Price Graph
Price
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These terms and conditions govern your use of the website alphaminr.com and its related services.
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time.
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(Mark one)
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ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2018
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OR
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Delaware
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23-2259884
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(State or other jurisdiction
of incorporation or organization)
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(I.R.S. Employer Identification No.)
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1095 Avenue of the Americas
New York, New York
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10036
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $.10 par value
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New York Stock Exchange
The NASDAQ Global Select Market
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Item No.
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Page
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Certifications
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PART I
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Item 1. Business
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Wireless
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Wireless’ communications products and services include wireless voice and data services and equipment sales, which are provided to
consumer, business and government customers across the
United States (U.S.).
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Wireline
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Wireline’s
communications products and enhanced services include video and data services, corporate networking solutions, security and managed network services and local and long distance voice services. We provide these products and services to consumers in the U.S., as well as to carriers, businesses and government customers both in the U.S. and around the world.
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•
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Network reliability, capacity and coverage.
We consider a wireless network that consistently provides high-quality and reliable service to be a key differentiator in the U.S. market and driver of customer satisfaction. Lower prices, improved service quality and new wireless service offerings, which in many cases include video content, have led to increased customer usage of wireless services, which, in turn, puts pressure on network capacity. In order to compete effectively, wireless service providers must keep pace with network capacity needs and offer highly reliable national coverage through their networks. We believe that the depth and breadth of our network provides our fundamental strength and is the basis for our competitive advantage in the wireless marketplace.
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Pricing.
Service and equipment pricing play an important role in the wireless competitive landscape, with plans that address both the postpaid and prepaid customer.
As the demand for wireless services continues to grow, we and other wireless service providers are offering service plans at competitive prices that include voice services, data access and text messaging, in some cases on an unlimited basis.
Many other wireless service providers have also bundled wireless service offerings with other products while others offer promotional pricing and incentives targeted specifically to customers of Verizon Wireless. We and other
wireless service providers, as well as equipment manufacturers, also offer device payment options, which provide consumers with the ability to pay for their device over a period of time, and device leasing arrangements.
In addition, aggressive device promotions have also become more common in a highly penetrated market in order to gain share of subscribers interested in changing carriers.
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•
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Customer service.
We believe that high-quality customer service is a key factor in retaining customers and attracting new customers, including those of other wireless providers. Our customer service, retention and satisfaction programs are based on providing customers with convenient and easy-to-use products and services and focusing on their needs in order to promote long-term relationships and minimize churn. To promote long-term relationships with our customers, we launched the Verizon Up program, which offers a variety of rewards to customers in exchange for points they earn in connection with their account-related transactions with Verizon Wireless. The program offers customers discounts on products, services and access to experiences, such as sporting events, shows and concerts.
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Product and service development.
As wireless technologies develop and wireless broadband networks proliferate, continued customer and revenue growth will be increasingly dependent on the development of new and enhanced data products and services. We continue to pursue the development and rapid deployment of new and innovative wireless products and services both independently and in collaboration with application and content providers. We also collaborate with various device manufacturers in the development of distinctive smartphones and other wireless devices that can access the growing array of data applications and content available over the Internet. We continue to focus on increasing the penetration of smartphones, tablets and other connected devices throughout our customer base. In addition, as the price for smartphones has continued to increase in the market, our device protection services have grown in importance for consumers.
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Sales and distribution.
A key to achieving sales success in the wireless industry is the reach and quality of sales channels and distribution points. We believe that attaining the optimal combination of varying distribution channels is important to achieving industry-leading profitability, as measured by operating income. We strive to increase sales through our company-operated stores, outside sales teams and telemarketing, web-based sales and fulfillment capabilities, our extensive indirect distribution network of retail outlets and prepaid replenishment locations, and through manufacturers of laptops and netbooks that can access the Internet on our network at broadband speeds. In addition, we sell network access to both traditional resellers, which
resell network services to their end-users
, and to various companies to enable wireless communications for their IoT devices or services.
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Capital resources.
