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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, 2023

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

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

AT&T INC.

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

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

Securities registered pursuant to Section 12(b) of the Act
  Name of each exchange
Title of each classTrading Symbol(s)on which registered
Common Shares (Par Value $1.00 Per Share)TNew York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a
share of 5.000% Perpetual Preferred Stock, Series A
T PRANew York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a
share of 4.750% Perpetual Preferred Stock, Series C
T PRCNew York Stock Exchange
AT&T Inc. 2.500% Global Notes due March 15, 2023T 23New York Stock Exchange
AT&T Inc. 2.750% Global Notes due May 19, 2023T 23CNew York Stock Exchange
AT&T Inc. Floating Rate Global Notes due September 5, 2023T 23DNew York Stock Exchange
AT&T Inc. 1.050% Global Notes due September 5, 2023T 23ENew York Stock Exchange
AT&T Inc. 1.300% Global Notes due September 5, 2023T 23ANew York Stock Exchange
AT&T Inc. 1.950% Global Notes due September 15, 2023T 23FNew York Stock Exchange
AT&T Inc. 2.400% Global Notes due March 15, 2024T 24ANew York Stock Exchange
AT&T Inc. Floating Rate Global Notes due March 6, 2025T 25ANew York Stock Exchange
AT&T Inc. 3.500% Global Notes due December 17, 2025T 25New York Stock Exchange
AT&T Inc. 0.250% Global Notes due March 4, 2026T 26ENew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 5, 2026T 26DNew York Stock Exchange
AT&T Inc. 2.900% Global Notes due December 4, 2026T 26ANew York Stock Exchange
AT&T Inc. 1.600% Global Notes due May 19, 2028T 28CNew York Stock Exchange

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§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.
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 25, 2023, there were 7,149 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,
 20232022
Operating Revenues  
Service$24,617 $23,999 
Equipment5,522 5,713 
Total operating revenues30,139 29,712 
Operating Expenses
Cost of revenues
Equipment5,658 6,036 
Other cost of revenues (exclusive of depreciation and
amortization shown separately below)
6,673 6,699 
Selling, general and administrative7,175 6,978 
Depreciation and amortization4,631 4,462 
Total operating expenses24,137 24,175 
Operating Income6,002 5,537 
Other Income (Expense)
Interest expense(1,708)(1,626)
Equity in net income of affiliates538 521 
Other income (expense) — net
935 2,157 
Total other income (expense)(235)1,052 
Income from Continuing Operations Before Income Taxes5,767 6,589 
Income tax expense on continuing operations1,314 1,440 
Income from Continuing Operations4,453 5,149 
Income from discontinued operations, net of tax
 15 
Net Income4,453 5,164 
Less: Net Income Attributable to Noncontrolling Interest(225)(354)
Net Income Attributable to AT&T$4,228 $4,810 
Less: Preferred Stock Dividends(52)(48)
Net Income Attributable to Common Stock$4,176 $4,762 
Basic Earnings Per Share from continuing operations$0.58 $0.66 
Basic Earnings Per Share from discontinued operations$ $ 
Basic Earnings Per Share Attributable to Common Stock$0.58 $0.66 
Diluted Earnings Per Share from continuing operations$0.57 $0.65 
Diluted Earnings Per Share from discontinued operations$ $ 
Diluted Earnings Per Share Attributable to Common Stock$0.57 $0.65 
Weighted Average Number of Common Shares
Outstanding — Basic (in millions)
7,168 7,184 
Weighted Average Number of Common Shares
Outstanding with Dilution (in millions)
7,474 7,556 
See Notes to Consolidated Financial Statements.
3


