case with features and pricing designed to address the needs of small and medium businesses.

Global Enterprise
Global Enterprise offers services to large businesses, which are identified based on their size and volume of business with Verizon, as well as non-U.S. public sector customers. In 2020, Global Enterprise revenues were $10.4 billion, representing approximately 34% of Business’s total revenues.

Global Enterprise offers a broad portfolio of connectivity, security and professional services designed to enable our customers to optimize their business operations, mitigate business risks and capitalize on data. These services include the following:

5

Table of Contents
Network Services. We offer a portfolio of network connectivity products to help our customers connect with their employees, partners, vendors and customers. These products include private networking services, private cloud connectivity services, virtual and software defined networking services and internet access services.

Advanced Communications Services. We offer a suite of services to our customers to help them communicate with their employees, partners, vendors, constituents and customers. These products include IP-based voice and video services, unified communications and collaboration tools and customer contact center solutions.

Security services. We offer a suite of management and data security services that help our customers protect, detect and respond to security threats to their networks, data, applications and infrastructure.

Core services. We provide a portfolio of domestic and global voice and data solutions utilizing traditional telecommunications technology, including voice calling, messaging services, conferencing, contact center solutions and private line and data access networks. Core services also include the provision of customer premises equipment, and installation, maintenance and site services.

IoT services. We provide the network access required to deliver various IoT products and services. We work with companies that purchase network access from us to connect their devices, bundled together with their own solutions, which they sell to end users. We are building IoT capabilities by leveraging business models that monetize usage on our networks at the connectivity, platform and solution layers.

Public Sector and Other
Public Sector and Other offers wireless products and services as well as wireline connectivity and managed solutions to U.S. federal, state and local governments and educational institutions. These services include business services and connectivity similar to the products and services offered by Global Enterprise, in each case, with features and pricing designed to address the needs of governments and educational institutions. In 2020, Public Sector and Other revenues were $6.4 billion, representing approximately 21% of Business’s total revenues.

Public Sector and Other also includes solutions that support fleet tracking management, compliance management, field service management, asset tracking and other types of mobile resource management in the U.S. and around the world.

Wholesale
Wholesale offers wireline communications services including data, voice, local dial tone and broadband services primarily to local, long distance, and wireless carriers that use our facilities to provide services to their customers. In 2020, Wholesale revenues were $3.1 billion, representing approximately 10% of Business’s total revenues. A portion of Wholesale revenues are generated by a few large telecommunications companies, most of which compete directly with us. Wholesale's services include:

Data services. We offer a portfolio of data services to enhance our Wholesale customers’ networks and provide connections to their end-users and subscribers.

Voice services. We provide switched access services that allow carriers to complete their end-user calls that originate or terminate within our territory. In addition, we provide originating and terminating voice services throughout the U.S. and globally utilizing our time-division multiplexing and Voice over Internet Protocol (VoIP) networks.

Local services. We offer an array of local dial tone and broadband services to competitive local exchange carriers, some of which are offered to comply with telecommunications regulations. In addition, we offer services such as colocation, resale and unbundled network elements in compliance with applicable regulations.

Distribution
We use a combination of direct, indirect and alternative distribution channels to market and distribute our products and services to Consumer customers.

Our direct channel, including our company-operated stores, is a core component of our distribution strategy. Our sales and service centers and business direct sales teams also represent significant distribution channels for our services. In addition, we have a robust digital channel and omni-channel experience for our customers in order to offer choice and convenience.

Our indirect channel includes agents that sell our wireless and wireline products and services at retail locations throughout the U.S., as well as through the internet. The majority of these sales are made under exclusive selling arrangements with us. We also have relationships with high-profile national retailers that sell our wireless and wireline products and services, as well as convenience store chains that sell our wireless prepaid products and services.

In addition to our direct channel, our Business segment has additional distribution channels that include business solution fulfillment provided by resellers, non-stocked device fulfillment performed by distributors and integrated mobility services provided by system integrators and resellers.

6

Table of Contents
Competition and Related Trends
The telecommunications industry is highly competitive. We expect competition to remain intense as traditional and non-traditional participants seek increased market share.

With respect to our wireless connectivity products and services, we compete against other national wireless service providers, including AT&T Inc. and T-Mobile USA, Inc., as well as various regional wireless service providers. We also compete for retail activations with resellers that buy bulk wholesale service from wireless service providers, including Verizon, and resell it to their customers. Resellers include cable companies and others. Competition remains intense as a result of high rates of smartphone penetration in the wireless market, increased network investment by our competitors, the development and deployment of new technologies, such as 5G, the introduction of new products and services, offerings that include additional bundled premium content, new market entrants, the availability of additional licensed and unlicensed spectrum and regulatory changes. Competition may also increase as smaller, stand-alone wireless service providers merge or transfer licenses to larger, better capitalized wireless service providers and as MVNOs resell wireless communication services. In addition, DISH Network has committed to deploy a facilities-based 5G broadband network in each of its license areas capable of serving at least 70 percent of the U.S. population by June 2023, which could result in additional competitive pressures in the U.S. wireless industry.

We also face competition from other communications and technology companies seeking to increase their brand recognition and capture customer revenue with respect to the provision of wireless products and services, in addition to non-traditional offerings in mobile data. For example, Microsoft Corporation, Alphabet Inc., Apple Inc. and others are offering alternative means for making wireless voice calls that, in certain cases, can be used in lieu of the wireless provider’s voice service, as well as alternative means of accessing video content.

With respect to our wireline connectivity services, we compete against cable companies, wireless service providers, domestic and foreign telecommunications providers, satellite television companies, internet service providers, over-the-top (OTT) providers and other companies that offer network services and managed enterprise solutions. Cable operators have increased the size and capacity of their networks in order to deliver digital products and services. Several major cable operators offer bundles with wireless services through strategic relationships. Customers have an increasing number of choices for obtaining video content from various online services. We expect the market will continue to shift from traditional linear video to OTT offerings. We expect customer migration from traditional voice services to wireless services to continue as a growing number of customers place greater value on mobility and wireless companies position their services as a landline alternative. We also face increasing competition from cable operators and other providers of VoIP services as well as internet portal providers.

We believe that the following are the most important competitive factors and trends in the telecommunications industry:

Network reliability, speed and coverage. We consider networks that consistently provide high-quality, fast and reliable service to be a key differentiator in the market and driver of customer satisfaction. Lower prices, improved service quality and new service offerings, which in many cases include video content, have led to increased customer usage of connectivity services. We and other network-based providers must ensure that our networks can meet these increasing capacity usage requirements and offer highly reliable national coverage.

Pricing. With respect to wireless services and equipment, pricing plays an important role in the wireless competitive landscape. As the demand for wireless services continues to grow, wireless service providers are offering a range of service plans at competitive prices. Many wireless service providers also bundle wireless service offerings with other content and offer promotional pricing and incentives, some of which may be targeted specifically to customers of Verizon. We and other wireless service providers, as well as equipment manufacturers, offer device payment options, which provide customers with the ability to pay for their device over a period of time, and some providers offer device leasing arrangements. In addition, aggressive device promotions have become more common in an effort to gain a greater share of subscribers interested in changing carriers. Pricing also plays an important role in the wireline competitive landscape, as traditional service providers compete aggressively in offerings such as IP Networking, Core Voice and other legacy products. In addition, as non-traditional modes of providing wireline communication services emerge, new entrants attempt to capture market share from incumbents using competitive pricing. For example, VoIP and portal-based voice and video calling is often free or nearly free for customers and supported by advertising revenues.

Customer service. We believe that high-quality customer service is a key factor in retaining customers and attracting new customers, including those of other providers. Our customer service, retention and satisfaction programs are based on providing customers with convenient and easy-to-use products and services and focusing on their needs in order to promote long-term relationships and minimize churn.

Customer service is highly valued by our Business customers. We provide Global Enterprise and Public Sector and Other customers with ready access to their system and performance information, and we conduct proactive testing of our networks to identify issues before they affect our customers. We service our Small and Medium Business customers through service representatives and online support, as well as through store-based representatives for small business customers. For Wholesale customers, we pursue service improvement through continued system automation initiatives.

Product differentiation. Customer and revenue growth are increasingly dependent on the development of new and enhanced products and services, as the delivery of new and innovative products and services has been accelerating. Customers are shifting their focus from access to applications and are seeking ways to leverage their broadband, video and wireless connections. To compete effectively, providers need to continuously review, improve and refine their product portfolio and develop and rapidly
7

Table of Contents
deploy new products and services tailored to the needs of customers. We continue to pursue the development and rapid deployment of new and innovative products and services, both independently and in collaboration with application providers, content providers and device manufacturers. Features such as wireless and wireline inter-operability are becoming increasingly important, driven by both customer demand and technological advancement.

Sales and distribution. A key to achieving sales success in the consumer and small and medium business sectors of the wireless industry is the reach and quality of sales channels and distribution points. We seek to optimally vary distribution channels among our company-operated stores selling wireless products and services, outside sales teams and telemarketing, web-based sales and fulfillment capabilities, our extensive indirect distribution network of retail outlets and our sale of wireless service to resellers, which resell wireless services to their end-users.

In addition to these competitive factors and trends, companies with a global presence are increasingly competing with us in our Business segment. A relatively small number of telecommunications and integrated service providers with global operations serve customers in the global enterprise market and, to a lesser extent, the global wholesale market. We compete with these providers for large contracts to provide integrated solutions to global enterprises and government customers. Many of these companies have strong market presence, brand recognition and existing customer relationships, all of which contribute to intensifying competition that may affect our future revenue growth.

In the Small and Medium Business market, customer purchasing behaviors and preferences continue to evolve. Solution speed and simplicity with user interfaces that have a consumer-like "look and feel" are becoming key differentiators for customers who are seeking full life-cycle offers that simplify the process of starting, running and growing their businesses. Several major cable operators also offer bundles with wireless services through strategic relationships.

