Debt (Tables)

9 Months Ended

Sep. 30, 2015

Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations

Changes to debt during the nine months ended September 30, 2015 are as follows:

(dollars in millions)	Debt Maturing within One Year			Long-term Debt			Total
Balance at January 1, 2015	$	2,735		$	110,536		$	113,271
Proceeds from borrowings		4,000			2,497			6,497
Repayments of borrowings and capital leases obligations		(7,168	)		–			(7,168	)
Decrease in short-term obligations, excluding current maturities		(305	)		–			(305	)
Reclassifications of long-term debt		7,249			(7,249	)		–
Reclassification of long-term debt to Non-current liabilities related to assets held for sale (Note 2)		–			(594	)		(594	)
Debt acquired (Note 2)		461			92			553
Other		292			(222	)		70
Balance at September 30, 2015	$	7,264		$	105,060		$	112,324

Schedule of Notes Included in Exchange Offer

The table below lists the series of Old Notes included in the February Exchange Offer for the 2036 New Notes:

(dollars in millions)	Interest Rate			Maturity		Principal Amount Outstanding		Principal Amount Accepted For Exchange
Verizon Communications Inc.		5.15	%		2023	$	11,000	$	2,483

The table below lists the series of Old Notes included in the February Exchange Offers for the 2048 New Notes:

(dollars in millions)	Interest Rate			Maturity		Principal Amount Outstanding		Principal Amount Accepted For Exchange
Verizon Communications Inc.		6.90	%		2038	$	1,250	$	773
		6.40	%		2038		1,750		884
		6.40	%		2033		4,355		2,159
		6.25	%		2037		750		–
GTE Corporation		6.94	%		2028		800		–
								$	3,816

The table below lists the series of Old Notes included in the February Exchange Offer for the 2055 New Notes:

(dollars in millions)	Interest Rate			Maturity		Principal Amount Outstanding		Principal Amount Accepted For Exchange
Verizon Communications Inc.		6.55	%		2043	$	10,670	$	4,084