Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Long-term Debt Obligations

Outstanding long-term debt obligations as of December 31, 2021 and 2020 are as follows:

				(dollars in millions)
At December 31,	Maturities	Interest  Rates %		2021		2020
Verizon Communications	< 5 Years	0.75 - 5.82		$	18,406	$	17,936
	5-10 Years	1.38 - 7.75		43,225		35,423
	> 10 Years	1.13 - 8.95		73,520		65,019
	< 5 Years	Floating	(1)	4,086		2,917
	5-10 Years	Floating	(1)	824		941
Alltel Corporation	5-10 Years	6.80		38		38
	> 10 Years	7.88		58		58
Operating telephone company subsidiaries—debentures	< 5 Years	7.88 - 8.00		141		141
	5-10 Years	6.00 - 8.75		375		317
	> 10 Years	5.13 - 8.75		250		308
GTE LLC (2)	< 5 Years	N/A		N/A		141
	5-10 Years	N/A		N/A		250
Other subsidiaries—asset-backed debt	< 5 Years	0.41 - 3.56		9,620		9,414
	< 5 Years	Floating	(1)	4,610		1,216
Finance lease obligations (average rate of 2.2% and 2.5% in 2021 and 2020, respectively)				1,325		1,284
Unamortized discount, net of premium				(4,922)		(6,057)
Unamortized debt issuance costs				(688)		(604)
Total long-term debt, including current maturities				150,868		128,742
Less long-term debt maturing within one year				7,443		5,569
Total long-term debt				$	143,425	$	123,173
Total long-term debt, including current maturities				$	150,868	$	128,742
Plus short-term notes payable				—		320
Total debt				$	150,868	$	129,062

N/A - not applicable

(1) The debt obligations bore interest at a floating rate based on the Compounded Secured Overnight Financing Rate (SOFR) for the interest period or the London Interbank Offered Rate (LIBOR) plus an applicable interest margin per annum, as applicable. Compounded SOFR is calculated using the SOFR Index published by the Federal Reserve Bank of New York in accordance with the terms of the notes. The Compounded SOFR for the interest period ending in December 2021 was 0.049%. The one-month and three-month LIBOR at December 31, 2021 was 0.101% and 0.209%, respectively.

(2) In November 2021, $141 million of 8.750% GTE LLC notes matured and were repaid. In November 2021, GTE LLC distributed its assets and liabilities to Verizon Communications and was dissolved. Verizon Communications is now the successor obligor on the remaining outstanding balance of $250 million.

Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs

Maturities of long-term debt (secured and unsecured) outstanding, including current maturities, excluding unamortized debt issuance costs, at December 31, 2021 are as follows:

Years	(dollars in millions)
2022	$	7,069
2023	6,133
2024	10,014
2025	6,903
2026	8,390
Thereafter	111,725

Schedule of Debt Transactions

The following tables show the significant transactions involving the senior unsecured debt securities of Verizon and its subsidiaries that occurred during the year ended December 31, 2021.

Exchange Offers

(dollars in millions)	Principal Amount Exchanged		Principal Amount Issued
Verizon 0.750% - 4.150% notes and floating rate notes, due 2024 - 2026	$	4,480	$	—
Verizon 2.355% notes due 2032 (1)	—		4,664
Total (2)	$	4,480	$	4,664

(1) The principal amount issued in exchange does not include either an insignificant amount of cash paid in lieu of the issuance of fractional new notes or accrued and unpaid interest paid on the old notes accepted for exchange to the date of exchange.

(2) The debt exchange offers above meet the criteria to be accounted for as a modification of debt. As a result, the excess of the principal amount of new notes issued over the principal amount of notes exchanged of $184 million was recorded as a discount to Long-term debt in the consolidated balance sheets.     

Tender Offers

(dollars in millions)	Principal Amount Purchased		Cash Consideration(1)
Verizon 4.522% - 5.012% notes due 2048 - 2055	$	3,686	$	4,919

(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase.

Repayments, Redemptions and Repurchases

(dollars in millions)	Principal Repaid/ Redeemed/ Repurchased		Amount Paid (1)
Verizon 2.946% notes due 2022	$	713	$	730
Verizon 2.450% notes due 2022	794		819
Verizon 5.150% notes due 2023	3,190		3,519
Verizon 4.150% notes due 2024	478		515
GTE LLC 8.750% debentures due 2021	141		141
Open market repurchases of various Verizon and subsidiary notes	2,712		3,354
Total	$	8,028	$	9,078

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

Issuances

(dollars in millions)	Principal Amount Issued		Net Proceeds (1)
Verizon 0.750% notes due 2024	$	1,750	$	1,746
Verizon floating rate (Compounded SOFR + 0.500%) notes due 2024	750		748
Verizon 1.450% notes due 2026	2,750		2,737
Verizon floating rate (Compounded SOFR + 0.790%) notes due 2026	750		748
Verizon 2.100% notes due 2028	3,000		2,988
Verizon 2.550% notes due 2031	4,250		4,216
Verizon 3.400% notes due 2041	3,750		3,726
Verizon 3.550% notes due 2051	4,500		4,426
Verizon 3.700% notes due 2061	3,500		3,439
Verizon 2.850% notes due 2041 (2)	1,000		991
Verizon 0.375% notes due 2029 (3)	€	1,000	1,186
Verizon 0.750% notes due 2032 (3)	€	1,000	1,181
Verizon 1.125% notes due 2035 (3)	€	750	878
Verizon 2.375% notes due 2028 (3)	C$	1,000	800
Verizon 4.050% notes due 2051 (3)	C$	500	399
Verizon 2.350% notes due 2028 (3)	A$	600	463
Verizon 3.000% notes due 2031 (3)	A$	500	385
Verizon 3.850% notes due 2041 (3)	A$	150	116
Verizon 0.193% bonds due 2028 (3)	CHF	375	403
Verizon 0.555% bonds due 2031 (3)	CHF	325	349
Total			$	31,925

(1) Net proceeds were net of underwriting discounts and other issuance costs. In addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis.

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

(3) See Note 9 for additional information on derivative transactions related to the issuances.

During the year ended December 31, 2021, we completed the following ABS Notes transactions:

(dollars in millions)	Interest Rates %	Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
May 2021
A Senior class notes	0.500	2.99	$	1,500
B Junior class notes	0.690	2.99	119
C Junior class notes	0.890	2.99	81
May 2021 total			1,700
November 2021
A Senior class notes	0.990	2.96	1,247
B Junior class notes	1.280	2.96	76
C Junior class notes	1.380	2.96	77
November 2021 total			1,400
Total			$	3,100

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

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

	At December 31,		At December 31,
(dollars in millions)	2021		2020
Assets
Accounts receivable, net	$	10,705	$	9,257
Prepaid expenses and other	1,094		1,128
Other assets	5,455		2,950
Liabilities
Accounts payable and accrued liabilities	10		8
Debt maturing within one year	5,024		4,191
Long-term debt	9,178		6,413

Schedule of Line of Credit Facilities

Long-Term Credit Facilities

				At December 31, 2021
(dollars in millions)	Maturities	Facility Capacity		Unused Capacity		Principal Amount Outstanding
Verizon revolving credit facility (1)	2024	$	9,500	$	9,418	N/A
Various export credit facilities (2)	2024 - 2029	7,000		—		$	4,676
Total		$	16,500	$	9,418	$	4,676

N/A - not applicable

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

(2) During both 2021 and 2020, we drew down $1.0 billion from these facilities, respectively. These credit facilities are used to finance equipment-related purchases. Borrowings under certain of these facilities amortize semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.