Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VZ | ||
Entity Registrant Name | VERIZON COMMUNICATIONS INC | ||
Entity Central Index Key | 732,712 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 4,079,486,153 | ||
Entity Public Float | $ 182,142,289,318 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues | |||
Service revenues and other | $ 107,145 | $ 108,468 | $ 114,696 |
Wireless equipment revenues | 18,889 | 17,512 | 16,924 |
Total Operating Revenues | 126,034 | 125,980 | 131,620 |
Operating Expenses | |||
Cost of services (exclusive of items shown below) | 29,409 | 29,186 | 29,438 |
Wireless cost of equipment | 22,147 | 22,238 | 23,119 |
Selling, general and administrative expense (including net gain on sale of divested businesses of $1,774, $1,007 and $0, respectively) | 30,110 | 31,569 | 29,986 |
Depreciation and amortization expense | 16,954 | 15,928 | 16,017 |
Total Operating Expenses | 98,620 | 98,921 | 98,560 |
Operating Income | 27,414 | 27,059 | 33,060 |
Equity in losses of unconsolidated businesses | (77) | (98) | (86) |
Other income (expense), net | (2,010) | (1,599) | 186 |
Interest expense | (4,733) | (4,376) | (4,920) |
Income Before Benefit (Provision) For Income Taxes | 20,594 | 20,986 | 28,240 |
Benefit (provision) for income taxes | 9,956 | (7,378) | (9,865) |
Net Income | 30,550 | 13,608 | 18,375 |
Net income attributable to noncontrolling interests | 449 | 481 | 496 |
Net income attributable to Verizon | 30,101 | 13,127 | 17,879 |
Net Income | $ 30,550 | $ 13,608 | $ 18,375 |
Basic Earnings Per Common Share | |||
Net income attributable to Verizon (in USD per share) | $ 7.37 | $ 3.22 | $ 4.38 |
Weighted-average shares outstanding (in shares) | 4,084 | 4,080 | 4,085 |
Diluted Earnings Per Common Share | |||
Net income attributable to Verizon (in USD per share) | $ 7.36 | $ 3.21 | $ 4.37 |
Weighted-average shares outstanding (in shares) | 4,089 | 4,086 | 4,093 |
Consolidated Statements of Inc3
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Gain on sale of divested businesses | $ 1,774 | $ 1,007 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 30,550 | $ 13,608 | $ 18,375 |
Other Comprehensive Income, net of tax expense (benefit) | |||
Foreign currency translation adjustments | 245 | (159) | (208) |
Unrealized gains (losses) on cash flow hedges, net of tax of $(20), $168 and $(160) | (31) | 198 | (194) |
Unrealized losses on marketable securities, net of tax of $(10), $(26) and $(4) | (14) | (55) | (11) |
Defined benefit pension and postretirement plans, net of tax of $(144), $1,339 and $(91) | (214) | 2,139 | (148) |
Other comprehensive income (loss) attributable to Verizon | (14) | 2,123 | (561) |
Total Comprehensive Income | 30,536 | 15,731 | 17,814 |
Comprehensive income attributable to noncontrolling interests | 449 | 481 | 496 |
Comprehensive income attributable to Verizon | 30,087 | 15,250 | 17,318 |
Total comprehensive income | $ 30,536 | $ 15,731 | $ 17,814 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gains (losses) on cash flow hedges, tax | $ (20) | $ 168 | $ (160) |
Unrealized losses on marketable securities, tax | (10) | (26) | (4) |
Defined benefit pension and postretirement plans, tax | $ (144) | $ 1,339 | $ (91) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 2,079 | $ 2,880 |
Accounts receivable, net of allowances of $939 and $845 | 23,493 | 17,513 |
Inventories | 1,034 | 1,202 |
Assets held for sale | 0 | 882 |
Prepaid expenses and other | 3,307 | 3,918 |
Total current assets | 29,913 | 26,395 |
Property, plant and equipment | 246,498 | 232,215 |
Less accumulated depreciation | 157,930 | 147,464 |
Property, plant and equipment, net | 88,568 | 84,751 |
Investments in unconsolidated businesses | 1,039 | 1,110 |
Wireless licenses | 88,417 | 86,673 |
Goodwill | 29,172 | 27,205 |
Other intangible assets, net | 10,247 | 8,897 |
Non-current assets held for sale | 0 | 613 |
Other assets | 9,787 | 8,536 |
Total assets | 257,143 | 244,180 |
Current liabilities | ||
Debt maturing within one year | 3,453 | 2,645 |
Accounts payable and accrued liabilities | 21,232 | 19,593 |
Other | 8,352 | 8,102 |
Total current liabilities | 33,037 | 30,340 |
Long-term debt | 113,642 | 105,433 |
Employee benefit obligations | 22,112 | 26,166 |
Deferred income taxes | 31,232 | 45,964 |
Other liabilities | 12,433 | 12,245 |
Total long-term liabilities | 179,419 | 189,808 |
Commitments and Contingencies (Note 15) | ||
Equity | ||
Series preferred stock ($.10 par value; 250,000,000 shares authorized; none issued) | 0 | 0 |
Common stock ($.10 par value; 6,250,000,000 shares authorized in each period; 4,242,374,240 shares issued in each period) | 424 | 424 |
Additional paid in capital | 11,101 | 11,182 |
Retained earnings | 35,635 | 15,059 |
Accumulated other comprehensive income | 2,659 | 2,673 |
Common stock in treasury, at cost (162,897,868 and 165,689,589 shares outstanding) | (7,139) | (7,263) |
Deferred compensation – employee stock ownership plans and other | 416 | 449 |
Noncontrolling interests | 1,591 | 1,508 |
Total equity | 44,687 | 24,032 |
Total liabilities and equity | $ 257,143 | $ 244,180 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 939 | $ 845 |
Series preferred stock, par value (in USD per share) | $ 0.10 | $ 0.10 |
Series preferred stock, shares authorized | 250,000,000 | 250,000,000 |
Series preferred stock, shares issued | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 6,250,000,000 | 6,250,000,000 |
Common stock, shares issued | 4,242,374,240 | 4,242,374,240 |
Treasury stock, shares outstanding | 162,897,868 | 165,689,589 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | |||
Net Income | $ 30,550 | $ 13,608 | $ 18,375 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 16,954 | 15,928 | 16,017 |
Employee retirement benefits | 440 | 2,705 | (1,747) |
Deferred income taxes | (14,463) | (1,063) | 3,516 |
Provision for uncollectible accounts | 1,167 | 1,420 | 1,610 |
Equity in losses of unconsolidated businesses, net of dividends received | 117 | 138 | 127 |
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | |||
Accounts receivable | (5,436) | (5,067) | (945) |
Inventories | 168 | 61 | (99) |
Other assets | 656 | 449 | 942 |
Accounts payable and accrued liabilities | (335) | (1,079) | 2,545 |
Discretionary contribution to qualified pension plans | (3,411) | (186) | 0 |
Net gain on sale of divested businesses | (1,774) | (1,007) | 0 |
Other, net | 672 | (3,097) | (1,314) |
Net cash provided by operating activities | 25,305 | 22,810 | 39,027 |
Cash Flows from Investing Activities | |||
Capital expenditures (including capitalized software) | (17,247) | (17,059) | (17,775) |
Acquisitions of businesses, net of cash acquired | (5,928) | (3,765) | (3,545) |
Acquisitions of wireless licenses | (583) | (534) | (9,942) |
Proceeds from dispositions of businesses | 3,614 | 9,882 | 48 |
Other, net | 772 | 493 | 1,171 |
Net cash used in investing activities | (19,372) | (10,983) | (30,043) |
Cash Flows from Financing Activities | |||
Proceeds from long-term borrowings | 27,707 | 12,964 | 6,667 |
Proceeds from asset-backed long-term borrowings | 4,290 | 4,986 | 0 |
Repayments of long-term borrowings and capital lease obligations | (23,837) | (19,159) | (9,340) |
Repayments of asset-backed long-term borrowings | (400) | 0 | 0 |
Decrease in short-term obligations, excluding current maturities | (170) | (149) | (344) |
Dividends paid | (9,472) | (9,262) | (8,538) |
Purchase of common stock for treasury | 0 | 0 | (5,134) |
Other, net | (4,852) | (2,797) | 1,577 |
Net cash used in financing activities | (6,734) | (13,417) | (15,112) |
Decrease in cash and cash equivalents | (801) | (1,590) | (6,128) |
Cash and cash equivalents, beginning of period | 2,880 | 4,470 | 10,598 |
Cash and cash equivalents, end of period | $ 2,079 | $ 2,880 | $ 4,470 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Deferred Compensation-ESOPs and Other | Noncontrolling Interests |
Balance at beginning of year (in shares) at Dec. 31, 2014 | 4,242,374 | 87,410 | ||||||
Balance at beginning of year at Dec. 31, 2014 | $ 424 | $ 11,155 | $ 2,447 | $ 1,111 | $ (3,263) | $ 424 | $ 1,378 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other | 41 | |||||||
Net income | $ 18,375 | 17,879 | 496 | |||||
Dividends declared ($2.335, $2.285, $2.23) per share | (9,080) | |||||||
Foreign currency translation adjustments | (208) | (208) | ||||||
Unrealized gains (losses) on cash flow hedges | (194) | |||||||
Unrealized losses on marketable securities | (11) | (11) | ||||||
Defined benefit pension and postretirement plans | (148) | (148) | ||||||
Other comprehensive income (loss) | (561) | |||||||
Shares purchased | $ (5,134) | |||||||
Shares purchased (in shares) | (104,402) | |||||||
Employee plans (Note 14) | $ 740 | |||||||
Employee plans (Note 14) (in Shares) | 17,072 | |||||||
Shareowner plans (Note 14) | $ 900 | $ 241 | ||||||
Shareowner plans (in shares)(Note 14) | 22,600 | 5,541 | ||||||
Restricted stock equity grant | 208 | |||||||
Amortization | (204) | |||||||
Total comprehensive income | $ 17,814 | 496 | ||||||
Distributions and other | (460) | |||||||
Balance at end of year (in shares) at Dec. 31, 2015 | 4,242,374 | 169,199 | ||||||
Balance at end of year at Dec. 31, 2015 | 17,842 | $ 424 | 11,196 | 11,246 | 550 | $ (7,416) | 428 | 1,414 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other | (14) | |||||||
Net income | 13,608 | 13,127 | 481 | |||||
Dividends declared ($2.335, $2.285, $2.23) per share | (9,314) | |||||||
Foreign currency translation adjustments | (159) | (159) | ||||||
Unrealized gains (losses) on cash flow hedges | 198 | |||||||
Unrealized losses on marketable securities | (55) | (55) | ||||||
Defined benefit pension and postretirement plans | $ 2,139 | 2,139 | ||||||
Other comprehensive income (loss) | 2,123 | |||||||
Shares purchased | $ 0 | |||||||
Shares purchased (in shares) | 0 | |||||||
Employee plans (Note 14) | $ 150 | |||||||
Employee plans (Note 14) (in Shares) | 3,439 | |||||||
Shareowner plans (Note 14) | $ 3 | |||||||
Shareowner plans (in shares)(Note 14) | 3,500 | 70 | ||||||
Restricted stock equity grant | 223 | |||||||
Amortization | (202) | |||||||
Total comprehensive income | $ 15,731 | 481 | ||||||
Distributions and other | (387) | |||||||
Balance at end of year (in shares) at Dec. 31, 2016 | 4,242,374 | 165,690 | ||||||
Balance at end of year at Dec. 31, 2016 | 24,032 | $ 424 | 11,182 | 15,059 | 2,673 | $ (7,263) | 449 | 1,508 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other | (81) | |||||||
Net income | 30,550 | 30,101 | 449 | |||||
Dividends declared ($2.335, $2.285, $2.23) per share | (9,525) | |||||||
Foreign currency translation adjustments | 245 | 245 | ||||||
Unrealized gains (losses) on cash flow hedges | (31) | |||||||
Unrealized losses on marketable securities | (14) | (14) | ||||||
Defined benefit pension and postretirement plans | $ (214) | (214) | ||||||
Other comprehensive income (loss) | (14) | |||||||
Shares purchased | $ 0 | |||||||
Shares purchased (in shares) | 0 | |||||||
Employee plans (Note 14) | $ 124 | |||||||
Employee plans (Note 14) (in Shares) | 2,787 | |||||||
Shareowner plans (Note 14) | $ 0 | |||||||
Shareowner plans (in shares)(Note 14) | 2,800 | 5 | ||||||
Restricted stock equity grant | 157 | |||||||
Amortization | (190) | |||||||
Total comprehensive income | $ 30,536 | 449 | ||||||
Distributions and other | (366) | |||||||
Balance at end of year (in shares) at Dec. 31, 2017 | 4,242,374 | 162,898 | ||||||
Balance at end of year at Dec. 31, 2017 | $ 44,687 | $ 424 | $ 11,101 | $ 35,635 | $ 2,659 | $ (7,139) | $ 416 | $ 1,591 |
Consolidated Statements of Ch10
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in USD per share) | $ 2.335 | $ 2.285 | $ 2.230 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1 Description of Business and Summary of Significant Accounting Policies Description of Business Verizon Communications Inc. (Verizon or the Company) is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, information and entertainment products and services to consumers, businesses and governmental agencies with a presence around the world. We have two reportable segments, Wireless and Wireline. For additional information concerning our business segments, see Note 12. The Wireless segment provides wireless communications products and services, including wireless voice and data services and equipment sales, across the United States (U.S.) using one of the most extensive and reliable wireless networks. We provide these services and equipment sales to consumer, business and government customers across the U.S. on a postpaid and prepaid basis. The Wireline segment provides voice, data and video communications products and enhanced services, including broadband video and data services, corporate networking solutions, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the U.S., as well as to carriers, businesses and government customers both in the U.S. and around the world. Consolidation The method of accounting applied to investments, whether consolidated, equity or cost, involves an evaluation of all significant terms of the investments that explicitly grant or suggest evidence of control or influence over the operations of the investee. The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in Net income and Total equity. Investments in businesses that we do not control, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. Investments in which we do not have the ability to exercise significant influence over operating and financial policies are accounted for under the cost method. Equity and cost method investments are included in Investments in unconsolidated businesses in our consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated. Basis of Presentation We have reclassified certain prior year amounts to conform to the current year presentation. Use of Estimates We prepare our financial statements using U.S. generally accepted accounting principles (GAAP), which requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Examples of significant estimates include the allowance for doubtful accounts, the recoverability of property, plant and equipment, the recoverability of intangible assets and other long-lived assets, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations. Revenue Recognition Multiple Deliverable Arrangements We offer products and services to our wireless and wireline customers through bundled arrangements. These arrangements involve multiple deliverables, which may include products, services or a combination of products and services. Wireless Our Wireless segment earns revenue primarily by providing access to and usage of its network, as well as the sale of equipment. In general, access revenue is billed one month in advance and recognized when earned. Usage revenue is generally billed in arrears and recognized when service is rendered. Equipment sales revenue associated with the sale of wireless devices and accessories is generally recognized when the products are delivered to and accepted by the customer, as this is considered to be a separate earnings process from providing wireless services. For agreements involving the resale of third-party services in which we are considered the primary obligor in the arrangements, we record the revenue gross at the time of the sale. Under the Verizon device payment program, our eligible wireless customers purchase wireless devices under a device payment plan agreement. We may offer certain promotions that allow a customer to trade in his or her owned device in connection with the purchase of a new device. Under these types of promotions, the customer receives a credit for the value of the trade-in device. In addition, we may provide the customer with additional future credits that will be applied against the customer’s monthly bill as long as service is maintained. We recognize a liability for the trade-in device measured at fair value, which is approximated by considering several factors, including the weighted-average selling prices obtained in recent resales of devices eligible for trade-in. Future credits are recognized when earned by the customer. From time to time, we offer certain marketing promotions that allow our customers to upgrade to a new device after paying down a certain specified portion of their required device payment plan agreement amount and trading in their device in good working order. When a customer enters into a device payment plan agreement with the right to upgrade to a new device, we account for this trade-in right as a guarantee obligation. The full amount of the trade-in right’s fair value (not an allocated value) is recognized as a guarantee liability and the remaining allocable consideration is allocated to the device. The value of the guarantee liability effectively results in a reduction to the revenue recognized for the sale of the device. In multiple element arrangements that bundle devices and monthly wireless service, revenue is allocated to each unit of accounting using a relative selling price method. At the inception of the arrangement, the amount allocable to the delivered units of accounting is limited to the amount that is not contingent upon the delivery of the monthly wireless service (the noncontingent amount). We effectively recognize revenue on the delivered device at the lesser of the amount allocated based on the relative selling price of the device or the noncontingent amount owed when the device is sold. Wireline Our Wireline segment earns revenue based upon usage of its network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is generally billed in arrears and recognized when service is rendered. We sell each of the services we offer on a bundled basis (i.e., voice, video and data) and separately. Therefore, each of our products and services has a standalone selling price. Revenue from the sale of each product or service is allocated to each deliverable using a relative selling price method. Under this method, arrangement consideration is allocated to each separate deliverable based on our standalone selling price for each product or service. These services include Fios services, individually or in bundles, and high-speed Internet. When we bundle equipment with maintenance and monitoring services, we recognize equipment revenue when the equipment is installed in accordance with contractual specifications and ready for the customer’s use. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services. Installation-related fees, along with the associated costs up to but not exceeding these fees, are deferred and amortized over the estimated customer relationship period. Other Advertising revenues are generated through display advertising and search advertising. Display advertising revenue is generated by the display of graphical advertisements and other performance-based advertising. Search advertising revenue is generated when a consumer clicks on a text-based advertisement on their screen. Agreements for advertising typically take the forms of impression-based contracts, time-based contracts or performance-based contracts. Advertising revenues derived from impression-based contracts under which we provide impressions in exchange for a fixed fee, are generally recognized as the impressions are delivered. Advertising revenues derived from time-based contracts under which we provide promotions over a specified time period for a fixed fee, are recognized on a straight-line basis over the term of the contract, provided that we meet and continue to meet our obligations under the contract. Advertising revenues derived from contracts under which we are compensated based on certain performance criteria are recognized as we complete the contractually specified performance. We are considered the principal in our programmatic advertising contracts as we are the primary obligor. We present all revenues from these contracts on a gross basis. We report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers, net of taxes we pass through to our customers. Maintenance and Repairs We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services as these costs are incurred. Advertising Costs Costs for advertising products and services, as well as other promotional and sponsorship costs, are charged to Selling, general and administrative expense in the periods in which they are incurred. See Note 14 for additional information. Earnings Per Common Share Basic earnings per common share are based on the weighted-average number of shares outstanding during the period. Where appropriate, diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans. There were a total of approximately 5 million , 6 million and 8 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the years ended December 31, 2017 , 2016 and 2015 , respectively. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds. Marketable Securities We have investments in marketable securities, which are considered "available-for-sale" under the provisions of the accounting standard for certain debt and equity securities and are included in the accompanying consolidated balance sheets in Other assets. We continually evaluate our investments in marketable securities for impairment due to declines in market value considered to be other-than-temporary. That evaluation includes, in addition to persistent, declining stock prices, general economic and company-specific evaluations. In the event of a determination that a decline in market value is other-than-temporary, a charge to earnings is recorded for the loss and a new cost basis in the investment is established. Allowance for Doubtful Accounts Accounts receivable are recorded in the consolidated financial statements at cost net of an allowance for credit losses, with the exception of device payment plan agreement receivables, which are initially recorded at fair value based on a number of factors including historical write‑off experience, credit quality of the customer base and other factors such as macroeconomic conditions. We maintain allowances for uncollectible accounts receivable, including our device payment plan agreement receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Our allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of specific customer accounts and includes consideration of the credit worthiness and financial condition of those customers. We record an allowance to reduce the receivables to the amount that is reasonably believed to be collectible. We also record an allowance for all other receivables based on multiple factors, including historical experience with bad debts, the general economic environment and the aging of such receivables. Due to the device payment plan agreement being incorporated in the standard Verizon Wireless bill, the collection and risk strategies continue to follow historical practices. We monitor the aging of our accounts with device payment plan agreement receivables and write-off account balances if collection efforts are unsuccessful and future collection is unlikely. Inventories Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost (determined principally on either an average cost or first-in, first-out basis) or market. Plant and Depreciation We record property, plant and equipment at cost. Property, plant and equipment are generally depreciated on a straight-line basis. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the remaining term of the related lease, calculated from the time the asset was placed in service. When depreciable assets are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts and any gains or losses on disposition are recognized in income. We capitalize and depreciate network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets. Capitalized interest is reported as a reduction in interest expense and depreciated as part of the cost of the network-related assets. In connection with our ongoing review of the estimated useful lives of property, plant and equipment during 2016 , we determined that the average useful lives of certain leasehold improvements would be increased from 5 to 7 years. This change resulted in a decrease to depreciation expense of $0.2 billion in 2016 . We determined that changes were also necessary to the remaining estimated useful lives of certain assets as a result of technology upgrades, enhancements and planned retirements. These changes resulted in an increase in depreciation expense of $0.3 billion , $0.3 billion and $0.4 billion in 2017 , 2016 and 2015 , respectively. While the timing and extent of current deployment plans are subject to ongoing analysis and modification, we believe that the current estimates of useful lives are reasonable. Computer Software Costs We capitalize the cost of internal-use network and non-network software that has a useful life in excess of one year. Subsequent additions, modifications or upgrades to internal-use network and non-network software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Planning, software maintenance and training costs are expensed in the period in which they are incurred. Also, we capitalize interest associated with the development of internal-use network and non-network software. Capitalized non-network internal-use software costs are amortized using the straight-line method over a period of 3 to 7 years and are included in Other intangible assets, net in our consolidated balance sheets. For a discussion of our impairment policy for capitalized software costs, see "Goodwill and Other Intangible Assets" below. Also, see Note 3 for additional information of internal-use non-network software reflected in our consolidated balance sheets. Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Impairment testing for goodwill is performed annually in the fourth fiscal quarter or more frequently if impairment indicators are present. To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment. However, we may elect to bypass the qualitative assessment and perform an impairment test even if no indications of a potential impairment exist. The impairment test for goodwill is performed at the reporting unit level and compares the fair value of the reporting unit (calculated using a combination of a market approach and a discounted cash flow method) to its carrying value. The market approach includes the use of comparative multiples to corroborate discounted cash flow results. The discounted cash flow method is based on the present value of two components, a projected cash flows and a terminal value. The terminal value represents the expected normalized future cash flows of the reporting unit beyond the cash flows from the discrete projection period. The fair value of the reporting unit is calculated based on the sum of the present value of the cash flows from the discrete period and the present value of the terminal value. The discount rate represented our estimate of the weighted-average cost of capital, or expected return, that a marketplace participant would have required as of the valuation date. If the carrying value exceeds the fair value, an impairment charge is booked for the excess carrying value over fair value, limited to the total amount of goodwill of that reporting unit. Our assessments in 2017 , 2016 and 2015 indicated that the fair value of each of our Wireless, Wireline, Media and Telematics reporting units exceeded their carrying value and therefore did not result in an impairment. Intangible Assets Not Subject to Amortization A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses. As a result, we treat the wireless licenses as an indefinite-lived intangible asset. We re-evaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. We aggregate our wireless licenses into one single unit of accounting, as we utilize our wireless licenses on an integrated basis as part of our nationwide wireless network. We test our wireless licenses for potential impairment annually or more frequently if impairment indicators are present. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. In 2017 and 2016 , we performed a qualitative assessment to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount. As part of our assessment, we considered several qualitative factors including the business enterprise value of our Wireless segment, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA (Earnings before interest, taxes, depreciation and amortization)), margin projections, the projected financial performance of our Wireless segment, as well as other factors. The most recent quantitative assessments of our wireless licenses occurred in 2015 . Our quantitative assessment consisted of comparing the estimated fair value of our aggregate wireless licenses to the aggregated carrying amount as of the test date. Using a quantitative assessment, we estimated the fair value of our aggregate wireless licenses using the Greenfield approach. The Greenfield approach is an income based valuation approach that values the wireless licenses by calculating the cash flow generating potential of a hypothetical start-up company that goes into business with no assets except the wireless licenses to be valued. A discounted cash flow analysis is used to estimate what a marketplace participant would be willing to pay to purchase the aggregated wireless licenses as of the valuation date. If the estimated fair value of the aggregated wireless licenses is less than the aggregated carrying amount of the wireless licenses, then an impairment charge is recognized. Our assessments in 2017 , 2016 and 2015 indicated that the fair value of our wireless licenses exceeded the carrying value and, therefore, did not result in an impairment. Interest expense incurred while qualifying activities are performed to ready wireless licenses for their intended use is capitalized as part of wireless licenses. The capitalization period ends when the development is discontinued or substantially completed and the license is ready for its intended use. Intangible Assets Subject to Amortization and Long-Lived Assets Our intangible assets that do not have indefinite lives (primarily customer lists and non-network internal-use software) are amortized over their estimated useful lives. All of our intangible assets subject to amortization, and long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any indications of impairment are present, we would test for recoverability by comparing the carrying amount of the asset group to the net undiscounted cash flows expected to be generated from the asset group. If those net undiscounted cash flows do not exceed the carrying amount, we would perform the next step, which is to determine the fair value of the asset and record an impairment, if any. We re-evaluate the useful life determinations for these intangible assets each year to determine whether events and circumstances warrant a revision to their remaining useful lives. For information related to the carrying amount of goodwill, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 3. Fair Value Measurements Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1—Quoted prices in active markets for identical assets or liabilities Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3—No observable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy. Income Taxes Our effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations and tax planning strategies available to us in the various jurisdictions in which we operate. Deferred income taxes are provided for temporary differences in the basis between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at tax rates in effect. We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The first step is recognition: we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The second step is measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset or an increase in a deferred tax liability. Significant management judgment is required in evaluating our tax positions and in determining our effective tax rate. We recorded provisional amounts in the consolidated financial statements for the income tax effects of the Tax Cuts and Jobs Act (TCJA) based upon currently available information. Stock-Based Compensation We measure and recognize compensation expense for all stock-based compensation awards made to employees and directors based on estimated fair values. See Note 9 for additional information. Foreign Currency Translation The functional currency of our foreign operations is generally the local currency. For these foreign entities, we translate income statement amounts at average exchange rates for the period, and we translate assets and liabilities at end-of-period exchange rates. We record these translation adjustments in Accumulated other comprehensive income, a separate component of Equity, in our consolidated balance sheets. We report exchange gains and losses on intercompany foreign currency transactions of a long-term nature in Accumulated other comprehensive income. Other exchange gains and losses are reported in income. Employee Benefit Plans Pension and postretirement health care and life insurance benefits earned during the year, as well as interest on projected benefit obligations, are accrued currently. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in operating results in the year in which they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management employees no longer earn pension benefits or earn service towards the company retiree medical subsidy. See Note 10 for additional information. We recognize a pension or a postretirement plan’s funded status as either an asset or liability on the consolidated balance sheets. Also, we measure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive income, net of applicable income tax. Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. We employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, forward interest rate swaps, interest rate swaps and interest rate caps. We do not hold derivatives for trading purposes. See Note 8 for additional information. We measure all derivatives at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Our derivative instruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified as Level 2. Changes in the fair values of derivative instruments not qualifying for hedge accounting are recognized in earnings in the current period. For fair value hedges, the change in the fair value of the derivative instruments is recognized in earnings, along with the change in the fair value of the hedged item. For cash flow hedges, the change in the fair value of the derivative instruments, along with the change in the fair value of the hedged item, are reported in Other comprehensive income (loss) and recognized in earnings when the hedged item is recognized in earnings. For net investment hedges of certain of our foreign operations, the change in the fair value of the derivative instruments is reported in Other comprehensive income (loss) as part of the cumulative translation adjustment and partially offset the impact of foreign currency changes on the value of our net investment. Variable Interest Entities VIEs are entities that lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We consolidate the assets and liabilities of VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is the party that has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Recently Adopted Accounting Standards During the first quarter of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." This standard update intends to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This standard update was effective as of the first quarter of 2017. The adoption of this standard update did not have a significant impact on our consolidated financial statements. During the first quarter of 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The amendments in this update eliminate the requirement to perform step two of the goodwill impairment test, which requires a hypothetical purchase price allocation when an impairment is determined to have occurred. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This standard update is effective as of the first quarter of 2020; however, early adoption is permitted for any interim or annual impairment tests performed after January 1, 2017. Verizon early adopted this standard on January 1, 2017. The adoption of this standard update did not have a significant impact on our consolidated financial statements. During the first quarter of 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." The amendments in this update provide a framework - the "screen" - in which to evaluate whether a set of transferred assets and activities is a business. The screen requires that such set is not a business when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. The standard also aligns the definition of outputs with how outputs are describ |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Note 2 Acquisitions and Divestitures Wireless Spectrum License Transactions Since 2015 , we have entered into several strategic spectrum transactions including: • In January 2015, the FCC completed an auction of 65MHz of spectrum, which it identified as the Advanced Wireless Services (AWS)-3 band. Verizon participated in that auction and was the high bidder on 181 spectrum licenses, for which we paid cash of approximately $10.4 billion . During the fourth quarter of 2014, we made a deposit of $0.9 billion related to our participation in this auction. During the first quarter of 2015, we submitted an application to the FCC and paid the remaining $9.5 billion to the FCC to complete payment for these licenses. The cash payment of $9.5 billion is classified within Acquisitions of wireless licenses on our consolidated statement of cash flows for the year ended December 31, 2015. The FCC granted us these spectrum licenses in April 2015. • During the fourth quarter of 2015, we completed a license exchange transaction with an affiliate of T-Mobile USA, Inc. (T-Mobile USA) to exchange certain AWS and Personal Communication Services (PCS) spectrum licenses. As a result, we received $0.4 billion of AWS and PCS spectrum licenses at fair value and recorded a pre-tax gain of approximately $0.3 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2015. • During the fourth quarter of 2015, we entered into a license exchange agreement with affiliates of AT&T Inc. (AT&T) to exchange certain AWS and PCS spectrum licenses. This non-cash exchange was completed in March 2016. As a result, we received $0.4 billion of AWS and PCS spectrum licenses at fair value and recorded a pre-tax gain of $0.1 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2016. • During the first quarter of 2016, we entered into a license exchange agreement with affiliates of Sprint Corporation to exchange certain AWS and PCS spectrum licenses. This non-cash exchange was completed in September 2016. As a result, we received $0.3 billion of AWS and PCS spectrum licenses at fair value and recorded an insignificant gain in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2016. • During the fourth quarter of 2016, we entered into a license exchange agreement with affiliates of AT&T to exchange certain AWS and PCS spectrum licenses. This non-cash exchange was completed in February 2017. As a result, we received $1.0 billion of AWS and PCS spectrum licenses at fair value and recorded a pre-tax gain of $0.1 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2017. • During the first quarter of 2017, we entered into a license exchange agreement with affiliates of Sprint Corporation to exchange certain PCS spectrum licenses. This non-cash exchange was completed in May 2017. As a result, we received $0.1 billion of PCS spectrum licenses at fair value and recorded an insignificant gain in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2017. • During the third quarter of 2017, we entered into a license exchange agreement with affiliates of T-Mobile USA to exchange certain AWS and PCS spectrum licenses. This non-cash exchange was completed in December 2017. As a result, we received $0.4 billion of AWS and PCS spectrum licenses at fair value and recorded a pre-tax gain of $0.1 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2017. Tower Monetization Transaction In March 2015, we completed a transaction with American Tower Corporation (American Tower) pursuant to which American Tower acquired the exclusive rights to lease and operate approximately 11,300 of our wireless towers for an upfront payment of $5.0 billion . Under the terms of the leases, American Tower has exclusive rights to lease and operate the towers over an average term of approximately 28 years. As the leases expire, American Tower has fixed-price purchase options to acquire these towers based on their anticipated fair market values at the end of the lease terms. As part of this transaction, we also sold 162 towers for $0.1 billion . We have subleased capacity on the towers from American Tower for a minimum of 10 years at current market rates, with options to renew. The upfront payment, including the towers sold, which is primarily included within Other liabilities on our consolidated balance sheets, was accounted for as deferred rent and as a financing obligation. The $2.4 billion accounted for as deferred rent, which is presented within Other, net cash flows provided by operating activities, relates to the portion of the towers for which the right-of-use has passed to the tower operator. The $2.7 billion accounted for as a financing obligation, which is presented within Other, net cash flows used in financing activities, relates to the portion of the towers that we continue to occupy and use for network operations. See Note 5 for additional information. Straight Path In May 2017, we entered into a purchase agreement to acquire Straight Path Communications Inc. (Straight Path), a holder of millimeter wave spectrum configured for fifth-generation ( 5G ) wireless services, for consideration reflecting an enterprise value of approximately $3.1 billion . Under the terms of the purchase agreement, we agreed to pay (i) Straight Path shareholders $184.00 per share, payable in Verizon shares, and (ii) certain transaction costs payable in cash of approximately $0.7 billion , consisting primarily of a fee to be paid to the FCC. The acquisition is subject to customary regulatory approvals and closing conditions, and is expected to close by the end of the first quarter of 2018. Other During 2017 , 2016 and 2015 , we entered into and completed various other wireless license transactions for an insignificant amount of cash consideration. Wireline Access Line Sale In February 2015, we entered into a definitive agreement with Frontier Communications Corporation (Frontier) pursuant to which Verizon sold its local exchange business and related landline activities in California, Florida and Texas, including Fios Internet and video customers, switched and special access lines and high-speed Internet service and long distance voice accounts in these three states, for approximately $10.5 billion (approximately $7.3 billion net of income taxes), subject to certain adjustments and including the assumption of $0.6 billion of indebtedness from Verizon by Frontier (Access Line Sale). The transaction, which included the acquisition by Frontier of the equity interests of Verizon’s incumbent local exchange carriers ( ILECs ) in California, Florida and Texas, did not involve any assets or liabilities of Verizon Wireless. The transaction closed on April 1, 2016. The transaction resulted in Frontier acquiring approximately 3.3 million voice connections, 1.6 million Fios Internet subscribers, 1.2 million Fios video subscribers and the related ILEC businesses from Verizon. For the years ended December 31, 2016 and 2015, these businesses generated revenues of approximately $1.3 billion and $5.3 billion , respectively, and operating income of $0.7 billion and $2.8 billion , respectively, for Verizon. The operating results of these businesses are excluded from our Wireline segment for all periods presented to reflect comparable segment operating results consistent with the information regularly reviewed by our chief operating decision maker. During April 2016, Verizon used the net cash proceeds received of $9.9 billion to reduce its consolidated indebtedness. See Note 6 for additional information. The assets and liabilities that were sold were included in Verizon’s continuing operations and classified as assets held for sale and liabilities related to assets held for sale on our consolidated balance sheets through the completion of the transaction on April 1, 2016. As a result of the closing of the transaction, we derecognized property, plant and equipment of $9.0 billion , goodwill of $1.3 billion , $0.7 billion of defined benefit pension and other postretirement benefit plan obligations and $0.6 billion of indebtedness assumed by Frontier. We recorded a pre-tax gain of approximately $1.0 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2016. The pre-tax gain included a $0.5 billion pension and postretirement benefit curtailment gain due to the elimination of the accrual of pension and other postretirement benefits for some or all future services of a significant number of employees covered by three of our defined benefit pension plans and one of our other postretirement benefit plans. XO Holdings In February 2016, we entered into a purchase agreement to acquire XO Holdings’ wireline business ( XO ) , which owned and operated one of the largest fiber-based Internet Protocol ( IP ) and Ethernet networks in the U.S. Concurrently, we entered into a separate agreement to utilize certain wireless spectrum from a wholly-owned subsidiary of XO Holdings, NextLink Wireless LLC (NextLink), that holds its wireless spectrum, which included an option, subject to certain conditions, to buy the subsidiary. In February 2017, we completed our acquisition of XO for total cash consideration of approximately $1.5 billion , of which $0.1 billion was paid in 2015 . In April 2017, we exercised our option to buy NextLink for approximately $0.5 billion , subject to certain adjustments. The transaction closed in January 2018. The spectrum acquired as part of the transaction will be used for our 5G technology deployment. The consolidated financial statements include the results of XO’s operations from the date the acquisition closed. If the acquisition of XO had been completed as of January 1, 2016, the results of operations of Verizon would not have been significantly different than our previously reported results of operations. The acquisition of XO was accounted for as a business combination. The consideration was allocated to the assets acquired and liabilities assumed based on their fair values as of the close of the acquisition. We recorded approximately $1.2 billion of plant, property and equipment, $0.2 billion of goodwill and $0.2 billion of other intangible assets. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill recorded as a result of the XO transaction represents future economic benefits we expect to achieve as a result of the acquisition. The goodwill related to this acquisition is included within our Wireline segment. See Note 3 for additional information. Data Center Sale In December 2016, we entered into a definitive agreement, which was subsequently amended in March 2017, with Equinix , Inc. (Equinix) pursuant to which we agreed to sell 23 customer-facing data center sites in the U.S. and Latin America for approximately $3.6 billion , subject to certain adjustments (Data Center Sale) . The transaction closed in May 2017. For the years ended December 31, 2017 and 2016, these sites generated an insignificant amount of revenues and earnings. As a result of the closing of the transaction, we derecognized assets with a carrying value of $1.4 billion , primarily consisting of goodwill, property, plant and equipment and other intangible assets. The liabilities associated with the sale were insignificant. In connection with the Data Center Sale and other insignificant divestitures, we recorded a net gain on sale of divested businesses of approximately $1.8 billion in Selling, general and administrative expense on our consolidated statement of income for the year ended December 31, 2017. WideOpenWest, Inc. In August 2017, we entered into a definitive agreement to purchase certain fiber-optic network assets in the Chicago market from WideOpenWest, Inc. ( WOW! ) , a leading provider of communications services. The transaction closed in December 2017. In addition, the parties entered into a separate agreement pursuant to which WOW! will complete the build-out of the network assets we acquired by the second half of 2018. The total cash consideration for the transactions is expected to be approximately $0.3 billion , of which $0.2 billion is related to the transaction that closed in December 2017. Other Acquisition of AOL Inc. In May 2015, we entered into an Agreement and Plan of Merger ( the Merger Agreement ) with AOL Inc. ( AOL ) pursuant to which we commenced a tender offer to acquire all of the outstanding shares of common stock of AOL at a price of $50.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes. On June 23, 2015, we completed the tender offer and merger, and AOL became a wholly-owned subsidiary of Verizon. The aggregate cash consideration paid by Verizon at the closing of these transactions was approximately $3.8 billion . Holders of approximately 6.6 million shares exercised appraisal rights under Delaware law. If they had not exercised these rights, Verizon would have paid an additional $330 million for such shares at the closing. AOL was a leader in the digital content and advertising platform space. Verizon has been investing in emerging technology that taps into the market shift to digital content and advertising. AOL’s business model aligns with this approach, and we believe that its combination of owned and operated content properties plus a digital advertising platform enhances our ability to further develop future revenue streams. The acquisition of AOL has been accounted for as a business combination. The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820, other than long-term debt assumed in the acquisition. The income approach was primarily used to value the intangible assets, consisting primarily of acquired technology and customer relationships. The income approach indicates value for an asset based on the present value of cash flow projected to be generated by the asset. Projected cash flow is discounted at a required rate of return that reflects the relative risk of achieving the cash flow and the time value of money. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for property, plant and equipment. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the property, less an allowance for loss in value due to depreciation. The following table summarizes the consideration to AOL’s shareholders and the identification of the assets acquired, including cash acquired of $0.5 billion , and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of AOL’s noncontrolling interests: (dollars in millions) As of June 23, 2015 Cash payment to AOL’s equity holders $ 3,764 Estimated liabilities to be paid (1) 377 Total consideration $ 4,141 Assets acquired: Goodwill $ 1,938 Intangible assets subject to amortization 2,504 Other 1,551 Total assets acquired 5,993 Liabilities assumed: Total liabilities assumed 1,851 Net assets acquired: 4,142 Noncontrolling interest (1 ) Total consideration $ 4,141 (1) During the years ended December 31, 2017 and 2016, we made cash payments of $1 million and $179 million , respectively, in respect of acquisition-date estimated liabilities to be paid. As of December 31, 2017, the remaining balance of estimated liabilities to be paid was $197 million . Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill recorded as a result of the AOL transaction represents future economic benefits we expect to achieve as a result of combining the operations of AOL and Verizon as well as assets acquired that could not be individually identified and separately recognized. The goodwill related to this acquisition is included within Corporate and other. See Note 3 for additional information. Acquisition of Yahoo! Inc.’s Operating Business In July 2016, Verizon entered into a stock purchase agreement (the Purchase Agreement) with Yahoo! Inc. ( Yahoo ). Pursuant to the Purchase Agreement, upon the terms and subject to the conditions thereof, we agreed to acquire the stock of one or more subsidiaries of Yahoo holding all of Yahoo’s operating business for approximately $4.83 billion in cash, subject to certain adjustments (the Transaction). In February 2017, Verizon and Yahoo entered into an amendment to the Purchase Agreement, pursuant to which the Transaction purchase price was reduced by $350 million to approximately $4.48 billion in cash, subject to certain adjustments. Subject to certain exceptions, the parties also agreed that certain user security and data breaches incurred by Yahoo (and the losses arising therefrom) were to be disregarded (1) for purposes of specified conditions to Verizon’s obligations to close the Transaction and (2) in determining whether a "Business Material Adverse Effect" under the Purchase Agreement has occurred. Concurrently with the amendment of the Purchase Agreement, Yahoo and Yahoo Holdings, Inc., a wholly-owned subsidiary of Yahoo that Verizon agreed to purchase pursuant to the Transaction, also entered into an amendment to the related reorganization agreement, pursuant to which Yahoo (which has changed its name to Altaba Inc. following the closing of the Transaction) retains 50% of certain post-closing liabilities arising out of governmental or third-party investigations, litigations or other claims related to certain user security and data breaches incurred by Yahoo prior to its acquisition by Verizon, including an August 2013 data breach disclosed by Yahoo on December 14, 2016. At that time, Yahoo disclosed that more than one billion of the approximately three billion accounts existing in 2013 had likely been affected. In accordance with the original Transaction agreements, Yahoo will continue to retain 100% of any liabilities arising out of any shareholder lawsuits (including derivative claims) and investigations and actions by the SEC. In June 2017, we completed the Transaction. The aggregate purchase consideration of the Transaction was approximately $4.7 billion , including cash acquired of $0.2 billion . Prior to the closing of the Transaction, pursuant to a related reorganization agreement, Yahoo transferred all of the assets and liabilities constituting Yahoo’s operating business to the subsidiaries that we acquired in the Transaction. The assets that we acquired did not include Yahoo’s ownership interests in Alibaba, Yahoo! Japan and certain other investments, certain undeveloped land recently divested by Yahoo, certain non-core intellectual property or its cash, other than the cash from its operating business we acquired. We received for our benefit and that of our current and certain future affiliates a non-exclusive, worldwide, perpetual, royalty-free license to all of Yahoo’s intellectual property that was not conveyed with the business. In October 2017, based upon information that we received in connection with our integration of Yahoo's operating business, we disclosed that we believe that the August 2013 data breach previously disclosed by Yahoo affected all of its accounts. Oath, our organization that combines Yahoo’s operating business with our existing Media business, includes diverse media and technology brands that engage approximately a billion people around the world. We believe that Oath, with its technology, content and data, will help us expand the global scale of our digital media business and build brands for the future. The acquisition of Yahoo’s operating business has been accounted for as a business combination. We are currently assessing the identification and measurement of the assets acquired and liabilities assumed. The preliminary results, which are summarized below, will be finalized within 12 months following the close of the acquisition. The preliminary results do not include any amount for potential liability arising from certain user security and data breaches since a reasonable estimate of loss, if any, cannot be determined at this time. We will continue to evaluate the accounting for these contingencies in conjunction with finalizing our accounting for this business combination and thereafter. When the valuations are finalized, any changes to the preliminary valuation of assets acquired and liabilities assumed may result in adjustments to the preliminary fair value of the net identifiable assets acquired and goodwill. The fair values of the assets acquired and liabilities assumed were determined using the income, cost, market and multiple period excess earnings approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820 other than long-term debt assumed in the acquisition. The income approach was primarily used to value the intangible assets, consisting primarily of acquired technology and customer relationships. The income approach indicates value for an asset based on the present value of cash flow projected to be generated by the asset. Projected cash flow is discounted at a required rate of return that reflects the relative risk of achieving the cash flow and the time value of money. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for property, plant and equipment. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the property, less an allowance for loss in value due to depreciation. The following table summarizes the consideration to Yahoo’s shareholders and the preliminary identification of the assets acquired, including cash acquired of $0.2 billion , and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of Yahoo’s noncontrolling interests: (dollars in millions) As of June 13, 2017 Measurement-period adjustments (1) As of December 31, 2017 Cash payment to Yahoo’s equity holders $ 4,723 $ (50 ) $ 4,673 Estimated liabilities to be paid 38 — 38 Total consideration $ 4,761 $ (50 ) $ 4,711 Assets acquired: Goodwill $ 874 $ 1,055 $ 1,929 Intangible assets subject to amortization 2,586 (713 ) 1,873 Property, plant, and equipment 1,796 9 1,805 Other 1,362 (30 ) 1,332 Total assets acquired 6,618 321 6,939 Liabilities assumed: Total liabilities assumed 1,824 354 2,178 Net assets acquired: 4,794 (33 ) 4,761 Noncontrolling interest (33 ) (17 ) (50 ) Total consideration $ 4,761 $ (50 ) $ 4,711 (1) Adjustments to preliminary fair value measurements to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. On the closing date of the Transaction, each unvested and outstanding Yahoo restricted stock unit award that was held by an employee who became an employee of Verizon was replaced with a Verizon restricted stock unit award, which is generally payable in cash upon the applicable vesting date. The value of those outstanding restricted stock units on the acquisition date was approximately $1.0 billion . Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill is primarily attributable to increased synergies that are expected to be achieved from the integration of Yahoo’s operating business into our Media business. The preliminary goodwill related to this acquisition is included within Corporate and other. See Note 3 for additional information. The consolidated financial statements include the results of Yahoo’s operating business from the date the acquisition closed. If the acquisition of Yahoo’s operating business had been completed as of January 1, 2016, the results of operations of Verizon would not have been significantly different than our previously reported results of operations. Acquisition and Integration Related Charges In connection with the Yahoo Transaction, we recognized $0.8 billion of acquisition and integration related charges during the year ended December 31, 2017, of which $0.5 billion , $0.1 billion and $0.2 billion related to Severance, Transaction costs and Integration costs, respectively. These charges were recorded in Selling, general and administrative expense on our consolidated statements of income. Fleetmatics Group PLC In July 2016, we entered into an agreement to acquire Fleetmatics Group PLC, a public limited company incorporated in Ireland ( Fleetmatics ). Fleetmatics was a leading global provider of fleet and mobile workforce management solutions. Pursuant to the terms of the agreement, we acquired Fleetmatics for $60.00 per ordinary share in cash. The aggregate merger consideration was approximately $2.5 billion , including cash acquired of $0.1 billion . We completed the acquisition on November 7, 2016. As a result of the transaction, Fleetmatics became a wholly-owned subsidiary of Verizon. The consolidated financial statements include the results of Fleetmatics’ operations from the date the acquisition closed. Had this acquisition been completed on January 1, 2016 or 2015, the results of operations of Verizon would not have been significantly different than our previously reported results of operations. Upon closing, we recorded approximately $1.4 billion of goodwill and $1.1 billion of other intangibles. The acquisition of Fleetmatics was accounted for as a business combination. The consideration was allocated to the assets acquired and liabilities assumed based on their fair values as of the close of the acquisition. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill recorded as a result of the Fleetmatics transaction represents future economic benefits we expect to achieve as a result of the acquisition. The goodwill related to this acquisition is included within Corporate and other. See Note 3 for additional information. Other In July 2016, we acquired Telogis , Inc. , a global cloud-based mobile enterprise management software business, for $0.9 billion of cash consideration. Upon closing, we recorded $0.5 billion of goodwill that is included within Corporate and other. During 2017 , 2016 and 2015 , we entered into and completed various other transactions for an insignificant amount of cash consideration. Real Estate Transaction On May 19, 2015, we consummated a sale-leaseback transaction with a financial services firm for the buildings and real estate at our Basking Ridge, New Jersey location. We received total gross proceeds of $0.7 billion resulting in a deferred gain of $0.4 billion , which will be amortized over the initial leaseback term of twenty years. The leaseback of the buildings and real estate is accounted for as an operating lease. The proceeds received as a result of this transaction have been classified within Cash flows used in investing activities on our consolidated statement of cash flows for the year ended December 31, 2015. |
Wireless Licenses, Goodwill and
Wireless Licenses, Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Wireless Licenses, Goodwill and Other Intangible Assets | Note 3 Wireless Licenses, Goodwill and Other Intangible Assets Wireless Licenses The carrying amounts of Wireless licenses are as follows: (dollars in millions) At December 31, 2017 2016 Wireless licenses $ 88,417 $ 86,673 At December 31, 2017 and 2016 , approximately $8.8 billion and $10.0 billion , respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded approximately $0.5 billion of capitalized interest on wireless licenses for the years ended December 31, 2017 and 2016 . The average remaining renewal period of our wireless license portfolio was 5.4 years as of December 31, 2017 . See Note 1 for additional information. See Note 2 for additional information regarding spectrum license transactions. Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2016 $ 18,393 $ 4,331 $ 2,607 $ 25,331 Acquisitions (Note 2) — — 2,310 2,310 Reclassifications, adjustments and other — (547 ) 111 (436 ) Balance at December 31, 2016 $ 18,393 $ 3,784 $ 5,028 $ 27,205 Acquisitions (Note 2) 4 208 1,956 2,168 Reclassifications, adjustments and other — 1 (202 ) (201 ) Balance at December 31, 2017 $ 18,397 $ 3,993 $ 6,782 $ 29,172 During 2016, we allocated $0.1 billion of goodwill on a relative fair value basis from Wireline to Other as a result of the reclassification of our telematics businesses. See Note 12 for additional information. In addition, during 2016, we allocated $0.4 billion of goodwill on a relative fair value basis from Wireline to Non-current assets held for sale on our consolidated balance sheet as of December 31, 2016 as a result of our agreement to sell 23 data center sites. See Note 2 for additional information. As a result of acquisitions completed during 2016, we recognized preliminary goodwill of $2.3 billion , which is included within Other. See Note 2 for additional information. During 2017, we recognized preliminary goodwill of $1.9 billion within Other as a result of the acquisition of Yahoo's operating business and $0.2 billion in Wireline as a result of the acquisition of XO. See Note 2 for additional information. Other Intangible Assets The following table displays the composition of Other intangible assets, net: (dollars in millions) 2017 2016 At December 31, Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer lists (5 to 13 years) $ 3,621 $ (691 ) $ 2,930 $ 2,884 $ (480 ) $ 2,404 Non-network internal-use software (3 to 7 years) 18,010 (12,374 ) 5,636 16,135 (10,913 ) 5,222 Other (2 to 25 years) 2,474 (793 ) 1,681 1,854 (583 ) 1,271 Total $ 24,105 $ (13,858 ) $ 10,247 $ 20,873 $ (11,976 ) $ 8,897 At December 31, 2017, we recognized preliminary other intangible assets of $1.9 billion in Corporate and other as a result of the acquisition of Yahoo's operating business and $0.2 billion in Wireline as a result of the acquisition of XO. See Note 2 for additional information. The amortization expense for Other intangible assets was as follows: Years (dollars in millions) 2017 $ 2,213 2016 1,701 2015 1,694 Estimated annual amortization expense for Other intangible assets is as follows: Years (dollars in millions) 2018 $ 2,079 2019 1,787 2020 1,478 2021 1,227 2022 1,024 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Plant, Property and Equipment | Note 4 Property, Plant and Equipment The following table displays the details of Property, plant and equipment, which is stated at cost: (dollars in millions) At December 31, Lives (years) 2017 2016 Land — $ 806 $ 667 Buildings and equipment 7-45 28,914 27,117 Central office and other network equipment 3-50 145,093 136,737 Cable, poles and conduit 7-50 47,972 45,639 Leasehold improvements 5-20 8,394 7,627 Work in progress — 6,139 5,710 Furniture, vehicles and other 3-20 9,180 8,718 246,498 232,215 Less accumulated depreciation 157,930 147,464 Property, plant and equipment, net $ 88,568 $ 84,751 |
Leasing Arrangements
Leasing Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leasing Arrangements | Note 5 Leasing Arrangements As Lessee We lease certain facilities and equipment for use in our operations under both capital and operating leases. Total rent expense under operating leases amounted to $3.8 billion in 2017 , $3.6 billion in 2016 , and $3.2 billion in 2015 . Amortization of capital leases is included in Depreciation and amortization expense in the consolidated statements of income. Capital lease amounts included in Property, plant and equipment are as follows: (dollars in millions) At December 31, 2017 2016 Capital leases $ 1,463 $ 1,277 Less accumulated amortization (692 ) (524 ) Total $ 771 $ 753 The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2017 , are as follows: (dollars in millions) Years Capital Leases Operating Leases 2018 $ 413 $ 3,290 2019 268 3,046 2020 179 2,683 2021 87 2,301 2022 50 1,952 Thereafter 135 7,462 Total minimum rental commitments 1,132 $ 20,734 Less interest and executory costs 112 Present value of minimum lease payments 1,020 Less current installments 382 Long-term obligation at December 31, 2017 $ 638 Tower Monetization Transaction During March 2015, we completed a transaction with American Tower pursuant to which American Tower acquired the exclusive rights to lease and operate approximately 11,300 of our wireless towers for an upfront payment of $5.0 billion . We have subleased capacity on the towers from American Tower for a minimum of 10 years at current market rates, with options to renew. Under this agreement, total rent payments amounted to $0.3 billion for both the years ended December 31, 2017 and 2016 . We expect to make minimum future lease payments of approximately $2.1 billion . We continue to include the towers in Property, plant and equipment , net in our consolidated balance sheets and depreciate them accordingly. At December 31, 2017 and 2016 , $0.4 billion and $0.5 billion of towers related to this transaction were included in Property, plant and equipment , net, respectively. See Note 2 for additional information. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 Debt Changes to debt during 2017 are as follows: (dollars in millions) Debt Maturing within One Year Long-term Debt Total Balance at January 1, 2017 $ 2,645 $ 105,433 $ 108,078 Proceeds from long-term borrowings 103 27,604 27,707 Proceeds from asset-backed long-term borrowings — 4,290 4,290 Repayments of long-term borrowings and capital leases obligations (8,191 ) (15,646 ) (23,837 ) Repayments of asset-backed long-term borrowings (400 ) — (400 ) Decrease in short-term obligations, excluding current maturities (170 ) — (170 ) Reclassifications of long-term debt 9,255 (9,255 ) — Other 211 1,216 1,427 Balance at December 31, 2017 $ 3,453 $ 113,642 $ 117,095 Debt maturing within one year is as follows: (dollars in millions) At December 31, 2017 2016 Long-term debt maturing within one year $ 3,303 $ 2,477 Short-term notes payable 150 168 Total debt maturing within one year $ 3,453 $ 2,645 Credit facilities In September 2016, we amended our $8.0 billion credit facility to increase the availability to $9.0 billion and extend the maturity to September 2020 . As of December 31, 2017 , the unused borrowing capacity under our $9.0 billion credit facility was approximately $8.9 billion . The 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. We use the credit facility for the issuance of letters of credit and for general corporate purposes. In March 2016, we entered into a credit facility insured by Eksportkreditnamnden Stockholm, Sweden (EKN), the Swedish export credit agency. As of December 31, 2017 , we had an outstanding balance of $0.8 billion . We used this credit facility to finance network equipment-related purchases. In July 2017, we entered into credit facilities insured by various export credit agencies with the ability to borrow up to $4.0 billion to finance equipment-related purchases. The facilities have borrowings available, portions of which extend through October 2019, contingent upon the amount of eligible equipment-related purchases made by Verizon. At December 31, 2017 , we had not drawn on these facilities. In January 2018, we drew down $0.5 billion . Long-Term Debt Outstanding long-term debt obligations are as follows: (dollars in millions) At December 31, Interest Rates % Maturities 2017 2016 Verizon—notes payable and other 1.38 – 3.96 2018 – 2047 $ 31,370 $ 28,491 4.09 – 5.51 2020 – 2055 67,906 53,909 5.82 – 6.90 2026 – 2054 5,835 11,295 7.35 – 8.95 2029 – 2039 1,106 1,860 Floating 2018 – 2025 6,684 9,750 Verizon Wireless—Alltel assumed notes 6.80 – 7.88 2029 – 2032 234 525 Telephone subsidiaries—debentures 5.13 – 6.50 2028 – 2033 226 319 7.38 – 7.88 2022 – 2032 341 561 8.00 – 8.75 2022 – 2031 229 328 Other subsidiaries—notes payable, debentures and other 6.70 – 8.75 2018 – 2028 748 1,102 Verizon Wireless and other subsidiaries—asset-backed debt 1.42 – 2.65 2021 – 2022 6,293 2,485 Floating 2021 – 2022 2,620 2,520 Capital lease obligations (average rate of 3.6% and 3.5% in 2017 and 2016, respectively) 1,020 950 Unamortized discount, net of premium (7,133 ) (5,716 ) Unamortized debt issuance costs (534 ) (469 ) Total long-term debt, including current maturities 116,945 107,910 Less long-term debt maturing within one year 3,303 2,477 Total long-term debt $ 113,642 $ 105,433 2017 February Exchange Offers and Cash Offers In February 2017, we completed private exchange and tender offers for 18 series of notes issued by Verizon (February Old Notes) for (i) new notes issued by Verizon (and, for certain series, cash) (February Exchange Offers) or (ii) cash (February Cash Offers). The February Old Notes had coupon rates ranging from 1.375% to 8.950% and maturity dates ranging from 2018 to 2043. In connection with the February Exchange Offers, we issued $3.2 billion aggregate principal amount of Verizon 2.946% Notes due 2022 , $1.7 billion aggregate principal amount of Verizon 4.812% Notes due 2039 and $4.1 billion aggregate principal amount of Verizon 5.012% Notes due 2049, plus applicable cash of $0.6 billion , in exchange for $8.3 billion aggregate principal amount of February Old Notes. In connection with the February Cash Offers, we paid $0.5 billion cash to purchase $0.5 billion aggregate principal amount of February Old Notes. We subsequently purchased an additional $0.1 billion aggregate principal amount of February Old Notes for $0.1 billion cash, from certain holders whose tenders of notes in the February Cash Offers had been rejected. In addition to the exchange or purchase price, any accrued and unpaid interest on Old February Notes was paid at settlement. Term Loan Credit Agreements During January 2017, we entered into a term loan credit agreement with a syndicate of major financial institutions, pursuant to which we could borrow up to $5.5 billion for (i) the acquisition of Yahoo and (ii) general corporate purposes. None of the $5.5 billion borrowing capacity was used during 2017. In March 2017, the term loan credit agreement was terminated in accordance with its terms and as such, the related fees were recognized in Other income (expense), net and were not significant. In March 2017, we prepaid $1.7 billion of the outstanding $3.3 billion term loan that had an original maturity date of July 2019. During April 2017, we repaid the remaining outstanding amount under the term loan agreement. March Tender Offers In March 2017, we completed tender offers for 30 series of notes issued by Verizon and certain of its subsidiaries with coupon rates ranging from 5.125% to 8.950% and maturity dates ranging from 2018 to 2043 (March Tender Offers). In connection with the March Tender Offers, we purchased $2.8 billion aggregate principal amount of Verizon notes, $0.2 billion aggregate principal amount of our operating telephone company subsidiary notes and $0.1 billion aggregate principal amount of GTE LLC notes for total cash consideration of $3.8 billion . In addition to the purchase price, any accrued and unpaid interest on the purchased notes was paid to the date of purchase. August Exchange Offers and Cash Offers In August 2017, we completed private exchange and tender offers for 17 series of notes issued by Verizon and GTE LLC (August Old Notes) for (i) new notes issued by Verizon (and, for certain series, cash) or (ii) cash (August Exchange Offers and Cash Offers). The August Old Notes had coupon rates ranging from 1.375% to 8.750% , and maturity dates ranging from 2018 to 2023. In connection with the August Exchange Offers and Cash Offers, we issued $4.0 billion of Verizon 3.376% Notes due 2025, in exchange for $4.0 billion aggregate principal amount of August Old Notes and paid $3.0 billion cash to purchase $3.0 billion aggregate principal amount of August Old Notes. In addition to the exchange or purchase price, any accrued and unpaid interest on the August Old Notes accepted for exchange or purchase was paid at settlement. August Tender Offers In August 2017, we completed tender offers for 29 series of notes issued by Verizon and certain of its subsidiaries with coupon rates ranging from 5.050% to 8.950% and maturity dates ranging from 2022 to 2043 (August Tender Offers). In connection with the August Tender Offers, we purchased $1.5 billion aggregate principal amount of Verizon notes, $0.1 billion aggregate principal amount of our operating telephone company subsidiary notes, $0.2 billion aggregate principal amount of Alltel Corporation notes, and an insignificant amount of GTE LLC notes for total cash consideration of $2.1 billion . In addition to the purchase price, any accrued and unpaid interest on the purchased notes was paid to the date of purchase. October Tender Offers In October 2017, we completed tender offers for 5 series of Euro and British Pound Sterling-denominated notes issued by Verizon with coupon rates ranging from 0.500% to 4.750% and maturity dates ranging from 2022 to 2034 (October Tender Offers). In connection with the October Tender Offers, we purchased €2.1 billion and £0.7 billion aggregate principal amount of Verizon notes for total cash consideration of $3.6 billion . In addition to the purchase price, any accrued and unpaid interest on the purchased notes was paid to the date of purchase. December Tender Offers In December 2017, we completed tender offers for 31 series of notes issued by Verizon and certain of its subsidiaries with coupon rates ranging from 5.050% to 8.950% and maturity dates ranging from 2018 to 2043 (December Tender Offers). In connection with the December Tender Offers, we purchased $0.2 billion aggregate principal amount of Verizon notes and an insignificant amount of GTE LLC notes, operating telephone company subsidiary notes, and Alltel Corporation notes for total cash consideration of $0.3 billion . In addition to the purchase price, any accrued and unpaid interest on the purchased notes was paid to the date of purchase. December Exchange Offers In December 2017, we completed private exchange offers and consent solicitations for 18 series of notes issued by certain subsidiaries of Verizon (December Old Notes) for new notes issued by Verizon (and, for certain series, cash) or, in lieu of new notes in certain circumstances, cash (December Exchange offers). The December Old Notes had coupon rates ranging from 5.125% to 8.750% and maturity dates ranging from 2021 to 2033. In connection with the December Exchange Offers, we issued $0.1 billion of Verizon 6.800% Notes due 2029 and $0.1 billion of Verizon 7.875% Notes due 2032, and paid an insignificant amount of cash, in exchange for $0.2 billion aggregate principal amount of December Old Notes. In addition to the exchange or purchase price, any accrued and unpaid interest on December Old Notes accepted for exchange or purchase was paid at settlement. Debt Issuances and Redemptions During February 2017, we redeemed $0.2 billion of the $0.6 billion 6.940% GTE LLC Notes due 2028 at 124.8% of the principal amount of the notes repurchased. During February 2017, we issued approximately $1.5 billion aggregate principal amount of 4.950% Notes due 2047. The issuance of these notes resulted in cash proceeds of approximately $1.5 billion , net of discounts and issuance costs and after reimbursement of certain expenses. The net proceeds were used for general corporate purposes. During March 2017, we issued $11.0 billion aggregate principal amount of fixed and floating rate notes. The issuance of these notes resulted in cash proceeds of approximately $10.9 billion , net of discounts and issuance costs and after reimbursement of certain expenses. The issuance consisted of the following series of notes: $1.4 billion aggregate principal amount of Floating Rate Notes due 2022, $1.85 billion aggregate principal amount of 3.125% Notes due 2022, $3.25 billion aggregate principal amount of 4.125% Notes due 2027, $3.0 billion aggregate principal amount of 5.250% Notes due 2037, and $1.5 billion aggregate principal amount of 5.500% Notes due 2047. The floating rate notes bear interest at a rate equal to the three-month London Interbank Offered Rate (LIBOR) plus 1.000% , which rate will be reset quarterly. The net proceeds were primarily used for the March Tender Offers and general corporate purposes, including discretionary contributions to our qualified pension plans of $3.4 billion . We also used certain of the net proceeds to finance our acquisition of Yahoo’s operating business. During April 2017, we redeemed in whole $0.5 billion aggregate principal amount of Verizon 6.100% Notes due 2018 at 104.485% of the principal amount of such notes and $0.5 billion aggregate principal amount of Verizon 5.500% Notes due 2018 at 103.323% of the principal amount of such notes, plus accrued and unpaid interest to the date of redemption. During May 2017, we issued $1.5 billion aggregate principal amount of Floating Rate Notes due 2020. The issuance of these notes resulted in cash proceeds of approximately $1.5 billion , net of discounts and issuance costs. The floating rate notes bear interest at a rate equal to three-month LIBOR plus 0.550% , which will be reset quarterly. The net proceeds were primarily used for general corporate purposes, which included the repayment of outstanding indebtedness. In addition we issued CHF 0.6 billion aggregate principal amount of 0.375% Bonds due 2023, and CHF 0.4 billion aggregate principal amount of 1.000% Bonds due 2027. The issuance of these bonds resulted in cash proceeds of approximately $1.0 billion , net of discounts and issuance costs. The net proceeds were primarily used for general corporate purposes including the repayment of debt. During May 2017, we initiated a retail notes program in connection with the issuance and sale from time to time of our notes that are due nine months or more from the date of issue. As of December 31, 2017 we have issued $0.9 billion of retail notes with interest rates ranging from 2.600% to 4.900% and maturity dates ranging from 2022 to 2047. During June 2017, $1.3 billion of Verizon floating rate notes matured and were repaid. During June 2017, we redeemed in whole $0.5 billion aggregate principal amount of Verizon 1.100% Notes due 2017 at 100.003% of the principal amount of such notes, plus accrued and unpaid interest to the date of redemption. During August 2017, we issued $3.0 billion aggregate principal amount of 4.500% Notes due 2033 resulting in cash proceeds of approximately $3.0 billion , net of discounts and issuance costs. In addition, we issued the following four series of Australian Dollar (AUD) denominated notes resulting in cash proceeds of $1.7 billion net of discounts and issuance costs: AUD 0.55 billion aggregate principal amount of 3.500% Notes due 2023, AUD 0.45 billion aggregate principal amount of 4.050% Notes due 2025, AUD 0.7 billion aggregate principal amount of 4.500% Notes due 2027 and AUD 0.5 billion aggregate principal amount of Floating Rate Notes due 2023. The floating rate notes bear interest at a rate equal to the three-month Bank Bill Swap Reference Rate plus 1.220% which will be reset quarterly. In addition, we issued $1.0 billion aggregate principal amount of 5.150% Notes due 2050 resulting in cash proceeds of approximately $0.9 billion , net of discounts, issuance costs and reimbursement of certain expenses. The proceeds of the notes issued during August 2017 were used for general corporate purposes including the repayment of debt. During September 2017, we redeemed in whole $1.3 billion aggregate principal amount of Verizon 3.650% Notes due 2018, at 101.961% of the principal amount of such notes, plus accrued and unpaid interest to the date of redemption. During October 2017, we issued €3.5 billion and £1.0 billion aggregate principal amount of fixed rate notes. The issuance of these notes resulted in cash proceeds of approximately $5.4 billion , net of discounts and issuance costs and after reimbursement of certain expenses. The issuance consisted of the following series of notes: €1.25 billion aggregate principal amount of 1.375% Notes due 2026, €0.75 billion aggregate principal amount of 1.875% Notes due 2029, €1.5 billion aggregate principal amount of 2.875% Notes due 2038, and £1.0 billion aggregate principal amount of 3.375% Notes due 2036. The net proceeds were primarily used for the October Tender Offers and general corporate purposes. During November 2017, we redeemed in whole $3.5 billion aggregate principal amount of Verizon 4.500% Notes due 2020, at 106.164% of the principal amount of such notes, plus accrued and unpaid interest to the date of redemption. 