Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Transactions

The following table shows the significant transactions involving the senior unsecured debt securities of the Company and its subsidiaries that occurred during the three months ended March 31, 2025.

Repayments, Redemptions and Repurchases

(dollars in millions)	Principal Repaid/ Redeemed/ Repurchased		Amount Paid(1)
Verizon 4.050% notes due 2025	A$	450	$	365
Verizon 3.376% notes due 2025	$	793	806
Verizon floating rate notes due 2025	487		490
Open market repurchases of various Verizon notes	410		317
Total			$	1,978

(1) Represents amount paid to repay, redeem 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 7 for additional information on cross currency swap transactions related to the transaction.

During the three months ended March 31, 2025, we completed the following ABS Notes transactions:

(dollars in millions)	Interest Rates %	Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
January 2025
Series 2025-1
A Senior class notes	4.710	2.99	$	535
B Junior class notes	4.940	2.99	41
C Junior class notes	5.090	2.99	25
Series 2025-2
A Senior class notes	4.940	5.00	446
B Junior class notes	5.160	5.00	34
C Junior class notes	5.340	5.00	20
January 2025 total			1,101
March 2025
Series 2025-3
A-1a Senior class notes	4.510	1.97	706
A-1b Senior class notes	Compounded SOFR + 0.550(1)	1.97	185
B Junior class notes	4.770	1.97	68
C Junior class notes	4.900	1.97	41
Series 2025-4
A Senior class notes	4.760	4.97	446
B Junior class notes	5.020	4.97	34
C Junior class notes	5.200	4.97	20
March 2025 total			1,500
Total			$	2,601

(1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes.

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 March 31,		At December 31,
(dollars in millions)	2025		2024
Assets
Accounts receivable, net	$	17,913	$	18,339
Prepaid expenses and other	331		322
Other assets	10,997		11,647
Liabilities
Accounts payable and accrued liabilities	37		37
Debt maturing within one year	15,847		17,312
Long-term debt	10,490		8,827

Schedule of Line of Credit Facilities

Long-Term Credit Facilities

				At March 31, 2025
(dollars in millions)	Maturities	Facility Capacity		Unused Capacity		Principal Amount Outstanding
Verizon revolving credit facility(1)	2028	$	12,000	$	11,964	$	—
Various export credit facilities(2)	2025 - 2031	10,000		—		5,118
Total		$	22,000	$	11,964	$	5,118

(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 March 31, 2025, there have been no drawings against the revolving credit facility since its inception.

(2) During the three months ended March 31, 2025 and 2024, there were no drawings from these facilities. Borrowings under certain of these facilities are repaid 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.