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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             

Commission file number: 1-8606
Verizon Communications Inc.
(Exact name of registrant as specified in its charter)
Delaware 23-2259884
(State or other jurisdiction
of incorporation or organization)
 (I.R.S. Employer Identification No.)
1095 Avenue of the Americas10036
New York,New York
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212395-1000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.10VZNew York Stock Exchange
Common Stock, par value $0.10VZThe NASDAQ Global Select Market
1.625% Notes due 2024VZ24BNew York Stock Exchange
4.073% Notes due 2024VZ24CNew York Stock Exchange
0.875% Notes due 2025VZ25New York Stock Exchange
3.250% Notes due 2026VZ26New York Stock Exchange
1.375% Notes due 2026VZ26BNew York Stock Exchange
0.875% Notes due 2027VZ27ENew York Stock Exchange
1.375% Notes due 2028VZ28New York Stock Exchange
1.125% Notes due 2028VZ28ANew York Stock Exchange
2.350% Fixed Rate Notes due 2028VZ28CNew York Stock Exchange
1.875% Notes due 2029VZ29BNew York Stock Exchange
0.375% Notes due 2029VZ29DNew York Stock Exchange
1.250% Notes due 2030VZ30New York Stock Exchange
1.875% Notes due 2030VZ30ANew York Stock Exchange
2.625% Notes due 2031VZ31New York Stock Exchange
2.500% Notes due 2031VZ31ANew York Stock Exchange
3.000% Fixed Rate Notes due 2031VZ31DNew York Stock Exchange
0.875% Notes due 2032VZ32New York Stock Exchange
0.750% Notes due 2032VZ32ANew York Stock Exchange
1.300% Notes due 2033VZ33BNew York Stock Exchange
4.750% Notes due 2034VZ34New York Stock Exchange


Securities registered pursuant to Section 12(b) of the Act (continued):
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
3.125% Notes due 2035VZ35New York Stock Exchange
1.125% Notes due 2035VZ35ANew York Stock Exchange
3.375% Notes due 2036VZ36ANew York Stock Exchange
2.875% Notes due 2038VZ38BNew York Stock Exchange
1.875% Notes due 2038VZ38CNew York Stock Exchange
1.500% Notes due 2039VZ39CNew York Stock Exchange
3.500% Fixed Rate Notes due 2039VZ39DNew York Stock Exchange
1.850% Notes due 2040VZ40New York Stock Exchange
3.850% Fixed Rate Notes due 2041VZ41CNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☒  Yes   ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒  Yes   ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☒  No

At March 31, 2022, 4,199,643,701 shares of the registrant’s common stock were outstanding, after deducting 91,789,945 shares held in treasury.



TABLE OF CONTENTS
Item No. Page
Item 1.
Three months ended March 31, 2022 and 2021
Three months ended March 31, 2022 and 2021
At March 31, 2022 and December 31, 2021
Three months ended March 31, 2022 and 2021
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
















Part I - Financial Information

Item 1. Financial Statements (Unaudited)

Condensed Consolidated Statements of Income
Verizon Communications Inc. and Subsidiaries
Three Months Ended
 March 31,
(dollars in millions, except per share amounts) (unaudited)20222021
Operating Revenues
Service revenues and other
$27,218 $27,923 
Wireless equipment revenues
6,336 4,944 
Total Operating Revenues33,554 32,867 
Operating Expenses
Cost of services (exclusive of items shown below)
7,227 8,020 
Cost of wireless equipment
7,123 5,502 
Selling, general and administrative expense
7,172 7,401 
Depreciation and amortization expense
4,236 4,174 
Total Operating Expenses25,758 25,097 
Operating Income7,796 7,770 
Equity in earnings (losses) of unconsolidated businesses(3)8 
Other income (expense), net(924)401 
Interest expense(786)(1,101)
Income Before Provision For Income Taxes6,083 7,078 
Provision for income taxes(1,372)(1,700)
Net Income$4,711 $5,378 
Net income attributable to noncontrolling interests$131 $133 
Net income attributable to Verizon4,580 5,245 
Net Income$4,711 $5,378 
Basic Earnings Per Common Share
Net income attributable to Verizon$1.09 $1.27 
Weighted-average shares outstanding (in millions)4,201 4,141 
Diluted Earnings Per Common Share
Net income attributable to Verizon$1.09 $1.27 
Weighted-average shares outstanding (in millions)4,202 4,142 
See Notes to Condensed Consolidated Financial Statements

