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As Of Filer Filing For·On·As Docs:Size 11/04/21 AT&T Inc. 10-Q 9/30/21 87:18M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.90M 2: EX-10.2 EX-10.2 AT&T Management Relocation Plan HTML 135K 3: EX-10.3 EX-10.3 Amend to AT&T Exec Physical Prog, Offcr HTML 27K Dsblty Plan & Suppl Life Insrnce 4: EX-10.4 EX-10.4 AT&T Inc. Health Plan Effective January 1, HTML 143K 2022 5: EX-10.5 EX-10.5 AT&T Cash Deferral Plan as Amended July HTML 102K 29, 2021 6: EX-10.6 EX-10.6 AT&T Stock Purchase and Deferral Plan as HTML 136K Amended July 29, 2021 7: EX-31.1 EX-31.1 Certification of Principal Executive HTML 29K Officer 8: EX-31.2 EX-31.2 Certification of Principal Financial HTML 29K Officer 9: EX-32 EX-32 Section 1350 Certifications HTML 28K 16: R1 Document and Entity Information HTML 180K 17: R2 Consolidated Statements Of Income HTML 134K 18: R3 Consolidated Statements Of Comprehensive Income HTML 79K 19: R4 Consolidated Statements of Comprehensive Income HTML 44K (Parenthetical) 20: R5 Consolidated Balance Sheets HTML 173K 21: R6 Consolidated Balance Sheets (Parenthetical) HTML 49K 22: R7 Consolidated Statements Of Cash Flows HTML 133K 23: R8 Consolidated Statements Of Cash Flows HTML 26K (Parenthetical) 24: R9 Consolidated Statement Of Changes In Stockholders' HTML 167K Equity 25: R10 Consolidated Statement Of Changes In Stockholders' HTML 26K Equity (Parenthetical) 26: R11 Preparation Of Interim Financial Statements HTML 29K 27: R12 Earnings Per Share HTML 49K 28: R13 Other Comprehensive Income HTML 68K 29: R14 Segment Information HTML 362K 30: R15 Revenue Recognition HTML 348K 31: R16 Pension And Postretirement Benefits HTML 67K 32: R17 Fair Value Measurements And Disclosure HTML 153K 33: R18 Acquisitions, Dispositions And Other Adjustments HTML 49K 34: R19 Sales Of Receivables HTML 104K 35: R20 Leases HTML 156K 36: R21 Related Party Disclosures HTML 33K 37: R22 Additional Financial Information HTML 81K 38: R23 Preparation Of Interim Financial Statements HTML 34K (Policies) 39: R24 Earnings Per Share (Tables) HTML 49K 40: R25 Other Comprehensive Income (Tables) HTML 67K 41: R26 Segment Information (Tables) HTML 349K 42: R27 Revenue Recognition (Tables) HTML 343K 43: R28 Pension And Postretirement Benefits (Tables) HTML 61K 44: R29 Fair Value Measurements And Disclosure (Tables) HTML 148K 45: R30 Acquisitions, Dispositions And Other Adjustments HTML 41K (Tables) 46: R31 Sales Of Receivables (Tables) HTML 100K 47: R32 Leases (Tables) HTML 107K 48: R33 Additional Financial Information (Tables) HTML 77K 49: R34 Earnings Per Share (Details) HTML 50K 50: R35 Other Comprehensive Income (Details) HTML 58K 51: R36 Segment Information (Summary Of Operating Revenues HTML 26K And Expenses) (Narrative) (Details) 52: R37 Segment Information (Summary Of Operating Revenues HTML 121K And Expenses) (Details) 53: R38 Segment Information (Reconciliation Of Operating HTML 77K Income Loss to Consolidated Statement Of Income) (Details) 54: R39 Segment Information (Intersegment Details) HTML 47K (Details) 55: R40 Revenue Recognition (Revenue Categories) (Details) HTML 219K 56: R41 Revenue Recognition (Narrative) (Details) HTML 72K 57: R42 Revenue Recognition (Deferred Contract Acquisition HTML 40K and Fulfillment Costs) (Details) 58: R43 Revenue Recognition (Contract Assets and HTML 41K Liabilities) (Details) 59: R44 Revenue Recognition (Remaining Performance HTML 33K Obligations) (Details) 60: R45 Pension And Postretirement Benefits (Narrative) HTML 50K (Details) 61: R46 Pension And Postretirement Benefits (Pension And HTML 51K Postretirement Benefit Costs Included In Operating Expenses) (Details) 62: R47 Fair Value Measurements And Disclosure (Long-Term HTML 40K Debt And Other Financial Instruments) (Details) 63: R48 Fair Value Measurements And Disclosure (Fair Value HTML 73K Leveling) (Details) 64: R49 Fair Value Measurements And Disclosure (Gain and HTML 31K Losses on Equity Securities) (Details) 65: R50 Fair Value Measurements And Disclosure (Narrative) HTML 61K (Details) 66: R51 Fair Value Measurements And Disclosure (Notional HTML 31K Amount Of Our Outstanding Derivative Positions) (Details) 67: R52 Fair Value Measurements And Disclosure (Effect Of HTML 54K Derivatives On The Consolidated Statements Of Income) (Details) 68: R53 Acquisitions, Dispositions And Other Adjustments HTML 177K (Narrative) (Details) 69: R54 Acquisitions, Dispositions And Other Adjustments HTML 61K (Schedule of Assets and Liabilities Held-for-Sale) (Details) 70: R55 Sales Of Receivables (Equipment Installment and HTML 47K AT&T Revolving Programs) (Details) 71: R56 Sales Of Receivables (Finance Receivables) HTML 39K (Details) 72: R57 Sales Of Receivables (Finance Receivables HTML 32K Repurchased) (Details) 73: R58 Sales Of Receivables (Equipment Installment and HTML 44K AT&T Revolving Programs) (Narrative) (Details) 74: R59 Sales Of Receivables (Summary of Receivables Sold) HTML 43K (Details) 75: R60 Leases (Narrative) (Details) HTML 29K 76: R61 Leases (Components of Lease Expense) (Details) HTML 35K 77: R62 Leases (Supplemental Cash Flow Information Related HTML 31K to Leases) (Details) 78: R63 Leases (Supplemental Balance Sheet Information HTML 64K Related to Leases) (Details) 79: R64 Leases (Future Minimum Maturities of Lease HTML 65K Liabilities) (Details) 80: R65 Related Party Disclosures (Details) HTML 79K 81: R66 Additional Financial Information (Details) HTML 55K 82: R67 Additional Financial Information (Narrative) HTML 70K (Details) 83: R68 Additional Financial Information - Debt Activity HTML 61K (Details) 85: XML IDEA XML File -- Filing Summary XML 157K 15: XML XBRL Instance -- t-20210930_htm XML 6.33M 84: EXCEL IDEA Workbook of Financial Reports XLSX 124K 11: EX-101.CAL XBRL Calculations -- t-20210930_cal XML 272K 12: EX-101.DEF XBRL Definitions -- t-20210930_def XML 1.02M 13: EX-101.LAB XBRL Labels -- t-20210930_lab XML 2.23M 14: EX-101.PRE XBRL Presentations -- t-20210930_pre XML 1.33M 10: EX-101.SCH XBRL Schema -- t-20210930 XSD 207K 86: JSON XBRL Instance as JSON Data -- MetaLinks 533± 756K 87: ZIP XBRL Zipped Folder -- 0000732717-21-000080-xbrl Zip 599K
t-20210930 |
(Mark One) | ||||||||
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Name of each exchange | ||||||||
Title of each class | Trading Symbol(s) | on which registered | ||||||
i Common Shares (Par Value $1.00 Per Share) | i T | i New York Stock Exchange | ||||||
i Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A | i T PRA | i New York Stock Exchange | ||||||
i Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C | i T PRC | i New York Stock Exchange | ||||||
i AT&T Inc. 2.650% Global Notes due December 17, 2021 | i T 21B | i New York Stock Exchange | ||||||
i AT&T Inc. 1.450% Global Notes due June 1, 2022 | i T 22B | i New York Stock Exchange | ||||||
i AT&T Inc. 2.500% Global Notes due March 15, 2023 | i T 23 | i New York Stock Exchange | ||||||
i AT&T Inc. 2.750% Global Notes due May 19, 2023 | i T 23C | i New York Stock Exchange | ||||||
i AT&T Inc. Floating Rate Global Notes due September 5, 2023 | i T 23D | i New York Stock Exchange | ||||||
i AT&T Inc. 1.050% Global Notes due September 5, 2023 | i T 23E | i New York Stock Exchange | ||||||
i AT&T Inc. 1.300% Global Notes due September 5, 2023 | i T 23A | i New York Stock Exchange | ||||||
i AT&T Inc. 1.950% Global Notes due September 15, 2023 | i T 23F | i New York Stock Exchange | ||||||
i AT&T Inc. 2.400% Global Notes due March 15, 2024 | i T 24A | i New York Stock Exchange | ||||||
i AT&T Inc. 3.500% Global Notes due December 17, 2025 | i T 25 | i New York Stock Exchange | ||||||
i AT&T Inc. 0.250% Global Notes due March 4, 2026 | i T 26E | i New York Stock Exchange | ||||||
i AT&T Inc. 1.800% Global Notes due September 5, 2026 | i T 26D | i New York Stock Exchange | ||||||
i AT&T Inc. 2.900% Global Notes due December 4, 2026 | i T 26A | i New York Stock Exchange | ||||||
i AT&T Inc. 1.600% Global Notes due May 19, 2028 | i T 28C | i New York Stock Exchange |
Name of each exchange | ||||||||
Title of each class | Trading Symbol(s) | on which registered | ||||||
i AT&T Inc. 2.350% Global Notes due September 5, 2029 | i T 29D | i New York Stock Exchange | ||||||
i AT&T Inc. 4.375% Global Notes due September 14, 2029 | i T 29B | i New York Stock Exchange | ||||||
i AT&T Inc. 2.600% Global Notes due December 17, 2029 | i T 29A | i New York Stock Exchange | ||||||
i AT&T Inc. 0.800% Global Notes due March 4, 2030 | i T 30B | i New York Stock Exchange | ||||||
i AT&T Inc. 2.050% Global Notes due May 19, 2032 | i T 32A | i New York Stock Exchange | ||||||
i AT&T Inc. 3.550% Global Notes due December 17, 2032 | i T 32 | i New York Stock Exchange | ||||||
i AT&T Inc. 5.200% Global Notes due November 18, 2033 | i T 33 | i New York Stock Exchange | ||||||
i AT&T Inc. 3.375% Global Notes due March 15, 2034 | i T 34 | i New York Stock Exchange | ||||||
i AT&T Inc. 2.450% Global Notes due March 15, 2035 | i T 35 | i New York Stock Exchange | ||||||
i AT&T Inc. 3.150% Global Notes due September 4, 2036 | i T 36A | i New York Stock Exchange | ||||||
i AT&T Inc. 2.600% Global Notes due May 19, 2038 | i T 38C | i New York Stock Exchange | ||||||
i AT&T Inc. 1.800% Global Notes due September 14, 2039 | i T 39B | i New York Stock Exchange | ||||||
i AT&T Inc. 7.000% Global Notes due April 30, 2040 | i T 40 | i New York Stock Exchange | ||||||
i AT&T Inc. 4.250% Global Notes due June 1, 2043 | i T 43 | i New York Stock Exchange | ||||||
i AT&T Inc. 4.875% Global Notes due June 1, 2044 | i T 44 | i New York Stock Exchange | ||||||
i AT&T Inc. 4.000% Global Notes due June 1, 2049 | i T 49A | i New York Stock Exchange | ||||||
i AT&T Inc. 4.250% Global Notes due March 1, 2050 | i T 50 | i New York Stock Exchange | ||||||
i AT&T Inc. 3.750% Global Notes due September 1, 2050 | i T 50A | i New York Stock Exchange | ||||||
i AT&T Inc. 5.350% Global Notes due November 1, 2066 | i TBB | i New York Stock Exchange | ||||||
i AT&T Inc. 5.625% Global Notes due August 1, 2067 | i TBC | i New York Stock Exchange |
i Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ |
AT&T INC. | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
Dollars in millions except per share amounts | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Service | $ | i 34,843 | $ | i 37,782 | $ | i 112,303 | $ | i 113,716 | |||||||||||||||
Equipment | i 5,079 | i 4,558 | i 15,603 | i 12,353 | |||||||||||||||||||
Total operating revenues | i 39,922 | i 42,340 | i 127,906 | i 126,069 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Equipment | i 5,427 | i 4,552 | i 16,324 | i 12,622 | |||||||||||||||||||
Broadcast, programming and operations | i 4,750 | i 6,912 | i 19,891 | i 19,555 | |||||||||||||||||||
Other
cost of revenues (exclusive of depreciation and amortization shown separately below) | i 7,649 | i 8,375 | i 23,797 | i 24,833 | |||||||||||||||||||
