ATT 10 K 2015 Financials

AT&T INC.
10-K
02/18/2016
SCHEDULE A
Title of each class
Name of each exchange

on which registered
Common Shares (Par Value $1.00 Per Share)
New York Stock Exchange
5.875% AT&T Inc.

Global Notes due April 28, 2017
Floating Rate AT&T Inc.

Global Notes due June 4, 2019
1.875% AT&T Inc.

Global Notes due December 4, 2020
2.65% AT&T Inc.

1.45% AT&T Inc.

2.50% AT&T Inc.

Global Notes due March 15, 2023
1.30% AT&T Inc.

Global Notes due September 5, 2023
2.40% AT&T Inc.

3.50% AT&T Inc.

2.60% AT&T Inc.

3.55% AT&T Inc.

3.375% AT&T Inc.

2.45% AT&T Inc.

7.00% AT&T Inc.

Global Notes due April 30, 2040
4.25% AT&T Inc.

4.875% AT&T Inc.

____________________________
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AT&T INC.
10-K
02/18/2016
TABLE OF CONTENTS
Item
Page
PART I
1.00
1A.
2.00
3.00
4.00
Business
Risk Factors
Properties
Legal Proceedings
Mine Safety Disclosures
1
12
14
14
14
Executive Officers of the Registrant
15
PART II
5.00 Market for Registrant's Common Equity,
Related Stockholder Matters
and Issuer Purchases of Equity Securities
6.00 Selected Financial Data
7.00 Management's Discussion and Analysis
of Financial Condition
and Results of Operations
7A. Quantitative and Qualitative Disclosures
about Market Risk
8.00 Financial Statements and Supplementary
Data
9.00 Changes in and Disagreements with Accountants
on Accounting
and Financial Disclosure
9A. Controls and Procedures
9B. Other Information
16
17
17
17
17
17
17
18
PART III
### Directors, Executive Officers and Corporate
Governance
### Executive Compensation
### Security Ownership of Certain Beneficial
Owners and
Management and Related Stockholder Matters
### Certain Relationships and Related Transactions,
and Director Independence
### Principal Accountant Fees and Services
PART IV
18
18
18
19
19
### Exhibits and Financial Statement Schedules
____________________________
19
AT&T INC.
10-K
02/18/2016
8 MAJOR CLASSES OF SERVICE
Percentage of Total
Consolidated Operating Rev
2015.00 2014.00 2013.00
Business Solutions Segment
Wireless service
Legacy voice and data services
Equipment 1
Entertainment Group Segment
Video entertainment
Equipment 2
Consumer Mobility Segment
Wireless service 3
Equipment
International Segment
Wireless service
Video entertainment
Equipment
21 %
12
6
23 %
15
6
23 %
17
4
14
4
0
5
6
0
5
8
0
20
4
23
4
25
3
1
1
0
0
0
0
0
0
0
____________________________
AT&T INC.
10-K
02/18/2016
ITEM 4. MINE SAFETY DISCLOSURES
Name
Randall L. Stephenson
William A. Blase Jr.
James W. Cicconi
Ralph de la Vega
John M. Donovan
David S. Huntley
Lori M. Lee
David R. McAtee II
John T. Stankey
John J. Stephens
Age
Position
Held Since
55 Chairman of the Bo6/2007

Officer and Presid
60 Senior Executive V6/2007
Resources
and Legislative Af
64 Vice Chairman, AT&2/2016
Officer, AT&T Busi
International, LLC
55 Chief Strategy Off2/2016
AT&T Technology an
57 Chief Compliance O12/2014
Marketing Officer
Counsel
53 Chief Executive Of7/2015
Group, AT&T Servic
Financial Officer
____________________________
AT&T INC.
10-K
02/18/2016
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
ISSUER PURCHASES OF EQUITY SECURITIES

Period
(a)
(b)
Total Number of
Shares (or Units)
Purchased 1,2
Average Price Paid

Per Share (or Unit
October 1, 2015 5,912

$October 31, 2015
November 1, 2015
2,500,377
November 30, 2015
December 1, 2015
5,511,183
December 31, 2015
Total
8,017,472
1 In March 2014, our Board of Directors approved
an authorization to repurchase up to 300
million shares of our common stock. In March
2013, our Board of Directors approved an
authorization to repurchase up to 300 million
shares of our common stock. The authorizations
have no expiration date.
2 Of the shares purchased, 17,472 shares
were acquired through the withholding
of taxes on the vesting of restricted stock
or through the payment in stock of taxes
on the exercise price of options.
____________________________
33.14
33.77
$33.57
(c)
(d)
Total Number of
Shares (or Units)
Purchased as Part of
Publicly Announced
Plans or Programs 1
Maximum Number (or

Approximate Dollar
Value) of Shares (or
Units) That May Yet Be
Purchased Under The
Plans or Programs
0
414,550,000
2,500,000
412,050,000
5,500,000
406,550,000
8,000,000
AT&T INC.
10-K
02/18/2016
ITEM 15. EXHIBITS and FINANCIAL STATEMENT SCHEDULES
10-j Master Trust Agreement for AT&T Inc. Deferred

Compensation Plans and Other Executive
Benefit Plans and subsequent amendments
dated August 1, 1995 and November 1, 1999.
(Exhibit 10-dd to Form 10-K for 2009.)
10-k Officer Disability Plan, amended and restated
effective January 1, 2010. (Exhibit 10-i
to Form 10-Q filed for June 30, 2009.)
10-l AT&T Inc. Health Plan, amended July 28,
2015 and effective January 1, 2016.
10-m Pension Benefit Makeup Plan No.1, amended
and restated December 31, 2011.
10-n AT&T Inc. Equity Retention and Hedging
Policy. (Exhibit 10.2 to Form 8-K dated
December 15, 2011.)
10-o Administrative Plan, amended and restated
effective September 24, 2015. (Exhibit
10-c to Form 10-Q filed for September 30,
2,015.00
10-p AT&T Inc. Non-Employee Director Stock
and Deferral Plan, amended September 25,
2015. (Exhibit 99.1 to Form 8-K dated September
25, 2015.)
10-q AT&T Inc. Non-Employee Director Stock
Purchase Plan, effective June 27, 2008.
(Exhibit 10-t to Form 10-K for 2013.)
10-r Communications Concession Program for
Directors, amended and restated February
1, 2013. (Exhibit 10-aa to Form 10-K for
2,012.00
10-s Form of Indemnity Agreement, effective
July 1, 1986, between SBC (now AT&T Inc.)
and its directors and officers. (Exhibit
10-bb to Form 10-K for 2011.)
10-t Transition Agreement by and between BellSouth
Corporation and Rafael de la Vega, dated
December 29, 2003. (Exhibit 10-cc to Form

10-K for 2011.)
10-u AT&T Corp. Executive Deferred Compensation
Plan (formerly known as AT&T Corp. Senior
Management Incentive Award Deferral Plan),
amended and restated January 1, 2008. (Exhibit
10-aa to Form 10-K for 2013.)
10-v Master Trust Agreement for AT&T Corp. Deferred
Compensation Plans and Other Executive
Benefit Plans, effective January 13, 1994.
(Exhibit 10-nn to Form 10-K for 2011.)
10-v(i) First Amendment to Master Trust Agreement,
effective December 23, 1997. (Exhibit
10-nn(i) to Form 10-K for 2011.)
10-w AT&T Corp. Non-Qualified Pension Plan,
as amended and restated effective December
31, 2008. (Exhibit 10-cc to Form 10-K for
2,013.00
10-x AT&T Corp. Excess Benefit and Compensation
Plan, as amended and restated effective
December 31, 2008. (Exhibit 10-dd to Form
10-K for 2013.)
10-y BellSouth Corporation Nonqualified Deferred
Compensation Plan, dated January 1, 2005.
(Exhibit 10-ss to Form 10-K for 2011.)
10-z BellSouth Corporation Deferred Compensation
Plan for Non-Employee Directors, dated
March 9, 1984. (Exhibit 10-uu to Form 10-K
for 2011.)
____________________________
AT&T INC.
10-K
02/18/2016
10-bb
BellSouth Corporation Stock and Incentive

Compensation Plan, as amended June 28,
2004. (Exhibit 10-qq for Form 10-K for 2009.)
10-bb(i)
First Amendment to the BellSouth Corporation

Stock and Incentive Compensation Plan,
dated September 26, 2005. (Exhibit 10-xx(i)
to Form 10-K for 2011.)
10-bb(ii)
Second Amendment to BellSouth Corporation

Stock and Incentive Compensation Plan,
effective June 26, 2008. (Exhibit 10-hh(ii)
10-cc
BellSouth Corporation Supplemental Executive

Retirement Plan, amended December 18,
2014. (Exhibit 10.2 to Form 8-K dated December
18, 2014.)
10-dd
BellSouth Nonqualified Deferred Income

Plan, as amended and restated May 1, 2012.
(Exhibit 10-fff to Form 10-K for 2012.)
10-ee
Cingular Wireless Cash Deferral Plan,

effective November 1, 2001. (Exhibit 10-hhh
10-ff
10-gg
AT&T Mobility 2005 Cash Deferral Plan,

effective January 1, 2005. (Exhibit 10-lll
Equalization Agreement for John Stankey.
(Exhibit 10.1 to Form 8-K dated August 20,
2,015.00
10-hh
Agreement between D. Wayne Watts and AT&T

Inc. (Exhibit 10.2 to Form 8-K dated August
20, 2015.)
10-ii
$9,155,000,000 Term Loan Credit Agreement,

dated January 21, 2015, among AT&T, certain
lenders named therein and Mizuho Bank,
Ltd., as administrative agent. (Exhibit
10.1 to Form 8-K dated January 21, 2015.)
10-jj
$2,000,000,000 Term Loan Credit Agreement,
dated January 21, 2015, between AT&T and

Mizuho Bank, Ltd., as initial lender and
agent. (Exhibit 10.2 to Form 8-K dated January
21, 2015.)
10-kk
$12,000,000,000 Amended and Restated

Credit Agreement, dated December 11, 2015,
among AT&T, certain lenders named therein
and Citibank, N.A., as administrative
agent. (Exhibit 10 to Form 8-K dated December
15, 2015.)
12 Computation of Ratios of Earnings to Fixed
Charges.
13 Portions of AT&T's Annual Report to Stockholders
for the fiscal year ended December 31, 2015.
Only the information incorporated by reference
into this Form 10-K is included in the exhibit.
21 Subsidiaries of AT&T Inc.
23 Consent of Ernst & Young LLP, independent
registered public accounting firm for
AT&T.
24 Powers of Attorney.
31 Rule 13a-14(a)/15d-14(a) Certifications
____________________________
AT&T INC.
10-K
02/18/2016
31.10 Certification of Principal Executive

