1、Verizon Communications Annual Report 2023Form 10-K(NYSE:VZ)Published:February 10th,2023PDF generated by UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-K(Mark one)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended D

2、ecember 31,2022ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from to Commission file number:1-8606Verizon Communications Inc.(Exact name of registrant as specified in its charter)Delaware23-2259884(State or other jurisdictionof inc

3、orporation or organization)(I.R.S.Employer Identification No.)1095 Avenue of the AmericasNew York,New York10036(Address of principal executive offices)(Zip Code)Registrants telephone number,including area code:(212)395-1000Securities registered pursuant to Section 12(b)of the Act:Title of Each Class

4、Trading Symbol(s)Name of Each Exchange on Which RegisteredCommon Stock,par value$0.10VZNew York Stock ExchangeCommon Stock,par value$0.10VZThe Nasdaq Global Select Market1.625%Notes due 2024VZ 24BNew York Stock Exchange4.073%Notes due 2024VZ 24CNew York Stock Exchange0.875%Notes due 2025VZ 25New Yor

5、k Stock Exchange3.25%Notes due 2026VZ 26New York Stock Exchange1.375%Notes due 2026VZ 26BNew York Stock Exchange0.875%Notes due 2027VZ 27ENew York Stock Exchange1.375%Notes due 2028VZ 28New York Stock Exchange1.125%Notes due 2028VZ 28ANew York Stock Exchange2.350%Fixed Rate Notes due 2028VZ 28CNew Y

6、ork Stock Exchange1.875%Notes due 2029VZ 29BNew York Stock Exchange0.375%Notes due 2029VZ 29DNew York Stock Exchange1.250%Notes due 2030VZ 30New York Stock Exchange1.875%Notes due 2030VZ 30ANew York Stock Exchange4.250%Notes due 2030VZ 30DNew York Stock Exchange2.625%Notes due 2031VZ 31New York Stoc

7、k Exchange2.500%Notes due 2031VZ 31ANew York Stock Exchange3.000%Fixed Rate Notes due 2031VZ 31DNew York Stock Exchange0.875%Notes due 2032VZ 32New York Stock Exchange0.750%Notes due 2032VZ 32ANew York Stock Exchange1.300%Notes due 2033VZ 33BNew York Stock Exchange4.75%Notes due 2034VZ 34New York St

8、ock Exchange4.750%Notes due 2034VZ 34CNew York Stock Exchange3.125%Notes due 2035VZ 35New York Stock Exchange1.125%Notes due 2035VZ 35ANew York Stock ExchangeSecurities registered pursuant to Section 12(b)of the Act(continued):Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Regist

9、ered3.375%Notes due 2036VZ 36ANew York Stock Exchange2.875%Notes due 2038VZ 38BNew York Stock Exchange1.875%Notes due 2038VZ 38CNew York Stock Exchange1.500%Notes due 2039VZ 39CNew York Stock Exchange3.50%Fixed Rate Notes due 2039VZ 39DNew York Stock Exchange1.850%Notes due 2040VZ 40New York Stock E

10、xchange3.850%Fixed Rate Notes due 2041VZ 41CNew York Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:NoneIndicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes NoIndicate by check mark if the registrant is not

11、 required to file reports pursuant to Section 13 or Section 15(d)of the Act.Yes NoIndicate 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 thepreceding 12 months(or for such shorter period that the

12、registrant was required to file such reports),and(2)has been subject to such filing requirements for the past90 days.Yes NoIndicate 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

13、 this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).Yes NoIndicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerginggrowt

14、h company.See the definitions of large accelerated filer,accelerated filer,smaller reporting company,and emerging growth company in Rule 12b-2 of theExchange Act.Large accelerated filerAccelerated filerNon-accelerated filer Smaller reporting companyEmerging growth companyIf an emerging growth compan

15、y,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestati

16、on to its managements assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its auditreport.If securities are registered pursuant to Section 12(b)o

17、f the Act,indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of i

18、ncentive-based compensation received by any ofthe registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Act).Yes NoAt June 30,2022,the aggregate market value of the

19、registrants voting stock held by non-affiliates was approximately$213,158,526,305.At January 31,2023,4,199,882,937 shares of the registrants common stock were outstanding,after deducting 91,550,709 shares held in treasury.Documents Incorporated By Reference:Portions of the registrants definitive Pro

20、xy Statement to be delivered to shareholders in connection with the registrants 2023 Annual Meeting of Shareholders(PartIII).TABLE OF CONTENTSItem No.PagePART IItem 1.Business4Item 1A.Risk Factors14Item 1B.Unresolved Staff Comments18Item 2.Properties19Item 3.Legal Proceedings19Item 4.Mine Safety Dis

21、closures19PART IIItem 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities20Item 6.Reserved20Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations21Item 7A.Quantitative and Qualitative Disclosures About Mar

22、ket Risk48Item 8.Financial Statements and Supplementary Data51Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure107Item 9A.Controls and Procedures107Item 9B.Other Information107Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections107PART

23、 IIIItem 10.Directors,Executive Officers and Corporate Governance108Item 11.Executive Compensation108Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters108Item 13.Certain Relationships and Related Transactions,and Director Independence109Item 14.Pri

24、ncipal Accounting Fees and Services109PART IVItem 15.Exhibits and Financial Statement Schedules110Item 16.Form 10-K Summary114Signatures114CertificationsPART IItem 1.BusinessGeneralVerizon Communications Inc.(the Company)is a holding company that,acting through its subsidiaries(together with the Com

25、pany,collectively,Verizon),is one ofthe worlds leading providers of communications,technology,information and entertainment products and services to consumers,businesses and governmententities.With a presence around the world,we offer data,video and voice services and solutions on our networks and p

26、latforms that are designed to meet customersdemand for mobility,reliable network connectivity,security and control.Our principal executive offices are located at 1095 Avenue of the Americas,New York,New York 10036(telephone number 212-395-1000).We have two reportable segments that we operate and man

27、age as strategic business units-Verizon Consumer Group(Consumer)and Verizon Business Group(Business).Verizon Consumer GroupOur Consumer segment provides consumer-focused wireless and wireline communications services and products.Our wireless services are provided across one ofthe most extensive wire

28、less networks in the United States(U.S.)under the Verizon brand,TracFone Wireless,Inc.(TracFone)brands and through wholesale andother arrangements.We also provide fixed wireless access(FWA)broadband through our wireless networks.Our wireline services are provided in nine states in theMid-Atlantic an

29、d Northeastern U.S.,as well as Washington D.C.,over our 100%fiber-optic network through our Verizon Fios product portfolio and over a traditionalcopper-based network to customers who are not served by Fios.In 2022,the Consumer segments revenues were$103.5 billion,representing approximately 76%of Ver

30、izons consolidated revenues.As of December 31,2022,Consumer had approximately 115 million wireless retail connections,of which 80%are postpaid connections(including FWA).In addition,at December 31,2022Consumer had approximately 8 million total broadband connections(which includes Fios internet,Digit

31、al Subscriber Line(DSL)and FWA connections),andapproximately 3 million Fios video connections.Verizon Business GroupOur Business segment provides wireless and wireline communications services and products,including data,video and conferencing services,corporate networkingsolutions,security and manag

32、ed network services,local and long distance voice services and network access to deliver various Internet of Things(IoT)services andproducts.We also provide FWA broadband through our wireless networks.We provide these products and services to businesses,government customers andwireless and wireline

33、carriers across the U.S.and select products and services to customers around the world.In 2022,the Business segments revenues were$31.1 billion,representing approximately 23%of Verizons consolidated revenues.As of December 31,2022,Business had approximately 29 million wireless retail postpaid connec

34、tions and approximately 1 million total broadband connections(which includes Fios internet,DSL and FWA connections).Additional discussion of our reportable segments is included in Item 7.under the headings Managements Discussion and Analysis of Financial Condition and Resultsof Operations-Overview a

35、nd-Segment Results of Operations and in Note 13 to the consolidated financial statements of Verizon Communications Inc.andSubsidiaries.Service and Product OfferingsOur Consumer segments wireless and wireline products and services are available to our retail customers,as well as resellers that purcha

36、se wireless networkaccess from us on a wholesale basis.Our Business segments wireless and wireline products and services are organized by the primary customer groups targeted bythese offerings:Small and Medium Business,Global Enterprise,Public Sector and Other,and Wholesale.WirelessWe offer wireless

37、 services and equipment to both Consumer customers and Business customers.Wireless ServicesOur Consumer and Business segments provide a wide variety of wireless services accessible on a broad range of devices.Customers can obtain our wirelessservices on a postpaid or prepaid basis.Retail(non-wholesa

38、le)postpaid accounts primarily represent retail customers that are directly served and managed byVerizon and use Verizon branded services.A single account may include monthly wireless services for a variety of connected devices.Our postpaid service isgenerally billed one month inadvance for a monthl

39、y access charge in return for access to and usage of network services.Our prepaid service is offered only to Consumer customers and enablesindividuals to obtain wireless services without credit verification by paying for all services in advance.As of December 31,2022,we had 92 million postpaidconnec

40、tions,including FWA,and 23 million prepaid connections,representing approximately 80%and 20%of our Consumer wireless retail connections,respectively.Access to the internet is available on all smartphones and nearly all basic phones.In addition,our customers can access the internet at broadband speed

41、s onnotebook computers and tablets that are either wireless-enabled or that are used in conjunction with separate dedicated devices that provide a mobile Wi-Ficonnection.Historically,customers on our fixed-term service plans paid higher access fees for their wireless service in exchange for the abil

