1 unchanged sentence
Verizon Communications Inc.
−Removed: is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, businesses and government entities.
+Added: is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities.
With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity and security.
2 unchanged sentences
Our network quality is the hallmark of our brand and the foundation for the connectivity, platforms and solutions upon which we build our competitive advantage.
−Removed: In 2023, we continued deploying our C-Band spectrum, enhancing and driving the monetization of our networks, platforms and solutions, while focusing on improving our financial and operating performance.
+Added: In 2024, we focused on enhancing and driving the monetization of our networks, platforms and solutions, retaining and growing our high-quality customer base and further improving our financial and operating performance.
Our strategy requires significant capital investments primarily to acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, invest in the fiber that supports our businesses, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities.
3 unchanged sentences
Business Overview
−Removed: We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
+Added: We have two reportable segments that we operate and manage as strategic business units - Consumer and Business.
Revenue by Segment
6 unchanged sentences
Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.
−Removed: Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis.
Customers can obtain our wireless services on a postpaid or prepaid basis.
2 unchanged sentences
The Consumer segment also offers several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
−Removed: In addition to the wireless services and equipment discussed above, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis.
−Removed: The Consumer segment's operating revenues for the year ended December 31, 2023 totaled $101.6 billion, a decrease of $1.9 billion, or 1.8%, compared to the year ended December 31, 2022.
+Added: In addition to wireless services and equipment for retail customers, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis.
+Added: The Consumer segment's operating revenues for the year ended December 31, 2024 totaled $102.9 billion, an increase of $1.3 billion, or 1.3%, compared to the year ended December 31, 2023.
See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.
Verizon Business Group
−Removed: Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products, including solutions that support mobile resource management.
−Removed: We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S.
+Added: Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and advanced communication services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products.
+Added: We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S.
and a subset of these products and services to customers around the world.
5 unchanged sentences
Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings.
−Removed: Gains and losses from these transactions that are not individually significant are included in segment results and therefore included in the chief operating decision maker’s assessment of segment performance.
+Added: Gains and losses from these transactions that are not individually significant are included in segment results and therefore are included in the chief operating decision maker's assessment of segment performance.
See "Consolidated Results of Operations" for additional information regarding Corporate and other results.
3 unchanged sentences
See "Cash Flows Used in Investing Activities" and "Liquidity and Capital Resources" for additional information.
−Removed: In the second quarter of 2023, we completed our accelerated $10 billion capital program related to C-Band spectrum deployment.
−Removed: Our ongoing C-Band spectrum deployment is funded through our general capital expenditure program.
−Removed: Global Network and Technology
+Added: Global Networks and Technology
+Added: We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success.
+Added: We are evolving and transforming our networks to ensure our customers receive access to the best network possible.
Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services.
−Removed: 5G technology enables higher throughput and lower latency than 4G LTE technology and allows our networks to handle more traffic as the number of internet-connected devices grows.
−Removed: We are focusing our capital investment on building our next generation 5G network, while also adding capacity and density to our 4G LTE network.
−Removed: We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems.
−Removed: Network densification enables us to add capacity to address increasing mobile video consumption and the growing demand for IoT products and services on our 5G and 4G LTE networks.
−Removed: In January 2022, we began rapidly deploying our C-Band spectrum, which, as of December 31, 2023, covers approximately 242 million people in the U.S.
−Removed: We obtained full access to our C-Band spectrum in August 2023 and will continue deploying this spectrum across the continental U.S.
−Removed: To compensate for the shrinking market for traditional copper-based products, we continue to build fiber-based networks supporting data, video and advanced business services - areas where demand for reliable high-speed connections is growing.
−Removed: In addition, we leverage our 5G and 4G LTE networks for our FWA broadband service.
+Added: Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.
+Added: While we continue to improve our 5G wireless service coverage, we are also adding capacity and density to our networks.
+Added: Network densification enables us to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
+Added: In addition to enhancing our wireless service, our wireless mobility investments provide the foundation for our growing FWA broadband business.
+Added: We are also continuing to expand our fiber-based networks, as customers increasingly value the ability to obtain wireless and wireline broadband services from the same provider.
+Added: In September 2024, we entered into an agreement to acquire Frontier as part of our fiber expansion strategy, and we expect to increase the capital expenditures we devote to our fiber networks in 2025.
Consolidated Results of Operations
1 unchanged sentence
In "Segment Results of Operations," we review the performance of our two reportable segments in more detail.
−Removed: During the first quarter of 2023, Verizon reorganized the customer groups within its Business segment.
−Removed: Previously, this segment was comprised of four customer groups:
−Removed: Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale.
−Removed: Following the reorganization, there are now three customer groups:
−Removed: Enterprise and Public Sector, Business Markets and Other, and Wholesale.
−Removed: Enterprise and Public Sector combines the customers previously included in Global Enterprise and Public Sector and Other (excluding BlueJeans and Connect customers) as well as the commercial wireline customers previously included in Small and Medium Business.
−Removed: Business Markets and Other combines the customers previously included in Small and Medium Business (excluding commercial wireline customers), the BlueJeans customers previously included in Global Enterprise and Public Sector and Other, and the Connect customers previously included in Public Sector and Other.
−Removed: The Wholesale customer group remained unchanged.
−Removed: Prior period operating revenue results within the Business segment have been recast for these reorganized customer groups.
−Removed: There was no change to the composition of our reportable segments and total segment results, nor the determination of segment profit.
−Removed: A discussion of the Business segment's 2021 operating revenue results reflecting the current customer groups and year-over-year comparisons between 2022 and 2021 have been included in "Segment Results of Operations" below.
−Removed: A discussion of the 2021 items and year-over-year comparisons between 2022 and 2021 for all other items that are not included in this Form 10-K can be found in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2022.
+Added: A detailed discussion of our 2022 results and year-over-year comparisons between 2023 and 2022 that are not included in this Form 10-K can be found in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023.
Consolidated Operating Revenues
(dollars in millions)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Increase/(Decrease)
Consumer $ 102,904 $ 101,626 $ 1,278 1.3 %
3 unchanged sentences
Consolidated Operating Revenues $ 134,788 $ 133,974 $ 814 0.6
−Removed: Consolidated operating revenues decreased during 2023 compared to 2022 primarily due to decreases in Wireless equipment revenues.
+Added: Consolidated operating revenues increased during 2024 compared to 2023 primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
Revenues for our segments are discussed separately below under the heading "Segment Results of Operations."
1 unchanged sentence
(dollars in millions)
−Removed: Increase/(Decrease)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Increase/(Decrease)
Cost of services $ 27,997 $ 28,100 $ (103) (0.4) %
11 unchanged sentences
Cost of services decreased during 2024 compared to 2023 primarily as a result of:
−Removed: • a decrease of $658 million in access costs primarily as a result of pricing changes and usage declines largely related to the shutdown of our competitors' third-generation (3G) networks in 2022 and ongoing efforts to migrate off network prepaid subscribers to the Verizon network;
−Removed: • a decrease of $156 million in direct costs primarily related to certain professional services that did not reoccur in 2023;
−Removed: • an increase of $204 million in regulatory costs primarily related to a higher net Federal Universal Service Fund (FUSF) rate;
−Removed: • an increase of $149 million in rent and lease expense primarily driven by new leases and lease modifications related to the deployment of the C-Band spectrum.
+Added: • a decrease of $259 million in access costs primarily as a result of decreases in prepaid subscribers, changes in usage and net circuit access prices;
+Added: • a decrease of $147 million in personnel costs primarily related to the impact of workforce changes;
+Added: • an increase of $167 million related to an asset and business rationalization charge taken in 2024 compared to an asset rationalization charge taken in 2023;
+Added: • an increase of $152 million in digital content costs primarily associated with an increase in subscriptions through MyPlan offerings, partially offset by a decrease in traditional linear content costs due to a decline in Fios video subscribers.
Cost of Wireless Equipment
1 unchanged sentence
• a decrease of $2.1 billion driven by a lower volume of wireless devices sold primarily related to a decrease of 10% in upgrades;
−Removed: • an increase of $953 million due to a shift to higher priced equipment in the mix of wireless devices sold.
+Added: • an increase of $1.4 billion due to a shift to higher priced equipment in the mix of wireless devices sold.
Selling, General and Administrative Expense
1 unchanged sentence
Also included is a portion of the aggregate customer care costs as discussed above in "Cost of Services."
−Removed: Selling, general and administrative expense increased during 2023 compared to 2022 primarily due to:
−Removed: • an increase of $603 million in the provision for credit losses resulting from additional bad debt reserves as collections return to pre-pandemic levels, coupled with an increase in wireless retail postpaid gross additions;
−Removed: • an increase of $533 million in personnel costs from severance charges;
−Removed: • an increase of $458 million primarily related to asset rationalization charges;
−Removed: • an increase of $393 million primarily related to higher costs for device insurance programs due to an increase in claims;
−Removed: • an increase of $299 million in advertising costs driven by costs associated with the myPlan launch in the second quarter of 2023 and the scaling of our Total by Verizon prepaid brand;
−Removed: • an increase of $161 million related to business transformation costs;
−Removed: • an increase of $113 million in connection with the non-strategic business shutdown of our BlueJeans business offering;
−Removed: • an increase of $100 million related to a legal settlement.
−Removed: See "Special Items" for additional information on the severance charges, asset rationalization charges, business transformation costs, the non-strategic business shutdown and the legal settlement.
+Added: Selling, general and administrative expense increased during 2024 compared to 2023 primarily as a result of:
+Added: • an increase of $1.2 billion due to severance charges in 2024 primarily related to our voluntary separation program compared to 2023;
+Added: • an increase of $240 million in personnel costs related to an increase in costs associated with the transition to third-party contracted resources along with the impacts of a prior year compensation plan assumption change that did not reoccur and increased sales commission expense;
+Added: • an increase of $124 million in the provision for credit losses resulting from an increase in postpaid phone gross additions and additional bad debt reserves;
+Added: • an increase of $124 million in advertising costs related to Value Brand marketing campaigns and the refresh of the Verizon brand in 2024 compared to 2023;
+Added: • a decrease of $273 million related to an asset and business rationalization charge taken in 2024 compared to an asset rationalization charge taken in 2023;
+Added: • a decrease of $161 million related to business transformation costs in 2023 that did not reoccur.
+Added: See "Special Items" for additional information on the severance charges, the asset and business rationalization charges and the business transformation costs.
Depreciation and Amortization Expense
−Removed: Depreciation and amortization expense increased during 2023 compared to 2022, primarily due to the change in the mix of net depreciable and amortizable assets, including acquisition-related intangible assets, and the continued deployment of C-Band network assets.
+Added: Depreciation and amortization expense increased during 2024 compared to 2023, primarily due to the change in the mix of net depreciable and amortizable assets, including the amortization period of certain acquisition-related intangible assets, and the continued deployment of C-Band network assets.
Verizon Business Group Goodwill Impairment
5 unchanged sentences
(dollars in millions)
−Removed: Increase/(Decrease)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
−Removed: Interest income $ 354 $ 146 $ 208 nm
+Added: Years Ended December 31, 2024 2023 Increase/(Decrease)
+Added: Interest income $ 336 $ 354 $ (18) (5.1) %
Other components of net periodic benefit income (cost) 300 (938) 1,238 nm
−Removed: Net debt extinguishment gains (losses) 308 (1,077) 1,385 nm
+Added: Net debt extinguishment gains
+Added: 385 308 77 25.0
Other, net (26) (37) 11 (29.7)
1 unchanged sentence
nm - not meaningful
−Removed: Other income (expense), net reflects certain items not directly related to our core operations, including interest income, debt extinguishment costs, components of net periodic pension and postretirement benefit cost and income and certain foreign exchange gains and losses.
