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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 class | Trading Symbol(s) | on which registered |
Common Shares (Par Value $1.00 Per Share) | T | New York Stock Exchange |
Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A | T PRA | New York Stock Exchange |
Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C | T PRC | New York Stock Exchange |
AT&T Inc. 1.450% Global Notes due June 1, 2022 | T 22B | New York Stock Exchange |
AT&T Inc. 2.500% Global Notes due March 15, 2023 | T 23 | New York Stock Exchange |
AT&T Inc. 2.750% Global Notes due May 19, 2023 | T 23C | New York Stock Exchange |
AT&T Inc. Floating Rate Global Notes due September 5, 2023 | T 23D | New York Stock Exchange |
AT&T Inc. 1.050% Global Notes due September 5, 2023 | T 23E | New York Stock Exchange |
AT&T Inc. 1.300% Global Notes due September 5, 2023 | T 23A | New York Stock Exchange |
AT&T Inc. 1.950% Global Notes due September 15, 2023 | T 23F | New York Stock Exchange |
AT&T Inc. 2.400% Global Notes due March 15, 2024 | T 24A | New York Stock Exchange |
AT&T Inc. 3.500% Global Notes due December 17, 2025 | T 25 | New York Stock Exchange |
AT&T Inc. 0.250% Global Notes due March 4, 2026 | T 26E | New York Stock Exchange |
AT&T Inc. 1.800% Global Notes due September 5, 2026 | T 26D | New York Stock Exchange |
AT&T Inc. 2.900% Global Notes due December 4, 2026 | T 26A | New York Stock Exchange |
AT&T Inc. 1.600% Global Notes due May 19, 2028 | T 28C | New York Stock Exchange |
| | | | | | | | |
| | Name of each exchange |
Title of each class | Trading Symbol(s) | on which registered |
AT&T Inc. 2.350% Global Notes due September 5, 2029 | T 29D | New York Stock Exchange |
AT&T Inc. 4.375% Global Notes due September 14, 2029 | T 29B | New York Stock Exchange |
AT&T Inc. 2.600% Global Notes due December 17, 2029 | T 29A | New York Stock Exchange |
AT&T Inc. 0.800% Global Notes due March 4, 2030 | T 30B | New York Stock Exchange |
AT&T Inc. 2.050% Global Notes due May 19, 2032 | T 32A | New York Stock Exchange |
AT&T Inc. 3.550% Global Notes due December 17, 2032 | T 32 | New York Stock Exchange |
AT&T Inc. 5.200% Global Notes due November 18, 2033 | T 33 | New York Stock Exchange |
AT&T Inc. 3.375% Global Notes due March 15, 2034 | T 34 | New York Stock Exchange |
AT&T Inc. 2.450% Global Notes due March 15, 2035 | T 35 | New York Stock Exchange |
AT&T Inc. 3.150% Global Notes due September 4, 2036 | T 36A | New York Stock Exchange |
AT&T Inc. 2.600% Global Notes due May 19, 2038 | T 38C | New York Stock Exchange |
AT&T Inc. 1.800% Global Notes due September 14, 2039 | T 39B | New York Stock Exchange |
AT&T Inc. 7.000% Global Notes due April 30, 2040 | T 40 | New York Stock Exchange |
AT&T Inc. 4.250% Global Notes due June 1, 2043 | T 43 | New York Stock Exchange |
AT&T Inc. 4.875% Global Notes due June 1, 2044 | T 44 | New York Stock Exchange |
AT&T Inc. 4.000% Global Notes due June 1, 2049 | T 49A | New York Stock Exchange |
AT&T Inc. 4.250% Global Notes due March 1, 2050 | T 50 | New York Stock Exchange |
AT&T Inc. 3.750% Global Notes due September 1, 2050 | T 50A | New York Stock Exchange |
AT&T Inc. 5.350% Global Notes due November 1, 2066 | TBB | New York Stock Exchange |
AT&T Inc. 5.625% Global Notes due August 1, 2067 | TBC | New 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 Filer | ☒ | Accelerated Filer | ☐ |
Non-accelerated filer | ☐ | Smaller 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, |
| | | | | 2022 | | 2021 |
Operating Revenues | | | | | | | |
Service | | | | | $ | 32,392 | | | $ | 38,504 | |
Equipment | | | | | 5,713 | | | 5,435 | |
Total operating revenues | | | | | 38,105 | | | 43,939 | |
| | | | | | | |
Operating Expenses | | | | | | | |
Cost of revenues | | | | | | | |
Equipment | | | | | 6,038 | | | 5,556 | |
Broadcast, programming and operations | | | | | 4,313 | | | 7,538 | |
Other cost of revenues (exclusive of depreciation and amortization shown separately below) | | | | | 7,206 | | | 7,993 | |
Selling, general and administrative | | | | | 9,368 | | | 9,382 | |
| | | | | | | |
Depreciation and amortization | | | | | 5,539 | | | 5,809 | |
Total operating expenses | | | | | 32,464 | | | 36,278 | |
Operating Income | | | | | 5,641 | | | 7,661 | |
Other Income (Expense) | | | | | | | |
Interest expense | | | | | (1,722) | | | (1,870) | |
Equity in net income (loss) of affiliates | | | | | 501 | | | 52 | |
Other income (expense) — net | | | | | 2,187 | | | 4,221 | |
Total other income (expense) | | | | | 966 | | | 2,403 | |
Income Before Income Taxes | | | | | 6,607 | | | 10,064 | |
Income tax expense | | | | | 1,443 | | | 2,122 | |
Net Income | | | | | 5,164 | | | 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.
