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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022

or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number 001-8610

AT&T INC.

Incorporated under the laws of the State of Delaware
I.R.S. Employer Identification Number 43-1301883

208 S. Akard St., Dallas, Texas 75202
Telephone Number: (210) 821-4105

Securities registered pursuant to Section 12(b) of the Act
  Name of each exchange
Title of each classTrading Symbol(s)on which registered
Common Shares (Par Value $1.00 Per Share)TNew York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a
share of 5.000% Perpetual Preferred Stock, Series A
T PRANew York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a
share of 4.750% Perpetual Preferred Stock, Series C
T PRCNew York Stock Exchange
AT&T Inc. 1.450% Global Notes due June 1, 2022T 22BNew York Stock Exchange
AT&T Inc. 2.500% Global Notes due March 15, 2023T 23New York Stock Exchange
AT&T Inc. 2.750% Global Notes due May 19, 2023T 23CNew York Stock Exchange
AT&T Inc. Floating Rate Global Notes due September 5, 2023T 23DNew York Stock Exchange
AT&T Inc. 1.050% Global Notes due September 5, 2023T 23ENew York Stock Exchange
AT&T Inc. 1.300% Global Notes due September 5, 2023T 23ANew York Stock Exchange
AT&T Inc. 1.950% Global Notes due September 15, 2023T 23FNew York Stock Exchange
AT&T Inc. 2.400% Global Notes due March 15, 2024T 24ANew York Stock Exchange
AT&T Inc. 3.500% Global Notes due December 17, 2025T 25New York Stock Exchange
AT&T Inc. 0.250% Global Notes due March 4, 2026T 26ENew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 5, 2026T 26DNew York Stock Exchange
AT&T Inc. 2.900% Global Notes due December 4, 2026T 26ANew York Stock Exchange
AT&T Inc. 1.600% Global Notes due May 19, 2028T 28CNew York Stock Exchange

  Name of each exchange
Title of each classTrading Symbol(s)on which registered
AT&T Inc. 2.350% Global Notes due September 5, 2029T 29DNew York Stock Exchange
AT&T Inc. 4.375% Global Notes due September 14, 2029T 29BNew York Stock Exchange
AT&T Inc. 2.600% Global Notes due December 17, 2029T 29ANew York Stock Exchange
AT&T Inc. 0.800% Global Notes due March 4, 2030T 30BNew York Stock Exchange
AT&T Inc. 2.050% Global Notes due May 19, 2032T 32ANew York Stock Exchange
AT&T Inc. 3.550% Global Notes due December 17, 2032T 32New York Stock Exchange
AT&T Inc. 5.200% Global Notes due November 18, 2033T 33New York Stock Exchange
AT&T Inc. 3.375% Global Notes due March 15, 2034T 34New York Stock Exchange
AT&T Inc. 2.450% Global Notes due March 15, 2035T 35New York Stock Exchange
AT&T Inc. 3.150% Global Notes due September 4, 2036T 36ANew York Stock Exchange
AT&T Inc. 2.600% Global Notes due May 19, 2038T 38CNew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 14, 2039T 39BNew York Stock Exchange
AT&T Inc. 7.000% Global Notes due April 30, 2040T 40New York Stock Exchange
AT&T Inc. 4.250% Global Notes due June 1, 2043T 43New York Stock Exchange
AT&T Inc. 4.875% Global Notes due June 1, 2044T 44New York Stock Exchange
AT&T Inc. 4.000% Global Notes due June 1, 2049T 49ANew York Stock Exchange
AT&T Inc. 4.250% Global Notes due March 1, 2050T 50New York Stock Exchange
AT&T Inc. 3.750% Global Notes due September 1, 2050T 50ANew York Stock Exchange
AT&T Inc. 5.350% Global Notes due November 1, 2066TBBNew York Stock Exchange
AT&T Inc. 5.625% Global Notes due August 1, 2067TBCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated filerSmaller reporting company
  Emerging growth company
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Yes No

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

At April 27, 2022, there were 7,159 million common shares outstanding.