In the Global Enterprise and Public Sector and Other markets, competition levels remain high, primarily as a result of increased industry focus on technology convergence. We compete in this area with system integrators, carriers, and hardware and software providers. In addition, some of the largest information technology services companies are making strategic acquisitions, divesting non-strategic assets and forging new alliances to improve their cost structure. Many new alliances and acquisitions have focused on emerging fields, such as cloud computing, software defined networking, communication applications and other computing tasks via networks, rather than by the use of in-house machines.

Our Wholesale business competes with traditional carriers for long-haul, voice and IP services. In addition, mobile video and data needs are driving a greater need for wireless backhaul. Network providers, cable companies and niche players are competitors for this business opportunity.

Verizon Media
Our media business, Verizon Media Group (Verizon Media), includes diverse media and technology brands that serve both consumers and businesses. Verizon Media provides consumers with owned and operated and third-party search properties as well as mail, news, finance, sports and entertainment offerings, and provides other businesses and partners access to consumers through digital advertising, content delivery and video streaming platforms. In 2020, Verizon Media's revenues were $7.0 billion.

Verizon Media Products and Solutions
Ad Platform
Our Verizon Media Ad Platform provides advertisers and publishers with a simplified suite of intelligent advertising solutions across desktop, mobile and television devices. Verizon Media's business is comprised primarily of search advertising, display advertising and Ecommerce.

Search advertising. Our search properties serve as a guide for users to discover information on the internet. Verizon Media serves click-based search advertisements generated by proprietary algorithmic technology, as well as advertisements from partners. Verizon Media provides the underlying search products that facilitate user searches within Verizon Media and third-party partner properties.

Display advertising. Display advertising is made up of both graphical and performance-based advertising and takes the form of impression-based contracts, time-based contracts and performance-based contracts. Verizon Media display ads leverage proprietary data signals to identify and engage users on Verizon Media properties and across the web. Through the Verizon Media Ad Platform, we provide customers the ability to buy advertising inventory and measure campaigns across screens and advertising formats using self-serve technology or our managed services. We also provide publishers with the ability to monetize their ad inventory.

Ecommerce. Our Ecommerce offering includes different types of business models, including facilitating transactions between businesses and consumers, enabling businesses that facilitate transactions for other businesses and facilitating transactions between consumers.

Subscription Memberships
Our paid subscription offerings include premium content and services across our mail, news, finance, sports and entertainment properties, privacy and security solutions and computer protection.
8

Table of Contents
Verizon Media Platform
As the digital platform reshapes the delivery of media and entertainment content, there is an increasing need for stable, high-quality video delivery platforms. Our Media Platform offers a scalable platform for delivering content, including live broadcasts, video on demand, games, software and websites to our customers on their devices at any time. This platform is targeted at media and entertainment companies and other businesses that deliver their digital products and services through the internet.

Global Network and Technology
Our global network architecture is used by Consumer, Business and Verizon Media. Our network technology platforms include both wireless and wireline technologies.

Network Evolution
We are evolving the architecture of our networks to a next-generation multi-use platform, providing improved efficiency and virtualization, increased automation and opportunities for edge computing services that will support both our fiber-based and radio access network technologies. We call this the Intelligent Edge Network. We expect that this new architecture will simplify operations by eliminating legacy network elements, speed the deployment of 5G wireless technology and create new opportunities in the business market in a cost efficient manner.

5G Deployment
Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services. We expect that 5G technology will provide higher throughput and lower latency than the current fourth-generation (4G) (LTE) technology and enable our networks to handle more traffic as the number of internet-connected devices grows. As of December 31, 2020, we have launched our 5G Ultra Wideband Network in 61 U.S. markets. We have commercially launched 5G Home in 12 of those markets.

We also launched our 5G Nationwide Network in October 2020, which is available in over 2,700 cities across the U.S. covering approximately 230 million people. 5G Nationwide uses low and mid-band spectrum and dynamic spectrum sharing (DSS) technology, which allows 5G service to run simultaneously with 4G LTE on multiple spectrum bands. With DSS, whenever customers move outside Verizon’s high-band Ultra Wideband coverage area, their 5G-enabled devices will remain on 5G technology using the lower spectrum bands where the 5G Nationwide network is available. This allows us to more fully and effectively utilize our current spectrum resources to serve both 4G and 5G customers.

4G LTE
The wireless network technology platform that carries the majority of our wireless traffic is 4G LTE, which provides higher data throughput performance for data services at a lower cost compared to that offered by 3G technology. As of December 31, 2020, our 4G LTE network is available in over 700 markets covering approximately 327 million people, including those in areas served by our LTE in Rural America partners. Under this program, we have collaborated with wireless carriers in rural areas to build and operate a 4G LTE network using each carrier’s network assets with our core 4G LTE equipment and 700 Megahertz (MHz) C Block and Advanced Wireless Services (AWS) spectrum. In 2020, we launched LTE Home Internet, a home broadband internet service that leverages the Verizon 4G LTE network.

Wireless Network Reliability and Build-Out
We consider the reliability, coverage and speed of our wireless network to be key factors for our continued success. We believe that steady and consistent network and platform investments provide the foundation for innovative products and services. As we design and deploy our network, we focus on the number of successful data sessions the network enables, delivering on our advertised throughput speeds, and the number of calls that are connected on the first attempt and completed without being dropped. We utilize three strategies to maintain the quality of our network: increasing the density of our network elements, deploying new technologies as they are developed and putting additional wireless spectrum into service.

We have been densifying our network by utilizing small cell technology, in-building solutions and distributed antenna systems. Network densification enables us to add capacity to address increasing mobile video consumption and the growing demand for IoT products and services on our 4G LTE and 5G networks. We are also utilizing existing network capabilities to handle increased traffic without interrupting the quality of the customer experience. We continue to deploy advanced technologies to increase both network capacity and data rates.

In order to build and upgrade our existing 4G LTE network and deploy our 5G network, we must complete a variety of steps, which can include securing rights to a large number of sites as well as obtaining zoning and other governmental approvals and fiber facilities, for our macro and small cells, in-building systems and antennas and related radio equipment that comprise distributed antenna systems. We have relationships with a wide variety of vendors that supply various products and services that support our wireless network operations. We utilize tower site management firms as lessors or managers of a portion of our existing leased and owned tower sites.

Our networks in the U.S. include various elements of redundancy designed to enhance the reliability of the services provided to our customers. To mitigate the impact of power disruptions on our operations, we have battery backup at every switch and every macro cell. We also utilize backup generators at a majority of our macro cells and at every switch location. In addition, we have a fleet of portable backup
9

Table of Contents
generators that can be deployed, if needed. We further enhance reliability by using a fully redundant Multiprotocol Label Switching backbone network in critical locations.

In addition to our own network coverage, we have roaming agreements with a number of wireless service providers to enable our customers to receive wireless service in nearly all other areas in the U.S. where wireless service is available. We also offer a variety of international wireless voice and data services to our customers through roaming arrangements with wireless service providers outside the U.S.

Fios
Residential broadband service has seen significant growth in bandwidth demand over the past several years, and we believe that demand will continue to grow. We expect the continued emergence of new video services, new data applications and the proliferation of IP devices in the home will continue to drive new network requirements for increased data speeds and throughput. We believe that the Passive Optical Network (PON) technology underpinning Fios positions us well to meet these demands in a cost-effective and efficient manner.

While deployed initially as a consumer broadband network, our PON infrastructure is also experiencing more widespread application in the Business segment, especially as businesses increasingly migrate to Ethernet-based access services.

Global IP
Verizon owns and operates one of the largest global fiber-optic networks in the world, providing connectivity to Business customers in more than 180 countries. Our global IP network includes long-haul, metro and submarine assets that span over 1 million route miles and enable and support international operations.

Global business is rapidly evolving to an "everything-as-a-service" model in which Business customers seek cloud-based, converged enterprise solutions delivered securely via managed and professional services. We are continuing to deploy packet optical transport technology in order to create a global network platform to meet this demand.

Spectrum
The spectrum licenses we hold can be used for mobile wireless voice, video and data communications services. We are licensed by the Federal Communications Commission (FCC) to provide these wireless services on portions of the 800 MHz band, also known as cellular spectrum, the 1800-1900 MHz band, also known as Personal Communication Services (PCS) spectrum, portions of the 700 MHz upper C band and AWS 1 and 3 spectrum in the 1700 and 2100 MHz bands, in areas that, collectively, cover nearly all of the population of the U.S. We have also deployed 4G technologies in 3.5 Gigahertz (GHz) shared spectrum, using LTE/Citizens Broadband Radio Service, and in 5 GHz unlicensed spectrum, using LTE/Licensed Assisted Access. All of this spectrum is collectively called low and mid-band spectrum. We are using our low and mid-band spectrum to provide 3G, 4G LTE and 5G wireless services. We are increasingly reallocating spectrum previously used for 3G service to provide 4G LTE service. We are also utilizing low and mid-band spectrum, through DSS, for 5G to complement our spectrum licenses in the 28 and 39 GHz band, collectively called millimeter wave spectrum.

Millimeter wave and low and mid-band spectrum are being used for our 5G technology deployment. We anticipate that we will need additional spectrum to meet future demand. This increasing demand is driven by growth in customer connections and the increased usage of wireless broadband services that use more bandwidth and require faster rates of speed, as well as the wider deployment of 5G mobile and fixed services. We can meet our future 4G and 5G spectrum needs by acquiring licenses or leasing spectrum from other licensees, or by acquiring new spectrum licenses from the FCC, if and when future FCC spectrum auctions occur.

From time to time we have exchanged spectrum licenses with other wireless service providers through secondary market swap transactions. We expect to continue to pursue similar opportunities to trade spectrum licenses in order to meet capacity and expansion needs in the future. In certain cases, we have entered into intra-market spectrum swaps designed to increase the amount of contiguous spectrum within frequency bands in a specific market. Contiguous spectrum improves network performance and efficiency. These swaps, as well as any spectrum purchases, require us to obtain governmental approvals.

