(Mark One) | ||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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 | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A | ||||||||
Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C | ||||||||
Name of each exchange | ||||||||
Title of each class | Trading Symbol(s) | on which registered | ||||||
☒ | Accelerated Filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
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, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Service | $ | $ | $ | $ | |||||||||||||||||||
Equipment | |||||||||||||||||||||||
Total operating revenues | |||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Equipment | |||||||||||||||||||||||
Broadcast, programming and operations | |||||||||||||||||||||||
Other cost of revenues (exclusive of depreciation and amortization shown separately below) | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Asset impairments and abandonments and restructuring | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Equity in net income (loss) of affiliates | |||||||||||||||||||||||
Other income (expense) — net | |||||||||||||||||||||||
Total other income (expense) | |||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | |||||||||||||||||||||||
Income tax expense on continuing operations | |||||||||||||||||||||||
Income from Continuing Operations | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interest | ( | ( | ( | ( | |||||||||||||||||||
Net Income Attributable to AT&T | $ | $ | $ | $ | |||||||||||||||||||
Less: Preferred Stock Dividends | ( | ( | ( | ( | |||||||||||||||||||
Net Income Attributable to Common Stock | $ | $ | $ | $ | |||||||||||||||||||
Basic Earnings Per Share from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Basic Earnings Per Share from discontinued operations | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Basic Earnings Per Share Attributable to Common Stock | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings Per Share from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings Per Share from discontinued operations | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Diluted Earnings Per Share Attributable to Common Stock | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Number of Common Shares Outstanding — Basic (in millions) | |||||||||||||||||||||||
Weighted Average Number of Common Shares Outstanding — with Dilution (in millions) |
AT&T INC. | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||
Dollars in millions | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency: | |||||||||||||||||||||||
Translation adjustment (includes $ attributable to noncontrolling interest), net of taxes of $( | ( | ( | |||||||||||||||||||||
Distribution of WarnerMedia, net of taxes of $ $( | ( | ( | |||||||||||||||||||||
Securities: | |||||||||||||||||||||||
Net unrealized gains (losses), net of taxes of $( $( | ( | ( | ( | ( | |||||||||||||||||||
Reclassification adjustment included in net income, net of taxes of $ | ( | ( | |||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Net unrealized gains (losses), net of taxes of $( $( | ( | ( | ( | ( | |||||||||||||||||||
Reclassification adjustment included in net income, net of taxes of $ | |||||||||||||||||||||||
Distribution of WarnerMedia, net of taxes of $ $( | ( | ||||||||||||||||||||||
Defined benefit postretirement plans: | |||||||||||||||||||||||
Net prior service credit arising during the period, net of taxes of $ | $ | ||||||||||||||||||||||
Amortization of net prior service credit included in net income, net of taxes of $( | ( | ( | ( | ( | |||||||||||||||||||
Distribution of WarnerMedia, net of taxes of $ and $ | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Less: Total comprehensive income attributable to noncontrolling interest | ( | ( | ( | ( | |||||||||||||||||||
Total Comprehensive Income Attributable to AT&T | $ | $ | $ | $ |
AT&T INC. | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
Dollars in millions except per share amounts | |||||||||||
(Unaudited) | |||||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable – net of related allowances for credit loss of $ | |||||||||||
Inventories | |||||||||||
Prepaid and other current assets | |||||||||||
Assets from discontinued operations | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment | |||||||||||
Less: accumulated depreciation and amortization | ( | ( | |||||||||
Property, Plant and Equipment – Net | |||||||||||
Goodwill | |||||||||||
Licenses – Net | |||||||||||
Other Intangible Assets – Net | |||||||||||
Investments in and Advances to Equity Affiliates | |||||||||||
Operating Lease Right-Of-Use Assets | |||||||||||
Other Assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current Liabilities | |||||||||||
Debt maturing within one year | $ | $ | |||||||||
Note payable to DIRECTV | |||||||||||
Accounts payable and accrued liabilities | |||||||||||
Advanced billings and customer deposits | |||||||||||
Dividends payable | |||||||||||
Liabilities from discontinued operations | |||||||||||
Total current liabilities | |||||||||||
Long-Term Debt | |||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||
Deferred income taxes | |||||||||||
Postemployment benefit obligation | |||||||||||
Operating lease liabilities | |||||||||||
Other noncurrent liabilities | |||||||||||
Total deferred credits and other noncurrent liabilities | |||||||||||
Stockholders’ Equity | |||||||||||
Preferred stock ($ | |||||||||||
Series A ( | |||||||||||
Series B ( | |||||||||||
Series C ( | |||||||||||
Common stock ($ December 31, 2021: issued | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock ( | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Noncontrolling interest | |||||||||||
Total stockholders’ equity | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ |
AT&T INC. | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Dollars in millions | |||||||||||
(Unaudited) | |||||||||||
Nine months ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities | |||||||||||
Income from continuing operations | $ | $ | |||||||||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: | |||||||||||
Depreciation and amortization | |||||||||||
Provision for uncollectible accounts | |||||||||||
Deferred income tax expense | |||||||||||
Net (gain) loss on investments, net of impairments | ( | ||||||||||
Pension and postretirement benefit expense (credit) | ( | ( | |||||||||
Actuarial (gain) loss on pension and postretirement benefits | ( | ( | |||||||||
Asset impairments and abandonments and restructuring | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | ( | ||||||||||
Other current assets | ( | ( | |||||||||
Accounts payable and other accrued liabilities | ( | ( | |||||||||
Equipment installment receivables and related sales | |||||||||||
Deferred customer contract acquisition and fulfillment costs | ( | ||||||||||
Postretirement claims and contributions | ( | ( | |||||||||
Other - net | ( | ||||||||||
Total adjustments | |||||||||||
Net Cash Provided by Operating Activities from Continuing Operations | |||||||||||
Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Dispositions | |||||||||||
Distributions from DIRECTV in excess of cumulative equity in earnings | |||||||||||
Other - net | ( | ||||||||||
Net Cash Used in Investing Activities from Continuing Operations | ( | ( | |||||||||
Financing Activities | |||||||||||
Net change in short-term borrowings with original maturities of three months or less | |||||||||||
Issuance of other short-term borrowings | |||||||||||
Repayment of other short-term borrowings | ( | ( | |||||||||
Issuance of long-term debt | |||||||||||
Repayment of long-term debt | ( | ( | |||||||||
Note payable to DIRECTV, net of payments | ( | ||||||||||
Payment of vendor financing | ( | ( | |||||||||
Purchase of treasury stock | ( | ( | |||||||||
Issuance of treasury stock | |||||||||||
Dividends paid | ( | ( | |||||||||
Other - net | ( | ( | |||||||||
Net Cash (Used in) Provided by Financing Activities from Continuing Operations | ( | ||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash from continuing operations | ( | ||||||||||
Cash flows from Discontinued Operations: | |||||||||||
Cash (used in) provided by operating activities | ( | ||||||||||
Cash provided by (used in) investing activities | |||||||||||
Cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | |||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | $ | ( | $ | ||||||||
Cash and cash equivalents and restricted cash beginning of year | |||||||||||
Cash and Cash Equivalents and Restricted Cash End of Period | $ | $ | |||||||||
See Notes to Consolidated Financial Statements. |
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, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock - Series A | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Preferred Stock - Series B | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Preferred Stock - Series C | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Distribution of WarnerMedia | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Share-based payments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to AT&T | |||||||||||||||||||||||||||||||||||||||||||||||
Distribution of WarnerMedia | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ $ | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
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, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | ( | $ | ( | ( | $ | ( | ( | $ | ( | ( | $ | ( | |||||||||||||||||||||||||||||||||||
Repurchase and acquisition of common stock | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Reissuance of treasury stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | ( | $ | ( | ( | $ | ( | ( | $ | ( | ( | $ | ( | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income Attributable to AT&T, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income attributable to AT&T | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of interest held by noncontrolling owners | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Distributions | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Translation adjustments attributable to noncontrolling interest, net of taxes | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Total Stockholders' Equity at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Total Stockholders' Equity at end of period | $ | $ | $ | $ |
Historical Accounting Method | Effect of Adoption of ASU 2020-061 | Under ASU 2020-06 | ||||||||||||||||||
Diluted earnings per share from continuing operations: | ||||||||||||||||||||
Three months ended September 30, 2022 | $ | $ | ( | $ | ||||||||||||||||
Three months ended September 30, 2021 | $ | $ | ( | $ | ||||||||||||||||
Nine months ended September 30, 2022 | $ | $ | ( | $ | ||||||||||||||||
Nine months ended September 30, 2021 | $ | $ | ( | $ | ||||||||||||||||
1See Note 2 for a discussion of the numerator and denominator adjustments. | ||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerators | |||||||||||||||||||||||
Numerator for basic earnings per share: | |||||||||||||||||||||||
Income from continuing operations, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Net income from continuing operations attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Preferred Stock Dividends | ( | ( | ( | ( | |||||||||||||||||||
Income from continuing operations attributable to common stock | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interests | |||||||||||||||||||||||
Income (loss) from discontinued operations attributable to common stock | ( | ( | |||||||||||||||||||||
Net Income Attributable to Common Stock | $ | $ | $ | $ | |||||||||||||||||||
Dilutive potential common shares: | |||||||||||||||||||||||
Mobility II preferred interests | |||||||||||||||||||||||
Share-based payment | |||||||||||||||||||||||
Numerator for diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Denominators (000,000) | |||||||||||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Dilutive potential common shares: | |||||||||||||||||||||||
Mobility II preferred interests (in shares) | |||||||||||||||||||||||
Share-based payment (in shares) | |||||||||||||||||||||||
Denominator for diluted earnings per share |
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, 2021 | $ | ( | $ | $ | ( | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated OCI | 1 | 1 | 2 | ( | 3 | ( | |||||||||||||||||||||||
Distribution of WarnerMedia | ( | ( | ( | ||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||
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 | $ | ( | $ | $ | ( | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Amounts reclassified from accumulated OCI | 1 | ( | 1 | 2 | ( | 3 | ( | ||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | ( | $ | $ | ( | $ | $ | ||||||||||||||||||||||
1(Gains) losses are included in “Other income (expense) - net” in the consolidated statements of income. | |||||||||||||||||||||||||||||
2(Gains) losses are primarily included in “Interest expense” in the consolidated statements of income (see Note 7). | |||||||||||||||||||||||||||||
3The amortization of prior service credits associated with postretirement benefits are included in “Other income (expense) - net” in the consolidated statements of income (see Note 6). |
For the three months ended September 30, 2022 | |||||||||||||||||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | |||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||
Mobility | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Business Wireline | |||||||||||||||||||||||||||||
Consumer Wireline | |||||||||||||||||||||||||||||
Total Communications | |||||||||||||||||||||||||||||
Latin America - Mexico | ( | ||||||||||||||||||||||||||||
Segment Total | |||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||
DTV-related retained costs | ( | ( | |||||||||||||||||||||||||||
Parent administration support | ( | ( | ( | ||||||||||||||||||||||||||
Securitization fees | ( | ( | |||||||||||||||||||||||||||
Value portfolio | |||||||||||||||||||||||||||||
Total Corporate | ( | ( | |||||||||||||||||||||||||||
Reclassification of prior service credits | ( | ( | |||||||||||||||||||||||||||
Merger & Significant Items | ( | ( | |||||||||||||||||||||||||||
Total Corporate and Other | ( | ( | |||||||||||||||||||||||||||
AT&T Inc. | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | |||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||
Mobility | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Business Wireline | |||||||||||||||||||||||||||||
Consumer Wireline | |||||||||||||||||||||||||||||
Total Communications | |||||||||||||||||||||||||||||
Latin America - Mexico | ( | ||||||||||||||||||||||||||||
Segment Total | |||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||
