Document and Entity Information
Document and Entity Information - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-8610 | |
Entity Registrant Name | AT&T INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1301883 | |
Entity Address, Address Line One | 208 S. Akard St. | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75202 | |
City Area Code | 210 | |
Local Phone Number | 821-4105 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,126 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000732717 | |
Common Shares (Par Value $1.00 Per Share) | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Shares (Par Value $1.00 Per Share) | |
Trading Symbol | T | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1000th interest in ashare of 5.000% Perpetual Preferred Stock, Series A | |
Trading Symbol | T PRA | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1000th interest in ashare of 4.750% Perpetual Preferred Stock, Series C | |
Trading Symbol | T PRC | |
Security Exchange Name | NYSE | |
AT&T Inc. 1.875% Global Notes due December 4, 2020 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 1.875% Global Notes due December 4, 2020 | |
Trading Symbol | T 20 | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.650% Global Notes due December 17, 2021 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.650% Global Notes due December 17, 2021 | |
Trading Symbol | T 21B | |
Security Exchange Name | NYSE | |
AT&T Inc. 1.450% Global Notes due June 1, 2022 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 1.450% Global Notes due June 1, 2022 | |
Trading Symbol | T 22B | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.500% Global Notes due March 15, 2023 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.500% Global Notes due March 15, 2023 | |
Trading Symbol | T 23 | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.750% Global Notes due May 19, 2023 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.750% Global Notes due May 19, 2023 | |
Trading Symbol | T 23C | |
Security Exchange Name | NYSE | |
AT&T Inc. Floating Rate Global Notes due September 5, 2023 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. Floating Rate Global Notes due September 5, 2023 | |
Trading Symbol | T 23D | |
Security Exchange Name | NYSE | |
AT&T Inc. 1.050% Global Notes due September 5, 2023 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 1.050% Global Notes due September 5, 2023 | |
Trading Symbol | T 23E | |
Security Exchange Name | NYSE | |
AT&T Inc. 1.300% Global Notes due September 5, 2023 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 1.300% Global Notes due September 5, 2023 | |
Trading Symbol | T 23A | |
Security Exchange Name | NYSE | |
AT&T Inc. 1.950% Global Notes due September 15, 2023 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 1.950% Global Notes due September 15, 2023 | |
Trading Symbol | T 23F | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.400% Global Notes due March 15, 2024 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.400% Global Notes due March 15, 2024 | |
Trading Symbol | T 24A | |
Security Exchange Name | NYSE | |
AT&T Inc. 3.500% Global Notes due December 17, 2025 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 3.500% Global Notes due December 17, 2025 | |
Trading Symbol | T 25 | |
Security Exchange Name | NYSE | |
AT&T Inc. 0.250% Global Notes due March 4, 2026 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 0.250% Global Notes due March 4, 2026 | |
Trading Symbol | T 26E | |
Security Exchange Name | NYSE | |
AT&T Inc. 1.800% Global Notes due September 5, 2026 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 1.800% Global Notes due September 5, 2026 | |
Trading Symbol | T 26D | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.900% Global Notes due December 4, 2026 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.900% Global Notes due December 4, 2026 | |
Trading Symbol | T 26A | |
Security Exchange Name | NYSE | |
AT&T Inc. 1.600% Global Notes due May 19, 2028 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 1.600% Global Notes due May 19, 2028 | |
Trading Symbol | T 28C | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.350% Global Notes due September 5, 2029 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.350% Global Notes due September 5, 2029 | |
Trading Symbol | T 29D | |
Security Exchange Name | NYSE | |
AT&T Inc. 4.375% Global Notes due September 14, 2029 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 4.375% Global Notes due September 14, 2029 | |
Trading Symbol | T 29B | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.600% Global Notes due December 17, 2029 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.600% Global Notes due December 17, 2029 | |
Trading Symbol | T 29A | |
Security Exchange Name | NYSE | |
AT&T Inc. 0.800% Global Notes due March 4, 2030 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 0.800% Global Notes due March 4, 2030 | |
Trading Symbol | T 30B | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.050% Global Notes due May 19, 2032 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.050% Global Notes due May 19, 2032 | |
Trading Symbol | T 32A | |
Security Exchange Name | NYSE | |
AT&T Inc. 3.550% Global Notes due December 17, 2032 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 3.550% Global Notes due December 17, 2032 | |
Trading Symbol | T 32 | |
Security Exchange Name | NYSE | |
AT&T Inc. 5.200% Global Notes due November 18, 2033 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 5.200% Global Notes due November 18, 2033 | |
Trading Symbol | T 33 | |
Security Exchange Name | NYSE | |
AT&T Inc. 3.375% Global Notes due March 15, 2034 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 3.375% Global Notes due March 15, 2034 | |
Trading Symbol | T 34 | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.450% Global Notes due March 15, 2035 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.450% Global Notes due March 15, 2035 | |
Trading Symbol | T 35 | |
Security Exchange Name | NYSE | |
AT&T Inc. 3.150% Global Notes due September 4, 2036 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 3.150% Global Notes due September 4, 2036 | |
Trading Symbol | T 36A | |
Security Exchange Name | NYSE | |
AT&T Inc. 2.600% Global Notes due May 19, 2038 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 2.600% Global Notes due May 19, 2038 | |
Trading Symbol | T 38C | |
Security Exchange Name | NYSE | |
AT&T Inc. 1.800% Global Notes due September 14, 2039 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 1.800% Global Notes due September 14, 2039 | |
Trading Symbol | T 39B | |
Security Exchange Name | NYSE | |
AT&T Inc. 7.000% Global Notes due April 30, 2040 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 7.000% Global Notes due April 30, 2040 | |
Trading Symbol | T 40 | |
Security Exchange Name | NYSE | |
AT&T Inc. 4.250% Global Notes due June 1, 2043 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 4.250% Global Notes due June 1, 2043 | |
Trading Symbol | T 43 | |
Security Exchange Name | NYSE | |
AT&T Inc. 4.875% Global Notes due June 1, 2044 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 4.875% Global Notes due June 1, 2044 | |
Trading Symbol | T 44 | |
Security Exchange Name | NYSE | |
AT&T Inc. 4.000% Global Notes due June 1, 2049 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 4.000% Global Notes due June 1, 2049 | |
Trading Symbol | T 49A | |
Security Exchange Name | NYSE | |
AT&T Inc. 4.250% Global Notes due March 1, 2050 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 4.250% Global Notes due March 1, 2050 | |
Trading Symbol | T 50 | |
Security Exchange Name | NYSE | |
AT&T Inc. 3.750% Global Notes due September 1, 2050 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 3.750% Global Notes due September 1, 2050 | |
Trading Symbol | T 50A | |
Security Exchange Name | NYSE | |
AT&T Inc. 5.350% Global Notes due November 1, 2066 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 5.350% Global Notes due November 1, 2066 | |
Trading Symbol | TBB | |
Security Exchange Name | NYSE | |
AT&T Inc. 5.625% Global Notes due August 1, 2067 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | AT&T Inc. 5.625% Global Notes due August 1, 2067 | |
Trading Symbol | TBC | |
Security Exchange Name | NYSE |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Revenues | ||||
Total operating revenues | $ 42,340 | $ 44,588 | $ 126,069 | $ 134,372 |
Cost of revenues | ||||
Other cost of revenues (exclusive of depreciation and amortization shown separately below) | 8,375 | 8,604 | 24,833 | 25,910 |
Selling, general and administrative | 9,266 | 9,584 | 27,857 | 29,077 |
Asset impairments and abandonments | 73 | 0 | 2,515 | 0 |
Depreciation and amortization | 7,030 | 6,949 | 21,537 | 21,256 |
Total operating expenses | 36,208 | 36,687 | 108,919 | 111,738 |
Operating Income | 6,132 | 7,901 | 17,150 | 22,634 |
Other Income (Expense) | ||||
Interest expense | (1,972) | (2,083) | (6,031) | (6,373) |
Equity in net income (loss) of affiliates | 5 | 3 | (11) | 36 |
Other income (expense) — net | (231) | (935) | 1,589 | (967) |
Total other income (expense) | (2,198) | (3,015) | (4,453) | (7,304) |
Income Before Income Taxes | 3,934 | 4,886 | 12,697 | 15,330 |
Income tax expense | 766 | 937 | 3,003 | 3,059 |
Net Income | 3,168 | 3,949 | 9,694 | 12,271 |
Less: Net Income Attributable to Noncontrolling Interest | (352) | (249) | (987) | (762) |
Net Income Attributable to AT&T | 2,816 | 3,700 | 8,707 | 11,509 |
Less: Preferred Stock Dividends | (54) | 0 | (138) | 0 |
Net Income Attributable to Common Stock | $ 2,762 | $ 3,700 | $ 8,569 | $ 11,509 |
Basic Earnings Per Share Attributable to Common Stock (in dollars per share) | $ 0.39 | $ 0.50 | $ 1.19 | $ 1.57 |
Diluted Earnings Per Share Attributable to Common Stock (in dollars per share) | $ 0.39 | $ 0.50 | $ 1.19 | $ 1.57 |
Weighted Average Number of Common Shares Outstanding - Basic (in millions) (in shares) | 7,147 | 7,327 | 7,160 | 7,321 |
Weighted Average Number of Common Shares Outstanding - with Dilution (in millions) (in shares) | 7,173 | 7,356 | 7,186 | 7,350 |
Service | ||||
Operating Revenues | ||||
Total operating revenues | $ 37,782 | $ 40,317 | $ 113,716 | $ 122,024 |
Equipment | ||||
Operating Revenues | ||||
Total operating revenues | 4,558 | 4,271 | 12,353 | 12,348 |
Cost of revenues | ||||
Cost of goods and services sold | 4,552 | 4,484 | 12,622 | 13,047 |
Broadcast, programming and operations | ||||
Cost of revenues | ||||
Cost of goods and services sold | $ 6,912 | $ 7,066 | $ 19,555 | $ 22,448 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,168 | $ 3,949 | $ 9,694 | $ 12,271 |
Foreign currency: | ||||
Translation adjustment (includes $(2), $(17), $(61) and $(15) attributable to noncontrolling interest), net of taxes of $47, $(69), $(150) and $(21) | 90 | (342) | (1,459) | (181) |
Securities: | ||||
Net unrealized gains (losses), net of taxes of $1, $7, $28 and $22 | 1 | 25 | 81 | 67 |
Derivative instruments: | ||||
Net unrealized gains (losses), net of taxes of $229, $(168), $(574) and $(299) | 860 | (516) | (2,166) | (1,006) |
Reclassification adjustment included in net income, net of taxes of $7, $2, $11 and $7 | 27 | 7 | 44 | 24 |
Defined benefit postretirement plans: | ||||
Amortization of net prior service credit included in net income, net of taxes of $(150), $(112), $(451) and $(332) | (460) | (343) | (1,382) | (1,031) |
Other comprehensive income (loss) | 518 | (1,169) | (4,882) | (2,127) |
Total comprehensive income | 3,686 | 2,780 | 4,812 | 10,144 |
Less: Total comprehensive income attributable to noncontrolling interest | (350) | (232) | (926) | (747) |
Total Comprehensive Income Attributable to AT&T | $ 3,336 | $ 2,548 | $ 3,886 | $ 9,397 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, attributable to noncontrolling interest, net of taxes | $ (2) | $ (17) | $ (61) | $ (15) |
Foreign currency translation adjustments, tax effect | 47 | (69) | (150) | (21) |
Unrealized gains (losses) on securities - tax effect | 1 | 7 | 28 | 22 |
Unrealized gains (losses) on derivatives - tax effect | 229 | (168) | (574) | (299) |
Reclassification adjustment included in net income on derivatives - tax effect | 7 | 2 | 11 | 7 |
Amortization of net prior service credit included in net income, tax effect | $ (150) | $ (112) | $ (451) | $ (332) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 9,758 | $ 12,130 |
Accounts receivable — net of related allowances for credit loss of $1,386 and $1,235 | 19,379 | 22,636 |
Prepaid expenses | 1,420 | 1,631 |
Other current assets | 19,414 | 18,364 |
Total current assets | 49,971 | 54,761 |
Noncurrent Inventories and Theatrical Film and Television Production Costs | 13,948 | 12,434 |
Property, plant and equipment | 333,797 | 333,538 |
Less: accumulated depreciation and amortization | (205,075) | (203,410) |
Property, Plant and Equipment — Net | 128,722 | 130,128 |
Goodwill | 143,688 | 146,241 |
Licenses — Net | 98,397 | 97,907 |
Other Intangible Assets — Net | 17,523 | 20,798 |
Investments in and Advances to Equity Affiliates | 2,325 | 3,695 |
Operating Lease Right-Of-Use Assets | 24,546 | 24,039 |
Other Assets | 21,609 | 22,754 |
Total Assets | 538,553 | 551,669 |
Current Liabilities | ||
Debt maturing within one year | 5,898 | 11,838 |
Accounts payable and accrued liabilities | 42,728 | 45,956 |
Advanced billings and customer deposits | 5,862 | 6,124 |
Accrued taxes | 1,336 | 1,212 |
Dividends payable | 3,741 | 3,781 |
Total current liabilities | 59,565 | 68,911 |
Long-Term Debt | 152,980 | 151,309 |
Deferred Credits and Other Noncurrent Liabilities | ||
Deferred income taxes | 60,448 | 59,502 |
Postemployment benefit obligation | 17,928 | 18,788 |
Operating lease liabilities | 22,056 | 21,804 |
Other noncurrent liabilities | 30,520 | 29,421 |
Total deferred credits and other noncurrent liabilities | 130,952 | 129,515 |
Stockholders’ Equity | ||
Common stock ($1 par value, 14,000,000,000 authorized at September 30, 2020 and December 31, 2019: issued 7,620,748,598 at September 30, 2020 and December 31, 2019) | 7,621 | 7,621 |
Additional paid-in capital | 130,139 | 126,279 |
Retained earnings | 55,094 | 57,936 |
Treasury stock (495,703,331 at September 30, 2020 and 366,193,458 at December 31, 2019, at cost) | (17,950) | (13,085) |
Accumulated other comprehensive income | 649 | 5,470 |
Noncontrolling interest | 19,503 | 17,713 |
Total stockholders’ equity | 195,056 | 201,934 |
Total Liabilities and Stockholders’ Equity | 538,553 | 551,669 |
Series A (48,000 issued and outstanding at September 30, 2020 and December 31, 2019) | ||
Stockholders’ Equity | ||
Preferred stock ($1 par value, 10,000,000 authorized): | 0 | 0 |
Series B (20,000 issued and outstanding at September 30, 2020 and 0 issued and outstanding at December 31, 2019) | ||
Stockholders’ Equity | ||
Preferred stock ($1 par value, 10,000,000 authorized): | 0 | 0 |
Series C (70,000 issued and outstanding at September 30, 2020 and 0 issued and outstanding at December 31, 2019) | ||
Stockholders’ Equity | ||
Preferred stock ($1 par value, 10,000,000 authorized): | 0 | 0 |
Trademarks and Trade Names — Net | ||
Current Assets | ||
Finite-Lived Intangible Assets - Net | 23,575 | 23,567 |
Distribution Networks — Net | ||
Current Assets | ||
Finite-Lived Intangible Assets - Net | $ 14,249 | $ 15,345 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Allowances for doubtful accounts | $ 1,386 | $ 1,235 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 14,000,000,000 | 14,000,000,000 |
Common stock, issued (in shares) | 7,620,748,598 | 7,620,748,598 |
Treasury stock, held (in shares) | 495,703,331 | 366,193,458 |
Preferred Stock - Series A | ||
Preferred stock, issued (in shares) | 48,000 | 48,000 |
Preferred stock, outstanding (in shares) | 48,000 | 48,000 |
Preferred Stock - Series B | ||
Preferred stock, issued (in shares) | 20,000 | 0 |
Preferred stock, outstanding (in shares) | 20,000 | 0 |
Preferred Stock - Series C | ||
Preferred stock, issued (in shares) | 70,000 | 0 |
Preferred stock, outstanding (in shares) | 70,000 | 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities | ||
Net income | $ 9,694 | $ 12,271 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 21,537 | 21,256 |
Amortization of television and film costs | 6,448 | 7,059 |
Undistributed earnings from investments in equity affiliates | 108 | 81 |
Provision for uncollectible accounts | 1,611 | 1,855 |
Deferred income tax expense | 2,248 | 1,039 |
Net (gain) loss on investments, net of impairments | (689) | (1,014) |
Pension and postretirement benefit expense (credit) | (2,245) | (1,297) |
Actuarial (gain) loss on pension and postretirement benefits | 63 | 4,048 |
Asset impairments and abandonments | 2,515 | 0 |
Changes in operating assets and liabilities: | ||
Receivables | 2,321 | 2,503 |
Other current assets, inventories and theatrical film and television production costs | (7,836) | (9,337) |
Accounts payable and other accrued liabilities | (4,905) | (936) |
Equipment installment receivables and related sales | (148) | 848 |
Deferred customer contract acquisition and fulfillment costs | 453 | (796) |
Postretirement claims and contributions | (409) | (635) |
Other - net | 2,282 | (220) |
Total adjustments | 23,354 | 24,454 |
Net Cash Provided by Operating Activities | 33,048 | 36,725 |
Investing Activities | ||
Capital expenditures, including $(92) and $(160) of interest during construction | (13,283) | (15,843) |
Acquisitions, net of cash acquired | (1,215) | (1,124) |
Dispositions | 428 | 3,775 |
(Purchases), sales and settlements of securities and investments, net | 444 | 523 |
Advances to and investments in equity affiliates, net | (100) | (333) |
Net Cash Used in Investing Activities | (13,726) | (13,002) |
Financing Activities | ||
Net change in short-term borrowings with original maturities of three months or less | (17) | (22) |
Issuance of other short-term borrowings | 9,440 | 4,012 |
Repayment of other short-term borrowings | (7,710) | (4,702) |
Issuance of long-term debt | 31,987 | 15,034 |
Repayment of long-term debt | (37,583) | (24,368) |
Payment of vendor financing | (1,965) | (2,601) |
Issuance of preferred stock | 3,869 | 0 |
Purchase of treasury stock | (5,483) | (409) |
Issuance of treasury stock | 88 | 576 |
Issuance of preferred interests in subsidiary | 1,979 | 1,488 |
Dividends paid | (11,215) | (11,162) |
Other - net | (5,158) | (187) |
Net Cash Used in Financing Activities | (21,768) | (22,341) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (2,446) | 1,382 |
Cash and cash equivalents and restricted cash beginning of year | 12,295 | 5,400 |
Cash and Cash Equivalents and Restricted Cash End of Period | $ 9,849 | $ 6,782 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Cash Flows [Abstract] | ||
Capital expenditures, interest during construction | $ (92) | $ (160) |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred StockPreferred Stock - Series A | Preferred StockPreferred Stock - Series B | Preferred StockPreferred Stock - Series C | Common Stock | Additional Paid-In Capital | Additional Paid-In CapitalPreferred Stock | Additional Paid-In CapitalCommon Stock | Retained Earnings | Retained EarningsCumulative effect of accounting change and other adjustments | Retained EarningsAdjusted beginning balance | Treasury Stock | Accumulated Other Comprehensive Income Attributable to AT&T, net of tax | Noncontrolling Interest | Noncontrolling InterestCumulative effect of accounting change and other adjustments | Noncontrolling InterestAdjusted beginning balance |
Balance at beginning of period at Dec. 31, 2018 | $ 193,884 | $ 0 | $ 0 | $ 0 | $ 7,621 | $ 125,525 | $ 58,753 | $ 316 | $ 59,069 | $ (12,059) | $ 4,249 | $ 9,795 | $ 29 | $ 9,824 | ||
Balance at beginning of period (in shares) at Dec. 31, 2018 | 0 | 0 | 0 | 7,621 | (339) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Repurchase and acquisition of common stock | $ 0 | |||||||||||||||
Issuance of stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
Issuance of stock (in shares) | 0 | 0 | 0 | 0 | ||||||||||||
Repurchase and acquisition of common stock | $ (466) | |||||||||||||||
Repurchase and acquisition of common stock (in shares) | (14) | |||||||||||||||
Issuance of treasury stock | (128) | $ 1,330 | ||||||||||||||
Issuance of treasury stock, (in shares) | 36 | |||||||||||||||
Share-based payments | (258) | |||||||||||||||
Changes related to acquisition of interests held by noncontrolling owners | 0 | |||||||||||||||
Net income attributable to AT&T | 11,509 | 11,509 | ||||||||||||||
Preferred stock dividends | 0 | |||||||||||||||
Common stock dividends ( $0.52, $0.51, $1.56, and $1.53 per share) | (11,231) | |||||||||||||||
Other comprehensive income attributable to AT&T | (2,112) | (2,112) | ||||||||||||||
Net income attributable to noncontrolling interest | 762 | 762 | ||||||||||||||
Issuance and acquisition of noncontrolling owners | 1,498 | |||||||||||||||
Distributions | (791) | |||||||||||||||
Translation adjustments attributable to noncontrolling interest, net of taxes | (15) | (15) | ||||||||||||||
Balance at end of period at Sep. 30, 2019 | 194,327 | $ 0 | $ 0 | $ 0 | $ 7,621 | 125,139 | 59,347 | $ (11,195) | 2,137 | 11,278 | ||||||
Balance at end of period (in shares) at Sep. 30, 2019 | 0 | 0 | 0 | 7,621 | (317) | |||||||||||
Balance at beginning of period at Jun. 30, 2019 | 194,081 | $ 0 | $ 0 | $ 0 | $ 7,621 | 125,109 | 59,389 | 0 | 59,389 | $ (11,151) | 3,289 | 9,824 | 0 | 9,824 | ||
Balance at beginning of period (in shares) at Jun. 30, 2019 | 0 | 0 | 0 | 7,621 | (316) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Repurchase and acquisition of common stock | 0 | |||||||||||||||
Issuance of stock | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |||||||||||
Issuance of stock (in shares) | 0 | 0 | 0 | 0 | ||||||||||||
Repurchase and acquisition of common stock | $ (186) | |||||||||||||||
Repurchase and acquisition of common stock (in shares) | (5) | |||||||||||||||
