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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             

Commission file number: 1-8606
Verizon Communications Inc.
(Exact name of registrant as specified in its charter)
Delaware 23-2259884
(State or other jurisdiction
of incorporation or organization)
 (I.R.S. Employer Identification No.)
1095 Avenue of the Americas10036
New York,New York
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212395-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.10VZNew York Stock Exchange
Common Stock, par value $0.10VZThe NASDAQ Global Select Market
1.625% Notes due 2024VZ24BNew York Stock Exchange
4.073% Notes due 2024VZ24CNew York Stock Exchange
0.875% Notes due 2025VZ25New York Stock Exchange
3.250% Notes due 2026VZ26New York Stock Exchange
1.375% Notes due 2026VZ26BNew York Stock Exchange
0.875% Notes due 2027VZ27ENew York Stock Exchange
1.375% Notes due 2028VZ28New York Stock Exchange
1.875% Notes due 2029VZ29BNew York Stock Exchange
1.250% Notes due 2030VZ30New York Stock Exchange
1.875% Notes due 2030VZ30ANew York Stock Exchange
2.625% Notes due 2031VZ31New York Stock Exchange
2.500% Notes due 2031VZ31ANew York Stock Exchange
0.875% Notes due 2032VZ32New York Stock Exchange
1.300% Notes due 2033VZ33BNew York Stock Exchange
4.750% Notes due 2034VZ34New York Stock Exchange
3.125% Notes due 2035VZ35New York Stock Exchange
3.375% Notes due 2036VZ36ANew York Stock Exchange
2.875% Notes due 2038VZ38BNew York Stock Exchange
1.500% Notes due 2039VZ39CNew York Stock Exchange
3.500% Fixed Rate Notes due 2039VZ39DNew York Stock Exchange
1.850% Notes due 2040VZ40New York Stock Exchange



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Indicate 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 the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No

Indicate 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 this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No

At September 30, 2020, 4,138,094,367 shares of the registrant’s common stock were outstanding, after deducting 153,339,279 shares held in treasury.


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TABLE OF CONTENTS
Item No. Page
Item 1.
Three and nine months ended September 30, 2020 and 2019
Three and nine months ended September 30, 2020 and 2019
At September 30, 2020 and December 31, 2019
Nine months ended September 30, 2020 and 2019
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
















Table of Contents
Part I - Financial Information

Item 1. Financial Statements (Unaudited)

Condensed Consolidated Statements of Income
Verizon Communications Inc. and Subsidiaries
Three Months EndedNine Months Ended
 September 30,September 30,
(dollars in millions, except per share amounts) (unaudited)2020201920202019
Operating Revenues
Service revenues and other
$27,431 $27,753 $81,604 $82,301 
Wireless equipment revenues
4,112 5,141 11,996 14,792 
Total Operating Revenues31,543 32,894 93,600 97,093 
Operating Expenses
Cost of services (exclusive of items shown below)
7,955 7,902 23,348 23,396 
Cost of wireless equipment
4,379 5,482 13,031 15,699 
Selling, general and administrative expense
7,339 7,216 23,080 21,682 
Depreciation and amortization expense
4,192 4,114 12,523 12,577 
Total Operating Expenses23,865 24,714 71,982 73,354 
Operating Income7,678 8,180 21,618 23,739 
Equity in losses of unconsolidated businesses(9)(1)(34)(20)
Other expense, net(774)(110)(703)(1,127)
Interest expense(1,044)(1,146)(3,167)(3,571)
Income Before Provision For Income Taxes5,851 6,923 17,714 19,021 
Provision for income taxes(1,347)(1,586)(4,084)(4,450)
Net Income$4,504 $5,337 $13,630 $14,571 
Net income attributable to noncontrolling interests$147 $143 $417 $401 
Net income attributable to Verizon4,357 5,194 13,213 14,170 
Net Income$4,504 $5,337 $13,630 $14,571 
Basic Earnings Per Common Share
Net income attributable to Verizon$1.05 $1.26 $3.19 $3.42 
Weighted-average shares outstanding (in millions)4,140 4,138 4,139 4,138 
Diluted Earnings Per Common Share
Net income attributable to Verizon$1.05 $1.25 $3.19 $3.42 
Weighted-average shares outstanding (in millions)4,142 4,140 4,141 4,140 
See Notes to Condensed Consolidated Financial Statements