Selling, general and administrative | i 9,207 | i 9,266 | i 27,950 | i 27,857 | |||||||||||||||||||
Asset impairments and abandonments | i 161 | i 73 | i 4,716 | i 2,515 | |||||||||||||||||||
Depreciation and amortization | i 5,619 | i 7,030 | i 17,189 | i 21,537 | |||||||||||||||||||
Total operating expenses | i 32,813 | i 36,208 | i 109,867 | i 108,919 | |||||||||||||||||||
Operating Income | i 7,109 | i 6,132 | i 18,039 | i 17,150 | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Interest expense | ( i 1,667) | ( i 1,972) | ( i 5,221) | ( i 6,031) | |||||||||||||||||||
Equity in net income (loss) of affiliates | i 91 | i 5 | i 184 | ( i 11) | |||||||||||||||||||
Other
income (expense) — net | i 2,279 | ( i 231) | i 7,499 | i 1,589 | |||||||||||||||||||
Total other income (expense) | i 703 | ( i 2,198) | i 2,462 | ( i 4,453) | |||||||||||||||||||
Income Before Income Taxes | i 7,812 | i 3,934 | i 20,501 | i 12,697 | |||||||||||||||||||
Income tax expense | i 1,539 | i 766 | i 4,412 | i 3,003 | |||||||||||||||||||
Net Income | i i i 6,273 / / | i i i 3,168 / / | i i i 16,089 / / | i i i 9,694 / / | |||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interest | ( i i 355 / ) | ( i i 352 / ) | ( i i 1,051 / ) | ( i i 987 / ) | |||||||||||||||||||
Net Income Attributable to AT&T | $ | i i 5,918 / | $ | i i 2,816 / | $ | i i 15,038 / | $ | i i 8,707 / | |||||||||||||||
Less: Preferred Stock Dividends | ( i i 50 / ) | ( i i 54 / ) | ( i i 156 / ) | ( i i 138 / ) | |||||||||||||||||||
Net Income Attributable to Common Stock | $ | i i 5,868 / | $ | i i 2,762 / | $ | i i 14,882 / | $ | i i 8,569 / | |||||||||||||||
Basic
Earnings Per Share Attributable to Common Stock | $ | i i 0.82 / | $ | i i 0.39 / | $ | i i 2.07 / | $ | i i 1.19 / | |||||||||||||||
Diluted
Earnings Per Share Attributable to Common Stock | $ | i i 0.82 / | $ | i i 0.39 / | $ | i i 2.07 / | $ | i i 1.19 / | |||||||||||||||
Weighted
Average Number of Common Shares Outstanding — Basic (in millions) | i i 7,171 / | i i 7,147 / | i i 7,167 / | i i 7,160 / | |||||||||||||||||||
Weighted
Average Number of Common Shares Outstanding — with Dilution (in millions) | i i 7,202 / | i i 7,173 / | i i 7,197 / | i i 7,186 / |
AT&T INC. | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||
Dollars in millions | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | i i i 6,273 / / | $ | i i i 3,168 / / | $ | i i i 16,089 / / | $ | i i i 9,694 / / | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency: | |||||||||||||||||||||||
Translation adjustment (includes $( i 4),
$( i 2), $( i 2)
and $( i 61) attributable to noncontrolling interest), net of taxes of $( i 17),
$ i 47, $( i 13)
and $( i 150) | ( i 86) | i 90 | i 106 | ( i 1,459) | |||||||||||||||||||
Securities: | |||||||||||||||||||||||
Net
unrealized gains (losses), net of taxes of $( i 1), $ i 1,
$( i 13) and $ i 28 | ( i 4) | i 1 | ( i 39) | i 81 | |||||||||||||||||||
Reclassification
adjustment included in net income, net of taxes of $ i 0, $ i 0,
$( i 1) and $ i 0 | ( i 1) | i — | ( i 4) | i — | |||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Net unrealized gains (losses), net of taxes of $( i 54), $ i 229, $( i 160)
and $( i 574) | ( i 195) | i 860 | ( i 593) | ( i 2,166) | |||||||||||||||||||
Reclassification
adjustment included in net income, net of taxes of $ i 4, $ i 7,
$ i 16 and $ i 11 | i 11 | i 27 | i 57 | i 44 | |||||||||||||||||||
Defined benefit postretirement plans: | |||||||||||||||||||||||
Amortization of net prior service credit included in net income, net of taxes of $( i 165),
$( i 150), $( i 495)
and $( i 451) | ( i 505) | ( i 460) | ( i 1,516) | ( i 1,382) | |||||||||||||||||||
Other comprehensive income (loss) | ( i 780) | i 518 | ( i 1,989) | ( i 4,882) | |||||||||||||||||||
Total comprehensive income | i 5,493 | i 3,686 | i 14,100 | i 4,812 | |||||||||||||||||||
Less:
Total comprehensive income attributable to noncontrolling interest | ( i 351) | ( i 350) | ( i 1,049) | ( i 926) | |||||||||||||||||||
Total Comprehensive Income Attributable to AT&T | $ | i 5,142 | $ | i 3,336 | $ | i 13,051 | $ | i 3,886 |
AT&T INC. | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
Dollars in millions except per share amounts | |||||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | (Unaudited) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | i 21,270 | $ | i 9,740 | |||||||
Accounts
receivable – net of related allowances for credit loss of $ i 806 and $ i 1,221 | i 16,304 | i 20,215 | |||||||||
Inventories | i 3,088 | i 3,695 | |||||||||
Prepaid and other current assets | i 16,568 | i 18,358 | |||||||||
Total current assets | i 57,230 | i 52,008 | |||||||||
Noncurrent Inventories and Theatrical Film and Television Production Costs | i 17,811 | i 14,752 | |||||||||
Property, plant and equipment | i 325,866 | i 327,751 | |||||||||
Less: accumulated depreciation and amortization | ( i 201,447) | ( i 200,436) | |||||||||
Property, Plant and Equipment – Net | i 124,419 | i 127,315 | |||||||||
Goodwill | i 133,663 | i 135,259 | |||||||||
Licenses – Net | i 112,423 | i 93,840 | |||||||||
Trademarks and Trade Names – Net | i 22,097 | i 23,297 | |||||||||
Distribution Networks – Net | i 12,408 | i 13,793 | |||||||||
Other Intangible Assets – Net | i 12,338 | i 15,386 | |||||||||
Investments in and Advances to Equity Affiliates | i 8,629 | i 1,780 | |||||||||
Operating Lease Right-Of-Use Assets | i 24,341 | i 24,714 | |||||||||
Other Assets | i 21,748 | i 23,617 | |||||||||
Total Assets | $ | i 547,107 | $ | i 525,761 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current Liabilities | |||||||||||
Debt maturing within one year | $ | i 23,755 | $ | i 3,470 | |||||||
Note payable to DIRECTV | i 1,180 | i — | |||||||||
Accounts payable and accrued liabilities | i 47,926 | i 50,051 | |||||||||
Advanced billings and customer deposits | i 4,991 | i 6,176 | |||||||||
Dividends payable | i 3,749 | i 3,741 | |||||||||
Total current liabilities | i 81,601 | i 63,438 | |||||||||
Long-Term Debt | i 155,406 | i 153,775 | |||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||
Deferred income taxes | i 63,405 | i 60,472 | |||||||||
Postemployment benefit obligation | i 14,158 | i 18,276 | |||||||||
Operating lease liabilities | i 21,510 | i 22,202 | |||||||||
Other noncurrent liabilities | i 29,466 | i 28,358 | |||||||||
Noncurrent portion of note payable to DIRECTV | i 258 | i — | |||||||||
Total deferred credits and other noncurrent liabilities | i 128,797 | i 129,308 | |||||||||
Stockholders’ Equity | |||||||||||
Preferred stock ($ i i 1 /
par value, i i 10,000,000 / authorized
at September 30, 2021 and December 31, 2020): | |||||||||||
Series A ( i i i i 48,000 / / /
issued and outstanding at September 30, 2021 and December 31, 2020) | i — | i — | |||||||||
Series
B ( i i i i 20,000 / / /
issued and outstanding at September 30, 2021 and December 31, 2020) | i — | i — | |||||||||
Series
C ( i i i i 70,000 / / /
issued and outstanding at September 30, 2021 and December 31, 2020) | i — | i — | |||||||||
Common
stock ($ i i 1 / par value, i i 14,000,000,000 /
authorized at September 30, 2021 and December 31, 2020: issued i i 7,620,748,598 /
at September 30, 2021 and December 31, 2020) | i 7,621 | i 7,621 | |||||||||
Additional paid-in capital | i 130,035 | i 130,175 | |||||||||
Retained earnings | i 41,091 | i 37,457 | |||||||||
Treasury
stock ( i 480,656,332 at September 30, 2021 and i 494,826,583 at December 31, 2020, at cost) | ( i 17,319) | ( i 17,910) | |||||||||
Accumulated other comprehensive income | i 2,343 | i 4,330 | |||||||||
Noncontrolling interest | i 17,532 | i 17,567 | |||||||||
Total stockholders’ equity | i 181,303 | i 179,240 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | i 547,107 | $ | i 525,761 |
AT&T INC. | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Dollars in millions | |||||||||||
(Unaudited) | |||||||||||
Nine months ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | i 16,089 | $ | i 9,694 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | i 17,189 | i 21,537 | |||||||||
Amortization of film and television costs | i 8,421 | i 6,448 | |||||||||
Distributed (undistributed) earnings from investments in equity affiliates | i 102 | i 108 | |||||||||
Provision for uncollectible accounts | i 858 | i 1,611 | |||||||||
Deferred income tax expense | i 3,187 | i 2,248 | |||||||||
Net (gain) loss on investments, net of impairments | ( i 965) | ( i 689) | |||||||||
Pension and postretirement benefit expense (credit) | ( i 2,870) | ( i 2,245) | |||||||||
Actuarial (gain) loss on pension and postretirement benefits | ( i 3,021) | i 63 | |||||||||
Asset impairments and abandonments | i 4,716 | i 2,515 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | i 57 | i 2,321 | |||||||||
Other current assets, inventories and theatrical film and television production costs | ( i 11,928) | ( i 7,836) | |||||||||
Accounts payable and other accrued liabilities | ( i 2,254) | ( i 4,905) | |||||||||
Equipment installment receivables and related sales | i 715 | ( i 148) | |||||||||
Deferred customer contract acquisition and fulfillment costs | i 316 | i 453 | |||||||||
Postretirement claims and contributions | ( i 425) | ( i 409) | |||||||||
Other - net | i 516 | i 2,282 | |||||||||
Total adjustments | i 14,614 | i 23,354 | |||||||||
Net Cash Provided by Operating Activities | i 30,703 | i 33,048 | |||||||||
Investing Activities | |||||||||||
Capital expenditures | ( i 12,696) | ( i 13,283) | |||||||||
Acquisitions, net of cash acquired | ( i 23,533) | ( i 1,215) | |||||||||
Dispositions | i 9,086 | i 428 | |||||||||
Other - net | ( i 190) | i 344 | |||||||||
Net Cash Used in Investing Activities | ( i 27,333) | ( i 13,726) | |||||||||
Financing Activities | |||||||||||
Net change in short-term borrowings with original maturities of three months or less | i 630 | ( i 17) | |||||||||
Issuance of other short-term borrowings | i 17,476 | i 9,440 | |||||||||
Repayment of other short-term borrowings | ( i 2,448) | ( i 7,710) | |||||||||
Issuance of long-term debt | i 9,931 | i 31,987 | |||||||||
Repayment of long-term debt | ( i 1,653) | ( i 37,583) | |||||||||
Note
payable to DIRECTV, net of payments of $ i 361 | i 1,439 | i — | |||||||||
Payment of vendor financing | ( i 4,013) | ( i 1,965) | |||||||||
Issuance of preferred stock | i — | i 3,869 | |||||||||
Purchase of treasury stock | ( i 191) | ( i 5,483) | |||||||||
Issuance of treasury stock | i 89 | i 88 | |||||||||
Issuance of preferred interests in subsidiaries | i — | i 1,979 | |||||||||
Dividends paid | ( i 11,319) | ( i 11,215) | |||||||||
Other - net | ( i 1,776) | ( i 5,158) | |||||||||
Net Cash Provided by (Used in) Financing Activities | i 8,165 | ( i 21,768) | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | i 11,535 | ( i 2,446) | |||||||||
Cash and cash equivalents and restricted cash beginning of year | i 9,870 | i 12,295 | |||||||||
