Item 15. Exhibits and Financial Statement Schedules
23K characters. Original on sec.gov ·
Item 15. Exhibits and Financial Statement Schedules
(a) Documents filed as part of this report:
| Page | ||||||||||||||
| (1) | Financial Statements | |||||||||||||
| Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting | 50 | |||||||||||||
| Report of Independent Registered Public Accounting Firm on Financial Statements | 51 | |||||||||||||
| Financial Statements covered by Report of Independent Registered Public Accounting Firm: | ||||||||||||||
| Consolidated Statements of Income | 53 | |||||||||||||
| Consolidated Statements of Comprehensive Income | 54 | |||||||||||||
| Consolidated Balance Sheets | 55 | |||||||||||||
| Consolidated Statements of Cash Flows | 56 | |||||||||||||
| Consolidated Statements of Changes in Equity | 57 | |||||||||||||
| Notes to Consolidated Financial Statements | 58 | |||||||||||||
| (2) | Financial Statement Schedule | |||||||||||||
| II – Valuation and Qualifying Accounts | 110 | |||||||||||||
| (3) | Exhibits | |||||||||||||
| Exhibits identified in parentheses below, on file with the SEC, are incorporated herein by reference as exhibits hereto. Unless otherwise indicated, all exhibits so incorporated are from File No. 1-8606. | ||||||||||||||
| Pursuant to Regulation S-K, Item 601(b)(4)(iii)(A), certain instruments which define the rights of holders of long-term debt of Verizon Communications Inc. and its consolidated subsidiaries are not filed herewith, and the Company hereby agrees to furnish a copy of any such instrument to the SEC upon request. |
| Exhibit Number | Description | |||||||||||||
| 3a | Restated Certificate of Incorporation of Verizon Communications Inc. (filed as Exhibit 3a to Form 10-Q for the period ended June 30, 2014 and incorporated herein by reference). | |||||||||||||
| 3b | Bylaws of Verizon Communications Inc., as amended and restated, effective as of September 30, 2022 (filed as Exhibit 3b to Form 8-K filed on September 30, 2022 and incorporated herein by reference). | |||||||||||||
| 4a | Indenture between Verizon Communications Inc., both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of December 1, 2000 (filed as Exhibit 4.1 to Verizon Global Funding Corp.’s Registration Statement on Form S-4, Registration No. 333-64792, and incorporated herein by reference). | |||||||||||||
| 4b | First Supplemental Indenture between Verizon Communications Inc., both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of May 15, 2001 (filed as Exhibit 4.2 to Verizon Global Funding Corp.’s Registration Statement on Form S-3, Registration No. 333-67412, and incorporated herein by reference). | |||||||||||||
| 4c | Second Supplemental Indenture between Verizon Communications Inc., both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of September 29, 2004 (filed as Exhibit 4.1 to Form 8-K filed on February 9, 2006, and incorporated herein by reference). | |||||||||||||
| 4d | Third Supplemental Indenture between Verizon Communications Inc., both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of February 1, 2006 (filed as Exhibit 4.2 to Form 8-K filed on February 9, 2006, and incorporated herein by reference). | |||||||||||||
| 4e | Fourth Supplemental Indenture between Verizon Communications Inc., both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of April 4, 2016 (filed as Exhibit 4.5 to Verizon Communications Inc.’s Registration Statement on Form S-4, Registration No. 333-212307, and incorporated herein by reference). | |||||||||||||
| 4f | Fifth Supplemental Indenture between Verizon Communications Inc., both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of May 15, 2020 (filed as Exhibit 4.1 to Form 8-K filed on May 15, 2020, and incorporated herein by reference). | |||||||||||||
| 4g | Description of Verizon's Securities Registered Pursuant to Section 12 of the Securities and Exchange Act of 1934, filed herewith. | |||||||||||||
| 10a | 2017 Verizon Communications Inc. Long-Term Incentive Plan (incorporated by reference to Appendix B of the Registrant’s Proxy Statement included in Schedule 14A filed on March 20, 2017).** | |||||||||||||
| 10a(i) | Form of 2021 Performance Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10a to Form 10-Q for the period ended March 31, 2021 and incorporated herein by reference).** | |||||||||||||
| 10a(ii) | Form of 2021 Restricted Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10b to Form 10-Q for the period ended March 31, 2021 and incorporated herein by reference).** | |||||||||||||
| 10a(iii) | Form of 2022 Performance Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10a to Form 10-Q for the period ended March 31, 2022 and incorporated herein by reference).** | |||||||||||||
| 10a(iv) | Form of 2022 Restricted Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10b to Form 10-Q for the period ended March 31, 2022 and incorporated herein by reference).** | |||||||||||||
| 10a(v) | Form of 2023 Performance Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10a to Form 10-Q for the period ended March 31, 2023 and incorporated herein by reference).** | |||||||||||||