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Condensed Consolidated Statements of Comprehensive Income
Condensed Consolidated Statements of Comprehensive Income
Verizon Communications Inc. and Subsidiaries
 Three Months EndedNine Months Ended
September 30,September 30,
(dollars in millions) (unaudited)2020201920202019
Net Income$4,504 $5,337 $13,630 $14,571 
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit
Foreign currency translation adjustments, net of tax of $10, $(10), $10 and $(12)
124 (10)81 (53)
Unrealized gain (loss) on cash flow hedges, net of tax of $(176), $59, $483 and $257
505 (166)(1,391)(716)
Unrealized gain on marketable securities, net of tax of $(1), $(1), $(2) and $(3)
2 2 7 10 
Defined benefit pension and postretirement plans, net of tax of $55, $56, $166 and $168
(169)(169)(507)(507)
Other comprehensive income (loss) attributable to Verizon462 (343)(1,810)(1,266)
Total Comprehensive Income$4,966 $4,994 $11,820 $13,305 
Comprehensive income attributable to noncontrolling interests$147 $143 $417 $401 
Comprehensive income attributable to Verizon4,819 4,851 11,403 12,904 
Total Comprehensive Income$4,966 $4,994 $11,820 $13,305 
See Notes to Condensed Consolidated Financial Statements
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Condensed Consolidated Balance Sheets
Verizon Communications Inc. and Subsidiaries
At September 30,At December 31,
(dollars in millions, except per share amounts) (unaudited)20202019
Assets
Current assets
Cash and cash equivalents
$8,983 $2,594 
Accounts receivable
23,846 26,162 
Less Allowance for credit losses
1,229  
Less Allowance for doubtful accounts
 733 
Accounts receivable, net (Note 1)
22,617 25,429 
Inventories
1,457 1,422 
Prepaid expenses and other
5,515 8,028 
Total current assets38,572 37,473 
Property, plant and equipment276,210 265,734 
Less Accumulated depreciation
183,028 173,819 
Property, plant and equipment, net93,182 91,915 
Investments in unconsolidated businesses535 558 
Wireless licenses95,958 95,059 
Goodwill24,799 24,389 
Other intangible assets, net9,599 9,498 
Operating lease right-of-use assets22,680 22,694 
Other assets11,669 10,141 
Total assets$296,994 $291,727 
Liabilities and Equity
Current liabilities
Debt maturing within one year$5,770 $10,777 
Accounts payable and accrued liabilities17,391 21,806 
Current operating lease liabilities3,494 3,261 
Other current liabilities9,530 9,024 
Total current liabilities36,185 44,868 
Long-term debt109,790 100,712 
Employee benefit obligations18,756 17,952 
Deferred income taxes34,567 34,703 
Non-current operating lease liabilities18,155 18,393 
Other liabilities13,011 12,264 
Total long-term liabilities194,279 184,024 
Commitments and Contingencies (Note 11)
Equity
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)
  
