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Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash are included in the following line items in the consolidated balance sheets:
(dollars in millions)
At December 31,20212020Increase / (Decrease)
Cash and cash equivalents$2,921 $22,171 $(19,250)
Restricted cash:
Prepaid expenses and other1,094 1,195 (101)
Other assets146 132 14 
Cash, cash equivalents and restricted cash$4,161 $23,498 $(19,337)
Schedule of Restricted Cash
Cash, cash equivalents and restricted cash are included in the following line items in the consolidated balance sheets:
(dollars in millions)
At December 31,20212020Increase / (Decrease)
Cash and cash equivalents$2,921 $22,171 $(19,250)
Restricted cash:
Prepaid expenses and other1,094 1,195 (101)
Other assets146 132 14 
Cash, cash equivalents and restricted cash$4,161 $23,498 $(19,337)
Schedule of Cumulative Effect for Adoption of New Accounting Pronouncement
The following ASU was issued by the Financial Accounting Standards Board (FASB), and has been recently adopted by Verizon.
DescriptionDate of AdoptionEffect on Financial Statements
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08. The guidance requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The guidance is applied retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year of adoption.11/1/2021
Verizon has elected to early adopt this Topic effective November 1, 2021, and has retroactively applied this guidance to all business combinations that took place on or after January 1, 2021. The adoption resulted in the recognition of contract liabilities at amounts consistent with those recorded by TracFone Wireless, Inc. (Tracfone) immediately before the acquisition date. The adoption had no impact on other business combinations in 2021.

See Note 3 for additional information on the acquisition of Tracfone.
ASU 2020-04, Reference Rate Reform (Topic 848)
Topic 848 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. Topic 848 provides optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met.03/12/2020Topic 848 was effective for the Company beginning on March 12, 2020, and we will apply the amendments prospectively through December 31, 2022. There was no impact to our consolidated financial statements for the current period as a result of adopting this standard update.
The cumulative after-tax effect of the changes made to our consolidated financial statements for the adoption of Topic 326 was as follows:
(dollars in millions)At December 31, 2019Adjustments due to
Topic 326		At January 1, 2020
Retained earnings53,147 (200)52,947 
The cumulative after-tax effect of the changes made to our consolidated financial statements for the adoption of Topic 842 was as follows:
(dollars in millions)At December 31, 2018Adjustments due to Topic 842At January 1, 2019
Retained earnings$43,542 $410 $43,952 
Noncontrolling interests1,565 1 1,566