| | | | | | | | | | | | | | | |
AT&T INC. | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | | | | | | |
Dollars in millions | | | | | | | |
(Unaudited) | | | | | | | |
| | | Three months ended |
| | | March 31, |
| | | | | 2022 | | 2021 |
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 income | | | | | 4,925 | | | 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.
| | | | | | | | | | | |
AT&T INC. |
CONSOLIDATED BALANCE SHEETS |
Dollars in millions except per share amounts |
| March 31, | | December 31, |
| 2022 | | 2021 |
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 | |
Inventories | 3,153 | | | 3,464 | |
Prepaid and other current assets | 17,920 | | | 17,793 | |
Total current assets | 76,856 | | | 59,997 | |
Noncurrent Inventories and Theatrical Film and Television Production Costs | 19,803 | | | 18,983 | |
Property, plant and equipment | 323,434 | | | 329,488 | |
Less: accumulated depreciation and amortization | (196,275) | | | (203,584) | |
Property, Plant and Equipment – Net | 127,159 | | | 125,904 | |
Goodwill | 133,247 | | | 133,223 | |
Licenses – Net | 114,107 | | | 113,830 | |
Trademarks and Trade Names – Net | 21,781 | | | 21,938 | |
Distribution Networks – Net | 11,486 | | | 11,942 | |
Other Intangible Assets – Net | 11,452 | | | 11,783 | |
Investments in and Advances to Equity Affiliates | 5,943 | | | 7,274 | |
Operating Lease Right-Of-Use Assets | 23,941 | | | 24,180 | |
Deposits on Wireless Licenses | 9,129 | | | — | |
Other Assets | 22,291 | | | 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 DIRECTV | 1,047 | | | 1,245 | |
Accounts payable and accrued liabilities | 46,845 | | | 50,661 | |
Advanced billings and customer deposits | 5,183 | | | 5,303 | |
Dividends payable | 2,086 | | | 3,749 | |
Total current liabilities | 82,494 | | | 85,588 | |
Long-Term Debt | 180,225 | | | 152,724 | |
Deferred Credits and Other Noncurrent Liabilities | | | |
Deferred income taxes | 65,963 | | | 65,226 | |
Postemployment benefit obligation | 11,294 | | | 12,649 | |
Operating lease liabilities | 20,917 | | | 21,261 | |
Other noncurrent liabilities | 29,746 | | | 30,223 | |
Noncurrent portion of note payable to DIRECTV | — | | | 96 | |
Total deferred credits and other noncurrent liabilities | 127,920 | | | 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 capital | 129,637 | | | 130,112 | |
Retained earnings | 45,041 | | | 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 income | 3,290 | | | 3,529 | |
Noncontrolling interest | 17,520 | | | 17,523 | |
Total stockholders’ equity | 186,556 | | | 183,855 | |
Total Liabilities and Stockholders’ Equity | $ | 577,195 | | | $ | 551,622 | |
See Notes to Consolidated Financial Statements. |
| | | | | | | | | | | |
AT&T INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
Dollars in millions |
(Unaudited) | | | |
| Three months ended |
| March 31, |
| 2022 | | 2021 |
Operating Activities | | | |
Net income | $ | 5,164 | | | $ | 7,942 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 5,539 | | | 5,809 | |
Amortization of film and television costs | 3,009 | | | 2,886 | |
Distributed (undistributed) earnings from investments in equity affiliates | 26 | | | (47) | |
Provision for uncollectible accounts | 460 | | | 321 | |
Deferred income tax expense | 932 | | | 1,848 | |
Net (gain) loss on investments, net of impairments | 93 | | | (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 sales | 541 | | | 1,190 | |
Deferred customer contract acquisition and fulfillment costs | (259) | | | 244 | |
Postretirement claims and contributions | (97) | | | (343) | |
Other - net | (166) | | | (159) | |
Total adjustments | 568 | | | 1,985 | |
Net Cash Provided by Operating Activities | 5,732 | | | 9,927 | |
Investing Activities | | | |
Capital expenditures | (4,748) | | | (4,033) | |
Acquisitions, net of cash acquired | (9,244) | | | (22,884) | |
Dispositions | 11 | | | 51 | |
