AT&T Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Debt maturing within one year	9,477)	7,467)	24,630)	3,470)	11,838)
Long-term debt, excluding maturing within one year	127,854)	128,423)	152,724)	153,775)	151,309)
Total debt (carrying amount)	137,331)	135,890)	177,354)	157,245)	163,147)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	AT&T Inc. total debt decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Notes and debentures	128,474)
Commercial paper	2,091)
Bank borrowings	—)
Finance lease obligations	1,838)
Total debt (fair value)	132,403)
Financial Ratio
Debt, fair value to carrying amount ratio	0.96

Weighted-average interest rate of long-term debt portfolio, including, credit agreement borrowings and the impact of derivatives: 4.23%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.20%	135,240)	5,680)
6.00%	2,091)	125)
Total	137,331)	5,806)
4.23%

¹ US$ in millions

² Weighted-average interest rate = 100 × 5,806 ÷ 137,331 = 4.23%

AT&T Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense	6,704)	6,108)	6,884)	7,925)	8,422)
Capitalized interest	874)	1,294)	954)	123)	200)
Interest expense incurred	7,578)	7,402)	7,838)	8,048)	8,622)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	AT&T Inc. interest expense decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	AT&T Inc. capitalized interest increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Interest expense incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	AT&T Inc. interest expense incurred decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to AT&T	14,400)	(8,524)	20,081)	(5,176)	13,903)
Add: Net income attributable to noncontrolling interest	1,223)	1,469)	1,398)	1,355)	1,072)
Less: Loss from discontinued operations, net of tax	—)	(181)	—)	—)	—)
Add: Income tax expense	4,225)	3,780)	5,468)	965)	3,493)
Add: Interest expense	6,704)	6,108)	6,884)	7,925)	8,422)
Earnings before interest and tax (EBIT)	26,552)	3,014)	33,831)	5,069)	26,890)

Interest expense incurred	7,578)	7,402)	7,838)	8,048)	8,622)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	3.96	0.49	4.91	0.64	3.19
Adjusted interest coverage ratio (with capitalized interest)²	3.50	0.41	4.32	0.63	3.12

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 26,552 ÷ 6,704 = 3.96

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense incurred
= 26,552 ÷ 7,578 = 3.50

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	AT&T Inc. adjusted interest coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

AT&T Inc. (NYSE:T)

Analysis of Debt