2016 April Tender Offers In April 2016, we completed three concurrent, but separate, tender offers for 34 series of notes issued by Verizon and certain of its subsidiaries with coupon rates ranging from 2.000% to 8.950% and maturity dates ranging from 2016 to 2043 (April Tender Offers). In connection with the April Tender Offers, we purchased $6.8 billion aggregate principal amount of Verizon notes, $1.2 billion aggregate principal amount of our operating telephone company subsidiary notes, $0.3 billion aggregate principal amount of GTE LLC notes, and $0.2 billion Alltel Corporation notes for total cash consideration of $10.2 billion , inclusive of accrued interest of $0.1 billion . Debt Issuances and Redemptions During April 2016, we redeemed in whole $0.9 billion aggregate principal amount of Verizon 2.500% Notes due 2016 at 100.773% of the principal amount of such notes, $0.5 billion aggregate principal amount of Verizon 2.000% Notes due 2016 at 100.775% of the principal amount of such notes, and $0.8 billion aggregate principal amount of Verizon 6.350% Notes due 2019 at 113.521% of the principal amount of such notes (April Redemptions). These notes were purchased and canceled for $2.3 billion , inclusive of an insignificant amount of accrued interest. During August 2016, we issued $6.2 billion aggregate principal amount of fixed and floating rate notes. The issuance of these Notes resulted in cash proceeds of approximately $6.1 billion , net of discounts and issuance costs and after reimbursement of certain expenses. The issuance consisted of the following series of notes: $0.4 billion aggregate principal amount of Floating Rate Notes due 2019, $1.0 billion aggregate principal amount of 1.375% Notes due 2019, $1.0 billion aggregate principal amount of 1.750% Notes due 2021, $2.3 billion aggregate principal amount of 2.625% Notes due 2026, and $1.5 billion aggregate principal amount of 4.125% Notes due 2046. The floating rate notes bear interest at a rate equal to the three-month LIBOR plus 0.370% , which rate will be reset quarterly. The net proceeds were used for general corporate purposes, including to repay at maturity on September 15, 2016, $2.3 billion aggregate principal amount of our floating rate notes, plus accrued interest on the notes. During September 2016, we issued $2.1 billion aggregate principal amount of 4.200% Notes due 2046. The issuance of these Notes resulted in cash proceeds of approximately $2.0 billion , net of discounts and issuance costs and after reimbursement of certain expenses. The net proceeds were used to redeem in whole $0.9 billion aggregate principal amount of Verizon 4.800% Notes due 2044 at 100% of the principal amount of such notes, plus any accrued and unpaid interest to the date of redemption, for an insignificant loss. Proceeds not used for the redemption of these notes were used for general corporate purposes. During October 2016, we issued €1.0 billion aggregate principal amount of 0.500% Notes due 2022, €1.0 billion aggregate principal amount of 0.875% Notes due 2025, €1.25 billion aggregate principal amount of 1.375% Notes due 2028, and £0.45 billion aggregate principal amount of 3.125% Notes due 2035. The issuance of these notes resulted in cash proceeds of approximately $4.1 billion , net of discounts and issuance costs and after reimbursement of certain expenses. The net proceeds from the sale of the notes were used for general corporate purposes, including the financing of our acquisition of Fleetmatics and the repayment of outstanding indebtedness. During December 2016, we redeemed in whole $2.0 billion aggregate principal amount of Verizon 1.350% Notes due 2017 at 100.321% of the principal amount of such notes, plus any accrued and unpaid interest to the date of redemption, for an insignificant loss. Also in December 2016, we repurchased $2.5 billion aggregate principal amount of eight-year Verizon notes at 100% of the aggregate principal amount of such notes plus accrued and unpaid interest to the date of redemption. Asset-Backed Debt At December 31, 2017 , the carrying value of our asset-backed debt was $8.9 billion . Our asset-backed debt includes notes (the Asset-Backed Notes) issued to third-party investors (Investors) and loans (ABS Financing Facility) received from banks and their conduit facilities (collectively, the Banks). Our consolidated asset-backed debt bankruptcy remote legal entities (each, an ABS Entity or collectively, the ABS Entities) issue the debt or are otherwise party to the transaction documentation in connection with our asset-backed debt transactions. Under the terms of our asset-backed debt, we transfer device payment plan agreement receivables from Cellco Partnership and certain other affiliates of Verizon (collectively, the Originators) to one of the ABS Entities, which in turn transfers such receivables to another ABS Entity that issues the debt. Verizon entities retain the equity interests in the ABS Entities, which represent the rights to all funds not needed to make required payments on the asset-backed debt and other related payments and expenses. Our asset-backed debt is secured by the transferred device payment plan agreement receivables and future collections on such receivables. The device payment plan agreement receivables transferred to the ABS Entities and related assets, consisting primarily of restricted cash, will only be available for payment of asset-backed debt and expenses related thereto, payments to the Originators in respect of additional transfers of device payment plan agreement receivables, and other obligations arising from our asset-backed debt transactions, and will not be available to pay other obligations or claims of Verizon’s creditors until the associated asset-backed debt and other obligations are satisfied. The Investors or Banks, as applicable, which hold our asset-backed debt have legal recourse to the assets securing the debt, but do not have any recourse to Verizon with respect to the payment of principal and interest on the debt. Under a parent support agreement, Verizon has agreed to guarantee certain of the payment obligations of Cellco Partnership and the Originators to the ABS Entities. Cash collections on the device payment plan agreement receivables are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets on our consolidated balance sheets. Proceeds from our asset-backed debt transactions, deposits to the segregated accounts and payments to the Originators in respect of additional transfers of device payment plan agreement receivables are reflected in Cash flows from financing activities in our consolidated statements of cash flows. Repayments of our asset-backed debt and related interest payments made from the segregated accounts are non-cash activities and therefore not reflected within Cash flows from financing activities in our consolidated statements of cash flows. The asset-backed debt issued and the assets securing this debt are included on our consolidated balance sheets. Asset-Backed Notes In October 2017, we issued approximately $1.4 billion aggregate principal amount of senior and junior Asset-Backed Notes through an ABS Entity. The Class A-1a senior Asset-Backed Notes had an expected weighted-average life to maturity of 2.48 years at issuance and bear interest at 2.060% per annum, the Class A-1b senior Asset-Backed Notes had an expected weighted -average life to maturity of 2.48 years at issuance and bear interest at one-month LIBOR + 0.270% , which rate will be reset monthly, the Class B junior Asset-Backed Notes had an expected weighted-average life to maturity of 3.12 years at issuance and bear interest at 2.380% per annum and the Class C junior Asset-Backed Notes had an expected weighted-average life to maturity of 3.35 years at issuance and bear interest at 2.530% per annum. In June 2017, we issued approximately $1.3 billion aggregate principal amount of senior and junior Asset-Backed Notes through an ABS Entity. The Class A senior Asset-Backed Notes had an expected weighted-average life to maturity of 2.47 years at issuance and bear interest at 1.920% per annum, the Class B junior Asset-Backed Notes had an expected weighted-average life to maturity of 3.11 years at issuance and bear interest at 2.220% per annum and the Class C junior Asset-Backed Notes had an expected weighted-average life to maturity of 3.34 years at issuance and bear interest at 2.380% per annum. In March 2017, we issued approximately $1.3 billion aggregate principal amount of senior and junior Asset-Backed Notes through an ABS Entity. The Class A senior Asset-Backed Notes had an expected weighted-average life to maturity of 2.6 years at issuance and bear interest at 2.060% per annum, the Class B junior Asset-Backed Notes had an expected weighted-average life to maturity of 3.38 years at issuance and bear interest at 2.450% per annum and the Class C junior Asset-Backed Notes had an expected weighted-average life to maturity of 3.64 years at issuance and bear interest at 2.650% per annum. In November 2016, we issued approximately $1.4 billion aggregate principal amount of senior and junior Asset-Backed Notes through an ABS Entity. The Class A senior Asset-Backed Notes had an expected weighted-average life to maturity of about 2.55 years at issuance and bear interest at 1.680% per annum. The Class B junior Asset-Backed Notes had an expected weighted-average life to maturity of about 3.32 years at issuance and bear interest at 2.150% per annum and the Class C junior Asset-Backed Notes had an expected weighted-average life to maturity of 3.59 years at issuance and bear interest at 2.360% per annum. In July 2016, we issued approximately $1.2 billion aggregate principal amount of senior and junior Asset-Backed Notes through an ABS Entity, of which $1.1 billion of notes were sold to Investors. The Class A senior Asset-Backed Notes had an expected weighted-average life to maturity of about 2.52 years at issuance and bear interest at 1.420% per annum. The Class B junior Asset-Backed Notes had an expected weighted-average life to maturity of about 3.24 years at issuance and bear interest at 1.460% per annum and the Class C junior Asset-Backed Notes had an expected weighted-average life to maturity of 3.51 years at issuance and bear interest at 1.610% per annum. Under the terms of each series of Asset-Backed Notes, there is a two year revolving period during which we may transfer additional receivables to the ABS Entity. ABS Financing Facility During September 2016, we entered into a loan agreement through an ABS Entity with a number of financial institutions. Under the terms of the loan agreement, such counterparties made advances under asset-backed loans backed by device payment plan agreement receivables for proceeds of $1.5 billion . We had the option of requesting an additional $1.5 billion of committed funding by December 31, 2016 and during December 2016, we received additional funding of $1.0 billion under this option. In May 2017, we received additional funding of $0.3 billion pursuant to an additional loan agreement with similar terms. These loans have an expected weighted-average life of about 2.4 years at issuance and bear interest at floating rates. There is a two year revolving period, beginning from September 2016, which may be extended, during which we may transfer additional receivables to the ABS Entity. Subject to certain conditions, we may also remove receivables from the ABS Entity. Under these loan agreements, we have the right to prepay all or a portion of the loans at any time without penalty, but in certain cases, with breakage costs. In December 2017, we prepaid $0.4 billion . The amount prepaid is available for further drawdowns until September 2018, except in certain circumstances. As of December 31, 2017 , outstanding borrowings under the loans were $2.4 billion . Variable Interest Entities (VIEs) The ABS Entities meet the definition of a VIE for which we have determined we are the primary beneficiary as we have both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity. Therefore, the assets, liabilities and activities of the ABS Entities are consolidated in our financial results and are included in amounts presented on the face of our consolidated balance sheets. The assets and liabilities related to our asset-backed debt arrangements included on our consolidated balance sheets were as follows: (dollars in millions) At December 31, 2017 2016 Assets Account receivable, net $ 8,101 $ 3,383 Prepaid expenses and other 636 236 Other Assets 2,680 2,383 Liabilities Accounts payable and accrued liabilities 5 4 Short-term portion of long-term debt 1,932 — Long-term debt 6,955 4,988 See Note 7 for additional information on device payment plan agreement receivables used to secure asset-backed debt. Early Debt Redemption and Other Costs During 2017 and 2016, we recorded losses on early debt redemptions of $2.0 billion and $1.8 billion , respectively. We recognize losses on early debt redemptions in Other income (expense), net on our consolidated statements of income and within our Net cash used in financing activities on our consolidated statements of cash flows. Additional Financing Activities (Non-Cash Transactions) During both the years ended December 31, 2017 and 2016 , we financed, primarily through vendor financing arrangements, the purchase of approximately $0.5 billion of long-lived assets consisting primarily of network equipment. At December 31, 2017 , $1.2 billion relating to these financing arrangements, including those entered into in prior years and liabilities assumed through acquisitions, remained outstanding. These purchases are non-cash financing activities and therefore not reflected within Capital expenditures on our consolidated statements of cash flows. Guarantees We guarantee the debentures of our operating telephone company subsidiaries. As of December 31, 2017 , $0.8 billion aggregate principal amount of these obligations remained outstanding. Each guarantee will remain in place for the life of the obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of Verizon. As a result of the closing of the Access Line Sale on April 1, 2016, GTE Southwest Inc., Verizon California Inc. and Verizon Florida LLC are no longer wholly-owned subsidiaries of Verizon, and the guarantees of $0.6 billion aggregate principal amount of debentures and first mortgage bonds of those entities have terminated pursuant to their terms. We also guarantee the debt obligations of GTE LLC as successor in interest to GTE Corporation that were issued and outstanding prior to July 1, 2003. As of December 31, 2017 , $0.7 billion aggregate principal amount of these obligations remain outstanding. Debt Covenants We and our consolidated subsidiaries are in compliance with all of our restrictive covenants. Maturities of Long-Term Debt Maturities of long-term debt outstanding, excluding unamortized debt issuance costs, at December 31, 2017 are as follows: Years (dollars in millions) 2018 $ 3,308 2019 6,306 2020 6,587 2021 6,403 2022 9,520 Thereafter 85,355 |
Wireless Device Payment Plans
Wireless Device Payment Plans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Wireless Device Payment Plans | Note 7 Wireless Device Payment Plans Under the Verizon device payment program, our eligible wireless customers purchase wireless devices under a device payment plan agreement. Customers that activate service on devices purchased under the device payment program pay lower service fees as compared to those under our fixed-term service plans, and their device payment plan charge is included on their standard wireless monthly bill. As of January 2017, we no longer offer consumers new fixed-term service plans for phones. However we continue to service existing plans and provide these plans to business customers. Wireless Device Payment Plan Agreement Receivables The following table displays device payment plan agreement receivables, net, that continue to be recognized in our consolidated balance sheets: (dollars in millions) At December 31, 2017 2016 Device payment plan agreement receivables, gross $ 17,770 $ 11,797 Unamortized imputed interest (821 ) (511 ) Device payment plan agreement receivables, net of unamortized imputed interest 16,949 11,286 Allowance for credit losses (848 ) (688 ) Device payment plan agreement receivables, net $ 16,101 $ 10,598 Classified on our consolidated balance sheets: Accounts receivable, net $ 11,064 $ 6,140 Other assets 5,037 4,458 Device payment plan agreement receivables, net $ 16,101 $ 10,598 Included in our device payment plan agreement receivables, net at December 31, 2017 , are net device payment plan agreement receivables of $10.7 billion that have been transferred to ABS Entities and continue to be reported in our consolidated balance sheet. See Note 6 for additional information. We may offer certain promotions that allow a customer to trade in his or her owned device in connection with the purchase of a new device. Under these types of promotions, the customer receives a credit for the value of the trade-in device. In addition, we may provide the customer with additional future credits that will be applied against the customer's monthly bill as long as service is maintained. We recognize a liability for the trade-in device measured at fair value, which is determined by considering several factors, including the weighted-average selling prices obtained in recent resales of similar devices eligible for trade-in. Future credits are recognized when earned by the customer. Device payment plan agreement receivables, net does not reflect the trade-in device liability. At December 31, 2017 , the amount of trade-in liability was insignificant. From time to time, we offer certain marketing promotions that allow our customers to upgrade to a new device after paying down a certain specified portion of the required device payment plan agreement amount as well as trading in their device in good working order. When a customer enters into a device payment plan agreement with the right to upgrade to a new device, we account for this trade-in right as a guarantee obligation. At the time of the sale of a device, we impute risk adjusted interest on the device payment plan agreement receivables. We record the imputed interest as a reduction to the related accounts receivable. Interest income, which is included within Service revenues and other on our consolidated statements of income, is recognized over the financed device payment term. When originating device payment plan agreements, we use internal and external data sources to create a credit risk score to measure the credit quality of a customer and to determine eligibility for the device payment program. If a customer is either new to Verizon Wireless or has less than 210 days of customer tenure with Verizon Wireless (a new customer), the credit decision process relies more heavily on external data sources. If the customer has 210 days or more of customer tenure with Verizon Wireless (an existing customer), the credit decision process relies on internal data sources. Verizon Wireless’ experience has been that the payment attributes of longer tenured customers are highly predictive for estimating their ability to pay in the future. External data sources include obtaining a credit report from a national consumer credit reporting agency, if available. Verizon Wireless uses its internal data and/or credit data obtained from the credit reporting agencies to create a custom credit risk score. The custom credit risk score is generated automatically (except with respect to a small number of applications where the information needs manual intervention) from the applicant’s credit data using Verizon Wireless’ proprietary custom credit models, which are empirically derived, demonstrably and statistically sound. The credit risk score measures the likelihood that the potential customer will become severely delinquent and be disconnected for non-payment. For a small portion of new customer applications, a traditional credit report is not available from one of the national credit reporting agencies because the potential customer does not have sufficient credit history. In those instances, alternate credit data is used for the risk assessment. Based on the custom credit risk score, we assign each customer to a credit class, each of which has a specified required down payment percentage, which ranges from zero to 100% , and specified credit limits. Device payment plan agreement receivables originated from customers assigned to credit classes requiring no down payment represent the lowest risk. Device payment plan agreement receivables originated from customers assigned to credit classes requiring a down payment represent a higher risk. Subsequent to origination, Verizon Wireless monitors delinquency and write-off experience as key credit quality indicators for its portfolio of device payment plan agreements and fixed-term service plans. The extent of our collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent. These customer scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. We continuously monitor collection performance results and the credit quality of our device payment plan agreement receivables based on a variety of metrics, including aging. Verizon Wireless considers an account to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. The balance and aging of the device payment plan agreement receivables on a gross basis was as follows: (dollars in millions) At December 31, 2017 2016 Unbilled $ 16,591 $ 11,089 Billed: Current 975 557 Past due 204 151 Device payment plan agreement receivables, gross $ 17,770 $ 11,797 Activity in the allowance for credit losses for the device payment plan agreement receivables was as follows: (dollars in millions) 2017 2016 Balance at January 1, $ 688 $ 444 Bad debt expense 718 692 Write-offs (558 ) (479 ) Allowance related to receivables sold — 28 Other — 3 Balance at December 31, $ 848 $ 688 Sales of Wireless Device Payment Plan Agreement Receivables In 2015 and 2016, we established programs pursuant to a Receivables Purchase Agreement, or RPA, to sell from time to time, on an uncommitted basis, eligible device payment plan agreement receivables to a group of primarily relationship banks (Purchasers) on both a revolving (Revolving Program) and non-revolving (Non-Revolving Program) basis. In December 2017, the RPA and all other related transaction documents were terminated. Under the Programs, eligible device payment plan agreement receivables were transferred to the Purchasers for upfront cash proceeds and additional consideration upon settlement of the receivables, referred to as the deferred purchase price. There were no sales of device payment plan agreement receivables under the Programs during 2017. During 2016, we sold $3.3 billion of receivables, net of allowance and imputed interest, under the Revolving Program. We received cash proceeds from new transfers of $2.0 billion and cash proceeds from reinvested collections of $0.9 billion and recorded a deferred purchase price of $0.4 billion . During 2015, we sold $6.1 billion of receivables, net of allowances and imputed interest, under the Non-Revolving Program. In connection with this sale, we received cash proceeds from new transfers of $4.5 billion and recorded a deferred purchase price of $1.7 billion . During 2015, we also sold $3.3 billion of receivables, net of allowances and imputed interest, under the Revolving Program. In connection with this sale, we received cash proceeds from new transfers of $2.7 billion and recorded a deferred purchase price of $0.6 billion . The sales of receivables under the RPA did not have a significant impact on our consolidated statements of income. The cash proceeds received from the Purchasers were recorded within Cash flows provided by operating activities on our consolidated statements of cash flows. Deferred Purchase Price During 2017, 2016 and 2015, we collected $0.6 billion , $1.1 billion and an insignificant amount, respectively, which was returned as deferred purchase price and recorded within Cash flows provided by operating activities on our consolidated statements of cash flows. Collections, recorded within Cash flows used in investing activities on our consolidated statements of cash flows were $0.8 billion during 2017 and insignificant during 2016. During 2017, we repurchased all outstanding receivables previously sold to the Purchasers in exchange for the obligation to pay the associated deferred purchase price to the wholly-owned subsidiaries that are bankruptcy remote special purpose entities (Sellers). At December 31, 2017 , our deferred purchase price receivable was fully satisfied. At December 31, 2016 , our deferred purchase price receivable, which was held by the Sellers, was comprised of $1.2 billion included within Prepaid expenses and other and $0.4 billion included within Other assets in our consolidated balance sheet. The deferred purchase price was initially recorded at fair value, based on the remaining device payment amounts expected to be collected, adjusted, as applicable, for the time value of money and by the timing and estimated value of the device trade-in in connection with upgrades. The estimated value of the device trade-in considered prices expected to be offered to us by independent third parties. This estimate contemplated changes in value after the launch of a device. The fair value measurements were considered to be Level 3 measurements within the fair value hierarchy. The collection of the deferred purchase price was contingent on collections from customers. Variable Interest Entities (VIEs) Under the RPA, the Sellers’ sole business consists of the acquisition of the receivables from Cellco Partnership and certain other affiliates of Verizon and the resale of the receivables to the Purchasers. The assets of the Sellers are not available to be used to satisfy obligations of any Verizon entities other than the Sellers. We determined that the Sellers are VIEs as they lack sufficient equity to finance their activities. Given that we have the power to direct the activities of the Sellers that most significantly impact the Sellers’ economic performance, we are deemed to be the primary beneficiary of the Sellers. As a result, we consolidate the assets and liabilities of the Sellers into our consolidated financial statements. Continuing Involvement At December 31, 2017 and 2016 , the total portfolio of device payment plan agreement receivables, including derecognized device payment plan agreement receivables, that we were servicing was $17.8 billion and $16.1 billion , respectively. There were no derecognized device payment plan agreement receivables outstanding at December 31, 2017. The outstanding portfolio of device payment plan agreement receivables derecognized from our consolidated balance sheet, but which we continued to service, was $4.3 billion at December 31, 2016. To date, we have collected and remitted approximately $10.1 billion , net of fees. At December 31, 2017 , no amounts remained to be remitted to the Purchasers. Verizon had continuing involvement with the sold receivables as it serviced the receivables. We continued to service the customer and their related receivables on behalf of the Purchasers, including facilitating customer payment collection, in exchange for a monthly servicing fee. While servicing the receivables, the same policies and procedures were applied to the sold receivables that applied to owned receivables, and we continued to maintain normal relationships with our customers. The credit quality of the customers we continued to service was consistent throughout the periods presented. In addition, we had continuing involvement related to the sold receivables as we were responsible for absorbing additional credit losses pursuant to the agreements. Credit losses on receivables sold were $0.1 billion during 2017 and $0.2 billion during 2016. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Financial Instruments | Note 8 Fair Value Measurements and Financial Instruments Recurring Fair Value Measurements The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 : (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 74 $ — $ — $ 74 Fixed income securities — 366 — 366 Interest rate swaps — 54 — 54 Cross currency swaps — 450 — 450 Interest rate caps — 6 — 6 Total $ 74 $ 876 $ — $ 950 Liabilities: Other liabilities: Interest rate swaps $ — $ 413 $ — $ 413 Cross currency swaps — 46 — 46 Total $ — $ 459 $ — $ 459 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 : (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 123 $ — $ — $ 123 Fixed income securities 10 566 — 576 Interest rate swaps — 71 — 71 Cross currency swaps — 45 — 45 Interest rate caps — 10 — 10 Total $ 133 $ 692 $ — $ 825 Liabilities: Other liabilities: Interest rate swaps $ — $ 236 $ — $ 236 Cross currency swaps — 1,803 — 1,803 Total $ — $ 2,039 $ — $ 2,039 (1) quoted prices in active markets for identical assets or liabilities (2) observable inputs other than quoted prices in active markets for identical assets and liabilities (3) no observable pricing inputs in the market Equity securities consist of investments in common stock of domestic and international corporations measured using quoted prices in active markets. Fixed income securities consist primarily of investments in municipal bonds as well as U.S. Treasury securities. We used quoted prices in active markets for the majority of our U.S. Treasury securities, therefore these securities were classified as Level 1. For fixed income securities that do not have quoted prices in active markets, we use alternative matrix pricing resulting in these debt securities being classified as Level 2. Derivative contracts are valued using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified within Level 2. We use mid-market pricing for fair value measurements of our derivative instruments. Our derivative instruments are recorded on a gross basis. We recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers between Level 1 and Level 2 during 2017 and 2016 . Fair Value of Short-term and Long-term Debt The fair value of our debt is determined using various methods, including quoted prices for identical terms and maturities, which is a Level 1 measurement, as well as quoted prices for similar terms and maturities in inactive markets and future cash flows discounted at current rates, which are Level 2 measurements. The fair value of our short-term and long-term debt, excluding capital leases, was as follows: (dollars in millions) At December 31, 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Short- and long-term debt, excluding capital leases $ 116,075 $ 128,658 $ 107,128 $ 117,584 Derivative Instruments The following table sets forth the notional amounts of our outstanding derivative instruments: (dollars in millions) At December 31, 2017 2016 Interest rate swaps $ 20,173 $ 13,099 Cross currency swaps 16,638 12,890 Interest rate caps 2,840 2,540 Interest Rate Swaps We enter into interest rate swaps to achieve a targeted mix of fixed and variable rate debt. We principally receive fixed rates and pay variable rates based on the LIBOR, resulting in a net increase or decrease to Interest expense. These swaps are designated as fair value hedges and hedge against interest rate risk exposure of designated debt issuances. We record the interest rate swaps at fair value on our consolidated balance sheets as assets and liabilities. Changes in the fair value of the interest rate swaps are recorded to Interest expense, which are offset by changes in the fair value of the hedged debt due to changes in interest rates. During 2017, we entered into interest rate swaps with a total notional value of $7.5 billion and settled interest rate swaps with a total notional value of $0.5 billion . During 2016, we entered into interest rate swaps with a total notional value of $6.3 billion and settled interest rate swaps with a total notional value of $0.9 billion . The ineffective portion of these interest rate swaps was insignificant for the years ended December 31, 2017 and 2016 . As of December 31, 2017 and 2016 , the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: (dollars in millions) Line item in balance sheets in which hedged item is included Carrying amount of hedged liabilities Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities 2017 2016 2017 2016 Long-term debt $ 22,011 $ 13,013 $ 316 $ 113 Forward Interest Rate Swaps In order to manage our exposure to future interest rate changes, we have entered into forward interest rate swaps. We designated these contracts as cash flow hedges. During 2016, we entered into forward interest rate swaps with a total notional value of $1.3 billion and subsequently settled all outstanding forward interest rate swaps. During 2016, a pre-tax loss of $0.2 billion was recognized in Other comprehensive income (loss). Cross Currency Swaps We have entered into cross currency swaps designated as cash flow hedges to exchange our British Pound Sterling, Euro, Swiss Franc and Australian Dollar-denominated cash flows into U.S. dollars and to fix our cash payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. During 2017, we entered into cross currency swaps with a total notional value of $14.0 billion and settled $10.2 billion notional amount of cross currency swaps. A pre-tax gain of $1.4 billion was recognized in Other comprehensive income (loss) with respect to these swaps. During 2016, we entered into cross currency swaps with a total notional value of $3.3 billion and settled $0.1 billion notional amount of cross currency swaps upon redemption of the related debt. A pre-tax loss of $0.1 billion was recognized in Other comprehensive income (loss) with respect to these swaps. A portion of the gains and losses recognized in Other comprehensive income (loss) was reclassified to Other income (expense), net to offset the related pre-tax foreign currency transaction gain or loss on the underlying hedged item. Net Investment Hedges We have designated certain foreign currency instruments as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. The notional amount of the Euro-denominated debt as a net investment hedge was $0.9 billion and $0.8 billion at December 31, 2017 and 2016 , respectively. Undesignated Derivatives We also have the following derivative contracts which we use as an economic hedge but for which we have elected not to apply hedge accounting. Interest Rate Caps We enter into interest rate caps to mitigate our interest exposure to interest rate increases on our ABS Financing Facility and Asset-Backed Notes. During 2017, we entered into interest rate caps with a notional value of $0.3 billion . During 2016, we entered into such interest rate caps with a notional value of $2.5 billion . During 2017 and 2016 , we recognized an insignificant increase and reduction in Interest expense, respectively. Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, including device payment plan agreement receivables, certain notes receivable, including lease receivables and derivative contracts. Counterparties to our derivative contracts are major financial institutions with whom we have negotiated derivatives agreements (ISDA master agreements) and credit support annex agreements (CSA) which provide rules for collateral exchange. Our CSA agreements entered into prior to the fourth quarter of 2017 generally require collateralized arrangements with our counterparties in connection with uncleared derivatives. At December 31, 2016 , we had posted collateral of approximately $0.2 billion related to derivative contracts under collateral exchange arrangements, which were recorded as Prepaid expenses and other in our consolidated balance sheet. Prior to 2017, we had entered into amendments to our CSA agreements with substantially all of our counterparties that suspended the requirement for cash collateral posting for a specified period of time by both counterparties. During the first and second quarter of 2017, we paid an insignificant amount of cash to extend certain of such amendments to certain collateral exchange arrangements. During the fourth quarter of 2017, we began negotiating and executing new ISDA master agreements and CSAs with our counterparties. The newly executed CSAs contain rating based thresholds such that we or our counterparties may be required to hold or post collateral based upon changes in outstanding positions as compared to established thresholds and changes in credit ratings. We did not post any collateral at December 31, 2017 . While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect that any such nonperformance would result in a significant effect on our results of operations or financial condition due to our diversified pool of counterparties. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 9 Stock-Based Compensation Verizon Long-Term Incentive Plan In May 2017, Verizon’s shareholders approved the 2017 Long-Term Incentive Plan (the 2017 Plan) and terminated Verizon’s authority to grant new awards under the Verizon 2009 Long-Term Incentive Plan (the 2009 Plan). Consistent with the 2009 Plan, the 2017 Plan provides for broad-based equity grants to employees, including executive officers, and permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and other awards. Upon approval of the 2017 Plan, Verizon reserved the 91 million shares that were reserved but not issued under the 2009 Plan for future issuance under the 2017 Plan. Restricted Stock Units The 2009 Plan and 2017 Plan provide for grants of Restricted Stock Units (RSUs). For RSUs granted prior to 2017, vesting generally occurs at the end of the third year. For the 2017 grants, vesting generally occurs in three equal installments on each anniversary of the grant date. The RSUs are generally classified as equity awards because the RSUs will be paid in Verizon common stock upon vesting. The RSU equity awards are measured using the grant date fair value of Verizon common stock and are not remeasured at the end of each reporting period. Dividend equivalent units are also paid to participants at the time the RSU award is paid, and in the same proportion as the RSU award. In connection with our acquisition of Yahoo’s operating business, on the closing date of the Transaction each unvested and outstanding Yahoo RSU award that was held by an employee who became an employee of Verizon was replaced with a Verizon RSU award, which is generally payable in cash upon the applicable vesting date. These awards are classified as liability awards and are measured at fair value at the end of each reporting period. Performance Stock Units The 2009 Plan and 2017 Plan also provide for grants of Performance Stock Units (PSUs) that generally vest at the end of the third year after the grant. As defined by the 2009 Plan and 2017 Plan, the Human Resources Committee of the Board of Directors determines the number of PSUs a participant earns based on the extent to which the corresponding performance goals have been achieved over the three -year performance cycle. The PSUs are classified as liability awards because the PSU awards are paid in cash upon vesting. The PSU award liability is measured at its fair value at the end of each reporting period and, therefore, will fluctuate based on the price of Verizon common stock as well as performance relative to the targets. Dividend equivalent units are also paid to participants at the time that the PSU award is determined and paid, and in the same proportion as the PSU award. The granted and cancelled activity for the PSU award includes adjustments for the performance goals achieved. The following table summarizes Verizon’s Restricted Stock Unit and Performance Stock Unit activity: Restricted Stock Units Performance (shares in thousands) Equity Awards Liability Awards Stock Units Outstanding January 1, 2015 15,007 — 19,966 Granted 4,958 — 7,044 Payments (5,911 ) — (6,732 ) Cancelled/Forfeited (151 ) — (3,075 ) Outstanding December 31, 2015 13,903 — 17,203 Granted 4,409 — 6,391 Payments (4,890 ) — (4,702 ) Cancelled/Forfeited (114 ) — (1,143 ) Outstanding Adjustments — — 170 Outstanding December 31, 2016 13,308 — 17,919 Granted 4,216 25,168 6,564 Payments (4,825 ) (8,487 ) (6,031 ) Cancelled/Forfeited (66 ) (2,690 ) (217 ) Outstanding December 31, 2017 12,633 13,991 18,235 As of December 31, 2017 , unrecognized compensation expense related to the unvested portion of Verizon’s RSUs and PSUs was approximately $1.0 billion and is expected to be recognized over approximately two years. The RSUs granted in 2017 and 2016 have weighted-average grant date fair values of $49.93 and $51.86 per unit, respectively. During 2017 , 2016 and 2015 , we paid $0.8 billion , $0.4 billion and $0.4 billion , respectively, to settle RSUs and PSUs classified as liability awards. Stock-Based Compensation Expense After-tax compensation expense for stock-based compensation related to RSUs and PSUs described above included in Net income attributable to Verizon was $0.4 billion , $0.4 billion and $0.3 billion for 2017 , 2016 and 2015 , respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 10 Employee Benefits We maintain non-contributory defined benefit pension plans for certain employees. In addition, we maintain postretirement health care and life insurance plans for certain retirees and their dependents, which are both contributory and non-contributory, and include a limit on our share of the cost for certain recent and future retirees. In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include pension and benefit related credits and/or charges based on actuarial assumptions, including projected discount rates, an estimated return on plan assets, and health care trend rates. These estimates are updated in the fourth quarter to reflect actual return on plan assets and updated actuarial assumptions or upon a remeasurement. The adjustment is recognized in the income statement during the fourth quarter or upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses. Pension and Other Postretirement Benefits Pension and other postretirement benefits for certain employees are subject to collective bargaining agreements. Modifications in benefits have been bargained from time to time, and we may also periodically amend the benefits in the management plans. The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans. Obligations and Funded Status (dollars in millions) Pension Health Care and Life At December 31, 2017 2016 2017 2016 Change in Benefit Obligations Beginning of year $ 21,112 $ 22,016 $ 19,650 $ 24,223 Service cost 280 322 149 193 Interest cost 683 677 659 746 Plan amendments — 428 (545 ) (5,142 ) Actuarial loss, net 1,377 1,017 627 1,289 Benefits paid (1,932 ) (938 ) (1,080 ) (1,349 ) Curtailment and termination benefits 11 4 — — Settlements paid — (1,270 ) — — Divestiture (Note 2) — (1,144 ) — (310 ) End of year $ 21,531 $ 21,112 $ 19,460 $ 19,650 Change in Plan Assets Beginning of year $ 14,663 $ 16,124 $ 1,363 $ 1,760 Actual return on plan assets 2,342 882 134 35 Company contributions 4,141 837 702 917 Benefits paid (1,932 ) (938 ) (1,080 ) (1,349 ) Settlements paid — (1,270 ) — — Divestiture (Note 2) (39 ) (972 ) — — End of year $ 19,175 $ 14,663 $ 1,119 $ 1,363 Funded Status End of year $ (2,356 ) $ (6,449 ) $ (18,341 ) $ (18,287 ) As a result of the Access Line Sale, which closed on April 1, 2016, we derecognized $0.7 billion of defined benefit pension and other postretirement benefit plan obligations related to assets held for sale on our consolidated balance sheet as of December 31, 2016 . See Note 2 for additional information. (dollars in millions) Pension Health Care and Life At December 31, 2017 2016 2017 2016 Amounts recognized on the balance sheet Noncurrent assets $ 21 $ 2 $ — $ — Current liabilities (63 ) (88 ) (637 ) (639 ) Noncurrent liabilities (2,314 ) (6,363 ) (17,704 ) (17,648 ) Total $ (2,356 ) $ (6,449 ) $ (18,341 ) $ (18,287 ) Amounts recognized in Accumulated Other Comprehensive Income (Pre-tax) Prior Service Cost (Benefit) $ 404 $ 443 $ (5,667 ) $ (6,072 ) Total $ 404 $ 443 $ (5,667 ) $ (6,072 ) The accumulated benefit obligation for all defined benefit pension plans was $21.5 billion and $21.1 billion at December 31, 2017 and 2016 , respectively. 2017 Postretirement Plan Amendments During 2017, amendments were made to certain postretirement plans related to retiree medical benefits for management and certain union represented employees and retirees. The impact of the plan amendments was a reduction in our postretirement benefit plan obligations of approximately $0.5 billion , which has been recorded as a net increase to Accumulated other comprehensive income of $0.3 billion (net of taxes of $0.2 billion ). The impact of the amount recorded in Accumulated other comprehensive income that will be reclassified to net periodic benefit cost is insignificant. 2016 Collective Bargaining Negotiations In the collective bargaining agreements ratified in June 2016, Verizon’s annual postretirement benefit obligation for retiree healthcare remains capped at the levels established by the previous contracts ratified in 2012. Effective January 2016, prior to reaching these new collective bargaining agreements, certain retirees began to pay for the costs of retiree healthcare in accordance with the provisions relating to caps in the previous contracts. In reaching new collective bargaining agreements in 2016, there is a mutual understanding that the substantive postretirement benefit plans provide that Verizon’s annual postretirement benefit obligation for retiree healthcare is capped and, accordingly, we began accounting for the contractual healthcare caps in June 2016. We also adopted changes to our defined benefit pension plans and other postretirement benefit plans to reflect the agreed upon terms and conditions of the collective bargaining agreements. The impact was a reduction in our postretirement benefit plan obligations of approximately $5.1 billion and an increase in our defined benefit pension plan obligations of approximately $0.4 billion , which have been recorded as a net increase to Accumulated other comprehensive income of $2.9 billion (net of taxes of $1.8 billion ). The amount recorded in Accumulated other comprehensive income will be reclassified to net periodic benefit cost on a straight-line basis over the average remaining service period of the respective plans’ participants, which, on a weighted-average basis, is 12.2 years for defined benefit pension plans and 7.8 years for other postretirement benefit plans. The above-noted reclassification resulted in a decrease to net periodic benefit cost and increase to pre-tax income of approximately $0.7 billion and $0.4 billion , respectively, during 2017 and 2016. Information for pension plans with an accumulated benefit obligation in excess of plan assets follows: (dollars in millions) At December 31, 2017 2016 Projected benefit obligation $ 21,300 $ 21,048 Accumulated benefit obligation 21,242 20,990 Fair value of plan assets 18,923 14,596 Net Periodic Cost The following table summarizes the benefit cost (income) related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Years Ended December 31, 2017 2016 2015 2017 2016 2015 Service cost $ 280 $ 322 $ 374 $ 149 $ 193 $ 324 Amortization of prior service cost (credit) 39 21 (5 ) (949 ) (657 ) (287 ) Expected return on plan assets (1,262 ) (1,045 ) (1,270 ) (53 ) (54 ) (101 ) Interest cost 683 677 969 659 746 1,117 Remeasurement loss (gain), net 337 1,198 (209 ) 546 1,300 (2,659 ) Net periodic benefit (income) cost 77 1,173 (141 ) 352 1,528 (1,606 ) Curtailment and termination benefits 11 4 — — — — Total $ 88 $ 1,177 $ (141 ) $ 352 $ 1,528 $ (1,606 ) Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive (income) loss are as follows: (dollars in millions) Pension Health Care and Life At December 31, 2017 2016 2017 2016 Prior service cost (benefit) $ — $ 428 $ (544 ) $ (5,142 ) Reversal of amortization items Prior service (benefit) cost (39 ) (21 ) 949 657 Amounts reclassified to net income — 87 — 451 Total recognized in other comprehensive (income) loss (pre-tax) $ (39 ) $ 494 $ 405 $ (4,034 ) Amounts reclassified to net income for the year ended December 31, 2016 includes the reclassification to Selling, general and administrative expense of a pre-tax pension and postretirement benefit curtailment gain of $0.5 billion ( $0.3 billion net of taxes) due to the transfer of employees to Frontier, which caused the elimination of a significant amount of future service in three of our defined benefit pension plans and one of our other postretirement benefit plans requiring us to recognize a portion of the prior service credits. See Note 2 for additional information. The estimated prior service cost for the defined benefit pension plans that will be amortized from Accumulated other comprehensive income into net periodic benefit (income) cost over the next fiscal year is not significant. The estimated prior service cost for the defined benefit postretirement plans that will be amortized from Accumulated other comprehensive income into net periodic benefit income over the next fiscal year is $1.0 billion . Assumptions The weighted-average assumptions used in determining benefit obligations follow: Pension Health Care and Life At December 31, 2017 2016 2017 2016 Discount Rate 3.70 % 4.30 % 3.60 % 4.20 % Rate of compensation increases 3.00 % 3.00 % N/A N/A The weighted-average assumptions used in determining net periodic cost follow: Pension Health Care and Life At December 31, 2017 2016 2015 2017 2016 2015 Discount rate in effect for determining service cost 4.70 % 4.50 % 4.20 % 4.60 % 4.50 % 4.20 % Discount rate in effect for determining interest cost 3.40 3.20 4.20 3.50 3.40 4.20 Expected return on plan assets 7.70 7.00 7.25 4.50 3.80 4.80 Rate of compensation increases 3.00 3.00 3.00 N/A N/A N/A Effective January 1, 2016, we changed the method we use to estimate the interest component of net periodic benefit cost for pension and other postretirement benefits. Historically, we estimated the interest cost component utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We have elected to utilize a full yield curve approach in the estimation of interest cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We have made this change to provide a more precise measurement of interest cost by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. We have accounted for this change as a change in accounting estimate and accordingly accounted for it prospectively. In determining our pension and other postretirement benefit obligations, we used a weighted-average discount rate of 3.70% and 3.60% , respectively. The rates were selected to approximate the composite interest rates available on a selection of high-quality bonds available in the market at December 31, 2017 . The bonds selected had maturities that coincided with the time periods during which benefits payments are expected to occur, were non-callable and available in sufficient quantities to ensure marketability (at least $0.3 billion par outstanding). In order to project the long-term target investment return for the total portfolio, estimates are prepared for the total return of each major asset class over the subsequent 10 -year period. Those estimates are based on a combination of factors including the current market interest rates and valuation levels, consensus earnings expectations and historical long-term risk premiums. To determine the aggregate return for the pension trust, the projected return of each individual asset class is then weighted according to the allocation to that investment area in the trust’s long-term asset allocation policy. The assumed health care cost trend rates follow: Health Care and Life At December 31, 2017 2016 2015 Healthcare cost trend rate assumed for next year 7.00 % 6.50 % 6.00 % Rate to which cost trend rate gradually declines 4.50 4.50 4.50 Year the rate reaches the level it is assumed to remain thereafter 2026 2025 2024 A one-percentage point change in the assumed health care cost trend rate would have the following effects: (dollars in