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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022

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)
Delaware 23-2259884
(State or other jurisdiction
of incorporation or organization)
 (I.R.S. Employer Identification No.)
1095 Avenue of the Americas10036
New York,New York
(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 2024VZ 24BNew York Stock Exchange
4.073% Notes due 2024VZ 24CNew York Stock Exchange
0.875% Notes due 2025VZ 25New York Stock Exchange
3.25% Notes due 2026VZ 26New York Stock Exchange
1.375% Notes due 2026VZ 26BNew York Stock Exchange
0.875% Notes due 2027VZ 27ENew York Stock Exchange
1.375% Notes due 2028VZ 28New York Stock Exchange
1.125% Notes due 2028VZ 28ANew York Stock Exchange
2.350% Fixed Rate Notes due 2028VZ 28CNew York Stock Exchange
1.875% Notes due 2029VZ 29BNew York Stock Exchange
0.375% Notes due 2029VZ 29DNew York Stock Exchange
1.250% Notes due 2030VZ 30New York Stock Exchange
1.875% Notes due 2030VZ 30ANew York Stock Exchange
2.625% Notes due 2031VZ 31New York Stock Exchange
2.500% Notes due 2031VZ 31ANew York Stock Exchange
3.000% Fixed Rate Notes due 2031VZ 31DNew York Stock Exchange
0.875% Notes due 2032VZ 32New York Stock Exchange
0.750% Notes due 2032VZ 32ANew York Stock Exchange
1.300% Notes due 2033VZ 33BNew York Stock Exchange
4.75% Notes due 2034VZ 34New York Stock Exchange


Table of Contents

Securities registered pursuant to Section 12(b) of the Act (continued):
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
3.125% Notes due 2035VZ 35New York Stock Exchange
1.125% Notes due 2035VZ 35ANew York Stock Exchange
3.375% Notes due 2036VZ 36ANew York Stock Exchange
2.875% Notes due 2038VZ 38BNew York Stock Exchange
1.875% Notes due 2038VZ 38CNew York Stock Exchange
1.500% Notes due 2039VZ 39CNew York Stock Exchange
3.50% Fixed Rate Notes due 2039VZ 39DNew York Stock Exchange
1.850% Notes due 2040VZ 40New York Stock Exchange
3.850% Fixed Rate Notes due 2041VZ 41CNew York Stock Exchange

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.
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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☒  No

At September 30, 2022, 4,199,817,447 shares of the registrant’s common stock were outstanding, after deducting 91,616,199 shares held in treasury.



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TABLE OF CONTENTS
Item No. Page
Item 1.
Three and nine months ended September 30, 2022 and 2021
Three and nine months ended September 30, 2022 and 2021
At September 30, 2022 and December 31, 2021
Nine months ended September 30, 2022 and 2021
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
















Table of Contents

Part I - Financial Information

Item 1. Financial Statements (Unaudited)

Condensed Consolidated Statements of Income
Verizon Communications Inc. and Subsidiaries
Three Months EndedNine Months Ended
 September 30,September 30,
(dollars in millions, except per share amounts) (unaudited)2022202120222021
Operating Revenues
Service revenues and other
$27,666 $27,565 $81,999 $83,709 
Wireless equipment revenues
6,575 5,350 19,585 15,837 
Total Operating Revenues34,241 32,915 101,584 99,546 
Operating Expenses
Cost of services (exclusive of items shown below)
7,293 7,855 21,452 24,199 
Cost of wireless equipment
7,308 5,673 21,919 17,106 
Selling, general and administrative expense
7,422 6,521 22,090 21,246 
Depreciation and amortization expense
4,324 3,961 12,881 12,155 
Total Operating Expenses26,347 24,010 78,342 74,706 
Operating Income7,894 8,905 23,242 24,840 
Equity in earnings of unconsolidated businesses2 1 40 10 
Other income (expense), net(439)269 (1,314)1,172 
Interest expense(937)(801)(2,508)(2,746)
Income Before Provision For Income Taxes6,520 8,374 19,460 23,276 
Provision for income taxes(1,496)(1,820)(4,410)(5,395)
Net Income$5,024 $6,554 $15,050 $17,881 
Net income attributable to noncontrolling interests$124 $147 $371 $429 
Net income attributable to Verizon4,900 6,407 14,679 17,452 
Net Income$5,024 $6,554 $15,050 $17,881 
Basic Earnings Per Common Share
Net income attributable to Verizon$1.17 $1.55 $3.49 $4.21 
Weighted-average shares outstanding (in millions)4,202 4,142 4,201 4,141 
Diluted Earnings Per Common Share
Net income attributable to Verizon$1.17 $1.55 $3.49 $4.21 
Weighted-average shares outstanding (in millions)4,204 4,144 4,203 4,143 
See Notes to Condensed Consolidated Financial Statements