42、ity to purchase their wireless devicesat subsidized prices.We no longer offer Consumer customers new fixed-term,subsidized service plans for devices;however,we continue to offer subsidized plans toour Business customers.We also provide FWA broadband through our 5G or 4G LTE wireless networks to our

43、Consumer and Business customers.FWA enables fixed broadband accessusing radio frequencies instead of cables and can be used to connect homes and businesses to the internet.As of December 31,2022,we had approximately1.5 million FWA broadband connections.Wireless EquipmentConsumer and Business offer s

44、everal categories of wireless equipment to customers,including a variety of smartphones and other handsets,wireless-enabledinternet devices,such as tablets,and other wireless-enabled connected devices,such as smart watches.We permit customers to acquire equipment from us usingdevice payment plans,wh

45、ich permit the customer to pay for the device in installments over time.Verizon Consumer GroupIn addition to the wireless services and equipment discussed above,the Consumer segment sells residential fixed connectivity solutions,including internet,video andvoice services,and wireless network access

46、to resellers on a wholesale basis.Consumer also provides non-connectivity services including device protection,cloudstorage,and other products.Residential Fixed Services.We provide residential fixed connectivity solutions to customers over our 100%fiber-optic network through our Verizon Fios product

47、portfolio,and over a traditional copper-based network to customers who are not served by Fios.In addition,our Long-Term Evolution(LTE)Home fixed wirelessaccess internet service is available in parts of all 50 states across the U.S.We offer residential fixed services tailored to the needs of our cust

48、omers.Depending on those needs at a particular time,our services may include features related to,among other things:internet access at different speed tiers using fiber-optic,copper or wireless technology;video services that may feature a variety of channeloptions,video on demand products,cloud-base

49、d services and digital video recording capabilities;over-the-top video services;voice services;and other homesolutions.Network Access Services.We sell network access to mobile virtual network operators(MVNOs)on a wholesale basis,who in turn resell wireless service under theirown brand(s)to consumers

50、.Verizon Business GroupIn addition to the wireless services and equipment discussed above,our Business segment provides wireless and wireline communications services and products,including data,video and conferencing services,corporate networking solutions,security and managed network services,local

51、 and long distance voice services andnetwork access to deliver various IoT services and products.Small and Medium BusinessSmall and Medium Business offers wireless services and equipment,conferencing services,tailored voice and networking products,Fios services,Internet Protocol(IP)networking,advanc

52、ed voice solutions and security and managed information technology(IT)services to our U.S.-based small and medium businesses that do notmeet the requirements to be categorized as Global Enterprise,as described below.In 2022,Small and Medium Business revenues were$12.6 billion,representingapproximate

53、ly 41%of Businesss total revenues.In addition to the wireless services and equipment discussed above,Small and Medium Business provides fixed connectivity solutions comparable to the residentialfixed services provided by Consumer,as well as business services and connectivity similar to the products

54、and services offered by Global Enterprise,in each casewith features and pricing designed to address the needs of small and medium businesses.Global EnterpriseGlobal Enterprise offers services to large businesses,which are identified based on their size and volume of business with Verizon,as well as

55、non-U.S.public sectorcustomers.In 2022,Global Enterprise revenues were$9.7 billion,representing approximately 31%of Businesss total revenues.Global Enterprise offers a broad portfolio of connectivity,security and professional services designed to enable our customers to optimize their business opera

56、tions,mitigate business risks and capitalize on data.These services include the following:Network Services.We offer a portfolio of network connectivity products to help our customers connect with their employees,partners,vendors andcustomers.These products include private networking services,private

57、 cloud connectivity services,virtual and software defined networking services andinternet access services.Advanced Communications Services.We offer a suite of services to our customers to help them communicate with their employees,partners,vendors,constituents and customers.These products include IP

58、-based voice and video services,unified communications and collaboration tools and customercontact center solutions.Security services.We offer a suite of management and data security services that help our customers protect,detect and respond to security threats to theirnetworks,data,applications an

59、d infrastructure.Core services.We provide a portfolio of domestic and global voice and data solutions utilizing traditional telecommunications technology,including voicecalling,messaging services,conferencing,contact center solutions and private line and data access networks.Core services also inclu

60、de the provision ofcustomer premises equipment,and installation,maintenance and site services.IoT services.We provide the network access required to deliver various IoT products and services.We work with companies that purchase network accessfrom us to connect their devices,bundled together with the

61、ir own solutions,which they sell to end users.We are building IoT capabilities by leveragingbusiness models that monetize usage on our networks at the connectivity,platform and solution layers.Public Sector and OtherPublic Sector and Other offers wireless products and services as well as wireline co

62、nnectivity and managed solutions to U.S.federal,state and local governments andeducational institutions.These services include business services and connectivity similar to the products and services offered by Global Enterprise,in each case,with features and pricing designed to address the needs of

63、governments and educational institutions.In 2022,Public Sector and Other revenues were$6.1 billion,representing approximately 20%of Businesss total revenues.Public Sector and Other also includes solutions that support fleet tracking management,compliance management,field service management,asset tra

64、cking and othertypes of mobile resource management in the U.S.and around the world.WholesaleWholesale offers wireline communications services including data,voice,local dial tone and broadband services primarily to local,long distance,and wireless carriersthat use our facilities to provide services

65、to their customers.In 2022,Wholesale revenues were$2.6 billion,representing approximately 8%of Businesss totalrevenues.A portion of Wholesale revenues are generated by a few large telecommunications companies,most of which compete directly with us.Wholesalesservices include:Data services.We offer a

66、portfolio of data services to enhance our Wholesale customers networks and provide connections to their end users andsubscribers.Voice services.We provide switched access services that allow carriers to complete their end-user calls that originate or terminate within our territory.Inaddition,we prov

67、ide originating and terminating voice services throughout the U.S.and globally utilizing our time-division multiplexing and Voice overInternet Protocol(VoIP)networks.Local services.We offer an array of local dial tone and broadband services to competitive local exchange carriers,some of which are of

68、fered to comply withtelecommunications regulations.In addition,we offer services such as colocation,resale and unbundled network elements in compliance with applicableregulations.DistributionWe use a combination of direct,indirect and alternative distribution channels to market and distribute our pr

69、oducts and services to Consumer and Businesscustomers.Our direct channel,including our company-operated stores,is a core component of our distribution strategy.Our sales and service centers and business direct salesteams also represent significant distribution channels for our services.In addition,w

70、e have a robust digital channel and omni-channel as a part of the customerexperience in order to offer choice and convenience.Our indirect channel includes agents that sell our wireless and wireline products and services at retail locations throughout the U.S.,as well as through the internet.The maj

71、ority of these sales are made under exclusive selling arrangements with us.Wealso have relationships with high-profile national retailers that sell our wireless and wireline products and services,as well as convenience store chains that sell ourwireless prepaid products and services.In addition to o

72、ur direct channel,our Business segment has additional distribution channels that include business solution fulfillment provided by resellers,non-stocked device fulfillment performed by distributors and integrated mobility services provided by system integrators and resellers.Global Network and Techn

73、ologyOur global network architecture is used by Consumer and Business.Our network technology platforms include both wireless and wireline technologies.Network EvolutionWe are transforming the architecture of our networks into our Intelligent Edge Network,providing improved efficiency and virtualizat

74、ion,increased automation andopportunities for edge computing services that will support our fiber-based and radio access network technologies.We expect that this new architecture will simplifyoperations by eliminating legacy network elements,speed the deployment of fifth-generation(5G)wireless techn

75、ology and create new opportunities in the businessmarket in a cost-efficient manner.As a part of our evolution,we retired our third-generation(3G)network in 2022.As a result,approximately 909 thousand wirelessretail postpaid connections,including 392 thousand wireless postpaid phone connections,and

76、237 thousand retail prepaid connections,were removed from thecustomer base.5GOver the past several years,we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5Gwireless services.5G technology enables higher throughput and lower lat

77、ency than the fourth-generation(4G)LTE technology and allows our networks to handlemore traffic as the number of internet-connected devices grows.We provide 5G wireless service utilizing millimeter wave spectrum and other spectrum bands,some of which use dynamic spectrum sharing(DSS)technology.InJan

78、uary 2022,we began deploying C-Band spectrum,which has been built out to cover approximately 189 million POPs in the U.S.as of December 31,2022.Weexpect to continue deploying C-Band spectrum across the continental U.S.as more and more of the spectrum becomes available for our use.Our FWA broadbandse

79、rvice also leverages the 5G network and our expanding C-Band footprint,in addition to our 4G FWA offering.4G LTEThe wireless network technology platform that carries the majority of our wireless traffic is 4G LTE.As of December 31,2022,our 4G LTE network coversapproximately 328 million POPs,includin

80、g those in areas served by our LTE in Rural America partners.Under this program,we have collaborated with wirelesscarriers in rural areas to build and operate a 4G LTE network using each carriers network assets with our core 4G LTE equipment and 700 Megahertz(MHz)C Blockand Advanced Wireless Service

81、s(AWS)spectrum.LTE Home Internet,our home broadband internet service leverages the Verizon 4G LTE network.Wireless Network Reliability and Build-OutWe consider the reliability,speed,capacity and coverage of our wireless network to be key factors for our continued success.We believe that steady and c

82、onsistentnetwork and platform investments provide the foundation for innovative products and services.As we design and deploy our network,we focus on the number ofsuccessful data sessions the network enables,delivering on our advertised throughput speeds,and the number of calls that are connected on

