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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
    ... continues to accelerate - encompassing network providers, device makers, app developers and customers. This is without question one of the largest, fastest technology waves in history. As a result, how we live and do business is being reimagined at breakneck speed. • The mobile Internet has made...

  • Page 4
    ... the potential of this mobile revolution to accelerate commerce and drive human progress - bringing step-change improvements to everything from education to healthcare to energy. AT&T has set the pace, delivering the mobile Internet to more customers than any other U.S. provider. Over the past five...

  • 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
    ... - most notably our print directory business and voice-centered fixed-line consumer services - continue to decline as customers migrate from legacy technologies to newer platforms. • These declines were reflected in the noncash charges we took in the fourth quarter of 2011; we wrote down the value...

  • Page 7
    ...help manage existing capacity responsibly through usagebased mobile data pricing and by managing the speeds of the highest-volume unlimited users. We want to ensure a better overall experience for all of our users. • Now, we're accelerating deployment of 4G LTE technology. In addition to providing...

  • Page 8
    ...years of the mobile broadband revolution have been, the next five years will surpass them by an order of magnitude. • Why? Because our networks now provide super-high-speed connectivity to a virtually unlimited amount of content and number of applications that live in the Internet cloud. • This...

  • Page 9
    ... early 2012, we plan to launch a major expansion of AT&T Aspire. • A skilled workforce and an educated, productive society are keys to our nation's health and our company's long-term success. Every day, on all these fronts, our mission is to help our customers, our communities and our country get...

  • Page 10
    ... their cars to begin charging when the price of electricity is lowest. All from their smartphone. MOVING TO THE CLOUD As we expand our deployment of 4G LTE wireless technology and cloud services that enable businesses to easily and cost effectively manage network capacity, we're opening up a new...

  • 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
    ... the combination of speed and connectivity they need to keep their business growing. Only AT&T's network lets Lizzie and Rebecca download files and video three times faster on iPhone 4S and surf the Web and talk on their phones at the same time. So when they're on the phone with a reporter, they can...

  • Page 13
    ...iPhone 4S download three times faster. AT&T delivers the speed...management services. Meanwhile, we're connecting tens of thousands of mobile...wireless receivers, which allow customers to watch TV virtually anywhere in their homes. • Apps to expand the viewing experience to all three screens - wireless...

  • Page 14
    ..., 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 understand customers' needs, earn their trust and recommend the very best...

  • 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
    ... and more easily, whether they're shopping, managing their accounts or looking for answers to questions. Improved site navigation helps customers find product categories and information with fewer clicks and helps them more easily compare service plans and packages. And we've included interactive...

  • Page 17
    Mobile solutions from AT&T help NE Iowa Freight provide better service to its customers across the country. and 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 ...

  • Page 18
    ... AT&T Foundry moves quickly on new ideas that come to life in a matter of days and weeks. In 2011, AT&T opened three AT&T Foundry locations. These innovation centers are designed to drive new ideas to reality in highly focused "sprints" that can bring new products and services to our customers three...

  • 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
    ... we've already gone to market with ideas developed out of AT&T Foundry - one, a business customer platform that enables smartphone users to set up separate profiles for personal or work use, was introduced in 2011 as AT&T Toggleâ„¢. THE INNOVATION PIPELINE: FOSTERING A CULTURE OF INNOVATION AT&T is...

  • Page 21
    ...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 medications...

  • Page 22
    ...most advanced system for connecting healthcare IT systems in the U.S., and with AT&T we're taking our efforts to the next level." To bring even more value to our healthcare customers, in 2011 we added a new team member to help us, in her words, "bridge technology, business and clinical medicine." Dr...

  • Page 23
    ... with AT&T 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...

  • Page 24
    ... • People helping people is a commitment we live out on many fronts - from financial support for important ...to advance education, strengthen communities and improve lives. In 2011, we contributed $115.... And by early 2012 we expect to have provided job shadow opportunities for 100,000 students - a...

