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Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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 31,20242023Increase / (Decrease)
Cash and cash equivalents$4,194 $2,065 $2,129 
Restricted cash:
Prepaid expenses and other319 1,244 (925)
Other assets122 188 (66)
Cash, cash equivalents and restricted cash$4,635 $3,497 $1,138 
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 31,20242023Increase / (Decrease)
Cash and cash equivalents$4,194 $2,065 $2,129 
Restricted cash:
Prepaid expenses and other319 1,244 (925)
Other assets122 188 (66)
Cash, cash equivalents and restricted cash$4,635 $3,497 $1,138 
Accounting Standards Update and Change in Accounting Principle
The following Accounting Standards Update (ASU) was issued by the Financial Accounting Standards Board (FASB), and has been early adopted by Verizon.
DescriptionEffect on Financial Statements
ASU 2023-09, Income Taxes (Topic 740)
In December 2023, the FASB issued this standard update which requires enhanced disclosures primarily related to rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024. A prospective transition approach should be applied; however, a retrospective application is permitted. Early adoption of this standard is permitted.
Verizon has elected to early adopt this Topic effective December 31, 2024 using a retrospective approach and included the required disclosures in our notes to the financial statements for our income taxes. This standard update did not affect our operating results.