Issuance of treasury stock | (1) | $ 142 | ||||||||||||||
Issuance of treasury stock, (in shares) | 4 | |||||||||||||||
Share-based payments | 31 | |||||||||||||||
Changes related to acquisition of interests held by noncontrolling owners | 0 | |||||||||||||||
Net income attributable to AT&T | 3,700 | 3,700 | ||||||||||||||
Preferred stock dividends | 0 | |||||||||||||||
Common stock dividends ( $0.52, $0.51, $1.56, and $1.53 per share) | (3,742) | |||||||||||||||
Other comprehensive income attributable to AT&T | (1,152) | |||||||||||||||
Net income attributable to noncontrolling interest | 249 | 249 | ||||||||||||||
Issuance and acquisition of noncontrolling owners | 1,488 | |||||||||||||||
Distributions | (266) | |||||||||||||||
Translation adjustments attributable to noncontrolling interest, net of taxes | (17) | (17) | ||||||||||||||
Balance at end of period at Sep. 30, 2019 | 194,327 | $ 0 | $ 0 | $ 0 | $ 7,621 | 125,139 | 59,347 | $ (11,195) | 2,137 | 11,278 | ||||||
Balance at end of period (in shares) at Sep. 30, 2019 | 0 | 0 | 0 | 7,621 | (317) | |||||||||||
Balance at beginning of period at Dec. 31, 2019 | 201,934 | $ 0 | $ 0 | $ 0 | $ 7,621 | 126,279 | 57,936 | (293) | 57,643 | $ (13,085) | 5,470 | 17,713 | (7) | 17,706 | ||
Balance at beginning of period (in shares) at Dec. 31, 2019 | 0 | 0 | 0 | 7,621 | (366) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Repurchase and acquisition of common stock | 67 | |||||||||||||||
Issuance of stock | $ 0 | $ 0 | $ 0 | $ 0 | 3,869 | |||||||||||
Issuance of stock (in shares) | 0 | 0 | 0 | 0 | ||||||||||||
Repurchase and acquisition of common stock | $ (5,600) | |||||||||||||||
Repurchase and acquisition of common stock (in shares) | (149) | |||||||||||||||
Issuance of treasury stock | (56) | $ 735 | ||||||||||||||
Issuance of treasury stock, (in shares) | 19 | |||||||||||||||
Share-based payments | (24) | |||||||||||||||
Changes related to acquisition of interests held by noncontrolling owners | 4 | |||||||||||||||
Net income attributable to AT&T | 8,707 | 8,707 | ||||||||||||||
Preferred stock dividends | (103) | |||||||||||||||
Common stock dividends ( $0.52, $0.51, $1.56, and $1.53 per share) | (11,153) | |||||||||||||||
Other comprehensive income attributable to AT&T | (4,821) | (4,821) | ||||||||||||||
Net income attributable to noncontrolling interest | 987 | 987 | ||||||||||||||
Issuance and acquisition of noncontrolling owners | 1,979 | |||||||||||||||
Distributions | (1,108) | |||||||||||||||
Translation adjustments attributable to noncontrolling interest, net of taxes | (61) | (61) | ||||||||||||||
Balance at end of period at Sep. 30, 2020 | 195,056 | $ 0 | $ 0 | $ 0 | $ 7,621 | 130,139 | 55,094 | $ (17,950) | 649 | 19,503 | ||||||
Balance at end of period (in shares) at Sep. 30, 2020 | 0 | 0 | 0 | 7,621 | (496) | |||||||||||
Balance at beginning of period at Jun. 30, 2020 | 193,453 | $ 0 | $ 0 | $ 0 | $ 7,621 | 130,046 | 56,045 | $ 0 | $ 56,045 | $ (17,945) | 129 | 17,557 | $ 0 | $ 17,557 | ||
Balance at beginning of period (in shares) at Jun. 30, 2020 | 0 | 0 | 0 | 7,621 | (495) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Repurchase and acquisition of common stock | $ 0 | |||||||||||||||
Issuance of stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
Issuance of stock (in shares) | 0 | 0 | 0 | 0 | ||||||||||||
Repurchase and acquisition of common stock | $ (19) | |||||||||||||||
Repurchase and acquisition of common stock (in shares) | (1) | |||||||||||||||
Issuance of treasury stock | (2) | $ 14 | ||||||||||||||
Issuance of treasury stock, (in shares) | 0 | |||||||||||||||
Share-based payments | 91 | |||||||||||||||
Changes related to acquisition of interests held by noncontrolling owners | 4 | |||||||||||||||
Net income attributable to AT&T | 2,816 | 2,816 | ||||||||||||||
Preferred stock dividends | (35) | |||||||||||||||
Common stock dividends ( $0.52, $0.51, $1.56, and $1.53 per share) | (3,732) | |||||||||||||||
Other comprehensive income attributable to AT&T | 520 | |||||||||||||||
Net income attributable to noncontrolling interest | 352 | 352 | ||||||||||||||
Issuance and acquisition of noncontrolling owners | 1,978 | |||||||||||||||
Distributions | (382) | |||||||||||||||
Translation adjustments attributable to noncontrolling interest, net of taxes | (2) | (2) | ||||||||||||||
Balance at end of period at Sep. 30, 2020 | $ 195,056 | $ 0 | $ 0 | $ 0 | $ 7,621 | $ 130,139 | $ 55,094 | $ (17,950) | $ 649 | $ 19,503 | ||||||
Balance at end of period (in shares) at Sep. 30, 2020 | 0 | 0 | 0 | 7,621 | (496) |
Consolidated Statement Of Cha_2
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends to stockholders, per share (in dollars per share) | $ 0.52 | $ 0.51 | $ 1.56 | $ 1.53 |
Preparation Of Interim Financia
Preparation Of Interim Financial Statements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Preparation Of Interim Financial Statements | 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, 2019. 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 for periods ended within up to one quarter of our period end. We also record our proportionate share of our equity method investees’ other comprehensive income (OCI) items. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions, including potential impacts arising from the COVID-19 pandemic, 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, including the combination of our prior Xandr segment with the WarnerMedia segment. In the tables throughout this document, percentage increases and decreases that are not considered meaningful are denoted with a dash. Adopted and Pending Accounting Standards and Other Changes Credit Losses As of January 1, 2020, we adopted, through modified retrospective application, the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13, as amended), which replaces the incurred loss impairment methodology under prior GAAP with an expected credit loss model. ASU 2016-13 affects trade receivables, loans, contract assets, certain beneficial interests, off-balance-sheet credit exposures not accounted for as insurance and other financial assets that are not subject to fair value through net income, as defined by the standard. Under the expected credit loss model, we are required to consider future economic trends to estimate expected credit losses over the lifetime of the asset. Upon adoption, we recorded a $293 reduction to “Retained earnings,” $395 increase to “allowances for doubtful accounts” applicable to our trade and loan receivables, $10 reduction of contract assets, $105 reduction of net deferred income tax liability and $7 reduction of “Noncontrolling interest” as an opening adjustment. Our adoption of ASU 2016-13 did not have a material impact on our financial statements. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU 2020-04), which provides optional expedients, and allows for certain exceptions to existing GAAP, for contract modifications triggered by the expected market transition of certain benchmark interest rates to alternative reference rates. ASU 2020-04 applies to contracts, hedging relationships and other arrangements that reference the London Interbank Offering Rate (LIBOR) or any other rates ending after December 31, 2022. We are evaluating the impact of our adoption of ASU 2020-04, including optional expedients, to our financial statements. Convertible Instruments In August 2020, the FASB issued 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), which eliminated certain separation models regarding cash conversion and beneficial conversion features to simplify reporting for convertible instruments as a single liability or equity, with no separate accounting for embedded conversion features. ASU 2020-06 will be effective for fiscal years beginning after December 31, 2021, under modified retrospective or full retrospective application, subject to early adoption in 2021. We are evaluating the impact of our adoption of ASU 2020-06 on our financial statements. Intangible Assets In the second quarter, driven by significant and adverse economic and political environments in Latin America, including the impact of the COVID-19 pandemic, we experienced accelerated subscriber losses and revenue decline in the region, as well as closure of our operations in Venezuela. When combining these business trends and higher weighted-average cost of capital resulting from the increase in country-risk premiums in the region, we concluded that it is more likely than not that the fair value of the Vrio reporting unit, estimated using discounted cash flow and market multiple approaches, is less than its carrying amount. We recorded a $2,212 goodwill impairment in the reporting unit in the second quarter, with $105 attributable to noncontrolling interest. The impairment is not deductible for tax purposes and resulted in an increase in our effective tax rate. During the first quarter of 2020, we reassessed and changed the estimated economic lives of certain trade names in our Latin America business from indefinite to finite-lived and began amortizing them using the straight-line method over their average remaining economic life of 15 years. This change had an insignificant impact on our financial statements. Also during the first quarter of 2020, in conjunction with the nationwide launch of AT&T TV and our customers’ continued shift from linear to streaming video services, we reassessed the estimated economic lives and renewal assumptions for our orbital slot licenses. As a result, we have changed the estimated lives of these licenses from indefinite to finite-lived, effective January 1, 2020, and began amortizing our orbital slot licenses using the sum-of-months-digits method over their average remaining economic life of 15 years. This change in accounting increased amortization expense $373, or $0.04 per diluted share available to common stock during the third quarter and $1,138, or $0.12, per diluted share available to common stock for the first nine months of 2020. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 2. EARNINGS PER SHARE A reconciliation of the numerators and denominators of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019, is shown in the table below. Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Numerators Numerator for basic earnings per share: Net Income $ 3,168 $ 3,949 $ 9,694 $ 12,271 Less: Net income attributable to noncontrolling interest (352) (249) (987) (762) Net Income attributable to AT&T 2,816 3,700 8,707 11,509 Less: Preferred stock dividends (54) — (138) — Net income attributable to common stock 2,762 3,700 8,569 11,509 Dilutive potential common shares: Share-based payment 5 6 16 16 Numerator for diluted earnings per share $ 2,767 $ 3,706 $ 8,585 $ 11,525 Denominators (000,000) Denominator for basic earnings per share: Weighted average number of common shares outstanding 7,147 7,327 7,160 7,321 Dilutive potential common shares: Share-based payment (in shares) 26 29 26 29 Denominator for diluted earnings per share 7,173 7,356 7,186 7,350 Basic earnings per share attributable to Common Stock $ 0.39 $ 0.50 $ 1.19 $ 1.57 Diluted earnings per share attributable to Common Stock $ 0.39 $ 0.50 $ 1.19 $ 1.57 |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Other Comprehensive Income | 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 Balance as of December 31, 2019 $ (3,056) $ 48 $ (37) $ 8,515 $ 5,470 Other comprehensive income (loss) before reclassifications (1,398) 81 (2,166) — (3,483) Amounts reclassified from accumulated OCI — 1 — 1 44 2 (1,382) 3 (1,338) Net other comprehensive income (loss) (1,398) 81 (2,122) (1,382) (4,821) Balance as of September 30, 2020 $ (4,454) $ 129 $ (2,159) $ 7,133 $ 649 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 Balance as of December 31, 2018 $ (3,084) $ (2) $ 818 $ 6,517 $ 4,249 Other comprehensive income (loss) before reclassifications (166) 67 (1,006) — (1,105) Amounts reclassified from accumulated OCI — 1 — 1 24 2 (1,031) 3 (1,007) Net other comprehensive income (loss) (166) 67 (982) (1,031) (2,112) Balance as of September 30, 2019 $ (3,250) $ 65 $ (164) $ 5,486 $ 2,137 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). 3 The 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). |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 4. SEGMENT INFORMATION Our segments are strategic business units that offer products and services to different customer segments over various technology platforms and/or in different geographies that are managed accordingly. We analyze our segments based on segment operating contribution, which consists of operating income, excluding acquisition-related costs and other significant items (as discussed below), and equity in net income (loss) of affiliates for investments managed within each segment. We have three reportable segments: (1) Communications, (2) WarnerMedia and (3) Latin America. We have recast our segment results for all prior periods to include our prior Xandr segment within our WarnerMedia segment. We also evaluate segment and business unit performance based on EBITDA and/or EBITDA margin, which is defined as operating contribution excluding equity in net income (loss) of affiliates and depreciation and amortization. We believe EBITDA to be a relevant and useful measurement to our investors as it is part of our internal management reporting and planning processes and it is an important metric that management uses to evaluate operating performance. EBITDA does not give effect to 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 revenues. The Communications segment provides wireless and wireline telecom, video and broadband services to consumers located in the U.S. and businesses globally. This segment contains the following business units: • Mobility provides nationwide wireless service and equipment. • Entertainment Group provides video, including over-the-top (OTT) services, broadband and voice communications services primarily to residential customers. This segment also records advertising revenue. • Business Wireline provides advanced IP-based services, as well as traditional voice and data services to business customers. The WarnerMedia segment develops, produces and distributes feature films, television, gaming and other content in various physical and digital formats globally. Historical financial results from Xandr, previously a separate reportable segment, have been combined with the WarnerMedia segment within Eliminations and other. This segment contains the following: • Turner primarily operates multichannel basic television networks and digital properties. Turner also sells advertising on its networks and digital properties. • Home Box Office consists of premium pay television and OTT and streaming services domestically and premium pay, basic tier television and OTT services internationally, as well as content licensing and home entertainment. • Warner Bros. primarily consists of the production, distribution and licensing of television programming and feature films, the distribution of home entertainment products and the production and distribution of games. • Eliminations & Other includes the Xandr advertising business and Otter Media Holdings operations, and also removes transactions between the Turner, Home Box Office and Warner Bros. business units, including internal sales of content to the HBO Max platform that began in the fourth quarter of 2019 (see Note 5). The Latin America segment provides entertainment and wireless services outside of the U.S. This segment contains the following business units: • Vrio provides video services primarily to residential customers using satellite technology in Latin America and the Caribbean. • Mexico provides wireless service and equipment to customers in Mexico. Corporate and Other reconciles our segment results to consolidated operating income and income before income taxes, and includes: • Corporate , which consists of: (1) businesses no longer integral to our operations or which we no longer actively market, (2) corporate support functions, (3) impacts of corporate-wide decisions for which the individual operating segments are not being evaluated, and (4) the reclassification of the amortization of prior service credits, which we continue to report with segment operating expenses, to consolidated “Other income (expense) – net.” • Acquisition-related items , which consists of items associated with the merger and integration of acquired businesses, including amortization of intangible assets • Certain significant items , which includes (1) employee separation charges associated with voluntary and/or strategic offers, (2) losses resulting from abandonment of network assets and impairments, and (3) other items for which the segments are not being evaluated. • Eliminations and consolidations , which (1) removes transactions involving dealings between our segments, including channel distribution between WarnerMedia and Communications, and (2) includes adjustments for our reporting of the advertising business. “Interest expense” and “Other income (expense) – net,” are managed only on a total company basis and are, accordingly, reflected only in consolidated results. For the three months ended September 30, 2020 Revenues Operations EBITDA Depreciation Operating Equity in Net Segment Communications Mobility $ 17,894 $ 10,182 $ 7,712 $ 2,021 $ 5,691 $ — $ 5,691 Entertainment Group 10,053 7,997 2,056 1,277 779 — 779 Business Wireline 6,340 3,833 2,507 1,329 1,178 — 1,178 Total Communications 34,287 22,012 12,275 4,627 7,648 — 7,648 WarnerMedia Turner 3,176 2,088 1,088 69 1,019 (6) 1,013 Home Box Office 1,781 1,694 87 27 60 — 60 Warner Bros. 2,411 1,973 438 43 395 (23) 372 Eliminations and other 146 (171) 317 32 285 40 325 Total WarnerMedia 7,514 5,584 1,930 171 1,759 11 1,770 Latin America Vrio 753 675 78 126 (48) 14 (34) Mexico 643 662 (19) 124 (143) — (143) Total Latin America 1,396 1,337 59 250 (191) 14 (177) Segment Total 43,197 28,933 14,264 5,048 9,216 $ 25 $ 9,241 Corporate and Other Corporate 431 1,012 (581) 61 (642) Acquisition-related items — 38 (38) 1,921 (1,959) Certain significant items — 113 (113) — (113) Eliminations and consolidations (1,288) (918) (370) — (370) AT&T Inc. $ 42,340 $ 29,178 $ 13,162 $ 7,030 $ 6,132 For the three months ended September 30, 2019 Revenues Operations and Support Expenses EBITDA Depreciation and Amortization Operating Income (Loss) Equity in Net Segment Contribution Communications Mobility $ 17,701 $ 9,948 $ 7,753 $ 2,011 $ 5,742 $ — $ 5,742 Entertainment Group 11,197 8,797 2,400 1,316 1,084 — 1,084 Business Wireline 6,503 4,022 2,481 1,271 1,210 — 1,210 Total Communications 35,401 22,767 12,634 4,598 8,036 — 8,036 WarnerMedia Turner 3,007 1,460 1,547 68 1,479 10 1,489 Home Box Office 1,819 1,072 747 33 714 10 724 Warner Bros. 3,333 2,706 627 39 588 (25) 563 Eliminations and other 191 91 100 25 75 20 95 Total WarnerMedia 8,350 5,329 3,021 165 2,856 15 2,871 Latin America Vrio 1,013 851 162 162 — 13 13 Mexico 717 774 (57) 122 (179) — (179) Total Latin America 1,730 1,625 105 284 (179) 13 (166) Segment Total 45,481 29,721 15,760 5,047 10,713 $ 28 $ 10,741 Corporate and Other Corporate 407 703 (296) 131 (427) Acquisition-related items — 190 (190) 1,771 (1,961) Certain significant items — 39 (39) — (39) Eliminations and consolidations (1,300) (915) (385) — (385) AT&T Inc. $ 44,588 $ 29,738 $ 14,850 $ 6,949 $ 7,901 For the nine months ended September 30, 2020 Revenues Operations EBITDA Depreciation Operating Equity in Net Segment Communications Mobility $ 52,445 $ 29,083 $ 23,362 $ 6,078 $ 17,284 $ — $ 17,284 Entertainment Group 30,637 23,618 7,019 3,875 3,144 — 3,144 Business Wireline 19,046 11,563 7,483 3,948 3,535 — 3,535 Total Communications 102,128 64,264 37,864 13,901 23,963 — 23,963 WarnerMedia Turner 9,326 5,145 4,181 207 3,974 — 3,974 Home Box Office 4,905 4,236 669 73 596 15 611 Warner Bros. 8,907 7,506 1,401 124 1,277 (50) 1,227 Eliminations and other (962) (882) (80) 97 (177) 65 (112) Total WarnerMedia 22,176 16,005 6,171 501 5,670 30 5,700 Latin America Vrio 2,392 2,119 273 400 (127) 26 (101) Mexico 1,826 1,914 (88) 373 (461) — (461) Total Latin America 4,218 4,033 185 773 (588) 26 (562) Segment Total 128,522 84,302 44,220 15,175 29,045 $ 56 $ 29,101 Corporate and Other Corporate 1,256 2,819 (1,563) 241 (1,804) Acquisition-related items — 431 (431) 6,122 (6,553) Certain significant items — 2,539 (2,539) — (2,539) Eliminations and consolidations (3,709) (2,709) (1,000) (1) (999) AT&T Inc. $ 126,069 $ 87,382 $ 38,687 $ 21,537 $ 17,150 For the nine months ended September 30, 2019 Revenues Operations and Support Expenses EBITDA Depreciation and Amortization Operating Income (Loss) Equity in Net Segment Contribution Communications Mobility $ 52,356 $ 29,511 $ 22,845 $ 6,027 $ 16,818 $ — $ 16,818 Entertainment Group 33,893 25,839 8,054 3,978 4,076 — 4,076 Business Wireline 19,588 12,029 7,559 3,735 3,824 — 3,824 Total Communications 105,837 67,379 38,458 13,740 24,718 — 24,718 WarnerMedia Turner 9,860 5,813 4,047 167 3,880 46 3,926 Home Box Office 5,045 3,124 1,921 67 1,854 40 1,894 Warner Bros. 10,240 8,543 1,697 122 1,575 (19) 1,556 Eliminations and other 845 438 407 69 338 70 408 Total WarnerMedia 25,990 17,918 8,072 425 7,647 137 7,784 Latin America Vrio 3,112 2,598 514 496 18 25 43 Mexico 2,093 2,312 (219) 372 (591) — (591) Total Latin America 5,205 4,910 295 868 (573) 25 (548) Segment Total 137,032 90,207 46,825 15,033 31,792 $ 162 $ 31,954 Corporate and Other Corporate 1,290 2,129 (839) 505 (1,344) Acquisition-related items (72) 579 (651) 5,719 (6,370) Certain significant items — 381 (381) — (381) Eliminations and consolidations (3,878) (2,814) (1,064) (1) (1,063) AT&T Inc. $ 134,372 $ 90,482 $ 43,890 $ 21,256 $ 22,634 The following table is a reconciliation of Segment Contributions to “Income Before Income Taxes” reported on our consolidated statements of income: Three months ended Nine months ended 2020 2019 2020 2019 Communications $ 7,648 $ 8,036 $ 23,963 $ 24,718 WarnerMedia 1,770 2,871 5,700 7,784 Latin America (177) (166) (562) (548) Segment Contribution 9,241 10,741 29,101 31,954 Reconciling Items: Corporate and Other (642) (427) (1,804) (1,344) Merger and integration items (38) (190) (431) (651) Amortization of intangibles acquired (1,921) (1,771) (6,122) (5,719) Asset impairments and abandonments (73) — (2,515) — Gain on spectrum transaction 1 — — 900 — Employee separation costs and benefit-related losses (40) (39) (924) (381) Segment equity in net income of affiliates (25) (28) (56) (162) Eliminations and consolidations (370) (385) (999) (1,063) AT&T Operating Income 6,132 7,901 17,150 22,634 Interest Expense 1,972 2,083 6,031 6,373 Equity in net income (loss) of affiliates 5 3 (11) 36 Other income (expense) - net (231) (935) 1,589 (967) Income Before Income Taxes $ 3,934 $ 4,886 $ 12,697 $ 15,330 1 Included as a reduction of "Selling, general and administrative expenses" in the consolidated statement of income. The following table presents intersegment revenues by segment: Intersegment Reconciliation Three months ended Nine months ended 2020 2019 2020 2019 Intersegment Revenues Communications $ 3 $ 2 $ 7 $ 10 WarnerMedia 812 819 2,402 2,538 Latin America — — — — Total Intersegment Revenues 815 821 2,409 2,548 Consolidations 473 479 1,300 1,330 Eliminations and consolidations $ 1,288 $ 1,300 $ 3,709 $ 3,878 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 5. REVENUE RECOGNITION Revenue Categories The following tables set forth reported revenue by category and by business unit. Intercompany transactions between segments and the dual reporting of certain advertising revenues are included in “Eliminations and consolidations.” Intercompany transactions between Turner, Home Box Office and Warner Bros., including internal sales of HBO Max that began in the fourth quarter of 2019, are included in “Eliminations and other.” For the three months ended September 30, 2020 Service Revenues Wireless Advanced Data Legacy Voice & Data Subscription Content Advertising Other Equipment Total Communications Mobility $ 13,811 $ — $ — $ — $ — $ 72 $ — $ 4,011 $ 17,894 Entertainment Group — 2,128 538 6,556 — 408 373 50 10,053 Business Wireline — 3,348 2,031 — — — 780 181 6,340 WarnerMedia Turner — — — 1,840 175 1,077 84 — 3,176 Home Box Office — — — 1,624 150 — 7 — 1,781 Warner Bros. — — — 11 2,293 1 106 — 2,411 Eliminations and other 1 — — — 87 (488) 529 18 — 146 Latin America Vrio — — — 753 — — — — 753 Mexico 385 — — — — — — 258 643 Corporate and Other 169 14 138 — — — 52 58 431 Eliminations and consolidations 2 — — — (790) — (408) (90) — (1,288) Total Operating Revenues $ 14,365 $ 5,490 $ 2,707 $ 10,081 $ 2,130 $ 1,679 $ 1,330 $ 4,558 $ 42,340 1 “Eliminations and other” of $488 include Warner Bros. content sales of approximately $200 with HBO Max, $180 with HBO linear and $100 with Turner. 