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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, 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. 2.400% Global Notes due March 15, 2024T 24ANew 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 definition 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 April 25, 2024, there were 7,170,165,104 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,
 20242023
Operating Revenues  
Service$24,842 $24,617 
Equipment5,186 5,522 
Total operating revenues30,028 30,139 
Operating Expenses
Cost of revenues
Equipment5,143 5,658 
Other cost of revenues (exclusive of depreciation and
amortization shown separately below)
6,811 6,673 
Selling, general and administrative7,021 7,175 
Asset impairments and abandonments and restructuring
159  
Depreciation and amortization5,047 4,631 
Total operating expenses24,181 24,137 
Operating Income5,847 6,002 
Other Income (Expense)
Interest expense(1,724)(1,708)
Equity in net income of affiliates295 538 
Other income (expense) — net
451 935 
Total other income (expense)(978)(235)
Income Before Income Taxes4,869 5,767 
Income tax expense1,118 1,314 
Net Income3,751 4,453 
Less: Net Income Attributable to Noncontrolling Interest(306)(225)
Net Income Attributable to AT&T$3,445 $4,228 
Less: Preferred Stock Dividends(50)(52)
Net Income Attributable to Common Stock$3,395 $4,176 
Basic Earnings Per Share Attributable to Common Stock$0.47 $0.58 
Diluted Earnings Per Share Attributable to Common Stock$0.47 $0.57 
Weighted Average Number of Common Shares
Outstanding — Basic (in millions)
7,192 7,168 
Weighted Average Number of Common Shares
Outstanding with Dilution (in millions)
7,193 7,474 
See Notes to Consolidated Financial Statements.
3


AT&T INC.  
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
Dollars in millions  
(Unaudited)  
 Three months ended
 March 31,
 20242023
Net income$3,751 $4,453 
Other comprehensive income (loss), net of tax:
Foreign currency:
Translation adjustment, net of taxes of $8 and $52
29 193 
Securities:
Net unrealized gains (losses), net of taxes of $(2) and $8
(10)23 
Reclassification adjustment included in net income, net of taxes of $2 and $1
6 3 
Derivative instruments:
Net unrealized gains (losses), net of taxes of $49 and $(43)
211 (152)
Reclassification adjustment included in net income, net of taxes of $3 and $3
12 12 
Defined benefit postretirement plans:
Amortization of net prior service credit included in net income, net of taxes of
$(123) and $(160)
(381)(491)
Other comprehensive income (loss)(133)(412)
Total comprehensive income3,618 4,041 
Less: Total comprehensive income attributable to noncontrolling interest
(306)(225)
Total Comprehensive Income Attributable to AT&T$3,312 $3,816 
See Notes to Consolidated Financial Statements.

4



AT&T INC.
CONSOLIDATED BALANCE SHEETS
Dollars in millions except per share amounts
March 31,December 31,
 20242023
Assets(Unaudited)
Current Assets  
Cash and cash equivalents$3,520 $6,722 
Accounts receivable – net of related allowances for credit loss of $463 and $499
9,577 10,289 
Inventories2,127 2,177 
Prepaid and other current assets15,221 17,270 
Total current assets30,445 36,458 
Property, plant and equipment339,115 339,891 
Less: accumulated depreciation and amortization(211,264)(211,402)
Property, Plant and Equipment – Net127,851 128,489 
Goodwill – Net67,854 67,854 
Licenses – Net127,423 127,219 
Other Intangible Assets – Net5,281 5,283 
Investments in and Advances to Equity Affiliates891 1,251 
Operating Lease Right-Of-Use Assets20,668 20,905 
Other Assets19,015 19,601 
Total Assets$399,428 $407,060 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$7,060 $9,477 
Accounts payable and accrued liabilities31,973 35,852 
Advanced billings and customer deposits3,713 3,778 
Dividends payable2,088 2,020 
Total current liabilities44,834 51,127 
Long-Term Debt125,704 127,854 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes58,820 58,666 
Postemployment benefit obligation8,743 8,734 
Operating lease liabilities17,291 17,568 
Other noncurrent liabilities23,441 23,696 
Total deferred credits and other noncurrent liabilities108,295 108,664 
Redeemable Noncontrolling Interest1,975 1,973 
Stockholders’ Equity
Preferred stock ($1 par value, 10,000,000 authorized at March 31, 2024 and December 31, 2023):
Series A (48,000 issued and outstanding at March 31, 2024 and December 31, 2023)
  