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period)
429 429 
Additional paid in capital13,404 13,419 
Retained earnings58,473 53,147 
Accumulated other comprehensive income (loss)(812)998 
Common stock in treasury, at cost (153,339,279 and 155,605,527 shares outstanding)
(6,721)(6,820)
Deferred compensation – employee stock ownership plans and other296 222 
Noncontrolling interests1,461 1,440 
Total equity66,530 62,835 
Total liabilities and equity$296,994 $291,727 
See Notes to Condensed Consolidated Financial Statements
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Condensed Consolidated Statements of Cash Flows
Verizon Communications Inc. and Subsidiaries
Nine Months Ended
 September 30,
(dollars in millions) (unaudited)20202019
Cash Flows from Operating Activities
Net Income$13,630 $14,571 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense12,523 12,577 
Employee retirement benefits867 (105)
Deferred income taxes530 1,070 
Provision for expected credit losses1,100 1,131 
Equity in losses of unconsolidated businesses, net of dividends received67 64 
Net loss on sale of divested businesses 94 
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses1,345 (3,902)
Discretionary employee benefits contributions (300)
Other, net2,410 1,548 
Net cash provided by operating activities32,472 26,748 
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)(14,168)(12,332)
Acquisitions of businesses, net of cash acquired(507)(29)
Acquisitions of wireless licenses(1,987)(299)
Proceeds from dispositions of businesses 27 
Other, net(1,807)476 
Net cash used in investing activities(18,469)(12,157)
Cash Flows from Financing Activities
Proceeds from long-term borrowings12,387 8,360 
Proceeds from asset-backed long-term borrowings4,439 3,982 
Repayments of long-term borrowings and finance lease obligations(8,853)(12,486)
Repayments of asset-backed long-term borrowings(6,726)(5,273)
Dividends paid(7,636)(7,474)
Other, net(1,348)(1,410)
Net cash used in financing activities(7,737)(14,301)
Increase in cash, cash equivalents and restricted cash6,266 290 
Cash, cash equivalents and restricted cash, beginning of period3,917 3,916 
Cash, cash equivalents and restricted cash, end of period (Note 1)$10,183 $4,206 
See Notes to Condensed Consolidated Financial Statements

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Notes to Condensed Consolidated Financial Statements (Unaudited)
Verizon Communications Inc. and Subsidiaries

Note 1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and based upon Securities and Exchange Commission rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements included in Verizon Communications Inc.'s (Verizon or the Company) Annual Report on Form 10-K for the year ended December 31, 2019. These financial statements reflect all adjustments that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year.

Certain amounts have been reclassified to conform to the current period’s presentation.

Use of Estimates
U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the recent novel coronavirus (COVID-19) pandemic and public and private sector policies and initiatives aimed at reducing its transmission. As the extent and duration of the impacts from COVID-19 remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from those estimates.

Examples of significant estimates include the allowance for credit losses, the recoverability of intangible assets, property, plant and equipment, and other long-lived assets, the incremental borrowing rate for the lease liability, fair value measurements, including those related to financial instruments, goodwill, spectrum licenses and intangible assets, unrecognized tax benefits, valuation allowances on tax assets, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations.

Earnings Per Common Share
There were a total of approximately 2 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2020 and September 30, 2019.

Cash, Cash Equivalents and Restricted Cash
We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds.

Cash collections on the device payment plan agreement receivables collateralizing asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets.

Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets:
At September 30,At December 31,Increase / (Decrease)
(dollars in millions)
20202019
Cash and cash equivalents$8,983 $2,594 $6,389 
Restricted cash:
Prepaid expenses and other
1,075 1,221 (146)
Other assets
125 102 23 
Cash, cash equivalents and restricted cash$10,183 $3,917 $6,266 

Allowance for Credit Losses
Prior to January 1, 2020, accounts receivable were recorded at cost less an allowance for doubtful accounts. The gross amount of accounts receivable and corresponding allowance for doubtful accounts were presented separately in the condensed consolidated balance sheets. We maintained allowances for uncollectible accounts receivable, including our direct-channel device payment plan agreement receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Indirect-channel device payment receivables are considered financial instruments and were initially recorded at fair value net of imputed interest, and credit losses were recorded as incurred. However, receivable balances were assessed quarterly for impairment and an allowance was recorded if the receivable was considered impaired. Subsequent to January 1, 2020, accounts receivable are recorded at amortized cost less an allowance for credit losses that are not expected to be recovered. The gross amount of accounts receivable and corresponding allowance for credit losses are presented separately in the condensed consolidated balance sheets. We maintain allowances for credit losses resulting from the expected failure or inability of our customers to make required payments. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. The allowance is based on multiple factors including historical
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experience with bad debts, the credit quality of the customer base, the aging of such receivables and current macroeconomic conditions, such as the COVID-19 pandemic, as well as management’s expectations of conditions in the future, if applicable. Our allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics.