−Removed: Other income (expense), net decreased during 2023 compared to 2022 primarily due to:
−Removed: • a net pension and postretirement benefits remeasurement loss of $992 million recorded during 2023, compared with a gain of $1.7 billion recorded during 2022, as well as an increase in interest costs in 2023 of $421 million primarily due to an increase in discount rates;
−Removed: • net debt extinguishment gains of $308 million related to open market repurchases of various Company notes and tender offers in 2023, compared with losses of $1.1 billion primarily related to tender offers in 2022;
−Removed: • an increase in interest income due to higher interest rates.
+Added: Other income (expense), net reflects certain items not directly related to our core operations, including interest income, debt extinguishment gains and losses, components of net periodic pension and postretirement benefit income and cost and certain foreign exchange gains and losses.
+Added: Other income (expense), net increased during 2024 compared to 2023 primarily due to a net pension and postretirement benefits remeasurement gain of $657 million recorded during 2024, compared with a loss of $992 million recorded during 2023.
+Added: The increase was partially offset by a decrease of $396 million due to lower plan assets on which to earn expected returns in our pension and postretirement plans compared to 2023.
+Added: See Note 11 to the consolidated financial statements for more information on the other components of net periodic benefit income (cost).
Interest Expense
(dollars in millions)
−Removed: Increase/(Decrease)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Increase/(Decrease)
Total interest costs on debt balances $ 7,612 $ 7,342 $ 270 3.7 %
8 unchanged sentences
(3) We believe that this measure is useful to management, investors and other users of our financial information in evaluating our debt financing cost and trends in our debt leverage management.
−Removed: Total interest expense increased during 2023 compared to 2022 primarily as a result of an increase in interest costs due to a higher average interest rate and a decrease in capitalized interest costs due to the early clearance and deployment of C-Band spectrum in the current period, which were partially offset by lower average debt balances.
+Added: Total interest expense increased during 2024 compared to 2023 primarily as a result of a decrease in capitalized interest due to additional C-Band spectrum licenses being placed into service and an increase in interest costs due to a higher average interest rate partially offset by lower average debt balances.
Provision for Income Taxes
(dollars in millions)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Increase
Provision for income taxes $ 5,030 $ 4,892 $ 138 2.8 %
1 unchanged sentence
The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes.
−Removed: The increase in the effective income tax rate was primarily due to the Verizon Business Group goodwill impairment charge of $5.8 billion that substantially decreased income before income taxes and is not deductible.
−Removed: The decrease in the provision for income taxes was primarily due to the decrease in income before income taxes in the current period.
+Added: The decrease in the effective income tax rate was primarily due to the Verizon Business Group goodwill impairment charge of $5.8 billion in 2023 that substantially decreased income before income taxes and was not deductible.
+Added: The increase in the provision for income taxes was primarily due to the increase in 2024 in income before income taxes.
A reconciliation of the statutory federal income tax rate to the effective income tax rate for each period is included in Note 12 to the consolidated financial statements.
4 unchanged sentences
equity in earnings and losses of unconsolidated businesses and other income and expense, net, as well as the effect of certain special items.
−Removed: We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance.
+Added: We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends.
We believe that Consolidated Adjusted EBITDA is widely used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes, and depreciation and amortization policies.
15 unchanged sentences
$ (995) $ 313
−Removed: Equity in (earnings) losses of unconsolidated businesses 53 (44)
+Added: Equity in losses of unconsolidated businesses
Severance charges
+Added: Asset and business rationalization
+Added: Legacy legal matter
Verizon Business Group goodwill impairment — 5,841
−Removed: Asset rationalization 480 —
Legal settlement — 100
3 unchanged sentences
(1) Includes Amortization of acquisition-related intangible assets, which were $817 million and $865 million during the years ended December 31, 2024 and 2023, respectively.
−Removed: The result for the year ended December 31, 2023 also includes a portion of the Non-strategic business shutdown.
+Added: The results for the year ended December 31, 2023 also include a portion of the charges associated with the Non-strategic business shutdown.
See "Special Items" for additional information.
−Removed: (2) Includes Pension and benefits remeasurement charges of $992 million during the year ended December 31, 2023 and credits of $1.7 billion during the year ended December 31, 2022.
−Removed: See "Special Items" and "Other Income (Expense), Net" for additional information.
−Removed: (3) Includes Early debt redemption costs, which were $1.2 billion during the year ended December 31, 2022.
−Removed: See "Special Items" and "Other Income (Expense), Net" for additional information.
−Removed: The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during 2023 compared to 2022 were primarily a result of the factors described above in connection with operating revenues and operating expenses.
+Added: (2) Includes Pension and benefits mark-to-market credits of $532 million during the year ended December 31, 2024 and charges of $992 million during the year ended December 31, 2023.
+Added: See "Special Items" for additional information.
+Added: The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during 2024 compared to 2023 were primarily a result of the factors described above in connection with consolidated operating revenues and consolidated operating expenses.
Segment Results of Operations
21 unchanged sentences
Total broadband connections are calculated by adding total broadband connections, net additions in the period to prior period total broadband connections.
+Added: FWA broadband connections are the total number of postpaid and prepaid connections to the internet through our 5G or 4G LTE wireless networks as of the end of the period.
+Added: FWA broadband connections are calculated by adding FWA broadband connections, net additions in the period to prior period FWA broadband connections.
+Added: Wireline broadband connections are the total number of connections to the internet using DSL and Fios internet services as of the end of the period.
+Added: Wireline broadband connections are calculated by adding wireline broadband connections, net additions in the period to prior period wireline broadband connections.
Wireless retail connections, net addition s are the total number of additional retail customer device postpaid and prepaid connections, less the number of device disconnects in the period.
8 unchanged sentences
Total broadband connections, net additions in each period presented are calculated by subtracting the total broadband disconnects, net of certain adjustments, from the total broadband new connections in the period.
+Added: FWA broadband connections, net additions are the total number of additional FWA broadband connections, less the number of FWA broadband disconnects in the period.
+Added: FWA broadband connections, net additions in each period presented are calculated by subtracting the FWA broadband disconnects, net of certain adjustments, from the FWA broadband new connections in the period.
+Added: Wireline broadband connections, net additions are the total number of additional wireline broadband connections, less the number of wireline broadband disconnects in the period.
+Added: Wireline broadband connections, net additions in each period presented are calculated by subtracting the wireline broadband disconnects, net of certain adjustments, from the wireline broadband new connections in the period.
Wireless churn is the rate at which service to retail, retail postpaid, or retail postpaid phone connections is terminated on average in the period.
24 unchanged sentences
(dollars in millions, except ARPA)
−Removed: Increase/(Decrease)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Increase/(Decrease)
$ 76,880 $ 74,874 $ 2,006 2.7 %
2 unchanged sentences
Total Operating Revenues $ 102,904 $ 101,626 $ 1,278 1.3
+Added: Revenue Statistics:
+Added: Wireless service revenue
+Added: $ 65,374 $ 63,358 $ 2,016 3.2
+Added: $ 11,647 $ 11,614 $ 33 0.3
Connections (‘000):
4 unchanged sentences
Fios video 2,684 2,951 (267) (9.0)
+Added: FWA broadband
+Added: 2,714 1,866 848 45.4
+Added: Wireline broadband
+Added: 7,300 7,190 110 1.5
Total broadband 10,014 9,056 958 10.6
Net Additions in Period (‘000):
−Removed: Wireless retail postpaid 2,044 965 1,079 nm
−Removed: Wireless retail prepaid (1,151) (445) (706) nm
+Added: Wireless retail postpaid 1,345 2,044 (699) (34.2)
+Added: Wireless retail prepaid (975) (1,151) 176 15.3
Total wireless retail 370 893 (523) (58.6)
−Removed: Wireless retail postpaid phones (132) (655) 523 79.8
+Added: Wireless retail postpaid phones 341 (132) 473 nm
+Added: FWA broadband
+Added: 846 989 (143) (14.5)
+Added: Wireline broadband
+Added: 110 174 (64) (36.8)
Total broadband 956 1,163 (207) (17.8)
8 unchanged sentences
2.90 2.84 0.06 2.1
−Removed: (1) Wireless service revenues included in our Consumer segment were approximately $63.4 billion and $61.5 billion for the years ended December 31, 2023 and 2022, respectively.
(1) As of end of period
1 unchanged sentence
nm - not meaningful
−Removed: Consumer's total operating revenues decreased during 2023 compared to 2022 as a result of decreases in Wireless equipment revenue and Other revenue, partially offset by an increase in Service revenue.
+Added: Consumer's total operating revenues increased during 2024 compared to 2023 as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue.
Service Revenue
Service revenue increased during 2024 compared to 2023 primarily driven by an increase in Wireless service revenue.
−Removed: Wireless service revenue increased $1.8 billion during 2023 compared to 2022 primarily as a result of:
−Removed: • an increase of $1.7 billion in access revenues related to our postpaid plans primarily driven by pricing actions implemented in recent periods;
−Removed: a larger allocation of administrative and telco recovery charges, which partly recover network operating costs, to Wireless service revenue from Other revenue;
−Removed: an increase in our FWA subscriber base;
−Removed: and an increase in device protection revenue primarily due to an increase in the price of the bundled offering.
+Added: Wireless service revenue increased during 2024 compared to 2023 primarily as a result of:
+Added: • an increase of $1.5 billion in access revenues related to our postpaid plans primarily due to pricing actions, an increase in subscriptions through MyPlan offerings and a 45% increase in our FWA subscriber base.
These increases were partially offset by the amortization of wireless equipment sales promotions;
• an increase of $638 million related to growth in non-retail service revenue;
−Removed: • an increase of $287 million in TravelPass revenue related to increased customer international travel;
−Removed: • a decrease of $500 million in prepaid revenue primarily due to a decrease in the prepaid subscriber base.
−Removed: For the year ended December 31, 2023, Fios service revenue totaled $10.9 billion and remained relatively flat compared to the similar period in 2022.
+Added: • an increase of $318 million in TravelPass revenue due to increased customer international travel;
+Added: • a decrease of $625 million in prepaid revenue primarily due to a decrease in the prepaid subscriber base partially driven by the termination of the Affordable Connectivity Program in the second quarter of 2024.
Wireless Equipment Revenue
1 unchanged sentence
• a decrease of $1.5 billion driven by a lower volume of wireless devices sold primarily related to a decrease of 10% in upgrades;
−Removed: • an increase of $1.4 billion related to a shift to higher priced equipment in the mix of wireless devices sold.
+Added: • an increase of $474 million due to a shift to higher priced equipment in the mix of wireless devices sold, partially offset by the impact of related promotions.
Other Revenue
Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, revenues associated with certain products included in our device protection offerings, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
−Removed: Other revenue decreased during 2023 compared to 2022 primarily as a result of:
−Removed: • a decrease of $1.2 billion in revenue primarily related to a larger allocation of administrative and telco recovery charges, which partly recover network operating costs, to Wireless service revenue from Other revenue;
−Removed: • an increase of $109 million in revenue from regulatory surcharges, primarily related to FUSF surcharges driven by a higher net rate, partially offset by a decrease related to other regulatory surcharges.
+Added: Other revenue increased during 2024 compared to 2023 primarily due to:
+Added: • an increase of $193 million driven by regulatory surcharges primarily related to a higher net Federal Universal Service Fund rate, along with an increase in other regulatory surcharges;
+Added: • an increase of $116 million related to device protection offerings primarily due to changes in the products offered and pricing actions.
