Debt (Tables)

12 Months Ended

Dec. 31, 2015

Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations

Changes to debt during 2015 are as follows:

	(dollars in millions)
	Debt Maturing within One Year		Long-term Debt		Total
Balance at January 1, 2015	$	2,735	$	110,029	$	112,764
Proceeds from long-term borrowings		4,000		2,667		6,667
Repayments of long-term borrowings and capital leases obligations		(9,340)		-		(9,340)
Decrease in short-term obligations, excluding current maturities		(344)		-		(344)
Reclassifications of long-term debt		8,556		(8,556)		-
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		421		(398)		23
Balance at December 31, 2015	$	6,489	$	103,240	$	109,729

Debt Maturing within One Year

Debt maturing within one year is as follows:

	(dollars in millions)
At December 31,	2015		2014
Long-term debt maturing within one year	$	6,325	$        2,397
Short-term notes payable		158	319
Commercial paper and other		6	19
Total debt maturing within one year	$	6,489	$        2,735

Long-term Debt Table

Outstanding long-term debt obligations are as follows:

			(dollars in millions)
At December 31,	Interest Rates %	Maturities	2015		2014
Verizon Communications - notes payable and other	0.30 - 3.85	2016 - 2042	$	26,281	$	27,617
	4.15 - 5.50	2018 - 2055		51,156		40,701
	5.85 - 6.90	2018 - 2054		16,420		24,341
	7.35 - 8.95	2018 - 2039		2,300		2,264
	Floating	2016 - 2025		14,100		14,600
Verizon Wireless - notes payable and other	8.88	2018		68		676
Verizon Wireless - Alltel assumed notes	6.80 - 7.88	2029 - 2032		686		686
Telephone subsidiaries - debentures	5.13 - 6.50	2028 - 2033		575		1,075
	7.38 - 7.88	2022 - 2032		1,099		1,099
	8.00 - 8.75	2019 - 2031		780		880
Other subsidiaries - debentures and other	6.84 - 8.75	2018 - 2028		1,432		1,432
Capital lease obligations (average rate of 3.4% and 4.0% in 2015 and 2014, respectively)				957		516
Unamortized discount, net of premium				(5,824)		(2,954)
Unamortized debt issuance costs				(465)		(507)
Total long-term debt, including current maturities				109,565		112,426
Less long-term debt maturing within one year				6,325		2,397
Total long-term debt			$	103,240	$	110,029

Schedule of Notes Repurchased as part of a Tender Offer

On March 10, 2014, we announced the commencement of a tender offer (the Tender Offer) to purchase for cash any and all of the series of notes listed in the following table:

(dollars in millions, except for Purchase Price)	Interest Rate			Maturity		Principal Amount Outstanding		Purchase Price (1)		Principal Amount Purchased
Verizon Communications		6.10	%		2018	$	1,500	$	1,170.07	$	748
		5.50	%		2018		1,500		1,146.91		763
		8.75	%		2018		1,300		1,288.35		564
		5.55	%		2016		1,250		1,093.62		652
		5.50	%		2017		750		1,133.22		353
Cellco Partnership and Verizon Wireless Capital LLC		8.50	%		2018		1,000		1,279.63		619
Alltel Corporation		7.00	%		2016		300		1,125.26		157
GTE Corporation		6.84	%		2018		600		1,196.85		266
										$	4,122

(1) Per $1,000 principal amount of notes

Maturities of Long-Term Debt Excluding Unamortized Debt Issuance Costs

Maturities of long-term debt outstanding, excluding unamortized debt issuance costs, at December 31, 2015 are as follows:

Years	(dollars in millions)
2016	$	6,325
2017		4,195
2018		7,072
2019		5,645
2020		8,860
Thereafter		77,933

February Exchange Offers

Schedule of Notes Included in Exchange Offer

The table below lists the series of Old Notes included in the February Exchange Offers 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 Offers 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

July Exchange Offers

Schedule of Notes Included in Exchange Offer

The table below lists the series of Old Notes included in the July Exchange Offers for the 2020 New Notes:

(dollars in millions)	Interest Rate			Maturity		Principal Amount Outstanding		Principal Amount   Accepted For   Exchange
Verizon Communications		3.65	%		2018	$	4,750	$	2,052
		2.50	%		2016		4,250		1,068
								$	3,120

The table below lists the series of Old Notes included in the July Exchange Offers for the 2046 New Notes:

(dollars in millions)	Interest Rate			Maturity		Principal Amount Outstanding		Principal Amount   Accepted For   Exchange
Verizon Communications		6.40	%		2033	$	6,000	$	1,645
		7.75	%		2030		2,000		794
		7.35	%		2039		1,000		520
		7.75	%		2032		400		149
Alltel Corporation		7.875	%		2032		700		248
		6.80	%		2029		300		65
								$	3,421

The table below lists the series of Old Notes included in the July Exchange Offers for the 2054 New Notes:

(dollars in millions)	Interest Rate			Maturity		Principal Amount Outstanding		Principal Amount   Accepted For   Exchange
Verizon Communications		6.55	%		2043	$	15,000	$	4,330
		6.40	%		2038		1,750		-
		6.90	%		2038		1,250		-
								$	4,330