2 “Eliminations and consolidations” of $790 include approximately $370 and $250 of Turner and HBO linear channel distribution arrangements with the Entertainment Group, respectively, and $120 of HBO Max customer subscriptions at Mobility. For the three months ended September 30, 2019 Service Revenues Wireless Advanced Data Legacy Voice & Data Subscription Content Advertising Other Equipment Total Communications Mobility $ 13,856 $ — $ — $ — $ — $ 74 $ — $ 3,771 $ 17,701 Entertainment Group — 2,117 628 7,512 — 421 517 2 11,197 Business Wireline — 3,269 2,252 — — — 783 199 6,503 WarnerMedia Turner — — — 1,927 89 913 78 — 3,007 Home Box Office — — — 1,533 284 — 2 — 1,819 Warner Bros. — — — 23 3,129 13 168 — 3,333 Eliminations and other 1 — — — 57 (387) 523 (2) — 191 Latin America Vrio — — — 1,013 — — — — 1,013 Mexico 455 — — — — — — 262 717 Corporate and Other 124 13 6 — — — 227 37 407 Eliminations and consolidations 2 — — — (798) — (421) (81) — (1,300) Total Operating Revenues $ 14,435 $ 5,399 $ 2,886 $ 11,267 $ 3,115 $ 1,523 $ 1,692 $ 4,271 $ 44,588 1 “Eliminations and other” of $387 include Warner Bros. content sales of approximately $110 with HBO linear and $170 with Turner. 2 “Eliminations and consolidations” of $798 include approximately $430 and $330 of Turner and HBO linear channel distribution arrangements with the Entertainment Group, respectively. For the nine months ended September 30, 2020 Service Revenues Wireless Advanced Data Legacy Voice & Data Subscription Content Advertising Other Equipment Total Communications Mobility $ 41,314 $ — $ — $ — $ — $ 206 $ — $ 10,925 $ 52,445 Entertainment Group — 6,329 1,679 20,220 — 1,115 1,189 105 30,637 Business Wireline — 9,943 6,227 — — — 2,315 561 19,046 WarnerMedia Turner — — — 5,693 595 2,830 208 — 9,326 Home Box Office — — — 4,403 488 — 14 — 4,905 Warner Bros. — — — 37 8,532 4 334 — 8,907 Eliminations and other 1 — — — 221 (2,650) 1,416 51 — (962) Latin America Vrio — — — 2,392 — — — — 2,392 Mexico 1,197 — — — — — — 629 1,826 Corporate and Other 464 38 424 — — — 197 133 1,256 Eliminations and consolidations 2 — — — (2,349) — (1,115) (245) — (3,709) Total Operating Revenues $ 42,975 $ 16,310 $ 8,330 $ 30,617 $ 6,965 $ 4,456 $ 4,063 $ 12,353 $ 126,069 1 “Eliminations and other” of $2,650 include Warner Bros. contents sales of approximately $1,850 with HBO Max, $510 with HBO linear and $220 with Turner. 2 “Eliminations and consolidations” of $2,349 include approximately $1,170 and $880 of Turner and HBO linear channel distribution arrangements with the Entertainment Group, respectively, and $150 of HBO Max customer subscriptions at Mobility. For the nine months ended September 30, 2019 Service Revenues Wireless Advanced Data Legacy Voice & Data Subscription Content Advertising Other Equipment Total Communications Mobility $ 41,171 $ — $ — $ — $ — $ 212 $ — $ 10,973 $ 52,356 Entertainment Group — 6,296 1,969 22,872 — 1,170 1,580 6 33,893 Business Wireline — 9,649 6,973 — — — 2,430 536 19,588 WarnerMedia Turner — — — 5,835 335 3,440 250 — 9,860 Home Box Office — — — 4,383 655 — 7 — 5,045 Warner Bros. — — — 67 9,636 33 504 — 10,240 Eliminations and other 1 — — — 160 (776) 1,451 10 — 845 Latin America Vrio — — — 3,112 — — — — 3,112 Mexico 1,376 — — — — — — 717 2,093 Corporate and Other 437 40 20 — — — 605 116 1,218 Eliminations and consolidations 2 — — — (2,475) — (1,170) (233) — (3,878) Total Operating Revenues $ 42,984 $ 15,985 $ 8,962 $ 33,954 $ 9,850 $ 5,136 $ 5,153 $ 12,348 $ 134,372 1 “Eliminations and other” of $776 included Warner Bros. content sales of approximately $310 with HBO linear and $290 with Turner. 2 “Eliminations and consolidations” of $2,475 include approximately $1,340 and $1,000 of Turner and HBO linear channel distribution arrangements with the Entertainment Group, respectively. Deferred Customer Contract Acquisition and Fulfillment Costs Costs to acquire and fulfill customer contracts, including commissions on service activations, for our wireless, business wireline and video entertainment services, are deferred and amortized over the contract period or expected customer relationship life, which typically ranges from three years to five years. For contracts with an estimated amortization period of less than one year, we expense incremental costs immediately. The following table presents the deferred customer contract acquisition and fulfillment costs included on our consolidated balance sheets: September 30, December 31, Consolidated Balance Sheets 2020 2019 Deferred Acquisition Costs Other current assets $ 2,831 $ 2,462 Other Assets 3,114 2,991 Total deferred customer contract acquisition costs $ 5,945 $ 5,453 Deferred Fulfillment Costs Other current assets $ 4,234 $ 4,519 Other Assets 5,781 6,439 Total deferred customer contract fulfillment costs $ 10,015 $ 10,958 The following table presents deferred customer contract acquisition and fulfillment cost amortization included in “Other cost of revenue” for the nine months ended: September 30, September 30, Consolidated Statements of Income 2020 2019 Deferred acquisition cost amortization $ 1,969 $ 1,565 Deferred fulfillment cost amortization 3,888 3,656 Contract Assets and Liabilities A contract asset is recorded when revenue is recognized in advance of our right to bill and receive consideration. The contract asset will decrease as services are provided and billed. For example, when installment sales include promotional discounts (e.g., “buy one get one free”) the difference between revenue recognized and consideration received is recorded as a contract asset to be amortized over the contract term. When consideration is received in advance of the delivery of goods or services, a contract liability is recorded for deferred revenue. Reductions in the contract liability will be recorded as we satisfy the performance obligations. The following table presents contract assets and liabilities on our consolidated balance sheets: September 30, December 31, Consolidated Balance Sheets 2020 2019 Contract asset $ 2,817 $ 2,472 Contract liability 6,617 6,999 Our beginning of period contract liability recorded as customer contract revenue during 2020 was $5,340. Our consolidated balance sheets at September 30, 2020 and December 31, 2019 included $1,729 and $1,611, respectively, for the current portion of our contract asset in “Other current assets” and $5,762 and $5,939, respectively, for the current portion of our contract liability in “Advanced billings and customer deposits.” Remaining Performance Obligations Remaining performance obligations represent services we are required to provide to customers under bundled or discounted arrangements, which are satisfied as services are provided over the contract term. In determining the transaction price allocated, we do not include non-recurring charges and estimates for usage, nor do we consider arrangements with an original expected duration of less than one year, which are primarily prepaid wireless, video and residential internet agreements. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Defined Benefit Plan [Abstract] | |
Pension And Postretirement Benefits | NOTE 6. PENSION AND POSTRETIREMENT BENEFITS Many of our employees are covered by one of our noncontributory pension plans. We also provide certain medical, dental, life insurance and death benefits to certain retired employees under various plans and accrue actuarially determined postretirement benefit costs. Our objective in funding these plans, in combination with the standards of the Employee Retirement Income Security Act of 1974, as amended (ERISA), is to accumulate assets sufficient to provide benefits described in the plans to employees upon their retirement. We do not have significant funding requirements in 2020. We recognize actuarial gains and losses on pension and postretirement plan assets in our consolidated results as a component of “Other income (expense) – net” at our annual measurement date of December 31, unless earlier remeasurements are required. The following table details pension and postretirement benefit costs included in the accompanying consolidated statements of income. The service cost component of net periodic pension cost (benefit) is recorded in operating expenses in the consolidated statements of income while the remaining components are recorded in “Other income (expense) – net.” Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Pension cost: Service cost - benefits earned during the period $ 257 $ 260 $ 772 $ 743 Interest cost on projected benefit obligation 421 463 1,265 1,520 Expected return on assets (888) (905) (2,667) (2,636) Amortization of prior service credit (28) (28) (85) (85) Actuarial (gain) loss — 1,888 — 4,019 Net pension (credit) cost $ (238) $ 1,678 $ (715) $ 3,561 Postretirement cost: Service cost – benefits earned during the period $ 14 $ 19 $ 40 $ 55 Interest cost on accumulated postretirement benefit obligation 104 185 312 557 Expected return on assets (44) (57) (133) (169) Amortization of prior service credit (583) (425) (1,747) (1,277) Net postretirement (credit) cost $ (509) $ (278) $ (1,528) $ (834) Combined net pension and postretirement (credit) cost $ (747) $ 1,400 $ (2,243) $ 2,727 |
Fair Value Measurements And Dis
Fair Value Measurements And Disclosure | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements And Disclosure | NOTE 7. FAIR VALUE MEASUREMENTS AND DISCLOSURE The Fair Value Measurement and Disclosure framework in ASC 820, “Fair Value Measurement,” provides a three-tiered fair value hierarchy based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Our valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values. We believe our valuation methods are appropriate and consistent with other market participants. The use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used since December 31, 2019. Long-Term Debt and Other Financial Instruments The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial instruments, are summarized as follows: September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount Value Amount Value Notes and debentures 1 $ 155,218 $ 181,872 $ 161,109 $ 182,124 Commercial paper 1,754 1,754 — — Bank borrowings — — 4 4 Investment securities 2 3,669 3,669 3,723 3,723 1 Includes credit agreement borrowings. 2 Excludes investments accounted for under the equity method. The carrying amount of debt with an original maturity of less than one year approximates fair value. The fair value measurements used for notes and debentures are considered Level 2 and are determined using various methods, including quoted prices for identical or similar securities in both active and inactive markets. Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of September 30, 2020 and December 31, 2019. Derivatives designated as hedging instruments are reflected as “Other assets,” “Other noncurrent liabilities,” “Other current assets” and “Accounts payable and accrued liabilities” on our consolidated balance sheets. September 30, 2020 Level 1 Level 2 Level 3 Total Equity Securities Domestic equities $ 893 $ — $ — $ 893 International equities 148 — — 148 Fixed income equities 233 — — 233 Available-for-Sale Debt Securities — 1,524 — 1,524 Asset Derivatives Cross-currency swaps — 322 — 322 Foreign exchange contracts — 16 — 16 Liability Derivatives Cross-currency swaps — (4,244) — (4,244) Foreign exchange contracts — (6) — (6) December 31, 2019 Level 1 Level 2 Level 3 Total Equity Securities Domestic equities $ 844 $ — $ — $ 844 International equities 183 — — 183 Fixed income equities 229 — — 229 Available-for-Sale Debt Securities — 1,444 — 1,444 Asset Derivatives Interest rate swaps — 2 — 2 Cross-currency swaps — 172 — 172 Interest rate locks — 11 — 11 Foreign exchange contracts — 89 — 89 Liability Derivatives Cross-currency swaps — (3,187) — (3,187) Interest rate locks — (95) — (95) Investment Securities Our investment securities include both equity and debt securities that are measured at fair value, as well as equity securities without readily determinable fair values. A substantial portion of the fair values of our investment securities is estimated based on quoted market prices. Investments in equity securities not traded on a national securities exchange are valued at cost, less any impairment, and adjusted for changes resulting from observable, orderly transactions for identical or similar securities. Investments in debt securities not traded on a national securities exchange are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The components comprising total gains and losses in the period on equity securities are as follows: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Total gains (losses) recognized on equity securities $ 64 $ 21 $ 22 $ 231 Gains (Losses) recognized on equity securities sold — 74 (24) 101 Unrealized gains (losses) recognized on equity securities held at end of period $ 64 $ (53) $ 46 $ 130 At September 30, 2020, available-for-sale debt securities totaling $1,524 have maturities as follows - less than one year: $62; one to three years: $155; three to five years: $163; five or more years: $1,144. Our cash equivalents (money market securities), short-term investments (certificate and time deposits) and nonrefundable customer deposits are recorded at amortized cost, and the respective carrying amounts approximate fair values. Short-term investments and nonrefundable customer deposits are recorded in “Other current assets” and our investment securities are recorded in “Other Assets” on the consolidated balance sheets. Derivative Financial Instruments We enter into derivative transactions to manage certain market risks, primarily interest rate risk and foreign currency exchange risk. This includes the use of interest rate swaps, interest rate locks, foreign exchange forward contracts and combined interest rate foreign exchange contracts (cross-currency swaps). We do not use derivatives for trading or speculative purposes. We record derivatives on our consolidated balance sheets at fair value that is derived from observable market data, including yield curves and foreign exchange rates (all of our derivatives are Level 2). Cash flows associated with derivative instruments are presented in the same category on the consolidated statements of cash flows as the item being hedged. Fair Value Hedging Periodically, we enter into and designate fixed-to-floating interest rate swaps as fair value hedges. The purpose of these swaps is to manage interest rate risk by managing our mix of fixed-rate and floating-rate debt. These swaps involve the receipt of fixed-rate amounts for floating interest rate payments over the life of the swaps without exchange of the underlying principal amount. We also designate some of our foreign exchange contracts as fair value hedges. The purpose of these contracts is to hedge currency risk associated with foreign-currency-denominated operating assets and liabilities. Unrealized and realized gains or losses from fair value hedges impact the same category on the consolidated statements of income as the item being hedged. Unrealized gains on derivatives designated as fair value hedges are recorded at fair market value as assets, and unrealized losses are recorded at fair market value as liabilities. Changes in the fair value of derivative instruments designated as fair value hedges are offset against the change in fair value of the hedged assets or liabilities through earnings. In the nine months ended September 30, 2020 and 2019, no ineffectiveness was measured on fair value hedges. Cash Flow Hedging We designate our cross-currency swaps as cash flow hedges. We have entered into multiple cross-currency swaps to hedge our exposure to variability in expected future cash flows that are attributable to foreign currency risk generated from our foreign-denominated debt. These agreements include initial and final exchanges of principal from fixed foreign currency denominated amounts to fixed U.S. dollar denominated amounts, to be exchanged at a specified rate that is usually determined by the market spot rate upon issuance. They also include an interest rate swap of a fixed or floating foreign currency-denominated interest rate to a fixed U.S. dollar denominated interest rate. We also designate some of our foreign exchange contracts as cash flow hedges. The purpose of these contracts is to hedge certain forecasted film production costs and film tax incentives denominated in foreign currencies. Unrealized gains on derivatives designated as cash flow hedges are recorded at fair value as assets, and unrealized losses are recorded at fair value as liabilities. For derivative instruments designated as cash flow hedges, changes in fair value are reported as a component of accumulated OCI and are reclassified into the consolidated statements of income in the same period the hedged transaction affects earnings. Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt. Over the next 12 months, we expect to reclassify $95 from accumulated OCI to “Interest expense” due to the amortization of net losses on historical interest rate locks. We settled all interest rate locks in May 2020 in conjunction with the issuance of fixed rate debt obligations that the interest rate locks were hedging and paid $731 that was largely offset by the return of collateral at the time of settlement. Cash flows from the interest rate lock settlements and return of collateral were reported as Financing Activities in our Statement of Cash Flows, consistent with our accounting policy for these instruments. Net Investment Hedging We have designated €1,450 million aggregate principal amount of debt as a hedge of the variability of some of the Euro-denominated net investments of our subsidiaries. The gain or loss on the debt that is designated as, and is effective as, an economic hedge of the net investment in a foreign operation is recorded as a currency translation adjustment within accumulated OCI, net on the consolidated balance sheet. Net losses on net investment hedges recognized in accumulated OCI in the third quarter were $70 and for the first nine months of 2020 were $75. Collateral and Credit-Risk Contingency We have entered into agreements with our derivative counterparties establishing collateral thresholds based on respective credit ratings and netting agreements. At September 30, 2020, we had posted collateral of $485 (a deposit asset) and held collateral of $4 (a receipt liability). Under the agreements, if AT&T’s credit rating had been downgraded one rating level by Fitch Ratings, before the final collateral exchange in September, we would have been required to post additional collateral of $25. If AT&T’s credit rating had been downgraded four ratings levels by Fitch Ratings, two levels by S&P, and two levels by Moody’s, we would have been required to post additional collateral of $3,237. If DIRECTV Holdings LLC’s credit rating had been downgraded below BBB- by S&P, we would have been required to post additional collateral of $241. At December 31, 2019, we had posted collateral of $204 (a deposit asset) and held collateral of $44 (a receipt liability). We do not offset the fair value of collateral, whether the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) exists, against the fair value of the derivative instruments. Following are the notional amounts of our outstanding derivative positions: September 30, December 31, 2020 2019 Interest rate swaps $ — $ 853 Cross-currency swaps 42,969 42,325 Interest rate locks — 3,500 Foreign exchange contracts 204 269 Total $ 43,173 $ 46,947 Following are the related hedged items affecting our financial position and performance: Effect of Derivatives on the Consolidated Statements of Income Three months ended Nine months ended September 30, September 30, Fair Value Hedging Relationships 2020 2019 2020 2019 Interest rate swaps (Interest expense): Gain (Loss) on interest rate swaps $ (1) $ — $ (5) $ 59 Gain (Loss) on long-term debt 1 — 5 (59) In addition, the net swap settlements that accrued and settled in the quarters ended September 30, 2020 and 2019 were offset against interest expense. The following table presents information for our cash flow hedging relationships: Three months ended Nine months ended September 30, September 30, Cash Flow Hedging Relationships 2020 2019 2020 2019 Cross-currency swaps: Gain (Loss) recognized in accumulated OCI $ 1,079 $ (487) $ (2,091) $ (1,082) Foreign exchange contracts: Gain (Loss) recognized in accumulated OCI 10 5 (1) 2 Other income (expense) - net reclassified from accumulated OCI into income (9) 6 4 16 Interest rate locks: Gain (Loss) recognized in accumulated OCI — (202) (648) (225) Interest income (expense) reclassified from accumulated OCI into income (25) (15) (59) (47) |
