Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Long-term Debt Obligations

Outstanding long-term debt obligations as of December 31, 2024 and 2023 are as follows:

			(dollars in millions)
At December 31,	Maturities	Interest  Rates %	2024		2023
Verizon Communications	< 5 Years	0.75 - 6.94	$	29,325	$	33,316
	5-10 Years	1.50 - 7.88	33,851		37,229
	> 10 Years	1.13 - 8.95	52,719		55,355
	< 5 Years	Floating(1)	1,171		2,099
	5-10 Years	Floating(1)	1,735		2,029
Alltel Corporation	< 5 Years	6.80	38		N/A
	5-10 Years	6.80 - 7.88	56		94
Operating telephone company subsidiaries – debentures	< 5 Years	6.00 - 8.38	286		79
	5-10 Years	5.13 - 8.75	328		535
Other subsidiaries – asset-backed debt	< 5 Years	0.50 - 6.09	16,363		14,048
	< 5 Years	Floating(1)	9,805		8,163
Finance lease obligations (average rate of 4.8% and 2.9% in 2024 and 2023, respectively)(2)			2,349		2,091
Vendor financing arrangements(2)			85		64
Unamortized discount, net of premium			(3,604)		(3,812)
Unamortized debt issuance costs			(558)		(616)
Total long-term debt, including current maturities			143,949		150,674
Less long-term debt maturing within one year			22,568		12,973
Total long-term debt			$	121,381	$	137,701
Long-term debt maturing within one year			$	22,568	$	12,973
Add short-term vendor financing arrangements(2)			65		—
Debt maturing within one year			$	22,633	$	12,973
Add long-term debt			121,381		137,701
Total debt			$	144,014	$	150,674

N/A - not applicable

(1) For the period ending December 2024, the debt obligations bore interest at floating rates, including floating rates associated with the Secured Overnight Financing Rate (SOFR) for the interest period plus an applicable interest margin per annum. Floating rates associated with SOFR for the interest payments made in December 2024 ranged from 4.598% to 5.556%.

(2) Finance lease and vendor financing obligations are part of alternative financing arrangements.

Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs

Maturities of long-term debt (secured and unsecured) outstanding, including current maturities, excluding finance lease obligations and unamortized debt issuance costs, at December 31, 2024 are as follows:

Years	(dollars in millions)
2025	$	21,709
2026	7,823
2027	9,158
2028	11,592
2029	8,673
Thereafter	83,203

Schedule of Debt Transactions

The following tables show the significant transactions involving the senior unsecured debt securities of the Company and its subsidiaries that occurred during the year ended December 31, 2024.

Exchange Offers

(dollars in millions)	Principal Amount Exchanged		Principal Amount Issued
Verizon 0.850% - 4.329% notes and floating rate notes, due 2025 - 2028	$	2,256	$	—
Verizon 4.780% notes due 2035(1)	—		2,191
Total(2)	$	2,256	$	2,191

(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 notes exchanged over the principal amount of new notes issued of $65 million was recorded as a premium to Long-term debt in the consolidated balance sheets.

Tender Offers

(dollars in millions)	Principal Amount Purchased		Cash Consideration(1)
Verizon 0.875% - 3.250% notes due 2025 - 2028	€	1,981	$	2,237
Verizon 0.850% - 3.376% notes and floating rate notes, due 2025 - 2026	$	3,314	3,267
Total			$	5,504

(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase. In addition, for securities denominated in a currency other than the U.S. dollar, cash consideration is shown on a U.S. dollar equivalent basis and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 9 for additional information on cross currency swap transactions related to the transaction.

Repayments and Repurchases

(dollars in millions)	Principal Repaid/ Repurchased		Amount Paid(1)
Verizon 1.625% notes due 2024	€	685	$	840
Verizon 4.073% notes due 2024	£	413	582
Verizon 0.750% notes due 2024	$	999	1,003
Verizon floating rate notes due 2024	95		96
Verizon 3.500% notes due 2024	1,161		1,182
Open market repurchases of various Verizon notes(2)	1,255		985
Total			$	4,688

(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 and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 9 for additional information on cross currency swap transactions related to the transaction.

(2) During 2024, we recorded gains of $267 million in connection with the open market repurchases, which were reflected within Other income (expense), net in our consolidated statement of income.

Issuances

(dollars in millions)	Principal Amount Issued		Net Proceeds(1)
Verizon 3.500% notes due 2032	€	1,000	$	1,062
Verizon 3.750% notes due 2036	€	1,000	1,061
Verizon 5.500% notes due 2054(2)	$	1,000	980
Total			$	3,103

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

(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 May 1, 2023 through the maturity date of the notes.

During the year ended December 31, 2024, we completed the following ABS Notes transactions:

(dollars in millions)	Interest Rates %	Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
January 2024
Series 2024-1
A-1a Senior class notes	5.000	1.92	$	835
A-1b Senior class notes	Compounded SOFR + 0.650	1.92	279
B Junior class notes	5.240	1.92	—
C Junior class notes	5.490	1.92	51
Series 2024-2
A Senior class notes	4.830	4.92	668
B Junior class notes	5.080	4.92	51
C Junior class notes	5.320	4.92	31
January 2024 total			1,915
April 2024
Series 2024-3
A-1a Senior class notes	5.340	2.99	605
A-1b Senior class notes	Compounded SOFR + 0.580	2.99	175
B Junior class notes	5.540	2.99	59
C Junior class notes	5.730	2.99	36
April 2024 total			875
June 2024
Series 2024-4
A-1a Senior class notes	5.210	1.98	289
A-1b Senior class notes	Compounded SOFR + 0.550	1.98	246
B Junior class notes	5.400	1.98	41
C Junior class notes	5.600	1.98	25
Series 2024-5
A Senior class notes	5.000	4.98	512
B Junior class notes	5.250	4.98	39
C Junior class notes	5.490	4.98	24
June 2024 total			1,176
September 2024
Series 2024-6
A-1a Senior class notes	4.170	2.92	1,069
A-1b Senior class notes	Compounded SOFR + 0.670	2.92	267
B Junior class notes	4.420	2.92	—
C Junior class notes	4.670	2.92	61
Series 2024-7
A Senior class notes	4.350	4.92	535
B Junior class notes	4.600	4.92	—
C Junior class notes	4.840	4.92	25
September 2024 total			1,957

(dollars in millions)	Interest Rates %	Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
November 2024
Series 2024-8
A-1a Senior class notes	4.620	2.98	$	816
A-1b Senior class notes	Compounded SOFR + 0.420	2.98	75
B Junior class notes	4.820	2.98	68
C Junior class notes	4.990	2.98	41
November 2024 total			1,000
Total			$	6,923

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)	2024		2023
Assets
Accounts receivable, net	$	18,339	$	14,550
Prepaid expenses and other	322		1,288
Other assets	11,647		11,682
Liabilities
Accounts payable and accrued liabilities	37		29
Debt maturing within one year	17,312		7,483
Long-term debt	8,827		14,700

Schedule of Line of Credit Facilities

Long-Term Credit Facilities

				At December 31, 2024
(dollars in millions)	Maturities	Facility Capacity		Unused Capacity		Principal Amount Outstanding
Verizon revolving credit facility(1)	2028	$	12,000	$	11,963	$	—
Various export credit facilities(2)	2025 - 2031	10,000		—		5,441
Total		$	22,000	$	11,963	$	5,441

(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, 2024, there have been no drawings against the revolving credit facility since its inception.

(2) During 2024, there were no drawings from these facilities. During 2023, we drew down $1.0 billion 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.