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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 September 30, 2024

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 001-08610

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. Floating Rate Global Notes due March 6, 2025T 25ANew York Stock Exchange
AT&T Inc. 3.550% Global Notes due November 18, 2025T 25BNew 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
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. 3.950% Global Notes due April 30, 2031T 31FNew York Stock Exchange
AT&T Inc. 2.050% Global Notes due May 19, 2032T 32ANew York Stock Exchange

  Name of each exchange
Title of each classTrading Symbol(s)on which registered
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. 4.300% Global Notes due November 18, 2034T 34CNew 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 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated filerSmaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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

At October 24, 2024, there were 7,175,289,157 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 endedNine months ended
 September 30,September 30,
 2024202320242023
Operating Revenues    
Service$25,134 $25,112 $74,982 $74,579 
Equipment5,079 5,238 15,056 15,827 
Total operating revenues30,213 30,350 90,038 90,406 
Operating Expenses
Cost of revenues
Equipment4,933 5,219 14,891 15,933 
Other cost of revenues (exclusive of depreciation and
amortization shown separately below)
6,697 6,835 20,135 20,279 
Selling, general and administrative6,958 7,205 21,022 21,389 
Asset impairments and abandonments and restructuring
4,422 604 5,061 604 
Depreciation and amortization5,087 4,705 15,206 14,011 
Total operating expenses28,097 24,568 76,315 72,216 
Operating Income2,116 5,782 13,723 18,190 
Other Income (Expense)
Interest expense(1,675)(1,662)(5,098)(4,978)
Equity in net income of affiliates272 420 915 1,338 
Other income (expense) — net
717 440 1,850 2,362 
Total other income (expense)(686)(802)(2,333)(1,278)
Income Before Income Taxes1,430 4,980 11,390 16,912 
Income tax expense1,285 1,154 3,545 3,871 
Net Income145 3,826 7,845 13,041 
Less: Net Income Attributable to Noncontrolling Interest(319)(331)(977)(829)
Net Income (Loss) Attributable to AT&T
$(174)$3,495 $6,868 $12,212 
Less: Preferred Stock Dividends(52)(51)(153)(155)
Net Income (Loss) Attributable to Common Stock
$(226)$3,444 $6,715 $12,057 
Basic Earnings (Loss) Per Share Attributable to
Common Stock
$(0.03)$0.48 $0.93 $1.67 
Diluted Earnings (Loss) Per Share Attributable to
Common Stock
$(0.03)$0.48 $0.93 $1.67 
Weighted Average Number of Common Shares
Outstanding — Basic (in millions)
7,202 7,185 7,197 7,178 
Weighted Average Number of Common Shares
Outstanding with Dilution (in millions)
7,208 7,185 7,200 7,280 
See Notes to Consolidated Financial Statements.
3


AT&T INC.    
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME   
Dollars in millions    
(Unaudited)    
 Three months endedNine months ended
 September 30,September 30,
 2024202320242023
Net income$145 $3,826 $7,845 $13,041 
Other comprehensive income (loss), net of tax:
Foreign currency:
Translation adjustment, net of taxes of $(107), $(29), $(168)
and $111
(137)(90)(329)367 
Reclassification adjustment included in net income, net of
taxes of $0, $0, $(14) and $0
  127  
Securities:
Net unrealized gains (losses), net of taxes of $6, $(12), $5
and $(8)
30 (37)13 (25)
Reclassification adjustment included in net income, net of
taxes of $0, $1, $3 and $3
 2 10 7 
Derivative instruments:
Net unrealized gains (losses), net of taxes of $(102), $211,
$(118) and $213
(315)843 (364)867 
Reclassification adjustment included in net income, net of
taxes of $4, $3, $11 and $9
11 12 33 35 
Defined benefit postretirement plans:
Amortization of net prior service credit included in net
income, net of taxes of $(123), $(160),$(369) and $(481)
(381)(490)(1,142)(1,472)
Other comprehensive income (loss)(792)240 (1,652)(221)
Total comprehensive income (loss)
(647)4,066 6,193 12,820 
Less: Total comprehensive income attributable to
noncontrolling interest
(319)(331)(977)(829)
Total Comprehensive Income (Loss) Attributable to AT&T
$(966)$3,735 $5,216 $11,991 
See Notes to Consolidated Financial Statements.