4

Condensed Consolidated Statements of Comprehensive Income
Verizon Communications Inc. and Subsidiaries
 Three Months Ended
March 31,
(dollars in millions) (unaudited)20222021
Net Income$4,711 $5,378 
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit
Foreign currency translation adjustments, net of tax of $(6) and $8
(29)(38)
Unrealized gain on cash flow hedges, net of tax of $(72) and $(340)
207 909 
Unrealized loss on marketable securities, net of tax of $5 and $1
(18)(5)
Defined benefit pension and postretirement plans, net of tax of $48 and $51
(139)(155)
Other comprehensive income attributable to Verizon21 711 
Total Comprehensive Income$4,732 $6,089 
Comprehensive income attributable to noncontrolling interests$131 $133 
Comprehensive income attributable to Verizon4,601 5,956 
Total Comprehensive Income$4,732 $6,089 
See Notes to Condensed Consolidated Financial Statements
5

Condensed Consolidated Balance Sheets
Verizon Communications Inc. and Subsidiaries
At March 31,At December 31,
(dollars in millions, except per share amounts) (unaudited)20222021
Assets
Current assets
Cash and cash equivalents
$1,661 $2,921 
Accounts receivable
24,474 24,742 
Less Allowance for credit losses
859 896 
Accounts receivable, net 23,615 23,846 
Inventories
3,659 3,055 
Prepaid expenses and other
6,645 6,906 
Total current assets35,580 36,728 
Property, plant and equipment292,568 289,897 
Less Accumulated depreciation
192,725 190,201 
Property, plant and equipment, net99,843 99,696 
Investments in unconsolidated businesses1,074 1,061 
Wireless licenses148,083 147,619 
Goodwill28,629 28,603 
Other intangible assets, net11,432 11,677 
Operating lease right-of-use assets27,494 27,883 
Other assets13,581 13,329 
Total assets$365,716 $366,596 
Liabilities and Equity
Current liabilities
Debt maturing within one year$13,421 $7,443 
Accounts payable and accrued liabilities18,169 24,833 
Current operating lease liabilities3,847 3,859 
Other current liabilities11,148 11,025 
Total current liabilities46,585 47,160 
Long-term debt139,961 143,425 
Employee benefit obligations15,104 15,410 
Deferred income taxes41,341 40,685 
Non-current operating lease liabilities22,932 23,203 
Other liabilities14,618 13,513 
Total long-term liabilities233,956 236,236 
Commitments and Contingencies (Note 11)
Equity
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)
  
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period)
429 429 
Additional paid in capital13,874 13,861 
Retained earnings73,891 71,993 
Accumulated other comprehensive loss(906)(927)
Common stock in treasury, at cost (91,789,945 and 93,634,725 shares outstanding)
(4,023)(4,104)
Deferred compensation – employee stock ownership plans (ESOPs) and other497 538 
Noncontrolling interests1,413 1,410 
Total equity85,175 83,200 
Total liabilities and equity$365,716 $366,596 
See Notes to Condensed Consolidated Financial Statements
6

Condensed Consolidated Statements of Cash Flows
Verizon Communications Inc. and Subsidiaries
Three Months Ended
 March 31,
(dollars in millions) (unaudited)20222021
Cash Flows from Operating Activities
Net Income$4,711 $5,378 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense4,236 4,174 
Employee retirement benefits(210)(253)
Deferred income taxes627 762 
Provision for expected credit losses328 224 
Equity in losses of unconsolidated businesses, net of dividends received7 19 
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses(3,492)(41)
Other, net614 (569)
Net cash provided by operating activities6,821 9,694 
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)(5,821)(4,494)
Acquisitions of businesses, net of cash acquired (408)
Acquisitions of wireless licenses(1,838)(44,783)
Other, net(336)32 
Net cash used in investing activities(7,995)(49,653)
Cash Flows from Financing Activities
Proceeds from long-term borrowings3,604 31,383 
Proceeds from asset-backed long-term borrowings3,545 1,000 
Repayments of long-term borrowings and finance lease obligations(6,556)(302)
Repayments of asset-backed long-term borrowings(1,650)(732)
Dividends paid(2,654)(2,601)
Other, net3,956 (792)
Net cash provided by financing activities245 27,956 
Decrease in cash, cash equivalents and restricted cash(929)(12,003)
Cash, cash equivalents and restricted cash, beginning of period4,161 23,498 
Cash, cash equivalents and restricted cash, end of period (Note 1)$3,232 $11,495 
See Notes to Condensed Consolidated Financial Statements