millions) One-Percentage Point Increase Decrease Effect on 2017 service and interest cost $ 25 $ (24 ) Effect on postretirement benefit obligation as of December 31, 2017 532 (516 ) Plan Assets The company’s overall investment strategy is to achieve a mix of assets that allows us to meet projected benefit payments while taking into consideration risk and return. While target allocation percentages will vary over time, the current target allocation for plan assets is designed so that 60% of the assets have the objective of achieving a return in excess of the growth in liabilities (comprised of public equities, private equities, real estate, hedge funds and emerging debt) and 38% of the assets are invested as liability hedging assets (where cash flows from investments better match projected benefit payments, typically longer duration fixed income) and 2% is in cash. This allocation will shift as funded status improves to a higher allocation of liability hedging assets. Target policies will be revisited periodically to ensure they are in line with fund objectives. Both active and passive management approaches are used depending on perceived market efficiencies and various other factors. Due to our diversification and risk control processes, there are no significant concentrations of risk, in terms of sector, industry, geography or company names. Pension and healthcare and life plans assets do not include significant amounts of Verizon common stock. Pension Plans The fair values for the pension plans by asset category at December 31, 2017 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,889 $ 2,874 $ 15 $ — Equity securities 2,795 2,794 — 1 Fixed income securities U.S. Treasuries and agencies 1,382 1,234 148 — Corporate bonds 2,961 139 2,718 104 International bonds 1,068 17 1,031 20 Other 396 4 392 — Real estate 627 — — 627 Other Private equity 580 — — 580 Hedge funds 845 — 660 185 Total investments at fair value 13,543 7,062 4,964 1,517 Investments measured at NAV 5,632 Total $ 19,175 $ 7,062 $ 4,964 $ 1,517 The fair values for the pension plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,228 $ 1,219 $ 9 $ — Equity securities 1,883 1,883 — — Fixed income securities U.S. Treasuries and agencies 1,251 880 371 — Corporate bonds 2,375 152 2,126 97 International bonds 713 20 679 14 Real estate 655 — — 655 Other Private equity 624 — — 624 Hedge funds 526 — 522 4 Total investments at fair value 9,255 4,154 3,707 1,394 Investments measured at NAV 5,408 Total $ 14,663 $ 4,154 $ 3,707 $ 1,394 The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Equity Securities Corporate Bonds International Bonds Real Estate Private Equity Hedge Funds Total Balance at January 1, 2016 $ 3 $ 128 $ 20 $ 873 $ 609 $ — $ 1,633 Actual (loss) gain on plan assets (1 ) (9 ) (2 ) 169 12 — 169 Purchases and sales (2 ) (22 ) (4 ) (387 ) 3 4 (408 ) Balance at December 31, 2016 $ — $ 97 $ 14 $ 655 $ 624 $ 4 $ 1,394 Actual (loss) gain on plan assets — (1 ) — 76 78 — 153 Purchases (sales) 119 27 22 (70 ) (114 ) 183 167 Transfers out (118 ) (19 ) (16 ) (34 ) (8 ) (2 ) (197 ) Balance at December 31, 2017 $ 1 $ 104 $ 20 $ 627 $ 580 $ 185 $ 1,517 Health Care and Life Plans The fair values for the other postretirement benefit plans by asset category at December 31, 2017 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 71 $ 1 $ 70 $ — Equity securities 294 294 — — Fixed income securities U.S. Treasuries and agencies 23 22 1 — Corporate bonds 141 141 — — International bonds 60 18 42 — Total investments at fair value 589 476 113 — Investments measured at NAV 530 Total $ 1,119 $ 476 $ 113 $ — The fair values for the other postretirement benefit plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 131 $ 1 $ 130 $ — Equity securities 463 463 — — Fixed income securities U.S. Treasuries and agencies 23 22 1 — Corporate bonds 170 145 25 — International bonds 60 30 30 — Total investments at fair value 847 661 186 — Investments measured at NAV 516 Total $ 1,363 $ 661 $ 186 $ — The following are general descriptions of asset categories, as well as the valuation methodologies and inputs used to determine the fair value of each major category of assets. Cash and cash equivalents include short-term investment funds (less than 90 days to maturity), primarily in diversified portfolios of investment grade money market instruments and are valued using quoted market prices or other valuation methods. The carrying value of cash equivalents approximates fair value due to the short-term nature of these investments. Investments in securities traded on national and foreign securities exchanges are valued by the trustee at the last reported sale prices on the last business day of the year or, if no sales were reported on that date, at the last reported bid prices. Government obligations, corporate bonds, international bonds and asset-backed debt are valued using matrix prices with input from independent third-party valuation sources. Over-the-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable such as multiple broker quotes. Commingled funds not traded on national exchanges are priced by the custodian or fund's administrator at their net asset value (NAV). Commingled funds held by third-party custodians appointed by the fund managers provide the fund managers with a NAV. The fund managers have the responsibility for providing this information to the custodian of the respective plan. The investment manager of the entity values venture capital, corporate finance, and natural resource limited partnership investments. Real estate investments are valued at amounts based upon appraisal reports prepared by either independent real estate appraisers or the investment manager using discounted cash flows or market comparable data. Loans secured by mortgages are carried at the lesser of the unpaid balance or appraised value of the underlying properties. The values assigned to these investments are based upon available and current market information and do not necessarily represent amounts that might ultimately be realized. Because of the inherent uncertainty of valuation, estimated fair values might differ significantly from the values that would have been used had a ready market for the securities existed. These differences could be material. Forward currency contracts, futures, and options are valued by the trustee at the exchange rates and market prices prevailing on the last business day of the year. Both exchange rates and market prices are readily available from published sources. These securities are classified by the asset class of the underlying holdings. Hedge funds are valued by the custodian at NAV based on statements received from the investment manager. These funds are valued in accordance with the terms of their corresponding offering or private placement memoranda. Commingled funds, hedge funds, venture capital, corporate finance, natural resource and real estate limited partnership investments for which fair value is measured using the NAV per share as a practical expedient are not leveled within the fair value hierarchy and are included as a reconciling item to total investments. Employer Contributions In 2017 , we contributed $4.0 billion to our qualified pension plans, which included $3.4 billion of discretionary contributions, $0.1 billion to our nonqualified pension plans and $1.3 billion to our other postretirement benefit plans. Nonqualified pension plans contributions are estimated to be $0.1 billion and contributions to our other postretirement benefit plans are estimated to be $0.8 billion in 2018 . Estimated Future Benefit Payments The benefit payments to retirees are expected to be paid as follows: (dollars in millions) Year Pension Benefits Health Care and Life 2018 $ 2,401 $ 1,246 2019 2,098 1,249 2020 1,464 1,297 2021 1,212 1,318 2022 1,161 1,336 2023 to 2027 5,526 6,277 Savings Plan and Employee Stock Ownership Plans We maintain four leveraged employee stock ownership plans (ESOP). We match a certain percentage of eligible employee contributions to certain savings plans with shares of our common stock from this ESOP. At December 31, 2017 , the number of allocated shares of common stock in this ESOP was 53 million . There were no unallocated shares of common stock in this ESOP at December 31, 2017 . All leveraged ESOP shares are included in earnings per share computations. Total savings plan costs were $0.8 billion in 2017 , $0.7 billion in 2016 and $0.9 billion in 2015 . Severance Benefits The following table provides an analysis of our severance liability recorded in accordance with the accounting standard regarding employers’ accounting for postemployment benefits: (dollars in millions) Year Beginning of Year Charged to Expense Payments Other End of Year 2015 $ 875 $ 551 $ (619 ) $ (7 ) $ 800 2016 800 417 (583 ) 22 656 2017 656 581 (564 ) (46 ) 627 Severance, Pension and Benefit Charges (Credits) During 2017, we recorded net pre-tax severance, pension and benefit charges of $1.4 billion , exclusive of acquisition related severance charges, in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur. The pension and benefit remeasurement charges of approximately $0.9 billion were primarily driven by a decrease in our discount rate assumption used to determine the current year liabilities of our pension and postretirement benefit plans from a weighted-average of 4.2% at December 31, 2016 to a weighted-average of 3.7% at December 31, 2017 ( $2.6 billion ). The charges were partially offset by the difference between our estimated return on assets of 7.0% and our actual return on assets of 14.0% ( $1.2 billion ), a change in mortality assumptions primarily driven by the use of updated actuarial tables (MP-2017) issued by the Society of Actuaries ( $0.2 billion ) and other assumption adjustments ( $0.3 billion ). As part of these charges, we also recorded severance costs of $0.5 billion under our existing separation plans. During 2016, we recorded net pre-tax severance, pension and benefit charges of $2.9 billion in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur. The pension and benefit remeasurement charges of $2.5 billion were primarily driven by a decrease in our discount rate assumption used to determine the current year liabilities of our pension and other postretirement benefit plans from a weighted-average of 4.6% at December 31, 2015 to a weighted-average of 4.2% at December 31, 2016 ( $2.1 billion ), updated health care trend cost assumptions ( $0.9 billion ), the difference between our estimated return on assets of 7.0% and our actual return on assets of 6.0% ( $0.2 billion ) and other assumption adjustments ( $0.3 billion ). These charges were partially offset by a change in mortality assumptions primarily driven by the use of updated actuarial tables (MP-2016) issued by the Society of Actuaries ( $0.5 billion ) and lower negotiated prescription drug pricing ( $0.5 billion ). As part of these charges, we also recorded severance costs of $0.4 billion under our existing separation plans. The net pre-tax severance, pension and benefit charges during 2016 were comprised of a net pre-tax pension remeasurement charge of $0.2 billion measured as of March 31, 2016 related to settlements for employees who received lump-sum distributions in one of our defined benefit pension plans, a net pre-tax pension and benefit remeasurement charge of $0.8 billion measured as of April 1, 2016 related to curtailments in three of our defined benefit pension and one of our other postretirement plans, a net pre-tax pension and benefit remeasurement charge of $2.7 billion measured as of May 31, 2016 in two defined benefit pension plans and three other postretirement benefit plans as a result of our accounting for the contractual healthcare caps and bargained for changes, a net pre-tax pension remeasurement charge of $0.1 billion measured as of May 31, 2016 related to settlements for employees who received lump-sum distributions in three of our defined benefit pension plans, a net pre-tax pension remeasurement charge of $0.6 billion measured as of August 31, 2016 related to settlements for employees who received lump-sum distributions in five of our defined benefit pension plans, and a net pre-tax pension and benefit credit of $1.9 billion as a result of our fourth quarter remeasurement of our pension and other postretirement assets and liabilities based on updated actuarial assumptions. During 2015, we recorded net pre-tax severance, pension and benefit credits of approximately $2.3 billion primarily for our pension and postretirement plans in accordance with our accounting policy to recognize actuarial gains and losses in the year in which they occur. The credits were primarily driven by an increase in our discount rate assumption used to determine the current year liabilities from a weighted-average of 4.2% at December 31, 2014 to a weighted-average of 4.6% at December 31, 2015 ( $2.5 billion ), the execution of a new prescription drug contract during 2015 ( $1.0 billion ) and a change in mortality assumptions primarily driven by the use of updated actuarial tables (MP-2015) issued by the Society of Actuaries ( $0.9 billion ), partially offset by the difference between our estimated return on assets of 7.25% at December 31, 2014 and our actual return on assets of 0.7% at December 31, 2015 ( $1.2 billion ), severance costs recorded under our existing separation plans ( $0.6 billion ) and other assumption adjustments ( $0.3 billion ). |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Taxes | Note 11 Taxes The components of income before benefit (provision) for income taxes are as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Domestic $ 19,645 $ 20,047 $ 27,639 Foreign 949 939 601 Total $ 20,594 $ 20,986 $ 28,240 The components of the (benefit) provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Current Federal $ 3,630 $ 7,451 $ 5,476 Foreign 200 148 70 State and Local 677 842 803 Total 4,507 8,441 6,349 Deferred Federal (14,360 ) (933 ) 3,377 Foreign (66 ) (2 ) 9 State and Local (37 ) (128 ) 130 Total (14,463 ) (1,063 ) 3,516 Total income tax (benefit) provision $ (9,956 ) $ 7,378 $ 9,865 The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate: Years Ended December 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local income tax rate, net of federal tax benefits 1.6 2.2 2.1 Affordable housing credit (0.6 ) (0.7 ) (0.5 ) Employee benefits including ESOP dividend (0.5 ) (0.5 ) (0.4 ) Impact of tax reform re-measurement (81.6 ) — — Noncontrolling interests (0.6 ) (0.6 ) (0.5 ) Non-deductible goodwill 1.0 2.2 — Other, net (2.6 ) (2.4 ) (0.8 ) Effective income tax rate (48.3 )% 35.2 % 34.9 % The effective income tax rate for 2017 was (48.3)% compared to 35.2% for 2016. The decrease in the effective income tax rate and the provision for income taxes was due to a one-time, non-cash income tax benefit recorded in the current period as a result of the enactment of the TCJA on December 22, 2017. The TCJA significantly revised the U.S. federal corporate income tax by, among other things, lowering the corporate income tax rate to 21% beginning in 2018 and imposing a mandatory repatriation tax on accumulated foreign earnings. U.S. GAAP accounting for income taxes requires that Verizon record the impacts of any tax law change on our deferred income taxes in the quarter that the tax law change is enacted. Due to the complexities involved in accounting for the enactment of the TCJA, SEC Staff Accounting Bulletin (SAB) 118 allows us to provide a provisional estimate of the impacts of the legislation. Verizon has provisionally estimated, based on currently available information, that the enactment of the TCJA results in a one-time reduction in net deferred income tax liabilities of approximately $16.8 billion , primarily due to the re-measurement of U.S. deferred tax liabilities at the lower 21% U.S. federal corporate income tax rate, and no impact from the repatriation tax. This provisional estimate does not reflect the effects of any state tax law changes that may arise as a result of federal tax reform. Verizon will continue to analyze the effects of the TCJA on its financial statements and operations and include any adjustments to tax expense or benefit from continuing operations in the reporting periods that such adjustments are determined, consistent with the one-year measurement period set forth in SAB 118. The effective income tax rate for 2016 was 35.2% compared to 34.9% for 2015. The increase in the effective income tax rate was primarily due to the impact of $527 million included in the provision for income taxes from goodwill not deductible for tax purposes in connection with the Access Line Sale on April 1, 2016. This increase was partially offset by the impact that lower income before income taxes in the current period has on each of the reconciling items specified in the table above. The decrease in the provision for income taxes was primarily due to lower income before income taxes due to severance, pension and benefit charges recorded 2016 in compared to severance, pension and benefit credits recorded in 2015. The amounts of cash taxes paid by Verizon are as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Income taxes, net of amounts refunded $ 4,432 $ 9,577 $ 5,293 Employment taxes 1,207 1,196 1,284 Property and other taxes 1,737 1,796 1,868 Total $ 7,376 $ 12,569 $ 8,445 The increase in cash taxes paid during 2016 compared to 2015 was due to a $3.2 billion increase in income taxes paid primarily as a result of the Access Line Sale. 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, 2017 2016 Employee benefits $ 6,174 $ 10,453 Tax loss and credit carry forwards 4,176 3,318 Other - assets 1,938 2,632 12,288 16,403 Valuation allowances (3,293 ) (2,473 ) Deferred tax assets 8,995 13,930 Spectrum and other intangible amortization 21,148 31,404 Depreciation 14,767 22,848 Other - liabilities 4,281 5,642 Deferred tax liabilities 40,196 59,894 Net deferred tax liability $ 31,201 $ 45,964 The decrease in the net deferred tax liability during 2017 was primarily due to the $16.8 billion re-measurement of U.S. deferred taxes at the lower 21% U.S. federal corporate income tax rate. At December 31, 2017 , undistributed earnings of our foreign subsidiaries indefinitely invested outside the United States amounted to approximately $1.8 billion . Due to foreign legal restrictions that require minimum reserves be maintained in certain countries, not all of the foreign undistributed earnings are available for repatriation. No U.S. federal deferred income taxes on these undistributed earnings are required because, under the TCJA, such earnings have been subject to U.S. federal tax as a result of the mandatory repatriation provision. In addition, such earnings will not be subject to U.S. federal tax when actually distributed under the new 100% participation exemption as enacted under the TCJA. At December 31, 2017 , we had net after-tax loss and credit carry forwards for income tax purposes of approximately $4.2 billion that primarily relate to state and foreign taxes. Of these net after-tax loss and credit carry forwards, approximately $2.6 billion will expire between 2018 and 2037 and approximately $1.6 billion may be carried forward indefinitely. During 2017 , the valuation allowance increased approximately $0.8 billion . The balance of the valuation allowance at December 31, 2017 and the 2017 activity is primarily related to state and foreign taxes. Unrecognized Tax Benefits A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: (dollars in millions) 2017 2016 2015 Balance at January 1, $ 1,902 $ 1,635 $ 1,823 Additions based on tax positions related to the current year 219 338 194 Additions for tax positions of prior years 756 188 330 Reductions for tax positions of prior years (419 ) (153 ) (412 ) Settlements (42 ) (18 ) (79 ) Lapses of statutes of limitations (61 ) (88 ) (221 ) Balance at December 31, $ 2,355 $ 1,902 $ 1,635 Included in the total unrecognized tax benefits at December 31, 2017 , 2016 and 2015 is $1.9 billion , $1.5 billion and $1.2 billion , respectively, that if recognized, would favorably affect the effective income tax rate. We recognized the following net after-tax (expenses) benefits related to interest and penalties in the provision for income taxes: Years Ended December 31, (dollars in millions) 2017 $ (77 ) 2016 (25 ) 2015 43 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) 2017 $ 269 2016 142 The increase in unrecognized tax benefits during 2017 was primarily related to the acquisition of Yahoo's operating business. Verizon and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. As a large taxpayer, we are under audit by the Internal Revenue Service (IRS) and multiple state and foreign jurisdictions for various open tax years. The IRS is currently examining the Company’s U.S. income tax returns for tax years 2013-2014 and Cellco Partnership’s U.S. income tax return for tax year 2013- 2014 . Tax controversies are ongoing for tax years as early as 2005. The amount of the liability for unrecognized tax benefits will change in the next twelve months due to the expiration of the statute of limitations in various jurisdictions and it is reasonably possible that various current tax examinations will conclude or require reevaluations of the Company’s tax positions during this period. An estimate of the range of the possible change cannot be made until these tax matters are further developed or resolved. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 12 Segment Information Reportable Segments We have two reportable segments, Wireless and Wireline, which we operate and manage as strategic business units and organize by products and services, and customer groups, respectively. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision maker’s assessment of segment performance. Our segments and their principal activities consist of the following: Segment Description Wireless Wireless’ communications products and services include wireless voice and data services and equipment sales, which are provided to consumer, business and government customers across the U.S. Wireline Wireline’s voice, data and video communications products and enhanced services include broadband video and data services, corporate networking solutions, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the U.S., as well as to carriers, businesses and government customers both in the U.S. and around the world. During the first quarter of 2017, Verizon reorganized the customer groups within its Wireline segment. Previously, the customer groups in the Wireline segment consisted of Mass Markets (which included Consumer Retail and Small Business subgroups), Global Enterprise and Global Wholesale. Pursuant to the reorganization, there are now four customer groups within the Wireline segment: Consumer Markets, which includes the customers previously included in Consumer Retail; Enterprise Solutions, which includes the large business customers, including multinational corporations, and federal government customers previously included in Global Enterprise; Partner Solutions, which includes the customers previously included in Global Wholesale; and Business Markets, a new customer group, which includes U.S.-based small business customers previously included in Mass Markets and U.S.-based medium business customers, state and local government customers and educational institutions previously included in Global Enterprise. Corporate and other includes the results of our Media business, branded Oath, our telematics and other businesses, investments in unconsolidated businesses, unallocated corporate expenses, pension and other employee benefit related costs and lease financing. Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses that are not individually significant are included in all segment results as these items are included in the chief operating decision maker’s assessment of segment performance. We completed our acquisition of Yahoo's operating business on June 13, 2017. On April 1, 2016, we completed the Access Line Sale. Additionally, on May 1, 2017, we completed the Data Center Sale. See Note 2 for additional information. The results of operations for these divestitures and other insignificant transactions are included within Corporate and other for all periods presented to reflect comparable segment operating results consistent with the information regularly reviewed by our chief operating decision maker. In addition, Corporate and other includes the results of our telematics businesses for all periods presented, which were reclassified from our Wireline segment effective April 1, 2016. The impact of this reclassification was insignificant to our consolidated financial statements and our segment results of operations. The reconciliation of segment operating revenues and expenses to consolidated operating revenues and expenses below includes the effects of special items that management does not consider in assessing segment performance, primarily because of their nature. We have adjusted prior period consolidated and segment information, where applicable, to conform to the current year presentation. The following table provides operating financial information for our two reportable segments: (dollars in millions) 2017 Wireless Wireline Total Reportable Segments External Operating Revenues Service $ 62,972 $ — $ 62,972 Equipment 18,889 — 18,889 Other 5,270 — 5,270 Consumer Markets — 12,775 12,775 Enterprise Solutions — 9,165 9,165 Partner Solutions — 3,969 3,969 Business Markets — 3,585 3,585 Other — 234 234 Intersegment revenues 380 952 1,332 Total operating revenues 87,511 30,680 118,191 Cost of services 7,990 17,922 25,912 Wireless cost of equipment 22,147 — 22,147 Selling, general and administrative expense 18,772 6,274 25,046 Depreciation and amortization expense 9,395 6,104 15,499 Total operating expenses 58,304 30,300 88,604 Operating income $ 29,207 $ 380 $ 29,587 Assets $ 235,873 $ 75,282 $ 311,155 Property, plant and equipment, net 43,935 41,351 85,286 Capital expenditures 10,310 5,339 15,649 (dollars in millions) 2016 Wireless Wireline Total Reportable Segments External Operating Revenues Service $ 66,362 $ — $ 66,362 Equipment 17,511 — 17,511 Other 4,915 — 4,915 Consumer Markets — 12,751 12,751 Enterprise Solutions — 9,162 9,162 Partner Solutions — 3,976 3,976 Business Markets — 3,356 3,356 Other — 314 314 Intersegment revenues 398 951 1,349 Total operating revenues 89,186 30,510 119,696 Cost of services 7,988 18,353 26,341 Wireless cost of equipment 22,238 — 22,238 Selling, general and administrative expense 19,924 6,476 26,400 Depreciation and amortization expense 9,183 5,975 15,158 Total operating expenses 59,333 30,804 90,137 Operating income (loss) $ 29,853 $ (294 ) $ 29,559 Assets $ 211,345 $ 66,679 $ 278,024 Property, plant and equipment, net 42,898 40,205 83,103 Capital expenditures 11,240 4,504 15,744 (dollars in millions) 2015 Wireless Wireline Total Reportable Segments External Operating Revenues Service $ 70,305 $ — $ 70,305 Equipment 16,924 — 16,924 Other 4,294 — 4,294 Consumer Markets — 12,696 12,696 Enterprise Solutions — 9,376 9,376 Partner Solutions — 4,228 4,228 Business Markets — 3,553 3,553 Other — 330 330 Intersegment revenues 157 967 1,124 Total operating revenues 91,680 31,150 122,830 Cost of services 7,803 18,483 26,286 Wireless cost of equipment 23,119 — 23,119 Selling, general and administrative expense 21,805 7,140 28,945 Depreciation and amortization expense 8,980 6,353 15,333 Total operating expenses 61,707 31,976 93,683 Operating income (loss) $ 29,973 $ (826 ) $ 29,147 Assets $ 185,405 $ 78,305 $ 263,710 Property, plant and equipment, net 40,911 41,044 81,955 Capital expenditures 11,725 5,049 16,774 Reconciliation to Consolidated Financial Information A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Operating Revenues Total reportable segments $ 118,191 $ 119,696 $ 122,830 Corporate and other 9,019 5,663 3,738 Reconciling items: Operating results from divested businesses (Note 2) 368 2,115 6,224 Eliminations (1,544 ) (1,494 ) (1,172 ) Consolidated operating revenues $ 126,034 $ 125,980 $ 131,620 Fios revenues are included within our Wireline segment and amounted to approximately $11.7 billion , $11.2 billion , and $10.7 billion for the years ended December 31, 2017 , 2016 and 2015 , respectively. A reconciliation of the total of the reportable segments’ operating income to consolidated income before provision for income taxes is as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Operating Income Total reportable segments $ 29,587 $ 29,559 $ 29,147 Corporate and other (1,409 ) (1,721 ) (1,720 ) Reconciling items: Severance, pension and benefit (charges) credits (Note 10) (1,391 ) (2,923 ) 2,256 Net gain on sale of divested businesses (Note 2) 1,774 1,007 — Acquisition and integration related charges (Note 2) (884 ) — — Gain on spectrum license transactions (Note 2) 270 142 254 Operating results from divested businesses 149 995 3,123 Product realignment (682 ) — — Consolidated operating income 27,414 27,059 33,060 Equity in losses of unconsolidated businesses (77 ) (98 ) (86 ) Other income (expense), net (2,010 ) (1,599 ) 186 Interest expense (4,733 ) (4,376 ) (4,920 ) Income Before Benefit (Provision) For Income Taxes $ 20,594 $ 20,986 $ 28,240 A reconciliation of the total of the reportable segments’ assets to consolidated assets is as follows: (dollars in millions) At December 31, 2017 2016 Assets Total reportable segments $ 311,155 $ 278,024 Corporate and other 239,040 213,787 Eliminations (293,052 ) (247,631 ) Total consolidated $ 257,143 $ 244,180 No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2017 , 2016 and 2015 . International operating revenues and long-lived assets are not significant. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Comprehensive Income | Note 13 Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Significant changes in the components of Other comprehensive income, net of provision for income taxes are described below. Accumulated Other Comprehensive Income The changes in the balances of Accumulated other comprehensive income by component are as follows: (dollars in millions) Foreign currency translation adjustments Unrealized gains (losses) on cash flow hedges Unrealized losses on marketable securities Defined benefit pension and postretirement plans Total Balance at January 1, 2015 $ (346 ) $ (84 ) $ 112 $ 1,429 $ 1,111 Other comprehensive loss (208 ) (1,063 ) (5 ) — (1,276 ) Amounts reclassified to net income — 869 (6 ) (148 ) 715 Net other comprehensive loss (208 ) (194 ) (11 ) (148 ) (561 ) Balance at December 31, 2015 (554 ) (278 ) 101 1,281 550 Other comprehensive (loss) income (159 ) (225 ) (13 ) 2,881 2,484 Amounts reclassified to net income — 423 (42 ) (742 ) (361 ) Net other comprehensive (loss) income (159 ) 198 (55 ) 2,139 2,123 Balance at December 31, 2016 (713 ) (80 ) 46 3,420 2,673 Other comprehensive income 245 818 10 327 1,400 Amounts reclassified to net income — (849 ) (24 ) (541 ) (1,414 ) Net other comprehensive income (loss) 245 (31 ) (14 ) (214 ) (14 ) Balance at December 31, 2017 $ (468 ) $ (111 ) $ 32 $ 3,206 $ 2,659 The amounts presented above in net other comprehensive income (loss) are net of taxes. The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges in the table above are included in Other income (expense), net and Interest expense on our consolidated statements of income. See Note 8 for additional information. The amounts reclassified to net income related to unrealized gain (loss) on marketable securities in the table above are included in Other income (expense), net on our consolidated statements of income. The amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Cost of services and Selling, general and administrative expense on our consolidated statements of income. See Note 10 for additional information. |
Additional Financial Informatio
Additional Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information | Note 14 Additional Financial Information The tables that follow provide additional financial information related to our consolidated financial statements: Income Statement Information (dollars in millions) Years Ended December 31, 2017 2016 2015 Depreciation expense $ 14,741 $ 14,227 $ 14,323 Interest costs on debt balances 5,256 4,961 5,391 Net amortization of debt discount 155 119 113 Capitalized interest costs (678 ) (704 ) (584 ) Advertising expense 2,643 2,744 2,749 Balance Sheet Information (dollars in millions) At December 31, 2017 2016 Accounts Payable and Accrued Liabilities Accounts payable $ 7,063 $ 7,084 Accrued expenses 6,756 5,717 Accrued vacation, salaries and wages 4,521 3,813 Interest payable 1,409 1,463 Taxes payable 1,483 1,516 $ 21,232 $ 19,593 Other Current Liabilities Advance billings and customer deposits $ 3,084 $ 2,914 Dividends payable 2,429 2,375 Other 2,839 2,813 $ 8,352 $ 8,102 Cash Flow Information (dollars in millions) Years Ended December 31, 2017 2016 2015 Cash Paid Interest, net of amounts capitalized $ 4,369 $ 4,085 $ 4,491 Income taxes, net of amounts refunded 4,432 9,577 5,293 Other, net Cash Flows from Operating Activities Changes in device payment plan agreement receivables-non-current $ (579 ) $ (3,303 ) $ (23 ) Proceeds from Tower Monetization Transaction — — 2,346 Other, net 1,251 206 (3,637 ) $ 672 $ (3,097 ) $ (1,314 ) Other, net Cash Flows from Financing Activities Net debt related costs $ (3,599 ) $ (1,991 ) $ (422 ) Proceeds from Tower Monetization Transaction — — 2,742 Other, net (1,253 ) (806 ) (743 ) $ (4,852 ) $ (2,797 ) $ 1,577 On March 3, 2017, the Verizon Board of Directors authorized a new share buyback program to repurchase up to 100 million shares of the company's common stock. The new program will terminate when the aggregate number of shares purchased reaches 100 million , or at the close of business on February 28, 2020, whichever is sooner. During the years ended December 31, 2017 and 2016 , Verizon did no t repurchase any shares of Verizon’s common stock under our authorized share buyback programs. During the year ended December 31, 2015 , Verizon repurchased approximately 2.8 million shares of the Company's common stock under our previous share buyback program for approximately $0.1 billion . At December 31, 2017 , the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million . In addition to the previously authorized three -year share buyback program, in 2015, the Verizon Board of Directors authorized Verizon to enter into an accelerated share repurchase (ASR) agreement to repurchase $5.0 billion of the Company's common stock. On February 10, 2015, in exchange for an up-front payment totaling $5.0 billion , Verizon received an initial delivery of 86.2 million shares having a value of approximately $4.25 billion . On June 5, 2015, Verizon received an additional 15.4 million shares as final settlement of the transaction under the ASR agreement. In total, 101.6 million shares were delivered under the ASR at an average repurchase price of $49.21 . Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareowner plans. During the year ended December 31, 2017 , we issued 2.8 million common shares from Treasury stock, which had an insignificant aggregate value. During the year ended December 31, 2016 , we issued 3.5 million common shares from Treasury stock, which had an insignificant aggregate value. During the year ended December 31, 2015 , we issued 22.6 million common shares from Treasury stock, which had an aggregate value of $0.9 billion . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 Commitments and Contingencies In the ordinary course of business, Verizon is involved in various commercial litigation and regulatory proceedings at the state and federal level. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods, including the Hicksville matter described below, will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period. Reserves have been established to cover environmental matters relating to discontinued businesses and past telecommunications activities. These reserves include funds to address contamination at the site of a former Sylvania facility in Hicksville NY, which had processed nuclear fuel rods in the 1950s and 1960s. In September 2005, the Army Corps of Engineers (ACE) accepted the site into its Formerly Utilized Sites Remedial Action Program. As a result, the ACE has taken primary responsibility for addressing the contamination at the site. An adjustment to the reserves may be made after a cost allocation is conducted with respect to the past and future expenses of all of the parties. Adjustments to the environmental reserve may also be made based upon the actual conditions found at other sites requiring remediation. Verizon is currently involved in approximately 40 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing entities and effectively seek only monetary damages; a small number are brought by companies that have sold products and could seek injunctive relief as well. These cases have progressed to various stages and a small number may go to trial in the coming 12 months if they are not otherwise resolved. In connection with the execution of agreements for the sales of businesses and investments, Verizon ordinarily provides representations and warranties to the purchasers pertaining to a variety of nonfinancial matters, such as ownership of the securities being sold, as well as indemnity from certain financial losses. From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business. Subsequent to the sale of Verizon Information Services Canada in 2004, we continue to provide a guarantee to publish directories, which was issued when the directory business was purchased in 2001 and had a 30 -year term (before extensions). The preexisting guarantee continues, without modification, despite the subsequent sale of Verizon Information Services Canada and the spin-off of our domestic print and Internet yellow pages directories business. The possible financial impact of the guarantee, which is not expected to be adverse, cannot be reasonably estimated as a variety of the potential outcomes available under the guarantee result in costs and revenues or benefits that may offset each other. We do not believe performance under the guarantee is likely. As of December 31, 2017 , letters of credit totaling approximately $0.6 billion , which were executed in the normal course of business and support several financing arrangements and payment obligations to third parties, were outstanding. We have several commitments, totaling $21.0 billion , primarily to purchase programming and network services, equipment, software and marketing services, which will be used or sold in the ordinary course of business, from a variety of suppliers. Of this total amount, $7.6 billion is attributable to 2018 , $9.0 billion is attributable to 2019 through 2020 , $2.1 billion is attributable to 2021 through 2022 and $2.3 billion is attributable to years thereafter. These amounts do not represent our entire anticipated purchases in the future, but represent only those items that are the subject of contractual obligations. Our commitments are generally determined based on the noncancelable quantities or termination amounts. Purchases against our commitments totaled approximately $8.2 billion for 2017 , $8.1 billion for 2016 , and $10.2 billion for 2015 . Since the commitments to purchase programming services from television networks and broadcast stations have no minimum volume requirement, we estimated our obligation based on number of subscribers at December 31, 2017 , and applicable rates stipulated in the contracts in effect at that time. We also purchase products and services as needed with no firm commitment. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Note 16 Quarterly Financial Information (Unaudited) (dollars in millions, except per share amounts) Net Income attributable to Verizon (1) Quarter Ended Operating Revenues Operating Income Amount Per Share- Basic Per Share- Diluted Net Income 2017 March 31 $ 29,814 $ 7,181 $ 3,450 $ 0.85 $ 0.84 $ 3,553 June 30 30,548 8,232 4,362 1.07 1.07 4,478 September 30 31,717 7,208 3,620 0.89 0.89 3,736 December 31 33,955 4,793 18,669 4.57 4.56 18,783 2016 March 31 $ 32,171 $ 7,942 $ 4,310 $ 1.06 $ 1.06 $ 4,430 June 30 30,532 4,554 702 0.17 0.17 831 September 30 30,937 6,540 3,620 0.89 0.89 3,747 December 31 32,340 8,023 4,495 1.10 1.10 4,600 (1) Net income attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount. • Results of operations for the first quarter of 2017 include after-tax charges attributable to Verizon of $0.5 billion related to early debt redemption costs, as well as after-tax credits attributable to Verizon of $0.1 billion related to a gain on spectrum license transactions. • Results of operations for the second quarter of 2017 include after-tax charges attributable to Verizon of $0.1 billion related to severance, pension and benefit charges, and after-tax charges attributable to Verizon of $0.4 billion related to acquisition and integration related charges, as well as after-tax credits attributable to Verizon of $0.9 billion related to a net gain on sale of divested businesses. • Results of operations for the third quarter of 2017 include after-tax charges attributable to Verizon of $0.3 billion related to early debt redemption costs and after-tax charges attributable to Verizon of $0.1 billion related to acquisition and integration related charges. • Results of operations for the fourth quarter of 2017 include after-tax credits attributable to Verizon of $16.8 billion related to the impact of tax reform, after-tax charges attributable to Verizon of $0.7 billion related to severance, pension and benefit charges, after-tax charges attributable to Verizon of $0.5 billion related to product realignment costs, as well as after-tax charges attributable to Verizon of $0.4 billion related to early debt redemption costs. In addition, results of operations for the fourth quarter of 2017 include after-tax credits attributable to Verizon of $0.1 billion related to a gain on spectrum license transactions and after-tax charges attributable to Verizon of $0.1 billion related to acquisition and integration related charges. • Results of operations for the first quarter of 2016 include after-tax charges attributable to Verizon of $0.1 billion related to a pension remeasurement, as well as after-tax credits attributable to Verizon of $0.1 billion related to a gain on spectrum license transactions. • Results of operations for the second quarter of 2016 include after-tax charges attributable to Verizon of $2.2 billion related to pension and benefit remeasurements and after-tax charges attributable to Verizon of $1.1 billion related to early debt redemption costs, as well as after-tax credits attributable to Verizon of $0.1 billion related to a gain on the Access Line Sale. • Results of operations for the third quarter of 2016 include after-tax charges attributable to Verizon of $0.5 billion related to a pension remeasurement and severance costs. • Results of operations for the fourth quarter of 2016 include after-tax credits attributable to Verizon of $1.0 billion related to severance, pension and benefit credits. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II - Valuation and Qualifying Accounts Verizon Communications Inc. and Subsidiaries For the Years Ended December 31, 2017 , 2016 and 2015 (dollars in millions) Additions Description Balance at Charged to Charged to Other Accounts Note (a) Deductions Balance at End of Period (c) Allowance for Uncollectible Accounts Receivable: Year 2017 $ 1,146 $ 1,167 $ 205 $ 1,319 $ 1,199 Year 2016 1,037 1,420 150 1,461 1,146 Year 2015 739 1,610 146 1,458 1,037 Additions Balance at Charged to Charged to Other Accounts Note (d) Deductions Balance at End of Period Valuation Allowance for Deferred Tax Assets: Year 2017 $ 2,473 $ 765 $ 273 $ 218 $ 3,293 Year 2016 3,414 146 47 1,134 2,473 Year 2015 1,841 237 1,701 365 3,414 (a) Allowance for Uncollectible Accounts Receivable primarily includes amounts previously written off which were credited directly to this account when recovered. (b) Amounts written off as uncollectible or transferred to other accounts or utilized. (c) Allowance for Uncollectible Accounts Receivable includes approximately $260 million , $301 million and $155 million at December 31, 2017 , 2016 , and 2015 , respectively, related to long-term device payment plan receivables. (d) Valuation Allowance for Deferred Tax Assets includes an increase to the valuation allowance as a result of the acquisition of AOL in 2015 and amounts charged to equity and reclassifications from other balance sheet accounts. (e) Reductions to valuation allowances related to deferred tax assets. |
Description of Business and S28
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The method of accounting applied to investments, whether consolidated, equity or cost, involves an evaluation of all significant terms of the investments that explicitly grant or suggest evidence of control or influence over the operations of the investee. The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in Net income and Total equity. Investments in businesses that we do not control, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. Investments in which we do not have the ability to exercise significant influence over operating and financial policies are accounted for under the cost method. Equity and cost method investments are included in Investments in unconsolidated businesses in our consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated. |