In order to expand the capacity and coverage of their networks and introduce new products and services, wireless service providers require significant capital resources. We generate significant cash flow from operations to enable continued investment.
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Fios Custom TV,
which provides customers with seven distinct package offerings. Each package includes the local versions of the major broadcast stations and other similar local content and then adds on more than 45 specialty channels driven by popular viewership choices;
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Fios Traditional TV,
which provides customers with a variety of package offerings. The most basic package offering includes more than 15 channels including core networks while the other packages all include access to more than 280 channels.
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Fios on Demand,
which gives Fios customers the ability to watch content virtually anytime and anywhere, on any compatible device. Customers who subscribe to Fios Internet and video services also have the ability to upload their photos, music and videos to their personal Fios on Demand Library, which gives them access to this content via various data-capable devices.
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Fios Multi-Room DVR,
which provides customers the ability to record up to 12 shows at once and control live TV from any room in their home.
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Internet.
We offer our enterprise and business customers the ability to connect to the Internet via our Fios Internet and our dedicated Internet access services, which provide extensive bandwidth, configuration and billing options designed to address specific business needs.
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Private Networks.
Our private networking services connect multiple business locations securely through our Private IP and Ethernet services, generally via fiber-optic based connectivity. Point to point connectivity via Ethernet or Wavelength is also available.
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Virtual and Software Defined Networks.
We provide our enterprise and business customers with the ability to leverage the power of Software Defined Networking technologies, such as SD-WAN or Virtual Network Services (VNS), with easily ordered and deployed "on demand" capabilities. These services can function "over the top" of our network or those of other carriers, enabling significant customer flexibility, advanced security options and digital/software enablement of their network.
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Voice over IP (VoIP).
Our VoIP services enable communications via our managed IP based communications services for enterprise and business customers that seek a hosted IP communications/phone system or an IP based telephony service for on-premise phone systems or private branch exchanges (PBX).
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Unified Communications & Collaboration (UC&C).
Our UC&C services, an expansion of our VoIP services, provide our business customers with unified tools for communications and collaboration, such as instant messaging and presence, and audio, video and web conferencing.
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Customer Experience/Contact Center.
We offer our business customers the ability to deliver integrated support services to their own customers, employees or constituents. Hosted and on-premise versions are available, which include the ability to support remote agents and integration with our business customer’s back office systems and tools.
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Bandwidth (speed) and network reliability.
Consumers and small business customers seek fast and reliable connections for entertainment, communications and productivity. As Internet use increases, so do bandwidth requirements, both downstream and upstream. We and other network-based providers must ensure that our networks can meet these increasing bandwidth requirements. In addition, network reliability and security are increasingly important competitive factors for our Enterprise Solutions and Business Markets customers, which include state and local government and education (SLED) customers and small and medium business (SMB) customers. We continue to invest in our network to be able to meet growing bandwidth demand and provide reliable and secure networks.
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Pricing.
Cable operators, telecommunications companies and integrated service providers use pricing to capture market share from incumbents. Pricing is also a significant factor as non-traditional modes of providing communication services emerge and new entrants compete for customers. For example, VoIP and portal-based voice and video calling is free or nearly free to customers and is often supported by advertising revenues.
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Customer service.
Customers expect industry-leading service from their service providers. As technologies and services evolve, the ability to excel in this area is important for customer acquisition and retention. For our Consumer Markets and Business Markets customers, we compete in this area through our service representatives and online support. We provide our Enterprise Solutions customers with ready access to their system and performance information and we conduct proactive testing of our network to identify issues before they affect their customers. In our Partner Solutions business, service improvement is achieved through continued system automation initiatives.
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Product differentiation.
As a result of pricing pressures, providers need to differentiate their products and services. Customers are shifting their focus from access to applications and are seeking ways to leverage their broadband and video connections. Converged features, such as integrated wireless and wireline functionality, are becoming similarly important, driven by both customer demand and technological advancement.
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Innovation.
The delivery of new and innovative products and services has been accelerating. To compete effectively, providers need to continuously review, improve and refine their product portfolio and customer service experience and develop and rapidly deploy new products and services tailored to the needs of customers.