Operating Expenses
(dollars in millions)
−Removed: Increase/(Decrease)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Increase/(Decrease)
Cost of services $ 18,072 $ 17,580 $ 492 2.8 %
4 unchanged sentences
Cost of Services
−Removed: Cost of services decreased during 2023 compared to 2022 primarily as a result of:
−Removed: • a decrease of $566 million in access costs primarily as a result of pricing changes, the shutdown of our competitors' 3G networks in 2022 and ongoing efforts to migrate off network prepaid subscribers to the Verizon network;
−Removed: • an increase of $177 million in personnel costs mainly driven by a decrease in capitalized labor in connection with the completion of our incremental C-Band capital spending program, and valuation assumption changes in connection with certain post-employment benefits;
−Removed: • an increase of $154 million in regulatory costs primarily related to a higher net FUSF rate;
−Removed: • an increase of $92 million in rent and lease expense primarily driven by new leases and lease modifications related to the deployment of the C-Band spectrum.
+Added: Cost of services increased during 2024 compared to 2023 primarily as a result of:
+Added: • an increase of $270 million in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum and Consumer's proportionate usage of shared leased assets;
+Added: • an increase of $195 million in personnel costs mainly driven by certain other post-employment benefit credits in 2023 that did not reoccur in 2024;
+Added: • an increase of $154 million in digital content costs primarily associated with an increase in subscriptions through MyPlan offerings, partially offset by a decrease in traditional linear content costs due to a decline in Fios video subscribers;
+Added: • a decrease of $169 million in access costs primarily as a result of decreases in prepaid subscribers, changes in usage and net circuit access prices.
Cost of Wireless Equipment
1 unchanged sentence
• a decrease of $1.7 billion driven by a lower volume of wireless devices sold primarily related to a decrease of 10% in upgrades;
−Removed: • an increase of $858 million related to a shift to higher priced equipment in the mix of wireless devices sold.
+Added: • an increase of $1.2 billion due to a shift to higher priced equipment in the mix of wireless devices sold.
Selling, General and Administrative Expense
Selling, general and administrative expense increased during 2024 compared to 2023 primarily due to:
−Removed: • an increase of $458 million in the provision for credit losses resulting from additional bad debt reserves as collections return to pre-pandemic levels, coupled with an increase in wireless retail postpaid gross additions;
−Removed: • an increase of $352 million in advertising costs driven by costs associated with the myPlan launch in the second quarter of 2023 and the scaling of our Total by Verizon prepaid brand;
−Removed: • an increase of $237 million in personnel costs mainly driven by an increase in commission expense due to the amortization of deferred contract costs, along with an increase in costs associated with third-party contracted resources.
+Added: • an increase of $176 million in the provision for credit losses resulting from an increase in postpaid phone gross additions and additional bad debt reserves;
+Added: • an increase of $105 million in advertising costs related to Value Brand marketing campaigns in 2024 compared to 2023.
Depreciation and Amortization Expense
2 unchanged sentences
(dollars in millions)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Increase
Segment Operating Income $ 29,484 $ 29,011 $ 473 1.6 %
5 unchanged sentences
Verizon Business Group
−Removed: Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products.
−Removed: We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S.
+Added: Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and advanced communication services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products.
+Added: We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S.
and a subset of these products and services to customers around the world.
3 unchanged sentences
(dollars in millions)
−Removed: Increase/(Decrease)
−Removed: Years Ended December 31, 2023 2022 2021 2023 vs.
−Removed: 2022 2022 vs.
+Added: Years Ended December 31, 2024 2023 Increase/(Decrease)
Enterprise and Public Sector $ 14,218 $ 15,076 $ (858) (5.7) %
3 unchanged sentences
$ 29,531 $ 30,122 $ (591) (2.0)
+Added: Revenue Statistics:
+Added: Wireless service revenue
+Added: $ 13,753 $ 13,372 $ 381 2.8
+Added: $ 1,252 $ 1,235 $ 17 1.4
Connections (‘000):
2 unchanged sentences
Fios video 54 61 (7) (11.5)
+Added: FWA broadband
+Added: 1,854 1,201 653 54.4
+Added: Wireline broadband
+Added: 459 460 (1) (0.2)
Total broadband 2,313 1,661 652 39.3
2 unchanged sentences
Wireless retail postpaid phones 546 562 (16) (2.8)
−Removed: Total broadband 539 386 81 153 39.6 305 nm
+Added: FWA broadband
+Added: 622 547 75 13.7
+Added: Wireline broadband
+Added: (1) (8) 7 87.5
+Added: Total broadband 621 539 82 15.2
Wireless retail postpaid 1.47 % 1.48 %
Wireless retail postpaid phones 1.11 % 1.13 %
−Removed: (1) Service and other revenues included in our Business segment were approximately $26.4 billion, $27.0 billion and $27.7 billion for the years ended December 31, 2023, 2022 and 2021, respectively.
−Removed: Wireless equipment revenues included in our Business segment were approximately $3.7 billion, $4.0 billion and $3.4 billion for the years ended December 31, 2023, 2022 and 2021, respectively.
−Removed: (2) Wireless service revenues of our Business segment, which are included in Service and other revenues in our consolidated statements of income, were approximately $13.4 billion, $12.8 billion and $12.4 billion for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: (1) Service and other revenues included in our Business segment were approximately $25.9 billion and $26.4 billion for the years ended December 31, 2024 and 2023, respectively.
+Added: Wireless equipment revenues included in our Business segment were approximately $3.6 billion and $3.7 billion for the years ended December 31, 2024 and 2023, respectively.
(2) As of end of period
Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
−Removed: nm - not meaningful
−Removed: Business's total operating revenues decreased during 2023 compared to 2022 as a result of decreases in revenue from each of the three Business customer groups.
−Removed: Business's total operating revenues increased during 2022 compared to 2021 as a result of an increase in Business Markets and Other revenue, partially offset by decreases in Enterprise and Public Sector and Wholesale revenues.
+Added: Business's total operating revenues decreased during 2024 compared to 2023 as a result of decreases in Enterprise and Public Sector and Wholesale revenues, partially offset by an increase in Business Markets and Other revenue.
Enterprise and Public Sector
−Removed: Enterprise and Public Sector offers wireless products and services as well as wireline connectivity and managed solutions to our large business and government customers.
+Added: Enterprise and Public Sector offers wireless products and services as well as wireline connectivity such as broadband and managed services to our large business and public sector customers.
Large businesses are identified based on their size and volume of business with Verizon.
−Removed: Public sector offers these services with features and pricing designed to address the needs of U.S.
+Added: Public sector customers include U.S.
federal, state and local governments and educational institutions.
−Removed: Enterprise and Public Sector revenues decreased during 2023 compared to 2022 primarily due to:
−Removed: • a decrease of $530 million in wireline networking revenue and traditional data and voice communication services along with related professional services, driven by secular pressures in the marketplace;
−Removed: • a decrease of $98 million in Wireless equipment revenue driven by a lower volume of devices sold primarily related to fewer phone activations , partially offset by a shift to higher priced equipment in the mix of devices sold.
−Removed: Enterprise and Public Sector revenues decreased during 2022 compared to 2021 primarily as a result of:
−Removed: • a decrease of $763 million in wireline networking revenue and traditional data and voice communication services along with related professional services, driven by secular pressures in the marketplace;
−Removed: • a decrease of $181 million due to lower FUSF volume and rate along with resulting surcharges;
−Removed: • an increase of $152 million in Wireless equipment revenue driven by a shift to higher priced equipment in the mix of devices sold and a higher volume of devices sold, partially offset by the impact of related promotions;
−Removed: • an increase of $84 million in Wireless service revenue primarily driven by an increase in wireless retail postpaid connections as well as the economic adjustment charge that took effect late in the second quarter of 2022;
−Removed: • an increase of $37 million in customer premise equipment primarily due to higher volumes.
+Added: Our offerings to this customer group include plans with features and pricing designed to address their specific needs.
+Added: Enterprise and Public Sector revenues decreased during 2024 compared to 2023 primarily due to a decrease of $702 million in wireline revenue primarily driven by declines in networking, traditional data and voice communication services along with related professional services.
+Added: These declines were due to secular market pressure and technology shifts, coupled with lower customer premise equipment sales volumes.
Business Markets and Other
−Removed: Business Markets and Other offers wireless services and equipment, conferencing services, tailored voice and networking products, Fios services, advanced voice solutions and security services to businesses that ordinarily do not meet the requirements to be categorized as Enterprise and Public Sector, as described above.
+Added: Business Markets and Other offers wireless services (including FWA broadband), wireless equipment, advanced communication services, tailored voice and networking products, Fios services, advanced voice solutions and security services to businesses
+Added: that ordinarily do not meet the requirements to be categorized as Enterprise and Public Sector, as described above.
Business Markets and Other also includes solutions that support mobile resource management.
−Removed: Business Markets and Other revenue decreased during 2023 compared to 2022 primarily as a result of:
−Removed: • a decrease of $267 million in Wireless equipment revenue primarily driven by a lower volume of devices sold primarily related to fewer phone upgrades ;
−Removed: • a decrease of $155 million in Other revenue primarily related to a larger allocation of administrative and telco recovery charges, which partly recover network operating costs, to Wireless service revenue from Other revenue;
−Removed: • a decrease of $77 million related to a decrease in wireline voice and DSL service connections;
−Removed: • an increase of $496 million in Wireless service revenue primarily driven by the economic adjustment charge that took effect late in the second quarter of 2022;
−Removed: an increase in our wireless retail postpaid connections, including our FWA subscriber base;
−Removed: and a larger allocation of administrative and telco recovery charges, which partly recover network operating costs, to Wireless service revenue from Other revenue.
Business Markets and Other revenue increased during 2024 compared to 2023 primarily as a result of:
−Removed: • an increase of $507 million in Wireless equipment revenue driven by a higher volume of devices sold and a shift to higher priced equipment in the mix of devices sold, partially offset by an increase in promotions;
−Removed: • an increase of $395 million in Wireless service revenue primarily driven by an increase in our wireless retail postpaid connections as well as the economic adjustment charge that took effect late in the second quarter of 2022;
−Removed: • a decrease of $72 million related to a decrease in wireline voice and DSL service connections.
−Removed: For the years ended December 31, 2023, 2022 and 2021, Fios revenues totaled $923 million, $927 million and $905 million, respectively.
+Added: • an increase of $486 million in Wireless service revenue primarily due to pricing actions and an increase in our FWA subscriber base;
+Added: • a decrease of $89 million in connection with the shutdown of our BlueJeans business offering in 2023 and a decline in traditional voice communication revenues.
Wholesale offers wireline communications services including data, voice, local dial tone and broadband services primarily to local, long distance, and wireless carriers that use our facilities to provide services to their customers.
−Removed: Wholesale revenues decreased during 2023 compared to 2022 primarily due to a decrease of $276 million related to declines in traditional voice communication and network connectivity as a result of technology substitution, certain fiber transactions completed in 2022 that did not reoccur, as well as a decrease in core data.
−Removed: Wholesale revenues decreased during 2022 compared to 2021 primarily due to a decrease of $113 million related to declines in traditional voice communication and network connectivity as a result of technology substitution and rationalization of international traffic, as well as a decrease in core data.
+Added: Wholesale revenues decreased during 2024 compared to 2023 primarily due to a decrease of $117 million related to declines in traditional voice communication and network connectivity as a result of technology substitution, as well as a decrease in core data.