Basis of Presentation | Basis of Presentation We have reclassified certain prior year amounts to conform to the current year presentation. |
Use of Estimates | Use of Estimates We prepare our financial statements using U.S. generally accepted accounting principles (GAAP), which requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Examples of significant estimates include the allowance for doubtful accounts, the recoverability of property, plant and equipment, the recoverability of intangible assets and other long-lived assets, fair values of financial instruments, unrecognized tax benefits, valuation allowances on tax assets, accrued expenses, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations. |
Revenue Recognition | Revenue Recognition Multiple Deliverable Arrangements We offer products and services to our wireless and wireline customers through bundled arrangements. These arrangements involve multiple deliverables, which may include products, services or a combination of products and services. Wireless Our Wireless segment earns revenue primarily by providing access to and usage of its network, as well as the sale of equipment. In general, access revenue is billed one month in advance and recognized when earned. Usage revenue is generally billed in arrears and recognized when service is rendered. Equipment sales revenue associated with the sale of wireless devices and accessories is generally recognized when the products are delivered to and accepted by the customer, as this is considered to be a separate earnings process from providing wireless services. For agreements involving the resale of third-party services in which we are considered the primary obligor in the arrangements, we record the revenue gross at the time of the sale. Under the Verizon device payment program, our eligible wireless customers purchase wireless devices under a device payment plan agreement. We may offer certain promotions that allow a customer to trade in his or her owned device in connection with the purchase of a new device. Under these types of promotions, the customer receives a credit for the value of the trade-in device. In addition, we may provide the customer with additional future credits that will be applied against the customer’s monthly bill as long as service is maintained. We recognize a liability for the trade-in device measured at fair value, which is approximated by considering several factors, including the weighted-average selling prices obtained in recent resales of devices eligible for trade-in. Future credits are recognized when earned by the customer. From time to time, we offer certain marketing promotions that allow our customers to upgrade to a new device after paying down a certain specified portion of their required device payment plan agreement amount and trading in their device in good working order. When a customer enters into a device payment plan agreement with the right to upgrade to a new device, we account for this trade-in right as a guarantee obligation. The full amount of the trade-in right’s fair value (not an allocated value) is recognized as a guarantee liability and the remaining allocable consideration is allocated to the device. The value of the guarantee liability effectively results in a reduction to the revenue recognized for the sale of the device. In multiple element arrangements that bundle devices and monthly wireless service, revenue is allocated to each unit of accounting using a relative selling price method. At the inception of the arrangement, the amount allocable to the delivered units of accounting is limited to the amount that is not contingent upon the delivery of the monthly wireless service (the noncontingent amount). We effectively recognize revenue on the delivered device at the lesser of the amount allocated based on the relative selling price of the device or the noncontingent amount owed when the device is sold. Wireline Our Wireline segment earns revenue based upon usage of its network and facilities and contract fees. In general, fixed monthly fees for voice, video, data and certain other services are billed one month in advance and recognized when earned. Revenue from services that are not fixed in amount and are based on usage is generally billed in arrears and recognized when service is rendered. We sell each of the services we offer on a bundled basis (i.e., voice, video and data) and separately. Therefore, each of our products and services has a standalone selling price. Revenue from the sale of each product or service is allocated to each deliverable using a relative selling price method. Under this method, arrangement consideration is allocated to each separate deliverable based on our standalone selling price for each product or service. These services include Fios services, individually or in bundles, and high-speed Internet. When we bundle equipment with maintenance and monitoring services, we recognize equipment revenue when the equipment is installed in accordance with contractual specifications and ready for the customer’s use. The maintenance and monitoring services are recognized monthly over the term of the contract as we provide the services. Installation-related fees, along with the associated costs up to but not exceeding these fees, are deferred and amortized over the estimated customer relationship period. Other Advertising revenues are generated through display advertising and search advertising. Display advertising revenue is generated by the display of graphical advertisements and other performance-based advertising. Search advertising revenue is generated when a consumer clicks on a text-based advertisement on their screen. Agreements for advertising typically take the forms of impression-based contracts, time-based contracts or performance-based contracts. Advertising revenues derived from impression-based contracts under which we provide impressions in exchange for a fixed fee, are generally recognized as the impressions are delivered. Advertising revenues derived from time-based contracts under which we provide promotions over a specified time period for a fixed fee, are recognized on a straight-line basis over the term of the contract, provided that we meet and continue to meet our obligations under the contract. Advertising revenues derived from contracts under which we are compensated based on certain performance criteria are recognized as we complete the contractually specified performance. We are considered the principal in our programmatic advertising contracts as we are the primary obligor. We present all revenues from these contracts on a gross basis. We report taxes imposed by governmental authorities on revenue-producing transactions between us and our customers, net of taxes we pass through to our customers. |
Maintenance and Repairs | Maintenance and Repairs We charge the cost of maintenance and repairs, including the cost of replacing minor items not constituting substantial betterments, principally to Cost of services as these costs are incurred. |
Advertising Costs | Advertising Costs Costs for advertising products and services, as well as other promotional and sponsorship costs, are charged to Selling, general and administrative expense in the periods in which they are incurred. See Note 14 for additional information. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share are based on the weighted-average number of shares outstanding during the period. Where appropriate, diluted earnings per common share include the dilutive effect of shares issuable under our stock-based compensation plans. There were a total of approximately 5 million , 6 million and 8 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds. |
Marketable Securities | Marketable Securities We have investments in marketable securities, which are considered "available-for-sale" under the provisions of the accounting standard for certain debt and equity securities and are included in the accompanying consolidated balance sheets in Other assets. We continually evaluate our investments in marketable securities for impairment due to declines in market value considered to be other-than-temporary. That evaluation includes, in addition to persistent, declining stock prices, general economic and company-specific evaluations. In the event of a determination that a decline in market value is other-than-temporary, a charge to earnings is recorded for the loss and a new cost basis in the investment is established. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Accounts receivable are recorded in the consolidated financial statements at cost net of an allowance for credit losses, with the exception of device payment plan agreement receivables, which are initially recorded at fair value based on a number of factors including historical write‑off experience, credit quality of the customer base and other factors such as macroeconomic conditions. We maintain allowances for uncollectible accounts receivable, including our device payment plan agreement receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Our allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of specific customer accounts and includes consideration of the credit worthiness and financial condition of those customers. We record an allowance to reduce the receivables to the amount that is reasonably believed to be collectible. We also record an allowance for all other receivables based on multiple factors, including historical experience with bad debts, the general economic environment and the aging of such receivables. Due to the device payment plan agreement being incorporated in the standard Verizon Wireless bill, the collection and risk strategies continue to follow historical practices. We monitor the aging of our accounts with device payment plan agreement receivables and write-off account balances if collection efforts are unsuccessful and future collection is unlikely. |
Inventories | Inventories Inventory consists of wireless and wireline equipment held for sale, which is carried at the lower of cost (determined principally on either an average cost or first-in, first-out basis) or market. |
Plant and Depreciation | Plant and Depreciation We record property, plant and equipment at cost. Property, plant and equipment are generally depreciated on a straight-line basis. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the remaining term of the related lease, calculated from the time the asset was placed in service. When depreciable assets are retired or otherwise disposed of, the related cost and accumulated depreciation are deducted from the plant accounts and any gains or losses on disposition are recognized in income. We capitalize and depreciate network software purchased or developed along with related plant assets. We also capitalize interest associated with the acquisition or construction of network-related assets. Capitalized interest is reported as a reduction in interest expense and depreciated as part of the cost of the network-related assets. In connection with our ongoing review of the estimated useful lives of property, plant and equipment during 2016 , we determined that the average useful lives of certain leasehold improvements would be increased from 5 to 7 years. This change resulted in a decrease to depreciation expense of $0.2 billion in 2016 . We determined that changes were also necessary to the remaining estimated useful lives of certain assets as a result of technology upgrades, enhancements and planned retirements. These changes resulted in an increase in depreciation expense of $0.3 billion , $0.3 billion and $0.4 billion in 2017 , 2016 and 2015 , respectively. While the timing and extent of current deployment plans are subject to ongoing analysis and modification, we believe that the current estimates of useful lives are reasonable. |
Computer Software Costs | Computer Software Costs We capitalize the cost of internal-use network and non-network software that has a useful life in excess of one year. Subsequent additions, modifications or upgrades to internal-use network and non-network software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Planning, software maintenance and training costs are expensed in the period in which they are incurred. Also, we capitalize interest associated with the development of internal-use network and non-network software. Capitalized non-network internal-use software costs are amortized using the straight-line method over a period of 3 to 7 years and are included in Other intangible assets, net in our consolidated balance sheets. For a discussion of our impairment policy for capitalized software costs, see "Goodwill and Other Intangible Assets" below. Also, see Note 3 for additional information of internal-use non-network software reflected in our consolidated balance sheets. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Impairment testing for goodwill is performed annually in the fourth fiscal quarter or more frequently if impairment indicators are present. To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment. However, we may elect to bypass the qualitative assessment and perform an impairment test even if no indications of a potential impairment exist. The impairment test for goodwill is performed at the reporting unit level and compares the fair value of the reporting unit (calculated using a combination of a market approach and a discounted cash flow method) to its carrying value. The market approach includes the use of comparative multiples to corroborate discounted cash flow results. The discounted cash flow method is based on the present value of two components, a projected cash flows and a terminal value. The terminal value represents the expected normalized future cash flows of the reporting unit beyond the cash flows from the discrete projection period. The fair value of the reporting unit is calculated based on the sum of the present value of the cash flows from the discrete period and the present value of the terminal value. The discount rate represented our estimate of the weighted-average cost of capital, or expected return, that a marketplace participant would have required as of the valuation date. If the carrying value exceeds the fair value, an impairment charge is booked for the excess carrying value over fair value, limited to the total amount of goodwill of that reporting unit. Our assessments in 2017 , 2016 and 2015 indicated that the fair value of each of our Wireless, Wireline, Media and Telematics reporting units exceeded their carrying value and therefore did not result in an impairment. Intangible Assets Not Subject to Amortization A significant portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our wireless licenses. As a result, we treat the wireless licenses as an indefinite-lived intangible asset. We re-evaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. We aggregate our wireless licenses into one single unit of accounting, as we utilize our wireless licenses on an integrated basis as part of our nationwide wireless network. We test our wireless licenses for potential impairment annually or more frequently if impairment indicators are present. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. In 2017 and 2016 , we performed a qualitative assessment to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount. As part of our assessment, we considered several qualitative factors including the business enterprise value of our Wireless segment, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA (Earnings before interest, taxes, depreciation and amortization)), margin projections, the projected financial performance of our Wireless segment, as well as other factors. The most recent quantitative assessments of our wireless licenses occurred in 2015 . Our quantitative assessment consisted of comparing the estimated fair value of our aggregate wireless licenses to the aggregated carrying amount as of the test date. Using a quantitative assessment, we estimated the fair value of our aggregate wireless licenses using the Greenfield approach. The Greenfield approach is an income based valuation approach that values the wireless licenses by calculating the cash flow generating potential of a hypothetical start-up company that goes into business with no assets except the wireless licenses to be valued. A discounted cash flow analysis is used to estimate what a marketplace participant would be willing to pay to purchase the aggregated wireless licenses as of the valuation date. If the estimated fair value of the aggregated wireless licenses is less than the aggregated carrying amount of the wireless licenses, then an impairment charge is recognized. Our assessments in 2017 , 2016 and 2015 indicated that the fair value of our wireless licenses exceeded the carrying value and, therefore, did not result in an impairment. Interest expense incurred while qualifying activities are performed to ready wireless licenses for their intended use is capitalized as part of wireless licenses. The capitalization period ends when the development is discontinued or substantially completed and the license is ready for its intended use. Intangible Assets Subject to Amortization and Long-Lived Assets Our intangible assets that do not have indefinite lives (primarily customer lists and non-network internal-use software) are amortized over their estimated useful lives. All of our intangible assets subject to amortization, and long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any indications of impairment are present, we would test for recoverability by comparing the carrying amount of the asset group to the net undiscounted cash flows expected to be generated from the asset group. If those net undiscounted cash flows do not exceed the carrying amount, we would perform the next step, which is to determine the fair value of the asset and record an impairment, if any. We re-evaluate the useful life determinations for these intangible assets each year to determine whether events and circumstances warrant a revision to their remaining useful lives. For information related to the carrying amount of goodwill, wireless licenses and other intangible assets, as well as the major components and average useful lives of our other acquired intangible assets, see Note 3. |
Fair Value Measurements | Fair Value Measurements Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1—Quoted prices in active markets for identical assets or liabilities Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3—No observable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy. |
Income Taxes | Income Taxes Our effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations and tax planning strategies available to us in the various jurisdictions in which we operate. Deferred income taxes are provided for temporary differences in the basis between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at tax rates in effect. We record valuation allowances to reduce our deferred tax assets to the amount that is more likely than not to be realized. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The first step is recognition: we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The second step is measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset or an increase in a deferred tax liability. Significant management judgment is required in evaluating our tax positions and in determining our effective tax rate. We recorded provisional amounts in the consolidated financial statements for the income tax effects of the Tax Cuts and Jobs Act (TCJA) based upon currently available information. |
Stock-Based Compensation | Stock-Based Compensation We measure and recognize compensation expense for all stock-based compensation awards made to employees and directors based on estimated fair values. See Note 9 for additional information. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of our foreign operations is generally the local currency. For these foreign entities, we translate income statement amounts at average exchange rates for the period, and we translate assets and liabilities at end-of-period exchange rates. We record these translation adjustments in Accumulated other comprehensive income, a separate component of Equity, in our consolidated balance sheets. We report exchange gains and losses on intercompany foreign currency transactions of a long-term nature in Accumulated other comprehensive income. Other exchange gains and losses are reported in income. |
Employee Benefit Plans | Employee Benefit Plans Pension and postretirement health care and life insurance benefits earned during the year, as well as interest on projected benefit obligations, are accrued currently. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service period of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets assumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in operating results in the year in which they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management employees no longer earn pension benefits or earn service towards the company retiree medical subsidy. See Note 10 for additional information. We recognize a pension or a postretirement plan’s funded status as either an asset or liability on the consolidated balance sheets. Also, we measure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive income, net of applicable income tax. |
Derivative Instruments | Derivative Instruments We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. We employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, forward interest rate swaps, interest rate swaps and interest rate caps. We do not hold derivatives for trading purposes. See Note 8 for additional information. We measure all derivatives at fair value and recognize them as either assets or liabilities on our consolidated balance sheets. Our derivative instruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified as Level 2. Changes in the fair values of derivative instruments not qualifying for hedge accounting are recognized in earnings in the current period. For fair value hedges, the change in the fair value of the derivative instruments is recognized in earnings, along with the change in the fair value of the hedged item. For cash flow hedges, the change in the fair value of the derivative instruments, along with the change in the fair value of the hedged item, are reported in Other comprehensive income (loss) and recognized in earnings when the hedged item is recognized in earnings. For net investment hedges of certain of our foreign operations, the change in the fair value of the derivative instruments is reported in Other comprehensive income (loss) as part of the cumulative translation adjustment and partially offset the impact of foreign currency changes on the value of our net investment. |
Variable Interest Entities | Variable Interest Entities VIEs are entities that lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We consolidate the assets and liabilities of VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is the party that has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards During the first quarter of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." This standard update intends to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This standard update was effective as of the first quarter of 2017. The adoption of this standard update did not have a significant impact on our consolidated financial statements. During the first quarter of 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The amendments in this update eliminate the requirement to perform step two of the goodwill impairment test, which requires a hypothetical purchase price allocation when an impairment is determined to have occurred. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This standard update is effective as of the first quarter of 2020; however, early adoption is permitted for any interim or annual impairment tests performed after January 1, 2017. Verizon early adopted this standard on January 1, 2017. The adoption of this standard update did not have a significant impact on our consolidated financial statements. During the first quarter of 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." The amendments in this update provide a framework - the "screen" - in which to evaluate whether a set of transferred assets and activities is a business. The screen requires that such set is not a business when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. The standard also aligns the definition of outputs with how outputs are described in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. This standard is effective as of the first quarter of 2018; however, early adoption is permitted. Verizon early adopted this standard, on a prospective basis, in the fourth quarter of 2017. The adoption of this standard update did not have a significant impact on our consolidated financial statements. During the third quarter of 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." The amendments in this update simplify the application of hedge accounting and increase the transparency of hedge results. The updated standard also amends the presentation and disclosure requirements and changes how companies can assess the effectiveness of their hedging relationships. Companies will now have until the end of the first quarter in which a hedge is entered into to perform an initial assessment of a hedge’s effectiveness. After initial qualification, the new guidance permits a qualitative effectiveness assessment for certain hedges instead of a quantitative test if the company can reasonably support an expectation of high effectiveness throughout the term of the hedge. An initial quantitative test to establish that the hedge relationship is highly effective is still required. For cash flow hedges, if the hedge is highly effective, all changes in the fair value of the derivative hedging instrument will be recorded in Other comprehensive income (loss). These changes in fair value will be reclassified to earnings when the hedged item impacts earnings. The standard update is effective as of the first quarter of 2019; however, early adoption is permitted within an interim period. Verizon early adopted this standard in the fourth quarter of 2017. The adoption of this standard update did not have a significant impact on our consolidated financial statements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This standard update allows entities, as an accounting policy election, the option to reclassify from accumulated other comprehensive income to retained earnings stranded tax effects resulting from the newly enacted federal corporate income tax rate in TCJA. It also allows entities to elect to reclassify other stranded tax effects that relate to TCJA but do not directly relate to the change in the federal rate such as state taxes. The tax effects that are stranded in accumulated other comprehensive income for other reasons such as a change in valuation allowance may not be reclassified. This standard update is effective as of the first quarter of 2019; however, early adoption is permitted. The standard update can be applied on a retrospective basis to each period in which the effect of the change in the federal income tax rate in TCJA the Act is recognized or applied it in the reporting period of adoption. We are currently evaluating the impact that this standard update will have on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this update require an employer to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost, including the recognition of prior service credits, will be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The amendments in this update also allow only the service cost component of pension and other postretirement benefit costs to be eligible for capitalization when applicable. The amendments in this update would be applied retrospectively for the presentation of the service cost component and other components of net periodic benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic benefit cost in assets. Disclosures of the nature of and reason for the change in accounting principle would be required in the first interim and annual reporting periods of adoption. This standard update is effective as of the first quarter of 2018; however, early adoption is permitted as of the beginning of an annual period for which financial statements have not been issued. We will adopt this standard in the first quarter of 2018. The impact of the retrospective adoption of this standard update will be an increase to consolidated operating income of approximately $2.2 billion for the year ended December 31, 2016 . There will be an insignificant impact to consolidated operating income for the year ended December 31, 2017 and no impact to consolidated net income for the years ended December 31, 2017 and 2016 . In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses From the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The new guidance defines an "in substance nonfinancial asset" as an asset or group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. The standard requires entities to derecognize nonfinancial assets or in substance nonfinancial assets when the entity no longer has (or ceases to have) a controlling financial interest in the legal entity that holds the asset and the entity transfers control of the asset. The standard update also unifies guidance related to partial sales of nonfinancial assets to be more consistent with the sale of a business. This standard update is effective as of the first quarter of 2018; however, early adoption is permitted. We do not expect that this standard update will have a significant impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash." The amendments in this update require that cash and cash equivalent balances in a statement of cash flows include those amounts deemed to be restricted cash and restricted cash equivalents. This standard update is effective as of the first quarter of 2018; however, early adoption is permitted. We do not expect the adoption of this standard will have a significant impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." This standard update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice for these issues. Among the updates, this standard update requires cash receipts from payments on a transferor’s beneficial interests in securitized trade receivables to be classified as cash inflows from investing activities. This standard update is effective as of the first quarter of 2018; however, early adoption is permitted. We expect the amendment relating to beneficial interests in securitization transactions will have an impact on our presentation of collections of the deferred purchase price from sales of wireless device payment plan agreement receivables in our consolidated statements of cash flows. Upon adoption of this standard update in the first quarter of 2018 , we expect to retrospectively reclassify approximately $0.6 billion of collections of deferred purchase price related to collections from customers from Cash flows from operating activities to Cash flows from investing activities in our consolidated statement of cash flows for the year ended December 31, 2017 and $1.1 billion for the year ended December 31, 2016 . In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This standard update requires that certain financial assets be measured at amortized cost net of an allowance for estimated credit losses such that the net receivable represents the present value of expected cash collection. In addition, this standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions and reasonable and supportable forecasts that affect the collectability of the amounts. This standard update is effective as of the first quarter of 2020; however, early adoption is permitted. We intend to adopt this standard update in the first quarter of 2020. We are currently evaluating the impact that this standard update will have on our consolidated financial statements upon adoption. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." This standard update intends to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. In addition, through improved disclosure requirements, the standard update will enable users of financial statements to further understand the amount, timing, and uncertainty of cash flows arising from leases. This standard update is effective as of the first quarter of 2019; however, early adoption is permitted. Verizon’s current operating lease portfolio is primarily comprised of network, real estate, and equipment leases. Upon adoption of this standard, we expect our balance sheet to include a right-of-use asset and liability related to substantially all operating lease arrangements. We have established a cross-functional coordinated implementation team to implement the standard update related to leases. We are in the process of determining the scope of arrangements that will be subject to this standard as well as assessing the impact to our systems, processes and internal controls to meet the standard update’s reporting and disclosure requirements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." This standard, along with subsequently issued updates, clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. generally accepted accounting principles (GAAP). The standard provides a more robust framework for addressing revenue issues; improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; and provides more useful information to users of financial statements through improved disclosure requirements. The standard also amends current guidance for the recognition of costs to obtain and fulfill contracts with customers such that incremental costs of obtaining and direct costs of fulfilling contracts with customers will be deferred and amortized consistent with the transfer of the related good or service. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the standard is applied only to the most current period presented and the cumulative effect of applying the standard would be recognized at the date of initial application. In August 2015, an accounting standard update was issued that delayed the effective date of this standard until the first quarter of 2018, at which time we will adopt the standard using the modified retrospective approach applied to open contracts. We have a cross-functional coordinated team working on the implementation of this standard. Summarized below are the key impacts and areas requiring significant judgment arising from the initial adoption of Topic 606. The ultimate impact on revenue resulting from the application of the new standard is subject to assessments that are dependent on many variables, including, but not limited to, the terms of our contractual arrangements and mix of business. The allocation of revenue between equipment and service for our wireless subsidy contracts will result in more revenue allocated to equipment and recognized upon delivery, and less service revenue recognized over the contract term than under current GAAP. Total revenue over the full contract term will be unchanged and there will be no change to customer billing, the timing of cash flows or the presentation of cash flows. Additionally, the new standard requires the deferral of incremental costs to obtain a customer contract, which are then amortized to expense, as part of Selling, general and administrative expense, over the respective periods of expected benefit. As a result, a significant amount of our sales commission costs, which would have historically been expensed as incurred by our Wireless and Wireline businesses under our previous accounting, will be deferred and amortized. Based on currently available information, we expect the cumulative effect of initially applying the new standard to result in an increase to the opening balance of retained earnings ranging from approximately $4.0 billion to $4.6 billion on a pre-tax basis. We also evaluated the impact of Topic 606 as it relates to gross versus net revenue presentation for our programmatic advertising services and the treatment of financing component inherent in our Wireless direct channel contracts. We concluded that we are the principal in our programmatic advertising contracts with our customers and, therefore, we will continue to present all revenues from these contracts on a gross basis. With respect to our direct channel wireless contracts, we have concluded that our contracts currently do not contain a significant financing component for our classes of customers. These conclusions will be reassessed periodically based on current facts and circumstances. We have identified and implemented changes to our systems, processes and internal controls to meet the standard’s reporting and disclosure requirements. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
AOL Inc | |
Purchase Price Identified Based on Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration to AOL’s shareholders and the identification of the assets acquired, including cash acquired of $0.5 billion , and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of AOL’s noncontrolling interests: (dollars in millions) As of June 23, 2015 Cash payment to AOL’s equity holders $ 3,764 Estimated liabilities to be paid (1) 377 Total consideration $ 4,141 Assets acquired: Goodwill $ 1,938 Intangible assets subject to amortization 2,504 Other 1,551 Total assets acquired 5,993 Liabilities assumed: Total liabilities assumed 1,851 Net assets acquired: 4,142 Noncontrolling interest (1 ) Total consideration $ 4,141 (1) During the years ended December 31, 2017 and 2016, we made cash payments of $1 million and $179 million , respectively, in respect of acquisition-date estimated liabilities to be paid. As of December 31, 2017, the remaining balance of estimated liabilities to be paid was $197 million . |
Yahoo! Inc. | |
Purchase Price Identified Based on Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration to Yahoo’s shareholders and the preliminary identification of the assets acquired, including cash acquired of $0.2 billion , and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of Yahoo’s noncontrolling interests: (dollars in millions) As of June 13, 2017 Measurement-period adjustments (1) As of December 31, 2017 Cash payment to Yahoo’s equity holders $ 4,723 $ (50 ) $ 4,673 Estimated liabilities to be paid 38 — 38 Total consideration $ 4,761 $ (50 ) $ 4,711 Assets acquired: Goodwill $ 874 $ 1,055 $ 1,929 Intangible assets subject to amortization 2,586 (713 ) 1,873 Property, plant, and equipment 1,796 9 1,805 Other 1,362 (30 ) 1,332 Total assets acquired 6,618 321 6,939 Liabilities assumed: Total liabilities assumed 1,824 354 2,178 Net assets acquired: 4,794 (33 ) 4,761 Noncontrolling interest (33 ) (17 ) (50 ) Total consideration $ 4,761 $ (50 ) $ 4,711 (1) Adjustments to preliminary fair value measurements to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. |
Wireless Licenses, Goodwill a30
Wireless Licenses, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Wireless Licenses | The carrying amounts of Wireless licenses are as follows: (dollars in millions) At December 31, 2017 2016 Wireless licenses $ 88,417 $ 86,673 |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Wireless Wireline Other Total Balance at January 1, 2016 $ 18,393 $ 4,331 $ 2,607 $ 25,331 Acquisitions (Note 2) — — 2,310 2,310 Reclassifications, adjustments and other — (547 ) 111 (436 ) Balance at December 31, 2016 $ 18,393 $ 3,784 $ 5,028 $ 27,205 Acquisitions (Note 2) 4 208 1,956 2,168 Reclassifications, adjustments and other — 1 (202 ) (201 ) Balance at December 31, 2017 $ 18,397 $ 3,993 $ 6,782 $ 29,172 |
Composition of Other Intangible Assets, Net | The following table displays the composition of Other intangible assets, net: (dollars in millions) 2017 2016 At December 31, Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer lists (5 to 13 years) $ 3,621 $ (691 ) $ 2,930 $ 2,884 $ (480 ) $ 2,404 Non-network internal-use software (3 to 7 years) 18,010 (12,374 ) 5,636 16,135 (10,913 ) 5,222 Other (2 to 25 years) 2,474 (793 ) 1,681 1,854 (583 ) 1,271 Total $ 24,105 $ (13,858 ) $ 10,247 $ 20,873 $ (11,976 ) $ 8,897 |
Amortization Expense for Other Intangible Assets | The amortization expense for Other intangible assets was as follows: Years (dollars in millions) 2017 $ 2,213 2016 1,701 2015 1,694 |
Estimated Future Amortization Expense for Other Intangible Assets | Estimated annual amortization expense for Other intangible assets is as follows: Years (dollars in millions) 2018 $ 2,079 2019 1,787 2020 1,478 2021 1,227 2022 1,024 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Plant, Property and Equipment | The following table displays the details of Property, plant and equipment, which is stated at cost: (dollars in millions) At December 31, Lives (years) 2017 2016 Land — $ 806 $ 667 Buildings and equipment 7-45 28,914 27,117 Central office and other network equipment 3-50 145,093 136,737 Cable, poles and conduit 7-50 47,972 45,639 Leasehold improvements 5-20 8,394 7,627 Work in progress — 6,139 5,710 Furniture, vehicles and other 3-20 9,180 8,718 246,498 232,215 Less accumulated depreciation 157,930 147,464 Property, plant and equipment, net $ 88,568 $ 84,751 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Capital Leased Assets | Capital lease amounts included in Property, plant and equipment are as follows: (dollars in millions) At December 31, 2017 2016 Capital leases $ 1,463 $ 1,277 Less accumulated amortization (692 ) (524 ) Total $ 771 $ 753 |
Schedule of Aggregate Minimum Rental Commitments under Noncancelable Operating Leases | The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2017 , are as follows: (dollars in millions) Years Capital Leases Operating Leases 2018 $ 413 $ 3,290 2019 268 3,046 2020 179 2,683 2021 87 2,301 2022 50 1,952 Thereafter 135 7,462 Total minimum rental commitments 1,132 $ 20,734 Less interest and executory costs 112 Present value of minimum lease payments 1,020 Less current installments 382 Long-term obligation at December 31, 2017 $ 638 |
Schedule of Aggregate Minimum Rental Commitments under Noncancelable Capital Leases | The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2017 , are as follows: (dollars in millions) Years Capital Leases Operating Leases 2018 $ 413 $ 3,290 2019 268 3,046 2020 179 2,683 2021 87 2,301 2022 50 1,952 Thereafter 135 7,462 Total minimum rental commitments 1,132 $ 20,734 Less interest and executory costs 112 Present value of minimum lease payments 1,020 Less current installments 382 Long-term obligation at December 31, 2017 $ 638 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Changes to debt during 2017 are as follows: (dollars in millions) Debt Maturing within One Year Long-term Debt Total Balance at January 1, 2017 $ 2,645 $ 105,433 $ 108,078 Proceeds from long-term borrowings 103 27,604 27,707 Proceeds from asset-backed long-term borrowings — 4,290 4,290 Repayments of long-term borrowings and capital leases obligations (8,191 ) (15,646 ) (23,837 ) Repayments of asset-backed long-term borrowings (400 ) — (400 ) Decrease in short-term obligations, excluding current maturities (170 ) — (170 ) Reclassifications of long-term debt 9,255 (9,255 ) — Other 211 1,216 1,427 Balance at December 31, 2017 $ 3,453 $ 113,642 $ 117,095 |
Debt Maturing within One Year | Debt maturing within one year is as follows: (dollars in millions) At December 31, 2017 2016 Long-term debt maturing within one year $ 3,303 $ 2,477 Short-term notes payable 150 168 Total debt maturing within one year $ 3,453 $ 2,645 |
Schedule of Long-term Debt Instruments | Outstanding long-term debt obligations are as follows: (dollars in millions) At December 31, Interest Rates % Maturities 2017 2016 Verizon—notes payable and other 1.38 – 3.96 2018 – 2047 $ 31,370 $ 28,491 4.09 – 5.51 2020 – 2055 67,906 53,909 5.82 – 6.90 2026 – 2054 5,835 11,295 7.35 – 8.95 2029 – 2039 1,106 1,860 Floating 2018 – 2025 6,684 9,750 Verizon Wireless—Alltel assumed notes 6.80 – 7.88 2029 – 2032 234 525 Telephone subsidiaries—debentures 5.13 – 6.50 2028 – 2033 226 319 7.38 – 7.88 2022 – 2032 341 561 8.00 – 8.75 2022 – 2031 229 328 Other subsidiaries—notes payable, debentures and other 6.70 – 8.75 2018 – 2028 748 1,102 Verizon Wireless and other subsidiaries—asset-backed debt 1.42 – 2.65 2021 – 2022 6,293 2,485 Floating 2021 – 2022 2,620 2,520 Capital lease obligations (average rate of 3.6% and 3.5% in 2017 and 2016, respectively) 1,020 950 Unamortized discount, net of premium (7,133 ) (5,716 ) Unamortized debt issuance costs (534 ) (469 ) Total long-term debt, including current maturities 116,945 107,910 Less long-term debt maturing within one year 3,303 2,477 Total long-term debt $ 113,642 $ 105,433 |
Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements | The assets and liabilities related to our asset-backed debt arrangements included on our consolidated balance sheets were as follows: (dollars in millions) At December 31, 2017 2016 Assets Account receivable, net $ 8,101 $ 3,383 Prepaid expenses and other 636 236 Other Assets 2,680 2,383 Liabilities Accounts payable and accrued liabilities 5 4 Short-term portion of long-term debt 1,932 — Long-term debt 6,955 4,988 |
Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs | Maturities of long-term debt outstanding, excluding unamortized debt issuance costs, at December 31, 2017 are as follows: Years (dollars in millions) 2018 $ 3,308 2019 6,306 2020 6,587 2021 6,403 2022 9,520 Thereafter 85,355 |
Wireless Device Payment Plans (
Wireless Device Payment Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Device Payment Plan Receivables, Net | The following table displays device payment plan agreement receivables, net, that continue to be recognized in our consolidated balance sheets: (dollars in millions) At December 31, 2017 2016 Device payment plan agreement receivables, gross $ 17,770 $ 11,797 Unamortized imputed interest (821 ) (511 ) Device payment plan agreement receivables, net of unamortized imputed interest 16,949 11,286 Allowance for credit losses (848 ) (688 ) Device payment plan agreement receivables, net $ 16,101 $ 10,598 Classified on our consolidated balance sheets: Accounts receivable, net $ 11,064 $ 6,140 Other assets 5,037 4,458 Device payment plan agreement receivables, net $ 16,101 $ 10,598 |
Balance and Aging of Device Payment Plan Agreement Receivables on Gross Basis | The balance and aging of the device payment plan agreement receivables on a gross basis was as follows: (dollars in millions) At December 31, 2017 2016 Unbilled $ 16,591 $ 11,089 Billed: Current 975 557 Past due 204 151 Device payment plan agreement receivables, gross $ 17,770 $ 11,797 |
Activity in Allowance for Credit Losses for Device Payment Plan Agreement Receivables | Activity in the allowance for credit losses for the device payment plan agreement receivables was as follows: (dollars in millions) 2017 2016 Balance at January 1, $ 688 $ 444 Bad debt expense 718 692 Write-offs (558 ) (479 ) Allowance related to receivables sold — 28 Other — 3 Balance at December 31, $ 848 $ 688 |
Fair Value Measurements and F35
Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 : (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 74 $ — $ — $ 74 Fixed income securities — 366 — 366 Interest rate swaps — 54 — 54 Cross currency swaps — 450 — 450 Interest rate caps — 6 — 6 Total $ 74 $ 876 $ — $ 950 Liabilities: Other liabilities: Interest rate swaps $ — $ 413 $ — $ 413 Cross currency swaps — 46 — 46 Total $ — $ 459 $ — $ 459 The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 : (dollars in millions) Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Other assets: Equity securities $ 123 $ — $ — $ 123 Fixed income securities 10 566 — 576 Interest rate swaps — 71 — 71 Cross currency swaps — 45 — 45 Interest rate caps — 10 — 10 Total $ 133 $ 692 $ — $ 825 Liabilities: Other liabilities: Interest rate swaps $ — $ 236 $ — $ 236 Cross currency swaps — 1,803 — 1,803 Total $ — $ 2,039 $ — $ 2,039 (1) quoted prices in active markets for identical assets or liabilities (2) observable inputs other than quoted prices in active markets for identical assets and liabilities (3) no observable pricing inputs in the market |
Schedule of Fair Value of Short-Term and Long-Term Debt, Excluding Capital Leases | The fair value of our short-term and long-term debt, excluding capital leases, was as follows: (dollars in millions) At December 31, 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Short- and long-term debt, excluding capital leases $ 116,075 $ 128,658 $ 107,128 $ 117,584 |
Notional Amounts of Outstanding Derivative Instruments | The following table sets forth the notional amounts of our outstanding derivative instruments: (dollars in millions) At December 31, 2017 2016 Interest rate swaps $ 20,173 $ 13,099 Cross currency swaps 16,638 12,890 Interest rate caps 2,840 2,540 |
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | As of December 31, 2017 and 2016 , the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: (dollars in millions) Line item in balance sheets in which hedged item is included Carrying amount of hedged liabilities Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities 2017 2016 2017 2016 Long-term debt $ 22,011 $ 13,013 $ 316 $ 113 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted and Performance Stock Unit Activity | The following table summarizes Verizon’s Restricted Stock Unit and Performance Stock Unit activity: Restricted Stock Units Performance (shares in thousands) Equity Awards Liability Awards Stock Units Outstanding January 1, 2015 15,007 — 19,966 Granted 4,958 — 7,044 Payments (5,911 ) — (6,732 ) Cancelled/Forfeited (151 ) — (3,075 ) Outstanding December 31, 2015 13,903 — 17,203 Granted 4,409 — 6,391 Payments (4,890 ) — (4,702 ) Cancelled/Forfeited (114 ) — (1,143 ) Outstanding Adjustments — — 170 Outstanding December 31, 2016 13,308 — 17,919 Granted 4,216 25,168 6,564 Payments (4,825 ) (8,487 ) (6,031 ) Cancelled/Forfeited (66 ) (2,690 ) (217 ) Outstanding December 31, 2017 12,633 13,991 18,235 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Change In Benefit Obligations, Change In Plan Assets, Funded Status, Amounts Recognized on Balance Sheet, and Amounts Recognized In Accumulated Other Comprehensive Income (Pretax) | The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans. Obligations and Funded Status (dollars in millions) Pension Health Care and Life At December 31, 2017 2016 2017 2016 Change in Benefit Obligations Beginning of year $ 21,112 $ 22,016 $ 19,650 $ 24,223 Service cost 280 322 149 193 Interest cost 683 677 659 746 Plan amendments — 428 (545 ) (5,142 ) Actuarial loss, net 1,377 1,017 627 1,289 Benefits paid (1,932 ) (938 ) (1,080 ) (1,349 ) Curtailment and termination benefits 11 4 — — Settlements paid — (1,270 ) — — Divestiture (Note 2) — (1,144 ) — (310 ) End of year $ 21,531 $ 21,112 $ 19,460 $ 19,650 Change in Plan Assets Beginning of year $ 14,663 $ 16,124 $ 1,363 $ 1,760 Actual return on plan assets 2,342 882 134 35 Company contributions 4,141 837 702 917 Benefits paid (1,932 ) (938 ) (1,080 ) (1,349 ) Settlements paid — (1,270 ) — — Divestiture (Note 2) (39 ) (972 ) — — End of year $ 19,175 $ 14,663 $ 1,119 $ 1,363 Funded Status End of year $ (2,356 ) $ (6,449 ) $ (18,341 ) $ (18,287 ) As a result of the Access Line Sale, which closed on April 1, 2016, we derecognized $0.7 billion of defined benefit pension and other postretirement benefit plan obligations related to assets held for sale on our consolidated balance sheet as of December 31, 2016 . See Note 2 for additional information. (dollars in millions) Pension Health Care and Life At December 31, 2017 2016 2017 2016 Amounts recognized on the balance sheet Noncurrent assets $ 21 $ 2 $ — $ — Current liabilities (63 ) (88 ) (637 ) (639 ) Noncurrent liabilities (2,314 ) (6,363 ) (17,704 ) (17,648 ) Total $ (2,356 ) $ (6,449 ) $ (18,341 ) $ (18,287 ) Amounts recognized in Accumulated Other Comprehensive Income (Pre-tax) Prior Service Cost (Benefit) $ 404 $ 443 $ (5,667 ) $ (6,072 ) Total $ 404 $ 443 $ (5,667 ) $ (6,072 ) |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets follows: (dollars in millions) At December 31, 2017 2016 Projected benefit obligation $ 21,300 $ 21,048 Accumulated benefit obligation 21,242 20,990 Fair value of plan assets 18,923 14,596 |
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance | The following table summarizes the benefit cost (income) related to our pension and postretirement health care and life insurance plans: (dollars in millions) Pension Health Care and Life Years Ended December 31, 2017 2016 2015 2017 2016 2015 Service cost $ 280 $ 322 $ 374 $ 149 $ 193 $ 324 Amortization of prior service cost (credit) 39 21 (5 ) (949 ) (657 ) (287 ) Expected return on plan assets (1,262 ) (1,045 ) (1,270 ) (53 ) (54 ) (101 ) Interest cost 683 677 969 659 746 1,117 Remeasurement loss (gain), net 337 1,198 (209 ) 546 1,300 (2,659 ) Net periodic benefit (income) cost 77 1,173 (141 ) 352 1,528 (1,606 ) Curtailment and termination benefits 11 4 — — — — Total $ 88 $ 1,177 $ (141 ) $ 352 $ 1,528 $ (1,606 ) |
Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive (income) loss are as follows: (dollars in millions) Pension Health Care and Life At December 31, 2017 2016 2017 2016 Prior service cost (benefit) $ — $ 428 $ (544 ) $ (5,142 ) Reversal of amortization items Prior service (benefit) cost (39 ) (21 ) 949 657 Amounts reclassified to net income — 87 — 451 Total recognized in other comprehensive (income) loss (pre-tax) $ (39 ) $ 494 $ 405 $ (4,034 ) |
Weighted Average Assumptions Used in Determining Benefit Obligations and Net Periodic Cost | The weighted-average assumptions used in determining benefit obligations follow: Pension Health Care and Life At December 31, 2017 2016 2017 2016 Discount Rate 3.70 % 4.30 % 3.60 % 4.20 % Rate of compensation increases 3.00 % 3.00 % N/A N/A The weighted-average assumptions used in determining net periodic cost follow: Pension Health Care and Life At December 31, 2017 2016 2015 2017 2016 2015 Discount rate in effect for determining service cost 4.70 % 4.50 % 4.20 % 4.60 % 4.50 % 4.20 % Discount rate in effect for determining interest cost 3.40 3.20 4.20 3.50 3.40 4.20 Expected return on plan assets 7.70 7.00 7.25 4.50 3.80 4.80 Rate of compensation increases 3.00 3.00 3.00 N/A N/A N/A |
Health Care Cost Trend Rates | The assumed health care cost trend rates follow: Health Care and Life At December 31, 2017 2016 2015 Healthcare cost trend rate assumed for next year 7.00 % 6.50 % 6.00 % Rate to which cost trend rate gradually declines 4.50 4.50 4.50 Year the rate reaches the level it is assumed to remain thereafter 2026 2025 2024 |
Effects of One Percentage Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in the assumed health care cost trend rate would have the following effects: (dollars in millions) One-Percentage Point Increase Decrease Effect on 2017 service and interest cost $ 25 $ (24 ) Effect on postretirement benefit obligation as of December 31, 2017 532 (516 ) |
Expected Benefit Payments to Retirees | The benefit payments to retirees are expected to be paid as follows: (dollars in millions) Year Pension Benefits Health Care and Life 2018 $ 2,401 $ 1,246 2019 2,098 1,249 2020 1,464 1,297 2021 1,212 1,318 2022 1,161 1,336 2023 to 2027 5,526 6,277 |
Schedule of Recorded Severance Liability | The following table provides an analysis of our severance liability recorded in accordance with the accounting standard regarding employers’ accounting for postemployment benefits: (dollars in millions) Year Beginning of Year Charged to Expense Payments Other End of Year 2015 $ 875 $ 551 $ (619 ) $ (7 ) $ 800 2016 800 417 (583 ) 22 656 2017 656 581 (564 ) (46 ) 627 |
Pension | |
Fair Values for Plans by Asset Category | The fair values for the pension plans by asset category at December 31, 2017 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,889 $ 2,874 $ 15 $ — Equity securities 2,795 2,794 — 1 Fixed income securities U.S. Treasuries and agencies 1,382 1,234 148 — Corporate bonds 2,961 139 2,718 104 International bonds 1,068 17 1,031 20 Other 396 4 392 — Real estate 627 — — 627 Other Private equity 580 — — 580 Hedge funds 845 — 660 185 Total investments at fair value 13,543 7,062 4,964 1,517 Investments measured at NAV 5,632 Total $ 19,175 $ 7,062 $ 4,964 $ 1,517 The fair values for the pension plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,228 $ 1,219 $ 9 $ — Equity securities 1,883 1,883 — — Fixed income securities U.S. Treasuries and agencies 1,251 880 371 — Corporate bonds 2,375 152 2,126 97 International bonds 713 20 679 14 Real estate 655 — — 655 Other Private equity 624 — — 624 Hedge funds 526 — 522 4 Total investments at fair value 9,255 4,154 3,707 1,394 Investments measured at NAV 5,408 Total $ 14,663 $ 4,154 $ 3,707 $ 1,394 |
Reconciliation of Beginning and Ending Balance of Plan Assets Measured at Fair Value | The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Equity Securities Corporate Bonds International Bonds Real Estate Private Equity Hedge Funds Total Balance at January 1, 2016 $ 3 $ 128 $ 20 $ 873 $ 609 $ — $ 1,633 Actual (loss) gain on plan assets (1 ) (9 ) (2 ) 169 12 — 169 Purchases and sales (2 ) (22 ) (4 ) (387 ) 3 4 (408 ) Balance at December 31, 2016 $ — $ 97 $ 14 $ 655 $ 624 $ 4 $ 1,394 Actual (loss) gain on plan assets — (1 ) — 76 78 — 153 Purchases (sales) 119 27 22 (70 ) (114 ) 183 167 Transfers out (118 ) (19 ) (16 ) (34 ) (8 ) (2 ) (197 ) Balance at December 31, 2017 $ 1 $ 104 $ 20 $ 627 $ 580 $ 185 $ 1,517 |
Health Care and Life | |
Fair Values for Plans by Asset Category | Health Care and Life Plans The fair values for the other postretirement benefit plans by asset category at December 31, 2017 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 71 $ 1 $ 70 $ — Equity securities 294 294 — — Fixed income securities U.S. Treasuries and agencies 23 22 1 — Corporate bonds 141 141 — — International bonds 60 18 42 — Total investments at fair value 589 476 113 — Investments measured at NAV 530 Total $ 1,119 $ 476 $ 113 $ — The fair values for the other postretirement benefit plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 131 $ 1 $ 130 $ — Equity securities 463 463 — — Fixed income securities U.S. Treasuries and agencies 23 22 1 — Corporate bonds 170 145 25 — International bonds 60 30 30 — Total investments at fair value 847 661 186 — Investments measured at NAV 516 Total $ 1,363 $ 661 $ 186 $ — |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Provision for Income Taxes | The components of income before benefit (provision) for income taxes are as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Domestic $ 19,645 $ 20,047 $ 27,639 Foreign 949 939 601 Total $ 20,594 $ 20,986 $ 28,240 |
Components of Provision for Income Taxes | The components of the (benefit) provision for income taxes are as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Current Federal $ 3,630 $ 7,451 $ 5,476 Foreign 200 148 70 State and Local 677 842 803 Total 4,507 8,441 6,349 Deferred Federal (14,360 ) (933 ) 3,377 Foreign (66 ) (2 ) 9 State and Local (37 ) (128 ) 130 Total (14,463 ) (1,063 ) 3,516 Total income tax (benefit) provision $ (9,956 ) $ 7,378 $ 9,865 |
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: Years Ended December 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local income tax rate, net of federal tax benefits 1.6 2.2 2.1 Affordable housing credit (0.6 ) (0.7 ) (0.5 ) Employee benefits including ESOP dividend (0.5 ) (0.5 ) (0.4 ) Impact of tax reform re-measurement (81.6 ) — — Noncontrolling interests (0.6 ) (0.6 ) (0.5 ) Non-deductible goodwill 1.0 2.2 — Other, net (2.6 ) (2.4 ) (0.8 ) Effective income tax rate (48.3 )% 35.2 % 34.9 % |
Schedule of Cash Taxes Paid | The amounts of cash taxes paid by Verizon are as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Income taxes, net of amounts refunded $ 4,432 $ 9,577 $ 5,293 Employment taxes 1,207 1,196 1,284 Property and other taxes 1,737 1,796 1,868 Total $ 7,376 $ 12,569 $ 8,445 |
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, 2017 2016 Employee benefits $ 6,174 $ 10,453 Tax loss and credit carry forwards 4,176 3,318 Other - assets 1,938 2,632 12,288 16,403 Valuation allowances (3,293 ) (2,473 ) Deferred tax assets 8,995 13,930 Spectrum and other intangible amortization 21,148 31,404 Depreciation 14,767 22,848 Other - liabilities 4,281 5,642 Deferred tax liabilities 40,196 59,894 Net deferred tax liability $ 31,201 $ 45,964 |
Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: (dollars in millions) 2017 2016 2015 Balance at January 1, $ 1,902 $ 1,635 $ 1,823 Additions based on tax positions related to the current year 219 338 194 Additions for tax positions of prior years 756 188 330 Reductions for tax positions of prior years (419 ) (153 ) (412 ) Settlements (42 ) (18 ) (79 ) Lapses of statutes of limitations (61 ) (88 ) (221 ) Balance at December 31, $ 2,355 $ 1,902 $ 1,635 |
Schedule of After Tax (Expenses) Benefits Related to Interest and Penalties in Provision for Income Taxes | We recognized the following net after-tax (expenses) benefits related to interest and penalties in the provision for income taxes: Years Ended December 31, (dollars in millions) 2017 $ (77 ) 2016 (25 ) 2015 43 |
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) 2017 $ 269 2016 142 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Operating Financial Information for Reportable Segments | The following table provides operating financial information for our two reportable segments: (dollars in millions) 2017 Wireless Wireline Total Reportable Segments External Operating Revenues Service $ 62,972 $ — $ 62,972 Equipment 18,889 — 18,889 Other 5,270 — 5,270 Consumer Markets — 12,775 12,775 Enterprise Solutions — 9,165 9,165 Partner Solutions — 3,969 3,969 Business Markets — 3,585 3,585 Other — 234 234 Intersegment revenues 380 952 1,332 Total operating revenues 87,511 30,680 118,191 Cost of services 7,990 17,922 25,912 Wireless cost of equipment 22,147 — 22,147 Selling, general and administrative expense 18,772 6,274 25,046 Depreciation and amortization expense 9,395 6,104 15,499 Total operating expenses 58,304 30,300 88,604 Operating income $ 29,207 $ 380 $ 29,587 Assets $ 235,873 $ 75,282 $ 311,155 Property, plant and equipment, net 43,935 41,351 85,286 Capital expenditures 10,310 5,339 15,649 (dollars in millions) 2016 Wireless Wireline Total Reportable Segments External Operating Revenues Service $ 66,362 $ — $ 66,362 Equipment 17,511 — 17,511 Other 4,915 — 4,915 Consumer Markets — 12,751 12,751 Enterprise Solutions — 9,162 9,162 Partner Solutions — 3,976 3,976 Business Markets — 3,356 3,356 Other — 314 314 Intersegment revenues 398 951 1,349 Total operating revenues 89,186 30,510 119,696 Cost of services 7,988 18,353 26,341 Wireless cost of equipment 22,238 — 22,238 Selling, general and administrative expense 19,924 6,476 26,400 Depreciation and amortization expense 9,183 5,975 15,158 Total operating expenses 59,333 30,804 90,137 Operating income (loss) $ 29,853 $ (294 ) $ 29,559 Assets $ 211,345 $ 66,679 $ 278,024 Property, plant and equipment, net 42,898 40,205 83,103 Capital expenditures 11,240 4,504 15,744 (dollars in millions) 2015 Wireless Wireline Total Reportable Segments External Operating Revenues Service $ 70,305 $ — $ 70,305 Equipment 16,924 — 16,924 Other 4,294 — 4,294 Consumer Markets — 12,696 12,696 Enterprise Solutions — 9,376 9,376 Partner Solutions — 4,228 4,228 Business Markets — 3,553 3,553 Other — 330 330 Intersegment revenues 157 967 1,124 Total operating revenues 91,680 31,150 122,830 Cost of services 7,803 18,483 26,286 Wireless cost of equipment 23,119 — 23,119 Selling, general and administrative expense 21,805 7,140 28,945 Depreciation and amortization expense 8,980 6,353 15,333 Total operating expenses 61,707 31,976 93,683 Operating income (loss) $ 29,973 $ (826 ) $ 29,147 Assets $ 185,405 $ 78,305 $ 263,710 Property, plant and equipment, net 40,911 41,044 81,955 Capital expenditures 11,725 5,049 16,774 |
Summary of Reconciliation of Segment Operating Revenues | A reconciliation of the reportable segment operating revenues to consolidated operating revenues is as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Operating Revenues Total reportable segments $ 118,191 $ 119,696 $ 122,830 Corporate and other 9,019 5,663 3,738 Reconciling items: Operating results from divested businesses (Note 2) 368 2,115 6,224 Eliminations (1,544 ) (1,494 ) (1,172 ) Consolidated operating revenues $ 126,034 $ 125,980 $ 131,620 |
Summary of Reconciliation of Segment Operating Income | A reconciliation of the total of the reportable segments’ operating income to consolidated income before provision for income taxes is as follows: (dollars in millions) Years Ended December 31, 2017 2016 2015 Operating Income Total reportable segments $ 29,587 $ 29,559 $ 29,147 Corporate and other (1,409 ) (1,721 ) (1,720 ) Reconciling items: Severance, pension and benefit (charges) credits (Note 10) (1,391 ) (2,923 ) 2,256 Net gain on sale of divested businesses (Note 2) 1,774 1,007 — Acquisition and integration related charges (Note 2) (884 ) — — Gain on spectrum license transactions (Note 2) 270 142 254 Operating results from divested businesses 149 995 3,123 Product realignment (682 ) — — Consolidated operating income 27,414 27,059 33,060 Equity in losses of unconsolidated businesses (77 ) (98 ) (86 ) Other income (expense), net (2,010 ) (1,599 ) 186 Interest expense (4,733 ) (4,376 ) (4,920 ) Income Before Benefit (Provision) For Income Taxes $ 20,594 $ 20,986 $ 28,240 |
Summary of Reconciliation of Segment Assets | A reconciliation of the total of the reportable segments’ assets to consolidated assets is as follows: (dollars in millions) At December 31, 2017 2016 Assets Total reportable segments $ 311,155 $ 278,024 Corporate and other 239,040 213,787 Eliminations (293,052 ) (247,631 ) Total consolidated $ 257,143 $ 244,180 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Components in Accumulated Other Comprehensive Income | The changes in the balances of Accumulated other comprehensive income by component are as follows: (dollars in millions) Foreign currency translation adjustments Unrealized gains (losses) on cash flow hedges Unrealized losses on marketable securities Defined benefit pension and postretirement plans Total Balance at January 1, 2015 $ (346 ) $ (84 ) $ 112 $ 1,429 $ 1,111 Other comprehensive loss (208 ) (1,063 ) (5 ) — (1,276 ) Amounts reclassified to net income — 869 (6 ) (148 ) 715 Net other comprehensive loss (208 ) (194 ) (11 ) (148 ) (561 ) Balance at December 31, 2015 (554 ) (278 ) 101 1,281 550 Other comprehensive (loss) income (159 ) (225 ) (13 ) 2,881 2,484 Amounts reclassified to net income — 423 (42 ) (742 ) (361 ) Net other comprehensive (loss) income (159 ) 198 (55 ) 2,139 2,123 Balance at December 31, 2016 (713 ) (80 ) 46 3,420 2,673 Other comprehensive income 245 818 10 327 1,400 Amounts reclassified to net income — (849 ) (24 ) (541 ) (1,414 ) Net other comprehensive income (loss) 245 (31 ) (14 ) (214 ) (14 ) Balance at December 31, 2017 $ (468 ) $ (111 ) $ 32 $ 3,206 $ 2,659 |
Additional Financial Informat41
Additional Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Income Statement Information | The tables that follow provide additional financial information related to our consolidated financial statements: Income Statement Information (dollars in millions) Years Ended December 31, 2017 2016 2015 Depreciation expense $ 14,741 $ 14,227 $ 14,323 Interest costs on debt balances 5,256 4,961 5,391 Net amortization of debt discount 155 119 113 Capitalized interest costs (678 ) (704 ) (584 ) Advertising expense 2,643 2,744 2,749 |
Balance Sheet Information | Balance Sheet Information (dollars in millions) At December 31, 2017 2016 Accounts Payable and Accrued Liabilities Accounts payable $ 7,063 $ 7,084 Accrued expenses 6,756 5,717 Accrued vacation, salaries and wages 4,521 3,813 Interest payable 1,409 1,463 Taxes payable 1,483 1,516 $ 21,232 $ 19,593 Other Current Liabilities Advance billings and customer deposits $ 3,084 $ 2,914 Dividends payable 2,429 2,375 Other 2,839 2,813 $ 8,352 $ 8,102 |
Cash Flow Information | Cash Flow Information (dollars in millions) Years Ended December 31, 2017 2016 2015 Cash Paid Interest, net of amounts capitalized $ 4,369 $ 4,085 $ 4,491 Income taxes, net of amounts refunded 4,432 9,577 5,293 Other, net Cash Flows from Operating Activities Changes in device payment plan agreement receivables-non-current $ (579 ) $ (3,303 ) $ (23 ) Proceeds from Tower Monetization Transaction — — 2,346 Other, net 1,251 206 (3,637 ) $ 672 $ (3,097 ) $ (1,314 ) Other, net Cash Flows from Financing Activities Net debt related costs $ (3,599 ) $ (1,991 ) $ (422 ) Proceeds from Tower Monetization Transaction — — 2,742 Other, net (1,253 ) (806 ) (743 ) $ (4,852 ) $ (2,797 ) $ 1,577 |
Quarterly Financial Informati42
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | (dollars in millions, except per share amounts) Net Income attributable to Verizon (1) Quarter Ended Operating Revenues Operating Income Amount Per Share- Basic Per Share- Diluted Net Income 2017 March 31 $ 29,814 $ 7,181 $ 3,450 $ 0.85 $ 0.84 $ 3,553 June 30 30,548 8,232 4,362 1.07 1.07 4,478 September 30 31,717 7,208 3,620 0.89 0.89 3,736 December 31 33,955 4,793 18,669 4.57 4.56 18,783 2016 March 31 $ 32,171 $ 7,942 $ 4,310 $ 1.06 $ 1.06 $ 4,430 June 30 30,532 4,554 702 0.17 0.17 831 September 30 30,937 6,540 3,620 0.89 0.89 3,747 December 31 32,340 8,023 4,495 1.10 1.10 4,600 (1) Net income attributable to Verizon per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount. |
Description of Business and S43
Description of Business and Summary of Significant Accounting Policies (Detail) shares in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)Segmentshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 2 | |||
Restricted stock units outstanding to purchase shares included in diluted earnings per common share | shares | 5 | 6 | 8 | |
Increase (decrease) in depreciation expenses | $ 14,741,000,000 | $ 14,227,000,000 | $ 14,323,000,000 | |
Wireless license period | 10 years | |||
Decrease of cash flows from operating activities | $ (25,305,000,000) | (22,810,000,000) | (39,027,000,000) | |
Increase of cash flows from investing activities | (19,372,000,000) | (10,983,000,000) | (30,043,000,000) | |
Retained earnings | 35,635,000,000 | 15,059,000,000 | ||
Accounting Standards Update 2017-07 | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Impact of retrospective adoption of ASU on consolidated operating income | 2,200,000,000 | |||
Impact of retrospective adoption of ASU on consolidated net income | $ 0 | 0 | ||
Accounting Standards Update 2016-15 | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Decrease of cash flows from operating activities | 600,000,000 | 1,100,000,000 | ||
Increase of cash flows from investing activities | 600,000,000 | $ 1,100,000,000 | ||
Minimum | Accounting Standards Update 2014-09 | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Retained earnings | $ 4,000,000,000 | |||
Minimum | Leasehold improvements | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 5 years | 5 years | ||
Maximum | Accounting Standards Update 2014-09 | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Retained earnings | $ 4,600,000,000 | |||
Maximum | Leasehold improvements | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 20 years | 20 years | ||
Property Plant and Equipment by Estimated Useful Life | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Increase (decrease) in depreciation expenses | $ 300,000,000 | $ 300,000,000 | $ 400,000,000 | |
Property Plant and Equipment by Estimated Useful Life | Leasehold improvements | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 7 years | 5 years | ||
Increase (decrease) in depreciation expenses | $ 200,000,000 | |||
Non-Network Internal-Use Software | Minimum | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life for finite-lived intangible assets, years | 3 years | |||
Non-Network Internal-Use Software | Maximum | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life for finite-lived intangible assets, years | 7 years |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Spectrum License Transactions (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2015USD ($)License | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||
Cash paid to acquire spectrum licenses | $ 583 | $ 534 | $ 9,942 | ||||
Gain on sale of licenses | 270 | 142 | 254 | ||||
FCC spectrum licenses auction | |||||||
Business Acquisition [Line Items] | |||||||
Number of FCC auction spectrum licenses | License | 181 | ||||||
Cash paid to acquire spectrum licenses | $ 10,400 | $ 9,500 | $ 9,500 | ||||
Deposit related to participation in auction | $ 900 | ||||||
Affiliates of T-Mobile USA, Inc. | AWS and PCS spectrum licenses | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 400 | 400 | |||||
Affiliates of AT&T Inc. | AWS and PCS spectrum licenses | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 1,000 | 400 | |||||
Affiliates of Sprint Corporation | PCS spectrum licenses | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 100 | ||||||
Selling, general and administrative expense | Affiliates of T-Mobile USA, Inc. | AWS and PCS spectrum licenses | |||||||
Business Acquisition [Line Items] | |||||||
Gain on sale of licenses | $ 300 | 100 | |||||
Selling, general and administrative expense | Affiliates of AT&T Inc. | AWS and PCS spectrum licenses | |||||||
Business Acquisition [Line Items] | |||||||
Gain on sale of licenses | $ 100 | 100 | |||||
Selling, general and administrative expense | Affiliates of Sprint Corporation | AWS and PCS spectrum licenses | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 300 |
Acquisitions and Divestitures45
Acquisitions and Divestitures - Tower Monetization Transaction (Details) - Tower Monetization Transaction $ in Billions | 1 Months Ended |
Mar. 31, 2015USD ($)Lease | |
Business Acquisition [Line Items] | |
Number of towers subject to failed sale-leaseback | Lease | 11,300 |
Cash proceeds from failed sale-leaseback | $ 5 |
Term of Lease | 28 years |
Number of towers subject to disposition | Lease | 162 |
Cash proceeds from disposition of towers | $ 0.1 |
Minimum years of sublease capacity on towers | 10 years |
Cash flows provided by operating activities | |
Business Acquisition [Line Items] | |
Cash proceeds from failed sale-leaseback | $ 2.4 |
Cash flow used in financing activities | |
Business Acquisition [Line Items] | |
Cash proceeds from failed sale-leaseback | $ 2.7 |
Acquisitions and Divestitures46
Acquisitions and Divestitures - Straight Path (Details) - Straight Path $ / shares in Units, $ in Billions | 1 Months Ended |
May 31, 2017USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Business acquisition merger consideration | $ 3.1 |
Business acquisition, share price (in USD per share) | $ / shares | $ 184 |
Business acquisition, purchase price in cash | $ 0.7 |
Acquisitions and Divestitures47
Acquisitions and Divestitures - Access Line Sale (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Apr. 30, 2016USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)plan | Dec. 31, 2015USD ($) | Apr. 01, 2016USD ($)CustomerConnection | |
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from dispositions of businesses | $ 3,614 | $ 9,882 | $ 48 | |||||||||||
Operating Revenues | $ 33,955 | $ 31,717 | $ 30,548 | $ 29,814 | $ 32,340 | $ 30,937 | $ 30,532 | $ 32,171 | 126,034 | 125,980 | 131,620 | |||
Operating Income | $ 4,793 | $ 7,208 | $ 8,232 | $ 7,181 | $ 8,023 | $ 6,540 | $ 4,554 | $ 7,942 | 27,414 | 27,059 | 33,060 | |||
Pre-tax gain (loss) on sale of business and termination of venture | $ 1,774 | 1,007 | 0 | |||||||||||
Access Line Sale with Frontier | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from dispositions of businesses | $ 10,500 | |||||||||||||
Net consideration from disposition of businesses | 7,300 | |||||||||||||
Debt assumed by Frontier | $ 600 | |||||||||||||
Number of voice connections divested | Connection | 3,300,000 | |||||||||||||
Number of FiOS Internet subscribers divested | Customer | 1,600,000 | |||||||||||||
Number of FiOS video subscribers divested | Customer | 1,200,000 | |||||||||||||
Operating Revenues | 1,300 | 5,300 | ||||||||||||
Operating Income | 700 | $ 2,800 | ||||||||||||
Net cash proceeds received used to reduce consolidated indebtedness | $ 9,900 | |||||||||||||
Derecognition of net assets, plant, property, and equipment | $ 9,000 | |||||||||||||
Derecognition of net assets, goodwill | 1,300 | |||||||||||||
Derecognition of net assets, defined benefit pension and other postretirement benefit plan obligations | 700 | |||||||||||||
Derecognition of debt assumed by Frontier | $ 600 | |||||||||||||
Access Line Sale with Frontier | Selling, general and administrative expense | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Pre-tax gain (loss) on sale of business and termination of venture | 1,000 | |||||||||||||
Curtailment gain | $ 500 | |||||||||||||
Pension | Access Line Sale with Frontier | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan | 3 | |||||||||||||
Health Care and Life | Access Line Sale with Frontier | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan | 1 |
Acquisitions and Divestitures48
Acquisitions and Divestitures - XO Holdings (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2017 | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 25,331 | $ 29,172 | $ 27,205 | ||
XO Holdings | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price in cash | $ 1,500 | $ 100 | |||
Business acquisition, cost of subsidiary acquired | $ 500 | ||||
Property, plant, and equipment acquired | 1,200 | ||||
Goodwill | 200 | ||||
Other intangible a acquired | $ 200 |
Acquisitions and Divestitures49
Acquisitions and Divestitures - Data Center Sale (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($)Site | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Site | Dec. 31, 2015USD ($) | May 31, 2017USD ($) | |
Business Acquisition [Line Items] | |||||
Proceeds from dispositions of businesses | $ 3,614 | $ 9,882 | $ 48 | ||
Net gain on sale of divested businesses (Note 2) | 1,774 | $ 1,007 | $ 0 | ||
Data Center Sale with Equinix | |||||
Business Acquisition [Line Items] | |||||
Proceeds from dispositions of businesses | $ 3,600 | ||||
Disposal Group, Including Discontinued Operation, Assets | $ 1,400 | ||||
United States and Latin America | Data Center Sale with Equinix | |||||
Business Acquisition [Line Items] | |||||
Number of data center sites that will be sold | Site | 23 | 23 | |||
Selling, general and administrative expense | Data Center Sale with Equinix | |||||
Business Acquisition [Line Items] | |||||
Net gain on sale of divested businesses (Note 2) | $ 1,800 |
Acquisitions and Divestitures50
Acquisitions and Divestitures - WideOpenWest, Inc. and Other (Details) - USD ($) $ in Billions | 1 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | |
WideOpenWest, Inc. | ||
Business Acquisition [Line Items] | ||
Business acquisition merger consideration | $ 0.2 | $ 0.3 |
Acquisitions and Divestitures51
Acquisitions and Divestitures - Acquisition of AOL Inc. (Details) - AOL Inc - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jun. 23, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2015 |
Business Acquisition [Line Items] | ||||
Business acquisition, share price (in USD per share) | $ 50 | |||
Business acquisition, purchase price in cash | $ 3,764 | $ 1 | $ 179 | |
Number of shares exercised under appraisal rights of Delaware law | 6.6 | |||
Business acquisition, potential additional payment | $ 330 |
Acquisitions and Divestitures52
Acquisitions and Divestitures - Summary of Consideration to Shareholders and Identification of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Jun. 13, 2017 | Jun. 23, 2015 | Jun. 30, 2017 | Feb. 28, 2017 | Jul. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets acquired: | ||||||||||
Goodwill | $ 29,172 | $ 29,172 | $ 29,172 | $ 27,205 | $ 25,331 | |||||
AOL Inc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash acquired | $ 500 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||
Cash payment to equity holders | 3,764 | 1 | $ 179 | |||||||
Estimated liabilities to be paid | 377 | 197 | ||||||||
Total consideration | 4,141 | |||||||||
Assets acquired: | ||||||||||
Goodwill | 1,938 | |||||||||
Intangible assets subject to amortization | 2,504 | |||||||||
Other | 1,551 | |||||||||
Total assets acquired | 5,993 | |||||||||
Liabilities assumed: | ||||||||||
Total liabilities assumed | 1,851 | |||||||||
Net assets acquired | 4,142 | |||||||||
Noncontrolling interest | (1) | |||||||||
Total consideration | $ 4,141 | |||||||||
Yahoo! Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash acquired | $ 200 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||
Cash payment to equity holders | 4,673 | 4,723 | $ 4,480 | $ 4,830 | ||||||
Estimated liabilities to be paid | 38 | 38 | ||||||||
Total consideration | 4,711 | 4,761 | $ 4,700 | |||||||
Assets acquired: | ||||||||||
Goodwill | 1,929 | 874 | 1,929 | 1,929 | ||||||
Intangible assets subject to amortization | 1,873 | 2,586 | 1,873 | 1,873 | ||||||
Property, plant, and equipment | 1,805 | 1,796 | 1,805 | 1,805 | ||||||
Other | 1,332 | 1,362 | 1,332 | 1,332 | ||||||
Total assets acquired | 6,939 | 6,618 | 6,939 | 6,939 | ||||||
Liabilities assumed: | ||||||||||
Total liabilities assumed | 2,178 | 1,824 | 2,178 | 2,178 | ||||||
Net assets acquired | 4,761 | 4,794 | 4,761 | 4,761 | ||||||
Noncontrolling interest | (50) | (33) | (50) | (50) | ||||||
Total consideration | $ 4,711 | $ 4,761 | 4,711 | $ 4,711 | ||||||
Measurement-period adjustments | ||||||||||
Cash payment to equity holders, adjustment | (50) | |||||||||
Estimated liabilities to be paid, adjustment | 0 | |||||||||
Total consideration, adjustment | (50) | |||||||||
Goodwill, adjustments | 1,055 | |||||||||
Intangible assets subject to amortization, adjustments | (713) | |||||||||
Property, plant, and equipment, adjustments | 9 | |||||||||
Other, adjustments | (30) | |||||||||
Total assets acquired, adjustments | 321 | |||||||||
Liabilities assumed, adjustments | 354 | |||||||||
Net assets acquired, adjustments | (33) | |||||||||
Noncontrolling interest, adjustments | $ 17 |
Acquisitions and Divestitures53
Acquisitions and Divestitures - Acquisition of Yahoo! Inc.'s Operating Business (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Jun. 13, 2017 | Jun. 30, 2017 | Feb. 28, 2017 | Jul. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||
Acquisition and integration related charges (Note 2) | $ 884 | $ 0 | $ 0 | |||||
Yahoo! Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price in cash | $ 4,673 | $ 4,723 | $ 4,480 | $ 4,830 | ||||
Purchase price reduction due to Purchase Agreement Amendment | $ (350) | |||||||
Post-closing liabilities arising from data breach percent retained | 50.00% | |||||||
Post-closing liabilities arising from shareholders percent retained | 100.00% | |||||||
Business acquisition merger consideration | $ 4,711 | 4,761 | $ 4,700 | |||||
Cash acquired | 200 | |||||||
Acquisition and integration related charges (Note 2) | 800 | |||||||
Acquisition related severance costs | 500 | |||||||
Acquisition related transaction costs | 100 | |||||||
Acquisition related integration costs | $ 200 | |||||||
Equity Awards | Yahoo! Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Outstanding restricted stock units to be awarded to employees who transferred from yahoo | $ 1,000 |
Acquisitions and Divestitures54
Acquisitions and Divestitures - Fleetmatics Group PLC (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||||
Jul. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 07, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 29,172 | $ 27,205 | $ 25,331 | ||
Fleetmatics Group PLC | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, share price (in USD per share) | $ 60 | ||||
Business acquisition merger consideration | $ 2,500 | ||||
Cash acquired | $ 100 | ||||
Goodwill | $ 1,400 | ||||
Intangible assets subject to amortization | $ 1,100 |
Acquisitions and Divestitures55
Acquisitions and Divestitures - Other (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 29,172 | $ 27,205 | $ 25,331 | |
Pre-tax gain (loss) on sale of business and termination of venture | $ 1,774 | $ 1,007 | $ 0 | |
Telogis Inc | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, purchase price in cash | $ 900 | |||
Corporate and other | Telogis Inc | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 500 |
Acquisitions and Divestitures56
Acquisitions and Divestitures - Real Estate Transaction (Details) - Basking Ridge, New Jersey - Buildings and real estate $ in Billions | May 19, 2015USD ($) |
Business Acquisition [Line Items] | |
Cash Proceeds from Sale-Leaseback | $ 0.7 |
Deferred gain on sale leaseback transaction | $ 0.4 |
Initial leaseback term | 20 years |
Wireless Licenses, Goodwill a57
Wireless Licenses, Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Wireless Licenses (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Indefinite-lived Intangible Assets [Line Items] | ||
Wireless licenses | $ 88,417 | $ 86,673 |
Wireless Licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Wireless licenses | $ 88,417 | $ 86,673 |
Wireless Licenses, Goodwill a58
Wireless Licenses, Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Site | Dec. 31, 2015USD ($) | Jun. 13, 2017USD ($) | Apr. 30, 2017USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Capitalized interest costs | $ 678 | $ 704 | $ 584 | ||
Reclassifications, adjustments and other | (201) | (436) | |||
Goodwill acquired | 2,168 | 2,310 | |||
Goodwill | 29,172 | 27,205 | 25,331 | ||
Wireless Licenses | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Wireless licenses under development | 8,800 | 10,000 | |||
Capitalized interest costs | $ 500 | 500 | |||
Average remaining renewal period of wireless license portfolio (in years) | 5 years 5 months 6 days | ||||
Other | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Reclassifications, adjustments and other | $ (202) | 111 | |||
Goodwill acquired | 1,956 | 2,310 | |||
Goodwill | 6,782 | $ 5,028 | $ 2,607 | ||
United States and Latin America | Data Center Sale with Equinix | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Number of data center sites that will be sold | Site | 23 | ||||
Yahoo! Inc. | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill | 1,929 | $ 874 | |||
Other intangible a acquired | $ 1,873 | $ 2,586 | |||
XO Holdings | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill | $ 200 | ||||
Other intangible a acquired | $ 200 | ||||
Held for Sale | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill held for sale | $ 400 |
Wireless Licenses, Goodwill a59
Wireless Licenses, Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 27,205 | $ 25,331 |
Acquisitions (Note 2) | 2,168 | 2,310 |
Reclassifications, adjustments and other | (201) | (436) |
Ending balance | 29,172 | 27,205 |
Wireless | ||
Goodwill [Roll Forward] | ||
Beginning balance | 18,393 | 18,393 |
Acquisitions (Note 2) | 4 | 0 |
Reclassifications, adjustments and other | 0 | 0 |
Ending balance | 18,397 | 18,393 |
Wireline | ||
Goodwill [Roll Forward] | ||
Beginning balance | 3,784 | 4,331 |
Acquisitions (Note 2) | 208 | 0 |
Reclassifications, adjustments and other | 1 | (547) |
Ending balance | 3,993 | 3,784 |
Other | ||
Goodwill [Roll Forward] | ||
Beginning balance | 5,028 | 2,607 |
Acquisitions (Note 2) | 1,956 | 2,310 |
Reclassifications, adjustments and other | (202) | 111 |
Ending balance | $ 6,782 | $ 5,028 |
Wireless Licenses, Goodwill a60
Wireless Licenses, Goodwill and Other Intangible Assets - Composition of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 24,105 | $ 20,873 |
Accumulated Amortization | (13,858) | (11,976) |
Net Amount | 10,247 | 8,897 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 3,621 | 2,884 |
Accumulated Amortization | (691) | (480) |
Net Amount | $ 2,930 | 2,404 |
Customer lists | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life for finite-lived intangible assets, years | 5 years | |
Customer lists | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life for finite-lived intangible assets, years | 13 years | |
Non-Network Internal-Use Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 18,010 | 16,135 |
Accumulated Amortization | (12,374) | (10,913) |
Net Amount | $ 5,636 | 5,222 |
Non-Network Internal-Use Software | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life for finite-lived intangible assets, years | 3 years | |
Non-Network Internal-Use Software | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life for finite-lived intangible assets, years | 7 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 2,474 | 1,854 |
Accumulated Amortization | (793) | (583) |
Net Amount | $ 1,681 | $ 1,271 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life for finite-lived intangible assets, years | 2 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life for finite-lived intangible assets, years | 25 years |
Wireless Licenses, Goodwill a61
Wireless Licenses, Goodwill and Other Intangible Assets - Amortization Expense for Other Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for other intangible assets | $ 2,213 | $ 1,701 | $ 1,694 |
Wireless Licenses, Goodwill a62
Wireless Licenses, Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Other Intangible Assets (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 2,079 |
2,019 | 1,787 |
2,020 | 1,478 |
2,021 | 1,227 |
2,022 | $ 1,024 |
Property, Plant and Equipment63
Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 246,498 | $ 232,215 |
Less accumulated depreciation | 157,930 | 147,464 |
Property, plant and equipment, net | 88,568 | 84,751 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 806 | 667 |
Buildings and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 28,914 | $ 27,117 |
Buildings and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 7 years | 7 years |
Buildings and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 45 years | 45 years |
Central office and other network equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 145,093 | $ 136,737 |
Central office and other network equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 3 years | 3 years |
Central office and other network equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 50 years | 50 years |
Cable, poles and conduit | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 47,972 | $ 45,639 |
Cable, poles and conduit | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 7 years | 7 years |