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Condensed Consolidated Statements of Comprehensive Income
Verizon Communications Inc. and Subsidiaries
 Three Months EndedNine Months Ended
September 30,September 30,
(dollars in millions) (unaudited)2022202120222021
Net Income$5,024 $6,554 $15,050 $17,881 
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit
Foreign currency translation adjustments, net of tax of $(13), $(6), $(30) and $(13)
(120)(146)(285)(126)
Unrealized gain (loss) on cash flow hedges, net of tax of $(6), $61, $(97) and $15
22 (174)301 (42)
Unrealized gain (loss) on fair value hedges, net of tax of $(30), $0, $58 and $0
105  (167) 
Unrealized loss on marketable securities, net of tax of $3, $1, $10 and $2
(8) (32)(5)
Defined benefit pension and postretirement plans, net of tax of $129, $51, $201 and $154
(379)(155)(590)(465)
Other comprehensive loss attributable to Verizon(380)(475)(773)(638)
Total Comprehensive Income$4,644 $6,079 $14,277 $17,243 
Comprehensive income attributable to noncontrolling interests$124 $147 $371 $429 
Comprehensive income attributable to Verizon4,520 5,932 13,906 16,814 
Total Comprehensive Income$4,644 $6,079 $14,277 $17,243 
See Notes to Condensed Consolidated Financial Statements
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Condensed Consolidated Balance Sheets
Verizon Communications Inc. and Subsidiaries
At September 30,At December 31,
(dollars in millions, except per share amounts) (unaudited)20222021
Assets
Current assets
Cash and cash equivalents
$2,082 $2,921 
Accounts receivable
24,475 24,742 
Less Allowance for credit losses
805 896 
Accounts receivable, net 23,670 23,846 
Inventories
3,133 3,055 
Prepaid expenses and other
10,861 6,906 
Total current assets39,746 36,728 
Property, plant and equipment300,870 289,897 
Less Accumulated depreciation
197,866 190,201 
Property, plant and equipment, net103,004 99,696 
Investments in unconsolidated businesses1,083 1,061 
Wireless licenses149,292 147,619 
Goodwill28,548 28,603 
Other intangible assets, net11,196 11,677 
Operating lease right-of-use assets26,588 27,883 
Other assets15,633 13,329 
Total assets$375,090 $366,596 
Liabilities and Equity
Current liabilities
Debt maturing within one year$14,995 $7,443 
Accounts payable and accrued liabilities22,235 24,833 
Current operating lease liabilities3,961 3,859 
Other current liabilities11,950 11,025 
Total current liabilities53,141 47,160 
Long-term debt132,912 143,425 
Employee benefit obligations15,912 15,410 
Deferred income taxes42,094 40,685 
Non-current operating lease liabilities22,175 23,203 
Other liabilities20,073 13,513 
Total long-term liabilities233,166 236,236 
Commitments and Contingencies (Note 11)
Equity
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)
  
