Verizon Communications Inc., adjusted current assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current assets	40,523)	36,814)	37,857)	36,728)	54,594)
Adjustments
Add: Allowance for credit losses	1,152)	1,017)	826)	896)	1,252)
After Adjustment
Adjusted current assets	41,675)	37,831)	38,683)	37,624)	55,846)

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Verizon Communications Inc., adjusted total assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total assets	384,711)	380,255)	379,680)	366,596)	316,481)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for credit losses	1,152)	1,017)	826)	896)	1,252)
Less: Deferred tax assets²	149)	148)	173)	168)	88)
After Adjustment
Adjusted total assets	385,714)	381,124)	380,333)	367,324)	317,645)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

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Verizon Communications Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total liabilities	284,136)	286,456)	287,217)	283,396)	247,209)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	46,732)	45,781)	43,441)	40,685)	35,711)
After Adjustment
Adjusted total liabilities	237,404)	240,675)	243,776)	242,711)	211,498)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Verizon Communications Inc., adjusted equity attributable to Verizon

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Equity attributable to Verizon	99,237)	92,430)	91,144)	81,790)	67,842)
Adjustments
Less: Net deferred tax asset (liability)¹	(46,583)	(45,633)	(43,268)	(40,517)	(35,623)
Add: Allowance for credit losses	1,152)	1,017)	826)	896)	1,252)
Add: Noncontrolling interests	1,338)	1,369)	1,319)	1,410)	1,430)
After Adjustment
Adjusted total equity	148,310)	140,449)	136,557)	124,613)	106,147)

¹ Net deferred tax asset (liability). See details »

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Verizon Communications Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Debt maturing within one year	22,633)	12,973)	9,963)	7,443)	5,889)
Long-term debt, excluding maturing within one year	121,381)	137,701)	140,676)	143,425)	123,173)
Total reported debt	144,014)	150,674)	150,639)	150,868)	129,062)
Equity attributable to Verizon	99,237)	92,430)	91,144)	81,790)	67,842)
Total reported capital	243,251)	243,104)	241,783)	232,658)	196,904)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liabilities²	4,415)	4,266)	4,134)	3,859)	3,485)
Add: Non-current operating lease liabilities³	19,928)	20,002)	21,558)	23,203)	18,000)
Adjusted total debt	168,357)	174,942)	176,331)	177,930)	150,547)
Adjustments to Equity
Less: Net deferred tax asset (liability)⁴	(46,583)	(45,633)	(43,268)	(40,517)	(35,623)
Add: Allowance for credit losses	1,152)	1,017)	826)	896)	1,252)
Add: Noncontrolling interests	1,338)	1,369)	1,319)	1,410)	1,430)
Adjusted total equity	148,310)	140,449)	136,557)	124,613)	106,147)
After Adjustment
Adjusted total capital	316,667)	315,391)	312,888)	302,543)	256,694)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Non-current operating lease liabilities. See details »

⁴ Net deferred tax asset (liability). See details »

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Verizon Communications Inc., adjusted net income attributable to Verizon

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Net income attributable to Verizon	17,506)	11,614)	21,256)	22,065)	17,801)
Adjustments
Add: Deferred income tax expense (benefit)¹	815)	2,388)	2,973)	4,264)	1,553)
Add: Increase (decrease) in allowance for credit losses	135)	191)	(70)	(356)	519)
Add: Other comprehensive income (loss), net of tax	457)	485)	(938)	(856)	(1,069)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	443)	481)	492)	553)	547)
After Adjustment
Adjusted net income	19,356)	15,159)	23,713)	25,670)	19,351)

¹ Deferred income tax expense (benefit). See details »

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Verizon Communications Inc. (NYSE:VZ)

Adjustments to Financial Statements