DTV-related retained costs | ( | ( | |||||||||||||||||||||||||||
Parent administration support | ( | ( | |||||||||||||||||||||||||||
Securitization fees | |||||||||||||||||||||||||||||
Value portfolio | |||||||||||||||||||||||||||||
Total Corporate | ( | ( | |||||||||||||||||||||||||||
Video | |||||||||||||||||||||||||||||
Held-for-sale and other reclassifications | |||||||||||||||||||||||||||||
Reclassification of prior service credits | ( | ( | |||||||||||||||||||||||||||
Merger & Significant Items | ( | ( | |||||||||||||||||||||||||||
Eliminations and consolidations | ( | ( | |||||||||||||||||||||||||||
Total Corporate and Other | ( | ( | |||||||||||||||||||||||||||
AT&T Inc. | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
For the nine months ended September 30, 2022 | |||||||||||||||||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | |||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||
Mobility | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Business Wireline | |||||||||||||||||||||||||||||
Consumer Wireline | |||||||||||||||||||||||||||||
Total Communications | |||||||||||||||||||||||||||||
Latin America - Mexico | ( | ||||||||||||||||||||||||||||
Segment Total | |||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||
DTV-related retained costs | ( | ( | |||||||||||||||||||||||||||
Parent administration support | ( | ( | ( | ||||||||||||||||||||||||||
Securitization fees | ( | ( | |||||||||||||||||||||||||||
Value portfolio | |||||||||||||||||||||||||||||
Total Corporate | ( | ( | |||||||||||||||||||||||||||
Reclassification of prior service credits | ( | ( | |||||||||||||||||||||||||||
Merger & Significant Items | ( | ( | |||||||||||||||||||||||||||
Total Corporate and Other | ( | ( | |||||||||||||||||||||||||||
AT&T Inc. | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | |||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||
Mobility | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Business Wireline | |||||||||||||||||||||||||||||
Consumer Wireline | |||||||||||||||||||||||||||||
Total Communications | |||||||||||||||||||||||||||||
Latin America - Mexico | ( | ||||||||||||||||||||||||||||
Segment Total | |||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||
DTV-related retained costs | ( | ( | |||||||||||||||||||||||||||
Parent administration support | ( | ( | ( | ||||||||||||||||||||||||||
Securitization fees | ( | ( | |||||||||||||||||||||||||||
Value portfolio | |||||||||||||||||||||||||||||
Total Corporate | ( | ( | |||||||||||||||||||||||||||
Video | |||||||||||||||||||||||||||||
Held-for-sale and other reclassifications | |||||||||||||||||||||||||||||
Reclassification of prior service credits | ( | ( | |||||||||||||||||||||||||||
Merger & Significant Items | ( | ( | |||||||||||||||||||||||||||
Eliminations and consolidations | ( | ( | |||||||||||||||||||||||||||
Total Corporate and Other | ( | ||||||||||||||||||||||||||||
AT&T Inc. | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Communications | $ | $ | $ | $ | |||||||||||||||||||
Latin America | ( | ( | ( | ( | |||||||||||||||||||
Segment Operating Income | |||||||||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate | ( | ( | ( | ( | |||||||||||||||||||
Video | |||||||||||||||||||||||
Held-for-sale and other reclassifications | |||||||||||||||||||||||
Transaction and other costs | ( | ( | ( | ( | |||||||||||||||||||
Amortization of intangibles acquired | ( | ( | ( | ( | |||||||||||||||||||
Asset impairments and abandonments and restructuring | ( | ( | ( | ( | |||||||||||||||||||
Benefit-related gains (losses), and other employee-related costs | ( | ( | |||||||||||||||||||||
Reclassification of prior service credits | ( | ( | ( | ( | |||||||||||||||||||
AT&T Operating Income | |||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Equity in net income (loss) of affiliates | |||||||||||||||||||||||
Other income (expense) — net | |||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | $ | $ | $ | $ |
For the three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||
Mobility | Business Wireline | Consumer Wireline | Latin America | Corporate & Other | Elim. | Total | |||||||||||||||||||||||||||||||||||
Wireless service | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Video service | |||||||||||||||||||||||||||||||||||||||||
Business service | |||||||||||||||||||||||||||||||||||||||||
Broadband | |||||||||||||||||||||||||||||||||||||||||
Advertising | |||||||||||||||||||||||||||||||||||||||||
Legacy voice and data | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total Service | |||||||||||||||||||||||||||||||||||||||||
Equipment | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||
Mobility | Business Wireline | Consumer Wireline | Latin America | Corporate & Other | Elim. | Total | |||||||||||||||||||||||||||||||||||
Wireless service | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Video service | |||||||||||||||||||||||||||||||||||||||||
Business service | |||||||||||||||||||||||||||||||||||||||||
Broadband | |||||||||||||||||||||||||||||||||||||||||
Advertising | ( | ||||||||||||||||||||||||||||||||||||||||
Legacy voice and data | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total Service | ( | ||||||||||||||||||||||||||||||||||||||||
Equipment | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ( | $ |
For the nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||
Mobility | Business Wireline | Consumer Wireline | Latin America | Corporate & Other | Elim. | Total | |||||||||||||||||||||||||||||||||||
Wireless service | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Video service | |||||||||||||||||||||||||||||||||||||||||
Business service | |||||||||||||||||||||||||||||||||||||||||
Broadband | |||||||||||||||||||||||||||||||||||||||||
Advertising | |||||||||||||||||||||||||||||||||||||||||
Legacy voice and data | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total Service | |||||||||||||||||||||||||||||||||||||||||
Equipment | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Communications | |||||||||||||||||||||||||||||||||||||||||
Mobility | Business Wireline | Consumer Wireline | Latin America | Corporate & Other | Elim. | Total | |||||||||||||||||||||||||||||||||||
Wireless service | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Video service | |||||||||||||||||||||||||||||||||||||||||
Business service | |||||||||||||||||||||||||||||||||||||||||
Broadband | |||||||||||||||||||||||||||||||||||||||||
Advertising | ( | ||||||||||||||||||||||||||||||||||||||||
Legacy voice and data | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total Service | ( | ||||||||||||||||||||||||||||||||||||||||
Equipment | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ( | $ |
September 30, | December 31, | ||||||||||
Consolidated Balance Sheets | 2022 | 2021 | |||||||||
Deferred Acquisition Costs | |||||||||||
Prepaid and other current assets | $ | $ | |||||||||
Other Assets | |||||||||||
Total deferred customer contract acquisition costs | $ | $ | |||||||||
Deferred Fulfillment Costs | |||||||||||
Prepaid and other current assets | $ | $ | |||||||||
Other Assets | |||||||||||
Total deferred customer contract fulfillment costs | $ | $ |
September 30, | September 30, | ||||||||||
Consolidated Statements of Income | 2022 | 20211 | |||||||||
Deferred acquisition cost amortization | $ | $ | |||||||||
Deferred fulfillment cost amortization | |||||||||||
1Includes deferred acquisition amortization of $ |
September 30, | December 31, | ||||||||||
Consolidated Balance Sheets | 2022 | 2021 | |||||||||
Contract asset | $ | $ | |||||||||
Current portion in “Prepaid and other current assets” | |||||||||||
Contract liability | |||||||||||
Current portion in “Advanced billings and customer deposits” |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jul. 1, 2022 | ||||||||||||||||||
Weighted-average discount rate for determining benefit obligation | % | % | % | % | % | % | |||||||||||||||||
Discount rate in effect for determining service cost, for period beginning | % | % | % | % | % | % | |||||||||||||||||
Discount rate in effect for determining interest cost, for period beginning | % | % | % | % | % | % | |||||||||||||||||
Expected long-term rate of return on plan assets (annual rate) | % | % | |||||||||||||||||||||
Actual return on plan assets (YTD rate) | ( | %) | ( | %) | ( | %) | ( | %) |
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Pension cost: | ||||||||||||||||||||
Service cost – benefits earned during the period | $ | $ | $ | $ | ||||||||||||||||
Interest cost on projected benefit obligation | ||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | ||||||||||||||||
Amortization of prior service credit | ( | ( | ( | ( | ||||||||||||||||
Net pension (credit) cost before remeasurement | ( | ( | ( | ( | ||||||||||||||||
Actuarial (gain) loss | ( | ( | ( | ( | ||||||||||||||||
Net pension (credit) cost | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||
Postretirement cost: | ||||||||||||||||||||
Service cost – benefits earned during the period | $ | $ | $ | $ | ||||||||||||||||
Interest cost on accumulated postretirement benefit obligation | ||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | ||||||||||||||||
Amortization of prior service credit | ( | ( | ( | ( | ||||||||||||||||
Net postretirement (credit) cost before remeasurement | ( | ( | ( | ( | ||||||||||||||||
Actuarial (gain) loss | ( | ( | ||||||||||||||||||
Net postretirement (credit) cost | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||
Combined net pension and postretirement (credit) cost | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||
Notes and debentures1 | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Investment securities2 | |||||||||||||||||||||||
1Includes credit agreement borrowings. Excludes note payable to DIRECTV. | |||||||||||||||||||||||
2Excludes investments accounted for under the equity method. |
September 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||
Domestic equities | $ | $ | $ | $ | |||||||||||||||||||
International equities | |||||||||||||||||||||||
Fixed income equities | |||||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||
Cross-currency swaps | ( | ( | |||||||||||||||||||||
Foreign exchange contracts | ( | ( |
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||
Domestic equities | $ | $ | $ | $ | |||||||||||||||||||
International equities | |||||||||||||||||||||||
Fixed income equities | |||||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||
Cross-currency swaps | |||||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||
Cross-currency swaps | ( | ( | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Total gains (losses) recognized on equity securities | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Gains (Losses) recognized on equity securities sold | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gains (losses) recognized on equity securities held at end of period | $ | ( | $ | $ | ( | $ |
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Cross-currency swaps | $ | $ | |||||||||
Foreign exchange contracts | |||||||||||
Total | $ | $ |
Effect of Derivatives on the Consolidated Statements of Income | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
Fair Value Hedging Relationships | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Interest rate swaps (Interest expense): | |||||||||||||||||||||||
Gain (Loss) on interest rate swaps | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Gain (Loss) on long-term debt | |||||||||||||||||||||||
Cross-currency swaps: | |||||||||||||||||||||||
Gain (Loss) on cross-currency swaps | ( | ( | ( | ||||||||||||||||||||
Gain (Loss) on long-term debt | ( | ||||||||||||||||||||||
Gain (Loss) recognized in accumulated OCI | ( | ||||||||||||||||||||||
Foreign exchange contracts: | |||||||||||||||||||||||
Gain (Loss) on foreign exchange contracts | ( | ( | |||||||||||||||||||||
Gain (Loss) on long-term debt | |||||||||||||||||||||||
Gain (Loss) recognized in accumulated OCI | ( | ( |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
Cash Flow Hedging Relationships | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cross-currency swaps: | |||||||||||||||||||||||
Gain (Loss) recognized in accumulated OCI | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Foreign exchange contracts: | |||||||||||||||||||||||
Gain (Loss) recognized in accumulated OCI | ( | ( | |||||||||||||||||||||
Other income (expense) - net reclassified from accumulated OCI into income | ( | ||||||||||||||||||||||
Interest rate locks: | |||||||||||||||||||||||
Interest income (expense) reclassified from accumulated OCI into income | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense) reclassified from accumulated OCI into income | ( | ||||||||||||||||||||||
Distribution of WarnerMedia | ( |
September 30, 2022 | December 31, 2021 | ||||||||||
Gross receivables: | $ | $ | |||||||||
Balance sheet classification | |||||||||||
Accounts receivable | |||||||||||
Notes receivable | |||||||||||
Trade receivables | |||||||||||
Other Assets | |||||||||||
Noncurrent notes and trade receivables | |||||||||||
Outstanding portfolio of receivables derecognized from our consolidated balance sheets | |||||||||||
Cash proceeds received, net of remittances1 | |||||||||||
1Represents amounts to which financial institutions remain entitled, excluding the deferred purchase price. |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Gross receivables sold | $ | $ | $ | $ | |||||||||||||||||||
Net receivables sold1 | |||||||||||||||||||||||
Cash proceeds received | |||||||||||||||||||||||
Deferred purchase price recorded | |||||||||||||||||||||||
Guarantee obligation recorded | |||||||||||||||||||||||
1Receivables net of allowance, imputed interest and equipment trade-in right guarantees. |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Fair value of repurchased receivables | $ | $ | $ | $ | |||||||||||||||||||
Carrying value of deferred purchase price | |||||||||||||||||||||||
Gain (loss) on repurchases1 | $ | ( | $ | $ | ( | $ | |||||||||||||||||
1These gains (losses) are included in “Selling, general and administrative” in the consolidated statements of income. |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | $ | $ | $ | $ | |||||||||||||||||||
Interest on lease obligation | |||||||||||||||||||||||
Total finance lease cost | $ | $ | $ | $ |
Nine months ended | ||||||||||||||
September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Cash paid for amounts included in lease obligations: | ||||||||||||||
Operating cash flows for operating leases | $ | $ | ||||||||||||
Supplemental Lease Cash Flow Disclosures | ||||||||||||||
Operating lease right-of-use assets obtained in exchange for new operating lease obligations |
September 30, 2022 | December 31, 2021 | ||||||||||
Operating Leases | |||||||||||