83、 the first attempt andcompleted without being dropped.We utilize three strategies to maintain the quality of our network:increasing the density of our network elements,deploying newtechnologies as they are developed and putting additional wireless spectrum into service.We have been densifying our ne

84、twork by utilizing small cell technology,in-building solutions and distributed antenna systems.Network densification enables us to addcapacity to address increasing mobile video consumption and the growing demand for IoT products and services on our 4G LTE and 5G networks.We are alsoutilizing existi

85、ng network capabilities to handle increased traffic without interrupting the quality of the customer experience.We continue to deploy advancedtechnologies to increase both network capacity and data rates.In order to build and upgrade our existing 4G LTE network and deploy our 5G network,we must secu

86、re rights to a large number of sites and obtain zoning and othergovernmental approvals and fiber facilities for our macro and small cells,in-building systems and antennas and related radio equipment that comprise distributedantenna systems.We have relationships with a wide variety of vendors that su

87、pply various products and services that support our wireless network operations.Weutilize tower site management firms as lessors or managers of a portion of our existing leased and owned tower sites.Our networks in the U.S.include various elements of redundancy designed to enhance the reliability of

88、 the services provided to our customers.To mitigate the impactof power disruptions on our operations,we have battery backup at every switch and every macro cell.We also utilize backup generators at a majority of our macrocells and at every switch location.In addition,we have afleet of portable backu

89、p generators that can be deployed if needed.We further enhance reliability by using a fully redundant Multiprotocol Label Switching backbonenetwork in critical locations.In addition to our own network coverage,we have roaming agreements with a number of wireless service providers to enable our custo

90、mers to receive wirelessservice in nearly all other areas in the U.S.where wireless service is available.We also offer a variety of international wireless voice and data services to ourcustomers through roaming arrangements with wireless service providers outside the U.S.FiosResidential broadband se

91、rvice has seen significant growth in bandwidth demand over the past several years,and we believe that demand will continue to grow.Weexpect that the continued emergence of new video services,new data applications and the proliferation of IP devices in the home will continue to drive new networkrequi

92、rements for increased data speeds and throughput.We believe that the Passive Optical Network(PON)technology underpinning Fios positions us well to meetthese demands in a cost-effective and efficient manner.While deployed initially as a consumer broadband network,our PON infrastructure is also experi

93、encing more widespread application in the Business segment,especially as businesses increasingly migrate to Ethernet-based access services.Global IPVerizon owns and operates one of the largest global fiber-optic networks in the world,providing connectivity to Business customers in more than 180 coun

94、tries.Ourglobal IP network includes long-haul,metro and submarine assets that enable and support international operations.Global business is rapidly evolving to an everything-as-a-service model in which Business customers seek cloud-based,converged enterprise solutions deliveredsecurely via managed

95、and professional services.We are continuing to deploy packet optical transport technology in order to create a global network platform to meetthis demand.SpectrumThe spectrum licenses we hold can be used for mobile and fixed wireless voice,video and data communications services.We are licensed by th

96、e FederalCommunications Commission(FCC)to provide these wireless services on portions of the 800 MHz band,also known as cellular spectrum,the 1800-1900 MHz band,also known as Personal Communication Services(PCS)spectrum,portions of the 700 MHz upper C block,AWS 1 and 3 spectrum in the 1700 and 2100

97、MHz bandsin areas that collectively cover nearly all of the population of the U.S.,and 3700-3900 MHz,also known as C-Band.We have also deployed 4G technologies in 3.5Gigahertz(GHz)shared spectrum,using LTE/Citizens Broadband Radio Service,and in 5 GHz unlicensed spectrum,using LTE/Licensed Assisted

98、Access.All of thisspectrum is collectively called low and mid-band spectrum.We are using our low and mid-band spectrum to provide 4G LTE and 5G wireless services.As ofDecember 31,2022,we retired our 3G service.We are increasingly reallocating spectrum previously used for 3G service to provide 4G LTE

99、 service,and wecompleted that transition where needed at the end of 2022.We are also utilizing additional low and mid-band spectrum for 5G through DSS to complement both ourC-Band and our spectrum licenses in the 28 and 39 GHz band,collectively called millimeter wave spectrum.Millimeter wave spectru

100、m is being used in conjunction with low and mid-band spectrum for our 5G technology deployment.We own millimeter wave spectrumpredominantly in the 28 GHz and 37/39 GHz bands.Millimeter wave spectrum is currently being used to increase capacity for mobile and fixed wireless services inareas of high d

101、emand.We anticipate that demand will continue to increase over time,driven by growth in customer connections and the increased usage of wirelessbroadband services that use more bandwidth and require faster rates of speed,as well as the wider deployment of 5G mobile and fixed services.We expect to me

102、etthe demand for 4G and 5G spectrum needs with our existing spectrum assets.If demand continues to increase or if new spectrum is required for a future generationof technology,we can meet that demand by acquiring licenses or leasing spectrum from other licensees,or by acquiring new spectrum licenses

103、 from the FCC,if andwhen future FCC spectrum auctions occur.We use low and mid-band spectrum and DSS technology,to allow 5G service to run simultaneously with 4G LTE on multiple spectrum bands.With DSS,whenevercustomers move outside Verizons millimeter wave and C-Band coverage areas,their 5G-enabled

104、 devices will remain on 5G technology using the lower spectrumbands where this network is available.This allows us to more fully and effectively utilize our current spectrum resources to serve both 4G and 5G customers.From time to time we have exchanged spectrum licenses with other wireless service

105、providers through secondary market swap transactions.We expect to continue topursue similar opportunities to trade spectrum licenses in order to meet capacity and expansion needs in the future.In certain cases,we have entered into intra-market spectrum swaps designed to increase the amount of contig

106、uous spectrum within frequency bands in a specific market.Contiguous spectrum improves networkperformance and efficiency.These swaps,as well as any spectrum purchases,require us to obtain governmental approvals.Information regarding spectrum license transactions is included in Note 3 to the consolid

107、ated financial statements of Verizon Communications Inc.and Subsidiaries.Competition and Related TrendsThe telecommunications industry is highly competitive.The rapid development of new technologies,services and products has eliminated many of the traditionaldistinctions among wireless,cable,interne

108、t and local and long distance communication services and brought new competitors to our markets.We expect competitionto remain intense as traditional and non-traditional participants seek increased market share.With respect to our wireless connectivity products and services,we compete against other

109、national wireless service providers,including AT&T Inc.and T-Mobile US,Inc.,as well as various regional wireless service providers.We also compete for retail activations with resellers that buy bulk wholesale service from wireless serviceproviders,including Verizon,and resell it to their customers.R

110、esellers include cable companies,such as Comcast Corporation and Charter Communications,Inc.,and others.Competition remains intense as a result of various factors,including high rates of smartphone penetration in the wireless market,increased networkinvestment by our competitors,the development and

111、deployment of new technologies,including 5G,the introduction of new products and services,offerings thatinclude additional bundled premium content,increased levels of promotions and service plan discounts,new market entrants,the availability of additional licensed andunlicensed spectrum and regulato

112、ry changes.In addition,increasing government incentives related to network deployment may enhance the ability of certain of ourcompetitors to compete with us.Competition may also increase as smaller,stand-alone wireless service providers merge or transfer licenses to larger,bettercapitalized wireles

113、s service providers and as MVNOs resell wireless communication services.In addition,DISH Network Corporation has committed to deploy afacilities-based 5G broadband network in each of its license areas capable of serving at least 70%of the U.S.population by June 2023,which could result inadditional c

114、ompetitive pressures in the U.S.wireless industry.We also face competition from other communications and technology companies seeking to increase their brand recognition and capture customer revenue withrespect to the provision of wireless products and services,in addition to non-traditional offerin

115、gs in mobile data.For example,Microsoft Corporation,Alphabet Inc.,Apple Inc.,Meta Platforms,Inc.and others are offering alternative means for messaging and making wireless voice calls that,in certain cases,can be used in lieu ofthe wireless providers voice service,as well as alternative means of acc

116、essing video content.In addition,we expect to see increasing competition in the provisioningof internet access by low Earth orbit satellite companies as well in the area of fixed wireless offerings that provide an alternative to traditional landline internet serviceproviders.With respect to our wire

117、line connectivity services,we compete against cable companies,wireless service providers,domestic and foreign telecommunicationsproviders,satellite television companies,internet service providers,over-the-top(OTT)providers and other companies that offer network services and managedenterprise solutio

118、ns.We also face increasing competition from other providers of VoIP services as well as internet portal providers.Cable operators have increasedthe size and capacity of their networks in order to deliver digital products and services.Several major cable operators offer bundles with wireless services

119、 throughstrategic relationships.Traditional wireless carriers are also bundling broadband internet offerings with wireless services while increasing their broadband internetfootprint.Customers have an increasing number of choices for obtaining video content from various online services.We expect the

120、 market will continue to shift fromtraditional linear video to OTT offerings.We also expect customer migration from traditional voice services to wireless services to continue as a growing number ofcustomers place greater value on mobility and wireless companies position their services as a landline

121、 alternative.We believe that the following are the most important competitive factors and trends in the telecommunications industry:Network reliability,speed,capacity and coverage.We consider networks that consistently provide high-quality,fast and reliable service to be a keydifferentiator in the m

122、arket and driver of customer satisfaction.With the development of 5G technologies,wireless service providers are increasingly focusingtheir marketing efforts on network quality,speed and coverage,sometimes directly targeting customers of Verizon.In addition,lower prices,improved servicequality and n