  • 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
    ... a mobile satellite cellular tower to one of Joplin's most critical sites - the heavily damaged St. John's Regional Medical Center - and by Monday afternoon began providing wireless service for medical and emergency personnel and others. Meanwhile, dozens of local AT&T employees stepped up to help...

  • Page 27
    ... business customers are working to improve productivity and conserve travel budgets, while addressing their carbon footprints. We offer a suite of solutions to help them address all three priorities, including AT&T Telepresence Solution®, AT&T Connect® Collaboration Services, IP VPN services and...

  • Page 28
    ...year. full-year 2011 revenue 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...

  • Page 29
    ...mobile broadband to our customers. Since 2008, wireless data revenues have more than doubled. AT&T annual wireless data revenues, in billions > $10.6 $14.1 $18.2 $22.0 08 09 10 11 leadership in connected...million added in 2011. end-of-year connected devices on AT&T's wireless network, in ...

  • 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
    ...Review 2011 Selected Financial and Operating Data Management's Discussion and Analysis of Financial Condition and Results of Operations Consolidated Financial Statements Notes to Consolidated Financial Statements Report of Management Report of Independent Registered Public Accounting Firm Report of...

  • Page 32
    ... AT&T Mobility wireless customers. Broadband connections include in-region DSL lines, in-region U-verse High Speed Internet access, and satellite broadband. Prior period amounts are restated to conform to current period reporting methodology. 4 Earnings were not sufficient to cover fixed charges in...

  • 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
    ... 11.1%, in 2010. The increase in interest expense for 2011 was primarily due to no longer capitalizing interest on certain spectrum that will be used to support our Long Term Evolution (LTE) technology, partially offset by a decrease in our average debt balances. Effective January 1, 2011, we ceased...

  • Page 35
    ...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 business customers. The Advertising Solutions segment accounted for approximately 3% of our 2011 and 2010 total...

  • Page 36
    ... system to better manage data and Internet access), including Android devices and other non-iPhone smartphones, sales of tablets and connected devices, and growth in our reseller subscriber base. Higher net additions in 2010 were primarily attributable to higher net connected device additions. Lower...

  • Page 37
    ... calls to any mobile number in the United States as part of an unlimited text plan, subject to certain conditions. Such offerings are intended to encourage existing subscribers to upgrade their current services and/or add connected devices, attract subscribers from other providers, and minimize...

  • Page 38
    ... 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 to 34.0% in 2010...

  • Page 39
    ... U-verse VoIP and High Speed Internet access offerings. The increase in IP data revenues in 2011 and 2010 reflects continued growth in the customer base and migration from other traditional data and voice circuit-based services. • Traditional packet-switched data services, which include frame...

  • Page 40
    ...Video Connections Summary Our switched access lines and other services provided by our local exchange telephone subsidiaries at December 31, 2011, 2010, and 2009 are shown below and trends are addressed throughout this segment discussion. Percent Change (in 000s) 2011 2010 2009 2011 vs. 2010 2010 vs...

  • Page 41
    ... in 2011, reflecting industry-wide migration from print advertising to online search, slightly offset by an increase in Internetbased and mobile advertising of $30. The decrease in 2010 was largely driven by continuing declines in print revenue of $858, partially offset by increased Internet-based...

  • Page 42
    ... to improve customer service and billing so we can realize our strategy of bundling services and providing a simple customer experience. We expect our 2012 operating income margin to improve as our revenues improve. Expenses related to growth areas of our business, especially in the wireless and...

  • Page 43
    ...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 commonly referred to as Wi-Fi...

  • Page 44
    .... Federal Regulation A summary of significant 2011 federal regulatory developments follows. Net Neutrality In December 2010, the FCC adopted "net neutrality" rules that impose certain transparency and "no blocking" obligations on fixed and mobile broadband Internet access services, as well as a "no...

  • Page 45
    .... In response to these competitive pressures, for several years we have utilized a bundling strategy that rewards customers who consolidate their services (e.g., local and long-distance telephone, high-speed Internet, wireless and video) with us. We continue to focus on bundling wireline and...