Operating lease right-of-use assets | $ | $ | |||||||||
$ | $ | ||||||||||
Total operating lease obligation | $ | $ | |||||||||
Finance Leases | |||||||||||
Property, plant and equipment, at cost | $ | $ | |||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
$ | $ | ||||||||||
$ | $ | ||||||||||
Total finance lease obligation | $ | $ | |||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Weighted-Average Remaining Lease Term (years) | |||||||||||
Operating leases | |||||||||||
Finance leases | |||||||||||
Weighted-Average Discount Rate | |||||||||||
Operating leases | % | % | |||||||||
Finance leases | % | % |
At September 30, 2022 | Operating | Finance | |||||||||
Leases | Leases | ||||||||||
Remainder of 2022 | $ | $ | |||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
Thereafter | |||||||||||
Total lease payments | |||||||||||
Less: imputed interest | ( | ( | |||||||||
Total | $ | $ |
September 30, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2021 | 2020 | ||||||||||||||||||||
Cash and cash equivalents from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Cash and cash equivalents from discontinued operations | |||||||||||||||||||||||
Restricted cash in Prepaid and other current assets | |||||||||||||||||||||||
Restricted cash in Other Assets | |||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | $ | $ | $ | $ | |||||||||||||||||||
Nine months ended | |||||||||||
September 30, | |||||||||||
Cash paid (received) during the period for: | 2022 | 2021 | |||||||||
Interest | $ | $ | |||||||||
Income taxes, net of refunds | |||||||||||
The following table summarizes capital expenditures: | |||||||||||
Nine months ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Purchase of property and equipment | $ | $ | |||||||||
Interest during construction - capital expenditures1 | |||||||||||
Total Capital Expenditures | $ | $ | |||||||||
The following table summarizes acquisitions, net of cash acquired: | |||||||||||
Nine months ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Business acquisitions | $ | $ | |||||||||
Spectrum acquisitions | |||||||||||
Interest during construction - spectrum1 | |||||||||||
Total Acquisitions | $ | $ | |||||||||
1 Total capitalized interest was $ |
First Quarter | Second Quarter | Third Quarter | Nine months ended September 30, 2022 | |||||||||||
Net commercial paper borrowings | $ | $ | ( | $ | ( | $ | ( | |||||||
Issuance of Notes and Debentures: | ||||||||||||||
Private financing | $ | $ | $ | $ | ||||||||||
Other | ||||||||||||||
Debt Issuances | $ | $ | $ | $ | ||||||||||
Repayments: | ||||||||||||||
2021 Syndicated Term Loan | $ | $ | ( | $ | $ | ( | ||||||||
BAML Bilateral Term Loan – Tranche A | ( | ( | ||||||||||||
Private financing | ( | ( | ||||||||||||
Repayment of other short-term borrowings | $ | $ | ( | $ | $ | ( | ||||||||
USD notes1,2,3 | $ | ( | $ | ( | $ | $ | ( | |||||||
Euro notes | ( | ( | ||||||||||||
BAML Bilateral Term Loan – Tranche B | ( | ( | ||||||||||||
Other | ( | ( | ( | ( | ||||||||||
Repayments of long-term debt | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
1On March 31, 2022, we issued a notice for the redemption in full of all of the outstanding $ | ||||||||||||||
2On April 11, 2022, we issued notices for the redemption in full of all of the outstanding approximately $ | ||||||||||||||
3Includes $ |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
20221 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Asset abandonments and impairments | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Equity in net income (loss) of affiliates | ( | ( | |||||||||||||||||||||
Other income (expense) – net2 | ( | ||||||||||||||||||||||
Total other income (expense) | ( | ||||||||||||||||||||||
Income (Loss) before income taxes | ( | ( | |||||||||||||||||||||
Income tax expense (benefit) | ( | ( | |||||||||||||||||||||
Net income (loss) from discontinued operations | $ | $ | $ | ( | $ | ( | |||||||||||||||||
1Includes results from WarnerMedia operations in Mexico that were subject to regulatory approval that transferred in September 2022. | |||||||||||||||||||||||
2“Other income (expense) - net” includes a gain from post-closing adjustment related to the sale of the marketplace component of Xandr in the three and nine months ended September 30, 2022, and a gain of $ |
December 31, | ||||||||
2021 | ||||||||
Assets: | ||||||||
Current assets | $ | |||||||
Noncurrent Inventories and Theatrical Film and Television Production Costs | ||||||||
Property, plant and equipment, net | ||||||||
Goodwill | ||||||||
Other Intangibles – Net | ||||||||
Other assets | ||||||||
Total assets, discontinued operations | $ | |||||||
Liabilities: | ||||||||
Current liabilities | $ | |||||||
Other liabilities | ||||||||
Total liabilities, discontinued operations | $ | |||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Communications | $ | 29,131 | $ | 28,218 | 3.2 | % | $ | 86,702 | $ | 84,524 | 2.6 | % | ||||||||||||||||||||||||||
Latin America - Mexico | 785 | 724 | 8.4 | 2,283 | 2,043 | 11.7 | ||||||||||||||||||||||||||||||||
Corporate and Other: | ||||||||||||||||||||||||||||||||||||||
Corporate | 127 | 188 | (32.4) | 413 | 546 | (24.4) | ||||||||||||||||||||||||||||||||
Video | — | 2,149 | — | — | 15,513 | — | ||||||||||||||||||||||||||||||||
Held-for-sale and other reclassifications | — | 64 | — | — | 453 | — | ||||||||||||||||||||||||||||||||
Eliminations and consolidation | — | (17) | — | — | (136) | — | ||||||||||||||||||||||||||||||||
AT&T Operating Revenues | 30,043 | 31,326 | (4.1) | 89,398 | 102,943 | (13.2) | ||||||||||||||||||||||||||||||||
Operating Income | ||||||||||||||||||||||||||||||||||||||
Communications | 7,631 | 7,168 | 6.5 | 21,886 | 21,983 | (0.4) | ||||||||||||||||||||||||||||||||
Latin America - Mexico | (63) | (130) | 51.5 | (247) | (393) | 37.2 | ||||||||||||||||||||||||||||||||
Segment Operating Income | 7,568 | 7,038 | 7.5 | 21,639 | 21,590 | 0.2 | ||||||||||||||||||||||||||||||||
Corporate | (621) | (402) | (54.5) | (1,810) | (1,033) | (75.2) | ||||||||||||||||||||||||||||||||
Video | — | 374 | — | — | 2,491 | — | ||||||||||||||||||||||||||||||||
Held-for-sale and other reclassifications | — | 33 | — | — | 147 | — | ||||||||||||||||||||||||||||||||
Reclassification of prior service credits | (731) | (670) | (9.1) | (1,961) | (2,011) | 2.5 | ||||||||||||||||||||||||||||||||
Merger and Significant Items | (204) | (136) | (50.0) | (1,363) | (181) | — | ||||||||||||||||||||||||||||||||
AT&T Operating Income | $ | 6,012 | $ | 6,237 | (3.6) | % | $ | 16,505 | $ | 21,003 | (21.4) | % | ||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Service | $ | 24,731 | $ | 26,247 | (5.8) | % | $ | 72,998 | $ | 87,340 | (16.4) | % | ||||||||||||||||||||||||||
Equipment | 5,312 | 5,079 | 4.6 | 16,400 | 15,603 | 5.1 | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 30,043 | 31,326 | (4.1) | 89,398 | 102,943 | (13.2) | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 19,517 | 20,632 | (5.4) | 59,467 | 68,588 | (13.3) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,514 | 4,457 | 1.3 | 13,426 | 13,352 | 0.6 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 24,031 | 25,089 | (4.2) | 72,893 | 81,940 | (11.0) | ||||||||||||||||||||||||||||||||
Operating Income | 6,012 | 6,237 | (3.6) | 16,505 | 21,003 | (21.4) | ||||||||||||||||||||||||||||||||
Interest expense | 1,420 | 1,627 | (12.7) | 4,548 | 5,090 | (10.6) | ||||||||||||||||||||||||||||||||
Equity in net income (loss) of affiliates | 392 | 183 | — | 1,417 | 159 | — | ||||||||||||||||||||||||||||||||
Other income (expense) - net | 2,270 | 1,522 | 49.1 | 6,729 | 6,958 | (3.3) | ||||||||||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 7,254 | 6,315 | 14.9 | 20,103 | 23,030 | (12.7) | ||||||||||||||||||||||||||||||||
Income from Continuing Operations | $ | 6,346 | $ | 5,019 | 26.4 | % | $ | 16,246 | $ | 18,574 | (12.5) | % |
COMMUNICATIONS SEGMENT | Third Quarter | Nine-Month Period | ||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||
Segment Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Mobility | $ | 20,278 | $ | 19,138 | 6.0 | % | $ | 60,279 | $ | 57,108 | 5.6 | % | ||||||||||||||||||||||||||
Business Wireline | 5,668 | 5,938 | (4.5) | 16,903 | 18,036 | (6.3) | ||||||||||||||||||||||||||||||||
Consumer Wireline | 3,185 | 3,142 | 1.4 | 9,520 | 9,380 | 1.5 | ||||||||||||||||||||||||||||||||
Total Segment Operating Revenues | 29,131 | 28,218 | 3.2 | 86,702 | 84,524 | 2.6 | ||||||||||||||||||||||||||||||||
Segment Operating Income | ||||||||||||||||||||||||||||||||||||||
Mobility | 6,419 | 5,987 | 7.2 | 18,484 | 18,038 | 2.5 | ||||||||||||||||||||||||||||||||
Business Wireline | 882 | 1,002 | (12.0) | 2,451 | 3,151 | (22.2) | ||||||||||||||||||||||||||||||||
Consumer Wireline | 330 | 179 | 84.4 | 951 | 794 | 19.8 | ||||||||||||||||||||||||||||||||
Total Segment Operating Income | $ | 7,631 | $ | 7,168 | 6.5 | % | $ | 21,886 | $ | 21,983 | (0.4) | % |
Selected Subscribers and Connections | ||||||||||||||
September 30, | ||||||||||||||
(000s) | 2022 | 2021 | ||||||||||||
Mobility Subscribers | 210,678 | 196,519 | ||||||||||||
Total domestic broadband connections | 15,452 | 15,510 | ||||||||||||
Network access lines in service | 5,466 | 6,404 | ||||||||||||
U-verse VoIP connections | 3,022 | 3,440 | ||||||||||||
Communications Business Unit Discussion | ||||||||||||||||||||||||||||||||||||||
Mobility Results | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||
Service | $ | 15,337 | $ | 14,527 | 5.6 | % | $ | 45,065 | $ | 42,921 | 5.0 | % | ||||||||||||||||||||||||||
Equipment | 4,941 | 4,611 | 7.2 | 15,214 | 14,187 | 7.2 | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 20,278 | 19,138 | 6.0 | 60,279 | 57,108 | 5.6 | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 11,817 | 11,116 | 6.3 | 35,677 | 32,998 | 8.1 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,042 | 2,035 | 0.3 | 6,118 | 6,072 | 0.8 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 13,859 | 13,151 | 5.4 | 41,795 | 39,070 | 7.0 | ||||||||||||||||||||||||||||||||
Operating Income | $ | 6,419 | $ | 5,987 | 7.2 | % | $ | 18,484 | $ | 18,038 | 2.5 | % |
Subscribers | ||||||||||||||||||||
September 30, | Percent | |||||||||||||||||||
(in 000s) | 2022 | 2021 | Change | |||||||||||||||||
Postpaid | 83,614 | 80,249 | 4.2 | % | ||||||||||||||||
Postpaid phone | 68,969 | 66,396 | 3.9 | |||||||||||||||||
Prepaid | 19,215 | 19,028 | 1.0 | |||||||||||||||||
Reseller | 5,854 | 6,263 | (6.5) | |||||||||||||||||
Connected devices1 | 101,995 | 90,979 | 12.1 | |||||||||||||||||
Total Mobility Subscribers2 | 210,678 | 196,519 | 7.2 | % | ||||||||||||||||
1Includes data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems. | ||||||||||||||||||||
2Wireless subscribers at September 30, 2022 excludes the impact of 10,707 subscriber and connected device disconnections resulting from our 3G network shutdown in February 2022. Postpaid disconnections were 899, including 438 phone, 234 prepaid, 749 reseller subscribers, and 8,825 connected devices. The third quarter includes an adjustment of approximately 170 subscribers, primarily connected devices. |
Net Additions | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
Postpaid Phone Net Additions | 708 | 928 | (23.7) | % | 2,212 | 2,312 | (4.3) | % | ||||||||||||||||||||||||||||||
Total Phone Net Additions | 816 | 1,177 | (30.7) | 2,629 | 2,942 | (10.6) | ||||||||||||||||||||||||||||||||
Postpaid2 | 964 | 1,218 | (20.9) | 2,987 | 3,197 | (6.6) | ||||||||||||||||||||||||||||||||
Prepaid | 141 | 351 | (59.8) | 488 | 927 | (47.4) | ||||||||||||||||||||||||||||||||
Reseller | 308 | (164) | — | 312 | (357) | — | ||||||||||||||||||||||||||||||||
Connected devices3 | 5,716 | 3,468 | 64.8 | 15,476 | 10,194 | 51.8 | ||||||||||||||||||||||||||||||||
Mobility Net Subscriber Additions1 | 7,129 | 4,873 | 46.3 | % | 19,263 | 13,961 | 38.0 | % | ||||||||||||||||||||||||||||||
Postpaid Churn4 | 1.01 | % | 0.92 | % | 9 | BP | 0.96 | % | 0.91 | % | 5 | BP | ||||||||||||||||||||||||||
Postpaid Phone-Only Churn4 | 0.84 | % | 0.72 | % | 12 | BP | 0.79 | % | 0.72 | % | 7 | 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 33 and 34 for the three months ended September 30, 2022 and 2021 and 118 and (16) for the first nine months ended September 30, 2022 and 2021. Wearables and other net adds were 223 and 256 for the quarter ended September 30, 2022 and 2021 and 657 and 901 for the first nine months ended September 30, 2022 and 2021. | ||||||||||||||||||||||||||||||||||||||
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 approximately 2,600 for the quarter ended September 30, 2022 and 7,400 for the nine months ended September 30, 2022. | ||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||
Service | $ | 5,524 | $ | 5,765 | (4.2) | % | $ | 16,418 | $ | 17,497 | (6.2) | % | ||||||||||||||||||||||||||
Equipment | 144 | 173 | (16.8) | 485 | 539 | (10.0) | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 5,668 | 5,938 | (4.5) | 16,903 | 18,036 | (6.3) | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 3,444 | 3,632 | (5.2) | 10,498 | 11,010 | (4.7) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,342 | 1,304 | 2.9 | 3,954 | 3,875 | 2.0 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 4,786 | 4,936 | (3.0) | 14,452 | 14,885 | (2.9) | ||||||||||||||||||||||||||||||||
Operating Income | $ | 882 | $ | 1,002 | (12.0) | % | $ | 2,451 | $ | 3,151 | (22.2) | % |
Consumer Wireline Results | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||
Broadband | $ | 2,429 | $ | 2,290 | 6.1 | % | $ | 7,177 | $ | 6,761 | 6.2 | % | ||||||||||||||||||||||||||
Legacy voice and data services | 427 | 484 | (11.8) | 1,332 | 1,507 | (11.6) | ||||||||||||||||||||||||||||||||
Other service and equipment | 329 | 368 | (10.6) | 1,011 | 1,112 | (9.1) | ||||||||||||||||||||||||||||||||
Total Operating Revenues | 3,185 | 3,142 | 1.4 | 9,520 | 9,380 | 1.5 | ||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 2,055 | 2,188 | (6.1) | 6,218 | 6,280 | (1.0) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 800 | 775 | 3.2 | 2,351 | 2,306 | 2.0 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 2,855 | 2,963 | (3.6) | 8,569 | 8,586 | (0.2) | ||||||||||||||||||||||||||||||||
Operating Income | $ | 330 | $ | 179 | 84.4 | % | $ | 951 | $ | 794 | 19.8 | % |
Connections | ||||||||||||||||||||||||||||||||||||||
September 30, | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||
Broadband Connections | ||||||||||||||||||||||||||||||||||||||
Total Broadband and DSL Connections | 14,055 | 14,180 | (0.9) | % | ||||||||||||||||||||||||||||||||||
Broadband | 13,796 | 13,846 | (0.4) | |||||||||||||||||||||||||||||||||||
Fiber Broadband Connections | 6,935 | 5,721 | 21.2 | |||||||||||||||||||||||||||||||||||
Voice Connections | ||||||||||||||||||||||||||||||||||||||