Cable, poles and conduit | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 50 years | 50 years |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 8,394 | $ 7,627 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 5 years | 5 years |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 20 years | 20 years |
Work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 6,139 | $ 5,710 |
Furniture, vehicles and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 9,180 | $ 8,718 |
Furniture, vehicles and other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 3 years | 3 years |
Furniture, vehicles and other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life | 20 years | 20 years |
Leasing Arrangements - Addition
Leasing Arrangements - Additional Information (Detail) $ in Billions | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($)Lease | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Operating Leases [Line Items] | ||||
Rent expense under operating leases | $ 3.8 | $ 3.6 | $ 3.2 | |
Tower Monetization Transaction | ||||
Schedule of Operating Leases [Line Items] | ||||
Number of towers subject to failed sale-leaseback | Lease | 11,300 | |||
Cash proceeds from failed sale-leaseback | $ 5 | |||
Minimum years of sublease capacity on towers | 10 years | |||
Lease payment | 0.3 | 0.3 | ||
Financing obligation payments | 2.1 | |||
Towers in plant property and equipment net | $ 0.4 | $ 0.5 |
Leasing Arrangements - Schedule
Leasing Arrangements - Schedule of Capital Leased Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Leases [Abstract] | ||
Capital leases | $ 1,463 | $ 1,277 |
Less accumulated amortization | (692) | (524) |
Total | $ 771 | $ 753 |
Leasing Arrangements - Schedu66
Leasing Arrangements - Schedule of Aggregate Minimum Rental Commitments under Noncancelable Leases (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Capital Leases | |
2,018 | $ 413 |
2,019 | 268 |
2,020 | 179 |
2,021 | 87 |
2,022 | 50 |
Thereafter | 135 |
Total minimum rental commitments | 1,132 |
Less interest and executory costs | 112 |
Present value of minimum lease payments | 1,020 |
Less current installments | 382 |
Long-term obligation at December 31, 2017 | 638 |
Operating Leases | |
2,018 | 3,290 |
2,019 | 3,046 |
2,020 | 2,683 |
2,021 | 2,301 |
2,022 | 1,952 |
Thereafter | 7,462 |
Total minimum rental commitments | $ 20,734 |
Debt - Changes to Debt (Detail)
Debt - Changes to Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes To Debt [Roll Forward] | |||
Debt maturing within one year, beginning balance | $ 2,645 | ||
Long-term debt, beginning balance | 105,433 | ||
Total, beginning balance | 108,078 | ||
Proceeds from long-term borrowings | 27,707 | $ 12,964 | $ 6,667 |
Proceeds from asset-backed long-term borrowings | 4,290 | 4,986 | 0 |
Repayments of long-term borrowings and capital leases obligations | (23,837) | (19,159) | (9,340) |
Repayments of asset-backed long-term borrowings | (400) | 0 | 0 |
Decrease in short-term obligations, excluding current maturities | (170) | (149) | $ (344) |
Reclassifications of long-term debt | 0 | ||
Other | 1,427 | ||
Debt maturing within one year, ending balance | 3,453 | 2,645 | |
Long-term debt, ending balance | 113,642 | 105,433 | |
Total, ending balance | 117,095 | $ 108,078 | |
Long-term Debt | |||
Changes To Debt [Roll Forward] | |||
Proceeds from long-term borrowings | 27,604 | ||
Proceeds from asset-backed long-term borrowings | 4,290 | ||
Repayments of long-term borrowings and capital leases obligations | (15,646) | ||
Repayments of asset-backed long-term borrowings | 0 | ||
Decrease in short-term obligations, excluding current maturities | 0 | ||
Reclassifications of long-term debt | (9,255) | ||
Other | 1,216 | ||
Debt Maturing within One Year | |||
Changes To Debt [Roll Forward] | |||
Proceeds from long-term borrowings | 103 | ||
Proceeds from asset-backed long-term borrowings | 0 | ||
Repayments of long-term borrowings and capital leases obligations | (8,191) | ||
Repayments of asset-backed long-term borrowings | (400) | ||
Decrease in short-term obligations, excluding current maturities | (170) | ||
Reclassifications of long-term debt | 9,255 | ||
Other | $ 211 |
Debt - Debt Maturing Within One
Debt - Debt Maturing Within One Year (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Long-term debt maturing within one year | $ 3,303 | $ 2,477 |
Short-term notes payable | 150 | 168 |
Total debt maturing within one year | $ 3,453 | $ 2,645 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Apr. 01, 2016 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2016 |
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 9,000,000,000 | $ 4,000,000,000 | $ 9,000,000,000 | $ 8,000,000,000 | |||
Amount of unused borrowing capacity under credit facility | 8,900,000,000 | ||||||
Line of credit | 800,000,000 | ||||||
Net pre-tax losses on early debt redemption | 2,000,000,000 | $ 1,800,000,000 | |||||
Long-term debt maturing within one year | 3,303,000,000 | 2,477,000,000 | |||||
Principal amount outstanding in connection with the guarantee of debt obligations | 117,095,000,000 | 108,078,000,000 | |||||
Guarantee of Debentures of Operating Telephone Company Subsidiaries | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount outstanding in connection with the guarantee of debt obligations | 800,000,000 | ||||||
Guarantee of Debentures and First Mortgage Bonds of Operating Telephone Company Subsidiaries | |||||||
Debt Instrument [Line Items] | |||||||
Termination of guarantee for aggregate principal amount of debentures | $ 600,000,000 | ||||||
Guarantee of Debt Obligations of GTE Corporation | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount outstanding in connection with the guarantee of debt obligations | 700,000,000 | ||||||
Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Amount drawn from credit facilities | $ 500,000,000 | ||||||
Network Equipment | Vendor Financing Facility | |||||||
Debt Instrument [Line Items] | |||||||
Value of purchase assets financed | $ 500,000,000 | ||||||
Long-term debt maturing within one year | $ 1,200,000,000 |
Debt - Outstanding Long-Term De
Debt - Outstanding Long-Term Debt Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Capital lease obligations (average rate of 3.6% and 3.5% in 2017 and 2016, respectively) | $ 1,020 | $ 950 |
Unamortized discount, net of premium | (7,133) | (5,716) |
Unamortized debt issuance costs | (534) | (469) |
Total long-term debt, including current maturities | 116,945 | 107,910 |
Less long-term debt maturing within one year | 3,303 | 2,477 |
Total long-term debt | $ 113,642 | $ 105,433 |
Capital Lease Obligations | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Capital lease obligations average rate | 3.60% | 3.50% |
Verizon | 1.38% - 3.96% Notes Payable and other | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 31,370 | $ 28,491 |
Verizon | 1.38% - 3.96% Notes Payable and other | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 1.38% | |
Verizon | 1.38% - 3.96% Notes Payable and other | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 3.96% | |
Verizon | 4.09% - 5.51% Notes Payable and other | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 67,906 | 53,909 |
Verizon | 4.09% - 5.51% Notes Payable and other | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 4.09% | |
Verizon | 4.09% - 5.51% Notes Payable and other | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 5.51% | |
Verizon | 5.82% - 6.90% Notes Payable and other | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 5,835 | 11,295 |
Verizon | 5.82% - 6.90% Notes Payable and other | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 5.82% | |
Verizon | 5.82% - 6.90% Notes Payable and other | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 6.90% | |
Verizon | 7.35% - 8.95% Notes Payable and Other | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 1,106 | 1,860 |
Verizon | 7.35% - 8.95% Notes Payable and Other | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 7.35% | |
Verizon | 7.35% - 8.95% Notes Payable and Other | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 8.95% | |
Verizon | Floating Notes Payable and Other | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 6,684 | 9,750 |
Verizon Wireless | 6.80% - 7.88% Alltel assumed notes | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 234 | 525 |
Verizon Wireless | 6.80% - 7.88% Alltel assumed notes | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 6.80% | |
Verizon Wireless | 6.80% - 7.88% Alltel assumed notes | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 7.88% | |
Telephone Subsidiaries | 5.13% - 6.50% Debentures | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 226 | 319 |
Telephone Subsidiaries | 5.13% - 6.50% Debentures | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 5.13% | |
Telephone Subsidiaries | 5.13% - 6.50% Debentures | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 6.50% | |
Telephone Subsidiaries | 7.38% - 7.88% Debentures | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 341 | 561 |
Telephone Subsidiaries | 7.38% - 7.88% Debentures | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 7.38% | |
Telephone Subsidiaries | 7.38% - 7.88% Debentures | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 7.88% | |
Telephone Subsidiaries | 8.00% - 8.75% Debentures | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 229 | 328 |
Telephone Subsidiaries | 8.00% - 8.75% Debentures | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 8.00% | |
Telephone Subsidiaries | 8.00% - 8.75% Debentures | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 8.75% | |
Other Subsidiaries | 6.70% - 8.75% Notes Payable, Debentures and Other | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 748 | 1,102 |
Other Subsidiaries | 6.70% - 8.75% Notes Payable, Debentures and Other | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 6.70% | |
Other Subsidiaries | 6.70% - 8.75% Notes Payable, Debentures and Other | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 8.75% | |
Verizon Wireless and Other Subsidiaries | 1.42% - 2.65% asset-backed debt | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 6,293 | 2,485 |
Verizon Wireless and Other Subsidiaries | 1.42% - 2.65% asset-backed debt | Minimum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 1.42% | |
Verizon Wireless and Other Subsidiaries | 1.42% - 2.65% asset-backed debt | Maximum | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Interest Rate | 2.65% | |
Verizon Wireless and Other Subsidiaries | Floating Asset-backed Debt | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt, gross | $ 2,620 | $ 2,520 |
Debt - Long-term Debt Exchange
Debt - Long-term Debt Exchange and Tender Offers (Details) € in Billions, £ in Billions | 1 Months Ended | ||||||||||||
Dec. 31, 2017USD ($)offering | Oct. 31, 2017USD ($)offering | Aug. 31, 2017USD ($)offering | Mar. 31, 2017USD ($)offering | Feb. 28, 2017USD ($)offering | Apr. 30, 2016USD ($)offering | Oct. 31, 2017EUR (€) | Oct. 31, 2017GBP (£) | Aug. 31, 2017AUD | Jul. 31, 2017USD ($) | Jan. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Borrowing capacity | $ 9,000,000,000 | $ 4,000,000,000 | $ 9,000,000,000 | $ 8,000,000,000 | |||||||||
Line of credit | $ 800,000,000 | ||||||||||||
Term Loan Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowing capacity | $ 5,500,000,000 | ||||||||||||
Term loan agreement prepaid amount | $ 1,700,000,000 | ||||||||||||
Line of credit | 3,300,000,000 | ||||||||||||
Verizon Communications Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate principal amount | 11,000,000,000 | ||||||||||||
Verizon Communications Inc | February Exchange Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of separate private exchange offers | offering | 18 | ||||||||||||
Amount of notes repaid | $ 600,000,000 | ||||||||||||
Payments for debt exchange offers | 100,000,000 | ||||||||||||
Principal amount purchased | 100,000,000 | ||||||||||||
Verizon Communications Inc | February Cash Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payments for debt exchange offers | 500,000,000 | ||||||||||||
Principal amount purchased | $ 500,000,000 | ||||||||||||
Verizon Communications Inc | 2.946% Notes due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 2.946% | ||||||||||||
Aggregate principal amount | $ 3,200,000,000 | ||||||||||||
Verizon Communications Inc | 4.812% Notes due 2039 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 4.812% | ||||||||||||
Aggregate principal amount | $ 1,700,000,000 | ||||||||||||
Verizon Communications Inc | 5.012% Notes due 2049 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 5.012% | ||||||||||||
Aggregate principal amount | $ 4,100,000,000 | ||||||||||||
Verizon Communications Inc | December 2017 Exchange Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of separate private exchange offers | offering | 18 | ||||||||||||
Verizon Communications Inc | 6.800% Notes due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 6.80% | ||||||||||||
Aggregate principal amount | $ 100,000,000 | ||||||||||||
Verizon Communications Inc | 7.875% Notes due 2032 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 7.875% | ||||||||||||
Aggregate principal amount | $ 100,000,000 | ||||||||||||
Verizon Communications Inc | August Exchange Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of separate private exchange offers | offering | 17 | ||||||||||||
Payments for debt exchange offers | $ 3,000,000,000 | ||||||||||||
Principal amount purchased | $ 3,000,000,000 | ||||||||||||
Verizon Communications Inc | 3.383% Notes due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 3.376% | 3.376% | |||||||||||
Aggregate principal amount | $ 4,000,000,000 | ||||||||||||
Verizon Communications Inc | AUD denominated 3.500% Notes due 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 3.50% | 3.50% | |||||||||||
Aggregate principal amount | AUD | AUD 550,000,000 | ||||||||||||
Verizon Communications Inc | AUD denominated 4.050% Notes due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 4.05% | 4.05% | |||||||||||
Aggregate principal amount | AUD | AUD 450,000,000 | ||||||||||||
Verizon Communications Inc | AUD denominated 4.500% Notes due 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 4.50% | 4.50% | |||||||||||
Aggregate principal amount | AUD | AUD 700,000,000 | ||||||||||||
Verizon Communications Inc | AUD denominated Floating Rate Notes due 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate principal amount | AUD | AUD 500,000,000 | ||||||||||||
Verizon Communications Inc | 5.150% Notes due 2050 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 5.15% | 5.15% | |||||||||||
Aggregate principal amount | $ 1,000,000,000 | ||||||||||||
Verizon Communications Inc | Old Notes in Exchange New Notes | February Exchange Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount accepted for exchange | $ 8,300,000,000 | ||||||||||||
Verizon Communications Inc | Old Notes in Exchange New Notes | February Exchange Offers | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 1.375% | ||||||||||||
Verizon Communications Inc | Old Notes in Exchange New Notes | February Exchange Offers | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 8.95% | ||||||||||||
Verizon Communications Inc | Old Notes in Exchange New Notes | December 2017 Exchange Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 8.75% | ||||||||||||
Principal amount accepted for exchange | $ 200,000,000 | ||||||||||||
Verizon Communications Inc | Old Notes in Exchange New Notes | December 2017 Exchange Offers | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 5.125% | ||||||||||||
Verizon Communications Inc | Old Notes in Exchange New Notes | August Exchange Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount accepted for exchange | $ 4,000,000,000 | ||||||||||||
Verizon Communications Inc | Old Notes in Exchange New Notes | August Exchange Offers | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 1.375% | 1.375% | |||||||||||
Verizon Communications Inc | Old Notes in Exchange New Notes | August Exchange Offers | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 8.75% | 8.75% | |||||||||||
March Tender Offer | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt tender offer, consideration paid | 3,800,000,000 | ||||||||||||
March Tender Offer | Verizon Communications Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | 2,800,000,000 | ||||||||||||
March Tender Offer | Operating Telephone Company Subsidiary Debentures | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | 200,000,000 | ||||||||||||
March Tender Offer | GTE LLC Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | $ 100,000,000 | ||||||||||||
March Tender Offer | Verizon Communications Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of separate private tender offers | offering | 30 | ||||||||||||
March Tender Offer | Verizon Communications Inc | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 5.125% | ||||||||||||
March Tender Offer | Verizon Communications Inc | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 8.95% | ||||||||||||
August Tender Offer | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt tender offer, consideration paid | $ 2,100,000,000 | ||||||||||||
August Tender Offer | Verizon Communications Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | 1,500,000,000 | ||||||||||||
August Tender Offer | Operating Telephone Company Subsidiary Debentures | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | 100,000,000 | ||||||||||||
August Tender Offer | Alltel Corporation Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | $ 200,000,000 | ||||||||||||
August Tender Offer | Verizon Communications Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of separate private tender offers | offering | 29 | ||||||||||||
August Tender Offer | Verizon Communications Inc | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 5.05% | 5.05% | |||||||||||
August Tender Offer | Verizon Communications Inc | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 8.95% | 8.95% | |||||||||||
October Tender Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt tender offer, consideration paid | $ 3,600,000,000 | ||||||||||||
October Tender Offers | Verizon Communications Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | € 2.1 | £ 0.7 | |||||||||||
October Tender Offers | Verizon Communications Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of separate private tender offers | offering | 5 | ||||||||||||
October Tender Offers | Verizon Communications Inc | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 0.50% | 0.50% | |||||||||||
October Tender Offers | Verizon Communications Inc | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 4.75% | 4.75% | |||||||||||
December Tender Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt tender offer, consideration paid | $ 300,000,000 | ||||||||||||
December Tender Offers | Verizon Communications Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | $ 200,000,000 | ||||||||||||
December Tender Offers | Verizon Communications Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of separate private tender offers | offering | 31 | ||||||||||||
December Tender Offers | Verizon Communications Inc | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 5.05% | ||||||||||||
December Tender Offers | Verizon Communications Inc | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 8.95% | ||||||||||||
April Tender Offers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt tender offer, consideration paid | $ 10,200,000,000 | ||||||||||||
Debt tender offer, accrued interest | 100,000,000 | ||||||||||||
April Tender Offers | Verizon Communications Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | 6,800,000,000 | ||||||||||||
April Tender Offers | Operating Telephone Company Subsidiary Debentures | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | 1,200,000,000 | ||||||||||||
April Tender Offers | GTE LLC Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | 300,000,000 | ||||||||||||
April Tender Offers | Alltel Corporation Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount purchased | $ 200,000,000 | ||||||||||||
April Tender Offers | Verizon Communications Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of separate private tender offers | offering | 34 | ||||||||||||
April Tender Offers | Verizon Communications Inc | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 2.00% | ||||||||||||
April Tender Offers | Verizon Communications Inc | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate on debt instrument | 8.95% |
Debt - Debt Issuances and Redem
Debt - Debt Issuances and Redemptions (Details) | Sep. 15, 2016USD ($) | Apr. 08, 2016USD ($) | Apr. 05, 2016 | Nov. 30, 2017USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($) | Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Feb. 28, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Oct. 31, 2017EUR (€) | Oct. 31, 2017GBP (£) | Aug. 31, 2017AUD | May 31, 2017CHF (SFr) | Oct. 31, 2016EUR (€) | Oct. 31, 2016GBP (£) |
Debt Instrument [Line Items] | |||||||||||||||||||||||
Notes payable | $ 900,000,000 | ||||||||||||||||||||||
April Early Debt Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Notes purchased and canceled | $ 2,300,000,000 | ||||||||||||||||||||||
4.950% Notes due 2047 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Stated interest rate on debt instrument | 4.95% | ||||||||||||||||||||||
Proceeds from long-term borrowings | $ 1,500,000,000 | ||||||||||||||||||||||
2.50% Notes due 2016 | April Early Debt Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 900,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 2.50% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 100.773% | ||||||||||||||||||||||
2.00% Notes due 2016 | April Early Debt Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 500,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 2.00% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 100.775% | ||||||||||||||||||||||
6.35% Notes due 2019 | April Early Debt Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 800,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 6.35% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 113.521% | ||||||||||||||||||||||
August Debt Issuance | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 2,300,000,000 | ||||||||||||||||||||||
Aggregate principal amount | $ 6,200,000,000 | ||||||||||||||||||||||
Proceeds from long-term borrowings | $ 6,100,000,000 | ||||||||||||||||||||||
August Debt Issuance | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, percentage points added to the reference rate | 0.37% | ||||||||||||||||||||||
Floating Rate Notes due 2019 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 400,000,000 | ||||||||||||||||||||||
1.375% Notes due 2019 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 1,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 1.375% | ||||||||||||||||||||||
1.750% Notes due 2021 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 1,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 1.75% | ||||||||||||||||||||||
2.625% Notes due 2026 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 2,300,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 2.625% | ||||||||||||||||||||||
4.125% Notes due 2046 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 1,500,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 4.125% | ||||||||||||||||||||||
September Debt Issuance | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 2,100,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 4.20% | ||||||||||||||||||||||
Proceeds from long-term borrowings | $ 2,000,000,000 | ||||||||||||||||||||||
4.80% Notes due 2044 | September Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 900,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 4.80% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 100.00% | ||||||||||||||||||||||
0.500% Notes due 2022 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | € | € 1,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 0.50% | 0.50% | |||||||||||||||||||||
0.875% Notes due 2025 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | € | € 1,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 0.875% | 0.875% | |||||||||||||||||||||
1.375% Notes due 2028 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | € | € 1,250,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 1.375% | 1.375% | |||||||||||||||||||||
3.125% Notes due 2035 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | £ | £ 450,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 3.125% | 3.125% | |||||||||||||||||||||
October Debt Issuance | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from long-term borrowings | $ 4,100,000,000 | ||||||||||||||||||||||
1.35% Notes due 2017 | December Debt Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 2,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 1.35% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 100.321% | ||||||||||||||||||||||
Verizon Notes due February 21, 2022 | December Debt Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 2,500,000,000 | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 100.00% | ||||||||||||||||||||||
GTE LLC | 6.940% Debentures due 2028 | February Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | 200,000,000 | ||||||||||||||||||||||
Aggregate principal amount | $ 600,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 6.94% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 124.80% | ||||||||||||||||||||||
Verizon Communications Inc | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 11,000,000,000 | ||||||||||||||||||||||
Proceeds from long-term borrowings | $ 5,400,000,000 | $ 1,000,000,000 | $ 10,900,000,000 | ||||||||||||||||||||
Verizon Communications Inc | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, percentage points added to the reference rate | 1.00% | ||||||||||||||||||||||
Verizon Communications Inc | 4.950% Notes due 2047 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 1,500,000,000 | ||||||||||||||||||||||
Verizon Communications Inc | Floating Rate Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 1,300,000,000 | ||||||||||||||||||||||
Aggregate principal amount | $ 1,400,000,000 | ||||||||||||||||||||||
Verizon Communications Inc | 5.500% Notes due 2047 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 1,500,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 5.50% | ||||||||||||||||||||||
Verizon Communications Inc | 3.125% Notes due 2022 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 1,850,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 3.125% | ||||||||||||||||||||||
Verizon Communications Inc | 4.125% Notes due 2027 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 3,250,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 4.125% | ||||||||||||||||||||||
Verizon Communications Inc | 5.250% Notes due 2037 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 3,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 5.25% | ||||||||||||||||||||||
Verizon Communications Inc | 6.100% Notes due 2018 | April Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 500,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 6.10% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 104.485% | ||||||||||||||||||||||
Verizon Communications Inc | 5.500% Notes due 2018 | April Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 500,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 5.50% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 103.323% | ||||||||||||||||||||||
Verizon Communications Inc | Floating Rate Notes due 2020 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | 1,500,000,000 | ||||||||||||||||||||||
Proceeds from long-term borrowings | $ 1,500,000,000 | ||||||||||||||||||||||
Verizon Communications Inc | Floating Rate Notes due 2020 | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, percentage points added to the reference rate | 0.55% | ||||||||||||||||||||||
Verizon Communications Inc | 0.375% Bonds due 2023 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | SFr | SFr 600,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 0.375% | 0.375% | |||||||||||||||||||||
Verizon Communications Inc | 1.000% Bonds due 2027 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | SFr | SFr 400,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 1.00% | 1.00% | |||||||||||||||||||||
Verizon Communications Inc | 2.600% to 4.900% Notes | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Stated interest rate on debt instrument | 2.60% | ||||||||||||||||||||||
Verizon Communications Inc | 2.600% to 4.900% Notes | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Stated interest rate on debt instrument | 4.90% | ||||||||||||||||||||||
Verizon Communications Inc | 1.100% Notes due 2017 | June Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 500,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 1.10% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 100.003% | ||||||||||||||||||||||
Verizon Communications Inc | 4.500% Notes due 2033 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 3,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 4.50% | 4.50% | |||||||||||||||||||||
Proceeds from long-term borrowings | $ 3,000,000,000 | ||||||||||||||||||||||
Verizon Communications Inc | Series of Australian Dollar (AUD) denominated Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from long-term borrowings | $ 1,700,000,000 | ||||||||||||||||||||||
Verizon Communications Inc | AUD denominated 3.500% Notes due 2023 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | AUD | AUD 550,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 3.50% | 3.50% | |||||||||||||||||||||
Verizon Communications Inc | AUD denominated 4.050% Notes due 2025 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | AUD | AUD 450,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 4.05% | 4.05% | |||||||||||||||||||||
Verizon Communications Inc | AUD denominated 4.500% Notes due 2027 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | AUD | AUD 700,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 4.50% | 4.50% | |||||||||||||||||||||
Verizon Communications Inc | AUD denominated Floating Rate Notes due 2023 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | AUD | AUD 500,000,000 | ||||||||||||||||||||||
Verizon Communications Inc | Floating Rate Notes due 2023 | Bank Bill Swap Reference Rate (BBSW) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, percentage points added to the reference rate | 1.22% | ||||||||||||||||||||||
Verizon Communications Inc | 5.150% Notes due 2050 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 1,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 5.15% | 5.15% | |||||||||||||||||||||
Proceeds from long-term borrowings | $ 900,000,000 | ||||||||||||||||||||||
Verizon Communications Inc | 3.650% Notes due 2018 | September Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 1,300,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 3.65% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 101.961% | ||||||||||||||||||||||
Verizon Communications Inc | Fixed Rate Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | € 3,500,000,000 | £ 1,000,000,000 | |||||||||||||||||||||
Verizon Communications Inc | 1.375% Notes due 2026 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | € | € 1,250,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 1.375% | 1.375% | |||||||||||||||||||||
Verizon Communications Inc | 1.875% Notes due 2029 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | € | € 750,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 1.875% | 1.875% | |||||||||||||||||||||
Verizon Communications Inc | 2.875% Notes due 2038 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | € | € 1,500,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 2.875% | 2.875% | |||||||||||||||||||||
Verizon Communications Inc | 3.375% Notes due 2036 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | £ | £ 1,000,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 3.375% | 3.375% | |||||||||||||||||||||
Verizon Communications Inc | 4.500% Notes due 2020 | November Redemption | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of notes repaid | $ 3,500,000,000 | ||||||||||||||||||||||
Stated interest rate on debt instrument | 4.50% | ||||||||||||||||||||||
Notes purchased price of principal amount of note, percentage | 106.164% | ||||||||||||||||||||||
Qualified Plan | Pension | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Defined benefit plan discretionary contributions by employer | $ 3,400,000,000 | $ 3,400,000,000 |
Debt - Asset-Backed Debt (Detai
Debt - Asset-Backed Debt (Detail) - USD ($) | 1 Months Ended | ||||||||
Dec. 31, 2017 | Oct. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Sep. 30, 2016 | Jul. 31, 2016 | |
Asset-Backed Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Asset-backed debt | $ 8,900,000,000 | ||||||||
Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral revolving period | 2 years | ||||||||
ABS Financing Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity period | 2 years 4 months 24 days | ||||||||
Collateral revolving period | 2 years | ||||||||
Amount drawn from credit facilities | $ 300,000,000 | $ 1,000,000,000 | $ 1,500,000,000 | ||||||
Additional borrowing capacity | $ 1,500,000,000 | ||||||||
Term loan agreement prepaid amount | 400,000,000 | ||||||||
Outstanding borrowings | $ 2,400,000,000 | ||||||||
Senior and junior asset-backed notes | Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 1,400,000,000 | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,400,000,000 | $ 1,200,000,000 | ||||
Class A-1a Senior Secured Notes | Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity period | 2 years 5 months 24 days | ||||||||
Stated interest rate on debt instrument | 2.06% | ||||||||
Class A-1b Senior Secured Notes | Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity period | 2 years 5 months 24 days | ||||||||
Class A Senior Secured Notes | Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity period | 2 years 5 months 19 days | 2 years 7 months | 2 years 6 months 18 days | 2 years 6 months 7 days | |||||
Stated interest rate on debt instrument | 1.92% | 2.06% | 1.68% | 1.42% | |||||
Class B Junior Secured Notes | Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity period | 3 years 1 month 12 days | 3 years 1 month 10 days | 3 years 4 months 17 days | 3 years 3 months 26 days | 3 years 2 months 27 days | ||||
Stated interest rate on debt instrument | 2.38% | 2.22% | 2.45% | 2.15% | 1.46% | ||||
Class C Junior Secured Notes | Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity period | 3 years 4 months 6 days | 3 years 4 months 2 days | 3 years 7 months 21 days | 3 years 7 months 2 days | 3 years 6 months 4 days | ||||
Stated interest rate on debt instrument | 2.53% | 2.38% | 2.65% | 2.36% | 1.61% | ||||
London Interbank Offered Rate (LIBOR) | Class A-1b Senior Secured Notes | Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, percentage points added to the reference rate | 0.27% | ||||||||
Third Party Investors | Senior and junior asset-backed notes | Asset Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 1,100,000,000 |
Debt - Schedule of Assets and L
Debt - Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Account receivable, net | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Assets | $ 8,101 | $ 3,383 |
Prepaid expenses and other | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Assets | 636 | 236 |
Other Assets | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Assets | 2,680 | 2,383 |
Accounts payable and accrued liabilities | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Liabilities | 5 | 4 |
Short-term portion of long-term debt | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Liabilities | 1,932 | 0 |
Long-term debt | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Liabilities | $ 6,955 | $ 4,988 |
Debt - Maturities of Long-term
Debt - Maturities of Long-term Debt (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 3,308 |
2,019 | 6,306 |
2,020 | 6,587 |
2,021 | 6,403 |
2,022 | 9,520 |
Thereafter | $ 85,355 |
Wireless Device Payment Plans -
Wireless Device Payment Plans - Device Payment Plan Receivables, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Device payment plan agreement receivables, gross | $ 17,770 | $ 11,797 | |
Unamortized imputed interest | (821) | (511) | |
Device payment plan agreement receivables, net of unamortized imputed interest | 16,949 | 11,286 | |
Allowance for credit losses | (848) | (688) | $ (444) |
Device payment plan agreement receivables, net | 16,101 | 10,598 | |
Account receivable, net | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Device payment plan agreement receivables, net | 11,064 | 6,140 | |
Other assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Device payment plan agreement receivables, net | $ 5,037 | $ 4,458 |
Wireless Device Payment Plans77
Wireless Device Payment Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Device payment plan agreement receivables transfered | $ 10,700,000,000 | ||
Number of customer tenure days | 210 days | ||
Device payment plan agreement receivables sold, net | $ 0 | ||
Device payment plan agreement receivables, gross | 17,800,000,000 | $ 16,100,000,000 | |
Deferred purchase price receivable | 0 | ||
Outstanding portfolio of device payment plan agreement receivables derecognized, but continued to service | 4,300,000,000 | ||
Finance receivables collected and remitted, net of fees | 10,100,000,000 | ||
Credit losses on receivables sold | $ 100,000,000 | 200,000,000 | |
Revolving Program | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Device payment plan agreement receivables sold, net | 3,300,000,000 | $ 3,300,000,000 | |
Cash proceeds received from new transfers | 2,000,000,000 | 2,700,000,000 | |
Cash proceeds received from reinvested collections | 900,000,000 | ||
Deferred purchase price recorded | 400,000,000 | 600,000,000 | |
Non-Revolving Program | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Device payment plan agreement receivables sold, net | 6,100,000,000 | ||
Cash proceeds received from new transfers | 4,500,000,000 | ||
Deferred purchase price recorded | $ 1,700,000,000 | ||
Other assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred purchase price receivable | 400,000,000 | ||
Prepaid expenses and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred purchase price receivable | 1,200,000,000 | ||
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Required down payment percentage | 0.00% | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Required down payment percentage | 100.00% | ||
Cash flows provided by operating activities | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred purchase price receivable collected | $ 600,000,000 | $ 1,100,000,000 | |
Cash flows used in investing activities | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred purchase price receivable collected | $ 800,000,000 |
Wireless Device Payment Plans78
Wireless Device Payment Plans - Balance and Aging of Device Payment Plan Agreement Receivables on Gross Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Device payment plan agreement receivables, gross | $ 17,770 | $ 11,797 |
Unbilled | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 16,591 | 11,089 |
Billed | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 975 | 557 |
Past due | $ 204 | $ 151 |
Wireless Device Payment Plans79
Wireless Device Payment Plans - Activity in Allowance for Credit Losses for Device Payment Plan Agreement Receivables (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Beginning balance | $ 688 | $ 444 |
Bad debt expense | 718 | 692 |
Write-offs | (558) | (479) |
Allowance related to receivables sold | 0 | 28 |
Other | 0 | 3 |
Ending balance | $ 848 | $ 688 |
Fair Value Measurements and F80
Fair Value Measurements and Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | $ 950 | $ 825 |
Fair value of liabilities measured on a recurring basis | 459 | 2,039 |
Other assets | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 74 | 123 |
Other assets | Fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 366 | 576 |
Other assets | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 54 | 71 |
Other assets | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 450 | 45 |
Other assets | Interest rate caps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 6 | 10 |
Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | 413 | 236 |
Other liabilities | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | 46 | 1,803 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 74 | 133 |
Fair value of liabilities measured on a recurring basis | 0 | 0 |
Level 1 | Other assets | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 74 | 123 |
Level 1 | Other assets | Fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 10 |
Level 1 | Other assets | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 1 | Other assets | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 1 | Other assets | Interest rate caps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 1 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | 0 | 0 |
Level 1 | Other liabilities | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 876 | 692 |
Fair value of liabilities measured on a recurring basis | 459 | 2,039 |
Level 2 | Other assets | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 2 | Other assets | Fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 366 | 566 |
Level 2 | Other assets | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 54 | 71 |
Level 2 | Other assets | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 450 | 45 |
Level 2 | Other assets | Interest rate caps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 6 | 10 |
Level 2 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | 413 | 236 |
Level 2 | Other liabilities | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | 46 | 1,803 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Fair value of liabilities measured on a recurring basis | 0 | 0 |
Level 3 | Other assets | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 3 | Other assets | Fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 3 | Other assets | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 3 | Other assets | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 3 | Other assets | Interest rate caps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets measured on a recurring basis | 0 | 0 |
Level 3 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | 0 | 0 |
Level 3 | Other liabilities | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | $ 0 | $ 0 |
Fair Value Measurements and F81
Fair Value Measurements and Financial Instruments - Fair Value of Short-term and Long-term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short- and long-term debt, excluding capital leases | $ 116,075 | $ 107,128 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short- and long-term debt, excluding capital leases | $ 128,658 | $ 117,584 |
Fair Value Measurements and F82
Fair Value Measurements and Financial Instruments - Notional Amounts of Outstanding Derivative Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 20,173 | $ 13,099 |
Cross currency swaps | ||
Derivative [Line Items] | ||
Notional Amount | 16,638 | 12,890 |
Interest rate caps | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,840 | $ 2,540 |
Fair Value Measurements and F83
Fair Value Measurements and Financial Instruments - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair Value Hedges - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities | $ 316 | $ 113 |
Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying amount of hedged liabilities | $ 22,011 | $ 13,013 |
Fair Value Measurements and F84
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | ||
Derivative liability fair value of collateral | $ 200 | |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 20,173 | 13,099 |
Interest rate swaps | Fair Value Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 7,500 | 6,300 |
Settled interest rate swaps | Fair Value Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 500 | 900 |
Cross currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 16,638 | 12,890 |
Cross currency swaps | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 14,000 | 3,300 |
Pre-tax gain (loss) recognized in other comprehensive income (loss) | 1,400 | (100) |
Settled cross currency swaps | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10,200 | 100 |
Euro-denominated debt | Net Investment Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 900 | 800 |
Forward interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,300 | |
Pre-tax gain (loss) recognized in other comprehensive income (loss) | (200) | |
New interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 300 | $ 2,500 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Billions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017installment | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | May 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payments made to settle compensation classified as liability awards | $ 0.8 | $ 0.4 | $ 0.4 | ||
Performance Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 3 years | ||||
Restricted Stock Units and Performance Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to the unvested portion of RSUs and PSUs | $ 1 | ||||
Weighted-average period of unrecognized compensation expense related to the unvested portion of RSUs and PSUs (in years) | 2 years | ||||