4



AT&T INC.
CONSOLIDATED BALANCE SHEETS
Dollars in millions except per share amounts
September 30,December 31,
 20242023
Assets(Unaudited)
Current Assets  
Cash and cash equivalents$2,586 $6,722 
Accounts receivable – net of related allowances for credit loss of $403 and $499
9,068 10,289 
Inventories2,529 2,177 
Prepaid and other current assets15,616 17,270 
Total current assets29,799 36,458 
Property, plant and equipment346,030 339,891 
Less: accumulated depreciation and amortization(218,066)(211,402)
Property, Plant and Equipment – Net127,964 128,489 
Goodwill – Net63,432 67,854 
Licenses – Net127,134 127,219 
Other Intangible Assets – Net5,256 5,283 
Investments in and Advances to Equity Affiliates281 1,251 
Operating Lease Right-Of-Use Assets20,779 20,905 
Other Assets19,074 19,601 
Total Assets$393,719 $407,060 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$2,637 $9,477 
Accounts payable and accrued liabilities31,935 35,852 
Advanced billings and customer deposits4,059 3,778 
Dividends payable2,027 2,020 
Total current liabilities40,658 51,127 
Long-Term Debt126,375 127,854 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes58,461 58,666 
Postemployment benefit obligation8,750 8,734 
Operating lease liabilities17,331 17,568 
Other noncurrent liabilities23,884 23,696 
Total deferred credits and other noncurrent liabilities108,426 108,664 
Redeemable Noncontrolling Interest1,978 1,973 
Stockholders’ Equity
Preferred stock ($1 par value, 10,000,000 authorized at September 30, 2024 and December 31, 2023):
Series A (48,000 issued and outstanding at September 30, 2024 and December 31, 2023)
  
Series B (20,000 issued and outstanding at September 30, 2024 and December 31, 2023)
  
Series C (70,000 issued and outstanding at September 30, 2024 and December 31, 2023)
  
Common stock ($1 par value, 14,000,000,000 authorized at September 30, 2024 and
December 31, 2023: issued 7,620,748,598 at September 30, 2024 and December 31, 2023)
7,621 7,621 
Additional paid-in capital109,354 114,519 
Retained (deficit) earnings (185)(5,015)
Treasury stock (446,348,901 at September 30, 2024 and 470,685,237 at December 31, 2023, at cost)
(15,087)(16,128)
Accumulated other comprehensive income648 2,300 
Noncontrolling interest13,931 14,145 
Total stockholders’ equity116,282 117,442 
Total Liabilities and Stockholders’ Equity$393,719 $407,060 
See Notes to Consolidated Financial Statements.
5