7

Notes to Condensed Consolidated Financial Statements (Unaudited)
Verizon Communications Inc. and Subsidiaries
Note 1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and based upon Securities and Exchange Commission rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements included in Verizon Communications Inc.'s (Verizon or the Company) Annual Report on Form 10-K for the year ended December 31, 2021. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year.

Earnings Per Common Share
There were a total of approximately 1.5 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three months ended March 31, 2022. There were a total of approximately 1.6 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three months ended March 31, 2021.

Cash, Cash Equivalents and Restricted Cash
We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds.

Cash collections on the device payment plan agreement receivables collateralizing our asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets.

Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets:
At March 31,At December 31,Increase / (Decrease)
(dollars in millions)
20222021
Cash and cash equivalents$1,661 $2,921 $(1,260)
Restricted cash:
Prepaid expenses and other
1,430 1,094 336 
Other assets
141 146 (5)
Cash, cash equivalents and restricted cash$3,232 $4,161 $(929)

Note 2. Revenues and Contract Costs
We earn revenue from contracts with customers, primarily through the provision of telecommunications and other services and through the sale of wireless equipment.

Revenue by Category
We have two reportable segments that we operate and manage as strategic business units, Consumer and Business. Revenue is disaggregated by products and services within Consumer, and customer groups (Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale) within Business. See Note 10 for additional information on revenue by segment. Corporate and other primarily includes insurance captive revenues.

We also earn revenues that are not accounted for under Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers" (Topic 606) from leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent. As allowed by the practical expedient within ASU 2016-02, "Leases" (Topic 842), we have elected to combine the lease and non-lease components for those arrangements of customer premise equipment where we are the lessor as components accounted for under Topic 606. During the three months ended March 31, 2022 and March 31, 2021, revenues from arrangements that were not accounted for under Topic 606 were approximately $830 million and $735 million, respectively.

Remaining Performance Obligations
When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price may relate to service performance obligations which were not satisfied or are partially satisfied as of the end of the reporting
8

period. Below we disclose information relating to these unsatisfied performance obligations. We apply the practical expedient available under Topic 606 that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less. This situation primarily arises with respect to certain month-to-month service contracts. At March 31, 2022, month-to-month service contracts represented approximately 94% of our wireless postpaid contracts and approximately 88% of our wireline Consumer and Small and Medium Business contracts, compared to March 31, 2021, for which month-to-month service contracts represented approximately 91% of our wireless postpaid contracts and 78% of our wireline Consumer and Small and Medium Business contracts.

Additionally, certain contracts provide customers the option to purchase additional services. The fees related to these additional services are recognized when the customer exercises the option (typically on a month-to-month basis).

Contracts for wireless services, with or without promotional credits that require maintenance of service, are generally either month-to-month and cancellable at any time, considered to contain terms ranging from greater than one month to up to thirty-six months (typically under a device payment plan), or contain terms ranging from greater than one month to up to twenty-four months (typically under a fixed-term plan). Additionally, customers may incur charges based on usage or additional optional services purchased in conjunction with entering into a contract that can be cancelled at any time and therefore are not included in the transaction price. The transaction price allocated to service performance obligations, which are not satisfied or are partially satisfied as of the end of the reporting period, are generally related to contracts that are not accounted for as month-to-month contracts.

Our Consumer group customers also include traditional wholesale resellers that purchase and resell wireless service under their own brands to their respective customers. Reseller arrangements generally include a stated contract term, which typically extends longer than two years and, in some cases, include a periodic minimum revenue commitment over the contract term for which revenues will be recognized in future periods.