Information regarding spectrum license transactions is included in Note 3 to the consolidated financial statements of Verizon Communications Inc. and Subsidiaries.

Human Capital Resources
At Verizon, we know that our people are one of our most valuable assets. In order to realize our core business strategy, we have developed human capital programs and practices that support, develop and care for our employees from the time they join our team through the entirety of their careers with Verizon. These programs are centered on the following principles:

Attract the right talent for our future and maintain a diverse workforce that has a capacity for learning and brings high-value skills and expertise to the Company.

Develop our employees to their full potential through best-in-class educational programs and exceptional development experiences, creating a culture of continuous learning and engagement.

10

Table of Contents
Inspire individuals to build a career at Verizon by providing meaningful work and upskilling opportunities and establishing an inspiring and inclusive work environment for all.

Verizon is committed to being an employer of choice. With approximately 132,200 employees measured on a full-time equivalent basis as of December 31, 2020, we know that we need employees with diverse backgrounds, experiences and perspectives to help us understand and connect more meaningfully to the diverse customers and communities we serve. Our human capital programs and practices are designed to create a workplace where employees are empowered to share their authentic selves and feel seen and heard as vital contributors to Verizon’s corporate purpose. In addition, Verizon has extensive on-the-job training opportunities, tuition reimbursement programs and career development support to enable our employees to maximize their potential and thrive professionally. Guided by our long-standing commitment to diversity and inclusion, our hiring and outreach programs have resulted in a strong representation of women and people of color. As of December 31, 2020, Verizon's global workforce was approximately 66.2% male, 33.7% female and 0.1% unknown or undeclared, and the race/ethnicity of our U.S. workforce was 53.9% White, 19.3% Black, 11.3% Hispanic, 9.4% Asian, 0.4% American Indian/Alaskan Native, 0.3% Native Hawaiian/Pacific Islander, 2.5% two or more races, and 2.9% unknown or undeclared. Women represented 37.9% of U.S. senior leadership (vice president level and above). People of color represented 34.6% of U.S. senior leadership.

Verizon respects our employees’ rights to freedom of association and collective bargaining in compliance with applicable law, including the right to join or not join labor unions. We have a long history of working with the Communications Workers of America and the International Brotherhood of Electrical Workers—the two unions that in total represent approximately 22.5% of our employees as of December 31, 2020. In addition, where applicable outside of the U.S., we engage with employee representative bodies such as works council. Verizon meets with U.S. national and local union leaders, as well as works council leaders outside the U.S., to talk about key business topics, including safety, customer service, plans to improve operational processes, our business performance and the impacts that changing technology and competition are having on our customers, employees and business strategy.

In 2020, Verizon employees across the Company came together in new ways in response to the health and humanitarian crisis brought on by the novel coronavirus (COVID-19) pandemic. Soon after COVID-19 was first identified, Verizon took many broad-ranging steps to support our employees and their families so that the Company could continue providing our essential services to our customers and communities. Some of these measures included temporarily moving over 115,000 of our employees to remote work arrangements and temporarily closing nearly 70% of our Company-owned retail store locations or moving to appointment-only store access; limiting our customer-focused field operations for a period of time; enhancing safety protocols for employees working outside their homes; launching a COVID-19 leave of absence policy and expanded family care assistance for employees; and providing additional compensation to employees in front line roles that could not be done from home for a period of time. In an effort to foster transparency and provide support during this unprecedented time, Verizon launched a daily live webcast with current information on the Company’s actions to address the impacts of COVID-19 as well as a number of broad ranging resources for employees. In addition, Verizon re-trained over 20,000 frontline employees to temporarily serve in other roles, such as customer service or telesales, which not only promoted the health and safety of our employees, but also provided opportunities for learning and career development.

For a discussion of the oversight provided by the Verizon Board of Directors over the Company’s human capital management practices, see the section entitled "Governance — Our Approach to Governance — Our Approach to Strategy and Risk Oversight — Oversight of Human Capital Management" in our definitive Proxy Statement to be filed with the Securities and Exchange Commission and delivered to shareholders in connection with our 2021 Annual Meeting of Shareholders.

Patents, Trademarks and Licenses
We own or have licenses to various patents, copyrights, trademarks, domain names and other intellectual property rights necessary to conduct our business. We actively pursue the filing and registration of patents, copyrights, trademarks and domain names to protect our intellectual property rights within the United States and abroad. We also actively grant licenses, in exchange for appropriate fees or other consideration and subject to appropriate safeguards and restrictions, to other companies that enable them to utilize certain of our intellectual property rights and proprietary technology as part of their products and services. Such licenses enable the licensees to take advantage of Verizon's brands and the results of Verizon’s research and development efforts. While these licenses result in valuable consideration for Verizon, we do not believe that the loss of such consideration, or the expiration of any of our intellectual property rights, would have a material effect on our results of operations.

We periodically receive offers from third parties to purchase or obtain licenses for patents and other intellectual property rights in exchange for royalties or other payments. We also periodically receive notices alleging that our products or services infringe on third-party patents or other intellectual property rights. These claims, whether against us directly or against third-party suppliers of products or services that we sell to our customers, if successful, could require us to pay damages or royalties, rebrand, or cease offering the relevant products or services.

Regulatory and Competitive Trends
Regulatory and Competitive Landscape
Verizon operates in a regulated and highly competitive market, as described above. Some of our competitors are subject to fewer regulatory constraints than Verizon. For many services offered by Verizon, the FCC is our primary regulator. The FCC has jurisdiction over interstate telecommunications services and other matters under the Communications Act of 1934, as amended (Communications Act or Act). Other Verizon services are subject to state and local regulation.

11

Table of Contents
Federal, State and Local Regulation
Wireless Services
The FCC regulates several aspects of our wireless operations. Generally, the FCC has jurisdiction over the construction, operation, acquisition and transfer of wireless communications systems. All wireless services require use of radio frequency spectrum, the assignment and distribution of which is subject to FCC oversight. Verizon anticipates that it will need additional spectrum to meet future demand. We can meet our needs for licensed spectrum by purchasing licenses or leasing spectrum from others, or by participating in a competitive bidding process to acquire new spectrum from the FCC. Those processes are subject to certain reviews, approvals and potential conditions.

Today, Verizon holds FCC spectrum licenses that allow it to provide a wide range of mobile and fixed communications services, including both voice and data services. FCC spectrum licenses typically have a term of 10 years, at which time they are subject to renewal. While the FCC has routinely renewed all of Verizon’s wireless licenses, challenges could be raised in the future. If a wireless license was revoked or not renewed, Verizon would not be permitted to provide services on the spectrum covered by that license. Some of our licenses require us to comply with so-called "open access" FCC regulations, which generally require licensees of particular spectrum to allow customers to use devices and applications of their choice, subject to certain technical limitations. The FCC has also imposed certain specific mandates on wireless carriers, including construction and geographic coverage requirements, technical operating standards, provision of enhanced 911 services, roaming obligations and requirements for wireless tower and antenna facilities.

The Act generally preempts regulation by state and local governments of the entry of, or the rates charged by, wireless carriers. The Act does not prohibit states from regulating the other "terms and conditions" of wireless service. For example, some states impose reporting requirements. Several states also have laws or regulations that address safety issues (e.g., use of wireless handsets while driving) and taxation matters. In addition, wireless tower and antenna facilities are often subject to state and local zoning and land use regulation, and securing approvals for new or modified facilities is often a lengthy and expensive process.

Broadband
Verizon offers many different broadband services. The FCC recognizes broadband internet access services as "information services" subject to a "light touch" regulatory approach rather than to the traditional, utilities-style regulations. However, a number of states have taken steps to regulate broadband and two of those cases related to regulations in California and Vermont are being litigated in the courts. Regardless of regulation, Verizon remains committed to the open internet, which provides consumers with competitive choices and unblocked access to lawful websites and content. Our commitment to our customers can be found on our website at https://www.verizon.com/about/our-company/verizon-broadband-commitment.

Wireline Voice
Verizon offers many different wireline voice services, including traditional telephone service and other services that rely on technologies such as VoIP. For regulatory purposes, legacy telephone services are generally considered to be "common carrier" services. Common carrier services are subject to heightened regulatory oversight with respect to rates, terms and conditions and other aspects of the services. The FCC has not decided the regulatory classification of VoIP but has said VoIP service providers must comply with certain rules, such as 911 capabilities and law enforcement assistance requirements.

State public utility commissions regulate Verizon’s telephone operations with respect to certain telecommunications intrastate matters. Verizon operates as an "incumbent local exchange carrier" in nine states and the District of Columbia. These incumbent operations are subject to various levels of pricing flexibility and other state oversight and requirements. Verizon also has other wireline operations that are more lightly regulated.

Video
Verizon offers a multichannel video service that is regulated like traditional cable service. The FCC has a body of rules that apply to cable operators, and these rules also generally apply to Verizon. In areas where Verizon offers its facilities-based multichannel video services, Verizon has been required to obtain a cable franchise from local government entities, or in some cases a state-wide franchise, and comply with certain one-time and ongoing obligations as a result.

Privacy and Data Security
We are subject to local, state, federal, and international laws and regulations relating to privacy and data security that impact all parts of our business, including wireline, wireless, broadband and the development and roll out of new products, such as those in the media and IoT space. At the federal level, our voice business is subject to the FCC's privacy requirements. Oversight of broadband internet access privacy and data security is governed by the Federal Trade Commission (FTC). Europe's General Data Protection Regulation, which went into effect in May 2018, and the California Consumer Privacy Act, which went into effect in January 2020, both include significant penalties for non-compliance. In addition, other new privacy laws took effect in 2020, including in Brazil and Maine. Generally, attention to privacy and data security requirements is increasing at all levels of government globally, and privacy-related legislation has been introduced or is under consideration in many locations. These regulations could have a significant impact on our businesses.