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

AT&T INC.
CONSOLIDATED STATEMENTS OF INCOME
Dollars in millions except per share amounts
(Unaudited)
 Three months ended
 March 31,
 20222021
Operating Revenues  
Service$32,392 $38,504 
Equipment5,713 5,435 
Total operating revenues38,105 43,939 
Operating Expenses
Cost of revenues
Equipment6,038 5,556 
Broadcast, programming and operations4,313 7,538 
Other cost of revenues (exclusive of depreciation and
amortization shown separately below)
7,206 7,993 
Selling, general and administrative9,368 9,382 
Depreciation and amortization5,539 5,809 
Total operating expenses32,464 36,278 
Operating Income5,641 7,661 
Other Income (Expense)
Interest expense(1,722)(1,870)
Equity in net income (loss) of affiliates501 52 
Other income (expense) — net
2,187 4,221 
Total other income (expense)966 2,403 
Income Before Income Taxes6,607 10,064 
Income tax expense1,443 2,122 
Net Income5,164 7,942 
Less: Net Income Attributable to Noncontrolling Interest(354)(392)
Net Income Attributable to AT&T$4,810 $7,550 
Less: Preferred Stock Dividends(48)(50)
Net Income Attributable to Common Stock$4,762 $7,500 
Basic Earnings Per Share Attributable to
Common Stock
$0.66 $1.04 
Diluted Earnings Per Share Attributable to
Common Stock
$0.65 $1.02 
Weighted Average Number of Common Shares
Outstanding — Basic (in millions)
7,184 7,161 
Weighted Average Number of Common Shares
Outstanding with Dilution (in millions)
7,556 7,482 
See Notes to Consolidated Financial Statements.
3


AT&T INC.  
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
Dollars in millions  
(Unaudited)  
 Three months ended
 March 31,
 20222021
Net income$5,164 $7,942 
Other comprehensive income (loss), net of tax:
Foreign currency:
Translation adjustment (includes $0 and $(4) attributable to noncontrolling
 interest), net of taxes of $5 and $(37)
19 (109)
Securities:
Net unrealized gains (losses), net of taxes of $(23) and $(18)
(69)(55)
Reclassification adjustment included in net income, net of taxes of $1 and $(1)
3 (2)
Derivative instruments:
Net unrealized gains (losses), net of taxes of $69 and $136
258 511 
Reclassification adjustment included in net income, net of taxes of $4 and $6
15 24 
Defined benefit postretirement plans:
Amortization of net prior service credit included in net income, net of taxes of $(152) and
$(165)
(465)(504)
Other comprehensive income (loss)(239)(135)
Total comprehensive income4,925 7,807 
Less: Total comprehensive income attributable to noncontrolling interest(354)(388)
Total Comprehensive Income Attributable to AT&T$4,571 $7,419 
See Notes to Consolidated Financial Statements.

4


AT&T INC.
CONSOLIDATED BALANCE SHEETS
Dollars in millions except per share amounts
March 31,December 31,
 20222021
Assets(Unaudited) 
Current Assets  
Cash and cash equivalents$38,565 $21,169 
Accounts receivable – net of related allowances for credit loss of $788 and $771
17,218 17,571 
Inventories3,153 3,464 
Prepaid and other current assets17,920 17,793 
Total current assets76,856 59,997 
Noncurrent Inventories and Theatrical Film and Television Production Costs19,803 18,983 
Property, plant and equipment323,434 329,488 
Less: accumulated depreciation and amortization(196,275)(203,584)
Property, Plant and Equipment – Net127,159 125,904 
Goodwill133,247 133,223 
Licenses – Net114,107 113,830 
Trademarks and Trade Names – Net21,781 21,938 
Distribution Networks – Net11,486 11,942 
Other Intangible Assets – Net11,452 11,783 
Investments in and Advances to Equity Affiliates5,943 7,274 
Operating Lease Right-Of-Use Assets23,941 24,180 
Deposits on Wireless Licenses9,129  
Other Assets22,291 22,568 
Total Assets$577,195 $551,622 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$27,333 $24,630 
Note payable to DIRECTV1,047 1,245 
Accounts payable and accrued liabilities46,845 50,661 
Advanced billings and customer deposits5,183 5,303 
Dividends payable2,086 3,749 
Total current liabilities82,494 85,588 
Long-Term Debt180,225 152,724 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes65,963 65,226 
Postemployment benefit obligation11,294 12,649 
Operating lease liabilities20,917 21,261 
Other noncurrent liabilities29,746 30,223 
Noncurrent portion of note payable to DIRECTV 96 
Total deferred credits and other noncurrent liabilities127,920 129,455 
Stockholders’ Equity
Preferred stock ($1 par value, 10,000,000 authorized at March 31, 2022 and December 31, 2021):
Series A (48,000 issued and outstanding at March 31, 2022 and December 31, 2021)
  