Acquisitions, Dispositions And
Acquisitions, Dispositions And Other Adjustments | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions, Dispositions And Other Adjustments | NOTE 8. ACQUISITIONS, DISPOSITIONS AND OTHER ADJUSTMENTS Acquisitions HBO Latin America Group (HBO LAG) In May 2020, we acquired the remaining interest in HBO LAG for $141, net of cash acquired. At acquisition, we remeasured the fair value of the total business, which exceeded the carrying amount of our equity method investment and resulted in a pre-tax gain of $68. We consolidated that business upon close and recorded those assets at fair value, including $640 of trade names, $271 of distribution networks and $343 of goodwill that is reported in the WarnerMedia segment. These estimates are preliminary in nature and subject to adjustments, which will be finalized within one year from the date of acquisition. Spectrum Auctions In June 2020, we completed the acquisition of $2,379 of 37/39 GHz spectrum in a Federal Communications Commission (FCC) auction. Prior to the auction, we exchanged the 39 GHz licenses with a book value of approximately $300 that were previously acquired through FiberTower Corporation for vouchers to be applied against the winning bids and recorded a $900 gain in the first quarter of 2020. These vouchers yielded a value of approximately $1,200, which was applied toward our gross bids. In the second quarter of 2020, we made the final cash payment of $949, bringing the total cash payment to $1,186. Dispositions Subsequent to the Third Quarter Central European Media Enterprises Ltd. (CME) On October 13, 2020, we completed the sale of our 65.3% interest in CME, a European broadcasting company, and received $1,100. Upon close, we received relief from a debt guarantee originally covering approximately $1,100 that was reduced to $600 by September 30, 2020. Operations in Puerto Rico On October 31, 2020, we completed the sale of wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands for approximately $1,950. These operations were classified as held-for-sale, and, accordingly, we included the assets in “Other current assets,” and the related liabilities in “Accounts payable and accrued liabilities,” on our consolidated balance sheet at September 30, 2020. The proceeds will be used to redeem $1,950 of cumulative preferred interests in a subsidiary that held notes secured by the proceeds of this sale. |
Sales Of Receivables
Sales Of Receivables | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Sales Of Receivables | NOTE 9. SALES OF RECEIVABLES We have agreements with various third-party financial institutions pertaining to the sales of certain types of our accounts receivable. The most significant of these programs are discussed in detail below and generally consist of (1) receivables arising from equipment installment plans, which are sold for cash and a deferred purchase price, and (2) revolving service and trade receivables. Under these programs, we transfer receivables to purchasers in exchange for cash and additional consideration upon settlement of the receivables, where applicable. Under the terms of our agreements for these programs, we continue to bill and collect the payments from our customers on behalf of the financial institutions. The sales of receivables did not have a material impact on our consolidated statements of income or to “Total Assets” reported on our consolidated balance sheets. We reflect cash receipts on sold receivables as cash flows from operations in our consolidated statements of cash flows. Cash receipts on the deferred purchase price are classified as cash flows from investing activities. Our equipment installment and revolving receivable programs are discussed in detail below. The following table sets forth a summary of the receivables and accounts being serviced: September 30, 2020 December 31, 2019 Equipment Equipment Installment Revolving Installment Revolving Gross receivables: $ 4,241 $ 3,516 $ 4,576 $ 3,324 Balance sheet classification Accounts receivable Notes receivable 2,190 — 2,467 — Trade receivables 481 3,329 477 2,809 Other Assets Noncurrent notes and trade receivables 1,570 187 1,632 515 Outstanding portfolio of receivables derecognized from our consolidated balance sheets 8,238 5,100 9,713 4,300 Cash proceeds received, net of remittances 1 5,944 5,100 7,211 4,300 1 Represents amounts to which financial institutions remain entitled, excluding the deferred purchase price. Equipment Installment Receivables Program We offer our customers the option to purchase certain wireless devices in installments over a specified period of time and, in many cases, once certain conditions are met, they may be eligible to trade in the original equipment for a new device and have the remaining unpaid balance paid or settled. We maintain a program under which we transfer a portion of these receivables through our bankruptcy-remote subsidiary in exchange for cash and additional consideration upon settlement of the receivables, referred to as the deferred purchase price. In the event a customer trades in a device prior to the end of the installment contract period, we agree to make a payment to the financial institutions equal to any outstanding remaining installment receivable balance. Accordingly, we record a guarantee obligation for this estimated amount at the time the receivables are transferred. The following table sets forth a summary of equipment installment receivables sold under this program during the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Gross receivables sold $ 1,624 $ 2,098 $ 5,497 $ 7,043 Net receivables sold 1 1,578 2,014 5,300 6,693 Cash proceeds received 1,387 1,700 4,562 5,895 Deferred purchase price recorded 226 352 811 922 Guarantee obligation recorded 55 67 126 261 1 Receivables net of allowance, imputed interest and equipment trade-in right guarantees. The deferred purchase price and guarantee obligation are initially recorded at estimated fair value and subsequently adjusted for changes in present value of expected cash flows. The estimation of their fair values is based on remaining installment payments expected to be collected and the expected timing and value of device trade-ins. The estimated value of the device trade-ins considers prices offered to us by independent third parties that contemplate changes in value after the launch of a device model. The fair value measurements used for the deferred purchase price and the guarantee obligation are considered Level 3 under the Fair Value Measurement and Disclosure framework (see Note 7). The following table presents the previously transferred equipment installment receivables, which we repurchased in exchange for the associated deferred purchase price during the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Fair value of repurchased receivables $ 373 $ 268 $ 946 $ 926 Carrying value of deferred purchase price 373 259 931 891 Gain on repurchases 1 $ — $ 9 $ 15 $ 35 1 These gains are included in "Selling, general and administrative" in the consolidated statements of income. At September 30, 2020 and December 31, 2019, our deferred purchase price receivable was $2,163 and $2,336, respectively, of which $1,538 and $1,569 are included in “Other current assets” on our consolidated balance sheets, with the remainder in “Other Assets.” The guarantee obligation at September 30, 2020 and December 31, 2019 was $319 and $384, respectively, of which $234 and $148 are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets, with the remainder in “Other noncurrent liabilities.” Our maximum exposure to loss as a result of selling these equipment installment receivables is limited to the total amount of our deferred purchase price and guarantee obligation. Revolving Receivables Program In 2019, we entered into a one-year revolving agreement to transfer up to $4,300 of certain receivables through our bankruptcy-remote subsidiaries to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred. In the first quarter of 2020, we expanded the program limit to $5,300. In the second quarter of 2020, we extended the agreement by one year. As customers pay their balances, we transfer additional receivables into the program, resulting in our gross receivables sold exceeding net cash flow impacts (e.g., collect and reinvest). The transferred receivables are fully guaranteed by our bankruptcy-remote subsidiaries, which hold additional receivables in the amount of $3,516 that are pledged as collateral under this agreement. The transfers are recorded at fair value of the proceeds received and obligations assumed less derecognized receivables. The obligation is subsequently adjusted for changes in estimated expected credit losses and interest rates. Our maximum exposure to loss related to these receivables transferred is limited to the amount outstanding. The fair value measurement used for the obligation is considered Level 3 under the Fair Value Measurement and Disclosure framework (see Note 7). The following table sets forth a summary of receivables sold: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Gross receivables sold/cash proceeds received 1 $ 3,563 $ 2,873 $ 11,590 $ 8,725 Collections reinvested under revolving agreement 3,563 2,873 10,590 5,000 Collections not reinvested 200 269 200 269 Net cash proceeds received (remitted) $ (200) $ (269) $ 800 $ 3,456 Net receivables sold 2 $ 3,553 $ 2,864 $ 11,510 $ 8,361 Obligations recorded (reversed) 58 39 172 475 1 There were no initial sales of receivables in either of the three-month periods and $1,000 and $3,725 for the nine months ended September 30, 2020 and 2019, respectively. 2 Receivables net of allowance, return and incentive reserves and imputed interest. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | NOTE 10. LEASES We have operating and finance leases for certain facilities and equipment used in operations. Our leases generally have remaining lease terms of up to 15 years. Some of our real estate operating leases contain renewal options that may be exercised, and some of our leases include options to terminate the leases within one year. We have recognized a right-of-use asset for both operating and finance leases, and an operating lease liability that represents the present value of our obligation to make payments over the lease term. The present value of the lease payments is calculated using the incremental borrowing rate for operating and finance leases, which was determined using a portfolio approach based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use the unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate in the currency of the lease, which will be updated on a quarterly basis for measurement of new lease liabilities. The components of lease expense were as follows: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Operating lease cost $ 1,546 $ 1,481 $ 4,372 $ 4,333 Finance lease cost: Amortization of right-of-use assets $ 76 $ 67 $ 216 $ 203 Interest on lease obligation 39 42 116 126 Total finance lease cost $ 115 $ 109 $ 332 $ 329 Supplemental cash flow information related to leases is as follows: Nine months ended September 30, 2020 2019 Cash Flows from Operating Activities Cash paid for amounts included in lease obligations Operating cash flows from operating leases $ 3,651 $ 3,338 Supplemental Lease Cash Flow Disclosures Operating lease right-of-use assets obtained in exchange for new operating lease obligations 3,908 7,068 Supplemental balance sheet information related to leases is as follows: September 30, December 31, Operating Leases Operating lease right-of-use assets $ 24,546 $ 24,039 Accounts payable and accrued liabilities $ 3,483 $ 3,451 Operating lease obligation 22,056 21,804 Total operating lease obligation $ 25,539 $ 25,255 Finance Leases Property, plant and equipment, at cost $ 3,485 $ 3,534 Accumulated depreciation and amortization (1,363) (1,296) Property, plant and equipment, net $ 2,122 $ 2,238 Current portion of long-term debt $ 174 $ 162 Long-term debt 1,732 1,872 Total finance lease obligation $ 1,906 $ 2,034 September 30, 2020 2019 Weighted-Average Remaining Lease Term (years) Operating leases 8.5 8.7 Finance leases 10.1 10.4 Weighted-Average Discount Rate Operating leases 4.1 % 4.3 % Finance leases 8.1 % 8.4 % Future minimum maturities of lease obligations are as follows: At September 30, 2020 Operating Finance Leases Leases Remainder of 2020 $ 1,226 $ 99 2021 4,679 316 2022 4,372 298 2023 3,981 278 2024 3,449 258 Thereafter 13,543 1,720 Total lease payments 31,250 2,969 Less imputed interest (5,711) (1,063) Total $ 25,539 $ 1,906 |
Leases | NOTE 10. LEASES We have operating and finance leases for certain facilities and equipment used in operations. Our leases generally have remaining lease terms of up to 15 years. Some of our real estate operating leases contain renewal options that may be exercised, and some of our leases include options to terminate the leases within one year. We have recognized a right-of-use asset for both operating and finance leases, and an operating lease liability that represents the present value of our obligation to make payments over the lease term. The present value of the lease payments is calculated using the incremental borrowing rate for operating and finance leases, which was determined using a portfolio approach based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use the unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate in the currency of the lease, which will be updated on a quarterly basis for measurement of new lease liabilities. The components of lease expense were as follows: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Operating lease cost $ 1,546 $ 1,481 $ 4,372 $ 4,333 Finance lease cost: Amortization of right-of-use assets $ 76 $ 67 $ 216 $ 203 Interest on lease obligation 39 42 116 126 Total finance lease cost $ 115 $ 109 $ 332 $ 329 Supplemental cash flow information related to leases is as follows: Nine months ended September 30, 2020 2019 Cash Flows from Operating Activities Cash paid for amounts included in lease obligations Operating cash flows from operating leases $ 3,651 $ 3,338 Supplemental Lease Cash Flow Disclosures Operating lease right-of-use assets obtained in exchange for new operating lease obligations 3,908 7,068 Supplemental balance sheet information related to leases is as follows: September 30, December 31, Operating Leases Operating lease right-of-use assets $ 24,546 $ 24,039 Accounts payable and accrued liabilities $ 3,483 $ 3,451 Operating lease obligation 22,056 21,804 Total operating lease obligation $ 25,539 $ 25,255 Finance Leases Property, plant and equipment, at cost $ 3,485 $ 3,534 Accumulated depreciation and amortization (1,363) (1,296) Property, plant and equipment, net $ 2,122 $ 2,238 Current portion of long-term debt $ 174 $ 162 Long-term debt 1,732 1,872 Total finance lease obligation $ 1,906 $ 2,034 September 30, 2020 2019 Weighted-Average Remaining Lease Term (years) Operating leases 8.5 8.7 Finance leases 10.1 10.4 Weighted-Average Discount Rate Operating leases 4.1 % 4.3 % Finance leases 8.1 % 8.4 % Future minimum maturities of lease obligations are as follows: At September 30, 2020 Operating Finance Leases Leases Remainder of 2020 $ 1,226 $ 99 2021 4,679 316 2022 4,372 298 2023 3,981 278 2024 3,449 258 Thereafter 13,543 1,720 Total lease payments 31,250 2,969 Less imputed interest (5,711) (1,063) Total $ 25,539 $ 1,906 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | NOTE 11. STOCKHOLDERS' EQUITY We have authorized 10 million preferred shares of AT&T stock, each with a par value of $1.00 per share. Cumulative perpetual preferred shares consist of the following: • Series A: 48 thousand shares outstanding at September 30, 2020 and December 31, 2019, with a $25,000 per share liquidation preference and a dividend rate of 5.00%. • Series B: 20 thousand shares outstanding at September 30, 2020 and zero issued and outstanding at December 31, 2019, with a €100,000 per share liquidation preference, and an initial dividend rate of 2.875%, subject to reset beginning on May 1, 2025. • Series C: 70 thousand shares outstanding at September 30, 2020 and zero issued and outstanding at December 31, 2019, with a $25,000 per share liquidation preference and a dividend rate of 4.75%. So long as the preferred dividends are declared and paid on a timely basis on each series of preferred shares, there are no limitations on our ability to declare a dividend on or repurchase AT&T common shares. The preferred shares are optionally redeemable by AT&T at the liquidation price generally on or after five years from the issuance date, or upon certain other contingent events. Telco LLC In September 2020, we issued $2,000 nonconvertible cumulative preferred interests out of a newly created limited liability company (Telco LLC) that was formed to hold telecommunication-related assets. The preferred interests are entitled to cash distributions, subject to declaration and are included in “Noncontrolling interest” on the consolidated balance sheets. Members’ equity in Telco LLC consist of (1) member’s interests, which are held by a consolidated subsidiary of AT&T, and (2) preferred interests (Telco preferred interests), which pay an initial preferred distribution of 4.25% annually, subject to declaration, and subject to reset every seven years. Failure to pay distributions on the Telco preferred interests would not limit cash movements between affiliates, or our ability to declare a dividend on or repurchase AT&T shares. We can call the Telco preferred interests at the issue price beginning seven years from the issuance date. The Telco preferred interests holders have the option to require redemption upon the occurrence of certain contingent events, such as the failure of Telco LLC to pay the preferred distribution for two or more periods or to meet certain other requirements, including a minimum credit rating. If notice is given, all other holders of equal or more subordinate classes of members equity are entitled to receive the same form of consideration payable to the holders of the preferred interests, resulting in a deemed liquidation for accounting purposes. |
Additional Financial Informatio
Additional Financial Information | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information | NOTE 12. ADDITIONAL FINANCIAL INFORMATION Cash and Cash Flows We typically maintain our restricted cash balances for purchases and sales of certain investment securities and funding of certain deferred compensation benefit payments: September 30, December 31, 2020 2019 2019 2018 Cash and cash equivalents $ 9,758 $ 6,588 $ 12,130 $ 5,204 Restricted cash in Other current assets 2 15 69 61 Restricted cash in Other Assets 89 179 96 135 Cash and Cash Equivalents and Restricted Cash $ 9,849 $ 6,782 $ 12,295 $ 5,400 Consolidated Statements of Cash Flows Nine months ended September 30, Cash paid (received) during the period for: 2020 2019 Interest $ 6,661 $ 6,938 Income taxes, net of refunds 306 420 Spectrum acquisitions 1,062 1,022 Other Noncash Investing and Financing Activities In connection with capital improvements and the acquisition of other productive assets, we negotiate favorable payment terms (referred to as vendor financing), which are reported as financing activities when paid. For the first nine months, we recorded vendor financing commitments related to capital investments of approximately $3,148 in 2020 and $1,917 in 2019. Total vendor financing payables included in our September 30, 2020 consolidated balance sheet were approximately $3,252, with $1,474 due within one year (in “Accounts payable and accrued liabilities”) and the remainder predominantly due within two Financing Activities Debt Transactions At September 30, 2020, our total long-term debt obligations totaled $158,878. Our debt activity during the nine months ended September 30, 2020 primarily consisted of the following: • Net borrowings of approximately $1,710 of debt under our commercial paper program during the first nine months. • Entry into and draw on a $5,500 Term Loan Credit Agreement, with certain commercial banks and Bank of America, N.A., as lead agent, in April 2020, which was redeemed in May 2020 (originally due on December 31, 2020). • Issuance of $16,545 of AT&T global notes due 2027 to 2060 in the second quarter. • Issuance of €3,000 million global notes ($3,281 at issuance) due 2028 to 2038 in the second quarter. • Issuance of $11,000 of global notes due 2028 to 2061 in the third quarter. • Redemption of $12,689 of AT&T global notes due 2020 to 2047 in the second quarter. • Redemption of $1,800 under term loan credit agreements with certain banks in the second quarter. • Redemption of $1,000 annual put reset securities issued by BellSouth in the second quarter. • Redemption of $4,264 of AT&T, WarnerMedia and DIRECTV notes due 2022 in the third quarter. • Redemption of $1,158 of AT&T and WarnerMedia global notes due 2022 to 2023 in the third quarter. • Redemption of €2,250 of AT&T floating-rate notes due 2020 (approximately $2,637 at maturity) in the third quarter. • Redemption of R$3,381 of Sky Serviços de Banda Larga Ltda. floating-rate private loan due 2021 (approximately $1,000 when issued in April 2018 and $638 at redemption due to strengthening of the U.S. dollar against Brazilian real) in the third quarter. • Repurchases of $11,384 of AT&T global notes and subsidiary notes due 2021 to 2025 tendered for cash in the third quarter. • Exchange of $17,677 of AT&T and subsidiary notes, due 2031 to 2058, for $1,459 of cash and $21,500 of three new series of AT&T global notes due 2053 to 2059 in the third quarter. |