Series B (20,000 issued and outstanding at March 31, 2024 and December 31, 2023)
  
Series C (70,000 issued and outstanding at March 31, 2024 and December 31, 2023)
  
Common stock ($1 par value, 14,000,000,000 authorized at March 31, 2024 and
December 31, 2023: issued 7,620,748,598 at March 31, 2024 and December 31, 2023)
7,621 7,621 
Additional paid-in capital111,599 114,519 
Retained (deficit) earnings(1,570)(5,015)
Treasury stock (450,713,156 at March 31, 2024 and 470,685,237 at December 31, 2023, at cost)
(15,277)(16,128)
Accumulated other comprehensive income2,167 2,300 
Noncontrolling interest14,080 14,145 
Total stockholders’ equity118,620 117,442 
Total Liabilities and Stockholders’ Equity$399,428 $407,060 
See Notes to Consolidated Financial Statements.
5


AT&T INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
(Unaudited)  
 Three months ended
 March 31,
 20242023
Operating Activities  
Net Income$3,751 $4,453 
Adjustments to reconcile net income to net cash provided by operating activities:
   Depreciation and amortization5,047 4,631 
   Provision for uncollectible accounts472 477 
   Deferred income tax expense479 529 
   Net (gain) loss on investments, net of impairments201 (93)
   Pension and postretirement benefit expense (credit)(471)(670)
Asset impairments and abandonments and restructuring159  
Changes in operating assets and liabilities:
   Receivables512 620 
   Other current assets629 364 
   Accounts payable and other accrued liabilities(3,497)(3,409)
   Equipment installment receivables and related sales24 (243)
   Deferred customer contract acquisition and fulfillment costs103 (22)
Postretirement claims and contributions(54)(89)
Other - net192 130 
Total adjustments3,796 2,225 
Net Cash Provided by Operating Activities7,547 6,678 
Investing Activities
Capital expenditures(3,758)(4,335)
Acquisitions, net of cash acquired(211)(291)
Dispositions8 15 
Distributions from DIRECTV in excess of cumulative equity in earnings194 774 
(Purchases), sales and settlements of securities and investments - net1,079 19 
Other - net(273) 
Net Cash Used in Investing Activities(2,961)(3,818)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less1,933 (536)
Issuance of other short-term borrowings491 3,627 
Repayment of other short-term borrowings(1,996) 
Issuance of long-term debt 3,366 
Repayment of long-term debt(4,685)(5,945)
Repayment of note payable to DIRECTV (130)
Payment of vendor financing(841)(2,113)
Purchase of treasury stock(157)(188)
Issuance of treasury stock 3 
Dividends paid(2,034)(2,014)
Other - net(526)219 
Net Cash Used in Financing Activities (7,815)(3,711)
Net increase (decrease) in cash and cash equivalents and restricted cash$(3,229)$(851)
Cash and cash equivalents and restricted cash beginning of year6,833 3,793 
Cash and Cash Equivalents and Restricted Cash End of Period$3,604 $2,942 
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, 2024March 31, 2023
 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$114,519 $123,610 
Preferred stock dividends(98)(98)
Common stock dividends ($0.2775 and $0.2775 per share)
(2,003)(2,002)
Issuance of treasury stock(413)(365)
Share-based payments(266)(371)
Redemption or reclassification of interest held by noncontrolling owners
(140) 
Balance at end of period$111,599 $120,774 
Retained (Deficit) Earnings
Balance at beginning of period$(5,015)$(19,415)
Net income attributable to AT&T3,445 4,228 
Balance at end of period$(1,570)$(15,187)
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, 2024March 31, 2023
 SharesAmountSharesAmount
Treasury Stock    
Balance at beginning of period(471)$(16,128)(493)$(17,082)
Repurchase and acquisition of common stock(9)(157)(10)(188)
Reissuance of treasury stock29 1,008 31 1,104 
Balance at end of period(451)$(15,277)(472)$(16,166)
Accumulated Other Comprehensive Income
Attributable to AT&T, net of tax
Balance at beginning of period$2,300 $2,766 
Other comprehensive income (loss) attributable to AT&T(133)(412)
Balance at end of period$2,167 $2,354 
Noncontrolling Interest1
Balance at beginning of period$14,145 $8,957 
Net income attributable to noncontrolling interest270 225 
Redemption of noncontrolling interest(17) 
Distributions(318)(232)
Balance at end of period$14,080 $8,950 
Total Stockholders' Equity at beginning of period$117,442 $106,457 
Total Stockholders' Equity at end of period$118,620 $108,346 
1Excludes redeemable noncontrolling interest
See Notes to Consolidated Financial Statements.