  • Page 46
    ... index linked. For the year ended December 31, 2011, we decreased our discount rate by 0.50%, resulting in an increase in our pension plan benefit obligation of $3,384 and an increase in our postretirement benefit obligation of $2,114. For the year ended December 31, 2010, we decreased our discount...

  • Page 47
    ...but tested annually for impairment. We conduct our impairment tests as of October 1. We test goodwill on a reporting unit basis, and our reporting units coincide with our segments, except for certain operations in our Other segment. If, due to changes in how we manage the business, we move a portion...

  • Page 48
    ... and Ameritech, contend that the cash reimbursement formerly paid to retirees living outside their company's local service area, for telephone service they purchased from another provider, is a "defined benefit plan" within the meaning of ERISA. In October 2006, the court certified two classes. In...

  • Page 49
    ... 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 from April 1, 2003, until the present had...

  • Page 50
    ...sale of securities, net of investments. Virtually all of our capital expenditures are spent on our wireless and wireline networks, our U-verse services and support systems for our communications services. Capital expenditures, excluding interest during construction, increased $580 from 2010 and were...

  • Page 51
    ...available credit) up to an additional $2,000 provided no event of default has occurred. Advances would bear interest, at AT&T's option, either: • at a variable annual... offered rate (LIBOR) applicable to U.S. Dollars for a period of one month plus 1.00%, plus (2) an applicable margin, as set ...

  • Page 52
    ... retained earnings of $6,339, which increased the debt ratio in 2011. CONTRACTUAL OBLIGATIONS, COMMITMENTS AND CONTINGENCIES Current accounting standards require us to disclose our material obligations and commitments to making future payments under contracts, such as debt and lease agreements, and...

  • Page 53
    ... 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 notes and debentures. Changes in interest rates can lead to significant...

  • Page 54
    ...provide currency at a fixed rate. Our policy is to measure the risk of adverse currency fluctuations by calculating the potential dollar losses resulting from changes...shares outstanding at December 31, 2011. During 2010 and 2011, we did not repurchase any shares under this plan. In January 2012, we ...

  • Page 55
    ... ongoing operations. As a result, our larger customers, who tend to be heavy users of our data and wireless services, may be forced to delay or reduce or be unable to finance purchases of our products and services and may delay payment or default on outstanding bills to us. In addition, we contract...

  • Page 56
    ...create increased demand for communications services as companies seek to reduce emissions. Continuing growth in our wireless services will depend on continuing access to adequate spectrum, deployment of new technology and offering attractive services to customers. The wireless industry is undergoing...

  • Page 57
    ... IT security that affect our wireline and wireless networks, including 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...

  • Page 58
    ... relating to access charges, universal service, broadband deployment, E911 services, competition, net neutrality, unbundled loop and transport elements, availability of new spectrum from the FCC on fair and balanced terms, wireless license awards and renewals and wireless services, including data...

  • Page 59
    ...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... Discontinued Operations, net of tax Net Income Less: Net Income Attributable to Noncontrolling Interest Net Income...

  • Page 60
    ...Accounts payable and accrued liabilities Advanced billing and customer deposits Accrued taxes Dividends payable Total current liabilities Long...,000,000 authorized at December 31, 2011 and 2010: issued 6,495,231,088 at December 31, 2011 and 2010) Additional paid-in capital Retained earnings Treasury...

  • Page 61
    ... postretirement benefits Income from discontinued operations Changes in operating assets and liabilities: Accounts receivable Other current assets Accounts payable and accrued liabilities Retirement benefit funding Other âˆ' net Total adjustments Net Cash Provided by Operating Activities Investing...

  • Page 62
    ... year Issuance of treasury stock Share-based payments Share of equity method investee capital transactions Change related to acquisition of interests held by noncontrolling owners Balance at end of year Retained Earnings Balance at beginning of year Net income attributable to AT&T ($0.66, $3.35 and...

  • Page 63
    ... per share amounts 2011 Amount 2010 Amount 2009 Amount Accumulated Other Comprehensive Income Attributable to AT&T, net of tax: Balance at beginning of year Foreign currency translation adjustments, net of taxes of $66, $146 and $70 Net unrealized gains (losses) on available-for-sale securities...

