Debt (Tables)

12 Months Ended

Dec. 31, 2016

Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations

Changes to debt during 2016 are as follows:

	(dollars in millions)
	Debt Maturing within One Year			Long-term Debt			Total
Balance at January 1, 2016	$	6,489		$	103,240		$	109,729
Proceeds from long-term borrowings		120			12,844			12,964
Proceeds from asset-backed long-term borrowings		–			4,986			4,986
Repayments of long-term borrowings and capital leases obligations		(8,125	)		(11,034	)		(19,159	)
Decrease in short-term obligations, excluding current maturities		(149	)		–			(149	)
Reclassifications of long-term debt		4,088			(4,088	)		–
Other		222			(515	)		(293	)
Balance at December 31, 2016	$	2,645		$	105,433		$	108,078

Debt Maturing within One Year

Debt maturing within one year is as follows:

	(dollars in millions)
At December 31,	2016		2015
Long-term debt maturing within one year	$	2,477	$	6,325
Short-term notes payable		168		158
Commercial paper and other		–		6
Total debt maturing within one year	$	2,645	$	6,489

Long-term Debt Table

Outstanding long-term debt obligations are as follows:

			(dollars in millions)
At December 31,	Interest Rates %	Maturities	2016			2015
Verizon Communications—notes payable and other	0.50 – 3.85	2017 – 2042	$	28,491		$	26,281
	4.11 – 5.50	2018 – 2055		53,909			51,156
	5.85 – 6.90	2018 – 2054		11,295			16,420
	7.35 – 8.95	2018 – 2039		1,860			2,300
	Floating	2017 – 2025		9,750			14,100
Verizon Wireless—Alltel assumed notes	6.80 – 7.88	2029 – 2032		525			686
Telephone subsidiaries—debentures	5.13 – 6.50	2028 – 2033		319			575
	7.38 – 7.88	2022 – 2032		561			1,099
	8.00 – 8.75	2022 – 2031		328			780
Other subsidiaries—notes payable, debentures and other	6.84 – 8.75	2018 – 2028		1,102			1,500
Verizon Wireless and other subsidiaries—asset-backed debt	1.42 – 2.36	2021		2,485			–
	Floating	2021		2,520			–
Capital lease obligations (average rate of 3.5% and 3.4% in 2016 and 2015, respectively)				950			957
Unamortized discount, net of premium				(5,716	)		(5,824)
Unamortized debt issuance costs				(469	)		(465)
Total long-term debt, including current maturities				107,910			109,565
Less long-term debt maturing within one year				2,477			6,325
Total long-term debt			$	105,433		$	103,240

Schedule of Notes included in the Tender Offers

The table below lists the series of notes included in the Group 1 Any and All Offer:

(dollars in millions, except for Purchase Price)	Interest Rate			Maturity		Principal Amount Outstanding		Purchase Price(1)		Principal Amount Purchased
Verizon Communications Inc.		2.50	%		2016	$	2,182	$	1,007.60	$	1,272
		2.00	%		2016		1,250		1,007.20		731
		6.35	%		2019		1,750		1,133.32		970
										$	2,973

⁽¹⁾ Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration

The table below lists the series of notes included in the Group 2 Any and All Offer:

(dollars in millions, except for Purchase Price)	Interest Rate			Maturity		Principal Amount Outstanding		Purchase Price(1)		Principal Amount Purchased
Verizon Delaware LLC		8.375	%		2019	$	15	$	1,182.11	$	15
		8.625	%		2031		15		1,365.39		5
Verizon Maryland LLC		8.00	%		2029		50		1,301.32		22
		8.30	%		2031		100		1,347.26		76
		5.125	%		2033		350		1,012.50		171
Verizon New England Inc.		7.875	%		2029		349		1,261.63		176
Verizon New Jersey Inc.		8.00	%		2022		200		1,238.65		54
		7.85	%		2029		149		1,311.32		63
Verizon New York Inc.		6.50	%		2028		100		1,151.71		28
		7.375	%		2032		500		1,201.92		256
Verizon Pennsylvania LLC		6.00	%		2028		125		1,110.47		57
		8.35	%		2030		175		1,324.10		127
		8.75	%		2031		125		1,356.47		72
Verizon Virginia LLC		7.875	%		2022		100		1,227.79		43
		8.375	%		2029		100		1,319.78		81
										$	1,246

⁽¹⁾ Per $1,000 principal amount of notes tendered and not withdrawn prior to early expiration

The table below lists the series of notes included in the Group 3 Offer:

(dollars in millions, except for Purchase Price)	Interest Rate			Maturity		Principal Amount Outstanding		Purchase Price(1)		Principal Amount Purchased
Verizon Communications Inc.		8.95	%		2039	$	353	$	1,506.50	$	63
		7.75	%		2032		251		1,315.19		33
		7.35	%		2039		480		1,293.50		68
		7.75	%		2030		1,206		1,377.92		276
		6.55	%		2043		6,585		1,291.74		2,340
		6.40	%		2033		2,196		1,220.28		466
		6.90	%		2038		477		1,243.29		92
		6.25	%		2037		750		1,167.66		114
		6.40	%		2038		866		1,176.52		116
		5.85	%		2035		1,500		1,144.68		250
		6.00	%		2041		1,000		1,164.56		–
		5.15	%		2023		8,517		1,152.83		–
Alltel Corporation		7.875	%		2032		452		1,322.92		115
		6.80	%		2029		235		1,252.93		47
GTE Corporation		6.94	%		2028		800		1,261.35		237
		8.75	%		2021		300		1,307.34		93
										$	4,310

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

Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements

The assets and liabilities related to our asset-backed debt arrangements included on our consolidated balance sheets were as follows:

	(dollars in millions)
At December 31,	2016		2015
Assets
Account receivable, net	$	3,383	$	–
Prepaid expenses and other		236		–
Other Assets		2,383		–
Liabilities
Accounts payable and accrued liabilities		4		–
Long-term debt		4,988		–

Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs

Maturities of long-term debt outstanding, excluding unamortized debt issuance costs, at December 31, 2016 are as follows:

Years	(dollars in millions)
2017	$	2,477
2018		7,229
2019		5,548
2020		9,040
2021		12,097
Thereafter		71,988

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