Retail Consumer Switched Access Lines | 2,123 | 2,527 | (16.0) | |||||||||||||||||||||||||||||||||||
U-verse Consumer VoIP Connections | 2,409 | 2,843 | (15.3) | |||||||||||||||||||||||||||||||||||
Total Retail Consumer Voice Connections | 4,532 | 5,370 | (15.6) | % |
Net Additions | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
Broadband Net Additions | ||||||||||||||||||||||||||||||||||||||
Total Broadband and DSL Net Additions | (50) | 6 | — | % | (105) | 80 | — | % | ||||||||||||||||||||||||||||||
Broadband Net Additions | (29) | 28 | — | (49) | 153 | — | ||||||||||||||||||||||||||||||||
Fiber Broadband Net Additions | 338 | 289 | 17.0 | % | 943 | 770 | 22.5 | % | ||||||||||||||||||||||||||||||
LATIN AMERICA SEGMENT | Third Quarter | Nine-Month Period | ||||||||||||||||||||||||||||||||||||
2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | |||||||||||||||||||||||||||||||||
Segment Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Service | $ | 559 | $ | 463 | 20.7 | % | $ | 1,583 | $ | 1,349 | 17.3 | % | ||||||||||||||||||||||||||
Equipment | 226 | 261 | (13.4) | 700 | 694 | 0.9 | ||||||||||||||||||||||||||||||||
Total Segment Operating Revenues | 785 | 724 | 8.4 | 2,283 | 2,043 | 11.7 | ||||||||||||||||||||||||||||||||
Segment Operating Expenses | ||||||||||||||||||||||||||||||||||||||
Operations and support | 684 | 697 | (1.9) | 2,036 | 1,984 | 2.6 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 164 | 157 | 4.5 | 494 | 452 | 9.3 | ||||||||||||||||||||||||||||||||
Total Segment Operating Expenses | 848 | 854 | (0.7) | 2,530 | 2,436 | 3.9 | ||||||||||||||||||||||||||||||||
Operating Income (Loss) | $ | (63) | $ | (130) | 51.5 | % | $ | (247) | $ | (393) | 37.2 | % |
September 30, | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||
Mexico Wireless Subscribers | ||||||||||||||||||||||||||||||||||||||
Postpaid | 4,854 | 4,781 | 1.5 | % | ||||||||||||||||||||||||||||||||||
Prepaid | 15,689 | 14,199 | 10.5 | |||||||||||||||||||||||||||||||||||
Reseller | 455 | 493 | (7.7) | |||||||||||||||||||||||||||||||||||
Total Mexico Wireless Subscribers | 20,998 | 19,473 | 7.8 | % | ||||||||||||||||||||||||||||||||||
Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||||||||||||||
(in 000s) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
Mexico Wireless Net Additions | ||||||||||||||||||||||||||||||||||||||
Postpaid | 19 | 36 | (47.2) | % | 47 | 85 | (44.7) | % | ||||||||||||||||||||||||||||||
Prepaid | 267 | 389 | (31.4) | 632 | 441 | 43.3 | ||||||||||||||||||||||||||||||||
Reseller | 12 | 2 | — | (43) | 4 | — | ||||||||||||||||||||||||||||||||
Total Mexico Wireless Net Additions | 298 | 427 | (30.2) | % | 636 | 530 | 20.0 | % |
Continuing operations for nine months ended September 30, | 2022 | 2021 | |||||||||
Cash provided by operating activities | $ | 25,464 | $ | 29,093 | |||||||
Cash used in investing activities | (23,011) | (28,528) | |||||||||
Cash (used in) provided by financing activities | (54,403) | 8,453 | |||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Cash and cash equivalents | $ | 2,423 | $ | 19,223 | |||||||
Total debt | 133,480 | 175,631 |
First Quarter | Second Quarter | Third Quarter | Nine months ended September 30, 2022 | |||||||||||
Net commercial paper borrowings | $ | 1,471 | $ | (5,219) | $ | (724) | $ | (4,472) | ||||||
Issuance of Notes and Debentures: | ||||||||||||||
Private Financing | — | — | 750 | 750 | ||||||||||
Other | 479 | — | — | 479 | ||||||||||
Debt Issuances | $ | 479 | $ | — | $ | 750 | $ | 1,229 | ||||||
Repayments: | ||||||||||||||
2021 Syndicated Term Loan | $ | — | $ | (7,350) | $ | — | $ | (7,350) | ||||||
BAML Bilateral Term Loan - Tranche A | — | (1,000) | — | (1,000) | ||||||||||
Private financing | — | (750) | — | (750) | ||||||||||
Repayment of other short-term borrowings | $ | — | $ | (9,100) | $ | — | $ | (9,100) | ||||||
USD notes1, 2, 3 | $ | (123) | $ | (18,957) | $ | — | $ | (19,080) | ||||||
Euro notes | — | (3,343) | — | (3,343) | ||||||||||
BAML Bilateral Term Loan - Tranche B | — | (1,000) | — | (1,000) | ||||||||||
Other | (667) | (123) | (199) | (989) | ||||||||||
Repayments of long-term debt | $ | (790) | $ | (23,423) | $ | (199) | $ | (24,412) | ||||||
1On March 31, 2022, we issued a notice for the redemption in full of all of the outstanding $1,962 aggregate principal amount of 3.000% Global Notes due June 30, 2022. We redeemed the notes on April 30, 2022 at 100% of the principal amount. | ||||||||||||||
2On April 11, 2022, we issued notices for the redemption in full of all of the outstanding approximately $9,042 aggregate principal amount of various global notes due 2022 to 2026 with coupon rates ranging from 2.625% to 4.450% (Make-Whole Notes). The Make-Whole Notes were redeemed on the redemption dates set forth in the notices of redemption, at “make whole” redemption prices calculated as set forth in the respective redemption notices in the second quarter. | ||||||||||||||
3Includes $7,954 of cash paid toward the $8,822 aggregate principal amount of various notes that were tendered for cash in May 2022. The notes had interest rates ranging between 3.100% and 8.750% and original maturities ranging from 2026 to 2061. |
(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, 2022 - July 31, 2022 | 10,601 | $ | 19.61 | — | 143,731,972 | |||||||||||||||||||||
August 1, 2022 - August 31, 2022 | 42,245 | 18.69 | — | 143,731,972 | ||||||||||||||||||||||
September 1, 2022 - September 30, 2022 | 88,447 | 17.46 | — | 143,731,972 | ||||||||||||||||||||||
Total | 141,293 | $ | 17.99 | — |
Exhibit | ||||||||
Number | Exhibit Description | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
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, 2022, 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, 2022, (formatted as Inline XBRL and contained in Exhibit 101). |
AT&T Inc. | |||||
November 3, 2022 | /s/ Pascal Desroches | ||||
Pascal Desroches | |||||
Senior Executive Vice President | |||||
and Chief Financial Officer | |||||
Monthly Contributions | Individual - $ 262 Individual + Spouse - $ 428 Individual + 1 or More Children - $ 282 Individual + Spouse + 1 or More Children - $ 667 | ||||
Annual Deductible | Individual - $ 1,750 All other tiers - $ 3,500 | ||||
Coinsurance Percentage | 10% after the Annual Deductible is met. Coinsurance applies until the Annual Out-of-Pocket Maximum is reached. | ||||
Annual Out-of-Pocket Maximum | Individual - $ 7,050 All other tiers- $ 14,100 (individual amount of $ 7,050) |
Retired Prior to August 31, 1992 and Surviving Spouses | Individual - $ 278 Individual + Spouse - $ 278 Individual + 2 or More - $ 278 | |||||||
Retired on or after September 1, 1992 and Surviving Spouses Note: The Plan Administrator shall maintain records governing whether a Retired Participant is in Class A, B, C or D. | Class A | Individual - $ 843 Individual + Spouse - $ 1,349 Individual + 1 or More Children - $ 843 Individual + Spouse + 1 or More Children - $ 1,499 | ||||||
Class B | Individual - $ 1,004 Individual + Spouse - $ 1,506 Individual + 1 or More Children - $ 1,004 Individual + Spouse + 1 or More Children - $ 1,827 | |||||||
Class C | Individual - $ 1,246 Individual + Spouse - $ 1,745 Individual + 1 or More Children - $ 1,246 Individual + Spouse + 1 or More Children - $ 2,219 | |||||||
Class D | Individual - $ 1,739 Individual + Spouse - $ 2,609 Individual + 1 or More Children - $ 1,739 Individual + Spouse + 1 or More Children - $ 3,026 |
Active COBRA | Individual - $2,747 Individual + Spouse - $5,628 Individual + 1 or More Children - $4,464 Individual + Spouse + 1 or More Children - $8,051 | ||||
Retired Prior to August 31, 1992 and Surviving Spouses COBRA | Individual - $2,161 Individual + 1 - $4,221 Individual + 2 or More - $6,061 | ||||
Retired on or after September 1, 1992 and Surviving Spouses COBRA | Individual - $2,117 Individual + Spouse - $4,338 Individual + 1 or More Children - $3,440 Individual + Spouse + 1 or More Children - $6,205 |
Name | Title | Effective Date of Participation | ||||||
David McAtee | Senior Executive Vice President & General Counsel | February 1, 2018 |
/s/ John T. Stankey | |||||
John T. Stankey | |||||
Chief Executive Officer and | |||||
President |
/s/ Pascal Desroches . | |||||
Pascal Desroches | |||||
Senior Executive Vice President | |||||
and Chief Financial Officer | |||||
November 3, 2022 | November 3, 2022 | ||||||||||||||||
By: | /s/ John T. Stankey | By: | /s/ Pascal Desroches | ||||||||||||||
John T. Stankey | Pascal Desroches | ||||||||||||||||
Chief Executive Officer | Senior Executive Vice President | ||||||||||||||||
and President | and Chief Financial Officer | ||||||||||||||||
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Allowances for doubtful accounts | $ 646 | $ 658 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 14,000,000,000 | 14,000,000,000 |
Common stock, issued (in shares) | 7,620,748,598 | 7,620,748,598 |
Treasury stock, held (in shares) | 494,560,271 | 479,684,705 |
Preferred Stock - Series A | ||
Preferred stock, issued (in shares) | 48,000 | 48,000 |
Preferred stock, outstanding (in shares) | 48,000 | 48,000 |
Preferred Stock - Series B | ||
Preferred stock, issued (in shares) | 20,000 | 20,000 |
Preferred stock, outstanding (in shares) | 20,000 | 20,000 |
Preferred Stock - Series C | ||
Preferred stock, issued (in shares) | 70,000 | 70,000 |
Preferred stock, outstanding (in shares) | 70,000 | 70,000 |
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends to stockholders, per share (in dollars per share) | $ 0.2775 | $ 0.52 | $ 0.8325 | $ 1.56 |
Preparation Of Interim Financial Statements |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preparation Of Interim Financial Statements | NOTE 1. PREPARATION OF INTERIM FINANCIAL STATEMENTS Basis of Presentation Throughout this document, AT&T Inc. is referred to as “we,” “AT&T” or the “Company.” The consolidated financial statements include the accounts of the Company and subsidiaries and affiliates which we control. AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries. You should read this document in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. The results for the interim periods are not necessarily indicative of those for the full year. These consolidated financial statements include all adjustments that are necessary to present fairly the results for the presented interim periods, consisting of normal recurring accruals and other items. On April 8, 2022, we completed the separation of our WarnerMedia business, which represented substantially all of our WarnerMedia segment, in a Reverse Morris Trust transaction, under which Magallanes, Inc. (Spinco), a formerly wholly-owned subsidiary of AT&T that held the WarnerMedia business, was distributed to AT&T stockholders via a pro rata dividend, followed by the combination of Spinco with a subsidiary of Discovery, Inc. (Discovery), which was renamed Warner Bros. Discovery, Inc. (WBD). (See Notes 8 and 13) Upon the separation and distribution, the WarnerMedia business met the criteria for discontinued operations. For discontinued operations, we also evaluated transactions that were components of AT&T’s single plan of a strategic shift, including dispositions that previously did not individually meet the criteria due to materiality, and have determined discontinued operations to be comprised of WarnerMedia, Vrio, Xandr and Playdemic Ltd. (Playdemic). These businesses are reflected in our historical financial statements as discontinued operations, including for periods prior to the consummation of the WarnerMedia/Discovery transaction. All significant intercompany transactions are eliminated in the consolidation process. Investments in subsidiaries and partnerships which we do not control but have significant influence are accounted for under the equity method. Earnings from certain investments accounted for using the equity method are included in our results on a one quarter lag. We also record our proportionate share of our equity method investees’ other comprehensive income (OCI) items, including translation adjustments. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions, including estimates of fair value, probable losses and expenses, that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Moreover, unfavorable changes in market conditions, including interest rates, could adversely impact those estimates and result in asset impairments. Certain prior period amounts have been conformed to the current period’s presentation. Unless otherwise noted, the information in Notes 1 through 12 refer only to our continuing operations and do not include discussion of balances or activity of WarnerMedia, Vrio, Xandr and Playdemic, which are part of discontinued operations. Accounting Policies, Adopted and Pending Accounting Standards and Other Changes Customer Acquisition and Fulfillment Costs During the first quarter of 2022, we updated our analysis of expected economic lives of customer relationships. As of January 1, 2022, we extended the amortization period for deferred acquisition and fulfillment contract costs within Mobility and broadband/fiber in Consumer Wireline and Business Wireline to better reflect the estimated economic lives of the relationships. These changes in accounting estimate decreased other cost of revenues approximately $80, or $0.01 per diluted share from continuing operations in the third quarter and $335, or $0.03 per diluted share from continuing operations for the first nine months of 2022. Fiber Network Assets During the first quarter of 2022, we updated our analysis of economic lives of AT&T owned fiber network assets. As of January 1, 2022, we extended the estimated economic life and depreciation period of such costs to better reflect the physical life of the assets that we had been experiencing and absence of technological changes that would replace fiber as the best broadband technology in the industry. The change in accounting estimate decreased depreciation expense $70, or $0.01 per diluted share from continuing operations in the third quarter and $210, or $0.02 per diluted share from continuing operations for the first nine months of 2022. Convertible Instruments As of January 1, 2022, we adopted, through retrospective application, Accounting Standards Update (ASU) No. 2020-06, “Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (ASU 2020-06). ASU 2020-06 requires that instruments which may be settled in cash or stock are presumed settled in stock in calculating diluted earnings per share. While our intent is to settle the Series A Cumulative Perpetual Membership Interests in AT&T Mobility II LLC (Mobility preferred interests) in cash, the ability to settle this instrument in AT&T shares will result in additional dilutive impact, the magnitude of which is influenced by the fair value of the Mobility II preferred interests and the average AT&T common stock price during the reporting period, which could vary from period-to-period. The following table presents the impact of the adoption of ASU 2020-06 on our diluted earnings per share from continuing operations:
Government Assistance The Financial Accounting Standards Board (FASB) issued ASU No, 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” (ASU 2021-10), which requires annual disclosures, beginning with the 2022 Annual Report on Form 10-K, in the notes to the financial statements, about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy to other guidance. The annual disclosures include terms and conditions, accounting treatment and impacted financial statement lines reflecting the impact of the transactions. ASU 2021-10 will be effective for annual reporting periods beginning after December 15, 2021, which we plan to adopt under prospective application for all in scope government transactions in the financial statements as of our adoption date or thereafter. Supplier Finance Obligations In September 2022, the FASB issued ASU No. 2022-04, “Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations” (ASU 2022-04), which establishes interim and annual reporting disclosure requirements about a company’s supplier finance programs for its purchase of goods and services. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a rollforward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. ASU 2022-04 will be effective for interim and annual periods beginning after December 15, 2022, with retrospective application, except for the annual rollforward requirement, which becomes effective for annual periods beginning after December 15, 2023, with prospective application. The standard allows early adoption of all requirements. In the year of adoption, the disclosure of payment and other key terms under the programs and outstanding balances under the obligations will also apply to interim reporting dates. We are in the process of evaluating the impact of our adoption of ASU 2022-04.
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Subsequent Events (Unaudited) | Subsequent EventMobility II Preferred Interests On October 24, 2022, approximately 105 million Mobility preferred interests of the 319 million outstanding were put to AT&T by a third-party investor. We paid approximately $2,600 cash to redeem the Mobility preferred interest, funded with commercial paper borrowings. As of October 31, 2022, we have approximately 213 million Mobility preferred interests outstanding, which have a redemption value of approximately $5,300 and pay cash distributions of $373 per annum, subject to declaration. Under the terms of the Mobility preferred interests, holders can put no more than 107 million interests in any 12-month period. As a result, future puts can be exercised in the fourth quarter of 2023, at the earliest. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | NOTE 2. EARNINGS PER SHARE A reconciliation of the numerators and denominators of basic and diluted earnings per share for the three months and nine months ended September 30, 2022 and 2021, is shown in the table below:
Upon the adoption of ASU 2020-06 in the first quarter of 2022, the ability to settle our Mobility II preferred interests in stock is reflected in our diluted earnings per share calculation. While our intent is to settle the Mobility II preferred interests in cash, the ability to settle this instrument in AT&T shares will result in additional dilutive impact, the magnitude of which is influenced by the fair value of the Mobility II preferred interests and the average AT&T common stock price during the reporting period, which could vary from period-to-period. The numerator includes an adjustment to add back to income the earned distributions on the Mobility II preferred interests, included in net income attributable to noncontrolling interest, and the denominator includes the potential issuance of AT&T common stock to settle the Mobility II preferred interests outstanding. (See Note 1)
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Other Comprehensive Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | NOTE 3. OTHER COMPREHENSIVE INCOME Changes in the balances of each component included in accumulated OCI are presented below. All amounts are net of tax and exclude noncontrolling interest.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | NOTE 4. SEGMENT INFORMATION Our segments are comprised of strategic business units or other operations that offer products and services to different customer segments over various technology platforms and/or in different geographies that are managed accordingly. We have two reportable segments: Communications and Latin America. We also evaluate segment and business unit performance based on EBITDA and/or EBITDA margin, which is defined as operating income excluding depreciation and amortization. EBITDA is used as part of our management reporting and we believe EBITDA to be a relevant and useful measurement to our investors as it measures the cash generation potential of our business units. EBITDA does not give effect to depreciation and amortization expenses incurred in operating income nor is it burdened by cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA margin is EBITDA divided by total revenues. In the first quarter of 2022, we reclassified into “Corporate” certain administrative costs borne by AT&T where the business units do not influence decision making to conform with the current period presentation. This recast increased Corporate operations and support expenses by approximately $270 for full-year 2021. Correspondingly, this recast lowered administrative expenses at AT&T’s Communications operations and Video (our former U.S. video operations contributed to DIRECTV Entertainment Holdings, LLC (DIRECTV) in July 2021), with no change on a consolidated basis. The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. Our business strategies reflect bundled product offerings that cut across product lines and utilize shared assets. This segment contains the following business units: •Mobility provides nationwide wireless service and equipment. •Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, as well as traditional voice and data services and related equipment to business customers. •Consumer Wireline provides broadband services, including fiber connections that now provide our multi-gig services to residential customers. Consumer Wireline also provides legacy telephony voice communication services. The Latin America segment provides wireless services and equipment in Mexico. Corporate and Other reconciles our segment results to consolidated operating income and income before income taxes. Corporate includes: •DTV-related retained costs, which are costs previously allocated to the Video business that were retained after the transaction, net of reimbursements from DIRECTV under transition service agreements. •Parent administration support, which includes costs borne by AT&T where the business units do not influence decision making. •Securitization fees associated with our sales of receivables (see Note 9). •Value portfolio, which are businesses no longer integral to our operations or which we no longer actively market. Other items consist of: •Video, which includes our former U.S. video operations that were contributed to DIRECTV on July 31, 2021, and our share of DIRECTV’s earnings as equity in net income of affiliates (see Note 11). •Held-for-sale and other reclassifications, which includes our former Crunchyroll and Government Solutions operations. •Reclassification of prior service credits, which includes the reclassification of prior service credit amortization, where we present the impact of benefit plan amendments in our business unit results. Prior service credit amortization is presented in “Other Income (Expense) - Net” in the consolidated statements of income and therefore has no impact on consolidated operating income or EBITDA. •Merger & Significant Items, which includes items associated with the merger and integration of acquired or divested businesses, including amortization of intangible assets, employee separation charges associated with voluntary and/or strategic offers, asset impairments and abandonments, and other items for which the segments are not being evaluated. •Eliminations and consolidations, removed transactions involving dealings between Mobility and our Video business, prior to the July 31, 2021 separation of Video. “Interest expense” and “Other income (expense) – net,” are managed only on a total company basis and are, accordingly, reflected only in consolidated results.
The following table is a reconciliation of Segment Operating Income to “Income from Continuing Operations Before Income Taxes” reported in our consolidated statements of income:
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Revenue Recognition |
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Revenue Recognition | NOTE 5. REVENUE RECOGNITION Revenue Categories The following tables set forth reported revenue by category and by business unit:
Deferred Customer Contract Acquisition and Fulfillment Costs Costs to acquire and fulfill customer contracts, including commissions on service activations, for our wireless, business wireline, and consumer wireline services, are deferred and amortized over the contract period or expected customer relationship life, which typically ranges from three years to five years. The following table presents the deferred customer contract acquisition and fulfillment costs included on our consolidated balance sheets:
The following table presents deferred customer contract acquisition and fulfillment cost amortization included in “Other cost of revenue” for the nine months ended:
Contract Assets and Liabilities A contract asset is recorded when revenue is recognized in advance of our right to bill and receive consideration. The contract asset will decrease as services are provided and billed. For example, when installment sales include promotional discounts (e.g., “buy one get one free”) the difference between revenue recognized and consideration received is recorded as a contract asset to be amortized over the contract term. Our contract assets primarily relate to our wireless businesses. Promotional equipment sales where we offer handset credits, which are allocated between equipment and service in proportion to their standalone selling prices, when customers commit to a specified service period result in additional contract assets recognized. These contract assets will amortize over the service contract period, resulting in lower future service revenue. When consideration is received in advance of the delivery of goods or services, a contract liability is recorded. Reductions in the contract liability will be recorded as we satisfy the performance obligations. The following table presents contract assets and liabilities on our consolidated balance sheets:
Our contract asset balances for the quarter ended September 30, 2022 and December 31, 2021 reflect increased promotional equipment sales in our wireless business. We expect the amortization of these promotional costs to increase throughout 2022 and the contract asset to flatten in 2023. Our beginning of period contract liability recorded as customer contract revenue during 2022 was $3,527. Remaining Performance Obligations Remaining performance obligations primarily relate to our Communications segment and represent services we are required to provide to customers under bundled or discounted arrangements, which are satisfied as services are provided over the contract term. In determining the transaction price allocated, we do not include non-recurring charges and estimates for usage, nor do we consider arrangements with an original expected duration of less than one year, which are primarily prepaid wireless and residential internet agreements. Remaining performance obligations associated with business contracts reflect recurring charges billed, adjusted to reflect estimates for sales incentives and revenue adjustments. Performance obligations associated with wireless contracts are estimated using a portfolio approach in which we review all relevant promotional activities, calculating the remaining performance obligation using the average service component for the portfolio and the average device price. As of September 30, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $34,309, of which we expect to recognize approximately 70% by the end of 2023, with the balance recognized thereafter.
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Pension And Postretirement Benefits |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension And Postretirement Benefits | NOTE 6. PENSION AND POSTRETIREMENT BENEFITS Many of our employees are covered by one of our noncontributory pension plans. We also provide certain medical, dental, life insurance and death benefits to certain retired employees under various plans and accrue actuarially determined postretirement benefit costs. Our objective in funding these plans, in combination with the standards of the Employee Retirement Income Security Act of 1974, as amended (ERISA), is to accumulate assets sufficient to provide benefits described in the plans to employees upon their retirement. We do not have significant funding requirements in 2022. We recognize actuarial gains and losses on pension and postretirement plan assets in our consolidated results as a component of “Other income (expense) – net” at our annual measurement date of December 31, unless earlier remeasurements are required. Total distributions from the pension plan exceeded the threshold of service and interest costs for 2022, requiring us to follow settlement accounting and remeasure our pension benefit plan assets and obligations at each quarter-end in 2022. These remeasurements resulted in the recognition of an actuarial gain of $216 in the third quarter and $2,573 for the first nine months of 2022. Similar to 2022, in 2021, we were required to follow settlement accounting and remeasure our pension benefit plan assets and obligations at each quarter end. During the third quarter of 2022, we committed to, and reflected in our results, plan changes impacting postretirement health and welfare benefits. This plan change reduced our postretirement benefit obligation approximately $2,400 and aligns our benefit plans to market level. In conjunction with this plan change, we also remeasured the postretirement plan assets and liabilities as of July 1, 2022, and recognized an actuarial gain of $1,084. As part of our 2022 remeasurements, we updated the weighted-average discount rates used to measure our pension and postretirement benefit obligations as summarized in the table below.