Public Safety and Cybersecurity
The FCC plays a role in addressing public safety concerns by regulating emergency communications services and mandating widespread availability of both media (broadcast/cable) and wireless emergency alerting services. In response to cyber attacks that have occurred or could
12

Table of Contents
occur in the future, however, the FCC or other regulators may attempt to increase regulation of the cybersecurity practices of providers. The FCC is also addressing the use by American companies of equipment produced by certain companies deemed to cause potential national security risks. Verizon does not currently use equipment in its networks from vendors under such restrictions. In addition, due to recent natural disasters, federal and state agencies may attempt to impose regulations to ensure continuity of service during disasters; for example, the California Public Utilities Commission has imposed regulations on back-up power for communications facilities.

Intercarrier Compensation and Network Access
The FCC regulates some of the rates that carriers pay each other for the exchange of voice traffic (particularly traditional wireline traffic) over different networks and other aspects of interconnection for some voice services. The FCC also regulates some of the rates and terms and conditions for certain wireline "business data services" and other services and network facilities. Verizon is both a seller and a buyer of these services, and both makes and receives interconnection payments. The FCC has focused in recent years on whether changes in the rates, terms and conditions for both the exchange of traffic and for business data services may be appropriate.

Regulatory Response to the COVID-19 Pandemic
Since the time that COVID-19 began to spread throughout the world in 2020, Verizon has been subject to various international, federal, state and local policies, regulations and initiatives aimed at reducing the transmission of the disease and protecting the health and safety of the world’s population. In addition, governments have imposed a wide variety of consumer protection measures that limit how certain businesses, including telecommunications companies, can operate their business and interact with their customers. Because the severity, magnitude and duration of the COVID-19 pandemic and its economic consequences are uncertain and rapidly changing, the impact of the crisis and the governmental responses to the crisis on our business in 2021 and beyond remains uncertain and difficult to predict.

Information About Our Executive Officers
See Part III, Item 10. "Directors, Executive Officers and Corporate Governance" of this Annual Report on Form 10-K for information about our executive officers.

Information on Our Internet Website
We make available, free of charge on our website, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports at https://www.verizon.com/about/investors as soon as reasonably practicable after such reports are electronically filed with the Securities and Exchange Commission (SEC). These reports and other information are also available on the SEC's website at https://www.sec.gov. We periodically provide other information for investors on our website, including news and announcements regarding our financial performance, information on corporate governance and details related to our annual meeting of shareholders. We encourage investors, the media, our customers, business partners and other stakeholders to review the information we post on this channel. Website references in this report are provided as a convenience and do not constitute, and should not be viewed as, incorporation by reference of the information contained on, or available through, the websites. Therefore, such information should not be considered part of this report.

Cautionary Statement Concerning Forward-Looking Statements
In this report 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 elsewhere in this report and in other filings with the SEC, could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements:

cyber attacks impacting our networks or systems and any resulting financial or reputational impact;

natural disasters, terrorist attacks or acts of war, or significant litigation and any resulting financial or reputational impact;

the impact of the COVID-19 pandemic on our operations, our employees and the ways in which our customers use our networks and other products and services;

disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of the COVID-19 pandemic;

material adverse changes in labor matters and any resulting financial or operational impact;

the effects of competition in the markets in which we operate;

failure to take advantage of developments in technology and address changes in consumer demand;

13

Table of Contents
performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks;

the inability to implement our business strategy;

adverse conditions in the U.S. and international economies;

changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses;

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;

significant increases in benefit plan costs or lower investment returns on plan assets;

changes in tax laws or treaties, or in their interpretation; and

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.

Item 1A.    Risk Factors
The following discussion of "Risk Factors" identifies factors that may adversely affect our business, operations, financial condition or future performance. This information should be read in conjunction with "Management’s Discussion and Analysis of Financial Condition and Result of Operations" and the consolidated financial statements and related notes. The following discussion of risks is not all-inclusive but is designed to highlight what we believe are the material factors to consider when evaluating our business and expectations. These factors could cause our future results to differ materially from our historical results and from expectations reflected in forward-looking statements.

Operational Risks
Cyber attacks impacting our networks or systems could have an adverse effect on our business.
Cyber attacks, including through the use of malware, computer viruses, dedicated denial of services attacks, credential harvesting, social engineering and other means for obtaining unauthorized access to or disrupting the operation of our networks and systems and those of our suppliers, vendors and other service providers, could have an adverse effect on our business. Cyber attacks may cause equipment failures, loss of information, including sensitive personal information of customers or employees or valuable technical and marketing information, as well as disruptions to our or our customers’ operations. Cyber attacks against companies, including Verizon, have increased in frequency, scope and potential harm in recent years. They may occur alone or in conjunction with physical attacks, especially where disruption of service is an objective of the attacker. The development and maintenance of systems to prevent such attacks is costly and requires ongoing monitoring and updating to address their increasing prevalence and sophistication. While, to date, we have not been subject to cyber attacks that, individually or in the aggregate, have been material to Verizon's operations or financial condition, the preventive actions we take to reduce the risks associated with cyber attacks, including protection of our systems and networks, may be insufficient to repel or mitigate the effects of a major cyber attack in the future.

The inability to operate or use our networks and systems or those of our suppliers, vendors and other service providers as a result of cyber attacks, even for a limited period of time, may result in significant expenses to Verizon and/or a loss of market share to other communications providers. The costs associated with a major cyber attack on Verizon could include expensive incentives offered to existing customers and business partners to retain their business, increased expenditures on cybersecurity measures and the use of alternate resources, lost revenues from business interruption and litigation. Further, certain of Verizon’s businesses, such as those offering security solutions and infrastructure and cloud services to business customers, could be negatively affected if our ability to protect our own networks and systems is called into question as a result of a cyber attack. Our presence in the IoT industry, which includes offerings of telematics products and services, could also increase our exposure to potential costs and expenses and reputational harm in the event of cyber attacks impacting these products or services. In addition, a compromise of security or a theft or other compromise of valuable information, such as financial data and sensitive or private personal information, could result in lawsuits and government claims, investigations or proceedings. Any of these occurrences could damage our reputation, adversely impact customer and investor confidence and result in a material adverse effect on Verizon’s results of operation or financial condition.

Natural disasters, terrorist acts or acts of war could cause damage to our infrastructure and result in significant disruptions to our operations.
Our business operations are subject to interruption by power outages, terrorist attacks, other hostile acts and natural disasters, including an increasing prevalence of wildfires and intensified storm activities. Such events could cause significant damage to our infrastructure upon which our business operations rely, resulting in degradation or disruption of service to our customers, as well as significant recovery time and expenditures to resume operations. Our system redundancy may be ineffective or inadequate to sustain our operations through all such events.
14

Table of Contents
We are implementing, and will continue to implement, measures to protect our infrastructure and operations from the impacts of these events in the future, but these measures and our overall disaster recovery planning may not be sufficient for all eventualities. These events could also damage the infrastructure of the suppliers that provide us with the equipment and services that we need to operate our business and provide products to our customers. These occurrences could result in lost revenues from business interruption, damage to our reputation and reduced profits.

Public health crises, including the COVID-19 pandemic, could materially adversely affect our business, financial condition and results of operations.
We are subject to risks related to public health crises, such as the COVID-19 pandemic, which had an adverse effect on our operating results in 2020. Our business is based on our ability to provide products and services to customers throughout the United States and around the world and the ability of those customers to use and pay for those products and services for their businesses and in their daily lives. As a result, our business, financial condition and results of operations could be materially adversely affected by a crisis, like the COVID-19 pandemic, that significantly impacts the way customers use and are able to pay for our products and services, the way our employees are able to provide services to our customers, and the ways that our partners and suppliers are able to provide products and services to us. For example, public and private sector policies and initiatives to reduce the transmission of COVID-19 and initiatives Verizon has taken in response to the health crisis to promote the health and safety of our employees and provide critical infrastructure and connectivity to our customers, along with the related global slowdown in economic activity, resulted in decreased revenues, increased costs and lower earnings per share during 2020. In addition, such a crisis could significantly increase the probability or consequences of the risks our business faces in ordinary circumstances, such as risks associated with our supplier and vendor relationships, risks of an economic slowdown, regulatory risks, and the costs and availability of financing. Because the severity, magnitude and duration of the COVID-19 pandemic and its economic consequences are uncertain and rapidly changing, the impact on our business, financial condition and results of operations in 2021 and beyond remains uncertain and difficult to predict. In addition, the ultimate impact of the COVID-19 pandemic on our business, financial condition and results of operations depends on many factors, including those discussed above, that are not within our control.

We depend on key suppliers and vendors to provide equipment that we need to operate our business.
We depend on various key suppliers and vendors to provide us, directly or through other suppliers, with equipment and services, such as fiber, switch and network equipment, smartphones and other wireless devices that we need in order to operate our business and provide products to our customers. For example, our smartphone and other device suppliers often rely on one vendor for the manufacture and supply of critical components, such as chipsets, used in their devices, and there are a limited number of companies capable of supplying the network infrastructure equipment on which we depend. These suppliers or vendors could fail to provide equipment or service on a timely basis, or fail to meet our performance expectations, for a number of reasons, including, for example, disruption to the global supply chain as a result of the COVID-19 pandemic. If such failures occur, we may be unable to provide products and services as and when requested by our customers, or we may be unable to continue to maintain or upgrade our networks. Because of the cost and time lag that can be associated with transitioning from one supplier to another, our business could be substantially disrupted if we were required to, or chose to, replace the products or services of one or more major suppliers with products or services from another source, especially if the replacement became necessary on short notice. Any such disruption could increase our costs, decrease our operating efficiencies and have a material adverse effect on our business, results of operations and financial condition.

The suppliers and vendors on which we rely may also be subject to litigation with respect to technology on which we depend, including litigation involving claims of patent infringement. Such claims are frequently made in the communications industry. We are unable to predict whether our business will be affected by any such litigation. We expect our dependence on key suppliers to continue as we develop and introduce more advanced generations of technology.

