Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income before Provision for Income Taxes

The components of income before provision for income taxes are as follows:

	(dollars in millions)
Years Ended December 31,	2024		2023		2022
Domestic	$	21,253	$	15,668	$	26,822
Foreign	1,726		1,319		1,449
Total	$	22,979	$	16,987	$	28,271

Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:

	(dollars in millions)
Years Ended December 31,	2024		2023		2022
Current
Federal	$	3,367	$	2,070	$	2,411
Foreign	240		219		201
State and local	608		215		938
Total	4,215		2,504		3,550
Deferred
Federal	807		1,799		2,529
Foreign	(4)		28		(22)
State and local	12		561		466
Total	815		2,388		2,973
Total income tax provision	$	5,030	$	4,892	$	6,523

Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates

The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate:

									(dollars in millions)
	2024				2023				2022
Years Ended December 31,	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	4,825	21.0	%	$	3,567	21.0	%	$	5,937	21.0	%
State and local income taxes, net of federal income tax effect(1)	566		2.5		664		3.9		1,104		3.9
Foreign tax effects	(68)		(0.3)		(16)		(0.1)		(120)		(0.4)
Effect of cross-border tax laws	—		—		18		0.1		15		0.1
Tax credits	(27)		(0.1)		(27)		(0.2)		(30)		(0.1)
Changes in valuation allowances	15		0.1		—		—		11		—
Nontaxable or nondeductible items
Goodwill impairment	—		—		1,149		6.8		—		—
Other	(116)		(0.5)		(133)		(0.8)		(145)		(0.5)
Changes in unrecognized tax benefits	40		0.2		(27)		(0.2)		(118)		(0.4)
Other adjustments
Federal refund claims	(17)		(0.1)		(245)		(1.4)		—		—
Other	(188)		(0.9)		(58)		(0.3)		(131)		(0.5)
Effective income tax rate	$	5,030	21.9	%	$	4,892	28.8	%	$	6,523	23.1	%

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Maryland and Pennsylvania for 2024, California, Georgia, Illinois, Maryland and Virginia for 2023, and California, Florida, Georgia, Illinois, New Jersey, Oregon and Pennsylvania for 2022.

Schedule of Cash Taxes Paid

The amounts of cash taxes paid by Verizon are as follows:

	(dollars in millions)
Years Ended December 31,	2024		2023		2022
Federal	$	4,745	$	1,447	$	1,865
State	665		672		670
Foreign
Ireland	156		143		147
All other foreign	66		81		54
Income taxes, net of amounts refunded	5,632		2,343		2,736
Employment taxes	992		1,016		1,245
Property and other taxes	1,836		2,007		1,959
Total	$	8,460	$	5,366	$	5,940

Schedule of Deferred Taxes

Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows:

	(dollars in millions)
At December 31,	2024		2023
Deferred tax assets
Employee benefits	$	3,676	$	3,913
Tax loss, credit, and other carry forwards	1,719		1,922
Lease liabilities	5,138		5,480
Other - assets	1,735		1,708
	12,268		13,023
Valuation allowances	(1,399)		(1,341)
Deferred tax assets	10,869		11,682
Deferred tax liabilities
Spectrum and other intangible amortization	29,302		28,535
Depreciation	20,424		20,884
Lease right-of-use assets	4,822		5,200
Other - liabilities	2,904		2,696
Deferred tax liabilities	57,452		57,315
Net deferred tax liability	$	46,583	$	45,633

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:

			(dollars in millions)
	2024		2023		2022
Balance at January 1,	$	2,705	$	2,812	$	3,134
Additions based on tax positions related to the current year	91		114		123
Additions for tax positions of prior years	203		185		122
Reductions for tax positions of prior years	(229)		(154)		(419)
Settlements	(70)		(50)		(92)
Lapses of statutes of limitations	(65)		(202)		(56)
Balance at December 31,	$	2,635	$	2,705	$	2,812

Schedule of After Tax (Expenses) Benefits Related to Interest and Penalties in Provision for Income Taxes

We recognized the following net after-tax expenses (benefit) related to interest and penalties in the provision for income taxes:

Years Ended December 31,	(dollars in millions)
2024	$	55
2023	86
2022	35

Schedule of After Tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet

The after-tax accruals for the payment of interest and penalties in the consolidated balance sheets are as follows:

At December 31,	(dollars in millions)
2024	$	684
2023	630