Attached files
| file | filename |
|---|---|
| 8-K - Q4 2011 EARNINGS 801-8K - AT&T INC. | q4earnings801_8k.htm |
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Financial Data
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AT&T Inc.
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Consolidated Statements of Income
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Dollars in millions except per share amounts
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Unaudited
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Three Months Ended
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Twelve Months Ended
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12/31/2011
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12/31/2010
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% Chg
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12/31/2011
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12/31/2010
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% Chg
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Operating Revenues
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Wireless service
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$ | 14,347 | $ | 13,799 | 4.0 | % | $ | 56,726 | $ | 53,510 | 6.0 | % | ||||||||||||
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Data
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7,598 | 7,091 | 7.1 | % | 29,606 | 27,555 | 7.4 | % | ||||||||||||||||
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Voice
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5,995 | 6,647 | -9.8 | % | 25,131 | 28,332 | -11.3 | % | ||||||||||||||||
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Directory
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781 | 926 | -15.7 | % | 3,293 | 3,935 | -16.3 | % | ||||||||||||||||
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Other
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3,782 | 2,898 | 30.5 | % | 11,967 | 10,948 | 9.3 | % | ||||||||||||||||
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Total Operating Revenues
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32,503 | 31,361 | 3.6 | % | 126,723 | 124,280 | 2.0 | % | ||||||||||||||||
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Operating Expenses
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Cost of services and sales (exclusive of depreciation and
amortization shown separately below)
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17,474 | 13,939 | 25.4 | % | 57,374 | 52,379 | 9.5 | % | ||||||||||||||||
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Selling, general and administrative
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16,536 | 10,342 | 59.9 | % | 38,844 | 32,864 | 18.2 | % | ||||||||||||||||
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Impairment of intangible assets
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2,910 | 85 | - | 2,910 | 85 | - | ||||||||||||||||||
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Depreciation and amortization
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4,573 | 4,907 | -6.8 | % | 18,377 | 19,379 | -5.2 | % | ||||||||||||||||
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Total Operating Expenses
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41,493 | 29,273 | 41.7 | % | 117,505 | 104,707 | 12.2 | % | ||||||||||||||||
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Operating Income (Loss)
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(8,990 | ) | 2,088 | - | 9,218 | 19,573 | -52.9 | % | ||||||||||||||||
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Interest Expense
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952 | 746 | 27.6 | % | 3,535 | 2,994 | 18.1 | % | ||||||||||||||||
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Equity in Net Income of Affiliates
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135 | 133 | 1.5 | % | 784 | 762 | 2.9 | % | ||||||||||||||||
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Other Income (Expense) - Net
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117 | 72 | 62.5 | % | 249 | 897 | -72.2 | % | ||||||||||||||||
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Income (Loss) from Continuing Operations Before Income Taxes
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(9,690 | ) | 1,547 | - | 6,716 | 18,238 | -63.2 | % | ||||||||||||||||
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Income Tax (Benefit) Expense
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(3,062 | ) | 388 | - | 2,532 | (1,162 | ) | - | ||||||||||||||||
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Income (Loss) from Continuing Operations
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(6,628 | ) | 1,159 | - | 4,184 | 19,400 | -78.4 | % | ||||||||||||||||
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Income from Discontinued Operations, net of tax
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- | 2 | - | - | 779 | - | ||||||||||||||||||
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Net Income (Loss)
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(6,628 | ) | 1,161 | - | 4,184 | 20,179 | -79.3 | % | ||||||||||||||||
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Less: Net Income Attributable to Noncontrolling Interest
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(50 | ) | (72 | ) | 30.6 | % | (240 | ) | (315 | ) | 23.8 | % | ||||||||||||
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Net Income (Loss) Attributable to AT&T
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$ | (6,678 | ) | $ | 1,089 | - | $ | 3,944 | $ | 19,864 | -80.1 | % | ||||||||||||
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Basic Earnings (Loss) Per Share from Continuing
Operations Attributable to AT&T
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$ | (1.12 | ) | $ | 0.18 | - | $ | 0.66 | $ | 3.23 | -79.6 | % | ||||||||||||
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Basic Earnings Per Share from Discontinued
Operations Attributable to AT&T
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- | - | - | - | 0.13 | - | ||||||||||||||||||
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Basic Earnings (Loss) Per Share Attributable to AT&T
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$ | (1.12 | ) | $ | 0.18 | - | $ | 0.66 | $ | 3.36 | -80.4 | % | ||||||||||||
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Weighted Average Common
Shares Outstanding (000,000)
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5,933 | 5,915 | 0.3 | % | 5,928 | 5,913 | 0.3 | % | ||||||||||||||||
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Diluted Earnings (Loss) Per Share from Continuing
Operations Attributable to AT&T
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$ | (1.12 | ) | $ | 0.18 | - | $ | 0.66 | $ | 3.22 | -79.5 | % | ||||||||||||
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Diluted Earnings Per Share from Discontinued
Operations Attributable to AT&T
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- | - | - | - | 0.13 | - | ||||||||||||||||||
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Diluted Earnings (Loss) Per Share Attributable to AT&T
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$ | (1.12 | ) | $ | 0.18 | - | $ | 0.66 | $ | 3.35 | -80.3 | % | ||||||||||||
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Weighted Average Common
Shares Outstanding with Dilution (000,000)
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5,955 | 5,941 | 0.2 | % | 5,950 | 5,938 | 0.2 | % | ||||||||||||||||
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Financial Data
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AT&T Inc.