Operating Expenses
(dollars in millions)
−Removed: Increase/(Decrease)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Increase/(Decrease)
Cost of services $ 9,742 $ 10,180 $ (438) (4.3) %
5 unchanged sentences
Cost of services decreased during 2024 compared to 2023 primarily due to:
−Removed: • a decrease of $142 million in direct costs primarily related to certain professional services that did not reoccur in 2023;
−Removed: • a decrease of $114 million in personnel costs related to the impact of workforce changes;
−Removed: • a decrease of $95 million in access costs related to changes in usage and circuit access prices.
+Added: • a decrease of $99 million in rent and lease expense primarily driven by a change in Business's proportionate usage of shared leased assets;
+Added: • a decrease of $87 million in access costs primarily related to changes in usage and net circuit access prices;
+Added: • a decrease of $82 million in customer premise equipment costs due to lower volumes sold;
+Added: • a decrease of $63 million in personnel costs related to the impact of workforce changes, partially offset by certain other post-employment benefit credits in 2023 that did not reoccur in 2024.
Cost of Wireless Equipment
Cost of wireless equipment decreased during 2024 compared to 2023 primarily as a result of:
−Removed: • a decrease of $577 million driven by a lower volume of wireless devices sold primarily related to a decrease of 11% in upgrades ;
−Removed: • an increase of $174 million related to a shift to higher priced equipment in the mix of wireless devices sold.
+Added: • a decrease of $385 million driven by a lower volume of wireless devices sold;
+Added: • an increase of $267 million due to a shift to higher priced equipment in the mix of wireless devices sold.
Selling, General and Administrative Expense
−Removed: Selling, general and administrative expense increased during 2023 compared to 2022 primarily due to an increase of $148 million in the provision for credit losses resulting from additional bad debt reserves as collections return to pre-pandemic levels, coupled with an increase in wireless retail postpaid gross additions.
+Added: Selling, general and administrative expense increased during 2024 compared to 2023 primarily as a result of:
+Added: • an increase of $221 million in personnel costs primarily related to an increase in costs associated with the transition to third-party contracted resources along with the impacts of a prior year compensation plan assumption change that did not reoccur;
+Added: • a decrease of $63 million in the provision for credit losses resulting from a reduction in bad debt reserves.
Depreciation and Amortization Expense
−Removed: Depreciation and amortization expense increased during 2023 compared to 2022 driven by the change in the mix of total Verizon depreciable and amortizable assets and Business's usage of those assets.
+Added: Depreciation and amortization expense decreased during 2024 compared to 2023 driven by the change in the mix of total Verizon depreciable and amortizable assets and Business's usage of those assets.
Segment Operating Income and EBITDA
(dollars in millions)
−Removed: Increase/(Decrease)
−Removed: Years Ended December 31, 2023 2022 2023 vs.
+Added: Years Ended December 31, 2024 2023 Decrease
Segment Operating Income $ 2,058 $ 2,066 $ (8) (0.4) %
13 unchanged sentences
Other (income) expense, net (532) 992
−Removed: Verizon Business Group goodwill impairment
−Removed: Verizon Business Group goodwill impairment
−Removed: Asset rationalization
+Added: Asset and business rationalization
Cost of services 189 22
Selling, general and administrative expense 185 458
+Added: Legacy legal matter
+Added: Selling, general and administrative expense 106 —
+Added: Verizon Business Group goodwill impairment
+Added: Verizon Business Group goodwill impairment
Legal settlement
7 unchanged sentences
Selling, general and administrative expense — 113
−Removed: Early debt redemption costs
−Removed: Other (income) expense, net — 1,241
Total $ 2,498 $ 9,166
10 unchanged sentences
Severance, Pension and Benefits Charges (Credits)
+Added: During 2024, we recorded pre-tax severance charges of $1.7 billion, related to separations under our voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives.
+Added: The severance charges were recorded in Selling, general and administrative expense in our consolidated statement of income.
+Added: During 2024, in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur, we recorded a net pre-tax pension and benefits credit of $532 million in our pension and postretirement benefit plans.
+Added: The net gain was recorded in Other income (expense), net in our consolidated statement of income and was primarily driven by:
+Added: • a credit of $1.3 billion ($635 million for pension plans and $656 million for postretirement benefit plans) due to an increase in our discount rate assumption used to determine the current year liabilities of our plans from a weighted-average of 5.0% for both our pension and post retirement plans at December 31, 2023 to a weighted-average of 5.8% for our pension plans and 5.6% for our postretirement benefit plans at December 31, 2024;
+Added: • a charge of $711 million due to the difference between our estimated and actual return on assets;
+Added: • a net charge of $48 million primarily due to other actuarial assumption adjustments.
+Added: During 2023, we recorded net pre-tax severance charges of $533 million, primarily related to involuntary separations under our existing plans, in Selling, general and administrative expense in our consolidated statement of income.
During 2023, in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur, we recorded net pre-tax pension and benefits charges of $992 million in our pension and postretirement benefit plans.
3 unchanged sentences
• a net credit of $45 million primarily due to other actuarial assumption adjustments, which includes the difference between our estimated and our actual return on plan assets.
−Removed: During 2023, we also recorded net pre-tax severance charges of $533 million, primarily related to involuntary separations under our existing plans, in Selling, general and administrative expense in our consolidated statement of income.
−Removed: During 2022, in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur, we recorded net pre-tax pension and benefits credits of $1.7 billion in our pension and postretirement benefit plans.
−Removed: The credits were recorded in Other income (expense), net in our consolidated statement of income and were primarily driven by:
−Removed: • a credit of $7.0 billion ($4.1 billion for pension plans and $2.9 billion for postretirement benefit plans) due to an increase in our discount rate assumption used to determine the current year liabilities of our plans from a weighted-average of 2.9% at December 31, 2021 to a weighted-average of 5.2% at December 31, 2022;
−Removed: • a charge of $5.5 billion due to the difference between our estimated and actual return on assets;
−Removed: • a credit of $206 million due to other actuarial assumption adjustments.
−Removed: During 2022, we also recorded net pre-tax severance charges of $304 million, related to involuntary separations under our existing plans, in Selling, general and administrative expense in our consolidated statement of income.
Due to the presentation of the other components of net periodic benefit cost, we recognize a portion of the pension and benefits charges (credits) in Other income (expense), net in our consolidated statements of income.
See Note 11 to the consolidated financial statements for additional information related to severance, pension and benefits charges (credits).
−Removed: Verizon Business Group Goodwill Impairment
−Removed: During 2023, we recorded a pre-tax charge of $5.8 billion as a result of the annual goodwill impairment test performed in the fourth quarter.
−Removed: See "Critical Accounting Estimates" for additional information.
−Removed: Asset Rationalization
+Added: Asset and Business Rationalization
+Added: During 2024, we recorded a pre-tax asset and business rationalization charge of $374 million predominately related to the decision to cease use of certain real estate assets and exit non-strategic portions of certain businesses as part of our continued transformation initiatives.
During 2023, we recorded pre-tax asset rationalization charges of $480 million.
1 unchanged sentence
Asset rationalization charges of $325 million recorded during the fourth quarter of 2023 primarily related to Business network assets that we made a decision to cease use of as part of our continued transformation initiatives.
+Added: Legacy Legal Matter
+Added: During 2024, we recorded a pre-tax charge of $106 million associated with a litigation matter related to a legacy contract for the production of telephone directories in Costa Rica by a subsidiary of the Company.
+Added: Verizon Business Group Goodwill Impairment
+Added: During 2023, we recorded a pre-tax charge of $5.8 billion as a result of the annual goodwill impairment test performed in the fourth quarter.
+Added: See "Critical Accounting Estimates" for additional information.
Legal Settlement
4 unchanged sentences
During 2023, we recorded pre-tax charges of $179 million related to the shutdown of our BlueJeans business offering.
−Removed: Early Debt Redemption Costs
−Removed: During 2022, we recorded pre-tax early debt redemption costs of $1.2 billion primarily in connection with tender offers.
−Removed: See Note 7 to the consolidated financial statements for additional information related to our early debt redemptions.
Operating Environment and Trends
−Removed: The telecommunications industry is highly competitive.
−Removed: The rapid development of new technologies, services and products has eliminated many of the distinctions among wireless, cable, internet and traditional telephone services and brought new competitors to our markets.
−Removed: We expect competition to remain intense as traditional and non-traditional participants seek increased market share.
−Removed: We believe that our high-quality networks and customer base differentiate us from our competitors and give us the ability to plan and manage through changing economic and competitive conditions.
+Added: The telecommunications industry is highly competitive, and we expect competition to remain intense as traditional and non-traditional participants seek increased market share.
+Added: We believe that our high-quality networks and customer base in addition to our attractive offerings and value proposition differentiate us from our competitors and give us the ability to plan and manage through changing market conditions.
We remain focused on executing on the fundamentals of the business:
−Removed: enhancing our networks, maintaining a high-quality customer base, and delivering strong financial and operating results.
+Added: enhancing our networks, offering innovative services and products, growing and maintaining a high-quality customer base, and delivering strong financial and operating results.
We also continue to focus on cost efficiencies in order to have flexibility to adjust to changes in the competitive and economic environments and increase shareholder value.
1 unchanged sentence
We expect the wireless industry's customer growth rate to moderate over time in comparison to historical growth rates, furthering competition for customers.
−Removed: Future revenue growth in the industry is expected to be driven by expanding existing customer relationships, increasing the number of ways customers can connect with wireless networks and
−Removed: services and increasing the penetration of FWA and connected devices including wearables, tablets and IoT devices.
−Removed: Although certain use cases for 5G technologies and related ecosystems are in early development stages, we expect that this technology will provide a significant opportunity for growth in the coming years.
−Removed: We expect future service revenue growth opportunities to arise from increased access revenue as customer demand for mobile and FWA 5G connectivity continues to expand and customers shift to higher access plans, driven in part by access to our high quality network.
+Added: Future revenue growth in the industry is expected to be driven by expanding existing customer relationships, increasing the number of ways customers can connect with wireless networks and services and increasing the penetration of FWA and connected devices including wearables, tablets and IoT devices.
+Added: Although certain advanced use cases for 5G technologies and related ecosystems are in the early phases of adoption, we believe that they will provide an opportunity for growth in the coming years.
+Added: We expect future service revenue growth opportunities to arise from increased access revenue as customer demand for mobile and FWA 5G connectivity continues to expand and customers shift to higher access plans.
Additionally, we expect service revenue to benefit from targeted pricing actions and increased connections per account.
−Removed: Future service revenue growth opportunities will be dependent on expanding the penetration of our services, increasing the number of ways that our customers can connect with our networks and services and the development of new ecosystems.
−Removed: With respect to wireless services and equipment, pricing plays an increasingly important role in the wireless competitive landscape.
−Removed: As the demand for wireless services continues to grow, wireless service providers are offering a range of service plans at competitive prices.
+Added: Future service revenue growth opportunities will be dependent on expanding the penetration of our services, increasing the number of ways that our customers can connect with our networks and services and the development of new 5G use cases and ecosystems.
+Added: Pricing plays an increasingly important role in the wireless competitive landscape.
+Added: As the demand for wireless services continues to grow, wireless service providers are offering a range of service plans and bundled services at competitive prices.
In addition, aggressive device promotions have become more common in recent years in an effort to encourage customers to switch carriers, as well as retain existing customers.
−Removed: We compete in this area by offering our customers services and devices that we believe provide significant value for the price.
+Added: We compete in this area by offering our customers services and devices, with a variety of content options and other perks, that we believe provide significant value for the price.