Officer
31.20 Certification of Principal Financial
Officer
32 Section 1350 Certification
99 Supplemental Interim Financial Information
101 XBRL Instance Document
____________________________
AT&T INC.
10-K
02/18/2016
Allowance for Doubtful Accounts
COL. A
COL. B COL. C
Additions
COL. D
(1)
Balance at
Beginning of
Period
Year 2015
Year 2014
Year 2013
$454
$483
$547
Charged to
Costs and
Expenses (a)
(2)
Charged to
Other
Accounts (b)
1,416
1,032
954
____________________________
0
(32)
(30)
(3)
Acquisitions (c)
Deductions (d)
214
0
0
1,380
1,029
988
Balance at End
of Period
$704
$454
$483
COL. E
lance at End
Period
$704
$454
$483
AT&T INC.
10-K
02/18/2016
Allowance for Deferred Tax Assets
COL. A
Year 2015
Year 2014
Year 2013
COL. B COL. C
COL. D
Additions
(1)
(2)
(3)
Balance at
Charged to Charged to
Acquisitions (b)
Deductions (c)
Beginning of
Costs and
Other
Period
Expenses
Accounts (a)
$1,182
$927
$886
283
0
94
____________________________
373
445
0
420
0
0
117
190
53
Balance at End
of Period
$2,141
$1,182
$927
COL. E
lance at End
Period
$2,141
$1,182
$927
AT&T INC.
10-K
02/18/2016
25 SIGNATURES
Directors:
Randall L. Stephenson*
Samuel A. Di Piazza, Jr.*
Richard W. Fisher*
Scott T. Ford*
Glenn H. Hutchins*
William E. Kennard*
Jon C. Madonna*
Michael B. McCallister*
John B. McCoy*
Beth E. Mooney*
Joyce M. Roch *
Matthew K. Rose*
Cynthia B. Taylor*
Laura D'Andrea Tyson*
____________________________
AT&T INC.
10-K
02/18/2016
Active Participants
Monthly Contributions
Annual Deductible (combined with group

medical plan annual deductible)
Coinsurance Percentage (Note 1)
Annual Out-of-Pocket Maximum
____________________________
Individual - $67
Individual + Spouse - $83
Individual + 1 or More Children - $67
Individual + Spouse + 1 or More Children
- $162
Individual - $1,500
Individual + 1 or More - $3,000
- $2,600
10% after the Annual Deductible is met.
Coinsurance applies until the Annual Out-of-Pocket
Maximum is reached.
Individual - $4,000
Individual + 1 or More - $8,000
AT&T INC.
10-K
02/18/2016
Retired Participants Monthly Contributions
Retired Prior to August 31, 1992 and Surviving

Spouses
Individual - $183
Individual + Spouse - $183
Individual + 2 or More - $183
Retired on or after September 1, 1992 and

Surviving Spouses
Class A
Note: The Plan Administrator shall maintain

records governing whether a Retired Participant
is in Class A, B, C or D.
Class B
Class C
Class D
____________________________
dividual - $183
dividual + Spouse - $183
dividual + 2 or More - $183
Individual
Individual
Individual
Individual
- $717
Individual
Individual
+
+
+
$461
Spouse - $754
1 or More Children - $461
Spouse + 1 or More Children
Individual
Individual
- $878
Individual
Individual
Individual
Individual
- $1,108
Individual
Individual
Individual
Individual
- $1,760
+ 1 or More Children - $564

+ Spouse + 1 or More Children
- $564
+ Spouse - $922
+
+
+
$712
Spouse - $1,153
+
+
+
$868
Spouse - $1,777
AT&T INC.
10-K
02/18/2016
Monthly Contributions for COBRA Continuation Coverage
Active COBRA
Retired Prior to August 31, 1992 and Surviving

Spouses COBRA
Retired on or after September 1, 1992 and
Surviving Spouses COBRA
Individual
Individual
Individual
Individual
- $2,202
Individual
Individual
Individual
Individual
Individual
Individual
+
+
+
$769
Spouse - $1,577
1 or More Children - $1,270
+
+
+
+
$1,284
1 - $2,631
2 or More - $3,615
$1,286
Spouse - $2,635
1 or More Children - $2,315

- $3,859
____________________________
AT&T INC.
10-K
02/18/2016
NO TITLE
AT&T INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED
CHARGES
Dollars in Millions
Year Ended December 31,
Earnings:
Income from continuing operation
income taxes
Equity in net income of affiliat
above
Fixed charges
Distributed income of equity aff
Interest capitalized
Earnings, as adjusted
Fixed Charge
Interest expense
Interest capitalized
Portion of rental expense repres
of interest factor
Fixed Charges
Ratio of Earnings to Fixed Charg
____________________________
$20,692
$10,355
(79)
(175)
6,592
30
(797)
5,295
148
(234)
$26,438
$15,389
$4,120
797
1,675
$3,613
234
1,448
$6,592
$5,295
4.01
2.91
EXHIBIT 12
2015.00
$28,050
$10,496
$6,998
(642)
(752)
(784)
5,452
318
(284)
4,876
137
(263)
4,835
161
(162)
$32,894
$14,494
$11,048
$3,940
284
1,228
$3,444
263
1,169
$3,535
162
1,138
$5,452
$4,876
$4,835
6.03
2.97
2.29
2014.00
2013.00
2012.00
2011.00
AT&T INC.
10-K
02/18/2016
NO TITLE
Selected Financial and Operating Data

Dollars in millions except per share amounts
At December 31 and for the year ended:
2015.00
Financial Data
Operating revenues
Operating expenses
Operating income
Interest expense
Equity in net income of affiliates
Other income (expense) - net
Income tax expense
Net Income
Less: Net Income Attributable to Noncontrolling
Interest
Net Income Attributable to AT&T
Earnings Per Common Share:
Earnings Per Common Share - Assuming Dilution:
Total assets
Long-term debt
Total debt
Construction and capital expenditures
Dividends declared per common share
Book value per common share
Ratio of earnings to fixed charges
Debt ratio
Weighted-average common shares outstanding
$146,801
$122,016
$24,785
$4,120
$79
$132,447
$120,235
$12,212
$3,613
$175
($52)
$7,005
$13,687
($342)
$1,581
$3,619
$6,736
($294)
$13,345
$6,442
$2.37
$1.24
$2.37
$402,672
$118,515
$126,151
$20,015
$1.89
$20.12
4.01
50.50 %
5,628
0
Weighted-average common shares outstanding

with dilution (000,000)
End of period common shares outstanding
5,646
6,145
0
Operating Data
Total wireless customers (000)
Video connections (000)
In-region network access lines in service
137,324
37,934
16,670
0
Broadband connections (000)

Number of employees
1 Financial data for 2011-2014 has been
adjusted to reflect our change in accounting
for customer fulfillment costs and the
early adoption of ASU 2015-03 and ASU 2015-17.
2014 1
As Adjusted
15,778
281,450
$1.24
$296,834
$75,778
$81,834
$21,433
$1.85
$17.40
See Note 1 to our consolidated financial

statements.
____________________________
14 1
Adjusted
2013 1
2012 1
2011 1
$132,447
$120,235
$12,212
$3,613
$175
$128,752
$98,000
$30,752
$3,940
$642
$127,434
$114,380
$13,054
$3,444
$752
$126,723
$117,223
$9,500
$3,535
$784
$1,581
$3,619
$6,736
($294)
$596
$9,328
$18,722
($304)
$134
$2,922
$7,574
($275)
$249
$2,639
$4,359
($240)
$6,442
$18,418
$7,299
$4,119
$1.24
$3.42
$1.26
$0.69
$1.24
$296,834
$75,778
$81,834
$21,433
$1.85
$17.40
2.91
47.50 %
5,205
$3.42
$281,423
$69,091
$74,589
$21,228
$1.81
$18.10
6.03
44.10 %
5,368
$1.26
$275,834
$66,152
$69,638
$19,728
$1.77
$17.14
2.97
42.10 %
5,801
$0.69
$273,467
$61,091
$64,544
$20,272
$1.73
$18.34
2.29
37.30 %
5,928
5,221
5,385
5,821
5,950
5,187
5,226
5,581
5,927
120,554
5,943
19,896
110,376
5,460
24,639
106,957
4,536
29,279
103,247
3,791
34,054
16,028
243,620
16,425
243,360
16,390
241,810
16,427
256,420
AT&T INC.
10-K
02/18/2016
RESULTS OF OPERATIONS
Operating Revenues
Service
Equipment
Total Operating Revenues
Operating expenses
Cost of services and sales
Equipment
Broadcast, programming and operations
Other cost of services
Selling, general and administrative
Abandonment of network assets
Depreciation and amortization
Total Operating Expenses
Operating Income
Interest expense
Other income (expense) net
Income Before Income Taxes
Net Income
____________________________
2015.00
2014
$131,677
15,124
146,801
$118,
19,268
11,996
35,782
32,954
0
22,016
122,016
24,785
4,120
79
(52)
20,692
13,687
$13,345
$6,
2014.00
2013.00
Percent Change
2015 vs.
2014.00
$118,437
14,010
132,447
$119,252
9,500
128,752
11.20 %
8.00
10.80
18,946
4,075
16,644
3,308
1.70
0
37,124
39,697
2,120
18,273
120,235
12,212
3,613
175
1,581
10,355
6,736
$6,442
31,239
28,414
0
18,395
98,000
30,752
3,940
642
596
28,050
18,722
$18,418
(3.60)
(17.00)
0
20.50
1.50
0
14.00
(54.90)
0
99.80
0
0
2014 vs.
2013.00
14 vs.
2013.00
(0.70) %
47.50
2.90
13.80
23.20
18.80
39.70
0
(0.70)
22.70
(60.30)
(8.30)
(72.70)
0
(63.10)
(64.00)
(65.00) %
AT&T INC.
10-K
02/18/2016
3 Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
YP Holdings
Game Show Network
MLB Network
SKY Mexico
Otter Media Holdings
Softcard
Am rica M vil
Other
____________________________
2015.00
$101
14
9
(2)
(31)
(15)
0
3
$79
2014.00
$134
0
0
0
(2)
###
153
2
$175
2013.00
$182
0
0
0
0
(75)
532
3
$642
AT&T INC.
10-K
02/18/2016
Business Solutions
Segment Results
Segment operating revenues

Wireless service
Fixed strategic services
Other service and equipment
Wireless equipment
Total Segment Operating Revenues
Segment operating expenses
Operations and support
Total Segment Operating Expenses
Segment Operating Income
Segment Contribution
____________________________
2015.00
2014.00
$30,687
10,910
18,019
3,558
7,953
$30,182
9,666
19,857
3,860
7,041
71,127
70,606
44,946
9,789
54,735
16,392
$16,392
45,826
9,355
55,181
15,425
$15,425
2013.00
$29,696
8,444
21,669
3,878
3,960
67,647
43,442
8,965
52,407
15,240
$15,240
Percent Change
2015 vs.
2014.00
2014 vs.
2013.00
1.70 %
12.90
(9.30)
(7.80)
13.00
1.60 %
14.50
(8.40)
(0.50)
77.80
0.70
4.40
(1.90)
4.60
(0.80)
6.30
6.30 %
5.50
4.40
5.30
1.20
1.20 %
AT&T INC.
10-K
02/18/2016
The following table highlights other key

measures of performance for the Business
Solutions segment:
2015.00
(in 000s)
Business Wireless Subscribers
Postpaid
Reseller
Connected devices 1
48,290
85
25,284
Total Business Wireless Subscribers
73,659
Business Wireless Net Additions 2

Postpaid
Reseller
Connected devices 1
Business Wireless Net Subscriber Additions
Business Wireless Postpaid Churn 2, 3
Business IP Broadband Connections
Business IP Broadband Net Additions
1 Includes data-centric devices such as
session-based tablets, monitoring devices
and automobile systems. Excludes postpaid
tablets.
2 Excludes migrations between AT&T segments
and/or subscriber categories and acquisition-related
additions during the period.
____________________________
1,203
13
5,315
6,531
0.99 %
911
89
2014.00
(continued)
2014.00
2013.00
Percent Change
2015 vs.
2014 vs.
2014.00
2013.00
45,160
11
19,943
40,811
(1)
16,326
6.90 %
0
26.80
10.70
0
22.20
65,114
57,136
13.10
14.00
2,064
6
3,439
5,509
1,381
0
2,032
3,413
###
0
54.60
18.60
49.50
0
69.20
61.40
0.90 %
822
191
0.89%
9 BP
631
327
1 BP
10.80
### %
30.30
(41.60)
AT&T INC.
10-K
02/18/2016
Entertainment Group
Segment Results