Cash and Cash Equivalents and Restricted Cash End of Period | $ | i 21,405 | $ | i 9,849 |
AT&T INC. | |||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Dollars and shares in millions except per share amounts | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock - Series A | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | i — | $ | i — | i — | $ | i — | i — | $ | i — | i — | $ | i — | |||||||||||||||||||||||||||||||||||
Issuance of stock | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | i — | $ | i — | i — | $ | i — | i — | $ | i — | i — | $ | i — | |||||||||||||||||||||||||||||||||||
Preferred Stock - Series B | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | i — | $ | i — | i — | $ | i — | i — | $ | i — | i — | $ | i — | |||||||||||||||||||||||||||||||||||
Issuance of stock | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | i — | $ | i — | i — | $ | i — | i — | $ | i — | i — | $ | i — | |||||||||||||||||||||||||||||||||||
Preferred Stock - Series C | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | i — | $ | i — | i — | $ | i — | i — | $ | i — | i — | $ | i — | |||||||||||||||||||||||||||||||||||
Issuance of stock | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | i — | $ | i — | i — | $ | i — | i — | $ | i — | i — | $ | i — | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | i 7,621 | $ | i 7,621 | i 7,621 | $ | i 7,621 | i 7,621 | $ | i 7,621 | i 7,621 | $ | i 7,621 | |||||||||||||||||||||||||||||||||||
Issuance of stock | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | i 7,621 | $ | i 7,621 | i 7,621 | $ | i 7,621 | i 7,621 | $ | i 7,621 | i 7,621 | $ | i 7,621 | |||||||||||||||||||||||||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | i 129,941 | $ | i 130,046 | $ | i 130,175 | $ | i 126,279 | |||||||||||||||||||||||||||||||||||||||
Repurchase
and acquisition of common stock | i — | i — | i — | i 67 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | i — | i — | i — | i 3,869 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock | ( i 2) | ( i 2) | ( i 77) | ( i 56) | |||||||||||||||||||||||||||||||||||||||||||
Share-based payments | i 96 | i 91 | ( i 63) | ( i 24) | |||||||||||||||||||||||||||||||||||||||||||
Changes
related to acquisition of interests held by noncontrolling owners | i — | i 4 | i — | i 4 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | i 130,035 | $ | i 130,139 | $ | i 130,035 | $ | i 130,139 | |||||||||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | i 38,947 | $ | i 56,045 | $ | i 37,457 | $ | i 57,936 | |||||||||||||||||||||||||||||||||||||||
Cumulative
effect of accounting change and other adjustments | i — | i — | i — | ( i 293) | |||||||||||||||||||||||||||||||||||||||||||
Adjusted beginning balance | i 38,947 | i 56,045 | i 37,457 | i 57,643 | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to AT&T | i 5,918 | i 2,816 | i 15,038 | i 8,707 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | ( i 36) | ( i 35) | ( i 188) | ( i 103) | |||||||||||||||||||||||||||||||||||||||||||
Common
stock dividends ($ i 0.52, $ i 0.52, $ i 1.56
and $ i 1.56 per share) | ( i 3,738) | ( i 3,732) | ( i 11,216) | ( i 11,153) | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | i 41,091 | $ | i 55,094 | $ | i 41,091 | $ | i 55,094 |
AT&T INC. | |||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - continued | |||||||||||||||||||||||||||||||||||||||||||||||
Dollars and shares in millions except per share amounts | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | ( i 481) | $ | ( i 17,332) | ( i 495) | $ | ( i 17,945) | ( i 495) | $ | ( i 17,910) | ( i 366) | $ | ( i 13,085) | |||||||||||||||||||||||||||||||||||
Repurchase
and acquisition of common stock | ( i 1) | ( i 10) | ( i 1) | ( i 19) | ( i 8) | ( i 225) | ( i 149) | ( i 5,600) | |||||||||||||||||||||||||||||||||||||||
Reissuance of treasury stock | i 1 | i 23 | i — | i 14 | i 22 | i 816 | i 19 | i 735 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | ( i 481) | $ | ( i 17,319) | ( i 496) | $ | ( i 17,950) | ( i 481) | $ | ( i 17,319) | ( i 496) | $ | ( i 17,950) | |||||||||||||||||||||||||||||||||||
Accumulated
Other Comprehensive Income Attributable to AT&T, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | i 3,119 | $ | i 129 | $ | i 4,330 | $ | i 5,470 | |||||||||||||||||||||||||||||||||||||||
Other
comprehensive income attributable to AT&T | ( i 776) | i 520 | ( i 1,987) | ( i 4,821) | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | i 2,343 | $ | i 649 | $ | i 2,343 | $ | i 649 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | i 17,550 | $ | i 17,557 | $ | i 17,567 | $ | i 17,713 | |||||||||||||||||||||||||||||||||||||||
Cumulative
effect of accounting change and other adjustments | i — | i — | i — | ( i 7) | |||||||||||||||||||||||||||||||||||||||||||
Adjusted beginning balance | i 17,550 | i 17,557 | i 17,567 | i 17,706 | |||||||||||||||||||||||||||||||||||||||||||
Net
income attributable to noncontrolling interest | i 355 | i 352 | i 1,051 | i 987 | |||||||||||||||||||||||||||||||||||||||||||
Issuance
and acquisition by noncontrolling owners | i — | i 1,978 | i — | i 1,979 | |||||||||||||||||||||||||||||||||||||||||||
Distributions | ( i 369) | ( i 382) | ( i 1,084) | ( i 1,108) | |||||||||||||||||||||||||||||||||||||||||||
Translation
adjustments attributable to noncontrolling interest, net of taxes | ( i 4) | ( i 2) | ( i 2) | ( i 61) | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | i 17,532 | $ | i 19,503 | $ | i 17,532 | $ | i 19,503 | |||||||||||||||||||||||||||||||||||||||
Total
Stockholders' Equity at beginning of period | $ | i 179,846 | $ | i 193,453 | $ | i 179,240 | $ | i 201,934 | |||||||||||||||||||||||||||||||||||||||
Total
Stockholders' Equity at end of period | $ | i 181,303 | $ | i 195,056 | $ | i 181,303 | $ | i 195,056 |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerators | |||||||||||||||||||||||
Numerator for basic earnings per share: | |||||||||||||||||||||||
Net Income Attributable to Common Stock | $ | i i 5,868 / | $ | i i 2,762 / | $ | i i 14,882 / | $ | i i 8,569 / | |||||||||||||||
Dilutive potential common shares: | |||||||||||||||||||||||
Share-based payment | i 6 | i 5 | i 17 | i 16 | |||||||||||||||||||
Numerator for diluted earnings per share | $ | i 5,874 | $ | i 2,767 | $ | i 14,899 | $ | i 8,585 | |||||||||||||||
Denominators (000,000) | |||||||||||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||||||||||
Weighted average number of common shares outstanding | i i 7,171 / | i i 7,147 / | i i 7,167 / | i i 7,160 / | |||||||||||||||||||
Dilutive potential common shares: | |||||||||||||||||||||||
Share-based payment (in shares) | i 31 | i 26 | i 30 | i 26 | |||||||||||||||||||
Denominator for diluted earnings per share | i i 7,202 / | i i 7,173 / | i i 7,197 / | i i 7,186 / |
Foreign Currency Translation Adjustment | Net Unrealized Gains (Losses) on Securities | Net Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Postretirement Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | ( i 3,926) | $ | i 111 | $ | ( i 779) | $ | i 8,924 | $ | i 4,330 | |||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | i 108 | ( i 39) | ( i 593) | i — | ( i 524) | ||||||||||||||||||||||||
Amounts
reclassified from accumulated OCI | i — | 1 | ( i 4) | 1 | i 57 | 2 | ( i 1,516) | 3 | ( i 1,463) | ||||||||||||||||||||
Net
other comprehensive income (loss) | i 108 | ( i 43) | ( i 536) | ( i 1,516) | ( i 1,987) | ||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | ( i 3,818) | $ | i 68 | $ | ( i 1,315) | $ | i 7,408 | $ | i 2,343 | |||||||||||||||||||
Foreign Currency Translation Adjustment | Net Unrealized Gains (Losses) on Securities | Net Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Postretirement Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | ( i 3,056) | $ | i 48 | $ | ( i 37) | $ | i 8,515 | $ | i 5,470 | |||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | ( i 1,398) | i 81 | ( i 2,166) | i — | ( i 3,483) | ||||||||||||||||||||||||
Amounts
reclassified from accumulated OCI | i — | 1 | i — | 1 | i 44 | 2 | ( i 1,382) | 3 | ( i 1,338) | ||||||||||||||||||||
Net
other comprehensive income (loss) | ( i 1,398) | i 81 | ( i 2,122) | ( i 1,382) | ( i 4,821) | ||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | ( i 4,454) | $ | i 129 | $ | ( i 2,159) | $ | i 7,133 | $ | i 649 |
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | Equity in Net Income (Loss) of Affiliates | Segment Contribution | |||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||
Mobility | $ | i 19,138 | $ | i 11,148 | $ | i 7,990 | $ | i 2,035 | $ | i 5,955 | $ | i — | $ | i 5,955 | |||||||||||||||||||||||||||
Business Wireline | i 5,938 | i 3,649 | i 2,289 | i 1,304 | i 985 | i — | i 985 | ||||||||||||||||||||||||||||||||||
Consumer Wireline | i 3,142 | i 2,184 | i 958 | i 775 | i 183 | i — | i 183 | ||||||||||||||||||||||||||||||||||
Total Communications | i 28,218 | i 16,981 | i 11,237 | i 4,114 | i 7,123 | i — | i 7,123 | ||||||||||||||||||||||||||||||||||
WarnerMedia | i 8,442 | i 6,271 | i 2,171 | i 163 | i 2,008 | ( i 73) | i 1,935 | ||||||||||||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||||||||
Vrio | i 756 | i 660 | i 96 | i — | i 96 | i 9 | i 105 | ||||||||||||||||||||||||||||||||||
Mexico | i 724 | i 697 | i 27 | i 157 | ( i 130) | i — | ( i 130) | ||||||||||||||||||||||||||||||||||
Total Latin America | i 1,480 | i 1,357 | i 123 | i 157 | ( i 34) | i 9 | ( i 25) | ||||||||||||||||||||||||||||||||||
Segment Total | i 38,140 | i 24,609 | i 13,531 | i 4,434 | i 9,097 | $ | ( i 64) | $ | i 9,033 | ||||||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||||||||||||||
Corporate1 | i 278 | i 1,109 | ( i 831) | i 129 | ( i 960) | ||||||||||||||||||||||||||||||||||||
Video | i 2,149 | i 1,731 | i 418 | i 44 | i 374 | ||||||||||||||||||||||||||||||||||||
Acquisition-related items | i — | i 130 | ( i 130) | i 1,012 | ( i 1,142) | ||||||||||||||||||||||||||||||||||||
Certain significant items | i — | i 161 | ( i 161) | i — | ( i 161) | ||||||||||||||||||||||||||||||||||||
Eliminations and consolidations | ( i 645) | ( i 546) | ( i 99) | i — | ( i 99) | ||||||||||||||||||||||||||||||||||||
AT&T Inc. | $ | i 39,922 | $ | i 27,194 | $ | i 12,728 | $ | i 5,619 | $ | i 7,109 | |||||||||||||||||||||||||||||||
1Operations
and Support Expenses include $ i 670 for the reclassification of prior service credit amortization. |
For the three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | Equity in Net Income (Loss) of Affiliates | Segment Contribution | |||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||
Mobility | $ | i 17,894 | $ | i 10,182 | $ | i 7,712 | $ | i 2,021 | $ | i 5,691 | $ | i — | $ | i 5,691 | |||||||||||||||||||||||||||
Business Wireline | i 6,261 | i 3,764 | i 2,497 | i 1,313 | i 1,184 | i — | i 1,184 | ||||||||||||||||||||||||||||||||||