Share-based compensation | $ 0.4 | $ 0.4 | $ 0.3 | ||
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value per unit | $ / shares | $ 49.93 | $ 51.86 | |||
Restricted Stock Units Equity Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Equal Annual Installments For Award Vesting | installment | 3 | ||||
2009 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares available for awards under the Long-Term Incentive Plan | shares | 91,000,000 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted and Performance Stock Unit Activity (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 13,308 | 13,903 | 15,007 |
Granted | 4,216 | 4,409 | 4,958 |
Payments | (4,825) | (4,890) | (5,911) |
Cancelled/Forfeited | (66) | (114) | (151) |
Adjustments | 0 | ||
Ending Balance | 12,633 | 13,308 | 13,903 |
Restricted Stock Units Liability Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Granted | 25,168 | 0 | 0 |
Payments | (8,487) | 0 | 0 |
Cancelled/Forfeited | (2,690) | 0 | 0 |
Adjustments | 0 | ||
Ending Balance | 13,991 | 0 | 0 |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 17,919 | 17,203 | 19,966 |
Granted | 6,564 | 6,391 | 7,044 |
Payments | (6,031) | (4,702) | (6,732) |
Cancelled/Forfeited | (217) | (1,143) | (3,075) |
Adjustments | 170 | ||
Ending Balance | 18,235 | 17,919 | 17,203 |
Employee Benefits - Change In B
Employee Benefits - Change In Benefit Obligations Change In Plan Assets Funded Status (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Benefit Obligations | ||||
Actuarial loss, net | $ (1,900) | $ (900) | $ (2,500) | |
Pension | ||||
Change in Benefit Obligations | ||||
Beginning of year | 21,112 | 22,016 | ||
Service cost | 280 | 322 | $ 374 | |
Interest cost | 683 | 677 | 969 | |
Plan amendments | 0 | 428 | ||
Actuarial loss, net | 1,377 | 1,017 | ||
Benefits paid | (1,932) | (938) | ||
Curtailment and termination benefits | 11 | 4 | 0 | |
Settlements paid | 0 | (1,270) | ||
Divestiture (Note 2) | 0 | (1,144) | ||
End of year | 21,112 | 21,531 | 21,112 | 22,016 |
Change in Plan Assets | ||||
Beginning of year | 14,663 | 16,124 | ||
Actual return on plan assets | 2,342 | 882 | ||
Company contributions | 4,141 | 837 | ||
Benefits paid | (1,932) | (938) | ||
Settlements paid | 0 | (1,270) | ||
Divestiture (Note 2) | (39) | (972) | ||
End of year | 14,663 | 19,175 | 14,663 | 16,124 |
Funded Status | ||||
End of year | (6,449) | (2,356) | (6,449) | |
Health Care and Life | ||||
Change in Benefit Obligations | ||||
Beginning of year | 19,650 | 24,223 | ||
Service cost | 149 | 193 | 324 | |
Interest cost | 659 | 746 | 1,117 | |
Plan amendments | (545) | (5,142) | ||
Actuarial loss, net | 627 | 1,289 | ||
Benefits paid | (1,080) | (1,349) | ||
Curtailment and termination benefits | 0 | 0 | 0 | |
Settlements paid | 0 | 0 | ||
Divestiture (Note 2) | 0 | (310) | ||
End of year | 19,650 | 19,460 | 19,650 | 24,223 |
Change in Plan Assets | ||||
Beginning of year | 1,363 | 1,760 | ||
Actual return on plan assets | 134 | 35 | ||
Company contributions | 702 | 917 | ||
Benefits paid | (1,080) | (1,349) | ||
Settlements paid | 0 | 0 | ||
Divestiture (Note 2) | 0 | 0 | ||
End of year | 1,363 | 1,119 | 1,363 | $ 1,760 |
Funded Status | ||||
End of year | $ (18,287) | $ (18,341) | $ (18,287) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) shares in Millions, $ in Millions | Aug. 31, 2016USD ($)plan | May 31, 2016USD ($)plan | Apr. 01, 2016USD ($)plan | Mar. 31, 2016USD ($)plan | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)plan | Dec. 31, 2015USD ($) | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Accumulated benefit obligation for all defined benefit pension plans | $ 21,100 | $ 21,500 | $ 21,100 | |||||||
Discount Rate | 4.20% | 3.70% | 4.20% | 4.60% | 4.20% | |||||
Defined benefit plan, period used to determine overall expected long term rate of return on assets assumption (in years) | 10 years | |||||||||
Number of allocated shares of common stock in ESOP | shares | 53 | |||||||||
Total savings plan cost | $ 800 | $ 700 | $ 900 | |||||||
Pension and other postretirement benefit remeasurement (credits) charges | $ 1,900 | 900 | 2,500 | |||||||
Severance, pension and benefit credits (charges) | 1,391 | 2,923 | (2,256) | |||||||
Lower negotiated prescription drug pricing | 500 | |||||||||
Severance costs | 500 | 400 | 600 | |||||||
Minimum | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Pension and other postretirement benefit obligations | 300 | |||||||||
Access Line Sale with Frontier | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Derecognition of net assets, defined benefit pension and other postretirement benefit plan obligations | $ 700 | |||||||||
Access Line Sale with Frontier | Selling, general and administrative expense | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Curtailment gain | 500 | |||||||||
Curtailment gain, net of tax | 300 | |||||||||
Pension | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase (decrease) of benefit plan obligations for plan amendment | $ 0 | $ 428 | ||||||||
Discount Rate | 4.30% | 3.70% | 4.30% | |||||||
Pension and other postretirement benefit obligations | $ 21,112 | $ 21,531 | $ 21,112 | $ 22,016 | ||||||
Pension and other postretirement benefit remeasurement (credits) charges | $ (1,377) | $ (1,017) | ||||||||
Expected return on plan assets | 7.70% | 7.00% | 7.25% | |||||||
Pension | Access Line Sale with Frontier | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan | 3 | |||||||||
Health Care and Life | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase (decrease) of benefit plan obligations for plan amendment | $ (545) | $ (5,142) | ||||||||
Change in defined benefit and postretirement plans, due to change in prior service credit, net of taxes | 300 | |||||||||
Change in defined benefit and postretirement plans, due to change in prior service credit, tax | 200 | |||||||||
Expected amortization of prior service cost next fiscal year | $ 1,000 | |||||||||
Discount Rate | 4.20% | 3.60% | 4.20% | |||||||
Pension and other postretirement benefit obligations | $ 19,650 | $ 19,460 | $ 19,650 | $ 24,223 | ||||||
Defined benefit plan contributions by employer | 1,300 | |||||||||
Defined benefit plan contributions by employer in next fiscal year | 800 | |||||||||
Pension and other postretirement benefit remeasurement (credits) charges | $ (627) | $ (1,289) | ||||||||
Expected return on plan assets | 4.50% | 3.80% | 4.80% | |||||||
Health Care and Life | Access Line Sale with Frontier | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Number of defined benefit plans from which elimination of accrual of pension benefits for some or all future services of a significant number of employees covered occurred | plan | 1 | |||||||||
Qualified Plan | Pension | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined benefit plan contributions by employer | $ 4,000 | |||||||||
Defined benefit plan discretionary contributions by employer | $ 3,400 | 3,400 | ||||||||
Nonqualified Plan | Pension | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined benefit plan contributions by employer | 100 | |||||||||
Defined benefit plan contributions by employer in next fiscal year | $ 100 | |||||||||
Return Seeking Assets | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target allocation percentage of assets | 60.00% | |||||||||
Liability Hedging Assets | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target allocation percentage of assets | 38.00% | |||||||||
Cash and cash equivalents | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target allocation percentage of assets | 2.00% | |||||||||
Credits Primarily Driven By Increase In Discount Rate Assumption | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Severance, pension and benefit credits (charges) | $ (2,500) | |||||||||
Credits Due to Execution of New Prescription Drug Contract | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Severance, pension and benefit credits (charges) | (1,000) | |||||||||
(Credits) Charges Primarily Driven By Use of Updated Actuarial Tables | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Severance, pension and benefit credits (charges) | $ (200) | $ (500) | (900) | |||||||
(Credits) Charges Due To Difference Between Estimated Return On Assets And Actual Return On Assets | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Severance, pension and benefit credits (charges) | $ 1,200 | $ 200 | $ 1,200 | |||||||
Expected return on plan assets | 7.00% | 7.25% | ||||||||
Actual return on assets | 14.00% | 6.00% | 0.70% | |||||||
(Credits) Charges Primarily Driven By Other Assumption Adjustments | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Severance, pension and benefit credits (charges) | $ 300 | $ 300 | $ 300 | |||||||
Charges Primarily Driven By Decrease In Discount Rate Assumption | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Severance, pension and benefit credits (charges) | 2,600 | 2,100 | ||||||||
Charges Primarily Driven by Updated Health Care Trend Cost Assumptions | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Severance, pension and benefit credits (charges) | 900 | |||||||||
Pension and Benefit Plans | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Pension and other postretirement benefit remeasurement (credits) charges | $ 2,700 | $ 800 | ||||||||
Number of defined benefit pension plans | plan | 2 | 3 | ||||||||
Number of other postretirement benefit plans | plan | 1 | |||||||||
Contractual Healthcare Caps and Bargain | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Change in defined benefit and postretirement plans, due to change in prior service credit, net of taxes | 1,400 | 2,900 | $ (2,300) | |||||||
Change in defined benefit and postretirement plans, due to change in prior service credit, tax | 1,800 | |||||||||
Increase in pre-tax income | $ 700 | 400 | ||||||||
Contractual Healthcare Caps and Bargain | Pension | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase (decrease) of benefit plan obligations for plan amendment | $ 400 | |||||||||
Average remaining service period of defined benefit pension plans | 12 years 2 months 12 days | |||||||||
Contractual Healthcare Caps and Bargain | Health Care and Life | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase (decrease) of benefit plan obligations for plan amendment | $ 5,100 | |||||||||
Average remaining service period of defined benefit pension plans | 7 years 9 months 18 days | |||||||||
Number of other postretirement benefit plans | plan | 3 | |||||||||
Lump Sum Distributions | Pension | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Pension and other postretirement benefit remeasurement (credits) charges | $ 600 | $ 100 | $ 200 | |||||||
Number of defined benefit pension plans | plan | 5 | 3 | 1 |
Employee Benefits - Amounts Rec
Employee Benefits - Amounts Recognized on Balance Sheet and Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amounts recognized on the balance sheet | ||
Noncurrent liabilities | $ (22,112) | $ (26,166) |
Pension | ||
Amounts recognized on the balance sheet | ||
Noncurrent assets | 21 | 2 |
Current liabilities | (63) | (88) |
Noncurrent liabilities | (2,314) | (6,363) |
Total | (2,356) | (6,449) |
Amounts recognized in Accumulated Other Comprehensive Income (Pre-tax) | ||
Prior Service Cost (Benefit) | 404 | 443 |
Total | 404 | 443 |
Health Care and Life | ||
Amounts recognized on the balance sheet | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (637) | (639) |
Noncurrent liabilities | (17,704) | (17,648) |
Total | (18,341) | (18,287) |
Amounts recognized in Accumulated Other Comprehensive Income (Pre-tax) | ||
Prior Service Cost (Benefit) | (5,667) | (6,072) |
Total | $ (5,667) | $ (6,072) |
Employee Benefits - Information
Employee Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 21,300 | $ 21,048 |
Accumulated benefit obligation | 21,242 | 20,990 |
Fair value of plan assets | $ 18,923 | $ 14,596 |
Employee Benefits - Benefit (In
Employee Benefits - Benefit (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 280 | $ 322 | $ 374 |
Amortization of prior service cost (credit) | 39 | 21 | (5) |
Expected return on plan assets | (1,262) | (1,045) | (1,270) |
Interest cost | 683 | 677 | 969 |
Remeasurement loss (gain), net | 337 | 1,198 | (209) |
Net periodic benefit (income) cost | 77 | 1,173 | (141) |
Curtailment and termination benefits | 11 | 4 | 0 |
Total | 88 | 1,177 | (141) |
Health Care and Life | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 149 | 193 | 324 |
Amortization of prior service cost (credit) | (949) | (657) | (287) |
Expected return on plan assets | (53) | (54) | (101) |
Interest cost | 659 | 746 | 1,117 |
Remeasurement loss (gain), net | 546 | 1,300 | (2,659) |
Net periodic benefit (income) cost | 352 | 1,528 | (1,606) |
Curtailment and termination benefits | 0 | 0 | 0 |
Total | $ 352 | $ 1,528 | $ (1,606) |
Employee Benefits - Other Pre-t
Employee Benefits - Other Pre-tax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost (benefit) | $ 0 | $ 428 |
Reversal of amortization items | ||
Prior service (benefit) cost | (39) | (21) |
Amounts reclassified to net income | 0 | 87 |
Total recognized in other comprehensive (income) loss (pre-tax) | (39) | 494 |
Health Care and Life | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost (benefit) | (544) | (5,142) |
Reversal of amortization items | ||
Prior service (benefit) cost | 949 | 657 |
Amounts reclassified to net income | 0 | 451 |
Total recognized in other comprehensive (income) loss (pre-tax) | $ 405 | $ (4,034) |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Assumptions Used In Determining Benefit Obligations (Detail) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount Rate | 3.70% | 4.20% | 4.60% | 4.20% |
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount Rate | 3.70% | 4.30% | ||
Rate of compensation increases | 3.00% | 3.00% | ||
Health Care and Life | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount Rate | 3.60% | 4.20% |
Employee Benefits - Weighted 94
Employee Benefits - Weighted Average Assumptions Used In Determining Net Periodic Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate in effect for determining service cost | 4.70% | 4.50% | 4.20% |
Discount rate in effect for determining interest cost | 3.40% | 3.20% | 4.20% |
Expected return on plan assets | 7.70% | 7.00% | 7.25% |
Rate of compensation increases | 3.00% | 3.00% | 3.00% |
Health Care and Life | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate in effect for determining service cost | 4.60% | 4.50% | 4.20% |
Discount rate in effect for determining interest cost | 3.50% | 3.40% | 4.20% |
Expected return on plan assets | 4.50% | 3.80% | 4.80% |
Employee Benefits - Health Care
Employee Benefits - Health Care Cost Trend Rates (Detail) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Retirement Benefits [Abstract] | |||
Healthcare cost trend rate assumed for next year | 7.00% | 6.50% | 6.00% |
Rate to which cost trend rate gradually declines | 4.50% | 4.50% | 4.50% |
Employee Benefits - Effects of
Employee Benefits - Effects of One Percentage Point Change In Assumed Health Care Cost Trend Rates (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Retirement Benefits [Abstract] | |
Effect on service and interest cost, One-Percentage Point Increase | $ 25 |
Effect on service and interest cost, One-Percentage Point Decrease | (24) |
Effect on postretirement benefit obligation, One-Percentage Point Increase | 532 |
Effect on postretirement benefit obligation, One-Percentage Point Decrease | $ (516) |
Employee Benefits - Fair Values
Employee Benefits - Fair Values for Plans by Asset Category (Detail) - Pension - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total investments at fair value | $ 13,543 | $ 9,255 | |
Investments measured at NAV | 5,632 | 5,408 | |
Total | 19,175 | 14,663 | $ 16,124 |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,889 | 1,228 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,795 | 1,883 | |
U.S. Treasuries and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,382 | 1,251 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,961 | 2,375 | |
International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,068 | 713 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 396 | ||
Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 627 | 655 | |
Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 580 | 624 | |
Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 845 | 526 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total investments at fair value | 7,062 | 4,154 | |
Total | 7,062 | 4,154 | |
Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,874 | 1,219 | |
Level 1 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,794 | 1,883 | |
Level 1 | U.S. Treasuries and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,234 | 880 | |
Level 1 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 139 | 152 | |
Level 1 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 17 | 20 | |
Level 1 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 4 | ||
Level 1 | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 1 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 1 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total investments at fair value | 4,964 | 3,707 | |
Total | 4,964 | 3,707 | |
Level 2 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 15 | 9 | |
Level 2 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 2 | U.S. Treasuries and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 148 | 371 | |
Level 2 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,718 | 2,126 | |
Level 2 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,031 | 679 | |
Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 392 | ||
Level 2 | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 2 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 2 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 660 | 522 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total investments at fair value | 1,517 | 1,394 | |
Total | 1,517 | 1,394 | |
Level 3 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 3 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1 | 0 | |
Level 3 | U.S. Treasuries and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 3 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 104 | 97 | |
Level 3 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 20 | 14 | |
Level 3 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | ||
Level 3 | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 627 | 655 | |
Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 580 | 624 | |
Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 185 | $ 4 |
Employee Benefits - Reconciliat
Employee Benefits - Reconciliation of Beginning and Ending Balance of Pension Plan Assets Measured at Fair Value (Detail) - Pension - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 1,394 | $ 1,633 |
Actual (loss) gain on plan assets | 153 | 169 |
Purchases and sales | 167 | (408) |
Transfers out | (197) | |
Ending Balance | 1,517 | 1,394 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | 3 |
Actual (loss) gain on plan assets | 0 | (1) |
Purchases and sales | 119 | (2) |
Transfers out | (118) | |
Ending Balance | 1 | 0 |
Corporate bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 97 | 128 |
Actual (loss) gain on plan assets | (1) | (9) |
Purchases and sales | 27 | (22) |
Transfers out | (19) | |
Ending Balance | 104 | 97 |
International bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 14 | 20 |
Actual (loss) gain on plan assets | 0 | (2) |
Purchases and sales | 22 | (4) |
Transfers out | (16) | |
Ending Balance | 20 | 14 |
Real estate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 655 | 873 |
Actual (loss) gain on plan assets | 76 | 169 |
Purchases and sales | (70) | (387) |
Transfers out | (34) | |
Ending Balance | 627 | 655 |
Private equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 624 | 609 |
Actual (loss) gain on plan assets | 78 | 12 |
Purchases and sales | (114) | 3 |
Transfers out | (8) | |
Ending Balance | 580 | 624 |
Hedge funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 4 | 0 |
Actual (loss) gain on plan assets | 0 | 0 |
Purchases and sales | 183 | 4 |
Transfers out | (2) | |
Ending Balance | $ 185 | $ 4 |
Employee Benefits - Fair Valu99
Employee Benefits - Fair Values For Other Postretirement Benefit Plans By Asset Category (Detail) - Health Care and Life - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total investments at fair value | $ 589 | $ 847 | |
Investments measured at NAV | 530 | 516 | |
Total | 1,119 | 1,363 | $ 1,760 |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 71 | 131 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 294 | 463 | |
U.S. Treasuries and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 23 | 23 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 141 | 170 | |
International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 60 | 60 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total investments at fair value | 476 | 661 | |
Total | 476 | 661 | |
Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1 | 1 | |
Level 1 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 294 | 463 | |
Level 1 | U.S. Treasuries and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 22 | 22 | |
Level 1 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 141 | 145 | |
Level 1 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 18 | 30 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total investments at fair value | 113 | 186 | |
Total | 113 | 186 | |
Level 2 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 70 | 130 | |
Level 2 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 2 | U.S. Treasuries and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1 | 1 | |
Level 2 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 25 | |
Level 2 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 42 | 30 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total investments at fair value | 0 | 0 | |
Total | 0 | 0 | |
Level 3 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 3 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 3 | U.S. Treasuries and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 3 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Level 3 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 0 | $ 0 |
Employee Benefits - Expected Be
Employee Benefits - Expected Benefit Payments to Retirees (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 2,401 |
2,019 | 2,098 |
2,020 | 1,464 |
2,021 | 1,212 |
2,022 | 1,161 |
2023-2027 | 5,526 |
Health Care and Life | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 1,246 |
2,019 | 1,249 |
2,020 | 1,297 |
2,021 | 1,318 |
2,022 | 1,336 |
2023-2027 | $ 6,277 |
Employee Benefits - Recorded Se
Employee Benefits - Recorded Severance Liability (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movements in Severance Benefits [Roll Forward] | |||
Beginning of Year | $ 656 | $ 800 | $ 875 |
Charged to Expense | 581 | 417 | 551 |
Payments | (564) | (583) | (619) |
Other | (46) | 22 | (7) |
End of Year | $ 627 | $ 656 | $ 800 |
Taxes - Components of Income be
Taxes - Components of Income before (Provision) benefit for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 19,645 | $ 20,047 | $ 27,639 |
Foreign | 949 | 939 | 601 |
Income Before Benefit (Provision) For Income Taxes | $ 20,594 | $ 20,986 | $ 28,240 |
Taxes - Components of Provision
Taxes - Components of Provision (benefit) for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current | |||
Federal | $ 3,630 | $ 7,451 | $ 5,476 |
Foreign | 200 | 148 | 70 |
State and Local | 677 | 842 | 803 |
Total | 4,507 | 8,441 | 6,349 |
Deferred | |||
Federal | (14,360) | (933) | 3,377 |
Foreign | (66) | (2) | 9 |
State and Local | (37) | (128) | 130 |
Total | (14,463) | (1,063) | 3,516 |
Total income tax (benefit) provision | $ (9,956) | $ 7,378 | $ 9,865 |
Taxes - Schedule for Principal
Taxes - Schedule for Principal Reasons for Difference in Effective and Statutory Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income tax rate, net of federal tax benefits | 1.60% | 2.20% | 2.10% |
Affordable housing credit | (0.60%) | (0.70%) | (0.50%) |
Employee benefits including ESOP dividend | (0.50%) | (0.50%) | (0.40%) |
Impact of tax reform re-measurement | (81.60%) | 0.00% | 0.00% |
Noncontrolling interests | (0.60%) | (0.60%) | (0.50%) |
Non-deductible goodwill | 1.00% | 2.20% | 0.00% |
Other, net | (2.60%) | (2.40%) | (0.80%) |
Effective income tax rate | (48.30%) | 35.20% | 34.90% |
Taxes - Additional Information
Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | (48.30%) | 35.20% | 34.90% |
Reduction of deferred tax liabilities related to Tax Cuts and Jobs Act of 2017 | $ 16,800 | ||
Undistributed earnings of foreign subsidiaries | 1,800 | ||
Provision for income taxes from goodwill | $ 527 | ||
Increase in income taxes paid | 3,200 | ||
Net tax loss and credit carry forwards (tax effected) | 4,176 | 3,318 | |
Net tax loss and credit carry forwards (tax effected), portion that will expire | 2,600 | ||
Operating loss carry forwards amount | 1,600 | ||
Increase in valuation allowance | 800 | ||
Unrecognized tax benefits, that if recognized, would favorably affect the effective income tax rate | $ 1,900 | $ 1,500 | $ 1,200 |
Taxes - Schedule of Cash Taxes
Taxes - Schedule of Cash Taxes Paid (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income taxes, net of amounts refunded | $ 4,432 | $ 9,577 | $ 5,293 |
Employment taxes | 1,207 | 1,196 | 1,284 |
Property and other taxes | 1,737 | 1,796 | 1,868 |
Total | $ 7,376 | $ 12,569 | $ 8,445 |
Taxes - Schedule of Deferred Ta
Taxes - Schedule of Deferred Taxes (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Employee benefits | $ 6,174 | $ 10,453 |
Tax loss and credit carry forwards | 4,176 | 3,318 |
Other - assets | 1,938 | 2,632 |
Deferred tax assets, gross | 12,288 | 16,403 |
Valuation allowances | (3,293) | (2,473) |
Deferred tax assets | 8,995 | 13,930 |
Spectrum and other intangible amortization | 21,148 | 31,404 |
Depreciation | 14,767 | 22,848 |
Other - liabilities | 4,281 | 5,642 |
Deferred tax liabilities | 40,196 | 59,894 |
Net deferred tax liability | $ 31,201 | $ 45,964 |
Taxes - Reconciliation of Begin
Taxes - Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, | $ 1,902 | $ 1,635 | $ 1,823 |
Additions based on tax positions related to the current year | 219 | 338 | 194 |
Additions for tax positions of prior years | 756 | 188 | 330 |
Reductions for tax positions of prior years | (419) | (153) | (412) |
Settlements | (42) | (18) | (79) |
Lapses of statutes of limitations | (61) | (88) | (221) |
Balance at December 31, | $ 2,355 | $ 1,902 | $ 1,635 |
Taxes - Schedule of After-tax (
Taxes - Schedule of After-tax (Expenses) Benefits Related To Interest and Penalties in Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax examination, penalties and interest expense | $ (77) | $ (25) | $ 43 |
Taxes - After-tax Accrual for P
Taxes - After-tax Accrual for Payment of Interest and Penalties in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Income tax examination, penalties and interest accrued | $ 269 | $ 142 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | Segment | 2 | ||||||||||
Segment reporting information, revenue | $ 33,955 | $ 31,717 | $ 30,548 | $ 29,814 | $ 32,340 | $ 30,937 | $ 30,532 | $ 32,171 | $ 126,034 | $ 125,980 | $ 131,620 |
Fios revenues | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment reporting information, revenue | $ 11,700 | $ 11,200 | $ 10,700 |
Segment Information - Operating
Segment Information - Operating Financial Information for Reportable Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ 33,955 | $ 31,717 | $ 30,548 | $ 29,814 | $ 32,340 | $ 30,937 | $ 30,532 | $ 32,171 | $ 126,034 | $ 125,980 | $ 131,620 |
Cost of services | 29,409 | 29,186 | 29,438 | ||||||||
Wireless cost of equipment | 22,147 | 22,238 | 23,119 | ||||||||
Selling, general and administrative expense | 30,110 | 31,569 | 29,986 | ||||||||
Depreciation and amortization expense | 16,954 | 15,928 | 16,017 | ||||||||
Total Operating Expenses | 98,620 | 98,921 | 98,560 | ||||||||
Operating Income | 4,793 | $ 7,208 | $ 8,232 | $ 7,181 | 8,023 | $ 6,540 | $ 4,554 | $ 7,942 | 27,414 | 27,059 | 33,060 |
Assets | 257,143 | 244,180 | 257,143 | 244,180 | |||||||
Property, plant and equipment, net | 88,568 | 84,751 | 88,568 | 84,751 | |||||||
Capital expenditures | 17,247 | 17,059 | 17,775 | ||||||||
External Operating Revenues | Service | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 62,972 | 66,362 | 70,305 | ||||||||
External Operating Revenues | Service | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 62,972 | 66,362 | 70,305 | ||||||||
External Operating Revenues | Service | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
External Operating Revenues | Equipment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 18,889 | 17,511 | 16,924 | ||||||||
External Operating Revenues | Equipment | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 18,889 | 17,511 | 16,924 | ||||||||
External Operating Revenues | Equipment | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
External Operating Revenues | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 5,270 | 4,915 | 4,294 | ||||||||
External Operating Revenues | Other | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 5,270 | 4,915 | 4,294 | ||||||||
External Operating Revenues | Other | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
External Operating Revenues | Consumer Markets | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 12,775 | 12,751 | 12,696 | ||||||||
External Operating Revenues | Consumer Markets | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
External Operating Revenues | Consumer Markets | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 12,775 | 12,751 | 12,696 | ||||||||
External Operating Revenues | Enterprise Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 9,165 | 9,162 | 9,376 | ||||||||
External Operating Revenues | Enterprise Solutions | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
External Operating Revenues | Enterprise Solutions | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 9,165 | 9,162 | 9,376 | ||||||||
External Operating Revenues | Partner Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 3,969 | 3,976 | 4,228 | ||||||||
External Operating Revenues | Partner Solutions | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
External Operating Revenues | Partner Solutions | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 3,969 | 3,976 | 4,228 | ||||||||
External Operating Revenues | Business Markets | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 3,585 | 3,356 | 3,553 | ||||||||
External Operating Revenues | Business Markets | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
External Operating Revenues | Business Markets | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 3,585 | 3,356 | 3,553 | ||||||||
External Operating Revenues | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 234 | 314 | 330 | ||||||||
External Operating Revenues | Other | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
External Operating Revenues | Other | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 234 | 314 | 330 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,332 | 1,349 | 1,124 | ||||||||
Intersegment Eliminations | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 380 | 398 | 157 | ||||||||
Intersegment Eliminations | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 952 | 951 | 967 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 118,191 | 119,696 | 122,830 | ||||||||
Cost of services | 25,912 | 26,341 | 26,286 | ||||||||
Wireless cost of equipment | 22,147 | 22,238 | 23,119 | ||||||||
Selling, general and administrative expense | 25,046 | 26,400 | 28,945 | ||||||||
Depreciation and amortization expense | 15,499 | 15,158 | 15,333 | ||||||||
Total Operating Expenses | 88,604 | 90,137 | 93,683 | ||||||||
Operating Income | 29,587 | 29,559 | 29,147 | ||||||||
Assets | 311,155 | 278,024 | 311,155 | 278,024 | 263,710 | ||||||
Property, plant and equipment, net | 85,286 | 83,103 | 85,286 | 83,103 | 81,955 | ||||||
Capital expenditures | 15,649 | 15,744 | 16,774 | ||||||||
Operating Segments | Wireless | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 87,511 | 89,186 | 91,680 | ||||||||
Cost of services | 7,990 | 7,988 | 7,803 | ||||||||
Wireless cost of equipment | 22,147 | 22,238 | 23,119 | ||||||||
Selling, general and administrative expense | 18,772 | 19,924 | 21,805 | ||||||||
Depreciation and amortization expense | 9,395 | 9,183 | 8,980 | ||||||||
Total Operating Expenses | 58,304 | 59,333 | 61,707 | ||||||||
Operating Income | 29,207 | 29,853 | 29,973 | ||||||||
Assets | 235,873 | 211,345 | 235,873 | 211,345 | 185,405 | ||||||
Property, plant and equipment, net | 43,935 | 42,898 | 43,935 | 42,898 | 40,911 | ||||||
Capital expenditures | 10,310 | 11,240 | 11,725 | ||||||||
Operating Segments | Wireline | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 30,680 | 30,510 | 31,150 | ||||||||
Cost of services | 17,922 | 18,353 | 18,483 | ||||||||
Wireless cost of equipment | 0 | 0 | 0 | ||||||||
Selling, general and administrative expense | 6,274 | 6,476 | 7,140 | ||||||||
Depreciation and amortization expense | 6,104 | 5,975 | 6,353 | ||||||||
Total Operating Expenses | 30,300 | 30,804 | 31,976 | ||||||||
Operating Income | 380 | (294) | (826) | ||||||||
Assets | 75,282 | 66,679 | 75,282 | 66,679 | 78,305 | ||||||
Property, plant and equipment, net | $ 41,351 | $ 40,205 | 41,351 | 40,205 | 41,044 | ||||||
Capital expenditures | $ 5,339 | $ 4,504 | $ 5,049 |
Segment Information - Summary o
Segment Information - Summary of Reconciliation of Segment Operating Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment reporting information, revenue | $ 33,955 | $ 31,717 | $ 30,548 | $ 29,814 | $ 32,340 | $ 30,937 | $ 30,532 | $ 32,171 | $ 126,034 | $ 125,980 | $ 131,620 |
Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment reporting information, revenue | 118,191 | 119,696 | 122,830 | ||||||||
Corporate and other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment reporting information, revenue | 9,019 | 5,663 | 3,738 | ||||||||
Operating results from divested businesses | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment reporting information, revenue | 368 | 2,115 | 6,224 | ||||||||
Eliminations | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment reporting information, revenue | $ (1,544) | $ (1,494) | $ (1,172) |
Segment Information - Reconcili
Segment Information - Reconciliation of Total Reportable Segments Operating Income to Consolidated Income before Provision for Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | $ 4,793 | $ 7,208 | $ 8,232 | $ 7,181 | $ 8,023 | $ 6,540 | $ 4,554 | $ 7,942 | $ 27,414 | $ 27,059 | $ 33,060 |
Severance, pension and benefit (charges) credits (Note 10) | (1,391) | (2,923) | 2,256 | ||||||||
Net gain on sale of divested businesses (Note 2) | 1,774 | 1,007 | 0 | ||||||||
Acquisition and integration related charges (Note 2) | 884 | 0 | 0 | ||||||||
Gain on spectrum license transactions (Note 2) | 270 | 142 | 254 | ||||||||
Operating results from divested businesses | 149 | 995 | 3,123 | ||||||||
Product realignment | (682) | 0 | 0 | ||||||||
Equity in losses of unconsolidated businesses | (77) | (98) | (86) | ||||||||
Other income (expense), net | (2,010) | (1,599) | 186 | ||||||||
Interest expense | (4,733) | (4,376) | (4,920) | ||||||||
Income Before Benefit (Provision) For Income Taxes | 20,594 | 20,986 | 28,240 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | 29,587 | 29,559 | 29,147 | ||||||||
Corporate and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | $ (1,409) | $ (1,721) | $ (1,720) |
Segment Information - Summar115
Segment Information - Summary of Reconciliation of Reportable Segment Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Assets | $ 257,143 | $ 244,180 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 311,155 | 278,024 | $ 263,710 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Assets | 239,040 | 213,787 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Assets | $ (293,052) | $ (247,631) |
Comprehensive Income (Detail)
Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Attributable to Parent [Abstract] | |||
Balance at beginning of year | $ 24,032 | $ 17,842 | |
Other comprehensive income (loss) | 1,400 | 2,484 | $ (1,276) |
Amounts reclassified to net income | (1,414) | (361) | 715 |
Other comprehensive income (loss) attributable to Verizon | (14) | 2,123 | (561) |
Balance at end of year | 44,687 | 24,032 | 17,842 |
Foreign currency translation adjustments | |||
AOCI Attributable to Parent [Abstract] | |||
Balance at beginning of year | (713) | (554) | (346) |
Other comprehensive income (loss) | 245 | (159) | (208) |
Amounts reclassified to net income | 0 | 0 | 0 |
Other comprehensive income (loss) attributable to Verizon | 245 | (159) | (208) |
Balance at end of year | (468) | (713) | (554) |
Unrealized gains (losses) on cash flow hedges | |||
AOCI Attributable to Parent [Abstract] | |||
Balance at beginning of year | (80) | (278) | (84) |
Other comprehensive income (loss) | 818 | (225) | (1,063) |
Amounts reclassified to net income | (849) | 423 | 869 |
Other comprehensive income (loss) attributable to Verizon | (31) | 198 | (194) |
Balance at end of year | (111) | (80) | (278) |
Unrealized losses on marketable securities | |||
AOCI Attributable to Parent [Abstract] | |||
Balance at beginning of year | 46 | 101 | 112 |
Other comprehensive income (loss) | 10 | (13) | (5) |
Amounts reclassified to net income | (24) | (42) | (6) |
Other comprehensive income (loss) attributable to Verizon | (14) | (55) | (11) |
Balance at end of year | 32 | 46 | 101 |
Defined benefit pension and postretirement plans | |||
AOCI Attributable to Parent [Abstract] | |||
Balance at beginning of year | 3,420 | 1,281 | 1,429 |
Other comprehensive income (loss) | 327 | 2,881 | 0 |
Amounts reclassified to net income | (541) | (742) | (148) |
Other comprehensive income (loss) attributable to Verizon | (214) | 2,139 | (148) |
Balance at end of year | 3,206 | 3,420 | 1,281 |
Accumulated Other Comprehensive Income | |||
AOCI Attributable to Parent [Abstract] | |||
Balance at beginning of year | 2,673 | 550 | 1,111 |
Balance at end of year | $ 2,659 | $ 2,673 | $ 550 |
Additional Financial Informa117
Additional Financial Information - Income Statement Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation expense | $ 14,741 | $ 14,227 | $ 14,323 |
Interest costs on debt balances | 5,256 | 4,961 | 5,391 |
Net amortization of debt discount | 155 | 119 | 113 |
Capitalized interest costs | (678) | (704) | (584) |
Advertising expense | $ 2,643 | $ 2,744 | $ 2,749 |
Additional Financial Informa118
Additional Financial Information - Balance Sheet Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable and Accrued Liabilities | ||
Accounts payable | $ 7,063 | $ 7,084 |
Accrued expenses | 6,756 | 5,717 |
Accrued vacation, salaries and wages | 4,521 | 3,813 |
Interest payable | 1,409 | 1,463 |
Taxes payable | 1,483 | 1,516 |
Total accounts payable and accrued liabilities | 21,232 | 19,593 |
Other Current Liabilities | ||
Advance billings and customer deposits | 3,084 | 2,914 |
Dividends payable | 2,429 | 2,375 |
Other | 2,839 | 2,813 |
Total other current liabilities | $ 8,352 | $ 8,102 |
Additional Financial Informa119
Additional Financial Information - Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Paid | |||
Interest, net of amounts capitalized | $ 4,369 | $ 4,085 | $ 4,491 |
Income taxes, net of amounts refunded | 4,432 | 9,577 | 5,293 |
Other, net Cash Flows from Operating Activities | |||
Changes in device payment plan agreement receivables-non-current | (579) | (3,303) | (23) |
Proceeds from Tower Monetization Transaction | 0 | 0 | 2,346 |
Other, net | 1,251 | 206 | (3,637) |
Total other, net cash flows from operating activities | 672 | (3,097) | (1,314) |
Other, net Cash Flows from Financing Activities | |||
Net debt related costs | (3,599) | (1,991) | (422) |
Proceeds from Tower Monetization Transaction | 0 | 0 | 2,742 |
Other, net | (1,253) | (806) | (743) |
Other, net | $ (4,852) | $ (2,797) | $ 1,577 |
Additional Financial Informa120
Additional Financial Information - Additional Information (Detail) - USD ($) | Jun. 05, 2015 | Feb. 10, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 03, 2017 |
Supplemental Cash Flow Information [Line Items] | ||||||
Number of shares authorized to be repurchased | 100,000,000 | |||||
Payment for repurchase of common stock | $ 0 | $ 0 | $ 5,134,000,000 | |||
Common shares issued from Treasury stock (in shares) | 2,800,000 | 3,500,000 | 22,600,000 | |||
Treasury stock aggregate value | $ 900,000,000 | |||||
Share Buyback Program | ||||||
Supplemental Cash Flow Information [Line Items] | ||||||
Number of shares repurchased | 0 | 0 | 2,800,000 | |||
Payment for repurchase of common stock | $ 100,000,000 | |||||
Remaining number of shares authorized for repurchase | 100,000,000 | |||||
Stock repurchase program, period | 3 years | |||||
2015 Accelerated Stock Repurchase | ||||||
Supplemental Cash Flow Information [Line Items] | ||||||
Number of shares repurchased | 15,400,000 | 86,200,000 | 101,600,000 | |||
Payment for repurchase of common stock | $ 4,250,000,000 | |||||
Stock repurchase program authorized amount | $ 5,000,000,000 | |||||
Up-front payment for repurchase of common stock | $ 5,000,000,000 | |||||
Average repurchase price (in USD per share) | $ 49.21 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017USD ($)LegalMatter | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||
Approximate number of federal district court actions alleged for patent infringement | LegalMatter | 40 | ||
Guarantee obligations, year term (in years) | 30 years | ||
Letters of credit | $ 0.6 | ||
Purchase commitments | 21 | ||
Purchase commitments due in 2018 | 7.6 | ||
Purchase commitments due in 2019 through 2020 | 9 | ||
Purchase commitments due in 2021 through 2022 | 2.1 | ||
Purchase commitments due after five year | 2.3 | ||
Purchases against commitments | $ 8.2 | $ 8.1 | $ 10.2 |
Quarterly Financial Informat122
Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information [Line Items] | |||||||||||
Operating Revenues | $ 33,955 | $ 31,717 | $ 30,548 | $ 29,814 | $ 32,340 | $ 30,937 | $ 30,532 | $ 32,171 | $ 126,034 | $ 125,980 | $ 131,620 |
Operating Income | 4,793 | 7,208 | 8,232 | 7,181 | 8,023 | 6,540 | 4,554 | 7,942 | 27,414 | 27,059 | 33,060 |
Net Income attributable to Verizon | $ 18,669 | $ 3,620 | $ 4,362 | $ 3,450 | $ 4,495 | $ 3,620 | $ 702 | $ 4,310 | $ 30,101 | $ 13,127 | $ 17,879 |
Per Share-Basic (in USD per share) | $ 4.57 | $ 0.89 | $ 1.07 | $ 0.85 | $ 1.10 | $ 0.89 | $ 0.17 | $ 1.06 | $ 7.37 | $ 3.22 | $ 4.38 |
Per Share-Diluted (in USD per share) | $ 4.56 | $ 0.89 | $ 1.07 | $ 0.84 | $ 1.10 | $ 0.89 | $ 0.17 | $ 1.06 | $ 7.36 | $ 3.21 | $ 4.37 |
Net Income | $ 18,783 | $ 3,736 | $ 4,478 | $ 3,553 | $ 4,600 | $ 3,747 | $ 831 | $ 4,430 | $ 30,550 | $ 13,608 | $ 18,375 |
Early debt redemption costs | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
After-tax credits (charges) included in consolidated results of operations | (400) | (300) | (500) | (1,100) | |||||||
Spectrum license transactions | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
After-tax credits (charges) included in consolidated results of operations | 100 | $ 100 | 100 | ||||||||
Severance, pension and benefit charges | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
After-tax credits (charges) included in consolidated results of operations | (700) | (100) | $ 1,000 | $ (500) | (2,200) | $ (100) | |||||
Acquisition and integration related charges | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
After-tax credits (charges) included in consolidated results of operations | (100) | $ (100) | (400) | ||||||||
Impact of Tax Reform | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
After-tax credits (charges) included in consolidated results of operations | 16,800 | ||||||||||
Gain on sale of divested businesses | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
After-tax credits (charges) included in consolidated results of operations | $ 900 | ||||||||||
Product realignment costs | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
After-tax credits (charges) included in consolidated results of operations | $ (500) | ||||||||||
Gain on Access Line Sale | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
After-tax credits (charges) included in consolidated results of operations | $ 100 |
Schedule II - Valuation and 123
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Uncollectible Accounts Receivable | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 1,146 | $ 1,037 | $ 739 |
Charged to Expenses | 1,167 | 1,420 | 1,610 |
Charged to Other Accounts | 205 | 150 | 146 |
Deductions | 1,319 | 1,461 | 1,458 |
Balance at End of Period | 1,199 | 1,146 | 1,037 |
Allowance for Uncollectible Accounts Receivable | Long-term device installment plan receivable | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 301 | 155 | |
Balance at End of Period | 260 | 301 | 155 |
Valuation Allowance for Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,473 | 3,414 | 1,841 |
Charged to Expenses | 765 | 146 | 237 |
Charged to Other Accounts | 273 | 47 | 1,701 |
Deductions | 218 | 1,134 | 365 |
Balance at End of Period | $ 3,293 | $ 2,473 | $ 3,414 |