Verizon Communications Inc. Files 8-K on Debt Notes

TL;DR

Verizon dropped an 8-K detailing its various notes due dates and rates - check your holdings!

AI Summary

On February 29, 2024, Verizon Communications Inc. filed an 8-K to disclose information regarding its outstanding notes. The filing lists various series of notes with different maturity dates and coupon rates, such as the 4.073% Notes due 2024 and the 0.875% Notes due 2025, indicating ongoing debt management activities.

Why It Matters

This filing provides insight into Verizon's current debt structure and maturity profile, which is crucial for investors assessing the company's financial health and leverage.

Risk Assessment

Risk Level: low — The filing is a routine disclosure of debt instruments and does not indicate any new or unusual risks for the company.

Key Numbers

• 4.073% — Notes Due 2024 (Interest rate on a specific debt issuance maturing in 2024.)
• 0.875% — Notes Due 2025 (Interest rate on a specific debt issuance maturing in 2025.)
• 2024 — Maturity Year (Indicates a debt maturity within the current year.)
• 2025 — Maturity Year (Indicates a debt maturity within the next year.)
• 2026 — Maturity Year (Indicates multiple debt maturities in 2026.)

Key Players & Entities

• VERIZON COMMUNICATIONS INC (company) — Filer
• 0000732712 (company) — Central Index Key
• 20240229 (date) — Report Date
• 4.073% (dollar_amount) — Coupon Rate for Notes Due 2024
• 0.875% (dollar_amount) — Coupon Rate for Notes Due 2025

FAQ

Key Financial Figures

• $0.10 — ich Registered Common Stock, par value $0.10 VZ New York Stock Exchange Common Stoc
• $5.9 billion — ntract from RGA to settle approximately $5.9 billion of benefit liabilities of the Pension P
• $365 million — n the aggregate amount of approximately $365 million. With these contributions, the funded r

Filing Documents

• vz-20240229.htm (8-K) — 76KB
• 0000732712-24-000015.txt ( ) — 443KB
• vz-20240229.xsd (EX-101.SCH) — 9KB
• vz-20240229_def.xml (EX-101.DEF) — 31KB
• vz-20240229_lab.xml (EX-101.LAB) — 71KB
• vz-20240229_pre.xml (EX-101.PRE) — 33KB
• vz-20240229_htm.xml (XML) — 26KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure On February 29, 2024, Verizon Communications Inc. ("Verizon") entered into two separate commitment agreements, one by and between Verizon, State Street Global Advisors Trust Company ("State Street"), as independent fiduciary of the Verizon Management Pension Plan and Verizon Pension Plan for Associates (the "Pension Plans"), and The Prudential Insurance Company of America ("Prudential"), and one by and between Verizon, State Street and RGA Reinsurance Company ("RGA"), under which the Pension Plans purchased a nonparticipating single premium group annuity contract from Prudential and a nonparticipating single premium group annuity contract from RGA to settle approximately $5.9 billion of benefit liabilities of the Pension Plans. The purchase of the group annuity contracts closed on March 6, 2024. The group annuity contracts primarily cover a population that includes 56,000 retirees who commenced benefit payments from the Pension Plans prior to January 1, 2023 ("Transferred Participants"). Prudential and RGA each irrevocably guarantee and assume the sole obligation to make future payments to the Transferred Participants as provided under their respective group annuity contracts, with direct payments beginning July 1, 2024. Prudential and RGA will each assume 50% of the benefit obligation related to Transferred Participants, except in certain jurisdictions where Prudential will assume 100% of the benefit obligation related to Transferred Participants residing in such jurisdictions. The aggregate amount of each Transferred Participant's payment under the group annuity contracts will be equal to the amount of each individual's payment under the Pension Plans. Participants in the Pension Plans who are not covered by the group annuity contracts, including management and associate retirees who commenced benefit payments on or after January 1, 2023 and active and term vested managers and associates, will not be affected by this transa

Forward-Looking Statements

Forward-Looking Statements In 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 also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Verizon Communications Inc. (Registrant) Date: March 6, 2024 /s/ Mary-Lee Stillwell Mary-Lee Stillwell Senior Vice President and Controller

View Full Filing

View this 8-K filing on SEC EDGAR