Consumer Wireline | i 3,040 | i 2,117 | i 923 | i 734 | i 189 | i — | i 189 | ||||||||||||||||||||||||||||||||||
Total Communications | i 27,195 | i 16,063 | i 11,132 | i 4,068 | i 7,064 | i — | i 7,064 | ||||||||||||||||||||||||||||||||||
WarnerMedia | i 7,395 | i 5,483 | i 1,912 | i 169 | i 1,743 | i 12 | i 1,755 | ||||||||||||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||||||||
Vrio | i 753 | i 675 | i 78 | i 126 | ( i 48) | i 14 | ( i 34) | ||||||||||||||||||||||||||||||||||
Mexico | i 643 | i 662 | ( i 19) | i 124 | ( i 143) | i — | ( i 143) | ||||||||||||||||||||||||||||||||||
Total Latin America | i 1,396 | i 1,337 | i 59 | i 250 | ( i 191) | i 14 | ( i 177) | ||||||||||||||||||||||||||||||||||
Segment Total | i 35,986 | i 22,883 | i 13,103 | i 4,487 | i 8,616 | $ | i 26 | $ | i 8,642 | ||||||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||||||||||||||
Corporate1 | i 628 | i 1,175 | ( i 547) | i 65 | ( i 612) | ||||||||||||||||||||||||||||||||||||
Video | i 7,014 | i 5,887 | i 1,127 | i 557 | i 570 | ||||||||||||||||||||||||||||||||||||
Acquisition-related items | i — | i 38 | ( i 38) | i 1,921 | ( i 1,959) | ||||||||||||||||||||||||||||||||||||
Certain significant items | i — | i 113 | ( i 113) | i — | ( i 113) | ||||||||||||||||||||||||||||||||||||
Eliminations and consolidations | ( i 1,288) | ( i 918) | ( i 370) | i — | ( i 370) | ||||||||||||||||||||||||||||||||||||
AT&T Inc. | $ | i 42,340 | $ | i 29,178 | $ | i 13,162 | $ | i 7,030 | $ | i 6,132 | |||||||||||||||||||||||||||||||
1Operations
and Support Expenses include $ i 610 for the reclassification of prior service credit amortization. |
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | Equity in Net Income (Loss) of Affiliates | Segment Contribution | |||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||
Mobility | $ | i 57,108 | $ | i 33,077 | $ | i 24,031 | $ | i 6,072 | $ | i 17,959 | $ | i — | $ | i 17,959 | |||||||||||||||||||||||||||
Business Wireline | i 18,036 | i 11,068 | i 6,968 | i 3,875 | i 3,093 | i — | i 3,093 | ||||||||||||||||||||||||||||||||||
Consumer Wireline | i 9,380 | i 6,298 | i 3,082 | i 2,306 | i 776 | i — | i 776 | ||||||||||||||||||||||||||||||||||
Total Communications | i 84,524 | i 50,443 | i 34,081 | i 12,253 | i 21,828 | i — | i 21,828 | ||||||||||||||||||||||||||||||||||
WarnerMedia | i 25,759 | i 19,608 | i 6,151 | i 491 | i 5,660 | i 44 | i 5,704 | ||||||||||||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||||||||
Vrio | i 2,248 | i 1,981 | i 267 | i 231 | i 36 | i 7 | i 43 | ||||||||||||||||||||||||||||||||||
Mexico | i 2,043 | i 1,984 | i 59 | i 452 | ( i 393) | i — | ( i 393) | ||||||||||||||||||||||||||||||||||
Total Latin America | i 4,291 | i 3,965 | i 326 | i 683 | ( i 357) | i 7 | ( i 350) | ||||||||||||||||||||||||||||||||||
Segment Total | i 114,574 | i 74,016 | i 40,558 | i 13,427 | i 27,131 | $ | i 51 | $ | i 27,182 | ||||||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||||||||||||||
Corporate1 | i 1,065 | i 3,482 | ( i 2,417) | i 194 | ( i 2,611) | ||||||||||||||||||||||||||||||||||||
Video | i 15,513 | i 12,666 | i 2,847 | i 356 | i 2,491 | ||||||||||||||||||||||||||||||||||||
Acquisition-related items | i — | i 167 | ( i 167) | i 3,212 | ( i 3,379) | ||||||||||||||||||||||||||||||||||||
Certain significant items | i — | i 4,773 | ( i 4,773) | i — | ( i 4,773) | ||||||||||||||||||||||||||||||||||||
Eliminations and consolidations | ( i 3,246) | ( i 2,426) | ( i 820) | i — | ( i 820) | ||||||||||||||||||||||||||||||||||||
AT&T Inc. | $ | i 127,906 | $ | i 92,678 | $ | i 35,228 | $ | i 17,189 | $ | i 18,039 | |||||||||||||||||||||||||||||||
1Operations
and Support Expenses include $ i 2,011 for the reclassification of prior service credit amortization. |
For the nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | Equity in Net Income (Loss) of Affiliates | Segment Contribution | |||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||
Mobility | $ | i 52,445 | $ | i 29,083 | $ | i 23,362 | $ | i 6,078 | $ | i 17,284 | $ | i — | $ | i 17,284 | |||||||||||||||||||||||||||
Business Wireline | i 18,832 | i 11,365 | i 7,467 | i 3,900 | i 3,567 | i — | i 3,567 | ||||||||||||||||||||||||||||||||||
Consumer Wireline | i 9,202 | i 5,924 | i 3,278 | i 2,176 | i 1,102 | i — | i 1,102 | ||||||||||||||||||||||||||||||||||
Total Communications | i 80,479 | i 46,372 | i 34,107 | i 12,154 | i 21,953 | i — | i 21,953 | ||||||||||||||||||||||||||||||||||
WarnerMedia | i 21,888 | i 15,744 | i 6,144 | i 494 | i 5,650 | i 31 | i 5,681 | ||||||||||||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||||||||
Vrio | i 2,392 | i 2,119 | i 273 | i 400 | ( i 127) | i 26 | ( i 101) | ||||||||||||||||||||||||||||||||||
Mexico | i 1,826 | i 1,914 | ( i 88) | i 373 | ( i 461) | i — | ( i 461) | ||||||||||||||||||||||||||||||||||
Total Latin America | i 4,218 | i 4,033 | i 185 | i 773 | ( i 588) | i 26 | ( i 562) | ||||||||||||||||||||||||||||||||||
Segment Total | i 106,585 | i 66,149 | i 40,436 | i 13,421 | i 27,015 | $ | i 57 | $ | i 27,072 | ||||||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||||||||||||||
Corporate1 | i 1,751 | i 3,256 | ( i 1,505) | i 254 | ( i 1,759) | ||||||||||||||||||||||||||||||||||||
Video | i 21,442 | i 17,716 | i 3,726 | i 1,741 | i 1,985 | ||||||||||||||||||||||||||||||||||||
Acquisition-related items | i — | i 431 | ( i 431) | i 6,122 | ( i 6,553) | ||||||||||||||||||||||||||||||||||||
Certain significant items | i — | i 2,539 | ( i 2,539) | i — | ( i 2,539) | ||||||||||||||||||||||||||||||||||||
Eliminations and consolidations | ( i 3,709) | ( i 2,709) | ( i 1,000) | ( i 1) | ( i 999) | ||||||||||||||||||||||||||||||||||||
AT&T Inc. | $ | i 126,069 | $ | i 87,382 | $ | i 38,687 | $ | i 21,537 | $ | i 17,150 | |||||||||||||||||||||||||||||||
1Operations
and Support Expenses include $ i 1,833 for the reclassification of prior service credit amortization. |
Three
months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Communications | $ | i 7,123 | $ | i 7,064 | $ | i 21,828 | $ | i 21,953 | |||||||||||||||
WarnerMedia | i 1,935 | i 1,755 | i 5,704 | i 5,681 | |||||||||||||||||||
Latin America | ( i 25) | ( i 177) | ( i 350) | ( i 562) | |||||||||||||||||||
Segment Contribution | i 9,033 | i 8,642 | i 27,182 | i 27,072 | |||||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate and Other | ( i 960) | ( i 612) | ( i 2,611) | ( i 1,759) | |||||||||||||||||||
Video | i 374 | i 570 | i 2,491 | i 1,985 | |||||||||||||||||||
Merger costs | ( i 130) | ( i 38) | ( i 167) | ( i 431) | |||||||||||||||||||
Amortization of intangibles acquired | ( i 1,012) | ( i 1,921) | ( i 3,212) | ( i 6,122) | |||||||||||||||||||
Asset impairments and abandonments | ( i 161) | ( i 73) | ( i 4,716) | ( i 2,515) | |||||||||||||||||||
Gain
on spectrum transaction1 | i — | i — | i — | i 900 | |||||||||||||||||||
Employee separation costs and benefit-related losses | i — | ( i 40) | ( i 57) | ( i 924) | |||||||||||||||||||
Segment equity in net income of affiliates | i 64 | ( i 26) | ( i 51) | ( i 57) | |||||||||||||||||||
Eliminations and consolidations | ( i 99) | ( i 370) | ( i 820) | ( i 999) | |||||||||||||||||||
AT&T Operating Income | i 7,109 | i 6,132 | i 18,039 | i 17,150 | |||||||||||||||||||
Interest Expense | i 1,667 | i 1,972 | i 5,221 | i 6,031 | |||||||||||||||||||
Equity in net income (loss) of affiliates | i 91 | i 5 | i 184 | ( i 11) | |||||||||||||||||||
Other income (expense) - net | i 2,279 | ( i 231) | i 7,499 | i 1,589 | |||||||||||||||||||
Income Before Income Taxes | $ | i 7,812 | $ | i 3,934 | $ | i 20,501 | $ | i 12,697 |
Intersegment Reconciliation | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Intersegment Revenues | |||||||||||||||||||||||
Communications | $ | i 2 | $ | i 3 | $ | i 8 | $ | i 7 | |||||||||||||||
WarnerMedia | i 515 | i 812 | i 2,193 | i 2,402 | |||||||||||||||||||
Latin America | i — | i — | i — | i — | |||||||||||||||||||
Total Intersegment Revenues | i 517 | i 815 | i 2,201 | i 2,409 | |||||||||||||||||||
Consolidations | i 128 | i 473 | i 1,045 | i 1,300 | |||||||||||||||||||
Eliminations and consolidations | $ | i 645 | $ | i 1,288 | $ | i 3,246 | $ | i 3,709 |
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||||||||
Mobility | Business Wireline | Consumer Wireline | WarnerMedia | Latin America | Corporate & Other | Elim. | Total | ||||||||||||||||||||||||||||||||||||||||
Wireless service | $ | i 14,450 | $ | i — | $ | i — | $ | i — | $ | i 463 | $ | i 28 | $ | i — | $ | i 14,941 | |||||||||||||||||||||||||||||||
Video service | i — | i — | i — | i — | i 756 | i 2,041 | i — | i 2,797 | |||||||||||||||||||||||||||||||||||||||
Business service | i — | i 5,765 | i — | i — | i — | i — | i — | i 5,765 | |||||||||||||||||||||||||||||||||||||||
Broadband | i — | i — | i 2,290 | i — | i — | i — | i — | i 2,290 | |||||||||||||||||||||||||||||||||||||||
Subscription | i — | i — | i — | i 3,988 | i — | i — | i — | i 3,501 | |||||||||||||||||||||||||||||||||||||||
DTC
(HBO Max)1 | i — | i — | i — | i — | i — | i — | ( i 261) | ||||||||||||||||||||||||||||||||||||||||
Other2 | i — | i — | i — | i — | i — | i — | ( i 226) | ||||||||||||||||||||||||||||||||||||||||
Content | i — | i — | i — | i 3,495 | i — | i — | i — | i 2,783 | |||||||||||||||||||||||||||||||||||||||
DTC
(HBO Max)3 | i — | i — | i — | ( i 413) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Other3 | i — | i — | i — | ( i 299) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Advertising | i 77 | i — | i — | i 1,401 | i — | i 111 | ( i 111) | i 1,478 | |||||||||||||||||||||||||||||||||||||||
Legacy voice and data | i — | i — | i 484 | i — | i — | i 97 | i — | i 581 | |||||||||||||||||||||||||||||||||||||||
Other | i — | i — | i 351 | i 270 | i — | i 133 | ( i 47) | i 707 | |||||||||||||||||||||||||||||||||||||||
Total Service | i 14,527 | i 5,765 | i 3,125 | i 8,442 | i 1,219 | i 2,410 | ( i 645) | i 34,843 | |||||||||||||||||||||||||||||||||||||||
Equipment | i 4,611 | i 173 | i 17 | i — | i 261 | i 17 | i — | i 5,079 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 19,138 | $ | i 5,938 | $ | i 3,142 | $ | i 8,442 | $ | i 1,480 | $ | i 2,427 | $ | ( i 645) | $ | i 39,922 | |||||||||||||||||||||||||||||||
1Represents
DTC (HBO Max) intercompany sales to the Communications segment ($ i 174 with Mobility and $ i 87 with Consumer Wireline). | |||||||||||||||||||||||||||||||||||||||||||||||
2Represents intercompany video distribution arrangements
primarily to DIRECTV/U-verse from WarnerMedia prior to August 1, 2021 (see Note 11). | |||||||||||||||||||||||||||||||||||||||||||||||
3Represents intercompany transactions in the WarnerMedia segment. |
For the three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||||||||
Mobility | Business Wireline | Consumer Wireline | WarnerMedia | Latin America | Corporate & Other | Elim. | Total | ||||||||||||||||||||||||||||||||||||||||