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Search Platforms.
Our search properties serve as a guide for users to discover the information on the Internet that matters to them the most. Verizon Media serves click-based search advertisements generated by proprietary algorithmic technology, as well as advertisements from partners. Verizon Media provides the underlying search products that facilitate user searches within Verizon Media and third party partner properties. In December 2018, we entered into an exclusive search advertising agreement with Microsoft whereby Verizon Media will exclusively send traffic to Microsoft in event of an ad call, commencing the first quarter of 2019.
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Display Advertising.
Display advertising is made up of both graphical and performance-based advertising and takes the form of impression-based contracts, time-based contracts and performance-based contracts. Verizon Media display ads leverage a comprehensive set of proprietary data signals to identify and engage the right users on Verizon Media properties and across the web. Through Verizon Media platforms, we provide advertisers the ability to programmatically buy and measure advertising across all screens and advertising formats using self-serve technology or our managed services; and to buy advertising inventory using traditional advertising sales methods.
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Subscription Memberships.
Our paid subscription
offerings include services such as privacy and security solutions and computer protection.
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Fleet management and telematics.
We provide in-vehicle solutions that enable vehicle navigation, GPS tracking, engine diagnostic monitoring and maintenance alerts, driver behavior analysis and safety solutions functionality such as crash notification and roadside assistance;
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Energy.
We offer solutions targeted to providing the energy sector with greater visibility into energy usage and the ability to remotely monitor devices used to track energy usage; and
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Smart Communities.
Our solutions enable localities to collect data from IoT and connected machine technologies with the goal of improving public safety, managing traffic, reducing pollution, identifying revenue generation opportunities, making efficient use of limited resources and attracting businesses, residents and workers.
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adverse conditions in the U.S. and international economies;
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the effects of competition in the markets in which we operate;
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material changes in technology or technology substitution;
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disruption of our key suppliers’ provisioning of products or services;
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changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks;
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breaches of network or information technology security, natural disasters, terrorist attacks or acts of war or significant litigation and any resulting financial impact not covered by insurance;
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our high level of indebtedness;
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an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing;
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material adverse changes in labor matters, including labor negotiations, and any resulting financial and/or operational impact;
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significant increases in benefit plan costs or lower investment returns on plan assets;
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changes in tax laws or treaties, or in their interpretation;
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changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings;
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the inability to implement our business strategies; and
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the inability to realize the expected benefits of strategic transactions.
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Item 1A. Risk Factors
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Privacy and data protection
- we are subject to federal, state and international laws related to privacy and data protection. A new data protection regulation, which went into effect in Europe in May 2018, includes significant penalties for non-compliance. A new privacy law scheduled to take effect in California in 2020, also could have a significant impact on certain of our businesses.
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Regulation of broadband Internet access services
- In its 2015 Title II Order, the FCC nullified its longstanding "light touch" approach to regulating broadband Internet access services and "reclassified" these services as telecommunications services subject to utilities-style common carriage regulation. The FCC repealed the 2015 Title II Order in December 2017, and returned to its traditional light-touch approach for these services. The 2017 order has been appealed to the D.C. Circuit; the outcome and timing of this appeal or any other challenge remains uncertain. Several states have also adopted or are considering adopting laws or executive orders that would impose net neutrality and other requirements on some of our services (in some cases different from the FCC’s 2015 rules). The enforceability and effect of these state rules is uncertain.
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"Open Access"
- we hold certain wireless licenses that require us to comply with so-called "open access" FCC regulations, which generally require licensees of particular spectrum to allow customers to use devices and applications of their choice. Moreover, certain services could be subject to conflicting regulation by the FCC and/or various state and local authorities, which could significantly increase the cost of implementing and introducing new services.