We and other wireless service providers, as well as equipment manufacturers, offer device payment options, which provide customers with the ability to pay for their device over a period of time, and some providers offer device leasing arrangements.
−Removed: For further details on competitive environment and trends, refer to "Business — Competition and Related Trends" in Part I, Item 1 and "Risk Factors — Economic and Strategic Risks — We face significant competition that may reduce our profits" in Part I, Item 1A of this Annual Report on Form 10-K.
+Added: For further details on competitive environment and trends, refer to "Business — Competition and Related Trends" in Part I, Item 1 and "Risk Factors — Economic and Strategic Risks — We face significant competition that may negatively affect our operating results" in Part I, Item 1A of this Annual Report on Form 10-K.
Connection Trends
−Removed: In our Consumer segment, we are focused on attracting new customers and maintaining our high-quality retail postpaid customer base by capitalizing on demand for reliable high-speed connectivity.
+Added: In our Consumer segment, we are focused on attracting new customers and maintaining our high-quality retail postpaid customer base by capitalizing on demand for reliable high-speed connectivity and customizable, personalized offerings and solutions.
We believe the combination of our wireless network quality and service and product offerings represents an attractive value proposition and provides a compelling customer experience, supporting increased penetration of data services.
−Removed: While our Consumer segment experienced diminished connection growth in recent years, we expect that future connection growth opportunities will be driven by the comparative value we provide to our customers, as well as our FWA broadband service.
−Removed: In our prepaid business, we expect to continue to operate in a highly competitive environment while making improvements to achieve long-term growth.
−Removed: We expect to continue to grow our Fios internet connections as we seek to increase our penetration rates within our Fios service areas, further supported by the demand for higher speed internet connections.
+Added: While our Consumer segment experienced diminished wireless connection growth in recent years, we expect that future connection growth opportunities will be driven by the comparative value we provide to our customers, as well as our FWA broadband service.
+Added: In our prepaid business, while we expect to continue to operate in a highly competitive environment, we are making improvements to achieve long-term growth.
+Added: We expect to continue to grow our Fios internet connections as we seek to expand availability of Fios, increase our penetration rates within our Fios service areas, and experience continued strong demand for higher speed internet connections.
+Added: Our pending acquisition of Frontier is expected to enhance our fiber broadband footprint and provide opportunities for future growth.
At the same time, we expect continued growth of FWA connections to complement strong Fios results as demand for broadband services continues to grow.
1 unchanged sentence
We have experienced continuing access line and DSL losses as customers have switched to alternative technologies such as wireless, VoIP, and cable for voice and data services, and we expect this trend to continue.
−Removed: In our Business segment, we offer wireless products and services to business and government customers across the U.S.
+Added: In our Business segment, we offer wireless products and services to business and public sector customers across the U.S.
We continue to grow our connections while operating in a highly competitive environment.
We expect that this connection growth, combined with our industry-leading network assets, will provide additional opportunities to sell solutions, such as those around security, private networking and other network connectivity services, advanced communications and professional services.
−Removed: In addition, in both our Consumer and our Business segments, we expect to support connection growth in part by adding capacity and further expanding our wireless coverage, and by continuing the build-out of our 5G network.
+Added: In addition, in both our Consumer and our Business segments, we expect to support connection growth in part by adding capacity and further expanding our wireless coverage, and by continuing the build-out and densification of our 5G network.
Service Revenue Trends
−Removed: In our Consumer segment, we expect continued growth in our wireless service revenue, driven by targeted pricing actions, migrations to higher priced plans, and increases in FWA connections.
−Removed: We expect Fios revenue to benefit in 2024 as growth in our broadband customer base and an increased demand for higher speed internet connections offset the impact of the shift from bundled wireline services to standalone internet service.
−Removed: In our Business segment, we expect wireless service revenue to expand, driven by growth from an increase in wireless volumes and FWA contributions.
+Added: In our Consumer segment, we expect continued growth in our wireless service revenue, driven by targeted pricing actions, migrations to higher priced plans, increased offering of perks, and increases in FWA connections and revenue, offset in part by higher promotion amortization impacts in 2025.
+Added: Our efforts to maintain and grow our customer base and make improvements to our prepaid business, if successful, are also expected to benefit our wireless service revenue.
+Added: We expect Fios revenue to benefit from growth in our Fios customer base and an ongoing demand for higher speed internet connections, which offsets the impact of the shift from bundled wireline services to standalone internet service.
+Added: In our Business segment, we expect wireless service revenue to expand, driven by growth from an increase in wireless volumes and strong FWA revenue.
We expect that Fios, through increased penetration, will also contribute to revenue growth and that legacy traditional wireline services will continue to face secular pressures.
−Removed: Cash Flow Trends
−Removed: We are focused on achieving profitable growth as we continue to deliver strong revenues and undertake initiatives to reduce our overall cost structure.
−Removed: We expect that our ability to generate cash flows will benefit from our expected service revenue growth and our anticipated reduction in capital expenditures.
+Added: We are focused on achieving profitable growth as we continue to deliver strong revenues and undertake initiatives to reduce costs and improve efficiencies, including through AI-driven technologies.
+Added: We expect that our ability to generate cash flows will benefit from our expected service revenue growth, despite the moderate expected increase in our 2025 capital program compared to 2024.
See "Liquidity and Capital Resources" for additional information on our capital program.
+Added: In the course of business, we make promotional equipment offers to attract and retain customers.
+Added: In 2024, the growth of our wireless service revenue was unfavorably impacted by the amortization of wireless equipment sales and promotions.
+Added: We expect these pressures to continue and increase in 2025.
+Added: In addition, in 2023 and 2024, we had fewer phone upgrades compared to prior years.
+Added: To the extent upgrade volumes increase in 2025, the expenses associated with those device sales are expected to contribute to higher costs.
Liquidity and Capital Resources
−Removed: We use the net cash generated from our operations to fund expansion and modernization of our networks, service and repay external financing, pay dividends, invest in new businesses and spectrum and, when appropriate, buy back shares of our outstanding common stock.
+Added: We use the net cash generated from our operations to invest in new businesses and spectrum, fund expansion and modernization of our networks, pay dividends, service and repay external financing and, when appropriate, buy back shares of our outstanding common stock.
Our sources of funds, primarily from operations and, to the extent necessary, from external financing arrangements, are sufficient to meet ongoing operating and investing requirements over the next 12 months and beyond.
1 unchanged sentence
Our cash and cash equivalents are held both domestically and internationally, and are invested to maintain principal and provide liquidity.
−Removed: See "Market Risk" for additional information regarding our foreign currency risk management strategies.
+Added: See "Quantitative and Qualitative Disclosures About Market Risk" for additional information regarding our foreign currency risk management strategies.
We expect that our capital spending requirements will continue to be financed primarily through internally generated funds.
−Removed: Debt or equity financing may be needed to fund additional investments or development activities, or to maintain an appropriate capital structure to ensure our financial flexibility.
+Added: Debt or equity financing may be needed to fund additional investments or development activities, including, for example, to complete our acquisition of Frontier, or to maintain an appropriate capital structure to ensure our financial flexibility.
Our external financing arrangements include credit facilities and other bank lines of credit, an active commercial paper program, vendor financing arrangements, issuances of registered debt or equity securities, U.S.
2 unchanged sentences
Capital Expenditures
−Removed: Our 2024 capital program includes capital to fund advanced networks and services, including expanding and adding capacity and density to our core networks, deploying C-Band spectrum, and advancing our network architecture.
+Added: Our 2025 capital program includes capital to fund advanced networks and services, including expanding and adding capacity and density to our core networks, the ongoing deployment of C-Band spectrum, and advancing our network architecture.
+Added: It will also support our broadband expansion plans including the launch of our fixed wireless access solution for multi-dwelling units.
We anticipate cash requirements for our 2025 capital program to be between $17.5 billion and $18.5 billion.
6 unchanged sentences
• Operating lease obligations of $29.1 billion and Finance lease obligations of $2.5 billion, of which $5.0 billion and $954 million, respectively, are expected to be due within the next twelve months.
−Removed: In addition, Verizon has an obligation of $378 million representing future minimum payments under the sublease arrangement for our cell towers, of which $302 million is expected to be due within the next twelve months.
+Added: In addition, Verizon has an obligation of $3.7 billion representing future minimum payments under the leaseback and sublease arrangements for our cell towers, of which $447 million is expected to be due within the next twelve months.
See Note 6 to the consolidated financial statements for additional information.
• Unconditional purchase obligations, with terms in excess of one year, amount to $16.7 billion, of which $6.2 billion is expected to be due within the next twelve months.
−Removed: Items included in unconditional purchase obligations are primarily commitments to purchase network equipment, software and services, content, marketing services and other items which will be used or sold in the ordinary course of business.
+Added: Items included in unconditional purchase obligations are primarily commitments to purchase content, network equipment, software and services, marketing services and other items which will be used or sold in the ordinary course of business.
These amounts do not represent our entire anticipated purchases in the future, but represent only those items that are the subject of contractual obligations.
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See Note 16 to the consolidated financial statements for additional information.
−Removed: • Estimated commitments for our allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with C-Band wireless spectrum acquired under Auction 107.
−Removed: The remaining commitment is estimated to be approximately $400 million, all of which is expected to be due within the next twelve months.
• Other long-term liabilities, including current maturities, of $3.9 billion, of which approximately $726 million is expected to be due within the next twelve months.
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• We are not able to make a reasonable estimate of when the unrecognized tax benefits balance of $2.6 billion and related interest and penalties will be settled with the respective taxing authorities until the related tax audits are further developed or resolved.
−Removed: See Note 12 to the consolidated financial statements for additional information.
Consolidated Financial Condition
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(17,100) (14,657)
−Removed: Decrease in cash, cash equivalents and restricted cash $ (614) $ (50)
+Added: Increase (decrease) in cash, cash equivalents and restricted cash $ 1,138 $ (614)
Cash Flows Provided By Operating Activities
Our primary source of funds continues to be cash generated from operations.
−Removed: Net cash provided by operating activities increased $334 million during 2023 compared to 2022 primarily due to an improvement in working capital.
−Removed: The improvement in working capital was primarily driven by changes in accounts payable as a result of timing, changes in inventory levels and fewer phone upgrades compared to the prior year.
−Removed: This increase in net cash provided by operating activities was partially offset by higher cash interest payments and a decrease in earnings.
−Removed: During 2023, we made a discretionary contribution of $200 million to one of our qualified pension plans.
−Removed: Additionally, we expect that there will be no required pension funding through the end of 2024, subject to changes in market conditions.
+Added: Net cash provided by operating activities decreased $563 million during 2024 compared to 2023 primarily due to changes in working capital, partially offset by an increase in earnings and an increase in Other, net cash flow from operating activities.
+Added: Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses
+Added: The change in working capital was primarily driven by higher cash income taxes paid in the current period as well as higher interest expense and severance payments primarily related to separations under our voluntary separation program.
+Added: Other, net cash flow from operating activities during 2024 includes $2.0 billion of proceeds related to the transaction with Vertical Bridge REIT, LLC (Vertical Bridge).
+Added: These proceeds were partially offset by discretionary contributions made in March 2024 in the aggregate amount of $365 million to our qualified pension plans.
+Added: We expect that there will be no required pension funding through the end of 2025, subject to changes in market conditions.
Cash Flows Used In Investing Activities
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Capital expenditures, including capitalized software, were $17.1 billion and $18.8 billion for 2024 and 2023, respectively.
−Removed: Capital expenditures decreased approximately $4.3 billion during 2023, compared to 2022, primarily due to the completion of our accelerated $10 billion C-Band deployment program in the first half of 2023.
