AT&T Wireless 2011 Annual Report Download

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getting to the
future first
AT&T Inc. 2011 Annual Report

Table of contents

  • Page 1
    getting to the future first AT&T Inc. 2011 Annual Report

  • Page 2

  • Page 3
    ... with more than 1 billion already sold worldwide, and mobile tablets and eReaders are now on a similar growth trajectory. • Mobile applications that make smartphones and tablets even smarter have exploded; last year alone an estimated 12 billion were downloaded worldwide, up 10X over the past five...

  • Page 4
    ...mobile Internet devices on our network soared to more than 43 million. • Total mobile data connections on our network more than doubled to more than 74 million, and mobile data revenues increased 5X, from just over $4 billion to more than $22 billion. • Our total wireless subscribers grew nearly...

  • Page 5
    ... business customers - whose requirements are increasingly focused on mobile broadband connectivity - by creating a robust Internet cloud services platform for computing, storage, security and mobile apps. And as we built these new growth platforms, we also delivered solid financial results. In 2011...

  • Page 6
    ...And in our own operations, this has driven significant changes in our business mix. • Five years ago, wireless, wireline data and managed services represented roughly half of our overall revenues. Today, they account for more than three-fourths of the total, and in 2011 they had combined growth of...

  • Page 7
    ... are leading the way on a number of fronts to help increase network capacity and mobile broadband accessibility while we continue to pursue additional spectrum. • We've executed a number of smaller spectrum transactions. • We've worked aggressively to add cell sites and make the most of existing...

  • Page 8
    ...We've assembled the United States' largest Wi-Fi network to provide our customers with alternative mobile access points, and growth has been dramatic. For the full year 2008, customers made 20 million Wi-Fi connections on our network. Last year, we hit that total every four days. Adding capacity and...

  • Page 9
    ... gratitude and respect for their work. On their behalf, I thank you for your continued confidence and support. Together, we will work tirelessly to continue leading the mobile Internet revolution. Sincerely, Randall Stephenson Chairman, Chief Executive Officer and President February 13, 2012 AT...

  • Page 10
    ... 4G LTE wireless technology and cloud services that enable businesses to easily and cost effectively manage network capacity, we're opening up a new world of possibilities. Our network, layered with world-class security and threat protection, gives us the power to transform lives, businesses and the...

  • Page 11
    ... a structure's potential risk from earthquakes, engineering firm Simpson Gumpertz & Heger Inc. relies on cloud solutions from AT&T. And with access to the cloud from smartphones and tablets, the "office" can be nearly anywhere - even at a construction site 30 stories above ground. AT&T Inc. 9

  • Page 12
    ...connected - and manages her data usage - via the AT&T Wi-Fi Hot Spot. Rebecca, who recently switched to AT&T from another carrier, said the big difference for her was AT&T's coverage when she visits family in the U.S. Virgin Islands. "I go home three or four times a year," says Rebecca. "It's a long...

  • Page 13
    ..., including telepresence, global security solutions and network management services. Meanwhile, we're connecting tens of thousands of mobile devices and PCs to the network so Carl Zeiss' people can be more productive. "AT&T has helped us reduce operating costs and increase productivity," says Hans...

  • Page 14
    ... on the people and places that represent AT&T to the world. In the process, we've opened up a new world of possibilities for our customers. times each year. So each customer visit begins with a promise that we'll provide personal, smart, fast, friendly service. We listen carefully to make sure we...

  • Page 15
    Store employees Dennis Foster and Lindsay Wadelton are proud of the new AT&T Retail Innovation Center - a live laboratory that tests new ideas for enhancing customer service. Says Dennis, "This place is like nothing I've ever seen!" AT&T Inc. 13

  • Page 16
    ...the foundation, today more customers want to learn, explore and buy online. Each month more than 80 million people visit www.att.com, and in 2011 we processed more than 200 million transactions through the site. Last year, we redesigned our site and deployed new technology to help customers get what...

  • Page 17
    ... enterprise customers more easily manage their accounts. For example, during our biggest product launch of the year - iPhone 4S - AT&T introduced the iPhone Upgrader App. The free app allowed customers to quickly check their upgrade eligibility, select and purchase an iPhone model and choose a rate...