A significant portion of our workforce is represented by labor unions, and we could incur additional costs or experience work stoppages as a result of the renegotiation of our labor contracts.
As of December 31, 2020, approximately 22.5% of our workforce is represented by the Communications Workers of America or the International Brotherhood of Electrical Workers. While we have labor contracts in place with these unions, with subsequent negotiations we could incur additional costs and/or experience work stoppages, which could adversely affect our business operations. In addition, while a small percentage of the workforce of our wireless and other businesses outside of wireline is represented by unions for bargaining, we cannot predict what level of success unions may have in further organizing this workforce or the potentially negative impact it could have on our operations.

Economic and Strategic Risks
We face significant competition that may reduce our profits.
We face significant competition in our industries. The rapid development of new technologies, services and products has eliminated many of the traditional distinctions among wireless, cable, internet and local and long distance communication services and brought new competitors to our markets, including other telecommunications companies, cable companies, wireless service providers, satellite providers and application and device providers. While these changes have enabled us to offer new types of products and services, they have also allowed other providers to broaden the scope of their own competitive offerings. If we are unable to compete effectively, we could experience lower than expected revenues and earnings. A projected sustained decline in any of our reporting units' revenues and earnings could have a significant impact on its fair value and has caused us in the past, and may cause us in the future, to record goodwill impairment charges. The amount of any impairment charge could be significant and could have a material adverse impact on our results of operations for the period in
15

Table of Contents
which the charge is taken. In addition, wireless service providers are significantly altering the financial relationships with their customers through commercial offers that vary service and device pricing, promotions, incentives and levels of service provided – in some cases specifically targeting our customers. Our ability to compete effectively will depend on, among other things, our network quality, capacity and coverage, the pricing of our products and services, the quality of our customer service, our development of new and enhanced products and services, the reach and quality of our sales and distribution channels, our ability to market our products and services effectively and our capital resources. It will also depend on how successfully we anticipate and respond to various factors affecting our industries, including new technologies and business models, changes in consumer preferences and demand for existing services, demographic trends and economic conditions. If we are not able to respond successfully to these competitive challenges, we could experience reduced profits.

If we are not able to take advantage of developments in technology and address changing consumer demand on a timely basis, we may experience a decline in the demand for our services, be unable to implement our business strategy and experience reduced profits.
Our industries are rapidly changing as new technologies are developed that offer consumers an array of choices for their communications needs and allow new entrants into the markets we serve. In order to grow and remain competitive, we will need to adapt to future changes in technology, enhance our existing offerings and introduce new offerings to address our customers’ changing demands. If we are unable to meet future challenges from competing technologies on a timely basis or at an acceptable cost, we could lose customers to our competitors. We may not be able to accurately predict technological trends or the success of new services in the market.

The deployment of our 5G network is subject to a variety of risks, including those related to equipment and spectrum availability, unexpected costs, and regulatory permitting requirements that could cause deployment delays or network performance issues. These issues could result in significant costs or reduce the anticipated benefits of the enhancements to our networks. If our services fail to gain acceptance in the marketplace, or if costs associated with the implementation and introduction of these services materially increase, our ability to retain and attract customers could be adversely affected.

In addition to introducing new offerings and technologies, such as 5G technology, we must phase out outdated and unprofitable technologies and services. If we are unable to do so on a cost-effective basis, we could experience reduced profits. In addition, there could be legal or regulatory restraints on our ability to phase out current services.

Adverse conditions in the U.S. and international economies could impact our results of operations.
Unfavorable economic conditions, such as a recession or economic slowdown in the U.S. or elsewhere, could negatively affect the affordability of and demand for some of our products and services. In difficult economic conditions, consumers may seek to reduce discretionary spending by forgoing purchases of our products, electing to use fewer higher margin services, dropping down in price plans or obtaining lower-cost products and services offered by other companies. Similarly, under these conditions, the business customers that we serve may delay purchasing decisions, delay full implementation of service offerings or reduce their use of services. In addition, adverse economic conditions may lead to an increased number of our consumer and business customers that are unable to pay for services. If these events were to occur, it could have a material adverse effect on our results of operations.

Regulatory and Legal Risks
Changes in the regulatory framework under which we operate could adversely affect our business prospects or results of operations.
Our domestic operations are subject to regulation by the FCC and other federal, state and local agencies, and our international operations are regulated by various foreign governments and international bodies. These regulatory regimes frequently restrict or impose conditions on our ability to operate in designated areas and provide specified products or services. We are frequently required to maintain licenses for our operations and conduct our operations in accordance with prescribed standards. We are often involved in regulatory and other governmental proceedings or inquiries related to the application of these requirements. It is impossible to predict with any certainty the outcome of pending federal and state regulatory proceedings relating to our operations, or the reviews by federal or state courts of regulatory rulings. Without relief, existing laws and regulations may inhibit our ability to expand our business and introduce new products and services. Similarly, we cannot guarantee that we will be successful in obtaining the licenses needed to carry out our business plan or in maintaining our existing licenses. For example, the FCC grants wireless licenses for terms generally lasting 10 years, subject to renewal. The loss of, or a material limitation on, certain of our licenses could have a material adverse effect on our business, results of operations and financial condition.

New laws or regulations or changes to the existing regulatory framework at the federal, state and local, or international level, such as those described below, new laws or regulations enacted to address the potential impacts of climate change, or requirements limiting our ability to discontinue service to customers could restrict the ways in which we manage our wireline and wireless networks and operate our Consumer, Business and Verizon Media businesses, impose additional costs, impair revenue opportunities and potentially impede our ability to provide services in a manner that would be attractive to us and our customers.

Privacy and data protection - we are subject to federal, state and international laws related to privacy and data protection. Europe's General Data Protection Regulation, which went into effect in May 2018, and the California Consumer Privacy Act, which went into effect in January 2020, both include significant penalties for non-compliance. In addition, other new privacy laws took effect in 2020, including in Brazil and Maine. Generally, attention to privacy and data security requirements is increasing at all levels of
16

Table of Contents
government globally, and privacy-related legislation has been introduced or is under consideration in many locations. These regulations could have a significant impact on our businesses.

Regulation of broadband internet access services - In its 2015 Title II Order, the FCC nullified its longstanding "light touch" approach to regulating broadband internet access services and "reclassified" these services as telecommunications services subject to utilities-style common carriage regulation. The FCC repealed the 2015 Title II Order in December 2017, and returned to its traditional light-touch approach for these services. The 2017 order has been affirmed in part by the D.C. Circuit but may be revisited by future FCC commissions or by Congress and further appeals and challenges are possible; the outcome and timing of these or any other challenge remains uncertain. Several states have also adopted or are considering adopting laws or executive orders that would impose net neutrality and other requirements on some of our services (in some cases different from the FCC’s 2015 rules). The enforceability and effect of these state rules is uncertain.

"Open Access" - we hold certain wireless licenses that require us to comply with so-called "open access" FCC regulations, which generally require licensees of particular spectrum to allow customers to use devices and applications of their choice. Moreover, certain services could be subject to conflicting regulation by the FCC and/or various state and local authorities, which could significantly increase the cost of implementing and introducing new services.

The further regulation of broadband, wireless and our other activities and any related court decisions could restrict our ability to compete in the marketplace and limit the return we can expect to achieve on past and future investments in our networks.

We are subject to a significant amount of litigation, which could require us to pay significant damages or settlements.
We are subject to a substantial amount of litigation, including, from time to time, shareholder derivative suits, patent infringement lawsuits, antitrust class actions, wage and hour class actions, personal injury claims, property claims, and lawsuits relating to our advertising, sales, billing and collection practices. In addition, our wireless business also faces personal injury and wrongful death lawsuits relating to alleged health effects of wireless phones or radio frequency transmitters. We may incur significant expenses in defending these lawsuits. In addition, we may be required to pay significant awards or settlements.

Financial Risks
Verizon has significant debt, which could increase further if Verizon incurs additional debt in the future and does not retire existing debt.
As of December 31, 2020, Verizon had approximately $118.5 billion of outstanding unsecured indebtedness, $9.4 billion of unused borrowing capacity under our existing revolving credit facility and $10.6 billion of outstanding secured indebtedness. Verizon’s debt level and related debt service obligations could have negative consequences, including:

requiring Verizon to dedicate significant cash flow from operations to the payment of principal, interest and other amounts payable on our debt, which would reduce the funds we have available for other purposes, such as working capital, capital expenditures, dividend payments and acquisitions;

making it more difficult or expensive for Verizon to obtain any necessary future financing for working capital, capital expenditures, debt service requirements, debt refinancing, acquisitions or other purposes;

reducing Verizon’s flexibility in planning for or reacting to changes in our industries and market conditions;

making Verizon more vulnerable in the event of a downturn in our business; and

exposing Verizon to increased interest rate risk to the extent that our debt obligations are subject to variable interest rates.

Adverse changes in the credit markets and other factors could increase our borrowing costs and the availability of financing.
We require a significant amount of capital to operate and grow our business. We fund our capital needs in part through borrowings in the public and private credit markets. Adverse changes in the credit markets, including increases in interest rates, could increase our cost of borrowing and/or make it more difficult for us to obtain financing for our operations or refinance existing indebtedness. In addition, our ability to obtain funding under asset-backed debt transactions is subject to our ability to continue to originate a sufficient amount of assets eligible to be securitized. Our borrowing costs also can be affected by short- and long-term debt ratings assigned by independent rating agencies, which are based, in significant part, on our performance as measured by customary credit metrics. A decrease in these ratings would likely increase our cost of borrowing and/or make it more difficult for us to obtain financing. A severe disruption in the global financial markets could impact some of the financial institutions with which we do business, and such instability could also affect our access to financing.

