Verizon communications inc
NYSE: VZ $58.09 1.24%
Balance Sheet
At
(dollars in millions, except per share amounts) (unaudited) March 31, 2019 December 31, 2018
Assets
Current assets
Cash and cash equivalents 2,322 2,745
Accounts receivable, net of allowances of $744 and $765 24,469 25,102
Inventories 1,417 1,336
Prepaid expenses and other 5,189 5,453
Total current assets 33,397 34,636
Property, plant and equipment 254,457 252,835
Less accumulated depreciation 166,608 163,549
Property, plant and equipment, net 87,849 89,286
Investments in unconsolidated businesses 674 671
Wireless licenses 94,237 94,130
Goodwill 24,635 24,614
Other intangible assets, net 9,608 9,775
Operating lease right-of-use assets 23,105 0
Other assets 10,442 11,717
Total assets 283,947 264,829
Liabilities and Equity
Current liabilities
Debt maturing within one year 8,614 7,190
Accounts payable and accrued liabilities 18,664 22,501
Current operating lease liabilities 2,997 0
Other current liabilities 8,332 8,239
Total current liabilities 38,607 37,930
Long-term debt 105,045 105,873
Employee benefit obligations 17,888 18,599
Deferred income taxes 34,344 33,795
Non-current operating lease liabilities 18,971 0
Other liabilities 11,632 13,922
Total long-term liabilities 187,880 172,189
Commitments and Contingencies (Note 12)
Equity
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued) 0 0
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 issued in each period) 429 429
Additional paid in capital 13,418 13,437
Retained earnings 46,493 43,542
Accumulated other comprehensive income 2,216 2,370
Common stock in treasury, at cost (155,727,000 and 159,400,267 shares outstanding) -6,825 -6,986
Deferred compensation employee stock ownership plans and other 125 353
Noncontrolling interests 1,604 1,565
Total equity 57,460 54,710
Total liabilities and equity 283,947 264,829
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Statements of Income
Three Months Ended March 31,
(dollars in millions, except per share amounts) (unaudited) 2019 2018
Operating Revenues
Service revenues and other 27,197 26,732
Wireless equipment revenues 4,931 5,040
Total Operating Revenues 32,128 31,772
Operating Expenses
Cost of services (exclusive of items shown below) 7,792 7,946
Wireless cost of equipment 5,198 5,309
Selling, general and administrative expense 7,198 6,844
Depreciation and amortization expense 4,231 4,324
Total Operating Expenses 24,419 24,423
Operating Income 7,709 7,349
Equity in losses of unconsolidated businesses -6 -19
Other income (expense), net 295 -75
Interest expense -1,210 -1,201
Income Before Provision For Income Taxes 6,788 6,054
Provision for income taxes -1,628 -1,388
Net Income 5,160 4,666
Net income attributable to noncontrolling interests 128 121
Net income attributable to Verizon 5,032 4,545
Net Income 5,160 4,666
Basic Earnings Per Common Share
Net income attributable to Verizon 1.22 1.11
Weighted-average shares outstanding (in millions) 4,138 4,104
Diluted Earnings Per Common Share
Net income attributable to Verizon 1.22 1.11
Weighted-average shares outstanding (in millions) 4,140 4,107
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Cash Flows
Three Months Ended March 31,
(dollars in millions) (unaudited) 2019 2018
Cash Flows from Operating Activities
Net Income 5,160 4,666
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 4,231 4,324
Employee retirement benefits -195 -151
Deferred income taxes 459 702
Provision for uncollectible accounts 319 239
Equity in losses of unconsolidated businesses, net of dividends received 21 30
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses -2,702 -2,033
Discretionary employee benefits contributions -300 -1,000
Other, net 88 -129
Net cash provided by operating activities 7,081 6,648
Cash Flows from Investing Activities
Capital expenditures (including capitalized software) -4,268 -4,552
Acquisitions of businesses, net of cash acquired -25 -32
Acquisitions of wireless licenses -104 -970
Other, net -406 269
Net cash used in investing activities -4,803 -5,285
Cash Flows from Financing Activities
Proceeds from long-term borrowings 2,131 1,956
Proceeds from asset-backed long-term borrowings 1,117 1,178
Repayments of long-term borrowings and finance lease obligations -2,963 -2,984
Repayments of asset-backed long-term borrowings -813 0
Dividends paid -2,489 -2,407
Other, net 360 941
Net cash used in financing activities -2,657 -1,316
Increase (decrease) in cash, cash equivalents and restricted cash -379 47
Cash, cash equivalents and restricted cash, beginning of period 3,916 2,888
Cash, cash equivalents and restricted cash, end of period (Note 1) 3,537 2,935
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