  • Page 64
    ... fair value. At December 31, 2011, we held $1,182 in cash and $2,003 in money market funds and other cash equivalents. Revenue Recognition Revenues derived from wireless, local telephone, long distance, data and video services are recognized when services are provided. This is based upon either...

  • Page 65
    ... paid over the fair value of net assets acquired in business combinations. FCC licenses provide us with the exclusive right to utilize certain radio frequency spectrum to provide wireless communications services. While FCC licenses are issued for a fixed period of time (generally 10 years...

  • Page 66
    ... our reporting for Sterling to discontinued operations. In August 2010, we completed the sale and received net proceeds of approximately $1,400. During the second quarter of 2010, we accounted for Sterling as a discontinued operation. We determined that the cash inflows under the transition services...

  • Page 67
    ... below: Year Ended December 31, 2011 2010 2009 Operating revenues Operating expenses Operating income Income before income taxes Income tax expense Income from discontinued operations during phase-out period Gain on disposal of discontinued operations Income from discontinued operations, net of tax...

  • Page 68
    ... Yellow and White Pages directories and sell directory advertising and Internet-based advertising and local search. In 2011, we moved $1,927 of goodwill from the Advertising Solutions segment to the Wireline segment based on a change in how we managed the U-verse related advertising business (see...

  • Page 69
    ... AT&T consolidated results, for 2011, 2010, and 2009 are as follows: 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...

  • Page 70
    ... in 2010 related primarily to the acquisition of certain wireless properties from Verizon Wireless (see Note 2). In 2011, we recorded a $2,745 impairment in the Advertising Solutions segment, triggered by declining revenues in our directory business and the directory industry as a whole. Changes to...

  • Page 71
    ... for impairment annually (see Note 1). Licenses include wireless FCC licenses of $51,358 at December 31, 2011 and $50,356 at December 31, 2010, that provide us with the exclusive right to utilize certain radio frequency spectrum to provide wireless communications services. In 2011, we completed...

  • Page 72
    ... of a foreign subsidiary. NOTE 8. DEBT Long-term debt of AT&T and its subsidiaries, including interest rates and maturities, is summarized as follows at December 31: 2011 2010 During 2011, we issued debt with net proceeds of $7,936 from the following: • April 2011 issuance of $1,750 of 2.95...

  • Page 73
    ... obligations and interest payments on long-term debt were not adjusted to reflect the January 13, 2012, notice to call $1,200 of debt, which was completed on February 15, 2012, with an original maturity of February 15, 2056. Credit Facilities T-Mobile Acquisition Financing In December 2011, we and...

  • Page 74
    ...payments...provide...annual... as set forth ...Service. The Applicable Margin will be 0.710% per annum if our unsecured long-term debt ratings are A or A2 and will be 0.950% per annum in the event our unsecured long...net...reporting date. There have been no changes in the methodologies used since December 31, 2010...

  • Page 75
    ...-for-sale securities and derivatives as of December 31, 2011, and December 31, 2010: December 31, 2011 Level 1 Level 2 Level 3 Total Available-for-Sale Securities Domestic equities International equities Fixed income bonds Asset Derivatives1 Interest rate swaps Cross-currency swaps Foreign exchange...

  • Page 76
    ...-currency swaps each quarter. In the years ended December 31, 2011, and December 31, 2010, no ineffectiveness was measured. 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...

  • Page 77
    ... Gain (Loss) on long-term debt $ 10 (10) $ 125 (125) $(216) 216 In addition, the net swap settlements that accrued and settled in the year ended December 31 were also reported as reductions of interest expense. Cash Flow Hedging Relationships For the year ended December 31, 2011 2010 2009 Cross...

  • Page 78
    ...account applicable tax laws and our experience in managing ...audit periods prior to 2000 are closed for federal purposes. We are...2011, $(194) for 2010, and $(216) for 2009. Taxes computed at federal statutory rate Increases (decreases) in income taxes resulting from: State and local income taxes - net...