  • Page 18
    ... history of making big bets on new technology. As AT&T's chief technology officer, Krish has responsibility for AT&T Labs, which has a threefold mission: make the network smarter, deliver new types of service over the network and improve people's lives. That's a tall order, even for an organization...

  • Page 19
    At the AT&T Foundry location in Palo Alto, AT&T is accelerating the pace of innovation by increasing collaboration with developers. Danika Patrick and Ari Lerner are working with developers to create new mobile solutions in healthcare. (See page 20 to learn more.) AT&T Inc. 17

  • Page 20
    ... to help them quickly turn their ideas into real-world products. Take Ringbow Ltd., an Israeli startup that is working with AT&T to create a wearable ring that lets the user interact in a new way with various touch- and gesture-sensitive devices, controlling everything from games to business apps to...

  • Page 21
    ...Care System is one of many organizations working with AT&T to improve patient care by creating an enterprise health information exchange - AT&T Healthcare Community Online (HCO). HCO provides highly secure, virtually anytime, anywhere access to such patient information as medical history and current...

  • Page 22
    ... in more than 13 million locations across the nation. Today, AT&T is working with companies like Digi International Inc. to go beyond the meter and make the grid even smarter. Through advanced applications and wireless machineto-machine connections, our network supports Digi X-GridTM solutions that...

  • Page 23
    ... to find ways to keep its more than 47,000 students, as well as its faculty and staff, connected. USF has embraced the power of mobile communications: A custom app from AT&T and Verivo Software - iUSF - provides everything from course listings to campus maps to bus schedules on any mobile device. So...

  • Page 24
    ..., to the innovative ways we work to reduce our impact on the environment. AT&T invests significant resources to advance education, strengthen communities and improve lives. In 2011, we contributed $115 million through corporate, employee and AT&T Foundation giving programs. As an important part of...

  • Page 25
    "Job Shadow has given me a different outlook on my future ...and it made me feel important," says Elizabeth Briones, who job shadowed with a manager at AT&T headquarters in Dallas. AT&T Inc. 23

  • Page 26
    ... worked tirelessly to help those who lost phones, batteries and chargers to get reconnected as quickly as possible. He led the effort to open three temporary locations - one was open within 48 hours - and provided charging stations for use by nearly 20,000 people. John Divine worked 16 to 18 hours...

  • Page 27
    ... world we all share. That's why we're developing solutions that enable people and businesses to make more sustainable choices that reduce both environmental impact and costs. For example, more of our business customers are working to improve productivity and conserve travel budgets, while addressing...

  • Page 28
    ... mix > Wireless Wireline Data/Managed Services Wireline Voice Advertising Solutions/Other 50% 26% 5% 19% $20.3B 103.2M $10.2B $34.6B Capital invested in 2011, including an increase in investment in wireless and mobile broadband capabilities. Wireless connections on AT&T's network, an increase of...

  • Page 29
    ... monitoring systems, security systems and other emerging products, with more than 3.7 million added in 2011. end-of-year connected devices on AT&T's wireless network, in millions > 08 09 10 11 2.7 4.7 9.3 13.1 video leadership Driven by strong subscriber growth, in 2011, AT&T U-verse services...

  • Page 30
    ... Best Mobile Phone Coverage in The World. sustainable business practices Leading industry analyst firm Gartner recognizes AT&T in the Leaders Quadrant for: Global Network Service Providers; Pan-European Network Service Providers; Managed Security Service Providers, North America; Web Conferencing...

  • Page 31
    ... of Operations Consolidated Financial Statements Notes to Consolidated Financial Statements Report of Management Report of Independent Registered Public Accounting Firm Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting Board of Directors Executive...

  • Page 32
    ... (000,000) Weighted average common shares outstanding with dilution (000,000) End of period common shares outstanding (000,000) Operating Data Wireless subscribers (000)1 In-region network access lines in service (000)3 Broadband connections (000)2,3 Number of employees 1 2 3 $126,723 $117...

  • Page 33
    ... in our voice revenues. During 2011, total switched access lines decreased 12.3%. Customers disconnecting access lines switched to wireless, Voice over Internet Protocol (VoIP) and cable offerings for voice and data or terminated service permanently as businesses closed or consumers left residences...