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period)
429 429 
Additional paid in capital13,467 13,861 
Retained earnings78,545 71,993 
Accumulated other comprehensive loss(1,700)(927)
Common stock in treasury, at cost (91,616,199 and 93,634,725 shares outstanding)
(4,015)(4,104)
Deferred compensation – employee stock ownership plans (ESOPs) and other742 538 
Noncontrolling interests1,315 1,410 
Total equity88,783 83,200 
Total liabilities and equity$375,090 $366,596 
See Notes to Condensed Consolidated Financial Statements
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Condensed Consolidated Statements of Cash Flows
Verizon Communications Inc. and Subsidiaries
Nine Months Ended
 September 30,
(dollars in millions) (unaudited)20222021
Cash Flows from Operating Activities
Net Income$15,050 $17,881 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense12,881 12,155 
Employee retirement benefits479 (1,928)
Deferred income taxes1,595 2,970 
Provision for expected credit losses1,048 604 
Equity in losses (earnings) of unconsolidated businesses, net of dividends received(13)32 
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses(458)603 
Other, net(2,383)(1,155)
Net cash provided by operating activities28,199 31,162 
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)(15,811)(13,861)
Cash received (paid) related to acquisitions of businesses, net of cash acquired248 (459)
Acquisitions of wireless licenses(2,890)(47,027)
Collateral payments related to derivative contracts, net of repayments(4,857)(15)
Proceeds from disposition of business33 4,122 
Other, net(43)222 
Net cash used in investing activities(23,320)(57,018)
Cash Flows from Financing Activities
Proceeds from long-term borrowings4,605 32,482 
Proceeds from asset-backed long-term borrowings5,939 2,695 
Net proceeds from short-term commercial paper4,514  
Repayments of long-term borrowings and finance lease obligations(8,001)(7,904)
Repayments of asset-backed long-term borrowings(3,647)(3,887)
Dividends paid(8,066)(7,797)
Other, net(797)(2,120)
Net cash provided by (used in) financing activities(5,453)13,469 
Decrease in cash, cash equivalents and restricted cash(574)(12,387)
Cash, cash equivalents and restricted cash, beginning of period4,161 23,498 
Cash, cash equivalents and restricted cash, end of period (Note 1)$3,587 $11,111 
See Notes to Condensed Consolidated Financial Statements

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Notes to Condensed Consolidated Financial Statements (Unaudited)
Verizon Communications Inc. and Subsidiaries
Note 1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and based upon Securities and Exchange Commission rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements included in Verizon Communications Inc.'s (Verizon or the Company) Annual Report on Form 10-K for the year ended December 31, 2021. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year.

Certain amounts have been reclassified to conform to the current period’s presentation.

Earnings Per Common Share
There were a total of approximately 1.6 million and 1.5 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2022, respectively. There were a total of approximately 1.6 million and 1.7 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2021, respectively.

Cash, Cash Equivalents and Restricted Cash
We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds.

Cash collections on the device payment plan agreement receivables collateralizing our asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets.

Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets:
At September 30,At December 31,Increase / (Decrease)
(dollars in millions)
20222021
Cash and cash equivalents$2,082 $2,921 $(839)
Restricted cash:
Prepaid expenses and other
1,355 1,094 261 
Other assets
150 146 4 
Cash, cash equivalents and restricted cash$3,587 $4,161 $(574)

Note 2. Revenues and Contract Costs
We earn revenue from contracts with customers, primarily through the provision of telecommunications and other services and through the sale of wireless equipment.

Revenue by Category
We have two reportable segments that we operate and manage as strategic business units, Consumer and Business. Revenue is disaggregated by products and services within Consumer, and customer groups (Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale) within Business. See Note 10 for additional information on revenue by segment. Corporate and other primarily includes insurance captive revenues.

We also earn revenues that are not accounted for under Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers" (Topic 606) from leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent. As allowed by the practical expedient within ASU 2016-02, "Leases" (Topic 842), we have elected to combine the lease and non-lease components for those arrangements of customer premise equipment where we are the lessor as components accounted for under Topic 606. During the three and nine months ended September 30, 2022, revenues from arrangements that were not accounted for under Topic 606 were approximately $774 million and $2.4 billion, respectively. During the three and nine months ended September 30, 2021, revenues from arrangements that were not accounted for under Topic 606 were approximately $803 million and $2.3 billion, respectively.