8

AT&T INC.
MARCH 31, 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.

NOTE 2. EARNINGS PER SHARE
 
A reconciliation of the numerators and denominators of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023, is shown in the table below:
 Three months ended
 March 31,
 20242023
Numerators  
Numerator for basic earnings per share:  
Net Income Attributable to Common Stock$3,395 $4,176 
Dilutive potential common shares:
Mobility preferred interests 72 
Share-based payment 4 
Numerator for diluted earnings per share$3,395 $4,252 
Denominators (000,000)
Denominator for basic earnings per share:
Weighted average number of common shares outstanding7,192 7,168 
Dilutive potential common shares:
Mobility preferred interests (in shares) 284 
Share-based payment (in shares)1 22 
Denominator for diluted earnings per share7,193 7,474 

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.

9

AT&T INC.
MARCH 31, 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 and exclude noncontrolling interest.
 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 $2,300 
Other comprehensive income
(loss) before reclassifications
29 (10)211  230 
Amounts reclassified from
accumulated OCI
 16 112 2(381)3(363)
Net other comprehensive
income (loss)
29 (4)223 (381)(133)
Balance as of March 31, 2024$(1,308)$(61)$(806)$4,342 $2,167 
 Foreign Currency Translation Adjustment Net Unrealized Gains (Losses) on Securities Net Unrealized Gains (Losses) on Derivative Instruments Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022$(1,800)$(90)$(1,998)$6,654 $2,766 
Other comprehensive income
(loss) before reclassifications
193 23 (152) 64 
Amounts reclassified from
accumulated OCI
 13 112 2(491)3(476)
Net other comprehensive
income (loss)
193 26 (140)(491)(412)
Balance as of March 31, 2023$(1,607)$(64)$(2,138)$6,163 $2,354 
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.

10

AT&T INC.
MARCH 31, 2024

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

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 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 consists 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” and “Other income (expense) – net” are managed only on a total company basis and are, accordingly, reflected only in consolidated results.
11

AT&T INC.
MARCH 31, 2024

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

For the three months ended March 31, 2024
 RevenuesOperations
and Support
Expenses
EBITDADepreciation
and
Amortization
Operating
Income (Loss)
Communications     
Mobility$20,594 $11,639 $8,955 $2,487 $6,468 
Business Wireline4,913 3,487 1,426 1,362 64 
Consumer Wireline3,350 2,256 1,094 881 213 
Total Communications28,857 17,382 11,475 4,730 6,745 
Latin America - Mexico1,063 883 180 177 3 
Segment Total29,920 18,265 11,655 4,907 6,748 
Corporate and Other     
Corporate:
DTV-related retained costs 134 (134)120 (254)
Parent administration support 392 (392)1 (393)
Securitization fees26 165 (139) (139)
Value portfolio82 26 56 4 52 
Total Corporate108 717 (609)125 (734)
Certain significant items 152 (152)15 (167)
Total Corporate and Other108 869 (761)140 (901)
AT&T Inc.$30,028 $19,134 $10,894 $5,047 $5,847 
For the three months ended March 31, 2023
 RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)
Communications     
Mobility$20,582 $12,213 $8,369 $2,098 $6,271 
Business Wireline5,331 3,623 1,708 1,330 378 
Consumer Wireline3,239 2,284 955 861 94 
Total Communications29,152 18,120 11,032 4,289 6,743 
Latin America - Mexico883 738 145 175 (30)
Segment Total30,035 18,858 11,177 4,464 6,713 
Corporate and Other     
Corporate:
DTV-related retained costs 169 (169)144 (313)
Parent administration support(9)374 (383)1 (384)
Securitization fees19 121 (102) (102)
Value portfolio94 28 66 5 61 
Total Corporate104 692 (588)150 (738)
Certain significant items (44)44 17 27 
Total Corporate and Other104 648 (544)167 (711)
AT&T Inc.$30,139 $19,506 $10,633 $4,631 $6,002 
12

AT&T INC.
MARCH 31, 2024

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

The following table is a reconciliation of Segment Operating Income to “Income Before Income Taxes” reported in our consolidated statements of income:
 Three months ended
March 31,
 20242023
Communications$6,745 $6,743 
Latin America3 (30)
Segment Operating Income6,748 6,713 
Reconciling Items:
Corporate(734)(738)
Transaction and other costs(32) 
Amortization of intangibles acquired(15)(17)
Asset impairments and abandonments and restructuring (159) 
Benefit-related gains (losses)39 44 
AT&T Operating Income5,847 6,002 
Interest expense1,724 1,708 
Equity in net income of affiliates295 538 
Other income (expense) — net
451 935 
Income Before Income Taxes$4,869 $5,767 