  • Page 34
    ...of Operations (continued) Dollars in millions except per share amounts Cost of services and sales expenses increased $4,995, or 9.5%, in 2011 and $1,740, or 3.4%, in 2010. Excluding the increase of $1,668 related to the actuarial loss, expense increases in 2011 were primarily due to higher wireless...

  • Page 35
    ... our 2011 total segment income as compared to 34% in 2010. This segment uses our regional, national and global network to provide consumer and business customers with landline voice and data communications services, AT&T U-verse TV, high-speed broadband, and voice services and managed networking to...

  • Page 36
    ... in 2011 was primarily related to higher activations of postpaid smartphones (handsets with voice and data capabilities using an advanced operating system to better manage data and Internet access), including Android devices and other non-iPhone smartphones, sales of tablets and connected devices...

  • Page 37
    ... smartphones, we expect to recover that cost over time from increased usage of the devices, especially data usage by the subscriber. We also expect a recent change in our handset upgrade policy (to lengthen the time between upgrades) to help our margin. The increase in our Wireless segment operating...

  • Page 38
    ... to the increased number of subscribers and increased Internet access by subscribers using advanced handsets and data-centric devices, such as eReaders, tablets, and mobile navigation devices. Data service revenues accounted for approximately 38.8% of our wireless service revenues in 2011, compared...

  • Page 39
    ... business customers either reduced usage or disconnected traditional landline services and switched to alternative technologies, such as wireless and VoIP. Our strategy is to offset these line losses by increasing non-access-line-related revenues from customer connections for data, video and U-verse...

  • Page 40
    ... were primarily related to lower amortization of intangibles for customer lists associated with acquisitions. Supplemental Information Telephone, Wireline Broadband and Video Connections Summary Our switched access lines and other services provided by our local exchange telephone subsidiaries at...

  • Page 41
    ..., or 21.4%, in 2010. Increased operating expenses in 2011 include $4,432 of charges related to T-Mobile, including $4,181 resulting from our termination of the acquisition, $3,962 of which was related to the termination fee and transfer of wireless spectrum. These fees were partially offset by lower...

  • Page 42
    ... of growth to be wireless, especially in sales of and increases in data usage on smartphones and emerging devices (such as tablets, eReaders and mobile navigation devices). We expect that all our major customer categories will continue to increase their use of Internet-based broadband/data services...

  • Page 43
    ... expect this network to cover approximately 80% of the U.S. population and to be largely complete by the end of 2013. We continue to expand the number of locations, including airports and cafés, where customers can access broadband Internet connections using wireless fidelity (local radio frequency...

  • Page 44
    ... cable service and therefore subject to the applicable state and local cable regulation. Certain municipalities have delayed our requests to offer this service or have refused us permission to use our existing or new right-of-ways to deploy or activate our U-verse-related equipment, services...

  • Page 45
    ... in the area of bundling of products and services, including wireless and video, large-business data services and broadband. In most markets, we compete with large cable companies, such as Comcast Corporation, Cox Communications Inc. and Time Warner Cable Inc., for local, high-speed Internet and...

  • Page 46
    ... on plan assets is calculated using the actual fair value of plan assets. If all other factors were to remain unchanged, we expect that a 1.0% decrease in the actual long-term rate of return would cause 2012 combined pension and postretirement cost to increase $525, which under our accounting policy...

  • Page 47
    ... in the network, subscribers, etc., is attributable to the wireless FCC licenses. The terminal value of the segment, which incorporates an assumed sustainable growth rate, is also discounted and is likewise attributed to the licenses. We used a discount rate of 9.0%, based on the optimal long-term...

  • Page 48
    ... and Analysis of Financial Condition and Results of Operations (continued) Dollars in millions except per share amounts If either the projected rate of long-term growth of cash flows or revenues declined by 1%, or if the discount rate increased by 1%, the fair values of the wireless FCC licenses...

  • Page 49
    ... Universal Service Fees on certain services not subject to such fees, including Internet access service provided over wireless handsets commonly called "smartphones" and wireless data cards, as well as collecting certain other state and local fees. Plaintiffs define the class as all persons who...