17

Table of Contents
Increases in costs for pension benefits and active and retiree healthcare benefits may reduce our profitability and increase our funding commitments.
With approximately 132,200 employees and approximately 190,000 retirees as of December 31, 2020 eligible to participate in Verizon’s benefit plans, the costs of pension benefits and active and retiree healthcare benefits have a significant impact on our profitability. Our costs of maintaining these plans, and the future funding requirements for these plans, are affected by several factors, including the legislative and regulatory uncertainty regarding the potential modification of the Patient Protection and Affordable Care Act, increases in healthcare costs, decreases in investment returns on funds held by our pension and other benefit plan trusts and changes in the discount rate and mortality assumptions used to calculate pension and other postretirement expenses. If we are unable to limit future increases in the costs of our benefit plans, those costs could reduce our profitability and increase our funding commitments.

Item 1B.    Unresolved Staff Comments
None.

Item 2.    Properties
Our principal properties do not lend themselves to simple description by character and location. Our total gross investment in property, plant and equipment was approximately $280 billion at December 31, 2020 and $266 billion at December 31, 2019, including the effect of retirements, but before deducting accumulated depreciation. Our gross investment in property, plant and equipment consisted of the following:
At December 31,20202019
Network equipment77.6 %77.3 %
Land, buildings and building equipment12.0 %12.0 %
Furniture and other10.4 %10.7 %
100.0 %100.0 %

Network equipment consists primarily of cable (aerial, buried, underground or undersea) and the related support structures of poles and conduit, wireless plant, switching equipment, network software, transmission equipment and related facilities. Land, buildings and building equipment consists of land and land improvements, central office buildings or any other buildings that house network equipment, and buildings that are used for administrative and other purposes. Substantially all the switching centers are located on land and in buildings we own due to their critical role in the networks and high set-up and relocation costs. We also maintain facilities throughout the U.S. comprised of administrative and sales offices, customer care centers, retail sales locations, garage work centers, switching centers, cell sites and data centers. Furniture and other consists of telephone equipment, furniture, data processing equipment, office equipment, motor vehicles, plant under construction and leasehold improvements.

Item 3.    Legal Proceedings
Verizon is not subject to any administrative or judicial proceeding arising under any Federal, State or local provisions that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment that is likely to result in monetary sanctions of $1 million or more.

Item 4.    Mine Safety Disclosures
None.


18

Table of Contents
PART II

Item 5.    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The principal market for trading in the common stock of Verizon is the New York Stock Exchange under the symbol "VZ". As of December 31, 2020, there were 510,654 shareholders of record.

Stock Repurchases
In February 2020, the Verizon Board of Directors authorized a share buyback program to repurchase up to 100 million shares of Verizon's common stock. The program will terminate when the aggregate number of shares purchased reaches 100 million, or a new share repurchase plan superseding the current plan is authorized, whichever is sooner. Under the program, shares may be repurchased in privately negotiated transactions, on the open market, or otherwise, including through plans complying with Rule 10b5-1 under the Exchange Act. The timing and number of shares purchased under the program, if any, will depend on market conditions and the Company's capital allocation priorities.

During the years ended December 31, 2020 and 2019, Verizon did not repurchase any shares of Verizon’s common stock under our current or previously authorized share buyback programs. At December 31, 2020, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million.

Stock Performance Graph
vz-20201231_g1.jpg
201520162017201820192020
Verizon$100.0 $120.7 $125.6 $139.7 $159.1 $158.9 
S&P 500100.0 112.0 136.4 130.4 171.4 203.0 
S&P 500 Telecom Services100.0 123.5 121.9 106.7 141.5 174.9 
The graph compares the cumulative total returns of Verizon, the S&P 500 Stock Index and the S&P 500 Telecommunications Services Index over a five-year period. It assumes $100 was invested on December 31, 2015 with dividends being reinvested.

Item 6. Selected Financial Data
None.

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview
Verizon Communications Inc. (Verizon or the Company) is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity, security and control.

19

Table of Contents
To compete effectively in today’s dynamic marketplace, we are focused on the capabilities of our high-performing networks to drive growth based on delivering what customers want and need in the new digital world. During 2020, we focused on leveraging our network leadership; retaining and growing our high-quality customer base while balancing profitability; enhancing ecosystems in growth businesses; and driving monetization of our networks, platforms and solutions. We are creating business value by earning customers', employees' and shareholders' trust, limiting our environmental impact and continuing our customer base growth while creating social benefit through our products and services. Our strategy requires significant capital investments primarily to acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, invest in the fiber that supports our businesses, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities. We believe that steady and consistent investments in our networks and platforms will drive innovative products and services and fuel our growth.

We are consistently deploying new network architecture and technologies to secure our leadership in both fourth-generation (4G) and fifth-generation (5G) wireless networks. We expect that our next-generation multi-use platform, which we call the Intelligent Edge Network, will simplify operations by eliminating legacy network elements, speed the deployment of 5G wireless technology and create new opportunities in the business market in a cost efficient manner. Our network leadership is the hallmark of our brand and the foundation for the connectivity, platforms and solutions upon which we build our competitive advantage.

Highlights of Our 2020 Financial Results
(dollars in millions)
vz-20201231_g2.jpgvz-20201231_g3.jpgvz-20201231_g4.jpgvz-20201231_g5.jpgvz-20201231_g6.jpg

Impacts of the Novel Coronavirus (COVID-19) Pandemic
This disclosure discusses the actions Verizon has taken in response to the COVID-19 pandemic and the impacts it has had on our business, as well as related known or expected trends. The disclosure in the remainder of this Management's Discussion & Analysis of Financial Condition and Results of Operations is qualified by the disclosure in this section on the impacts of the COVID-19 pandemic and, to the extent that the disclosure in the remainder of Management's Discussion & Analysis refers to a financial or performance metric that has been affected by a trend or activity, that reference is in addition to any impact discussed in this section on the impacts of the pandemic.

COVID-19 was identified in late 2019 and in 2020 spread throughout the world, including throughout the United States (U.S.). Public and private sector policies and initiatives to reduce the transmission of COVID-19 have varied significantly across the U.S., but at various times during the year ended December 31, 2020 a significant percentage of the U.S. population was subject to meaningful restrictions on activities, which included limitations on the operation of businesses including retail operations, requirements that individuals remain in or close to their homes, school closures, travel restrictions, limitations on large gatherings and other policies to promote or enforce physical distancing.
20

Table of Contents
Similar restrictions have been implemented in many other countries in which we operate. As described below, these restrictions and our responses to them have significantly impacted how our customers use our products and services, how they interact with us, and how our employees work and provide services to our customers. In addition, governments have imposed a wide variety of consumer protection measures that limit how certain businesses, including telecommunications companies, can operate their businesses and interact with their customers. The pandemic and governmental responses to the pandemic have also resulted in a slowdown of global economic activity, which has significantly impacted our customers. As a result, prior trends in our business may not be applicable to our operations during the pendency of the pandemic.

The impact of COVID-19 in the future will depend on the duration and severity of the pandemic and the related public policy actions, additional initiatives we may undertake in response to employee, market or regulatory needs or demands, the length and severity of the global economic slowdown, and whether and how our customers change their behaviors over the longer term.

Operations
In response to the pandemic beginning in the first quarter 2020, we began executing our business continuity plans and evolving our operations to protect the safety of our employees and customers and to continue to provide critical infrastructure and connectivity to our customers as they changed their ways of working and living. Some of the initiatives we took include:
Moving over 115,000 of our 132,200 employees to remote work arrangements.
Temporarily closing nearly 70% of our company-owned retail store locations and moving to appointment-only access to our remaining store locations.
Limiting our customer-focused field operations based on the criticality of the services being provided or repaired.
Enhancing our safety protocols for employees working outside their homes.
Providing temporary additional compensation to employees in front line roles that cannot be done from home.
Adjusting other compensation and benefits programs to address circumstances created by the pandemic.
Taking the Federal Communication Commission's (FCC's) "Keep Americans Connected" pledge, through which we pledged to waive late fees for, and not terminate service to, any of our consumer or small business customers who informed us that they had been impacted financially by the COVID-19 pandemic through May 13, which we extended to June 30, 2020.
Providing additional data allocations to permit wireless consumer and small business customers to remain connected during the first several months of the pandemic.
Temporarily waiving activation and upgrade fees through digital distribution channels.
Working with business customers to address payment needs during the crisis.
Maintaining effective governance and internal controls in a remote work environment.

As some of the restrictions on physical movement and limitations on business and other activities described above eased to varying degrees in the second half of 2020, we resumed certain of our operations, with the health and safety of our employees and customers as our utmost priority, and modified some of our temporary policies. These initiatives include:
Transitioning to facility access at limited capacity where feasible for those with remote work arrangements.
Optimizing our sales channels to drive more activity through online and telesales to serve customers.
Reopening temporarily closed company-owned retail store locations and introducing social distancing measures for employee and customer safety, such as touch-less retail, appointment scheduling and curbside pickup options.
Continuous monitoring of stores, as well as temporary closures and cleaning of stores that have an identified COVID-19 exposure.
Starting July 1, customers who had notified us that they had been financially impacted by the pandemic and had an unpaid balance were automatically enrolled in our "Stay Connected" repayment program, which allows customers to pay off their service balance over six months and extends any unpaid device payment plan agreements by the number of months unpaid.
Resuming most customer-focused field operations.
Discontinuing certain of our temporary compensation and benefits arrangements.

We expect that we will continue to revise our approach to these initiatives as the circumstances surrounding the pandemic evolve in 2021 in order to meet the needs of our employees, customers and the Company and continue to provide our innovative products and services.