123、ew service offerings,which in many cases include video content,have led to increased customer usage of connectivity services.We and othernetwork-based providers must ensure that our networks can meet these increasing capacity usage requirements and offer highly reliable national coverage.Pricing.Wit

124、h respect to wireless services and equipment,pricing plays an increasingly important role in the wireless competitive landscape.As the demandfor wireless services continues to grow,wireless service providers are offering a range of service plans at competitive prices.Many wireless serviceproviders a

125、lso bundle wireless service offerings with other content and offer promotional pricing and incentives,some of which may be targeted specifically tocustomers of Verizon.We and other wireless service providers,as well as equipment manufacturers,offer device payment options,which provide customerswith

126、the ability to pay for their device over a period of time,and some providers offer device leasing arrangements.In addition,aggressive device promotionshave become more common in an effort to gain a greater share of subscribers interested in changing carriers as well as retaining existing customers.P

127、ricingalso plays an important role in the wireline competitive landscape,as traditional service providers compete aggressively in offerings such as IP Networking,Core Voice and other legacy products.In addition,as non-traditional modes of providing wireline communication services emerge,new entrants

128、 attempt tocapture market share from incumbentsusing competitive pricing.For example,VoIP and portal-based voice and video calling is often free or nearly free for customers and supported by advertisingrevenues.Customer service.We believe that high-quality customer service is a key factor in retaini

129、ng customers and attracting new customers,including those of otherproviders.Our customer service,retention and satisfaction programs are based on providing customers with convenient and easy-to-use products andservices and focusing on their needs in order to promote long-term relationships and minim

130、ize churn.Customer service is highly valued by our Business customers.We provide Global Enterprise and Public Sector and Other customers with ready access totheir system and performance information,and we conduct proactive testing of our networks to identify issues before they affect our customers.W

131、e serviceour Small and Medium Business customers through service representatives and online support,as well as through store-based representatives for smallbusiness customers.For Wholesale customers,we pursue service improvement through continued system automation initiatives.Product differentiation

132、.Customer and revenue growth are increasingly dependent on the development of new and enhanced products and services,as thedelivery of new and innovative products and services has been accelerating.Customers are shifting their focus from access to applications and are seekingways to leverage their b

133、roadband,video and wireless connections.To compete effectively,providers need to continuously review,improve and refine theirproduct portfolio and develop and rapidly deploy new products and services tailored to the needs of customers.We continue to pursue the development andrapid deployment of new

134、and innovative products and services,both independently and in collaboration with application providers,content providers anddevice manufacturers.Features such as wireless and wireline inter-operability are becoming increasingly important,driven by both customer demand andtechnological advancement.S

135、ales and distribution.A key to achieving sales success in the consumer and small and medium business sectors of the wireless industry is the reach andquality of sales channels and distribution points.We seek to optimally vary distribution channels among our company-operated stores selling wirelesspr

136、oducts and services,web-based sales and fulfillment capabilities,outside sales teams and telemarketing,our extensive indirect distribution network of retailoutlets and our sale of wireless service to resellers,which resell wireless services to their end users.In addition to these competitive factors

137、 and trends,our competitive position also depends on our ability to market our products and services effectively,anticipate andrespond to various factors and trends affecting our industries,as well as the availability of capital resources.Companies with a global presence are increasingly competing w

138、ith us in our Business segment.A relatively small number of telecommunications and integratedservice providers with global operations serve customers in the global enterprise market and,to a lesser extent,the global wholesale market.We compete with theseproviders for large contracts to provide integ

139、rated solutions to global enterprises and government customers.Many of these companies have strong market presence,brand recognition and existing customer relationships,all of which contribute to intensifying competition that may affect our future revenue growth.In the Small and Medium Business mark

140、et,customer purchasing behaviors and preferences continue to evolve.Solution speed and simplicity with user interfaces thathave a consumer-like look and feel are becoming key differentiators for customers who are seeking full life-cycle offers that simplify the process of starting,runningand growing

141、 their businesses.Several major cable operators also offer bundles with wireless services through strategic relationships.In the Global Enterprise and Public Sector and Other markets,competition levels remain high,primarily as a result of increased industry focus on technologyconvergence.We compete

142、in this area with system integrators,carriers,and hardware and software providers.In addition,some of the largest information technologyservices companies are making strategic acquisitions,divesting non-strategic assets and forging new alliances to improve their cost structure.Many new alliances and

143、acquisitions have focused on emerging fields,such as cloud computing,software defined networking,communication applications and other computing tasks vianetworks,rather than by the use of in-house machines.Our Wholesale business competes with traditional carriers for long-haul,voice and IP services.

144、In addition,mobile video and data needs are driving a greater need forwireless backhaul.Network providers,cable companies and niche players are competitors for this business opportunity.Regulatory TrendsRegulatory LandscapeVerizon operates in a regulated and highly competitive market,as described ab

145、ove.Some of our competitors are subject to fewer regulatory constraints than Verizon.For many services offered by Verizon,the FCC is our primary regulator.The FCC has jurisdiction over interstate telecommunications services and other mattersunder the Communications Act of 1934,as amended(Communicati

146、ons Act or Act).Other Verizon services are subject to state and local regulation.Federal,State and Local RegulationWireless ServicesThe FCC regulates several aspects of our wireless operations.Generally,the FCC has jurisdiction over the construction,operation,acquisition and transfer ofwireless comm

147、unications systems.All wireless services require use of radio frequency spectrum,the assignment and distribution of which is subject to FCC oversight.If demand continues to increase or if new spectrum is required for a future generation of technology,we can meet our needs for licensed spectrum by pu

148、rchasinglicenses or leasing spectrum from others,or by participating in a competitive bidding process to acquire new spectrum from the FCC.Those processes are subject tocertain reviews,approvals and potential conditions.Today,Verizon holds FCC spectrum licenses that allow it to provide a wide range

149、of mobile and fixed communications services,including both voice and dataservices.FCC spectrum licenses typically have a term of 10 years,at which time they are subject to renewal.While the FCC has routinely renewed all of Verizonswireless licenses,challenges could be raised in the future.If a wirel

150、ess license was revoked or not renewed,Verizon would not be permitted to provide services onthe spectrum covered by that license.Some of our licenses require us to comply with so-called open access FCC regulations,which generally require licensees ofparticular spectrum to allow customers to use devi

151、ces and applications of their choice,subject to certain technical limitations.The FCC has also imposed certainspecific mandates on wireless carriers,including construction and geographic coverage requirements,technical operating standards,provision of enhanced 911services,roaming obligations and req

152、uirements for wireless tower and antenna facilities.The Act generally preempts regulation by state and local governments of the entry of,or the rates charged by,wireless carriers.The Act does not prohibit states fromregulating the other terms and conditions of wireless service.For example,some state

153、s impose reporting and consumer protection requirements.Several statesalso have laws or regulations that address safety issues(for example,use of wireless handsets while driving),universal service funding,and taxation matters.Somestates are also considering new network reliability or service quality

154、 requirements that may affect how and where we provide services if not preempted by federal law.In addition,wireless tower and antenna facilities are often subject to state and local zoning and land use regulation,and securing approvals for new or modifiedfacilities is often a lengthy and expensive

155、process.BroadbandVerizon offers many different broadband services.The FCC currently recognizes broadband internet access services as information services subject to a lighttouch regulatory approach rather than to the traditional,utilities-style regulations.However,the FCC could return to a more util

156、ities-style regulation of broadband.Additionally,several states have adopted or are considering adopting laws or executive orders that would regulate broadband.Although some of these have beenchallenged in court,the ultimate enforceability and effect of these state rules is uncertain.Regardless of r

157、egulation,Verizon remains committed to the open internet,which provides consumers with competitive choices and unblocked access to lawful websites and content.Our broadband commitment can be found on our websiteat https:/ VoiceVerizon offers many different wireline voice services,including tradition

158、al telephone service and other services that rely on technologies such as VoIP.For regulatorypurposes,legacy telephone services are generally considered to be common carrier services.Common carrier services are subject to heightened regulatoryoversight with respect to rates,terms and conditions and

159、other aspects of the services.The FCC has not decided the regulatory classification of VoIP but has saidVoIP service providers must comply with certain rules,such as 911 capabilities and law enforcement assistance requirements.State public utility commissions regulate Verizons telephone operations w

160、ith respect to certain telecommunications intrastate matters.Verizon operates as anincumbent local exchange carrier in nine states and the District of Columbia.These incumbent operations are subject to various levels of pricing flexibility and otherstate oversight and requirements.Verizon also has o

161、ther wireline operations that are more lightly regulated.Some states,including California,impose reportingrequirements and are considering new network reliability or service quality requirements for wireline voice services,including for VoIP.VideoVerizon offers a multichannel video service that is r

162、egulated like traditional cable service.The FCC has a body of rules that apply to cable operators,and these rulesalso generally apply to Verizon.In areas where Verizon offers its facilities-based multichannel video services,Verizon has been required to obtain a cable franchisefrom local government e

163、ntities,or in some cases a state-wide franchise,and comply with certain one-time and ongoing obligations as a result.Privacy and Data SecurityWe are subject to local,state,federal,and international laws and regulations relating to privacy and data security that impact all parts of our business,inclu

164、dingwireline,wireless,broadband and the development and roll out of new products,such as those in the artificial intelligence and IoT space.At the federal level,ourbusiness is governed by the FCC or the Federal Trade Commission(FTC),depending on the product or service.The California Consumer Privacy