  • Page 50
    ... represented 48% of our total spending and increased 6% in 2011. Wireless expenditures were primarily used for network capacity expansion, integration and upgrades to our High-Speed Downlink Packet Access network and the initial deployment of LTE equipment for our recent commercial launch. We expect...

  • Page 51
    ...300 million shares (approximately 5%) of our common stock; the program does not have an expiration date. We started buying back stock under this program in January 2012. We plan to fund our 2012 financing activities through a combination of cash from operations and debt issuances. The timing and mix...

  • Page 52
    ..., at our option, either: • at a variable annual rate equal to (1) the highest of (a) the base (or prime) rate of a designated bank, (b) 0.50% per annum above the Federal funds rate, and (c) the LIBOR for a period of one month plus 1.00%, plus (2) an applicable margin as set forth in such...

  • Page 53
    ... contracts (cross-currency swaps). We do not use derivatives for trading or speculative purposes. We do not foresee significant changes in the strategies we use to manage market risk in the near future. Interest Rate Risk The majority of our financial instruments are medium- and long-term fixed rate...

  • Page 54
    Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) Dollars in millions except per share amounts Foreign Exchange Risk We are exposed to foreign currency exchange risk through our foreign affiliates and equity investments in foreign companies. We do not...

  • Page 55
    ... actual investment returns, medical costs and interest rates are worse than those previously assumed, our annual costs will increase. The Financial Accounting Standards Board (FASB) requires companies to recognize the funded status of defined benefit pension and postretirement plans as an asset or...

  • Page 56
    ...of our service areas and compete for customers based principally on service/device offerings, price, call quality, coverage area and customer service. In addition, we are facing growing competition from providers offering services using alternative wireless technologies and IP-based networks as well...

  • Page 57
    ... telephone switching offices, microwave links, third-party owned local and long-distance networks on which we rely, our cell sites or other equipment, or our customer account support and information systems, could have a material adverse effect on our operations. While we have insurance coverage...

  • Page 58
    ... such proceedings, including proceedings relating to Interconnection terms, access charges, universal service, unbundled network elements and resale and wholesale rates; broadband deployment including our U-verse services; net neutrality; performance measurement plans; service standards; and traffic...

  • Page 59
    Consolidated Statements of Income Dollars in millions except per share amounts 2011 2010 2009 Operating Revenues Wireless service Data Voice Directory Other Total operating revenues Operating Expenses Cost of services and sales (exclusive of depreciation and amortization shown separately below) ...

  • Page 60
    ... except per share amounts December 31, 2011 2010 Assets Current Assets Cash and cash equivalents Accounts receivable - net of allowances for doubtful accounts of $878 and $957 Prepaid expenses Deferred income taxes Other current assets Total current assets Property, Plant and Equipment - Net...

  • Page 61
    ... Net gain from impairment and sale of investments Impairment of intangible assets Actuarial loss on pension and postretirement benefits Income from discontinued operations Changes in operating assets and liabilities: Accounts receivable Other current assets Accounts payable and accrued liabilities...

  • Page 62
    Consolidated Statements of Changes in Stockholders' Equity Dollars and shares in millions except per share amounts 2011 Shares Amount Shares 2010 Amount Shares 2009 Amount Common Stock Balance at beginning of year Issuance of shares Balance at end of year Additional Paid-In Capital Balance at ...

  • Page 63
    Consolidated Statements of Changes in Stockholders' Equity (continued) Dollars and shares in millions except per share amounts 2011 ...net income, net of taxes of $8, $7 and $8 Defined benefit postretirement plans (see Note 11): Net prior service credit arising from period, net of taxes of $699, $298 ...

  • Page 64
    ... financial statements include the accounts of the Company and our majority-owned subsidiaries and affiliates. Our subsidiaries and affiliates operate in the communications services industry both domestically and internationally, providing wireless and wireline communications services and equipment...

  • Page 65
    ...market (determined using current replacement cost) were $1,082 as of December 31, 2011, and $1,185 as of December 31, 2010. The remainder of our inventory includes new and reusable supplies and network equipment of our local telephone operations, which are stated principally at average original cost...

  • Page 66
    ... Financial Statements (continued) Dollars in millions except per share amounts reporting units calculated under a market multiple approach as well as a discounted cash flow approach. FCC licenses are tested for impairment on an aggregate basis, consistent with the management of the business...

