Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Long-term Debt Obligations

Outstanding long-term debt obligations as of December 31, 2022 and 2021 are as follows:

				(dollars in millions)
At December 31,	Maturities	Interest  Rates %		2022		2021
Verizon Communications	< 5 Years	0.75 - 5.82		$	23,929	$	18,406
	5-10 Years	1.50 - 7.88		42,637		43,225
	> 10 Years	1.13 - 8.95		60,134		73,520
	< 5 Years	Floating	(1)	2,992		4,086
	5-10 Years	Floating	(1)	3,029		824
Alltel Corporation	5-10 Years	6.80 - 7.88		94		38
	> 10 Years	N/A		N/A		58
Operating telephone company subsidiaries—debentures	< 5 Years	N/A		N/A		141
	5-10 Years	6.00 - 8.75		475		375
	> 10 Years	5.13 - 7.38		139		250
Other subsidiaries—asset-backed debt	< 5 Years	0.41 - 5.72		9,767		9,620
	< 5 Years	Floating	(2)	10,271		4,610
Finance lease obligations (average rate of 2.5% and 2.2% in 2022 and 2021, respectively)				1,732		1,325
Unamortized discount, net of premium				(4,039)		(4,922)
Unamortized debt issuance costs				(671)		(688)
Total long-term debt, including current maturities				150,489		150,868
Less long-term debt maturing within one year				9,813		7,443
Total long-term debt				$	140,676	$	143,425
Long-term debt maturing within one year				$	9,813	$	7,443
Add commercial paper				150		—
Debt maturing within one year				9,963		7,443
Add long-term debt				140,676		143,425
Total debt				$	150,639	$	150,868

(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 formula set forth in the terms of the notes. The Compounded SOFR for the interest period ending in December 2022 was 3.450%. The one-month and three-month LIBOR at December 31, 2022 was 4.392% and 4.767%, respectively.

(2) The debt obligations bore interest at floating rates, including floating rates associated with SOFR for the interest period, or LIBOR plus an applicable interest margin per annum, as applicable. Floating rates associated with SOFR for the interest period ending in December 2022 ranged from 3.807% to 4.372%.

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, 2022 are as follows:

Years	(dollars in millions)
2023	$	9,279
2024	16,252
2025	8,706
2026	8,304
2027	6,962
Thereafter	99,925

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, 2022.

Tender Offers

(dollars in millions)	Principal Amount Purchased		Cash Consideration(1)
Verizon and subsidiary 2.987% - 8.950% notes and debentures, due 2032 - 2056	$	5,032	$	5,587

(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 floating rate (LIBOR + 1.000%) notes due 2022	$	1,094	$	1,097
Subsidiary 8.000% debentures due 2022	103		108
Open market repurchases of various Verizon notes (2)	896		759
Total	$	2,093	$	1,964

(1) Represents amount paid to repay or repurchase, including any accrued interest.

(2) During 2022, we recorded net gains of $119 million in connection with the open market repurchases, which were reflected within Other income (expense), net in our consolidated statements of income.

Issuances

(dollars in millions)	Principal Amount Issued		Net Proceeds (1)
Verizon 3.875% notes due 2052 (2)	$	1,000	$	982
Verizon 4.100% notes due 2055	655		650
Verizon 4.250% notes due 2030 (3)	€	1,250	1,227
Verizon 4.750% notes due 2034 (3)	€	1,250	1,231
Total			$	4,090

(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, 2021 through the maturity date of the green bond.

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

During the year ended December 31, 2022, we completed the following ABS Notes transactions:

(dollars in millions)	Interest Rates %	Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
January 2022
Series 2022-1
A Senior class notes	1.040	1.49	$	799
B Junior class notes	1.270	1.49	64
C Junior class notes	1.390	1.49	37
Series 2022-2
A Senior class notes	1.530	2.99	710
B Junior class notes	1.830	2.99	57
C Junior class notes	2.010	2.99	33
January 2022 total			1,700
May 2022
Series 2022-3
A Senior class notes	3.010	1.49	400
B Junior class notes	3.250	1.49	—
C Junior class notes	3.500	1.49	16
Series 2022-4
A Senior class notes	3.400	2.99	488
B Junior class notes	3.640	2.99	42
C Junior class notes	3.890	2.99	20
May 2022 total			966
August 2022
Series 2022-5
A-1a Senior fixed rate class notes	3.720	1.44	351
A-1b Senior floating rate class notes	Compounded SOFR + 0.620	1.44	57
B Junior class notes	3.960	1.44	—
C Junior class notes	4.210	1.44	—
Series 2022-6
A Senior class notes	3.670	2.94	479
B Junior class notes	3.910	2.94	—
C Junior class notes	4.160	2.94	—
August 2022 total			887
November 2022
Series 2022-7
A-1a Senior fixed rate class notes	5.230	1.99	624
A-1b Senior floating rate class notes	Compounded SOFR + 0.850	1.99	267
B Junior class notes	5.480	1.99	—
C Junior class notes	5.720	1.99	41
November 2022 total			932
Total			$	4,485

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)	2022		2021
Assets
Accounts receivable, net	$	13,906	$	10,705
Prepaid expenses and other	1,409		1,094
Other assets	9,894		5,455
Liabilities
Accounts payable and accrued liabilities	22		10
Debt maturing within one year	6,809		5,024
Long-term debt	13,199		9,178

Schedule of Line of Credit Facilities

Long-Term Credit Facilities

				At December 31, 2022
(dollars in millions)	Maturities	Facility Capacity		Unused Capacity		Principal Amount Outstanding
Verizon revolving credit facility (1)	2026	$	9,500	$	9,436	$	—
Various export credit facilities (2)	2024 - 2031	11,000		1,000		6,735
Total		$	20,500	$	10,436	$	6,735

(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. As of December 31, 2022, there have been no drawings against the $9.5 billion revolving credit facility since its inception.

(2) During 2022 and 2021, we drew down $3.0 billion and $1.0 billion, respectively, from these facilities. Borrowings under certain of these facilities are amortized 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.