The following table details qualified pension and postretirement benefit costs included in the accompanying consolidated statements of income. The service cost component of net periodic pension (credit) cost is recorded in operating expenses in the consolidated statements of income while the remaining components are recorded in “Other income (expense) – net.”
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Fair Value Measurements And Disclosure |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements And Disclosure | NOTE 7. FAIR VALUE MEASUREMENTS AND DISCLOSURE The Fair Value Measurement and Disclosure framework in ASC 820, “Fair Value Measurement,” provides a three-tiered fair value hierarchy based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Our valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values. We believe our valuation methods are appropriate and consistent with other market participants. The use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used since December 31, 2021. Long-Term Debt and Other Financial Instruments The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial instruments are summarized as follows:
The carrying amount of debt with an original maturity of less than one year approximates fair value. The fair value measurements used for notes and debentures are considered Level 2 and are determined using various methods, including quoted prices for identical or similar securities in both active and inactive markets. Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of September 30, 2022 and December 31, 2021. Derivatives designated as hedging instruments are reflected as “Other assets,” “Other noncurrent liabilities,” “Prepaid and other current assets” and “Accounts payable and accrued liabilities” on our consolidated balance sheets.
Investment Securities Our investment securities include both equity and debt securities that are measured at fair value, as well as equity securities without readily determinable fair values. A substantial portion of the fair values of our investment securities is estimated based on quoted market prices. Investments in equity securities not traded on a national securities exchange are valued at cost, less any impairment, and adjusted for changes resulting from observable, orderly transactions for identical or similar securities. Investments in debt securities not traded on a national securities exchange are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The components comprising total gains and losses in the period on equity securities are as follows:
At September 30, 2022, available-for-sale debt securities totaling $1,142 have maturities as follows - less than one year: $71; one to three years: $140; three to five years: $187; five or more years: $744. Our cash equivalents (money market securities), short-term investments (certificate and time deposits) and nonrefundable customer deposits are recorded at amortized cost, and the respective carrying amounts approximate fair values. Short-term investments and nonrefundable customer deposits are recorded in “Prepaid and other current assets” and our investment securities are recorded in “Other Assets” on the consolidated balance sheets. Derivative Financial Instruments We enter into derivative transactions to manage certain market risks, primarily interest rate risk and foreign currency exchange risk. This includes the use of interest rate swaps, interest rate locks, foreign exchange forward contracts and combined interest rate foreign exchange contracts (cross-currency swaps). We do not use derivatives for trading or speculative purposes. We record derivatives on our consolidated balance sheets at fair value that is derived from observable market data, including yield curves and foreign exchange rates (all of our derivatives are Level 2). Cash flows associated with derivative instruments are presented in the same category on the consolidated statements of cash flows as the item being hedged. Fair Value Hedging Periodically, we enter into and designate fixed-to-floating interest rate swaps as fair value hedges. The purpose of these swaps is to manage interest rate risk by managing our mix of fixed-rate and floating-rate debt. These swaps involve the receipt of fixed-rate amounts for floating interest rate payments over the life of the swaps without exchange of the underlying principal amount. We also designate some of our cross-currency swaps and foreign exchange contracts as fair value hedges. The purpose of these contracts is to hedge foreign currency risk associated with changes in spot rates on foreign denominated debt. For cross-currency hedges, we have elected to exclude the change in fair value of the swap related to both time value and cross-currency basis spread from the assessment of hedge effectiveness. For foreign exchange contracts, we have elected to exclude the change in fair value of forward points from the assessment of hedge effectiveness. Unrealized and realized gains or losses from fair value hedges impact the same category on the consolidated statements of income as the item being hedged, including the earnings impact of excluded components. In instances where we have elected to exclude components from the assessment of hedge effectiveness related to fair value hedges, unrealized gains or losses on such excluded components are recorded as a component of accumulated OCI and recognized into earnings over the life of the hedging instrument. Unrealized gains on derivatives designated as fair value hedges are recorded at fair market value as assets, and unrealized losses are recorded at fair market value as liabilities. Except for excluded components, changes in the fair value of derivative instruments designated as fair value hedges are offset against the change in fair value of the hedged assets or liabilities through earnings. In the nine months ended September 30, 2022 and 2021, no ineffectiveness was measured on fair value hedges. Cash Flow Hedging We designated most of our cross-currency swaps as cash flow hedges through September 30, 2022. We have entered into multiple cross-currency swaps to hedge our exposure to variability in expected future cash flows that are attributable to foreign currency risk generated from our foreign-denominated debt. These agreements include initial and final exchanges of principal from fixed foreign currency denominated amounts to fixed U.S. dollar denominated amounts, to be exchanged at a specified rate that is usually determined by the market spot rate upon issuance. They also include an interest rate swap of a fixed or floating foreign currency-denominated interest rate to a fixed U.S. dollar denominated interest rate. On September 30, 2022, we de-designated most of our cross-currency swaps from cash flow hedges and re-designated these swaps as fair value hedges. The amount remaining in accumulated other comprehensive loss amounting to $1,857 related to cash flow hedges on the de-designation date will be reclassified to earnings when the hedged item is recognized in earnings or when it becomes probable that the forecasted transactions will not occur. Existing cross-currency swaps with a maturity of less than 12 months will retain their cash flow hedge designation. The election of fair value hedge designation for cross-currency swaps does not have an impact on our financial results. Unrealized gains on derivatives designated as cash flow hedges are recorded at fair value as assets and unrealized losses are recorded at fair value as liabilities. For derivative instruments designated as cash flow hedges, changes in fair value are reported as a component of accumulated OCI and are reclassified into the consolidated statements of income in the same period the hedged transaction affects earnings. Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt. Over the next 12 months, we expect to reclassify $59 from accumulated OCI to “Interest expense” due to the amortization of net losses on historical interest rate locks. Collateral and Credit-Risk Contingency We have entered into agreements with our derivative counterparties establishing collateral thresholds based on respective credit ratings and netting agreements. At September 30, 2022, we had posted collateral of $1,767 (a deposit asset) and held collateral of $0 (a receipt liability). Under the agreements, if AT&T’s credit rating had been downgraded two ratings levels by Fitch Ratings, one level by S&P and one level by Moody’s before the final collateral exchange in September, we would have been required to post additional collateral of $23. If AT&T’s credit rating had been downgraded three ratings levels by Fitch Ratings, two levels by S&P, and two levels by Moody’s, we would have been required to post additional collateral of $7,811. At December 31, 2021, we had posted collateral of $135 (a deposit asset) and held collateral of $7 (a receipt liability). We do not offset the fair value of collateral, whether the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) exists, against the fair value of the derivative instruments. Following are the notional amounts of our outstanding derivative positions:
Following are the related hedged items affecting our financial position and performance:
In addition, the net swap settlements that accrued and settled in the periods above were offset against “Interest expense.” The following table presents information for our cash flow hedging relationships:
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Acquisitions, Dispositions And Other Adjustments |
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Business Combination and Asset Acquisition [Abstract] | |
Acquisitions, Dispositions And Other Adjustments | NOTE 8. ACQUISITIONS, DISPOSITIONS AND OTHER ADJUSTMENTS Acquisitions Spectrum Auction On January 14, 2022, the Federal Communications Commission (FCC) announced that we were the winning bidder for 1,624 3.45 GHz licenses in Auction 110. We provided the FCC with an upfront deposit of $123 in the third quarter of 2021 and paid the remaining $8,956 in the first quarter of 2022, for a total of $9,079. We funded the purchase price using cash and short-term investments. We received the licenses in May 2022 and classified the auction deposits and related capitalized interest as “Licenses - Net” on our September 30, 2022 consolidated balance sheet. In February 2021, the FCC announced that we were the winning bidder for 1,621 C-Band licenses. We provided the FCC an upfront deposit of $550 in 2020 and cash payments totaling $22,856 in the first quarter of 2021, for a total of $23,406. The licenses were received in July 2021. In the third quarter of 2022, we paid $98 of compensable relocation costs for a total of $1,703 Incentive Payments and compensable relocation costs paid to date for the C-Band licenses, with $1,605 paid in 2021. Cash paid, including spectrum deposits (net of refunds), capitalized interest, and any payments for incentive and relocation costs are included in “Acquisitions, net of cash acquired” on our consolidated statements of cash flows. Interest is capitalized until the spectrum is ready for its intended use. Dispositions WarnerMedia On April 8, 2022, we completed the separation and distribution of our WarnerMedia business, and merger of Spinco, an AT&T subsidiary formed to hold the WarnerMedia business, with a subsidiary of Discovery, Inc., which was renamed Warner Bros. Discovery, Inc (WBD). Each AT&T shareholder was entitled to receive 0.241917 shares of WBD common stock for each share of AT&T common stock held as of the record date, which represented approximately 71% of WBD. In connection with and in accordance with the terms of the Separation and Distribution Agreement (SDA), prior to the distribution and merger, AT&T received approximately $40,400, which includes $38,800 of Spinco cash and $1,600 of debt retained by WarnerMedia. During the second quarter, assets of approximately $121,100 and liabilities of $70,600 were removed from our balance sheet as well as $45,041 of retained earnings and $5,632 of additional paid-in capital associated with the transaction. Additionally, in August 2022, we and WBD finalized the post-closing adjustment, pursuant to section 1.3 of the SDA, which resulted in a $1,200 payment to WBD in the third quarter of 2022. The $1,200 post-closing adjustment was included in the change in additional paid-in capital for the three months ended June 30, 2022, and for balance sheets ended June 30, 2022 and September 30, 2022. (See Note 13) AT&T, Spinco and Discovery entered into a Tax Matters Agreement, which governs the parties’ rights, responsibilities and obligations with respect to tax liabilities and benefits, the preservation of the expected tax-free status of the transactions contemplated by the SDA, and other matters regarding taxes. Xandr On June 6, 2022, we completed the sale of the marketplace component of Xandr to Microsoft Corporation. Xandr was reflected in our historical financial statements as discontinued operations. (See Note 13)
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Sales Of Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Of Receivables | NOTE 9. SALES OF RECEIVABLES We have agreements with various third-party financial institutions pertaining to the sales of certain types of our accounts receivable. The most significant of these programs consists of receivables arising from equipment installment plans, which are sold for cash and a deferred purchase price. Under this program, we transfer receivables to purchasers in exchange for cash and additional consideration upon settlement of the receivables. Under the terms of our agreement for this program, we continue to service the transferred receivables on behalf of the financial institutions. For the nine months ended September 30, 2022, cash flows from operating activities included net cash proceeds received from the sales of receivables of approximately $2,180, comprised of equipment installment receivable sales of $8,598, or approximately $1,540 cash received net of remittances paid, and approximately $640 from other programs. For the nine months ended September 30, 2021, net cash proceeds received from the sales of receivables were approximately $940, comprised of equipment installment receivable sales of $7,231, or approximately $940 cash received net of remittances paid. The sales of receivables did not have a material impact on our consolidated statements of income or to “Total Assets” reported on our consolidated balance sheets. We reflect cash receipts on sold receivables as cash flows from operations in our consolidated statements of cash flows. Cash receipts on the deferred purchase price are classified as cash flows from investing activities. The following table sets forth a summary of the equipment installment receivables and accounts being serviced:
We offer our customers the option to purchase certain wireless devices in installments over a specified period of time and, in many cases, once certain conditions are met, they may be eligible to trade in the original equipment for a new device and have the remaining unpaid balance paid or settled. We maintain a program under which we transfer a portion of these receivables through our bankruptcy-remote subsidiary in exchange for cash and additional consideration upon settlement of the receivables, referred to as the deferred purchase price. In the event a customer trades in a device prior to the end of the installment contract period, we agree to make a payment to the financial institutions equal to any outstanding remaining installment receivable balance. Accordingly, we record a guarantee obligation for this estimated amount at the time the receivables are transferred. The following table sets forth a summary of equipment installment receivables sold under this program during the three and nine months ended September 30, 2022 and 2021:
The deferred purchase price and guarantee obligation are initially recorded at estimated fair value and subsequently adjusted for changes in present value of expected cash flows. The estimation of their fair values is based on remaining installment payments expected to be collected and the expected timing and value of device trade-ins. The estimated value of the device trade-ins considers prices offered to us by independent third parties and contemplate changes in value after the launch of a device model. The fair value measurements used for the deferred purchase price and the guarantee obligation are considered Level 3 under the Fair Value Measurement and Disclosure framework (see Note 7). The following table presents the previously transferred equipment installment receivables, which we repurchased in exchange for the associated deferred purchase price during the three and nine months ended September 30, 2022 and 2021:
At September 30, 2022 and December 31, 2021, our deferred purchase price receivable was $1,740 and $3,177, respectively, of which $821 and $2,123 are included in “Prepaid and other current assets” on our consolidated balance sheets, with the remainder in “Other Assets.” The guarantee obligation at September 30, 2022 and December 31, 2021 was $345 and $371, respectively, of which $64 and $101 are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets, with the remainder in “Other noncurrent liabilities.” Our maximum exposure to loss as a result of selling these equipment installment receivables is limited to the total amount of our deferred purchase price and guarantee obligation.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | NOTE 10. LEASES We have operating and finance leases for certain facilities and equipment used in operations. Our leases generally have remaining lease terms of up to 15 years. Some of our real estate operating leases contain renewal options that may be exercised, and some of our leases include options to terminate the leases within one year. We have recognized a right-of-use asset for both operating and finance leases and an operating lease liability that represents the present value of our obligation to make payments over the lease term. The present value of the lease payments is calculated using the incremental borrowing rate for operating and finance leases, which was determined using a portfolio approach based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use the unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate in the currency of the lease, which will be updated on a quarterly basis for measurement of new lease liabilities. The components of lease expense were as follows:
The following table provides supplemental cash flows information related to leases:
The following tables set forth supplemental balance sheet information related to leases:
The following table provides the expected future minimum maturities of lease obligations:
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Leases | NOTE 10. LEASES We have operating and finance leases for certain facilities and equipment used in operations. Our leases generally have remaining lease terms of up to 15 years. Some of our real estate operating leases contain renewal options that may be exercised, and some of our leases include options to terminate the leases within one year. We have recognized a right-of-use asset for both operating and finance leases and an operating lease liability that represents the present value of our obligation to make payments over the lease term. The present value of the lease payments is calculated using the incremental borrowing rate for operating and finance leases, which was determined using a portfolio approach based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use the unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate in the currency of the lease, which will be updated on a quarterly basis for measurement of new lease liabilities. The components of lease expense were as follows:
The following table provides supplemental cash flows information related to leases:
The following tables set forth supplemental balance sheet information related to leases:
The following table provides the expected future minimum maturities of lease obligations:
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Transactions with DIRECTV |
9 Months Ended |
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Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | NOTE 11. TRANSACTIONS WITH DIRECTV On July 31, 2021, we closed our transaction with TPG to form a new company named DIRECTV. The transaction resulted in our deconsolidation of the Video business. As DIRECTV is jointly governed by a board with representation from both AT&T and TPG, with TPG having tie-breaking authority on certain key decisions, most significantly the appointment and removal of the CEO, we have concluded that we are not the primary beneficiary of DIRECTV. Effective August 1, 2021, we began accounting for our investment in DIRECTV under the equity method and recorded our share of DIRECTV earnings as equity in net income of affiliates, with DIRECTV considered a related party. For the nine months ended September 30, 2022, our share of DIRECTV’s earnings included in equity in net income of affiliates was $1,429. Cash distributions from DIRECTV for the first nine months totaled $3,634, with $1,429 classified as operating activities and $2,205 classified as investing activities in our consolidated statement of cash flows. Our investment in DIRECTV at September 30, 2022 was $3,352. In addition to the assets and liabilities contributed to DIRECTV, at close we recorded total obligations of $2,100 to cover certain net losses under the NFL SUNDAY TICKET contract, of which $1,800 is in the form of a note payable to DIRECTV. During the first nine months of 2022, cash payments to DIRECTV on the note totaled $1,070 and were classified as financing activities in our consolidated statement of cash flows. Amounts due under the DIRECTV note were $271 at September 30, 2022. We also provide DIRECTV with network transport for U-verse products and sales services under commercial arrangements for up to five years. Under separate transition services agreements, we provide DIRECTV certain operational support, including servicing of certain of their customer receivables for up to three years. For the nine months ended September 30, 2022, we billed DIRECTV approximately $920 for these costs, which were recorded as a reduction to the operations and support expenses incurred and resulted in net retained costs to AT&T of $197 in the third quarter and $532 for the first nine months of 2022. At September 30, 2022, we had accounts receivable from DIRECTV of $571 and accounts payable to DIRECTV of $210. We are not committed, implicitly or explicitly to provide financial or other support, other than noted above, as our involvement with DIRECTV is limited to the carrying amount of the assets and liabilities recognized on our balance sheet.
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Additional Financial Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Information | NOTE 12. ADDITIONAL FINANCIAL INFORMATION Cash and Cash Flows We typically maintain our restricted cash balances for purchases and sales of certain investment securities and funding of certain deferred compensation benefit payments. The following table summarizes cash and cash equivalents and restricted cash balances contained on our consolidated balance sheets:
The following table summarizes cash paid during the periods for interest and income taxes:
Noncash Investing and Financing Activities In connection with capital improvements and the acquisition of other productive assets, we negotiate favorable payment terms (referred to as vendor financing), which are reported as financing activities in our statements of cash flows when paid. For the nine months ended September 30, 2022 and 2021, we recorded vendor financing commitments related to capital investments of approximately $3,916 and $3,624, respectively. Total vendor financing payables included in our September 30, 2022 consolidated balance sheet were approximately $4,635, with $3,105 due within one year (in “Accounts payable and accrued liabilities”) and the remainder predominantly due within to five years (in “Other noncurrent liabilities”). Debt Transactions At September 30, 2022, our debt obligations totaled $133,480. Our debt activity primarily consisted of the following:
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Discontinued Operations and Disposal Groups (Statement) |
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Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 13. DISCONTINUED OPERATIONSUpon the separation and distribution, the WarnerMedia business met the criteria for discontinued operations. For discontinued operations, we also evaluated transactions completed that were components of AT&T’s single plan of a strategic shift, including dispositions that previously did not individually meet the criteria due to materiality, and have determined discontinued operations to be comprised of WarnerMedia, Vrio, Xandr and Playdemic. The following is a summary of operating results included in income (loss) from discontinued operations for the third quarter and nine months ended September 30:
The following is a summary of assets and liabilities attributable to discontinued operations, which were included in our Consolidated Balance Sheet at December 31, 2021:
In preparation for close, on April 7, 2022, Spinco drew $10,000 on its $10,000 term loan credit agreement (Spinco Term Loan), which conveyed to WBD. Total debt conveyed was approximately $41,600, which includes $1,600 of existing WarnerMedia debt, $30,000 of Spinco senior notes issued in March 2022 and the $10,000 Spinco Term Loan. WarnerMedia cash transfer to Discovery was approximately $2,660.
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Preparation Of Interim Financial Statements (Policies) |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation [Policy Text Block] | All significant intercompany transactions are eliminated in the consolidation process. Investments in subsidiaries and partnerships which we do not control but have significant influence are accounted for under the equity method. Earnings from certain investments accounted for using the equity method are included in our results on a one quarter lag. We also record our proportionate share of our equity method investees’ other comprehensive income (OCI) items, including translation adjustments. |
Basis of Accounting [Policy Text Block] | The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions, including estimates of fair value, probable losses and expenses, that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Moreover, unfavorable changes in market conditions, including interest rates, could adversely impact those estimates and result in asset impairments. Certain prior period amounts have been conformed to the current period’s presentation. Unless otherwise noted, the information in Notes 1 through 12 refer only to our continuing operations and do not include discussion of balances or activity of WarnerMedia, Vrio, Xandr and Playdemic, which are part of discontinued operations. |
Customer Acquisition and Fulfillment Costs [Policy Text Block] | Customer Acquisition and Fulfillment Costs During the first quarter of 2022, we updated our analysis of expected economic lives of customer relationships. As of January 1, 2022, we extended the amortization period for deferred acquisition and fulfillment contract costs within Mobility and broadband/fiber in Consumer Wireline and Business Wireline to better reflect the estimated economic lives of the relationships. These changes in accounting estimate decreased other cost of revenues approximately $80, or $0.01 per diluted share from continuing operations in the third quarter and $335, or $0.03 per diluted share from continuing operations for the first nine months of 2022. |
Fiber Network Assets, Policy [Policy Text Block] | Fiber Network Assets During the first quarter of 2022, we updated our analysis of economic lives of AT&T owned fiber network assets. As of January 1, 2022, we extended the estimated economic life and depreciation period of such costs to better reflect the physical life of the assets that we had been experiencing and absence of technological changes that would replace fiber as the best broadband technology in the industry. The change in accounting estimate decreased depreciation expense $70, or $0.01 per diluted share from continuing operations in the third quarter and $210, or $0.02 per diluted share from continuing operations for the first nine months of 2022. |
Convertible Instruments, Policy [Policy Text Block] | Convertible Instruments As of January 1, 2022, we adopted, through retrospective application, Accounting Standards Update (ASU) No. 2020-06, “Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (ASU 2020-06). ASU 2020-06 requires that instruments which may be settled in cash or stock are presumed settled in stock in calculating diluted earnings per share. While our intent is to settle the Series A Cumulative Perpetual Membership Interests in AT&T Mobility II LLC (Mobility preferred interests) in cash, the ability to settle this instrument in AT&T shares will result in additional dilutive impact, the magnitude of which is influenced by the fair value of the Mobility II preferred interests and the average AT&T common stock price during the reporting period, which could vary from period-to-period. |
Government Assistance [Policy Text Block] | Government Assistance The Financial Accounting Standards Board (FASB) issued ASU No, 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” (ASU 2021-10), which requires annual disclosures, beginning with the 2022 Annual Report on Form 10-K, in the notes to the financial statements, about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy to other guidance. The annual disclosures include terms and conditions, accounting treatment and impacted financial statement lines reflecting the impact of the transactions. ASU 2021-10 will be effective for annual reporting periods beginning after December 15, 2021, which we plan to adopt under prospective application for all in scope government transactions in the financial statements as of our adoption date or thereafter. |
New Accounting Pronouncement, Policy [Policy Text Block] | Supplier Finance Obligations In September 2022, the FASB issued ASU No. 2022-04, “Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations” (ASU 2022-04), which establishes interim and annual reporting disclosure requirements about a company’s supplier finance programs for its purchase of goods and services. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a rollforward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. ASU 2022-04 will be effective for interim and annual periods beginning after December 15, 2022, with retrospective application, except for the annual rollforward requirement, which becomes effective for annual periods beginning after December 15, 2023, with prospective application. The standard allows early adoption of all requirements. In the year of adoption, the disclosure of payment and other key terms under the programs and outstanding balances under the obligations will also apply to interim reporting dates. We are in the process of evaluating the impact of our adoption of ASU 2022-04. |
Pension And Postretirement Benefits (Policies) |
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Retirement Benefits [Abstract] | |
Recognition of Actuarial Gains and Losses [Policy Text Block] | We recognize actuarial gains and losses on pension and postretirement plan assets in our consolidated results as a component of “Other income (expense) – net” at our annual measurement date of December 31, unless earlier remeasurements are required. Total distributions from the pension plan exceeded the threshold of service and interest costs for 2022, |
Fair Value Measures and Disclosures (Policies) |
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Fair Value Disclosures [Abstract] | |
Derivatives, Offsetting Fair Value Amounts [Policy Text Block] | We do not offset the fair value of collateral, whether the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) exists, against the fair value of the derivative instruments. |
Accounting Policies (Tables) |
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Accounting Standards Update and Change in Accounting Principle [Table Text Block] | The following table presents the impact of the adoption of ASU 2020-06 on our diluted earnings per share from continuing operations:
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Earnings Per Share (Tables) |
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Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share | A reconciliation of the numerators and denominators of basic and diluted earnings per share for the three months and nine months ended September 30, 2022 and 2021, is shown in the table below:
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Other Comprehensive Income (Tables) |
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Accumulated Other Comprehensive Income | Changes in the balances of each component included in accumulated OCI are presented below. All amounts are net of tax and exclude noncontrolling interest.
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Segment Information (Tables) |
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Sep. 30, 2022 |
Sep. 30, 2021 |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenues to Segment Contribution |
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Reconciliation of Segment Contributions to Income Before Income Taxes | The following table is a reconciliation of Segment Operating Income to “Income from Continuing Operations Before Income Taxes” reported in our consolidated statements of income:
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Revenue Recognition (Tables) |
3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue by Category and Business Unit |
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Schedule of Deferred Customer Contract Acquisition and Fulfillment Costs | The following table presents the deferred customer contract acquisition and fulfillment costs included on our consolidated balance sheets:
The following table presents deferred customer contract acquisition and fulfillment cost amortization included in “Other cost of revenue” for the nine months ended:
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Schedule of Contract Assets and Liabilities | The following table presents contract assets and liabilities on our consolidated balance sheets:
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Pension And Postretirement Benefits (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Assumptions [Table Text Block] | As part of our 2022 remeasurements, we updated the weighted-average discount rates used to measure our pension and postretirement benefit obligations as summarized in the table below.
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Schedule of Pension and Postretirement Benefit (Credits) Costs [Table Text Block] | The following table details qualified pension and postretirement benefit costs included in the accompanying consolidated statements of income. The service cost component of net periodic pension (credit) cost is recorded in operating expenses in the consolidated statements of income while the remaining components are recorded in “Other income (expense) – net.”
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Fair Value Measurements And Disclosure (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Other Financial Instruments | The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial instruments are summarized as follows:
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Fair Value Leveling | Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of September 30, 2022 and December 31, 2021. Derivatives designated as hedging instruments are reflected as “Other assets,” “Other noncurrent liabilities,” “Prepaid and other current assets” and “Accounts payable and accrued liabilities” on our consolidated balance sheets.