Video entertainment
High-speed Internet
Other service and equipment
Segment Operating Income (Loss)
Equity in Net Income (Loss) of Affiliates
____________________________
2015.00
2014.00
$20,271
6,601
5,914
2,508
35,294
$6,826
28,345
4,945
33,290
2,004
(4)
$2,000
($1,234)
tinued)
2014.00
2013.00
Percent Change
2015 vs.
2014.00
$6,826
5,522
7,592
2,293
22,233
$5,810
4,219
9,667
1,846
21,542
0
###
###
9.40
###
18,992
4,473
23,465
(1,232)
(2)
($1,234)
17,943
4,815
22,758
(1,216)
0
($1,216)
###
###
###
0
0
0
2014 vs.
2013.0
14 vs.
2013.00
17.50 %
30.90
(21.50)
24.20
3.20
5.80
(7.10)
3.10
(1.30)
0
(1.50) %
AT&T INC.
10-K
02/18/2016
(in 000s)
Video Connections
Satellite
U-verse
Total Video Connections
Video Net Additions 1
Satellite
U-verse
Net Video Additions
Broadband Connections
IP
DSL
Total Broadband Connections
Broadband Net Additions
IP
DSL
Net Broadband Additions
Retail Consumer Switched Access Lines
U-verse Consumer VoIP Connections
Total Retail Consumer Voice Connections
1 Excludes acquisition-related additions
during the period.
____________________________
2015.00
19,784
5,614
25,398
240
(306)
(66)
12,356
1,930
14,286
973
(1,130)
(157)
7,286
5,212
12,498
2014.00
ntinued)
2014.00
2013.00
Percent Change
2015 vs.
2014.00
0
5,920
5,920
0
5,257
5,257
0
(5.20)
0
0
663
0
889
0
0
663
889
11,383
3,061
14,444
9,484
4,829
14,313
8.50
(36.90)
(1.10)
1,899
(1,768)
131
2,266
(2,103)
163
(48.80)
36.10
0
9,243
4,759
14,002
12,013
3,701
15,714
(21.20)
9.50
(10.70) %
2014 vs.
20
14 vs.
2013.00
0
12.60
12.60
0
(25.40)
(25.40)
20.00
(36.60)
0.90
(16.20)
15.90
(19.60)
(23.10)
28.60
(10.90) %
AT&T INC.
10-K
02/18/2016
Consumer Mobility
Segment Results

Postpaid wireless
Prepaid wireless
Other service revenue
Equipment
Equity in Net Income (Loss) of Affiliates
____________________________
2015.00
2014.00
$22,030
4,662
2,458
5,916
35,066
$24,282
21,477
3,851
25,328
9,738
0
$9,738
$9,050
tinued)
2014.00
2013.00
Percent Change
2015 vs.
2014.00
$24,282
4,205
2,363
5,919
36,769
$27,140
2,317
2,399
4,387
36,243
(9.30) %
10.90
4.00
(0.10)
(4.60)
23,891
3,827
27,718
9,051
(1)
$9,050
22,545
3,683
26,228
10,015
0
$10,015
(10.10)
0.60
(8.60)
7.60
0
7.60 %
2014 vs.
2013.0
14 vs.
2013.00
(10.50) %
81.50
(1.50)
34.90
1.50
6.00
3.90
5.70
(9.60)
0
(9.60) %
AT&T INC.
10-K
02/18/2016
10 Management's Discussion and Analysis of Financial Condition and Results of Operations (continued

measures of performance for the Consumer
Mobility segment:
2015.00
(in 000s)
Consumer Mobility Subscribers
Postpaid
Prepaid
Reseller
28,814
11,548
13,690
Connected devices 1
Total Consumer Mobility Subscribers
929
54,981
Consumer Mobility Net Additions 2

Postpaid
Prepaid
Reseller
Connected devices 1
Consumer Mobility Net Subscriber Additions
Consumer Mobility Postpaid Churn 2, 3
Total Consumer Mobility Churn 2, 3
tablets.
2 Excludes migrations between AT&T segments
and/or subscriber categories and acquisition-related
additions during the period.
3 Calculated by dividing the aggregate
number of wireless subscribers who canceled
service during a period divided by the total
number of wireless subscribers at the beginning
of that period. The churn rate for the period
is equal to the average of the churn rate
for each month of that period.
____________________________
463
1,364
(168)
(131)
1,528
1.25 %
1.94 %
2014.00
(continued
2014.00
2013.00
Percent Change
2015 vs.
2014 vs.
2014.00
2013.00
30,610
9,965
13,844
31,827
5,817
14,028
(5.90) %
15.90
(1.10)
1,021
55,440
1,567
53,239
(9.00)
(0.80)
(34.80)
4.10
1,226
(311)
(351)
(465)
99
395
377
(1,074)
(390)
(692)
(62.20)
0
52.10
71.80
0
0
0
67.30
(19.20)
0
1.22 %
2.06 %
1.26 % 3 BP
1.84 % (12) BP
(3.80) %
71.30
(1.30)
(4) BP
22 BP
AT&T INC.
10-K
02/18/2016
International
Segment Results
2015.00
Video entertainment
Wireless
Equipment
Segment Operating Income (Loss)
Equity in Net Income (Loss)
of Affiliates
____________________________
$2,150
1,647
305
4,102
2014.00
$0
0
0
3,930
655
4,585
(483)
(5)
0
0
0
0
153
($488)
$153
continued
2013.00
$-
Percent Change
2015 vs.
2014.00
2014 vs.
2013.00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
532
0
0
0
0
0
0
0
0
0
(71.20)
$532
(71.20) %
AT&T INC.
10-K
02/18/2016
Supplemental Operating Information
AT&T Mobility Results
Operating revenues
Service
Equipment
Operating expenses
EBITDA
Total Operating Expenses
Operating Income
____________________________
2015.00
2014.00
$59,837
13,868
73,705
$61,032
12,960
73,992
45,789
48,348
27,916
8,113
53,902
$19,803
25,644
7,744
56,092
$17,900
2013.00
$61,552
8,347
69,899
44,508
25,391
7,249
51,757
$18,142
Percent Change
2015 vs.
2014.00
(2.00) %
7.00
(0.40)
(5.30)
8.90
4.80
(3.90)
10.60 %
2014 vs.
2013.00
(0.80) %
55.30
5.90
8.60
1.00
6.80
8.40
(1.30) %
AT&T INC.
10-K
02/18/2016

measures of performance for AT&T Mobility:
2015.00
(in 000s)
Wireless Subscribers 1
Postpaid smartphones
Postpaid feature phones and data-centric
devices
Postpaid
Prepaid 5
Reseller
Connected devices 2
Total Wireless Subscribers
Net Additions 3
Postpaid
Prepaid 5
Branded Net Adds
Reseller
Connected devices 2
Net Subscriber Additions
Branded smartphones
Mobile Share connections
Smartphones under our installment program
at
end of period
Smartphones sold under our installment
program
during period
Total Churn 4
Postpaid Churn 4
1 Represents 100% of AT&T Mobility wireless
subscribers.
tablets.
3 Excludes acquisition-related additions
during the period.
4 Calculated by dividing the aggregate
number of wireless subscribers who canceled
service during a period divided by the total
58,073
19,032
77,105
11,548
13,774
26,213
128,640
1,666
1,364
3,030
(155)
5,184
8,059
67,200
61,275
26,670
17,320
1.39 %
1.09 %
2014.00
number of wireless subscribers at the beginning

of that period. The churn rate for the period
is equal to the average of the churn rate
for each month of that period.
5 In 2015, session-based tablets were reclassified
to connected devices. Prior period amounts
reflect the current period presentation.
____________________________
(continued
2014.00
2013.00
Percent Change
2015 vs.
2014.00
2014 vs.
2013.00
56,644
19,126
51,874
20,764
2.50 %
(0.50)
9.20 %
(7.90)
75,770
72,638
1.80
4.30
9,965
13,855
20,964
120,554
5,817
14,028
17,893
110,376
15.90
(0.60)
25.00
6.70
71.30
(1.20)
17.20
9.20
3,290
(311)
2,979
(346)
2,975
5,608
1,776
377
2,153
(1,074)
1,642
2,721
###
0
1.70
55.20
74.30
43.70
85.20
0
38.40
67.80
81.20
0
62,443
52,370
15,308
54,262
21,143
1,488
7.60
17.00
74.20
15.10
0
0
15,268
1,540
1.45 %
1.04 %
1.37 %
1.06 %
13.40 %
(6) BP
5 BP
8 BP
(2) BP
AT&T INC.
10-K
02/18/2016
Payments Due By Period

Total
Contractual Obligations
Long-term debt obligations 1
Interest payments on long-term debt
Finance obligations 2
Operating lease obligations
Unrecognized tax benefits 3
Purchase obligations 4
Total Contractual Obligations
1 Represents principal or payoff amounts
of notes and debentures at maturity or,
for putable debt, the next put opportunity.
2 Represents future minimum payments under
the Crown Castle and other arrangements
(see Note 16).
3 The noncurrent portion of the UTBs is included
in the "More than 5 Years" column, as we cannot
reasonably estimate the timing or amounts
of additional cash payments, if any, at
this time. See Note 11 for additional information.
4 We calculated the minimum obligation
for certain agreements to purchase goods
or services based on termination fees that
can be paid to exit the contract. If we elect
to exit these contracts, termination fees
for all such contracts in the year of termination
could be approximately $690 in 2016, $925
in the aggregate for 2017
and 2018, $431 in the aggregate for 2019
and 2020, and $241 in the aggregate thereafter.
Certain termination fees are excluded
from the above table, as the fees would not
be paid every year and the timing of such
payments, if any, is uncertain.
____________________________
80,171
3,575
28,845
4,918
48,699
$295,651
Less than
1 Year
5,235
234
3,775
867
22,929
$40,423
1-3
Years
3-5
Years
10,046
482
6,808
0
9,437
$47,620
More than
5 Years
8,761
502
5,774
0
6,159
$38,518
$169,090
re than
Years
$129,443
56,129
2,357
12,488
4,051
10,174
$169,090
$7,383
$20,847
$20,847
$17,322
$83,891
AT&T INC.
10-K
02/18/2016
Maturity
2016.00
Interest Rate Derivatives
Interest Rate Swaps:
Receive Fixed/Pay
Variable Notional
Amount Maturing
Weighted-Average
Variable Rate Payable 1
Weighted-Average
$3.40 %
Fixed Rate Receivable