Preparation Of Interim Financ_2
Preparation Of Interim Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 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 for periods ended within up to one quarter of our period end. We also record our proportionate share of our equity method investees’ other comprehensive income (OCI) items. |
Basis of Accounting | The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions, including potential impacts arising from the COVID-19 pandemic, 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, including the combination of our prior Xandr segment with the WarnerMedia segment. |
Credit Losses | Credit Losses As of January 1, 2020, we adopted, through modified retrospective application, the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13, as amended), which replaces the incurred loss impairment methodology under prior GAAP with an expected credit loss model. ASU 2016-13 affects trade receivables, loans, contract assets, certain beneficial interests, off-balance-sheet credit exposures not accounted for as insurance and other financial assets that are not subject to fair value through net income, as defined by the standard. Under the expected credit loss model, we are required to consider future economic trends to estimate expected credit losses over the lifetime of the asset. Upon adoption, we recorded a $293 reduction to “Retained earnings,” $395 increase to “allowances for doubtful accounts” applicable to our trade and loan receivables, $10 reduction of contract assets, $105 reduction of net deferred income tax liability and $7 reduction of “Noncontrolling interest” as an opening adjustment. Our adoption of ASU 2016-13 did not have a material impact on our financial statements. |
Reference Rate Reform and Convertible Instruments | Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU 2020-04), which provides optional expedients, and allows for certain exceptions to existing GAAP, for contract modifications triggered by the expected market transition of certain benchmark interest rates to alternative reference rates. ASU 2020-04 applies to contracts, hedging relationships and other arrangements that reference the London Interbank Offering Rate (LIBOR) or any other rates ending after December 31, 2022. We are evaluating the impact of our adoption of ASU 2020-04, including optional expedients, to our financial statements. Convertible Instruments In August 2020, the FASB issued 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), which eliminated certain separation models regarding cash conversion and beneficial conversion features to simplify reporting for convertible instruments as a single liability or equity, with no separate accounting for embedded conversion features. ASU 2020-06 will be effective for fiscal years beginning after December 31, 2021, under modified retrospective or full retrospective application, subject to early adoption in 2021. We are evaluating the impact of our adoption of ASU 2020-06 on our financial statements. |
Intangible Assets | Intangible Assets In the second quarter, driven by significant and adverse economic and political environments in Latin America, including the impact of the COVID-19 pandemic, we experienced accelerated subscriber losses and revenue decline in the region, as well as closure of our operations in Venezuela. When combining these business trends and higher weighted-average cost of capital resulting from the increase in country-risk premiums in the region, we concluded that it is more likely than not that the fair value of the Vrio reporting unit, estimated using discounted cash flow and market multiple approaches, is less than its carrying amount. We recorded a $2,212 goodwill impairment in the reporting unit in the second quarter, with $105 attributable to noncontrolling interest. The impairment is not deductible for tax purposes and resulted in an increase in our effective tax rate. During the first quarter of 2020, we reassessed and changed the estimated economic lives of certain trade names in our Latin America business from indefinite to finite-lived and began amortizing them using the straight-line method over their average remaining economic life of 15 years. This change had an insignificant impact on our financial statements. Also during the first quarter of 2020, in conjunction with the nationwide launch of AT&T TV and our customers’ continued shift from linear to streaming video services, we reassessed the estimated economic lives and renewal assumptions for our orbital slot licenses. As a result, we have changed the estimated lives of these licenses from indefinite to finite-lived, effective January 1, 2020, and began amortizing our orbital slot licenses using the sum-of-months-digits method over their average remaining economic life of 15 years. This change in accounting increased amortization expense $373, or $0.04 per diluted share available to common stock during the third quarter and $1,138, or $0.12, per diluted share available to common stock for the first nine months of 2020. |
Recognition of Actuarial Gains and Losses | We recognize actuarial gains and losses on pension and postretirement plan assets in our consolidated results as a component of “Other income (expense) – net” at our annual measurement date of December 31, unless earlier remeasurements are required. |
Derivatives, Offsetting Fair Value Amounts | We do not offset the fair value of collateral, whether the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) exists, against the fair value of the derivative instruments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share | A reconciliation of the numerators and denominators of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019, is shown in the table below. Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Numerators Numerator for basic earnings per share: Net Income $ 3,168 $ 3,949 $ 9,694 $ 12,271 Less: Net income attributable to noncontrolling interest (352) (249) (987) (762) Net Income attributable to AT&T 2,816 3,700 8,707 11,509 Less: Preferred stock dividends (54) — (138) — Net income attributable to common stock 2,762 3,700 8,569 11,509 Dilutive potential common shares: Share-based payment 5 6 16 16 Numerator for diluted earnings per share $ 2,767 $ 3,706 $ 8,585 $ 11,525 Denominators (000,000) Denominator for basic earnings per share: Weighted average number of common shares outstanding 7,147 7,327 7,160 7,321 Dilutive potential common shares: Share-based payment (in shares) 26 29 26 29 Denominator for diluted earnings per share 7,173 7,356 7,186 7,350 Basic earnings per share attributable to Common Stock $ 0.39 $ 0.50 $ 1.19 $ 1.57 Diluted earnings per share attributable to Common Stock $ 0.39 $ 0.50 $ 1.19 $ 1.57 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated 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 Balance as of December 31, 2019 $ (3,056) $ 48 $ (37) $ 8,515 $ 5,470 Other comprehensive income (loss) before reclassifications (1,398) 81 (2,166) — (3,483) Amounts reclassified from accumulated OCI — 1 — 1 44 2 (1,382) 3 (1,338) Net other comprehensive income (loss) (1,398) 81 (2,122) (1,382) (4,821) Balance as of September 30, 2020 $ (4,454) $ 129 $ (2,159) $ 7,133 $ 649 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 Balance as of December 31, 2018 $ (3,084) $ (2) $ 818 $ 6,517 $ 4,249 Other comprehensive income (loss) before reclassifications (166) 67 (1,006) — (1,105) Amounts reclassified from accumulated OCI — 1 — 1 24 2 (1,031) 3 (1,007) Net other comprehensive income (loss) (166) 67 (982) (1,031) (2,112) Balance as of September 30, 2019 $ (3,250) $ 65 $ (164) $ 5,486 $ 2,137 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). 3 The 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). |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenues to Segment Contribution | For the three months ended September 30, 2020 Revenues Operations EBITDA Depreciation Operating Equity in Net Segment Communications Mobility $ 17,894 $ 10,182 $ 7,712 $ 2,021 $ 5,691 $ — $ 5,691 Entertainment Group 10,053 7,997 2,056 1,277 779 — 779 Business Wireline 6,340 3,833 2,507 1,329 1,178 — 1,178 Total Communications 34,287 22,012 12,275 4,627 7,648 — 7,648 WarnerMedia Turner 3,176 2,088 1,088 69 1,019 (6) 1,013 Home Box Office 1,781 1,694 87 27 60 — 60 Warner Bros. 2,411 1,973 438 43 395 (23) 372 Eliminations and other 146 (171) 317 32 285 40 325 Total WarnerMedia 7,514 5,584 1,930 171 1,759 11 1,770 Latin America Vrio 753 675 78 126 (48) 14 (34) Mexico 643 662 (19) 124 (143) — (143) Total Latin America 1,396 1,337 59 250 (191) 14 (177) Segment Total 43,197 28,933 14,264 5,048 9,216 $ 25 $ 9,241 Corporate and Other Corporate 431 1,012 (581) 61 (642) Acquisition-related items — 38 (38) 1,921 (1,959) Certain significant items — 113 (113) — (113) Eliminations and consolidations (1,288) (918) (370) — (370) AT&T Inc. $ 42,340 $ 29,178 $ 13,162 $ 7,030 $ 6,132 For the three months ended September 30, 2019 Revenues Operations and Support Expenses EBITDA Depreciation and Amortization Operating Income (Loss) Equity in Net Segment Contribution Communications Mobility $ 17,701 $ 9,948 $ 7,753 $ 2,011 $ 5,742 $ — $ 5,742 Entertainment Group 11,197 8,797 2,400 1,316 1,084 — 1,084 Business Wireline 6,503 4,022 2,481 1,271 1,210 — 1,210 Total Communications 35,401 22,767 12,634 4,598 8,036 — 8,036 WarnerMedia Turner 3,007 1,460 1,547 68 1,479 10 1,489 Home Box Office 1,819 1,072 747 33 714 10 724 Warner Bros. 3,333 2,706 627 39 588 (25) 563 Eliminations and other 191 91 100 25 75 20 95 Total WarnerMedia 8,350 5,329 3,021 165 2,856 15 2,871 Latin America Vrio 1,013 851 162 162 — 13 13 Mexico 717 774 (57) 122 (179) — (179) Total Latin America 1,730 1,625 105 284 (179) 13 (166) Segment Total 45,481 29,721 15,760 5,047 10,713 $ 28 $ 10,741 Corporate and Other Corporate 407 703 (296) 131 (427) Acquisition-related items — 190 (190) 1,771 (1,961) Certain significant items — 39 (39) — (39) Eliminations and consolidations (1,300) (915) (385) — (385) AT&T Inc. $ 44,588 $ 29,738 $ 14,850 $ 6,949 $ 7,901 For the nine months ended September 30, 2020 Revenues Operations EBITDA Depreciation Operating Equity in Net Segment Communications Mobility $ 52,445 $ 29,083 $ 23,362 $ 6,078 $ 17,284 $ — $ 17,284 Entertainment Group 30,637 23,618 7,019 3,875 3,144 — 3,144 Business Wireline 19,046 11,563 7,483 3,948 3,535 — 3,535 Total Communications 102,128 64,264 37,864 13,901 23,963 — 23,963 WarnerMedia Turner 9,326 5,145 4,181 207 3,974 — 3,974 Home Box Office 4,905 4,236 669 73 596 15 611 Warner Bros. 8,907 7,506 1,401 124 1,277 (50) 1,227 Eliminations and other (962) (882) (80) 97 (177) 65 (112) Total WarnerMedia 22,176 16,005 6,171 501 5,670 30 5,700 Latin America Vrio 2,392 2,119 273 400 (127) 26 (101) Mexico 1,826 1,914 (88) 373 (461) — (461) Total Latin America 4,218 4,033 185 773 (588) 26 (562) Segment Total 128,522 84,302 44,220 15,175 29,045 $ 56 $ 29,101 Corporate and Other Corporate 1,256 2,819 (1,563) 241 (1,804) Acquisition-related items — 431 (431) 6,122 (6,553) Certain significant items — 2,539 (2,539) — (2,539) Eliminations and consolidations (3,709) (2,709) (1,000) (1) (999) AT&T Inc. $ 126,069 $ 87,382 $ 38,687 $ 21,537 $ 17,150 For the nine months ended September 30, 2019 Revenues Operations and Support Expenses EBITDA Depreciation and Amortization Operating Income (Loss) Equity in Net Segment Contribution Communications Mobility $ 52,356 $ 29,511 $ 22,845 $ 6,027 $ 16,818 $ — $ 16,818 Entertainment Group 33,893 25,839 8,054 3,978 4,076 — 4,076 Business Wireline 19,588 12,029 7,559 3,735 3,824 — 3,824 Total Communications 105,837 67,379 38,458 13,740 24,718 — 24,718 WarnerMedia Turner 9,860 5,813 4,047 167 3,880 46 3,926 Home Box Office 5,045 3,124 1,921 67 1,854 40 1,894 Warner Bros. 10,240 8,543 1,697 122 1,575 (19) 1,556 Eliminations and other 845 438 407 69 338 70 408 Total WarnerMedia 25,990 17,918 8,072 425 7,647 137 7,784 Latin America Vrio 3,112 2,598 514 496 18 25 43 Mexico 2,093 2,312 (219) 372 (591) — (591) Total Latin America 5,205 4,910 295 868 (573) 25 (548) Segment Total 137,032 90,207 46,825 15,033 31,792 $ 162 $ 31,954 Corporate and Other Corporate 1,290 2,129 (839) 505 (1,344) Acquisition-related items (72) 579 (651) 5,719 (6,370) Certain significant items — 381 (381) — (381) Eliminations and consolidations (3,878) (2,814) (1,064) (1) (1,063) AT&T Inc. $ 134,372 $ 90,482 $ 43,890 $ 21,256 $ 22,634 |
Reconciliation of Segment Contributions to Income Before Income Taxes | The following table is a reconciliation of Segment Contributions to “Income Before Income Taxes” reported on our consolidated statements of income: Three months ended Nine months ended 2020 2019 2020 2019 Communications $ 7,648 $ 8,036 $ 23,963 $ 24,718 WarnerMedia 1,770 2,871 5,700 7,784 Latin America (177) (166) (562) (548) Segment Contribution 9,241 10,741 29,101 31,954 Reconciling Items: Corporate and Other (642) (427) (1,804) (1,344) Merger and integration items (38) (190) (431) (651) Amortization of intangibles acquired (1,921) (1,771) (6,122) (5,719) Asset impairments and abandonments (73) — (2,515) — Gain on spectrum transaction 1 — — 900 — Employee separation costs and benefit-related losses (40) (39) (924) (381) Segment equity in net income of affiliates (25) (28) (56) (162) Eliminations and consolidations (370) (385) (999) (1,063) AT&T Operating Income 6,132 7,901 17,150 22,634 Interest Expense 1,972 2,083 6,031 6,373 Equity in net income (loss) of affiliates 5 3 (11) 36 Other income (expense) - net (231) (935) 1,589 (967) Income Before Income Taxes $ 3,934 $ 4,886 $ 12,697 $ 15,330 1 Included as a reduction of "Selling, general and administrative expenses" in the consolidated statement of income. |
Schedule of Intersegment Revenues by Segment | The following table presents intersegment revenues by segment: Intersegment Reconciliation Three months ended Nine months ended 2020 2019 2020 2019 Intersegment Revenues Communications $ 3 $ 2 $ 7 $ 10 WarnerMedia 812 819 2,402 2,538 Latin America — — — — Total Intersegment Revenues 815 821 2,409 2,548 Consolidations 473 479 1,300 1,330 Eliminations and consolidations $ 1,288 $ 1,300 $ 3,709 $ 3,878 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Category and Business Unit | For the three months ended September 30, 2020 Service Revenues Wireless Advanced Data Legacy Voice & Data Subscription Content Advertising Other Equipment Total Communications Mobility $ 13,811 $ — $ — $ — $ — $ 72 $ — $ 4,011 $ 17,894 Entertainment Group — 2,128 538 6,556 — 408 373 50 10,053 Business Wireline — 3,348 2,031 — — — 780 181 6,340 WarnerMedia Turner — — — 1,840 175 1,077 84 — 3,176 Home Box Office — — — 1,624 150 — 7 — 1,781 Warner Bros. — — — 11 2,293 1 106 — 2,411 Eliminations and other 1 — — — 87 (488) 529 18 — 146 Latin America Vrio — — — 753 — — — — 753 Mexico 385 — — — — — — 258 643 Corporate and Other 169 14 138 — — — 52 58 431 Eliminations and consolidations 2 — — — (790) — (408) (90) — (1,288) Total Operating Revenues $ 14,365 $ 5,490 $ 2,707 $ 10,081 $ 2,130 $ 1,679 $ 1,330 $ 4,558 $ 42,340 1 “Eliminations and other” of $488 include Warner Bros. content sales of approximately $200 with HBO Max, $180 with HBO linear and $100 with Turner. 2 “Eliminations and consolidations” of $790 include approximately $370 and $250 of Turner and HBO linear channel distribution arrangements with the Entertainment Group, respectively, and $120 of HBO Max customer subscriptions at Mobility. For the three months ended September 30, 2019 Service Revenues Wireless Advanced Data Legacy Voice & Data Subscription Content Advertising Other Equipment Total Communications Mobility $ 13,856 $ — $ — $ — $ — $ 74 $ — $ 3,771 $ 17,701 Entertainment Group — 2,117 628 7,512 — 421 517 2 11,197 Business Wireline — 3,269 2,252 — — — 783 199 6,503 WarnerMedia Turner — — — 1,927 89 913 78 — 3,007 Home Box Office — — — 1,533 284 — 2 — 1,819 Warner Bros. — — — 23 3,129 13 168 — 3,333 Eliminations and other 1 — — — 57 (387) 523 (2) — 191 Latin America Vrio — — — 1,013 — — — — 1,013 Mexico 455 — — — — — — 262 717 Corporate and Other 124 13 6 — — — 227 37 407 Eliminations and consolidations 2 — — — (798) — (421) (81) — (1,300) Total Operating Revenues $ 14,435 $ 5,399 $ 2,886 $ 11,267 $ 3,115 $ 1,523 $ 1,692 $ 4,271 $ 44,588 1 “Eliminations and other” of $387 include Warner Bros. content sales of approximately $110 with HBO linear and $170 with Turner. 2 “Eliminations and consolidations” of $798 include approximately $430 and $330 of Turner and HBO linear channel distribution arrangements with the Entertainment Group, respectively. For the nine months ended September 30, 2020 Service Revenues Wireless Advanced Data Legacy Voice & Data Subscription Content Advertising Other Equipment Total Communications Mobility $ 41,314 $ — $ — $ — $ — $ 206 $ — $ 10,925 $ 52,445 Entertainment Group — 6,329 1,679 20,220 — 1,115 1,189 105 30,637 Business Wireline — 9,943 6,227 — — — 2,315 561 19,046 WarnerMedia Turner — — — 5,693 595 2,830 208 — 9,326 Home Box Office — — — 4,403 488 — 14 — 4,905 Warner Bros. — — — 37 8,532 4 334 — 8,907 Eliminations and other 1 — — — 221 (2,650) 1,416 51 — (962) Latin America Vrio — — — 2,392 — — — — 2,392 Mexico 1,197 — — — — — — 629 1,826 Corporate and Other 464 38 424 — — — 197 133 1,256 Eliminations and consolidations 2 — — — (2,349) — (1,115) (245) — (3,709) Total Operating Revenues $ 42,975 $ 16,310 $ 8,330 $ 30,617 $ 6,965 $ 4,456 $ 4,063 $ 12,353 $ 126,069 1 “Eliminations and other” of $2,650 include Warner Bros. contents sales of approximately $1,850 with HBO Max, $510 with HBO linear and $220 with Turner. 2 “Eliminations and consolidations” of $2,349 include approximately $1,170 and $880 of Turner and HBO linear channel distribution arrangements with the Entertainment Group, respectively, and $150 of HBO Max customer subscriptions at Mobility. For the nine months ended September 30, 2019 Service Revenues Wireless Advanced Data Legacy Voice & Data Subscription Content Advertising Other Equipment Total Communications Mobility $ 41,171 $ — $ — $ — $ — $ 212 $ — $ 10,973 $ 52,356 Entertainment Group — 6,296 1,969 22,872 — 1,170 1,580 6 33,893 Business Wireline — 9,649 6,973 — — — 2,430 536 19,588 WarnerMedia Turner — — — 5,835 335 3,440 250 — 9,860 Home Box Office — — — 4,383 655 — 7 — 5,045 Warner Bros. — — — 67 9,636 33 504 — 10,240 Eliminations and other 1 — — — 160 (776) 1,451 10 — 845 Latin America Vrio — — — 3,112 — — — — 3,112 Mexico 1,376 — — — — — — 717 2,093 Corporate and Other 437 40 20 — — — 605 116 1,218 Eliminations and consolidations 2 — — — (2,475) — (1,170) (233) — (3,878) Total Operating Revenues $ 42,984 $ 15,985 $ 8,962 $ 33,954 $ 9,850 $ 5,136 $ 5,153 $ 12,348 $ 134,372 1 “Eliminations and other” of $776 included Warner Bros. content sales of approximately $310 with HBO linear and $290 with Turner. 2 “Eliminations and consolidations” of $2,475 include approximately $1,340 and $1,000 of Turner and HBO linear channel distribution arrangements with the Entertainment Group, respectively. |
Schedule of Deferred Customer Contract Acquisition and Fulfillment Costs | The following table presents the deferred customer contract acquisition and fulfillment costs included on our consolidated balance sheets: September 30, December 31, Consolidated Balance Sheets 2020 2019 Deferred Acquisition Costs Other current assets $ 2,831 $ 2,462 Other Assets 3,114 2,991 Total deferred customer contract acquisition costs $ 5,945 $ 5,453 Deferred Fulfillment Costs Other current assets $ 4,234 $ 4,519 Other Assets 5,781 6,439 Total deferred customer contract fulfillment costs $ 10,015 $ 10,958 The following table presents deferred customer contract acquisition and fulfillment cost amortization included in “Other cost of revenue” for the nine months ended: September 30, September 30, Consolidated Statements of Income 2020 2019 Deferred acquisition cost amortization $ 1,969 $ 1,565 Deferred fulfillment cost amortization 3,888 3,656 |
Schedule of Contract Assets and Liabilities | The following table presents contract assets and liabilities on our consolidated balance sheets: September 30, December 31, Consolidated Balance Sheets 2020 2019 Contract asset $ 2,817 $ 2,472 Contract liability 6,617 6,999 |
Pension And Postretirement Be_2
Pension And Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Defined Benefit Plan [Abstract] | |