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requiring Verizon to dedicate significant cash flow from operations to the payment of principal, interest and other amounts payable on its debt, which would reduce the funds Verizon has available for other purposes, such as working capital, capital expenditures and acquisitions;
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making it more difficult or expensive for Verizon to obtain any necessary future financing for working capital, capital expenditures, debt service requirements, debt refinancing, acquisitions or other purposes;
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reducing Verizon’s flexibility in planning for or reacting to changes in its industries and market conditions;
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making Verizon more vulnerable in the event of a downturn in its business; and
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•
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exposing Verizon to increased interest rate risk to the extent that its debt obligations are at variable interest rates.
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Item 1B. Unresolved Staff Comments
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Item 2. Properties
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At December 31,
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2018
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2017
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Network equipment
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78.0
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%
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78.3
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%
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Land, buildings and building equipment
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12.4
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%
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12.1
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%
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Furniture and other
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9.6
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%
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9.6
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%
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100.0
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%
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100.0
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%
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Our properties as a percentage of total properties are as follows:
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At December 31,
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2018
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2017
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Wireline
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51.2
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%
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50.7
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%
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Wireless
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46.5
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%
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47.1
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%
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Other
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2.3
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%
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2.2
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%
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100.0
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%
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100.0
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%
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Item 3. Legal Proceedings
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Item 4. Mine Safety Disclosures
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PART II
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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 6. Selected Financial Data
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
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Item 8. Financial Statements and Supplementary Data
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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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Item 9A. Controls and Procedures
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Item 9B. Other Information
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PART III
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Item 10. Directors, Executive Officers and Corporate Governance
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Name
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Age
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Office
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Held Since
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Hans Vestberg
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53
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Chief Executive Officer
(1)
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2018
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Ronan Dunne
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55
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Executive Vice President and President - Verizon Consumer Group
(2)
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2019
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Matthew D. Ellis
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47
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Executive Vice President and Chief Financial Officer
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2016
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Tami A. Erwin
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54
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Executive Vice President and President - Verizon Business Group
(3)
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2019
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K. Guru
Gowrappan
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38
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Executive Vice President and CEO - Verizon Media Group
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2018
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Kyle Malady
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51
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Executive Vice President and Chief Technology Officer
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2019
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Rima Qureshi
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54
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Executive Vice President and Chief Strategy Officer
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2017
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Marc C. Reed
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60
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Executive Vice President and Chief Administrative Officer
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2012
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Craig L. Silliman
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51
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Executive Vice President of Public Policy and General Counsel
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2015
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Anthony T. Skiadas
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50
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Senior Vice President and Controller
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2013
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(1)
Effective March 8, 2019, Hans Vestberg will be the Chairman and Chief Executive Officer.
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(2)
Until April 1, 2019, Ronan Dunne leads the Wireless segment.
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(3)
Until April 1, 2019, Tami A. Erwin leads the Wireline segment.
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Item 11. Executive Compensation
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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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Plan Category
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Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)
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Weighted-average exercise price of outstanding options, warrants and rights (b)
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Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
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||||
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Equity compensation plans approved by security holders
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10,570,146
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(1)
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$
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—
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(2)
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89,179,103
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(3)
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Equity compensation plans not approved by security holders
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158,284
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(4)
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—
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—
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Total
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10,728,430
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$
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—
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89,179,103
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Item 13. Certain Relationships and Related Transactions, and Director Independence
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Item 14. Principal Accounting Fees and Services
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PART IV
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Item 15. Exhibits, Financial Statement Schedules
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Page
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(1
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Report of Management on Internal Control Over Financial Reporting
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*
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(2
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)
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Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting
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*
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(3
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)
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Report of Independent Registered Public Accounting Firm on Financial Statements
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*
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Financial Statements covered by Report of Independent Registered Public Accounting Firm:
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Consolidated Statements of Income
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*
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Consolidated Statements of Comprehensive Income
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*
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Consolidated Balance Sheets
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*
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Consolidated Statements of Cash Flows
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*
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Consolidated Statements of Changes in Equity
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*
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Notes to Consolidated Financial Statements
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*
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* Incorporated herein by reference to the appropriate portions of the registrant’s Annual Report to Shareholders for the fiscal year ended December 31, 2018. (See Part II.)