Liquidity and Capital Resources
Verizon finished the fourth quarter 2020 in a strong financial position. As of December 31, 2020, our balance sheet included:
Cash and cash equivalents$22.2  billion
Unsecured debt$118.5  billion

As of December 31, 2020, our Cash and cash equivalents balance was $22.2 billion compared to $2.6 billion as of December 31, 2019. We made the decision at the beginning of the COVID-19 pandemic to maintain a higher cash balance in order to further protect the Company against the economic uncertainties associated with the COVID-19 pandemic and to opportunistically raise cash to finance future obligations at a time when we believed that market conditions were favorable. During the three months ended December 31, 2020, we redeemed $566 million of unsecured notes maturing in 2021. As of December 31, 2020, we have less than $150 million of unsecured notes maturing in 2021. As of December 31, 2020, we had not drawn down on our $9.5 billion revolving credit facility and the unused borrowing capacity was approximately $9.4 billion. 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. During the three months ended December 31, 2020, we issued $12.0 billion aggregate principal amount of U.S dollar-denominated unsecured notes and £1.2 billion aggregate principal
21

Table of Contents
amount of Pound Sterling-denominated unsecured notes. In addition, we completed exchange offers with respect to 17 series of unsecured notes issued by Verizon, allowing us to exchange the notes accepted in the exchange offers for new unsecured Verizon notes having a later maturity date and, for certain of the accepted series of notes, cash. We also amended our revolving credit facility to extend the maturity date to 2024. We had no outstanding commercial paper as of December 31, 2020.

The COVID-19 pandemic, together with other dynamics in the marketplace, has caused borrowing costs to fluctuate significantly and, in certain cases, restricted the ability of borrowers to access the capital markets and other sources of financing. In order to provide financial flexibility and finance certain investments and projects, we may continue to utilize external financing arrangements that have been or may be affected by these market conditions. However, we believe that our cash on hand, the cash we expect to generate from our operations, and cash from other sources of financing available to us are, and will continue to be, sufficient to meet our ongoing operating, capital expenditure, debt service and investing requirements.

We expect to continue to have sufficient cash to fund our operations, although we could experience significant fluctuations in our cash flows from period to period during the pendency of the pandemic. The net cash generated from our operations provides our primary source of cash flows. While we have historically experienced consistently low levels of payment delinquencies among our consumer and business accounts, beginning late in the first quarter 2020, we started to see increases in delinquencies across our retail customer base and our small and medium business accounts. This change in delinquency rate moderated during the second quarter and improved to levels seen before the COVID-19 pandemic during the third and fourth quarters of 2020. Accordingly, our provision for credit losses increased in the first quarter 2020, but decreased in the second quarter of 2020 and remained flat in the third and fourth quarters of 2020. If these levels of delinquencies begin to grow again, they could have a material adverse impact on our cash flows. We could also experience fluctuations in our cash flows resulting from the ongoing impacts of the pandemic on macroeconomic conditions in the U.S. and our customers working to become current on their bills in the first quarter of 2021 and beyond.

In addition, we issue asset-backed debt secured by our device payment plan agreement receivables and the collections on such receivables. These transactions require us to comply with various tests, including delinquency and loss-related tests, which, if not met, would cause the asset-backed debt to amortize earlier and faster than otherwise expected. The holders of our asset-backed debt do not have any recourse to Verizon with respect to the payment of principal and interest on the debt. However, if an early amortization of our asset-backed debt occurs, including as a result of increased customer delinquencies or losses relating to the COVID-19 pandemic, all collections on the securitized device payment plan agreement receivables would be used to pay principal and interest on the asset-backed debt, and our financing cash flow requirements would increase for the twelve months immediately following an early amortization event.

Impacts on Financial Results
Our revenues and expenses in 2020 were impacted by the COVID-19 pandemic as a result of the actions we took to care for our employees and to keep our customers connected and as a result of our customers’ changing activities as well as the restrictions on activities and the global economic slowdown, as described below. The impact of the COVID-19 pandemic on our 2020 results was primarily a result of decreases in wireless service revenue, wireless equipment revenue and advertising and search revenue at Verizon Media Group (Verizon Media), and the operational actions we took, as described above.

Revenues
The year ended December 31, 2020 included lower overage revenues and lower fees from activations and upgrades and fewer fees, as well as lower roaming revenues as our customers significantly reduced travel during the year. As a result of our decision to keep our customers connected during the crisis, we experienced fewer step ups in data plans in the first half of 2020. We saw the rate of step ups increase during the second half of 2020. During the first half of 2020, we also saw a reduction in advertising and search revenue in Verizon Media, as customers scaled back their advertising campaigns. This reduction moderated during the third quarter of 2020 and turned to revenue growth during the fourth quarter of 2020.

We have seen considerably less churn in the consumer wireless base and lower equipment volumes and upgrade rates since the beginning of the pandemic. As a result of changing customer behaviors, we experienced significantly lower equipment revenue during the year ended December 31, 2020.

Expenses
While certain expenses, such as wireless equipment cost, were lower during the year ended December 31, 2020 as a result of the revenue impacts discussed above, these decreases were partially offset by an increase in commission expense. The increase in commission expense was a result of an expansion of our compensation programs for both employees and agents early in the pandemic. This COVID-19 relief program did not qualify for deferral treatment as defined by Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers;" however the costs were not materially different on a cash basis.

As a result of waiving late fees and keeping customers connected during the pandemic pursuant to our pledge, and pursuant to various state orders and laws, we saw increases in delinquencies across our retail customer base and certain of our business accounts. This change in the delinquency rate has since moderated, as discussed above; however, if the levels of delinquencies for our consumer and small and medium business customers begin to grow again, additional provisions to our allowance for credit losses may be required, which could be significant. We continue to monitor customer behavior and our expected loss assumptions and estimates.

22

Table of Contents
Other
Equity and debt markets experienced significant volatility during 2020 partially as a result of the pandemic, and federal governmental actions to stimulate the economy have significantly impacted interest rates. These circumstances could affect the funding level of our pension plans and our calculated liabilities under our pension and other postemployment benefit plans. Other impacts from the pandemic on our financial results in the first quarter of 2021 and beyond could result from a further slowdown in the global economy, additional regulatory or legislative initiatives that impact our relationships with our customers, and other initiatives we undertake to respond to the needs of our employees and our customers.

Business Overview
We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

Revenue by Segment
vz-20201231_g7.jpgvz-20201231_g8.jpg
vz-20201231_g9.jpg
———
Note: Excludes eliminations.

Verizon Consumer Group
Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon brand and through wholesale and other arrangements. Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios. Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis.

Customers can obtain our wireless services on a postpaid or prepaid basis. Our postpaid service is generally billed one month in advance for a monthly access charge in return for access to and usage of network services. Our prepaid service is offered only to Consumer customers and enables individuals to obtain wireless services without credit verification by paying for all services in advance. The Consumer segment also offers several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets and other wireless-enabled connected devices, such as smart watches.

In addition to the wireless services and equipment discussed above, Consumer sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis. The Consumer segment's operating revenues for the year ended December 31, 2020 totaled $88.5 billion, a decrease of $2.5 billion, or 2.8%, compared to the year ended December 31, 2019. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.

Verizon Business Group
Our Business segment provides wireless and wireline communications services and products, including data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things (IoT) services and products, including solutions that support fleet tracking management, compliance management, field service management, asset tracking and other types of mobile resource management. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and select products and services to customers around the world. The Business segment's operating revenues for the year ended December 31, 2020 totaled $31.0 billion, a decrease of $481 million, or 1.5%, compared to the year ended December 31, 2019. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance and selected operating statistics.

23

Table of Contents
Corporate and Other
Corporate and other includes the results of our media business, Verizon Media, and other businesses, investments in unconsolidated businesses, insurance captives, unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from transactions that are not individually significant are included in segment results as these items are included in the chief operating decision maker’s assessment of segment performance.

Verizon Media includes diverse media and technology brands that serve both consumers and businesses. Verizon Media provides consumers with owned and operated and third-party search properties as well as mail, news, finance, sports and entertainment offerings, and provides other businesses and partners access to consumers through digital advertising, content delivery and video streaming platforms. Verizon Media's total operating revenues were $7.0 billion for the year ended December 31, 2020. This was a decrease of 5.6% from the year ended December 31, 2019.

Capital Expenditures and Investments
We continue to invest in our wireless networks, high-speed fiber and other advanced technologies to position ourselves at the center of growth trends for the future. During the year ended December 31, 2020, these investments included $18.2 billion for capital expenditures. See "Cash Flows Used in Investing Activities" and "Operating Environment and Trends" for additional information. We believe that our investments aimed at expanding our portfolio of products and services will provide our customers with an efficient, reliable infrastructure for competing in the information economy.

Global Network and Technology
We are focusing our capital spending on adding capacity and density to our 4G LTE network, while also building our next generation 5G network. We are densifying our network by utilizing small cell technology, in-building solutions and distributed antenna systems. Network densification enables us to add capacity to address increasing mobile video consumption and the growing demand for IoT products and services on our 4G LTE and 5G networks. Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services. We expect that 5G technology will provide higher throughput and lower latency than the current 4G LTE technology and enable our networks to handle more traffic as the number of internet-connected devices grows. As of December 31, 2020, we have launched our 5G Ultra Wideband Network in 61 U.S. markets. We have commercially launched 5G Home in 12 of those markets. We also launched our 5G Nationwide Network in October 2020, which is available in over 2,700 cities across the U.S. covering approximately 230 million people. 5G Nationwide uses low and mid-band spectrum and dynamic spectrum sharing (DSS) technology, which allows 5G service to run simultaneously with 4G LTE on multiple spectrum bands. With DSS, whenever customers move outside Verizon’s high-band Ultra Wideband coverage area, their 5G-enabled devices will remain on 5G technology using the lower spectrum bands where the 5G Nationwide network is available. This allows us to more fully and effectively utilize our current spectrum resources to serve both 4G and 5G customers.

To compensate for the shrinking market for traditional copper-based products, we continue to build fiber-based networks supporting data, video and advanced business services - areas where demand for reliable high-speed connections is growing. We are evolving the architecture of our networks to a next-generation multi-use platform, providing improved efficiency and virtualization, increased automation and opportunities for edge computing services that will support both our fiber-based and radio access network technologies. We call this the Intelligent Edge Network. We expect that this new architecture will simplify operations by eliminating legacy network elements, speed the deployment of 5G wireless technology and create new opportunities in the business market in a cost efficient manner.