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Statements of Segment Income
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Dollars in millions
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Unaudited
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Three Months Ended
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Twelve Months Ended
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Wireless
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12/31/2011
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12/31/2010
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% Chg
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12/31/2011
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12/31/2010
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% Chg
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Segment Operating Revenues
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Service
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$ | 14,347 | $ | 13,799 | 4.0 | % | $ | 56,726 | $ | 53,510 | 6.0 | % | ||||||||||||||
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Equipment
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2,348 | 1,382 | 69.9 | % | 6,486 | 4,990 | 30.0 | % | ||||||||||||||||||
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Total Segment Operating Revenues
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16,695 | 15,181 | 10.0 | % | 63,212 | 58,500 | 8.1 | % | ||||||||||||||||||
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Segment Operating Expenses
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Operations and support
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12,574 | 9,988 | 25.9 | % | 41,581 | 36,746 | 13.2 | % | ||||||||||||||||||
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Depreciation and amortization
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1,587 | 1,721 | -7.8 | % | 6,324 | 6,497 | -2.7 | % | ||||||||||||||||||
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Total Segment Operating Expenses
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14,161 | 11,709 | 20.9 | % | 47,905 | 43,243 | 10.8 | % | ||||||||||||||||||
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Segment Operating Income
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2,534 | 3,472 | -27.0 | % | 15,307 | 15,257 | 0.3 | % | ||||||||||||||||||
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Equity in Net Income (Loss) of Affiliates
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(10 | ) | (5 | ) | - | (29 | ) | 9 | - | |||||||||||||||||
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Segment Income
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$ | 2,524 | $ | 3,467 | -27.2 | % | $ | 15,278 | $ | 15,266 | 0.1 | % | ||||||||||||||
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Segment Operating Income Margin
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15.2 | % |
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22.9 | % | 24.2 | % |
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26.1 | % | ||||||||||||||||
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Wireline
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Segment Operating Revenues
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Data
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$ | 7,598 | $ | 7,091 | 7.1 | % | $ | 29,606 | $ | 27,555 | 7.4 | % | ||||||||||||||
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Voice
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5,995 | 6,647 | -9.8 | % | 25,131 | 28,332 | -11.3 | % | ||||||||||||||||||
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Other
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1,326 | 1,390 | -4.6 | % | 5,028 | 5,413 | -7.1 | % | ||||||||||||||||||
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Total Segment Operating Revenues
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14,919 | 15,128 | -1.4 | % | 59,765 | 61,300 | -2.5 | % | ||||||||||||||||||
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Segment Operating Expenses
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Operations and support
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10,250 | 10,075 | 1.7 | % | 40,879 | 41,096 | -0.5 | % | ||||||||||||||||||
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Depreciation and amortization
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2,889 | 3,091 | -6.5 | % | 11,615 | 12,371 | -6.1 | % | ||||||||||||||||||
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Total Segment Operating Expenses
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13,139 | 13,166 | -0.2 | % | 52,494 | 53,467 | -1.8 | % | ||||||||||||||||||
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Segment Operating Income
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1,780 | 1,962 | -9.3 | % | 7,271 | 7,833 | -7.2 | % | ||||||||||||||||||
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Equity in Net Income of Affiliates
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- | 4 | - | - | 11 | - | ||||||||||||||||||||
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Segment Income
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$ | 1,780 | $ | 1,966 | -9.5 | % | $ | 7,271 | $ | 7,844 | -7.3 | % | ||||||||||||||
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Segment Operating Income Margin
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11.9 | % |
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13.0 | % | 12.2 | % |
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12.8 | % | ||||||||||||||||
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Advertising Solutions
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Segment Operating Revenues
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$ | 781 | $ | 926 | -15.7 | % | $ | 3,293 | $ | 3,935 | -16.3 | % | ||||||||||||||
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Segment Operating Expenses
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Operations and support
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558 | 626 | -10.9 | % | 2,264 | 2,583 | -12.3 | % | ||||||||||||||||||
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Impairment of Intangible Assets
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2,910 | - | - | 2,910 | - | - | ||||||||||||||||||||
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Depreciation and amortization
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85 | 104 | -18.3 | % | 386 | 497 | -22.3 | % | ||||||||||||||||||
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Total Segment Operating Expenses
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3,553 | 730 | - | 5,560 | 3,080 | 80.5 | % | |||||||||||||||||||
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Segment Income (Loss)
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$ | (2,772 | ) | $ | 196 | - | $ | (2,267 | ) | $ | 855 | - | ||||||||||||||
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Segment Income Margin
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- | 21.2 | % | (68.8 | ) |
%
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21.7 | % | ||||||||||||||||||
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Other