  • Page 67
    ... to the purchase agreement, we paid a breakup fee of $3,000, entered into a broadband roaming agreement and, pursuant to regulatory approvals, will transfer certain wireless spectrum with a book value of $962. These agreement termination charges were included in "Selling, general and administrative...

  • Page 68
    ...common shares. At December 31, 2011, the exercise prices of 24 million vested stock options were below market price. The Wireline segment uses our regional, national and global network to provide consumer and business customers with landline voice and data communications services, AT&T U-verse® TV...

  • Page 69
    ...: At December 31, 2011 and for the year ended Wireless Wireline Advertising Solutions Other Consolidations Consolidated Results Total segment operating revenues Operations and support expenses Depreciation and amortization expenses Total segment operating expenses Segment operating income (loss...

  • Page 70
    ... 243,833 140,637 $107,087 $103,196 Includes certain network software. NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amounts of goodwill, by segment (which is the same as the reporting unit for Wireless, Wireline and Advertising Solutions), for the years ended December 31...

  • Page 71
    ... investments in the United States and Latin America. We are a member of a consortium that holds all of the class AA shares of América Móvil stock, representing voting control of the company. Another member of the consortium has the right to appoint a majority of the directors of América...

  • Page 72
    ... interest rate of 6.58%. • $1,625 in repayments of commercial paper, net of issuances. • $1,000 for the early redemption of the SBC Communications Inc. 5.875% global notes originally due on February 1, 2012. • $2,000 for the early redemption of the New Cingular Wireless Services...

  • Page 73
    ..., (b) 0.50% per annum above the Federal funds rate, and (c) the London interbank offered rate (LIBOR) applicable to U.S. Dollars for a period of one month plus 1.00%, plus (2) an applicable margin, as set forth in the Agreement (Applicable Margin); or • at a rate equal to: (i) the LIBOR for...

  • Page 74
    ..., at our option, either: • at a variable annual rate equal to (1) the highest of (a) the base (or prime) rate of a designated bank, (b) 0.50% per annum above the Federal funds rate, and (c) the LIBOR for a period of one month plus 1.00%, plus (2) an applicable margin as set forth in such...

  • Page 75
    ... values of our available-for-sale securities were estimated based on quoted market prices. Investments in securities not traded on a national securities exchange are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Realized gains and...

  • Page 76
    ... Dollars in millions except per share amounts Derivative Financial Instruments We employ derivatives 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...

  • Page 77
    ... a settlement with the Internal Revenue Service (IRS) on tax basis calculations related to a 2008 restructuring of our wireless operations. The IRS settlement resolved the uncertainty regarding the amount and timing of amortization deductions related to certain of our wireless assets. We recorded an...

  • Page 78
    ... of Universal Service Fund receipts. The Supreme Court action had no impact on our financial statements. The components of income tax (benefit) expense are as follows: 2011 2010 2009 Balance at beginning of year Increases for tax positions related to the current year Increases for tax positions...

  • Page 79
    ... retirees. This plan change resulted in the adoption of plan amendments during the fourth quarter of 2011, and will allow the Company to be eligible for greater Medicare Part D plan subsidies over time. Obligations and Funded Status For defined benefit pension plans, the benefit obligation is the...

  • Page 80
    ... in several line items above. Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Pension Benefits 2011 2010 2009 Postretirement Benefits 2011 2010 2009 Prior service (cost) credit Amortization of prior service cost (credit) Total recognized in other...

  • Page 81
    ...discount rate by 0.70%, resulting in an increase in our pension plan benefit obligation of $3,995 and an increase in our postretirement benefit obligation of $2,817. Expected Long-Term Rate of Return Our expected long-term rate of return on plan assets of 8.25% for 2012 and 2011 reflects the average...

  • Page 82
    ...Financial Statements (continued) Dollars in millions except per share amounts A one percentage-point change in the assumed combined medical and dental cost trend rate would have the following effects: One PercentagePoint Increase One PercentagePoint Decrease Increase (decrease) in total of service...

  • Page 83
    ... based upon observations of the trading multiples of public companies considered comparable to the private companies being valued. Such market data used to determine adjustments to accounts for cash flows and company-specified issues include current operating performance and future expectations of...