Series B (20,000 issued and outstanding at March 31, 2022 and December 31, 2021)
  
Series C (70,000 issued and outstanding at March 31, 2022 and December 31, 2021)
  
Common stock ($1 par value, 14,000,000,000 authorized at March 31, 2022 and
December 31, 2021: issued 7,620,748,598 at March 31, 2022 and December 31, 2021)
7,621 7,621 
Additional paid-in capital129,637 130,112 
Retained earnings45,041 42,350 
Treasury stock (461,896,657 at March 31, 2022 and 479,684,705 at December 31, 2021, at cost)
(16,553)(17,280)
Accumulated other comprehensive income3,290 3,529 
Noncontrolling interest17,520 17,523 
Total stockholders’ equity186,556 183,855 
Total Liabilities and Stockholders’ Equity$577,195 $551,622 
See Notes to Consolidated Financial Statements.
5


AT&T INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
(Unaudited)  
 Three months ended
 March 31,
 20222021
Operating Activities  
Net income$5,164 $7,942 
Adjustments to reconcile net income to net cash provided by operating activities:
   Depreciation and amortization5,539 5,809 
   Amortization of film and television costs3,009 2,886 
Distributed (undistributed) earnings from investments in equity affiliates26 (47)
   Provision for uncollectible accounts460 321 
   Deferred income tax expense932 1,848 
   Net (gain) loss on investments, net of impairments93 (119)
   Pension and postretirement benefit expense (credit)(937)(974)
Actuarial (gain) loss on pension and postretirement benefits(1,053)(2,844)
Changes in operating assets and liabilities:
   Receivables(228)751 
   Other current assets, inventories and theatrical film and television production costs(3,261)(3,518)
   Accounts payable and other accrued liabilities(4,031)(3,060)
   Equipment installment receivables and related sales541 1,190 
   Deferred customer contract acquisition and fulfillment costs(259)244 
Postretirement claims and contributions(97)(343)
Other - net(166)(159)
Total adjustments568 1,985 
Net Cash Provided by Operating Activities5,732 9,927 
Investing Activities
Capital expenditures(4,748)(4,033)
Acquisitions, net of cash acquired(9,244)(22,884)
Dispositions11 51 
Distributions from DIRECTV in excess of cumulative equity in earnings1,315  
Other - net15 14 
Net Cash Used in Investing Activities(12,651)(26,852)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less2,285 687 
Issuance of other short-term borrowings2,593 15,485 
Repayment of other short-term borrowings(3,407) 
Issuance of long-term debt30,296 9,097 
Repayment of long-term debt(802)(902)
Repayment of note payable to DIRECTV(294) 
Payment of vendor financing(1,566)(1,690)
Purchase of treasury stock(197)(176)
Issuance of treasury stock26 63 
Dividends paid(3,749)(3,741)
Other - net(934)(340)
Net Cash Provided by Financing Activities24,251 18,483 
Net increase in cash and cash equivalents and restricted cash17,332 1,558 
Cash and cash equivalents and restricted cash beginning of year21,316 9,870 
Cash and Cash Equivalents and Restricted Cash End of Period$38,648 $11,428 
See Notes to Consolidated Financial Statements.
6