Wireless service | $ | i 13,811 | $ | i — | $ | i — | $ | i — | $ | i 385 | $ | i 169 | $ | i — | $ | i 14,365 | |||||||||||||||||||||||||||||||
Video service | i — | i — | i — | i — | i 753 | i 6,557 | i — | i 7,310 | |||||||||||||||||||||||||||||||||||||||
Business service | i — | i 6,079 | i — | i — | i — | i 88 | i — | i 6,167 | |||||||||||||||||||||||||||||||||||||||
Broadband | i — | i — | i 2,128 | i — | i — | i — | i — | i 2,128 | |||||||||||||||||||||||||||||||||||||||
Subscription | i — | i — | i — | i 3,477 | i — | i — | i — | i 2,687 | |||||||||||||||||||||||||||||||||||||||
DTC
(HBO Max)1 | i — | i — | i — | i — | i — | i — | ( i 190) | ||||||||||||||||||||||||||||||||||||||||
Other2 | i — | i — | i — | i — | i — | i — | ( i 600) | ||||||||||||||||||||||||||||||||||||||||
Content | i — | i — | i — | i 2,618 | i — | i — | i — | i 2,108 | |||||||||||||||||||||||||||||||||||||||
DTC
(HBO Max)3 | i — | i — | i — | ( i 199) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Other3 | i — | i — | i — | ( i 311) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Advertising | i 72 | i — | i — | i 1,600 | i — | i 408 | ( i 408) | i 1,672 | |||||||||||||||||||||||||||||||||||||||
Legacy voice and data | i — | i — | i 538 | i — | i — | i 137 | i — | i 675 | |||||||||||||||||||||||||||||||||||||||
Other | i — | i — | i 372 | i 210 | i — | i 178 | ( i 90) | i 670 | |||||||||||||||||||||||||||||||||||||||
Total Service | i 13,883 | i 6,079 | i 3,038 | i 7,395 | i 1,138 | i 7,537 | ( i 1,288) | i 37,782 | |||||||||||||||||||||||||||||||||||||||
Equipment | i 4,011 | i 182 | i 2 | i — | i 258 | i 105 | i — | i 4,558 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 17,894 | $ | i 6,261 | $ | i 3,040 | $ | i 7,395 | $ | i 1,396 | $ | i 7,642 | $ | ( i 1,288) | $ | i 42,340 | |||||||||||||||||||||||||||||||
1Represents
DTC (HBO Max) intercompany sales to the Communications segment ($ i 116 with Mobility and $ i 74 with Consumer Wireline). | |||||||||||||||||||||||||||||||||||||||||||||||
2Represents intercompany video distribution arrangements primarily
to DIRECTV/U-verse from WarnerMedia. | |||||||||||||||||||||||||||||||||||||||||||||||
3Represents intercompany transactions in the WarnerMedia segment. |
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||||||||
Mobility | Business Wireline | Consumer Wireline | WarnerMedia | Latin America | Corporate & Other | Elim. | Total | ||||||||||||||||||||||||||||||||||||||||
Wireless service | $ | i 42,667 | $ | i — | $ | i — | $ | i — | $ | i 1,349 | $ | i 65 | $ | i — | $ | i 44,081 | |||||||||||||||||||||||||||||||
Video service | i — | i — | i — | i — | i 2,248 | i 14,534 | i — | i 16,782 | |||||||||||||||||||||||||||||||||||||||
Business service | i — | i 17,497 | i — | i — | i — | i 70 | i — | i 17,567 | |||||||||||||||||||||||||||||||||||||||
Broadband | i — | i — | i 6,761 | i — | i — | i — | i — | i 6,761 | |||||||||||||||||||||||||||||||||||||||
Subscription | i — | i — | i — | i 11,779 | i — | i — | i — | i 9,649 | |||||||||||||||||||||||||||||||||||||||
DTC
(HBO Max)1 | i — | i — | i — | i — | i — | i — | ( i 749) | ||||||||||||||||||||||||||||||||||||||||
Other2 | i — | i — | i — | i — | i — | i — | ( i 1,381) | ||||||||||||||||||||||||||||||||||||||||
Content | i — | i — | i — | i 10,411 | i — | i — | i — | i 8,440 | |||||||||||||||||||||||||||||||||||||||
DTC
(HBO Max)3 | i — | i — | i — | ( i 1,136) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Other3 | i — | i — | i — | ( i 835) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Advertising | i 254 | i — | i — | i 4,877 | i — | i 909 | ( i 909) | i 5,131 | |||||||||||||||||||||||||||||||||||||||
Legacy voice and data | i — | i — | i 1,507 | i — | i — | i 334 | i — | i 1,841 | |||||||||||||||||||||||||||||||||||||||
Other | i — | i — | i 1,019 | i 663 | i — | i 576 | ( i 207) | i 2,051 | |||||||||||||||||||||||||||||||||||||||
Total Service | i 42,921 | i 17,497 | i 9,287 | i 25,759 | i 3,597 | i 16,488 | ( i 3,246) | i 112,303 | |||||||||||||||||||||||||||||||||||||||
Equipment | i 14,187 | i 539 | i 93 | i — | i 694 | i 90 | i — | i 15,603 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 57,108 | $ | i 18,036 | $ | i 9,380 | $ | i 25,759 | $ | i 4,291 | $ | i 16,578 | $ | ( i 3,246) | $ | i 127,906 | |||||||||||||||||||||||||||||||
1Represents
DTC (HBO Max) intercompany sales to the Communications segment ($ i 481 with Mobility and $ i 268 with Consumer Wireline). | |||||||||||||||||||||||||||||||||||||||||||||||
2Represents intercompany video distribution arrangements primarily
to DIRECTV/U-verse from WarnerMedia prior to August 1, 2021 (see Note 11). | |||||||||||||||||||||||||||||||||||||||||||||||
3Represents intercompany transactions in the WarnerMedia segment. |
For the nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||||||||
Mobility | Business Wireline | Consumer Wireline | WarnerMedia | Latin America | Corporate & Other | Elim. | Total | ||||||||||||||||||||||||||||||||||||||||
Wireless service | $ | i 41,314 | $ | i — | $ | i — | $ | i — | $ | i 1,197 | $ | i 464 | $ | i — | $ | i 42,975 | |||||||||||||||||||||||||||||||
Video service | i — | i — | i — | i — | i 2,392 | i 20,226 | i — | i 22,618 | |||||||||||||||||||||||||||||||||||||||
Business service | i — | i 18,271 | i — | i — | i — | i 243 | i — | i 18,514 | |||||||||||||||||||||||||||||||||||||||
Broadband | i — | i — | i 6,329 | i — | i — | i — | i — | i 6,329 | |||||||||||||||||||||||||||||||||||||||
Subscription | i — | i — | i — | i 10,142 | i — | i — | i — | i 7,793 | |||||||||||||||||||||||||||||||||||||||
DTC
(HBO Max)1 | i — | i — | i — | i — | i — | i — | ( i 251) | ||||||||||||||||||||||||||||||||||||||||
Other2 | i — | i — | i — | i — | i — | i — | ( i 2,098) | ||||||||||||||||||||||||||||||||||||||||
Content | i — | i — | i — | i 9,615 | i — | i — | i — | i 6,988 | |||||||||||||||||||||||||||||||||||||||
DTC
(HBO Max)3 | i — | i — | i — | ( i 1,848) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Other3 | i — | i — | i — | ( i 779) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Advertising | i 206 | i — | i — | i 4,236 | i — | i 1,115 | ( i 1,115) | i 4,442 | |||||||||||||||||||||||||||||||||||||||
Legacy voice and data | i — | i — | i 1,679 | i — | i — | i 424 | i — | i 2,103 | |||||||||||||||||||||||||||||||||||||||
Other | i — | i — | i 1,189 | i 522 | i — | i 488 | ( i 245) | i 1,954 | |||||||||||||||||||||||||||||||||||||||
Total Service | i 41,520 | i 18,271 | i 9,197 | i 21,888 | i 3,589 | i 22,960 | ( i 3,709) | i 113,716 | |||||||||||||||||||||||||||||||||||||||
Equipment | i 10,925 | i 561 | i 5 | i — | i 629 | i 233 | i — | i 12,353 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 52,445 | $ | i 18,832 | $ | i 9,202 | $ | i 21,888 | $ | i 4,218 | $ | i 23,193 | $ | ( i 3,709) | $ | i 126,069 | |||||||||||||||||||||||||||||||
1Represents
DTC (HBO Max) intercompany sales to the Communications segment ($ i 153 with Mobility and $ i 98 with Consumer Wireline). | |||||||||||||||||||||||||||||||||||||||||||||||
2Represents intercompany video distribution arrangements primarily
to DIRECTV/U-verse from WarnerMedia. | |||||||||||||||||||||||||||||||||||||||||||||||
3Represents intercompany transactions in the WarnerMedia segment. |
September 30, | December 31, | ||||||||||
Consolidated Balance Sheets | 2021 | 2020 | |||||||||
Deferred Acquisition Costs | |||||||||||
Prepaid and other current assets | $ | i 2,615 | $ | i 3,087 | |||||||
Other Assets | i 3,056 | i 3,198 | |||||||||
Total deferred customer contract acquisition costs | $ | i 5,671 | $ | i 6,285 | |||||||
Deferred Fulfillment Costs | |||||||||||
Prepaid and other current assets | $ | i 2,611 | $ | i 4,118 | |||||||
Other Assets | i 4,196 | i 5,634 | |||||||||
Total deferred customer contract fulfillment costs | $ | i 6,807 | $ | i 9,752 |
September 30, | September 30, | ||||||||||
Consolidated Statements of Income | 2021 | 2020 | |||||||||
Deferred acquisition cost amortization | $ | i 2,358 | $ | i 1,969 | |||||||
Deferred fulfillment cost amortization | i 3,290 | i 3,888 |
September 30, | December 31, | ||||||||||
Consolidated Balance Sheets | 2021 | 2020 | |||||||||
Contract asset | $ | i 3,889 | $ | i 3,501 | |||||||
Current portion in “Prepaid and other current assets” | i 2,329 | i 2,054 | |||||||||
Contract liability | i 5,385 | i 6,879 | |||||||||
Current portion in “Advanced billings and customer deposits” | i 4,779 | i 6,071 | |||||||||
Current portion in “Accounts payable and accrued liabilities” | i 74 | i — |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Pension cost: | |||||||||||||||||||||||
Service cost – benefits earned during the period | $ | i 241 | $ | i 257 | $ | i 723 | $ | i 772 | |||||||||||||||
Interest cost on projected benefit obligation | i 321 | i 421 | i 951 | i 1,265 | |||||||||||||||||||
Expected return on assets | ( i 890) | ( i 888) | ( i 2,617) | ( i 2,667) | |||||||||||||||||||
Amortization of prior service credit | ( i 36) | ( i 28) | ( i 108) | ( i 85) | |||||||||||||||||||
Actuarial (gain) loss | ( i 374) | i — | ( i 3,021) | i — | |||||||||||||||||||
Net pension (credit) cost | $ | ( i 738) | $ | ( i 238) | $ | ( i 4,072) | $ | ( i 715) | |||||||||||||||
Postretirement cost: | |||||||||||||||||||||||
Service cost – benefits earned during the period | $ | i 11 | $ | i 14 | $ | i 34 | $ | i 40 | |||||||||||||||
Interest cost on accumulated postretirement benefit obligation | i 53 | i 104 | i 158 | i 312 | |||||||||||||||||||
Expected return on assets | ( i 38) | ( i 44) | ( i 114) | ( i 133) | |||||||||||||||||||
Amortization of prior service credit | ( i 634) | ( i 583) | ( i 1,903) | ( i 1,747) | |||||||||||||||||||
Net postretirement (credit) cost | $ | ( i 608) | $ | ( i 509) | $ | ( i 1,825) | $ | ( i 1,528) | |||||||||||||||
Combined net pension and postretirement (credit) cost | $ | ( i 1,346) | $ | ( i 747) | $ | ( i 5,897) | $ | ( i 2,243) |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||
Notes
and debentures1 | $ | i 170,841 | $ | i 197,467 | $ | i 155,209 | $ | i 187,224 | |||||||||||||||
Commercial paper | i 6,576 | i 6,576 | i — | i — | |||||||||||||||||||
Investment
securities2 | i 3,282 | i 3,282 | i 3,249 | i 3,249 | |||||||||||||||||||
1Includes
credit agreement borrowings. Excludes note payable to DIRECTV. Amounts at September 30, 2021 exclude $ i 32 associated with Vrio, which were classified as held-for-sale (see Note 8). | |||||||||||||||||||||||
2Excludes investments accounted for under the equity method. |
September 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||
Domestic equities | $ | i 1,137 | $ | i — | $ | i — | $ | i 1,137 | |||||||||||||||
International equities | i 212 | i — | i — | i 212 | |||||||||||||||||||
Fixed income equities | i 231 | i — | i — | i 231 | |||||||||||||||||||
Available-for-Sale Debt Securities | i — | i 1,426 | i — | i 1,426 | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||