Schedule of Pension and Postretirement Benefit Costs | The following table details pension and postretirement benefit costs included in the accompanying consolidated statements of income. The service cost component of net periodic pension cost (benefit) is recorded in operating expenses in the consolidated statements of income while the remaining components are recorded in “Other income (expense) – net.” Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Pension cost: Service cost - benefits earned during the period $ 257 $ 260 $ 772 $ 743 Interest cost on projected benefit obligation 421 463 1,265 1,520 Expected return on assets (888) (905) (2,667) (2,636) Amortization of prior service credit (28) (28) (85) (85) Actuarial (gain) loss — 1,888 — 4,019 Net pension (credit) cost $ (238) $ 1,678 $ (715) $ 3,561 Postretirement cost: Service cost – benefits earned during the period $ 14 $ 19 $ 40 $ 55 Interest cost on accumulated postretirement benefit obligation 104 185 312 557 Expected return on assets (44) (57) (133) (169) Amortization of prior service credit (583) (425) (1,747) (1,277) Net postretirement (credit) cost $ (509) $ (278) $ (1,528) $ (834) Combined net pension and postretirement (credit) cost $ (747) $ 1,400 $ (2,243) $ 2,727 |
Fair Value Measurements And D_2
Fair Value Measurements And Disclosure (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Long-Term Debt and Other Financial Instruments | The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial instruments, are summarized as follows: September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount Value Amount Value Notes and debentures 1 $ 155,218 $ 181,872 $ 161,109 $ 182,124 Commercial paper 1,754 1,754 — — Bank borrowings — — 4 4 Investment securities 2 3,669 3,669 3,723 3,723 1 Includes credit agreement borrowings. 2 Excludes investments accounted for under the equity method. |
Fair Value Leveling | Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of September 30, 2020 and December 31, 2019. Derivatives designated as hedging instruments are reflected as “Other assets,” “Other noncurrent liabilities,” “Other current assets” and “Accounts payable and accrued liabilities” on our consolidated balance sheets. September 30, 2020 Level 1 Level 2 Level 3 Total Equity Securities Domestic equities $ 893 $ — $ — $ 893 International equities 148 — — 148 Fixed income equities 233 — — 233 Available-for-Sale Debt Securities — 1,524 — 1,524 Asset Derivatives Cross-currency swaps — 322 — 322 Foreign exchange contracts — 16 — 16 Liability Derivatives Cross-currency swaps — (4,244) — (4,244) Foreign exchange contracts — (6) — (6) December 31, 2019 Level 1 Level 2 Level 3 Total Equity Securities Domestic equities $ 844 $ — $ — $ 844 International equities 183 — — 183 Fixed income equities 229 — — 229 Available-for-Sale Debt Securities — 1,444 — 1,444 Asset Derivatives Interest rate swaps — 2 — 2 Cross-currency swaps — 172 — 172 Interest rate locks — 11 — 11 Foreign exchange contracts — 89 — 89 Liability Derivatives Cross-currency swaps — (3,187) — (3,187) Interest rate locks — (95) — (95) |
Components Comprising Total Gains and Losses on Equity Securities | The components comprising total gains and losses in the period on equity securities are as follows: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Total gains (losses) recognized on equity securities $ 64 $ 21 $ 22 $ 231 Gains (Losses) recognized on equity securities sold — 74 (24) 101 Unrealized gains (losses) recognized on equity securities held at end of period $ 64 $ (53) $ 46 $ 130 |
Notional Amount of Outstanding Derivative Positions | Following are the notional amounts of our outstanding derivative positions: September 30, December 31, 2020 2019 Interest rate swaps $ — $ 853 Cross-currency swaps 42,969 42,325 Interest rate locks — 3,500 Foreign exchange contracts 204 269 Total $ 43,173 $ 46,947 |
Effect on Derivatives on the Consolidated Statements of Income | Following are the related hedged items affecting our financial position and performance: Effect of Derivatives on the Consolidated Statements of Income Three months ended Nine months ended September 30, September 30, Fair Value Hedging Relationships 2020 2019 2020 2019 Interest rate swaps (Interest expense): Gain (Loss) on interest rate swaps $ (1) $ — $ (5) $ 59 Gain (Loss) on long-term debt 1 — 5 (59) The following table presents information for our cash flow hedging relationships: Three months ended Nine months ended September 30, September 30, Cash Flow Hedging Relationships 2020 2019 2020 2019 Cross-currency swaps: Gain (Loss) recognized in accumulated OCI $ 1,079 $ (487) $ (2,091) $ (1,082) Foreign exchange contracts: Gain (Loss) recognized in accumulated OCI 10 5 (1) 2 Other income (expense) - net reclassified from accumulated OCI into income (9) 6 4 16 Interest rate locks: Gain (Loss) recognized in accumulated OCI — (202) (648) (225) Interest income (expense) reclassified from accumulated OCI into income (25) (15) (59) (47) |
Sales Of Receivables (Tables)
Sales Of Receivables (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Finance Receivables | Our equipment installment and revolving receivable programs are discussed in detail below. The following table sets forth a summary of the receivables and accounts being serviced: September 30, 2020 December 31, 2019 Equipment Equipment Installment Revolving Installment Revolving Gross receivables: $ 4,241 $ 3,516 $ 4,576 $ 3,324 Balance sheet classification Accounts receivable Notes receivable 2,190 — 2,467 — Trade receivables 481 3,329 477 2,809 Other Assets Noncurrent notes and trade receivables 1,570 187 1,632 515 Outstanding portfolio of receivables derecognized from our consolidated balance sheets 8,238 5,100 9,713 4,300 Cash proceeds received, net of remittances 1 5,944 5,100 7,211 4,300 1 Represents amounts to which financial institutions remain entitled, excluding the deferred purchase price. The following table sets forth a summary of equipment installment receivables sold under this program during the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Gross receivables sold $ 1,624 $ 2,098 $ 5,497 $ 7,043 Net receivables sold 1 1,578 2,014 5,300 6,693 Cash proceeds received 1,387 1,700 4,562 5,895 Deferred purchase price recorded 226 352 811 922 Guarantee obligation recorded 55 67 126 261 1 Receivables net of allowance, imputed interest and equipment trade-in right guarantees. The following table presents the previously transferred equipment installment receivables, which we repurchased in exchange for the associated deferred purchase price during the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Fair value of repurchased receivables $ 373 $ 268 $ 946 $ 926 Carrying value of deferred purchase price 373 259 931 891 Gain on repurchases 1 $ — $ 9 $ 15 $ 35 1 These gains are included in "Selling, general and administrative" in the consolidated statements of income. |
Schedule of Receivables Sold | The following table sets forth a summary of receivables sold: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Gross receivables sold/cash proceeds received 1 $ 3,563 $ 2,873 $ 11,590 $ 8,725 Collections reinvested under revolving agreement 3,563 2,873 10,590 5,000 Collections not reinvested 200 269 200 269 Net cash proceeds received (remitted) $ (200) $ (269) $ 800 $ 3,456 Net receivables sold 2 $ 3,553 $ 2,864 $ 11,510 $ 8,361 Obligations recorded (reversed) 58 39 172 475 1 There were no initial sales of receivables in either of the three-month periods and $1,000 and $3,725 for the nine months ended September 30, 2020 and 2019, respectively. 2 Receivables net of allowance, return and incentive reserves and imputed interest. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Expense, Supplemental Cash Flow Information Related to Leases, and Supplemental Balance Sheet Information Related to Leases | The components of lease expense were as follows: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Operating lease cost $ 1,546 $ 1,481 $ 4,372 $ 4,333 Finance lease cost: Amortization of right-of-use assets $ 76 $ 67 $ 216 $ 203 Interest on lease obligation 39 42 116 126 Total finance lease cost $ 115 $ 109 $ 332 $ 329 Supplemental cash flow information related to leases is as follows: Nine months ended September 30, 2020 2019 Cash Flows from Operating Activities Cash paid for amounts included in lease obligations Operating cash flows from operating leases $ 3,651 $ 3,338 Supplemental Lease Cash Flow Disclosures Operating lease right-of-use assets obtained in exchange for new operating lease obligations 3,908 7,068 Supplemental balance sheet information related to leases is as follows: September 30, December 31, Operating Leases Operating lease right-of-use assets $ 24,546 $ 24,039 Accounts payable and accrued liabilities $ 3,483 $ 3,451 Operating lease obligation 22,056 21,804 Total operating lease obligation $ 25,539 $ 25,255 Finance Leases Property, plant and equipment, at cost $ 3,485 $ 3,534 Accumulated depreciation and amortization (1,363) (1,296) Property, plant and equipment, net $ 2,122 $ 2,238 Current portion of long-term debt $ 174 $ 162 Long-term debt 1,732 1,872 Total finance lease obligation $ 1,906 $ 2,034 September 30, 2020 2019 Weighted-Average Remaining Lease Term (years) Operating leases 8.5 8.7 Finance leases 10.1 10.4 Weighted-Average Discount Rate Operating leases 4.1 % 4.3 % Finance leases 8.1 % 8.4 % |
Schedule of Maturities of Operating Leases | Future minimum maturities of lease obligations are as follows: At September 30, 2020 Operating Finance Leases Leases Remainder of 2020 $ 1,226 $ 99 2021 4,679 316 2022 4,372 298 2023 3,981 278 2024 3,449 258 Thereafter 13,543 1,720 Total lease payments 31,250 2,969 Less imputed interest (5,711) (1,063) Total $ 25,539 $ 1,906 |
Schedule of Maturities of Finance Leases | Future minimum maturities of lease obligations are as follows: At September 30, 2020 Operating Finance Leases Leases Remainder of 2020 $ 1,226 $ 99 2021 4,679 316 2022 4,372 298 2023 3,981 278 2024 3,449 258 Thereafter 13,543 1,720 Total lease payments 31,250 2,969 Less imputed interest (5,711) (1,063) Total $ 25,539 $ 1,906 |
Additional Financial Informat_2
Additional Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Flows | We typically maintain our restricted cash balances for purchases and sales of certain investment securities and funding of certain deferred compensation benefit payments: September 30, December 31, 2020 2019 2019 2018 Cash and cash equivalents $ 9,758 $ 6,588 $ 12,130 $ 5,204 Restricted cash in Other current assets 2 15 69 61 Restricted cash in Other Assets 89 179 96 135 Cash and Cash Equivalents and Restricted Cash $ 9,849 $ 6,782 $ 12,295 $ 5,400 Consolidated Statements of Cash Flows Nine months ended September 30, Cash paid (received) during the period for: 2020 2019 Interest $ 6,661 $ 6,938 Income taxes, net of refunds 306 420 Spectrum acquisitions 1,062 1,022 |
Preparation Of Interim Financ_3
Preparation Of Interim Financial Statements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Retained earnings | $ 55,094 | $ 55,094 | $ 57,936 | ||||
Contract asset | 2,817 | 2,817 | 2,472 | ||||
Deferred income taxes | 60,448 | 60,448 | 59,502 | ||||
Noncontrolling interest | 19,503 | 19,503 | $ 17,713 | ||||
Goodwill impairment | $ 73 | $ 0 | $ 2,515 | $ 0 | |||
Diluted earnings per share attributable to Common Stock (in dollars per share) | $ 0.39 | $ 0.50 | $ 1.19 | $ 1.57 | |||
Venezuela | Latin America | Vrio | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Noncontrolling interest | $ (105) | ||||||
Goodwill impairment | $ 2,212 | ||||||
Intangible Assets, Amortization Period | Latin America | Trade Names | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated economic useful life | 15 years | ||||||
Intangible Assets, Amortization Period | Communications | Orbital Slot Licenses | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated economic useful life | 15 years | ||||||
Amortization expense | $ 373 | $ 1,138 | |||||
Diluted earnings per share attributable to Common Stock (in dollars per share) | $ 0.04 | $ 0.12 | |||||
ASU 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Retained earnings | $ (293) | ||||||
Allowance for doubtful accounts | 395 | ||||||
Contract asset | (10) | ||||||
Deferred income taxes | (105) | ||||||
Noncontrolling interest | $ (7) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator for basic earnings per share: | ||||
Net Income | $ 3,168 | $ 3,949 | $ 9,694 | $ 12,271 |
Less: Net income attributable to noncontrolling interest | (352) | (249) | (987) | (762) |
Net Income Attributable to AT&T | 2,816 | 3,700 | 8,707 | 11,509 |
Less: Preferred stock dividends | (54) | 0 | (138) | 0 |
Net Income Attributable to Common Stock | 2,762 | 3,700 | 8,569 | 11,509 |
Dilutive potential common shares: | ||||
Share-based payment | 5 | 6 | 16 | 16 |
Numerator for diluted earnings per share | $ 2,767 | $ 3,706 | $ 8,585 | $ 11,525 |
Denominator for basic earnings per share: | ||||
Weighted average number of common shares outstanding (in shares) | 7,147 | 7,327 | 7,160 | 7,321 |
Dilutive potential common shares: | ||||
Share-based payment (in shares) | 26 | 29 | 26 | 29 |
Denominator for diluted earnings per share (in shares) | 7,173 | 7,356 | 7,186 | 7,350 |
Basic earnings per share attributable to Common Stock (in dollars per share) | $ 0.39 | $ 0.50 | $ 1.19 | $ 1.57 |
Diluted earnings per share attributable to Common Stock (in dollars per share) | $ 0.39 | $ 0.50 | $ 1.19 | $ 1.57 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Repurchase of common stock | $ 5,483 | $ 409 | |
Stock Repurchase Program | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Repurchase of common stock | $ 4,000 | ||
Repurchase of common stock (in shares) | 104.8 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | $ (3,483) | $ (1,105) | ||
Amounts reclassified from accumulated OCI | (1,338) | (1,007) | ||
Net other comprehensive income (loss) | (4,821) | (2,112) | ||
Accumulated Other Comprehensive Income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, beginning balance | 5,470 | 4,249 | ||
Net other comprehensive income (loss) | $ 520 | $ (1,152) | (4,821) | (2,112) |
Accumulated other comprehensive income, ending balance | 649 | 2,137 | 649 | 2,137 |
Foreign Currency Translation Adjustment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, beginning balance | (3,056) | (3,084) | ||
Other comprehensive income (loss) before reclassifications | (1,398) | (166) | ||
Amounts reclassified from accumulated OCI | 0 | 0 | ||
Net other comprehensive income (loss) | (1,398) | (166) | ||
Accumulated other comprehensive income, ending balance | (4,454) | (3,250) | (4,454) | (3,250) |
Net Unrealized Gains (Losses) on Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, beginning balance | 48 | (2) | ||
Other comprehensive income (loss) before reclassifications | 81 | 67 | ||
Amounts reclassified from accumulated OCI | 0 | 0 | ||
Net other comprehensive income (loss) | 81 | 67 | ||
Accumulated other comprehensive income, ending balance | 129 | 65 | 129 | 65 |
Net Unrealized Gains (Losses) on Derivative Instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, beginning balance | (37) | 818 | ||
Other comprehensive income (loss) before reclassifications | (2,166) | (1,006) | ||
Amounts reclassified from accumulated OCI | 44 | 24 | ||
Net other comprehensive income (loss) | (2,122) | (982) | ||
Accumulated other comprehensive income, ending balance | (2,159) | (164) | (2,159) | (164) |
Defined Benefit Postretirement Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, beginning balance | 8,515 | 6,517 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated OCI | (1,382) | (1,031) | ||
Net other comprehensive income (loss) | (1,382) | (1,031) | ||
Accumulated other comprehensive income, ending balance | $ 7,133 | $ 5,486 | $ 7,133 | $ 5,486 |
Segment Information (Summary Of
Segment Information (Summary Of Operating Revenues And Expenses) (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Segment Information (Summary _2
Segment Information (Summary Of Operating Revenues And Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 42,340 | $ 44,588 | $ 126,069 | $ 134,372 |
Operations and Support Expenses | 29,178 | 29,738 | 87,382 | 90,482 |
EBITDA | 13,162 | 14,850 | 38,687 | 43,890 |
Depreciation and Amortization | 7,030 | 6,949 | 21,537 | 21,256 |
Operating Income | 6,132 | 7,901 | 17,150 | 22,634 |
Equity in Net Income (Loss) of Affiliates | 5 | 3 | (11) | 36 |
Income Before Income Taxes | 3,934 | 4,886 | 12,697 | 15,330 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 43,197 | 45,481 | 128,522 | 137,032 |
Operations and Support Expenses | 28,933 | 29,721 | 84,302 | 90,207 |
EBITDA | 14,264 | 15,760 | 44,220 | 46,825 |
Depreciation and Amortization | 5,048 | 5,047 | 15,175 | 15,033 |
Operating Income | 9,216 | 10,713 | 29,045 | 31,792 |
Equity in Net Income (Loss) of Affiliates | 25 | 28 | 56 | 162 |
Income Before Income Taxes | 9,241 | 10,741 | 29,101 | 31,954 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 431 | 407 | 1,256 | 1,290 |
Operations and Support Expenses | 1,012 | 703 | 2,819 | 2,129 |
EBITDA | (581) | (296) | (1,563) | (839) |
Depreciation and Amortization | 61 | 131 | 241 | 505 |
Operating Income | (642) | (427) | (1,804) | (1,344) |
Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Equity in Net Income (Loss) of Affiliates | (25) | (28) | (56) | (162) |
Acquisition-related items | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | (72) |
Operations and Support Expenses | 38 | 190 | 431 | 579 |
EBITDA | (38) | (190) | (431) | (651) |
Depreciation and Amortization | 1,921 | 1,771 | 6,122 | 5,719 |
Operating Income | (1,959) | (1,961) | (6,553) | (6,370) |
Certain significant items | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operations and Support Expenses | 113 | 39 | 2,539 | 381 |
EBITDA | (113) | (39) | (2,539) | (381) |
Depreciation and Amortization | 0 | 0 | 0 | 0 |
Operating Income | (113) | (39) | (2,539) | (381) |
Eliminations and consolidations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (1,288) | (1,300) | (3,709) | (3,878) |
Operations and Support Expenses | (918) | (915) | (2,709) | (2,814) |
EBITDA | (370) | (385) | (1,000) | (1,064) |
Depreciation and Amortization | 0 | 0 | (1) | (1) |
Operating Income | (370) | (385) | (999) | (1,063) |
Communications | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 34,287 | 35,401 | 102,128 | 105,837 |
Operations and Support Expenses | 22,012 | 22,767 | 64,264 | 67,379 |
EBITDA | 12,275 | 12,634 | 37,864 | 38,458 |
Depreciation and Amortization | 4,627 | 4,598 | 13,901 | 13,740 |
Operating Income | 7,648 | 8,036 | 23,963 | 24,718 |
Equity in Net Income (Loss) of Affiliates | 0 | 0 | 0 | 0 |
Income Before Income Taxes | 7,648 | 8,036 | 23,963 | 24,718 |
Communications | Mobility | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 17,894 | 17,701 | 52,445 | 52,356 |
Operations and Support Expenses | 10,182 | 9,948 | 29,083 | 29,511 |
EBITDA | 7,712 | 7,753 | 23,362 | 22,845 |
Depreciation and Amortization | 2,021 | 2,011 | 6,078 | 6,027 |
Operating Income | 5,691 | 5,742 | 17,284 | 16,818 |
Equity in Net Income (Loss) of Affiliates | 0 | 0 | 0 | 0 |
Income Before Income Taxes | 5,691 | 5,742 | 17,284 | 16,818 |
Communications | Entertainment Group | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,053 | 11,197 | 30,637 | 33,893 |
Operations and Support Expenses | 7,997 | 8,797 | 23,618 | 25,839 |
EBITDA | 2,056 | 2,400 | 7,019 | 8,054 |
Depreciation and Amortization | 1,277 | 1,316 | 3,875 | 3,978 |
Operating Income | 779 | 1,084 | 3,144 | 4,076 |
Equity in Net Income (Loss) of Affiliates | 0 | 0 | 0 | 0 |
Income Before Income Taxes | 779 | 1,084 | 3,144 | 4,076 |
Communications | Business Wireline | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,340 | 6,503 | 19,046 | 19,588 |
Operations and Support Expenses | 3,833 | 4,022 | 11,563 | 12,029 |
EBITDA | 2,507 | 2,481 | 7,483 | 7,559 |
Depreciation and Amortization | 1,329 | 1,271 | 3,948 | 3,735 |
Operating Income | 1,178 | 1,210 | 3,535 | 3,824 |
Equity in Net Income (Loss) of Affiliates | 0 | 0 | 0 | 0 |
Income Before Income Taxes | 1,178 | 1,210 | 3,535 | 3,824 |
WarnerMedia | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,514 | 8,350 | 22,176 | 25,990 |
Operations and Support Expenses | 5,584 | 5,329 | 16,005 | 17,918 |
EBITDA | 1,930 | 3,021 | 6,171 | 8,072 |
Depreciation and Amortization | 171 | 165 | 501 | 425 |
Operating Income | 1,759 | 2,856 | 5,670 | 7,647 |
Equity in Net Income (Loss) of Affiliates | 11 | 15 | 30 | 137 |
Income Before Income Taxes | 1,770 | 2,871 | 5,700 | 7,784 |
WarnerMedia | Eliminations and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 146 | 191 | (962) | 845 |
Operations and Support Expenses | (171) | 91 | (882) | 438 |
EBITDA | 317 | 100 | (80) | 407 |
Depreciation and Amortization | 32 | 25 | 97 | 69 |
Operating Income | 285 | 75 | (177) | 338 |
Equity in Net Income (Loss) of Affiliates | 40 | 20 | 65 | 70 |
Income Before Income Taxes | 325 | 95 | (112) | 408 |
WarnerMedia | Turner | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,176 | 3,007 | 9,326 | 9,860 |
Operations and Support Expenses | 2,088 | 1,460 | 5,145 | 5,813 |
EBITDA | 1,088 | 1,547 | 4,181 | 4,047 |
Depreciation and Amortization | 69 | 68 | 207 | 167 |
Operating Income | 1,019 | 1,479 | 3,974 | 3,880 |
Equity in Net Income (Loss) of Affiliates | (6) | 10 | 0 | 46 |
Income Before Income Taxes | 1,013 | 1,489 | 3,974 | 3,926 |
WarnerMedia | Home Box Office | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,781 | 1,819 | 4,905 | 5,045 |
Operations and Support Expenses | 1,694 | 1,072 | 4,236 | 3,124 |
EBITDA | 87 | 747 | 669 | 1,921 |
Depreciation and Amortization | 27 | 33 | 73 | 67 |
Operating Income | 60 | 714 | 596 | 1,854 |
Equity in Net Income (Loss) of Affiliates | 0 | 10 | 15 | 40 |
Income Before Income Taxes | 60 | 724 | 611 | 1,894 |
WarnerMedia | Warner Bros. | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,411 | 3,333 | 8,907 | 10,240 |
Operations and Support Expenses | 1,973 | 2,706 | 7,506 | 8,543 |
EBITDA | 438 | 627 | 1,401 | 1,697 |
Depreciation and Amortization | 43 | 39 | 124 | 122 |
Operating Income | 395 | 588 | 1,277 | 1,575 |
Equity in Net Income (Loss) of Affiliates | (23) | (25) | (50) | (19) |
Income Before Income Taxes | 372 | 563 | 1,227 | 1,556 |
Latin America | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,396 | 1,730 | 4,218 | 5,205 |