−Removed: See "Global Network and Technology" for more details.
+Added: Capital expenditures decreased approximately $1.7 billion during 2024, compared to 2023, primarily due to the completion of our accelerated $10 billion C-Band deployment program in 2023.
Acquisitions of Wireless Licenses
−Removed: During 2023 and 2022, we made payments of $4.3 billion and $1.6 billion, respectively, for obligations related to clearing costs and accelerated clearing incentives associated with Auction 107 .
−Removed: During 2023 and 2022, we recorded capitalized interest related to wireless licenses of $1.4 billion and $1.7 billion, respectively.
−Removed: In March 2022, Verizon signed agreements with satellite operators in which operators agreed to clear C-Band spectrum in certain markets and frequencies ahead of the previously expected timeframe.
−Removed: During 2022, Verizon made payments of approximately $310 million associated with these agreements.
+Added: During 2024 and 2023, we made payments of $269 million and $4.3 billion, respectively, for obligations related to clearing costs and accelerated clearing incentives associated with Auction 107 .
+Added: During 2024 and 2023, we recorded capitalized interest related to wireless licenses of $616 million and $1.4 billion, respectively.
Collateral Receipts (Payments) Related to Derivative Contracts, Net
+Added: During 2024, we made collateral payments of $712 million related to derivative contracts, net of receipts.
During 2023, we received return of collateral posted of $880 million related to derivative contracts, net of payments.
−Removed: During 2022, we made collateral payments of $2.3 billion related to derivative contracts, net of receipts.
See Note 9 to the consolidated financial statements for additional information.
−Removed: Cash Received Related to Acquisitions of Businesses, Net
−Removed: On November 23, 2021 (the Acquisition Date), we completed the acquisition of TracFone Wireless, Inc.
−Removed: During 2022, Verizon received net cash proceeds of $248 million for the final settlement of working capital, which was included in our consideration as of the Acquisition Date.
−Removed: See Note 3 to the consolidated financial statements for additional information.
Cash Flows Used In Financing Activities
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During 2024 and 2023, net cash used in financing activities was $17.1 billion and $14.7 billion, respectively.
−Removed: During 2023, our net cash used in financing activities of $14.7 billion was primarily driven by $11.0 billion used for dividend payments, $10.6 billion used for repayments and repurchases of long-term borrowings (secured and unsecured) as well as finance lease obligations and $1.5 billion used for other financing activities.
−Removed: These cash flows used in financing activities were
−Removed: partially offset by $8.6 billion provided by proceeds from long-term borrowings, which included $6.6 billion of proceeds from our asset-backed debt transactions.
+Added: During 2024, our net cash used in financing activities of $17.1 billion was primarily driven by $20.3 billion used for repayments and repurchases of long-term borrowings (secured and unsecured) as well as finance lease obligations, $11.2 billion used for dividend payments, and $1.1 billion used for other financing activities.
+Added: These cash flows used in financing activities were partially offset by $15.6 billion provided by proceeds from long-term borrowings, which included $12.4 billion of proceeds from our asset-backed debt transactions.
Proceeds from and Repayments and Repurchases of Long-Term Borrowings
−Removed: At December 31, 2023, our total debt increased to $150.7 billion compared to $150.6 billion at December 31, 2022.
+Added: At December 31, 2024, our total debt decreased to $144.0 billion compared to $150.7 billion at December 31, 2023.
Our effective interest rate was 5.1% and 4.9% during the years ended December 31, 2024 and 2023, respectively.
We have entered into interest rate swaps to achieve a targeted mix of fixed and variable rate debt, managing our exposure to changes in interest rates.
−Removed: See also "Market Risk" and Note 7 to the consolidated financial statements for additional information.
+Added: See "Quantitative and Qualitative Disclosures About Market Risk" and Note 7 to the consolidated financial statements for additional information.
At December 31, 2024, approximately $30.5 billion, or 20.6%, of the aggregate principal amount of our total debt portfolio consisted of foreign denominated debt, primarily Euro and British Pound Sterling.
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dollars and mitigate the impact of foreign currency transaction gains or losses.
−Removed: See "Market Risk" for additional information.
+Added: See "Quantitative and Qualitative Disclosures About Market Risk" for additional information.
Verizon may acquire debt securities issued by Verizon and its affiliates through open market purchases, redemptions, privately negotiated transactions, tender offers, exchange offers, or otherwise, upon such terms and at such prices as Verizon may from time to time determine, for cash or other consideration.
−Removed: Other, net financing activities during 2023 includes $302 million in payments made under the sublease arrangement for our cell towers, $257 million in payments for TracFone contingent consideration and $252 million in payments related to vendor financing arrangements.
−Removed: See Note 3 to the consolidated financial statements for additional information on the TracFone contingent considerations.
+Added: Other, net cash flow from financing activities during 2024 includes $830 million in proceeds related to financing obligations for the cell towers transaction with Vertical Bridge.
+Added: These proceeds were partially offset by $431 million in payments related to vendor financing arrangements, $425 million in equity distribution payments made for controlled entities, $313 million in payments made under the sublease arrangement for our cell towers, $280 million in cash consideration payments to acquire additional interest in certain controlled entities and $243 million in payments for settlement of cross currency swaps.
+Added: See Note 6 to the consolidated financial statements for additional information on the Vertical Bridge transaction.
+Added: See Note 14 to the consolidated financial statements for additional information on noncontrolling interests.
The Board of Directors of the Company assesses the level of our dividend payments on a periodic basis taking into account such factors as long-term growth opportunities, internal cash requirements and the expectations of our shareholders.
During the third quarter of 2024, our Board of Directors increased our quarterly dividend payment by 1.9% to $0.6775 from $0.6650 per share in the preceding quarter.
−Removed: This is the seventeenth consecutive year that Company’s Board of Directors has approved a quarterly dividend increase.
+Added: This is the eighteenth consecutive year that Company’s Board of Directors has approved a quarterly dividend increase.
As in prior periods, dividend payments were a significant use of capital resources.
During 2024, we paid $11.2 billion in dividends.
−Removed: During 2022, our net cash used in financing activities of $8.5 billion was primarily driven by $13.6 billion used for repayments, redemptions and repurchases of long-term borrowings (secured and unsecured) as well as finance lease obligations, $10.8 billion used for dividend payments and $2.1 billion used for other financing activities.
−Removed: These cash flows used in financing activities were partially offset by $17.8 billion provided by proceeds from long-term borrowings, which included $10.7 billion of proceeds from our asset-backed debt transactions.
−Removed: Proceeds from and Repayments, Redemptions, and Repurchases of Long-Term Borrowings
+Added: During 2023, our net cash used in financing activities of $14.7 billion was primarily driven by $11.0 billion used for dividend payments, $10.6 billion used for repayments and repurchases of long-term borrowings (secured and unsecured) as well as finance lease obligations and $1.5 billion used for other financing activities.
+Added: These cash flows used in financing activities were
+Added: partially offset by $8.6 billion provided by proceeds from long-term borrowings, which included $6.6 billion of proceeds from our asset-backed debt transactions.
+Added: Proceeds from and Repayments and Repurchases of Long-Term Borrowings
At December 31, 2023, our total debt was $150.7 billion.
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We have entered into interest rate swaps to achieve a targeted mix of fixed and variable rate debt, managing our exposure to changes in interest rates.
−Removed: See "Market Risk" and Note 7 to the consolidated financial statements for additional information.
+Added: See "Quantitative and Qualitative Disclosures About Market Risk" and Note 7 to the consolidated financial statements for additional information.
At December 31, 2023, approximately $33.7 billion, or 21.7%, of the aggregate principal amount of our total debt portfolio consisted of foreign denominated debt, primarily Euro and British Pound Sterling.
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dollars and mitigate the impact of foreign currency transaction gains or losses.
−Removed: See "Market Risk" for additional information.
−Removed: Other, net financing activities during 2022 includes the cash consideration payments to acquire additional interests in certain controlled wireless partnerships and early debt redemption costs.
−Removed: See Note 15 to the consolidated financial statements for additional information on the early debt redemption costs.
+Added: See "Quantitative and Qualitative Disclosures About Market Risk" for additional information.
+Added: Other, net cash flow from financing activities during 2023 includes $302 million in payments made under the sublease arrangement for our cell towers, $257 million in payments for contingent consideration related to the acquisition of TracFone Wireless, Inc.
+Added: (TracFone) and $252 million in payments related to vendor financing arrangements.
+Added: See Note 3 to the consolidated financial statements for additional information on the TracFone contingent considerations.
During the third quarter of 2023, our Board of Directors increased our quarterly dividend payment by 1.9% to $0.6650 per share.
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Asset-Backed Debt
−Removed: As of December 31, 2023, the carrying value of our asset-backed debt was $22.2 billion.
−Removed: Our asset-backed debt includes Asset-Backed Notes (ABS Notes) issued to third-party investors (Investors) and loans (ABS Financing Facilities) received from banks and their conduit facilities (collectively, the Banks).
−Removed: 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.
−Removed: Under the terms of our asset-backed debt, Cellco Partnership (Cellco), a wholly-owned subsidiary of the Company, and certain other Company affiliates (collectively, the Originators) transfer device payment plan agreement receivables and certain other receivables (collectively referred to as certain receivables) or a participation interest in certain other receivables to one of the ABS Entities, which in turn transfers such receivables and participation interest to another ABS Entity that issues the debt.
−Removed: Verizon entities retain the equity interests and residual interests, as applicable, 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.
−Removed: Our asset-backed debt is secured by the transferred receivables and participation interest, and future collections on such receivables and underlying receivables related to such participation interest.
−Removed: These receivables and participation interest 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 certain receivables and participation interest, 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.
−Removed: 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.
−Removed: Under a parent support agreement, the Company has agreed to guarantee certain of the payment obligations of Cellco and the Originators to the ABS Entities.
Cash collections on the receivables and on the underlying receivables related to the participation interest collateralizing our asset-backed debt securities are required at certain specified times to be placed into segregated accounts.
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The revolving credit facility provides for the issuance of letters of credit.
−Removed: As of December 31, 2023, there have been no drawings against the $9.5 billion revolving credit facility since its inception.
−Removed: (2) During 2023 and 2022, we drew down $1.0 billion and $3.0 billion, respectively, from these facilities.
+Added: As of December 31, 2024, there have been no drawings against the revolving credit facility since its inception.
+Added: (2) During 2024, there were no drawings from these facilities.
+Added: During 2023, we drew down $1.0 billion from these facilities.
Borrowings under certain of these facilities are amortized semi-annually in equal installments up to the applicable maturity dates.
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Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.
+Added: In March 2024, we amended our $9.5 billion revolving credit facility to increase the capacity to $12.0 billion and extended its maturity to 2028.
Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareholder plans.
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The program will terminate when the aggregate number of shares purchased reaches 100 million, or a new share repurchase plan superseding the current plan is authorized, whichever is sooner.
−Removed: The program permits Verizon to
−Removed: repurchase shares over time, with the amount and timing of repurchases depending on market conditions and corporate needs.
+Added: The program permits Verizon to repurchase shares over time, with the amount and timing of repurchases depending on market conditions and corporate needs.
There were no repurchases of common stock during 2024 and 2023 under our authorized share buyback program.
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Change In Cash, Cash Equivalents and Restricted Cash
−Removed: Our Cash and cash equivalents at December 31, 2023 totaled $2.1 billion, a $540 million decrease compared to December 31, 2022, primarily as a result of the factors discussed above.