Cross-currency swaps | i — | i 430 | i — | i 430 | |||||||||||||||||||
Foreign exchange contracts | i — | i 2 | i — | i 2 | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||
Cross-currency swaps | i — | ( i 3,000) | i — | ( i 3,000) | |||||||||||||||||||
Foreign exchange contracts | i — | ( i 36) | i — | ( i 36) |
December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||
Domestic equities | $ | i 1,010 | $ | i — | $ | i — | $ | i 1,010 | |||||||||||||||
International equities | i 180 | i — | i — | i 180 | |||||||||||||||||||
Fixed income equities | i 236 | i — | i — | i 236 | |||||||||||||||||||
Available-for-Sale Debt Securities | i — | i 1,479 | i — | i 1,479 | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||
Cross-currency swaps | i — | i 1,721 | i — | i 1,721 | |||||||||||||||||||
Foreign exchange contracts | i — | i 6 | i — | i 6 | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||
Cross-currency swaps | i — | ( i 1,814) | i — | ( i 1,814) | |||||||||||||||||||
Foreign exchange contracts | i — | ( i 9) | i — | ( i 9) |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total gains (losses) recognized on equity securities | $ | i 9 | $ | i 64 | $ | i 151 | $ | i 22 | |||||||||||||||
Gains (Losses) recognized on equity securities sold | ( i 2) | i — | ( i 2) | ( i 24) | |||||||||||||||||||
Unrealized
gains (losses) recognized on equity securities held at end of period | $ | i 11 | $ | i 64 | $ | i 153 | $ | i 46 |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Cross-currency swaps | $ | i 42,085 | $ | i 40,745 | |||||||
Foreign exchange contracts | i 191 | i 90 | |||||||||
Total | $ | i 42,276 | $ | i 40,835 |
Effect of Derivatives on the Consolidated Statements of Income | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
Fair Value Hedging Relationships | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest rate swaps (Interest expense): | |||||||||||||||||||||||
Gain (Loss) on interest rate swaps | $ | ( i 1) | $ | ( i 1) | $ | ( i 3) | $ | ( i 5) | |||||||||||||||
Gain (Loss) on long-term debt | i 1 | i 1 | i 3 | i 5 | |||||||||||||||||||
Cross-currency swaps: | |||||||||||||||||||||||
Gain (Loss) on cross-currency swaps | ( i 34) | i — | ( i 66) | i — | |||||||||||||||||||
Gain (Loss) on long-term debt | i 34 | i — | i 66 | i — | |||||||||||||||||||
Gain (Loss) recognized in accumulated OCI | i 2 | i — | i 3 | i — |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
Cash Flow Hedging Relationships | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cross-currency swaps: | |||||||||||||||||||||||
Gain (Loss) recognized in accumulated OCI | $ | ( i 237) | $ | i 1,079 | $ | ( i 742) | $ | ( i 2,091) | |||||||||||||||
Foreign exchange contracts: | |||||||||||||||||||||||
Gain (Loss) recognized in accumulated OCI | ( i 14) | i 10 | ( i 14) | ( i 1) | |||||||||||||||||||
Other
income (expense) - net reclassified from accumulated OCI into income | i 7 | ( i 9) | ( i 3) | i 4 | |||||||||||||||||||
Interest rate locks: | |||||||||||||||||||||||
Gain (Loss) recognized in accumulated OCI | i — | i — | i — | ( i 648) | |||||||||||||||||||
Interest
income (expense) reclassified from accumulated OCI into income | ( i 22) | ( i 25) | ( i 70) | ( i 59) |
Current assets | $ | i 4,893 | ||||||||||||
Property, plant and equipment - net | i 2,673 | |||||||||||||
Licenses, net | i 5,798 | |||||||||||||
Other intangible assets, net | i 1,634 | |||||||||||||
Other assets | i 1,787 | |||||||||||||
Total Video assets | $ | i 16,785 | ||||||||||||
Current liabilities | $ | i 4,267 | ||||||||||||
Long-term debt | i 206 | |||||||||||||
Other noncurrent liabilities | i 343 | |||||||||||||
Total Video liabilities | $ | i 4,816 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||
Installment | Revolving | Installment | Revolving | ||||||||||||||||||||
Gross receivables: | $ | i 3,671 | $ | i 3,371 | $ | i 5,565 | $ | i 3,909 | |||||||||||||||
Balance sheet classification | |||||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||
Notes receivable | i 1,746 | i — | i 2,716 | i — | |||||||||||||||||||
Trade receivables | i 438 | i 3,163 | i 554 | i 3,715 | |||||||||||||||||||
Other Assets | |||||||||||||||||||||||
Noncurrent notes and trade receivables | i 1,487 | i 208 | i 2,295 | i 194 | |||||||||||||||||||
Outstanding
portfolio of receivables derecognized from our consolidated balance sheets | i 9,380 | i 5,562 | i 7,827 | i 5,300 | |||||||||||||||||||
Cash
proceeds received, net of remittances1 | i 6,588 | i 5,562 | i 5,646 | i 5,300 | |||||||||||||||||||
1Represents
amounts to which financial institutions remain entitled, excluding the deferred purchase price. |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Gross receivables sold | $ | i 2,123 | $ | i 1,624 | $ | i 8,067 | $ | i 5,497 | |||||||||||||||
Net
receivables sold1 | i 2,069 | i 1,578 | i 7,858 | i 5,300 | |||||||||||||||||||
Cash proceeds received | i 1,981 | i 1,387 | i 7,231 | i 4,562 | |||||||||||||||||||
Deferred purchase price recorded | i 158 | i 226 | i 864 | i 811 | |||||||||||||||||||
Guarantee obligation recorded | i 94 | i 55 | i 321 | i 126 | |||||||||||||||||||
1Receivables
net of allowance, imputed interest and equipment trade-in right guarantees. |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Fair value of repurchased receivables | $ | i 471 | $ | i 373 | $ | i 1,094 | $ | i 946 | |||||||||||||||
Carrying value of deferred purchase price | i 440 | i 373 | i 1,019 | i 931 | |||||||||||||||||||
Gain
on repurchases1 | $ | i 31 | $ | i — | $ | i 75 | $ | i 15 | |||||||||||||||
1These
gains are included in "Selling, general and administrative" in the consolidated statements of income. |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Gross receivables sold/cash proceeds received1 | $ | i 4,472 | $ | i 3,563 | $ | i 14,813 | $ | i 11,590 | |||||||||||||||
Total
collections under revolving agreement2 | i 4,631 | i 3,763 | i 14,381 | i 10,790 | |||||||||||||||||||
Receivables repurchased | i 170 | i — | i 170 | i — | |||||||||||||||||||
Net cash proceeds received (paid) | $ | ( i 329) | $ | ( i 200) | $ | i 262 | $ | i 800 | |||||||||||||||
Net
receivables sold3 | $ | i 4,301 | $ | i 3,553 | $ | i 14,558 | $ | i 11,510 | |||||||||||||||
Obligations recorded (reversed) | ( i 60) | i 58 | ( i 49) | i 172 | |||||||||||||||||||
1Includes
initial sales of receivables of $ i i 0 /
for each of the three months and $ i 700 and $ i 1,000
for the nine months ended September 30, 2021 and 2020, respectively. | |||||||||||||||||||||||
2Includes collections of $ i 159 and $ i 200
for the three months and $ i 268 and $ i 200
for the nine months ended September 30, 2021 and 2020, respectively, that were not reinvested under the revolving agreement. | |||||||||||||||||||||||
3Receivables net of allowance, return and incentive reserves and imputed interest. |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating lease cost | $ | i 1,454 | $ | i 1,546 | $ | i 4,343 | $ | i 4,372 | |||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | $ | i 59 | $ | i 76 | $ | i 198 | $ | i 216 | |||||||||||||||
Interest on lease obligation | i 43 | i 39 | i 123 | i 116 | |||||||||||||||||||
Total finance lease cost | $ | i 102 | $ | i 115 | $ | i 321 | $ | i 332 |
Nine months ended | ||||||||||||||
September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Cash paid for amounts included in lease obligations: | ||||||||||||||
Operating cash flows for operating leases | $ | i 3,754 | $ | i 3,651 | ||||||||||
Supplemental Lease Cash Flow Disclosures | ||||||||||||||
Operating lease right-of-use assets obtained in exchange for new operating lease obligations | i 3,543 | i 3,908 |
September 30, 2021 | December 31, 2020 | ||||||||||
Operating Leases | |||||||||||
Operating lease right-of-use assets | $ | i 24,341 | $ | i 24,714 | |||||||
Accounts payable and accrued liabilities | $ | i 3,675 | $ | i 3,537 | |||||||
Operating lease obligation | i 21,510 | i 22,202 | |||||||||
Total operating lease obligation | $ | i 25,185 | $ | i 25,739 | |||||||
Finance Leases | |||||||||||
Property, plant and equipment, at cost | $ | i 2,774 | $ | i 3,586 | |||||||
Accumulated depreciation and amortization | ( i 1,166) | ( i 1,361) | |||||||||
Property, plant and equipment, net | $ | i 1,608 | $ | i 2,225 | |||||||
Current portion of long-term debt | $ | i 169 | $ | i 189 | |||||||
Long-term debt | i 1,574 | i 1,847 | |||||||||
Total finance lease obligation | $ | i 1,743 | $ | i 2,036 | |||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Weighted-Average Remaining Lease Term (years) | |||||||||||
Operating leases | i 8.4 | i 8.5 | |||||||||
Finance leases | i 8.5 | i 10.1 | |||||||||
Weighted-Average Discount Rate | |||||||||||
Operating leases | i 3.8 | % | i 4.1 | % | |||||||
Finance leases | i 8.0 | % | i 8.1 | % |
At September 30, 2021 | Operating | Finance | |||||||||
Leases | Leases | ||||||||||
Remainder of 2021 | $ | i 1,252 | $ | i 84 | |||||||
2022 | i 4,897 | i 340 | |||||||||
2023 | i 4,467 | i 315 | |||||||||
2024 | i 3,931 | i 290 | |||||||||
2025 | i 3,211 | i 281 | |||||||||
Thereafter | i 12,734 | i 1,466 | |||||||||
Total lease payments | i 30,492 | i 2,776 | |||||||||
Less: imputed interest | ( i 5,307) | ( i 1,033) | |||||||||
Total | $ | i 25,185 | $ | i 1,743 |
September 30, | December 31, | ||||||||||||||||||||||
2021 | 2020 | 2020 | 2019 | ||||||||||||||||||||
Cash and cash equivalents | $ | i 21,270 | $ | i 9,758 | $ | i 9,740 | $ | i 12,130 | |||||||||||||||
Restricted cash in Prepaid and other current assets | i 2 | i 2 | i 9 | i 69 | |||||||||||||||||||
Restricted cash in Other Assets | i 133 | i 89 | i 121 | i 96 | |||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | $ | i 21,405 | $ | i 9,849 | $ | i 9,870 | $ | i 12,295 |
Consolidated Statements of Cash Flows | Nine months ended | ||||||||||
September 30, | |||||||||||
Cash paid (received) during the period for: | 2021 | 2020 | |||||||||
Interest | $ | i 6,079 | $ | i 6,661 | |||||||
Income taxes, net of refunds | i 538 | i 306 | |||||||||
Spectrum
acquisitions1 | i 23,017 | i 1,062 | |||||||||
1 Included
as cash paid for “Acquisitions, net of cash acquired” on our consolidated statement of cash flows. Excludes interest during construction. | |||||||||||
The following table summarizes interest capitalized during construction: | |||||||||||
Nine months ended | |||||||||||
September 30, | |||||||||||
Interest during construction: | 2021 | 2020 | |||||||||
Capital expenditures | $ | ( i 132) | $ | ( i 92) | |||||||
Spectrum1 | ( i 516) | i — | |||||||||
Interest During Construction | $ | ( i 648) | $ | ( i 92) | |||||||
1 Included
in “Acquisitions, net of cash acquired” on our consolidated statement of cash flows. |
First Quarter | Second Quarter | Third Quarter | Nine months ended September 30, 2021 | |||||||||||
Net commercial paper borrowings | $ | i 7,072 | $ | ( i 513) | $ | ( i 2) | $ | i 6,557 | ||||||
