17 unchanged sentences
We have established interest rate risk limits that we closely monitor by measuring interest rate sensitivities in our debt and interest rate derivatives portfolios.
−Removed: Dollars in millions except per share amounts
Our foreign-denominated long-term debt has been swapped from fixed-rate or floating-rate foreign currencies to fixed-rate U.S.
2 unchanged sentences
We expect gains or losses on our cross-currency swaps and interest rate locks to offset the losses and gains in the financial instruments they hedge.
−Removed: Below are our interest rate derivatives subject to material interest rate risk as of December 31, 2023.
−Removed: The interest rates illustrated below refer to the average rates we expect to pay based on current and implied forward rates and the average rates we expect to receive based on derivative contracts.
−Removed: The notional amount is the principal amount of the debt subject to the interest rate swap contracts .
−Removed: The fair value asset (liability) represents the amount we would receive (pay) if we terminated the contracts as of December 31, 2023.
−Removed: 2024 2025 2026 2027 2028 Thereafter Total Fair Value 12/31/2023
−Removed: Interest Rate Derivatives
−Removed: Interest Rate Swaps:
−Removed: Receive Fixed/Pay
−Removed: Variable Notional
−Removed: Amount Maturing 2
−Removed: $ — $ — $ 1,750 $ — $ — $ — $ 1,750 $ (2)
−Removed: Weighted-Average
−Removed: Variable Rate Payable 1,2
−Removed: 5.0 % 3.6 % 3.3 % — % — % — %
−Removed: Weighted-Average
−Removed: Fixed Rate Receivable
−Removed: 5.5 % 5.5 % 5.5 % — % — % — %
−Removed: 1 Interest payable based on implied forward rates for the secured overnight financing rate ( SOFR) plus a spread of approximately 14 basis points.
−Removed: 2 Derivative is cancelable by the counterparty beginning in 2024.
−Removed: We had no interest rate locks at December 31, 2023.
+Added: We had no interest rate swaps and no interest rate locks at December 31, 2024.
Foreign Exchange Risk
35 unchanged sentences
We have audited the accompanying consolidated balance sheets of AT&T Inc.
−Removed: (the Company) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in Item 15(a) (collectively referred to as the “consolidated financial statements”).
+Added: (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S.
33 unchanged sentences
As discussed in Note 1 to the consolidated financial statements, reporting unit goodwill is tested at least annually for impairment.
−Removed: Estimating fair values in connection with these impairment evaluations involves the utilization of discounted cash flow and market multiple approaches.
−Removed: Auditing management’s annual goodwill impairment test for the Consumer Wireline and Business Wireline reporting units was complex because the estimation of fair values involves subjective management assumptions, such as projected terminal growth rates, projected long-term EBITDA margins, and weighted average cost of capital, and complex valuation methodologies, such as the discounted cash flow and market multiple approaches.
+Added: Estimating fair value in connection with the impairment evaluation involves the utilization of discounted cash flow and market multiple approaches.
+Added: Auditing management’s annual goodwill impairment test for the Consumer Wireline reporting unit was complex because the estimation of fair value involves subjective management assumptions, such as the projected terminal growth rate, projected long-term EBITDA margin, and weighted average cost of capital, and complex valuation methodologies, such as the discounted cash flow and market multiple approaches.
Assumptions used in these valuation models are forward-looking, and changes in these assumptions can have a material effect on the determination of fair value.
7 unchanged sentences
We also assessed the historical accuracy of management’s estimates and performed independent sensitivity analyses.
−Removed: We involved our valuation specialists to assist us in evaluating the methodologies and auditing the assumptions used to calculate the estimated fair values of the Company’s reporting units.
+Added: We involved our valuation specialists to assist us in evaluating the methodologies and auditing the assumptions used to calculate the estimated fair value of the Consumer Wireline reporting unit.
/s/ Ernst & Young LLP
30 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.