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(4
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)
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Financial Statement Schedule
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II – Valuation and Qualifying Accounts
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28
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(5
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Exhibits
Exhibits identified in parentheses below, on file with the SEC, are incorporated herein by reference as exhibits hereto. Unless otherwise indicated, all exhibits so incorporated are from File No. 1-8606.
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Exhibit
Number
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Description
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Restated Certificate of Incorporation of Verizon Communications Inc. (Verizon) (filed as Exhibit 3a to Form 10-Q for the period ended June 30, 2014 and incorporated herein by reference).
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Bylaws of Verizon, as amended and restated, effective as of November 1, 2018 (filed as Exhibit 3b to Form 8-K filed on November 2, 2018 and incorporated herein by reference).
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Indenture between Verizon, both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of December 1, 2000 (incorporated by reference to Verizon Global Funding Corp.’s Registration Statement on Form S-4, Registration No. 333-64792, Exhibit 4.1).
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First Supplemental Indenture between Verizon, both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of May 15, 2001 (incorporated by reference to Verizon Global Funding Corp.’s Registration Statement on Form S-3, Registration No. 333-67412, Exhibit 4.2).
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Second Supplemental Indenture between Verizon, both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of September 29, 2004 (incorporated by reference to Form 8-K filed on February 9, 2006, Exhibit 4.1).
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Third Supplemental Indenture between Verizon, both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of February 1, 2006 (incorporated by reference to Form 8-K filed on February 9, 2006, Exhibit 4.2).
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Fourth Supplemental Indenture between Verizon, both individually and as successor in interest to Verizon Global Funding Corp., and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, dated as of April 4, 2016 (incorporated by reference to Verizon Communications Inc.’s Registration Statement on Form S-4, Registration No. 333-212307, Exhibit 4.5).
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Except for Exhibits 4a – 4e above, no other instrument which defines the rights of holders of long-term debt of Verizon and its consolidated subsidiaries is filed herewith pursuant to Regulation S-K, Item 601(b)(4)(iii)(A). Pursuant to this regulation, Verizon hereby agrees to furnish a copy of any such instrument to the SEC upon request.
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NYNEX Directors’ Charitable Award Program (filed as Exhibit 10i to Form 10-K for the year ended December 31, 2000 and incorporated herein by reference).**
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2009 Verizon Long-Term Incentive Plan, As Amended and Restated (incorporated by reference to Appendix D of the Registrant’s Proxy Statement included in Schedule 14A filed on March 18, 2013).**
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Form of Performance Stock Unit Agreement 2016-2018 Award Cycle (filed as Exhibit 10a to Form 10-Q for the period ended March 31, 2016 and incorporated herein by reference).**
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Form of Restricted Stock Unit Agreement 2016-2018 Award Cycle (filed as Exhibit 10b to Form 10-Q for the period ended March 31, 2016 and incorporated herein by reference).**
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Form of 2017 Performance Stock Unit Agreement pursuant to the 2009 Verizon Communications Inc. Long-Term Incentive Plan. (filed as Exhibit 10a to Form 10-Q for the period ended March 31, 2017 and incorporated herein by reference).**
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Form of 2017 Restricted Stock Unit Agreement pursuant to the 2009 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10b to Form 10-Q for the period ended March 31, 2017 and incorporated herein by reference).**
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2017 Special Performance Stock Unit Agreement pursuant to the 2009 Verizon Communications Inc. Long-Term Incentive Plan for J. Stratton (filed as Exhibit 10c to Form 10-Q for the period ended March 31, 2017 and incorporated herein by reference).**
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2017 Verizon Communications Inc. Long-Term Incentive Plan (incorporated by reference to Appendix B of the Registrant’s Proxy Statement included in Schedule 14A filed on March 20, 2017).**
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Form of 2017 Performance Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan. (filed as Exhibit 10a to Form 10-Q for the period ended June 30, 2017 and incorporated herein by reference).**
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Form of 2017 Restricted Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10b to Form 10-Q for the period ended June 30, 2017 and incorporated herein by reference).**
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2017 Special Restricted Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10c to Form 10-Q for the period ended June 30, 2017 and incorporated herein by reference).**
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Form of 2017 Restricted Stock Unit Agreement (cash-settled) pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10c(iv) to form 10-K for period ended December 31,2017 and incorporated herein by reference).**
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Form of 2018 Performance Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan (filed as Exhibit 10a to Form 10-Q for the period ended March 31, 2018 and incorporated herein by reference)**
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Form of 2018 Restricted Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term
Incentive Plan. (filed as Exhibit 10b to Form 10-Q for the period ended March 31, 2018 and incorporated herein by reference)**
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2018 Special Performance Stock Unit Agreement pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan for H. Vestberg (filed as Exhibit 10 to Form 10-Q for the period ended September 30, 2018 and incorporated herein by reference)**
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2018 Restricted Stock Unit Agreement for G. Gowrappan pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan, filed herewith.