−Removed: Restricted cash at December 31, 2023 totaled $1.4 billion, a $74 million decrease compared to restricted cash at December 31, 2022, primarily related to cash collections on certain receivables and on the underlying receivables related to the participation interest that are required at certain specified times to be placed into segregated accounts.
+Added: Our Cash and cash equivalents at December 31, 2024 totaled $4.2 billion, a $2.1 billion increase compared to December 31, 2023, primarily as a result of the factors discussed above.
+Added: Restricted cash at December 31, 2024 totaled $441 million, a $991 million decrease compared to restricted cash at December 31, 2023, primarily related to cash collections on certain receivables and on the underlying receivables related to the participation interest that are required at certain specified times to be placed into segregated accounts.
+Added: The decrease of $991 million in restricted cash was primarily due to a change in the timing on when cash collections on certain receivables collateralizing our asset-backed debt securities are required to be placed into segregated accounts.
Free Cash Flow
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Free cash flow $ 19,822 $ 18,708
−Removed: The increase in free cash flow during 2023 is a reflection of the increase in operating cash flows, as well as the decrease in capital expenditures, both of which are discussed above.
+Added: The increase in free cash flow during 2024 is a reflection of the decrease in capital expenditures, partially offset by the decrease in operating cash flows, both of which are discussed above.
Employee Benefit Plans Funded Status and Contributions
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These plans primarily relate to our domestic business units.
+Added: During 2024, we made discretionary contributions in the aggregate amount of $365 million to our qualified pension plans.
During 2023, we made a discretionary contribution of $200 million to one of our qualified pension plans.
−Removed: We made no discretionary contributions to our qualified pension plans in 2022.
During 2024 and 2023, we made contributions of $56 million and $52 million to our nonqualified pension plans, respectively.
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We expect that the strategy will reduce the likelihood that assets will decline at a time when liabilities increase (referred to as liability hedging), with the goal to reduce the risk of underfunding to the plan and its participants and beneficiaries.
−Removed: Over time, as the asset allocation shifts to more liability hedging assets, this strategy will
−Removed: generally result in lower expected asset returns.
+Added: Over time, as the asset allocation shifts to more liability hedging assets, this strategy will generally result in lower expected asset returns.
For 2025, we expect no required qualified pension plan contributions and insignificant nonqualified pension plan contributions.
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Other Future Obligations
−Removed: As of December 31, 2023, Verizon had 26 renewable energy purchase agreements (REPAs) with third parties.
+Added: As of December 31, 2024, Verizon had 28 renewable energy purchase agreements with third parties for a total of approximately 3.7 gigawatts of anticipated renewable energy capacity across multiple states.
See Note 16 to the consolidated financial statements for additional information.
−Removed: Under the REPAs, we plan to purchase up to an aggregate of approximately 3.5 gigawatts of capacity across multiple states.
Critical Accounting Estimates
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It is our policy to perform quantitative impairment assessment at least every three years.
−Removed: During the fourth quarter of 2023 and 2022, we performed a qualitative impairment assessment as our annual impairment test to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount.
−Removed: As part of our qualitative assessment we considered several factors including the business enterprise value of our combined wireless
−Removed: business, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA margin results, projections and recent merger and acquisition activity), the recent and projected financial performance of our combined wireless business as a whole, as well as other factors including the result of our last quantitative assessment.
−Removed: Our annual impairment tests in 2023 and 2022 indicated that it is more likely than not that the fair value of our wireless licenses remained above their carrying value and, therefore, did not result in an impairment.
−Removed: At December 31, 2023, the balance of our goodwill was approximately $22.8 billion, of which $21.2 billion was in our Consumer reporting unit and $1.7 billion was in our Business reporting unit.
+Added: Our quantitative impairment assessment consisted of comparing the estimated fair value of our aggregate wireless licenses to the aggregated carrying amount as of the test date.
+Added: Under our quantitative assessment, we estimated the fair value of our wireless licenses using the Greenfield approach.
+Added: 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.
+Added: 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.
+Added: As a result, we were required to make significant estimates about future cash flows and profitability specifically associated with our wireless licenses, an appropriate discount rate based on the risk associated with those estimated cash flows and assumed terminal value and growth rates.
+Added: We considered current and expected future economic conditions, current and expected availability of wireless network technology and infrastructure and related equipment and the costs thereof as well as other relevant factors in estimating future cash flows and profitability.
+Added: The discount rate represented our estimate of the weighted-average cost of capital (WACC), or expected return, that a marketplace participant would have required as of the valuation date and includes a risk premium associated with the current and expected economic conditions as of the valuation date.
+Added: We developed the discount rate based on our consideration of the cost of debt and equity of a group of guideline companies as of the valuation date.
+Added: The terminal value growth rate represented our estimate of the marketplace's long-term growth rate.
+Added: During the fourth quarter of 2023, we performed a qualitative impairment assessment as our annual impairment test to determine whether it is more likely than not that the fair value of our wireless licenses was less than the carrying amount.
+Added: As part of our qualitative assessment we considered several factors including the enterprise value of our combined wireless business, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA margin results, projections and recent merger and acquisition activity), the recent and projected financial performance of our combined wireless business as a whole, as well as other factors including the result of our last quantitative assessment performed in 2021.
+Added: Our annual impairment test in 2023 indicated that it is more likely than not that the fair value of our wireless licenses remained above their carrying value and, therefore, did not result in an impairment.
+Added: During the fourth quarter of 2024, we performed a quantitative impairment assessment in accordance with our policy.
+Added: The quantitative impairment assessment we performed during the fourth quarter of 2024 indicated that the fair value of our wireless licenses is substantially in excess of their carrying value and, therefore, did not result in an impairment.
+Added: In the event of a 10% decline in the fair value of our wireless licenses, the fair value would have still exceeded their carrying value.
+Added: We do not believe reasonable changes in significant estimates would change the outcome to this quantitative assessment.
+Added: For instance, if either the terminal value growth rate declined by 50 basis points (bps) or if the WACC increased by 50 bps, the fair value of wireless licenses would still exceed their carrying value.
+Added: At both December 31, 2024 and 2023, the balance of our goodwill was approximately $22.8 billion, of which $21.2 billion was in our Consumer reporting unit and $1.7 billion was in our Business reporting unit.
To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.
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It is our policy to perform quantitative impairment assessments at least every three years.
−Removed: Under the qualitative assessment, we consider several factors, including the business enterprise value of the reporting unit from the last quantitative test and the excess of fair value over carrying value from this test, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA margin results, projections and recent merger and acquisition activity), the recent and projected financial performance of the reporting unit, as well as other factors.
−Removed: Under the quantitative assessment, the fair value of the reporting unit is calculated using a market approach and a discounted cash flow method, as a form of the income approach.
+Added: Under the qualitative assessment, we consider several factors, including the enterprise value of the reporting unit from the last quantitative test and the excess of fair value over carrying value from this test, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations (including industry revenue and EBITDA margin results, projections and recent merger and acquisition activity), the recent and projected financial performance of the reporting unit, as well as other factors.
+Added: Under the quantitative assessment, the fair value of the reporting unit is calculated using an average of the market approach and a discounted cash flow method, as a form of the income approach.
The market approach includes the use of comparative multiples to complement discounted cash flow results.
−Removed: The discounted cash flow method is based on the present value of two components-projected cash flows and a terminal value.
+Added: The discounted cash flow method is based on the present value of two
+Added: components-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.
−Removed: 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.
−Removed: The discount rate represents our estimate of the weighted-average cost of capital, or expected return, that a marketplace participant would have required as of the valuation date.
+Added: The fair value of the reporting unit using the income approach 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.
+Added: The discount rate represents our estimate of the WACC, or expected return, that a marketplace participant would have required as of the valuation date.
The application of our goodwill impairment test requires key assumptions underlying our valuation model.
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The selection of companies and multiples is influenced by differences in growth and profitability, and volatility in market prices of peer companies.
−Removed: These valuation inputs are inherently judgmental, and an adverse change in one or a combination of these inputs could result in a goodwill impairment loss.
+Added: These valuation inputs are inherently judgmental, and an adverse change in one or a combination of these inputs could result in a goodwill impairment.
During the fourth quarter of 2023, we performed a qualitative impairment assessment for our Consumer reporting unit.
Our qualitative assessment indicated that it was more likely than not that the fair value of our Consumer reporting unit exceeded its carrying value and, therefore, did not result in an impairment.
−Removed: During the fourth quarter of 2023, we performed a quantitative impairment assessment for our Business reporting unit given the low excess of fair value over carrying value identified in our prior annual impairment assessment and increased competitive and market pressures experienced throughout 2023.
−Removed: These pressures have resulted in lower projected cash flows primarily driven by secular declines in wireline services and products across our Business customer groups.
+Added: During the fourth quarter of 2024, we performed a quantitative impairment assessment for our Consumer reporting unit in accordance with our policy.
+Added: We applied a combination of a market approach and a discounted cash flow method reflecting current assumptions and inputs, including our revised projections, discount rate and expected growth rates.
+Added: Our assessment indicated that the fair value of our Consumer reporting unit substantially exceeded its carrying value and, therefore, did not result in an impairment.
+Added: In the event of a 10% decline in the fair value of our Consumer reporting unit, the fair value of the Consumer reporting unit would have still exceeded its book value.
+Added: We do not believe reasonable changes in significant assumptions would change the outcome to this quantitative assessment.
+Added: For instance, if either the terminal value growth rate declined by 50 bps or if the discount rate increased by 50 bps, the fair value of our Consumer reporting unit would still exceed its carrying value.
+Added: During the fourth quarter of 2023, we performed a quantitative impairment assessment for our Business reporting unit given the low excess of fair value over carrying value identified in our 2022 annual impairment assessment and increased competitive and market pressures experienced throughout 2023.
+Added: These pressures resulted in lower projected cash flows primarily driven by secular declines in wireline services and products across our Business customer groups.
In connection with Verizon’s annual budget process in the fourth quarter of 2023, leadership completed a comprehensive five-year strategic planning review of our Business reporting unit resulting in declines in financial projections driven by market dynamics as compared to the prior year five-year strategic planning cycle.
−Removed: The revised projections were used as a key input into the Business reporting unit’s annual goodwill impairment test performed in the fourth quarter.
−Removed: In addition, changes in the macroeconomic environment, including interest rate and inflationary pressures have also impacted the fair value of the reporting unit.
+Added: The revised projections were used as a key input into the Business reporting unit’s annual goodwill impairment test performed in the fourth quarter of 2023.
+Added: In addition, changes in the macroeconomic environment, including interest rate and inflationary pressures also impacted the fair value of the reporting unit.
We applied a combination of a market approach and a discounted cash flow method reflecting current assumptions and inputs, including our revised projections, discount rate and expected growth rates, which resulted in the determination that the fair value of our Business reporting unit was less than its carrying amount.
−Removed: As a result, in the fourth quarter of 2023 we recorded a non-cash goodwill impairment charge of approximately $5.8 billion ($5.8 billion after-tax) in our consolidated statement of income.
+Added: As a result, in the fourth quarter of 2023, we recorded a noncash goodwill impairment charge of approximately $5.8 billion ($5.8 billion after-tax) in our consolidated statement of income.
The goodwill balance of the Business reporting unit was approximately $7.5 billion prior to the occurrence of this impairment charge.
−Removed: In our Business reporting unit, if all other assumptions were to remain unchanged, we expect the impairment charge would increase by approximately $1.0 billion if the terminal value growth rate declined by 50 basis points, or $1.3 billion if the discount rate increased by 50 basis points, or $1.1 billion if the EBITDA margin decreased by 100 basis points.