165、 Act,EuropesGeneral Data Protection Regulation and a number of other privacy laws recently adopted by other states and countries include significantpenalties for non-compliance.Generally,attention to privacy and data security requirements is increasing at all levels of government globally,and privac

166、y-relatedlegislation has been introduced or is under consideration in many locations.These regulations could have a significant impact on our businesses.Public Safety and CybersecurityThe FCC plays a role in addressing public safety concerns by regulating emergency communications services and mandat

167、ing widespread availability of both media(broadcast/cable)and wireless emergency alerting services.In response to cyber attacks that have occurred or could occur in the future,however,the FCC or otherregulators may attempt to increase regulation of the cybersecurity practices of providers.The FCC is

168、 also addressing the use by American companies of equipmentproduced by certain companies deemed to cause potential national security risks.Verizon does not currently use equipment in its networks from vendors under suchrestrictions.In addition,due to recent natural disasters,federal and state agenci

169、es may attempt to impose regulations to ensure continuity of service during disasters.For example,the FCC adopted rules requiring wireless providers to support roaming on each others networks during disasters,and the California Public UtilitiesCommission has imposed regulations relating to back-up p

170、ower for communications facilities.Intercarrier Compensation and Network AccessThe FCC regulates some of the rates that carriers pay each other for the exchange of voice traffic(particularly traditional wireline traffic)over different networks andother aspects of interconnection for some voice servi

171、ces.The FCC also regulates some of the rates and terms and conditions for certain wireline business dataservices and other services and network facilities.Verizon is both a seller and a buyer of these services,and both makes and receives interconnection payments.Human Capital ResourcesAt Verizon,we

172、know that our people are one of our most valuable assets.In order to realize our core business strategy,we have developed human capital programsand practices that support,develop and care for our employees from the time they join our team through the entirety of their careers with Verizon.These prog

173、ramsare centered on the following principles:Attract the right talent for our future and maintain a diverse workforce with high-value skills and expertise.Develop our employees to their full potential through best-in-class educational programs and exceptional development experiences and create a cul

174、ture ofcontinuous learning and engagement.Inspire individuals to build a career at Verizon by providing meaningful work and upskilling opportunities and establishing an inclusive work environment forall.Verizon is committed to being an employer of choice.With approximately 117,100 employees on a ful

175、l-time equivalent basis as of December 31,2022,89%of whomare based in the U.S.,we know that we need employees with diverse backgrounds,experiences and perspectives to best meet the needs of the diverse customersand communities we serve.Our human capital programs and practices are designed to create

176、a workplace where employees are empowered to share their authenticselves and feel seen and heard as vital contributors to Verizons corporate purpose.In addition,Verizon has extensive on-the-job training opportunities,tuitionreimbursement programs and career development support to enable our employee

177、s to maximize their potential and thrive professionally.Our long-standingcommitment to diversity and inclusion has resulted in a strong representation of women and people of color.As of December 31,2022,Verizons global workforce wasapproximately 66.5%male,33.3%female and 0.2%unknown or undeclared,an

178、d the race/ethnicity of our U.S.workforce was 52.5%White,20.0%Black,12.9%Hispanic,8.2%Asian,0.5%American Indian/Alaskan Native,0.3%Native Hawaiian/Pacific Islander,2.7%two or more races,and 2.9%unknown or undeclared.Women represented 36.4%of U.S.senior leadership(vice president level and above).Peop

179、le of color represented 32.5%of U.S.senior leadership.Verizon respects our employees rights to freedom of association and collective bargaining in compliance with applicable law,including the right to join or not joinlabor unions.We have a long history of working with the Communications Workers of A

180、merica and the International Brotherhood of Electrical Workersthe twounions that in total represent approximately 22.5%of our employees as of December 31,2022.The current collective bargaining agreements covering our union-represented employees who serve customers in our Mid-Atlantic and Northeast s

181、ervice areas extend through August 1,2026.In addition,where applicable outside ofthe U.S.,we engage with employee representative bodies such as works council.Verizon meets with U.S.national and local union leaders,as well as works councilleaders outside the U.S.,to talk about key business topics,inc

182、luding safety,customer service,plans to improve operational processes,our business performance andthe impacts that changing technology and competition are having on our customers,employees and business strategy.For a discussion of the oversight provided by the Companys Board of Directors over Verizo

183、ns human capital management practices,see the section entitledGovernance Our Governance Framework Oversight of human capital management in our definitive Proxy Statement to be filed with the Securities andExchange Commission and delivered to shareholders in connection with our 2023 Annual Meeting of

184、 Shareholders.12Patents,Trademarks and LicensesWe own or have licenses to various patents,copyrights,trademarks,domain names and other intellectual property rights necessary to conduct our business.Weactively pursue the filing and registration of patents,copyrights,trademarks and domain names to pro

185、tect our intellectual property rights within the United States andabroad.We also actively grant licenses,in exchange for appropriate fees or other consideration and subject to appropriate safeguards and restrictions,to othercompanies that enable them to utilize certain of our intellectual property r

186、ights and proprietary technology as part of their products and services.Such licenses enablethe licensees to take advantage of Verizons brands and the results of Verizons research and development efforts.While these licenses result in valuableconsideration for Verizon,we do not believe that the loss

187、 of such consideration,or the expiration of any of our intellectual property rights,would have a material effecton our results of operations.We periodically receive offers from third parties to purchase or obtain licenses for patents and other intellectual property rights in exchange for royalties o

188、r otherpayments.We also periodically receive notices alleging that our products or services infringe on third-party patents or other intellectual property rights.These claims,whether against us directly or against third-party suppliers of products or services that we sell to our customers,if success

189、ful,could require us to pay damages orroyalties,rebrand,or cease offering the relevant products or services.Information About Our Executive OfficersSee Part III,Item 10.Directors,Executive Officers and Corporate Governance of this Annual Report on Form 10-K for information about our executive office

190、rs.Information on Our Internet WebsiteWe make available,free of charge on our website,our annual reports on Form 10-K,quarterly reports on Form 10-Q,current reports on Form 8-K,and allamendments to those reports,at https:/ as soon as reasonably practicable after such reports are electronically filed

191、 with orfurnished to the Securities and Exchange Commission(SEC).These reports and other information are also available on the SECs website at https:/www.sec.gov.We periodically provide other information for investors on our website,including news and announcements regarding our financial performanc

192、e,information onenvironmental,social and corporate governance matters,and details related to our annual meeting of shareholders.We encourage investors,the media,ourcustomers,business partners and other stakeholders to review the information we post on this channel.Website references in this report a

193、re provided as aconvenience and do not constitute,and should not be viewed as,incorporation by reference of the information contained on,or available through,the websites.Therefore,such information should not be considered part of this report.Cautionary Statement Concerning Forward-Looking Statement

194、sIn this report we have made forward-looking statements.These statements are based on our estimates and assumptions and are subject to risks and uncertainties.Forward-looking statements include the information concerning our possible or assumed future results of operations.Forward-looking statements

195、 also include thosepreceded or followed by the words anticipates,believes,estimates,expects,forecasts,hopes,plans or similar expressions.For those statements,weclaim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.We

196、undertake no obligation torevise or publicly release the results of any revision to these forward-looking statements,except as required by law.Given these risks and uncertainties,readers arecautioned not to place undue reliance on such forward-looking statements.The following important factors,along

197、 with those discussed elsewhere in this report and in other filings with the SEC,could affect future results and could causethose results to differ materially from those expressed in the forward-looking statements:the effects of competition in the markets in which we operate,including any inability

198、to successfully respond to competitive factors such as prices,promotional incentives and evolving consumer preferences;failure to take advantage of,or respond to competitors use of,developments in technology and address changes in consumer demand;performance issues or delays in the deployment of our

199、 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancementto our networks;the inability to implement our business strategy;adverse conditions in the U.S.and international economies,including inflation in the markets in which we operate;cyber attacks impa

200、cting our networks or systems and any resulting financial or reputational impact;damage to our infrastructure or disruption of our operations from natural disasters,extreme weather conditions,acts of war,terrorist attacks or other hostileacts and any resulting financial or reputational impact;the im

201、pact of public health crises on our operations,our employees and the ways in which our customers use our networks and other products and services;disruption of our key suppliers or vendors provisioning of products or services,including as a result of geopolitical factors,public health crises or thep

202、otential impacts of global climate change;material adverse changes in labor matters and any resulting financial or operational impact;changes in the regulatory environment in which we operate,including any increase in restrictions on our ability to operate our networks or businesses;our high level o

203、f indebtedness;significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements;an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit marketsaff

204、ecting the cost,including interest rates,and/or availability of further financing;significant increases in benefit plan costs or lower investment returns on plan assets;changes in tax laws or treaties,or in their interpretation;andchanges in accounting assumptions that regulatory agencies,including

205、the SEC,may require or that result from changes in the accounting rules or theirapplication,which could result in an impact on earnings.Item 1A.Risk FactorsThe following discussion of Risk Factors identifies factors that may adversely affect our business,operations,financial condition or future perf

206、ormance.Thisinformation should be read in conjunction with Managements Discussion and Analysis of Financial Condition and Result of Operations and the consolidated financialstatements and related notes.The following discussion of risks is not all-inclusive but is designed to highlight what we believ

207、e are the material factors to considerwhen evaluating our business and expectations.These factors could cause our future results to differ materially from our historical results and from expectationsreflected in forward-looking statements.Economic and Strategic RisksWe face significant competition t