| 10a(vi) | Form of 2023 Restricted Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10b to Form 10-Q for the period ended March 31, 2023 and incorporated herein by reference).** | |||||||||||||
| 10b | Verizon Communications Inc. Short-Term Incentive Plan (filed as Exhibit 10a to Form 10-Q for the period ended March 31, 2019 and incorporated herein by reference).** | |||||||||||||
| 10c | Verizon Executive Deferral Plan (filed as Exhibit 10e to Form 10-K for the period ended December 31, 2017 and incorporated herein by reference).** | |||||||||||||
| 10d | Verizon Communications Inc. Income Deferral Plan (filed as Exhibit 10f to Form 10-Q for the period ended June 30, 2002 and incorporated herein by reference).** | |||||||||||||
| 10d(i) | Description of Amendment to Verizon Communications Inc. Income Deferral Plan (filed as Exhibit 10o(i) to Form 10-K for the year ended December 31, 2004 and incorporated herein by reference).** | |||||||||||||
| 10e | Verizon Excess Pension Plan (filed as Exhibit 10p to Form 10-K for the year ended December 31, 2004 and incorporated herein by reference).** | |||||||||||||
| 10e(i) | First Amendment to Verizon Excess Pension Plan (filed as Exhibit 10p(i) to Form 10-K for the year ended December 31, 2004 and incorporated herein by reference).** | |||||||||||||
| 10f | Bell Atlantic Senior Management Long-Term Disability and Survivor Protection Plan, as amended (filed as Exhibit 10h to Form SE filed on March 27, 1986 and Exhibit 10b(ii) to Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).** | |||||||||||||
| 10g | Verizon Executive Life Insurance Plan, As Amended and Restated September 2009 (filed as Exhibit 10s to Form 10-K for the year ended December 31, 2010 and incorporated herein by reference).** | |||||||||||||
| 10h | Form of Aircraft Time Sharing Agreement (filed as Exhibit 10i to Form 10-K for the year ended December 31, 2020 and incorporated herein by reference).** | |||||||||||||
| 10i | Verizon Senior Manager Severance Plan (filed as Exhibit 10d to Form 10-Q for the period ended March 31, 2010 and incorporated herein by reference).** | |||||||||||||
| 21 | List of principal subsidiaries of Verizon Communications Inc., filed herewith. | |||||||||||||
| 23 | Consent of Ernst & Young LLP, filed herewith. | |||||||||||||
| 24 | Powers of Attorney, filed herewith. | |||||||||||||
| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||||||||||
| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||||||||||
| 32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||||||||||
| 32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||||||||||
| 97 | Verizon Communications Inc. Policy for the Recovery of Erroneously Awarded Compensation, filed herewith. | |||||||||||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||||||||
| 101.PRE | XBRL Taxonomy Presentation Linkbase Document. | |||||||||||||
| 101.CAL | XBRL Taxonomy Calculation Linkbase Document. | |||||||||||||
| 101.LAB | XBRL Taxonomy Label Linkbase Document. | |||||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). | |||||||||||||
| ** | Indicates management contract or compensatory plan or arrangement. |
| Schedule II - Valuation and Qualifying Accounts |
Verizon Communications Inc. and Subsidiaries
For the Years Ended December 31, 2023, 2022 and 2021
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Additions | ||||||||||||||||||||||||||||||||
| Description | Balance at Beginning of Period | Charged to Expenses | Charged to Other Accounts**(a)** | Deductions**(b)** | Balance at End of Period**(c)** | |||||||||||||||||||||||||||
| Allowance for credit losses deducted from accounts receivable: | ||||||||||||||||||||||||||||||||
| Year 2023 | $ | 1,261 | $ | 2,146 | $ | 38 | $ | 1,836 | $ | 1,609 | ||||||||||||||||||||||
| Year 2022 | 1,151 | 1,531 | 69 | 1,490 | 1,261 | |||||||||||||||||||||||||||
| Year 2021 | 1,507 | 743 | 139 | 1,238 | 1,151 | |||||||||||||||||||||||||||
| Additions | ||||||||||||||||||||||||||||||||
| Description | Balance at Beginning of Period | Charged to Expenses | Charged to Other Accounts**(d)** | Deductions**(e)** | Balance at End of Period | |||||||||||||||||||||||||||
| Valuation allowance for deferred tax assets: | ||||||||||||||||||||||||||||||||
| Year 2023 | $ | 1,347 | $ | 68 | $ | 13 | $ | 87 | $ | 1,341 | ||||||||||||||||||||||
| Year 2022 | 1,574 | 41 | — | 268 | 1,347 | |||||||||||||||||||||||||||
| Year 2021 | 2,183 | 339 | — | 948 | 1,574 |
(a)Charged to Other Accounts primarily includes amounts previously written off which were credited directly to this account when recovered.
(b)Deductions primarily include amounts written off as uncollectible or transferred to other accounts or utilized.
(c)Allowance for credit losses includes approximately $592 million, $436 million, and $255 million at December 31, 2023, 2022, and 2021, respectively, related to long-term device payment receivables.
(d)Charged to Other Accounts includes current year increase to valuation allowance charged to equity and reclassifications from other balance sheet accounts.
(e)Reductions to valuation allowances related to deferred tax assets.
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