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Remaining Performance Obligations
When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price may relate to service performance obligations which were not satisfied or are partially satisfied as of the end of the reporting period. Below we disclose information relating to these unsatisfied performance obligations. We apply the practical expedient available under Topic 606 that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less. This situation primarily arises with respect to certain month-to-month service contracts. At September 30, 2022, month-to-month service contracts represented approximately 94% of our wireless postpaid contracts and approximately 90% of our wireline Consumer and Small and Medium Business contracts, compared to September 30, 2021, for which month-to-month service contracts represented approximately 93% of our wireless postpaid contracts and 83% of our wireline Consumer and Small and Medium Business contracts.

Additionally, certain contracts provide customers the option to purchase additional services. The fees related to these additional services are recognized when the customer exercises the option (typically on a month-to-month basis).

Contracts for wireless services, with or without promotional credits that require maintenance of service, are generally either month-to-month and cancellable at any time, are considered to contain terms ranging from greater than one month to up to thirty-six months (typically under a device payment plan), or contain terms ranging from greater than one month to up to twenty-four months (typically under a fixed-term plan). Additionally, customers may incur charges based on usage or additional optional services purchased in conjunction with entering into a contract that can be cancelled at any time and therefore are not included in the transaction price. The transaction price allocated to service performance obligations, which are not satisfied or are partially satisfied as of the end of the reporting period, are generally related to contracts that are not accounted for as month-to-month contracts.

Our Consumer group customers also include traditional wholesale resellers that purchase and resell wireless service under their own brands to their respective customers. Reseller arrangements generally include a stated contract term, which typically extends longer than two years and, in some cases, include a periodic minimum revenue commitment over the contract term for which revenues will be recognized in future periods.

Consumer customer contracts for wireline services are generally month-to-month; however, they may have a service term of two years or shorter than twelve months. Certain contracts with Business customers for wireline services extend into future periods, contain fixed monthly fees and usage-based fees, and can include annual commitments in each year of the contract or commitments over the entire specified contract term; however, a significant number of contracts for wireline services with our Business customers have a contract term that is twelve months or less.

Additionally, there are certain contracts with Business customers for wireline and telematics services that have a contractual minimum fee over the total contract term. We cannot predict the time period when revenue will be recognized related to those contracts; thus, they are excluded from the time bands below. These contracts have varying terms spanning over approximately nine years ending in April 2032 and have aggregate contract minimum payments totaling $1.8 billion.

At September 30, 2022, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the remainder of 2022, 2023 and thereafter was $5.9 billion, $18.3 billion and $15.2 billion, respectively. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications.

Accounts Receivable and Contract Balances
The timing of revenue recognition may differ from the time of billing to our customers. Receivables presented in our condensed consolidated balance sheets represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract.

Contract assets primarily relate to our rights to consideration for goods or services provided to customers but for which we do not have an unconditional right at the reporting date. Under a fixed-term plan, total contract revenue is allocated between wireless service and equipment revenues. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer when the performance obligation related to the transfer of control of the equipment is satisfied. The contract asset is reclassified to accounts receivable as wireless services are provided and billed. We have the right to bill the customer as service is provided over time, which results in our right to the payment being unconditional. The contract asset balances are presented in our condensed consolidated balance sheets as Prepaid expenses and other and Other assets. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability.

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the goods or services promised in the contract. We typically bill service one month in advance, which is the primary component of the contract liability
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balance. Contract liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in our condensed consolidated balance sheets as Other current liabilities and Other liabilities.

The following table presents information about receivables from contracts with customers:
At September 30,At January 1,At September 30,At January 1,
(dollars in millions)2022202220212021
Receivables(1)
$10,556 $10,758 $10,088 $12,029 
Device payment plan agreement receivables(2)
14,680 12,888 11,178 10,358 
(1)Balances do not include receivables related to the following contracts: leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent.
(2)Included in device payment plan agreement receivables presented in Note 6. Receivables derived from the sale of equipment on a device payment plan through an authorized agent are excluded.