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Components Comprising Total Gains and Losses on Equity Securities | The components comprising total gains and losses in the period on equity securities are as follows:
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Notional Amount of Outstanding Derivative Positions | Following are the notional amounts of our outstanding derivative positions:
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Effect on Derivatives on the Consolidated Statements of Income | Following are the related hedged items affecting our financial position and performance:
The following table presents information for our cash flow hedging relationships:
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Sales Of Receivables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finance Receivables | The following table sets forth a summary of the equipment installment receivables and accounts being serviced:
The following table sets forth a summary of equipment installment receivables sold under this program during the three and nine months ended September 30, 2022 and 2021:
The following table presents the previously transferred equipment installment receivables, which we repurchased in exchange for the associated deferred purchase price during the three and nine months ended September 30, 2022 and 2021:
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Schedule of Receivables Sold |
Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense, Supplemental Cash Flow Information Related to Leases, and Supplemental Balance Sheet Information Related to Leases | The components of lease expense were as follows:
The following table provides supplemental cash flows information related to leases:
The following tables set forth supplemental balance sheet information related to leases:
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Schedule of Maturities of Operating Leases | The following table provides the expected future minimum maturities of lease obligations:
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Schedule of Maturities of Finance Leases | The following table provides the expected future minimum maturities of lease obligations:
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Additional Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Flows and Debt Transactions | The following table summarizes cash and cash equivalents and restricted cash balances contained on our consolidated balance sheets:
The following table summarizes cash paid during the periods for interest and income taxes:
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Discontinued Operations and Disposal Groups (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following is a summary of operating results included in income (loss) from discontinued operations for the third quarter and nine months ended September 30:
The following is a summary of assets and liabilities attributable to discontinued operations, which were included in our Consolidated Balance Sheet at December 31, 2021:
|
Preparation Of Interim Financial Statements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Diluted Earnings Per Share from continuing operations | $ 0.79 | $ 0.63 | $ 2.03 | $ 2.37 |
Economic life | Fiber Network Assets | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Depreciation Expense | $ (70) | $ (210) | ||
Diluted Earnings Per Share from continuing operations | $ 0.01 | $ 0.02 | ||
Customer Fulfillment Costs [Member] | Intangible Assets, Amortization Period | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of revenue | $ (80) | $ (335) | ||
Diluted Earnings Per Share from continuing operations | $ 0.01 | $ 0.03 |
Accounting Policies (Subsequent Events) (Details) - AT&T Mobility II, LLC - Preferred Stock - Series A - USD ($) shares in Millions, $ in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Oct. 24, 2022 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Nov. 01, 2022 |
|
Subsequent Event [Line Items] | ||||
Noncontrolling Interest, Preferred Stock, shares of common stock that can be exercised to put or redemption options in any 12-month period | 107 | |||
Forecast | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Shares of common stock settled to put and redemption options (in shares) | 105 | |||
Preferred interest, securities issued (in shares) | 319 | 213 | ||
Redemption of preferred interest in subsidiary | $ 2,600 | |||
Put or redemption option, minimum exercise price calculation, value added to accrued and unpaid distributions in the aggregate | $ 5,300 | |||
Preferred interest distributions | $ 373 |
Segment Information (Summary Of Operating Revenues And Expenses) (Narrative) (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
segment
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Sep. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
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Segment Reporting Information [Line Items] | |||||
Segment Reporting Information Operations And Support Expenses | $ 19,517 | $ 20,632 | $ 59,467 | $ 68,588 | |
Number of reportable segments | segment | 2 | ||||
Corporate, non-segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting Information Operations And Support Expenses | $ 598 | $ 476 | $ 1,774 | $ 1,430 | |
Corporate, non-segment [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting Information Operations And Support Expenses | $ 270 |
Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Capitalized Contract Cost [Line Items] | ||
Contract asset | $ 5,047 | $ 4,389 |
Contract liability | 3,938 | 4,133 |
Prepaid and other current assets | ||
Capitalized Contract Cost [Line Items] | ||
Contract asset balance - current portion | 2,827 | 2,582 |
Advanced billings and customer deposits | ||
Capitalized Contract Cost [Line Items] | ||
Contract liability balance - current portion | $ 3,597 | $ 3,766 |
Pension And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (Decrease) in Obligation, Other Postretirement Benefits | $ 2,400 | |||
Actuarial Gain (Loss) | $ 3,838 | $ 3,021 | ||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (216) | $ (374) | (2,573) | (3,021) |
Net periodic benefit (credit) costs | (151) | (364) | (806) | (1,051) |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (1,084) | 0 | (1,084) | 0 |
Net periodic benefit (credit) costs | (638) | (608) | (1,723) | (1,825) |
Supplemental Retirement and Savings Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (credit) costs | 13 | $ 12 | 37 | $ 35 |
Actuarial Gain (Loss) | $ 140 | $ 181 |
Fair Value Measurements And Disclosure (Long-Term Debt And Other Financial Instruments) (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and debentures | $ 129,688 | $ 167,475 |
Commercial paper | 2,161 | 6,586 |
Investment securities | 2,595 | 3,214 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and debentures | 116,586 | 193,068 |
Commercial paper | 2,161 | 6,586 |
Investment securities | $ 2,595 | $ 3,214 |
Fair Value Measurements And Disclosure (Gain and Losses on Equity Securities) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Fair Value Disclosures [Abstract] | ||||
Total gains (losses) recognized on equity securities | $ (79) | $ 9 | $ (411) | $ 151 |
Gains (Losses) recognized on equity securities sold | (8) | (2) | (56) | (2) |
Unrealized gains (losses) recognized on equity securities held at end of period | $ (71) | $ 11 | $ (355) | $ 153 |
Fair Value Measurements And Disclosure (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Fair Value Disclosures [Abstract] | ||
Available-for-sale debt securities | $ 1,142 | $ 1,380 |
Available-for-sale debt securities - maturities less than 1 year | 71 | |
Available-for-sale debt securities - maturities within 1 to 3 years | 140 | |
Available-for-sale debt securities - maturities within 3 to 5 years | 187 | |
Available-for-sale debt securities - maturities for 5 or more years | 744 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (Loss) recognized in accumulated OCI | 1,857 | |
Anticipated reclassification of holding losses during the next 12 months - cash flow hedges | 59 | |
Collateral submitted to counterparty | 1,767 | 135 |
Collateral received from counterparty | 0 | $ 7 |
Collateral contingently payable to the counterparty | 23 | |
Measurement Input, Entity Credit Risk | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Collateral contingently payable to the counterparty | $ 7,811 |
Fair Value Measurements And Disclosure (Notional Amount Of Our Outstanding Derivative Positions) (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Notional amounts of outstanding derivative positions | $ 38,830 | $ 40,737 |
Cross-currency swaps | ||
Derivative [Line Items] | ||
Notional amounts of outstanding derivative positions | 38,213 | 40,737 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amounts of outstanding derivative positions | $ 617 | $ 0 |
Sales Of Receivables (Equipment Installment and AT&T Revolving Programs) (Details) - Equipment Installment - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross receivable | $ 4,309 | $ 4,361 |
Other Assets | 1,722 | 1,909 |
Outstanding portfolio of receivables derecognized from our consolidated balance sheets | 10,049 | 9,767 |
Cash proceeds received, net of remittances | 8,180 | 6,644 |
Notes receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 1,894 | 1,846 |
Trade receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 693 | $ 606 |
Sales Of Receivables (Finance Receivables) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cash proceeds received during the period on finance receivables, net of remittances | $ 2,180 | $ 940 | ||
Equipment Installment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross receivables sold | $ 2,698 | $ 2,123 | 8,950 | 8,067 |
Net receivables sold | 2,590 | 2,069 | 8,623 | 7,858 |
Cash proceeds received | 2,664 | 1,981 | 8,598 | 7,231 |
Deferred purchase price recorded | 0 | 158 | 245 | 864 |
Guarantee obligation recorded | $ 173 | $ 94 | 469 | 321 |
Cash proceeds received during the period on finance receivables, net of remittances | 1,540 | $ 940 | ||
Other Sales of Receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cash proceeds received during the period on finance receivables, net of remittances | $ 640 |
Sales Of Receivables (Finance Receivables Repurchased) (Details) - Equipment Installment - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Fair value of repurchased receivables | $ 1,386 | $ 471 | $ 3,314 | $ 1,094 |
Carrying value of deferred purchase price | 1,395 | 440 | 3,335 | 1,019 |
Gain on repurchases | $ (9) | $ 31 | $ (21) | $ 75 |
Sales Of Receivables (Equipment Installment and AT&T Revolving Programs) (Narrative) (Details) - Equipment Installment Program - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Guarantee Obligation | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Guarantee obligation | $ 345 | $ 371 |
Accounts payable and accrued liabilities | Guarantee Obligation | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Guarantee obligation | 64 | 101 |
Deferred Purchase Price Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Deferred purchase price receivable | 1,740 | 3,177 |
Deferred Purchase Price Receivable | Prepaid and other current assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Deferred purchase price receivable | $ 821 | $ 2,123 |
Leases (Narrative) (Details) - Maximum |
Sep. 30, 2022 |
---|---|
Lessee, Lease, Description [Line Items] | |
Operating Lease, remaining term of contract | 15 years |
Finance Lease, remaining term of contract | 15 years |
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 1,368 | $ 1,343 | $ 4,072 | $ 4,021 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 55 | 47 | 149 | 134 |
Interest on lease obligation | 39 | 38 | 120 | 108 |
Total finance lease cost | $ 94 | $ 85 | $ 269 | $ 242 |
Leases (Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Cash Flows from Operating Activities | ||
Operating cash flows for operating leases | $ 3,507 | $ 3,442 |
Supplemental Lease Cash Flow Disclosures | ||
Operating lease right-of-use assets obtained in exchange for new operating lease obligations | $ 2,775 | $ 2,667 |
Leases (Future Minimum Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating Leases | ||
Remainder of 2022 | $ 1,162 | |
2023 | 4,486 | |
2024 | 4,062 | |
2025 | 3,413 | |
2026 | 2,703 | |
Thereafter | 10,539 | |
Total lease payments | 26,365 | |
Less: imputed interest | (4,156) | |
Total | 22,209 | $ 22,349 |
Finance Leases | ||
Remainder of 2022 | 70 | |
2023 | 279 | |
2024 | 270 | |
2025 | 274 | |
2026 | 253 | |
Thereafter | 1,136 | |
Total lease payments | 2,282 | |
Less: imputed interest | (651) | |
Total | $ 1,631 | $ 1,569 |
Additional Financial Information (Cash and Cash Equivalents and Restricted Cash Balances) (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents from continuing operations | $ 2,423 | $ 19,223 | $ 18,485 | $ 7,924 |
Cash and cash equivalents from discontinued operations | 0 | 1,946 | 2,785 | 1,816 |
Restricted cash in Prepaid and other current assets | 1 | 3 | 2 | 9 |
Restricted cash in Other Assets | 70 | 144 | 133 | 121 |
Cash and Cash Equivalents and Restricted Cash | $ 2,494 | $ 21,316 | $ 21,405 | $ 9,870 |
Additional Financial Information (Summary of Cash Paid for Interest and Taxes) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Cash paid (received) during the period for: | ||
Interest | $ 5,981 | $ 5,931 |
Income taxes, net of refunds | 400 | 215 |
Payments to Acquire Property, Plant and Equipment | 15,397 | 12,051 |
Interest during construction | 1,007 | 648 |
Acquisitions | 9,959 | 23,533 |
Business acquisitions | ||
Cash paid (received) during the period for: | ||
Acquisitions | 0 | 0 |
Spectrum Licenses | ||
Cash paid (received) during the period for: | ||
Acquisitions | 9,076 | 23,017 |
Interest during construction | 883 | 516 |
Property, Plant and Equipment [Member] | ||
Cash paid (received) during the period for: | ||
Payments to Acquire Property, Plant and Equipment | 15,273 | 11,919 |
Interest during construction | $ 124 | $ 132 |
Additional Financial Information (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Additional Financial Information [Line Items] | ||
Vendor financing payables | $ 4,635 | |
Vendor financing payables due within one year | 3,105 | |
Total Debt | $ 133,480 | |
Minimum | ||
Additional Financial Information [Line Items] | ||
Vendor financing payables, noncurrent, period due within | 2 years | |
Maximum | ||
Additional Financial Information [Line Items] | ||
Vendor financing payables, noncurrent, period due within | 5 years | |
Vendor Financing Program | ||
Additional Financial Information [Line Items] | ||
Noncash investing activities | $ 3,916 | $ 3,624 |
Discontinued Operations and Disposal Groups (Narrative) (Details) - WarnerMedia [Member] - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Sep. 30, 2022 |
Apr. 08, 2022 |
Apr. 07, 2022 |
|
Spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Amount of transferred debt | $ 1,600 | |||
Cash Held By WarnerMedia At The Respective Distributions | $ 2,660 | |||
Senior Notes | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Notes Issued | $ 30,000 | |||
Bridge Loan | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Amount outstanding | $ 10,000 | |||
Long-term debt obligations | $ 41,600 | |||
Spinco Term Loan | Bridge Loan | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Amount outstanding | $ 10,000 |
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