Consumer customer contracts for wireline services are generally month-to-month; however, they may have a service term of two years or shorter than twelve months. Certain contracts with Business customers for wireline services extend into future periods, contain fixed monthly fees and usage-based fees, and can include annual commitments in each year of the contract or commitments over the entire specified contract term; however, a significant number of contracts for wireline services with our Business customers have a contract term that is twelve months or less.

Additionally, there are certain contracts with Business customers for wireline and telematics services that have a contractual minimum fee over the total contract term. We cannot predict the time period when revenue will be recognized related to those contracts; thus, they are excluded from the time bands below. These contracts have varying terms spanning over approximately nine years ending in August 2031 and have aggregate contract minimum payments totaling $2.1 billion.

At March 31, 2022, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the remainder of 2022, 2023 and thereafter was $14.4 billion, $11.3 billion and $4.8 billion, respectively. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications.

Accounts Receivable and Contract Balances
The timing of revenue recognition may differ from the time of billing to our customers. Receivables presented in our condensed consolidated balance sheets represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract.

Contract assets primarily relate to our rights to consideration for goods or services provided to customers but for which we do not have an unconditional right at the reporting date. Under a fixed-term plan, total contract revenue is allocated between wireless service and equipment revenues. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer when the performance obligation related to the transfer of control of the equipment is satisfied. The contract asset is reclassified to accounts receivable as wireless services are provided and billed. We have the right to bill the customer as service is provided over time, which results in our right to the payment being unconditional. The contract asset balances are presented in our condensed consolidated balance sheets as Prepaid expenses and other and Other assets. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability.

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the goods or services promised in the contract. We typically bill service one month in advance, which is the primary component of the contract liability balance. Contract liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in our condensed consolidated balance sheets as Other current liabilities and Other liabilities.

9

The following table presents information about receivables from contracts with customers:
At March 31,At January 1,At March 31,At January 1,
(dollars in millions)2022202220212021
Receivables(1)
$10,419 $10,758 $10,821 $12,029 
Device payment plan agreement receivables(2)
13,478 12,888 10,409 10,358 
(1)Balances do not include receivables related to the following contracts: leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent.
(2)Included in device payment plan agreement receivables presented in Note 6. Receivables derived from the sale of equipment on a device payment plan through an authorized agent are excluded.

The following table presents information about contract balances:
At March 31,At January 1,At March 31,At January 1,
(dollars in millions)2022202220212021
Contract asset$909 $934 $923 $937 
Contract liability(1)
7,504 7,229 5,783 5,598 
(1) Revenue recognized related to contract liabilities existing at January 1, 2022 and January 1, 2021 were $4.3 billion and $3.9 billion for the three months ended March 31, 2022 and March 31, 2021, respectively.

The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows:
At March 31,At December 31,
(dollars in millions)20222021
Assets
Prepaid expenses and other$720 $739 
Other assets189 195 
Total$909 $934 
Liabilities
Other current liabilities$6,222 $6,053 
Other liabilities1,282 1,176 
Total$7,504 $7,229 

Contract Costs
Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which are then amortized to expense over the respective periods of expected benefit. We recognize an asset for incremental commission expenses paid to internal and external sales personnel and agents in conjunction with obtaining customer contracts. We only defer these costs when we have determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recoverable. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain wireless contracts are amortized over both of our Consumer and Business customers' estimated device upgrade cycles, as such costs are typically incurred each time a customer upgrades. Costs to obtain wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers. Incremental costs to obtain wireline contracts for our Business customers are insignificant. Costs to obtain contracts are recorded in Selling, general and administrative expense.

We also defer costs incurred to fulfill contracts that: (1) relate directly to the contract; (2) are expected to generate resources that will be used to satisfy our performance obligation under the contract; and (3) are expected to be recovered through revenue generated under the contract. Contract fulfillment costs are expensed as we satisfy our performance obligations and recorded in Cost of services. These costs principally relate to direct costs that enhance our wireline business resources, such as costs incurred to install circuits.

We determine the amortization periods for our costs incurred to obtain or fulfill a customer contract at a portfolio level due to the similarities within these customer contract portfolios.

Other costs, such as general costs or costs related to past performance obligations, are expensed as incurred.

Collectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized over a two-to six-year period. Deferred contract costs are classified as current or non-current within Prepaid expenses and other and Other assets, respectively.