Operations and Support Expenses | 1,337 | 1,625 | 4,033 | 4,910 |
EBITDA | 59 | 105 | 185 | 295 |
Depreciation and Amortization | 250 | 284 | 773 | 868 |
Operating Income | (191) | (179) | (588) | (573) |
Equity in Net Income (Loss) of Affiliates | 14 | 13 | 26 | 25 |
Income Before Income Taxes | (177) | (166) | (562) | (548) |
Latin America | Vrio | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 753 | 1,013 | 2,392 | 3,112 |
Operations and Support Expenses | 675 | 851 | 2,119 | 2,598 |
EBITDA | 78 | 162 | 273 | 514 |
Depreciation and Amortization | 126 | 162 | 400 | 496 |
Operating Income | (48) | 0 | (127) | 18 |
Equity in Net Income (Loss) of Affiliates | 14 | 13 | 26 | 25 |
Income Before Income Taxes | (34) | 13 | (101) | 43 |
Latin America | Mexico | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 643 | 717 | 1,826 | 2,093 |
Operations and Support Expenses | 662 | 774 | 1,914 | 2,312 |
EBITDA | (19) | (57) | (88) | (219) |
Depreciation and Amortization | 124 | 122 | 373 | 372 |
Operating Income | (143) | (179) | (461) | (591) |
Equity in Net Income (Loss) of Affiliates | 0 | 0 | 0 | 0 |
Income Before Income Taxes | $ (143) | $ (179) | $ (461) | $ (591) |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Operating Income Loss to Consolidated Statement Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment Contribution | $ 3,934 | $ 4,886 | $ 12,697 | $ 15,330 |
AT&T Operating Income | 6,132 | 7,901 | 17,150 | 22,634 |
Equity in net income (loss) of affiliates | 5 | 3 | (11) | 36 |
Interest Expense | 1,972 | 2,083 | 6,031 | 6,373 |
Other income (expense) - net | (231) | (935) | 1,589 | (967) |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment Contribution | 9,241 | 10,741 | 29,101 | 31,954 |
AT&T Operating Income | 9,216 | 10,713 | 29,045 | 31,792 |
Equity in net income (loss) of affiliates | 25 | 28 | 56 | 162 |
Operating Segments | Communications | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment Contribution | 7,648 | 8,036 | 23,963 | 24,718 |
AT&T Operating Income | 7,648 | 8,036 | 23,963 | 24,718 |
Equity in net income (loss) of affiliates | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment Contribution | 1,770 | 2,871 | 5,700 | 7,784 |
AT&T Operating Income | 1,759 | 2,856 | 5,670 | 7,647 |
Equity in net income (loss) of affiliates | 11 | 15 | 30 | 137 |
Operating Segments | Latin America | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment Contribution | (177) | (166) | (562) | (548) |
AT&T Operating Income | (191) | (179) | (588) | (573) |
Equity in net income (loss) of affiliates | 14 | 13 | 26 | 25 |
Corporate and Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
AT&T Operating Income | (642) | (427) | (1,804) | (1,344) |
Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Merger and integration items | (38) | (190) | (431) | (651) |
Amortization of intangibles acquired | (1,921) | (1,771) | (6,122) | (5,719) |
Asset impairments and abandonments | (73) | 0 | (2,515) | 0 |
Gain on spectrum transaction | 0 | 0 | 900 | 0 |
Employee separation costs and benefit-related losses | (40) | (39) | (924) | (381) |
Equity in net income (loss) of affiliates | (25) | (28) | (56) | (162) |
Eliminations and consolidations | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
AT&T Operating Income | $ (370) | $ (385) | $ (999) | $ (1,063) |
Segment Information (Intersegme
Segment Information (Intersegment Details) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues [Abstract] | ||||
Total revenues | $ (42,340) | $ (44,588) | $ (126,069) | $ (134,372) |
Total Intersegment Revenues | ||||
Revenues [Abstract] | ||||
Total revenues | 815 | 821 | 2,409 | 2,548 |
Consolidations | ||||
Revenues [Abstract] | ||||
Total revenues | 473 | 479 | 1,300 | 1,330 |
Eliminations and consolidations | ||||
Revenues [Abstract] | ||||
Total revenues | 1,288 | 1,300 | 3,709 | 3,878 |
Communications | Total Intersegment Revenues | ||||
Revenues [Abstract] | ||||
Total revenues | 3 | 2 | 7 | 10 |
WarnerMedia | Total Intersegment Revenues | ||||
Revenues [Abstract] | ||||
Total revenues | 812 | 819 | 2,402 | 2,538 |
Latin America | Total Intersegment Revenues | ||||
Revenues [Abstract] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Revenue Ca
Revenue Recognition (Revenue Categories) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 42,340 | $ 44,588 | $ 126,069 | $ 134,372 |
Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 14,365 | 14,435 | 42,975 | 42,984 |
Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 5,490 | 5,399 | 16,310 | 15,985 |
Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,707 | 2,886 | 8,330 | 8,962 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 10,081 | 11,267 | 30,617 | 33,954 |
Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,130 | 3,115 | 6,965 | 9,850 |
Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,679 | 1,523 | 4,456 | 5,136 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,330 | 1,692 | 4,063 | 5,153 |
Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 4,558 | 4,271 | 12,353 | 12,348 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 43,197 | 45,481 | 128,522 | 137,032 |
Operating Segments | Communications | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 34,287 | 35,401 | 102,128 | 105,837 |
Operating Segments | Communications | Mobility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 17,894 | 17,701 | 52,445 | 52,356 |
Operating Segments | Communications | Mobility | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 13,811 | 13,856 | 41,314 | 41,171 |
Operating Segments | Communications | Mobility | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Mobility | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Mobility | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Mobility | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Mobility | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 72 | 74 | 206 | 212 |
Operating Segments | Communications | Mobility | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Mobility | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 4,011 | 3,771 | 10,925 | 10,973 |
Operating Segments | Communications | Entertainment Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 10,053 | 11,197 | 30,637 | 33,893 |
Operating Segments | Communications | Entertainment Group | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Entertainment Group | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,128 | 2,117 | 6,329 | 6,296 |
Operating Segments | Communications | Entertainment Group | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 538 | 628 | 1,679 | 1,969 |
Operating Segments | Communications | Entertainment Group | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 6,556 | 7,512 | 20,220 | 22,872 |
Operating Segments | Communications | Entertainment Group | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Entertainment Group | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 408 | 421 | 1,115 | 1,170 |
Operating Segments | Communications | Entertainment Group | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 373 | 517 | 1,189 | 1,580 |
Operating Segments | Communications | Entertainment Group | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 50 | 2 | 105 | 6 |
Operating Segments | Communications | Business Wireline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 6,340 | 6,503 | 19,046 | 19,588 |
Operating Segments | Communications | Business Wireline | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Business Wireline | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 3,348 | 3,269 | 9,943 | 9,649 |
Operating Segments | Communications | Business Wireline | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,031 | 2,252 | 6,227 | 6,973 |
Operating Segments | Communications | Business Wireline | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Business Wireline | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Business Wireline | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Communications | Business Wireline | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 780 | 783 | 2,315 | 2,430 |
Operating Segments | Communications | Business Wireline | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 181 | 199 | 561 | 536 |
Operating Segments | WarnerMedia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 7,514 | 8,350 | 22,176 | 25,990 |
Operating Segments | WarnerMedia | Turner | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 3,176 | 3,007 | 9,326 | 9,860 |
Operating Segments | WarnerMedia | Turner | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Turner | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Turner | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Turner | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,840 | 1,927 | 5,693 | 5,835 |
Operating Segments | WarnerMedia | Turner | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 175 | 89 | 595 | 335 |
Operating Segments | WarnerMedia | Turner | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,077 | 913 | 2,830 | 3,440 |
Operating Segments | WarnerMedia | Turner | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 84 | 78 | 208 | 250 |
Operating Segments | WarnerMedia | Turner | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Home Box Office | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,781 | 1,819 | 4,905 | 5,045 |
Operating Segments | WarnerMedia | Home Box Office | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Home Box Office | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Home Box Office | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Home Box Office | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,624 | 1,533 | 4,403 | 4,383 |
Operating Segments | WarnerMedia | Home Box Office | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 150 | 284 | 488 | 655 |
Operating Segments | WarnerMedia | Home Box Office | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Home Box Office | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 7 | 2 | 14 | 7 |
Operating Segments | WarnerMedia | Home Box Office | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Warner Bros. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,411 | 3,333 | 8,907 | 10,240 |
Operating Segments | WarnerMedia | Warner Bros. | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Warner Bros. | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Warner Bros. | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | WarnerMedia | Warner Bros. | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 11 | 23 | 37 | 67 |
Operating Segments | WarnerMedia | Warner Bros. | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,293 | 3,129 | 8,532 | 9,636 |
Operating Segments | WarnerMedia | Warner Bros. | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1 | 13 | 4 | 33 |
Operating Segments | WarnerMedia | Warner Bros. | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 106 | 168 | 334 | 504 |
Operating Segments | WarnerMedia | Warner Bros. | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,396 | 1,730 | 4,218 | 5,205 |
Operating Segments | Latin America | Vrio | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 753 | 1,013 | 2,392 | 3,112 |
Operating Segments | Latin America | Vrio | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Vrio | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Vrio | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Vrio | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 753 | 1,013 | 2,392 | 3,112 |
Operating Segments | Latin America | Vrio | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Vrio | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Vrio | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Vrio | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 643 | 717 | 1,826 | 2,093 |
Operating Segments | Latin America | Mexico | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 385 | 455 | 1,197 | 1,376 |
Operating Segments | Latin America | Mexico | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Mexico | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Mexico | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Mexico | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Mexico | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Mexico | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Segments | Latin America | Mexico | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 258 | 262 | 629 | 717 |
Eliminations and other | WarnerMedia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 146 | 191 | (962) | 845 |
Eliminations and other | WarnerMedia | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | |
Eliminations and other | WarnerMedia | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | |
Eliminations and other | WarnerMedia | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | |
Eliminations and other | WarnerMedia | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 87 | 221 | 160 | |
Eliminations and other | WarnerMedia | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (488) | (2,650) | (776) | |
Eliminations and other | WarnerMedia | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 529 | 1,416 | 1,451 | |
Eliminations and other | WarnerMedia | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 18 | 51 | 10 | |
Eliminations and other | WarnerMedia | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | |
Eliminations and other | WarnerMedia | Warner Bros. | Content sales with HBO Max | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (200) | (1,850) | ||
Eliminations and other | WarnerMedia | Warner Bros. | Content sales with HBO Linear | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (180) | (110) | (510) | (310) |
Eliminations and other | WarnerMedia | Warner Bros. | Content sales with Turner | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (100) | (170) | (220) | (290) |
Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 431 | 407 | 1,256 | 1,218 |
Corporate and Other | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 169 | 124 | 464 | 437 |
Corporate and Other | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 14 | 13 | 38 | 40 |
Corporate and Other | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 138 | 6 | 424 | 20 |
Corporate and Other | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Corporate and Other | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Corporate and Other | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Corporate and Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 52 | 227 | 197 | 605 |
Corporate and Other | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 58 | 37 | 133 | 116 |
Corporate and Other | WarnerMedia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 191 | |||
Corporate and Other | WarnerMedia | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | |||
Corporate and Other | WarnerMedia | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | |||
Corporate and Other | WarnerMedia | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | |||
Corporate and Other | WarnerMedia | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 57 | |||
Corporate and Other | WarnerMedia | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (387) | |||
Corporate and Other | WarnerMedia | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 523 | |||
Corporate and Other | WarnerMedia | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (2) | |||
Corporate and Other | WarnerMedia | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | |||
Eliminations and consolidations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (1,288) | (1,300) | (3,709) | (3,878) |
Eliminations and consolidations | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Eliminations and consolidations | Advanced Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Eliminations and consolidations | Legacy Voice & Data | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Eliminations and consolidations | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (790) | (798) | (2,349) | (2,475) |
Eliminations and consolidations | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Eliminations and consolidations | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (408) | (421) | (1,115) | (1,170) |
Eliminations and consolidations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (90) | (81) | (245) | (233) |
Eliminations and consolidations | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Eliminations and consolidations | Mobility | HBO Max customer subscriptions at Mobility | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (120) | (150) | ||
Eliminations and consolidations | Entertainment Group | Turner channel distribution arrangements with Entertainment Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | (370) | (430) | (1,170) | (1,340) |
Eliminations and consolidations | Entertainment Group | HBO linear channel distribution arrangements with Entertainment Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ (250) | $ (330) | $ (880) | $ (1,000) |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Contract with Customer, Asset and Liability [Abstract] | ||
Beginning of period contract liability recorded as customer contract revenue during period | $ 5,340 | |
Contract asset balance - current portion | 1,729 | $ 1,611 |
Contract liability balance - current portion | 5,762 | $ 5,939 |
Revenue, Performance Obligation [Abstract] | ||
Aggregate amount of the transaction price allocated to remaining performance obligations | $ 39,385 | |
Deferred Acquisition Costs | Minimum | ||
Capitalized Contract Cost [Line Items] | ||
Amortization period for deferred customer contract acquisition and fulfillment costs | 3 years | |
Deferred Acquisition Costs | Maximum | ||
Capitalized Contract Cost [Line Items] | ||
Amortization period for deferred customer contract acquisition and fulfillment costs | 5 years | |
Deferred Fulfillment Costs | Minimum | ||
Capitalized Contract Cost [Line Items] | ||
Amortization period for deferred customer contract acquisition and fulfillment costs | 3 years | |
Deferred Fulfillment Costs | Maximum | ||
Capitalized Contract Cost [Line Items] | ||
Amortization period for deferred customer contract acquisition and fulfillment costs | 5 years |
Revenue Recognition (Deferred C
Revenue Recognition (Deferred Contract Acquisition and Fulfillment Costs) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Deferred Acquisition Costs | |||
Capitalized Contract Cost, Net [Abstract] | |||
Total deferred costs | $ 5,945 | $ 5,453 | |
Deferred cost amortization | 1,969 | $ 1,565 | |
Deferred Acquisition Costs | Other current assets | |||
Capitalized Contract Cost, Net [Abstract] | |||
Total deferred costs | 2,831 | 2,462 | |
Deferred Acquisition Costs | Other Assets | |||
Capitalized Contract Cost, Net [Abstract] | |||
Total deferred costs | 3,114 | 2,991 | |
Deferred Fulfillment Costs | |||
Capitalized Contract Cost, Net [Abstract] | |||
Total deferred costs | 10,015 | 10,958 | |
Deferred cost amortization | 3,888 | $ 3,656 | |
Deferred Fulfillment Costs | Other current assets | |||
Capitalized Contract Cost, Net [Abstract] | |||
Total deferred costs | 4,234 | 4,519 | |
Deferred Fulfillment Costs | Other Assets | |||
Capitalized Contract Cost, Net [Abstract] | |||
Total deferred costs | $ 5,781 | $ 6,439 |
Revenue Recognition (Contract A
Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Contract with Customer, Asset and Liability [Abstract] | ||
Contract asset | $ 2,817 | $ 2,472 |
Contract liability | $ 6,617 | $ 6,999 |
Revenue Recognition (Remaining
Revenue Recognition (Remaining Performance Obligations) (Details) | Sep. 30, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Aggregate amount of the transaction price allocated to remaining performance obligations (percentage) | 74.00% |
Expected timing of satisfaction for remaining performance obligations, period | 15 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Aggregate amount of the transaction price allocated to remaining performance obligations (percentage) | 26.00% |
Expected timing of satisfaction for remaining performance obligations, period |
Pension And Postretirement Be_3
Pension And Postretirement Benefits (Pension And Postretirement Benefit Costs Included In Operating Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial (gain) loss | $ 63 | $ 4,048 | ||
Qualified Plan | Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net (credit) cost | $ (747) | $ 1,400 | (2,243) | 2,727 |
Pension Cost | Qualified Plan | Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 257 | 260 | 772 | 743 |
Interest cost on projected / accumulated postretirement benefit obligation | 421 | 463 | 1,265 | 1,520 |
Expected return on assets | (888) | (905) | (2,667) | (2,636) |
Amortization of prior service credit | (28) | (28) | (85) | (85) |
Actuarial (gain) loss | 0 | 1,888 | 0 | 4,019 |
Net (credit) cost | (238) | 1,678 | (715) | 3,561 |
Postretirement Cost | Qualified Plan | Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 14 | 19 | 40 | 55 |
Interest cost on projected / accumulated postretirement benefit obligation | 104 | 185 | 312 | 557 |
Expected return on assets | (44) | (57) | (133) | (169) |
Amortization of prior service credit | (583) | (425) | (1,747) | (1,277) |
Net (credit) cost | $ (509) | $ (278) | $ (1,528) | $ (834) |
Pension And Postretirement Be_4
Pension And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial loss | $ 63 | $ 4,048 | ||
Supplemental Retirement and Savings Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net supplemental retirement pension benefits costs | $ 19 | $ 24 | $ 57 | $ 74 |
Actuarial loss | $ 63 |
Fair Value Measurements And D_3
Fair Value Measurements And Disclosure (Long-Term Debt And Other Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and debentures | $ 155,218 | $ 161,109 |
Commercial paper | 1,754 | 0 |
Bank borrowings | 0 | 4 |
Investment securities | 3,669 | 3,723 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and debentures | 181,872 | 182,124 |