AT&T INC.  
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
Dollars in millions  
(Unaudited)  
 Three months ended
 March 31,
 20232022
Net income$4,453 $5,164 
Other comprehensive income (loss), net of tax:
Foreign currency:
Translation adjustment, net of taxes of $52 and $5
193 19 
Securities:
Net unrealized gains (losses), net of taxes of $8 and $(23)
23 (69)
Reclassification adjustment included in net income, net of taxes of $1 and $1
3 3 
Derivative instruments:
Net unrealized gains (losses), net of taxes of $(43) and $69
(152)258 
Reclassification adjustment included in net income, net of taxes of $3 and $4
12 15 
Defined benefit postretirement plans:
Amortization of net prior service credit included in net income, net of taxes of
$(160) and $(152)
(491)(465)
Other comprehensive income (loss)(412)(239)
Total comprehensive income4,041 4,925 
Less: Total comprehensive income attributable to
noncontrolling interest
(225)(354)
Total Comprehensive Income Attributable to AT&T$3,816 $4,571 
See Notes to Consolidated Financial Statements.

4


AT&T INC.
CONSOLIDATED BALANCE SHEETS
Dollars in millions except per share amounts
(Unaudited)
March 31,December 31,
 20232022
Assets
Current Assets  
Cash and cash equivalents$2,821 $3,701 
Accounts receivable – net of related allowances for credit loss of $619 and $588
10,214 11,466 
Inventories2,791 3,123 
Prepaid and other current assets14,077 14,818 
Total current assets29,903 33,108 
Property, plant and equipment330,486 329,630 
Less: accumulated depreciation and amortization(202,028)(202,185)
Property, Plant and Equipment – Net128,458 127,445 
Goodwill – Net67,895 67,895 
Licenses – Net124,502 124,092 
Other Intangible Assets – Net5,346 5,354 
Investments in and Advances to Equity Affiliates2,810 3,533 
Operating Lease Right-Of-Use Assets21,619 21,814 
Other Assets20,340 19,612 
Total Assets$400,873 $402,853 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$13,757 $7,467 
Note payable to DIRECTV 130 
Accounts payable and accrued liabilities38,389 42,644 
Advanced billings and customer deposits3,922 3,918 
Dividends payable2,082 2,014 
Total current liabilities58,150 56,173 
Long-Term Debt123,727 128,423 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes57,294 57,032 
Postemployment benefit obligation7,060 7,260 
Operating lease liabilities18,413 18,659 
Other noncurrent liabilities27,883 28,849 
Total deferred credits and other noncurrent liabilities110,650 111,800 
Stockholders’ Equity
Preferred stock ($1 par value, 10,000,000 authorized at March 31, 2023 and December 31, 2022):
Series A (48,000 issued and outstanding at March 31, 2023 and December 31, 2022)
  
Series B (20,000 issued and outstanding at March 31, 2023 and December 31, 2022)
  
Series C (70,000 issued and outstanding at March 31, 2023 and December 31, 2022)
  
Common stock ($1 par value, 14,000,000,000 authorized at March 31, 2023 and
December 31, 2022: issued 7,620,748,598 at March 31, 2023 and December 31, 2022)
7,621 7,621 
Additional paid-in capital120,774 123,610 
Retained (deficit) earnings(15,187)(19,415)
Treasury stock (471,514,050 at March 31, 2023 and 493,156,816 at December 31, 2022, at cost)
(16,166)(17,082)
Accumulated other comprehensive income2,354 2,766 
Noncontrolling interest8,950 8,957 
Total stockholders’ equity108,346 106,457 
Total Liabilities and Stockholders’ Equity$400,873 $402,853 
See Notes to Consolidated Financial Statements.
5