10

The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows:
At March 31,At December 31,
(dollars in millions)20222021
Assets
Prepaid expenses and other$2,454 $2,432 
Other assets2,262 2,259 
Total$4,716 $4,691 

For the three months ended March 31, 2022 and 2021, we recognized expense of $749 million and $765 million, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income.

We assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the three months ended March 31, 2022 or March 31, 2021.

Note 3. Acquisitions and Divestitures
Spectrum License Transactions
In February 2021, the FCC concluded Auction 107 for C-Band wireless spectrum. 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 $7.7 billion. During the year ended December 31, 2021, we made payments of $1.3 billion primarily related to certain obligations for projected clearing costs. In January 2022, we made additional payments of $1.4 billion for obligations related to accelerated clearing incentives, which were accrued as of December 31, 2021. We expect to continue to make payments related to clearing cost and incentive payment obligations through 2024. These payments are dependent on the incumbent license holders accelerated clearing of the spectrum for Verizon’s use and, therefore, the final timing and amounts could differ based on the incumbent holders’ execution of their clearing process. In accordance with the FCC order, the clearing must be completed by December 2025. 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.

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 December 2023 timeframe. This early clearance, if successful, would accelerate Verizon's access to more spectrum in a number of key markets to support its 5G initiatives.

During the three months ended March 31, 2022 and 2021, we entered into and completed various other wireless license acquisitions for cash consideration of an insignificant amount and $90 million, respectively. We recognized a pre-tax loss in connection with the sale of certain wireless licenses during the three months ended March 31, 2021 of $223 million ($167 million after-tax).

TracFone Wireless, Inc.
In September 2020, we entered into a purchase agreement (TracFone Purchase Agreement) with América Móvil to acquire TracFone Wireless, Inc. (TracFone), a leading provider of prepaid and value mobile services in the U.S. The transaction closed on November 23, 2021 (the Acquisition Date). The acquisition positions Verizon as the leading prepaid, value and premium wireless carrier by expanding Verizon’s portfolio, bringing enhanced access of our wireless network and comprehensive suite of mobility products and services to a new customer base.

In accordance with the terms of the TracFone Purchase Agreement, 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, subject to customary adjustments, 57,596,544 shares of Verizon common stock 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 Verizon common stock was determined on the basis of its closing market price on the Acquisition Date. The estimated fair value of the contingent consideration as of the Acquisition Date was approximately $542 million and represents a Level 3 measurement as defined in ASC 820, Fair Value Measurements and Disclosures. See Note 7 for additional information. The contingent consideration payable is based on the achievement of certain revenue and operational targets, measured over a two-year earn out period, as defined in the TracFone Purchase Agreement. Payments related to the contingent consideration are expected to begin in 2022 and continue through 2024.
11


The TracFone acquisition was accounted for as a business combination. The purchase consideration was preliminarily allocated to the assets acquired and liabilities assumed based on their fair values as of the Acquisition Date.

The following table summarizes the preliminary allocation of the consideration paid and payable to the identified assets acquired and liabilities assumed as of the Acquisition Date. The purchase price allocation is preliminary and is subject to revision as additional information about the fair value of the assets acquired and liabilities assumed, including related deferred income taxes, become available.

November 23,
Measurement Period Adjustments(1)
Adjusted
(dollars in millions)2021Fair Value
Consideration:
Cash, net of cash acquired and working capital and other adjustments$3,491 $ $3,491 
    Fair value of Verizon common stock (57,596,544 shares)
2,981  2,981 
    Fair value of contingent consideration to be paid
542  542 
Total consideration$7,014 $ $7,014 
Assets acquired:
Current assets$1,370 $(4)$1,366 
Property, plant and equipment, net96 (1)95 
Goodwill3,723 30 3,753 
Other intangible assets4,374  4,374 
Other assets731 (3)728 
Total assets acquired$10,294 $22 $10,316 
Liabilities assumed:
Current liabilities1,433 32 1,465 
Deferred income taxes1,007 (10)997 
Other liabilities840  840 
    Total liabilities assumed$3,280 $22 $3,302 
Net assets acquired$7,014 $ $7,014 
(1) Adjustments to the fair value measurements reflect new information obtained about facts and circumstances that existed as of the Acquisition Date, that if known, would have affected the measurement of the amounts recognized as of that date. The most significant adjustments related to an increase in goodwill and deferred commission costs.