AT&T INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
(Unaudited)  
 Nine months ended
 September 30,
 20242023
Operating Activities  
Net Income$7,845 $13,041 
Adjustments to reconcile net income to net cash provided by operating activities:
   Depreciation and amortization15,206 14,011 
   Provision for uncollectible accounts1,431 1,409 
   Deferred income tax expense1,811 3,163 
   Net (gain) loss on investments, net of impairments88 335 
   Pension and postretirement benefit expense (credit)(1,412)(1,966)
Actuarial and settlement (gain) loss on pension and postretirement benefits - net (145)
Asset impairments and abandonments and restructuring5,061 604 
Changes in operating assets and liabilities:
   Receivables574 1,173 
   Inventories, prepaid and other current assets
147 57 
   Accounts payable and other accrued liabilities(4,503)(5,062)
   Equipment installment receivables and related sales(899)(56)
   Deferred customer contract acquisition and fulfillment costs490 47 
Postretirement claims and contributions(129)(715)
Other - net1,165 1,040 
Total adjustments19,030 13,895 
Net Cash Provided by Operating Activities26,875 26,936 
Investing Activities
Capital expenditures(13,420)(13,252)
Acquisitions, net of cash acquired(322)(923)
Dispositions66 66 
Distributions from DIRECTV in excess of cumulative equity in earnings928 1,447 
(Purchases), sales and settlements of securities and investments - net1,153 (1,043)
Other - net(532)(81)
Net Cash Used in Investing Activities(12,127)(13,786)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less (914)
Issuance of other short-term borrowings491 5,406 
Repayment of other short-term borrowings(2,487)(979)
Issuance of long-term debt4 9,633 
Repayment of long-term debt(7,113)(11,889)
Repayment of note payable to DIRECTV (130)
Payment of vendor financing(1,571)(4,736)
Purchase of treasury stock(202)(190)
Issuance of treasury stock2 3 
Issuance of preferred interests in subsidiary 7,151 
Redemption of preferred interests in subsidiary (5,333)
Dividends paid(6,171)(6,116)
Other - net(1,808)(1,190)
Net Cash Used in Financing Activities (18,855)(9,284)
Net increase (decrease) in cash and cash equivalents and restricted cash$(4,107)$3,866 
Cash and cash equivalents and restricted cash beginning of year6,833 3,793 
Cash and Cash Equivalents and Restricted Cash End of Period$2,726 $7,659 
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 endedNine months ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
 SharesAmountSharesAmountSharesAmountSharesAmount
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 7,621 $7,621 7,621 $7,621 
Balance at end of period7,621 $7,621 7,621 $7,621 7,621 $7,621 7,621 $7,621 
Additional Paid-In Capital
Balance at beginning of period$111,515 $118,833 $114,519 $123,610 
Preferred stock dividends(36)(36)(134)(170)
Common stock dividends
($0.2775, $0.2775, $0.8325 and $0.8325 per share)
(1,992)(1,997)(4,007)(5,998)
Issuance of treasury stock(84)(3)(500)(371)
Share-based payments(49)93 (232)(181)
Redemption or reclassification of
interest held by noncontrolling owners
  (292) 
Balance at end of period$109,354 $116,890 $109,354 $116,890 
Retained (Deficit) Earnings
Balance at beginning of period$2 $(10,698)$(5,015)$(19,415)
Net income (loss) attributable to AT&T
(174)3,495 6,868 12,212 
Preferred stock dividends  (36) 
Common stock dividends
($0.2775, $0.0000, $0.5550 and $0.0000 per share)
(13) (2,002) 
Balance at end of period$(185)$(7,203)$(185)$(7,203)
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 endedNine months ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
 SharesAmountSharesAmountSharesAmountSharesAmount
Treasury Stock        
Balance at beginning of period(451)$(15,268)(471)$(16,158)(471)$(16,128)(493)$(17,082)
Repurchase and acquisition of
common stock
(2)(43) (1)(11)(202)(10)(190)
Reissuance of treasury stock7 224  9 36 1,243 32 1,122 
Balance at end of period(446)$(15,087)(471)$(16,150)(446)$(15,087)(471)$(16,150)
Accumulated Other Comprehensive Income
Attributable to AT&T, net of tax
Balance at beginning of period$1,440 $2,305 $2,300 $2,766 
Other comprehensive income
(loss) attributable to AT&T
(792)240 (1,652)(221)
Balance at end of period$648 $2,545 $648 $2,545 
Noncontrolling Interest1
Balance at beginning of period$14,037 $14,172 $14,145 $8,957 
Net income attributable to
noncontrolling interest
283 295 870 787 
Issuance and acquisition by
noncontrolling owners
 (1) 5,180 
Redemption of noncontrolling
interest
  (58) 
Distributions(389)(314)(1,026)(772)
Balance at end of period$13,931 $14,152 $13,931 $14,152 
Total Stockholders' Equity at
beginning of period
$119,347 $116,075 $117,442 $106,457 
Total Stockholders' Equity at
end of period
$116,282 $117,855 $116,282 $117,855 
1Excludes redeemable noncontrolling interest
See Notes to Consolidated Financial Statements.

8

AT&T INC.
SEPTEMBER 30, 2024

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 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, 2023. 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.

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.

Goodwill Impairment During the third quarter of 2024, we updated the long-term strategic plan of our Business Wireline reporting unit. The updated plans reflected lower long-term projected future cash flows associated with the industry-wide secular decline, including a faster-than-previously anticipated decline of legacy services. We identified this as an impairment indicator and performed an interim quantitative goodwill impairment test of our Business Wireline reporting unit. The interim impairment test methodology was consistent with our approach for annual impairment testing, using similar models updated with our current view of key inputs and assumptions. We concluded that the calculated fair value of the Business Wireline reporting unit was lower than the book value, resulting in a goodwill impairment. As a result, in the third quarter of 2024, we recorded a noncash goodwill impairment charge of $4,422 in our consolidated statements of income, which represented the entirety of Business Wireline reporting unit goodwill. “Goodwill – Net” included on our consolidated balance sheet at September 30, 2024 totaled $63,432, which is attributable to our Mobility and Consumer Wireline reporting units in the Communications segment. No indicators of impairment were identified for our Mobility and Consumer Wireline reporting units.