4.50 %
1 Interest payable based on current and
implied forward rates for One, Three, or
Six Month LIBOR plus a spread ranging between
approximately 14 and 425 basis points.
____________________________
2017.00
2018.00
$700
$3,000
4.00 %
4.50 %
inued
2018.00
2019.00
$3,000
$3,350
2020.00
$-
Thereafter
$-
4.50 %
3.80 %
4.50 %
3.50 %
Fair Value
12/31/15
Total
$7,050
$136
AT&T INC.
10-K
02/18/2016
37 CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS
AT&T Inc.
Consolidated Statements of Income
2015.00
Operating Revenues
Service
Equipment
Total operating revenues
$131,677
15,124
146,801
Operating Expenses
Cost of services and sales
Equipment
Broadcast, programming and operations
Other cost of services (exclusive of depreciation
and amortization shown separately below)
Selling, general and administrative
Total operating expenses
Operating Income
Other Income (Expense)
Interest expense
Other income (expense) net
Total other income (expense)
Income tax expense
Net Income
Less: Net Income Attributable to Noncontrolling
Interest
Basic Earnings Per Share Attributable
to AT&T
Diluted Earnings Per Share Attributable
to AT&T
The accompanying notes are an integral
part of the consolidated financial statements.
____________________________
19,268
11,996
35,782
32,954
0
22,016
122,016
24,785
(4,120)
79
(52)
(4,093)
20,692
7,005
13,687
(342)
$13,345
$2.37
$2.37
2014.00
2013.00
$118,437
14,010
132,447
$119,252
9,500
128,752
18,946
4,075
16,644
3,308
37,124
39,697
2,120
18,273
120,235
12,212
31,239
28,414
0
18,395
98,000
30,752
(3,613)
175
1,581
(1,857)
10,355
3,619
6,736
(294)
(3,940)
642
596
(2,702)
28,050
9,328
18,722
(304)
$6,442
$18,418
$1.24
$3.42
$1.24
$3.42
As Adjusted
AT&T INC.
10-K
02/18/2016
AT&T Inc.
Consolidated Statements of Comprehensive
Income
Dollars in millions
2015.00
Net income
Other comprehensive income, net of tax:
Foreign Currency:
Translation adjustments (includes $(16),
$0 and $(2)
attributable to noncontrolling interest),
net of taxes of $(595), $(45) and $(78)
Reclassification adjustment included
in net income, net of taxes of $0, $224
and $30
Available-for-sale securities:
Net unrealized gains, net of taxes of $0,
$40, and $137
in net income, net of taxes of $(9), $(10)
and $(42)
Cash flow hedges:
Net unrealized (losses) gains, net of taxes
of $(411), $140 and $286
and $16
Defined benefit postretirement plans:
Amortization of net prior service credit
included in net income, net of taxes of
$(523), $(588) and $(480)
Net prior service credit arising during
period, net of taxes of $27, $262
and $1,695
and $7
Other comprehensive income (loss)
Total comprehensive income
Less: Total comprehensive income attributable
to noncontrolling interest
Total Comprehensive Income Attributable
to AT&T
$13,687
(1,188)
0
(15)
(763)
38
(860)
45
(2,743)
10,944
(326)
$10,618

____________________________
2014.00
As Adjusted
2013.00
$6,736
$18,722
(75)
(140)
416
55
65
258
(16)
(79)
260
525
36
30
(959)
(782)
428
2,765
26
11
181
6,917
(294)
2,643
21,365
(302)
$6,623
$21,063
AT&T INC.
10-K
02/18/2016
AT&T Inc.
Consolidated Balance Sheets
December 31,
2015.00
Assets
Current Assets
Cash and cash equivalents
Accounts receivable - net of allowances
for doubtful accounts of $704 and $454
Prepaid expenses
Other current assets
Total current assets
Property, Plant and Equipment Net
Goodwill
Licenses
Customer Lists and Relationships - Net
Other Intangible Assets Net
Investments in Equity Affiliates
Other Assets
Total Assets
Liabilities and Stockholders' Equity
Current Liabilities
Debt maturing within one year
Accounts payable and accrued liabilities
Advanced billings and customer deposits
Accrued taxes
Dividends payable
Total current liabilities
Long-Term Debt
Deferred Credits and Other Noncurrent
Liabilities
Deferred income taxes
Postemployment benefit obligation
Other noncurrent liabilities
Total deferred credits and other noncurrent
liabilities
Stockholders' Equity
Common stock ($1 par value, 14,000,000,000
authorized at December 31, 2015
and 2014: issued 6,495,231,088 at December
31, 2015 and 2014)
Additional paid-in capital
Retained earnings
Treasury stock (350,291,239 at December
$5,121
16,532
1,072
13,267
35,992
124,450
104,568
93,093
18,208
9,409
1,606
15,346
$402,672
$7,636
30,372
4,682
2,176
2,950
47,816
118,515
56,181
34,262
22,258
112,701
6,495
89,763
33,671
31, 2015 and 1,308,318,131

at December 31, 2014, at cost)
Accumulated other comprehensive income
Noncontrolling interest
Total stockholders' equity
Total Liabilities and Stockholders' Equity
____________________________
(12,592)
5,334
969
123,640
$402,672
2014.00
As Adjusted
$8,603
14,527
831
9,645
33,606
112,898
69,692
60,824
812
5,327
250
13,425
$296,834
$6,056
23,592
4,105
1,091
2,438
37,282
75,778
38,436
37,079
17,989
93,504
6,495
91,108
31,081
(47,029)
8,061
554
90,270
$296,834
AT&T INC.
10-K
02/18/2016
AT&T Inc.
Consolidated Statements of Cash Flows
Dollars in millions
2015.00
Operating Activities
Net income
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings from investments
in equity affiliates
Provision for uncollectible accounts
Deferred income tax expense
Net loss (gain) from sale of investments,
net of impairments
Actuarial (gain) loss on pension and postretirement
benefits
Changes in operating assets and liabilities:
Accounts receivable
Accounts payable and accrued liabilities
Retirement benefit funding
Other net
Total adjustments
Net Cash Provided by Operating Activities
Investing Activities
Construction and capital expenditures:
Capital expenditures
Interest during construction
Acquisitions, net of cash acquired
Dispositions
Sales (purchases) of securities, net
Return of advances to and investments in
equity affiliates
Other
Net Cash Used in Investing Activities
Financing Activities
Net change in short-term borrowings with
original maturities of
three months or less
Issuance of other short-term borrowings
Repayment of other short-term borrowings
Issuance of long-term debt
$13,687
22,016
(49)
1,416
4,117
91
(2,152)
0
(535)
(1,789)
1,291
(735)
(1,478)
22,193
35,880
(19,218)
(797)
(30,759)
83
1,545
1
1
(49,144)
(1)
0
0
33,969
Repayment of long-term debt

Issuance of other long-term financing
obligations
Purchase of treasury stock
Issuance of treasury stock
Dividends paid
Other
Net Cash Provided by (Used in) Financing
Activities
Net (decrease) increase in cash and cash
equivalents
Cash and cash equivalents beginning of
year
Cash and Cash Equivalents End of Year
____________________________
(10,042)
0
(269)
143
(10,200)
(3,818)
9,782
(3,482)
8,603
$5,121
2014.00
2013.00
$6,736
$18,722
18,273
(27)
18,395
(324)
1,032
1,948
(1,461)
954
6,345
(492)
7,869
(7,584)
2,120
(2,651)
(974)
2,412
(560)
(3,379)
24,602
31,338
(1,329)
445
(152)
(209)
25
16,074
34,796
(21,199)
(234)
(3,141)
8,123
(1,890)
4
(20,944)
(284)
(4,113)
1,923
0
301
0
(18,337)
(7)
(23,124)
(16)
20
0
0
15,926
1,476
(1,476)
12,040
As Adjusted
(10,400)
107
(7,698)
4,796
(1,617)
39
(9,552)
(2,224)
(7,737)
(13,028)
114
(9,696)
251
(13,201)
5,264
(1,529)
3,339
4,868
$8,603
$3,339
AT&T INC.
10-K
02/18/2016
AT&T Inc.
Consolidated Statements of Changes in
Stockholders' Equity
Dollars and shares in millions except per
share amounts
2015.0
Shares
Amount
Common Stock
Balance at beginning of year
Issuance of stock
6,495
0
$6,49
Balance at end of year
6,495
$6,49
Additional Paid-In Capital

Share-based payments
Change related to acquisition of interests
held by noncontrolling owners
$91,10
$89,76
Retained Earnings
Net income attributable to AT&T ($2.37,
$1.24 and $3.42 per diluted share)
Dividends to stockholders ($1.89, $1.85
and
$1.81 per share)
Treasury Stock
Repurchase of common stock
____________________________
$31,08
$33,67
(1,308)
(8)
966
(350)
($47,029
($12,592
2015.00
ount
2014.00
Shares
As Adjusted
Amount
$6,495
0
6,495
0
$6,495
0
$6,495
6,495
$6,495
$91,108
(1,597)
252
0
$91,091
4
47
(34)
$89,763
$91,108
$31,081
13,345
$34,269
6,442
(10,755)
(9,630)
$33,671
$31,081
($47,029)
(278)
34,715
($12,592)
(1,269)
(48)
9
(1,308)
($45,619)
(1,617)
207
($47,029)
2013.00
Shares
Amount
6,495
0
$6,495
0
6,495
$6,495
$91,038
(8)
62
(1)
$91,091
$25,440
18,418
(9,589)
$34,269
(914)
(366)
11
(1,269)
($32,888)
(13,028)
297
($45,619)
AT&T INC.
10-K
02/18/2016
AT&T Inc.
Consolidated Statements of Changes in
Stockholders' Equity (continued)
Dollars and shares in millions except per
share amounts
2015.00
Amount
Accumulated Other Comprehensive Income
Attributable to AT&T, net of tax:
Other comprehensive income (loss)
attributable to AT&T
Noncontrolling Interest:
Net income attributable to noncontrolling
interest
Distributions
Contributions
Acquisitions of noncontrolling interests
Acquisition of interests held by
noncontrolling owners
Translation adjustments attributable
to
noncontrolling interest, net of taxes
Total Stockholders' Equity at beginning
of year
Total Stockholders' Equity at end of year
____________________________
2014.00
Amount
As Adjusted
$8,061
$7,880
(2,727)
$5,334
$8,061
$554
342
$494
(294)
0
383
0
(16)
$969
$554
$90,270
$94,610
$123,640
$90,270
2014.00
ount
Adjusted
2013.00
Amount
$7,880
$5,235
181
2,645
$8,061
$7,880
$494
294
$333
304
(233)
0
69
(70)
(231)
51
44
(5)
(2)
$554
$494
$94,610
$95,653
$90,270
$94,610
AT&T INC.
10-K
02/18/2016
45 Notes to Consolidated Financial Statements (continued)
Historical
Accounting
Method
At December 31, 2015 or for the year
ended
Income tax expense
Net Income
Basic Earnings per Share Attributable
Effect of
Voluntary
Change
$36,038
6,908
13,528
13,186
($256)
97
159
159
$2.34
$0.03
2.34
0.03
$12,225
12,605
118,838
55,580
398,889
278,754
$30,166
$1,588
3,064
0
1,147
4,652
1,147
$3,505
to
AT&T
Diluted Earnings per Share Attributable
to
AT&T
Other Assets
Long-term debt
Total Assets
Total Liabilities
Retained earnings
1 Impact of ASU 2015-03.
____________________________
Effect of
Adoption of
New ASUs
As
Adjusted
$-
$35,782
7,005
13,687
13,345
0
0
0
$-
$2.37
($546)
###
###
###
###
###
$-
2.37
2
1
1
2
1,2
1,2
$13,267
15,346
118,515
56,181
402,672
279,032
$33,671
AT&T INC.
10-K
02/18/2016
Historical
Accounting
Method
ended
Income tax expense
Net Income
to
AT&T
to
AT&T
Other Assets
Long-term debt
Total Assets
Total Liabilities
Retained earnings
____________________________
Effect of
Voluntary
Change
$37,590
1,652
3,442
6,518
6,224
($466)
$1.19
$0.05
1.19
$8,067
10,998
76,011
37,544
292,829
205,905
$27,736
$1,735
$3,345
fect of
luntary
ange
Effect of
Adoption of
New ASUs
($466)
(71)
177
218
218
$-
$0.05
$-
As
Adjusted
$37,124
1,581
3,619
6,736
6,442
0
0
0
0
$1.24
0.05
$1,735
2,661
0
1,005
4,396
1,050
$3,345
($157)
###
###
###
###
###
$-
1.24
2
1
1
2
1,2
1,2
$9,645
13,425
75,778
38,436
296,834
206,564
$31,081
AT&T INC.
10-K
02/18/2016
Historical
Accounting
Method
ended
Income tax expense
Net Income
Effect of
Voluntary
Change
$31,512
9,224
18,553
18,249
($273)
$3.39
$0.03
to
AT&T
to
AT&T
Other Assets
Long-term debt
Total Assets
Total Liabilities
Retained earnings
____________________________
3.39
$5,979
8,278
69,290
36,308
277,787
186,305
$31,141
$1,725
$3,128
fect of
luntary
ange
Effect of
Adoption of
New ASUs
($273)
104
169
169
$-
$0.03
$-
As
Adjusted
$31,239
9,328
18,722
18,418
0
0
0
$3.42
0.03
$1,725
2,269
0
859
3,994
866
$3,128
($159)
###
###
###
###
###
$-
3.42
2
1
1
2
1,2
1,2
$7,545
10,348
69,091
37,015
281,423
186,813
$34,269
AT&T INC.
10-K
02/18/2016
NOTE 2. EARNINGS PER SHARE
Year Ended December 31,