Issuance
of Notes and Debentures1: | ||||||||||||||
U.S. dollar denominated global notes | $ | i 6,000 | $ | i — | $ | i — | $ | i 6,000 | ||||||
Initial
average rate of i 1.27% | ||||||||||||||
Euro denominated global notes | i 1,461 | i — | i — | i 1,461 | ||||||||||
Rate
of i 0.00% | ||||||||||||||
2021 Syndicated Term Loan | i 7,350 | i — | i — | i 7,350 | ||||||||||
BAML Bilateral Term Loan | i 2,000 | i — | i — | i 2,000 | ||||||||||
Private financing | i 750 | i — | i — | i 750 | ||||||||||
Other | i 636 | i — | i 835 | i 1,471 | ||||||||||
Debt Issuances | $ | i 18,197 | $ | i — | $ | i 835 | $ | i 19,032 | ||||||
Repayments: | ||||||||||||||
Private financing | $ | ( i 649) | $ | i — | $ | i — | $ | ( i 649) | ||||||
Other | ( i 253) | ( i 253) | ( i 498) | ( i 1,004) | ||||||||||
Repayments of long-term debt | $ | ( i 902) | $ | ( i 253) | $ | ( i 498) | $ | ( i 1,653) |
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Communications | $ | 28,218 | $ | 27,195 | 3.8 | % | $ | 84,524 | $ | 80,479 | 5.0 | % | ||||||||||||||||||||||||||
WarnerMedia | 8,442 | 7,395 | 14.2 | 25,759 | 21,888 | 17.7 | ||||||||||||||||||||||||||||||||
Latin America | 1,480 | 1,396 | 6.0 | 4,291 | 4,218 | 1.7 | ||||||||||||||||||||||||||||||||
Corporate | 278 | 628 | (55.7) | 1,065 | 1,751 | (39.2) | ||||||||||||||||||||||||||||||||
Video | 2,149 | 7,014 | (69.4) | 15,513 | 21,442 | (27.7) | ||||||||||||||||||||||||||||||||
Eliminations and consolidation | (645) | (1,288) | 49.9 | (3,246) | (3,709) | 12.5 | ||||||||||||||||||||||||||||||||
AT&T Operating Revenues | 39,922 | 42,340 | (5.7) | 127,906 | 126,069 | 1.5 | ||||||||||||||||||||||||||||||||
Operating Contribution | ||||||||||||||||||||||||||||||||||||||
Communications | 7,123 | 7,064 | 0.8 | 21,828 | 21,953 | (0.6) | ||||||||||||||||||||||||||||||||
WarnerMedia | 1,935 | 1,755 | 10.3 | 5,704 | 5,681 | 0.4 | ||||||||||||||||||||||||||||||||
Latin America | (25) | (177) | 85.9 | (350) | (562) | 37.7 | ||||||||||||||||||||||||||||||||
Segment Operating Contribution | $ | 9,033 | $ | 8,642 | 4.5 | % | $ | 27,182 | $ | 27,072 | 0.4 | % | ||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Service | $ | 34,843 | $ | 37,782 | (7.8) | % | $ | 112,303 | $ | 113,716 | (1.2) | % | ||||||||||||||||||||||||||
Equipment | 5,079 | 4,558 | 11.4 | 15,603 | 12,353 | 26.3 | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 39,922 | 42,340 | (5.7) | 127,906 | 126,069 | 1.5 | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 27,194 | 29,178 | (6.8) | 92,678 | 87,382 | 6.1 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 5,619 | 7,030 | (20.1) | 17,189 | 21,537 | (20.2) | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 32,813 | 36,208 | (9.4) | 109,867 | 108,919 | 0.9 | ||||||||||||||||||||||||||||||||
Operating Income | 7,109 | 6,132 | 15.9 | 18,039 | 17,150 | 5.2 | ||||||||||||||||||||||||||||||||
Interest expense | 1,667 | 1,972 | (15.5) | 5,221 | 6,031 | (13.4) | ||||||||||||||||||||||||||||||||
Equity in net income (loss) of affiliates | 91 | 5 | — | 184 | (11) | — | ||||||||||||||||||||||||||||||||
Other income (expense) - net | 2,279 | (231) | — | 7,499 | 1,589 | — | ||||||||||||||||||||||||||||||||
Income Before Income Taxes | 7,812 | 3,934 | 98.6 | 20,501 | 12,697 | 61.5 | ||||||||||||||||||||||||||||||||
Net Income | 6,273 | 3,168 | 98.0 | 16,089 | 9,694 | 66.0 | ||||||||||||||||||||||||||||||||
Net Income Attributable to AT&T | 5,918 | 2,816 | — | 15,038 | 8,707 | 72.7 | ||||||||||||||||||||||||||||||||
Net Income Attributable to Common Stock | $ | 5,868 | $ | 2,762 | — | % | $ | 14,882 | $ | 8,569 | 73.7 | % |
COMMUNICATIONS SEGMENT | Third Quarter | Nine-Month Period | ||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Segment Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Mobility | $ | 19,138 | $ | 17,894 | 7.0 | % | $ | 57,108 | $ | 52,445 | 8.9 | % | ||||||||||||||||||||||||||
Business Wireline | 5,938 | 6,261 | (5.2) | 18,036 | 18,832 | (4.2) | ||||||||||||||||||||||||||||||||
Consumer Wireline | 3,142 | 3,040 | 3.4 | 9,380 | 9,202 | 1.9 | ||||||||||||||||||||||||||||||||
Total Segment Operating Revenues | 28,218 | 27,195 | 3.8 | 84,524 | 80,479 | 5.0 | ||||||||||||||||||||||||||||||||
Segment Operating Contribution | ||||||||||||||||||||||||||||||||||||||
Mobility | 5,955 | 5,691 | 4.6 | 17,959 | 17,284 | 3.9 | ||||||||||||||||||||||||||||||||
Business Wireline | 985 | 1,184 | (16.8) | 3,093 | 3,567 | (13.3) | ||||||||||||||||||||||||||||||||
Consumer Wireline | 183 | 189 | (3.2) | 776 | 1,102 | (29.6) | ||||||||||||||||||||||||||||||||
Total Segment Operating Contribution | $ | 7,123 | $ | 7,064 | 0.8 | % | $ | 21,828 | $ | 21,953 | (0.6) | % |
Selected Subscribers and Connections | ||||||||||||||
September 30, | ||||||||||||||
(000s) | 2021 | 2020 | ||||||||||||
Mobility Subscribers | 196,519 | 176,744 | ||||||||||||
Total domestic broadband connections | 15,510 | 15,375 | ||||||||||||
Network access lines in service | 6,404 | 7,562 | ||||||||||||
U-verse VoIP connections | 3,440 | 3,942 | ||||||||||||
Communications Business Unit Discussion | ||||||||||||||||||||||||||||||||||||||
Mobility Results | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||
Service | $ | 14,527 | $ | 13,883 | 4.6 | % | $ | 42,921 | $ | 41,520 | 3.4 | % | ||||||||||||||||||||||||||
Equipment | 4,611 | 4,011 | 15.0 | 14,187 | 10,925 | 29.9 | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 19,138 | 17,894 | 7.0 | 57,108 | 52,445 | 8.9 | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 11,148 | 10,182 | 9.5 | 33,077 | 29,083 | 13.7 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,035 | 2,021 | 0.7 | 6,072 | 6,078 | (0.1) | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 13,183 | 12,203 | 8.0 | 39,149 | 35,161 | 11.3 | ||||||||||||||||||||||||||||||||
Operating Income | 5,955 | 5,691 | 4.6 | 17,959 | 17,284 | 3.9 | ||||||||||||||||||||||||||||||||
Equity in Net Income (Loss) of Affiliates | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Operating Contribution | $ | 5,955 | $ | 5,691 | 4.6 | % | $ | 17,959 | $ | 17,284 | 3.9 | % |
Subscribers | ||||||||||||||||||||
September 30, | Percent | |||||||||||||||||||
(in 000s) | 2021 | 2020 | Change | |||||||||||||||||
Postpaid | 80,249 | 75,969 | 5.6 | % | ||||||||||||||||
Postpaid phone | 66,396 | 63,485 | 4.6 | |||||||||||||||||
Prepaid | 19,028 | 18,100 | 5.1 | |||||||||||||||||
Reseller | 6,263 | 6,708 | (6.6) | |||||||||||||||||
Connected
devices1 | 90,979 | 75,967 | 19.8 | |||||||||||||||||
Total Mobility Subscribers | 196,519 | 176,744 | 11.2 | % | ||||||||||||||||
1Includes data-centric
devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems. |
Net Additions | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Postpaid Phone Net Additions | 928 | 645 | 43.9 | % | 2,312 | 657 | — | % | ||||||||||||||||||||||||||||||
Total Phone Net Additions | 1,177 | 776 | 51.7 | 2,942 | 880 | — | ||||||||||||||||||||||||||||||||
Postpaid2 | 1,218 | 1,081 | 12.7 | 3,197 | 954 | — | ||||||||||||||||||||||||||||||||
Prepaid | 351 | 245 | 43.3 | 927 | 365 | — | ||||||||||||||||||||||||||||||||
Reseller | (164) | (4) | — | (357) | (252) | (41.7) | ||||||||||||||||||||||||||||||||
Connected
devices3 | 3,468 | 4,203 | (17.5) | 10,194 | 9,976 | 2.2 | ||||||||||||||||||||||||||||||||
Mobility Net Subscriber Additions1 | 4,873 | 5,525 | (11.8) | % | 13,961 | 11,043 | 26.4 | % | ||||||||||||||||||||||||||||||
Postpaid
Churn4 | 0.92 | % | 0.85 | % | 7 | BP | 0.91 | % | 0.99 | % | (8) | BP | ||||||||||||||||||||||||||
Postpaid Phone-Only Churn4 | 0.72 | % | 0.69 | % | 3 | BP | 0.72 | % | 0.80 | % | (8) | BP | ||||||||||||||||||||||||||
1Excludes
migrations and acquisition-related activities during the period. | ||||||||||||||||||||||||||||||||||||||
2In addition to postpaid phones, includes tablets and wearables and other. Tablet net adds (losses) were 34 and (44) for the three months ended September 30, 2021 and 2020 and (16) and (470) for the nine months ended September 30, 2021 and 2020. Wearables and other net adds were 256 and 480 for the quarter ended September 30, 2021 and 2020 and 899 and 767 for the nine months September 30, 2021 and 2020. | ||||||||||||||||||||||||||||||||||||||
3Includes
data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems. Excludes postpaid tablets and other postpaid data devices. Wholesale connected car net adds were 1.8 million for the quarter ended September 30, 2021 and 5.5 million for the nine months ended September 30, 2021. | ||||||||||||||||||||||||||||||||||||||
4Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month divided by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period. |
Business Wireline Results | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||
Service | $ | 5,765 | $ | 6,079 | (5.2) | % | $ | 17,497 | $ | 18,271 | (4.2) | % | ||||||||||||||||||||||||||
Equipment | 173 | 182 | (4.9) | 539 | 561 | (3.9) | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 5,938 | 6,261 | (5.2) | 18,036 | 18,832 | (4.2) | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 3,649 | 3,764 | (3.1) | 11,068 | 11,365 | (2.6) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,304 | 1,313 | (0.7) | 3,875 | 3,900 | (0.6) | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 4,953 | 5,077 | (2.4) | 14,943 | 15,265 | (2.1) | ||||||||||||||||||||||||||||||||
Operating Income | 985 | 1,184 | (16.8) | 3,093 | 3,567 | (13.3) | ||||||||||||||||||||||||||||||||
Equity in Net Income (Loss) of Affiliates | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Operating Contribution | $ | 985 | $ | 1,184 | (16.8) | % | $ | 3,093 | $ | 3,567 | (13.3) | % |
Consumer Wireline Results | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||
Broadband | $ | 2,290 | $ | 2,128 | 7.6 | % | $ | 6,761 | $ | 6,329 | 6.8 | % | ||||||||||||||||||||||||||
Legacy voice and data services | 484 | 538 | (10.0) | 1,507 | 1,679 | (10.2) | ||||||||||||||||||||||||||||||||
Other service and equipment | 368 | 374 | (1.6) | 1,112 | 1,194 | (6.9) | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 3,142 | 3,040 | 3.4 | 9,380 | 9,202 | 1.9 | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 2,184 | 2,117 | 3.2 | 6,298 | 5,924 | 6.3 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 775 | 734 | 5.6 | 2,306 | 2,176 | 6.0 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 2,959 | 2,851 | 3.8 | 8,604 | 8,100 | 6.2 | ||||||||||||||||||||||||||||||||
Operating Income | 183 | 189 | (3.2) | 776 | 1,102 | (29.6) | ||||||||||||||||||||||||||||||||
Equity in Net Income (Loss) of Affiliates | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Operating Contribution | $ | 183 | $ | 189 | (3.2) | % | $ | 776 | $ | 1,102 | (29.6) | % | ||||||||||||||||||||||||||
Connections | ||||||||||||||||||||||||||||||||||||||
September 30, | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||