Other intangible assets include $2.3 billion related to customer relationships, $1.3 billion related to distribution relationships, $744 million related to trade names and $110 million related to acquired technology.

Goodwill is calculated as the difference between the Acquisition Date fair value of the consideration paid and payable and the fair value of the net assets acquired, representing future economic benefits that we expect to achieve as a result of the acquisition. The goodwill related to this acquisition is included within the Consumer segment.

Pursuant to the TracFone Purchase Agreement, América Móvil agreed to indemnify Verizon against pre-acquisition tax matters. As of the Acquisition Date, we have recorded uncertain tax liabilities and offsetting indemnification assets of $730 million, for the expected reimbursement of tax related matters that had not been resolved as of the Acquisition Date. The liabilities are presented in Other liabilities, and the indemnification assets are presented in Other assets, within our condensed consolidated balance sheets. We expect that any additional liabilities that may arise related to these indemnified matters would be indemnified and reimbursed by América Móvil.

Bluegrass Cellular
In October 2020, we entered into a definitive agreement to acquire certain assets of Bluegrass Cellular (Bluegrass), a rural wireless operator serving central Kentucky. Bluegrass provides wireless service to 210,000 customers in 34 counties in rural service areas 3, 4, and 5 in Central Kentucky. The transaction closed in March 2021. The aggregate cash consideration paid by Verizon at the closing of the transaction was approximately $412 million, net of cash acquired.

The acquisition of Bluegrass was accounted for as a business combination. The consideration was allocated to the assets acquired and liabilities assumed based on their fair values as of the close of the acquisition. We recorded approximately $141 million of plant, property and equipment, $135 million of intangible assets and $92 million of goodwill. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired. The goodwill represents future economic benefits that we expect to achieve as a result of the acquisition. The goodwill related to this acquisition is included within the Consumer segment.
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Verizon Media Divestiture
On May 2, 2021, Verizon entered into a definitive agreement with an affiliate of Apollo Global Management Inc. (the Apollo Affiliate) pursuant to which we agreed to sell Verizon Media Group (Verizon Media) in return for consideration of $4.3 billion in cash, subject to customary adjustments, $750 million in non-convertible preferred limited partnership units of the Apollo Affiliate, and 10% of the fully-diluted common limited partnership units of the Apollo Affiliate.

On September 1, 2021, we completed the sale of Verizon Media. As of the close of the transaction, cash proceeds, the fair value of the non-convertible preferred limited partnership units of 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.

On September 28, 2021, the Apollo Affiliate redeemed $100 million of Verizon’s preferred limited partnership interest. The carrying value of our preferred limited partnership interest as of March 31, 2022 was $396 million. Verizon’s 10% common interest in the Apollo Affiliate is accounted for as an equity method investment. The post-sale results of Verizon’s common ownership interest in the Apollo Affiliate are recorded through the equity method of accounting, within Corporate and other.

In connection with the closing of the transaction, we entered into Transition Services Agreements with the Apollo Affiliate, under which Verizon will continue to provide and receive specified administrative and technical services to support operations for up to 12 months and 18 months, respectively.

Under our ownership, Verizon Media generated revenues from contracts with customers under Topic 606 of approximately $1.9 billion during the three months ended March 31, 2021.

Note 4. Wireless Licenses, Goodwill, and Other Intangible Assets
Wireless Licenses
The carrying amounts of our Wireless licenses are as follows:
At March 31,At December 31,
(dollars in millions)20222021
Wireless licenses$148,083 $147,619 

At March 31, 2022 and 2021, approximately $53.2 billion and $53.5 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded approximately $452 million and $79 million of capitalized interest on wireless licenses for the three months ended March 31, 2022 and 2021, respectively. We recorded $35 million of capitalized interest on Deposits for wireless licenses during the three months ended March 31, 2021.

During the three months ended March 31, 2022, we renewed various wireless licenses in accordance with FCC regulations. The average renewal period for these licenses was 15 years.

Goodwill
Changes in the carrying amount of Goodwill are as follows:
(dollars in millions)ConsumerBusinessOtherTotal
Balance at January 1, 2022$21,042 $7,515 $46 $28,603 
Acquisitions (1)
30   30 
Reclassifications, adjustments and other (2)(2)(4)
Balance at March 31, 2022$21,072 $7,513 $44 $28,629 
(1) The change in goodwill relates to the acquisition of TracFone. See Note 3 for additional information.