We pool our device payment plan agreement receivables based on the credit quality indicators and shared risk characteristics of "new customers" and "existing customers." New customers are defined as customers who have been with Verizon for less than 210 days if they are classified as a Consumer segment customer, or less than 12 months if they are classified as a Business segment customer. Existing customers are defined as customers who have been with Verizon for more than 210 days if they are in Consumer, or more than 12 months if they are in Business. We record an allowance to reduce the receivables to the amount that is expected to be collectible. For device payment plan agreement receivables, we record bad debt expense based on a default and loss calculation using our proprietary loss model. The expected loss rate is determined based on customer credit scores and other qualitative factors as noted above. The loss rate is assigned individually on a customer by customer basis and the custom credit scores are then aggregated by vintage and used in our proprietary loss model to calculate the weighted-average loss rate used for determining the allowance balance.

We monitor the collectability of our wireless service receivables as one overall pool. Wireline service receivables are disaggregated and pooled by the following customer groups: consumer, small and medium business, global enterprise and wholesale. For wireless service receivables and wireline consumer and small and medium business receivables, the allowance is calculated based on a 12 month rolling average write-off balance multiplied by the average life-cycle of an account from billing to write-off. The risk of loss is assessed over the contractual life of the receivables and we adjust the historical loss amounts for current and future conditions based on management’s qualitative considerations. For global enterprise and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, if applicable. We consider multiple factors in determining the allowance as discussed above.

Recently Adopted Accounting Standard
The following Accounting Standard Updates (ASUs) were issued by the Financial Accounting Standards Board (FASB), and have been recently adopted by Verizon.

DescriptionDate of AdoptionEffect on Financial Statements
ASU 2016-13, ASU 2018-19, ASU 2019-04, and ASU 2019-05, Financial Instruments - Credit Losses (Topic 326)
In June 2016, the FASB issued Topic 326 which requires certain financial assets to be measured at amortized cost net of an allowance for estimated credit losses, such that the net receivable represents the present value of expected cash collection. In addition, this standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions, and reasonable and supportable forecasts that affect the collectability of the amounts. An entity applies the update through a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (January 1, 2020). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. Early adoption of this standard is permitted.
1/1/2020
We adopted Topic 326 beginning on January 1, 2020 using the modified retrospective approach with a cumulative effect adjustment to opening retained earnings recorded at the beginning of the period of adoption. Therefore upon adoption, we recognized and measured estimated credit losses without revising comparative period information or disclosures. We recorded the pre-tax cumulative effect of $265 million ($200 million net of tax) as a reduction to the January 1, 2020 opening balance of retained earnings, which was related to the timing of expected credit loss recognition for certain device payment plan receivables based upon reasonable and supportable forecasts of the future economic condition as of January 1, 2020. Additionally, the adoption of the standard impacted the condensed consolidated balance sheet by presenting financial assets measured at amortized cost separate from the allowance for estimated credit losses. There is no significant impact to our operating results for the current period due to this standard update.
ASU 2020-04, Reference Rate Reform (Topic 848)
Topic 848 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. Topic 848 provides optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met.
3/12/2020
Topic 848 was effective for the Company beginning on March 12, 2020, and we will apply the amendments prospectively through December 31, 2022. There was no impact to our condensed consolidated financial statements for the current period as a result of adopting this standard update.

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The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 326 were as follows:
(dollars in millions)At December 31, 2019Adjustments due to
Topic 326
At January 1, 2020
Allowance for credit losses$ $919 $919 
Allowance for doubtful accounts733 (733) 
Other assets10,141 (79)10,062 
Deferred income taxes34,703 (65)34,638 
Retained earnings53,147 (200)52,947 

See Note 6 for additional information related to credit losses, including disclosures required under Topic 326.