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Special Performance Restricted Stock Unit Agreement for R. Dunne pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan, filed herewith.
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Special Performance Restricted Stock Unit Agreement for G. Gowrappan pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan, filed herewith.
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Amendment to Special Performance Restricted Stock Unit Agreement for G. Gowrappan pursuant to the 2017 Verizon Communications Inc. Long-Term Incentive Plan, filed herewith.
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Verizon Short-Term Incentive Plan, As Amended and Restated (incorporated by reference to Appendix C of the Registrant’s Proxy Statement included in Schedule 14A filed on March 23, 2009).**
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Verizon Executive Deferral Plan (filed as Exhibit 10e to Form 10-K for period ended December 31, 2017 and incorporated herein by reference).**
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Verizon Income Deferral Plan (filed as Exhibit 10f to Form 10-Q for the period ended June 30, 2002 and incorporated herein by reference).**
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Description of Amendment to Plan (filed as Exhibit 10o(i) to Form 10-K for the year ended December 31, 2004 and incorporated herein by reference).**
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Verizon Excess Pension Plan (filed as Exhibit 10p to Form 10-K for the year ended December 31, 2004 and incorporated herein by reference).**
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Description of Amendment to Plan (filed as Exhibit 10p(i) to Form 10-K for the year ended December 31, 2004 and incorporated herein by reference).**
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GTE’s Executive Salary Deferral Plan, as amended (filed as Exhibit 10.10 to GTE’s Form 10-K for the year ended December 31, 1998, File No. 1-2755 and incorporated herein by reference).**
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Bell Atlantic Senior Management Long-Term Disability and Survivor Protection Plan, as amended (filed as Exhibit 10h to Form SE filed on March 27, 1986 and Exhibit 10b(ii) to Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).**
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GTE Executive Retiree Life Insurance Plan (filed as Exhibit 10q to Form 10-K for the year ended December 31, 2010 and incorporated herein by reference).**
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Verizon Executive Life Insurance Plan, As Amended and Restated September 2009 (filed as Exhibit 10s to Form 10-K for the year ended December 31, 2010 and incorporated herein by reference).**
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Form of Aircraft Time Sharing Agreement (filed as Exhibit 10l to Form 10-K for year ended December 31,2017 and incorporated herein by reference).**
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NYNEX Deferred Compensation Plan for Non-Employee Directors (filed as Exhibit 10iii 5a to NYNEX’s Quarterly Report on Form 10-Q for the period ended June 30, 1996, File No. 1-8608 and incorporated herein by reference).**
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Verizon Senior Manager Severance Plan (filed as Exhibit 10d to Form 10-Q for the period ended March 31, 2010 and incorporated herein by reference).**
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AOL Inc. Long-Term Incentive Plan, filed herewith.
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Founders’ Grant Unit Agreement for T. Armstrong pursuant to the AOL Inc. Long-Term Incentive Plan, filed herewith.
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Portions of Verizon’s Annual Report to Shareholders for the fiscal year ended December 31, 2018 filed herewith. Only the information incorporated by reference into this Form 10-K is included in the exhibit.
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List of principal subsidiaries of Verizon, filed herewith.