AT&T INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
(Unaudited)  
 Three months ended
 March 31,
 20232022
Operating Activities  
Income from continuing operations$4,453 $5,149 
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
   Depreciation and amortization4,631 4,462 
   Provision for uncollectible accounts477 430 
   Deferred income tax expense529 1,150 
   Net (gain) loss on investments, net of impairments(93)87 
   Pension and postretirement benefit expense (credit)(670)(940)
Actuarial (gain) loss on pension and postretirement benefits (1,053)
Changes in operating assets and liabilities:
   Receivables620 864 
   Other current assets364 244 
   Accounts payable and other accrued liabilities(3,409)(2,651)
   Equipment installment receivables and related sales(243)541 
   Deferred customer contract acquisition and fulfillment costs(22)(259)
Postretirement claims and contributions(89)(97)
Other - net130 (297)
Total adjustments2,225 2,481 
Net Cash Provided by Operating Activities from Continuing Operations6,678 7,630 
Investing Activities
Capital expenditures(4,335)(4,568)
Acquisitions, net of cash acquired(291)(9,244)
Dispositions15 7 
Distributions from DIRECTV in excess of cumulative equity in earnings774 1,315 
Other - net19 32 
Net Cash Used in Investing Activities from Continuing Operations(3,818)(12,458)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less(536)2,285 
Issuance of other short-term borrowings3,627 2,593 
Repayment of other short-term borrowings (3,407)
Issuance of long-term debt3,366 479 
Repayment of long-term debt(5,945)(790)
Repayment of note payable to DIRECTV(130)(294)
Payment of vendor financing(2,113)(1,566)
Purchase of treasury stock(188)(197)
Issuance of treasury stock3 26 
Dividends paid(2,014)(3,749)
Other - net219 (930)
Net Cash Used in Financing Activities from Continuing Operations(3,711)(5,550)
Net decrease in cash and cash equivalents and restricted cash from continuing operations(851)(10,378)
Cash flows from Discontinued Operations:
Cash (used in) provided by operating activities (1,898)
Cash provided by (used in) investing activities (193)
Cash provided by (used in) financing activities 29,801 
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations 27,710 
Net (decrease) increase in cash and cash equivalents and restricted cash$(851)$17,332 
Cash and cash equivalents and restricted cash beginning of year3,793 21,316 
Cash and Cash Equivalents and Restricted Cash End of Period$2,942 $38,648 
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, 2023March 31, 2022
 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$123,610 $130,112 
Preferred stock dividends(98) 
Common stock dividends ($0.2775 per share in 2023)
(2,002) 
Issuance of treasury stock(365)(126)
Share-based payments(371)(349)
Balance at end of period$120,774 $129,637 
Retained (Deficit) Earnings
Balance at beginning of period$(19,415)$42,350 
Net income attributable to AT&T4,228 4,810 
Preferred stock dividends (99)
Common stock dividends ($0.2775 per share in 2022)
 (2,020)
Balance at end of period$(15,187)$45,041 
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, 2023March 31, 2022
 SharesAmountSharesAmount
Treasury Stock    
Balance at beginning of period(493)$(17,082)(480)$(17,280)
Repurchase and acquisition of common stock(10)(188)(8)(197)
Reissuance of treasury stock31 1,104 26 924 
Balance at end of period(472)$(16,166)(462)$(16,553)
Accumulated Other Comprehensive Income
Attributable to AT&T, net of tax
Balance at beginning of period$2,766 $3,529 
Other comprehensive income attributable to AT&T(412)(239)
Balance at end of period$2,354 $3,290 
Noncontrolling Interest
Balance at beginning of period$8,957 $17,523 
Net income attributable to noncontrolling interest225 354 
Redemption of noncontrolling interest (16)
Distributions(232)(341)
Balance at end of period$8,950 $17,520 
Total Stockholders' Equity at beginning of period$106,457 $183,855 
Total Stockholders' Equity at end of period$108,346 $186,556 
See Notes to Consolidated Financial Statements.

8

AT&T INC.
MARCH 31, 2023

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, 2022. 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. Certain prior period amounts have been conformed to the current period’s presentation. Unless otherwise noted, the information in Notes 1 through 13 refer only to our continuing operations and do not include discussion of balances or activity of WarnerMedia, Vrio, Xandr and Playdemic Ltd., which were part of discontinued operations.

Accounting Policies, Adopted and Pending Accounting Standards and Other Changes

Supplier Finance Obligations As of January 1, 2023, we adopted, with retrospective application, the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) No. 2022-04, “Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations” (ASU 2022-04), which establishes interim and annual reporting disclosure requirements about a company’s supplier finance programs for its purchase of goods and services. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a rollforward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. The annual rollforward requirement becomes effective for annual periods beginning after December 15, 2023, with prospective application. The standard allows early adoption of this requirement. In the year of adoption, the disclosure of payment and other key terms under the programs and outstanding balances under the obligations also applies to interim reporting dates.