Note 2. Revenues and Contract Costs
We earn revenue from contracts with customers, primarily through the provision of telecommunications and other services and through the sale of wireless equipment.

Revenue by Category
We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. Revenue is disaggregated by products and services within Consumer and customer groups (Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale) within Business. See Note 10 for additional information on revenue by segment.

Corporate and other includes the results of our media business, Verizon Media Group (Verizon Media), and other businesses. Verizon Media generated revenues from contracts with customers under ASU 2014-09, "Revenue from Contracts with Customers" (Topic 606) of approximately $1.7 billion and $4.7 billion during the three and nine months ended September 30, 2020, respectively. Verizon Media generated revenues from contracts with customers under Topic 606 of approximately $1.8 billion and $5.4 billion during the three and nine months ended September 30, 2019, respectively.    

We also earn revenues that are not accounted for under Topic 606 from leasing arrangements (such as towers), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent. As allowed by the practical expedient within ASU 2016-02, "Leases" (Topic 842), we have elected to combine the lease and non-lease components for those arrangements of customer premise equipment where we are the lessor as components accounted for under Topic 606. During the three and nine months ended September 30, 2020, revenues from arrangements that were not accounted for under Topic 606 were approximately $715 million and $2.3 billion, respectively. During the three and nine months ended September 30, 2019, revenues from arrangements that were not accounted for under Topic 606 were approximately $779 million and $2.4 billion, respectively.

Remaining Performance Obligations
When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price may relate to service performance obligations which were not satisfied or are partially satisfied as of the end of the reporting period. Below we disclose information relating to these unsatisfied performance obligations. Upon adoption, we elected to apply the practical expedient available under Topic 606 that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less. This situation primarily arises with respect to certain month-to-month service contracts. At September 30, 2020, month-to-month service contracts represented approximately 90% of our wireless postpaid contracts and approximately 70% of our wireline Consumer and Small and Medium Business contracts, compared to September 30, 2019, for which month-to-month service contracts represented approximately 87% of our wireless postpaid contracts and 59% of our wireline Consumer and Small and Medium Business contracts.

Additionally, certain contracts provide customers the option to purchase additional services. The fees related to these additional services are recognized when the customer exercises the option (typically on a month-to-month basis).

Contracts for wireless services are generally either month-to-month and cancellable at any time (typically under a device payment plan) or contain terms ranging from greater than one month to up to two years (typically under a fixed-term plan). Additionally, customers may incur charges based on usage or additional optional services purchased in conjunction with entering into a contract that can be cancelled at any time and therefore are not included in the transaction price. The transaction price allocated to service performance obligations, which are not satisfied or are partially satisfied as of the end of the reporting period, are generally related to contracts that are not accounted for as month-to-month contracts.

Our Consumer group customers also include traditional wholesale resellers that purchase and resell wireless service under their own brands to their respective customers. Reseller arrangements generally include a stated contract term, which typically extends longer than two years and, in some cases, include a periodic minimum revenue commitment over the contract term for which revenues will be recognized in future periods.
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Consumer customer contracts for wireline services are generally month-to-month; however, they may have a service term of two years or shorter than twelve months. Certain contracts with Business customers for wireline services extend into future periods, contain fixed monthly fees and usage-based fees, and can include annual commitments in each year of the contract or commitments over the entire specified contract term; however, a significant number of contracts for wireline services with our Business customers have a contract term that is twelve months or less.

Additionally, there are certain contracts with Business customers for wireline and telematics services and certain Verizon Media contracts with customers that have a contractual minimum fee over the total contract term. We cannot predict the time period when revenue will be recognized related to those contracts; thus, they are excluded from the time bands below. These contracts have varying terms spanning over approximately five years ending in June 2025 and have aggregate contract minimum payments totaling $2.5 billion.