  • Page 84
    ... income Securities lending collateral Assets at fair value Overdrafts Unrealized depreciation on foreign currency contracts Investments sold short Payable for variation margin Liabilities at fair value Total plan net assets at fair value Other assets (liabilities)1 Total Plan Net Assets 1 $ 64...

  • Page 85
    ... Fixed income Private equity assets Real assets Securities lending collateral Receivable for foreign exchange contracts Assets at fair value Foreign exchange contracts payable Liabilities at fair value Total plan net assets at fair value Other assets (liabilities)1 Total Plan Net Assets 1 $ 30...

  • Page 86
    ... except per share amounts The tables below set forth a summary of changes in the fair value of the Level 3 pension and postretirement assets for the year ended December 31, 2011: Fixed Income Funds Hedge Funds Private Equity Funds Real Assets Pension Assets Equities Total Balance at beginning...

  • Page 87
    ... Variation margin receivable Assets at fair value Overdrafts Unrealized depreciation on foreign currency contracts Investments sold short Written options payable Liabilities at fair value Total plan net assets at fair value Other assets (liabilities)1 Total Plan Net Assets 1 $ 100 - - $ - 22...

  • Page 88
    ...companies Commingled funds: Interest bearing investments Hedge funds Equities Fixed income Private equity assets Real assets Securities lending collateral Receivable for foreign exchange contracts Assets at fair value Foreign exchange contracts payable Liabilities at fair value Total plan net assets...

  • Page 89
    ... significant assumptions for the discount rate and composite rate of compensation increase used in determining the projected benefit obligation and the net pension and postemployment benefit cost. The following tables provide the plans' benefit obligations and fair value of assets at December 31 and...

  • Page 90
    .... The total income tax benefit recognized in the consolidated statements of income for share-based payment arrangements was $187 for 2011, compared to $196 for 2010 and $121 for 2009. Under our various plans, senior and other management employees and nonemployee directors have received stock options...

  • Page 91
    ... Stock Units Shares Weighted-Average Grant-Date Fair Value NOTE 13. STOCKHOLDERS' EQUITY From time to time, we repurchase shares of common stock for distribution through our employee benefit plans or in connection with certain acquisitions. In December 2010, the Board of Directors authorized...

  • Page 92
    ...862 4,471 Consolidated Statements of Changes in Stockholders' Equity 2011 2010 2009 Foreign currency translation adjustment Unrealized gains on available-for-sale securities Unrealized gains (losses) on cash flow hedges Defined benefit postretirement plans Other Accumulated other comprehensive...

  • Page 93
    ... weighted-average common shares for the year. Includes an actuarial loss on pension and postretirement benefit plans (Note 11), T-Mobile breakup fee (Note 2) and impairment of intangible assets (Note 6). 2010 Calendar Quarter First2 Second3 Third4 Fourth5 Annual Total Operating Revenues Operating...

  • Page 94
    ... public accounting firm that audited the financial statements included in this Annual Report, has issued an attestation report on the company's internal control over financial reporting. Randall Stephenson Chairman of the Board, Chief Executive Officer and President John J. Stephens Senior...

  • Page 95
    ...2011. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States...

  • Page 96
    ... audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in stockholders' equity, and cash flows for each...

  • Page 97
    ...of the Board and Chief Executive Officer United Parcel Service, Inc. Director since 2006 BellSouth Corporation Director 2000-2006 Background: Air delivery and freight services Joyce M. Roché, 64 (3,7) Retired President and Chief Executive Officer Girls Incorporated Director since 1998 Southern New...

  • Page 98
    ... and Legislative Affairs, AT&T Services, Inc. John Donovan, 51 Senior Executive Vice PresidentAT&T Technology and Network Operations John Stankey, 49 Group President and Chief Strategy Officer Ray Wilkins Jr.,* 60 Chief Executive OfficerAT&T Diversified Businesses (Information is provided as of...

  • Page 99
    ... other members of the professional financial community may call the Investor Relations staff as listed on our website at www.att.com/investor.relations. Investment Program for Stockholders of AT&T Inc. (sponsored and administered by Computershare Trust Company, N.A.) Stock Trading Information...

  • Page 100
    AT&T Inc. 208 S. Akard St. Dallas, TX 75202 att.com