208、hat may reduce our profits.We face significant competition in our industries.The rapid development of new technologies,services and products has eliminated many of the traditional distinctionsamong wireless,cable,internet and local and long distance communication services and brought new competitors

209、 to our markets,including other telecommunicationscompanies,cable companies,wireless service providers,satellite providers,technology companies and application and device providers.While these changes haveenabled us to offer new types of products and services,they have also allowed other providers t

210、o broaden the scope of their own competitive offerings.If we areunable to compete effectively,we could experience lower than expected revenues and earnings.Wireless service providers are significantly altering the financial relationships with their customers through commercial offers that vary servi

211、ce and device pricing,promotions,incentives and levels of service provided in some cases specifically targeting our customers and putting pressure on pricing and margins.In addition,the wireless industrys customer growth rate could moderate in comparison to historical growth rates,leading to increas

212、ed competition for customers.Our ability tocompete effectively will depend on,among other things,our network quality,capacity and coverage,the pricing of our products and services,the quality of ourcustomer service,our development of new and enhanced products and services,the reach and quality of ou

213、r sales and distribution channels,our ability to market ourproducts and services effectively and our capital resources.It will also depend on how successfully we anticipate and respond to various factors affecting ourindustries,including new technologies and business models,changes in consumer prefe

214、rences and demand for existing services,demographic trends and evolvingeconomic conditions,including inflation.If we are not able to respond successfully to these competitive challenges,our results of operations and financial conditioncould be adversely impacted.In addition,a projected sustained dec

215、line in a reporting units revenues and earnings could have a significant negative impact on its fairvalue and result in an impairment charge,which could have an adverse impact on our results of operations.If we are not able to take advantage of developments in technology and address changing consume

216、r demand on a timely basis,or if thedeployment of our 5G network is delayed or hindered for any reason,wemay experience a decline in the demand for our services,be unable to implement our business strategy and experience reduced profits.Our industries are rapidly changing as new technologies are dev

217、eloped that offer consumers an array of choices for their communications needs and allow newentrants into the markets we serve.In order to grow and remain competitive,we will need to adapt to future changes in technology,enhance our existing offerings andintroduce new offerings to address our custom

218、ers changing demands.If we are unable to meet future challenges from competing technologies on a timely basis or atan acceptable cost,we could lose customers to our competitors.We may not be able to accurately predict technological trends or the success of new services in themarket.If our new servic

219、es fail to gain acceptance in the marketplace,or if costs associated with the implementation and introduction of these services materiallyincrease,our ability to retain and attract customers could be adversely affected.In addition,the deployment of our 5G network is subject to a variety of risks,inc

220、luding those related to equipment and spectrum availability,unexpected costs,andregulatory matters that could cause deployment delays or network performance issues.These issues could result in significant costs,put us at a competitivedisadvantage,or reduce the anticipated benefits of the enhancement

221、s to our networks.As we introduce new offerings and technologies,such as 5G technology,we must phase out outdated and unprofitable technologies and services.If we are unable todo so on a cost-effective basis,we could experience reduced profits.In addition,there could be legal or regulatory restraint

222、s on our ability to phase out currentservices.Adverse conditions in the U.S.and international economies could impact our results of operations and financial condition.Unfavorable economic conditions,such as a recession or economic slowdown in the U.S.or elsewhere,or inflation in the markets in which

223、 we operate,couldnegatively affect the affordability of and demand for some of our products and services and our cost of doing business.In difficult economic conditions,consumersmay seek to reduce discretionary spending by forgoing purchases of our products,electing to use fewer higher margin servic

224、es,dropping down in price plans orobtaining lower-cost products and services offered by other companies.Similarly,under these conditions,the business customers that we serve may delaypurchasing decisions,delay full implementation of service offerings or reduce their use of services.In addition,adver

225、se economic conditions may lead to an increasednumber of our consumer and business customers that are unable to pay for services.Unfavorable economic conditions could also amplify other risk factors discussedin this section,including,but not limited to,our competitive position and margins.In 2022,as

226、 a result of the inflationary environment in the U.S.,we experiencedincreases in our direct costs,including electricity and other energy-related costs for our network operations,and transportation and labor costs,as well as increasedinterest expenses related to rising interest rates.We believe that

227、this inflationary environment and the resulting decline in real wages in the U.S.are altering consumerpreferences and causing consumers to become more price conscious.These factors,along with impacts of the intense competition in our industries,resulted inincreased costs and lower earnings per share

228、 during 2022,and caused us to lower our growth expectations and related financial guidance.We expect the inflationaryenvironment and these other pressures to continue into 2023.Although we are taking various measures to improve efficiency and reduce costs,those measures mayultimately be ineffective

229、or insufficient.If the economic slowdown in the U.S.,inflation and other unfavorable economic conditions continue or worsen,they could havea material adverse effect on our results of operations and financial condition.Operational RisksCyber attacks impacting our networks or systems could have an adv

230、erse effect on our business.Cyber attacks,including through the use of malware,computer viruses,distributed denial of services attacks,ransomware attacks,credential harvesting,socialengineering and other means for obtaining unauthorized access to or disrupting the operation of our networks and syste

231、ms and those of our suppliers,vendors andother service providers,could have an adverse effect on our business.Cyber attacks may cause equipment failures,loss of information,including sensitive personalinformation of customers or employees or valuable technical and marketing information,as well as di

232、sruptions to our or our customers operations.Cyber attacksagainst companies,including Verizon,have increased in frequency,scope and potential harm in recent years.They may occur alone or in conjunction with physicalattacks,especially where disruption of service is an objective of the attacker.The de

233、velopment and maintenance of systems to prevent such attacks is costly andrequires ongoing monitoring and updating to address their increasing prevalence and sophistication.While,to date,we have not been subject to cyber attacks that,individually or in the aggregate,have been material to Verizons op

234、erations or financial condition,the preventive actions we take to reduce the risks associated withcyber attacks,including protection of our systems and networks,may be insufficient to repel or mitigate the effects of a major cyber attack in the future.The inability to operate or use our networks and

235、 systems or those of our suppliers,vendors and other service providers as a result of cyber attacks,even for a limitedperiod of time,may result in significant expenses to Verizon and/or a loss of market share to our competitors.The costs associated with a major cyber attack onVerizon could include e

236、xpensive incentives offered to existing customers and business partners to retain their business,increased expenditures on cybersecuritymeasures and the use of alternate resources,lost revenues from business interruption and litigation.Further,certain of Verizons businesses,such as those offeringsec

237、urity solutions and infrastructure and cloud services to business customers,could be negatively affected ifour ability to protect our own networks and systems is called into question as a result of a cyber attack.Our presence in the IoT industry,which includes offerings oftelematics products and ser

238、vices,could also increase our exposure to potential costs and expenses and reputational harm in the event of cyber attacks impactingthese products or services.In addition,a compromise of security or a theft or other compromise of valuable information,such as financial data and sensitive or privatepe

239、rsonal information,could result in lawsuits and government claims,investigations or proceedings.Any of these occurrences could damage our reputation,adversely impact customer and investor confidence and result in a material adverse effect on Verizons results of operation or financial condition.Natur

240、al disasters,extreme weather conditions,acts of war,terrorist or other hostile acts could cause damage to our infrastructure and resultin significant disruptions to our operations.Our business operations are subject to interruption by power outages,acts of war,terrorist or other hostile acts,natural

241、 disasters or the potential impacts of climatechange,including the increasing prevalence and intensity of hurricanes,wildfires,flooding,hail and storms.Such events could cause significant damage to ourinfrastructure upon which our business operations rely,resulting in degradation or disruption of se

242、rvice to our customers,as well as significant recovery time andexpenditures to resume operations.Our system redundancy may be ineffective or inadequate to sustain our operations through all such events.We are implementing,and will continue to implement,measures to protect our infrastructure and oper

243、ations from the impacts of these events in the future,but these measures and ouroverall disaster recovery planning may not be sufficient for all eventualities.These events could also damage the infrastructure of the suppliers that provide us withthe equipment and services that we need to operate our

244、 business and provide products to our customers.These occurrences could result in lost revenues frombusiness interruption,damage to our reputation and reduced profits.Public health crises could materially adversely affect our business,financial condition and results of operations.We are subject to r

245、isks related to public health crises,such as the COVID-19 pandemic,which had an adverse effect on our operating results in 2020.Our business isbased on our ability to provide products and services to customers throughout the United States and around the world and the ability of those customers to us

246、e andpay for those products and services for their businesses and in their daily lives.As a result,our business,financial condition and results of operations could bematerially adversely affected by a public health crisis that significantly impacts the way customers use and are able to pay for our p

247、roducts and services,the way ouremployees are able to provide services to our customers,and the ways that our partners and suppliers are able to provide products and services to us.For example,public and private sector policies and initiatives to reduce the transmission of COVID-19 and initiatives V

248、erizon took in response to the health crisis to promote thehealth and safety of our employees and provide critical infrastructure and connectivity to our customers,along with the related global slowdown in economic activity,resulted in decreased revenues,increased costs and lower earnings per share

249、during 2020.In addition,such a crisis could significantly increase the probability orconsequences of the risks our business faces in ordinary circumstances,such as risks associated with our supplier and vendor relationships,risks of an economicslowdown,regulatory risks,and the costs and availability

250、 of financing.We depend on key suppliers and vendors to provide equipment that we need to operate our business.We depend on various key suppliers and vendors to provide us,directly or through other suppliers,with equipment and services,such as fiber,switch and networkequipment,smartphones and other