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Segment Operating Revenues
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$ | 108 | $ | 126 | -14.3 | % | $ | 453 | $ | 545 | -16.9 | % | ||||||||||||||
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Segment Operating Expenses
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4,360 | 1,147 | - | 5,266 | 2,396 | - | ||||||||||||||||||||
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Segment Operating Loss
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(4,252 | ) | (1,021 | ) | - | (4,813 | ) | (1,851 | ) | - | ||||||||||||||||
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Equity in Net Income of Affiliates
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145 | 134 | 8.2 | % | 813 | 742 | 9.6 | % | ||||||||||||||||||
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Segment Loss from Continuing Operations
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$ | (4,107 | ) | $ | (887 | ) | - | $ | (4,000 | ) | $ | (1,109 | ) | - | ||||||||||||
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Financial Data
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AT&T Inc.
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Consolidated Balance Sheets
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Dollars in millions except per share amounts
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| 12/31/11 | 12/31/10 | ||||||
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Unaudited
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Assets
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Current Assets
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Cash and cash equivalents
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$ | 3,185 | $ | 1,437 | |||
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Accounts receivable - net of allowances for
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doubtful accounts of $878 and $957
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13,606 | 13,610 | |||||
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Prepaid expenses
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1,155 | 1,458 | |||||
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Deferred income taxes
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1,470 | 1,170 | |||||
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Other current assets
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3,611 | 3,179 | |||||
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Total current assets
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23,027 | 20,854 | |||||
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Property, Plant and Equipment - Net
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107,087 | 103,196 | |||||
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Goodwill
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70,842 | 73,601 | |||||
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Licenses
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51,374 | 50,372 | |||||
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Customer Lists and Relationships - Net
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2,757 | 4,708 | |||||
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Other Intangible Assets - Net
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5,212 | 5,440 | |||||
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Investments in Equity Affiliates
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3,718 | 4,515 | |||||
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Other Assets
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6,327 | 6,705 | |||||
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Total Assets
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$ | 270,344 | $ | 269,391 | |||
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Liabilities and Stockholders' Equity
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Current Liabilities
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Debt maturing within one year
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$ | 3,453 | $ | 7,196 | |||
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Accounts payable and accrued liabilities
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19,858 | 20,055 | |||||
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Advanced billing and customer deposits
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3,872 | 4,086 | |||||
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Accrued taxes
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1,003 | 975 | |||||
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Dividends payable
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2,608 | 2,542 | |||||
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Total current liabilities
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30,794 | 34,854 | |||||
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Long-Term Debt
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61,300 | 58,971 | |||||
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Deferred Credits and Other Noncurrent Liabilities
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Deferred income taxes
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25,748 | 22,070 | |||||
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Postemployment benefit obligation
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34,011 | 28,803 | |||||
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Other noncurrent liabilities
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12,694 | 12,743 | |||||
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Total deferred credits and other noncurrent liabilities
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72,453 | 63,616 | |||||
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Stockholders' Equity
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Common stock
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6,495 | 6,495 | |||||
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Additional paid-in capital
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91,156 | 91,731 | |||||
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Retained earnings
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25,453 | 31,792 | |||||
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Treasury stock
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(20,750 | ) | (21,083 | ) | |||
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Accumulated other comprehensive income
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3,180 | 2,712 | |||||
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Noncontrolling interest
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263 | 303 | |||||
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Total stockholders' equity
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105,797 | 111,950 | |||||
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Total Liabilities and Stockholders' Equity
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$ | 270,344 | $ | 269,391 | |||
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Financial Data
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AT&T Inc.
