|
Debt (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Combined Schedule of Current and Noncurrent Debt and Capital Lease Obligations |
Changes to debt during 2014
are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(dollars in
millions) |
|
|
|
|
Debt Maturing
within One Year |
|
|
Long-term
Debt |
|
|
Total |
|
|
Balance at January 1,
2014
|
|
$ |
3,933 |
|
|
$ |
89,658 |
|
|
$ |
93,591 |
|
|
Proceeds from long-term
borrowings
|
|
|
– |
|
|
|
30,967 |
|
|
|
30,967 |
|
|
Verizon Notes
|
|
|
– |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
Preferred Stock
(Mandatorily Redeemable)
|
|
|
– |
|
|
|
1,650 |
|
|
|
1,650 |
|
|
Repayments of long-term
borrowings and capital leases obligations
|
|
|
(4,022 |
) |
|
|
(13,647 |
) |
|
|
(17,669 |
) |
|
Decrease in short-term
obligations, excluding current maturities
|
|
|
(475 |
) |
|
|
– |
|
|
|
(475 |
) |
|
Reclassifications of
long-term debt
|
|
|
2,739 |
|
|
|
(2,739 |
) |
|
|
– |
|
|
Other
|
|
|
560 |
|
|
|
(353 |
) |
|
|
207 |
|
|
|
|
|
|
|
Balance at
December 31, 2014
|
|
$ |
2,735 |
|
|
$ |
110,536 |
|
|
$ |
113,271 |
|
|
|
|
|
|
|
| Debt Maturing within One Year |
Debt maturing within one
year is as follows:
|
|
|
|
|
|
|
|
|
| |
|
(dollars in millions) |
|
| At December 31, |
|
2014 |
|
|
2013 |
|
|
Long-term debt maturing
within one year
|
|
$ |
2,397 |
|
|
$ |
3,486 |
|
|
Short-term notes
payable
|
|
|
319 |
|
|
|
– |
|
|
Commercial paper and
other
|
|
|
19 |
|
|
|
447 |
|
|
|
|
|
|
|
Total debt maturing within
one year
|
|
$ |
2,735 |
|
|
$ |
3,933 |
|
|
|
|
|
|
|
| Long-term Debt Table |
Outstanding long-term debt
obligations are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
(dollars in
millions) |
|
|
At
December 31, |
|
Interest Rates % |
|
Maturities |
|
|
2014 |
|
|
2013 |
|
|
Verizon
Communications–notes payable and other
|
|
0.30 – 3.85 |
|
|
2015 – 2042 |
|
|
$ |
27,617 |
|
|
$ |
20,416 |
|
|
|
4.15 – 5.50 |
|
|
2018 – 2054 |
|
|
|
40,701 |
|
|
|
20,226 |
|
|
|
5.85 – 6.90 |
|
|
2018 – 2054 |
|
|
|
24,341 |
|
|
|
31,965 |
|
|
|
7.35 – 8.95 |
|
|
2018 – 2039 |
|
|
|
2,264 |
|
|
|
5,023 |
|
|
|
Floating |
|
|
2015 – 2025 |
|
|
|
14,600 |
|
|
|
5,500 |
|
|
|
|
|
|
|
Verizon
Wireless–notes payable and other
|
|
8.75 – 8.88 |
|
|
2015 – 2018 |
|
|
|
676 |
|
|
|
3,931 |
|
|
Verizon
Wireless–Alltel assumed notes
|
|
6.80 – 7.88 |
|
|
2029 – 2032 |
|
|
|
686 |
|
|
|
1,300 |
|
|
Telephone
subsidiaries—debentures
|
|
5.13 – 6.86 |
|
|
2027 – 2033 |
|
|
|
1,075 |
|
|
|
1,075 |
|
|
|
7.38 – 7.88 |
|
|
2022 – 2032 |
|
|
|
1,099 |
|
|
|
1,099 |
|
|
|
8.00 – 8.75 |
|
|
2019 – 2031 |
|
|
|
880 |
|
|
|
880 |
|
|
|
|
|
|
|
Other
subsidiaries—debentures and other
|
|
6.84 – 8.75 |
|
|
2018 – 2028 |
|
|
|
1,432 |
|
|
|
1,700 |
|
|
|
|
|
|
|
Capital lease obligations
(average rate of 4.0% and 8.1% in 2014 and 2013,
respectively)
|
|
|
|
|
|
|
|
|
516 |
|
|
|
293 |
|
|
Unamortized discount, net
of premium
|
|
|
|
|
|
|
|
|
(2,954 |
) |
|
|
(264) |
|
|
|
|
|
|
|
|
|
|
Total long-term debt,
including current maturities
|
|
|
|
|
|
|
|
|
112,933 |
|
|
|
93,144 |
|
|
Less long-term debt
maturing within one year
|
|
|
|
|
|
|
|
|
2,397 |
|
|
|
3,486 |
|
|
|
|
|
|
|
|
|
|
Total long-term
debt
|
|
|
|
|
|
|
|
$ |
110,536 |
|
|
$ |
89,658 |
|
|
|
|
|
|
|
|
|
|
| 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
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Maturities of Long-term Debt |
Maturities of long-term
debt outstanding at December 31, 2014 are as
follows:
|
|
|
|
|
|
Years |
|
(dollars in millions) |
|
|
2015
|
|
$ |
2,397 |
|
|
2016
|
|
|
6,114 |
|
|
2017
|
|
|
3,911 |
|
|
2018
|
|
|
6,529 |
|
|
2019
|
|
|
6,088 |
|
|
Thereafter
|
|
|
87,894 |
|
|