NOTE 5. REVENUE RECOGNITION

Revenue Categories
The following tables set forth reported revenue by category and by business unit:

For the three months ended March 31, 2024
 Communications 
 MobilityBusiness WirelineConsumer WirelineLatin AmericaCorporate & OtherTotal
Wireless service$15,994 $ $ $690 $ $16,684 
Business service 4,700    4,700 
Broadband  2,722   2,722 
Legacy voice and data  342  62 404 
Other  286  46 332 
Total Service15,994 4,700 3,350 690 108 24,842 
Equipment4,600 213  373  5,186 
Total$20,594 $4,913 $3,350 $1,063 $108 $30,028 

13

AT&T INC.
MARCH 31, 2024

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

For the three months ended March 31, 2023
 Communications 
 MobilityBusiness WirelineConsumer WirelineLatin AmericaCorporate & OtherTotal
Wireless service$15,483 $ $ $591 $ $16,074 
Business service 5,200    5,200 
Broadband  2,527   2,527 
Legacy voice and data  396  83 479 
Other  316  21 337 
Total Service15,483 5,200 3,239 591 104 24,617 
Equipment5,099 131  292  5,522 
Total$20,582 $5,331 $3,239 $883 $104 $30,139 

Deferred Customer Contract Acquisition and Fulfillment Costs
Costs to acquire and fulfill customer contracts, including commissions on service activations for our Mobility, 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:
 March 31,December 31,
Consolidated Balance Sheets20242023
Deferred Acquisition Costs  
Prepaid and other current assets$3,187 $3,233 
Other Assets4,102 4,077 
Total deferred customer contract acquisition costs$7,289 $7,310 
Deferred Fulfillment Costs
Prepaid and other current assets$2,274 $2,340 
Other Assets3,640 3,843 
Total deferred customer contract fulfillment costs$5,914 $6,183 

The following table presents deferred customer contract acquisition and fulfillment cost amortization, which are primarily included in “Selling, general and administrative” and “Other cost of revenues,” respectively, for the three months ended:
 March 31,March 31,
Consolidated Statements of Income20242023
Deferred acquisition cost amortization$894 $830 
Deferred fulfillment cost amortization660 678 
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., trade-in device credits) 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
14

AT&T INC.
MARCH 31, 2024

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

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:
 March 31,December 31,
Consolidated Balance Sheets20242023
Contract asset$6,520 $6,518 
   Current portion in “Prepaid and other current assets”3,627 3,549 
Contract liability3,896 3,994 
   Current portion in “Advanced billings and customer deposits”3,594 3,666 

Our beginning of period contract liability recorded as customer contract revenue during 2024 was $2,675.
 
Remaining Performance Obligations
Remaining performance obligations 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 March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $38,866, of which we expect to recognize approximately 80% by the end of 2025, with the balance recognized thereafter.
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 2024.
 
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.

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AT&T INC.
MARCH 31, 2024

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

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.”
 Three months ended
 March 31,
 20242023
Pension cost:
Service cost – benefits earned during the period$122 $121 
Interest cost on projected benefit obligation396 516 
Expected return on assets(553)(714)
Amortization of prior service credit(22)(33)
Net pension (credit) cost$(57)$(110)
Postretirement cost:
Service cost – benefits earned during the period$5 $6 
Interest cost on accumulated postretirement benefit obligation
77 85 
Expected return on assets(14)(33)
Amortization of prior service credit(482)(618)
Net postretirement (credit) cost$(414)$(560)
Combined net pension and postretirement (credit) cost$(471)$(670)

We also provide senior- and middle-management employees with nonqualified, unfunded supplemental retirement and savings plans. Net supplemental pension benefits costs not included in the table above were $17 and $19 in the first quarter ended 2024 and 2023, respectively.

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, 2023.
 
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AT&T INC.
MARCH 31, 2024

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

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:
 March 31, 2024December 31, 2023
 CarryingFairCarryingFair
 AmountValueAmountValue
Notes and debentures1
$128,533 $121,877 $133,402 $128,474 
Commercial paper2,430 2,430 2,091 2,091 
Investment securities2
2,947