251、wireless devices that we need in order to operate our business and provide products and services to our customers.For example,our smartphone and other device suppliers often rely on one vendor for the manufacture and supply of critical components,such as chipsets,used in their devices,and there are

252、a limited number of companies capable of supplying the network infrastructure equipment on which we depend.These suppliers or vendors could fail toprovide equipment or service on a timely basis,or fail to meet our performance expectations,for a number of reasons,including,for example,disruption to t

253、he globalsupply chain as a result of geopolitical factors,public health crises,natural disasters or the potential impacts of global climate change.If such failures occur,we maybe unable to provide products and services as and when requested by our customers,or we may be unable to continue to maintai

254、n or upgrade our networks.Due tothe cost and time lag that can be associated with transitioning from one supplier to another,our business could be substantially disrupted if we were required to,orchose to,replace the products or services of one or more major suppliers with products or services from

255、another source,especially if the replacement becamenecessary on short notice.Any such disruption could increase our costs,decrease our operating efficiencies and have a material adverse effect on our business,results of operations and financial condition.The suppliers and vendors on which we rely ma

256、y also be subject to litigation with respect to technology on which we depend,including litigation involving claims ofpatent infringement.Such claims are frequently made in the communications industry.We are unable to predict whether our business will be affected by any suchlitigation.We expect our

257、dependence on key suppliers to continue as we develop and introduce more advanced generations of technology.A significant portion of our workforce is represented by labor unions,and we could incur additional costs or experience work stoppages as aresult of the renegotiation of our labor contracts.As

258、 of December 31,2022,approximately 22.5%of our workforce is represented by the Communications Workers of America or the International Brotherhood ofElectrical Workers.While we have labor contracts in place with these unions,with subsequent negotiations we could incur additional costs and/or experien

259、ce workstoppages,which could adversely affect our businessoperations.In addition,while a small percentage of the workforce outside of our traditional wireline operations is represented by unions for bargaining,we cannotpredict what impact increased union density in this workforce could have on our o

260、perations.Regulatory and Legal RisksChanges in the regulatory framework under which we operate could adversely affect our business prospects or results of operations.Our domestic operations are subject to regulation by the FCC and other federal,state,and local agencies,and our international operatio

261、ns are regulated by variousforeign governments and international bodies.These regulatory regimes frequently restrict or impose conditions on our ability to operate in designated areas andprovide specified products or services.We are frequently required to maintain licenses for our operations and con

262、duct our operations in accordance with prescribedstandards.We are often involved in regulatory and other governmental proceedings or inquiries related to the application of these requirements.It is impossible topredict with any certainty the outcome of pending federal and state regulatory proceeding

263、s relating to our operations,or the reviews by federal or state courts ofregulatory rulings.Without relief,existing laws and regulations may inhibit our ability to expand our business and introduce new products and services.Similarly,wecannot guarantee that we will be successful in obtaining the lic

264、enses needed to carry out our business plan or in maintaining our existing licenses.For example,theFCC grants wireless licenses for terms generally lasting 10 years,subject to renewal.The loss of,or a material limitation on,certain of our licenses could have amaterial adverse effect on our business,

265、results of operations and financial condition.New laws or regulations or changes to the existing regulatory framework at the federal,state,and local,or international level,such as those described below,thosethat incentivize business models or technologies different from ours or requirements limiting

266、 our ability to continue or discontinue service to customers could restrictthe ways in which we manage our wireline and wireless networks and operate our businesses,impose additional costs,impair revenue opportunities,and potentiallyimpede our ability to provide services in a manner that would be at

267、tractive to us and our customers.Privacy and data protection We are subject to federal,state and international laws related to privacy and data protection.In particular,the CaliforniaConsumer Privacy Act,Europes General Data Protection Regulation and a number of other privacy laws recently adopted b

268、y other states and countriesinclude significant penalties for non-compliance.Generally,attention to privacy and data security requirements is increasing at all levels of governmentglobally,and privacy-related legislation has been introduced or is under consideration in many locations.These regulatio

269、ns could have a significant impacton our businesses.Regulation of broadband internet access services In its 2015 Title II Order,the FCC nullified its longstanding light touch approach to regulating broadbandinternet access services and reclassified these services as telecommunications services subje

270、ct to utilities-style common carriage regulation.The FCCrepealed the 2015 Title II Order in December 2017,and returned to its traditional light-touch approach for these services.The 2017 order has been affirmedin part by the D.C.Circuit but may be revisited by the FCC or by Congress.Several states h

271、ave also adopted or are considering adopting laws or executiveorders that would impose net neutrality and other requirements on some of our services(in some cases different from the FCCs 2015 rules).Although someof these have been challenged in court,the ultimate enforceability and effect of these s

272、tate rules is uncertain.Open Access We hold certain wireless licenses that require us to comply with so-called open access FCC regulations,which generally require licenseesof particular spectrum to allow customers to use devices and applications of their choice.Moreover,certain services could be sub

273、ject to conflicting regulationby the FCC and/or various state and local authorities,which could significantly increase the cost of implementing and introducing new services.Climate-Related Regulation and Policy Due to the nature of our operations,we have been,and expect to continue to be impacted by

274、 regulatorydevelopments related to climate change,including,for example,the direct regulation of greenhouse gas emissions or carbon policies that could result in atax on such emissions.In addition,policy-driven changes in the prices of fuel or energy in geographies in which we operate could make it

275、more expensivefor us to purchase energy to power our networks and data centers,and any increase in taxes on fuel could increase our costs associated with operatingthose vehicles in our fleet that are dependent on traditional fuels.These developments and the further regulation of broadband,wireless,a

276、nd our other activities and any related court decisions could result in significant increases incosts for us or restrict our ability to compete in the marketplace and limit the return we can expect to achieve on past and future investments in our networks.We are subject to a substantial amount of li

277、tigation,which could require us to pay significant damages or settlements.We are subject to a substantial amount of litigation and claims in arbitration,including,but not limited to,shareholder derivative suits,patent infringement lawsuits,wage and hour class actions,contract and commercial claims,p

278、ersonal injury claims,property claims,environmental claims,and lawsuits relating to our advertising,sales,billing and collection practices.In addition,our wireless business also faces personal injury and wrongful death lawsuits relating to alleged health effects ofwireless phonesor radio frequency t

279、ransmitters.We may incur significant expenses in defending these lawsuits.In addition,we may be required to pay significant awards orsettlements.Financial RisksVerizon has significant debt,which could increase further if Verizon incurs additional debt in the future and does not retire existing debt.

280、As of December 31,2022,Verizon had approximately$130.6 billion of outstanding unsecured indebtedness,$9.4 billion of unused borrowing capacity under ourexisting revolving credit facility and$20.0 billion of outstanding secured indebtedness.Verizons debt level and related debt service obligations cou

281、ld have negativeconsequences,including:requiring Verizon to dedicate significant cash flow from operations to the payment of principal,interest and other amounts payable on our debt,which wouldreduce the funds we have available for other purposes,such as working capital,capital expenditures,dividend

282、 payments and acquisitions;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 and limiting its ability to repurchase common stock;reducing Verizo

283、ns flexibility in planning for or reacting to changes in our industries and market conditions;making Verizon more vulnerable in the event of a downturn in our business;andexposing Verizon to increased interest rate risk to the extent that our debt obligations are subject to variable interest rates.A

284、dverse changes in the financial markets and other factors could increase our borrowing costs and the availability of financing.We require a significant amount of capital to operate and grow our business.We fund our capital needs in part through borrowings in the public and private creditmarkets.Adve

285、rse changes in the financial markets,including increases in interest rates or changes in exchange rates,could increase our cost of borrowing,requireus to post a significant amount of collateral,and/or make it more difficult for us to obtain financing for our operations or refinance existing indebted

286、ness.In addition,our ability to obtain funding under asset-backed debt transactions is subject to our ability to continue to originate a sufficient amount of assets eligible to besecuritized.Our borrowing costs also can be affected by short-and long-term debt ratings assigned by independent rating a

287、gencies,which are based,in significantpart,on our performance as measured by customary credit metrics.A decrease in these ratings would likely increase our cost of borrowing and/or make it moredifficult for us to obtain financing.A severe disruption in the global financial markets could impact some

288、of the financial institutions with which we do business,andsuch instability could also affect our access to financing.Increases in costs for pension benefits and active and retiree healthcare benefits may reduce our profitability and increase our fundingcommitments.With approximately 117,100 employe

289、es and approximately 186,700 retirees as of December 31,2022 eligible to participate in Verizons benefit plans,the costs ofpension benefits and active and retiree healthcare benefits have a significant impact on our profitability.Our costs of maintaining these plans,and the future fundingrequirement

290、s for these plans,are affected by several factors,including increases in healthcare costs,decreases in investment returns on funds held by our pensionand other benefit plan trusts and changes in the discount rate and mortality assumptions used to calculate pension and other postretirement expenses.I

291、f we areunable to limit future increases in the costs of our benefit plans,those costs could reduce our profitability and increase our funding commitments.Item 1B.Unresolved Staff CommentsNone.18Item 2.PropertiesOur principal properties do not lend themselves to simple description by character and l

292、ocation.Our total gross investment in property,plant and equipment wasapproximately$308 billion at December 31,2022 and$290 billion at December 31,2021,including the effect of retirements,but before deducting accumulateddepreciation.Our gross investment in property,plant and equipment consisted of t

293、he following:At December 31,20222021Network equipment77.2%76.9%Land,buildings and building equipment11.7%11.7%Furniture and other11.1%11.4%100.0%100.0%Network equipment consists primarily of cable(aerial,buried,underground or undersea)and the related support structures of poles and conduit,wireless