Numerators
Numerator for basic earnings per share:
Net income
Less: Net income attributable to noncontrolling
interest
Net income attributable to AT&T
Dilutive potential common shares:
Share-based payment
Numerator for diluted earnings per share
Denominators (000,000)
Denominator for basic earnings per share:
Weighted-average number of common shares
outstanding
Dilutive potential common shares:
Share-based payment (in shares)
Denominator for diluted earnings per share
Basic earnings per share attributable
to AT&T
Diluted earnings per share attributable
to AT&T
____________________________
2015.00
$13,687
(342)
13,345
13
$13,358
5,628
18
5,646
$2.37
$2.37
2014.00
2013.00
$6,736
(294)
$18,722
(304)
6,442
18,418
13
$6,455
13
$18,431
5,205
5,368
16
5,221
$1.24
17
5,385
$3.42
$1.24
$3.42
AT&T INC.
10-K
02/18/2016
NOTE 3. OTHER COMPREHENSIVE INCOME
At December 31, 2015, 2014 and 2013 and for

the years ended
Foreign
Currency
Translation
Adjustment
Balance as of December 31, 2012
Other comprehensive income
(loss) before reclassifications
Amounts reclassified
Net Unrealized
Gains (Losses)
on Availablefor-Sale
Securities
$271
258
($284)
(138)
55
from accumulated OCI

Net other comprehensive
(83)
income (loss)
(367)
(75)
416
341
income (loss)
(26)
(1,172)
0
(1,172)
income (loss)
($1,198)
1 Translation (gain) loss reclassifications
are included in Other income (expense)
- net in the consolidated statements of
income.
2 (Gains) losses are included in Other income
(expense) - net in the consolidated statements
of income.
3 (Gains) losses are included in interest
expense in the consolidated statements
of income. See Note 10 for additional information.
4 The amortization of prior service credits
associated with postretirement benefits,
net of amounts capitalized as part of construction
labor, are included in Cost of services
and sales and Selling, general and administrative
in the consolidated statements of income
(see Note 12).
(79)
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges
($110)
525
2
30
179
555
450
65
445
260
(16)
36
49
296
499
0
741
(763)
(15)
38
(15)
(725)
$484
$16
Actuarial loss reclassifications related

to our equity method investees are included
in Other income (expense) - net in the consolidated
statements of income.
____________________________
Defined Benefit
Postretirement
Plans
Accumulated
Other
Comprehensive
Income
$5,358
2,765
3
(771)
$5,235
3,410
4
(765)
1,994
2,645
7,352
428
7,880
678
(933)
(497)
(505)
181
6,847
45
8,061
(1,890)
(860)
(837)
(815)
(2,727)
$6,032
$5,334
AT&T INC.
10-K
02/18/2016
For the year ended December 31, 2015

Revenue
Business Solutions
Entertainment Group
Consumer Mobility
International
Segment Total
Corporate and Other
Acquisition-related items
Certain significant items
AT&T Inc.
Operations
and
Support
Expenses
$71,127
35,294
35,066
4,102
$44,946
28,345
21,477
3,930
145,589
1,297
(85)
0
$146,801
98,698
1,057
1,987
(1,742)
$100,000
For the year ended December 31 2014

Revenue
Business Solutions
Entertainment Group
Consumer Mobility
International
Segment Total
Corporate and Other
AT&T Inc.
____________________________
Operations
and
Support
Expenses
$70,606
22,233
36,769
0
129,608
2,839
0
0
$132,447
$45,826
18,992
23,891
0
88,709
2,471
785
9,997
$101,962
EBITDA
Depreciation
and
Amortization
Operating
Income
(Loss)
$26,181
6,949
13,589
172
$9,789
4,945
3,851
655
$16,392
2,004
9,738
(483)
46,891
240
(2,072)
1,742
$46,801
19,240
64
2,712
0
$22,016
27,651
176
(4,784)
1,742
$24,785
EBITDA
Depreciation
and
Amortization
$24,780
3,241
12,878
0
40,899
368
(785)
(9,997)
$30,485
$9,355
4,473
3,827
0
17,655
105
487
26
$18,273
Operating
Income (Loss)
$15,425
(1,232)
9,051
0
23,244
263
(1,272)
(10,023)
$12,212
Equity in
Net
Income
(Loss) of
Affiliates
$-
Segment
Contribution
(4)
0
(5)
$16,392
2,000
9,738
(488)
($09)
$27,642
Equity in
Net
Income
(Loss) of
Affiliates
$-
Segment
Contribution
(2)
(1)
153
$150
$15,425
(1,234)
9,050
153
$23,394
AT&T INC.
10-K
02/18/2016
For the year ended December 31, 2013

Revenue
Business Solutions
Entertainment Group
Consumer Mobility
International
Segment Total
Corporate and Other
AT&T Inc.
____________________________
Operations
and
Support
Expenses
$67,647
21,542
36,243
0
125,432
$43,442
17,943
22,545
0
83,930
3,320
0
0
$128,752
2,987
0
(7,312)
$79,605
EBITDA
Depreciation
and
Amortization
Operating
Income
(Loss)
$24,205
3,599
13,698
0
41,502
$8,965
4,815
3,683
0
17,463
$15,240
(1,216)
10,015
0
24,039
333
0
7,312
$49,147
274
658
0
$18,395
59
(658)
7,312
$30,752
Equity in
Net
Income
(Loss) of
Affiliates
$0
0
532
$532
Segment
Contribution
$15,240
(1,216)
10,015
532
$24,571
AT&T INC.
10-K
02/18/2016
The following table is a reconciliation

of operating income (loss) to "Income Before
Income Taxes" reported on our consolidated
statements of income:
Business Solutions
Entertainment Group
Consumer Mobility
International
2015.00
$16,392
2,000
9,738
(488)
27,642
Reconciling Items:
Corporate and Other
Merger and integration charges
Amortization of intangibles acquired
Actuarial gain (loss)
Employee separation charges
Other (expenses) credits
Asset abandonments and impairments
Segment equity in net income (loss) of affiliates
AT&T Operating Income
Interest expense
176
(2,072)
(2,712)
2,152
(375)
(35)
0
9
24,785
4,120
79
(52)
$20,692
____________________________
2014.00
$15,425
(1,234)
9,050
153
23,394
2013.00
$15,240
(1,216)
10,015
532
24,571
263
(785)
(487)
(7,869)
0
0
(2,154)
(150)
12,212
3,613
175
1,581
$10,355
59
0
(658)
7,584
(501)
229
0
(532)
30,752
3,940
642
596
$28,050
AT&T INC.
10-K
02/18/2016
The following table sets forth revenues

earned from subscribers located in different
geographic areas. Property is grouped
by its physical location.
United States
Latin America
$140,234
2015.00
Net Property,
Plant &
Equipment
$118,515
Brazil
Other
Mexico
Other
Total
1,224
1,157
2,046
2,140
$146,801
1,384
1,530
2,369
652
$124,450
Revenues
____________________________
Revenues
$129,77
$132,44
$129,772
2014.00
Net Property,
Plant &
Equipment
$112,092
142
99
94
2,340
$132,447
33
67
20
686
$112,898
venues
$126,212
2013.00
Net Property,
Plant &
Equipment
$110,090
136
92
90
2,222
$128,752
$110,968
Revenues
2013.00
t Property,
ant &
uipment
$110,090
41
72
24
741
$110,968
AT&T INC.
10-K
02/18/2016
Assets acquired
Cash
Accounts receivable
All other current assets
Property, plant and equipment (including
satellites)
Intangible assets not subject to amortization
Orbital slots
Trade name
Intangible assets subject to amortization
Customer lists and relationships
Trade name
Other
Investments and other assets
Goodwill
Total assets acquired
Liabilities assumed
Current liabilities, excluding current
portion of long-term debt
Long-term debt
Other noncurrent liabilities
Total liabilities assumed
Net assets acquired
Noncontrolling interest
Aggregate value of consideration paid
____________________________
$4,797
2,011
1,535
9,301
11,946
1,382
19,505
2,905
457
2,360
34,427
90,626
5,693
20,585
16,585
42,863
47,763
(354)
$47,409
AT&T INC.
10-K
02/18/2016
Total operating revenues 1

to AT&T
to AT&T
1 Reflects revenue declines resulting
from our fourth-quarter 2014 sale of our
Connecticut wireline operations.
____________________________
(Unaudited)
Year Ended
December 31,
2015.00
$165,694
12,683
2014.00
$165,595
$2.06
$1.04
$2.06
$1.04
2014.00
$165,595
6,412
$1.04
$1.04
AT&T INC.
10-K
02/18/2016
NOTE 6. PROPERTY, PLANT AND EQUIPMENT
Land
Buildings and improvements
Central office equipment 1
Cable, wiring and conduit
Satellites
Other equipment
Software
Under construction
Lives (years)
0
2-44
3-10
15-50
12-15
2-23
3-5
0
2015.00
$1,638
Accumulated depreciation and amortization

Property, plant and equipment - net
1 Includes certain network software.
____________________________
$124,450
2015.00
$1,638
33,784
93,643
75,784
2,088
81,972
11,347
5,971
306,227
181,777
2014.00
$1,567
32,204
89,857
72,766
0
74,244
8,604
3,053
282,295
169,397
$124,450
$112,898
AT&T INC.
10-K
02/18/2016
NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS
Wireless
Goodwill acquired
Other
Goodwill acquired
Foreign currency translation
adjustments
Allocation of goodwill
Other
____________________________
$-
Wireline
$36,106
367
(4)
36,469
6
0
$33,167
0
56
33,223
0
0
###
(4)
(33,226)
3
$-
Business
Solutions
$-
Entertainment
Group
$-
Consumer
Mobility
$-
0
0
0
0
0
0
0
0
30,839
0
45,351
0
7,834
0
$45,351
$38,673
$16,512
nsumer
bility
International
$-
Total
0
0
0
0
0
0
0
0
###
###
$69,273
367
52
69,692
35,517
(638)
16,512
0
0
(2)
0
(3)
$16,512
$4,032
$104,568
AT&T INC.
10-K
02/18/2016
Other Intangible Assets
Amortized intangible assets:

Customer lists and relationships:
Wireless acquisitions
BellSouth Corporation
DIRECTV
AT&T Corp.
Mexican wireless
Subtotal
Trade name
Other
Total
____________________________
December 31, 2015

Gross
Carrying
Amount
$1,055
4,450
19,505
33
485
25,528
2,905
686
$29,119
Currency
Translation
Adjustment
$0
###
0
(60)
###
0
0
($354)
December 31, 2014