  • Page 79
    ...) 1,046 7 (2,536) 33 $36,638 The following table presents the change in the value of plan assets for the years ended December 31 and the plans' funded status at December 31: Pension Benefits 2011 2010 Postretirement Benefits 2011 2010 Fair value of plan assets at beginning of year Actual return on...

  • Page 80
    ...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 comprehensive (income) loss (net of...

  • Page 81
    ... gain of $1,432 in 2011 and $1,263 in 2010. Our assumed annual healthcare cost trend rate for 2012 and 2011 is 5.00%. Discount rate for determining projected benefit obligation at December 31 Discount rate in effect for determining net cost Long-term rate of return on plan assets Composite rate of...

  • Page 82
    ... that these postretirement benefit plans be funded annually. The principal investment objectives are to ensure the availability of funds to pay pension and postretirement benefits as they become due under a broad range of future economic scenarios, to maximize long-term investment return with...

  • Page 83
    ... quotes are available, fair value will be determined based solely upon such quotes provided. Managers will typically use a pricing matrix for determining fair value in cases where an approved pricing service or a broker/dealer is unable to provide a fair valuation for specific fixed-rate securities...

  • Page 84
    ... bearing investments Hedge funds Equities Fixed 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...

  • Page 85
    ... 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 at fair value Other assets...

  • Page 86
    ... 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 of year Realized gains (losses) Unrealized gains (losses) Transfers...

  • Page 87
    ... investments Hedge funds Equities Fixed income Securities lending collateral 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...

  • Page 88
    ... 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 at fair value Other assets...

  • Page 89
    ... ended December 31, 2010: Fixed Income Funds Hedge Funds Private Equity Funds Real Assets Pension Assets Equities Total Balance at beginning of year Realized gains (losses) Unrealized gains (losses) Purchases, sales, issuances and settlements (net) Balance at end of year $ 1 (2) (1) 2 $ - Fixed...

  • Page 90
    ...) (2,223) - $(2,270) (2,154) - The following tables present the components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in OCI: Net Periodic Benefit Cost 2011 2010 2009 Service cost - benefits earned during the period Interest cost on projected...

  • Page 91
    ...2011, compared to $0 for 2010 and $0 for 2009. A summary of the status of our nonvested stock units, which includes performance stock units as of December 31, 2011, and changes during the year then ended... employee benefit plans or in connection with certain acquisitions. In December 2010, the Board...

  • Page 92
    ...paid during the year for: Interest Income taxes, net of refunds $3,722 32 $3,882 3,538 $3,862 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...

  • Page 93
    ... 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 Income Income (Loss) from Discontinued Operations Net Income Income from Continuing...

  • Page 94
    ... year end, are the responsibility of management, as is all other information included in the Annual Report, unless otherwise indicated. The financial statements of AT&T Inc. (AT&T) have been audited by Ernst & Young LLP, Independent Registered Public Accounting Firm. Management has made available to...

  • Page 95
    ...as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2011. These financial statements are the responsibility of the Company's management. Our responsibility is...

  • Page 96
    ... 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 of the three years in the period ended December 31...

  • Page 97
    ...and freight services Joyce ...Fe, LLC Director since 2010 Background: Freight transport Gilbert...Background: Public accounting Former Senior Partner...Management (1,2,5) S. K. and Angela Chan Professor of Haas School of Business...Resources (7) Public Policy (Information is provided as of March 12, 2012.)...

  • Page 98
    ... Vice President and Global Marketing Officer Andy Geisse, 55 Senior Executive Vice PresidentAT&T Business and Home Solutions John Stephens, 52 Senior Executive Vice President and Chief Financial Officer Bill Blase Jr., 56 Senior Executive Vice PresidentHuman Resources Ralph de la Vega, 60...

  • Page 99
    ... Fu and Kenshi Tazaki, December 2011) and U.S. Telecommunications Service Providers (Robert F. Mason, Phillip Redman and Ted Chamberlin, December 2011). Vocal Laboratories National Customer Service Survey of Mobile Phone Customer Service, Q3 2011 and Q4 2011 (www.vocalabs.com/published-research...

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