Broadband Connections | ||||||||||||||||||||||||||||||||||||||
Total Broadband and DSL Connections | 14,180 | 14,102 | 0.6 | % | ||||||||||||||||||||||||||||||||||
Fiber Broadband Connections | 5,721 | 4,678 | 22.3 | |||||||||||||||||||||||||||||||||||
Voice Connections | ||||||||||||||||||||||||||||||||||||||
Retail Consumer Switched Access Lines | 2,527 | 2,977 | (15.1) | |||||||||||||||||||||||||||||||||||
U-verse Consumer VoIP Connections | 2,843 | 3,361 | (15.4) | |||||||||||||||||||||||||||||||||||
Total Retail Consumer Voice Connections | 5,370 | 6,338 | (15.3) | % |
Net Additions | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Broadband Net Additions | ||||||||||||||||||||||||||||||||||||||
Total
Broadband and DSL Net Additions | 6 | 158 | (96.2) | % | 80 | (17) | — | % | ||||||||||||||||||||||||||||||
Fiber Broadband Net Additions | 289 | 357 | (19.0) | % | 770 | 791 | (2.7) | % | ||||||||||||||||||||||||||||||
WARNERMEDIA SEGMENT | Third Quarter | Nine-Month Period | ||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Segment Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 3,988 | $ | 3,477 | 14.7 | % | $ | 11,779 | $ | 10,142 | 16.1 | % | ||||||||||||||||||||||||||
Content and other | 3,053 | 2,318 | 31.7 | 9,103 | 7,510 | 21.2 | ||||||||||||||||||||||||||||||||
Advertising | 1,401 | 1,600 | (12.4) | 4,877 | 4,236 | 15.1 | ||||||||||||||||||||||||||||||||
Total Segment Operating Revenues | 8,442 | 7,395 | 14.2 | 25,759 | 21,888 | 17.7 | ||||||||||||||||||||||||||||||||
Segment Operating Expenses | ||||||||||||||||||||||||||||||||||||||
Direct Costs | ||||||||||||||||||||||||||||||||||||||
Programming | 3,068 | 3,181 | (3.6) | 10,996 | 8,638 | 27.3 | ||||||||||||||||||||||||||||||||
Marketing | 1,096 | 655 | 67.3 | 2,929 | 1,750 | 67.4 | ||||||||||||||||||||||||||||||||
Other | 932 | 734 | 27.0 | 2,599 | 2,329 | 11.6 | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 1,175 | 913 | 28.7 | 3,084 | 3,027 | 1.9 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 163 | 169 | (3.6) | 491 | 494 | (0.6) | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 6,434 | 5,652 | 13.8 | 20,099 | 16,238 | 23.8 | ||||||||||||||||||||||||||||||||
Operating Income | 2,008 | 1,743 | 15.2 | 5,660 | 5,650 | 0.2 | ||||||||||||||||||||||||||||||||
Equity in Net Income (Loss) of Affiliates | (73) | 12 | — | 44 | 31 | 41.9 | ||||||||||||||||||||||||||||||||
Total Segment Operating Contribution | $ | 1,935 | $ | 1,755 | 10.3 | % | $ | 5,704 | $ | 5,681 | 0.4 | % |
LATIN AMERICA SEGMENT | Third Quarter | Nine-Month Period | ||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Segment Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Vrio | $ | 756 | $ | 753 | 0.4 | % | $ | 2,248 | $ | 2,392 | (6.0) | % | ||||||||||||||||||||||||||
Mexico | 724 | 643 | 12.6 | 2,043 | 1,826 | 11.9 | ||||||||||||||||||||||||||||||||
Total Segment Operating Revenues | 1,480 | 1,396 | 6.0 | 4,291 | 4,218 | 1.7 | ||||||||||||||||||||||||||||||||
Segment Operating Contribution | ||||||||||||||||||||||||||||||||||||||
Vrio | 105 | (34) | — | 43 | (101) | — | ||||||||||||||||||||||||||||||||
Mexico | (130) | (143) | 9.1 | (393) | (461) | 14.8 | ||||||||||||||||||||||||||||||||
Total Segment Operating Contribution | $ | (25) | $ | (177) | 85.9 | % | $ | (350) | $ | (562) | 37.7 | % |
Latin America Business Unit Discussion | ||||||||||||||||||||||||||||||||||||||
Vrio Results | ||||||||||||||||||||||||||||||||||||||
Third
Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Operating revenues | $ | 756 | $ | 753 | 0.4 | % | $ | 2,248 | $ | 2,392 | (6.0) | % | ||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 660 | 675 | (2.2) | 1,981 | 2,119 | (6.5) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 126 | — | 231 | 400 | (42.3) | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 660 | 801 | (17.6) | 2,212 | 2,519 | (12.2) | ||||||||||||||||||||||||||||||||
Operating Income (Loss) | 96 | (48) | — | 36 | (127) | — | ||||||||||||||||||||||||||||||||
Equity in Net Income (Loss) of Affiliates | 9 | 14 | (35.7) | 7 | 26 | (73.1) | ||||||||||||||||||||||||||||||||
Operating Contribution | $ | 105 | $ | (34) | — | % | $ | 43 | $ | (101) | — | % |
September 30, | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||
Vrio Video Subscribers | 10,142 | 10,893 | (6.9) | % | ||||||||||||||||||||||||||||||||||
Third
Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Vrio Video Net Additions | (178) | 229 | — | % | (800) | (197) | — | % | ||||||||||||||||||||||||||||||
Mexico Results | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Percent Change | 2021 | 2020 | Percent Change | |||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||
Service | $ | 463 | $ | 385 | 20.3 | % | $ | 1,349 | $ | 1,197 | 12.7 | % | ||||||||||||||||||||||||||
Equipment | 261 | 258 | 1.2 | 694 | 629 | 10.3 | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 724 | 643 | 12.6 | 2,043 | 1,826 | 11.9 | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 697 | 662 | 5.3 | 1,984 | 1,914 | 3.7 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 157 | 124 | 26.6 | 452 | 373 | 21.2 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 854 | 786 | 8.7 | 2,436 | 2,287 | 6.5 | ||||||||||||||||||||||||||||||||
Operating Income (Loss) | (130) | (143) | 9.1 | (393) | (461) | 14.8 | ||||||||||||||||||||||||||||||||
Equity in Net Income (Loss) of Affiliates | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Operating Contribution | $ | (130) | $ | (143) | 9.1 | % | $ | (393) | $ | (461) | 14.8 | % |
September 30, | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||
Mexico Wireless Subscribers | ||||||||||||||||||||||||||||||||||||||
Postpaid | 4,781 | 4,710 | 1.5 | % | ||||||||||||||||||||||||||||||||||
Prepaid | 14,199 | 13,249 | 7.2 | |||||||||||||||||||||||||||||||||||
Reseller | 493 | 455 | 8.4 | |||||||||||||||||||||||||||||||||||
Total Mexico Wireless Subscribers | 19,473 | 18,414 | 5.8 | % | ||||||||||||||||||||||||||||||||||
Third
Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Mexico Wireless Net Additions | ||||||||||||||||||||||||||||||||||||||
Postpaid | 36 | (61) | — | % | 85 | (393) | — | % | ||||||||||||||||||||||||||||||
Prepaid | 389 | 472 | (17.6) | 441 | (335) | — | ||||||||||||||||||||||||||||||||
Reseller | 2 | 30 | (93.3) | 4 | 83 | (95.2) | ||||||||||||||||||||||||||||||||
Total Mexico Wireless Net Additions | 427 | 441 | (3.2) | % | 530 | (645) | — | % |
First Quarter | Second Quarter | Third Quarter | Nine months ended September 30, 2021 | |||||||||||
Net commercial paper borrowings | $ | 7,072 | $ | (513) | $ | (2) | $ | 6,557 | ||||||
Issuance
of Notes and Debentures1: | ||||||||||||||
U.S. dollar denominated global notes | $ | 6,000 | $ | — | $ | — | $ | 6,000 | ||||||
Initial average rate of 1.27% | ||||||||||||||
Euro denominated global notes (converted to USD at issuance) | 1,461 | — | — | 1,461 | ||||||||||
Rate of 0.00% | ||||||||||||||
2021 Syndicated Term Loan | 7,350 | — | — | 7,350 | ||||||||||
BAML Bilateral Term Loan | 2,000 | — | — | 2,000 | ||||||||||
Private financing | 750 | — | — | 750 | ||||||||||
Other | 636 | — | 835 | 1,471 | ||||||||||
Debt Issuances | $ | 18,197 | $ | — | $ | 835 | $ | 19,032 | ||||||
Repayments: | ||||||||||||||
Private financing | $ | (649) | $ | — | $ | — | $ | (649) | ||||||
Other | (253) | (253) | (498) | (1,004) | ||||||||||
Repayments of long-term debt | $ | (902) | $ | (253) | $ | (498) | $ | (1,653) | ||||||
1 Includes credit agreement borrowing. |
(a) | (b) | (c) | (d) | |||||||||||||||||||||||
Period | Total
Number of Shares (or Units) Purchased1, 2, 3 | Average Price Paid Per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs1 | Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under The Plans or Programs | ||||||||||||||||||||||
July 1, 2021 - July 31, 2021 | 100,782 | $ | 29.10 | — | 177,902,921 | |||||||||||||||||||||
August 1, 2021 - August 31, 2021 | 99,720 | 28.09 | — | 177,902,921 | ||||||||||||||||||||||
September 1, 2021 - September 30, 2021 | 200,899 | 27.28 | — | 177,902,921 | ||||||||||||||||||||||
Total | 401,401 | $ | 27.94 | — |
Exhibit | ||||||||
Number | Exhibit Description | |||||||
10.1 | Amended
and Restated Limited Liability Company Agreement of DIRECTV Entertainment Holdings LLC, dated July 31, 2021, among AT&T MVPD Holdings LLC, TPG VIII Merlin Investment Holdings, L.P. and DIRECTV Entertainment Holdings LLC (Exhibit 10.1 to Form 8-K filed on August 2, 2021) | |||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
31 | Rule 13a-14(a)/15d-14(a) Certifications | |||||||
32 | ||||||||
101 | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Balance Sheets, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||
104 | The cover page from the
Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
* | Certain schedules (or similar attachments) have been omitted pursuant to Item 601(a)(5) or Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish copies of such schedules (or similar attachments) to the U.S. Securities and Exchange Commission upon request. |
AT&T Inc. | |||||
November 4, 2021 | /s/ Pascal Desroches | ||||
Pascal Desroches | |||||
Senior Executive Vice President | |||||
and Chief Financial Officer | |||||
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/4/36 | ||||
3/15/35 | ||||
3/15/34 | ||||
11/18/33 | ||||
12/17/32 | ||||
5/19/32 | ||||
3/4/30 | ||||
12/17/29 | ||||
9/14/29 | ||||
9/5/29 | ||||
5/19/28 | ||||
12/4/26 | ||||
9/5/26 | ||||
3/4/26 | ||||
12/17/25 | ||||
11/17/25 | ||||
3/15/24 | ||||
12/11/23 | ||||
9/15/23 | ||||
9/5/23 | ||||
7/15/23 | ||||
6/30/23 | ||||
5/19/23 | ||||
3/15/23 | ||||
12/31/22 | ||||
6/1/22 | 25-NSE | |||
3/22/22 | DEF 14A, DEFA14A | |||
12/31/21 | 10-K, 11-K, 4 | |||
12/17/21 | 25-NSE | |||
Filed on: | 11/4/21 | |||
10/29/21 | 4 | |||
For Period end: | 9/30/21 | 4 | ||
9/20/21 | ||||
9/1/21 | 4 | |||
8/31/21 | 4 | |||
8/1/21 | ||||
7/31/21 | 8-K | |||
7/21/21 | 8-K | |||
7/1/21 | 4 | |||
6/30/21 | 10-Q, 4 | |||
6/4/21 | 8-K | |||
5/17/21 | 425, 8-K | |||
3/23/21 | 8-K | |||
2/24/21 | ||||
1/29/21 | 4, 4/A, 8-K, SC 13G/A | |||
1/1/21 | ||||
12/31/20 | 10-K, 11-K, 4 | |||
9/30/20 | 10-Q, 4 | |||
12/31/19 | 10-K, 11-K, 4 | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/23/24 AT&T Inc. 10-K 12/31/23 164:25M 2/13/23 AT&T Inc. 10-K 12/31/22 163:29M 2/16/22 AT&T Inc. 10-K 12/31/21 156:30M 1/25/22 WarnerMedia Holdings, Inc. S-4/A 1/24/22 5:6.1M Donnelley … Solutions/FA 1/24/22 Warner Bros. Discovery, Inc. S-4/A 7:6.3M Donnelley … Solutions/FA 12/29/21 Warner Bros. Discovery, Inc. S-4/A 4:6.2M Donnelley … Solutions/FA 12/29/21 WarnerMedia Holdings, Inc. S-4/A 4:6.1M Donnelley … Solutions/FA 11/18/21 Warner Bros. Discovery, Inc. S-4 8:5.8M Donnelley … Solutions/FA 11/18/21 WarnerMedia Holdings, Inc. S-4 13:6M Donnelley … Solutions/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/02/21 AT&T Inc. 8-K:1,8,9 7/31/21 13:1.2M Donnelley … Solutions/FA |