The following table presents information about contract balances:
At September 30,At January 1,At September 30,At January 1,
(dollars in millions)2022202220212021
Contract asset$869 $934 $878 $937 
Contract liability(1)
7,954 7,229 6,034 5,598 
(1) Revenue recognized related to contract liabilities existing at January 1, 2022 were $167 million and $4.8 billion for the three and nine months ended September 30, 2022, respectively. Revenue recognized related to contract liabilities existing at January 1, 2021 were $161 million and $4.2 billion for the three and nine months ended September 30, 2021, respectively.

The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows:
At September 30,At December 31,
(dollars in millions)20222021
Assets
Prepaid expenses and other$692 $739 
Other assets177 195 
Total$869 $934 
Liabilities
Other current liabilities$6,475 $6,053 
Other liabilities1,479 1,176 
Total$7,954 $7,229 

Contract Costs
Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which are then amortized to expense over the respective periods of expected benefit. We recognize an asset for incremental commission expenses paid to internal and external sales personnel and agents in conjunction with obtaining customer contracts. We only defer these costs when we have determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recoverable. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain wireless contracts are amortized over both of our Consumer and Business customers' estimated upgrade cycles, as such costs are typically incurred each time a customer upgrades. Costs to obtain wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers. Incremental costs to obtain wireline contracts for our Business customers are insignificant. Costs to obtain contracts are recorded in Selling, general and administrative expense.

We also defer costs incurred to fulfill contracts that: (1) relate directly to the contract; (2) are expected to generate resources that will be used to satisfy our performance obligation under the contract; and (3) are expected to be recovered through revenue generated under the contract. Contract fulfillment costs are expensed as we satisfy our performance obligations and recorded in Cost of services. These costs principally relate to direct costs that enhance our wireline business resources, such as costs incurred to install circuits.

We determine the amortization periods for our costs incurred to obtain or fulfill a customer contract at a portfolio level due to the similarities within these customer contract portfolios.

Other costs, such as general costs or costs related to past performance obligations, are expensed as incurred.

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Collectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized over a two-to six-year period. Deferred contract costs are classified as current or non-current within Prepaid expenses and other and Other assets, respectively.

The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows:
At September 30,At December 31,
(dollars in millions)20222021
Assets
Prepaid expenses and other$2,572 $2,432 
Other assets2,362 2,259 
Total$4,934 $4,691 

For the three and nine months ended September 30, 2022, we recognized expense of $735 million and $2.2 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income. For the three and nine months ended September 30, 2021, we recognized expense of $751 million and $2.3 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income.

We assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the three and nine months ended September 30, 2022 or September 30, 2021.

Note 3. Acquisitions and Divestitures
Spectrum License Transactions
In February 2021, the Federal Communications Commission (FCC) concluded Auction 107 for C-Band wireless spectrum. Verizon paid $45.5 billion for the licenses it won, of which $44.6 billion was paid in the first quarter of 2021. In accordance with the rules applicable to the auction, Verizon is required to make payments for our allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with the auction, which are estimated to be $7.7 billion. During the year ended December 31, 2021, we made payments of $1.3 billion primarily related to certain obligations for projected clearing costs. During the three and nine months ended September 30, 2022, we made additional payments of $196 million and $1.6 billion, respectively, for obligations related to accelerated clearing incentives and clearing costs, of which $1.4 billion were accrued as of December 31, 2021. We expect to continue to make payments related to clearing cost and incentive payment obligations through 2024. These payments are dependent on the incumbent license holders accelerated clearing of the spectrum for Verizon’s use and, therefore, the final timing and amounts could differ based on the incumbent holders’ execution of their clearing process. In accordance with the FCC order, the clearing must be completed by December 2025. The carrying value of the wireless spectrum won in Auction 107 consists of all payments required to participate and purchase licenses in the auction, including Verizon’s allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with the auction that we are obligated to pay in order to acquire the licenses, as well as capitalized interest to the extent qualifying activities have occurred.