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Consolidated Statements of Cash Flows
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Dollars in millions
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Unaudited
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Twelve Months Ended
|
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12/31/11
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12/31/10
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12/31/09
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Operating Activities
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Net income
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$ | 4,184 | $ | 20,179 | $ | 12,447 | |||
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Adjustments to reconcile net income to
|
|||||||||
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net cash provided by operating activities:
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Depreciation and amortization
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18,377 | 19,379 | 19,515 | ||||||
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Undistributed earnings from investments in equity affiliates
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(623 | ) | (603 | ) | (419 | ) | |||
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Provision for uncollectible accounts
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1,136 | 1,334 | 1,762 | ||||||
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Deferred income tax expense (benefit) and noncurrent
|
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unrecognized tax benefits
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2,937 | (3,280 | ) | 1,885 | |||||
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Net gain from impairment and sale of investments
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(89 | ) | (802 | ) | - | ||||
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Impairment of intangible assets
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2,910 | 85 | - | ||||||
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Remeasurement of pension and postretirement benefits
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6,280 | 2,521 | 215 | ||||||
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Income from discontinued operations
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- | (779 | ) | (20 | ) | ||||
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Changes in operating assets and liabilities:
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Accounts receivable
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(1,133 | ) | (99 | ) | (490 | ) | |||
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Other current assets
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(428 | ) | (187 | ) | (617 | ) | |||
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Accounts payable and accrued liabilities
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(383 | ) | (1,508 | ) | 943 | ||||
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Retirement benefit funding
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(1,000 | ) | - | - | |||||
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Other - net
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2,480 | (1,247 | ) | (816 | ) | ||||
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Total adjustments
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30,464 | 14,814 | 21,958 | ||||||
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Net Cash Provided by Operating Activities
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34,648 | 34,993 | 34,405 | ||||||
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Investing Activities
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Construction and capital expenditures:
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Capital expenditures
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(20,110 | ) | (19,530 | ) | (16,554 | ) | |||
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Interest during construction
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(162 | ) | (772 | ) | (740 | ) | |||
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Acquisitions, net of cash acquired
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(2,368 | ) | (2,906 | ) | (983 | ) | |||
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Dispositions
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1,301 | 1,830 | 287 | ||||||
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(Purchases) and sales of securities, net
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62 | (100 | ) | 55 | |||||
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Other
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27 | 29 | 52 | ||||||
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Net Cash Used in Investing Activities
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(21,250 | ) | (21,449 | ) | (17,883 | ) | |||
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Financing Activities
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Net change in short-term borrowings with
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original maturities of three months or less
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(1,625 | ) | 1,592 | (3,910 | ) | ||||
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Issuance of long-term debt
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7,936 | 2,235 | 8,161 | ||||||
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Repayment of long-term debt
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(7,574 | ) | (9,294 | ) | (8,652 | ) | |||
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Issuance of treasury shares
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237 | 50 | 28 | ||||||
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Dividends paid
|
(10,172 | ) | (9,916 | ) | (9,670 | ) | |||
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Other
|
(452 | ) | (515 | ) | (465 | ) | |||
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Net Cash Used in Financing Activities
|
(11,650 | ) | (15,848 | ) | (14,508 | ) | |||
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Net increase (decrease) in cash and cash equivalents
|
1,748 | (2,304 | ) | 2,014 | |||||
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Cash and cash equivalents beginning of year
|
1,437 | 3,741 | 1,727 | ||||||
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Cash and Cash Equivalents End of Year
|
$ | 3,185 | $ | 1,437 | $ | 3,741 | |||
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Financial Data
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AT&T Inc.
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Supplementary Operating and Financial Data
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Dollars in millions except per share amounts
|
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Unaudited
|
Three Months Ended
|
Twelve Months Ended
|
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12/31/2011
|
12/31/2010
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% Chg
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12/31/2011
|
12/31/2010
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% Chg
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Wireless
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Volumes (000)
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Total
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103,247 | 95,536 | 8.1 | % | ||||||||||||||||||||||
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Postpaid6
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69,309 | 68,041 | 1.9 | % | ||||||||||||||||||||||
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Prepaid6
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7,225 | 6,524 | 10.7 | % | ||||||||||||||||||||||
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Reseller6
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13,644 | 11,645 | 17.2 | % | ||||||||||||||||||||||
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Connected Devices6
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13,069 | 9,326 | 40.1 | % | ||||||||||||||||||||||
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Wireless Net Adds (000)
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Total
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2,497 | 2,803 | -10.9 | % | 7,699 | 8,853 | -13.0 | % | ||||||||||||||||||
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Postpaid6
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717 | 400 | 79.3 | % | 1,429 | 2,153 | -33.6 | % | ||||||||||||||||||
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Prepaid6
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159 | 307 | -48.2 | % | 674 | 952 | -29.2 | % | ||||||||||||||||||
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Reseller6
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592 | 595 | -0.5 | % | 1,874 | 1,140 | 64.4 | % | ||||||||||||||||||
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Connected Devices6
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1,029 | 1,501 | -31.4 | % | 3,722 | 4,608 | -19.2 | % | ||||||||||||||||||
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M&A Activity, Partitioned Customers and Other Adjs.