Gross
Carrying
Amount
Accumulated
Amortization
$679
4,347
1,807
23
110
$1,082
5,825
0
56
0
6,966
424
195
$7,585
6,963
0
275
$7,238
Currency
Translation
Adjustment
$0
0
0
0
0
0
0
$-
Accumulated
Amortization
$550
5,559
0
42
0
6,151
0
189
$6,340
AT&T INC.
10-K
02/18/2016
Indefinite-lived intangible assets not

subject to amortization:
Licenses
Wireless licenses
Orbital slots
Trade names
Total
____________________________
$81,147
11,946
6,437
$99,530
$60,824
0
###
$66,065
AT&T INC.
10-K
02/18/2016
NOTE 8. EQUITY METHOD INVESTMENTS
Beginning of year
Additional investments
DIRECTV investments acquired
Dividends and distributions received
Sale of Am rica M vil shares
Other adjustments
End of year
____________________________
2015.00
$250
77
1,232
79
(30)
0
(2)
$1,606
2014.00
$3,860
226
0
175
(148)
###
(46)
$250
AT&T INC.
10-K
02/18/2016
NOTE 9. DEBT
2015.00
Notes and debentures 1
Interest Rates
0.49% 2.99%
3.00% 4.99%
5.00% 6.99%
7.00% 9.50%
Other
Fair value of interest rate swaps recorded
in debt
Unamortized (discount) premium - net
Unamortized issuance costs
Total notes and debentures
Capitalized leases
Other
Total long-term debt, including current
maturities
Current maturities of long-term debt
Total long-term debt
1 Includes credit agreement borrowings.
2 Maturities assume putable debt is redeemed
by the holders at the next opportunity.
____________________________
Maturities 2
2015 2022
2015 2046
2015 2095
2015 2097
$34,265
$118,515
2015.00
2014.00
$34,265
54,678
31,140
5,805
15
109
$22,127
31,516
23,260
6,153
0
125
126,012
83,181
(842)
(323)
124,847
884
416
126,147
(1,549)
(233)
81,399
430
0
81,829
(7,632)
$118,515
(6,051)
$75,778
AT&T INC.
10-K
02/18/2016
Current maturities of long-term debt

Bank borrowings 1
Total
1 Outstanding balance of short-term credit
facility of a foreign subsidiary.
____________________________
2015.00
$7,632
4
$7,636
2014.00
$6,051
5
$6,056
AT&T INC.
10-K
02/18/2016
Financing Activities
2016.00
2017.00
Debt repayments 1
$7,383
$7,789
Weighted-average
2.80 %
2.30 %
1 Debt repayments assume putable debt is
redeemed by the holders at the next opportunity.
____________________________
2018.00
$13,058
3.50 %
2019.00
$7,863
3.90 %
2020.00
$9,459
2020.00
Thereafter
$9,459
$83,891
3.20 %
4.80 %
AT&T INC.
10-K
02/18/2016
Long-Term Debt and Other Financial Instruments
December 31, 2015

Carrying
Amount
Notes and debentures 1
$124,847
Bank borrowings
4
Investment securities
###
1 Includes credit agreement borrowings.
____________________________
Fair
Value
$128,993
4
###
December 31, 2014

Carrying
Amount
$81,399
5
###
4
Fair
Value
$90,367
5
###
AT&T INC.
10-K
02/18/2016
Long-Term Debt and Other Financial Instruments
December 31, 2015

Level 1
Available-for-Sale Securities
Domestic equities
International equities
Fixed income bonds
Asset Derivatives 1
Interest rate swaps
Cross-currency swaps
Foreign exchange contracts
Liability Derivatives 1
$1,132
569
0
Level 2
Level 3
$0
680
0
0
0
136
556
3
(3,466)
December 31, 2014

Level 1
Level 2
Available-for-Sale Securities
Domestic equities
$1,160
$International equities
553
0
Fixed income bonds
0
836
Asset Derivatives 1
Interest rate swaps
0
157
0
1,243
Interest rate locks
0
5
Liability Derivatives 1
0
(1,506)
Interest rate locks
0
(133)
1 Derivatives designated as hedging instruments
are reflected as "Other assets," "Other
noncurrent liabilities" and, for a portion
of interest rate swaps, "Other current ____________________________
assets" in our consolidated balance sheets.
Level 3
vel 3
Total
$0
0
$1,132
569
680
0
0
0
136
556
3
###
vel 3
Total
$0
0
$1,160
553
836
0
0
0
157
1,243
5
0
0
###
(133)
AT&T INC.
10-K
02/18/2016
Interest rate swaps

Interest rate locks
Foreign exchange contracts
Total
____________________________
2015.00
$7,050
29,642
0
100
$36,792
2014.00
$6,550
26,505
6,750
0
$39,805
AT&T INC.
10-K
02/18/2016
Following is the related hedged items affecting

our financial position and performance:
Effect of Derivatives on the Consolidated
Statements of Income
Fair Value Hedging Relationships
For the years ended December 31,
Interest rate swaps (Interest expense):
Gain (Loss) on interest rate swaps
Gain (Loss) on long-term debt
____________________________
2015.00
2014.00
($16)
16
($29)
29
2013.00
($113)
113
AT&T INC.
10-K
02/18/2016
Cash Flow Hedging Relationships

For the year ended December 31,
Cross-currency swaps:
Gain (Loss) recognized in accumulated
OCI
Interest rate locks:
OCI
Interest income (expense) reclassified
from
accumulated OCI into income
Foreign exchange contracts:
OCI
____________________________
2015.00
2014.00
($813)
$528
(361)
(58)
2014.00
2013.00
$528
$813
(128)
(44)
(46)
(2)
AT&T INC.
10-K
02/18/2016
NOTE 11. INCOME TAXES

Intangibles (nonamortizable)
Employee benefits
Deferred fulfillment costs
Net operating loss and other carryforwards
Other net
Subtotal
Deferred tax assets valuation allowance
Net deferred tax liabilities
Noncurrent deferred tax liabilities
Less: Noncurrent deferred tax assets
Net deferred tax liabilities
____________________________
2015.00
$59,879
6,920
(10,517)
2,172
(4,029)
(1,478)
52,947
2,141
$55,088
2014.00
$47,082
$56,181
(1,093)
$55,088
$38,436
$38,436
$38,436
2014.00
$47,082
1,874
(11,679)
2,035
(2,126)
68
37,254
1,182
$38,436
$38,436
0
$38,436
AT&T INC.
10-K
02/18/2016
Federal, State and Foreign Tax

Increases for tax positions related to
the current year
Increases for tax positions related to
prior years
Decreases for tax positions related to
prior years
Lapse of statute of limitations
Settlements
Current year acquisitions
Foreign currency effects
Accrued interest and penalties
Gross unrecognized income tax benefits
Less: Deferred federal and state income
tax benefits
Less: Tax attributable to timing items
included above
Less: UTBs included above that relate to
acquisitions that would impact goodwill
if recognized during the measurement period
Total UTB that, if recognized, would impact
the
effective income tax rate as of the end of
the year
____________________________
2015.00
$4,465
1,333
660
(396)
(16)
10
864
(22)
6,898
1,138
8,036
(582)
(3,460)
(842)
$3,152
2014.00
$4,227
470
484
(657)
(38)
(21)
0
0
4,465
973
5,438
(434)
###
$2,604
AT&T INC.
10-K
02/18/2016
Federal:
Current
Deferred
2015.00
2014.00
$2,496
3,828
6,324
$1,610
2,060
3,670
72
671
743
(102)
(73)
(175)
320
163
(382)
(62)
$7,005
(39)
124
$3,619
State and local:

Current
Deferred
Foreign:
Current
Deferred
Total
____________________________
2013.00
$3,044
5,783
8,827
(132)
596
464
71
(34)
37
$9,328
AT&T INC.
10-K
02/18/2016
U.S. income before income taxes

Foreign income (loss) before income taxes
Total
____________________________
2015.00
$21,519
(827)
$20,692
2014.00
$10,244
$10,355
2014.00
$10,244
111
$10,355
2013.00
$27,903
147
$28,050
AT&T INC.
10-K
02/18/2016
Taxes computed at federal statutory rate

Increases (decreases) in income taxes
resulting from:
State and local income taxes net of federal
income tax benefit
Connecticut wireline sale
Loss of foreign tax credits in connection
with Am rica M vil sale
Other net
Total
Effective Tax Rate
____________________________
2015.00
$7,242
2014.00
$3,624
483
0
0
(720)
$7,005
33.90 %
$3,619
2014.00
$3,624
2013.00
$9,818
(113)
302
350
386
0
0
(628)
$3,619
(792)
$9,328
34.90 %
33.30 %
AT&T INC.
10-K
02/18/2016
Benefit obligation at beginning of year

Service cost - benefits earned during the
period
Interest cost on projected benefit obligation
Amendments
Actuarial (gain) loss
Special termination benefits
Benefits paid
DIRECTV acquisition
Transfer for sale of Connecticut wireline
operations
Plan transfers
Benefit obligation at end of year
____________________________
Pension Benefits
2015.00
$59,543
1,212
201
$56
1,902
(8)
(3,079)
149
(4,681)
470
(42)
(2)
$55,464
$59
2014.00
$56,560
1,134
Postretirement Benefits
2015.00
$30,709
222
2014.00
$30,285
233
2,470
(73)
6,269
17
(6,543)
0
967
(74)
###
0
###
20
1,458
(617)
1,822
0
###
0
(293)
(174)
2
$59,543
0
$27,898
0
$30,709
AT&T INC.
10-K
02/18/2016
Fair value of plan assets at beginning of

year
Actual return on plan assets
Benefits paid 1
Contributions
DIRECTV acquisition
Transfer for sale of Connecticut wireline
operations
Plan transfers and other
Pension Benefits
2015.00
$45,163
2014.00
$47,238
604
###
735
418
(42)
(2)
Fair value of plan assets at end of year 3

42,195
Unfunded status at end of year 2
($13,269)
1 At our discretion, certain postretirement
benefits may be paid from AT&T cash accounts,
which does not reduce Voluntary Employee
Benefit Association (VEBA) assets. Future
benefit payments may be made from VEBA trusts
and thus reduce those asset balances.
2 Funded status is not indicative of our
ability to pay ongoing pension benefits
or of our obligation to fund retirement
trusts. Required pension funding is determined
in accordance with the Employee Retirement
Income Security Act of 1974, as amended
(ERISA) regulations.
3 Net assets available for benefits were
$50,909 at December 31, 2015 and $54,184
at December 31, 2014 and include the preferred
equity interest in AT&T Mobility II LLC ____________________________
discussed below, which was valued at $8,714 Created by Morningstar Document Research.
and $9,021, respectively.
($14,380)
2014.00
$47,238
2015.00
$7,846
2014.00
$8,960
4,213
(6,543)
562
0
(308)
64
###
0
0
0
384
###
0
0
0
45,163
($14,380)
6,671
($21,227)
7,846
($22,863)
AT&T INC.
10-K
02/18/2016
Plan assets recognized in the consolidated

financial statements
Preferred equity interest in Mobility
Net assets available for benefits
____________________________
2015.00
$42,195
2014.00
$45,163
8,714
$50,909
$54,184
2014.00
$45,163
9,021
$54,184
AT&T INC.
10-K
02/18/2016
Current portion of employee benefit obligation 1

Employee benefit obligation 2
Net amount recognized
1 Included in "Accounts payable and accrued
liabilities."
2 Included in "Postemployment benefit
obligation."
____________________________
Pension Benefits
2015.00
$(13,269)
($13,269)
2014.00
$(14,380)
($14,380)
2015.00
($1,766)
(19,461)
($21,227)
2014.00
($1,842)
(21,021)
($22,863)
AT&T INC.
10-K
02/18/2016
Periodic Benefit Costs
Service cost benefits earned

during the period
Interest cost on projected benefit
obligation
Expected return on assets
Amortization of prior service credit
Net pension and postretirement
(credit) cost
____________________________
Pension Benefits
2015.00
$1,212
2014.00
$1,134
1,902
2,470
(3,317)
(103)
(373)
($679)
(3,380)
(94)
5,419
$5,549
2013.00
$1,321
2015.00
$222
2,429
967
(3,312)
(94)
(5,013)
($4,669)
(421)
###
###
($2,142)
2014.00
$233
$1,683
2014.00
$233
2013.00
$352
1,458
1,532
(653)
(1,448)
2,093
$1,683
(706)
(1,161)
(2,738)
($2,721)
AT&T INC.
10-K
02/18/2016
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income