AT&T INC.    
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Dollars and shares in millions except per share amounts    
(Unaudited)    
 Three months ended
 March 31, 2022March 31, 2021
 SharesAmountSharesAmount
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 period7,621 $7,621 7,621 $7,621 
Balance at end of period7,621 $7,621 7,621 $7,621 
Additional Paid-In Capital
Balance at beginning of period$130,112 $130,175 
Issuance of treasury stock(126)(70)
Share-based payments(349)(249)
Balance at end of period$129,637 $129,856 
Retained Earnings
Balance at beginning of period$42,350 $37,457 
Net income attributable to AT&T4,810 7,550 
Preferred stock dividends(99)(117)
Common stock dividends ($0.2775 and $0.52 per share)
(2,020)(3,736)
Balance at end of period$45,041 $41,154 
See Notes to Consolidated Financial Statements.
7


AT&T INC.    
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - continued
Dollars and shares in millions except per share amounts    
(Unaudited)    
 Three months ended
 March 31, 2022March 31, 2021
 SharesAmountSharesAmount
Treasury Stock    
Balance at beginning of period(480)$(17,280)(495)$(17,910)
Repurchase and acquisition of common stock(8)(197)(6)(176)
Reissuance of treasury stock26 924 20 744 
Balance at end of period(462)$(16,553)(481)$(17,342)
Accumulated Other Comprehensive Income
Attributable to AT&T, net of tax
Balance at beginning of period$3,529 $4,330 
Other comprehensive income attributable to AT&T(239)(131)
Balance at end of period$3,290 $4,199 
Noncontrolling Interest
Balance at beginning of period$17,523 $17,567 
Net income attributable to noncontrolling interest354 392 
Acquisition of interest held by noncontrolling owners(16) 
Distributions(341)(364)
Translation adjustments attributable to noncontrolling interest, net of taxes (4)
Balance at end of period$17,520 $17,591 
Total Stockholders' Equity at beginning of period$183,855 $179,240 
Total Stockholders' Equity at end of period$186,556 $183,079 
See Notes to Consolidated Financial Statements.

8

AT&T INC.
MARCH 31, 2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Dollars in millions except per share amounts

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, media 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 previously announced separation of our WarnerMedia business, which represented substantially all of our WarnerMedia segment except for certain retained assets such as Xandr, in a Reverse Morris Trust transaction, under which Magallanes, Inc. (Spinco), a 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). 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. (See Notes 8 and 13)

As of March 31, 2022, the results of the WarnerMedia business are included in the continuing operations of AT&T for all periods presented herein. With the separation and distribution, the WarnerMedia business will meet the criteria for discontinued operations beginning with our second-quarter 2022 reporting. For discontinued operations, we evaluated transactions completed during 2021 that were components of AT&T’s single plan of a strategic shift, including dispositions that may not have individually met the criteria due to materiality, and have determined discontinued operations to be comprised of WarnerMedia, Vrio, Xandr and Playdemic Ltd. (Playdemic). These businesses will be 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 probable losses and expenses, that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain prior period amounts have been conformed to the current period’s presentation (see Note 4).

In the tables throughout this document, percentage increases and decreases that are not considered meaningful are denoted with a dash.

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 $135, or $0.01 per diluted share, in the first quarter of 2022.

9

AT&T INC.
MARCH 31, 2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

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, in the first quarter 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 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 following table presents the impact of the adoption of ASU 2020-06 on our diluted earnings per share:
 Historical Accounting Method
Effect of Adoption of ASU 2020-061
Under ASU 2020-06
 
 
Diluted earnings per share:
Three months ended March 31, 2022$0.66 $(0.01)$0.65 
Three months ended March 31, 2021$1.04 $(0.02)$1.02 
1See Note 2 for a discussion of the numerator and denominator adjustments.

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.

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