294、plant,switching equipment,network software,transmission equipment and related facilities.Land,buildings and building equipment consists of land and land improvements,central office buildings or any other buildings that house network equipment,and buildings that are used for administrative and other

295、purposes.Substantially all theswitching centers are located on land and in buildings we own due to their critical role in the networks and high set-up and relocation costs.We also maintain facilitiesthroughout the U.S.comprised of administrative and sales offices,customer care centers,retail sales l

296、ocations,garage work centers,switching centers,cell sites anddata centers.Furniture and other consists of telephone equipment,furniture,data processing equipment,office equipment,motor vehicles,construction in process,and leasehold improvements.Item 3.Legal ProceedingsIn the ordinary course of busin

297、ess,Verizon is involved in various litigation and regulatory proceedings at the state and federal level.As of the date of this report,we donot believe that any pending legal proceedings to which we or our subsidiaries are subject are required to be disclosed as material legal proceedings pursuant to

298、 thisitem.Verizon is not subject to any administrative or judicial proceeding arising under any federal,state or local provisions that have been enacted or adoptedregulating the discharge of materials into the environment or primarily for the purpose of protecting the environment that is likely to r

299、esult in monetary sanctions of$1million or more.For a discussion of our litigation risks,refer to Item 1A Risk Factors.Item 4.Mine Safety DisclosuresNone.PART IIItem 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity SecuritiesThe principal market for t

300、rading in the common stock of the Company is the New York Stock Exchange under the symbol VZ.As of December 31,2022,there were 462,587 shareholders of record.In addition,a significant number of holders of the Companys common stock are street nameor beneficial holders,whose shares are held of record

301、by banks,brokers,and other financial institutions.Stock RepurchasesIn February 2020,the Board of Directors of the Company authorized a share buyback program to repurchase up to 100 million shares of our common stock.Theprogram will terminate when the aggregate number of shares purchased reaches 100

302、million,or a new share repurchase plan superseding the current plan isauthorized,whichever is sooner.Under the program,shares may be repurchased in privately negotiated transactions,on the open market,or otherwise,includingthrough plans complying with Rule 10b5-1 under the Exchange Act.The timing an

303、d number of shares purchased under the program,if any,will depend on marketconditions and our capital allocation priorities.During the years ended December 31,2022 and 2021,Verizon did not repurchase any shares of the Companys common stock under our authorized share buybackprogram.At December 31,202

304、2,the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100million.Stock Performance Graph2002020212022Verizon$100.0$111.3$126.7$126.5$117.0$93.6 S&P 500100.0 95.6 125.7 148.8 191.5 156.8 S&P 500 Telecom Services100.0 87.5 116.

305、1 143.5 174.4 104.8 The graph compares the cumulative total returns of Verizon,the S&P 500 Stock Index and the S&P 500 Telecommunications Services Index over a five-year period.Itassumes$100 was invested on December 31,2017 with dividends being reinvested.Item 6.ReservedItem 7.Managements Discussion

306、 and Analysis of Financial Condition and Results of OperationsOverviewVerizon Communications Inc.(the Company)is a holding company that,acting through its subsidiaries(together with the Company,collectively,Verizon),is one ofthe worlds leading providers of communications,technology,information and e

307、ntertainment products and services to consumers,businesses and governmententities.With a presence around the world,we offer data,video and voice services and solutions on our networks and platforms that are designed to meet customersdemand for mobility,reliable network connectivity,security and cont

308、rol.To compete effectively in todays dynamic marketplace,we are focused on the capabilities of our high-performing networks to drive growth based on delivering whatcustomers want and need in the digital world.In 2022,we focused on maintaining our network leadership,including by rapidly deploying C-B

309、and spectrum;retainingand growing our high-quality customer base while balancing profitability in challenging market conditions;and driving monetization of our networks,platforms andsolutions.We are creating business value by earning the trust of our stakeholders,limiting our environmental impact an

310、d supporting our customer base growth whilecreating social benefit through our products and services.Our strategy requires significant capital investments primarily to acquire wireless spectrum,put thespectrum into service,provide additional capacity for growth in our networks,invest in the fiber th

311、at supports our businesses,evolve and maintain our networks anddevelop and maintain significant advanced information technology systems and data system capabilities.2022 was a peak year of capital investment for us as werapidly deployed C-Band spectrum.We believe that this spectrum,together with our

312、 industry leading millimeter wave spectrum holding,4G LTE network and fiberinfrastructure,will drive innovative products and services and fuel our growth.We are consistently deploying new network architecture and technologies to secure our leadership in both fourth-generation(4G)and fifth-generation

313、(5G)wirelessnetworks.We expect that our next-generation multi-use platform,which we call the Intelligent Edge Network,will simplify operations by eliminating legacy networkelements,speed the deployment of 5G wireless technology and create new opportunities in the business market in a cost efficient

314、manner.Our network leadership isthe hallmark of our brand and the foundation for the connectivity,platforms and solutions upon which we build our competitive advantage.Highlights of Our 2022 Financial Results(dollars in millions)Business OverviewWe have two reportable segments that we operate and ma

315、nage as strategic business units-Verizon Consumer Group(Consumer)and Verizon Business Group(Business).Revenue by SegmentNote:Excludes eliminations.Verizon Consumer GroupOur Consumer segment provides consumer-focused wireless and wireline communications services and products.Our wireless services are

316、 provided across one ofthe most extensive wireless networks in the United States(U.S.)under the Verizon brand,TracFone Wireless,Inc.(TracFone)brands and through wholesale andother arrangements.We also provide fixed wireless access(FWA)broadband through our wireless networks.Our wireline services are

317、 provided in nine states in theMid-Atlantic and Northeastern U.S.,as well as Washington D.C.,over our 100%fiber-optic network through our Verizon Fios product portfolio and over a traditionalcopper-based network to customers who are not served by Fios.Our Consumer segments wireless and wireline prod

318、ucts and services are available to our retailcustomers,as well as resellers that purchase wireless network access from us on a wholesale basis.Customers can obtain our wireless services on a postpaid or prepaid basis.Our postpaid service is generally billed one month in advance for a monthly accessc

319、harge in return for access to and usage of network services.Our prepaid service is offered only to Consumer customers and enables individuals to obtain wirelessservices without credit verification by paying for all services in advance.The Consumer segment also offers several categories of wireless e

320、quipment to customers,including a variety of smartphones and other handsets,wireless-enabled internet devices,such as tablets,and other wireless-enabled connected devices,such assmart watches.In addition to the wireless services and equipment discussed above,the Consumer segment sells residential fi

321、xed connectivity solutions,including internet,video andvoice services,and wireless network access to resellers on a wholesale basis.The Consumer segments operating revenues for the year ended December 31,2022totaled$103.5 billion,an increase of$8.2 billion,or 8.6%,compared to the year ended December

322、 31,2021.See Segment Results of Operations for additionalinformation regarding our Consumer segments operating performance and selected operating statistics.Verizon Business GroupOur Business segment provides wireless and wireline communications services and products,including data,video and confere

323、ncing services,corporate networkingsolutions,security and managed network services,local and long distance voice services and network access to deliver various Internet of Things(IoT)services andproducts,including solutions that support fleet tracking management,compliance management,field service m

324、anagement,asset tracking and other types of mobileresource management.We also provide FWA broadband through our wireless networks.We provide these products and services to businesses,governmentcustomers and wireless and wireline carriers across the U.S.and select products and services to customers a

325、round the world.The Business segments operatingrevenues for the year ended December 31,2022 totaled$31.1 billion and remained relatively flat compared to the year ended December 31,2021.See SegmentResults of Operations for additional information regarding our Business segments operating performance

326、and selected operating statistics.Corporate and OtherCorporate and other primarily includes insurance captives,investments in unconsolidated businesses and development stage businesses that support our strategicinitiatives,as well as unallocated corporate expenses,certain pension and other employeeb

327、enefit related costs and interest and financing expenses.Corporate and other also includes the historical results of divested businesses,including Verizon MediaGroup(Verizon Media)divested in September 2021,and other adjustments and gains and losses that are not allocated in assessing segment perfor

328、mance due totheir nature.Although such transactions are excluded from the business segment results,they are included in reported consolidated earnings.Gains and losses fromthese transactions that are not individually significant are included in segment results as these items are included in the chie

329、f operating decision makers assessmentof segment performance.See Consolidated Results of Operations for additional information regarding Corporate and other results.Capital Expenditures and InvestmentsWe continue to invest in our wireless networks,high-speed fiber and other advanced technologies to

330、position ourselves at the center of growth trends for the future.During the year ended December 31,2022,these investments included$23.1 billion for capital expenditures,inclusive of approximately$6.2 billion in C-Band relatedcapital expenditures.See Cash Flows Used in Investing Activities and Liquid

331、ity and Capital Resources for additional information.We believe that our investmentsaimed at expanding our portfolio of products and services will provide our customers with an efficient,reliable infrastructure for competing in the information economy.Global Network and TechnologyWe are focusing our

332、 capital spending on adding capacity and density to our 4G Long-Term Evolution(LTE)network,while also building our next generation 5Gnetwork.We are densifying our networks by utilizing small cell technology,in-building solutions and distributed antenna systems.Network densification enables us toadd

333、capacity to address increasing mobile video consumption and the growing demand for IoT products and services on our 4G LTE and 5G networks.Over the pastseveral years,we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services.5G technology enables higher throughput and lower latency than the 4G LTE technology and al