Prior service (cost) credit
Amortization of prior service credit
Reclassification to income of prior service
credit
Total recognized in other
comprehensive (income) loss
____________________________
Pension Benefits
2015.00
$575
1
(64)
0
2014.00
$583
45
(58)
5
(63)
(8)
$512
$575
2013.00
$641
0
(58)
0
2015.00
$6,257
45
(792)
0
2014.00
$6,812
383
(898)
(40)
(58)
(747)
(555)
$583
$5,510
$6,257
2013.00
$4,766
2,765
(719)
0
2,046
$6,812
AT&T INC.
10-K
02/18/2016
Assumptions
Weighted-average discount rate

for determining projected
benefit obligation at
December 31
Discount rate in effect for
determining service cost
Discount rate in effect for
determining interest cost 1
Long-term rate of return on
Pension Benefits
2015.00
4.60 %
2014.00
4.30 %
4.60 %
5.00 %
3.30 %
4.60 %
7.75 %
7.75 %
3.10 %
3.00 %
3.00 %
3.00 %
plan assets
Composite rate of compensation
increase for determining
projected benefit obligation
Composite rate of compensation
increase for determining net
pension cost (benefit)
1 Weighted-average discount rate of 5.00%
in effect for pension costs from January
1, 2014 through September 30, 2014. Discount
rates in effect of 4.90% for service cost
and 3.50% for interest cost from October
1, 2014 through December 31, 2014. A discount
rate of 5.00% was used for
postretirement costs for the year ended
December 31, 2014.
____________________________
2013.00
5.00 %
2015.00
4.50 %
2014.00
4.20 %
2013.00
5.00 %
4.30 %
4.60 %
5.00 %
4.30 %
4.30 %
3.30 %
5.00 %
4.30 %
7.75 %
5.75 %
7.75 %
7.75 %
3.00 %
3.10 %
3.00 %
3.00 %
3.00 %
3.00 %
3.00 %
3.00 %
AT&T INC.
10-K
02/18/2016
Increase (decrease) in total of service

and interest cost components
Increase (decrease) in accumulated postretirement
benefit obligation
____________________________
One PercentagePoint Increase

$58
660
One PercentagePoint Decrease

($51)
(590)
AT&T INC.
10-K
02/18/2016
Plan Assets
Pension Assets
Target
Equity securities:
Domestic
International
Fixed income securities
Real assets
Private equity
Other
Total
20%
10%
35%
6%
4%
0%
____________________________
2015.00
0
0
0
0
0
0
30%
20%
45%
16%
14%
5%
22 %
15
40
10
12
1
100 %
2014.00
23 %
14
38
11
12
2
100 %
Postretirement (VEBA) Assets

Target
21%
9%
29%
0%
0%
17%
0
0
0
0
0
0
31%
19%
39%
6%
7%
27%
2015.00
26 %
14
34
1
2
23
100 %
2014.00
29 %
20
29
1
3
18
100 %
AT&T INC.
10-K
02/18/2016
Pension Assets and Liabilities at Fair

Value as of December 31, 2015
Level 1
Non-interest bearing cash
Interest bearing cash
Foreign currency contracts
Equity securities:
Domestic equities
Fixed income securities:
Asset-backed securities
Mortgage-backed securities
Collateralized mortgage-backed securities
Collateralized mortgage obligations/REMICS
Corporate and other fixed income instruments
and funds
Government and municipal bonds
Private equity funds
Real estate and real assets
Commingled funds
Securities lending collateral
Receivable for variation margin
Assets at fair value
Investments sold short and other liabilities
at fair value
Total plan net assets at fair value
Other assets (liabilities) 1
Total Plan Net Assets
1 Other assets (liabilities) include amounts
receivable, accounts payable and net adjustment
for securities lending payable.
____________________________
$160
0
0
8,315
4,287
0
0
0
0
65
75
0
0
0
512
13
13,427
(824)
$12,603
Level 2
$-
Level 3
$-
Total
25
25
0
0
$160
25
25
4
0
0
0
8,319
4,287
403
404
792
278
345
8,274
0
0
0
373
792
278
345
8,712
4,495
0
0
5,522
3,538
0
###
(12)
0
###
###
2
0
0
###
0
4,570
4,926
4,357
5,524
4,050
13
###
(836)
$23,689
$9,659
$45,951
###
$42,195
AT&T INC.
10-K
02/18/2016
Postretirement Assets and Liabilities

at Fair Value as of December 31, 2015
Level 1
Foreign currencies
Equity securities:
Domestic equities
Collateralized mortgage obligations
and funds
Commingled funds
Private equity assets
Real assets
Futures Contracts
____________________________
$2
220
4
Level 2
$-
1,187
869
0
0
0
0
0
0
0
0
6
1
$2,289
$4
vel 2
Level 3
$-
Total
1,292
0
0
0
$2
1,512
4
0
0
0
0
1,187
869
35
37
120
45
389
13
0
0
133
45
389
617
1,681
0
0
189
0
$4,368
0
1
155
81
0
0
$252
617
1,682
155
81
195
1
$6,909
(238)
$6,671
AT&T INC.
10-K
02/18/2016
Pension Assets
Equities

Realized gains (losses)
Unrealized gains (losses)
Transfers in
Transfers out
Purchases
Sales
$-
Fixed Income
Funds
(1)
1
0
0
0
0
$-
____________________________
$444
29
(16)
0
0
29
(110)
$376
Private
Equity Funds
$5,399
426
132
0
(19)
436
###
$4,926
Real Estate
and Real
Assets
$4,845
416
(114)
19
0
474
###
$4,357
Total
$10,688
870
3
19
(19)
939
###
$9,659
AT&T INC.
10-K
02/18/2016
Postretirement Assets
Transfers in
Transfers out
Purchases
Sales
Fixed Income
Funds
$3
0
0
15
(1)
0
(1)
$16
____________________________
Private
Equity Funds
$218
(16)
24
0
0
30
(101)
$155
Real Assets
$96
(2)
(1)
25
(25)
1
(13)
$81
Total
$317
(18)
23
40
(26)
31
(115)
$252
AT&T INC.
10-K
02/18/2016
Pension Assets and Liabilities at Fair

Value as of December 31, 2014
Level 1
Foreign currency contracts
Equity securities:
Domestic equities
Mortgage-backed securities
Collateralized mortgage obligations/REMICS
and funds
Private equity funds
Real estate and real assets
Commingled funds
Receivable for variation margin
Purchased options
Assets at fair value
Investments sold short and other liabilities
at fair value
____________________________
$45
0
0
8,613
4,805
0
0
0
0
97
145
0
0
0
310
6
1
14,022
(650)
$13,372
Level 2
$-
Level 3
$-
Total
127
25
0
0
$45
127
25
74
171
0
0
8,687
4,976
610
611
1,741
418
531
7,210
0
0
0
441
1,741
418
531
7,748
4,876
0
0
5,823
3,140
0
0
24,746
(260)
0
5,399
4,845
2
0
0
0
10,688
0
5,021
5,399
4,845
5,825
3,450
6
1
49,456
(910)
$24,486
$10,688
$48,546
###
$45,163
AT&T INC.
10-K
02/18/2016
Postretirement Assets and Liabilities

at Fair Value as of December 31, 2014
Level 1
Equity securities:
Domestic equities
Collateralized mortgage obligations
and funds
Commingled funds
Private equity assets
Real assets
____________________________
$278
1,606
1,405
0
0
0
0
0
0
0
0
0
$3,289
Level 2
$1,198
Level 3
$-
Total
$1,476
0
0
0
0
1,606
1,405
46
113
50
0
0
1
46
113
51
397
397
614
###
0
0
173
$4,551
1
1
218
96
0
$317
615
1,961
218
96
173
$8,157
(311)
$7,846
AT&T INC.
10-K
02/18/2016
Pension Assets
Equities

Transfers in
Transfers out
Purchases
Sales
$0
0
0
0
1
(1)
$-
____________________________
Fixed Income
Funds
$547
41
(1)
0
(3)
55
(195)
$444
Private Equity
Funds
$5,724
696
(76)
0
(22)
531
###
$5,399
Real Estate and

Real Assets
$5,194
806
(246)
22
0
678
###
$4,845
Total
$11,465
1,543
(323)
22
(25)
1,265
(3,259)
$10,688
AT&T INC.
10-K
02/18/2016
Postretirement Assets
Transfers out
Purchases
Sales
Fixed Income
Funds
$26
0
1
(1)
0
(23)
$3
____________________________
Private Equity
Funds
$309
45
(29)
0
6
(113)
$218
Real Assets
$111
(3)
11
0
0
(23)
$96
Total
$446
42
(17)
(1)
6
(159)
$317
AT&T INC.
10-K
02/18/2016
Estimated Future Benefit Payments
2016.00
2017.00
2018.00
2019.00
2020.00
Years 2021 - 2025
Pension Benefits
$4,705
4,424
4,294
4,198
4,155
19,886
____________________________
Postretirement Ben
$2,024
1,995
1,973
1,939
1,894
8,884
AT&T INC.
10-K
02/18/2016
Projected benefit obligation

Accumulated benefit obligation
Fair value of plan assets
____________________________
2015.00
($2,444)
(2,372)
0
2014.00
($2,458)
(2,410)
0
AT&T INC.
10-K
02/18/2016
Net Periodic Benefit Cost

Service cost benefits earned during the
period
Interest cost on projected benefit obligation
Amortization of prior service cost (credit)
Net supplemental retirement pension cost
____________________________
2015.00
$9
2014.00
$7
77
1
(36)
$51
$358
2014.00
$7
2013.00
$9
109
(1)
243
$358
101
0
(106)
$4
AT&T INC.
10-K
02/18/2016
Other Changes Recognized in

Other Comprehensive Income
Prior service (cost) credit
Amortization of prior service cost (credit)
Total recognized in other comprehensive
(income) loss (net of tax)
____________________________
$-
2015.00
2014.00
($01)
1
($11)
(1)
($12)
2013.00
($01)
0
($01)
AT&T INC.
10-K
02/18/2016
Performance stock units

Restricted stock and stock units
Other nonvested stock units
Total
____________________________
2015.00
$299
147
5
$451
2014.00
$226
93
(1)
$318
2013.00
$381
80
(3)
$458
AT&T INC.
10-K
02/18/2016
Nonvested Stock Units

Nonvested at January 1, 2015
Granted
Issued in DIRECTV acquisition
Vested
Forfeited
Nonvested at December 31, 2015
____________________________
Shares
26
14
11
(13)
(2)
36
Weighted-Average
Grant-Date Fair Va
$33.52
33.98
34.29
33.86
34.07
$33.78
AT&T INC.
10-K
02/18/2016
NOTE 15. SALES OF EQUIPMENT INSTALLMENT RECEIVABLES
Gross receivables sold

Net receivables sold 1
Cash proceeds received
Deferred purchase price recorded
1 Receivables net of allowance, imputed
interest and trade-in right guarantees.
____________________________
2015.00
$7,436
6,704
4,439
2,266
2014.00
$4,707
4,126
2,528
1,629
AT&T INC.
10-K
02/18/2016
NOTE 18. ADDITIONAL FINANCIAL INFORMATION
Consolidated Balance Sheets

Customer fulfillment costs (included
in Other current assets)
Accounts payable and accrued liabilities:
Accounts payable
Accrued payroll and commissions
Current portion of employee benefit obligation
Accrued interest
Other
Total accounts payable and accrued liabilities
____________________________
December 31,
2015.00
$2,923
$21,047
2,629
1,766
1,974
2,956
$30,372
2014.00
$2,720
$14,984
1,967
1,842
1,597
3,202
$23,592
AT&T INC.
10-K
02/18/2016
Consolidated Statements of Income