Wireless Spectrum
In September 2020, Cellco Partnership (Cellco), a wholly-owned subsidiary of Verizon, filed an application to participate in FCC Auction 107, which relates to mid-band wireless spectrum known as C-Band. The auction commenced on December 8, 2020. On February 24, 2021, the FCC issued a final notice announcing the conclusion and results of the auction. In its final notice, the FCC announced that Cellco was the winning bidder with respect to approximately $45.5 billion of licenses. Down payments, in the amount of 20% of the cost of the spectrum licenses less the amount of the upfront payment made by bidders in October 2020, with respect to the auction are due on March 10, 2021, and final payments in the amount of 80% of the cost of the spectrum licenses are due on March 24, 2021. In accordance with the rules applicable to the auction, licensees also must pay their allocable shares of an estimated $13.1 billion in associated clearing and incentive costs at the times contemplated by the auction rules.

Consolidated Results of Operations
In this section, we discuss our overall results of operations and highlight special items that are not included in our segment results. Our revenues and expenses in 2020 were impacted by the COVID-19 pandemic as a result of the actions we took to care for our employees and keep our customers connected and as a result of our customers’ changing activities, restrictions on activities and the global economic slowdown. See "Overview" for more information. In "Segment Results of Operations," we review the performance of our two reportable segments in more detail. A detailed discussion of 2018 items and year-over-year comparisons between 2019 and 2018 that are not included in this Form 10-K can be found in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2019.

24

Table of Contents
Consolidated Revenues
(dollars in millions)
Increase/(Decrease)
Years Ended December 31,202020192020 vs. 2019
Consumer$88,533 $91,056 $(2,523)(2.8)%
Business30,962 31,443 (481)(1.5)
Corporate and other9,334 9,812 (478)(4.9)
Eliminations(537)(443)(94)21.2 
Consolidated Revenues$128,292 $131,868 $(3,576)(2.7)

Consolidated revenues decreased during 2020 compared to 2019, due to decreases in our Consumer segment, Business segment and Corporate and other.

Revenues for our segments are discussed separately below under the heading "Segment Results of Operations."

Corporate and other revenues decreased during 2020 compared to 2019, primarily due to a decrease of $417 million in revenues within Verizon Media.

Consolidated Operating Expenses
(dollars in millions)
Increase/(Decrease)
Years Ended December 31,202020192020 vs. 2019
Cost of services$31,401 $31,772 $(371)(1.2)%
Cost of wireless equipment19,800 22,954 (3,154)(13.7)
Selling, general and administrative expense31,573 29,896 1,677 5.6 
Depreciation and amortization expense16,720 16,682 38 0.2 
Media goodwill impairment 186 (186)nm
Consolidated Operating Expenses$99,494 $101,490 $(1,996)(2.0)
nm - not meaningful

Operating expenses for our segments are discussed separately below under the heading "Segment Results of Operations."

Cost of Services
Cost of services includes the following costs directly attributable to a service: salaries and wages, benefits, materials and supplies, content costs, contracted services, network access and transport costs, customer provisioning costs, computer systems support, costs to support our outsourcing contracts and technical facilities and traffic acquisition costs. Aggregate customer service costs, which include billing and service provisioning, are allocated between Cost of services and Selling, general and administrative expense.

Cost of services decreased during 2020 compared to 2019, primarily due to decreases in traffic acquisition costs due to the COVID-19 pandemic, as well as decreases in costs related to the device protection offerings to our wireless retail postpaid customers, roaming costs resulting from decreased travel due to the COVID-19 pandemic, regulatory fees and personnel costs. These decreases were partially offset by increases in customer premise equipment, digital content, other direct costs and rent expense as a result of adding capacity to the networks to support demand.

Cost of Wireless Equipment
Cost of wireless equipment decreased during 2020 compared to 2019, primarily as a result of declines in the number of wireless devices sold as a result of an elongation of the handset upgrade cycle as well as lower gross adds and upgrade volumes partially due to the COVID-19 pandemic. The decreases were partially offset by a shift to higher priced devices in the mix of wireless devices sold.

Selling, General and Administrative Expense
Selling, general and administrative expense includes salaries and wages and benefits not directly attributable to a service or product, the provision for credit losses, taxes other than income taxes, advertising and sales commission costs, call center and information technology costs, regulatory fees, professional service fees and rent and utilities for administrative space. Also included is a portion of the aggregate customer care costs as discussed above in "Cost of Services."

Selling, general and administrative expense increased during 2020 compared to 2019, primarily due to a $1.2 billion loss resulting from the Auction 103 spectrum license auction and a net gain from dispositions of assets and businesses during 2019 (see "Special Items"), as well as an increase in sales commission expense. These increases were partially offset by decreases in personnel costs, advertising expenses and the provision for credit losses. The increase in sales commission expense during 2020 compared to 2019 was inclusive of a lower net deferral of
25

Table of Contents
commission costs in the current year compared to the prior year, as well as sales compensation while certain of our stores and agent locations were closed due to the COVID-19 pandemic.
Depreciation and Amortization Expense
Depreciation and amortization expense increased during 2020 compared to 2019, primarily due to the change in the mix of net depreciable assets.

Media Goodwill Impairment
The goodwill impairment charge recorded in 2019 for Verizon Media was a result of the Company's annual impairment test performed in the fourth quarter (see "Critical Accounting Estimates").

Other Consolidated Results
Other Income (Expense), Net
Additional information relating to Other income (expense), net is as follows:
(dollars in millions)
Increase/(Decrease)
Years Ended December 31,202020192020 vs. 2019
Interest income$65 $121 $(56)(46.3)%
Other components of net periodic benefit (cost) income(425)627 (1,052)nm
Early debt extinguishment costs(129)(3,604)3,475 96.4 
Other, net(50)(44)(6)(13.6)
Total$(539)$(2,900)$2,361 81.4 
nm - not meaningful

Other income (expense), net reflects certain items not directly related to our core operations, including interest income, gains and losses from non-operating asset dispositions, debt extinguishment costs, components of net periodic pension and postretirement benefit costs and foreign exchange gains and losses. The change in Other income (expense), net during 2020 compared to 2019, was primarily driven by early debt redemption costs of $129 million recorded during 2020, compared to $3.6 billion recorded during 2019 (see "Special Items"), partially offset by pension and benefit charges of $1.6 billion recorded during 2020, compared to pension and benefit charges of $126 million recorded during 2019 (see "Special Items"). See Note 11 to the consolidated financial statements for additional information on the other components of net periodic benefit (cost) income.

Interest Expense
(dollars in millions)
Increase/(Decrease)
Years Ended December 31,202020192020 vs. 2019
Total interest costs on debt balances$4,802 $5,386 $(584)(10.8)%
Less capitalized interest costs555 656 (101)(15.4)
Total$4,247 $4,730 $(483)(10.2)
Average debt outstanding (1) (3)
$116,888 $112,901 
Effective interest rate (2) (3)
4.1 %4.8 %
(1)The average debt outstanding is a financial measure and is calculated by applying a simple average of prior thirteen-month end balances of total short-term and long-term debt, net of discounts, premiums and unamortized debt issuance costs.
(2)The effective interest rate is the rate of actual interest incurred on debt. It is calculated by dividing the total interest costs on debt balances by the average debt outstanding.
(3)We believe that this measure is useful to management, investors and other users of our financial information in evaluating our debt financing cost and trends in our debt leverage management.

Total interest expense decreased during 2020 primarily due to lower interest rates as a result of our refinancing activities.

Provision for Income Taxes
(dollars in millions)
Increase/(Decrease)
Years Ended December 31,202020192020 vs. 2019
Provision for income taxes$5,619 $2,945 $2,674 90.8 %
Effective income tax rate23.4 %13.0 %

26

Table of Contents
The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes. The increase in the effective income tax rate and the provision for income taxes was primarily due to the recognition of a $2.2 billion tax benefit in connection with the disposition of preferred stock representing a minority interest in a foreign affiliate in 2019 that did not reoccur in 2020. See "Cash Flows Provided by Operating Activities" for discussion of the receipt of the cash tax benefit in 2020.

A reconciliation of the statutory federal income tax rate to the effective income tax rate for each period is included in Note 12 to the consolidated financial statements.

Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA
Consolidated earnings before interest, taxes, depreciation and amortization expenses (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-generally accepted accounting principles (GAAP) 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 the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years, 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 expenses to net income.

Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in losses of unconsolidated businesses and other income and expense, net, as well as the effect of special items. We believe that this measure is useful 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 is widely 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 and amortization policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis. See "Special Items" for additional 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 providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess 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.
(dollars in millions)
Years Ended December 31,20202019
Consolidated Net Income$18,348 $19,788 
Add:
Provision for income taxes5,619 2,945 
Interest expense(1)
4,247 4,730 
Depreciation and amortization expense16,720 16,682 
Consolidated EBITDA44,934 44,145 
Add (Less):
Other expense, net(2)
539 2,900 
Equity in losses of unconsolidated businesses(3)
45 15 
Severance charges221 204 
Loss on spectrum license transaction1,195 — 
Impairment charges 186 
Net (gain) loss from dispositions of assets and businesses126 (261)
Consolidated Adjusted EBITDA$47,060 $47,189 
(1) Includes Early debt redemption costs, where applicable. See "Special Items" for additional information.
(2) Includes Pension and benefits mark-to-market adjustments and Early debt redemption costs, where applicable. See "Special Items" for additional information
(3) Includes impairment charges, where applicable.

The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during 2020 compared to 2019, were primarily a result of the factors described in connection with operating revenues and operating expenses.

Segment Results of Operations
We have three segments that we operate and manage as strategic business units, Consumer, Business and Media, of which Consumer