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12 | (28 | ) | - | 12 | 1,563 | -99.2 | % | ||||||||||||||||||
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Wireless Churn
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Postpaid Churn6
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1.21 | % | 1.15 | % |
6 BP
|
1.18 | % | 1.09 | % |
9 BP
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Total Churn6
|
1.39 | % | 1.32 | % |
7 BP
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1.37 | % | 1.31 | % |
6 BP
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Other
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Licensed POPs (000,000)
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313 | 308 | 1.6 | % | ||||||||||||||||||||||
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In-Region Wireline1
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Voice
|
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Total Wireline Voice Connections
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39,012 | 43,563 | -10.4 | % | ||||||||||||||||||||||
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Net Change
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(1,086 | ) | (1,233 | ) | 11.9 | % | (4,551 | ) | (4,925 | ) | 7.6 | % | ||||||||||||||
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Broadband
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Total Wireline Broadband Connections
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16,427 | 16,309 | 0.7 | % | ||||||||||||||||||||||
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Net Change
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(49 | ) | 209 | - | 118 | 520 | -77.3 | % | ||||||||||||||||||
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Video
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U-verse
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3,791 | 2,987 | 26.9 | % | ||||||||||||||||||||||
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Satellite
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1,765 | 1,930 | -8.5 | % | ||||||||||||||||||||||
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Total Video Connections
|
5,556 | 4,917 | 13.0 | % | ||||||||||||||||||||||
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Net Change
|
164 | 182 | -9.9 | % | 639 | 678 | -5.8 | % | ||||||||||||||||||
|
Consumer Revenue Connections
|
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Broadband3
|
14,492 | 14,320 | 1.2 | % | ||||||||||||||||||||||
|
Video Connections4
|
5,542 | 4,912 | 12.8 | % | ||||||||||||||||||||||
|
Voice2
|
21,232 | 24,195 | -12.2 | % | ||||||||||||||||||||||
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Total Consumer Revenue Connections
|
41,266 | 43,427 | -5.0 | % | ||||||||||||||||||||||
|
Net Change
|
(586 | ) | (306 | ) | -91.5 | % | (2,161 | ) | (1,861 | ) | -16.1 | % | ||||||||||||||
|
AT&T Inc.
|
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|
Construction and capital expenditures
|
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|
Capital expenditures
|
$ | 5,485 | $ | 6,360 | -13.8 | % | $ | 20,110 | $ | 19,530 | 3.0 | % | ||||||||||||||
|
Interest during construction
|
$ | 43 | $ | 195 | -77.9 | % | $ | 162 | $ | 772 | -79.0 | % | ||||||||||||||
|
Dividends Declared per Share
|
$ | 0.44 | $ | 0.43 | 2.3 | % | $ | 1.73 | $ | 1.69 | 2.4 | % | ||||||||||||||
|
End of Period Common Shares Outstanding (000,000)
|
5,927 | 5,911 | 0.3 | % | ||||||||||||||||||||||
|
Debt Ratio5
|
38.0 | % | 37.1 | % |
90 BP
|
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|
Total Employees
|
256,420 | 266,590 | -3.8 | % | ||||||||||||||||||||||
|
1
|
In-region wireline represents access lines served by AT&T's incumbent local exchange companies.
|
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2
|
Includes consumer U-verse Voice over Internet Protocol connections of 2,278 as of December 31, 2011.
|
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3
|
Consumer wireline broadband connections include DSL lines, U-verse High Speed Internet access and satellite broadband.
|
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4
|
Video connections include sales under agency agreements with EchoStar and DirecTV customers and U-verse connections.
|
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5
|
Total long-term debt plus debt maturing within one year divided by total debt plus total stockholders' equity.
|
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|
6
|
Prior year amounts restated to conform to current period reporting methodology.
|
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|
Note: For the end of 4Q11, total switched access lines were 36,734, retail business switched access lines totaled 15,613, and wholesale
|
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|
and coin switched access lines totaled 2,167.
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