9

AT&T INC.
MARCH 31, 2023

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, 2023 and 2022, is shown in the table below:
 Three months ended
 March 31,
 20232022
Numerators  
Numerator for basic earnings per share:  
Income from continuing operations, net of tax$4,453 $5,149 
Net income from continuing operations attributable to noncontrolling interests(225)(354)
Preferred Stock Dividends(52)(48)
Income from continuing operations attributable to common stock4,176 4,747 
Income from discontinued operations attributable to common stock 15 
Net Income Attributable to Common Stock$4,176 $4,762 
Dilutive potential common shares:
Mobility preferred interests72 140 
Share-based payment4 6 
Numerator for diluted earnings per share$4,252 $4,908 
Denominators (000,000)
Denominator for basic earnings per share:
Weighted average number of common shares outstanding7,168 7,184 
Dilutive potential common shares:
Mobility preferred interests (in shares)284 337 
Share-based payment (in shares)22 35 
Denominator for diluted earnings per share7,474 7,556 

Under 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 our Series A Cumulative Perpetual Preferred Membership Interests in AT&T Mobility II LLC (Mobility preferred interests) in stock is reflected in our diluted earnings per share calculation. While our intent is to settle the Mobility preferred interests in cash, the ability to settle this instrument in AT&T shares will result in additional dilutive impact, the magnitude of which is influenced by the fair value of the Mobility preferred interests and the average AT&T common stock price during the reporting period, which could vary from period-to-period. On April 5, 2023, we repurchased the remaining Mobility preferred interests and our calculation of diluted earnings per share will not reflect the dilutive potential of these instruments for the quarterly periods after the repurchase.
10

AT&T INC.
MARCH 31, 2023

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, 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 $2,354 
 Foreign Currency Translation Adjustment Net Unrealized Gains (Losses) on Securities Net Unrealized Gains (Losses) on Derivative Instruments Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2021$(1,964)$45 $(1,422)$6,870 $3,529 
Other comprehensive income
(loss) before reclassifications
19 (69)258  208 
Amounts reclassified from
accumulated OCI
 13 115 2(465)3(447)
Net other comprehensive
income (loss)
19 (66)273 (465)(239)
Balance as of March 31, 2022$(1,945)$(21)$(1,149)$6,405 $3,290 
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.

11

AT&T INC.
MARCH 31, 2023

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

Effective for the first quarter of 2023, we no longer record prior service credits to our individual business units or the corresponding charge to Corporate and Other, and segment operating expenses were recast to remove prior service credits from our historical reporting. Prior service credits are, and will continue to be, recorded as other income in our consolidated income statement in accordance with GAAP. This recast increased Communications segment operations and support expenses by approximately $2,400 for full-year 2022. Correspondingly, this recast lowered administrative expenses within Corporate and Other, with no change on a consolidated basis.

The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. Our business strategies reflect bundled product offerings that cut across product lines and utilize shared assets. This segment contains the following business units:
Mobility provides nationwide wireless service and equipment.
Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, as well as traditional voice and data services and related equipment to business customers.
Consumer Wireline provides broadband services, including fiber connections that now provide our multi-gig services to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.

The Latin America segment provides wireless services and equipment in Mexico.
 
Corporate and Other reconciles our segment results to consolidated operating income and income before income taxes.

Corporate includes:
DTV-related retained costs, which are costs previously allocated to the Video business that were retained after the transaction, net of reimbursements from DIRECTV under transition service agreements.
Parent administration support, which includes costs borne by AT&T where the business units do not influence decision making.
Securitization fees associated with our sales of receivables (see Note 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 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.
12

AT&T INC.
MARCH 31, 2023

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

For the three months ended March 31, 2023
 RevenuesOperations
and Support
Expenses
EBITDADepreciation
and
Amortization
Operating
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