Distributions from DIRECTV in excess of cumulative equity in earnings | 1,315 | | | — | |
Other - net | 15 | | | 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 less | 2,285 | | | 687 | |
Issuance of other short-term borrowings | 2,593 | | | 15,485 | |
Repayment of other short-term borrowings | (3,407) | | | — | |
Issuance of long-term debt | 30,296 | | | 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 stock | 26 | | | 63 | |
| | | |
| | | |
Dividends paid | (3,749) | | | (3,741) | |
Other - net | (934) | | | (340) | |
Net Cash Provided by Financing Activities | 24,251 | | | 18,483 | |
Net increase in cash and cash equivalents and restricted cash | 17,332 | | | 1,558 | |
Cash and cash equivalents and restricted cash beginning of year | 21,316 | | | 9,870 | |
Cash and Cash Equivalents and Restricted Cash End of Period | $ | 38,648 | | | $ | 11,428 | |
See Notes to Consolidated Financial Statements.
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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, 2022 | | March 31, 2021 |
| | | | | | | | | 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 | | | | | | | | | 7,621 | | | $ | 7,621 | | | 7,621 | | | $ | 7,621 | |
| | | | | | | | | | | | | | | |
Balance at end of period | | | | | | | | | 7,621 | | | $ | 7,621 | | | 7,621 | | | $ | 7,621 | |
Additional Paid-In Capital | | | | | | | | | | | | | | | |
Balance at beginning of period | | | | | | | | | | | $ | 130,112 | | | | | $ | 130,175 | |
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Issuance of treasury stock | | | | | | | | | | | (126) | | | | | (70) | |
Share-based payments | | | | | | | | | | | (349) | | | | | (249) | |
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Balance at end of period | | | | | | | | | | | $ | 129,637 | | | | | $ | 129,856 | |
Retained Earnings | | | | | | | | | | | | | | | |
Balance at beginning of period | | | | | | | | | | | $ | 42,350 | | | | | $ | 37,457 | |
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Net income attributable to AT&T | | | | | | | | | | | 4,810 | | | | | 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.
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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, 2022 | | March 31, 2021 |
| | | | | | | | | Shares | | Amount | | Shares | | Amount |
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 stock | | | | | | | | | 26 | | | 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 | |
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Net income attributable to noncontrolling interest | | | | | | | | | | | 354 | | | | | 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.
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.
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.
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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 |
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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. |
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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.
AT&T INC.
MARCH 31, 2022
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 for the three months ended March 31, 2022 and 2021, is shown in the table below:
| | | | | | | | | | | | | | | | | |
| | | Three months ended |
| | | March 31, |
| | | | | 2022 | | 2021 |
Numerators | | | | | | | |
Numerator for basic earnings per share: | | | | | | | |
Net Income Attributable to Common Stock | | | | | $ | 4,762 | | | $ | 7,500 | |
Dilutive potential common shares: | | | | | | | |
Mobility II preferred interests | | | | | 140 | | | 140 | |
Share-based payment | | | | | 6 | | | 6 | |
Numerator for diluted earnings per share | | | | | $ | 4,908 | | | $ | 7,646 | |
Denominators (000,000) | | | | | | | |
Denominator for basic earnings per share: | | | | | | | |
Weighted average number of common shares outstanding | | |