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Consent of Ernst & Young LLP, filed herewith.
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Powers of Attorney, filed herewith.
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Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
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Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
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Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
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Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
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101.INS
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XBRL Instance Document.
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101.SCH
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XBRL Taxonomy Extension Schema Document.
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101.PRE
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XBRL Taxonomy Presentation Linkbase Document.
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101.CAL
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XBRL Taxonomy Calculation Linkbase Document.
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101.LAB
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XBRL Taxonomy Label Linkbase Document.
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document.
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**
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Indicates management contract or compensatory plan or arrangement.
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(dollars in millions)
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Additions
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Description
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Balance at
Beginning of Period |
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Charged to
Expenses |
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Charged to Other Accounts
(a)
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Deductions
(b)
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Balance at End of Period
(c)
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Allowance for Uncollectible Accounts Receivable:
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Year 2018
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$
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1,199
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$
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776
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$
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216
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$
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1,261
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$
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930
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Year 2017
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1,146
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1,167
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205
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1,319
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1,199
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Year 2016
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1,037
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1,420
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150
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1,461
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1,146
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Additions
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Description
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Balance at
Beginning of Period |
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Charged to
Expenses |
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Charged to Other Accounts
(d)
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Deductions
(e)
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Balance at End of Period
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Valuation Allowance for Deferred Tax Assets:
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Year 2018
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$
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3,293
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$
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251
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$
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112
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$
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915
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$
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2,741
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Year 2017
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2,473
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765
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273
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218
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3,293
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Year 2016
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3,414
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146
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47
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1,134
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2,473
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(a)
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Charged to Other Accounts primarily includes amounts previously written off which were credited directly to this account when recovered.
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(b)
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Deductions primarily include amounts written off as uncollectible or transferred to other accounts or utilized.
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(c)
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Allowance for Uncollectible Accounts Receivable includes approximately
$165 million
,
$260 million
and
$301 million
at
December 31, 2018
,
2017
, and
2016
, respectively, related to long-term device payment plan receivables.
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(d)
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Valuation Allowance for Deferred Tax Assets includes current year increase to valuation allowance charged to equity and reclassifications from other balance sheet accounts.
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(e)
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Reductions to valuation allowances related to deferred tax assets.
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Signatures
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VERIZON COMMUNICATIONS INC.
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By:
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/s/ Anthony T. Skiadas
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Date: February 15, 2019
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Anthony T. Skiadas
Senior Vice President and Controller
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Principal Executive Officer:
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/s/ Hans E. Vestberg
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Chief Executive Officer
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February 15, 2019
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Hans E. Vestberg
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Principal Financial Officer:
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/s/ Matthew D. Ellis
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Executive Vice President and
Chief Financial Officer
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February 15, 2019
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Matthew D. Ellis
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Principal Accounting Officer:
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/s/ Anthony T. Skiadas
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Senior Vice President and
Controller
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February 15, 2019
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Anthony T. Skiadas
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*
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Director
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February 15, 2019
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Lowell C. McAdam
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*
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Director
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February 15, 2019
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Hans E. Vestberg
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*
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Director
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February 15, 2019
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Shellye L. Archambeau
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*
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Director
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February 15, 2019
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Mark T. Bertolini
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*
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Director
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February 15, 2019
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Richard L. Carrión
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*
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Director
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February 15, 2019
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Melanie L. Healey
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*
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Director
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February 15, 2019
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M. Frances Keeth
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*
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Director
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February 15, 2019
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Clarence Otis, Jr.
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*
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Director
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February 15, 2019
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Daniel H. Schulman
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*
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Director
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February 15, 2019
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Rodney E. Slater
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*
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Director
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February 15, 2019
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Kathryn A. Tesija
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*
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Director
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February 15, 2019
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Gregory G. Weaver
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* By: /s/ Anthony T. Skiadas
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Anthony T. Skiadas
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(as attorney-in-fact)
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
| Customer name | Ticker |
|---|---|
| Amazon.com, Inc. | AMZN |
| Big Lots, Inc. | BIG |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|