9

AT&T INC.
SEPTEMBER 30, 2024

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

NOTE 2. EARNINGS PER SHARE
 
A reconciliation of the numerators and denominators of basic and diluted earnings per share is shown in the table below:
 Three months endedNine months ended
 September 30,September 30,
 2024202320242023
Numerators    
Numerator for basic earnings per share:    
Net Income (Loss) Attributable to Common Stock$(226)$3,444 $6,715 $12,057 
Dilutive potential common shares:
Mobility preferred interests   72 
Share-based payment   10 
Numerator for diluted earnings per share$(226)$3,444 $6,715 $12,139 
Denominators (000,000)
Denominator for basic earnings per share:
Weighted average number of common shares outstanding7,202 7,185 7,197 7,178 
Dilutive potential common shares:
Mobility preferred interests (in shares)   95 
Share-based payment (in shares)1
6  3 7 
Denominator for diluted earnings per share7,208 7,185 7,200 7,280 
1For the three months ended September 30, 2024, dilutive potential common shares are not included in the computation of diluted earnings per share because their effect is antidilutive as a result of the net loss attributable to common stock.

On April 5, 2023, we repurchased all our Series A Cumulative Perpetual Preferred Membership Interests in AT&T Mobility II LLC (Mobility preferred interests). For periods prior to repurchase, under 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), the ability to settle the Mobility preferred interests in stock was reflected in our diluted earnings per share calculation.

10

AT&T INC.
SEPTEMBER 30, 2024

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

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.
 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, 2023$(1,337)$(57)$(1,029)$4,723 $2,300 
Other comprehensive income
(loss) before reclassifications
(329)13 (364) (680)
Amounts reclassified from
accumulated OCI
127 110 133 2(1,142)3(972)
Net other comprehensive
income (loss)
(202)23 (331)(1,142)(1,652)
Balance as of September 30, 2024$(1,539)$(34)$(1,360)$3,581 $648 
 Foreign Currency Translation Adjustment Net Unrealized Gains (Losses) on Securities Net Unrealized Gains (Losses) on Derivative Instruments Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022$(1,800)$(90)$(1,998)$6,654 $2,766 
Other comprehensive income
(loss) before reclassifications
367 (25)867  1,209 
Amounts reclassified from
accumulated OCI
 17 135 2(1,472)3(1,430)
Net other comprehensive
income (loss)
367 (18)902 (1,472)(221)
Balance as of September 30, 2023$(1,433)$(108)$(1,096)$5,182 $2,545 
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).

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 revenue.

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 integrated 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. In the first quarter of 2024, we began
11

AT&T INC.
SEPTEMBER 30, 2024

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

offering our fixed wireless access product that provides internet services delivered over our 5G wireless network where available.
Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services to residential customers in select locations and our fixed wireless access product that provides home internet services delivered over our 5G wireless network where available. 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 Entertainment Holdings, LLC (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 8).
Value portfolio, which are businesses no longer integral to our operations or which we no longer actively market.

Other items consist of:
Certain 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 restructuring, and other items for which the segments are not being evaluated.
 
“Interest expense,” “Other income (expense) – net” and “Equity in net income of affiliates” are managed only on a total company basis and are, accordingly, reflected only in consolidated results.
For the three months ended September 30, 2024
 RevenuesOperations
and Support
Expenses
EBITDADepreciation
and
Amortization
Operating
Income (Loss)
Communications     
Mobility$21,052 $11,559 $9,493 $2,490 $7,003 
Business Wireline4,606 3,250 1,356 1,399 (43)
Consumer Wireline3,416 2,296 1,120 924 196 
Total Communications29,074 17,105 11,969 4,813 7,156 
Latin America - Mexico1,022 854 168 158 10 
Segment Total30,096 17,959 12,137 4,971 7,166 
Corporate and Other
Corporate:
DTV-related retained costs 107 (107)95 (202)
Parent administration support 401 (401)2 (403)
Securitization fees
31 134 (103) (103)
Value portfolio86 26 60 6 54 
Total Corporate117 668 (551)103 (654)
Certain significant items 4,383 (4,383)