+Added: During the fourth quarter of 2024, we performed a quantitative impairment assessment for our Business reporting unit given the impairment of the Business reporting unit's goodwill in the prior year.
+Added: In addition, the Business reporting unit has continued to experience competitive and market pressures throughout 2024, that may persist over the near term.
+Added: We applied a combination of a market approach and a discounted cash flow method reflecting current assumptions and inputs, including our revised projections, discount rate and expected growth rates, which indicated that the fair value of our Business reporting unit exceeded its carrying value and, therefore, did not result in an impairment.
+Added: At the goodwill impairment measurement date of October 31, 2024, our Business reporting unit had a fair value that exceeded its carrying amount by approximately 8% and remains susceptible to future impairment risk.
+Added: We do not anticipate reasonable changes in significant assumptions to change the outcome of the quantitative impairment assessment.
+Added: For instance, if either the terminal value growth rate declined by 50 bps, or if the discount rate increased by 50 bps, or if the EBITDA margin decreased by 100 basis points, the fair value of our Business reporting unit would still exceed its carrying value.
+Added: However, management believes there is a continued risk that our Business reporting unit may be required to recognize an impairment charge in the future.
+Added: As of December 31, 2024, $1.7 billion of goodwill was allocated to our Business reporting unit.
See Note 4 to the consolidated financial statements for additional information.
−Removed: At December 31, 2023, the balance of goodwill in our Business reporting unit, after the goodwill impairment charge, was $1.7 billion.
−Removed: Though we have determined that no further impairment exists for our Business reporting unit as of December 31, 2023, a future projected sustained decline in the reporting unit's revenues and earnings could have a significant negative impact on its fair value and could result in future impairment charges.
+Added: A projected sustained decline in the reporting unit's revenues and earnings could have a significant negative impact on its fair value and could result in future impairment charges.
Such a decline could be driven by, among other things:
(1) decreases in sales volumes or long-term growth rate as a result of competitive pressures or other factors;
−Removed: or (2) the inability to achieve or delays in achieving the goals in our strategic initiatives.
+Added: or (2) the reporting unit's inability to achieve or delays in achieving its goals or strategic initiatives.
Adverse changes to macroeconomic factors, such as increases in long-term interest rates, would also negatively impact the fair value of the reporting unit.
−Removed: At December 31, 2022, the balance of our goodwill was approximately $28.7 billion, of which $21.1 billion was in our Consumer reporting unit and $7.5 billion was in our Business reporting unit.
−Removed: During the fourth quarter of 2022, we performed a qualitative impairment assessment for our Consumer reporting unit.
−Removed: Our qualitative assessment indicated that it was more likely than not that the fair value of our Consumer reporting unit exceeded its carrying value and, therefore, did not result in an impairment.
−Removed: During the fourth quarter of 2022, we performed a quantitative impairment assessment for our Business reporting unit.
−Removed: At the goodwill impairment measurement date of October 31, 2022, our quantitative assessment indicated that the fair value for our Business reporting unit exceeded its carrying amount by approximately 8% and, therefore, did not result in an impairment.
Pension and Other Postretirement Benefit Plans
We maintain benefit plans for most of our employees, including, for certain employees, pension and other postretirement benefit plans.
−Removed: Benefit plan assumptions, including the discount rate used, the long-term rate of return on plan assets, the determination of the substantive plan and health care trend rates are periodically updated and impact the amount of benefit plan income, expense, assets and obligations.
+Added: Benefit plan assumptions, including the discount rate used, the long-term rate of return on plan assets, the determination of the substantive plan and health care trend rates are periodically updated and impact the amount of benefit plan income,
+Added: expense, assets and obligations.
Changes to one or more of these assumptions could significantly impact our accounting for pension and other postretirement benefits.
13 unchanged sentences
In addition to our liability hedging assets, we also employ an interest rate hedging strategy to further minimize the impact of discount rate changes on the funded ratio of the pension plan.
−Removed: While the target hedge ratio varies depending on the funded status of the plan and the level of interest rates, the target hedge ratio was 80% at December 31, 2023, significantly limiting volatility.
+Added: While the target hedge ratio varies depending on the funded status of the plan and the level of interest rates, the target hedge ratio was 60% at December 31, 2024, limiting volatility.
The annual measurement date for both our pension and other postretirement benefits is December 31.
15 unchanged sentences
We depreciate property, plant and equipment on a straight-line basis over the estimated useful life of the assets.
−Removed: The estimated useful life is subject to change due to a variety of factors such as change in asset capacity or performance, technical obsolescence, market expectations and competition impacts.
+Added: The estimated useful life is subject to change due to a variety of factors such as change in asset capacity or
+Added: performance, technical obsolescence, market expectations and competitive impacts.
In connection with our ongoing review of the estimated useful lives of property, plant and equipment during 2024, we determined that the estimated useful life of our property, plant and equipment would remain unchanged.
12 unchanged sentences
The loss rate is assigned individually on a customer by customer basis and the custom credit scores are then aggregated by vintage and used in our proprietary loss model to calculate the weighted-average loss rate used for determining the allowance balance.
−Removed: The weighted-average expected loss rate increased 1.36% at December 31, 2023 as compared to at December 31, 2022.
−Removed: We expect that an increase or decrease of 0.25% in the weighted-average loss rate would result in a change of $111 million in bad debt expense.
+Added: The weighted-average expected loss r ate increased 0.75% at December 31, 2024 as compared to the rate at December 31, 2023.
+Added: We expect that an increase or decrease of 0.25% in the weighted-average loss rate would result in a chan ge of $160 million in bad debt expense.
We monitor the collectability of our wireless service receivables as one overall pool.
−Removed: Wireline service receivables are disaggregated and pooled by the following customer groups:
+Added: Wireline service receivables are disaggregated and pooled by the following types of customers and related contracts:
consumer, small and medium business, enterprise, public sector and wholesale.
1 unchanged sentence
The risk of loss is assessed over the contractual life of the receivables and is adjusted based on the historical loss amounts for current and future conditions based on management’s qualitative considerations.
−Removed: For enterprise, public sector and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, as applicable.
+Added: For enterprise, public sector and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, if applicable.
We consider multiple factors in determining the allowance as discussed above.
6 unchanged sentences
In February 2021, the Federal Communications Commission (FCC) concluded Auction 107 for C-Band wireless spectrum.
−Removed: Verizon paid $45.5 billion for the licenses it won, of which $44.6 billion was paid in the first quarter of 2021.
In accordance with the rules applicable to the auction, Verizon is required to make payments for our allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with the auction, which are estimated to be $7.5 billion.
−Removed: During 2023 and 2022, we made payments of $4.3 billion and $1.6 billion, respectively, for obligations related to clearing costs and accelerated clearing incentives.
−Removed: During 2021, we made payments of $1.3 billion primarily related to certain obligations for projected clearing costs.
−Removed: We expect to continue to make payments of approximately $400 million for the remaining obligations through 2024.
−Removed: The final timing and amounts of these payments could differ based on the actual amount of incumbent holders’ reimbursement claims and the speed with which those claims are approved and processed.
+Added: During 2024, 2023 and 2022, we made payments of $269 million, $4.3 billion and $1.6 billion, respectively, for obligations related to clearing costs and accelerated clearing incentives.
The carrying value of the wireless spectrum won in Auction 107 consists of all payments required to participate and purchase licenses in the auction, including Verizon’s allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with the auction that we are obligated to pay in order to acquire the licenses, as well as capitalized interest to the extent qualifying activities have occurred.
2 unchanged sentences
This early clearance accelerated Verizon's access to more spectrum in a number of key markets to support its 5G network initiatives.
+Added: On October 17, 2024, Verizon entered into a license purchase agreement to acquire select spectrum licenses of United States Cellular Corporation and certain of its subsidiaries (UScellular) for total consideration of $1.0 billion, subject to certain potential adjustments.
+Added: The closing of this transaction is subject to the receipt of regulatory approvals and other closing conditions, including the consummation of UScellular's proposed sale of its wireless operations and select spectrum assets to T-Mobile US, Inc., and the termination of certain post-closing arrangements with respect to that sale.
See Note 3 to the consolidated financial statements for additional information regarding our spectrum license transactions.
TracFone Wireless, Inc.
−Removed: In November 2021, we completed the acquisition of TracFone.
+Added: On November 23, 2021 (the Acquisition Date), we completed the acquisition of TracFone.
Verizon acquired all of TracFone's outstanding stock in exchange for approximately $3.5 billion in cash, net of cash acquired and working capital and other adjustments, 57,596,544 shares of common stock of the Company valued at approximately $3.0 billion, and up to an additional $650 million in future cash contingent consideration related to the achievement of certain performance measures and other commercial arrangements.
The fair value of the common stock was determined on the basis of its closing market price on the Acquisition Date.
−Removed: The estimated fair value of the contingent consideration as of the Acquisition Date was approximately $560 million and represents a Level 3 measurement.
−Removed: The contingent consideration payable is based on the achievement of certain revenue and operational targets, measured over a two year earn out period.
−Removed: During 2023 and 2022, Verizon made payments of $257 million and $188 million, respectively, related to the contingent consideration, which is reflected in Cash flows from financing activities in our consolidated statements of cash flows.
+Added: The estimated fair value of the contingent consideration as of the Acquisition Date was approximately $560 million and represented a Level 3 measurement.
+Added: The contingent consideration payable was based on the achievement of certain revenue and operational targets, measured over a two year earn out period.
+Added: Contingent consideration payments were completed in January of 2024.
+Added: During 2024 and 2023, Verizon made payments of $52 million and $257 million, respectively, related to the contingent consideration, which are reflected in Cash flows from financing activities in our consolidated statements of cash flows.
See Note 3 and Note 9 to the consolidated financial statements for additional information.
−Removed: Verizon Media Divestiture
−Removed: On September 1, 2021, we completed the sale of Verizon Media Group.
−Removed: As of the close of the transaction, cash proceeds, the fair value of the non-convertible preferred limited partnership units of an affiliate of Apollo Global Management Inc.
−Removed: (the Apollo Affiliate) and the fair value of 10% of the fully-diluted common limited partnership units of the Apollo Affiliate were $4.3 billion, $496 million, and $124 million, respectively.
−Removed: We recorded a pre-tax gain on sale of approximately $1.0 billion (after-tax $1.0 billion) in Selling general and administrative expense in our consolidated statement of income for the year ended December 31, 2021.
−Removed: In addition, we incurred $346 million of various costs associated with this disposition which are primarily recorded in Selling general and administrative expense in our consolidated statement of income for the year ended December 31, 2021.
−Removed: See Note 3 to the consolidated financial statements for additional information.
+Added: Frontier Communications Parent, Inc.
+Added: On September 4, 2024, Verizon entered into an Agreement and Plan of Merger (the Merger Agreement) to acquire Frontier, a U.S.
+Added: provider of broadband internet and other communication services.
+Added: The transaction is structured as a merger of the Company's subsidiary with and into Frontier, as a result of which Frontier will become a wholly owned subsidiary of the Company and shares of Frontier common stock outstanding immediately prior to the effective time of merger (subject to certain limited exceptions) will be cancelled and converted into the right to receive a per share merger consideration of $38.50, in cash.
+Added: In November 2024, Frontier shareholders approved the transaction.
+Added: Consummation of the transaction is subject to the receipt of certain regulatory approvals and other customary closing conditions.
+Added: Under certain circumstances, if the Merger Agreement is terminated, Frontier may be required to pay Verizon a termination fee of $320 million.
+Added: Under certain other specified circumstances, Verizon may be required to pay Frontier a termination fee of $590 million.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.