Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

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 three and six months ended June 30, 2023.

Repayments and Repurchases

(dollars in millions)	Principal Repaid/ Repurchased		Amount Paid (1)
Three Months Ended March 30, 2023
Verizon 3.500% notes and floating rate notes due 2023 (2)	A$	1,050	$	850
Open market repurchases of various Verizon notes	$	260	190
Three Months Ended March 30, 2023 total			1,040
Three Months Ended June 30, 2023
Verizon 0.375% bonds due 2023 (2)	CHF	600	$	633
Open market repurchases of various Verizon notes	$	247	177
Three Months Ended June 30, 2023 total			810
Six Months Ended June 30, 2023 total			$	1,850

(1) Represents amount paid to repay or repurchase, including any accrued interest. In addition, for securities denominated in a currency other than the U.S. dollar, amount paid is shown on a U.S. dollar equivalent basis.

(2) U.S. dollar amount paid represents the amount payable at maturity per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the repayment.

Issuances

(dollars in millions)	Principal Amount Issued		Net Proceeds (1)
Three Months Ended June 30, 2023
Verizon 5.050% notes due 2033 (2)	$	1,000	$	994
Three and Six Months Ended June 30, 2023 total	$	1,000	$	994

(1) Net proceeds were net of underwriting discounts and other issuance costs.

(2) An amount equal to the net proceeds from these notes 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 January 1, 2023 through the maturity date of the notes.

During the six months ended June 30, 2023, we completed the following ABS Notes transactions:

(dollars in millions)	Interest Rates %	Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
January 2023
Series 2023-1
A Senior class notes	4.490	2.98	$	891
B Junior class notes	4.740	2.98	—
C Junior class notes	4.980	2.98	41
January 2023 total			932
April 2023
Series 2023-2
A Senior class notes	4.890	1.99	891
B Junior class notes	5.130	1.99	—
C Junior class notes	5.380	1.99	41
Series 2023-3
A Senior class notes	4.730	4.99	268
B Junior class notes	4.970	4.99	—
C Junior class notes	5.220	4.99	12
April 2023 total			1,212
June 2023
Series 2023-4
A-1a Senior fixed rate class notes	5.160	2.97	538
A-1b Senior floating rate class notes	Compounded SOFR + 0.850	2.97	175
B Junior class notes	5.400	2.97	—
C Junior class notes	5.650	2.97	33
June 2023 total			746
Total			$	2,890

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 condensed consolidated balance sheets were as follows:

	At June 30,		At December 31,
(dollars in millions)	2023		2022
Assets
Accounts receivable, net	$	14,143	$	13,906
Prepaid expenses and other	1,469		1,409
Other assets	11,468		9,894
Liabilities
Accounts payable and accrued liabilities	24		22
Debt maturing within one year	9,593		6,809
Long-term debt	11,749		13,199

Schedule of Line of Credit Facilities

Long-Term Credit Facilities

				At June 30, 2023
(dollars in millions)	Maturities	Facility Capacity		Unused Capacity		Principal Amount Outstanding
Verizon revolving credit facility (1)	2026	$	9,500	$	9,455	$	—
Various export credit facilities (2)	2024 - 2031	11,000		486		6,720
Total		$	20,500	$	9,941	$	6,720

(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 June 30, 2023, there have been no drawings against the $9.5 billion revolving credit facility since its inception.

(2) During the six months ended June 30, 2023 and 2022, we drew down $515 million and $2.0 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.