Advertising expense
Interest expense incurred
Capitalized interest
Total interest expense
____________________________
2015.00
$3,632
$4,917
(797)
$4,120
2014.00
$3,272
$3,847
(234)
$3,613
2013.00
$3,268
$4,224
(284)
$3,940
AT&T INC.
10-K
02/18/2016
Consolidated Statements of Cash Flows

Cash paid during the year for:
Interest
Income taxes, net of refunds
____________________________
2015.00
2014.00
$4,822
1,851
$4,099
2014.00
2013.00
$4,099
1,532
$4,302
1,985
AT&T INC.
10-K
02/18/2016
NOTE 19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Operating Income
Net Income
Basic Earnings Per Share
Attributable to AT&T 3
Diluted Earnings Per Share
Stock Price
2015 Calendar Quarter

First 1
$32,576
5,557
3,339
3,263
High
Low
Close
1 Amounts have been adjusted for the voluntary
change in accounting policy (Note 1).
2 Includes an actuarial gain on pension
and postretirement benefit plans (Note
3 Quarterly earnings per share impacts
may not add to full-year earnings per share
impacts due to the difference in weighted-average
common shares for the quarters versus the
weighted-average common shares for the
year.
____________________________
Second 1
$33,015
5,773
3,184
3,082
$0.63
$0.59
$0.63
$0.59
$35.07
32.41
32.65
$36.45
32.37
35.52
Third
Fourth 2
Annual
$39,091
5,923
3,078
2,994
$42,119
7,532
4,086
4,006
$146,801
$0.50
$0.65
$2.37
$0.50
$0.65
$2.37
$35.93
30.97
32.58
$34.99
32.17
34.41
12.00
nual
$146,801
24,785
13,687
13,345
$2.37
$2.37
12.00
AT&T INC.
10-K
02/18/2016
NOTE 19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Operating Income (Loss)
Net Income (Loss)
Net Income (Loss) Attributable to AT&T
Basic Earnings (Loss) Per Share
Diluted Earnings (Loss) Per Share
Stock Price
High
Low
Close
1 Amounts have been adjusted for the voluntary
change in accounting policy (Note 1).
2 Includes an actuarial loss on pension
and postretirement benefit plans (Note
12) and asset abandonment charges (Note
3 Quarterly earnings per share impacts
may not add to full-year earnings per share
impacts due to the difference in weighted-average
common shares for the quarters versus the
weighted-average common shares for the
year.
____________________________

First 1
$32,476
6,335
3,770
3,688
Second 1
$32,575
$0.71
$0.70
$0.70
$0.69
$35.50
31.74
35.07
$36.86
cond 1
Third 1
Fourth 1,2
$32,575
5,739
3,697
3,623
$32,957
5,607
3,187
3,130
$34,439
(5,469)
(3,918)
(3,999)
$0.70
$0.60
($0.77)
$0.69
$0.60
($0.77)
$36.86
34.32
35.36
$37.48
34.17
35.24
$36.16
32.07
33.59
Annual
$132,447
12,212
6,736
6,442
$1.24
$1.24
6.00
AT&T INC.
10-K
02/18/2016
FORM 10-K filed February 18, 2016
Legal Name
State of
Incorporation/Formation
Illinois
Conducts Business Under
Indiana Bell Telephone

Company, Incorporated
Indiana
AT&T Indiana;
AT&T Wholesale
Michigan Bell
Telephone Company
Michigan
AT&T Michigan;
AT&T Wholesale
Nevada Bell
Telephone Company
Nevada
AT&T Nevada;
AT&T Wholesale
Pacific Bell
Telephone Company
California
AT&T California;
AT&T Wholesale;
AT&T DataComm
SBC Internet Services, LLC
California
AT&T Internet Services
SBC Long Distance, LLC
Delaware
AT&T Long Distance
AT&T Teleholdings, Inc.
Delaware
AT&T Midwest;
AT&T West;
AT&T East
Southwestern Bell
Telephone Company
Delaware
AT&T
AT&T
AT&T
AT&T
The Ohio Bell

Telephone Company
Ohio
AT&T Ohio;
AT&T Wholesale
Wisconsin Bell, Inc.
Wisconsin
AT&T Wisconsin;
AT&T Wholesale
AT&T Corp.
New York
AT&T Communications of
New York, Inc.
AT&T
AT&T
AT&T
AT&T
AT&T
AT&T
same
New York
Illinois Bell Telephone

Company
AT&T Illinois;
AT&T Wholesale
Arkansas; AT&T Kansas;

Missouri; AT&T Oklahoma;
Texas; AT&T Southwest;
DataComm; AT&T Wholesale
Corp.; ACC Business;

Wholesale; Lucky Dog Phone Co.;
Business Solutions;
Advanced Solutions;
Diversified Group;
Mobile and Business Solutions
Teleport Communications
America, LLC
Delaware
same
BellSouth, LLC
Georgia
AT&T South
BellSouth Telecommunications,
LLC
Georgia
AT&T
AT&T
AT&T
AT&T
AT&T
AT&T
AT&T
AT&T
AT&T
AT&T
AT&T Mobility LLC
Delaware
AT&T Mobility
AT&T Mobility II LLC
Delaware
AT&T Mobility
New Cingular Wireless

Services, Inc.
Delaware
AT&T Mobility
Delaware
same
The Netherlands
same
California
same
Delaware
same
Delaware
same
Brazil
same
Colombia
same
Argentina
same
Cricket Wireless LLC

AT&T Mobility Group B.V.
DIRECTV, LLC
DIRECTV Enterprises, LLC
DIRECTV Latin America, LLC
SKY Brasil Servi os Ltda.
DIRECTV Colombia Ltda.
DIRECTV Argentina S.A.
____________________________
Alabama
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Southeast
AT&T INC.
10-K
02/18/2016
NO TITLE
(1) Registration Statement (Form S-8 No. 333-34062)

pertaining to the Stock Savings Plan,
pertaining to the AT&T Stock Purchase and
Deferral Plan and Cash Deferral Plan,
pertaining to the AT&T Savings Plan and
certain other plans,
of AT&T and the related Prospectuses,
pertaining to the 2006 Incentive Plan,
pertaining to the BellSouth Retirement
Savings Plan and certain other BellSouth
plans,
pertaining to the AT&T Non-Employee Director
Stock Purchase Plan,
pertaining to the AT&T 2011 Incentive Plan,
pertaining to the AT&T Stock Purchase and
Deferral Plan and Cash Deferral Plan,
pertaining to the AT&T Savings and Security
Plan, the AT&T Puerto Rico Retirement Savings
Plan, the AT&T Retirement Savings Plan,
and the BellSouth Savings and Security
Plan,
pertaining to the Registered Exchange
Offer under the Registration Rights Agreement,
dated December 17, 2012,
(12) Registration Statement (Form S-4 No 333-197144)
pertaining to the DIRECTV merger, and
(13) Registration Statement (Form S-8 No 333-205868)
pertaining to the DIRECTV 2010 Stock Plan,
the DIRECTV 401(k) Savings Plan, and the
Liberty Entertainment, Inc. Transitional
Stock Adjustment Plan
____________________________
AT&T INC.
10-K
02/18/2016
NO TITLE

Operating Income
Net Income
to AT&T
to AT&T

Operating Income (Loss)
Net Income (Loss)
Net Income (Loss) Attributable to AT&T
Basic Earnings (Loss) Per Share Attributable
to AT&T
to AT&T
____________________________

Historical
First
$32,576
5,456
3,276
3,200
$0.61
$0.61
Second
$33,015
5,712
3,146
3,044
$0.58
$0.58
2014 Calendar Quarter (Historical)

First
Second
$32,476
$32,575
6,278
5,616
3,734
3,621
3,652
3,547
$0.70
$0.68
$0.70
$0.68
Reported
Third
$39,091
5,923
3,078
2,994
$0.50
$0.50
Third
$32,957
5,402
3,059
3,002
$0.58
$0.58
Reported
Fourth
$42,119
7,532
4,086
4,006
$0.65
Annual
$146,801
24,623
13,586
13,244
$2.34
$0.65
$2.34
Fourth
$34,439
(5,550)
(3,896)
(3,977)
($0.77)
Annual
$132,447
11,746
6,518
6,224
$1.19
($0.77)
$1.19

Adjusted
First
$32,576
5,557
3,339
3,263
$0.63
$0.63
Second
$33,015
5,773
3,184
3,082
$0.59
$0.59
2014 Calendar Quarter (Adjusted)

First
Second
$32,476
$32,575
6,335
5,739
3,770
3,697
3,688
3,623
$0.71
$0.70
$0.70
$0.69
Reported
Third
$39,091
5,923
3,078
2,994
$0.50
$0.50
Third
$32,957
5,607
3,187
3,130
$0.60
$0.60
$42,1
$0.
$0.
$34,4
($0.7
($0.7
Fourth
$42,119
7,532
4,086
4,006
$0.65
Annual
$146,801
24,785
13,687
13,345
$2.37
$0.65
$2.37
Fourth
$34,439
(5,469)
(3,918)
(3,999)
($0.77)
Annual
$132,447
12,212
6,736
6,442
$1.24
($0.77)
$1.24
$-
Effect of Change
First
Second
$$101
61
63
38
63
38
$0.02
$0.01 $$0.02
Effect of Change
First
$$57
36
36
$0.01
$-
Third
$0
0
0
0
0
0
$-
$0.01 $-
Second
Fourth
$-
Third
$-
Fourth
$-
123
76
76
$0.02
205
128
128
$0.02 $-
$0.01
$0.02 $-
81
(22)
(22)
Annual
$162
101
101
$0.03
$0.03
Annual
$466
218
218
$0.05
$0.05

ATT 10 K 2015 Financials

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AT&T INC.

Title of each class

Name of each exchange

Common Shares (Par Value $1.00 Per Share)

New York Stock Exchange

5.875% AT&T Inc.

New York Stock Exchange

Floating Rate AT&T Inc.

New York Stock Exchange

1.875% AT&T Inc.

New York Stock Exchange

2.65% AT&T Inc.

New York Stock Exchange

1.45% AT&T Inc.

New York Stock Exchange

2.50% AT&T Inc.

New York Stock Exchange

1.30% AT&T Inc.

New York Stock Exchange

2.40% AT&T Inc.

New York Stock Exchange

3.50% AT&T Inc.

New York Stock Exchange

2.60% AT&T Inc.

New York Stock Exchange

3.55% AT&T Inc.

New York Stock Exchange

3.375% AT&T Inc.

New York Stock Exchange

2.45% AT&T Inc.

New York Stock Exchange

7.00% AT&T Inc.

New York Stock Exchange

4.25% AT&T Inc.

New York Stock Exchange

4.875% AT&T Inc.

New York Stock Exchange

Executive Officers of the Registrant

### Exhibits and Financial Statement Schedules

55 Chairman of the Bo6/2007

ISSUER PURCHASES OF EQUITY SECURITIES

Average Price Paid

October 1, 2015 5,912

Maximum Number (or

10-j Master Trust Agreement for AT&T Inc. Deferred

December 29, 2003. (Exhibit 10-cc to Form

BellSouth Corporation Stock and Incentive

First Amendment to the BellSouth Corporation

Second Amendment to BellSouth Corporation

BellSouth Corporation Supplemental Executive

BellSouth Nonqualified Deferred Income

Cingular Wireless Cash Deferral Plan,

AT&T Mobility 2005 Cash Deferral Plan,

Agreement between D. Wayne Watts and AT&T

$9,155,000,000 Term Loan Credit Agreement,

$2,000,000,000 Term Loan Credit Agreement,

dated January 21, 2015, between AT&T and

$12,000,000,000 Amended and Restated

31.10 Certification of Principal Executive

Annual Deductible (combined with group

Coinsurance Percentage (Note 1)

Annual Out-of-Pocket Maximum

Retired Prior to August 31, 1992 and Surviving

Retired on or after September 1, 1992 and