In March 2022, Verizon signed agreements with satellite operators in which operators agreed to clear C-Band spectrum in certain markets and frequencies ahead of the previously expected December 2023 timeframe. During the three and nine months ended September 30, 2022, Verizon incurred costs of approximately $115 million and $279 million, respectively, associated with these agreements. These costs were accrued for as of September 30, 2022. This early clearance, if successful, would accelerate Verizon's access to more spectrum in a number of key markets to support its fifth-generation initiatives.

During the nine months ended September 30, 2022, we entered into and completed various other wireless license acquisitions for cash consideration of an insignificant amount. During the nine months ended September 30, 2021, we recognized a pre-tax loss of $223 million ($167 million after-tax) in connection with the sale of certain wireless licenses.

TracFone Wireless, Inc.
In September 2020, we entered into a purchase agreement (TracFone Purchase Agreement) with América Móvil to acquire TracFone Wireless, Inc. (TracFone), a leading provider of prepaid and value mobile services in the U.S. The transaction closed on November 23, 2021 (the Acquisition Date). The acquisition positions Verizon as the leading prepaid, value and premium wireless carrier by expanding Verizon’s portfolio, bringing enhanced access of our wireless network and comprehensive suite of mobility products and services to a new customer base.

In accordance with the terms of the TracFone Purchase Agreement, Verizon acquired all of TracFone's outstanding stock in exchange for approximately $3.5 billion in cash, net of cash acquired and working capital and other adjustments, subject to
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customary adjustments, 57,596,544 shares of Verizon common stock valued at approximately $3.0 billion, and up to an additional $650 million in future cash contingent consideration related to the achievement of certain performance measures and other commercial arrangements. The fair value of the Verizon common stock was determined on the basis of its closing market price on the Acquisition Date. The estimated fair value of the contingent consideration as of the Acquisition Date was approximately $540 million and represents a Level 3 measurement as defined in ASC 820, Fair Value Measurements and Disclosures. See Note 7 for additional information. The contingent consideration payable is based on the achievement of certain revenue and operational targets, measured over a two-year earn out period, as defined in the TracFone Purchase Agreement.

In May 2022, Verizon received net cash proceeds of $248 million for the final settlement of working capital, which was included in our consideration as of the Acquisition Date. In August 2022, Verizon made a payment of $113 million related to the contingent consideration, which is reflected in Cash flows from financing activities in our condensed consolidated statements of cash flows for the nine months ended September 30, 2022. Contingent consideration payments are expected to continue through 2024.

The TracFone acquisition was accounted for as a business combination. The purchase consideration was preliminarily allocated to the assets acquired and liabilities assumed based on their fair values as of the Acquisition Date.

The following table summarizes the preliminary allocation of the consideration paid and payable to the identified assets acquired and liabilities assumed as of the Acquisition Date. The purchase price allocation is preliminary and is subject to revision as additional information about the fair value of the assets acquired and liabilities assumed, including related deferred income taxes, become available.

November 23,
Measurement Period Adjustments(1)
Adjusted
(dollars in millions)2021Fair Value
Consideration:
Cash, net of cash acquired and working capital and other adjustments$3,491 $17 $3,508 
    Fair value of Verizon common stock (57,596,544 shares)
2,981  2,981 
    Fair value of contingent consideration to be paid
542 (2)540 
Total consideration$7,014 $15 $7,029 
Assets acquired:
Current assets$1,370 $9 $1,379 
Property, plant and equipment, net96 (10)86 
Goodwill3,723 (6)3,717 
Other intangible assets4,374  4,374 
Other assets731 107 838 
Total assets acquired$10,294 $100 $10,394 
Liabilities assumed:
Current liabilities1,433 67 1,500 
Deferred income taxes1,007 (48)