Commercial paper | 1,754 | 0 |
Bank borrowings | 0 | 4 |
Investment securities | $ 3,669 | $ 3,723 |
Fair Value Measurements And D_4
Fair Value Measurements And Disclosure (Fair Value Leveling) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Debt Securities | $ 1,524 | $ 1,444 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 2 | |
Cross-currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 322 | 172 |
Liability Derivatives | (4,244) | (3,187) |
Interest rate locks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 11 | |
Liability Derivatives | (95) | |
Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 16 | 89 |
Liability Derivatives | (6) | |
Fixed income equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 233 | 229 |
Domestic equities | Securities Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 893 | 844 |
International equities | Securities Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 148 | 183 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Debt Securities | 0 | 0 |
Level 1 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | |
Level 1 | Cross-currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Level 1 | Interest rate locks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | |
Liability Derivatives | 0 | |
Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | |
Level 1 | Fixed income equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 233 | 229 |
Level 1 | Domestic equities | Securities Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 893 | 844 |
Level 1 | International equities | Securities Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 148 | 183 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Debt Securities | 1,524 | 1,444 |
Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 2 | |
Level 2 | Cross-currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 322 | 172 |
Liability Derivatives | (4,244) | (3,187) |
Level 2 | Interest rate locks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 11 | |
Liability Derivatives | (95) | |
Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 16 | 89 |
Liability Derivatives | (6) | |
Level 2 | Fixed income equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 0 | 0 |
Level 2 | Domestic equities | Securities Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 0 | 0 |
Level 2 | International equities | Securities Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Debt Securities | 0 | 0 |
Level 3 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | |
Level 3 | Cross-currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Level 3 | Interest rate locks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | |
Liability Derivatives | 0 | |
Level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | |
Level 3 | Fixed income equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 0 | 0 |
Level 3 | Domestic equities | Securities Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 0 | 0 |
Level 3 | International equities | Securities Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | $ 0 | $ 0 |
Fair Value Measurements And D_5
Fair Value Measurements And Disclosure (Gain and Losses on Equity Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | ||||
Total gains (losses) recognized on equity securities | $ 64 | $ 21 | $ 22 | $ 231 |
Gains (Losses) recognized on equity securities sold | 0 | 74 | (24) | 101 |
Unrealized gains (losses) recognized on equity securities held at end of period | $ 64 | $ (53) | $ 46 | $ 130 |
Fair Value Measurements And D_6
Fair Value Measurements And Disclosure (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | Dec. 31, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |||||
Available-for-sale debt securities | $ 1,524 | $ 1,524 | $ 1,444 | ||
Available-for-sale debt securities - maturities less than 1 year | 62 | 62 | |||
Available-for-sale debt securities - maturities within 1 to 3 years | 155 | 155 | |||
Available-for-sale debt securities - maturities within 3 to 5 years | 163 | 163 | |||
Available-for-sale debt securities - maturities for 5 or more years | 1,144 | 1,144 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Anticipated reclassification of holding losses during the next 12 months - cash flow hedges | 95 | 95 | |||
Net losses on net investment hedges recognized in accumulated OCI | 70 | 75 | |||
Collateral submitted to counterparty | 485 | 485 | 204 | ||
Collateral received from counterparty | 4 | 4 | $ 44 | ||
Collateral contingently payable to the counterparty | 25 | 25 | |||
Measurement Input, Entity Credit Risk | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Collateral contingently payable to the counterparty | 3,237 | 3,237 | |||
Measurement Input, Entity Credit Risk | Communications | DirecTV | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Collateral contingently payable to the counterparty | $ 241 | $ 241 | |||
Net Investment Hedging | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Aggregate principal amount of debt | € | € 1,450,000,000 | ||||
Interest rate locks | Cash Flow Hedging | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Payment for hedge | $ 731 |
Fair Value Measurements And D_7
Fair Value Measurements And Disclosure (Notional Amount Of Our Outstanding Derivative Positions) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Notional amounts of outstanding derivative positions | $ 43,173 | $ 46,947 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amounts of outstanding derivative positions | 0 | 853 |
Cross-currency swaps | ||
Derivative [Line Items] | ||
Notional amounts of outstanding derivative positions | 42,969 | 42,325 |
Interest rate locks | ||
Derivative [Line Items] | ||
Notional amounts of outstanding derivative positions | 0 | 3,500 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amounts of outstanding derivative positions | $ 204 | $ 269 |
Fair Value Measurements And D_8
Fair Value Measurements And Disclosure (Effect Of Derivatives On The Consolidated Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on interest rate swaps | $ (1) | $ 0 | $ (5) | $ 59 |
Gain (Loss) on long-term debt | 1 | 0 | 5 | (59) |
Cross-currency swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) recognized in accumulated OCI | 1,079 | (487) | (2,091) | (1,082) |
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) recognized in accumulated OCI | 10 | 5 | (1) | 2 |
Foreign exchange contracts | Other income (expense) - net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount reclassified from accumulated OCI into income | (9) | 6 | 4 | 16 |
Interest rate locks | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) recognized in accumulated OCI | 0 | (202) | (648) | (225) |
Interest rate locks | Interest income (expense) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount reclassified from accumulated OCI into income | $ (25) | $ (15) | $ (59) | $ (47) |
Acquisitions, Dispositions An_2
Acquisitions, Dispositions And Other Adjustments (Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2020 | Oct. 13, 2020 | Jun. 30, 2020 | May 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Business Combination Segment Allocation [Line Items] | ||||||||||
Acquisitions, net of cash acquired | $ 1,215 | $ 1,124 | ||||||||
Acquisition of business - Goodwill | 143,688 | $ 146,241 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Amount received from sale of interest | 428 | 3,775 | ||||||||
Debt guarantee, original amount covered | 1,100 | |||||||||
Debt guarantee | 600 | |||||||||
37/39 GHz Licenses | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Acquisitions, net of cash acquired | $ 1,062 | $ 1,022 | ||||||||
Payments to acquire intangible assets | $ 2,379 | $ 949 | $ 1,186 | |||||||
FiberTower Corporation | 39 GHz Licenses Exchanged for Vouchers | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Book value of indefinite-lived intangible assets | $ 300 | |||||||||
Gain on disposition of intangible asset | $ 900 | |||||||||
Value of consideration received in a noncash transaction | $ 1,200 | |||||||||
Subsequent Event | CME | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Percent of interest disposed | 65.30% | |||||||||
Amount received from sale of interest | $ 1,100 | |||||||||
Subsequent Event | Puerto Rico And U.S. Virgin Islands Operations | Discontinued Operations, Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration for completion of sale of operations | $ 1,950 | |||||||||
Payments to redeem cumulative preferred interest in subsidiary that held notes secured by proceeds of sale | $ 1,950 | |||||||||
WarnerMedia | HBO LAG | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Acquisitions, net of cash acquired | $ 141 | |||||||||
Acquisition of business, pre-tax gain | 68 | |||||||||
Acquisition of intangible assets, trade names | 640 | |||||||||
Acquisition of business - Goodwill | 343 | |||||||||
WarnerMedia | HBO LAG | Distribution Networks — Net | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Acquisition of other intangible assets | $ 271 |
Sales Of Receivables (Equipment
Sales Of Receivables (Equipment Installment and AT&T Revolving Programs) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Equipment Installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross receivable | $ 4,241 | $ 4,576 |
Other Assets | 1,570 | 1,632 |
Outstanding portfolio of receivables derecognized from our consolidated balance sheets | 8,238 | 9,713 |
Cash proceeds received, net of remittances | 5,944 | 7,211 |
Equipment Installment | Notes receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 2,190 | 2,467 |
Equipment Installment | Trade receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 481 | 477 |
Revolving | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross receivable | 3,516 | 3,324 |
Other Assets | 187 | 515 |
Outstanding portfolio of receivables derecognized from our consolidated balance sheets | 5,100 | 4,300 |
Cash proceeds received, net of remittances | 5,100 | 4,300 |
Revolving | Notes receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 0 | 0 |
Revolving | Trade receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 3,329 | $ 2,809 |
Sales Of Receivables (Finance R
Sales Of Receivables (Finance Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net receivables sold | $ 3,553 | $ 2,864 | $ 11,510 | $ 8,361 |
Cash proceeds received | 3,563 | 2,873 | 11,590 | 8,725 |
Guarantee obligation recorded | 58 | 39 | 172 | 475 |
Equipment Installment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross receivables sold | 1,624 | 2,098 | 5,497 | 7,043 |
Net receivables sold | 1,578 | 2,014 | 5,300 | 6,693 |
Cash proceeds received | 1,387 | 1,700 | 4,562 | 5,895 |
Deferred purchase price recorded | 226 | 352 | 811 | 922 |
Guarantee obligation recorded | $ 55 | $ 67 | $ 126 | $ 261 |
Sales Of Receivables (Finance_2
Sales Of Receivables (Finance Receivables Repurchased) (Details) - Equipment Installment - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Fair value of repurchased receivables | $ 373 | $ 268 | $ 946 | $ 926 |
Carrying value of deferred purchase price | 373 | 259 | 931 | 891 |
Gain on repurchases | $ 0 | $ 9 | $ 15 | $ 35 |
Sales Of Receivables (Equipme_2
Sales Of Receivables (Equipment Installment and AT&T Revolving Programs) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Equipment Installment Program | Guarantee Obligation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Guarantee obligation | $ 384 | $ 319 | ||
Equipment Installment Program | Accounts payable and accrued liabilities | Guarantee Obligation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Guarantee obligation | 148 | 234 | ||
Equipment Installment Program | Deferred Purchase Price Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Deferred purchase price receivable | 2,336 | 2,163 | ||
Equipment Installment Program | Deferred Purchase Price Receivable | Other current assets | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Deferred purchase price receivable | $ 1,569 | 1,538 | ||
Revolving Receivables Program | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revolving agreement, term | 1 year | |||
Revolving agreement, transfer amount (up to) | $ 5,300 | $ 4,300 | ||
Revolving agreement extension term | 1 year | |||
Receivables pledged as collateral | $ 3,516 |
Sales Of Receivables (Summary o
Sales Of Receivables (Summary of Receivables Sold) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Receivables [Abstract] | ||||
Gross receivables sold/cash proceeds received | $ 3,563,000,000 | $ 2,873,000,000 | $ 11,590,000,000 | $ 8,725,000,000 |
Collections reinvested under revolving agreement | 3,563,000,000 | 2,873,000,000 | 10,590,000,000 | 5,000,000,000 |
Collections not reinvested | 200,000,000 | 269,000,000 | 200,000,000 | 269,000,000 |
Net cash proceeds received (remitted) | (200,000,000) | (269,000,000) | 800,000,000 | 3,456,000,000 |
Net receivables sold | 3,553,000,000 | 2,864,000,000 | 11,510,000,000 | 8,361,000,000 |
Obligations recorded (reversed) | 58,000,000 | 39,000,000 | 172,000,000 | 475,000,000 |
Initial sale of receivables | $ 0 | $ 0 | $ 1,000,000,000 | $ 3,725,000,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - Maximum | Sep. 30, 2020 |
Lessee, Lease, Description [Line Items] | |
Operating Lease, remaining term of contract | 15 years |
Finance Lease, remaining term of contract | 15 years |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,546 | $ 1,481 | $ 4,372 | $ 4,333 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 76 | 67 | 216 | 203 |
Interest on lease obligation | 39 | 42 | 116 | 126 |
Total finance lease cost | $ 115 | $ 109 | $ 332 | $ 329 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities | ||
Operating cash flows from operating leases | $ 3,651 | $ 3,338 |
Supplemental Lease Cash Flow Disclosures | ||
Operating lease right-of-use assets obtained in exchange for new operating lease obligations | $ 3,908 | $ 7,068 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Operating Leases | |||
Operating lease right-of-use assets | $ 24,546 | $ 24,039 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |
Accounts payable and accrued liabilities | $ 3,483 | $ 3,451 | |
Operating lease obligation | 22,056 | 21,804 | |
Total operating lease obligation | 25,539 | 25,255 | |
Finance Leases | |||
Property, plant and equipment, at cost | 3,485 | 3,534 | |
Accumulated depreciation and amortization | (1,363) | (1,296) | |
Property, plant and equipment, net | $ 2,122 | $ 2,238 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | |
Current portion of long-term debt | $ 174 | $ 162 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:DebtCurrent | us-gaap:DebtCurrent | |
Long-term debt | $ 1,732 | $ 1,872 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtNoncurrent | us-gaap:LongTermDebtNoncurrent | |
Total finance lease obligation | $ 1,906 | $ 2,034 | |
Weighted-Average Remaining Lease Term (years), Operating leases | 8 years 6 months | 8 years 8 months 12 days | |
Weighted-Average Remaining Lease Term (years), Finance leases | 10 years 1 month 6 days | 10 years 4 months 24 days | |
Weighted-Average Discount Rate, Operating leases | 4.10% | 4.30% | |
Weighted-Average Discount Rate, Finance leases | 8.10% | 8.40% |
Leases (Future Minimum Maturiti
Leases (Future Minimum Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2020 | $ 1,226 | |
2021 | 4,679 | |
2022 | 4,372 | |
2023 | 3,981 | |
2024 | 3,449 | |
Thereafter | 13,543 | |
Total lease payments | 31,250 | |
Less imputed interest | (5,711) | |
Total | 25,539 | $ 25,255 |
Finance Leases | ||
2020 | 99 | |
2021 | 316 | |
2022 | 298 | |
2023 | 278 | |
2024 | 258 | |
Thereafter | 1,720 | |
Total lease payments | 2,969 | |
Less imputed interest | (1,063) | |
Total | $ 1,906 | $ 2,034 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ / shares in Units, € / shares in Thousands, $ in Millions | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2020segment€ / shares | Sep. 30, 2020€ / shares | Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / sharesshares | |
Class of Stock [Line Items] | ||||
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 1 | $ 1 | ||
Telco LLC | ||||
Class of Stock [Line Items] | ||||
Nonconvertible cumulative preferred interests issued | $ | $ 2,000 | |||
Initial preferred distribution percentage | 4.25% | |||
Distribution reset period | 7 years | |||
Period post issuance date that preferred interests can be called at issue price | 7 years | |||
Option to require redemption, certain contingent events, failure of Telco LLC to pay preferred distributions, minimum number of periods | segment | 2 | |||
Preferred Stock - Series A | ||||
Class of Stock [Line Items] | ||||
Preferred stock, outstanding (in shares) | 48,000 | 48,000 | ||
Preferred stock, issued (in shares) | 48,000 | 48,000 | ||
Preferred stock, liquidation preference per share (in dollars/Euros per share) | $ / shares | $ 25,000 | |||
Preferred stock, dividend rate | 5.00% | |||
Preferred Stock - Series B | ||||
Class of Stock [Line Items] | ||||
Preferred stock, outstanding (in shares) | 20,000 | 0 | ||
Preferred stock, issued (in shares) | 20,000 | 0 | ||
Preferred stock, liquidation preference per share (in dollars/Euros per share) | € / shares | € 100 | € 100 | ||
Preferred stock, dividend rate | 2.875% | |||
Preferred Stock - Series C | ||||
Class of Stock [Line Items] | ||||
Preferred stock, outstanding (in shares) | 70,000 | 0 | ||
Preferred stock, issued (in shares) | 70,000 | 0 | ||
Preferred stock, liquidation preference per share (in dollars/Euros per share) | $ / shares | $ 25,000 | |||
Preferred stock, dividend rate | 4.75% |
Additional Financial Informat_3
Additional Financial Information (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 9,758 | $ 6,588 | $ 12,130 | $ 5,204 |
Restricted cash in Other current assets | 2 | 15 | 69 | 61 |
Restricted cash in Other Assets | 89 | 179 | 96 | 135 |
Cash and Cash Equivalents and Restricted Cash | 9,849 | 6,782 | $ 12,295 | $ 5,400 |
Cash paid (received) during the period for: | ||||
Interest | 6,661 | 6,938 | ||
Income taxes, net of refunds | 306 | 420 | ||
Spectrum acquisitions | 1,215 | 1,124 | ||
Spectrum Licenses | ||||
Cash paid (received) during the period for: | ||||
Spectrum acquisitions | $ 1,062 | $ 1,022 |
Additional Financial Informat_4
Additional Financial Information (Narrative) (Details) € in Millions, R in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
May 31, 2020USD ($) | Apr. 30, 2018USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2020ZAR (R) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Apr. 30, 2020USD ($) | |
Additional Financial Information [Line Items] | ||||||||||
Vendor financing payables | $ 3,252 | $ 3,252 | ||||||||
Vendor financing payables due within one year | 1,474 | 1,474 | ||||||||
Long-term debt obligations | 158,878 | 158,878 | ||||||||
Repayment of long-term debt | $ 37,583 | $ 24,368 | ||||||||
Minimum | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Vendor financing payables, noncurrent, period due within | 2 years | |||||||||
Maximum | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Vendor financing payables, noncurrent, period due within | 3 years | |||||||||
Notes And Debentures | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Commercial paper | $ 1,710 | $ 1,710 | ||||||||
Notes And Debentures | Long-Term Debt Issuance | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Weighted average interest rate | 3.20% | 3.20% | ||||||||
Notes And Debentures | Long-Term Debt Redemptions | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Weighted average interest rate | 3.20% | 3.20% | ||||||||
Term Loan Credit Agreement | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Repayment of long-term debt | $ 1,800 | |||||||||
Term Loan Credit Agreement | Bank of America, N.A. | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Short-term borrowings | $ 5,500 | |||||||||
Repayments on short-term borrowings | $ 5,500 | |||||||||
AT&T Global Notes Due 2027 To 2060 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Proceeds from issuance of debt | 16,545 | |||||||||
AT&T Global Notes Due 2028 To 2038 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Proceeds from issuance of debt | 3,281 | € 3,000 | ||||||||
AT&T Global Notes Due 2028 To 2061 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Proceeds from issuance of debt | $ 11,000 | |||||||||
AT&T Global Notes Due 2020 To 2047 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Repayment of long-term debt | 12,689 | |||||||||
Annual Put Reset Securities | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Repayment of long-term debt | $ 1,000 | |||||||||
AT&T, WarnerMedia and DIRECTV Notes Due 2022 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Repayment of long-term debt | 4,264 | |||||||||
AT&T and WarnerMedia Global Notes Due 2022 to 2023 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Repayment of long-term debt | 1,158 | |||||||||
AT&T Floating-Rate Notes Due 2020 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Repayment of long-term debt | 2,637 | € 2,250 | ||||||||
Sky Servicos de Banda Larga Ltda. Floating-Rate Private Loan Due 2021 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Proceeds from issuance of debt | $ 1,000 | |||||||||
Repayment of long-term debt | 638 | R 3,381 | ||||||||
AT&T Global Notes And Subsidiary Notes Due 2021 To 2025 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Repayment of long-term debt | 11,384 | |||||||||
AT&T and Subsidiary Notes Due 2031 to 2058 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Repayment of long-term debt | 1,459 | |||||||||
Amount of debt exchanged | 17,677 | |||||||||
Three New Series of Global Notes Due 2053 to 2059 | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Proceeds from issuance of debt | $ 21,500 | |||||||||
Vendor Financing Program | ||||||||||
Additional Financial Information [Line Items] | ||||||||||
Noncash investing activities | $ 3,148 | $ 1,917 |