At September 30, 2020, the transaction price related to unsatisfied performance obligations for total Verizon that is expected to be recognized for the remainder of 2020, 2021 and thereafter was $5.1 billion, $15.0 billion and $5.7 billion, respectively. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications.

Accounts Receivable and Contract Balances
The timing of revenue recognition may differ from the time of billing to our customers. Receivables presented in our condensed consolidated balance sheets represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract.

Contract assets primarily relate to our rights to consideration for goods or services provided to customers but for which we do not have an unconditional right at the reporting date. Under a fixed-term plan, total contract revenue is allocated between wireless service and equipment revenues. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer when the performance obligation related to the transfer of control of the equipment is satisfied. The contract asset is reclassified to accounts receivable as wireless services are provided and billed. We have the right to bill the customer as service is provided over time, which results in our right to the payment being unconditional. The contract asset balances are presented in our condensed consolidated balance sheets as Prepaid expenses and other and Other assets. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability.

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the goods or services promised in the contract. We typically bill service one month in advance, which is the primary component of the contract liability balance. Contract liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in our condensed consolidated balance sheets as Other current liabilities and Other liabilities.

The following table presents information about receivables from contracts with customers:
At September 30,At January 1,At September 30,At January 1,
(dollars in millions)2020202020192019
Receivables(1)
$11,094 $12,078 $11,900 $12,104 
Device payment plan agreement receivables(2)
9,559 11,741 10,538 8,940 
(1)Balances do not include receivables related to the following contracts: leasing arrangements (such as towers), captive reinsurance arrangements primarily related to wireless device insurance and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent.
(2)Included in device payment plan agreement receivables presented in Note 6. Balances do not include receivables related to contracts completed prior to January 1, 2018 and receivables derived from the sale of equipment on a device payment plan through an authorized agent.

The following table presents information about contract balances:
At September 30,At January 1,At September 30,At January 1,
(dollars in millions)2020202020192019
Contract asset$923 $1,150 $1,102 $1,003 
Contract liability (1)
5,321 5,307 5,082 4,943 
(1) Revenue recognized related to contract liabilities existing at January 1, 2020 were $124 million and $4.2 billion for the three and nine months ended September 30, 2020, respectively. Revenue recognized related to contract liabilities existing at January 1, 2019 were $235 million and $4.1 billion for the three and nine months ended September 30, 2019, respectively.

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The balance of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows:
At September 30,At December 31,
(dollars in millions)20202019
Assets
Prepaid expenses and other$733 $848 
Other assets190 302 
Total$923 $1,150 
Liabilities
Other current liabilities$4,683 $4,651 
Other liabilities638 656 
Total$5,321 $5,307 

Contract Costs
Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which are then amortized to expense over the respective periods of expected benefit. We recognize an asset for incremental commission expenses paid to internal and external sales personnel and agents in conjunction with obtaining customer contracts. We only defer these costs when we have determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recoverable. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain wireless contracts are amortized over both of our Consumer and Business customers' estimated device upgrade cycles, as such costs are typically incurred each time a customer upgrades. Costs to obtain wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers. Incremental costs to obtain wireline contracts for our Business customers are insignificant. Costs to obtain contracts are recorded in Selling, general and administrative expense.

We also defer costs incurred to fulfill contracts that: (1) relate directly to the contract; (2) are expected to generate resources that will be used to satisfy our performance obligation under the contract; and (3) are expected to be recovered through revenue generated under the contract. Contract fulfillment costs are expensed as we satisfy our performance obligations and recorded in Cost of services. These costs principally relate to direct costs that enhance our wireline business resources, such as costs incurred to install circuits.

We determine the amortization periods for our costs incurred to obtain or fulfill a customer contract at a portfolio level due to the similarities within these customer contract portfolios.

Other costs, such as general costs or costs related to past performance obligations, are expensed as incurred.

Collectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized over a two-to five-year period. Deferred contract costs are classified as current or non-current within Prepaid expenses and other and Other assets, respectively.