Other Intangible Assets
The following table displays the composition of Other intangible assets, net as well as the respective amortization period:
 At March 31, 2022At December 31, 2021
(dollars in millions)Gross
Amount
Accumulated
Amortization
Net
Amount
Gross
Amount
Accumulated
Amortization
Net
Amount
Customer lists (5 to 13 years)
$4,202 $(1,281)$2,921 $4,201 $(1,126)$3,075 
Non-network internal-use software (5 to 7 years)
21,659 (15,258)6,401 21,310 (14,897)6,413 
Other (4 to 25 years)
2,984 (874)2,110 2,974 (785)2,189 
Total$28,845 $(17,413)$11,432 $28,485 $(16,808)$11,677 
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The amortization expense for Other intangible assets was as follows: 
Three Months Ended
(dollars in millions)March 31,
2022$635 
2021629 

The estimated future amortization expense for Other intangible assets for the remainder of the current year and next 5 years is as follows:
Years(dollars in millions)
Remainder of 2022$1,886 
20232,329 
20242,037 
20251,848 
20261,577 
2027842 

Note 5. Debt
Significant Debt Transactions
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.

The following tables show the significant transactions involving the senior unsecured debt securities of Verizon and its subsidiaries that occurred during the three months ended March 31, 2022.

Tender Offers
(dollars in millions)Principal Amount Purchased
Cash Consideration(1)
Verizon and subsidiary 2.987% - 8.950% notes, due 2032 - 2056
$5,032 $5,587 
(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase.

Repayments, Redemptions and Repurchases
(dollars in millions)Principal Repaid/ Redeemed/ Repurchased
Amount Paid (1)
Verizon floating rate (London Inter-Bank Offered Rate + 1.000%) notes due 2022
$1,094 $1,097 
(1) Represents amount paid to repay, redeem, or repurchase, including any accrued interest.

Issuances
(dollars in millions)Principal Amount Issued
Net Proceeds (1)
Verizon 3.875% notes due 2052 (2)
$1,000 $982 
Verizon 4.100% notes due 2055
655 650 
Total$1,655 $1,632 
(1) Net proceeds were net of underwriting discounts and other issuance costs.
(2) An amount equal to the net proceeds from this green bond is expected to be used to fund, in whole or in part, certain renewable energy projects, including new and existing investments made by us during the period from December 1, 2021 through the maturity date of the green bond.

Short-Term Borrowing and Commercial Paper Program
In March 2022, we entered into a short-term uncommitted credit facility with the ability to borrow up to $1.0 billion. As of March 31, 2022, there was an outstanding balance of $1.0 billion under the facility.

During the three months ended March 31, 2022, we issued $9.4 billion in commercial paper and we repaid $5.6 billion of commercial paper. As of March 31, 2022, we had $3.8 billion of commercial paper outstanding. These transactions were recorded within Other, net cash flow from financing in our condensed consolidated statements of cash flows.

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Asset-Backed Debt
As of March 31, 2022, the carrying value of our asset-backed debt was $16.1 billion. 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). 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. Under the terms of our asset-backed debt, Cellco Partnership (Cellco), a wholly-owned subsidiary of Verizon, and certain other affiliates of Verizon (collectively, the Originators) transfer device payment plan agreement receivables to one of the ABS Entities, which in turn transfers such receivables to another ABS Entity that issues the debt. 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.

Our asset-backed debt is secured by the transferred device payment plan agreement receivables and future collections on such receivables. The device payment plan agreement receivables 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 device payment plan agreement receivables, 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. 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. Under a parent support agreement, Verizon has agreed to guarantee certain of the payment obligations of Cellco and the Originators to the ABS Entities.

Cash collections on the device payment plan agreement receivables collateralizing our asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets.

Proceeds from our asset-backed debt transactions are reflected in Cash flows from financing activities in our condensed consolidated statements of cash flows. The asset-backed debt issued and the assets securing this debt are included in our condensed consolidated balance sheets.

ABS Notes
During the three months ended March 31, 2022, we completed the following ABS Notes transactions: